Wrap Text
Unaudited consolidated interim results for the 6 months ended 31 August 2015
Equites Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2013/080877/06)
JSE share code: EQU ISIN: ZAE000188843
(Approved as a REIT by the JSE)
("Equites" or "the company")
UNAUDITED CONSOLIDATED INTERIM RESULTS FOR THE 6 MONTHS ENDED 31 AUGUST 2015
Highlights
- Distribution of 45.42 cents per share for the 6 months ended
31 August 2015, which is 11.5% higher than the corresponding
financial period on an adjusted 6 month basis and exceeds the forecast
in the pre-listing statement by 4.7%.
- Forecast forward yield of 8.6 - 8.8%.
- Net asset value per share growth of 10.73% to R12.59 for the 6 months
till end August 2015, which equates to a 28.3% growth since listing.
- Fair value of property portfolio exceeds R3.4 billion as at
31 August 2015 and is expected to exceed R4 billion by
29 February 2016.
- Acquisition of R1.9 billion portfolio from Intaprop concluded and
successfully implemented.
- Further acquisitions and development leases concluded with a capital
value of more than R700 million.
- Construction of new 22 227m2 TFG distribution centre at Lords View
(Midrand) well under way with completion expected in early 2016 at
an initial yield of approximately 9%.
- Capital raise of up to 120 million new shares announced.
1. Nature of the business
Equites listed as the only specialist industrial property fund on
the JSE on 18 June 2014. The company is a Real Estate Investment
Trust ("REIT") and both the property and asset management functions
are managed internally. Equites' value proposition includes a focus
on the top-end of the industrial property market and is based
on sound property fundamentals. This is complemented by its proven
ability to develop A grade industrial buildings internally and unlock
key logistics nodes.
2. Commentary on results
Distributable earnings grew ahead of previous forecasts in the first
4 months of the reporting period and accelerated in the last 2 months
with the inclusion of the Intaprop portfolio. Prudent cost
management, a reduction in vacancies and tenant renewals on favourable
terms all supported this growth.
The company remains largely insulated from the weak economic climate
due to the strong property fundamentals. Almost all earnings are
derived from blue chip tenants on long leases in Cape Town and
Gauteng. The company also continues to see strong demand for
modern distribution centres in the major logistics nodes. This
demand is supported by the continued centralisation of distribution
by major retailers, increased levels of imports into South Africa
and a shift towards online retailing.
The debt assumed with the acquisition of Intaprop Proprietary
Limited ("Intaprop") was refinanced with Nedbank at the beginning
of September 2015, which resulted in a 50 basis point reduction in
the average lending costs on this debt. This saving in finance costs
will add to the yield accretive impact of the Intaprop acquisition.
Income from the company's first completed development since listing
(the Airport Industria extension described in point 6 below), will
also be included in distributable earnings from September 2015 for
the first time.
At the time of releasing this report, the company had concluded the
acquisitions and development leases detailed in 3 and 4 below
totalling more than R700 million. The transactions that are expected
to be implemented by 29 February 2015 will increase the portfolio
value to more than R4 billion.
3. Acquisitions of developed properties
3.1. Acquisition of Intaprop
As announced on SENS on 29 May 2015, Equites entered into an
agreement in terms of which it acquired all of the shares and claims
in Intaprop in consideration for ordinary shares in the capital of
Equites. The Intaprop property portfolio is located in Gauteng and
Cape Town and consists primarily of industrial properties and
undeveloped industrial land. The effective date of the Intaprop
transaction was 1 July 2015.
Following the Intaprop transaction, the value of Equites'
property portfolio increased from approximately R1.5 billion to
R3.4 billion. In terms of the aforementioned transaction, Equites
paid the vendors (by way of shares in Equites) an amount equal to
the net asset value of the target company and assumed debt of
approximately R1.4 billion.
3.2. Acquisition of Tunney Ridge Business Park
As announced on SENS on 19 August 2015, Equites concluded an agreement
for the acquisition of the Tunney Ridge property, from Tunney Ridge
Proprietary Limited for a purchase consideration of R137 million.
This acquisition is consistent with Equites' growth and investment
strategy of building a quality industrial portfolio that promotes
capital growth and increasing income returns in the medium to
long-term for shareholders. The effective date of the transaction is
1 November 2015.
The total gross lettable area ("GLA") of the Tunney Ridge property
amounts to 13 808m2 and consists of four buildings. Three of the four
industrial buildings on the property have long dated leases in places
with quality tenants. Equites has obtained a three year rental
guarantee in respect of the fourth building. The Tunney Ridge
property will therefore add to the quality, defensiveness and
income predictability of Equites.
3.3. Acquisition of Atlantic Hills and JF Hillebrand
As announced on SENS on 14 September 2015, Equites concluded the
acquisition of Intaprop Hills Proprietary Limited ("Intaprop Hills")
from Intaprop Investments Proprietary Limited ("the Intaprop Hills
transactions"). Intaprop Hills is the owner of Atlantic Hills
Industrial Park, which is a 7 hectare industrial park situated
adjacent to the Potsdam off-ramp on the N7 highway in Cape Town.
This Intaprop Hills transaction also includes the acquisition of a
completed 3 499m2 new distribution centre which is currently being
developed by Intaprop Hills for JF Hillebrand South African
Proprietary Limited ("JF Hillebrand"), at a capital value of
R35 million. JF Hillebrand, which has entered into an 8 year lease
commencing on 1 December 2015, is the largest logistics solution
provider to the wine and spirit industry in the world. The
purchase consideration is R52 million which will be settled during
October 2015.
4. Industrial developments
4.1. New TFG distribution centre
As announced on SENS on 3 February 2015, Equites concluded a joint
venture agreement with Lord Trust Developers Proprietary Limited
("Lord Trust") for the purposes of developing a 22 227m2 distribution
centre for The Foschini Group ("TFG") in the Lords View Industrial
Park in Gauteng. The capital value of the project is approximately
R150 million with Equites originally owning 75% of the joint
venture and Lord Trust owning the remaining 25%. 3 hectare of
vacant land immediately adjacent to this development has been
reserved for future expansion, which will add approximately
16 000m2 to the distribution centre.
Following further negotiations, Equites and Lord Trust reached an
agreement, as announced on SENS on 27 August 2015, to cancel the joint
venture between Equites and Lord Trust, resulting in Equites owning
the entire TFG distribution warehouse currently being developed at
Lords View Industrial Park in Gauteng.
In addition, Equites acquired approximately 17 hectares of vacant
industrial land at the Lords View Industrial Park from Lord Trust.
The purchase consideration is R180 million (including the minority
stake in the TFG development) and transfer is expected to occur
during November 2015.
4.2. New Puma distribution centre and head office
Equites has concluded a development lease with Puma Sports
Distributors Proprietary Limited ("Puma"), the local subsidiary
of the global apparel and sportswear brand, for the construction of a
new 16 262m2 distribution centre and head office on the Atlantic Hills
property. The capital value of the project is approximately
R155 million and the lease agreement has a duration of 9 years and
11 months. It is anticipated that this Puma development will be
completed in August 2016.
5. Pipeline and development of industrial nodes
Following the above transactions Equites controls 43.5 hectares of
prime vacant land in 4 logistics nodes as follows:
- 15.8 hectares in Meadowview Business Estate, Linbro Park, Gauteng.
- 17.0 hectares in Lords View Industrial Park, Midrand, Gauteng, of
which 3 hectares has been reserved for an extension to the TFG
distribution centre.
- 5.4 hectares in Atlantic Hills, Contermanskloof, Cape Town, of
which 2.3 hectares will be taken up by the new Puma distribution
centre and head office.
- 5.3 hectares in Saxdown Business Park, Hagley, Cape Town.
After the already concluded transactions, 38.2 hectares of vacant,
zoned land is still available for development. It is envisaged that
this land will be developed through the low risk strategy of a series
of development leases to A-grade tenants. The unlocking of all these
nodes is expected to increase the value of properties in the fund by
approximately R1.8 billion.
6. First completed project in enterprise development programme
The period under review also saw a significant milestone for the
company's enterprise development programme. The company had previously
assisted Mr Munier Damon to set up his own construction company,
Damon@Sons Construction (Pty) Ltd ("Damon@Sons"). The company
contracted with Damon@Sons in March 2015 to undertake a 2 045m2
extension of one of the company's properties in Airport Industria,
Cape Town. This project was completed by 31 August 2015, under budget
and well within in the allotted time frame, and the company started
receiving rental from this extension from 1 September 2015.
7. Speculative development approved
In late 2014, the company acquired a property at 160 Gunners Circle,
Epping Industria, Cape Town, with the intention of redeveloping the
site into an A-grade distribution centre. During the current period,
the board approved the construction of a new 8 500m2 distribution
centre on this site on a speculative basis with a capital value of
R72 million. This is well within the company's risk parameters for
untenanted, speculative developments. Construction commenced in
early October 2015 with completion expected in August 2016. There
is high demand for A-grade industrial space in Epping Industria and
the market is currently experiencing very low vacancy levels.
8. Interpretation of comparative information
As fully described in the comparative interim financial results, the
distribution for the comparative period to 31 August 2014 was based
on the distributable profits for the 3 months from 1 June 2014 to
31 August 2014. Consequently, comparisons to the current distribution
have been done on an adjusted 6 month basis where applicable.
9. Distributable earnings
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2015 2014 2015
Reconciliation between earnings,
headline earnings and distributable
earnings (dividend declared) R'000 R'000 R'000
Earnings (profit attributable to
owners of the parent) 170 283 14 270 184 031
Adjusted for:
Fair value adjustments to
investment properties (93 342) 767 (115 609)
Headline earnings 76 941 15 037 68 422
Adjusted for:
Straight-lining of leases
adjustment (16 660) (6 999) (14 928)
Capital raising expenses - 14 288 14 901
Fair value adjustments to
financial instruments (2 521) - 512
Equity-settled share-based
payment reserve 382 - 201
Financial instrument capital loss - 1 490 1 490
Distributable earnings 58 142 23 816 70 598
Distribution per share (cents) 45.42 20.37 61.26
Headline earnings per share (cents) 60.54 20.86 76.08
Diluted headline earnings per
share (cents) 60.26 20.86 76.01
The board declared an interim dividend of 16.39 cents per share on
15 October 2015 for the 6 months ended 31 August 2015. This
distribution relates to the distributable earnings for July and
August 2015, as the distributable earnings for the 4 months from
1 March 2015 to 30 June 2015 were declared on 3 September 2015 as
a special "clean-out" distribution. The special dividend was paid on
28 September 2015, immediately prior to the share allocation for the
Intaprop acquisition.
Together with the special clean-out dividend of 29.03 cents per share,
the total distributions for the 6 month period amounts to 45.42 cents
per shares. This represents a growth of 11.5% over the comparative
period on an adjusted 6 month basis. The board is also pleased that
the distribution for the 6 months to 31 August 2015 exceeds the
43.4 cents per share forecast in the pre-listing statement by 4.7%
for the same period.
Dividends declared (cents per share) Aug 15 Aug 14
Interim dividend declared on 10 October 2014 20.37
Special dividend declared on 3 September 2015 29.03
Interim dividend declared on 15 October 2015 16.39
Total distributions for the period 45.42 20.37
10. Net asset value per share
The net asset value per share of the company grew to 1 259 cents per
share by 31 August 2015. This equates to a total growth of 28.3 %
since listing just under 15 months ago.
On listing
18 Jun 14 31 Aug 14 28 Feb 15 31 Aug 15
Net asset value
(cents per share) 981 1 009 1 137 1 259
Growth since listing 2.9% 15.9% 28.3%
11. Updated property fundamentals
11.1. Lease expiry profile
Based on
Based on contractual
Lease expiry rentable area revenue
Vacant 0.17%
Monthly 0.00% 0.00%
Expiry in the year to 29 February 2016 0.64% 1.06%
Expiry in the year to 28 February 2017 4.51% 3.81%
Expiry in the year to 28 February 2018 10.99% 3.90%
Expiry in the year to 28 February 2019 23.14% 22.54%
Expiry in the year to 29 February 2020 and later 60.55% 68.69%
100.00% 100.00%
11.2. Weighted average lease expiry
Based on
Based on contractual
Weighted average lease expiry rentable area revenue
Weighted average lease expiry (in years) 5.28 5.79
11.3. Tenant grade profile
Based on
contractual
Tenant profile revenue
A - Large nationals, large listeds and government 90.6%
B - Smaller international and national tenants 6.4%
C - Other local tenants and sole proprietors 3.0%
100.0%
11.4. Property geographic distribution
Based on
Based on contractual
Geographic profile rentable area revenue
Gauteng 43.0% 55.0%
Cape Town 57.0% 44.9%
100.0% 100.0%
12. Funding
The company had R1.8 billion of term loan facilities with Nedbank as
at 31 August with tenures expiry from August 2016 to August 2020 at an
average all-in rate of Prime less 1.52%; currently equating to an
effective rate of 7.98%.
Term loans with Nedbank Facility R'000 Rate
Expiry
August 2020 450 000 Prime less
1.4%
August 2019 600 000 Prime less
1.6%
August 2017 548 000 Prime less
1.5%
August 2016 202 000 Prime less
1.6%
1 800 000
The company has also secured specific development loan funding from
Nedbank at rates of between Prime and Prime less 0.8%.
The company continues to have a policy of hedging 80% of its
permanent floating-rate borrowings by entering into interest rate
swaps and other derivative instruments. As at 31 August 2015, 46%
of bank funding is hedged against interest fluctuations, as the
level of bank funding is expected to reduce significantly after
raising additional capital during November 2015.
13. Vacancies
The industrial portfolio remains fully let and vacancies in the
office portfolio have reduced from 2.2% to 0.96% based on rentable
area, representing 0.17% of the total rentable area. The first
renewal in the industrial portfolio falls due in June 2016 - a
7 470m2 warehouse at Airport Industria, Cape Town. Negotiations are
currently under way to renew the lease at a higher rate, as the
current rental of R30/m2 is significantly lower than similar
properties in the area.
Included in the Intaprop acquisition was one industrial property
(6 250m2) and 200m2 in one of the office buildings that are
currently vacant. The company is, however, receiving income on
these sites under a rental guarantee that was included in the
acquisition agreement and they are not included in the vacant areas
above.
14. Prospects
Management is proactively marketing the available land with a view to
conclude further development leases for the construction of new
distribution centres. The focus remains on blue chip tenants that
require modern logistics facilities. The board is confident that a
number of such development leases will be concluded in the near
future.
The board also believes that market conditions are favourable to
pursue further portfolio acquisitions. Such acquisitions will be
aimed at growing the portfolio of A-grade industrial properties
and accelerating distribution growth in a sustainable fashion.
As set out in the trading statement released on SENS on 16 September
2015, the company expects full year distribution growth for the
year ended 28 February 2016 to be 10 - 12% higher than for the
previous corresponding financial period (on an adjusted full year
basis). Based on the share price of R12.30 as at 31 August 2015,
this equates to a one year forward yield of 8.6 - 8.8%. This
guidance is based on the assumptions that a stable macro-economic
environment will prevail, no major corporate failures will occur
and tenants will be able to absorb the recovery of rising utility
costs and municipal rates. This forecast has not been audited or
reviewed by Equites' auditors.
15. Changes to the board of directors
Johnny Cullum did not stand for re-election at the annual general
meeting held on 10 July 2015 and resigned from the board on that
date to focus on his other business interests. Johnny was a
non-executive director and a founding shareholder of Equites and
the board expresses its gratitude for the significant role he played
in the forming and listing of the company.
Andre Jacques Gouws (43) was appointed as a non-executive director
on 1 September 2015. Andre is the CEO of Intaprop Investments
Proprietary Limited and following the acquisition of the Intaprop
portfolio he is also a significant shareholder in Equites. Andre
comes with deep property experience and the board looks forward to
the valuable contribution he is expected to make to the company.
16. Subsequent events
The acquisition of Atlantic Hills described above was concluded post
the period end on 15 September 2015. The transaction is commercially
effective on 1 October 2015 and the purchase consideration will be
settled through the issue of new Equites shares during October 2015.
Where these shares are issued before the ex date of the interim
dividend number 4, the distribution will be adjusted for the
antecedent dividend.
The directors are not aware of any matters or circumstances arising
subsequent to 31 August 2015 that require any additional disclosure
or adjustments to the financial results.
17. Basis of preparation
The unaudited consolidated interim results for the 6 months ended
31 August 2015 are prepared in accordance with the JSE Listings
Requirements and the requirements of the Companies Act of South
Africa. The report is prepared in accordance with the framework
concepts and the measurement and recognition requirements of
International Financial Reporting Standards ("IFRS"), the SAICA
Financial Reporting Guides as issued by the Accounting Practices
Committee and Financial Pronouncements as issued by the Financial
Reporting Standards Council and to also, as a minimum, contain the
information required by IAS 34, Interim Financial Reporting. Except
for the adoption of revised and new standards that became effective
during the year, all accounting policies applied in the preparation
of these unaudited interim financial results are in terms of IFRS and
are consistent with those applied in the previous consolidated
financial statements. There was no material impact on the annual
financial statements as a result of the adoption of these standards.
Bram Goossens (CA) SA, in his capacity as Financial Director, was
responsible for the preparation of these unaudited consolidated
interim results for the 6 months ended 31 August 2015. These
consolidated interim financial results have not been reviewed or
reported on by the company's auditors.
18. Interim dividend
Notice is hereby given of the declaration of interim dividend number 4
of 16.38993 cents per share. Together with the special dividend
number 3 of 29.03409 cents per share declared on 3 September 2015,
this brings the total distributions for the 6 months ended
31 August 2015 to 45.42402 cents per share.
As Equites is a REIT, the dividend meets the definition of a
'qualifying distribution' for the purposes of section 25BB of the
Income Tax Act, No. 58 of 1962 (Income Tax Act). Qualifying
distributions received by South African tax residents will form
part of their gross income in terms of section 10(1)(k)(i)(aa) of
the Income Tax Act). Consequently, these dividends are treated as
income in the hands of the shareholders and are not subject to
dividends withholding tax. The exemption from dividends withholding
tax is not applicable to non-resident shareholders, but they may
qualify for relief under a tax treaty.
Holders of uncertificated shares have to ensure that they have
Verified their residence status with their Central Securities
Depository Participant ("CSDP") or broker. Holders of certificated
shares will be asked to complete a declaration to the company.
An announcement with further details regarding the tax treatment
of the dividend will be released separately on SENS.
The interim dividend is payable to shareholders in accordance with the
timetable set out below:
2015
Declaration date Thursday, 15 October
Last day to trade cum dividend distribution Friday, 30 October
Shares trade ex dividend distribution Monday, 2 November
Record date Friday, 6 November
Payment date Monday, 9 November
Share certificates may not be dematerialised or rematerialised
between Monday, 2 November 2015 and Friday, 6 November 2015, both days
inclusive.
In respect of dematerialised shareholders, the interim dividend will
be transferred to the CSDP account / broker accounts on Monday,
9 November 2015. Certificated shareholders' dividend payments will
be posted on or about Monday, 9 November 2015.
By order of the Board
Equites Property Fund Limited
15 October 2015
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
31 August 31 August 28 February
2015 2014 2015
R'000 R'000 R'000
ASSETS
Non-current assets
Fair value of investment property
(excluding straight-lining) 3 488 732 1 178 629 1 416 949
Straight-lining lease accrual 31 588 6 999 14 928
Property, plant and equipment 1 738 - 1 847
Investment in subsidiaries - - -
3 522 058 1 185 628 1 433 724
Current assets
Current tax receivable 122 395 91
Trade and other receivables 4 458 4 158 4 479
Financial asset held at fair value 4 677 70 314 4 489
Cash and cash equivalents 24 456 16 065 3 582
Derivative financial asset 2 009 - -
35 722 90 932 12 641
TOTAL ASSETS 3 557 780 1 276 560 1 446 365
EQUITY AND LIABILITIES
Equity and reserves
Stated capital 1 592 471 1 131 884 1 140 599
Accumulated profit 321 959 13 585 160 215
Share-based payment reserve 583 - 201
1 915 013 1 145 469 1 301 015
Liabilities
Non-current liabilities
Financial liabilities 1 383 410 121 729 127 372
1 383 410 121 729 127 372
Current liabilities
Financial liabilities 145 642 - 512
Deferred tax 1 424 - -
Trade and other payables 112 291 9 362 17 466
259 357 9 362 17 978
TOTAL LIABILITIES 1 642 767 131 091 145 350
TOTAL EQUITY AND LIABILITIES 3 557 780 1 276 560 1 446 365
Condensed consolidated statement of comprehensive income
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2015 2014 2015
R'000 R'000 R'000
Revenue
Contractual revenue and tenant
recoveries 94 988 44 039 115 664
Straight-lining of leases adjustment 16 660 6 999 14 928
Dividends received from subsidiaries -
111 648 51 038 130 592
Other gains 177 - 158
Property operating and management
expenses (13 999) (9 369) (24 480)
Net property income 97 825 41 669 106 270
Administrative expenses (5 242) (2 142) (7 742)
Operating profit 92 583 39 527 98 528
Fair value adjustments -
investment property 131 585 (767) 115 097
Fair value adjustments -
financial instruments 2 521 - -
Finance costs (18 721) (10 736) (15 628)
Finance income 558 2 024 2 425
Financial instrument capital loss/gain - (1 490) (1 490)
Capital raising expenses - (14 288) (14 901)
Net profit before tax 208 526 14 270 184 031
Income tax expense - - -
Profit for the period 208 526 14 270 184 031
OTHER COMPREHENSIVE INCOME - - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD 208 526 14 270 184 031
PROFIT ATTRIBUTABLE TO:
Owners of the parent 208 526 14 270 184 031
Non-controlling interest - - -
208 526 14 270 184 031
TOTAL COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
Owners of the parent 208 526 14 270 184 031
Non-controlling interest - - -
208 526 14 270 184 031
Basic earnings per share (cents) 164.1 19.8 204.6
Diluted earnings per share (cents) 163.3 19.8 204.4
Condensed consolidated statement of cash flows
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2015 2014 2015
R'000 R'000 R'000
Cash flows from operating activities
Profit before tax 208 526 14 270 184 031
Adjusted for:
Finance costs 18 721 10 736 15 628
Finance income (558) (2 024) (2 425)
Straight-lining of leases adjustment (16 660) (6 999) (14 928)
Fair value adjustments (132 211) 767 (115 097)
Amortisation 105 - 58
Share based payment charge 382 - 201
Decrease in trade and other receivables 14 502 (4 158) (4 479)
Increase in trade and other payables 61 036 9 362 17 466
Cash generated from operations 153 843 21 954 80 455
Finance costs paid (18 721) (10 736) (15 628)
Finance income received 558 (395) 2 238
Tax paid - - (91)
Dividends paid (46 782) (685) (23 816)
Net cash flows from operating
activities 88 898 10 138 43 158
Cash flows utilised by investing activities
Acquisition of investment properties (53 226) (603 464) (811 171)
Movement in financial instruments
held at fair value 14 993
Investment in financial instrument - (200 000) (200 000)
Amount including interest received from
sale of financial instrument - 131 710 195 698
Acquisition of property, plant and
equipment (3 526) - (1 905)
Net cash flows utilised by investing
activities (41 758) (671 754) (817 378)
Cash flows from financing activities
Proceeds from share issue - 650 000 650 430
Proceeds from loans (29 458) 27 681 127 372
Net cash flows from financing
activities (29 458) 677 681 777 802
Net movement in cash and cash
equivalents 17 682 16 065 3 582
Cash and cash equivalents at the
beginning of the period 3 582 - -
Cash acquired as part of acquisition 3 191 - -
Cash and cash equivalents at the
end of the year 24 456 16 065 3 582
Condensed consolidated statement of changes in equity
Stated Retained Equity
capital earnings reserve Total
R'000 R'000 R'000 R'000
Balance at 1 March 2014 - - - -
Total comprehensive income 14 270 14 270
Shares issued for property
and subsidiary
acquisitions 481 884 481 884
Shares issued for
cash on listing 650 000 650 000
Dividends distributed to
shareholders (685) (685)
Balance at
31 August 2014 1 131 884 13 585 - 1 145 469
Balance at
31 August 2014 1 131 884 13 585 - 1 145 469
Total comprehensive income 169 761 169 761
Shares issued for cash 430 430
Shares issued for property
and subsidiary acquisitions 8 285 8 285
Equity-settled
share-based payment 201 201
Dividends distributed
to shareholders (23 131) (23 131)
Balance at
28 February 2015 1 140 599 160 215 201 1 301 015
Balance at
28 February 2015 1 140 599 160 215 201 1 301 015
Total comprehensive income - 208 526 - 208 526
Shares issued for property
and subsidiary acquisitions 451 872 - - 451 872
Equity-settled share-based
payment - - 382 382
Dividends distributed
to shareholders - (46 782) - (46 782)
Balance at
31 August 2015 1 592 471 321 959 583 1 915 013
Condensed operating segment information
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
31 August 31 August 28 February
2015 2014 2015
R'000 R'000 R'000
Revenue
Industrial 86 357 37399 93 851
Office 8 631 6640 21 813
Non-property - - -
Straight-lining of leases 16 660 6999 14 928
111 648 51 038 130 592
Operating profit
Industrial 74 586 29 827 75 393
Office 6 895 4 843 15 949
Non-property (5 557) (2 142) (7 742)
Straight-lining of leases 16 660 6 999 14 928
92 583 39 527 98 528
Total assets
Industrial 3 129 208 975 742 1 041 017
Office 392 308 230 281 383 327
Non-property 4 677 70 537 7 093
3 526 193 1 276 560 1 431 437
Administration
Directors
A Taverna-Turisan (CEO)^, GR Gous (COO), B Goossens (CFO), PL Campher*+
(Chairman), G Lanfranchi* (Deputy Chairman), AJ Gouws*, K Dreyer*, N Khan*+,
RE Benjamin-Swales*+
*Non-executive
+Independent
^Italian
Registered office
14th Floor
Portside Tower
4 Bree Street
Cape Town
8000
Contact details
info@equites.co.za
Company secretary
Riaan Gous
Transfer secretary
Link Market Services South Africa Proprietary Limited
Auditors
Moore Stephens Cape Town Inc.
Sponsor
Java Capital
Bankers
Nedbank Limited
Attorneys
Cliffe Dekker Hofmeyr Inc.
Date: 15/10/2015 01:34:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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