FREEDOM PROPERTY FUND LIMITED - Reviewed condensed consolidated financial results for the six months ended 31 August 2017

Reviewed condensed consolidated financial results for the six months ended 31 August 2017

 FREEDOM PROPERTY FUND LIMITED
 Incorporated in the Republic of South Africa
 Registration number: 2012/129186/06
 Share code: FDP
 ISIN: ZAE000185260
 (“Freedom” or “the Company”)


REVIEWED CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE SIX MONTHS ENDED
31 AUGUST 2017


The board of directors of the Company is pleased to present the reviewed condensed
consolidated financial results for the six months ended 31 August 2017.

Operational review and results:
The interim financial results of the Company for the six months ended 31 August 2017, as
compared to the six months ended 31 August 2016 are set out below:

                                                    31 August       % variance             31 August
                                                         2017                                   2016
Revenue (R’000)                                        12 519              (0.24)            12 549
Earnings per share (cents)                               0.12               (95)               2.34
Headline earnings per share (cents)                     (0.37)              (996)              0.04

Modified review opinion
The Company’s auditors, Moore Stephens Cape Town Inc., issued a qualified audit opinion for the year
ended 29 February 2017. The reason for the qualification relates to the acquisition of Ligitprops 184
Proprietary Limited. This matter also affects these consolidated interim financial statements and as a
result, also include a qualified review opinion, an extract of which is set out below:

“Basis for qualified conclusion
The group acquired Ligitprops 184 Proprietary Limited on 1 March 2014. We were unable to complete
our review on the values of certain of the subsidiary’s material assets and liabilities at acquisition and
subsequently the review of the profit on disposal of investment in subsidiary. Had we been able to
complete our review of these account balances, matters might have come to our attention that
adjustments might be necessary to the interim financial information.

Qualified conclusion
Based on our review, except for the effects of the matter described in the Basis for Qualified Conclusion
section of our report, nothing has come to our attention that causes us to believe that the accompanying
condensed consolidated financial statements of Freedom Property Fund Limited for the six month
period ended 31 August 2017 are not prepared, in all material respects, in accordance with the
International Financial Reporting Standard, (IAS) 34 Interim Financial Reporting, the SAICA Financial
Reporting Guides as issued by the Accounting Practices Committee and Financial Pronouncements as
issued by Financial Reporting Standards Council and the requirements of the Companies Act of South
Africa.”

A copy of the modified review opinion is available on the Company’s website: http://www.freedomprop.co.za/financials/.

Reportable Irregularities
The Company has not, in terms of section 30(1) of the Companies Act 2008 prepared, within the
relevant timeframe, the annual results for the years ended 28 February 2018 and 28 February 2019,
nor provided any notices of annual general meetings to shareholders.
The Company is not aware of any other reportable irregularity.

No dividends were declared or paid during the period under review or during the comparative period.
This short form announcement is the responsibility of the Board and does not contain full or complete
details. Any investment decisions by investors and/or shareholders should be based as a whole on
consideration of the reviewed condensed consolidated financial results for the six months ended
31 August 2017 which may be downloaded from:
https://senspdf.jse.co.za/documents/2020/jse/ISSE/FDP/Aug17Int.pdf
or the Company’s website at: http://www.freedomprop.co.za/financials/
and may also be viewed, at no cost, at the registered office of the Company and the Johannesburg
office of its Sponsor, during ordinary business hours, for a period of 30 calendar days following the
date of this announcement.

Registered office: KWV Building, 57 Main Street, Paarl, Cape Province.


Paarl
20 February 2020

Sponsor:
Questco Corporate Advisory Proprietary Limited
First Floor, Yellowwood House, Ballywoods Office Park, 33 Ballyclare Drive, Bryanston.

Date: 20-02-2020 02:23:00
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