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Condensed unaudited consolidated financial statements for the six months ended 31 August 2018
NEWPARK REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2015/436550/06)
JSE share code: NRL ISIN: ZAE000212783
(Approved as a REIT by JSE)
("Newpark" or "the Company" or "the Group")
CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 31 AUGUST 2018
DIRECTORS' COMMENTARY
Nature of business
Newpark is a property holding and investment company that is currently invested in A-grade commercial and industrial properties.
Property portfolio
Newpark's property portfolio consists of four properties. Two are located in the heart of Sandton, Gauteng, namely the JSE Building
which has 18,163 m2 of gross lettable area ("GLA") and an adjoining property known as 24 Central, which has 15,656 m2 of GLA.
A further property is situated in Linbro Business Park which has 12,317 m2 of GLA and the fourth property is situated in Crown Mines
which has 11,277 m2 of GLA. The combined valuations of these properties prepared by the registered property valuer are performed
annually at the group's year-end. The latest valuation as at 28 February 2018 was R1.38 billion.
Strategy
Newpark's investment strategy is to seek well positioned prime commercial and industrial properties which provide quality cash
flows with the potential of upward rating on lease renewals and/or redevelopment opportunities within the medium to long-term.
In addition to the core business of acquiring and developing physical assets in South Africa, Newpark continues to explore the
potential for investment into real estate that offers good value in certain offshore markets that align with our investment philosophy.
Commentary on results
The Group's results for the six month period under review came under increased pressure impacted by further vacancies in the
Group's mixed use asset in Sandton, 24 Central, resulting in the Group's vacancies increasing during the period to 17.4% (FY2018:
11.2%; prior comparable period H1 FY2018: 4.8%). The vacancies, which started to increase during the six months to 28 February
2018 continued further with a large tenant decided to consolidate its office footprint into their main office space. Expense controls
were applied to mitigate the impact of this loss of revenue but could not compensate entirely for the impact on distributable
earnings.
The increased vacancies caused the revenue to decline to R67.0 million (H1 FY2018: R71.1 million), a decrease of 5.8%. Besides the
vacancies at 24 Central, the tenant profile has remained largely the same and no acquisitions or disposals were made during this
period.
Distributable earnings
Distributable earnings for the six months to 31 August 2018 declined by 6.4% to 24.95 cents per share (H1 FY2018: 26.65 cents per
share). Accordingly, the board of directors ("the Board") has declared an interim dividend of 24.94859 cents per share.
SECTORAL SPLIT
Based on: GLA Gross Rentals
Mixed use (retail and office) 8.8% 11.9%
Office 50.1% 67.5%
Industrial 41.1% 20.6%
100.0% 100.0%
LEASE EXPIRY PROFILE & VACANCIES
Based on: GLA Gross Rentals
Vacant 17.4% 21.5%
Feb 2019 1.7% 2.8%
Feb 2020 4.7% 4.6%
Feb 2021 0.2% 0.3%
Feb 2022 3.1% 6.0%
Feb 2023 0.0% 0.0%
> Feb 2023 72.9% 64.8%
100.0% 100.0%
Funding
Amount Margin
Facilities R'000
Expiry May 2020 (facility 1A) 450 000 3-month Jibar+1.95% [9.542%]
Expiry May 2020 (facility 1B) 50 000 Prime-1.28% [8.970%]
TOTAL 500 000
Amount Hedges of 3-month Jibar
Hedge instruments R'000 base-rate
Hedge 1: rate swap - amended on 2017/6/30, replaced by Hedge 4 135 000 8.52%
Hedge 2: rate cap - expires 2019/1/18 135 000 8.52%
Hedge 3: rate swap - expires 2020/4/10 (rolls into Hedge 5) 230 000 7.70%
Hedge 4: rate swap - started 2017/6/30 / expires 2022/5/31 135 000 8.085%
Hedge 5: rate swap - to start 2020/4/10 / expires 2022/5/31 135 000 7.993%
Interest rate & Percentage of debt hedged
The all-in weighted average cost of funding is 9.542% (28 February 2018: 9.478%) and the average hedge-term is 1.8 years. It is the
board's policy to hedge at least 70% of the exposure to interest rate risk and Newpark currently has 80% of its exposure hedged.
Summary of financial performance
31 August 2018 31 August 2017 28 February 2018
Shares in issue 100,000,001 100,000,001 100,000,001
Net asset value per share R9.19 R8.75 R9.04
Loan-to-value ratio * 32.2% 33.3% 32.7%
Gross property operating expense ratio 16.1% 17.0% 19.5%
*The loan-to-value ratio is calculated by dividing interest bearing borrowing net of cash on hand by the total of investment property.
Outlook
As a result of the increased vacancies in the Group's mixed use segment the Board has decided to revise the outlook for distributable
earnings performance for the full year ending 28 February 2019 downwards from an increase in distributable earnings of between
6.0% and 8.0% to a decrease in distributable earnings of between 6.0% and 8.0% compared with the 12 months ended 28 February 2018.
The outlook for FY2019 previously communicated to the market is no longer expected to be achievable due to the changes in market
conditions and the direct impact this had on the Group's vacancy profile. The board remains mindful of the current pressures
experienced by tenants in the mixed-use (retail and office) segment, manifesting in higher than desired vacancies for the short-term.
Newpark will continue to focus on a disciplined approach to the acquisition of high quality properties that offer meaningful growth
in both capital and income. In the year ahead, the emphasis will be on closing a number of the transactions that are in the current
pipeline in order to grow the portfolio in a manner that is value enhancing for shareholders.
The revised forecast is based on no further material vacancies at 24 Central and the assumption that a stable macro-economic
environment will prevail, no material tenant default will occur, operating cost increases will not exceed inflation and no changes will
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 August 31 August 28 February
2018 2017 2018
(R'000) (R'000) (R'000)
Assets
Non-current assets
Investment properties note 3 1 261 620 1 235 407 1 261 766
Straight-line lease asset 107 831 95 580 99 984
Lease incentive 15 879 18 526 17 203
1 385 330 1 349 513 1 378 953
Current Assets
Trade and other receivables 8 704 7 754 6 182
Straight-line lease asset 210 1 080 -
Lease incentive 2 647 2 647 2 647
Receiver of revenue - - 2 273
Cash and cash equivalents 7 618 49 723 1 720
Total Current Assets 19 179 61 204 12 822
Total Assets 1 404 509 1 410 717 1 391 775
Equity and Liabilities
Equity
Share capital 619 918 619 918 619 918
Reserves 180 412 180 412 180 412
Retained income 118 550 74 980 103 598
918 880 875 310 903 928
Liabilities
Non-Current Liabilities
Bank borrowings 454 000 500 000 453 400
Derivative financial instruments 1 634 12 723 11 050
455 634 512 723 464 450
Current liabilities
Trade and other payables 29 995 22 684 23 397
Total Current Liabilities 29 995 22 684 23 397
Total Liabilities 485 629 535 407 487 847
Total Equity and Liabilities 1 404 509 1 410 717 1 391 775
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
31 August 31 August 28 February
2018 2017 2018
(R'000) (R'000) (R'000)
Revenue 66 974 71 086 136 450
Property operating expenses (10 806) (12 051) (26 571)
Administrative expenses (2 932) (2 944) (6 177)
Net gain from fair value adjustment on investment - - 25 383
property
Net change in fair value of financial instruments at 9 416 (9 645) (7 972)
fair value through profit or loss
Operating profit 62 652 46 446 121 113
Finance income 790 1 438 1 884
Finance costs (22 344) (23 521) (45 639)
Profit before taxation 41 098 24 363 77 358
Taxation - 155 2 428
Profit for the period 41 098 24 518 79 786
Other comprehensive income - - -
Total comprehensive income 41 098 24 518 79 786
Earnings per share information (cents per share)
Basic earnings per share note 4 41.10 24.52 79.79
Diluted earnings per share note 4 41.10 24.52 79.79
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share capital Share issue Total share Capital Retained Total
costs capital reorganisation income equity
reserve
(R'000) (R'000) (R'000) (R'000) (R'000) (R'000)
Audited
Balance at 1 March 2017 625 000 (5 082) 619 918 180 412 75 024 875 354
Costs associated with issue of
shares - - - - 79 786 79 786
Dividend distributions to
owners of company
recognised directly in equity - - - - (51 212) (51 212)
Balance at 1 March 2018 625 000 (5 082) 619 918 180 412 103 598 903 928
Unaudited
Profit for the period - - - - 41 098 41 098
Dividend distributions to
owners of company
recognised directly in equity - - - - (26 146) (26 146)
Balance at 31 August 2018 625 000 (5 082) 619 918 180 412 118 550 918 880
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
31 August 31 August 28 February
2018 2017 2018
(R'000) (R'000) (R'000)
Cash flows from operating activities
Cash generated from operations 50 760 47 885 96 000
Finance income 790 1 438 1 884
Finance costs (22 344) (23 521) (45 639)
Tax received 2 274 - -
Net cash from operating activities 31 480 25 802 52 245
Cash flows from investing activities
Purchase of furniture and fittings (36) (1 381) (2 578)
Net cash from investing activities (36) (1 381) (2 578)
Cash flows from financing activities
Dividends paid (26 146) (24 562) (51 212)
Bank borrowings advanced 600 - -
Bank borrowings repaid - (882) (47 481)
Net cash from financing activities (25 546) (25 444) (98 693)
Total cash and cash equivalent movement for the 5 898 (1 023) (49 026)
period
Cash and cash equivalents at beginning of period 1 720 50 746 50 746
Total cash and cash equivalents at end of period 7 618 49 723 1 720
Additional info on cash flow:
Cash generated from operations before working 46 685 48 733 94 562
capital changes
Working capital changes 4 075 (848) 1 438
Cash generated from operations 50 760 47 885 96 000
SIGNIFICANT FINANCIAL STATEMENT NOTES
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
The condensed unaudited consolidated financial statements for the six months ended 31 August 2018 have been prepared in
accordance with the requirements of the JSE Listings Requirements and the requirements of the Companies Act 71 of 2008 of South
Africa. The JSE Listings Requirements require interim 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 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 these financial statements are in terms of IFRS and are consistent with those applied
in the previous consolidated annual financial statements.
The condensed unaudited consolidated financial statements were compiled by Dries Ferreira CA(SA), the Company's financial
director.
The directors are not aware of any matters or circumstances arising subsequent to the period-end that require any additional
disclosure or adjustment to the financial statements.
The directors take full responsibility for the preparation of this interim condensed report. These condensed unaudited consolidated
interim financial statements have not been reviewed by the Company's auditors.
2. SEGMENTAL ANALYSIS
Segmental information
At 31 August 2018, the Group is organised into three main operating segments:
- Mixed use (mainly office and retail)
- Office
- Industrial
The executive committee ("EXCO") is the chief operating decision maker of the group. The information contained in the segment
analysis is measured in a manner consistent with the information disclosed in the statement of comprehensive income and the
statement of financial position.
31 August 2018 (unaudited) Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Revenue 23 348 28 246 15 380 - 66 974
Property operating expenses (9 293) - (1 513) - (10 806)
Administrative expenses - - - (2 932) (2 932)
Net change in fair value of financial - - - 9 416 9 416
instruments at fair value through profit or
loss
Operating profit 14 055 28 246 13 867 6 484 62 652
31 August 2017 (unaudited) Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Revenue 27 443 28 235 15 408 - 71 086
Property operating expenses (10 461) - (1 590) - (12 051)
Administrative expenses - - - (2 944) (2 944)
Net change in fair value of financial - - - (9 645) (9 645)
instruments at fair value through profit or
loss
Operating profit 16 981 28 235 13 818 (12 589) 46 446
28 February 2018 (audited) Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Revenue 49 108 56 568 30 773 - 136 450
Property operating expenses (23 286) - (3 285) - (26 571)
Administrative expenses - - - (6 177) (6 177)
Fair value adjustments (24 464) 42 548 7 299 (7 972) 17 411
Operating profit 1 358 99 116 34 788 (14 149) 121 113
The amounts provided to the EXCO with respect to total assets are measured in a manner consistent with that in the statement of
financial position. These assets are allocated based on the operations of the segment.
31 August 2018 (unaudited) Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Investment property 464 601 574 152 222 867 - 1 261 620
Straight-line lease asset 2 039 82 072 23 930 - 108 041
Lease incentive - 18 526 - - 18 526
Trade & other receivables 8 699 - 5 - 8 704
Cash & cash equivalents - - - 7 618 7 618
475 339 674 750 246 802 7 618 1 404 509
31 August 2017 (unaudited) Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Investment property 488 637 531 603 215 167 - 1 235 407
Straight-line lease asset 3 465 73 920 19 275 - 96 660
Lease incentive - 21 173 - - 21 172
Trade & other receivables 7 705 - 50 - 7 755
Cash & cash equivalents - - - 49 723 49 723
499 807 626 696 234 491 49 723 1 410 717
28 February 2018 (audited) Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Investment property 464 748 574 151 222 867 - 1 261 766
Straight-line asset 252 77 999 21 733 - 99 984
Lease incentive - 19 850 - - 19 850
Trade and other receivables 6 182 - - - 6 182
Receiver of revenue - - 2 273 - 2 273
Cash and cash equivalents - - - 1 720 1 720
471 182 672 000 246 873 1 720 1 391 775
The amounts provided to EXCO with respect to total liabilities are measured in a manner consistent with that in the statement of
financial position. These liabilities are allocated based on the operations of the segment.
31 August 2018 (unaudited) Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Bank borrowings - - - 454 000 454 000
Derivative financial instruments - - - 1 634 1 634
Trade and other payables 3 819 8 629 - 17 547 29 995
3 819 8 629 - 473 181 485 629
31 August 2017 (unaudited) Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Bank borrowings - - - 500 000 500 000
Derivative financial instruments - - - 12 723 12 723
Trade and other payables 4 299 16 265 331 1 788 22 684
4 299 16 265 331 514 511 535 407
28 February 2018 (audited) Mixed use Office Industrial General Total
(R'000) (R'000) (R'000) (R'000) (R'000)
Bank borrowings - - - 453 400 453 400
Derivative financial instruments - - - 11 050 11 050
Trade and other payables 3 398 19 206 19 774 23 397
3 398 19 206 19 465 224 487 847
Distributable income Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
31 August 31 August 28 February
2018 2017 2018
(R'000) (R'000) (R'000)
Headline earnings (refer note 4) 41 098 24 518 54 403
Adjusted for:
Change in fair value of investment property as a (8 057) (8 902) (12 226)
result of amortisation of straight-line lease asset and
tax thereof
Change in fair value of investment property as a 1 323 1 323 2 647
result of amortisation of lease incentive and tax
thereof
Fair value adjustment of financial derivative (9 416) 9 645 7 972
instruments and the tax thereof
Deferred tax and other non-cash movements - 66 -
24 949 26 650 52 796
Actual number of ordinary shares in issue ('000) 100 000 100 000 100 000
Reconciliation to dividend per share:
Distributable income per share (cents per share) 24,95 26,65 52,80
- Interim dividend per share 24,95 26,65 26,65
- Final dividend per share n/a n/a 26,15
3. Investment properties
For the six months under review the property value includes movement consisting of the increase in straight lining of the lease
assets and the decrease in lease incentives, as well as additions and depreciation relating to furniture and fittings.
Unaudited Audited
31 August 2018 28 February 2018
(R'000) (R'000)
Cost/ Accumulated Carrying Cost/ Accumulated Carrying
Valuation depreciation value Valuation depreciation value
Investment property 1 259 518 - 1 259 518 1 259 518 - 1 259 518
Furniture and fittings 3 947 (1 845) 2 102 3 911 (1 663) 2 248
Total 1 263 465 (1 845) 1 261 620 1 263 429 (1 663) 1 261 766
Reconciliation of investment properties - 31 August 2018
Opening balance Additions Fair value Depreciation Closing
adjustments balance
Investment property 1 259 518 - - - 1 259 518
Furniture and fittings 2 249 36 - (182) 2 102
Total 1 261 766 36 - (182) 1 261 620
Reconciliation of investment properties - 28 February 2018
Opening balance Additions Fair value Depreciation Closing
adjustments balance
Investment property 1 231 629 2 505 25 383 - 1 259 518
Furniture and fittings 2 617 72 - (440) 2 248
Total 1 234 246 2 578 25 383 (440) 1 261 766
A register containing the information required by Regulation 25(3) of the Companies Regulations, 2011 is available for inspection at
the registered office of the Company.
31 August 28 February
2018 2018
(R'000) (R'000)
JSE Building
-Purchase price 18 070 18 070
-Fair value adjustment 556 081 556 081
-Straight-line of lease asset 82 072 77 999
-Lease-incentive 18 526 19 850
674 750 672 000
24 Central
Portion 20 of Erf 7 Sandton Township, registration division IR, Province of Gauteng
-Purchase price 238 000 238 000
-Fair value adjustment 221 274 221 274
-Straight-line of lease asset 2 039 252
-Net capitalised expenditure 5 327 5 474
466 640 465 000
Linbro Park
Portion 3 of Erf 9 Frankenwald Ext3 Johannesburg, South Africa
-Purchase price 127 858 127 858
-Fair value adjustment 4 562 4 562
-Straight-line of lease asset 19 525 18 482
-Net capitalised expenditure 698 698
152 643 151 600
Crown Mines
Erven 1 and 2 Crown City Extension 1
-Purchase price 85 044 85 044
-Fair value adjustment 4 705 4 705
-Straight-line of lease asset 4 405 3 251
94 155 93 000
31 August 28 February
2018 2018
(R'000) (R'000)
Fair value of investment property for accounting purposes
Opening fair value of property assets 1 381 600 1 344 500
Gross fair value adjustment on investment property - 25 383
Additions to furniture and fittings 36 2 578
Depreciation (182) (440)
Straight-line lease asset and lease incentive movement 6 733 9 579
Property valuation 1 388 187 1 381 600
Less: straight-line lease income adjustment (108 041) (99 984)
Less: lease incentive receivable (18 526) (19 850)
Closing carrying value of property assets 1 261 620 1 261 766
Securities
Mortgage bonds at a nominal value of R500 000 000 (February 2018: R500 000 000) have been registered over investment
properties with a fair value of R1 261 620 048 (February 2018: R1 261 766 278) as security for interest bearing liabilities.
Details of valuation
The properties were last valued on 28 February 2018 using the discounted cash flow of future income streams method. The
valuations of the properties were performed by a registered valuer, Peter Parfitt of Quadrant Properties Proprietary Limited, who is
a registered valuer in terms of section 19 of the Property Valuers Professional Act, No 47 of 2000.
Refer to the annual financial statements as at 28 February 2018 for the details relating to the year-end valuation.
4. Earnings per share
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
31 August 31 August 28 February
Basic earnings per share 2018 2017 2018
Profit attributable to shareholders (R'000) 41 098 24 518 79 786
Weighted average number of ordinary shares in issue 100 000 100 000 100 000
('000)
Basic earnings per share (cents per share) 41,10 24,52 79,79
Diluted earnings per share
There are no dilutive instruments in issue 79 786
Profit attributable to shareholders (R'000) 41 098 24 518
Weighted average number of ordinary shares in issue 100 000 100 000 100 000
('000)
Basic diluted earnings per share (cents per share) 41,10 24,52 79,79
Headline earnings per share
Profit attributable to shareholders (R'000) 41 098 24 518 79 786
Adjusted for:
Change in fair value of investment property and tax - - (25 383)
thereof (R'000)
41 098 24 518 54 403
Weighted average number of ordinary shares in issue 100 000 100 000 100 000
('000)
Headline earnings per share (cents per share) 41,10 24,52 54,40
5. Payment of interim dividend
The board has approved and notice is hereby given of the interim gross dividend of 24.94859 cents per share for the six months
ended 31 August 2018.
The dividend is payable to Newpark's shareholders in accordance with the timetable set out below: 2018
Last date to trade cum dividend: Tuesday, 30 October
Shares trade ex dividend: Wednesday, 31 October
Record date: Friday, 2 November
Payment date: Monday, 5 November
Share certificates may not be dematerialised or rematerialised between Wednesday, 31 October 2018 and Friday, 2 November
2018, both days inclusive.
The dividend will be transferred to dematerialised shareholders' CSDP accounts/broker accounts on Monday, 5 November 2018.
Certificated shareholders' dividend payments will be paid to certificated shareholders' bank accounts on or about Monday,
5 November 2018.
In accordance with Newpark'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 dividend will be deemed
to be a dividend for South African tax purposes, in terms of section 25BB of the Income Tax Act.
The dividend 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 paragraph (aa) of
section 10(1)(k)(i) of the Income Tax Act) because it is a dividend distributed by a REIT. This dividend is, however, exempt from
dividend withholding tax in the hands of South African tax resident shareholders, provided that the South African resident
shareholders submitted the following forms to their 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) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the Company, as the case may be, should the circumstances affecting
the exemption change or the beneficial owner cease to be the beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service. Shareholders are advised to contact their
CSDP, broker or the Company, as the case may be, to arrange for the abovementioned documents to be submitted prior to payment
of the dividend, if such documents have not already been submitted.
Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as an ordinary dividend
which is exempt from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act. Any
dividends received by a non-resident from a REIT will be subject to dividend withholding 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 shareholders. Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-
resident shareholders is 19.95887 cents per share. A reduced dividend withholding rate in terms of the applicable DTA, may only be
relied upon if the non-resident shareholder, has submitted 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) a declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
b) a written undertaking to inform their 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 for the South African Revenue Service. Non-resident shareholders are advised to
contact their CSDP, broker or the Company, as the case may be, to arrange for the abovementioned documents to be submitted
prior to payment of the dividend if such documents have not already been submitted, if applicable.
Shares in issue at the date of declaration of dividend: 100,000,001
Newpark's income tax reference number: 9114003149.
6. Events after the reporting period
The directors are not aware of any material event which occurred after the reporting date and up to the date of this report.
7. Related parties
31 August 28 February
2018 2018
(R'000) (R'000)
Professional services - Capensis Real Estate (Pty) Ltd (SP Fifield is a director) 598 1 129
Professional services - WellCapital (Pty) Ltd (JAI Ferreira is a director) 237 448
By order of the board.
Simon Fifield Dries Ferreira
Chief Executive Officer Financial Director
Johannesburg
10 October 2018
DIRECTORS
G D Harlow (Chairman) **, S P Fifield (Chief Executive Officer), J A I Ferreira (Financial Director), B D van Wyk *, D T Hirschowitz*,
K M Ellerine*, H C Turner **, D I Sevel ** S Shaw-Taylor**
* Non-executive director ** Independent non-executive director
There were no changes to the board of directors during the period under review.
REGISTERED OFFICE WEBSITE
51 West Street, Houghton, Gauteng, 2198 www.newpark.co.za
P O Box 3178, Houghton, Gauteng, 2041
COMPANY SECRETARY TRANSFER SECRETARY
CIS Company Secretaries Proprietary Limited Computershare Investor Services Proprietary Limited
DESIGNATED ADVISOR
Java Capital
Date: 10/10/2018 08:01:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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