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Summarised consolidated results and cash dividend declaration for the six months ended 31 December 2016
FAIRVEST PROPERTY HOLDINGS LIMITED
Incorporated in the Republic of South Africa
(Registration number 1998/005011/06)
("Fairvest" or "the company" or "the group")
Share code: FVT ISIN: ZAE0000203808
Granted REIT status with the JSE
SUMMARISED CONSOLIDATED RESULTS AND CASH DIVIDEND DECLARATION
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
DISTRIBUTION FOR THE PERIOD INCREASED BY 9.57% TO
8.953 cents PER SHARE
LIKE-FOR-LIKE ANNUALISED
NET PROPERTY INCOME INCREASED BY 10.4%
TOTAL PROPERTY PORTFOLIO
INCREASED BY 8.2% TO R2.08 BILLION
RAISED R206.7 MILLION OF NEW EQUITY
DURING THE PERIOD
NET ASSET VALUE INCREASED
BY 1.9% TO 205.52 CENTS PER SHARE
VACANCIES REMAIN CONTAINED AT
4.1% OF THE TOTAL LETTABLE AREA
REDUCED ARREARS TO 1.6% OF REVENUE
TENANT RETENTION REMAINS HIGH AT 79.1%
DISTRIBUTION GROWTH OF 9% TO 10%
FOR THE YEAR TO 30 JUNE 2017 EXPECTED
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 Dec 31 Dec 30 Jun
2016 2015 2016
R'000 R'000 R'000
ASSETS
NON-CURRENT ASSETS 2 137 887 1 726 708 1 895 958
Investment property 2 041 370 1 687 880 1 849 158
Loans receivable 57 255 3 674 11 377
Investments 2 115 2 024 2 064
Derivative asset – 869 –
Office equipment 414 556 504
Operating lease asset 36 733 31 705 32 855
CURRENT ASSETS 35 833 47 633 31 229
Current portion of interest-bearing
loans 1 482 2 963 1 482
Trade and other receivables 25 727 35 425 19 831
Cash and cash equivalents 8 624 9 245 9 916
Non-current asset held for sale – – 40 000
TOTAL ASSETS 2 173 720 1 774 341 1 967 187
EQUITY AND LIABILITIES
SHAREHOLDERS' INTEREST 1 603 058 1 221 458 1 327 079
Share capital 310 619 105 332 105 332
Retained earnings 1 292 439 1 116 126 1 221 747
Non-controlling interest 1 287 – 1 081
TOTAL EQUITY 1 604 345 1 221 458 1 328 160
NON-CURRENT LIABILITIES 513 703 413 209 593 799
Interest-bearing borrowings 477 110 405 427 571 227
Amounts owing to minorities 24 720 – 13 398
Derivative financial instrument 3 080 – 1 945
Other non-current liabilities 8 182 7 518 6 948
Deferred taxation 611 264 281
CURRENT LIABILITIES 55 672 139 674 45 228
Interest-bearing borrowings 6 017 93 300 3 530
Trade and other payables 49 655 46 374 41 698
TOTAL EQUITY AND LIABILITIES 2 173 720 1 774 341 1 967 187
SUMMARISED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 Jun
2016 2015 2016
R'000 R'000 R'000
GROSS REVENUE 162 204 134 445 279 735
Rental income - contractual 157 416 123 907 268 140
– straight-line accrual 4 788 10 538 11 595
Property expenses (59 198) (46 138) (103 416)
Net profit from property operations 103 006 88 307 176 319
Corporate administrative expenses (9 848) (8 070) (16 680)
OPERATING PROFIT 93 158 80 237 159 639
Fair value adjustment to investment
properties 61 915 – 107 571
Fair value adjustment to derivatives (1 135) 1 279 (1 534)
Fair value adjustment to investments 51 45 85
Finance cost (29 476) (19 583) (43 717)
Investment revenue 3 164 741 2 050
Capital expenses (557) – (870)
PROFIT BEFORE TAXATION 127 120 62 719 223 224
Taxation (330) 11 (6)
COMPREHENSIVE INCOME
ATTRIBUTABLE TO SHAREHOLDERS 126 790 62 730 223 218
Profit and total comprehensive
income attributable to:
– Owners of the parent 126 574 62 730 222 137
– Non-controlling interest 216 – 1 081
126 790 62 730 223 218
Reconciliation between profit
attributable to shareholders,
distributable earnings and
headline earnings per share
Comprehensive income attributable to
owners of the parent 126 574 62 730 222 137
Fair value adjustment to investment
properties (attributable to owners of
the parent) (61 159) – (106 584)
Headline profit attributable to
shareholders 65 415 62 730 115 553
Distributable earnings calculation
Net profit from property operations 103 006 88 307 176 319
Straight-line rental income accrual (4 788) (10 538) (11 595)
Corporate administrative expenses (9 848) (8 070) (16 680)
Finance cost (29 201) (19 402) (43 162)
Investment revenue 3 164 741 2 050
Share issued cum distribution 7 717 2 749 2 749
Non-controlling interest share of
distribution (216) – (12)
Distributable earnings 69 834 53 787 109 669
Distribution 69 834 53 787 109 669
DISTRIBUTION (Dividend)
Interim dividend per share (cents) 8.953 8.171 8.171
Final dividend declaration per share
(cents) – – 8.489
Total distribution per share (cents) 8.953 8.171 16.660
EARNINGS PER SHARE
Basic and diluted earnings per share
(cents) 18.26 10.05 34.65
Headline and diluted headline earnings
per share (cents) 9.43 10.05 18.03
Net asset value per share (cents) 205.52 185.56 201.60
Share statistics
Shares in issue 780 010 521 658 261 805 658 261 805
Weighted average number of shares 693 363 896 624 054 644 641 064 762
SUMMARISED CONSOLIDATED SEGMENT REPORT
Reconciling
KwaZulu- Western Free Northern Eastern items/
Natal Cape Gauteng State Cape Limpopo Cape Mpumalanga (Eliminations) Total
FOR THE SIX MONTHS ENDED 31 DECEMBER 2016
Revenue - external
customers 34 626 31 246 22 180 25 242 17 776 9 928 11 206 5 030 – 157 416
Operating profit 27 242 21 726 11 771 14 904 9 076 6 501 8 719 3 067 (9 848) 93 158
Total assets 568 620 445 559 279 645 294 012 185 010 126 430 136 850 64 114 73 480 2 173 720
FOR THE SIX MONTHS ENDED 31 DECEMBER 2015
Revenue - external
customers 31 702 24 165 20 825 15 624 13 160 9 194 4 394 4 843 – 123 907
Operating profit 24 778 14 912 14 286 9 691 7 022 11 155 3 333 3 130 (8 070) 80 237
Total assets 495 392 325 954 251 460 278 003 164 476 125 713 39 993 58 374 34 976 1 774 341
FOR THE YEAR ENDED 30 JUNE 2016
Revenue - external
customers 64 323 51 469 42 898 39 881 31 205 18 551 10 241 9 572 – 268 140
Operating profit 52 401 33 449 24 239 23 427 16 036 12 747 7 845 6 175 (16 680) 159 639
Total assets 546 571 375 630 269 066 283 825 177 193 118 543 101 917 61 680 32 762 1 967 187
SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months 6 months 12 months
to 31 Dec to 31 Dec to 30 Jun
2016 2015 2016
R'000 R'000 R'000
Cash generated from operations 103 142 74 053 159 220
Finance costs (28 490) (21 312) (41 681)
Investment income 1 564 741 1 352
Dividend paid (55 656) (46 031) (99 194)
Cash flows from operating activities 20 560 7 451 19 697
Acquisitions of and improvements to
investment properties (129 630) (350 452) (443 858)
Net movement on property, plant and
equipment 11 (335) (372)
Cash flows from investing activities (129 619) (350 787) (444 230)
Net interest bearing borrowings (repaid)/
advanced (92 085) 251 293 325 551
Net amounts owing to minorities raised 442 – 13 134
Net advanced to loans receivable (5 877) (1 477) (7 001)
Proceeds from issue of shares 205 287 99 338 99 338
Cash flows from financing activities 107 767 349 154 431 022
Net (decrease)/increase in cash and cash
equivalents (1 292) 5 818 6 489
Cash and cash equivalents at the beginning of
the period 9 916 3 427 3 427
Cash and cash equivalents at the end of
the period 8 624 9 245 9 916
SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Non-
Share Retained Shareholders' controlling Total
capital earnings interest interest Equity
R'000 R'000 R'000 R'000 R'000
Balance at 1 July 2015 5 994 1 099 427 1 105 421 – 1 105 421
Shares issued 100 000 – 100 000 – 100 000
Capital issue expenses (662) – (662) – (662)
Total comprehensive
income for the period – 62 730 62 730 – 62 730
Dividends paid and
declared – (46 031) (46 031) – (46 031)
Balance at 31 December
2015 105 332 1 116 126 1 221 458 – 1 221 458
Total comprehensive
income for the period – 159 407 159 407 1 081 160 488
Dividends paid and
declared – (53 786) (53 786) – (53 786)
Balance at 30 June 2016 105 332 1 221 747 1 327 079 1 081 1 328 160
Shares issued 206 677 – 206 677 – 206 677
Capital issue expenses (1 390) – (1 390) – (1 390)
Total comprehensive
income for the period – 126 574 126 574 216 126 790
Dividends paid and
declared – (55 882) (55 882) (10) (55 892)
Balance at
31 December 2016 310 619 1 292 439 1 603 058 1 287 1 604 345
OTHER SEGMENTAL INFORMATION
Unaudited Unaudited Audited
31 Dec 31 Dec 30 Jun
2016 2015 2016
Regional profile based on lettable area
KwaZulu-Natal 22.5% 24.8% 23.3%
Western Cape 20.6% 17.9% 18.9%
Gauteng 15.5% 17.2% 16.1%
Free State 15.5% 17.2% 16.1%
Northern Cape 9.2% 10.0% 9.6%
Eastern Cape 8.4% 3.6% 7.3%
Limpopo 5.9% 6.6% 6.2%
Mpumalanga 2.4% 2.7% 2.5%
Vacancy profile based on gross lease area
Gross lease area in metres squared as at end 193 580 173 999 185 937
of period *
Properties held 41 37 39
Vacancy area in metres squared * 7 844 2 751 7 060
Vacancy area as % of gross lease area 4.1% 1.6% 3.8%
Regional vacancy profile (m2)
(regions where vacancies are located)
Western Cape 2 591 1 103 3 409
Gauteng 1 642 201 1 160
KwaZulu-Natal 1 462 622 771
Limpopo 1 040 51 248
Free State 1 022 689 1 093
Northern Cape 87 85 379
* Gross lease area and vacancy in the prior and current periods has been updated
after the remeasurement of various properties and excludes unlettable space.
Basis of preparation and accounting policies
The preparation of these summarised consolidated financial statements was supervised by the Chief Financial Officer, BJ Kriel
CA (SA).
The accounting policies applied in the preparation of these summarised consolidated results for the six months ended
31 December 2016, which are based on reasonable judgements and estimates, are in accordance with International Financial
Reporting Standards ("IFRS") and are consistent with those applied in the annual financial statements for the year ended 30 June
2016. Any other new and amendments to IFRS and IFRIC interpretations did not impact on the financial position or performance
of the company but has resulted in additional disclosures. These audited summarised consolidated results, as set out in this
report, have been prepared in accordance and containing the information required by IAS 34 – Interim Financial Reporting, the
SAICA Financial Reporting Guidelines as issued by the Accounting Practices Committee and Financial Reporting Pronouncements
as issued by the Financial Reporting Council, the Companies Act of South Africa, No 71 of 2008, as amended ("Companies Act")
and the Listings Requirements of JSE Limited.
These summarised consolidated results for the six months ended 31 December 2016 have been prepared in accordance with the
historic cost basis, except for the measurement of investment properties and certain financial assets and financial liabilities which
are stated at fair value.
In terms of IAS 39: Financial Instruments: Recognition and measurement and IFRS 7, the group's interest rate derivatives are
measured at fair value through profit or loss and are categorised as level 2 investments. Interest rate derivatives are valued using
discounted cash flow techniques and observable market interest rates off the interest rate yield curve. There were no transfers
between levels 1, 2 and 3 during the period. The valuation methods applied are consistent with those applied in preparing the
annual consolidated financial statements.
This announcement does not include the information required pursuant to paragraph 16A(j) of IAS 34. The full preliminary report
is available at the issuers registered office and upon request.
The financial results are presented in Rands, which is Fairvest's functional and presentation currency and have been prepared on
a going concern basis.
These summarised consolidated results have not been reviewed or audited by the company's auditors BDO South Africa Inc.
Estimates and critical judgements
Except for the measurement of investment properties and certain financial assets and financial liabilities the financial statements
do not include any material estimates.
COMMENTARY
INTRODUCTION
Fairvest is a Real Estate Investment Trust ("REIT"), with a unique focus on retail assets weighted toward non-metropolitan and
rural shopping centres, as well as convenience and community shopping centres servicing the lower LSM market, in high-growth
nodes, close to commuter networks. The Fairvest property portfolio consists of 41 properties, with 193 580m2 of lettable area
and valued at R2 082.1 million.
CAPITAL RAISING ACTIVITIES
Shareholders are referred to the company's SENS announcement dated 17 October 2016, regarding the issue of 9 984 011 new
ordinary shares through the dividend reinvestment alternative. The shares were issued at R1.67041 per share resulting in the
retention of R16.68 million of equity. Shareholders representing 29.9% of Fairvest shares in issue and qualifying to receive the
dividend, elected the reinvestment alternative.
Shareholders are referred to the company's SENS announcement dated 7 November 2016, regarding the placement of
111 764 705 new ordinary shares which were issued through combination of a vendor consideration placement and a general
authority to issue shares for cash at an issue price of R1.70 per share, raising R190 million of new equity.
REVIEW OF RESULTS
Fairvest board of directors are pleased to announce an interim dividend distribution of 8.953 cents per share for the six months
ended 31 December 2016, which is a 9.57% increase from the previous period, again maintaining distribution growth within the
guidance of 9% to 10% issued.
Distribution history Interim Final Total
Jun-13 4.570 6.000 10.570
Jun-14 6.750 6.970 13.720
Jun-15 7.427 7.679 15.106
Jun-16 8.171 8.489 16.660
Jun-17 8.953
Revenue for the six months ended 31 December 2016 increased by 20.6% to R162.2 million, as a result of income growth in
the historic portfolio as well as the acquisitions during the period. Net profit from property operations increased by 16.6% to
R103.0 million, while corporate administration expenses increased by 22.0% to R9.8 million, resulting in distributable earnings
increasing by 29.8% to R69.8 million.
The net property expense ratio (expenses net of recoveries) improved to 16.3% compared to 17.3% for the previous financial
year. The significant improvement is as a result of cost containment and more efficient recoveries of municipal charges. Certain
municipal expenses provided for in the previous financial year, being lower than anticipated, also contributed to the improved
ratio. This resulted in the gross cost to income ratio reducing from 38.6% to 37.8%.
Gross rentals across the portfolio trended upwards, with a 3.0% increase in the weighted average rental to R102.36/m2 at
31 December 2016 compared to R99.40/m2 at 30 June 2016. The weighted average contractual escalation for the portfolio
reduced slightly from 7.5% as at 30 June 2016 to 7.4% at 31 December 2016.
The net asset value increased by 20.8% from R1.33 billion at 30 June 2016 to R1.60 billion at 31 December 2016, which equates
to 205.52 cents per share, a 1.9% increase.
Net asset
Market Net asset value
capitalisation value per share
Net asset value and market capitalisation R'million R'million (cents)
Jun-13 503.7 546.5 151.90
Jun-14 733.4 838.9 159.00
Jun-15 1 079.0 1 105.4 184.40
Jun-16 1 020.3 1 327.1 201.60
Dec-16 1 396.2 1 603.1 205.52
PROPERTY PORTFOLIO
The total property portfolio increased by 8.2% from R1 925.1 million at 30 June 2016 to R2 082.1 million. The increase is as a
result of the acquisition during the period to the value of R111.9 million and capital expenditure incurred of R17.9 million, offset
by the disposal of the SASSA House asset for R40.0 million. The historic portfolio increased by 4.1% compared to 30 June 2016.
The average value per property increased by 2.9% to R50.8 million, while the average value per square meter increased by 3.9%
to R10 756/m2.
Average
value per Value per
Valuation property m(2)
Portfolio valuation history R'million R'million R
Jun-13 774.8 27.7 7 704
Jun-14 1 109.1 34.7 8 836
Jun-15 1 361.8 40.1 9 780
Jun-16 1 925.1 49.4 10 354
Dec-16 2 082.1 50.8 10 756
The directors valued the property portfolio for the interim reporting period. The properties are valued using the five year
discounted cashflow method, consistent with previous periods. Assumptions are made on the discount rates used to determine
the present value of the cashflows and on the capitalisation rate on an assumed sale after five years. The accounting policy
of the group is to value at least a third of the portfolio by independent external valuers annually. All properties are valued by
independent external valuers at least every three years. The weighted average discount rate and capitalization rate used remained
unchanged compared to 30 June 2016 at 15.2% and 10.3% respectively.
Acquisitions
Three new properties transferred during the period as reported in our 30 June 2016 results.
Purchase
GLA price Anchor Date of
Property Location (m2) R'000 tenant transfer
Mqanduli Boxer * Eastern Cape 4 689 37 600 Boxer 07-Jul-16
Tabankulu Boxer * Eastern Cape 4 117 32 000 Boxer 15-Jul-16
Macassar Shoprite ** Western Cape 4 528 41 500 Shoprite 12-Sep-16
* The properties were acquired as part of the Mainstream portfolio and were acquired in a newly incorporated subsidiary FPP Property Ventures 103
Proprietary Limited, of which Fairvest owns 80%.
** Macassar Shoprite was acquired in a newly incorporated subsidiary, Macassar Retail Centre Proprietary Limited (previously Urban Growth
Properties Proprietary Limited), of which Fairvest owns 80%.
Disposals
During the period under review Fairvest disposed of the SASSA House asset with an effective date of transfer of ownership of
1 October 2016. Fairvest provided vendor finance to the purchaser for the transaction.
Value extraction
Various value extraction projects continued during the period under review on the current portfolio. R16.2 million was spent on
these capital enhancement projects. The largest projects were at Parow Valley Spar, Nyanga Junction and Shoprite Macassar.
We expect the Parow Valley Spar redevelopment to be completed before the end of the financial year and the extension of the
Shoprite premises at Macassar is expected to commence before the end of the financial year.
PORTFOLIO COMPOSITION, LETTING AND VACANCIES
Tenant grade as a percentage of GLA
A-grade tenants 76.6%
B-grade tenants 7.1%
C-grade tenants 16.3%
A – Anchor and national tenants
B – Franchise, professional and large tenants
C – Other
The high national tenant component of 76.6% of the portfolio provides shareholders with a low risk investment profile.
Vacancies increase slightly from 3.8% to 4.1% or 7 844m2 during the period under review, mainly as a result of some new
vacancies at Clubview Corner, Qualbert Centre and Masingita Centre, partly offset by positive letting at Nyanga Junction and The
Ridge. 1 790m2 of vacant space has been let after 31 December 2016, which will reduce vacancies to 3.1%.
Based on Based on
Lease expiry profile rentable area gross rental
Vacant 4.1% –
Monthly 5.5% 5.2%
Jun-17 5.7% 7.2%
Jun-18 21.5% 24.2%
Jun-19 13.5% 15.2%
Jun-20 17.0% 17.4%
After Jun-21 32.7% 30.8%
During the period under review 32 new leases were concluded which equates to a GLA of 7 077m2. Renewal activity was also
positive with a 7.9% positive reversion achieved on the 16 107m2 of leases that were renewed during the period. Tenant retention
for the period was 79.1%, a reduction from the 85.2% for the previous financial year. The weighted average lease term is 40 months.
BORROWINGS
The loan to value ("LTV") ratio was 23.0% (LTV is calculated as total interest bearing debt divided by total property assets),
which decreased from 29.7% at 30 June 2016 as a result of the new equity raised in October 2016 and November 2016. As at
31 December 2016, 89.7% of the debt was fixed either through swaps or fixed rate loans, with a weighted average expiry for
the fixed debt of 24 months.
The weighted average all-in cost of funding increased slightly from 9.42% at 30 June 2016 to 9.44% at 31 December 2016. The
weighted average maturity of debt decreased from 27 months to 21 months.
PROSPECTS
Fairvest continues to actively pursue various acquisitions to expand the portfolio utilising the current available debt facilities.
These acquisitions will remain within our target asset class being non-metropolitan retail assets servicing the lower LSM market.
Trading conditions are expected to remain challenging with pressure on tenants in a low economic growth environment. The
portfolio remains well positioned, with a low-risk tenant base and improved portfolio quality to continue to achieve strong
growth in distributions.
Management remain confident that Fairvest should be able to achieve distribution growth of between 9% and 10% for the
2017 financial year. We will continue to remain conservatively geared and sufficiently hedged to minimize the impact of potential
interest rate increases.
This view assumes no material deterioration in the macro-economic environment relative to current levels, that no major corporate
failures will occur and that tenants will be able to absorb increases in municipal and utility costs. Forecast rental income is based
on contractual lease terms and anticipated market related renewals. This forecast is the responsibility of the board of Fairvest and
has not been reviewed or reported on by the auditors.
DIVIDEND WITH ELECTION TO REINVEST
The board has approved and declared an interim gross distribution of 8.953 cents per share for the six-month period ended 31
December 2016, payable to shareholders registered as such at the close of business on Thursday, 13 April 2017.
Shareholders will be entitled, in respect of all or part of their shareholdings, to elect to reinvest the cash dividend of 8.953 cents
per share, in return for new Fairvest ordinary shares ("Reinvestment Alternative"), failing which they will receive the cash dividend.
Further details regarding the dividend and Reinvestment Alternative, including the tax treatment and a detailed timetable, will be
included in a separate SENS announcement, to be released today, 2 March 2017.
In accordance with Fairvest's status as a REIT, 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.
SUBSEQUENT EVENTS
Shareholders are referred to the company's SENS announcement dated 1 March 2017 regarding the acquisition of Shoprite
Empangeni for R172.5 million. The transaction is still subject to suspensive conditions that have not been fulfilled by the time of
this announcement.
The directors of Fairvest are not aware of any further material matters or circumstances arising between 31 December 2016 and
this report which may materially affect the financial position of the group or the results of its operation.
APPRECIATION
We extend our appreciation to our directors, management and staff for their valued efforts as well as our advisers and
shareholders for their continuing belief in and support of Fairvest.
For and on behalf of the board
Fairvest Property Holdings Limited
2 March 2017
Cape Town
Executive Non-executive
DM Wilder (Chief executive officer) JF du Toit (Chairman)
BJ Kriel (Chief financial officer) LW Andrag (Lead independent director)#
AJ Marcus (Chief operating officer)* KR Moloko(#)
* alternate to DM Wilder N Mkhize(#)
JD Wiese(#)
(#)independent
Company Secretary
SecCorp Secretarial Services Proprietary Limited
Registered office
8th Floor, The Terraces, 34 Bree Street, Cape Town, 8001
Postnet Suite 30, Private Bag X3, Roggebaai, 8012
Transfer secretaries
Computershare Investor Services Proprietary Limited
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
PO Box 61051, Marshalltown, 2107
Auditor
BDO South Africa Incorporated
Registered Auditors
Sponsor
PSG Capital Proprietary Limited
www.fairvest.co.za
Date: 02/03/2017 08:00:00 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
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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