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Summary of audited results for the year ended 30 June 2017
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
SUMMARY OF AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2017
HIGHLIGHTS
- 195.8 cents
6.5% growth in dividend per share
- R5.6bn
10.4% distributable income growth
- 9.8%
growth in gross revenue
- Largest South African primary listed REIT
21st largest company in the FTSE/JSE top 40 index
- Market capitalisation R70.7bn
- 8th year inclusion in FTSE/JSE Responsible Index
- R3.8bn average value of shares traded per month
Top 5 constituent of FTSE Russell EPRA/NAREIT Emerging Index
Investment proposition:
- Sustainable quality of earnings
- 14-year track record of uninterrupted dividend growth
- Underpinned by high-quality physical property assets
- Diversified across international geographies and sectors
- Dynamic and proven management track record
- Best practice corporate governance
- Transparent reporting
- Level 3 BEE contributor
- 4.4% vacancies
RSA vacancies improved from 5.7% FY16 - strong focus on tenant retention
- R122.3bn
Group property assets
- 35.0% LTV gearing levels remain conservative, increase from 33.7% FY16
Commentary
INTRODUCTION
Growthpoint is the largest South African primary listed REIT with total group property assets valued at R122.3bn,
of which 30% is situated offshore. It has a quality portfolio of 471 directly owned properties in South Africa, valued
at R76.9bn, as well as two material equity-accounted investments.
Growthpoint's share of properties in these two investments is valued at R12.9bn, of which the V&A Waterfront is the
largest at R8.7bn. The other equity-accounted investment is London Stock Exchange (AIM)-listed Globalworth Real Estate
Investments (Globalworth) of which Growthpoint acquired a 26.9% stake during the period, with our share of properties
valued at R4.2bn.
In addition Growthpoint has a 65.1% interest in Growthpoint Properties Australia (GOZ), which owns 57 properties in
Australia valued at R32.5bn.
In line with Growthpoint's vision "to be a leading international property company providing space to thrive", the
company's strategy incorporates the optimisation and streamlining of our existing portfolio, the introduction of
new revenue streams via the funds management business and trading and development and lastly, further international
diversification. The Company has set a target to double the offshore contribution to distributable income over the
next three to five years.
Keeping the above in mind, 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 administration and
operating overheads, interest on debt and normal taxation, is distributed to Growthpoint shareholders
bi-annually. Growthpoint's distributions are based on sustainable income generated from rentals, trading
profits and development fees capped at 15% of the gross RSA portfolio value and going forward,
distributions and management fees from its Funds Management business.
Growthpoint is included in the FTSE/JSE Top 40 Index, with a market capitalisation of R70.7bn at 30 June 2017 (FY17).
Over this period, on average, more than 147.8m shares traded per month (FY16: 154.6m). The monthly average value traded
was R3.8bn (FY16: R3.8bn). 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 70.3% of the property portfolio by
value and 83.1% 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 1.7% to 2 518 (FY16: 2 477) cents per share.
GROWTH IN DISTRIBUTIONS
Growthpoint delivered growth in distributions per share for FY17 of 6.5% and has declared a final dividend of 100.8
cents per share for the six months ended 30 June 2017, which is 6.9% greater than the FY16 final dividend of 94.3 cents
per share. 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 R528m or 10.4% and is supported by a solid performance from the South
African portfolio, the V&A Waterfront, the Healthcare Fund and GOZ. Globalworth made its maiden contribution as well
as the first inclusion of trading profit and development fee income.
BASIS OF PREPARATION
The summarised consolidated financial statements are prepared in accordance with International Financial Reporting
Standards (IFRS), the South African Institute of Chartered Accountants Financial Reporting Guides as issued by the
Accounting Practices Committee, the Financial Reporting Pronouncements as issued by the Financial Reporting Standards
Council, the JSE Listings Requirements and the requirements of the South African Companies Act 2008, as amended, and
to also, as a minimum contain the information required by IAS 34, Interim Financial Reporting. The accounting policies
applied in the preparation of these summarised consolidated financial statements are consistent with those applied
in the previous consolidated financial statements.
These summarised consolidated financial statements are extracted from the audited information, but are not themselves
audited. The annual financial statements were audited by KPMG Inc., who expressed an unmodified opinion thereon. The
auditor's report does not necessarily report on all the information contained in these summarised consolidated financial
statements.
Shareholders are therefore advised that in order to obtain a full understanding of the nature of the auditor's
engagement, they should obtain a copy of the auditor's report together with the accompanying audited consolidated financial
statements, both of which are available for inspection at the company's registered office. The directors of Growthpoint
Properties Limited take full responsibility for the preparation of this report and that the selected financial information
has been correctly extracted from the underlying consolidated financial statements.
Mr G Volkel (CA(SA)), Growthpoint's Financial Director, was responsible for supervising the preparation of these
summarised consolidated financial statements.
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 FY17 of R10.04: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
R10.26:AUD1 (FY16: R10.57:AUD1) for FY17. The resulting foreign currency translation difference is recognised in
other comprehensive income. A non-controlling interest was raised for the 34.9% (FY16: 34.5%) not owned by Growthpoint.
A deferred tax liability of R2.1bn (FY16: R2.1bn) 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 R96m (FY16: R72m) 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 was accounted for.
Retail sales grew by 3% and trading density by 2%, both coming off a high base. International tourists increased
by 35% year on year, albeit that spending power reduced due to a stronger rand. The V&A Waterfront hotels trade on
average 63% higher in revenue per available room than the Cape Town city hotels. Included in the FY17 finance income
is R524m income from the V&A Waterfront, compared to distributable income for FY16 of R479m.
NET PROPERTY INCOME
Gross revenue increased by 9.8% for FY17 compared to FY16. The South African operations increased revenues by 6.5%
compared to FY16. In Rand terms the GOZ operations increased revenues by 21.2%. The ratio of property expenses to
revenue for the Group decreased to 21.0% at FY17 from 21.8% at FY16. For RSA the ratio decreased to 23.5% from 24.5%
at FY16. 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 terms of the three different definitions to comply with these best practice recommendations.
2017 2016
% %
Property cost-to-income ratio
Gross 30.42 31.66
Net 16.56 17.32
Based on IFRS reported figures 20.95 21.77
Operating cost-to-income ratio
Gross 4.15 3.49
Net 3.88 3.15
Based on IFRS reported figures 3.88 3.15
Total cost-to-income ratio
Gross 34.00 34.61
Net 20.66 20.65
Based on IFRS reported figures 24.83 24.93
FAIR VALUE ADJUSTMENTS
The revaluation of properties in South Africa and GOZ resulted in an upward revision of R1.9bn (1.8%) to R109.4bn
for investment property (including investment properties classified as held for sale). Interest-bearing borrowings
and derivatives were fair valued using the swap curve at FY17, resulting in an increase of R493m in the overall
liability. In addition, losses of R288m and R140m were realised on the settlement of an interest rate swap by the
South African operations and GOZ 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 1.8% to R2 510m (FY16: R2 466m). These outflows were partially offset by the proceeds from
the Distribution Re-Investment Plans (DRIPs) offered by Growthpoint. The weighted average interest rate for RSA
borrowings was 9.2% (7.4% including cross currency interest rate swaps (CCIRS) and EUR debt) (FY16: 9.3%). The weighted
average maturity of debt remained at 3.0 years (FY16: 3.0 years). Finance costs for GOZ increased by 18.7% from R477m
in FY16 to R566m in FY17 as a result of the GPT Metro Office Fund (GMF) acquisition. The interest cover ratio, whereby
the income from the equity-accounted investments and listed investments are included in the operating profit, increased
to 3.5 times at FY17 (FY16: 3.3 times).
FINANCE INCOME
Finance income increased by 0.3% to R692m (FY16: R690m). This relates mainly to the interest received on the
debentures held in the V&A Waterfront and other long-term loans of R739m that have been granted.
ACQUISITIONS AND COMMITMENTS
Growthpoint acquired three industrial properties for R188m, five office properties for R191m and three healthcare
properties for R1.5bn during the period. Development and capital expenditure for RSA amounting to R2.1bn (FY16:
R2.4bn) relates to various projects undertaken during the period, of which the Discovery Head Office accounted for
R669m (FY16: R497m).
Growthpoint RSA has commitments in respect of developments amounting to R2.0bn (FY16: R1.7bn), of which the Exxaro
Head Office (R488.6m), 144 Oxford (R647.1m), the Discovery Head Office (R399.0m) (55% share) are the most significant.
Further commitments in respect of property acquisitions amount to R1.0bn which includes the acquisition of the N1
City Mall (balance of 58%) not already owned.
GOZ acquired six office properties for R5.0bn (AUD480.3m) and incurred development expenditure amounting to R473.0m
(AUD47.0m) of which R319.0m (AUD29.5m) was in respect of office property development situated at 211 Wellington Road,
Mulgrave, Victoria. GOZ has commitments of R150.5m (AUD15.0m) which includes a commitment to fund the development of
1 Charles Street, Paramatta, New South Wales.
Development and capital expenditure at the V&A Waterfront amounted to R557.6m (FY16: R420m) for the period.
Growthpoint's share of the V&A Waterfront's commitments outstanding at FY17 amounted to R220.3m (FY16: R483m),
which include the Battery Parkade and Dock Road Junction.
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 R2.7bn (EUR186.4m). Globalworth owns a EUR1bn 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 EUR100.0m and the remaining portion by
Rand loans with CCIRS of EUR86.4m 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 R78.0m has been identified as a result of
this investment, and is included in fair value adjustments, capital items and other charges.
The Group's share of the results in Globalworth and its aggregated assets and liabilities are shown below:
Rm
Total assets 17 801
Total liabilities 7 463
Bargain purchase 78
Consideration paid 2 704
Percentage held 26.9%
DISPOSALS AND HELD FOR SALE ASSETS
Growthpoint RSA disposed of 17 properties in the current period (FY16: 16) for R1.8bn (FY16: R1.1bn) with a collective
R401m (FY16: R220m) profit on cost achieved.
At FY17, three RSA properties (FY16: six) valued at R201.9m (FY16: R264m) and one Australian property (FY16: five)
valued at R1.0bn (FY16: R1.7bn), were classified as held-for-sale assets.
ARREARS
Total RSA arrears at FY17 amounted to R60.4m (FY16: R64.3m) with a provision for bad debts of R26.1m (FY16: R29.8m).
Total RSA bad debt expenses amounted to R13.2m (FY16: R15.9m).
VACANCY LEVELS
At FY17, the total m2 of Growthpoint's portfolio and vacancy levels expressed as a percentage of GLA were:
GLA Vacancy
m2 m2 % %
FY17 FY16 FY17 FY16
Retail 1 405 021 1 420 570 3.6 2.6
Office and Healthcare 1 750 606 1 799 391 6.8 7.8
Industrial 2 266 957 2 251 089 3.1 6.0
RSA total 5 422 584 5 471 050 4.4 5.7
V&A Waterfront (50%) 223 016 206 838 0.8 1.4
GOZ 1 053 148 1 109 545 0.7 0.3
Total/average % 6 698 748 6 787 433 3.7 4.7
Vacancies have decreased across the industrial and office sectors in RSA, while the retail sector had an increase
in vacancies resulting primarily from tenants consolidating space. Tenant retention remains a priority and is being
facilitated through various initiatives including the UNdeposit and SmartMove campaigns.
EQUITY RAISED
During the period under review, Growthpoint issued 102.4m shares and raised R2.5bn through the DRIP programmes.
The equity raised from the DRIPs was utilised to finance Growthpoint's investment activities.
BORROWINGS AND NET WORKING CAPITAL
At FY17, the consolidated loan-to-value (LTV) ratio, 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 35.0% (FY16: 33.7%). The higher LTV ratio relates
directly to the acquisition of Globalworth using debt. 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 R4.5bn and in Australia R1.7bn (AUD167.0m)
at FY17 which provides assurance that it will be able to meet its short-term commitments which exceeded current
assets by R2.0bn at FY17 (FY16: R1.4bn).
CHANGE IN DIRECTORATE
There has been no changes in directorate during the period under review.
EVENTS AFTER THE REPORTING PERIOD
Assets held for sale
On 7 July 2017, GOZ transacted and settled Sandgate Road, Nundah, QLD, at a sale price of AUD106.2m with the
net proceeds used to pay down existing debt.
Purchase of stake in Industria REIT ("IDR")
On 11 July 2017, GOZ acquired a 18.2% interest in IDR for approximately AUD68.1m, representing AUD2.30 per
IDR security. The acquisition was funded from undrawn debt facilities.
Acquisition of industrial portfolio
On 13 July 2017, GOZ announced that it has exchanged contracts for the acquisition of four adjoining, modern
industrial warehouses at Lot 11 and Lot 1, Part Lot 9, Tarlton Crescent and Lot 6 and Lot 7, Hugh Edwards Drive,
Perth Airport, WA for AUD46.0m, providing an initial passing yield of 8.13%. The acquisition will be initially
funded from debt available under existing undrawn facilities.
Declaration of dividend after reporting period
In line with IAS 10 Events after 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.
PROSPECTS
The economic growth prospects for South Africa are insufficient to repair the lacklustre demand and weak
property fundamentals, which are expected to continue. The quality and diversity of the underlying South
African property portfolio and our strong corporate customer base, together with our investment in the
prestigious V&A Waterfront, will continue to ensure sustainable, quality earnings domestically. In addition,
Growthpoint's increased internationalisation has added further geographic exposure to our portfolio.
The contribution to distributable income from GOZ is expected to increase in line with guidance provided
by GOZ, albeit that the effective dividend withholding tax percentage, is anticipated to be higher.
Globalworth is expected to perform well given the robust Romanian economy coupled with demand from global
corporates for quality office space. Given the above, the Growthpoint Board is of the view that the dividend
growth for FY18 will be similar to that achieved for FY17.
FINAL 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 63 of 100.80000 cents per share for the period
ended 30 June 2017. Shareholders will be entitled to elect to re-invest 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 subcommittee 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, 11 September 2017.
Other information:
- issued shares at 30 June 2017: 2 888 462 582 ordinary shares of no par value.
- Income Tax Reference Number of Growthpoint: 9375/077/71/7.
- In accordance with Growthpoint's status as a Real Estate Investment Trust (REIT) with effect from 1 July 2013,
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.
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 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 above mentioned 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 15%, the net amount due to non-resident shareholders is 80.61000 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 Service.
If applicable, non-resident shareholders are advised to contact the CSDP, broker or the company, as the case may be,
to arrange for the aforementioned 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 share alternative are as follows:
Salient dates and times 2017
Circular and form of election posted to shareholders Friday, 1 September
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 Monday, 11 September
Announcement of share re-investment alternative issue price and
finalisation information published on SENS Tuesday, 12 September
Last day to trade (LDT) cum dividend Tuesday, 19 September
Shares to trade ex dividend Wednesday, 20 September
Listing of maximum possible number of share alternative shares
commences on the JSE Friday, 22 September
Last day to elect to receive the share alternative (no late forms
of election will be accepted) at 12:00 (South African time) Friday, 22 September
Record date Friday, 22 September
Announcement of results of cash dividend and share re-investment
alternative published on SENS Tuesday, 26 September
Cheques posted to certificated shareholders and accounts credited by CSDP
or broker to dematerialised shareholders electing the cash alternative on Tuesday, 26 September
Share certificates posted to certificated shareholders and accounts
credited by CSDP or broker to dematerialised shareholders electing the
share re-investment alternative on Thursday, 28 September
Adjustment to the maximum number of shares listed on or about Friday, 29 September
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, 20 September 2017
and the close of trade on Friday, 22 September 2017.
By order of the Board
GROWTHPOINT PROPERTIES LIMITED
29 August 2017
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 30 June 2017
2017 2016
Notes Rm Rm
Revenue, excluding straight-line lease income adjustment 10 716 9 764
Straight-line lease income adjustment 39 455
Total revenue 10 755 10 219
Property-related expenses (2 245) (2 126)
Net property income 8 510 8 093
Other administrative and operating overheads (416) (308)
Operating profit 8 094 7 785
Equity-accounted investment profit - net of tax 369 543
Fair value adjustments, capital items and other charges 1 850 256
Finance and other investment income 1 692 690
Finance expense (2 510) (2 466)
Profit before taxation 8 495 6 808
Taxation (48) (841)
Profit for the year 8 447 5 967
Other comprehensive income
Items that may subsequently be reclassified to profit or loss
Translation of foreign operations (1 571) 2 282
Total comprehensive income for the year 6 876 8 249
Profit attributable to: 8 447 5 967
Owners of the company 7 524 5 159
Non-controlling interests 923 808
Total comprehensive income attributable to: 6 876 8 249
Owners of the company 6 507 6 653
Non-controlling interests 369 1 596
Cents Cents
Basic earnings per share 267.72 190.29
Diluted earnings per share 266.21 189.53
Headline earnings per share 3 179.66 140.57
Diluted headline earnings per share 3 178.64 140.01
STATEMENT OF FINANCIAL POSITION
As at 30 June 2017
2017 2016
Rm Rm
Assets
Cash and cash equivalents 613 901
Trade and other receivables 3 214 2 496
Investment property classified as held for sale 1 241 1 938
Derivative assets 356 107
Listed investments 226 440
Fair value of property assets 108 201 102 752
Fair value of investment property for accounting purposes 105 641 100 274
Straight-line lease income adjustment 2 560 2 478
Long-term loans granted 709 605
Equity-accounted investments 9 920 6 821
Equipment 15 6
Intangible assets 2 362 2 461
Total assets 126 857 118 527
Liabilities and Equity
Liabilities
Trade and other payables 2 572 2 276
Derivative liabilities 587 1 094
Taxation payable 44 29
Interest-bearing borrowings 42 568 38 580
Deferred tax liability 2 332 2 382
Total liabilities 48 103 44 361
Shareholders' interest 72 045 68 295
Share capital 44 876 42 329
Retained income 2 886 2 628
Other reserves 24 283 23 338
Non-controlling interest 6 709 5 871
Total liabilities and equity 126 857 118 527
STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2017
Non-distributable reserves (NDR)
Other
fair
Fair value
value adjust-
Share Foreign adjust- ments and
capital currency ment on non-
net of translation Amortisation invest- distri-
treasury reserve of intangible Bargain ment butable
shares (FCTR) assets purchase property items
Rm Rm Rm Rm Rm Rm
Balance at 30 June 2015 40 486 1 072 935 230 21 341 (2 077)
Total comprehensive income:
- Profit after taxation - - - - - -
- Other comprehensive income - 1 494 - - - -
Transactions with owners
recognised directly in equity:
Contributions by and
distributions to owners:
Shares issued 1 797 - - - - -
Transfer non-distributable items to NDR - - (72) 6 833 (678)
Share-based payment transactions 46 - - - - -
Transfer to NDR with NCI - - - - - -
Dividends declared - - - - - -
Changes in ownership interest:
Rights issue and acquisitions - GOZ - 36 - - - -
Acquisitions of NCI without a change
in control - - - - - -
Balance at 30 June 2016 42 329 2 602 863 236 22 174 (2 755)
Total comprehensive income:
- Profit after taxation - - - - - -
- Other comprehensive income - (1 017) - - - -
Transactions with owners recognised
directly in equity:
Contributions by and distributions
to owners:
Shares issued 2 533 - - - - -
Transfer non-distributable items to NDR - - (71) 78 1 855 326
Share-based payment transactions 14 - - - - -
Dividends declared - - - - - -
Changes in ownership interest:
Rights issue and acquisitions - GOZ - (13) - - - -
Balance at 30 June 2017 44 876 1 572 792 314 24 029 (2 429)
STATEMENT OF CHANGES IN EQUITY (continued)
For the year ended 30 June 2017
Non-distributable reserves (NDR)
Fair
value
adjust-
Share- ment Total Non-
based on listed non- Retained Share- controlling
payments Reserves invest- distributable earnings holders' interest Total
reserve with NCI ments reserves (RE) interest (NCI) equity
Rm Rm Rm Rm Rm Rm Rm Rm
Balance at 30 June 2015 160 13 2 21 676 1 207 63 369 4 713 68 082
Total comprehensive income:
- Profit after taxation - - - - 5 159 5 159 808 5 967
- Other comprehensive income - - - 1 494 - 1 494 788 2 282
Transactions with owners
recognised directly in equity:
Contributions by and
distributions to owners:
Shares issued - - - - - 1 797 - 1 797
Transfer non-distributable items to NDR 3 - 58 150 (150) - - -
Share-based payment transactions 7 - - 7 - 53 - 53
Transfer to NDR with NCI - (25) - (25) 25 - - -
Dividends declared - - - - (3 613) (3 613) (439) (4 052)
Changes in ownership interest:
Rights issue and acquisitions - GOZ - - - 36 - 36 66 102
Acquisitions of NCI without a change
in control - - - - - - (65) (65)
Balance at 30 June 2016 170 (12) 60 23 338 2 628 68 295 5 871 74 166
Total comprehensive income:
- Profit after taxation - - - - 7 524 7 524 923 8 447
- Other comprehensive income - - - (1 017) - (1 017) (554) (1 571)
Transactions with owners recognised
directly in equity:
Contributions by and distributions
to owners:
Shares issued - - - - - 2 533 - 2 533
Transfer non-distributable items to NDR 28 - (214) 2 002 (2 002) - - -
Share-based payment transactions (27) - - (27) - (13) - (13)
Dividends declared - - - - (5 264) (5 264) (502) (5 766)
Changes in ownership interest:
Rights issue and acquisitions - GOZ - - - (13) - (13) 971 958
Balance at 30 June 2017 171 (12) (154) 24 283 2 886 72 045 6 709 78 754
2017 2016
Cents Cents
Dividend per share 195.8 183.8
STATEMENT OF CASH FLOWS
For the year ended 30 June 2017
2017 2016
Rm Rm
Cash generated from operations 7 580 7 322
Interest paid (2 438) (2 538)
Interest received 105 51
Taxation paid (84) (78)
Distribution to shareholders (5 766) (4 073)
Net cash from operating activities (603) 684
Net cash from investing activities (8 637) (5 266)
Net cash from financing activities 8 993 4 923
Effect of exchange rate changes on cash and cash equivalents (41) 55
Movement in cash and cash equivalents (288) 396
Cash and cash equivalents at beginning of year 901 505
Cash and cash equivalents at end of year 613 901
SEGMENTAL ANALYSIS
For the year ended 30 June 2017
Segment Analysis
The group determines and presents operating segments based on the information that is provided internally to the
Executive Management Committee (Exco), the group's operating decision-making forum. The group comprises six segments,
namely Retail, Office, Industrial, Growthpoint Australia, V&A Waterfront and Globalworth. An operating segment's
operating results are reviewed regularly by Exco to assess its performance and to make decisions about resources to
be allocated to the segment for which separate financial information is available.
Segment Brief description of segment
Retail The Growthpoint retail portfolio consists of 56 properties, comprising shopping centres
with the balance being vacant land or standalone single-tenanted properties. It includes
regional, community, neighbourhood, speciality and small regional shopping centres as well
as retail warehouses.
Office The Growthpoint office portfolio consists of 182 properties which includes high rise and
low rise offices, office parks, office warehouses, hospitals as well as mixed use properties
comprising both office and retail.
Industrial The Growthpoint industrial portfolio consists of 233 properties which includes warehousing,
industrial parks, retail warehousing, motor-related outlets, low and high grade industrial,
high-tech industrial as well as mini, midi and maxi units.
Growthpoint Australia The GOZ portfolio consists of 57 properties which includes both industrial and office properties,
all situated in Australia.
V&A Waterfront The V&A Waterfront is a 122 hectare mixed-use property development situated in and around the
historic Victoria and Alfred Basin, which formed Cape Town's original harbour, with Table Mountain
as its backdrop. Its properties includes retail, office, fishing and industrial, hotel and
residential as well as undeveloped bulk.
Globalworth The Globalworth portfolio consists of 18 properties which includes mostly modern A-grade office
properties, industrial properties as well as a residential property complex concentrated in
Bucharest and one in Timisoara, Romania.
Profit or loss and asset and liabilities disclosure
2017
Total
South Total as V&A
Retail Office Industrial Africa Australia reported Waterfront Globalworth Total
Rm Rm Rm Rm Rm Rm Rm Rm Rm
Profit or loss disclosures
Revenue excluding straight-line
lease adjustment 3 099 3 632 1 348 8 079 2 637 10 716 726 140 11 582
Property-related expenses (792) (819) (290) (1 901) (344) (2 245) (204) (52) (2 501)
Net property income 2 307 2 813 1 058 6 178 2 293 8 471 522 88 9 081
Other administrative and
operating overheads (289) (127) (416) (24) (16) (456)
Equity-accounted investment
profit - net of tax 369 - 369 - - 369
Fair value adjustment on
investment property 481 293 332 1 106 848 1 954 492 4 2 450
Fair value adjustments
(other than investment property) 35 4 39 - - 39
Capital items and other charges (91) (13) (104) (1) 8 (97)
Finance and investment income 1 521 (829) 692 28 4 724
Finance expense (1 944) (566) (2 510) - (108) (2 618)
Consolidated profit before taxation 6 885 1 610 8 495 1 017 (20) 9 492
Assets
Cash and cash equivalents 298 315 613 81 1 139 1 833
Trade and other receivables 2 649 565 3 214 73 46 3 333
Investment property classified
as held for sale 173 - 29 202 1 039 1 241 - - 1 241
Derivative assets 356 - 356 - - 356
Listed investments 226 - 226 - - 226
Fair value of property assets
Acquisitions made during the year - 1 758 116 1 874 5 047 6 921 - 192 7 113
Balance at year end 29 415 34 732 12 557 76 704 31 497 108 201 8 705 4 200 121 106
Long-term loans granted 709 - 709 - - 709
Equity-accounted investments 9 920 - 9 920 - 8 9 928
Equipment 3 12 15 - - 15
Intangible assets 2 362 - 2 362 - 52 2 414
Total assets 93 429 33 428 126 857 8 859 5 445 141 161
Liabilities
Trade and other payables 1 829 743 2 572 111 51 2 734
Derivative liabilities 523 64 587 - - 587
Taxation payable (4) 48 44 6 - 50
Interest-bearing borrowings 29 492 13 076 42 568 195 559 43 322
Deferred tax liability 2 332 - 2 332 - 74 2 406
Total liabilities 34 172 13 931 48 103 312 684 49 099
Profit or loss and asset and liabilities disclosure (continued)
2016
Total
South Total as V&A
Retail Office Industrial Africa Australia reported Waterfront Total
Rm Rm Rm Rm Rm Rm Rm Rm
Profit or loss disclosures
Revenue excluding straight-line
lease adjustment 2 953 3 428 1 208 7 589 2 175 9 764 639 10 403
Property-related expenses (814) (794) (256) (1 864) (262) (2 126) (177) (2 303)
Net property income 2 139 2 634 952 5 725 1 913 7 638 462 8 100
Other administrative and
operating overheads (204) (104) (308) (20) (328)
Equity-accounted investment
profit - net of tax 543 - 543 - 543
Fair value adjustment on
investment property 448 (457) 106 97 1 115 1 212 585 1 797
Fair value adjustments
(other than investment property) (321) (27) (348) - (803)
Capital items and other charges (151) (2) (153) (153)
Finance and investment income 684 6 690 69 759
Finance expense (1 989) (477) (2 466) (30) (2 496)
Consolidated profit before taxation 4 384 2 424 6 808 1 066 7 874
Assets
Cash and cash equivalents 121 780 901 28 929
Trade and other receivables 2 008 488 2 496 48 2 544
Investment property classified
as held for sale - 145 119 264 1 674 1 938 - 1 938
Derivative assets 107 - 107 - 107
Listed investments 440 - 440 - 440
Fair value of property assets
Acquisitions made during the year - 398 442 840 3 410 4 250 - 4 250
Balance at year end 29 210 33 112 11 166 73 488 29 264 102 752 7 766 110 518
Long-term loans granted 605 - 605 - 605
Equity-accounted investments 6 821 - 6 821 - 6 821
Equipment 4 2 6 - 6
Intangible assets 2 461 - 2 461 - 2 461
Total assets 86 319 32 208 118 527 7 842 126 369
Liabilities
Trade and other payables 1 837 439 2 276 84 2 360
Derivative liabilities 925 169 1 094 - 1 094
Taxation payable - 29 29 - 29
Interest-bearing borrowings 24 820 13 760 38 580 306 38 886
Deferred tax liability 2 382 - 2 382 - 2 382
Total liabilities 29 964 14 397 44 361 390 44 751
Distributable earnings reconciliation
2017 2016
Rm Rm
Revenue, excluding straight-line lease
income adjustment 10 716 9 764
Property-related expenses (2 245) (2 126)
Other administrative and operating overheads (416) (308)
Net interest (1 818) (1 776)
Finance and other investment income 692 690
Interest paid (2 510) (2 466)
Profit on the sale of RSI 1 (Stor-Age) - 51
Antecedent dividends 45 31
Non-controlling portion of distribution
(excluding fair value adjustments) - GOZ (502) (439)
Distributable income from GOZ retained
(including NCI's portion) (165) (79)
Realised foreign exchange gain/(loss) 31 (9)
Current normal taxation (98) (76)
Distributable earnings 5 548 5 033
Distributions
Total dividend 2017 2016
Distributable earnings Rm 5 548 5 033
Actual number of shares in issue 2 860 702 595 2 757 563 843
Distribution per share 195.8 183.8
- Interim taxable dividend Cents 95.0 89.5
- Final taxable dividend Cents 100.8 94.3
Number of shares
2017 2016
Shares issued during the year
Issued ordinary shares at the beginning of year 2 786 093 366 2 711 056 264
Effect of shares issued 102 369 216 75 037 102
Shares in issue at end of year 2 888 462 582 2 786 093 366
Effect of treasury shares held (27 759 987) (28 529 523)
Shares in issue at end of year 2 860 702 595 2 757 563 843
2017 2016
Cents Cents
Net asset value per share 2 518 2 477
Tangible net asset value per share 2 517 2 474
Net asset value per share is reconciled to
tangible net asset value per share as follows:
Rm Rm
Net asset value attributable to shareholders 72 045 68 295
Less: Net effect of business acquisitions
and other intangibles (30) (79)
Intangible assets (2 362) (2 461)
Deferred tax liability 2 332 2 382
Tangible net asset value 72 015 68 216
NOTES
For the year ended 30 June 2017
30 June 30 June
2017 2016
Rm Rm
NOTE 1: FINANCE AND OTHER INVESTMENT INCOME 692 690
Investment in joint venture - V&A Waterfront 479 429
V&A Waterfront development funding interest 45 50
Total V&A Waterfront income 524 479
Other finance income 168 190
Listed investments - 21
NOTE 2: DIVIDENDS ON TREASURY SHARES
The interim dividend of R2 688m (HY16: R2 444m) included dividends on treasury shares of R26m (HY16: R13m).
The net interim dividend paid by Growthpoint for accounting purposes is R2 662m (HY16: R2 431m).
The total dividend of R5 600m for FY17 (FY16: R5 072m) included dividends on treasury shares of R52m (FY16: R39m).
The net total dividend declared was therefore R5 548m (FY16: R5 033m).
NOTE 3: HEADLINE EARNINGS PER SHARE
Reconciliation between basic earnings, diluted earnings and headline earnings
Gross Total
2017 2016 2017 2016
Rm Rm Rm Rm
Profit for the year 7 524 5 159
Bargain purchase 1 850* 256 (78) (6)
Fair value adjustments on investment property 1 850* 256 (2 397) (1 342)
Fair value adjustment: Net of
straight-lining lease adjustment (1 993) (957)
NCI portion of fair value adjustments (404) (385)
Headline and diluted earnings 5 049 3 811
* Both the bargain purchase and fair value adjustments on investment property are included on the
"Fair value adjustments, capital items and other charges" line item on the face of the statement of
profit or loss and other comprehensive income.
NOTE 4: FAIR VALUE DISCLOSURE
CLASSIFICATION OF FINANCIAL ASSETS AND LIABILITIES
Loans and Outside
Held for Designated other scope
trading at fair value receivables of IAS 39 Total
Rm Rm Rm Rm Rm
Assets
2017
Cash and cash equivalents - - 613 - 613
Trade and other receivables - - 2 426 788 3 214
Derivative assets 356 - - - 356
Listed investments - 226 - - 226
Long-term loans granted - 709 - - 709
2016
Cash and cash equivalents - - 901 - 901
Trade and other receivables - - 1 812 684 2 496
Derivative assets 107 - - - 107
Listed investments - 440 - - 440
Long-term loans granted - 605 - - 605
NOTE 4: FAIR VALUE DISCLOSURE (continued)
Loans and Outside
Held for Designated other scope
trading at fair value receivables of IAS 39 Total
Rm Rm Rm Rm Rm
Liabilities
2017
Trade payables - - 2 302 270 2 572
Derivative liabilities 587 - - - 587
Taxation payable - - - 44 44
Interest-bearing borrowings - 42 568 - - 42 568
Deferred tax liability - - - 2 332 2 332
2016
Trade payables - - 2 000 276 2 276
Derivative liabilities 1 094 - - - 1 094
Taxation payable - - - 29 29
Interest-bearing borrowings - 38 580 - - 38 580
Deferred tax liability - - - 2 382 2 382
FAIR VALUE ESTIMATION
Fair value measurement of assets and liabilities
The below table includes only those assets and liabilities that are measured at fair value including non-recurring
items measured at fair value:
2017 2016
Fair value Level 2 Level 3 Fair value Level 2 Level 3
Rm Rm Rm Rm Rm Rm
Assets
Recurring fair value measurement
Fair value of property assets 108 201 - 108 201 102 752 - 102 752
Listed investments 226 - 226 440 - 440
Long-term loans granted 709 - 709 605 - 605
Derivative assets 356 249 107 107 107 -
Non-recurring fair value measurement
Non-current assets held for sale 1 241 - 1 241 1 938 - 1 938
Total assets measured at fair value 110 733 249 110 484 105 842 107 105 735
2017 2016
Fair value Level 2 Level 3 Fair value Level 2 Level 3
Rm Rm Rm Rm Rm Rm
Liabilities
Recurring fair value measurement
Interest-bearing borrowings 42 632 42 632 - 38 580 38 580 -
Derivative liabilities 587 556 31 1 094 1 094 -
Total liabilities measured
at fair value 43 155 43 124 31 39 674 39 674 -
The carrying amount of assets and liabilities that are not measured at fair value reasonably approximate their fair value due to
their short-term nature. These include trade and other receivables, cash and cash equivalents and trade and other payables.
Movement in level 3 instruments
2017 2016
Long-term Long-term
Property Listed loans Derivative Derivative Property Listed loans
assets investments granted assets liabilities assets investments granted
Rm Rm Rm Rm Rm Rm Rm Rm
Opening balance 104 690 440 605 - - 93 574 380 1 081
(Loss)/gain from
fair value adjustments
and translation of
foreign operations (1 086) (214) (25) 107 (31) 5 160 60 (6)
Accrued interest - - 78 - - - - 83
Acquisitions 9 552 - - - - 7 085 - -
Disposals (3 714) - - - - (1 129) - -
Advancements - - 463 - - - - 45
Settlements - - (412) - - - - (598)
Closing balance 109 442 226 709 107 (31) 104 690 440 605
Valuation process
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.
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.
Valuation techniques using observable inputs - level 2
Fair values classified as level 2 have been determined using models for which inputs are observable in an active market.
A valuation input is considered observable if it is obtained directly, such as quoted prices, or indirectly, such as
those derived from quoted prices.
Valuation technique using significant unobservable inputs - level 3
Fair values are classified at level 3 if their determination incorporates significant inputs that are not based on
observable market data.
Valuation techniques and significant inputs
Level 2 instruments
Interest-bearing borrowings
Description Valuation technique Significant observable inputs
Interest-bearing borrowings Valued by discounting future cash flows Credit margins: 0.43% to 3.60%
using the South African swap curve plus an (FY16: 0.45% to 3.60%)
appropriate credit margin at the dates when
the cash flows will take place.
The estimated fair value would increase/(decrease) if the credit margin were lower/(higher).
Derivative instruments
Description Valuation technique Significant observable inputs
Forward exchange contracts Valued by discounting the forward rates Interest rate swap curve
applied at year end to the open positions.
Interest rate swaps Valued by discounting the future cash flows Interest rate swap curve
using the South African swap curve at the
dates when the cash flows will take place.
Cross-currency interest rate swaps Valued by discounting the future cash flows Interest rate swap curve
using the basis swap curve of the respective
currencies at the dates when the cash flows
will take place.
Level 3 instruments
Investment property
In terms of the Group's accounting policy, independent valuations are obtained on a rotational basis, ensuring
that every property is valued at least once every three years by an external, independent property valuer,
having appropriate recognised professional qualifications and recent experience in the location and category
of the property being valued.
The balance of the South African portfolio is valued by Growthpoint's qualified internal valuers.
The South African properties were valued at FY17 using the discounted cash flow of future income streams
method by the following valuers who are all registered valuers in terms of section 19 of the Property Valuers
Professional Act, No 47 of 2000:
Mills Fitchet PWV PG Mitchell NDip (Prop Val), MIV (SA), CIEA, professional valuer
Mills Fitchet KZN T Bates MSc, BSc Land Econ (UK), MRICS, MIV (SA), professional valuer
ERIS C Everatt BSc (Hons) Estate management, MRICS, MIV (SA), professional valuer
Jones Lang LaSalle J Karg BSc, MRICS, MIV (SA), professional valuer
Rode and Associates K Scott BCom (Hons), professional valuer
PropVal Assist C van Rooyen NDip (Prop Val), MIV (SA), professional valuer
Spectrum PL O'Connell NDip (Prop Val), professional valuer
Wolffs Valuation Services (Pty) Ltd S Wolffs NDip (Prop Val), professional associate valuer
The Australian properties were valued at FY17 using the discounted cash flow of future income streams method by
Savills, Jones Lang LaSalle, Urbis, Knight Frank, Colliers, M3property and LMW that are all members of the
Australian Property Institute and certified practising valuers.
At the reporting date, the key assumptions and unobservable inputs used by the Group in determining fair value of
investment property were in the following ranges for the Group's portfolio of properties:
Description Valuation Significant unobservable inputs and range of estimates used
technique Discount rate (%) Exit capitalisation rate (%) Capitalisation rate (%)
Retail sector 12.3 - 17.0 6.8 - 11.00 6.8 - 11.0
Office sector Discounted 13.3 - 15.8 7.5 - 10.0 7.5 - 10.0
Industrial sector cash flow 13.8 - 19.0 8.0 - 13.5 8.0 - 13.5
GOZ office model 6.8 - 10.0 6.3 - 11.8 6.0 - 11.8
GOZ industrial 7.5 - 9.8 6.8 - 11.5 6.0 - 9.5
The estimated fair value would increase/(decrease) if the expected market rental growth was higher/(lower),
expected expense growth was lower/(higher), the vacant periods were shorter/(longer), the occupancy rate was
higher/(lower), the rent-free periods were shorter/(longer), the discount rate was lower/(higher) and/or the
reversionary capitalisation rate was lower/(higher).
Listed investments
Description Valuation technique Significant unobservable inputs
Stenham European Shopping
Centre Fund (SESCF) Valued by discounting future cash flows Not applicable
using the South African swap curve at
the dates the cash flows will take place
Long-term loans granted
Description Valuation technique Significant unobservable inputs
Rabie Property Group (Pty) Ltd Valued by discounting future cash flows Not applicable
using a floating rate that is applicable
to this loan including an estimated
counter party credit spread.
Acucap Unit Purchase Scheme Valued by discounting future cash flows Not applicable
using a floating rate that is applicable
to this loan including an estimated
counter party credit spread.
V&A Waterfront Valued by discounting future cash flows Not applicable
using a floating rate that is applicable
to this loan including an estimated
counter party credit spread.
Roeland Street Investment Valued by discounting future cash flows Not applicable
2 (Pty) Ltd using a floating rate that is applicable
to this loan including an estimated
counter party credit spread.
Derivative assets and liabilities
Description Valuation technique Significant unobservable inputs
Cross-currency interest rate swaps Valued by discounting the future cash flows Credit curve
using the basis swap curve of the
respective currencies at the dates when
the cash will take place.
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
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)
Ground Floor, 70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
COMPANY SECRETARY
RA Krabbenhoft
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
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