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Condensed unaudited results for the six months ended 31 December 2016
GROWTHPOINT PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/004988/06)
A Real Estate Investment Trust, listed on the JSE
Share code: GRT ISIN: ZAE000179420
Condensed unaudited results for the six months ended 31 December 2016
Highlights
- 95.0 cents
6.1% growth dividend per share
- R2.7 billion
Total distributable income 10% growth HY16 to HY17
- 36.7%
Group LTV Gearing remains below 40%
- R120.4 billion
Group property assets
- 27.1%
RSA total expense to income ratio
Expenses under control 27.2% FY16
- 5.4%
RSA vacancies down from 5.7% FY16
COMMENTARY
INTRODUCTION
Growthpoint is the largest South African primary listed REIT with a quality portfolio of 473 directly owned properties
in South Africa valued at R77.0 billion, as well as three equity-accounted investments, with our share of properties
valued at R12.2 billion of which the V&A Waterfront is the largest at R8.0 billion. Growthpoint acquired a 26.9% stake
in London Stock Exchange (AIM)-listed Globalworth Real Estate Investments (Globalworth) during the period, with our share
of properties valued at R3.8 billion. In addition, Growthpoint has a 64.3% interest in Growthpoint Properties Australia
(GOZ), which owns 59 properties in Australia valued at R31.6 billion.
The company's objective is to grow and nurture a diversified portfolio of quality investment properties, providing
accommodation to a wide spectrum of users and delivering sustainable income distributions and capital appreciation,
optimised by effective financial structures. Effectively, net property income received by the property portfolios of
South Africa (RSA) and GOZ, including interest received, the distributable income received from the equity-accounted
and listed investments, less operating costs, interest on debt and normal taxation, is distributed to shareholders
bi-annually. Growthpoint's distributions are based on sustainable income generated from rentals.
Growthpoint is included in the JSE ALSI Top 40 Companies Index, with a market capitalisation of R73.3 billion at
31 December 2016 (HY17). Over this period, on average, more than 147.2 million shares traded per month (HY16:
155.4 million). The monthly average value traded was R3.8 billion (HY16: R3.9 billion). This makes Growthpoint the
most liquid and tradable way to own commercial property in South Africa.
Excluding the equity-accounted investments, the South African portfolio represents 70.9% of the property portfolio by
value and 83.7% by gross lettable area (GLA), and is well diversified in the three major sectors of commercial property,
being retail, office and industrial. The bulk of the value of the South African properties is situated in strong
economic nodes within the major metropolitan areas.
For the period under review net asset value of the Group increased by 0.7% to 2 495 (FY16: 2 477) cents per share.
GROWTH IN DISTRIBUTIONS
Growthpoint delivered growth in distributions per share for HY17 of 6.1% and has declared an interim dividend of
95.0 cents per share for the six months ended 31 December 2016. This growth is in excess of the guidance given
to the market in the FY16 results of between 5.0% and 6.0%.
In Rand terms distributions increased by R244 million or 10.0% to R2 688 million and is supported by a solid
performance from the South African portfolio, especially the V&A Waterfront.
The increase in distributions was further enhanced by the investment in GOZ, where a currency hedging strategy
led to distributions from GOZ being received at an average rate of R10.79:AUD1 compared to R10.28:AUD1 for HY16.
BASIS OF PREPARATION
The condensed consolidated interim financial statements are prepared in accordance with International Financial
Reporting Standard, IAS 34 Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting
Practices Committee and Financial Pronouncements as issued by Financial Reporting Standards Council and the requirements of
the Companies Act of South Africa. The accounting policies applied in the preparation of these interim financial
statements are in terms of International Financial Reporting Standards and are consistent with those applied in the previous
annual financial statements. Mr G Volkel (CA(SA)), Growthpoint's Financial Director, was responsible for supervising the
preparation of these condensed consolidated interim financial statements. These condensed consolidated interim financial
statements have not been reviewed or audited by Growthpoint's independent external auditors.
GROWTHPOINT PROPERTIES AUSTRALIA (GOZ)
The investment in GOZ has been accounted for in terms of IAS 21 The Effects of Changes in Foreign Exchange Rates. The
statement of financial position includes 100% of the assets and liabilities of GOZ, converted at the closing exchange
rate at HY17 of R9.90:AUD1 (FY16: R11.04:AUD1).
The statement of profit or loss and other comprehensive income also includes 100% of the revenue and expenses of GOZ,
which were translated at an average exchange rate of R10.55:AUD1 for HY17 (HY16: R9.84:AUD1).
The resulting foreign currency translation difference is recognised in other comprehensive income. A non-controlling
interest was raised for the 35.7% (FY16: 34.5%) not owned by Growthpoint.
A deferred tax liability of R1.9 billion (FY16: R2.1 billion) is included in the statement of financial position. This
relates to capital gains tax payable in Australia if Growthpoint were to sell its investment in GOZ. Included in normal
tax in the statement of profit or loss and other comprehensive income, is R67 million (HY16: R33 million) that relates
to withholding tax paid on the distributions received from GOZ.
V&A WATERFRONT AND OTHER EQUITY-ACCOUNTED INVESTMENTS
The investments in the V&A Waterfront and the other joint ventures have been accounted for in terms of IFRS 11 Joint
Arrangements. The equity-accounting method was used, whereby the Group's share of the profit or loss and other
comprehensive income of these investments were accounted for.
Retail operations at the V&A Waterfront performed well where 17.0% growth in sales was recorded with a contributing
factor being the weaker Rand, for the first half of the calendar year, which afforded tourists the opportunity to spend
more. Included in the HY17 finance income, is R256 million income from the V&A Waterfront, compared to distributable
income for HY16 of R217 million.
NET PROPERTY INCOME
Gross revenue increased by 10.4% for HY17 compared to HY16. The South African operations increased revenues by
5.1% compared to HY16. The GOZ operations increased revenues by 31.7% as a result of the acquisition of the
GPT Metro Office Fund (GMF).
The ratio of property expenses to revenue for the Group remained at 21.3% at HY17 (HY16: 21.3%). For RSA the ratio
increased to 23.7% from 23.5% at HY16.
Best practice recommendations were issued by the SA REIT Association outlining the need to provide consistent
presentation and disclosure of relevant ratios in the SA REIT sector. This will ensure information and definitions are clearly
presented, enhancing comparability and consistency across the sector. Below are the Group cost-to-income ratios, set out
in three different ways to comply with these best practice recommendations.
HY17 HY16
% %
Property cost-to-income ratios
Gross cost-to-income ratio 31.19 31.51
Net cost-to-income ratio 16.82 16.49
Cost-to-income ratio based on IFRS reported figures 21.30 21.28
Operating cost-to-income ratios
Gross cost-to-income ratio 3.52 3.07
Net cost-to-income ratio 3.79 3.26
Cost-to-income ratio based on IFRS reported figures 3.79 3.26
Total cost-to-income ratios
Gross cost-to-income ratio 34.71 34.58
Net cost-to-income ratio 20.82 19.95
Cost-to-income ratio based on IFRS reported figures 25.09 24.55
FAIR VALUE ADJUSTMENTS
The revaluation of properties in South Africa and GOZ resulted in an upward revision of R1.6 billion (1.4%) to
R108.7 billion for investment property (including investment properties classified as held for sale). This was
mainly due to an increase in future contractual rental. Interest-bearing borrowings and derivatives were fair
valued using the swap curve at HY17, resulting in a decrease of R547 million in the overall liability. Losses
of R70 million and R287 million were realised on the settlement of interest rate swaps by GOZ and the South
African operations respectively.
These fair value adjustments, together with the other non-distributable items such as capital items, non-cash charges,
deferred taxation and the net effect of the non-controlling interest's portion of the non-distributable items were
transferred to the non-distributable reserve.
FINANCE COSTS
Finance costs increased by 3.0% to R1 254 million (HY16: R1 217 million). These outflows were somewhat negated by the
proceeds from the Distribution Re-Investment Plans (DRIPs) offered by Growthpoint. The weighted average interest rate
for RSA borrowings was 9.2% (7.6% including Euro debt and AUD and EUR cross currency interest rate swaps (CCIRS))
(HY16: 9.0%). The weighted average maturity of debt remained at 2.7 years (HY16: 2.7 years). Finance costs for GOZ
increased by 37.3% from R212 million in HY16 to R291 million in HY17, mainly due to the GMF transaction. The interest
cover ratio, whereby the income from the equity-accounted investments and listed investments are included in the
operating profit, remained at 3.4 times at HY17 (HY16: 3.4 times).
FINANCE INCOME
Finance income decreased by 4.9% to R311 million (HY16: R327 million).
ACQUISITIONS AND COMMITMENTS
Growthpoint RSA acquired five office properties for R1.2 billion, which included two hospitals worth R1.1 billion for
the Healthcare Fund in pursue of Growthpoint's fund management strategy.
Development and capital expenditure for RSA amounting to R1.1 billion (HY16: R1.2 billion) relates to various projects
undertaken during the period, of which the Discovery Head Office accounted for R371 million. GOZ acquired six office
properties for R5.0 billion (AUD479.4 million) as part of the GMF transaction and incurred development expenditure
amounting to R318 million (AUD29.5 million) in respect of an office property development situated at 211 Wellington Road,
Mulgrave, Victoria. Other development and capital expenditure for GOZ amounting to R76 million (AUD7.2 million) relates
to various projects undertaken during the period.
Growthpoint RSA has commitments outstanding in respect of developments amounting to R1.8 billion (HY16: R1.8 billion)
of which the Discovery Head Office (55% share) of R697 million is the largest, followed by the Exxaro Head Office and
AECOM in Centurion at R550 million and then Draper on Main at R123 million. Further commitments in respect of property
acquisitions amount to R582 million (HY16: R231 million).
GOZ has commitments of R218 million (AUD22.0 million) which includes a commitment to fund the development of
1 Charles Street, Parramatta, New South Wales, for an amount of R59 million (AUD6 million).
Development and capital expenditure at the V&A Waterfront amounted to R312 million (HY16: R266 million) for the
period. Growthpoint's share of the V&A Waterfront's commitments outstanding at HY17 amounted to R364 million
(HY16: R706 million), which relates to Battery Parkade, Silo number 6 (Radisson Red Hotel), Silo number 3
(residential for sale) and other commitments amounting to R85 million.
ACQUISITION OF GLOBALWORTH
On 20 December 2016, Growthpoint RSA acquired a 26.9% stake in the London Stock Exchange (AIM)-listed Globalworth,
which is classified as an associate, for a consideration of R2.7 billion (EUR186.4 million).
Globalworth owns a EUR1 billion property portfolio consisting of mostly modern A-grade offices, industrial properties,
a residential property complex as well as developments. Its portfolio is concentrated in Bucharest and one in Timisoara,
Romania and is underpinned by Euro denominated leases with many multinational business brands.
This acquisition was funded by loans of EUR100.0 million and CCIRS of EUR86.4 million at a weighted average term of
4.2 years. The Euro-based interest rates are fixed for a weighted average term of 9.9 years at a weighted average
all-in cost of 2.6%.
Transaction costs to date have been treated as part of the investment in the associate. A notional bargain purchase of
R80 million has been identified as a result of this investment, and is included in equity-accounted investments - net
of tax.
The Group's share of the results in Globalworth and its aggregated assets and liabilities are shown below:
Six months ended
31 December 20161
Rm
Assets 17 808
Liabilities 7 463
Revenue -
Share of profit 80
Percentage held 26.9%
1 The initial accounting for this acquisition was not completed at the time the condensed financial
statements were authorised for issue, and is therefore labelled as pro forma.
DISPOSALS AND HELD-FOR-SALE ASSETS
Growthpoint RSA disposed of seven properties in the current period (HY16: six) for R259 million (HY16: R626 million)
with a collective R85 million (HY16: R27 million) profit on cost achieved. GOZ disposed of five industrial properties
for R1.6 billion (AUD151.6 million).
At HY17, four RSA properties (HY16: eight) valued at R968 million (HY16: R394 million) and one Australian property
valued at R102 million (AUD10.3 million) were classified as held-for-sale assets.
ARREARS
Total RSA arrears at HY17 amounted to R82.8 million (HY16: R68.2 million) with a provision for bad debts of
R34.2 million (HY16: R26.5 million). Total RSA bad debt expenses amounted to R12.0 million (HY16: R7.2 million).
VACANCY LEVELS
At HY17, the total m2 of Growthpoint's portfolio and vacancy levels expressed as a percentage of GLA were:
GLA Vacancy
m2 m2 % %
HY17 HY16 HY17 HY16
Retail 1 422 121 1 408 468 2.6 2.5
Office 1 759 080 1 804 820 6.9 7.6
Industrial 2 273 094 2 243 707 6.0 4.2
RSA total 5 454 295 5 456 995 5.4 4.9
V&A Waterfront (50%) 217 920 206 497 1.1 1.3
GOZ 1 065 623 1 085 041 0.5 0.8
Total/average % 6 737 838 6 748 533 4.5 4.1
Vacancies have improved in the office sector, while vacancies across the retail and industrial sectors have increased.
Tenant retention remains a priority and is being facilitated through various initiatives including the UNdeposit and
SmartMove campaigns, which continue to gain significant traction.
EQUITY RAISED
During the period under review, Growthpoint issued 44.0 million shares and raised R1.1 billion through the DRIP
programme. The equity raised from the DRIP was utilised to finance Growthpoint's investment activities.
BORROWINGS AND NET WORKING CAPITAL
At HY17, the consolidated loan-to-value ratio (LTV), measured by dividing the nominal value of interest-bearing
borrowings (net of cash) by the fair value of property assets, including investment property held for sale, plus the
equity-accounted investments and the listed investments, was 36.7% (HY16: 32.4%). The higher LTV relates directly to the
Globalworth investment being debt funded. Growthpoint has consistently applied its policy on fair value measurement in
respect of long-term interest-bearing loans and derivatives and there has been no change in valuation techniques, nor
have there been any transfers between level 1, level 2 and level 3 during the period under review.
Growthpoint has unutilised committed bank facilities in RSA amounting to R3.5 billion and in Australia of R2.9 billion
(AUD292 million) which provides assurance that it will be able to meet its short-term commitments which exceeded
current assets by R4.6 billion at HY17 (FY16: R1.4 billion).
CHANGE IN DIRECTORATE
There have been no changes in directorate during the period under review.
EVENTS AFTER THE REPORTING PERIOD
In line with IAS 10 Events after the Reporting Period, the declaration of the dividend occurred after the end of the
reporting period, resulting in a non-adjusting event that is not recognised in the financial statements. The R242 million
for linked unitholders for distribution in the statement of financial position (HY17) relates to the NCI's portion of
the GOZ distribution.
PROSPECTS
Property and economic fundamentals in RSA remain weak with further weakness anticipated. The contribution to distributable
income from both the V&A Waterfront and GOZ is expected to be consistent but the unhedged portion of the GOZ income could
be negatively impacted by further ZAR strength. The Globalworth transaction will be accretive to earnings for the second
half of FY17. Given the negative outlook for RSA, coupled with the volatility of the ZAR, the Growthpoint Board is of the view that
the dividend growth for FY17 will remain similar to that achieved for HY17.
This forecast has not been subject to audit or review by the company's independent external auditors.
INTERIM DIVIDEND WITH THE ELECTION TO REINVEST THE CASH DIVIDEND IN RETURN FOR GROWTHPOINT SHARES
Notice is hereby given of the declaration of the final dividend number 62 of 95.00000 cents per share for the period
ended 31 December 2016. Shareholders will be entitled to elect to reinvest the net cash dividend, in return for
Growthpoint shares (share alternative), failing which they will receive the net cash dividend in respect of all or part
of their shareholdings. The entitlement of shareholders to elect to participate in the share re-investment alternative
is subject to the Board, either itself or through a Board sub-committee appointed to set the pricing and terms of the share
re-investment alternative, having the discretion to withdraw the entitlement to elect the share re-investment alternative
should market conditions warrant such action. A withdrawal of the entitlement to elect the share re-investment alternative
would be communicated to shareholders before the publication of the finalisation announcement on Monday, 13 March 2017.
Other information:
- Issued shares at 31 December 2016: 2 802 007 024 ordinary shares of no par value (net of treasury shares).
- Income Tax Reference Number of Growthpoint: 9375/077/71/7.
Shareholders are advised that the dividend meets the requirements of a "qualifying distribution" for the purposes of
section 25BB of the Income Tax Act, No. 58 of 1962 (Income Tax Act). The dividends on the shares will be deemed to be
taxable dividends for South African tax purposes in terms of section 25BB of the Income Tax Act.
Fractional entitlements to shares
Trading in the Strate environment does not permit fractions and fractional entitlements. Where a shareholder's
entitlement to shares in relation to the share re-investment alternative gives rise to a fraction of a new share,
such fraction will be rounded down to the nearest whole number, resulting in an allocation of whole shares and a
cash payment for the fraction.
Tax implications for South African resident shareholders
Dividends received by or accrued to South African tax residents must be included in the gross income of such
shareholders and will not be exempt from the income tax in terms of the exclusion to the general dividend exemption
contained in section 10(1)(k)(i)(aa) of the Income Tax Act, because they are dividends distributed by a REIT. These
dividends are however exempt from dividend withholding tax (Dividend Tax) in the hands of South African resident
shareholders provided that the South African resident shareholders have provided to the Central Securities Depository
Participant (CSDP) or broker, as the case may be, in respect of uncertificated shares, or the company, in respect of
certificated shares, a DTD(EX) (Dividend Tax: Declaration and undertaking to be made by the beneficial owner of a share)
form to prove their status as South African residents.
If resident shareholders have not submitted the abovementioned documentation to confirm their status as South African
residents, they are advised to contact their CSDP or broker, as the case may be, to arrange for the documents to be
submitted prior to the payment of the dividend.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders from a REIT will not be taxable as income and instead will be treated
as ordinary dividends which are exempt from income tax in terms of the general dividend exemption section 10(1)(k) of
the Income Tax Act. Any dividend received by a non-resident from a REIT is subject to Dividend Tax at 20%, unless the rate
is reduced in terms of any applicable agreement for the avoidance of double taxation (DTA) between South Africa and the
country of residence of the non-resident shareholder. Assuming Dividend Tax will be withheld at a rate of 20%, the net
amount due to non-resident shareholders is 76.00000 cents per share. A reduced dividend withholding tax rate in terms of
the applicable DTA may only be relied on if the non-resident shareholder has provided the following forms to their CSDP
or broker, as the case may be, in respect of uncertificated shares, or the company, in respect of certificated shares:
- a declaration that the dividend is subject to a reduced rate as a result of the application of the DTA; and
- a written undertaking to inform the CSDP broker or the company, as the case may be, should the circumstances
affecting the reduced rate change or the beneficial owner cease to be the beneficial owner, both in the form prescribed
by the Commissioner of the South African Revenue Services.
If applicable, non-resident shareholders are advised to contact the CSDP, broker or the company, as the case may be,
to arrange for the abovementioned documents to be submitted prior to payment of the dividend if such documents have not
already been submitted.
Summary of the salient dates relating to the cash dividend and a share alternative are as follows:
Salient dates and times 2017
Circular and form of election posted to shareholders (see note 5) Friday, 3 March
Last date for Growthpoint to withdraw the entitlement for shareholders
to elect to participate in the share re-investment alternative before
the publication of the announcement of the share alternative issue
price and finalisation information on SENS Friday, 10 March
Announcement of share re-investment alternative issue price and
finalisation information published on SENS Monday, 13 March
Last day to trade (LDT) cum dividend Monday, 20 March
Shares to trade ex-dividend Wednesday, 22 March
Listing of maximum possible number of share alternative shares
commences on the JSE Friday, 24 March
Last day to elect to receive the share alternative (no late forms
of election will be accepted) at 12:00 (South African time) Friday, 24 March
Record date Friday, 24 March
Announcement of results of cash dividend and share re-investment
alternative published on SENS Monday, 27 March
Cheques posted to certificated shareholders and accounts credited
by CSDP or broker to dematerialised shareholders electing the
cash alternative on Monday, 27 March
Share certificates posted to certificated shareholders and
accounts credited by CSDP or broker to dematerialised
shareholders electing the share re-investment alternative on Wednesday, 29 March
Adjustment to the maximum number of shares listed on or about Thursday, 30 March
Notes:
1. Shareholders electing the share re-investment alternative are alerted to the fact that the new shares will
be listed on LDT + 3 and that these new shares can only be traded on LDT + 3, due to the fact that settlement
of the shares will be three days after record date, which differs from the conventional one day after record
date settlement process.
2. Shares may not be dematerialised or rematerialised between commencement of trade on Wednesday, 22 March 2017
and the close of trade on Friday, 24 March 2017.
3. The above dates and times are subject to change. Any changes will be released on SENS and published in the
press.
4. The cash dividend or share alternative may have tax implications for resident and non-resident shareholders.
Shareholders are therefore encouraged to consult their professional advisers should they be in any doubt as
to the appropriate action to take.
5. The distribution of the circular and form of election and the right to elect shares in jurisdictions other
than the Republic of South Africa may be restricted by law, and failure to comply with any of these
restrictions may constitute a violation of the securities laws of any such jurisdictions. Shareholders'
rights to elect shares are not being offered, directly or indirectly, in the United States of America, the
United Kingdom, Canada, Australia or Japan unless certain exemptions from the requirements of those
jurisdictions are applicable.
By order of the Board
GROWTHPOINT PROPERTIES LIMITED
28 February 2017
1 March 2017
Statement of profit or loss and other comprehensive income
For the six months ended 31 December 2016
Unaudited Unaudited Audited
six months six months 12 months
31 December 31 December 30 June
2016 2015 2016
Note Rm Rm Rm
Revenue, excluding straight-line lease income
adjustment 5 178 4 689 9 764
Straight-line lease income adjustment 40 88 455
Revenue 5 218 4 777 10 219
Property expenses (1 103) (998) (2 126)
Net property income 4 115 3 779 8 093
Other operating expenses and income (196) (153) (308)
Operating profit 3 919 3 626 7 785
Fair value adjustments 1 678 1 833 409
Equity-accounted investment earnings - net of tax 68 7 543
Finance costs (1 254) (1 217) (2 466)
Non-cash charges (64) (70) (121)
Capital items (19) (2) (32)
Finance and other investment income 3 311 327 690
Profit before taxation 4 639 4 504 6 808
Taxation 137 (850) (841)
Normal taxation (including withholding tax on
GOZ distribution) (67) (37) (76)
Deferred taxation 204 (813) (765)
Profit after taxation 4 776 3 654 5 967
Profit attributable to:
Equity holders 4 416 3 190 5 159
Non-controlling interest (NCI) 360 464 808
Other comprehensive income:
Items that are or may be reclassified to profit
or loss:
Translation of foreign operations (1 891) 2 923 2 282
Total comprehensive income 2 885 6 577 8 249
Attributable to:
Equity holders 3 154 5 088 6 653
Non-controlling interest (269) 1 489 1 596
Statement of financial position
As at 31 December 2016
Unaudited Unaudited Audited
31 December 31 December 30 June
2016 2015 2016
Rm Rm Rm
ASSETS
Non-current assets 120 833 112 922 113 176
Fair value of investment property for
accounting purposes 105 085 100 295 100 274
Straight-line lease income adjustment 2 508 2 325 2 478
Fair value of property assets 107 593 102 620 102 752
Equity-accounted investments 9 627 6 223 6 821
Listed investments 382 452 440
Intangible assets 2 412 2 532 2 461
Equipment 5 8 6
Long-term loans granted 467 611 589
Derivative assets 347 476 107
Current assets 5 361 3 400 5 351
Investment property classified as held for sale 1 070 394 1 938
Current portion of long-term loans granted 294 1 16
Trade and other receivables 2 970 2 169 2 496
Cash and cash equivalents 1 027 836 901
Total assets 126 194 116 322 118 527
EQUITY AND LIABILITIES
Shareholders' interest 69 922 67 799 68 295
Share capital 43 986 41 635 42 929
Treasury shares (596) (603) (600)
Foreign currency translation reserve 1 331 2 970 2 602
Non-distributable reserve 22 513 21 353 20 736
Retained income 2 688 2 444 2 628
Non-controlling interest 6 212 6 008 5 871
Total equity 76 134 73 807 74 166
Non-current liabilities 40 119 32 796 37 565
Interest-bearing borrowings 37 404 29 471 34 089
Derivative liabilities 537 898 1 094
Deferred taxation liability 2 178 2 427 2 382
Current liabilities 9 941 9 719 6 796
Trade and other payables 2 200 2 590 2 045
Current portion of non-current financial liabilities 7 439 6 860 4 491
Taxation payable 60 33 29
Linked unitholders for distribution 242 236 231
Total equity and liabilities 126 194 116 322 118 527
Cents Cents Cents
Net asset value per share 2 495 2 508 2 477
Tangible net asset value per share which excludes
intangible assets and deferred tax 2 487 2 505 2 474
Statement of cash flows
For the six months ended 31 December 2016
Unaudited Unaudited Audited
six months six months 12 months
31 December 31 December 30 June
2016 2015 2016
Rm Rm Rm
Cash generated from operations 3 747 4 077 7 322
Finance and other investment income 55 109 51
Finance costs (1 187) (1 203) (2 538)
Taxation paid (65) (35) (78)
Capital items (19) 1 (32)
Distribution to shareholders/unitholders (2 761) (1 446) (4 073)
Net cash (outflow)/inflow from operating activities (230) 1 503 652
Net cash outflow from investing activities (8 764) (1 577) (5 259)
Net cash inflow from financing activities 9 165 334 4 948
Net increase in cash and cash equivalents 171 260 341
Translation effects on cash and cash equivalents of
foreign operation (45) 71 55
Cash and cash equivalents at beginning of period 901 505 505
Cash and cash equivalents at end of period 1 027 836 901
Statement of changes in equity
For the six months ended 31 December 2016
Foreign
currency Non-
translation distributable
Share Treasury reserve reserve
capital shares (FCTR) (NDR)
Rm Rm Rm Rm
Audited balance at 30 June 2015 41 132 (646) 1 072 20 604
Total comprehensive income
- profit after taxation - - - -
Total comprehensive income
- other comprehensive income - - 1 898 -
Transactions with owners recognised directly in equity:
Contributions by and distributions to owners
Shares issued 503 - - -
Dividends received on treasury shares - - - -
Transfer non-distributable items to NDR - - - 759
Share-based payment transaction - 43 - (10)
Dividends declared - NCI - - - -
Dividends declared - - - -
Changes in ownership interests
Rights issue and acquisitions - GOZ - - - -
Unaudited balance at 31 December 2015 41 635 (603) 2 970 21 353
Total comprehensive income
- profit after taxation - - - -
Total comprehensive income
- other comprehensive income - - (404) -
Transactions with owners recognised directly in equity:
Contributions by and distributions to owners
Shares issued 1 294 - - -
Dividends received on treasury shares - - - -
Transfer non-distributable items to NDR - - - (609)
Share-based payment transaction - 3 - 16
Transfer to NDR reserves with NCI - - - (24)
Dividends declared - NCI - - - -
Dividends declared - - - -
Changes in ownership interests
Rights issue and acquisitions - GOZ - - 36 -
Acquisition of NCI without a change in control - - - -
Audited balance at 30 June 2016 42 929 (600) 2 602 20 736
Total comprehensive income
- profit after taxation - - - -
Total comprehensive income
- other comprehensive income - - (1 262) -
Transactions with owners recognised directly in equity:
Contributions by and distributions to owners
Shares issued 1 057 - - -
Dividends received on treasury shares - - - -
Transfer non-distributable items to NDR - - - 1 754
Share-based payment transaction - 4 - 23
Dividends declared - NCI - - - -
Dividends declared - - - -
Changes in ownership interests
Rights issue and acquisitions - GOZ - - (9) -
Unaudited balance at 31 December 2016 43 986 (596) 1 331 22 513
Non-
Retained Share- controlling
income holders' interest Total
(RI) interest (NCI) equity
Rm Rm Rm Rm
Audited balance at 30 June 2015 1 207 63 369 4 713 68 082
Total comprehensive income
- profit after taxation 3 190 3 190 464 3 654
Total comprehensive income
- other comprehensive income - 1 898 1 025 2 923
Transactions with owners recognised directly in equity:
Contributions by and distributions to owners
Shares issued - 503 - 503
Dividends received on treasury shares 13 13 - 13
Transfer non-distributable items to NDR (759) - - -
Share-based payment transaction - 33 - 33
Dividends declared - NCI - - (202) (202)
Dividends declared (1 207) (1 207) - (1 207)
Changes in ownership interests
Rights issue and acquisitions - GOZ - - 8 8
Unaudited balance at 31 December 2015 2 444 67 799 6 008 73 807
Total comprehensive income
- profit after taxation 1 969 1 969 344 2 313
Total comprehensive income
- other comprehensive income - (404) (237) (641)
Transactions with owners recognised directly in equity:
Contributions by and distributions to owners
Shares issued - 1 294 - 1 294
Dividends received on treasury shares 26 26 - 26
Transfer non-distributable items to NDR 609 - - -
Share-based payment transaction - 19 - 19
Transfer to NDR reserves with NCI 24 - - -
Dividends declared - NCI - - (237) (237)
Dividends declared (2 444) (2 444) - (2 444)
Changes in ownership interests
Rights issue and acquisitions - GOZ - 36 58 94
Acquisition of NCI without a change in control - - (65) (65)
Audited balance at 30 June 2016 2 628 68 295 5 871 74 166
Total comprehensive income
- profit after taxation 4 416 4 416 360 4 776
Total comprehensive income
- other comprehensive income - (1 262) (629) (1 891)
Transactions with owners recognised directly in equity:
Contributions by and distributions to owners
Shares issued - 1 057 - 1 057
Dividends received on treasury shares 26 26 - 26
Transfer non-distributable items to NDR (1 754) - - -
Share-based payment transaction - 27 - 27
Dividends declared - NCI - - (249) (249)
Dividends declared (2 628) (2 628) - (2 628)
Changes in ownership interests
Rights issue and acquisitions - GOZ - (9) 859 850
Unaudited balance at 31 December 2016 2 688 69 922 6 212 76 134
Segmental analysis
For the six months ended 31 December 2016
South Africa
Total Other
South Total as V&A Global-1 joint
Retail Office Industrial Africa Australia reported Waterfront worth ventures Total
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
Statement of profit or
loss and other
comprehensive income
extracts - 31 December 2016
Revenue, excluding straight-line
lease income adjustment 1 544 1 739 654 3 937 1 241 5 178 349 - 12 5 539
Property expenses (395) (395) (143) (933) (170) (1 103) (95) - (7) (1 205)
Segment results 1 149 1 344 511 3 004 1 071 4 075 254 - 5 4 334
Material non-cash items
Fair value adjustment on
investment property 540 436 281 1 257 219 1 476 - - (7) 1 469
Fair value adjustment on
investment property - NCI - - - - 122 122 - - - 122
Total fair value adjustment
on total investment property 540 436 281 1 257 341 1 598 - - (7) 1 591
Other
South Total as V&A Global-1 joint
Africa Australia reported Waterfront worth ventures Total
Rm Rm Rm Rm Rm Rm Rm
Further extracts of statement of
profit or loss and other
comprehensive income
Other operating expenses and income (135) (61) (196) (9) - (27) (232)
Finance costs (963) (291) (1 254) (10) - (2) (1 266)
Finance and other investment income 308 3 311 22 - - 333
South Africa
Total Other
South Total as V&A Global-1 joint
Retail Office Industrial Africa Australia reported Waterfront worth ventures Total
Rm Rm Rm Rm Rm Rm Rm Rm Rm Rm
Statement of financial
position extracts at
31 December 2016
Investment property
Opening balance 1 July 2016 29 210 32 655 11 887 73 752 30 938 104 690 7 766 - 411 112 867
Acquisitions - 1 169 12 1 181 5 041 6 222 - 3 813 - 10 035
Developments and capital
expenditure 285 584 232 1 101 394 1 495 312 - 46 1 853
Disposals - (96) (163) (259) (1 587) (1 846) (113) - - (1 959)
Foreign exchange loss - - - - (3 496) (3 496) - - - (3 496)
Fair value adjustments 540 436 281 1 257 341 1 598 - - (7) 1 591
Fair value of total
property assets -
31 December 2016 30 035 34 748 12 249 77 032 31 631 108 663 7 965 3 813 450 120 891
Fair value of long-term
property assets 30 035 33 782 12 247 76 064 31 529 107 593 7 965 3 813 450 119 821
Investment property
classified as held for
sale - 966 2 968 102 1 070 - - - 1 070
From 1 July 2016, Growthpoint Business Park was reclassified from being an office building to an industrial building.
The comparatives have been restated to reflect this adjustment.
1 The initial accounting for this acquisition was not completed at the time the condensed financial statements were
authorised for issue, and is therefore labelled as pro forma.
Other
South Total as V&A Global-1 joint
Africa Australia reported Waterfront worth ventures Total
Rm Rm Rm Rm Rm Rm Rm
Further extracts of statement of financial
position at 31 December 2016
Intangible assets 2 412 - 2 412 - 48 - 2 460
Listed investments 382 - 382 - - - 382
Trade and other receivables 2 387 583 2 970 222 45 10 3 247
Cash and cash equivalents 653 374 1 027 36 860 9 1 932
Trade and other payables 1 692 508 2 200 (108) 90 (1) 2 181
Financial liabilities 31 548 13 832 45 380 (195) 1 610 (351) 46 444
Nominal value - interest-bearing liabilities 31 383 13 753 45 136 (195) 1 648 (351) 46 238
Fair value adjustments 215 79 294 - (38) - 256
Foreign translation differences (50) - (50) - - - (50)
South Africa
Total Other
South Total as V&A joint
Retail Office Industrial Africa Australia reported Waterfront ventures Total
Rm Rm Rm Rm Rm Rm Rm Rm Rm
Statement of profit or loss
and other comprehensive
income extracts -
31 December 2015
Revenue, excluding straight-line
lease income adjustment 1 437 1 710 600 3 747 942 4 689 294 2 4 985
Property expenses (357) (394) (131) (882) (116) (998) (83) (1) (1 082)
Segment results 1 080 1 316 469 2 865 826 3 691 211 1 3 903
Material non-cash items
Fair value adjustment on
investment property 404 315 190 909 489 1 398 - 6 1 404
Fair value adjustment on
investment property - NCI - - - - 261 261 - - 261
Total fair value adjustment
on total investment property 404 315 190 909 750 1 659 - 6 1 665
Other
South Total as V&A joint
Africa Australia reported Waterfront ventures Total
Rm Rm Rm Rm Rm Rm
Further extracts of statement of
profit or loss and other comprehensive income
Other operating expenses and income (111) (42) (153) (7) (1) (161)
Finance costs (1 005) (212) (1 217) - (1) (1 218)
Finance and other investment income 324 3 327 8 - 335
1 The initial accounting for this acquisition was not completed at the time the condensed financial statements were
authorised for issue, and is therefore labelled as pro forma.
South Africa
Total Other
South Total as V&A joint
Retail Office Industrial Africa Australia reported Waterfront ventures Total
Rm Rm Rm Rm Rm Rm Rm Rm Rm
Statement of financial position
extracts at 30 June 2016
Investment property
Opening balance 1 July 2015 28 213 32 299 11 038 71 550 22 024 93 574 6 761 631 100 966
Acquisitions - 398 442 840 3 410 4 250 - - 4 250
Developments and capital expenditure 549 1 302 543 2 394 441 2 835 420 27 3 282
Disposals - (887) (242) (1 129) - (1 129) - (240) (1 369)
Foreign exchange loss - - - - 3 948 3 948 - - 3 948
Fair value adjustments 448 (457) 106 97 1 115 1 212 585 (7) 1 790
Fair value of total property assets
at 30 June 2016 29 210 32 655 11 887 73 752 30 938 104 690 7 766 411 112 867
Fair value of long-term property
assets 29 210 32 510 11 768 73 488 29 264 102 752 7 766 411 110 929
Investment property classified as
held for sale - 145 119 264 1 674 1 938 - - 1 938
Total Other
South Total as V&A joint
Africa Australia reported Waterfront ventures Total
Rm Rm Rm Rm Rm Rm
Further extracts of statement of
financial position at
30 June 2016
Intangible assets 2 461 - 2 461 - - 2 461
Listed investments 440 - 440 - - 440
Trade and other receivables 2 008 488 2 496 48 - 2 544
Cash and cash equivalents 121 780 901 28 5 934
Trade and other payables (1 606) (439) (2 045) (84) (3) (2 132)
Financial liabilities (25 704) (13 970) (39 674) (306) (404) (40 384)
Nominal value - interest-bearing liabilities (24 818) (13 760) (38 578) (306) (404) (39 288)
Fair value adjustments (880) (210) (1 090) - - (1 090)
Foreign translation differences (6) - (6) - - (6)
From 1 July 2016, Growthpoint Business Park was reclassified from being an office building to an industrial building.
The comparatives have been restated to reflect this adjustment.
Notes
For the six months ended 31 December 2016
Unaudited Unaudited Audited
six months six months 12 months
31 December 31 December 30 June
2016 2015 2016
Notes Rm Rm Rm
Note 1: Calculation of distributable earnings
Operating profit 3 919 3 626 7 785
Less: Straight-line lease income adjustment (40) (88) (455)
Finance costs (1 254) (1 217) (2 466)
Finance and other investment income 311 327 690
Dividends received on treasury shares
(accounted for in statement of changes in equity) 26 13 39
NCI's share of distribution (excluding fair
value adjustments) (249) (202) (439)
Distributable income from GOZ retained (including NCI) - - (79)
Realised foreign exchange gain 22 22 (9)
Profit on the sale of Roeland Street Investment
(Pty) Ltd (Stor-Age) - - 51
Antecedent dividend received 20 - 31
Taxation (excluding deferred taxation) (67) (37) (76)
Distributable earnings 2 688 2 444 5 072
Total dividend 4 2 688 2 444 5 072
Taxable dividend (interim) 2 688 2 444 2 444
Taxable dividend (final) 2 628
Shares Shares Shares
Total shares in issue at the end of period 2 830 116 406 2 731 427 532 2 786 093 366
Treasury shares (28 109 382) (28 565 013) (28 529 523)
Total shares in issue at the end of period
(excluding treasury shares) 2 802 007 024 2 702 862 519 2 757 563 843
Weighted average number of shares in issue 2 779 720 157 2 697 710 851 2 711 111 433
Cents Cents Cents
Note 2: Dividend per share 95.0 89.5 183.8
Six months ended 31 December 95.0 89.5 89.5
Six months ended 30 June 94.3
Basic earnings per share 5 158.86 118.25 190.29
Diluted earnings per share 5 158.02 117.54 189.53
Headline earnings per share 6 100.12 59.72 140.57
Diluted headline earnings per share 99.58 59.36 140.01
Note 3: Finance and other investment income 311 327 690
- Investment in joint venture - V&A Waterfront 235 198 429
- V&A Waterfront development funding interest 21 19 50
Total V&A Waterfront income 256 217 479
Other finance income 55 100 189
Listed investments - 10 22
Note 4: Dividends on treasury shares
The interim dividend of R2 688 million (HY16: R2 444 million) included dividends on treasury shares of R26 million
(HY16: R13 million). The net interim dividend paid by Growthpoint for accounting purposes is R2 662 million
(HY16: R2 431 million).
The final dividend of R2 628 million for FY16 included dividends on treasury shares of R26 million. The net dividend
paid was therefore R2 602 million.
Note 5: Basic and diluted earnings per share
The directors are of the view that the disclosure of earnings per share, while obligatory in terms of IAS 33 Earnings
per Share, and the JSE Limited Listings Requirements, is not meaningful to investors as the basic profit includes fair
value adjustments, as well as other non-distributable items.
The calculation of distributable earnings and the dividend per share is more meaningful.
Note 6: Headline earnings per share
In terms of Circular 2/2015, issued by SAICA, the fair value adjustment on investment property is added back in
the calculation of headline earnings per share. The Circular does not make provision for the fair value
adjustment on non-current financial liabilities, accounting adjustments required to account for lease income
on a straight-line basis, as well as other non-cash fair value accounting adjustments that do not affect
distributable earnings, to be added back.
Unaudited Unaudited Audited
six months six months 12 months
31 December 31 December 30 June
2016 2015 2016
Rm Rm Rm
Basic profit is reconciled to headline earnings as follows:
Profit after taxation - attributable to equity holders 4 416 3 190 5 159
Bargain purchase (including equity-accounted investments) (80) (2) (6)
Add back: Net fair value adjustment - investment property (1 553) (1 577) (1 342)
Fair value adjustment, net of straight-line lease income adjustment (1 424) (1 310) ( 372)
Fair value adjustment (equity-accounted investments) (7) (6) (585)
NCI portion of fair value adjustment (122) (261) (385)
Headline earnings attributable to shareholders 2 783 1 611 3 811
Note 7: Financial Instrument fair value disclosure
Measurement of fair values
A number of the Group's accounting policies and disclosures require the measurement of fair values, for both
financial and non-financial assets and liabilities. The Group has an established control framework with
respect to the measurement of fair values. This includes a valuation team that has overall responsibility
for overseeing all significant fair value measurements, including level 3 fair values, and reports directly
to the Financial Director. The valuation team regularly reviews significant unobservable inputs and valuation
adjustments. If third-party information, such as broker quotes or pricing services, is used to measure fair
values, then the valuation team assesses the evidence obtained from the third parties to support the
conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy
in which such valuations should be classified. Significant valuation issues are reported to the Group's Audit
Committee.
Note 7: Financial Instrument fair value disclosure
Measurement of fair values
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as
possible. Fair values are categorised into different levels in a fair value hierarchy based on the inputs
used in the valuation techniques as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data
(unobservable inputs).
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the
fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of
the fair value hierarchy as the lowest level input that is significant to the entire measurement.
The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy for financial instruments measured at fair value.
Carrying amount
Held for trading Designated at fair value Total
Unaudited Unaudited Audited Unaudited Unaudited Audited Unaudited Unaudited Audited
six months six months 12 months six months six months 12 months six months six months 12 months
31 December 31 December 30 June 31 December 31 December 30 June 31 December 31 December 30 June
2016 2015 2016 2016 2015 2016 2016 2015 2016
Rm Rm Rm Rm Rm Rm Rm Rm Rm
Financial assets measured at
fair value
Non-current financial assets
Listed investments - - - 382 452 440 382 452 440
Long-term loans granted - - - 467 611 589 467 611 589
Derivative assets 347 476 107 - - - 347 476 107
Current assets
Current portion of long-term
loans granted - - - 294 1 16 294 1 16
Total financial assets
measured at fair value 347 476 107 1 143 1 064 1 045 1 490 1 540 1 152
Financial liabilities measured
at fair value Non-current
financial liabilities
Interest-bearing borrowings - - - 37 404 29 471 34 089 37 404 29 471 34 089
Derivative liabilities 537 898 1 094 - - - 537 898 1 094
Current financial liabilities
Current portion of
interest-bearing borrowings - - - 7 439 6 860 4 491 7 439 6 860 4 491
Total financial liabilities
measured at fair value 537 898 1 094 44 843 36 331 38 580 45 380 37 229 39 674
Fair value
Level 1 Level 2 Level 3
Unaudited Unaudited Audited Unaudited Unaudited Audited Unaudited Unaudited Audited
six months six months 12 months six months six months 12 months six months six months 12 months
31 December 31 December 30 June 31 December 31 December 30 June 31 December 31 December 30 June
2016 2015 2016 2016 2015 2016 2016 2015 2016
Rm Rm Rm Rm Rm Rm Rm Rm Rm
Financial assets measured at
fair value
Non-current financial assets
Listed investments - - - - - - 382 452 440
Long-term loans granted - - - - - - 467 611 589
Derivative assets - - - 347 476 107 - - -
Current assets
Current portion of long-term
loans granted - - - - - - 294 1 16
Total financial assets
measured at fair value - - - 347 476 107 1 143 1 064 1 045
Financial liabilities measured
at fair value Non-current
financial liabilities
Interest-bearing borrowings - - - 37 404 29 471 34 089 - - -
Derivative liabilities - - - 537 898 1 094 - - -
Current financial liabilities
Current portion of
interest-bearing borrowings - - - 7 439 6 860 4 491 - - -
Total financial liabilities
measured at fair value - - - 45 380 37 229 39 674 - - -
There have been no significant changes in valuation techniques or significant transfers between level 1,
level 2 and level 3 during the year under review.
The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at
31 December 2016 and 30 June 2016 for financial instruments measured at fair value in the statement of
financial position, as well as the significant unobservable inputs used.
Financial instruments measured at fair value
Inter-relationship between unobservable
Type Valuation technique Unobservable inputs inputs and fair value measurement
Listed investments While SESCF is a listed investment, there is an Not applicable The estimated fair value would
absence of observable trading prices for its shares. increase/(decrease) if:
As a result, the fair value of the investment, on - increase/(decrease) in the stabilised
31 December 2016, has been determined on the net net operating income;
asset value of SESCF. The net asset value of SESCF - (decrease)/increase in the yield used
includes an independent revaluation of the underlying to calculate the terminal value indication;
investment property, which is the significant asset and
per the statement of financial position. - (decrease)/increase in the discount rate
used to calculate the gross capital value.
The fair value movement for the year, which comprises
the revaluation based on the change in the underlying
value of the investment, as well as the exchange
rate movement, amounted to R58 million.
Long-term loans
granted
323 Festival Street Valued by discounting future cash flows using the Credit margin: 3.00% Estimated fair value would
(Pty) Ltd South African swap curve plus the historic charged (FY16: 3.00%) increase/(decrease) if the
credit margin at the dates when the cash flows credit margin were lower/ (higher)
will take place.
Rabie Property Valued by discounting future cash flows using Not applicable Not applicable
Group (Pty) Ltd the floating rate that is applicable to this loan.
Acucap Unit Valued by discounting future cash flows using Not applicable Not applicable
Purchase Scheme the South African swap curve at the dates when
the cash flows will take place.
Interest-bearing
borrowings and
derivatives
Interest-bearing Valued by discounting future cash flows Credit margins: 0.45% Estimated fair value
borrowings using the South African swap curve plus to 3.60% (FY16: 0.45% would increase/(decrease)
an appropriate credit margin at the to 3.60%) if the credit margin were
dates when the cash flows will take place. lower/ (higher)
Derivative assets Valued by discounting future cash flows Not applicable Not applicable
and liabilities: using the floating rate that is applicable
forward exchange to this loan.
contracts
Derivative assets Valued by discounting future cash flows Not applicable Not applicable
and liabilities: using the South African swap curve at
interest rate swaps the dates when the cash flows will take place.
Derivative assets Valued by discounting future cash flows Not applicable Not applicable
and liabilities: using the South African swap curve at the
cross-currency dates when the cash flows will take place.
interest rate
swaps
The following table shows a reconciliation from the opening balances to the closing balances for level 3 fair values.
Gain/(loss) Acquired/
in profit for the (disposed)
year and other and
Opening comprehensive Accrued advanced/ Closing
balance income interest (settled) balance
Rm Rm Rm Rm Rm
31 December 2016
Listed investments 440 (58) - - 382
Long-term loans granted 605 (4) 35 125 761
30 June 2016
Listed investments 452 (12) - - 440
Long-term loans granted 612 (1) 16 (22) 605
31 December 2015
Listed investments 380 72 - - 452
Long-term loans granted 1 081 (5) 13 (477) 612
The fair value gains and losses are included in the fair value adjustment line in profit or loss.
A 1% decrease in the spread used to determine the fair value of long-term loans would increase the
value to R765 million (FY16: R609 million). A 1% increase in the spread would decrease the value
to R757 million (FY16: R601 million).
ADMINISTRATION
DIRECTORS
JF Marais (Chairman), LN Sasse* (Chief Executive Officer), EK de Klerk* (Managing Director), G Volkel* (Financial
Director), MG Diliza, PH Fechter, LA Finlay, JC Hayward, HS Herman, SP Mngconkola, R Moonsamy, NBP Nkabinde, FJ Visser
* Executive
COMPANY SECRETARY
RA Krabbenhoft
REGISTERED OFFICE
The Place, 1 Sandton Drive, Sandton, 2196
PO Box 78949, Sandton, 2146
TRANSFER SECRETARY
Computershare Investor Services (Pty) Ltd
(Registration number 2004/003647/07)
Rosebank Towers, 15 Biermann Avenue
Rosebank, Johannesburg, 2196
PO Box 61051, Marshalltown, 2107
SPONSOR
Investec Bank Limited
(Registration number 1969/004763/06)
100 Grayston Drive, Sandown, Sandton, 2196
PO Box 785700, Sandton, 2146
The Place, 1 Sandton Drive, Sandton,
Gauteng, 2196, South Africa
Tel: +27 (0) 11 944 6000, Fax: +27 (0) 11 944 6005
PO Box 78949, Sandton, 2146, South Africa
Docex: 48 Sandton Square
info@growthpoint.co.za
http://www.growthpoint.co.za
Date: 01/03/2017 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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