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Summarised unaudited consolidated interim financial statements for the three and six months ended 31 December 2015
ROCKCASTLE GLOBAL REAL ESTATE COMPANY LIMITED
Incorporated in the Republic of Mauritius
Reg no 108869 C1/GBL
ISIN MU0364N00003
Primary listing SEM (SEM code Rock.N0000) and JSE (JSE code ROC)
(“Rockcastle” or “the Company” or “the Group”)
SUMMARISED UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
for the three and six months ended 31 December 2015
DIRECTORS’ COMMENTARY
1 STRUCTURE AND LISTING
Rockcastle is a Category One Global Business Licence Company registered in Mauritius. The
Company has primary listings on both the Stock Exchange of Mauritius Ltd (“SEM”) and the
Johannesburg Stock Exchange (“JSE”). Its objectives are investing in direct property in
growing economies as well as listed real estate securities globally.
During the period, Rockcastle successfully raised USD98 million through the issue of
41.3 million shares by way of a book build which was substantially oversubscribed. In
addition, Rockcastle shareholders were provided with the option of electing to receive
shares in lieu of cash for the 2015 financial year final dividend. Over 90% opted to take
the scrip dividend resulting in the issue of 17.3 million new shares.
2 DISTRIBUTABLE EARNINGS
The Board has declared a dividend of 4.6310 USD cents per share for the six months ended
31 December 2015. This represents an increase of 8,2% over the comparable prior period
and is within the guidance of between 8% and 10%.
3 OPTION TO RECEIVE A SCRIP DIVIDEND
Subject to final regulatory approvals, shareholders will be given the option to receive
their dividend either in cash or as a scrip dividend at a ratio of 2.167 new shares for
every 100 shares held.
A circular containing details of this election, accompanied by announcements on the Stock
Exchange News Service (“SENS”) of the JSE as well as the website of the SEM will be
issued in due course.
4 COMMENTARY
World markets have been driven by the divergent growth prospects and economic
fundamentals between the developed and emerging economies. This has resulted in increased
volatility in global markets. Lower commodity prices and deteriorating structural and
fiscal deficits in emerging markets threatened global economic growth while optimism for
a US-led recovery over the medium-term looks to be more muted based on recent financial
indicators.
Concerns over economic growth in various markets, particularly in China, are driving
investor sentiment and perceptions. Despite these deteriorating sentiments, continued
quantitative easing programmes by central banks are providing support and investment
appetite for real estate assets.
Rockcastle’s net asset value per share increased from USD1.46 to USD1.56 for the 6-month
period ended 31 December 2015. The Company continues to focus on growing its net asset
value and its dividend-paying capacity for the 2016 financial year.
As a result of the strategy to increase direct property investments and developments,
these have increased from approximately 5% to 17% of total assets during the six-month
period. Approximately EUR350 million was invested in retail property in Poland. The
increase in exposure to direct property provides the Company with the flexibility to
concentrate its listed security portfolio on a core number of property stocks that meet
Rockcastle’s distribution growth, market capitalisation and liquidity requirements.
Listed security portfolio
The listed security portfolio is focused on liquid counters offering growth, with an
emphasis on developed markets. Management’s strategy to concentrate the portfolio on
counters invested in markets benefiting from monetary and fiscal stimulus and limited
currency and commodity price risk has protected Rockcastle from the decline in both share
prices and currencies in these countries experienced in the last quarter of 2015 and the
start of 2016. As such, the listed security portfolio continues to have significantly
more exposure to the developed markets of the US and UK.
All listed investments in Canada and Hong Kong have now been sold and Rockcastle’s
Singaporean exposure has been significantly reduced. The proceeds from these disposals
were redeployed into direct assets in Poland. The threat of a possible, although
unlikely, UK exit from the European Union and recent lacklustre UK retail sales figures
have had a negative impact on share prices of all UK REITs. Rockcastle’s investment in
Hammerson has not been immune to this volatility although the board retains the view that
Hammerson’s focus on regionally dominant shopping centres, evidenced by their new
acquisitions in Ireland and the UK, places Hammerson in a strong position to continue
growing distributions.
The Company increased its holding in Simon and Prologis during the period. Rockcastle’s
decision to invest in Prologis has been validated by the strong results and future
earnings growth.
Rockcastle’s management continues to engage with the management teams of these core
stocks and conduct physical property inspections.
Listed security portfolio composition
Geographical profile by market value
USA 64,2%
UK 18,7%
Europe 9,2%
Singapore 4,9%
Australia 3,0%
Sectoral profile by market value
Retail 58,0%
Industrial 13,5%
Residential 9,4%
Healthcare 8,7%
Hotel 6,0%
Other/Diversified 4,3%
The following table indicates the Group’s top 10 investment holdings by market value as
at 31 December 2015:
Company Sector Jurisdiction Market value as
at Dec 2015
(USD Million)
Simon Property Retail USA 359.7
Hammerson Retail UK 349.1
Prologis Inc Industrial USA 214.6
Avalonbay Communities
Inc Residential USA 176.8
Unibail Rodamco Retail Europe 172.6
Ventas Inc Healthcare USA 149.5
Host Hotels &
Resorts Inc Hotel USA 112.9
KIMCO Retail USA 84.7
Digital
Realty Other/Diversified USA 81.3
Westfield Group Retail Australia 56.2
DIRECT PROPERTY
POLAND
During December 2015 the three previously announced transactions namely Karolinka, Platan
and Pogoria shopping centres were successfully concluded and the properties transferred
to Rockcastle. The combined purchase price of these assets was approximately
EUR270 million and represents a substantial deployment of capital to our direct property
portfolio. Rockcastle now owns four shopping centres with two retail developments under
construction scheduled to be completed in Q4 2016.
The acquisition of these existing assets in Poland has facilitated the establishment of a
strong operational team based in Rockcastle’s Warsaw office. This team and the value-
added development opportunities available to the Company in the existing portfolio,
places Rockcastle in a strong position in a competitive market. Major benefits of
acquiring existing assets from passive, non-strategic investors are the asset management
efficiencies to be extracted and the meaningful leasing enhancements evident in the
medium and long-term.
Rockcastle continues to make progress on various potential transactions in Poland as well
as the Czech Republic and Hungary which will enable us to leverage off our Central and
Eastern European operational platform. The Group’s focus is on established assets as well
as increasing the development pipeline to position the business advantageously in the
future. These further initiatives will result in substantial additional capital being
invested in the region.
Recent Acquisition
Platan Shopping Centre
During the quarter, Rockcastle concluded an agreement to acquire Platan Shopping Centre
(“Platan”) located in the city of Zabrze for EUR51.84 million at an initial yield of
6.9%.
Zabrze is a city in Southern Poland with a population of approximately 178,000 residents
and is part of the Katowice Agglomeration which is the largest urban area in Poland. The
shopping centre has a Gross Lettable Area (“GLA”) of 25 336 m2, is anchored by a
14 091 m2 Auchan hypermarket with a remaining lease term of 12 years, and consists of
78 other retail units. The centre benefits from a free and extensive surface car parking
area for its customers.
The tenant mix in Platan provides a balanced offering of Fashion & Footwear, Health &
Beauty and a Hypermarket, complemented by supporting services and a food court. The
centre houses numerous international and national brands such as Auchan, Carry, CCC,
Cropp, Deichmann, Diverse, GoSport, House, KFC, Orsay, Reserved, Rossmann, RTV Euro AGD,
Sephora and Sinsay. The weighted-average unexpired lease term is 4.9 years. It is
Rockcastle’s intention to expand the existing centre to meet current and future tenant
demand. In this regard, Rockcastle concluded an agreement to acquire the retail park
adjoining Platan Shopping centre in December 2015. The Retail park has a GLA of 3 277m2
and is situated on 11 026m2 of land. Its current tenants include Decathlon, Pepco and
Superpharm. This acquisition increases the potential expansion options for Platan itself.
Completion of the transaction is expected before April 2016 and is only subject to the
relevant VAT approvals for transactions of this nature from the Polish tax authorities.
Developments
Galeria Wolomin
The development, located in the City of Wolomin 30km outside Warsaw, is currently under
construction and is scheduled to be completed in October 2016. All anchor tenants and
requisite fashion brands have been signed and the leasing is progressing well. The
23 500m2 shopping centre will be anchored by a 5 691m2 Carrefour hypermarket and tenants
include CCC, Cropp, H&M, KFC, Martes Sport and Reserved. The completed development cost
will be EUR46.6 million at a budgeted initial yield of 7.6%. The centre was re-designed
after acquisition to accommodate the construction of a cinema and extend the food court
to cater for tenant demand. The site includes a further 6 500m2 of gross lettable retail
bulk which can be used to expand the centre in future.
Galeria Tomaszow
The Group’s 85% owned 17 000m2 retail project being developed in the city of Tomaszow
Mazowiecki 120km south west of Warsaw is under construction and scheduled to open in
October 2016. The mall will be anchored by French grocer Intermarche and tenants include
CCC, Cropp, Deichmann, H&M, House, Pepco, Reserved, Rossmann, RTV EURO AGD and Sinsay.
Due to tenant interest, the original size of the centre has been increased to accommodate
a cinema operator. The completed development cost is expected to be EUR29 million
representing a projected initial yield of 9.3%.
Solaris Shopping Centre
In October 2015, a public-private partnership agreement was successfully concluded with
the City of Opole securing the adjoining site to Solaris Shopping Centre to enable the
extension of the centre by approximately 8 000m2 GLA and the construction of an
underground basement parking. The architectural design and permitting process is underway
and tenant interest is very strong given the superior location and the continuing
improvement in footfall and trading densities of the centre which are above market
average for Poland.
Existing shopping centres
Karolinka, Platan, Pogoria and Solaris shopping centres were all acquired and transferred
during the 2015 calendar year. These four centres have extension and refurbishment
potential which is being formally evaluated. Tenant enthusiasm for the takeover of these
shopping centres by a specialist retail property fund like Rockcastle has been strong and
the Company is actively engaging with all relevant parties in order to enhance returns.
These shopping centres have a combined retail GLA of approximately 150 000m2 and offer
potential expansion opportunities of at least 40 000m2 in the future. They have shown a
marked improvement in 2015 in annual footfall and turnover numbers in comparison to the
Polish average. Active asset management and leasing is underway and the board is
confident that Rockcastle will continue to extract market-beating performances from these
assets.
ZAMBIA
The Company’s investments in Kafubu Mall in Ndola and Mukuba Mall in Kitwe were sold in
December 2015 to Delta Africa Property Holdings Limited (“Delta”). During the period of
ownership, both assets traded on budget with low vacancies. The board concluded that the
operational focus in Central and Eastern Europe is a greater priority and accordingly
mandated the sale of these assets. Transaction proceeds of USD21.6 million have been
received with a further USD2.5 million currently outstanding by way of vendor financing
to Delta. In addition, Rockcastle remains a guarantor to Standard Bank for the purposes
of the senior debt, totalling USD16.5 million, currently in place until November 2016
when the facilities are repayable by Delta. For this purpose, Rockcastle has the
requisite security over the shares in the investment holding companies.
Rockcastle retains its right to purchase a 50%, interest in the 26 000m2 GLA Cosmopolitan
Mall being developed in Southern Lusaka, Zambia at a yield of 9.5%. The mall will be
anchored by Game and Shoprite, and include Ackermans, Edgars, Foschini, Innscor, Jet, Mr
Price, Pep, Truworths and Woolworths as tenants and is scheduled to open in March 2016.
Negotiations for the disposal of this interest are currently ongoing and a decision in
this regard will be made in due course.
5 CAPITAL STRUCTURE AND HEDGING
In addition to its direct holdings in shares, Rockcastle utilises equity derivatives in
its portfolio. Rockcastle also utilises interest rate swaps to hedge its interest rate
exposures. The principal counterparties are Morgan Stanley and Bank of America Merrill
Lynch. A third counterparty, with competitive terms, is currently being added to further
mitigate the effects of counterparty concentration risk. The Group does not hedge its
capital positions but continues to utilise gearing against the purchase of counters in
the currency in which that stock is denominated. The Company also hedges its distributable
income one year ahead.
Current interest rate hedges are as follows:
Interest rate swaps Equivalent amount
expiry (financial year) USD’000 Average swap rate
Jun 2020 61 098 0.83%
Jun 2021 43 676 0.53%
Jun 2022 54 595 0.57%
Jun 2025 283 627 1.79%
442 996 1.38%
Direct property
There is considerable debt market liquidity in Poland with both Polish and other European
banks competing for financing arrangements.
Rockcastle’s current strategy involves acquiring assets from its equity pool and later
refinancing with in-country bank funding. To this end, in November 2015 Rockcastle
concluded a 5-year facility of EUR34.8 million with ING Bank (Poland) that is secured
against Solaris Shopping Centre and has been fully swapped out at an all-in cost of
1.71%. The facility is ring-fenced to the property-owning entity with no recourse to the
Rockcastle parent balance sheet. The facility has been fully drawn down and the proceeds
were utilised for the recent acquisition pipeline. The Company is currently progressing
with the refinancing of the three assets acquired in December.
Rockcastle’s loan to value ratio was 40.2% as at 31 December 2015.
6 SUMMARY OF FINANCIAL PERFORMANCE
Dec 2015 Jun 2015 Dec 2014 Jun 2014
Dividend/distribution
per share 4.6310 USD cents 4.42 USD cents 4.28 USD cents 4.18 USD cents
Shares in issue
(‘000) 912 540 847 862 769 700 705 500
Net asset value
per share USD 1.56 USD 1.46 USD 1.50 USD 1.39
Loan to value
ratio* 40.2% 46.4% 37.5% 38.3%
* The loan to value ratio is calculated by dividing net interest-bearing borrowings by
total assets.
7 CHANGE IN FINANCIAL YEAR-END
As announced on SENS and on the website of the SEM on 21 December 2015, Rockcastle has
changed its financial year-end from 30 June to 31 December. The reason for the change is
to better align the Company with the reporting deadlines of investors and the market in
which the Company operates. The change in year-end will not affect Rockcastle’s
distribution period which will continue to be for the 6 months ending 30 June and
31 December. Shareholders are referred to the announcement released on
21 December 2015 for further information.
8 CHANGES TO THE BOARD
With effect from 23 September 2015, Barry Stuhler has been appointed to the Board as non-
executive director and Andries de Lange has resigned from the Board.
9 OUTLOOK
Anticipating continued market volatility, the board has targeted lower levels of gearing
which could result in the Company’s forecast growth in dividends being at the lower end
of the guidance of 8%-10% to June 2016.
The aforegoing forecast statement and the forecasts underlying such statement are the
responsibility of the board and have not been reviewed or reported on by the Group’s
external auditors. The forecast is based on the assumptions that a stable global macro-
economic environment will prevail and no failures of listed REITs will occur.
By order of the Board
Company Secretary
Intercontinental Trust Limited
Mauritius – 10 February 2016
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited as at Audited as at Audited as at
31 Dec 2015 30 Jun 2015 31 Dec 2014
ASSETS USD'000 USD'000 USD'000
Non-current assets 2 287 705 2 295 139 1 856 433
Investment property 355 743 58 708 3 231
Straight-lining of
rental revenue adjustment 625 415 -
Investment property
under development 26 653 7 436 7 324
Listed security investments 1 870 971 2 161 724 1 808 623
Investment in and
loans to joint ventures - 41 727 12 093
Rockcastle management
incentive loans 33 713 25 129 25 162
Current assets 95 209 31 366 15 760
Investment income receivable - 7 589 -
Cash and cash equivalents 6 110 3 035 463
Trade and other receivables 77 342 15 410 93
Loans to development partners 11 757 5 332 15 204
Total assets 2 382 914 2 326 505 1 872 193
EQUITY AND LIABILITIES
Total equity attributable
to equity holders 1 419 775 1 241 128 1 155 762
Stated capital 1 312 080 1 180 670 985 104
Retained income 251 232 183 601 248 665
Non-distributable reserves (147 414) (123 947) (78 007)
Currency translation reserve 3 877 804 -
Total liabilities 963 139 1 085 377 716 431
Non-current liabilities 37 853 16 614 130 778
Interest-bearing borrowings 37 853 16 614 130 778
Current liabilities 925 286 1 068 763 585 653
Trade and other payables 5 914 4 966 14 568
Interest-bearing borrowings 919 093 1 063 777 570 822
Income tax payable 279 20 263
Total equity and liabilities 2 382 914 2 326 505 1 872 193
Total number of
shares in issue 912 540 104 847 862 018 769 700 000
Net asset value per
share (USD) 1,56 1,46 1,50
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited for Audited for Unaudited Audited for
the six months six months for the three the three months
ended ended months ended ended
31 Dec 2015 31 Dec 2014 31 Dec2015 31 Dec 2014
USD'000 USD'000 USD'000 USD'000
Net rental
and related
revenue 4 619 16 3 250 16
Recoveries and
contractual rental
revenue 5 404 22 3 517 22
Straight-lining of
rental revenue
adjustment 625 - 539 -
Rental revenue 6 029 22 4 056 22
Property operating
expenses (1 410) (6) (806) (6)
Dividends received from
listed security
investments 32 730 30 815 18 818 20 943
Income/(loss) from
joint ventures 609 1 563 (205) 1 492
Fair value gain on
investment property
and listed security
investments 63 076 125 229 56 458 163 707
Adjustment resulting from
straight-lining of
rental revenue (625) - (539) -
Fair value gain on
listed security
investments 63 701 125 229 56 997 163 707
Foreign exchange
gain/(loss) 1 225 (44 164) (5 987) (25 900)
Operating expenses (1 305) (868) (653) (525)
Profit before net
finance costs 100 954 112 591 71 681 159 733
Net finance costs (18 644) (24 210) (3 360) (14 003)
Finance income 1 402 1 210 814 671
Interest received 1 402 1 210 814 671
Finance costs (20 046) (25 420) (4 174) (14 674)
Interest on
borrowings (10 294) (9 934) (7 424) (4 218)
Capitalised
interest 524 - 524 -
Fair value
adjustment on
interest rate
derivatives (10 276) (6 648) 2 726 (4 756)
Fair value
adjustment on
bond shorts - (8 838) - (5 700)
Profit before income
tax expense 82 310 88 381 68 321 145 730
Income tax expense (279) (263) (104) (146)
Profit for the
period attributable
to equity holders
of the company 82 031 88 118 68 217 145 584
OTHER COMPREHENSIVE INCOME NET OF TAX
Items that may be reclassified subsequently to profit or loss
Exchange differences on
translation of foreign
operations 3 073 - 3 734 -
Total comprehensive income for
the period attributable to
equity holders
of the company 85 104 88 118 71 951 145 584
Weighted average
number of
shares in
issue 866 949 489 736 902 174 912 540 104 768 304 348
Basic earnings per
share from
continuing operations
(USD cents) 9,46 11,96 7,48 18,95
Headline earnings
per share from
continuing
operations
(USD cents) 9,54 11,96 7,55 18,95
Rockcastle has no dilutionary instruments in issue.
RECONCILIATION OF PROFIT FOR THE YEAR TO HEADLINE EARNINGS
Unaudited for the Audited for the
six months ended six months ended
31 Dec 2015 31 Dec 2014
USD'000 USD'000
Basic earnings - profit for
the year attributable to equity holders 82 031 88 118
Adjusted for:
- fair value adjustment on sale of
interest in joint ventures 706 -
Headline earnings 82 737 88 118
Headline earnings per share (USD cents) 9,54 11,96
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non- Currency
Stated Retained distributable translation
capital income reserves reserve Total
USD'000 USD'000 USD'000 USD'000 USD'000
Audited for the six months
ended 31 December 2014
Opening balance 871 154 131 714 (19 684) - 983 184
Issue of shares 113 950 113 950
Dividends declared (29 490) (29 490)
Total comprehensive
income for the period 88 118 88 118
Transfer to non-
distributable reserves 58 323 (58 323) -
Balance at
31 December 2014 985 104 248 665 (78 007) - 1 155 762
Audited for the six months
ended 30 June 2015
Opening balance 985 104 248 665 (78 007) - 1 155 762
Issue of shares 163 292 163 292
Dividends declared 32 274 (33 018) (744)
Total comprehensive
loss for the period (77 986) (77 986)
Transfer to non-
distributable reserves 45 940 (45 940) -
Exchange differences on
translation of foreign operations 804 804
Balance at
30 June 2015 1 180 670 183 601 (123 947) 804 1 241 128
Unaudited for the six months
ended 31 December 2015
Opening balance 1 180 670 183 601 (123 947) 804 1 241 128
Total comprehensive
income for the period 82 031 82 031
Shares issued and cum
distribution portion on issue
during the
period 94 783 3 378 98 161
Dividends
declared 36 627 (39 588) (2 961)
Transfer to non-
distributable reserves 23 467 (23 467) -
Reclassification of
exchange differences
on sale of investments
in joint ventures (1 657) (1 657)
Exchange differences on
translation of
foreign operations 3 073 3 073
Balance at
31 December
2015 1 312 080 251 232 (147 414) 3 877 1 419 775
RECONCILIATION OF PROFIT FOR THE PERIOD TO DISTRIBUTABLE EARNINGS
Unaudited for the six Audited for the six
months ended months ended
31 Dec 2015 31 Dec 2014
USD'000 USD'000
Profit for the period attributable to
equity holders 82 031 88 118
Income tax expense - 263
Tax on accrued dividends - (328)
Foreign exchange (gain)/loss (1 225) 44 164
Fair value gain on listed
security investments (63 701) (125 229)
Fair value loss on bond shorts - 8 838
Fair value loss on interest
rate derivatives 10 276 6 648
Dividends received from listed
security investments (32 730) (30 815)
Accrued income from listed
security investments 45 491 41 234
Adjustment to income from joint ventures 816 (1 388)
Shares issued cum distribution 1 302 1 438
Distributable earnings for the period 42 260 32 943
Less: interim dividend declared (42 260) (32 943)
Earnings not distributed - -
Number of shares entitled
to distribution 912 540 104 769 700 000
CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited for the six Audited for the six
months ended months ended
31 Dec 2015 31 Dec 2014
USD'000 USD'000
Cash (outflow)/inflow from
operating activities (32 913) 30 386
Cash inflow/(outflow) from
investing activities 50 162 (200 516)
Cash (outflow)/inflow from
financing activities (14 174) 170 107
Increase/(decrease) in cash and
cash equivalents 3 075 (23)
Cash and cash equivalents at beginning
of period 3 035 486
Cash and cash equivalents at end of period 6 110 463
Cash and cash equivalents consist of:
Current accounts 6 110 463
NOTES
1 PREPARATION, ACCOUNTING POLICIES AND AUDIT OPINION
The Group is required to publish financial results for the three months and the six
months ended 31 December 2015 in terms of the Listing Rule 12.19 of the SEM. Accordingly,
this announcement presents the financial results of the Group in respect of the period
from 1 October 2015 to 31 December 2015, the period from 1 July 2015 to 31 December 2015
as well as the comparative results from the prior period.
The accounting policies which have been applied are consistent with those used in the
preparation of the audited financial statements for the year ended 30 June 2015. Non-
distributable reserves arise from any accumulated losses pertaining to changes in the
fair value of the assets and liabilities in the Group on a US Dollar basis. The Group
does not consider such reserves to be distributable.
The summarised unaudited consolidated interim financial statements (“financial
statements”) for the three months and the six months ended 31 December 2015 have been
prepared in accordance with the measurement and recognition requirements of IFRS, the
requirements of IAS 34: Interim Financial Reporting, the JSE Listings Requirements, the
SEM Listing Rules and the Securities Act of Mauritius 2005.
The financial statements have not been reviewed or reported on by the Group’s external
auditors.
These financial statements were approved by the Board on 10 February 2016.
Copies of the financial statements and the Statement of direct and indirect interests of
each officer of the Group, pursuant to rule 8(2)(m) of the Securities (Disclosure
Obligations of Reporting Issuers) Rules of Mauritius 2007, are available free of charge,
upon request at Rockcastle’s registered address.
Contact person: Mr Darren Chinasamy.
This communiqué is issued pursuant to SEM Listing Rule 12.20 and section 88 of the
Securities Act of Mauritius 2005. The Board accepts full responsibility for the accuracy
of the information contained in these financial statements. The directors are not aware
of any matters or circumstances arising subsequent to the period ended 31 December 2015
that require any additional disclosure or adjustment to the financial statements.
2 SEGMENTAL ANALYSIS
Unaudited for the six Audited for the six
months ended months ended
31 Dec 2015 31 Dec 2014
USD'000 USD'000
Profit before income tax expense
Australia 4 174 21 581
Canada (3 383) (7 967)
Europe 11 801 (3 406)
UK (9 085) 15 823
Hong Kong (3 796) 14 691
Singapore (14 812) 12 573
USA 95 904 77 345
Zambia 609 1 563
Corporate 898 (43 822)
82 310 88 381
Unaudited as at Audited as at Audited as at
31 Dec 2015 30 Jun 2015 31 Dec 2014
USD'000 USD'000 USD'000
Total assets
Australia 56 231 69 835 117 778
Canada - 105 231 177 846
Europe 627 600 276 235 225 767
UK 355 444 376 507 230 972
Hong Kong - 91 756 92 313
Singapore 91 665 199 308 192 388
USA 1 203 936 1 135 445 782 659
Zambia 11 757 41 727 27 297
Corporate 36 281 30 461 25 173
2 382 914 2 326 505 1 872 193
Directors
Mark Olivier (chairman); Spiro Noussis (CEO)*; Nick Matulovich*;
Barry Stuhler; Rory Kirk; Andre van der Veer; Yan Ng; Karen Bodenstein*
(*executive director)
Company secretary
Intercontinental Trust Limited
Registered address
C/o Intercontinental Trust Limited, Level 3, Alexander House,
35 Cybercity, Ebene, 72201, Mauritius
Transfer secretary in South Africa
Link Market Services South Africa Proprietary Limited
JSE sponsor
Java Capital
SEM sponsor
Capital Markets Brokers Limited
www.rockcastleglobal.com
Date: 10/02/2016 05:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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information disseminated through SENS.
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