DIPULA INCOME FUND LIMITED - Change statement, posting notice of annual general meeting and update on B-BBEE compliance report

Release Date: 20/12/2018 16:15
Code(s): DIA DIB
 
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Change statement, posting notice of annual general meeting and update on B-BBEE compliance report

DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA    ISIN: ZAE000203378
JSE share code: DIB    ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the company")


CHANGE STATEMENT, POSTING NOTICE OF ANNUAL GENERAL MEETING AND UPDATE ON BROAD-BASED BLACK ECONOMIC EMPOWERMENT 
COMPLIANCE REPORT


Shareholders are advised that Dipula's integrated annual report, incorporating the audited annual financial statements
for the year ended 31 August 2018, (on which the company's auditors expressed an unmodified audit opinion) is
available on the company's website http://www.dipula.co.za/wp-content/uploads/2018/12/Dipula-IAR-2018_WEB-
FA.pdf.

The audited financial statements contain changes from the reviewed provisional condensed consolidated financial
results for the year ended 31 August 2018.

Cash flow statement

In the cash flow statement, cash raised through the issue of shares to non-controlling interests was reallocated from
"cash flows from investing activities" to "cash flows from financing activities".

The table below contains the cash flow statement from the reviewed provisional condensed consolidated financial results 
for the year ended 31 August 2018, together with the audited cash flow statement for the year ended 31 August 2018:

                                                               Reviewed Results for the
                                                                 year ended 31 August          Audited Results for the
                                                                                  2018     year ended 31 August 2018
Consolidated Statement of Cash flows                                            R'000                          R'000
Cash flows from operating activities
Cash generated from operations                                                  713 649                       713 649
Net finance cost                                                              (237 337)                     (237 337)
Dividends paid                                                                (491 103)                     (491 103)
Net cash (utilised in)/generated from operating activities                     (14 791)                      (14 791)
Cash flows from investing activities
Acquisition of investment properties and capital
expenditure                                                                 (1 982 997)                   (1 982 997)
Acquisition of business combination                                            (47 382)                      (47 382)
Contribution by/(acquisition of) non-controlling interests                      151 549                            -
Net acquisition of property, plant and equipment                                (3 344)                       (3 344)
Proceeds on disposal of investment properties                                   201 416                       201 416
Repayment of loans advanced                                                      89 936                        89 936
Net Cash utilised in investment activities                                  (1 590 822)                   (1 742 371)
Cash flows from financing activities
Issue of shares net of share issue expenses                                     796 471                       796 471
Shares issued to non-controlling interests                                            -                       151 549
Non-interest-bearing liabilities raised                                          51 124                        51 124
Interest-bearing liabilities raised/(repaid)                                    696 808                       696 808
Net cash generated from financing actives                                     1 544 403                     1 695 952
Net decrease in cash and cash equivalents                                      (61 210)                      (61 210)
Cash and cash equivalents at the beginning of the year                          130 226                       130 226
Cash and cash equivalents at the end of the year                                 69 016                        69 016
                                                                                                                       
Headline earnings reconciliation:

The change in headline earnings calculation is due to the amortisation of the intangible assets of R37.5 million which
was incorrectly included in the headline earnings reconciliation.

Reconciliation between profit, earnings and headline            
earnings                                                        Reviewed Results for the       Audited Results for the
                                                               year ended 31 August 2018     year ended 31 August 2018
                                                                                  R'000                          R'000

Earnings                                                                        471 540                        471 540
Adjustments:                                                                     96 595                         59 095
Amortisation of intangible asset/goodwill impaired                               50 827                         13 327
Non-controlling interest portion of fair value adjustment                         4 247                          42 47
Fair value – Investment properties and held for sale                             16 507                         16 507
Fair value- Straight-line rental income                                          25 014                         25 014
Headline earnings                                                               568 135                        530 635
Total weighted average number of shares in issue                            529 282 638                    529 282 638
Weighted average number of A-shares in issue                                264 641 319                    264 641 319
Weighted average number of B-shares in issue                                264 641 319                    264 641 319
Headline earnings per A-share (cents)                                            119.39                         111.51
Headline earnings per B-share (cents)                                            119.39                         111.51

Shareholders are further advised that the integrated annual report containing a notice of annual general meeting and the
relevant supporting documentation was dispatched to shareholders today, 20 December 2018. The annual general meeting of 
shareholders of Dipula will be held at Dipula's offices at 12th Floor, Firestation Rosebank, 16 Baker Street, Rosebank, 
on Tuesday, 5 February 2019 at 9h00.

The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday,
22 January 2019 and the record date for voting purposes is Friday, 25 January 2019.

Shareholders are advised that the company's Broad-Based Black Economic Empowerment annual compliance report for the year 
ended 31 August 2018 is currently being verified and a further announcement in respect of the publication thereof will be 
released in due course.


20 December 2018

Sponsor
Java Capital

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