Wrap Text
Provisional reviewed condensed consolidated results for the year ended 31 August 2017
REBOSIS PROPERTY FUND LIMITED
("Rebosis" or the "company" or the "group")
Registration number 2010/003468/06
(Approved as a REIT by the JSE)
JSE share code: REA - ISIN: ZAE000240552
JSE share code: REB - ISIN: ZAE000201687
PROVISIONAL REVIEWED CONDENSED CONSOLIDATED RESULTS for the year ended 31 August 2017
DIVIDEND GROWTH: Ordinary share 7.4% to 128.35 cps ; A-shares 5% to 240.82cps
NEW FRONTIER PROPERTIES: R917m sale to BEE consortium
RETAIL NET PROPERTY INCOME: 6.6% like-for-like growth excluding property acquisitions
COMMERCIAL NET PROPERTY INCOME: 6.5% like-for-like growth excluding property acquisitions
SHOPPING MALL VISITS: 52,6m - growth 1.9%
OUR PORTFOLIO KEY INDICATORS AT 31 AUGUST 2017
Retail
* 6 high growth dominant malls
* 86% national tenant profile
* Average escalation of 6,8%
* Vacancies 0.6%
Number of properties 6
Portfolio valuation R’000 8 853 490
Gross lettable area m2 326 008
Value per m2 R 27 157
Office
* 42* predominantly A and B grade well-located properties
* Let primarily to National Department of Public Works
* Average escalation of 8,3%
* Shielded from private sector e.g. tenant cash flow and insolvency related default
* Vacancies 5,9%
*Includes Investment Property Held for Sale
Number of properties 42
Portfolio valuation R’000 9 682 000
Gross lettable area m2 560 113
Value per m2 R 17 286
Industrial
* Industrial warehouses
* Weighted average lease expiry of 3 years
* Lease underpinned by international listed blue chip parent company and SA Government
* Average escalation of 7%
* Vacancies 0,0%
Number of properties 1
Portfolio valuation R’000 173 000
Gross lettable area m2 18 954
Value per m2 R 9 127
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group
Reviewed Audited
31 August 2017 31 August 2016
R’000 R’000
Restated
Revenue 1 883 818 1 394 226
Investment property income 1 949 509 1 396 903
Net income from facilities management agreement 21 951 23 109
Management fees received 5 416 -
Straight-line rental income accrual (93 058) (25 786)
Property expenses (416 276) (370 752)
Net property income 1 467 541 1 023 474
Other operating expenses (142 457) (63 040)
Operating income 1 325 084 960 434
Net interest (758 101) (440 652)
Received 87 042 44 750
Paid (845 143) (485 402)
Net operating income 566 984 519 782
Gain on bargain purchase 237 121 -
Other income 37 444 1 233
Changes in fair values 1 170 737 1 488 427
Investment property 1 269 631 1 419 313
Derivative instruments (98 894) 69 114
Loss on disposal (26 705) 60
Investment in listed securities (26 705) 60
Profit before taxation 2 594 686 2 009 503
Total profit from continuing operations 1 985 580 2 009 501
Net result from discontinued operations 651 853 (135 315)
Total profit for the year 2 637 434 1 874 187
Other comprehensive income
Items that may be recycled to profit and loss
Foreign currency translation reserve 73 805 (217 000)
Total comprehensive income 2 711 239 1 657 187
Total profit attributable to:
Owners of the parent 2 521 749 1 706 946
Non-controlling interests 115 685 167 241
Profit for the year 2 637 434 1 874 187
Total comprehensive income attributable to:
Owners of the parent 2 810 955 1 523 384
Non-controlling interests (99 716) 133 803
Total comprehensive income for the year 2 711 239 1 657 187
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Group
Reviewed Audited
31 August 2017 31 August 2016
R’000 R’000
ASSETS
Non-current assets 21 617 102 17 383 410
Investment property 18 608 490 16 996 072
Investment in listed securities 1 044 979 -
Loans to related companies 70 699 -
Goodwill 676 412 315 906
Other financial assets 1 150 247 -
Derivative instruments 60 540 70 852
Property, plant and equipment 5 735 580
Current assets 816 263 561 798
Short-term portion of derivatives 49 131 23 486
Short-term portion of other financial assets 286 013 -
Trade and other receivables 376 479 309 233
Cash and cash equivalents 104 640 229 079
Investment property held for sale 212 689 1 156 698
22 646 053 19 101 906
EQUITY AND LIABILITIES
Equity 11 847 850 9 462 284
Stated capital 8 464 527 5 590 410
Reserves 3 383 323 2 179 569
Foreign currency translation reserve - (73 805)
Total equity attributable to equity owners
of the parent entity 11 847 850 7 696 174
Non-controlling interests - 1 766 110
Non-current liabilities 5 293 966 8 170 604
Interest-bearing borrowings 4 973 983 8 052 484
Deferred payment liability 228 542 -
Derivative instruments 91 442 118 120
Current liabilities 5 504 237 1 469 018
Short-term portion of interest-bearing borrowings 4 858 196 1 223 203
Short-term portion of derivatives 2 057 -
Short-term portion of deferred payment liability 350 000 -
Trade and other payables 293 984 244 347
Current tax payable - 1 468
Total equity and liabilities 22 646 053 19 101 906
Loan to value (%)* 45.66% 49.8%
*Calculated in terms of the REIT Best
Practice Recommendations
The loan-to-value ratio equates to
net debt divided by the total property assets
Net debt 9 727 538 9 046 608
Interest bearing borrowings (excluding derivatives) 9 832 178 9 275 687
Less: cash and cash equivalents (104 640) (229 079)
Property assets 21 302 417 18 152 770
Investment property 18 608 490 16 996 072
Listed REIT securities 1 044 979 -
Investment property held for sale 212 689 1 156 698
Loans receivable 1 436 259 -
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Group
Reviewed Audited
31 August 2017 31 August 2016
R’000 R’000
Balance at 31 August 9 462 284 7 777 196
Issue of shares 2 872 681 406 205
Shares bought back - (11 029)
Shares issued to non-controlling interests - 186 513
Profit for the year 2 637 434 1 874 188
Dividend paid (1 001 513) (529 144)
Treasury shares (held by subsidiary) - (24 645)
Foreign currency translation reserve 73 805 (217 000)
Loss of control on sale of subsidary (2 196 839) -
Balance at 31 August 11 847 850 9 462 284
CONSOLIDATED STATEMENT OF CASH FLOWS
Group
Reviewed Audited
31 August 2017 31 August 2016
R’000 R’000
Cash flows from operating activities (239 081) 47 077
Cash generated from operations 1 596 152 1 187 234
Dividend paid (1 001 523) (547 610)
Taxation paid 3 693 (23 767)
Net finance charges paid (837 404) (568 780)
Cash outflows from investing activities (157 354) (965 201)
Acquisition of investment property (38 428) (502 604)
Capex and tenant installations (148 590) (203 800)
Acquisition of businesses, net of cash acquired 9 664 (238 728)
Acquisition of listed securities and investments - (24 644)
Acquisition of property, plant and equipment (700) (425)
Proceeds from disposal of listed securities 20 701 -
Proceeds from disposal of investment property - 5 000
Cash inflows from financing activities 373 816 917 164
Proceeds from issue of shares 829 424 518 949
Share buy back - (11 029)
Increase in financial liabilities (455 608) 409 244
Net movement in cash and cash equivalents (22 619) (960)
Effect of translation (101 819) 55 216
Cash and cash equivalents at the beginning of the year 229 077 174 823
Cash and cash equivalents at the end of the year 104 640 229 079
COMMENTARY
INTRODUCTION
Rebosis has a high quality diversified portfolio across commercial and retail assets. The majority of its commercial income enjoys a sovereign
underpin from leases to national government departments across 42 buildings. Its retail portfolio has a mix of dominant and newly built shopping
centres set to dominate in their nodes in Port Elizabeth (Baywest Mall) and Centurion (Forest Hill City).
During the period, Rebosis sold down its holding in New Frontier Properties Limited (New Frontier) from 67,6% to 36,0% via a vendor-financed loan to
a B-BBEE consortium. New Frontier owns dominant shopping centres in the English towns of Blackpool, Middlesborough and Burton-on-Trent. Its revised
strategy is to expand into retail logistics in western Europe. Consistent with this transaction, Rebosis will support New Frontier by introducing new
shareholders to this investment case.
FINANCIAL RESULTS
Rebosis has declared a dividend of 120.41 cents per Ordinary A share for the six months ended 31 August 2017. With a dividend of 120.41 cents per
Ordinary A share for the six months ended 28 February 2017, this amounts to a total dividend of 240.82 cents for the year, an increase of 5,0%
growth year-on-year.
Rebosis has also declared a dividend of 67,55 cents per Ordinary share for the six months ended 31 August 2017. With a dividend of 60,80 cents per
Ordinary share for the six months ended 28 February 2017, this amounts to a total dividend of 128,35 cents for the year, an increase of 7,44% growth
year-on-year which is within the 7% to 9% guidance provided for the financial year.
The Funds’ portfolio was revalued by independent valuers, LDM Valuation Solutions for the commercial and industrial portfolios and Mills Fitchet for
retail portfolio. The growth in the portfolio of 45,3% year-on-year to R18,82 billion for the group (excluding New Frontier) is as a result of the
acquisitions of Baywest Mall and Forest Hill City shopping centres.
PROPERTY PORTFOLIO
Our South African retail portfolio consists of six high-quality, dominant shopping malls with strong anchor national tenants delivering income
streams escalating at 6,8%. The office portfolio consists of 42 buildings in nodes attractive to government tenants. These buildings are mainly
single-tenanted buildings let to the National Department of Public Works, providing for average escalations of 8,3%. The office portfolio represents
a defensive sovereign underpin, shielding the group from private sector risks such as tenant insolvency and default which are material risks in the
context of sluggish economic growth and constrained consumer spend.
The group’s industrial property is a single-tenanted industrial warehouse with a lease escalating at an average of 7,0%.
FUNDING
At 31 August 2017, Rebosis’ borrowings decreased to R10,2 billion as a result of the disposal of its 31,6% shareholding in New Frontier Properties.
The weighted average net cost of borrowings increased from 7,2% to 7,7% for the period under review - largely due to the additional debt taken out
for the Billion Group acquisition transaction (refer to the business combinations note below). There are currently swap/fixed arrangements in place
for 87,7% of the debt.
The loan to value of the group has decreased from 49,8% to 45,6% as a result of the sale of the group’s interest in New Frontier to 36%.
BUSINESS COMBINATIONS
With effect from 1 September 2016, Rebosis acquired 100% of Billion Property Developments (Pty) Ltd ("BPD" which owns Forest Hill City Mall in
Centurion), Baywest City Mall (Pty) Ltd ("Baywest" which owns Baywest City Mall in Port Elizabeth), Billion Asset Managers (Pty) Ltd ("BAM", the
asset management business) and Billion Property Services (Pty) Ltd ("BPS", the property services business for a total consideration of R4,9 billion.
Based on management’s judgement, the group has determined that these acquisitions were business combinations. The costs of these acqusition which
have been recognised in the consolidated statement of profit or loss and other comprehensive income amounts to R38,6 million (included in other
operating expenses).
The following summarises the amount of assets acquired and liabilities assumed at the acquisition date per business combination:
Acquiree’s Acquiree’s Acquiree’s Acquiree’s Fair value
carrying carrying carrying carrying of assets
amount amount amount amount acquired
BPD Baywest BAM BPS Total
R'000 R'000 R'000 R'000 R'000
Investment property 2 192 063 2 355 709 - - 4 547 772
Property, plant and equipment 2 064 2 967 - 480 5 511
Trade and other receivables 5 426 21 194 3 377 2 261 32 258
Cash and cash equivalents 826 8 830 - 8 9 664
Trade and other payables (36 400) (34 284) (160) (295) (71 140)
Total identifiable net assets 2 163 979 2 354 417 3 217 2 453 4 524 066
Total consideration paid 2 040 221 2 241 054 370 929 215 450 4 867 654
Gain on bargain purchase arising on acquisition (123 758) (113 363) - - (237 121)
Goodwill arising on acquisition - - 367 712 212 997 580 709
Total consideration 4 867 654
Interest-bearing borrowings (3 745 653)
Shares issued (533 794)
Less: Cash and cash equivalents acquired (9 664)
Deferred payment on acquisition 578 542
The payment portion of R569.7m is deferred, converted to a loan obligation and is to be settled 30 trading days after Rebosis shares have started
trading ex the Rebosis income distribution for the 6 month period ended 31 August 2017 and 31 August 2018, and therefore an amount of R350.0 million
will be settled in the 2018 financial year and the remainder in the following financial year. These payments may be accelerated at the discretion of
the board of directors.
The acquired businesses contributed revenues of R378,1 million and profit after tax of R199,6 million to the group for year ended 31 August 2017.
BASIC AND HEADLINE EARNINGS PER SHARE
Group
31 August 2017 31 August 2016
R’000 R’000
Number of REA shares in issue at period end 63 266 012 -
Weighted average number of REA shares in issue used for the
calculation of earnings and headline earnings per share 22 370 376 -
Number of REB shares in issue at period end 642 316 328 530 178 149
Weighted average number of REB shares in issue used for the
calculation of earnings and headline earnings per share 603 010 544 517 765 320
CONTINUING OPERATIONS R’000 R’000
Profit attributable to ordinary equity holders
of the parent entity 2 081 813 1 798 270
Adjusted for:
Change in fair value of investment properties (1 269 631) (1 148 887)
Loss on disposal of listed securities 26 705 -
Gain on bargain purchase (237 121) -
Headline profit attributable to shareholders 601 766 558 059
Basic and diluted earnings per REA share (cents) 681.42 -
Basic and diluted earnings per REB share (cents) 319.96 347.31
Basic and diluted headline earnings per REA share (cents) 681.42 -
Basic and diluted headline earnings per REB share (cents) 74.51 107.78
DISCONTINUING OPERATIONS
Profit attributable to ordinary equity holders
of the parent entity 439 936 (91 324)
Adjusted for:
Change in fair value of investment properties 115 576 125 353
Profit on disposal of listed securities (608 864) -
Headline profit attributable to shareholders (53 352) 34 030
Basic and diluted earnings per REB share (cents) 72.96 (17.84)
Basic and diluted headline earnings per REB share (cents) (8.85) 6.57
TOTAL OPERATIONS
Profit attributable to ordinary equity holders
of the parent entity 2 521 749 1 706 946
Adjusted for:
Change in fair value of investment properties (1 154 055) (1 023 534)
Profit/loss on disposal of listed securities (582 159) -
Gain on bargain purchase (237 121) -
Headline profit attributable to shareholders 548 414 683 412
Basic and diluted earnings per REA share (cents) 681.42 -
Basic and diluted earnings per REB share (cents) 392.91 300.23
Basic and diluted headline earnings per REA share (cents) 681.42 -
Basic and diluted headline earnings per REB share (cents) 65.67 102.55
DISCONTINUED OPERATION
On 31 August 2017, Rebosis reduced its interest in New Frontier Properties Limited ("New Frontier") from 67.6% to 36%, by disposing of 48 284 681 New
Frontier shares. The total sale price was R917m and this is included in other financial assets. Goodwill of R194.1 million has been derecognised as a
result of this disposal.
Revenue and expenses, and gains and losses relating to this investment have been removed from the results of continuing operations and are disclosed
as a single line item on the face of the consolidated statement of profit or loss ("Net result from discontinued operations"), as a result the
comparative figures have been restated for this change. The operating results of the discontinued operations and the loss on sale of investment were
as follows:
2017 2016
Revenue 328 105 438 865
Investment property income 328 105 438 865
Property expenses (32 251) (59 937)
Net property income 295 854 378 928
Other operating expenses (24 371) (90 075)
Operating income 271 483 288 852
Net interest (99 509) (121 212)
Paid (99 509) (121 212)
Net operating income 171 975 167 641
Other income 1 685 913
Loss on disposal of securities 608 863 -
Changes in fair values (132 100) (304 973)
Investment property (170 971) (185 735)
Derivative instruments 38 871 (119 238)
Profit before taxation 650 423 (136 419)
Taxation 1 430 1 104
Net result from discontinued operations 651 853 (135 315)
SEGMENT REPORT
The group classifies segments based on the type of property i.e. Commercial, Retail, Industrial, and Other. Properties can be mixed use properties.
In this instance the property will be classified according to its principle use. Accordingly, the group only has three reporting segments as set out
below. Some of the buildings do have a small retail component (normally at street level), but seldom exceed 10% of the total GLA per building.
These operating segments are managed separately based on the nature of the operations. For each of the segments, the group’s CEO (the group’s chief
operating decision-maker) reviews internal management reports monthly. The CEO considers earnings before taxation to be an appropriate measure of
each segment’s performance.
Property portfolio
For the year ended 31 August 2017 Retail
Continuing Office Industrial Total Admin and
corporate
costs Total
` R’000 R’000 R’000 R’000 R’000 R’000
Property portfolio income 777 765 1 072 324 28 312 1 878 402 5 416 1 883 818
Investment property income 800 754 1 118 977 29 778 1 949 509 - 1 949 509
Net income from facilities management - 21 951 - 21 951 - 21 951
Management fees received - - - - 5 416 5 416
Straight line rental income accrual (22 989) (68 603) (1 466) (93 058) - (93 058)
Property expenses (226 488) (186 830) (2 959) (416 276) - (416 276)
Net property income 551 278 885 495 25 354 1 462 126 5 416 1 467 542
Other operating expenses - - - - (142 457) (142 457)
Operating income 551 278 885 495 25 354 1 462 126 (137 041) 1 325 085
Net interest - - - - (758 101) (758 101)
Net operating income 551 278 885 495 25 354 1 462 126 (895 142) 566 984
Other income 2 117 1 666 61 3 844 33 601 37 444
Changes in fair values 465 991 775 728 27 912 1 269 631 (98 894) 1 170 737
Gain on bargain purchase - - - - 237 121 237 121
Loss on sale of listed securities - - - - (26 705) (26 705)
Segment profit before taxation 1 019 386 1 662 888 53 326 2 735 600 (750 020) 1 985 581
Investment property 8 853 490 9 582 000 173 000 18 608 490 - 18 608 490
Investment property held for sale - 100 000 112 689 212 689 - 212 689
Other assets 67 113 93 714 - 160 826 3 664 048 3 824 874
Total assets 8 920 603 9 775 714 285 689 18 982 005 3 664 048 22 646 053
Total liabilities 258 839 376 194 9 154 644 187 10 125 673 10 769 860
For the year ended 31 August 2016 (Restated)
Property portfolio income 377 915 988 069 28 242 1 394 226 - 1 394 226
Investment property income 381 416 987 972 27 515 1 396 903 - 1 396 903
Net income from facilities management - 23 109 - 23 109 - 23 109
Straight line rental income accrual (3 501) (23 012) 727 (25 786) - (25 786)
Property expenses (135 453) (231 889) (3 410) (370 752) - (370 752)
Net property income 242 462 756 180 24 832 1 023 474 - 1 023 474
Other operating expenses - - - - (63 040) (63 040)
Operating income 242 462 756 180 24 832 1 023 474 (63 040) 960 435
Net interest - - - - (440 652) (440 652)
Net operating income 242 462 756 180 24 832 1 023 474 (503 692) 519 782
Other income 1 103 46 - 1 149 144 1 293 426
Changes in fair values 656 820 487 384 38 764 1 182 968 305 458 1 488 502
Segment profit before taxation 900 385 1 243 610 63 596 2 207 591 (198 090) 2 009
Investment property 7 934 700 109 000 16 996 072 - 16 996 072 16 996 072
Investment property held for sale 1 006 698 150 000 1 156 698 - 1 156 698 1 156 698
Other assets 194 435 - 431 552 336 356 767 908 949 136
Total assets 9 135 833 259 000 18 584 322 336 356 18 920 678 19 101 906
Total liabilities 95 268 5 278 171 322 9 468 300 9 639 622 9 639 622
2017 2016
Non-IFRS information R’000 R’000
Reconciliation of profit before tax to distributable earnings:
Total segment profit before taxation (as per above) 1 985 581 2 009 502
Profit/(loss) from discontinued operations 651 853 (135 315)
Taxation - -
Profit for the year 2 637 434 1 874 187
Less: Portion attributable to non-controlling interests (115 685) (167 241)
Adjusted for:
Changes in fair value (1 170 737) (1 183 454)
Gain on bargain purchase (237 121) -
Straight line rental accrual 93 058 25 786
Loss on sale of listed securities 26 705 -
Amortisation of structuring fees 12 701 7 843
Corporate transaction costs 40 826 74 789
Antecedent interest 55 388 43 694
Profit on sale of asset 40 871 -
Dividend income distributed in previous periods - (78 970)
Anticipated distribution from listed REIT subsidiaries 114 547 136 479
Consolidation adjustments between group entities (524 327) (100 293)
Distributable earnings attributable to
shareholders/owners of the parent 973 659 632 821
Dividend per REA share (cents) 240.82 -
Dividend per REB share (cents) 128.35 119.45
Year-on-year distribution growth REA (%) 5.00% -
Year-on-year distribution growth REB (%) 7.44% 8.26%
* In terms of the South African REIT Association Best Practice Recommendations, Rebosis has become entitled at period-end to the anticipated
distributions of its listed REIT subsidiaries. Accordingly an adjustment is made at period-end to match the anticipated income of the distribution
with the period to which the distribution relates.
# Net of treasury shares of 2 618 326 (2016: 1 778 146).
SIGNIFICANT RELATED PARTY TRANSACTIONS
Parties are considered related if one party has the ability to exercise control or significant influence over the party making financial or
operational decisions or have comnman directors. Related parties with whom the group transacted with during the period were:
2017 2016
R’000 R’000
Related party transactions
Billion Asset Managers (Pty) Ltd
Asset management fees paid - 16 473
Mthatha Mall (Pty) Ltd
Asset management fees received 5 416 -
Billion Property Services (Pty) Ltd
Property management fee paid - 13 828
Billion Group (Pty) Ltd
Rental warranty income 85 631 -
Related party balances
Billion Group (Pty) Ltd
Deferred purchase consideration payable 578 542 -
Net adjustment account (receivable) (286 013) -
Included in trade and other payables 1 814 -
PAYMENT OF CASH DIVIDEND
Dividend number 14 of 67,54686 cents per share for the six months ended 31 August 2017 will be paid to the shareholders in accordance with the
abbreviated timetable set out below:
2017
Last day to trade (cum dividend) Tuesday, 28 November
Securities trade (ex dividend) Wednesday, 29 November
Record date Friday, 1 December
Payment date Monday, 4 December
Share certificates may not be dematerialised or rematerialised between Wednesday, 29 November 2017 and Friday, 1 December 2017, both days inclusive.
The dividend will be transferred to dematerialised shareholders’ CSDP/broker accounts on Monday, 4 December 2017. Certificated shareholders’ dividend
payments will be posted on or paid to certificated shareholders’ bank accounts on or about, Monday,
4 December 2017.
An announcement informing shareholders of the tax treatment of the dividends will be released separately on SENS.
BASIS OF PREPARATION
The provisional reviewed condensed consolidated financial statements are prepared in accordance with the JSE Listings Requirements for provisional
reports and the requirements of the Companies Act of South Africa. The JSE Listings Requirements require provisional reports to be prepared in
accordance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards ("IFRS"), the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial
Reporting Standards Council, and to also, as a minimum, contain the information required by IAS 34, Interim Financial Reporting. The accounting
policies applied in the preparation of the provisional reviewed condensed consolidated financial statements are in terms of IFRS and are consistent
with those applied in the previous consolidated annual financial statements. These financial results have been prepared under the supervision of the
Chief Financial Officer, M de Lange, CA(SA).
The directors are not aware of any matters or circumstances arising subsequent to 31 August 2017 that require any additional disclosure or adjustment
to the financial statements, other than as disclosed in this announcement.
The provisional reviewed condensed consolidated financial statements for the year ended 31 August 2017 have been reviewed by Grant Thornton
Johannesburg Partnership, who expressed an unmodified review conclusion thereon.
The auditor’s review report does not necessarily report on all the information contained in this announcement/financial results. 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
review report together with the accompanying financial information from the issuer’s registered office. The directors take full responsibility for
the preparation of these results and confirm that the financial information has been correctly extracted from the underlying financial statements.
With effect from 01 October 2017, Mr A Mazwai was appointed as the Chief Executive Officer, on the retirement of the founding CEO, Mr SM Ngebulana,
who takes on a role of non-executive director Deputy Chairman. With effect from 03 November 2017, it pleased the board to appoint Ms Zandile Kogoas
an executive director of the company.
COMPANY SECRETARY:
M Ndema
REGISTERED OFFICE:
3rd Floor, Palazzo Towers West, Montecasino Boulevard, Fourways, 2191
PO Box 2972, Northriding, 2162
DIRECTORS:
ATM Mokgokong*# (Chairperson), AM Mazwai (CEO), SM Ngebulana (Deputy Chairman),
M de Lange (CFO), Z Kogo, WJ Odendaal*#, NV Qangule*\, TSM Seopa*#, M Mdlolo*#, F Froneman*#
*Non-executive # Independent
TRANSFER SECRETARIES:
Computershare Investor Services Proprietary Limited
SPONSOR:
Rand Merchant Bank, a division of FirstRand Bank Limited
PROSPECTS
The Board is of the view that the Ordinary dividend per share will grow at between 4% and 6% per share for the financial year to
31 August 2018, whereas the dividend for the Ordinary A share will grow by the requisite 5% . This forecast is cognisant of the current trading
conditions, and assumes that there will be no further material deterioration to the macro economy.
This forecast is issued by the Board, and has not been reviewed or reported on by the company’s auditors.
Rebosis uses distribution per share as the key measure of financial performance for trading statement purposes.
By order of the Board
09 November 2017
Date: 09/11/2017 09:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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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