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VUKILE PROPERTY FUND LIMITED - Summarised consolidated results for the year ended 31 March 2019 and change to the board of directors

Release Date: 29/05/2019 08:02
Code(s): VKE VKE07 VKE09 VKE10 VKE11 VKE13 VKE14 VKE12     PDF:  
 
Wrap Text
Summarised consolidated results for the year ended 31 March 2019 and change to the board of directors

Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE
ISIN: ZAE000056370
Debt company code: VKEI
NSX share code: VKN
(granted REIT status with the JSE)
(Vukile or the group or the company)

SUMMARISED CONSOLIDATED RESULTS
for the year ended 31 March 2019 and change to the board of directors

HIGHLIGHTS
Vukile is a high-quality, low-risk retail REIT in southern Africa with growing international exposure in Spain. 
The results show a strong operational focus with a core competence in active asset management.

7.5% increase in dividends in line with guidance to 181.48 cents per share

Strong balance sheet and capital market support 
- ICR of 6 times
- LTV reduced to 37% with 96% of debt hedged
- Corporate long-term credit rating upgraded to A+(ZA)
- Raised R2.6 billion in new equity during the year and R700 million in April 2019
- Raised R1.2 billion in corporate bonds

Significant presence in Spain 
- Investment properties increased to €916 million from €308 million following the acquisition of five 
  dominant shopping centres
- Positive benefits of diversification with a solid pipeline of opportunities

Value-add asset management from Castellana
- All retail parks acquired in June 2017 now fully let
- Like-for-like growth in gross rental income of 3.5%
- Reversions and new lettings at 11% above expiring rentals
- Successful redevelopment of Kinepolis Leisure Centre at a yield of 11%

Continuing solid operating performance in southern Africa
- Positive retail reversions at +4.5%
- Retail vacancies reduced to 3.0% with 87% tenant retention
- Like-for-like growth in net income of total portfolio of 3.4%
- Established Vukile Academy

COMMENTARY

1.  Nature of operations
    The group is a long-term investor in retail-focused property portfolios with strong contractual cash 
    flows managed for income growth, sustainability and capital appreciation.

2.  Summary of group financial performance
    The group's total assets amounted to R35.1 billion at 31 March 2019. The group's direct property 
    investments were valued at R30.5 billion at 31 March 2019 (March 2018: R19.2 billion), and are located 
    in South Africa, Namibia and Spain. The Spanish properties were valued at R14.9 billion (€916 million) 
    at year-end (March 2018: R4.5 billion (€308 million)).

    Additionally, Vukile held the following listed investments at year-end:
    - A 34.9% shareholding in an associate, Atlantic Leaf Properties Limited (Atlantic Leaf) with a carrying 
      value of R1.3 billion (March 2018: R1.2 billion). The net asset value of Atlantic Leaf at February 2019 
      amounted to £195 million (February 2018: £204.2 million);
    - A 26.9% shareholding in Fairvest Property Holdings Limited (Fairvest) valued at R568 million 
      (March 2018: R595 million); and
    - A 25.3% shareholding in Gemgrow Properties Limited (Gemgrow) valued at R729 million 
      (March 2018: R790 million).

    Ongoing improvements in financial and operating metrics
    The group is focused on generating dividends that are growing, sustainable, and predictable over the 
    long term. Key decisions and strategies are aligned to this long-term approach and the group will avoid 
    transactions which do not complement the longer-term strategies of the group.

    It is pleasing to report that the dividend for the six months ended 31 March 2019 increased by 7.5% to 
    103.37872 cents per share. Dividends for the full year rose by 7.5% to 181.48123 cents per share in line 
    with guidance.

    The group's net profit available for distribution was R1.7 billion for the year ended 31 March 2019, representing 
    an increase of 30% (March 2018: R1.3 billion).

    The proposed total dividend for the year comprises:
                                                                                                  %          Cents    
                                                                                     Rm       split      per share    
    First                                                                         701.5        41.5       78.10251    
    Second(1)                                                                     988.5        58.5      103.37872    
    Total                                                                       1 690.0       100.0      181.48123    
    (1) Based on shares in issue at 29 May 2019.                                                                      
                                                                                                                      
    Key financial measures                                                        March       March              %    
                                                                                   2019        2018         change    
    Dividend per share (cents)                                                   181.48      168.82            7.5    
    Earnings (Rm)                                                                 1 709       2 402          (28.9)   
    Net asset value per share (cents)                                             2 026       2 010            0.8    
    Loan to value ratio net of cash (%)(1)                                         37.2        28.2                   
    Gearing ratio (%)(2)                                                           37.0        29.6                   
    (1) Based on directors' valuations of the group's portfolio and the market value of equity investments at 
        31 March 2019 less cash (excluding cash held on deposit from tenants).
    (2) The gearing ratio is calculated by dividing total interest-bearing borrowings by total assets.

    Share price and liquidity
    Vukile's share price decreased by 8.6%, from R21.88 per share at 31 March 2018 to R20.00 per share at year-end. 
    Vukile's share price performed better than the SAPY index which declined by 12.2% over the same period.

    Vukile's market capitalisation at year-end amounted to R18.4 billion (March 2018: R17.2 billion).

    During the 12 months ended 31 March 2019, 344 million Vukile shares were traded, which equates to approximately 
    28.7 million shares per month. The total value of shares traded during the year amounted to R7 billion or 38% of 
    the company's market capitalisation at 31 March 2019 (March 2018: 41%), demonstrating the liquidity of Vukile's 
    shares in the market.

    Equity issuances
    Equity issuance and dividend reinvestments for the year amounted to R2.6 billion:
    - Vukile issued 86 715 812 shares under an accelerated bookbuild on 26 July 2018 at R18.66 per share, including 
      a specific issue to Encha Properties Equity Investments (Pty) Ltd (Encha) at R19.60 per share, raising R1.6 billion.
    - Shares issued under an election to reinvest cash dividends in return for shares were as follows:
      - 22 June 2018: 3 857 140 shares at R20.30 - R78 million; and
      - 24 December 2018: 4 480 038 shares at R19.40 - R87 million.
    - On 5 November 2018, Vukile issued 22 889 305 shares to settle the purchase price of R470.6 million for 
      Kolenade Retail Park.
    - Vukile issued 18 253 483 shares under two further issuances in February and March 2019 at an average of 
      R20.21 per share - raising R369 million.

    Cash flow
    The major items reflected in the composition of cash generated and utilised during the year under review 
    are set out below:
                                                                                                                Rm    
    Cash from operating activities                                                                           1 786    
    Issue of shares                                                                                          2 615    
    Borrowings and advances                                                                                  6 895    
    Borrowings repaid                                                                                       (1 892)   
    Acquisitions/improvements to investment properties: Local                                                 (988)   
                                                      : Spain                                               (8 586)   
    Dividends paid                                                                                          (1 518)   
    Equity contribution from non-controlling shareholders                                                    1 828    

    Cash flow from operating activities more than covered the full dividend for the year.

    Additional net debt raised of R5.6 billion, share issuances of R2.6 billion and external investors funding 
    into Castellana of R1.8 billion were utilised to acquire investment properties of R10.1 billion, 
    mainly in Spain.

    Net asset value
    The net asset value (NAV) of the group increased over the reporting period by 0.8% from 2 010 cents per 
    share to 2 026 cents per share at 31 March 2019, as set out in the table below.
                                                                                                             Cents     
                                                                                                         per share    
    Opening NAV 1 April 2018                                                                                 2 010    
    Investment properties                                                                                    1 340    
    Investment properties held for sale                                                                        126    
    Other non-current assets                                                                                    17    
    Current assets                                                                                              18    
    Current liabilities                                                                                        (18)   
    Non-current liabilities                                                                                   (835)   
    Non-controlling interest                                                                                  (283)   
    Adjusted for additional shares in issue                                                                   (349)   
    Closing NAV 31 March 2019                                                                                2 026    

    The NAV of 2 026 cents per share represents a slight premium to Vukile's share price of 2 000 cents per share 
    at 31 March 2019.

    It should be noted that although the gross change in fair value of investments amounted to R804 million for 
    the year ended 31 March 2019, this increase to NAV was offset by the following:
                                                                                                                Rm    
    Unrealised fair value loss on listed property shares                                                       (88)   
    Unrealised foreign exchange loss on foreign loans                                                          (66)   
    Impairment of goodwill                                                                                     (48)   
    Fair value loss on net-settled derivatives                                                                (208)   
                                                                                                              (410)   

    The group's NAV would increase to 2 070 cents per share if the impact of the temporary items above 
    are excluded.

    Extract from the calculation of distributable earnings for the year ended 31 March 2019
                                                     2019                    2018                Variance             
    GROUP                                            R000         R000       R000        R000           %    Notes    
    Property revenue                                         2 186 904              1 561 798        40.0             
    Property expenses (net of recoveries)                     (312 603)              (252 723)      (23.7)            
    Net profit from property operations                                            
    per segmental report excluding                                                 
    straight-line rental income accrual                      1 874 301              1 309 075        43.2       (i)   
    Investment and other income                                344 815                323 255         9.5      (ii)   
    Dividends received                            126 390                 137 889                    (8.3)            
    Interest and other income                     218 425                 185 366                    17.8             
    Share of income from associate                                                                                    
    (Atlantic Leaf)                                             53 585                 95 485       (43.8)            
    Corporate expenditure                                     (199 371)              (127 474)      (56.4)     (iii)   
    Finance costs                                             (509 749)              (367 808)      (38.6)     (iv)   

    Full details of distributable income are set out in the segmental report included in the separate 
    consolidated annual financial statements for the year ended 31 March 2019.

    (i)   Group net profit from property operations
          Net group profit from property operations, excluding the straight-line income adjustment, increased 
          by R565 million (43%) from R1.31 billion to R1.87 billion. The Castellana growth contributed R669 million 
          (36%) towards the group's net profit from property operations (March 2018: R174 million). The growth in 
          net property revenue of the stable portfolio was 3.4%.
          
          Group tenant arrears
          Group tenant arrears (including tenant recharge accruals) amounted to R189 million at year-end 
          (March 2018: R116 million) or 6.7% of gross rental income (March 2018: 5.8%). The increase of 
          R73 million mainly arises due to the addition of Morzal debtors of R46 million being included for 
          the first time. Castellana's in-house leasing team collects at least 99% of monthly rentals invoiced.
          
          The retail sector reported lower sales growth in general during the past financial period and the 
          difficult trading environment has affected certain non-national tenants negatively. Our primary 
          property managers, Excellerate Real Estate Services (Pty) Ltd trading as JHI and Broll Property 
          Group (Pty) Ltd, report similar trends across the various portfolios they manage.
          
          Impairment allowance - tenant receivables
          The allowance for the impairment of tenant receivables decreased by R9.5 million from R43.7 million 
          at 31 March 2018 to R34.2 million at 31 March 2019, under the new IFRS 9 requirements. The allowance 
          is considered to be adequate. The impairment allowance represents 1.2% of gross property revenue 
          (March 2018: 2.2%). In total, 26% of group tenant arrears have been accounted for as impaired. 
          A summary of the movement in the impairment allowance of trade receivables is set out below:
                                                                                                             Group     
                                                                                                              R000    
          Allowance for impairment of trade receivables:           
          At 1 April 2018                                                                                   43 709    
          IFRS 9 adjustment                                                                                 (8 397)   
          Reduction in the impairment allowance                                                             (1 098)   
          At 31 March 2019                                                                                  34 214    
          Rental written off in the statement of profit or loss                                             14 868    

    (ii)  Group investment and other income
          Investment and other income increased by R21.6 million to R345 million, made up as follows:
                                                                   2019           2018                    Movement    
                                                                   R000           R000          R000             %    
          Dividends received                                    126 390        137 889       (11 499)         (8.3)   
          Interest and other income                              55 351         91 490       (36 139)        (39.5)   
          Cross-currency interest rate swaps (CCIRS)            163 074         93 876        69 198          73.7    
                                                                344 815        323 255        21 560           6.7    

          Dividends received of R126.4 million during the year comprised:
          Fairvest                                                                                   R54.5 million
          Gemgrow                                                                                    R71.9 million
                                                                                                    R126.4 million

          Fairvest has performed well during the year, while Gemgrow's results have been disappointing, resulting 
          in a reduction in dividend income of R11.5 million year-on-year.

          Higher net interest of R69 million on CCIRS was generated mainly due to €89 million new CCIRS concluded 
          during the year. This higher income was offset by lower bank and money market interest earned compared 
          to the prior year as surplus cash resources were extensively used to part fund new acquisitions in Spain.

    (iii) Group corporate expenditure
          Group corporate and administrative expenditure of R199.4 million is R71.9 million higher than the previous 
          year's expenditure (March 2018: R127.5 million).

          The key factors giving rise to the above increases in corporate costs are as follows:
          South Africa:
          - Salary and related costs increased by R18 million comprising normal increases and the appointment of 
            two new employees, including the appointment of an in-house leasing specialist.
          - New costs relating to the Vukile Academy of R5.5 million.

          Spain:
          - Salary costs increased to €2.7 million (approximating R43 million) at 31 March 2019 (March 2018: 
            €0.5 million). The number of employees in the Castellana team increased to 24 employees compared 
            to eight employees in the previous year. The Castellana team is now at scale and the business could 
            absorb another three assets without having to increase the staff complement.

          Corporate expenditure equates to 0.57% of total assets (March 2018: 0.55%).

    (iv)  Group finance costs
          Group finance costs increased by R142 million, from R368 million to R510 million.

          The primary reasons for this increase are set out below:
          - Interest was incurred on new R600 million debt drawn from local banks off Vukile's balance sheet to 
            part fund the acquisitions of Habaneras and the four shopping centres by Castellana from 
            Unibail-Rodamco-Westfields.                                                                   
          - Additional debt of €300 million was raised by Castellana to part fund the abovementioned 
            acquisitions which incurred finance costs of R113 million. This new debt is compared to the 
            €246 million debt in place in the prior year. This debt is non-recourse to Vukile, and secured 
            against Spanish assets only.

          The average cost of finance (including amortisation of capital raising fees) for the year equates to 
          4.53% (March 2018: 5.74%), with interest-bearing term debt being 96% hedged (March 2018: 100%).

    (v)   Investments in associates at fair value
          Fairvest - 26.9%
          Fairvest continues to focus on the lower living standards measure (LSM) retail market, similar to 
          Vukile's strategy, but targeting smaller properties. Fairvest management has forecast a distribution 
          growth of 8% to 10% for the period ending 30 June 2019.

          Vukile owned 270.4 million shares in Fairvest at 31 March 2019 valued at R568 million. Dividends of 
          R54.5 million (March 2018: R21.5 million) were received during the year ended 31 March 2019. Dividends 
          calculated on a full 12-month period equates to a yield of 9.6% based on the value of Fairvest's 
          shares at year-end.

          Gemgrow - 25.3%
          Vukile owned 4.7 million Gemgrow "A" shares and 114.4 million Gemgrow "B" shares with a combined value 
          of R729 million at year-end.

          Gemgrow's management has forecast a reduction in dividends for the "B" shares of 10% for the year ending
          30 September 2019.

          Dividends received in respect of the "A" and "B" shares held by Vukile for the year ended 31 March 2019 
          amounted to R71.9 million (March 2018: R92.6 million), a decrease of 6.5% from the prior year.

          The management of Gemgrow and Arrowhead Properties Limited announced on 10 April 2019 that an agreement  
          in principle had been reached for a reverse takeover of Gemgrow by Arrowhead, creating a company with a 
          market capitalisation of R6.8 billion. This should result in a savings in corporate costs and provide 
          for a Gemgrow "B" share which is expected to be significantly more liquid than at present.

          Vukile does not consider this investment core to its strategy and will seek to dispose of this investment 
          at an appropriate time and price, in order to reinvest the proceeds into investment opportunities 
          in Spain or South Africa.

    (vi)  Investment in associate equity accounted
          Atlantic Leaf - 34.9%
          Atlantic Leaf's assets (net of straight-line lease income adjustment) have increased to £372 million at 
          28 February 2019 (28 February 2018: £363 million) while total revenue increased by 11.5% to £26.9 million 
          for its financial year ended 28 February 2019.

          The company's focus on the UK industrial and warehouse distribution centres, an attractive market segment,
          has provided growth in distributions of 2.2%, from 9.1 pence to 9.3 pence for the year ended 
          28 February 2019.

          Dividends of R115.4 million, including the positive impact of hedging these dividends, were earned during 
          the year to 31 March 2019. Vukile's share of equity-accounted profits from Atlantic Leaf for the year
          ended 31 March 2019 amounted to R53.6 million. Dividend income has generated an 8.3% yield in Pound 
          Sterling for Vukile, based on the carrying value of the investment in Atlantic Leaf at year-end of 
          R1.3 billion.

          Atlantic Leaf's management are forecasting a dividend of 10 pence per share for the year ending 
          28 February 2020, or a 7.5% growth in dividends. However, Atlantic Leaf's after-tax earnings will 
          be boosted due to corporate taxes no longer being payable following its conversion to a UK REIT.
          Any dividends it declares will be subject to a 20% withholding tax, with 5% being recoverable from 
          the UK tax authorities in terms of the Double Tax agreement concluded between South Africa and the 
          United Kingdom. In total, 72% of the £5.6 million dividends forecast to be received from Atlantic 
          Leaf by Vukile for the year ending March 2020 are subject to forward exchange contracts, at an 
          average exchange rate of R20.38.

          While performing in line with expectations, Vukile is open to exploring an exit of its stake in 
          Atlantic Leaf and to redeploy the proceeds in its core Spanish strategy.

    (vii) Investment in subsidiary
          Castellana - 72.2%
          Despite Castellana's significant growth in assets for the current year, Vukile's shareholding in 
          Castellana has decreased over the year from 98.7% to its current level of 72.2% as a result of 
          introducing a strategic minority shareholder who part funded the equity required for the 
          Unibail-Rodamco-Westfields transaction and now holds 18.2% of Castellana. Other minority 
          shareholders hold 9.6%.

          Details of the Spanish property portfolio, including details relating to acquisitions, valuations, 
          value creation and investment strategy are set out in the portfolio review - Spain section in 
          this report.
          
          Key financial measures
                                                        2019             2018
                                                                                                Declared and     
          Cash dividends net of withholding                                         paid in May 2018 for the
          taxes ((2.0%) (March 2018: 2.66%))               -    €10.4 million    year ended 31 December 2017
                                                                                 Declared for the six months     
                                                                                     ended 30 September 2018
                                                €7.5 million                -      and paid in November 2018
                                                                                        Declared and paid in     
                                                                                       May 2019 for the year
                                               €11.3 million                -            ended 31 March 2019
          Investment properties                 €916 million     €308 million
          Interest-bearing debt                 €450 million     €146 million
          Loan to value ratio net of cash (%)           45.9             42.2

          It should be noted that under Spanish law, Castellana and its subsidiaries are required to utilise 
          Spanish GAAP in the preparation of their individual annual financial statements and requires 
          Castellana's consolidated annual financial statements to be prepared under IFRS. The consolidated 
          IFRS financial statements have been used in the preparation of Vukile's consolidated annual 
          financial statements.

          Treasury management
          Group borrowings
          The group's finance strategy is to optimise funding costs and minimise refinance risk.

          Total debt as at 31 March 2019 amounted to R13.2 billion. A detailed breakdown is provided below:

                                                              Rm*
          Foreign Spanish funders (EUR) - four                        - Secured only against Castellana's balance     
          Spanish bank funders                             7 322        sheet with no recourse to Vukile
          Local funders (EUR) - four local bank funders    2 140
          Local funders (GBP) - one local bank funder        542      - Partly secured against
          Local funders (ZAR) - five local bank funders    1 219        Vukile's SA balance sheet
          DMTN (ZAR)                                       2 007
                                                          13 230
          * Excludes debt raising fees of R252 million.

          Sources of funding
          Vukile's funding of R13.2 billion is well diversified across a number of funders, in line with
          its strategy of reducing refinancing risk.
                                                                                    Debt         Hedging    
                                                                                exposure       and fixed     
                                                                     Debt(1)    per bank            debt(2)     
                                                                     R000              %            R000    
          Group debt and hedging exposure per bank in ZAR                                                   
          Aareal(3)                                             4 850 309          36.66       4 850 309    
          DMTN term debt                                        2 007 000          15.17               -    
          Absa                                                  1 520 478          11.49       2 616 957    
          Caixabank(3)                                          1 296 781           9.80       1 235 623    
          Banco Santander(3)                                      991 522           7.49         954 827    
          Investec                                                921 420           6.96       1 155 497    
          Standard Bank                                           777 812           5.88         902 323    
          RMB                                                     581 735           4.40          40 646    
          Banco Popular(3)                                        183 247           1.39         183 247    
          Nedbank                                                 100 000           0.76         280 000    
          Grand total                                          13 230 304         100.00      12 219 429    
          (1) Foreign currency denominated debt converted at EUR/ZAR spot rate of 16.2582 and GBP/ZAR spot 
              rate of 18.8855 at 31 March 2019.
          (2) Hedging exposure is represented by exposure per banking relationship.
          (3) Group exposure includes Castellana Properties SOCIMI debt of €450.3 million (R7.32 billion 
              equivalent), and swaps of €146.0 million (R2.37 billion equivalent).

          Vukile group loan and swap expiry profile at 31 March 2019
          The strategy of ensuring that no more than 25% of debt expires in any one year is being monitored.

          Vukile group loan and hedging (swap and fixed term debt) expiry profile at 31 March 2019:
                                      2020     2021     2022     2023     2024    2025     2026    Total    
          Loan expiry profile (Rm)   1 084    1 441    2 454    1 330    1 612       -    4 850   12 771    
          Commercial paper and                                                                   
          access facility expiry                                                                 
          profile (Rm)                 347       12      100        -        -       -        -      459    
          Hedging (swap and fixed                                                                
          debt) profile (Rm)           518      842    2 013    2 145    6 676      25        -   12 219    

          A summary of group debt ratios at 31 March 2019 is provided below:
                                                                    Group      South Africa        Spain    
                                                                     R000              R000         €000    
          Total debt (excluding access facilities             
          and commercial paper)                                12 771 363         5 449 504      450 349    
          Interest-bearing debt hedged (%)                          95.68             91.67        98.66    
          Debt maturity profile (years)                              3.92              2.01         5.46    
          Swaps - maturity profile (years)                           3.55              2.66         4.16    
          Interest cover ratio (times)(3)                            6.05              7.94         4.07    
          Directors' valuation LTV ratio (excluding MTM of          37.18             29.98        45.93    
          derivatives) net of cash(1) (%)                                                               
          Gearing ratio(2) (%)                                      37.00             30.13        45.63    
          (1) Directors' valuation LTV ratio is calculated as a ratio of interest-bearing debt divided 
              by the sum of (i) the amount of the most recent directors' valuation of all the properties 
              in the Vukile group property portfolio, on a consolidated basis, and (ii) the market value 
              of equity investments.
          (2) Gearing is calculated as a ratio of total interest-bearing borrowings to total assets.
          (3) Interest cover ratio is based on the operating profit excluding straight-line lease income 
              plus dividends from equity-accounted investments and listed securities income (EBITDA) divided 
              by the finance costs after deducting all finance income (net interest cost).

          Undrawn available facilities at 31 March 2019
          Undrawn available facilities amount to R1.4 billion.

          Unencumbered assets at 31 March 2019
          As at 31 March 2019, unencumbered assets amounted to R7.2 billion (R3.4 billion property assets 
          and R3.8 billion listed shares) compared with unsecured debt of R1.3 billion. The total unsecured 
          debt to unencumbered assets ratio at 31 March 2019 was 18.7% and total unsecured debt to unencumbered 
          property assets ratio at 31 March 2019 was 39.9%.

          Ratings
          Global Credit Rating Company (Pty) Ltd (GCR) affirmed a secured long-term credit rating of AA+(ZA), 
          corporate long-term credit rating upgraded to A+(ZA) and corporate short-term rating of A1(ZA), with 
          the outlook accorded as stable, in July 2018.

          Group debt movement during the year ended 31 March 2019
          During the 12-month period ended 31 March 2019 the total group debt increased by R6.2 billion.

          Significant financing transactions are summarised below:
          - R456 million of bank debt was repaid.
          - R660 million unlisted and listed corporate bonds were repaid during the year.
          - R317 million commercial paper was repaid during the year.
          - R1.2 billion of new corporate bonds were issued.
          - Within Castellana, €42 million of fixed bank debt was entered for the Habaneras acquisition - 
            this debt is non-recourse to Vukile.
          - Proceeds of the Vukile equity bookbuild issuance of R1.6 billion were partially utilised together 
            with R400 million of ZAR bank debt and €15 million of EUR bank to acquire shares in Morzal for the 
            acquisition of four shopping centres in Spain.
          - Within Castellana €256 million of fixed bank debt was entered and restructured for the acquisition 
            of four shopping centres - this debt is non-recourse to Vukile.
          - Vukile rebalanced/extended and entered new ZAR interest rate swaps totalling R1.9 billion and entered 
            new EUR interest rate swaps totalling €15 million, at an estimated new annualised additional cost of
            R2.5 million (R0.8 million cost for FY19).

          The group has complied with all the bank's LTV covenants. The southern African group has also complied 
          with the DMTN covenants.

          Group foreign exchange currency hedges at 31 March 2019
          Vukile has adopted a strategy of hedging its foreign dividend exposure at 75% over a three to five-year 
          period in line with anticipated dates of dividend receipts.

          EUR net income exposure - as at 31 March 2019
                                        June   December      June   December     June   December     June   December      June    
                                        2019       2019      2020       2020     2021       2021     2022       2022      2023    
                                        €000       €000      €000       €000     €000       €000     €000       €000      €000    
          Dividend payment dates                                                                                      
          Net EUR dividends         
          forecast                     6 616      7 881     8 549      8 439    7 551      9 416    9 721     11 270    11 533    
          Existing CCIRS hedge                                                                                        
          interest costs(1)           (2 278)    (2 291)   (2 316)    (2 278)  (2 278)    (1 228)  (1 228)         -         -    
          Existing forward exchange                                                                                   
          contract (FEC) hedges                                                                                       
          on dividends                (7 684)    (5 375)   (5 289)    (5 495)  (5 508)    (4 600)  (4 600)    (4 600)   (4 600)   
          Average FEC EUR/ZAR rate   16.9725    17.7734   18.4981    18.5148  19.4321    20.6629  21.5255    22.4193   23.3412    
          Unhedged dividend income    (1 068)     2 506     3 260      2 944    2 043      4 816    5 121      6 670     6 933    
          FEC hedges/(net           
          distribution                                                                                            
          + CCIRS hedge) (%)          116.13      68.20     61.87      65.11    72.95      48.85    47.32      40.82     39.89    
          Average hedge (%)               75
          (1) Funded out of EUR dividends receivable from Castellana.

          75% of net EUR dividends are hedged over the next 2.5 years (5 Castellana dividends).

          GBP net income exposure - as at 31 March 2019
                                                               May    November         May      November    
                                                              2019        2019        2020          2020     
                                                              £000        £000        £000          £000    
          Dividend payment dates                                                                            
          Net GBP dividends forecast (after interest cost)   2 546       2 282       2 282         2 338    
          FEC hedges on dividends                           (2 035)     (1 996)     (2 045)       (2 070)   
          Average FEC GBP/ZAR rate                         19.2135     19.9029     20.6072       21.3622    
          Unhedged dividend income                             511         286         237           268    
          FEC hedges/net distribution (%)                       80          87          90            89    
          Average hedge (%)                                     86                                          

          In total, 86% of net GBP dividends forecast are hedged over the next two years (four Atlantic Leaf dividends).

          Group cost of finance at 31 March 2019
          The make-up for the year ended 31 March 2019 of the historic weighted average interest cost of 
          4.53% comprises the following:
                                                                                   FY19                      
                                                                               historic                      
                                                                               weighted       Debt as at     
                                                                           average cost         31 March     
                                                                             of finance             2019    
                                                                                     (%)              Rm    
                                                                                                            
          ZAR                                                                      9.21            3 226    
          EUR                                                                      2.70            9 462    
          GBP                                                                      3.45              542    
          Weighted average                                                         4.53           13 230    

          SA REIT Association best practice recommendations
          The SA REIT Association has published a draft second edition to its best practice recommendations 
          (BPR) for financial reporting. In support of the sector's transparency, Vukile is engaging SA REITs 
          regarding the reporting measures that will most clearly, accurately and consistently represent the 
          performance of REITs such as Vukile. The sector representative body has indicated that it expects 
          to finalise the second edition before the end of 2019 and that it should be effective for financial
          year-ends starting from 1 January 2020. This will not impact Vukile's reporting for FY20.

3.  Southern Africa property portfolio overview
    The southern African property portfolio at 31 March 2019 consisted of 60 properties with a total value 
    of R15.5 billion (excluding the 20% non-controlling interest in Moruleng Mall) and gross lettable area 
    (GLA) of 988 303m2, with an average value of R258 million per property. The average value per property 
    on the retail portfolio is R316 million.

    The geographical distribution of the southern African portfolio is indicated in the table below. The portfolio 
    is well represented in most of the South African provinces and Namibia. Some 76% of the gross income comes 
    from Gauteng, KwaZulu-Natal, Western Cape and Limpopo.
                                                                                                 Total     
                                                                                             portfolio     
    Geographic portfolio                                                                             %    
    % of gross income                                                                                     
    Gauteng                                                                                         38    
    KwaZulu-Natal                                                                                   22    
    Western Cape                                                                                     8    
    Limpopo                                                                                          8    
    Namibia                                                                                          7    
    Free State                                                                                       6    
    North West                                                                                       4    
    Mpumalanga                                                                                       4    
    Eastern Cape                                                                                     3    

    Based on value, 92% of the southern African portfolio is in the retail sector, followed by 3% in the 
    industrial, 3% in the office, 1% in the motor-related sector and 1% in the residential sector.

    The tenant profile is listed in the table below:
                                                                                                 Total    
                                                                                Retail       portfolio    
    Tenant profile                                                                   %               %    
    % of GLA                                                                                              
    A - Large national and listed tenants and major franchises                      74              69    
    B - National and listed tenants, franchised and              
        medium to large professional firms                                           9               8    
    C - Other (1 193 tenants)                                                       17              23    
    Excluding 180 residential units                                                                       

    The retail portfolio's exposure to national, listed and franchised tenants is 83% in total.

    The portfolio has low tenant concentration risk with the top 10 tenants accounting for 41.1% of total 
    rent and 47.3% of total GLA. Based on rent, the Pepkor group is the single largest tenant with 7.5% 
    of total rent (8.1% of retail rent), with Pick n Pay the second largest at 5.8% of total rent 
    (6.2% of retail rent).                                  

    The top 15 properties, all of which are retail assets, have 84.3% exposure to national, listed and 
    franchised tenants and represent 58.8% of the southern African portfolio value and 46.5% of the 
    southern African portfolio GLA.

    Top 15 properties by value
                                                                             Director's
                                                                           valuation at
                                                            Rentable           31 March
                                                                area               2019             %      Valuation    
    Property                            Location                  m2                 Rm      of total           R/m2    
    Boksburg East Rand Mall(1)          Gauteng               34 126              1 433           9.2         42 002    
    Pinetown Pine Crest                 KwaZulu-Natal         43 414              1 047           6.8         24 125    
    Durban Phoenix Plaza                KwaZulu-Natal         24 231                940           6.1         38 812    
    Phuthaditjhaba Maluti Crescent      Free State            35 335                667           4.3         18 887    
    Gugulethu Square                    Western Cape          25 322                553           3.6         21 840    
    Soweto Dobsonville Mall             Gauteng               26 589                546           3.5         20 520    
    Queenstown Nonesi Mall              Eastern Cape          27 898                500           3.2         17 905    
    Pretoria Kolonnade Retail Park      Gauteng               39 450                497           3.2         12 598    
    Germiston Meadowdale Mall(2)        Gauteng               33 156                438           2.8         13 225    
    Oshakati Shopping Centre            Namibia               24 632                428           2.8         17 364    
    Daveyton Shopping Centre            Gauteng               17 774                421           2.7         23 685    
    Thohoyandou Thavhani Mall(3)        Limpopo               17 761                414           2.7         23 285    
    Bloemfontein Plaza                  Free State            43 771                411           2.7          9 388    
    Randburg Square                     Gauteng               40 767                409           2.6         10 025    
    Moruleng Mall(4)                    North West            25 274                399           2.6         15 790    
    Total top 15 properties                                  459 500              9 103          58.8         19 811    
    % of total portfolio                                        46.5               58.8                                 
    % of retail portfolio                                       53.4               64.0                                 
    (1) 50% undivided share in this property.              
    (2) 67% undivided share in this property.              
    (2) 33% undivided share in this property.              
    (4) 80% share in Clidet No 1011 (Pty) Ltd.              

3.1 Valuation of southern African portfolio
    The accounting policies of the group require that the directors value the entire portfolio every six months  
    at fair value. Using a DCF methodology approximately one-half of the portfolio is valued every six months,  
    on a rotational basis, by registered independent third-party valuers. The directors have valued the southern 
    African property portfolio at R15.5 billion(i) as at 31 March 2019. This is R1.0 billion or 7.0% higher 
    than the valuation as at 31 March 2018. Pretoria Kolonnade Retail Park was acquired for R471 million and 
    Hillcrest Richdens Shopping Centre was sold. The value of the stable portfolio increased by 3.3%. The 
    calculated recurring forward yield for the portfolio is 8.4%.

    During the year all southern African properties were valued by external valuers and the valuations by Quadrant 
    Properties (Pty) Ltd and Knight Frank (Pty) Ltd are in line with the directors' valuations.

    (i) The southern African property portfolio value takes into account Moruleng Mall at 80%, whereas in the 
        annual financial statements the group property value reflects 100% of Clidet No 1011 (Pty) Ltd, which 
        owns Moruleng Mall.

3.2 Southern African property portfolio performance
    We achieved like-for-like growth in net profit from our southern African operations of 3.4%. Income was 
    under pressure at Sandton Sunninghill Sunhill Park due to increased vacancies, and at Rustenburg Edgars 
    and Vereeniging Bedworth Centre due to restructuring of leases. Excluding the reduced rentals at these 
    properties, property revenue escalated at 5.3% and net property income at 4.6%.

    The above inflationary increase in net expenses is mainly contributed by the irregular municipal increases 
    in rates/taxes and utilities.
    
    Financial performance for the stable portfolio (excluding acquisitions and sales)
                                                                            31 March       31 March                %    
                                                                                2019           2018           change    
    Property revenue (Rm)                                                    1 364.9        1 308.3              4.3    
    Net property expenses (Rm)                                                (231.2)        (212.2)             9.0    
    Net property income (Rm)                                                 1 133.7        1 096.1              3.4    
    Net cost to income ratio (%)                                                16.9           16.2                     

    New leases and renewals in excess of 218 000m2 with a contract value of R1.8 billion were concluded during 
    the year, with tenant retention at 81% (retail portfolio 87%).

    Expiry profile
    The lease expiry profile table reflects that 23%, based on rent, of the leases are due for renewal in the 
    2020 financial year. Approximately 42% of leases are due to expire in 2023 and beyond (up from 38% in 2022 
    and beyond in the prior year).
                                                                                                              Beyond     
                                                    March       March          March          March            March     
                                                     2020        2021           2022           2023             2023    
    Lease expiry % of rent                              %           %              %              %                %    
    Rent                                               23          17             18             12               30    
    Cumulative as at March 2019                        23          40             58             70              100    
    Cumulative as at March 2018                        47          62             73             84              100    

                                                                                                              Beyond     
                                                    March       March          March          March            March     
                                       Vacant        2020        2021           2022           2023             2023    
    Lease expiry % of GLA                   %           %           %              %              %                %    
    GLA                                   3.9          20          14             16             11               35    
    Cumulative as at March 2019           3.9          24          38             54             65              100    
    Cumulative as at March 2018           4.2          46          59             68             83              100    

    Vacancies
    At 31 March 2019 the portfolio's vacancy (measured as a percentage of gross rental) was 3.6% excluding 
    development vacancy, compared to 3.7% at 31 March 2018. Retail vacancies decreased from 3.4% to 3.0% and 
    industrial from 6.0% to 2.9%. The main reason for the increased office vacancies during 2019 was the high 
    vacancy at Sunninghill Sunhill Park which is currently in the process of being sold.

                                                                                              March            March     
                                                                                               2019             2018    
    Vacancies (% of gross rental)                                                                 %                %    
    Retail                                                                                      3.0              3.4    
    Industrial                                                                                  2.9              6.0    
    Offices                                                                                    19.6             10.3    
    Motor related                                                                                 -                -    
    Total*                                                                                      3.6              3.7    
    Including development vacancy the 2019 vacant rent is 4.4%.
    * Excluding 14 vacant residential units.

    The vacancy per sector (measured as a percentage of gross lettable area) is indicated in the table below:
                                                                                              March            March     
                                                                                               2019             2018    
    Vacancies (% of GLA)                                                                          %                %    
    Retail                                                                                      3.0              3.9    
    Industrial                                                                                  5.7              3.5    
    Offices                                                                                    21.0             13.5    
    Motor related                                                                                 -                -    
    Total*                                                                                      3.9              4.2    
    Including development vacancy the 2019 vacant GLA is 4.2%.
    * Excluding 14 vacant residential units.

    GLA summary                                                                                               GLA m2    
    Balance at 31 March 2018                                                                                 937 463    
    GLA adjustments                                                                                              187    
    Disposals                                                                                                (10 196)   
    Acquisitions and extensions                                                                               60 849    
    Balance at 31 March 2019                                                                                 988 303    
                                                                                                                        
    Vacancy reconciliation                                                                  Area m2                %    
    Balance at 31 March 2018                                                                 39 681              4.2    
    Less: Properties sold since 31 March 2018                                                  (864)             8.5    
    Remaining portfolio balance at 31 March 2018                                             38 817              4.2    
    Leases expired or terminated early                                                      204 625                     
    Tenants vacated                                                                          38 197                     
    Renewal of expired leases                                                              (137 991)                    
    Leases to be renewed                                                                    (26 872)                    
    Development vacancy                                                                      (2 840)                    
    New letting of vacant space                                                             (75 091)                    
    Balance at 31 March 2019                                                                 38 845              3.9    

    Base rentals (excluding recoveries)
    The weighted average monthly base rental rates per sector, between 31 March 2018 and 31 March 2019, 
    are set out in the table below:
                                                                               March          March       Escalation     
    Weighted average base rentals (R/m2) excluding recoveries                   2019           2018                %    
    Retail                                                                    134.78         130.44              3.3    
    Industrial                                                                 57.83          54.42              6.3    
    Offices                                                                    95.32          95.74             (0.4)   
    Motor related                                                             131.68         128.64              2.4    
    Total *                                                                   127.54         122.77              3.9    
    The average growth in the retail rental rate is influenced by the newly acquired Pretoria Kolonnade Retail 
    Centre's lower than average rate of R108/m2. If this property is excluded, the average retail rental rate is 
    R136.13/m2 showing a year-on-year growth of 4.4%.
    * Excluding residential units.

    The average contractual rental escalation of 7.0% is slightly lower than the previous year at 7.2%. We achieved 
    positive reversions of 4.0% on the total portfolio, with retail reversions at 4.5% and industrial at 5.5%. 
    Reversions were concluded at lower rates in the office sector. New leases were concluded at 3.2% above budget 
    in the retail sector. The ongoing pressure in the office and industrial sectors, to which we now have little 
    exposure, dictated that new leases be concluded below budget rates. This resulted in the total portfolio's 
    new leases finalised at 1.4% above budget.

    Expense categories and ratios
    The top four expense categories contribute 82% of the total expenses. These are: government services (46%), 
    rates and taxes (18%), cleaning and security (11%) and property management fees (7%).

    The group continuously evaluates methods of containing costs in the portfolio.

3.3 Southern African property portfolio - developments, acquisitions and sales
    Acquisition
    Kolonnade Retail Park, Pretoria, Gauteng
    We acquired the fully let 39 450m2 retail park for R470.6 million on a yield neutral basis.

    This is a strong centre with a good tenant mix. This single-level centre is anchored by a 12 261m2 Pick n Pay 
    Hyper, with more than 40 stores, a health and fitness component and home decor appeal. It has a Virgin Active 
    Health Club with indoor swimming pool, Kauai-in-motion and Club V as well as a Sportsman's Warehouse, Mr Price 
    Sport, Puma, Tekkie Town and Chrome Supplements & Accessories. It also has a Continental Linen, Coricraft, 
    Dial-a-Bed, Good Knight Bedding, MRP Home, Plus10 Discount Furnishers, Rochester, Sheet Street and 
    UFO Furniture.

    Vukile is very satisfied to have acquired Kolonnade Retail Park in a market where there are few sizeable, 
    quality assets available on the market. It is located in an established retail node and is ideally matched 
    to Vukile's investment strategy.

    Completed upgrade project
    Maluti Crescent, Phuthaditjhaba, Free State
    Maluti Crescent, formerly Setsing Crescent, underwent a major R392 million redevelopment with a projected 
    yield of 8.09% on capital expenditure. The project added 13 797m2 of GLA and transformed the former strip 
    centre into a fully enclosed 35 335m2 mall with three levels of parking. The first phase of the expanded 
    Maluti Crescent Shopping Centre opened on 21 March 2019 to become the largest shopping centre in Phuthaditjhaba 
    in the Free State. It includes new undercover parking as well as the first and only structured taxi facility 
    of its kind in the area.

    The major upgrade responds to shopper and retail demand. It builds on the centre's excellent trading metrics 
    and unlocks further income enhancement. Its development also achieved significant skills transfer through 
    local employment.

    Redevelopment projects in progress
    Pine Crest Shopping Centre, KwaZulu-Natal
    Pine Crest, the first and still the biggest shopping centre in the Pinetown CBD, is being extended and upgraded 
    at a cost of R200 million with an expected yield of 7.4%. The project is due for completion by the end of 
    July 2019. The new mall, with street access, is linked to the existing banking mall which leads to the second 
    and third shopping levels by means of a new set of escalators. The new food court with direct access to the 
    planned GoDurban bus terminus will cater to both shoppers and commuters. Tenants already trading in the new 
    food court includes Spur, Nandos, KFC and Debonairs, all showing trade exceeding expectations.

    The centre's rebranding and relaunching has been conceptualised and planned by Totem, a specialist rebranding 
    company based in Spain, but with international experience. It promises a brand new look and experience which 
    will ensure that Pine Crest not only stay the most popular shopping centre in the area but also keeps 
    on growing.

    This capital investment keeps the centre relevant to its customer base, which has changed dramatically 
    in recent years.

    Current southern African portfolio projects
    Our major development capital expenditure projects approved and incurred to 31 March 2019 are:
                                                                                                              Budget   
                                                                                            Paid to       April 2019   
                                                                                           31 March         to March   
                                                                            Approved           2019             2020  
    Approved                                            Completion              R000           R000             R000  
    Phuthaditjhaba: Maluti Crescent                     31 August 2019       391 650        304 594           87 056  
    Pinetown: Pine Crest                                31 July 2019         200 000        138 435           61 565  
    Durban: Phoenix Plaza                               31 May 2018           35 000         31 444            3 556  
    Meadowdale Mall                                     29 August 2018        16 264         14 365            1 899  
    Springs Mall (25%)                                  29 March 2019          8 560          8 102              458  
    Hammarsdale Junction Extension                      31 March 2019          4 500          3 227            1 273  
                                                                             655 974        500 167          155 807  

    The projects will be financed out of the proceeds from property sales and existing bank facilities.

    Southern African property sales
    Vukile concluded property sales during the year of R138 million, which supported our strategy to focus on a 
    low-risk, high-quality portfolio of retail properties.
                                                                                Sales
                                                                                price       Yield*          Dates of     
                                                                                 R000           %               sale    
    Hillcrest Richdens Shopping Centre                                        138 000         9.8      29 March 2019    
                                                                              138 000         9.8                       
    * Based on year one net operating income forecast.

4.  Spanish property portfolio overview
    The Spanish property portfolio at 31 March 2019 consisted of 17 properties with a total value of 
    €916.5 million and GLA of 317 106m2, with an average value of €53.9 million per property.

    The geographical distribution of the Spanish portfolio is indicated in the table below. Some 87% of the gross 
    income comes from Andalucia, Extremadura, Castilla Leon and Com. Valenciana.

    Geographic portfolio
                                                                                                               Total     
                                                                                                           portfolio     
    % of rental income                                                                                             %    
    Andalucia                                                                                                     44    
    Extremadura                                                                                                   22    
    Castilla Leon                                                                                                 11    
    Com. Valenciana                                                                                               10    
    Madrid                                                                                                         8    
    Asturias                                                                                                       4    
    Murcia                                                                                                         1    

    Based on value, 97% of the Spanish portfolio is in the retail sector with 3% in the office sector.

    The tenant profile is indicated in the table below:
                                                                                                               Total    
                                                                                              Retail       portfolio    
    Tenant profile                                                                                 %               %    
    % of GLA                                                                                                            
    Large national and international tenants                                                      94              89    
    Local tenants (83 tenants)                                                                     6              11    

    Large national and international tenants account for 89% of tenants by GLA, and 90% of tenants by rent.

    The portfolio has low tenant concentration risk with the top 10 tenants accounting for 28.3% of total rent 
    and 41.8% of total GLA. Based on rent, Media Markt is the single largest tenant, with 4.0% of total rent 
    (5.3% of total GLA), with Zara the second largest at 4.0% of total rent (3.8% of total GLA).

    List of properties
                                                                               External                                  
                                                                               value at                                  
                                                                Rentable       31 March                                  
                                                                    area           2019             %      Valuation    
    Property                 Location                                 m2             €m      of total           €/m2    
    El Faro                  Extremadura                          43 423          162.4          17.7          3 740    
    Bahia Sur                Andalucia                            24 789          120.2          13.1          4 849    
    Los Arcos                Andalucia                            17 906          118.2         12.9          6 601    
    Granaita Retail Park     Andalucia                            54 367          113.7          12.4          2 091    
    Vallsur                  Castilla Leon                        35 211           92.8          10.1          2 636    
    Habaneras                Com. Valenciana                      24 158           88.8           9.7          3 676    
    Parque Oeste             Madrid                               13 604           51.6           5.6          3 793    
    Parque Principado        Asturias                             16 246           34.6           3.8          2 130    
    Marismas del Polvorin    Andalucia                            18 079           28.4           3.1          1 571    
    Edificio Alcobendas      Madrid                               11 046           20.6           2.3          1 865    
    La Heredad               Extremadura                          13 447           20.1           2.2          1 495    
    La Serena                Extremadura                          12 405           16.1           1.8          1 298    
    Pinatar Park             Murcia                               10 637           11.8           1.3          1 109    
    Motril Retail Park       Andalucia                             5 559            8.9           1.0          1 601    
    Mejostilla               Extremadura                           7 281            8.9           1.0          1 222    
    Ciudad del Transporte    Com. Valenciana                       3 250            7.4           0.8          2 277    
    Edificio Bollullos       Andalucia                             5 698            5.7           0.6          1 000    
    El Faro Development      Extremadura                                            3.3           0.4                   
    Los Arcos Development    Andalucia                                              3.0           0.2                   
    Total                                                        317 106          916.5         100.0          2 890    

    Valuation of the Spanish portfolio
    During the year all the properties were valued by external valuers, Colliers International.

    Expiry profile
    The expiry profile as a percentage of contractual rent is shown below:
    The Spanish properties' lease expiry profile reflects that 9%, based on rent, of the leases are due for renewal 
    in the 2020 financial year. Approximately 47% of leases are due to expire in 2029 and beyond.
                                                                                                              Beyond     
                                        March  March  March  March  March  March  March  March  March  March   March     
                                         2020   2021   2022   2023   2024   2025   2026   2027   2028   2029    2029    
    Lease expiry                            %      %      %      %      %      %      %      %      %      %       %    
    Lease expiry % of rent                                                                                              
    Rent                                    9      5      4      7      7      6      3      4      8      4      43    
    Cumulative as at                            
    March 2019                              9     14     18     25     32     38     41     45     53     57     100
    Cumulative as at                            
    March 2018                              2      3      4      4      5      5      5      7     15     15     100

                                                                                                              Beyond     
                                        March  March  March  March  March  March  March  March  March  March   March     
                                         2020   2021   2022   2023   2024   2025   2026   2027   2028   2029    2029    
    Break profile*                          %      %      %      %      %      %      %      %      %      %       %    
    Lease expiry % of rent                                                                                              
    Rent                                   25     20     12     17      6      6      2      -      6      -       6    
    Cumulative as at                           
    March 2019                             25     45     57     74     80     86     88     88     94     94     100
    Cumulative as at                           
    March 2018                             23     46     58     76     79     82     84     84     84     84     100
    * Break profile is the date upon which the tenant has an option to terminate the lease prior to the expiry date.

    Vacancy profile
    The vacancy per sector (measured as a percentage of GLA) is indicated in the table below:
                                                                                                  March        March     
                                                                                                   2019         2018    
    Vacancies (% of GLA)                                                                              %            %    
    Shopping centre                                                                                 3.6                 
    Retail park                                                                                     1.0          3.2    
    Offices                                                                                           -            -    
    Total                                                                                           2.1          2.8    

    The shopping centres were acquired during the year, and did not carry vacancies in 2018. The total retail 
    vacancies are 2.3% at year-end.                              

    GLA summary                                                                                               GLA m2    
    Balance at 31 March 2018                                                                                 172 974    
    GLA adjustments                                                                                           (1 355)   
    Disposals                                                                                                      -    
    Acquisitions and extensions                                                                              145 487    
    Balance at 31 March 2019                                                                                 317 106    

    Vacancy reconciliation                                                                      Area m2            %    
    Balance at 31 March 2018                                                                      4 924          2.8    
    Vacancy on new acquisitions                                                                   5 279          3.6    
    Vacancy let                                                                                  (3 407)                
    Balance at 31 March 2019                                                                      6 796          2.1    

    Base rentals (excluding recoveries)                                                 
    The weighted average monthly base rental rates per sector, between 31 March 2018 and 31 March 2019, are set out 
    in the table below:          
                                                                                  March       March       Escalation     
    Weighted average base rentals (€/m2) excluding recoveries                      2019        2018                %    
    Shopping centre                                                               19.98           -                     
    Retail park                                                                    9.32        9.24              0.9    
    Offices                                                                        9.32        9.05              3.0    
    Total                                                                         14.14        9.22             53.4    

    The average retail rental rate increased from €9.24/m2 to €14.41/m2 due to the acquisition of the five 
    shopping centres during the year.

    Spain property portfolio - developments, acquisitions and sales
    Acquisitions
    In May 2018, Castellana acquired the Habaneras shopping centre for €83.8 million. The GLA of the centre is 
    24 158m2, the average unexpired lease term is 6.1 years with an occupancy rate of 95.8%. The shopping 
    centre has a 91.9% national tenant component.

    Vukile announced on 31 July 2018 that its subsidiary, Morzal, had acquired four high-quality shopping 
    centres in Spain at a cost of €480.6 million (including acquisition costs), at an attractive pre-gearing 
    yield of 5.7%. The acquisition is in line with Vukile's strategy of increasing its international exposure 
    to developed Europe through Spain.

    The five shopping centres referred to above have a WALE of 10 years. The total GLA of the shopping centres 
    is 145 487m2 and 96% of gross revenue is derived from leading Spanish national and international retail 
    tenants including Media Markt, Decathlon, Carrefour, Inditex Group, Primark, AKI and Mercadona. The average 
    monthly rental of €19.98 per m2 across the centres is at the lower end of the market rental which is 
    between €15 and €32 per m2, which is well positioned for income growth.
                                                                                          Weighted                     
                                                                                           average          Purchase          
                                                                                GLA         rental      price of the      
                                  Province                                       m2         per m2       property €m*        
    El Faro                       Extremadura                                43 423          17.10            157.36          
    Bahia Sur                     Andalucia                                  24 789          25.40            120.92          
    Los Arcos                     Andalucia                                  17 906          32.76            110.70          
    Vallsur                       Castilla Leon                              35 211          14.58             91.61           
    Habaneras                     Com. Valenciana                            24 158          18.33             83.81           
    Total                                                                   145 487          19.98            564.40          
    * Including transaction costs.

    Redevelopment projects completed
    Granaita Retail Park
    Kinepolis Retail Park, Kinepolis Leisure Centre and Alameda shopping centre were merged and rebranded as a 
    single shopping node - Granaita Retail Park. Granaita, as the largest retail and leisure park in the Granada 
    region, offers a wide range of leisure, fashion, food and beverage to the local community. Granaita has 
    emerged as a unique and powerful brand among customers.

    In March 2019, Castellana completed and launched the newly redeveloped Granaita Leisure Centre in Granada. 
    The project achieved and surpassed the following objectives:
    - Interior was upgraded and natural light was increased.
    - Installation of a customised high-visibility children's play area.
    - New outdoor terraces were opened up to take advantage of the favourable Spanish climate.
    - Improvement of green areas.
    - Improvement of tenant mix.

    In its entirety, the project capital expenditure was c.€5.4 million. The project will add an additional 
    c.€600 000 to the net property income portfolio on an annualised stabilised basis resulting in a yield 
    on capex of 10.9%.

    The major upgrade, merger and rebranding responds to shopper and retail demand. It builds on the centre's 
    excellent trading metrics and unlocks further income enhancement.

    Prospects for Castellana
    Castellana's retail portfolio is well placed to deliver sustainable returns. Castellana's strategy is to 
    keep growing the portfolio through organic growth, value-added asset management and accretive acquisitions.

    The Spanish retail real estate market is forecast to be less active this year as opportunistic investors 
    have turned to other asset classes; as a result, many opportunities are coming to Castellana as the 
    acquisitions pipeline shows. Our investment strategy will remain focused on enhancing and adding value to 
    our portfolio of low-risk, dominant retail assets that produce predictable and sustainable income streams.

    While capital values and yields are reaching cycle peak levels, we expect rentals to start growing at better 
    rates as spending and confidence return to the Spanish population.

    We believe the time is right for a different approach to soft services, repairs and maintenance in the Spanish 
    shopping centre environment. We are seeking to develop innovative solutions that offer us better value in 
    the year ahead.

    We do believe that within the near future we will position Castellana at the top end of the market with our 
    quality retail portfolio and its integrated opportunities for value enhancement.

5.  Vukile Academy
    The Vukile Academy is a skills development, mentorship and transformation platform which was launched 
    in January 2019.                            

    The Academy was initiated by Vukile to create a meaningful and impactful contribution towards reducing 
    the skills gap in the property sector and to also create economic transformation.

    The Academy is designed as a three-tiered programme which focuses on the following areas:
    - The Vukile Bursary Fund - The Vukile Bursary Fund is a tertiary education-targeted fund. On an annual
      basis 50 plus students are identified and awarded bursaries for studies in property/real estate-related 
      fields. The students are in their third year or honours year level of studies. The Bursary Fund is in 
      partnership with industry organisations or the tertiary institutions directly. We have partnered with 
      SAPOA, WPN, SAIBPP as well as Wits, UP, UKZN and UJ. Vukile has invested in excess of R5 million in 
      the past financial year on our bursary programme.
    - The Vukile Internship Programme - On an annual basis, Vukile undertakes a rigorous and transparent 
      selection process to identify and offer 10 deserving candidates a position in the Vukile Internship 
      Programme. The programme is designed as an integration platform into the Real professional world for 
      10 graduates from our Bursary Fund. The industry leading programme is designed with curriculum experts 
      and professionals from the industry and tertiary institutions like GIBS and UP. It runs over 11 modules.
      A personal mastery programme forms a crucial element of the programme, for a holistic integration process. 
      The essence of the internship programme is to impart the Vukile Brand DNA to our candidates. They are 
      each offered a fixed-term employment contract for a period of one year.
    - The Entrepreneur Property Development Hub - An incubator programme which is designed to assist black 
      professionals and entrepreneurs realise their dreams and vision of entering the property development 
      market. The developments are small to medium sized and generally located in underserviced areas of 
      South Africa. The entrepreneurs receive support and guidance from the Vukile Academy interns and the 
      full Vukile Property Fund team. Three projects have been identified located in Daveyton, Phuthaditjhaba 
      and Thokoza, these comprise two retail centres and one student accommodation development.

    The Vukile Academy is our initiative to give back to our communities and South Africa as a whole. 
    We endeavour to uplift the lives of our people and create a better environment for all.

6.  International expansion
    In line with its focused strategy, Vukile has decided that for the short to medium term, its only international 
    expansion will be focused on Spain.

7.  Prospects for the group
    The Vukile business remains in very good shape; operationally and strategically. Our clearly focused retail 
    strategy in both South Africa and Spain is providing benefits in each of these markets as seen by the strong 
    operational metrics. In addition, at group level, the macro-economic benefits of diversification for South 
    African investors is evident. The business remains very well positioned for long-term sustainability.

    In South Africa, while encouraged by the results of the recent elections, and remaining hopeful of much needed 
    political and economic change being effected, we still anticipate the short to medium-term economic conditions 
    to remain challenging overall. Against this backdrop, we believe that our assets are defensive and well 
    positioned in their markets, and should continue to weather the storm in the year ahead. Vukile continues 
    to look for accretive opportunities to invest in the South African market as evidenced by the Rebosis 
    transaction currently under evaluation.

    The Spanish economy is continuing to outperform the Eurozone, albeit at a slower pace. We are, however, very 
    encouraged by the operational performance of the business; specifically, the value add being created by our 
    asset management team. Castellana is well established in the market and continues to see very strong deal flow.

    We are pleased with the progress we have made in reducing our LTV from 42% at the time of the acquisition of 
    the four shopping centres from Unibail-Rodamco-Westfields, to the current level of 37%. The balance sheet 
    remains strong with well diversified sources of funding. Vukile's interest cover ratio is significantly above 
    the covenant level at 6 times cover.

    Assuming no material adverse change in trading conditions or large corporate failures, Vukile expects to 
    deliver growth in dividends of between 3% to 5% in the year ahead. Forecast rental income is based on contracted
    escalations, market-related renewals and on the successful conclusion of certain transactions in progress 
    currently. Vukile is currently in negotiations, some at advanced stages, to recycle certain non-core assets 
    and redeploy the proceeds into core strategy business opportunities currently under evaluation. The forecast 
    for the year will be impacted by the closing and the timing of the various transactions. The forecast does not
    take into account the Rebosis transaction. Once Vukile has greater clarity and certainty on the finalisation of 
    these deals and resultant impact on the forecast for FY2020, Vukile will update the market via a SENS announcement 
    in order to provide an updated guidance range for the year ahead.
    
    This forecast has not been audited or reviewed by the group's auditors.

8.  Subsequent events
    Dividend declaration
    In line with IAS 10 - Events after the 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.

    The board approved a final dividend on 27 May 2019 of 103.37872 cents per share for the six months ended
    31 March 2019 amounting to R988.5 million.

    Issue of shares
    On 11 April 2019 the company issued 35 264 483 shares at R19.85 in terms of an accelerated bookbuild under the 
    general authority to issue shares for cash.

    Acquisition of shopping centres
    
    South Africa
    On 12 May 2019, Vukile announced the acquisition of three shopping centres known as Mdantsane City Shopping Centre, 
    Bloed Street Mall and Sunnypark Shopping Centre from Rebosis Property Fund Limited (Rebosis).

    The purchase consideration will be an amount determined by applying a yield of 9.00% to the forecast net 
    property income (the forecast NOI) to be generated from the shopping centres for the 12-month period commencing 
    31 August 2019. The forecast NOI has been assumed to be R160 million which would translate into an aggregate 
    purchase price of R1.78 billion. The deal remains subject to funding with Vukile prepared to take on no more 
    than 25% of debt to fund the acquisition.

    Vukile will acquire the shopping centres with effect from the transfer date, which is anticipated to be 
    31 August 2019. The purchase consideration will be settled in cash and will be discharged on the transfer 
    date.

    The acquisition is still subject to a number of outstanding conditions precedent, including inter alia the 
    completion by Vukile of a comprehensive due diligence investigation in respect of the shopping centres, 
    approval of the Competition Authority, the securing by Rebosis of any necessary shareholder approvals 
    required for it to dispose of the shopping centres, the securing by Vukile of shareholder approval to 
    undertake the vendor consideration placement and the successful conclusion of the vendor consideration 
    placement in respect of at least 75% of the purchase price at a pricing and on terms acceptable to Vukile.

    The acquisition is a non-adjusting event that is not recognised in the financial statements.
    
    Spain
    On 24 May 2019, Castellana Properties SOCIMI announced the purchase of two El Corte Ingles (ECI) units 
    in Bahia Sur and Los Arcos for a total purchase consideration of €38.4 million (including estimated 
    transaction costs), and asset management initiatives incorporating related capex upgrade projects in 
    Bahia Sur, Los Arcos and El Faro for a total capex budget of €28.49 million.

9.  Declaration of a cash dividend
    Notice is hereby given of a gross dividend amounting to 103.37872 cents per share out of distributable 
    income for the six-month period to 31 March 2019. Vukile will not be providing shareholders with the 
    option to elect (in respect of all or part of their holding) a dividend reinvestment (DRIP) for this 
    reporting period.

    Tax implications
    Vukile was granted REIT status by the JSE Limited with effect from 1 April 2013 in line with the REIT 
    structure as provided for in the Income Tax Act, 58 of 1962, as amended (the Income Tax Act) and section 13 
    of the JSE Listings Requirements.

    The REIT structure is a tax regime that allows a REIT to deduct qualifying dividends paid to investors, in 
    determining its taxable income.

    The cash dividend of 103.37872 cents per share meets the requirements of a "qualifying distribution" for the 
    purposes of section 25BB of the Income Tax Act (a qualifying distribution) with the result that:

    - dividends received by South African resident Vukile shareholders must be included in the gross income 
      of such shareholders (as a non-exempt dividend in terms of section 10(1)(k)(i)(aa) of the Income Tax Act), 
      with the effect that the dividends are taxable as income in the hands of the Vukile shareholder. These 
      dividends are, however, exempt from dividends withholding tax, provided that the South African resident 
      shareholders 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 distribution is exempt from dividends tax; and
    - 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 distribution, if such documents have not already 
    been submitted.

    - dividends received by non-resident Vukile shareholders will not be taxable as income and instead will 
      be treated as ordinary dividends but which are exempt in terms of the usual dividend exemptions per 
      section 10(1)(k) of the Income Tax Act. It should be noted that dividends received by non-residents are 
      subject to dividends withholding tax at a rate of 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 shareholder. Assuming dividends withholding tax will be withheld at a rate of 20%, the 
      net distribution amount due to non-resident shareholders is 82.70298 cents per share. A reduced dividend 
      withholding rate in terms of the applicable DTA, may only be relied upon if the non-resident holder 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 a DTA; and
    - 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 holders 
    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 distribution if such documents have 
    not already been submitted, if applicable.

    Shareholders are further advised that:
    - the issued capital of Vukile is 956 226 628 shares of one cent each at 29 May 2019, being the declaration
      date; and
    - Vukile's tax reference number is 9331/617/14/3.

    This cash dividend may have tax implications for resident as well as non-resident shareholders. Shareholders 
    are therefore encouraged to consult their tax and/or professional advisers should they be in any doubt as to 
    the appropriate action to take.

    The salient dates relating to the cash dividend are as follows:

    Salient dates and times                                                                                 2019    
    Last day to trade cum dividend                                                              Tuesday, 18 June    
    Shares trade ex dividend                                                                  Wednesday, 19 June    
    Record date                                                                                  Friday, 21 June    
    Payment date                                                                                 Monday, 24 June    
    Notes:
    1. Shares may not be dematerialised or rematerialised between Wednesday, 19 June 2019 and Friday, 
       21 June 2019, both days inclusive.
    2. Payment of the distribution will be made to shareholders on Monday, 24 June 2019. In respect of 
       dematerialised shareholders, the distribution will be transferred to CSDP/broker accounts on 
       Monday, 24 June 2019. Certificated shareholders dividend payment will be paid to certificated 
       shareholders bank accounts on or about Monday, 24 June 2019.

10. Changes to board of directors
    Two property stalwarts in Vukile's team retire at the end of June 2019, our FD Mike Potts and MD of South Africa 
    Ina Lopion. Mike will stay with the group as a non-executive director of Castellana and serve on its audit 
    committee. Ina is intending to use her exceptional experience and talents to build a career as an executive 
    coach and will continue her connection with Vukile by taking on a coaching role with some of our top senior
    talent as well as playing a mentorship role within the Vukile Academy. We would like to take the opportunity 
    to thank Mike and Ina for their immeasurable contributions to Vukile's success over an extended period 
    of 15 years.

    Vukile has appointed Laurence Cohen as its new CFO. Laurence, who is widely respected for his extensive 
    experience in the listed property sector, joined the team on 1 March 2019 as CFO designate. He will succeed 
    Mike and be appointed to the Vukile board of directors on 1 July 2019.                            

    Itumeleng (Itu) Mothibeli, director of Asset Management will succeed Ina as MD of South Africa and will be 
    appointed to the board on 1 July 2019. Itu has been with Vukile since 2012 and has developed into an 
    exceptional talent whom we are confident will continue to grow the South African business into the future.

    Both Mike and Ina have mentored our next generation of leaders, who are already up-to-speed with Vukile's 
    strategic imperatives and systems, and will advance Vukile seamlessly.                            

11. Basis of preparation
    The summarised consolidated financial statements for the year ended 31 March 2019, and comparative information, 
    have been prepared in accordance with, and containing the information required by, International Financial 
    Reporting Standards (IFRS), the SAICA Financial Reporting Guides as issued by the Accounting Practices 
    Committee and Financial Reporting Announcements as issued by the Financial Reporting Standards Council, 
    the JSE Listings Requirements, IAS 34 and relevant sections of the South African Companies Act.

    Except for the amendments adopted as set out below, all accounting policies applied by the group in the 
    preparation of these summarised consolidated financial statements are consistent with those applied by the 
    group in its consolidated financial statements as at and for the year ended 31 March 2018. The group has 
    adopted the following amendments to standards which were effective for the first time for the financial 
    period commencing 1 April 2018:                            
    - Amendments to IAS 40 - Investment Properties
    - IFRS 9 - Financial Instruments
    - IFRS 15 - Revenue from Contracts with Customers
    - Amendments to IFRS 2 - Share-based Payments
    - International Financial Reporting Interpretations Committee (IFRIC) 22 - Foreign Currency Transactions 
      and Advance Considerations

    Based on management's assessment of these amendments, the only material impact identified on the financial 
    statements relates to IFRS 9.                            

    These statements, which comprise the statement of financial position at 31 March 2019, the statement of 
    comprehensive income, the statement of changes in equity and the statement of cash flows for the 12 months 
    then ended, are extracted from audited information, but is itself not audited. The annual financial 
    statements were audited by PricewaterhouseCoopers Inc., who expressed an unqualified opinion thereon. 
    The auditor's report does not necessarily cover all of the information included in this announcement. 
    Shareholders are therefore advised that, in order to obtain a full understanding of the nature of the 
    auditor's work, they should obtain a copy of the audit report together with the accompanying financial 
    information from the registered office of the company situated at 4th Floor, 104 Oxford Road,
    Houghton Estate.                            

    The directors take full responsibility for the preparation of this report and that the financial information
    has been correctly extracted from the underlying financial statements.                            

    This report was compiled under the supervision of Michael John Potts CA(SA), the financial director of 
    the company.                            

    The directors are not aware of any matters or circumstances arising subsequent to 31 March 2019 that require 
    any additional disclosure or adjustment to the financial statements and which are not disclosed 
    in this announcement.                            

On behalf of the board                                 
                                                       
N Payne                     LG Rapp                    
Chairman                    Chief executive officer    

Houghton Estate                                        
29 May 2019                                            


SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
at 31 March 2019
                                                                                             2019            2018    
GROUP                                                                                        R000            R000    
ASSETS                                                                                                               
Non-current assets                                                                     32 678 563      22 028 749    
Investment properties including straight-line rental adjustments                       29 334 373      18 821 251    
Investment properties                                                                  29 517 796      19 102 209    
Investment properties under development                                                   163 250          54 476    
Total investment properties                                                            29 681 046      19 156 685    
Straight-line rental income adjustment                                                   (346 673)       (335 434)   
Other non-current assets                                                                3 344 190       3 207 498    
Straight-line rental income asset                                                         346 673         335 434    
Investments in associates at fair value                                                 1 296 737       1 384 645    
Investment in associate equity accounted                                                1 302 925       1 199 292    
Property, plant, equipment and intangible assets                                           43 370          75 342    
Executive share scheme financial asset                                                     27 822          34 099    
Derivative financial instruments                                                           42 291          26 039    
Long-term loans granted                                                                   270 709         103 672    
Deferred taxation assets                                                                   13 663          48 975    
Current assets                                                                          2 447 338       1 298 393    
Trade and other receivables                                                               281 380         186 743    
Derivative financial instruments                                                           10 333               -    
Current taxation assets                                                                     3 155           7 290    
Cash and cash equivalents                                                               1 136 250       1 093 860    
Non-current assets held for sale                                                        1 016 220          10 500    
Total assets                                                                           35 125 901      23 327 142    
EQUITY AND LIABILITIES                                                                                               
Equity attributable to owners of the parent                                            18 655 690      15 770 080    
Stated capital                                                                         12 142 017       9 527 445    
Other components of equity                                                              5 888 689       5 737 852    
Retained earnings                                                                         624 984         504 783    
Non-controlling interest                                                                2 300 320          81 311    
Non-current liabilities                                                                12 035 161       5 484 980    
Interest-bearing borrowings                                                            11 547 551       5 346 371    
Derivative financial instruments                                                          480 350         131 304    
Deferred taxation liabilities                                                               7 260           7 305    
Current liabilities                                                                     2 134 730       1 990 771    
Trade and other payables                                                                  641 225         428 733    
Short-term portion of interest-bearing borrowings                                       1 430 736       1 554 359    
Derivative financial instruments                                                           60 415             175    
Current taxation liabilities                                                                2 354           7 504    
Total equity and liabilities                                                           35 125 901      23 327 142    


SUMMARISED CONSOLIDATED STATEMENT OF PROFIT OR LOSS                       
for the year ended 31 March 2019                                                                    
                                                                                             2019            2018    
GROUP                                                                                        R000            R000    
Property revenue                                                                        2 806 484       2 014 966    
Straight-line rental income accrual                                                        28 506           5 401    
Gross property revenue                                                                  2 834 990       2 020 367    
Property expenses                                                                        (932 183)       (705 891)   
Net profit from property operations                                                     1 902 807       1 314 476    
Corporate and administrative expenses                                                    (199 371)       (127 474)   
Total investment and other income                                                         344 815         323 255    
Investment and other income                                                               134 083         150 813    
Finance income                                                                             47 658          78 566    
Net interest from cross-currency interest rate swaps                                      163 074          93 876    
Fair value movement on non-designated portion of cross-currency                                     
interest rate swaps                                                                        47 603               -    
Operating profit before finance costs                                                   2 095 854       1 510 257    
Finance costs                                                                            (509 749)       (367 808)   
Operating profit after finance costs                                                    1 586 105       1 142 449    
(Loss)/profit on sale of investment properties                                             (6 368)         13 405    
(Loss)/profit on sale of furniture and equipment                                              (18)            144    
Fair value loss on associates at fair value                                               (87 908)        (16 411)   
Fair value movement of derivative financial instruments                                    (1 581)          7 408    
Cost of terminating derivative financial instrument                                             -          (3 250)   
Executive share scheme financial asset - current period loss                              (28 946)              -    
Foreign exchange (loss)/profit                                                            (65 912)         59 936    
Restructuring fee on associate                                                               (815)              -    
Impairment of goodwill                                                                    (48 218)              -    
Loss on sale of listed property securities                                                      -         (26 240)   
Fair value loss on net settled derivatives                                               (208 104)              -    
Profit before changes in fair value of investment property                              1 138 235       1 177 441    
Fair value adjustments                                                                    775 076       1 149 988    
Gross change in fair value of investment properties                                       803 582       1 155 389    
Straight-line rental income adjustment                                                    (28 506)         (5 401)   
Profit before equity-accounted investment                                               1 913 311       2 327 429    
Share of income from associate                                                             53 585          95 485    
Profit before taxation                                                                  1 966 896       2 422 914    
Taxation                                                                                  (18 427)        (10 668)   
Profit for the year                                                                     1 948 469       2 412 246    
Attributable to owners of the parent                                                    1 709 426       2 401 943    
Attributable to non-controlling interest                                                  239 043          10 303    
Other comprehensive income                                                                                           
Items that will be reclassified to profit or loss                                                                    
Foreign currency translation reserve                                                       36 348         (69 047)   
Foreign currency translation reserve: associates                                          140 220          (7 826)   
Foreign currency translation reserve: subsidiaries                                       (103 872)        (61 221)   
Cash flow hedges                                                                          (24 825)        (60 202)   
Deferred tax on hedging instruments                                                       (34 720)              -    
Executive share scheme financial assets - prior year losses                                     -         (17 610)   
Other comprehensive loss for the year                                                     (23 197)       (146 859)   
Total comprehensive income for the year                                                 1 925 272       2 265 387    
Attributable to owners of the parent                                                    1 604 158       2 254 319    
Attributable to non-controlling interest                                                  321 114          11 068    
Number of shares in issue at basic and diluted earnings per share (cents)                  199.05          320.65    
Number of shares in issue at 31 March                                                 920 962 145     784 766 367    
Weighted average number of shares in issue                                            858 774 136     749 084 702    


RECONCILIATION OF EARNINGS TO HEADLINE EARNINGS
for the year ended 31 March 2019
                                                                   2019                          2018
                                                                            Cents                           Cents     
                                                              R000      per share             R000      per share    
Profit attributable to owners of the parent              1 709 426         199.05        2 401 943         320.65    
Earnings and diluted earnings                            1 709 426         199.05        2 401 943         320.65    
Change in fair value of investment properties             (666 843)        (77.65)      (1 148 906)       (153.37)   
(net of allocation to non-controlling interest)                                                                      
Impairment of goodwill                                      48 218           5.61                -              -    
Loss/(profit) on sale of investment properties               6 368           0.74          (13 405)         (1.79)   
Loss/(profit) on sale of furniture, fittings and                   
computer equipment                                              18              -             (144)         (0.02)
Remeasurement included in equity-accounted                    
earnings of associate                                      (40 422)         (4.71)         (10 267)         (1.37)
Headline and diluted headline earnings                   1 056 765         123.04        1 229 221         164.10    


SUMMARISED CONSOLIDATED STATEMENT OF CASH FLOW                                    
for the year ended 31 March 2019                                                  
                                                                                             2019            2018    
GROUP                                                                                        R000            R000    
Cash flow from operating activities                                                     1 785 694       1 333 611    
Cash flow from investing activities                                                    (7 361 885)     (4 664 679)   
Cash flow from financing activities                                                     5 616 823       3 096 868    
Net increase/(decrease) in cash and cash equivalents                                       40 632        (234 200)   
Foreign currency movement in cash                                                           1 758          (1 885)   
Cash and cash equivalents at the beginning of the year                                  1 093 860       1 329 945    
Cash and cash equivalents at the end of the year                                        1 136 250       1 093 860    

Major items included in the items above:                                                                             
                                                                                             2019            2018    
GROUP                                                                                        R000            R000    
Cash flow from operating activities                                                                                  
Profit before taxation                                                                  1 966 896       2 422 914    
Adjustments                                                                              (266 204)     (1 216 409)   
Cash flow from investing activities                                                                                  
Acquisition and improvements of investment properties                                  (9 574 280)     (4 703 030)   
Equity contributed from non-controlling interest                                        1 827 741               -    
Cash flow from financing activities                                                                                  
Interest-bearing borrowings advanced                                                    6 894 960       5 857 327    
Interest-bearing borrowings repaid                                                     (1 891 575)     (2 762 399)   
Proceeds from issue of share capital                                                    2 614 572       1 556 631    
Finance costs paid                                                                       (460 995)       (352 990)   
Dividends paid                                                                         (1 518 404)     (1 180 331)   


SUMMARISED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
for the year ended 31 March 2019
                                                                                              Non-                    
                                                  Other                Shareholders'   controlling                    
                                    Stated   components     Retained        interest      interest                   
                                   capital    of equity     earnings           Total         (NCI)          Total    
                                      R000         R000         R000            R000          R000           R000    
                                                                                                     
Balance at 31 March 2017         7 970 814    4 681 806      458 805      13 111 425        73 367     13 184 792    
Issue of share capital           1 556 631            -            -       1 556 631             -      1 556 631    
Dividend distribution                    -            -   (1 176 155)     (1 176 155)       (2 741)    (1 178 896)   
                                 9 527 445    4 681 806     (717 350)     13 491 901        70 626     13 562 527    
Profit for the year                      -            -    2 401 943       2 401 943        10 303      2 412 246    
Change in fair value of                                                                              
investment properties                    -    1 155 389   (1 155 389)              -             -              -    
Change in fair value                                                                                 
of investment                                                                                        
properties attributable to                                                                           
non-controlling interest                 -       (6 486)       6 486               -             -              -    
Share-based remuneration                 -       21 077            -          21 077             -         21 077    
Deferred taxation                                                                                    
on change in fair                                                                                    
value of derivatives                     -       (2 241)           -          (2 241)            -         (2 241)   
Transfer to                                                                                          
non-distributable reserves -                 
currency revaluation                     -       59 936      (59 936)              -             -              -
Transfer from                                                                                        
non-distributable reserve                -       (4 498)      12 835           8 337             -          8 337    
Share issue expenses                                                                                 
of a subsidiary                          -       (3 637)           -          (3 637)          (59)        (3 696)   
Change in shareholding                                                                               
of a subsidiary                          -          324            -             324          (324)             -    
Legal reserve transfer                                                                               
- foreign subsidiary                     -          217         (217)              -             -              -    
Revaluation of                                                                                       
equity investments                       -      (16 411)      16 411               -             -              -    
Other comprehensive loss                                                                                             
Currency loss on                                                                                     
translation of investment                                                                            
in foreign entities                      -      (70 129)           -         (70 129)          803        (69 326)   
Currency loss on translation                                                                         
of goodwill                              -          279            -             279             -            279    
Revaluation of available-for-sale                                                                    
financial asset                          -      (17 610)           -         (17 610)            -        (17 610)   
Revaluation of cash flow hedges          -      (90 737)           -         (90 737)          (38)       (90 775)   
Deferred taxation on                                                                                 
change in fair value of                                                                              
cash flow hedges                         -       30 573            -          30 573             -         30 573    
Balance at 31 March 2018         9 527 445    5 737 852      504 783      15 770 080        81 311     15 851 391    
Initial application of IFRS 9            -      113 152      (83 139)         30 013           326         30 339    
Lease receivables:                                                                                   
impairment provision                     -            -        8 342           8 342            55          8 397    
Deferred tax on above                    -            -       (1 752)         (1 752)          (11)        (1 763)   
Executive share scheme: change                                                                                       
in classification                        -      113 152     (113 152)              -             -              -    
Borrowings: non-substantial loan            
modification                             -            -       23 423          23 423           282         23 705                                                                        
Issue of share capital           2 614 572            -            -       2 614 572     1 944 877      4 559 449    
Dividend distribution                    -            -   (1 456 219)     (1 456 219)      (62 185)    (1 518 404)   
                                 2 142 017    5 851 004   (1 034 575)     16 958 446     1 964 329     18 922 775    
Profit for the year                      -            -    1 709 426       1 709 426       239 043      1 948 469    
Transfer to                                                                                          
non-distributable reserve                -      221 525     (221 525)              -            53             53    
Share issue expenses                                                                                 
of a subsidiary                          -       (2 315)           -          (2 315)     (122 372)      (124 687)   
Change in ownership                                                                                  
recognised in equity                     -     (106 969)           -        (106 969)      106 969              -    
Subsidiary share swap                    -            -      171 658         171 658        37 934        209 592    
Equity-settled share scheme              -       23 005            -          23 005             -         23 005    
Other comprehensive loss
Foreign currency
translation reserve                      -      (45 723)           -         (45 723)       82 071         36 348    
Cash flow hedges                         -      (17 118)           -         (17 118)       (7 707)       (24 825)   
Deferred tax on                                                                                      
hedging instruments                      -      (34 720)           -         (34 720)            -        (34 720)   
Balance at 31 March 2019         2 142 017    5 888 689      624 984      18 655 690     2 300 320     20 956 010    


SUMMARISED OPERATING SEGMENTS REPORTING 
for the year ended 31 March 2019
                                            Southern Africa                            Spain
                                      Retail       Other        Total      Retail      Other        Total         Grand    
GROUP                                   R000        R000         R000        R000       R000         R000         total    
Group income for the year                                                                                   
ended 31 March 2019                                                                                         
Property revenue from                                                                                       
external customers(i)              1 348 238     140 686    1 488 924     668 327     29 653      697 980     2 186 904    
Straight-line rental                                                                                        
income accrual                        25 937       2 706       28 643        (137)         -         (137)       28 506    
                                   1 374 175     143 392    1 517 567     668 190     29 653      697 843     2 215 410    
Property expenses                                                                                           
(net of recoveries)(i)              (277 689)     (5 548)    (283 237)    (29 345)       (21)     (29 366)     (312 603)   
Profit from property operations    1 096 486     137 844    1 234 330     638 845     29 632      668 477     1 902 807    
Corporate and                  
administrative expenses             (110 737)    (11 555)    (122 292)    (73 804)    (3 275)     (77 079)     (199 371)
Investment and other income          119 920      12 513      132 433       1 650          -        1 650       134 083    
Finance income                        13 325      34 327       47 652           6          -            6        47 658    
Fair value movement on         
non-designated portion of CCIRS       43 511       4 092       47 603           -          -            -        47 603
Net interest from CCIRS              149 057      14 017      163 074           -          -            -       163 074    
Operating profit                   1 311 562     191 238    1 502 800     566 697    (26 357)     593 054     2 095 854    
(i) The property revenue and property expense have been reflected net of recoveries. The audited consolidated 
    statement of profit or loss reflects the gross property revenue and gross property expenses.

                                            Southern Africa                            Spain       
                                      Retail       Other        Total      Retail      Other        Total         Grand    
GROUP                                   R000        R000         R000        R000       R000         R000         total    
Group statement of financial 
position at 31 March 2019                                                                      
Assets                                                                                                                    
Non-current assets                13 525 803   4 250 415   17 776 218  13 821 029  1 081 316   14 902 345    32 678 563    
Investment properties                                                                                      
including straight-line                                                                                    
rental adjustments                13 208 928   1 242 106   14 451 034  13 821 029  1 062 310   14 883 339    29 334 373
Investment properties             13 362 553   1 271 904   14 634 457  13 821 029  1 062 310   14 883 339    29 517 796    
Investment property                                                                                        
under development                    163 250           -      163 250           -          -            -       163 250    
Total investment properties       13 525 803   1 271 904   14 797 707  13 821 029  1 062 310   14 883 339    29 681 046    
Straight-line rental                                                                                       
income adjustment                   (316 875)    (29 798)    (346 673)          -          -            -      (346 673)   
Other non-current assets             316 875   3 008 309    3 325 184           -     19 006       19 006     3 344 190    
Straight-line rental                                                                                       
income asset                         316 875      29 798      346 673           -          -            -       346 673    
Investments in associates
at fair value                              -   1 296 737    1 296 737           -          -            -     1 296 737    
Investment in associate 
equity accounted                           -   1 302 925    1 302 925           -          -            -     1 302 925    
Property, plant, equipment and                 
intangible assets                          -      25 210       25 210           -     18 160       18 160        43 370
Executive share                                                                                            
scheme financial asset                     -      27 822       27 822           -          -            -        27 822    
Derivative financial instruments           -      42 291       42 291           -          -            -        42 291    
Long-term loans granted                    -     270 709      270 709           -          -            -       270 709    
Deferred tax assets                        -      12 817       12 817           -        846          846        13 663    
Current assets                     1 182 647     562 412    1 745 059     694 488      7 791      702 279     2 447 338    
Trade and other receivables          108 208      54 526      162 734     118 646          -      118 646       281 380    
Derivative financial instruments           -      10 333       10 333           -          -            -        10 333    
Current taxation                           -           6            6           -      3 149        3 149         3 155    
Cash and cash equivalents             58 219     497 547      555 766     575 842      4 642      580 484     1 136 250    
Non-current assets held for sale   1 016 220           -    1 016 220           -          -            -     1 016 220    
Total assets                                                                                                 35 125 901    
Equity and liabilities                                                                                                     
Equity                                     -           -            -           -          -            -    20 956 010
Non-current liabilities                    -   4 464 422    4 464 422   7 570 739          -    7 570 739    12 035 161    
Interest-bearing borrowings                -   4 464 271    4 464 271   7 083 280          -    7 083 280    11 547 551    
Derivative financial instruments           -           -            -     480 350          -      480 350       480 350    
Deferred tax liabilities                   -         151          151       7 109          -        7 109         7 260    
Current liabilities                  240 065   1 530 262    1 773 036     311 035     52 660      363 694     2 134 730    
Trade and other payables             240 065      74 903      317 677     272 889     52 660      325 548       641 225    
Short-term portion of                                                                                      
interest-bearing borrowings                -   1 430 736    1 430 736           -          -            -     1 430 736    
Derivative financial instruments           -      22 269       22 269      38 146          -       38 146        60 415    
Current taxation liabilities               -       2 354        2 354           -          -            -         2 354    
Total equity and liabilities                                                                                 35 125 901    

                                      Southern Africa                                     Spain
                                                                    United                                         Total    
                               Retail       Other         Total    Kingdom      Retail     Other      Total        group    
GROUP                            R000        R000          R000       R000        R000      R000       R000         R000    
Group income for the year                                                                                      
ended 31 March 2018                                                                                            
Property revenue(i)         1 232 435     124 674     1 357 109          -     177 965    26 724    204 689    1 561 798    
Straight-line rental                                                                                          
income accrual                  4 780         484         5 264          -         137         -        137        5 401    
                            1 237 215     125 158     1 362 373          -     178 102    26 724    204 826    1 567 199    
Property expenses                                                                                              
(net of recoveries)(i)       (213 875)     (7 952)     (221 827)         -     (27 521)   (3 375)   (30 896)    (252 723)   
Profit from property                                                                                           
operations                  1 023 340     117 206     1 140 546          -     150 581    23 349    173 930    1 314 476    
Profit from associate               -           -             -     95 485           -         -          -       95 485    
(i) The property revenue and property expense have been reflected net of recoveries. The audited consolidated 
    statement of profit or loss reflects the gross property revenue and gross property expenses.

                                      Southern Africa                                     Spain       
                                                                    United                                         Total    
                               Retail       Other         Total    Kingdom      Retail     Other      Total        group    
GROUP                            R000        R000          R000       R000        R000      R000       R000         R000    
Group statement of 
financial position 
at 31 March 2018
ASSETS
Investment properties      13 328 678   1 249 288    14 577 966          -   4 113 957   375 256  4 489 213   19 067 179    
Add: Lease commissions              -           -        35 030          -           -         -          -       35 030    
                           13 328 678   1 249 288    14 612 996          -   4 113 957   375 256  4 489 213   19 102 209    
Goodwill                       48 218           -        48 218          -           -    15 070     15 070       63 288    
Investment properties                                                                                        
held for sale                       -      10 500        10 500          -           -         -          -       10 500    
                           13 376 896   1 259 788    14 671 714          -   4 113 957   390 326  4 504 283   19 175 997    
Add:
Investment property                                                                                          
under development                   -           -        54 476          -           -         -          -       54 476    
Equity investments                  -           -     1 384 645          -           -         -          -    1 384 645    
Investment in associate             -           -             -  1 199 292           -         -          -    1 199 292    
Furniture, fittings,                                                                                         
computer equipment                                                                                           
and intangible asset                -           -        11 202          -           -         -        852       12 054    
Available-for-sale                                                                                           
financial asset                     -           -        34 099          -           -         -          -       34 099    
Derivative                                                                                                   
financial instruments          23 808       2 231        26 039          -           -         -          -       26 039    
Loans receivable                    -           -       103 672          -           -         -          -      103 672    
Deferred taxation assets            -           -        48 975          -           -         -          -       48 975    
Trade and other                                                                                             
receivables                         -           -       166 133          -           -         -     20 610      186 743    
Taxation refundable                 -                         6          -           -         -      7 284        7 290    
Cash and cash equivalents           -           -       826 371          -           -         -    267 489    1 093 860    
Total assets                                                                                                  23 327 142    
EQUITY AND LIABILITIES                                                                                                     
Stated capital              8 710 972     816 473     9 527 445          -           -         -          -    9 527 445    
Interest-bearing                                                                                             
borrowings                  4 437 744     415 947     4 853 691          -   2 047 039         -  2 047 039    6 900 730    
                           13 148 716   1 232 420    14 381 136          -   2 047 039         -  2 047 039   16 428 175    
Add: Excluded items                                                                                                       
Other components of                                                                                          
equity and                                                                                                   
retained earnings                   -           -     4 146 104          -           -         -  2 096 531    6 242 635    
Non-controlling                                                                                              
interest                            -           -        47 990          -           -         -          -       81 311    
Derivative                                                                                                   
financial                                                                                                    
instruments                    82 528      45 885       128 413          -       3 066         -      3 066      131 479    
Deferred taxation                                                                                            
liabilities                         -           -           934          -           -         -          -        7 305    
Trade and other                                                                                              
payables                            -           -       339 325          -           -         -     89 408      428 733    
Current taxation                                                                                             
liabilities                         -           -         7 347          -           -         -        157        7 504    
Total equity                                                                                                 
and liabilities                                                                                               23 327 142    


CALCULATION OF DISTRIBUTABLE EARNINGS
                                                                          31 March         31 March                   
                                                                              2019             2018      Variance    
                                                                              R000             R000             %    
                                                                                                                     
Property revenue                                                         2 186 904        1 561 798         40.02    
Property expenses (net of recoveries)                                     (312 603)        (252 723)       (23.69)   
Net profit from property operations per segmental report excluding       1 874 301        1 309 075         43.18    
straight-line rental income accrual                                                                                  
Corporate administration expenses                                         (199 371)        (127 474)       (56.40)   
Net interest from cross-currency interest rate swap                        163 074                -        100.00    
Investment and sundry income                                               181 741          323 255        (43.78)   
Operating profit before finance costs                                    2 019 745        1 504 856         34.22    
Finance costs                                                             (509 749)        (367 808)       (38.59)   
Profit before equity-accounted income                                    1 509 996        1 137 048         32.80    
Profit share of associate                                                   53 585           95 485        (43.88)   
Profit before taxation                                                   1 563 581        1 232 533         26.86    
Taxation                                                                   (18 427)         (10 668)       (72.73)   
Profit for the year                                                      1 545 154        1 221 865         26.46    
Costs of terminating interest rate swap                                          -           (3 250)       100.00    
Net profit attributable to non-controlling interests                      (102 304)         (10 303)      (100.00)   
Attributable to Vukile group                                             1 442 850        1 208 312         19.41    
Non-IFRS adjustments                                                       247 223           99 064          0.23    
Shares issued cum dividend                                                 125 399           35 019        100.00    
Accrued dividends and cum dividend on shares acquired                       60 036           44 940(1)      33.59    
Dividends accrued on listed associate net of share of income                61 788           19 105        100.00    
Available for distribution                                               1 690 073        1 307 376         29.27    
Total dividend for the year (Rand)                                       1 690 073        1 301 734                  
Total dividend for the year (cents per share)                               181.48           168.82                  
Number of shares in issue at 31 March                                  920 962 145      784 766 367                  
(1) Shares in Castellana subsidiaries, owning 11 retail parks, acquired cum dividend on 30 June 2017.


NOTES TO THE SUMMARISED FINANCIAL STATEMENTS
for the year ended 31 March 2019

Financial instruments
The financial assets and liabilities measured at fair value in the statement of financial position are grouped 
into the fair value hierarchy as follows:
                                                  2019                                       2018
                                Level 1    Level 2     Level 3       Total     Level 1     Level 2        Total    
GROUP                              R000       R000        R000        R000        R000        R000         R000    
Assets                                                                                                             
Investments in associates
at fair value                 1 296 737          -           -   1 296 737   1 384 645           -    1 384 645    
Executive share                                                                                     
scheme financial assets          72 439          -           -      72 439      79 152           -       79 152    
Derivative financial                                                                                
instruments                           -     52 624           -      52 624           -      26 039       26 039    
Total                         1 369 176     52 624           -   1 421 800   1 463 797      26 039    1 489 836    
Liabilities                                                                                                        
Executive share scheme                                                                              
financial liabilities                 -    (44 617)          -     (44 617)          -     (45 053)     (45 053)   
Derivative financial                                                                                
instruments                           -   (316 430)   (224 335)   (540 765)          -    (131 479)    (131 479)   
Total                                 -   (361 047)   (224 335)   (585 382)          -    (176 532)    (176 532)   
Net fair value                1 369 176   (308 423)   (224 335)    836 418   1 463 797    (150 493)   1 313 304    

There have been no significant transfers between levels 1 and 2 in the reporting period under review.

Investments in associates at fair value
This comprises shares held in listed property companies at fair value which is determined by reference to quoted 
prices at the reporting date.

Executive share scheme financial assets and liabilities
This comprises the long-term reimbursement right, which is legally offset by the long-term employee benefit 
liability. This comprises equity-settled share-based long-term incentive reimbursement rights stated at fair
value. Fair value has been determined by reference to Vukile's quoted closing price at the reporting date 
after deduction of executive and management rights.

Derivative financial instruments
Level 2 derivatives consist of interest rate swap contracts, cross-currency interest rate swaps and forward 
exchange contracts. The fair values of these derivative instruments are determined by Absa Capital, Rand 
Merchant Bank, Standard Bank, Nedbank, Investec Bank Limited, Banco Popular, Banco Santander and Caixabank 
using a valuation technique that maximises the use of observable market inputs. Level 3 derivatives consist 
of net settled derivatives and share warrants that have been valued using the Black Scholes option pricing 
model.

Measurement of fair value
The methods and valuation techniques used for the purpose of measuring fair value are unchanged compared 
to the previous reporting period.

Fair value measurement of non-financial assets (investment properties)
The following table reflects the levels within the hierarchy of non-financial assets measured at fair 
value at 31 March:
                                                                                2019                       2018     
                                                                Recurring fair value       Recurring fair value     
                                                                        measurements               measurements     
                                                                             Level 3                    Level 3     
                                                                                R000                       R000    
Investment properties                                                     29 517 796                 19 102 209    
Investment properties under development                                      163 250                     54 476    
                                                                                                                   
                                                                                2019                       2018     
                                                                       Non-recurring              Non-recurring     
                                                                          fair value                fair value     
                                                                        measurements               measurements     
                                                                             Level 3                    Level 3    
                                                                                R000                       R000    
Investment properties held for sale                                        1 001 672                     10 500    

There were no transfers in or out of level 3 in the reporting period under review.

As at 31 March 2019, the directors have valued the southern African property portfolio at R15.8 billion, and 
an external valuer have valued the Spanish portfolio at R14.9 billion (2018: R11.8 billion and R7.3 billion 
respectively). This includes assets classified as held for sale.

This is R11.5 billion or 60.08% higher than the group's valuation as at 31 March 2018.

The external valuations performed by Quadrant Properties (Pty) Ltd and Knight Frank (Pty) Ltd at 
31 March 2019 on 51% of the southern African portfolio are in line with the directors' valuations. 
The Spanish portfolio was valued by Colliers International.

The fair values of commercial buildings are estimated using an income approach which capitalises the 
estimated rental income stream, net of projected operating costs, using a discount rate derived from 
market yields. The estimated rental stream takes into account current occupancy levels, estimates of 
future vacancy levels, the terms of in-place leases and expectations of rentals from future leases 
over the remaining economic life of the buildings.

The most significant inputs are the discount rate and the reversionary capitalisation rate. The inputs 
used in the valuations at 31 March were:
                                         2019                                             2018
                                                  Reversionary                                       Reversionary
                         Discount rate         capitalisation rate         Discount rate         capitalisation rate
                                Weighted                Weighted                  Weighted                 Weighted     
                        Range    average        Range    average          Range    average         Range    average    
                            %          %            %          %              %          %             %          %    
Southern Africa  12.4 to 17.4       13.5  7.4 to 13.0        8.7   12.2 to 17.3       13.4   7.5 to 12.8        8.6    
Spain                7 to 9.0        7.9     5 to 9.2          6    7.5 to 10.3        8.8      5 to 9.1        6.1    

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).

The effect of a 25 basis point change to the base discount rate is as follows on the 31 March 2019 value 
of the portfolio:
                                            25 bps increase                            25 bps decrease
                                        Decreased                              Increased                             
                         Fair value    fair value    Decrease           %     fair value     Increase           %     
                               R000          R000        R000    decrease           R000         R000    increase    
Southern Africa          15 501 000    15 050 000    (451 000)      (2.91)    15 979 000      478 000         3.1    
                                                                                                                     
                                        Decreased                              Increased                             
                         Fair value    fair value    Decrease           %     fair value    Increase           %     
                               €000          €000        R000    decrease           €000         R000    increase    
Spain                       916 470       899 945     (16 525)       (1.8)       933 420       16 950         1.8    


JSE sponsor: Java Capital 

NSX sponsor: IJG Group, Windhoek, Namibia 

Executive directors: LG Rapp (chief executive), MJ Potts (financial director), 
HC Lopion (executive director: asset management), GS Moseneke

Non-executive directors: NG Payne (Chairman), PS Moyanga, SF Booysen, RD Mokate, 
H Ntene, HM Serebro, B Ngonyama

Registered office: 4th Floor, 104 Oxford Road, Houghton Estate, 2198 

Company secretary: J Neethling 

Transfer secretaries: Link Market Services South Africa (Pty) Ltd, Braamfontein, Johannesburg 

Investor relations: Instinctif Partners, The Firs 302, 3rd Floor, Corner Craddock Avenue 
and Biermann Road, Rosebank,
Johannesburg, South Africa, Tel: +27 11 447 3030 

Media relations: Marketing Concepts, 10th Floor, Fredman Towers, 13 Fredman Drive, 
Sandton, Johannesburg, South
Africa, Tel: +27 11 783 0700, Fax: +27 11 783 3702

www.vukile.co.za
Date: 29/05/2019 08:02:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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