Wrap Text
Reviewed Provisional Results For The Year Ended 31 August 2018
REBOSIS PROPERTY FUND LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2010/003468/06)
JSE share codes:
REA ISIN: ZAE000240552
REB ISIN: ZAE000201687
Alpha code: REBI
(Approved as a REIT by the JSE)
("Rebosis" or the "Company" or the "Group")
REVIEWED PROVISIONAL RESULTS FOR THE YEAR ENDED 31 AUGUST
HIGHLIGHTS
DIVIDEND GROWTH - Rebosis A ordinary share ("REA Shares") 5,0% to 252.86 cents per share
DIVIDEND GROWTH - Rebosis ordinary share ("REB Shares") (27.7%) to 92,83 cents per share
NET INCOME FROM PROPERTIES GROWTH 4.7% year-on-year
VACANCIES 5.5% from 4% at year-end
REB SHARES TRADING AT DISCOUNT TO NAV 37% discount
OUR PORTFOLIO KEY INDICATORS AT 31 August 2018
RETAIL
* 6 high quality dominant malls
* Baywest, Hemingways, Forest Hill, Mdantsane, Sunnypark and Bloed Street
* Strong national tenant profile
* Weighted average lease expiry of 3,8 years
* Average contractual escalation of 6,9%
* Vacancies 1.8%
Number of properties 6
Portfolio valuation R’000 8 080 000
Gross lettable area - m2 326 008
Value per m2 - R 24 785
OFFICE
* 42 predominantly A and B grade well-located properties in nodes attractive to government tenants
* Let primarily to National Department of Public Works
* Weighted average lease expiry of 1,4 years
* Average contractual escalation of 7,2%
* Shielded from private sector related default (insolvency and cash flow)
* Vacancies 7,7%
Number of properties 42
Portfolio valuation R’000 9 820 000
Gross lettable area - m2 560 113
Value per m2 - R 17 496
INDUSTRIAL
* Single tenanted industrial warehouse
* Weighted average lease expiry of 7,3 years
* Lease underpinned by international listed blue chip parent company
* Average contractual escalation of 7,0%
* No vacancy
Number of properties 1
Portfolio valuation R’000 185 000
Gross lettable area - m2 18 954
Value per m2 - R 9 760
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Group Company
Reviewed for Audited for Reviewed for Audited for
the year ended the year ended the year ended the year ended
31 August 2018 31 August 2017 31 August 2018 31 August 2017
R’000 R’000 R’000 R’000
Revenue 2 261 439 1 883 818 1 248 500 1 335 175
Investment property income 2 087 179 1 949 509 1 094 621 1 074 596
Net income from facilities management 22 488 21 951 22 104 21 951
Management fees received 4 668 5 416 20 888 17 393
Listed property securities and related income 62 348 - 65 491 288 075
Straight-line rental income accrual 84 756 (93 058) 45 396 (66 840)
Property expenses (539 006) (416 276) (222 442) (208 141)
Net property income 1 722 433 1 467 542 1 026 058 1 127 034
Other operating expenses (127 428) (142 457) (119 120) (127 497)
Operating income 1 595 004 1 325 085 906 938 999 537
Net interest (755 278) (758 101) (357 995) (331 901)
Received 147 674 87 042 133 050 79 646
Paid (902 952) (845 143) (491 045) (411 547)
Net operating income 839 726 566 984 548 943 667 636
Gain on bargain purchase - 237 121 - -
Other income 4 621 37 444 - 20 529
Changes in fair values (1 768 329) 1 170 737 (3 242 670) (149 663)
Investment property (1 013 622) 1 269 631 (135 404) 649 728
Investment in subsidiaries - - (2 996 901) (727 024)
Investment in listed securities (484 949) - - -
Goodwill impairment (177 081) - - -
Derivatives (92 677) (98 894) (110 366) (72 367)
Loss on disposal - investment in listed securities - (26 705) - (26 705)
Total (loss)/profit from continuing operations (923 981) 1 985 581 (2 693 727) 511 797
Net results from discontinued operations - 651 853 - -
Total (loss)/profit for the year (923 981) 2 637 434 (2 693 727) 511 797
Other comprehensive income
Items that may be recycled to profit and loss
Foreign currency translation reserve - 73 805 - -
Total comprehensive (loss)/income (923 981) 2 711 239 (2 693 727) 511 797
Total profit attributable to:
Owners of the parent (923 981) 2 521 749 (2 693 727) 511 797
Non-controlling interests - 115 685 - -
(Loss)/profit for the year (923 981) 2 637 434 (2 693 727) 511 797
Total comprehensive income attributable to:
Owners of the parent (923 981) 2 810 955 (2 693 727) 511 797
Non-controlling interests - (99 716) - -
Total comprehensive (loss)/income for the year (923 981) 2 711 239 (2 693 727) 511 797
Basic and diluted earnings per REA Shares (cents) 252.86 681.42
Basic and diluted (loss)/earnings
per REB Share (cents) (163.75) 392.91
STATEMENT OF FINANCIAL POSITION
Group Company
Reviewed for Audited for Reviewed for Audited for
the year ended the year ended the year ended the year ended
31 August 2018 31 August 2017 31 August 2018 31 August 2017
R’000 R’000 R’000 R’000
ASSETS
Non-current assets 19 620 369 21 617 102 14 591 806 16 922 596
Investment property 16 682 000 18 608 490 9 481 000 9 389 990
Fair value of property portfolio 16 266 788 18 275 621 9 286 835 9 240 404
Straight-line rental income accrual 415 212 332 869 194 164 149 586
Investment in subsidiaries - - 2 624 958 4 905 841
Investment in listed securities - - 1 319 038 1 412 505
Loans to group companies 992 774 1 044 979 - -
Loans to related companies 180 472 70 699 - 70 699
Other financial assets 1 246 995 1 150 247 1 058 749 989 794
Goodwill 499 331 676 412 95 703 95 703
Derivative instruments 10 201 60 540 6 519 57 210
Property, plant and equipment 8 595 5 735 5 839 854
Current assets 763 636 816 263 543 333 276 441
Short term portion of other financial assets 132 311 286 013 132 311 -
Short-term portion of derivatives 5 826 49 131 5 826 49 131
Trade and other receivables 445 556 376 479 247 752 192 032
Cash and cash equivalents 179 943 104 640 157 444 35 278
Investment property held for sale 1 403 000 212 689 - -
Total assets 21 787 005 22 646 054 15 135 138 17 199 037
EQUITY AND LIABILITIES
Equity 10 461 730 11 847 850 7 961 194 11 120 208
Stated capital 9 015 068 8 464 527 9 040 201 8 489 660
Reserves/(accumulated losses) 1 446 662 3 383 323 (1 079 007) 2 630 548
Non-current liabilities 4 926 244 5 293 967 1 818 944 2 056 325
Interest-bearing borrowings 4 899 095 4 973 983 1 404 398 1 877 160
Deferred payment liability - 228 542 - 115 365
Derivative instruments 27 150 91 442 16 915 63 800
Loan to group company - - 397 631 -
Current liabilities 6 399 030 5 504 237 5 355 000 4 022 504
Short-term portion of interest-bearing borrowings 5 856 984 4 858 196 4 954 186 3 590 476
Short-term portion of derivatives 65 311 2 057 65 311 2 057
Short-term portion of deferred payment liability 124 936 350 000 141 047 350 000
Trade and other payables 351 799 293 984 194 457 79 971
Total equity and liabilities 21 787 005 22 646 054 15 135 138 17 199 037
Number of A ordinary shares in issue 63 266 012 63 266 012 63 266 012 63 266 012
Number of ordinary shares in issue 699 253 200 642 316 328 699 253 200 642 316 328
Treasury shares (2 408 326) (2 408 326) (2 408 326) (2 408 326)
Ordinary shares less treasury shares 696 844 874 639 908 002 696 844 874 639 908 002
Net asset value per A-ordinary share (R) 22.75 24.50 22.75 24.50
Net asset value per ordinary share (R) 14.94 18.42 11.36 17.29
Gearing % 57.9% 50.4% 46.5% 34.6%
Loan to value (%) 51.6% 45.5% 58.9% 31.8%
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 10 576 136 9 727 539
Interest bearing borrowings (excluding derivatives) 10 756 079 9 832 179
Less: cash and cash equivalents (179 943) (104 640)
Property assets 20 505 241 21 087 104
Investment property 16 682 000 18 608 490
Listed REIT securities 992 774 1 044 979
Investment property held for sale 1 403 000 212 689
Loans receivable 1 246 995 1 150 247
Loans to related companies 180 472 70 699
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Foreign
currency Non-
Stated Retained translation controlling
capital income reserve Total interests Total
Group R’000 R’000 R’000 R’000 R’000 R’000
Balance at 31 August 2016 5 590 410 2 179 568 (73 805) 7 696 173 1 766 110 9 462 284
Issue of REB shares 2 874 617 2 874 617 2 874 617
Change in control of subsidiaries (512 053) (512 053) (1 470 823) (1 982 876)
Treasury shares (held by subsidiary) (500) (500) (500)
Dividend paid (805 941) (805 941) (195 571) (1 001 513)
Total comprehensive income for the year 2 521 749 73 805 2 595 554 (99 716) 2 495 838
Profit for the year 2 521 749 2 521 749 115 685 2 637 434
Other comprehensive income
Foreign currency translation reserve 73 805 73 805 (215 401) (141 596)
Balance at 31 August 2017 8 464 527 3 383 323 - 11 847 850 - 11 847 850
Issue of REB shares 550 541 550 541 550 541
Dividend paid (1 012 679) (1 012 679) (1 012 679)
Total comprehensive loss for the year (923 891) (923 891) (923 891)
Loss for the year (923 891) (923 891) (923 891)
Balance at 31 August 2018 9 015 068 1 314 352 - 10 461 732 - 10 461 732
Stated Retained
capital income Total
Company R’000 R’000 R’000
Balance at 31 August 2016 5 615 055 2 924 693 8 539 748
Issue of REB shares 2 874 605 2 874 605
Dividend paid (805 941) (806 976)
Total comprehensive income for the year 511 796 511 796
Balance at 31 August 2017 8 489 660 2 630 548 11 120 208
Issue of REB shares 550 541 550 541
Dividend paid (1 015 828) (1 015 828)
Total comprehensive loss for the year (2 693 727) (2 693 727)
Balance at 31 August 2018 9 040 201 (1 079 007) 7 961 193
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW
Group Company
Reviewed for Audited for Reviewed for Audited for
the year ended the year ended the year ended the year ended
31 August 2018 31 August 2017 31 August 2018 31 August 2017
R’000 R’000 R’000 R’000
Net cash generated from operating activities 546 929 762 441 377 628 368 951
Cash generated from operations 1 340 249 1 596 152 756 610 746 691
Taxation received - 3 693 - -
Finance income 47 284 - 46 572 -
Finance costs (902 952) (837 404) (491 045) (323 619)
Dividends received 62 348 - 65 491 -
Net cash utilised in investing activities (216 638) (157 353) (375 914) (1 805 724)
Capital expenditure, tenant installations
and lease commissions (305 386) (187 018) (181 018) (108 981)
Acquisition of businesses, net of cash acquired - 9 664 - (1 450 120)
(Acquisition)/disposal of listed
securities and investments (289 933) 20 701 - 113 303
Inflow from other financial assets 381 436 - 98 414 -
Loans repaid/advanced to by related company (109 773) - (286 532) -
Proceeds from disposal of investment property 112 689 - - -
Acquisition of property, plant and equipment (5 671) (700) (6 778) (700)
Net cash (utilised in)/generated from
financing activities (254 988) (627 705) 120 452 1 912 275
Proceeds from issue of REB shares 121 102 829 423 121 101 1 198 296
Proceeds/(repayments) in financial liabilities 939 239 (455 606) 902 457 713 979
(Decrease)/Increase in deferred payment liablity (302 580) - 112 722 -
Derivative instruments (71) - - -
Dividend (paid) (1 021 879) (1 001 523) (1 015 828) (571 582)
Net movement in cash and cash equivalents 75 303 (22 617) 122 166 (96 080)
Effect of translation - (101 820) - -
Cash and cash equivalents at the beginning of the year 104 642 229 078 35 278 131 358
Cash and cash equivalents at the end of the year 179 943 104 640 157 444 35 278
COMMENTARY
INTRODUCTION
Rebosis is a JSE listed real estate investment trust ("REIT") with a high quality diversified portfolio of commercial and retail assets. The majority
of the 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 center’s set to dominate in their nodes in Port Elizabeth (Baywest Mall) and Centurion (Forest Hill City).
FINANCIAL RESULTS
Rebosis has declared a dividend of 252,86 cents per A ordinary share and 92,83 cents per ordinary share for the year ended 31 August 2018. This
amounts to an 5,0% year-on-year growth for the A ordinary share and a 27,7 % year-on-year negative growth for the ordinary share.
The portfolio was revalued by independent valuers, LDM Valuation Solutions for both the commercial and industrial portfolios and Mills Fitchet for
retail. The value in the underlying portfolio declined by 3.9 % to R18,09bn. The like-for-like growth in the underlying retail portfolio amounted to
4.6% (excluding the net income warranty) year-on-year, 5,1% for the commercial portfolio and 7,0% for the industrial asset.
Property expenses have increased year on year with an average net cost to income ratio increasing from 13.8% to 15.2%.
PROPERTY PORTFOLIO
The consolidated property portfolio of Rebosis is illustrated in the following graphs in terms of sectoral and geographical splits.
Our South African retail portfolio consists of six high-quality, dominant shopping malls with strong national anchor tenants delivering rental income
streams escalating at a weighted average of 6.9%. 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 a weighted average escalation of 7.2 %.
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 lease escalation at 7,0%.
The groups’ expiry profile by gross lettable area is as follows:
As at As at As at As at As at As at After
31 August 31 August 31 August 31 August 31 August 31 August 31 August
2018 Monthly 2018 Vacant 2019 2020 2021 2022 2022
Retail 9 % 6 % 15% 18% 9% 7% 36%
Office 16 % 8 % 22% 36% 7% 3% 8%
Industrial 0 % 0 % 0% 0% 0% 0% 100%
Total portfolio 13% 7 % 19% 29% 8% 4% 20%
FUNDING
At 31 August 2018, Rebosis’ borrowings increased to R10,7 billion as a result of the additional funding provided to New Frontier to acquire the
Dublin asset, the exercise of the Prescient put options to acquire additional shares in New Frontier, and additional loans advanced to New Frontier
for capital requirements. The weighted average cost of borrowings increased from 8,7% to 9,8% for the year ended 31 August 2018 - largely due to the
additional debt taken at higher interest rates. There are currently swap/fixed arrangements in place for 70,0% of the debt. During the year cross
currency swaps amounting to R333,3 million matured and R900 million new cross currency swaps were entered into.
The loan to value ratio has increased from 45,5% to 51,6% (Group) as a result of the additional funding and the simultaneous decrease in the value of
investment property. Post the disposal of the Boxwood transaction and the result decrease in asset and interest bearing borrowing, loan-to-value
ratio decreased to 49.4%.
Group
Reviewed for Audited for
the year ended the year ended
31 August 2018 31 August 2017
R’000 R’000
BASIC AND HEADLINE EARNINGS PER SHARE
Number of shares in issue at year end
Rebosis A ordinary Shares (REA) 63 266 012 63 266 012
Rebosis ordinary Shares (REB) 699 253 200 642 316 328
Weighted average number of shares
in issue used for the calculation of
earnings and headline earnings per share
Rebosis A ordinary Shares (REA) 63 266 012 22 730 376
Rebosis ordinary Shares (REB) 661 948 658 603 010 544
CONTINUING OPERATIONS
(Loss)/profit attributable to ordinary
equity holders of the parent entity (923 981) 2 081 813
Adjusted for:
Change in fair value of investment properties 1 013 632 (1 269 631)
Loss on disposal of securities - 26 705
Gain on bargain purchase - (237 121)
Headline (loss)/profit attributable to shareholders 89 641 601 766
Basic and diluted earnings per REA Shares (cents) 252,86 681,42
Basic and diluted (loss)/earnings
per REB Shares (cents) (163,75) 319,96
Basic and diluted headline earnings
per REA Shares (cents) 252,86 681,42
Basic and diluted headline (loss)/earnings
per REB Shares (cents) (10.63) 74,51
DISCONTINUING OPERATIONS
Profit attributable to ordinary equity
holders of the parent entity - 439 936
Adjusted for:
Change in fair value of investment properties - 115 576
Profit on loss of control - (608 864)
Headline profit/(loss) attributable to shareholders - (53 352)
Basic and diluted earnings per REB Shares (cents) - 72,96
Basic and diluted headline earnings/(loss)
per REB Shares (cents) - (8,85)
TOTAL OPERATIONS
(Loss)/profit attributable to ordinary equity
holders of the parent entity (923 981) 2 521 749
Adjusted for:
Change in fair value of investment properties 1 013 632 (1 154 055)
Loss on disposal of securities - (582 159)
Gain on bargain purchase - (237 121)
Headline profit/(loss) attributable
to shareholders 89 641 548 414
Basic and diluted earnings/(loss) per REA Shares (cents) 252,86 681,42
Basic and diluted earnings per REB Shares (cents) (163.75) 392,91
Basic and diluted earnings earnings
per REA Shares (cents) 252,86 681,42
Basic and diluted headline earnings/(loss)
per REB Shares (cents) (10.63) 65,68
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 exceeds 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
Admin and
corporate
Retail Office Industrial Total costs Total
For the year ended 31 August 2018 R’000 R’000 R’000 R’000 R’000 R’000
Property portfolio 972 797 1 208 703 18 791 2 194 423 4 668 2 199 091
Investment property income 900 339 1 169 563 17 277 2 087 179 - 2 087 179
Net income from facilities management - 22 488 - 22 488 - 22 488
Management fees received - - - - 4 668 4 668
Straight line rental income accrual 72 458 10 785 1 514 84 756 - 84 756
Property expenses (275 997) (262 515) (494) (539 006) - (539 006)
Net property income 696 800 940 321 18 297 1 655 417 4 668 1 660 085
Other operating expenses - - - - (127 428) (127 428)
Operating income 696 800 940 321 18 297 1 655 417 (122 760) 1 532 656
Net interest - - - - (755 278) (755 278)
Net operating income/(loss) 696 800 940 321 18 297 1 655 417 (878 039) 777 378
Other income - - - - 4 621 4 621
Changes in fair values (960 735) (60 373) 7 486 (1 013 632) (754 717) (1 768 339)
Listed property securities and related income - - - - 62 348 62 348
Segment profit/(loss) before taxation (263 935) 879 947 25 783 641 785 (1 565 786) (923 991)
Investment property 8 080 000 8 417 000 185 000 16 682 000 - 16 682 000
Investment property held for sale - 1 403 000 - 1 403 000 - 1 403 000
Other assets 104 259 130 668 - 234 927 3 346 770 3 702 005
Total assets 8 184 259 9 950 668 185 000 18 319 927 3 346 770 21 787 005
Total liabilities 66 453 61 801 - 128 254 11 197 020 11 325 274
Property portfolio
Admin and
corporate
Retail Office Industrial Total costs Total
For the year ended 31 August 2017 R’000 R’000 R’000 R’000 R’000 R’000
Property portfolio 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
- discontinued operations - - - - (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 3 503 222 3 824 874
Total assets 8 920 603 9 775 714 285 689 18 982 005 3 503 222 22 646 053
Total liabilities 258 839 376 194 9 154 644 187 9 509 830 10 798 204
DISTRIBUTABLE INCOME
Reviewed for Audited for
the year ended the year ended
31 August 2018 31 August 2017
R’000 R’000
Non-IFRS information
Reconciliation of profit before tax to distributable earnings:
Total segment profit/(loss) before taxation (as per above) (923 981) 1 985 581
Net results from discontinued operations - 651 853
Profit/(loss) for the year (923 981) 2 637 434
Less: Portion attributable to non-controlling interests - (115 685)
Adjusted for:
Changes in fair value 1 768 329 (1 170 737)
Rates rebate from council 21 609
Gain on bargain purchase - (237 121)
Straight line rental accrual (84 756) 93 058
Loss on sale of listed securities - 26 705
Amortisation of structuring fees 15 342 12 701
Corporate transaction costs 3 549 40 826
Antecedent interest 23 558 55 388
Profit on sale of asset - 40 871
Dividend income distributed in previous periods (33 183) -
Anticipated distribution from listed REIT subsidiaries - 114 547
Consolidation adjustments between group entities: - (524 327)
Distributable earnings attributable to
shareholders/owners of the parent 790 446 973 659
Less: dividends paid in first 6 months
Dividend REA Shares (79 987) (76 178)
Dividend REB Shares (424 197) (389 085)
Distributable income available for distribution at year end 286 803 508 396
Dividend per REA Share (cents) 252.86 240.82
Dividend per REB Share (cents) 92.83 128.35
Year-on-year distribution growth REA Shares (%) 5.0% 5.0%
Year-on-year distribution growth REB Shares (%) (27.7)% 7.4%
SIGNIFICANT RELATED PARTY TRANSACTIONS
In terms of International Financial Reporting Standards, parties are considered related if one party has the ability to exercise control or
significant influence over the party making financial or operational decisions. Related parties with whom the group transacted with during the period
were:
RELATED PARTY TRANSACTIONS AND BALANCES
Reviewed for Audited for
the year ended the year ended
31 August 2018 31 August 2017
R’000 R’000
RELATED PARTY TRANSACTIONS
Mthatha Mall Proprietary Limited
Asset management fees received 4 668 5 416
Billion Group Proprietary Limited
Rental warranty income 88 491 85 631
RELATED PARTY BALANCES
Billion Group Proprietary Limited
Deferred purchase consideration payable 4 010 155 529
Abacus Holdings Proprietary Limited
Deferred purchase consideration payable 70 000 145 000
PAYMENT OF DIVIDEND
Dividend number 4 of 126.43 cents per REA Shares and dividend number 16 of 29.60 cents per REB Shares for the year ended 31 August 2018 will be paid
to the shareholders in accordance with the abbreviated timetable set out below:
2018
Declaration and finalisation date Monday, 12 November
Last day to trade (cum dividend) Tuesday, 27 November
Securities trade (ex dividend) Wednesday, 28 November
Record date Friday, 30 November
Payment date Monday, 3 December
Share certificates may not be dematerialised or rematerialised between Wednesday, 28 November 2018 and Friday, 30 November 2018, both days inclusive.
The dividend will be transferred to dematerialised shareholders’ CSDP/broker accounts on Monday, 3 December 2018. Certificated shareholders’ dividend
payments will be posted on or paid to certificated shareholders’ bank accounts on or about, Monday, 3 December 2018.
An announcement informing shareholders of the tax treatment of the dividends will be released separately on SENS.
BASIS OF PREPARATION
The results for the year ended 31 August 2018 have been reviewed by the company’s independent auditors, Grant Thornton Johannesburg Partnership.
These results have been prepared in accordance with International Financial Reporting Standards (IFRS), IAS 34, Interim Financial Reporting, the
SAICA Financial Reporting Guides as issued by the Accounting Practices Committee and Financial Reporting Pronouncements as issued by the Financial
Reporting Standards Council, JSE Listings Requirements and the requirements of the Companies Act of South Africa. The report of the auditors is
available for inspection at the company’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.
All amendments to standards that are applicable to Rebosis for its financial year beginning 1 September 2017 have been considered. Based on
management’s assessment, the amendments do not have a material impact on the group’s condensed consolidated financial statements.
The accounting policies are consistent with those applied in the previous consolidated annual financial statements accept for investments in
subsidiaries which will now be carried at cost. These financial results have been prepared under the supervision of the Chief Financial Officer, M de
Lange, CA(SA).
Other than the information contained in the updated trading statement published on SENS on 9 November 2018, the directors are not aware of any
matters or circumstances arising subsequent to 31 August 2018 that require any additional disclosure or adjustment to the financial statements, other
than as disclosed in this announcement.
CHANGE OF DIRECTORATE
On 18 April 2018, Mr. A Mazwai resigned as the Chief Executive Officer of the company and Dr. SM Ngebulana was re-appointed as the Chief Executive
Officer of the company.
Mr. RP Becker was appointed as executive director and Chief Investment Officer on 1 August 2018. Rob is a Chartered Accountant and MBA and is an
experienced executive having served as Chief Financial Officer of Sun International Limited, Nampak Limited and Robersons Holdings.
Mrs M de Lange has resigned from the board as Chief Financial Officer of the company with effect from 30 November 2018 and will hand over her
responsibilities and leave the fund on 14 December 2018.
Mrs I King has been appointed as the Chief Financial Officer of the company and an executive director from 1 December 2018. Isabeau is a Chartered
Accountant and Chartered Management Accountant and has served as Chief Financial Officer of Barlows Equipment and Accor Hotel Group, and served in a
senior financial postion at Sun International Limited.
PROSPECTS
Rebosis has made good progress in its strategy to be a retail focused company and is well advanced with the commercial property disposal program. The
company will continue to focus on operational efficiencies, and particularly in filling vacancies at our key retail centers. While the commercial
portfolio is defensive in nature, management is focused on the disposal program to achieve a loan-to-value ratio of less than 40%. Our portfolio’s
average escalation is 7%, however growth in distribution for the year ahead will be dependent on improved economic conditions in the retail sector.
By order of the Board
12 November 2018
CORPORATE INFORMATION
Ordinary A share code: REA and ISIN: ZAE000240552
Ordinary B share code: REB and ISIN: ZAE000201687
Alpha code: REBI
JSE sector: Real Estate -
Real Estate holdings and development
Listing date: 17 May 2011
Number of shares in issue:
REA shares: 63 266 012 (2017: Nil)
REB shares: 673 289 779 (2017: 642 316 328)
Company registration number: 2010/003468/06
Country of incorporation: South Africa
Website: www.rebosis.co.za
DIRECTORS
ATM Mokgokong*"# (Chairperson)
SM Ngebulana (CEO and Executive Deputy Chairman)
RP Becker (Chief Investment Officer)
M de Lange (CFO)
Z Kogo
WJ Odendaal*#
NV Qangule*#
TSM Seopa*#
M Mdlolo*#
F Froneman*#
*Non-executive # Independent
REGISTERED OFFICE AND COMPANY SECRETARY
2nd Floor, Roland Garros Building, The Campus, Corner Sloane and Main streets, Bryanston, 2191
Private Bag x21 Bryanston 2021 Tel: 011 575 4835
BANKERS
First National Bank (a division of FirstRand Bank Limited)
6th Floor, First Place
Corner Simmonds and Pritchard Streets
Johannesburg
2001
(PO Box 1153, Johannesburg, 2000)
INDEPENDENT AUDITORS
Grant Thornton Johannesburg Partnership
Chartered Accountants (SA)
Registered Auditors
Wanderers Office Park
52 Corlett Drive
Johannesburg
2196
(Private Bag X10046, Sandton, 2146)
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited
Rosebank Towers,
15 Biermann Avenue,
Rosebank, 2196
(PO Box 61051, Marshalltown, 2107)
SPONSOR
Nedbank Corporate and Investment Banking
LEGAL ADVISERS
Bowman Gilfillan
165 West Street
Sandton, 2146
(PO Box 785812, Sandton 2146)
Cliffe Dekker Hofmeyer Inc.
11 Buitengracht Street
Cape Town,
8001
(PO Box 695, Cape Town, 8000)
Related QUERIES
Mr RP Becker CIO
robb@rebosis.co.za
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