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VKE
VKE
VKE - Vukile Property Fund Limited - Audited condensed financial results and
distribution announcement for the year ended 31 March 2010
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
ISIN: ZAE000056370
JSE Share code: VKE
NSX Share code: VKN
("Vukile") or ("the company")
AUDITED CONDENSED FINANCIAL RESULTS
and Distribution Announcement for the year ended 31 March 2010
* Annual distribution increased by 10.2%
* Successful acquisition of property asset management business incorporating
an option and a right of first refusal to acquire investment properties
from the Sanlam Group
* Vacancies contained at 4.1% of gross rentals (2009: 3.2%)
* Recurring cost to property revenue ratio, excluding rates and taxes and
electricity costs, reduced from 16.7% to 16.5%
1. Basis of preparation
The condensed financial results included in this announcement have been
prepared in accordance with the measurement and recognition criteria of
International Financial Reporting Standards ("IFRS") and have been prepared
in accordance with the presentation and disclosure requirements of IAS34,
"Interim Financial Reporting".
Accounting policies
With the exception of the implementation of the new and revised standards
noted below the same accounting policies, presentation and measurement
principles have been followed in the preparation of the condensed financial
information as were applied in the preparation of the group`s annual
financial statements for the year ended 31 March 2009. The group has
implemented the revised IAS1, "Presentation of Financial Statements" and
IFRS8 "Operating segments". The changes to both standards are of a
presentation and disclosure nature only. Comparative information has been
re-presented to conform with the revised standards.
Auditor`s opinion
Grant Thornton, the group`s independent auditor, has audited the
consolidated annual financial statements of Vukile Property Fund Limited
from which the condensed consolidated financial results have been derived
and have expressed an unmodified audit opinion on the consolidated annual
financial statements. The audit report is available for inspection at
Vukile Property Fund Limited`s registered office.
2. Financial results
The group`s net profit available for distribution amounted to R323.3
million for the year ended 31 March 2010 compared to the R289.9 million for
the previous year, an increase of 11.5%. The second distribution has been
enhanced by the R10 million reduction in distributions payable by Vukile to
Sanlam Properties (Proprietary) Limited ("Sanlam Properties"), which
reduction was negotiated in terms of the sale of business agreement. This
is a once-off benefit which has been distributed in full to all
unitholders, other than to Sanlam Properties. If acquisitions and disposals
are excluded, on a "like for like" basis, group net property revenue
increased by 10.2% from 2009 to 2010.
Group finance costs, net of investment and other income, have increased by
R1.6 million, from R122.6 million to R124.2 million. The increase in
finance costs arising from the additional securitisation tap of R250
million has largely been offset by an after tax profit of R5.8 million
realised on the termination of two forward starting swaps by the
securitisation vehicle and interest income earned on surplus funds.
Summary of group financial performance
March March %
2010 2009 Chang
e
Headline earnings of linked units (R`m) 328 294 11.6
Available for distribution (cents per 109.5 98.09 11.7
linked unit) 4
Net asset value per linked unit (cents) 986 907 8.7
Distribution per linked unit (cents) 107.9 97.90 10.2
0
Loan to value ratio (%) 30.20 28.50 6.0
3. Distributions
The board of directors has approved a final distribution of 60.9 cents per
linked unit for the six months to 31 March 2010, an increase of 13.2% over
the comparable six month period. The distribution for the full year ended
31 March 2010 is 107.90 cents per linked unit, an increase of 10.2% over
the previous year`s distribution of 97.90 cents per linked unit.
The 10 cents per linked unit increase in distributions year-on-year is made
up as follows:
2010 2009
Cents Cents
per per
linked linked
unit unit
Contributions to increased rental income
Increased rentals on new and renewed leases 15.7 13.9
Additional rentals from prior year property
acquisition 0.0 3.4
Additional municipal service recoveries and
other 8.1 3.4
23.8 20.7
Increase in property expenditure (11.2) (9.0)
Net increase in net group property revenue 12.6 11.7
Additional income from asset management 1.0 0.0
business (0.5) (2.7)
Increased net finance costs
(Increased)/reduced administrative expenses,
taxation and retained income (2.70) 0.65
Adjustment for distribution in respect of
linked units issued to Sanlam Properties (3.7) -
Less: R10 million distribution foregone by
Sanlam Properties 3.3 -
Net increase in distribution 10.0 9.65
4. Borrowings
The group`s long-term loans are hedged using interest rate swap agreements
that expire over a three year period. 98% of all interest bearing debt has
been hedged at year-end at a weighted average rate of 10.4% per annum,
inclusive of margins and costs. The company has entered into a forward
starting interest rate swap to cover 50% of the R462 million debt maturing
in November 2010 as follows:
R231 million swap commencing in November 2010 and maturing in November 2013
at a rate of 7.89% (excluding note margins).
The net after tax profit of R5.8 million arising on the termination of two
swaps by the securitisation vehicle was utilised as a premium payment of
R5.45 million to achieve a lower rate on the above R231 million swap, from
8.86% to 7.89%. This premium will be amortised over a three year period
from November 2010.
The company intends re-financing the R462 million loan maturing in November
2010 by way of a tap via the securitisation vehicle.
The company`s borrowing capacity is, in terms of its articles of
association, not limited. The board policy is to limit gearing to 45%.
The group`s gearing ratio at the end of the financial year was 30.2%
compared to the bank and securitisation covenants of 50% and 65%
respectively. The group has unutilised bank facilities of R532 million.
5. Group property portfolio
The property portfolio currently comprises 74 properties with a gross
lettable area of 918 833mSquared.
At 31 March 2010, the portfolio`s vacancy (measured as a percentage of
gross rentals) was 4.1% compared to 3.2% at 31 March 2009.
The largest vacancy in the portfolio is at Midrand Allandale which
reflected a vacancy at year-end of 4,527mSquared. Every effort is being
made to let these premises.
New leases and renewals of 194 813mSquared with a contract value of R364
million, were concluded during the year. 67% of leases that expired during
the year ended 31 March 2010 were renewed.
6. Acquisitions, developments and disposals
Acquisitions and developments:
The following expansion projects are underway and are, at this stage,
expected to be completed timeously and within budget.
Expected Budgeted Forecas
date of capital t
completion Expenditu initial
Property re yield
(R`000) (%)
Oshakati Shopping Centre - September 13 398 10.4
Edgars 2010
Oshikango Centre September 26 766 10.5
2010
Mala Plaza Centre April 2011 14 495 9.3
Total 54 659 10.2
The following major revamps/income protecting capital projects are
currently underway.
Estimated Date Budgeted
of completion capital
expenditure
Property (R`000)
Louis Leipoldt July 2011 33 500
Randburg Square November 2011 13 021
Total 46 521
The cost of acquisitions, developments and tenant installations for the
year ended 31 March 2010 amounted to R58 million (2009: R92 million).
Disposals
One unit of the Kleinfontein office complex was sold during the year for R3
million, yielding a capital accounting profit of R1.4 million.
The Hillcest Centre was sold for R16.1 million and transferred on 1 April
2010. No capital accounting profit or loss was generated.
7. Valuation of portfolio
The accounting policies of the company require that directors value the
entire portfolio every six months to fair market value. 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 group`s property portfolio at R4.89 billion
as at 31 March 2010. This is R357.7 million or 7.9% higher than the
valuation as at 31 March 2009.
The external valuations by JHI Real Estate Limited and Old Mutual Property
Group (Pty) Ltd at 31 March 2010 of 52% of the total portfolio is 5.8%
higher than the directors` valuations of the same properties.
8. Asset Management Business
As announced previously the resolutions relating to:
the acquisition by Vukile of the property asset management business of
Sanlam Properties directly related to the asset management of Sanlam Life
Insurance Limited`s ("Sanlam Life") property portfolio, as a going concern
("the Business Acquisition");
a call option granted by Sanlam Life to Vukile to acquire certain
properties valued at approximately R500 million from Sanlam Life;
a right of first refusal granted by Sanlam Life to Vukile in respect of the
acquisition of the majority of the remainder of Sanlam Life`s property
portfolio;
the issue and allotment of 36 470 000 linked units in Vukile as
consideration for the Business Acquisition;
were passed by the requisite majority of Vukile unitholders on 18 December
2009.
The Business Acquisition was implemented with effect from 1 January 2010.
As a result of this, Vukile now renders property asset management services
to Sanlam Life in respect of its long-term commercial investment property
portfolio. This is in addition to the property asset management of
Vukile`s portfolio which was internalised on 1 October 2009. As indicated
above, the transaction provides Vukile with a call option and right of
first refusal over most of the Sanlam Group`s property portfolio.
It is pleasing to note that, as a result of the previous close relationship
between Vukile and Sanlam Properties, the merger process has been completed
seamlessly and timeously.
If the employment and other costs in respect of the personnel employed to
undertake the asset management function of the Vukile portfolio of R4
million are excluded, the acquisition of the asset management business
contributed pre-tax income of R7 million for the three months to 31 March
2010, made up as follows:
R`000
Asset management fees 8,468
Sales commission and other fees 1,740
Total income generated 10,208
Less: Salary, office and other costs (3,168)
7,040
Details of the asset management business acquired are set out below:
R`000
Purchase consideration
36 470 000 units
(ex-dividend share price at 4 January 2010 of 364 993
R10.0081)
Transaction costs 6 121
371 114
Less sales commission earned on properties sold
between the agreement and effective dates (7 216)
Total purchase consideration 363 898
Comprising
Intangible asset (asset management contract) 362 767
Debtors(1) 3 188
Furniture, fittings and computer equipment 1 129
367 084
Liabilities
Long term incentive scheme liabilities assumed (3 186)
Total 363 898
(1) Amount due by Sanlam Properties in respect of long-term share-based
incentive scheme.
Proposed Acquisition of properties from Sanlam
Vukile unitholders were advised on 29 April 2010 that the terms of the R775
million property acquisition had been revised as follows:
Revised terms of the property acquisition
Vukile will, subject to the fulfilment of certain conditions precedent
acquire a portfolio consisting of nine properties from Sanlam Life for an
amount of R527 million ("the purchase price"), to be settled on the date of
registration of transfer of the properties into Vukile`s name either in
cash in full or partly in cash and partly by way of an allotment and issue
to the vendor of such number of Vukile linked units ("the consideration
units") as shall result in the vendor receiving the full purchase price in
cash. The purchase price shall be increased by an amount of 0.01644% for
each day from 1 May 2010 to the date of registration of transfer of the
properties into Vukile`s name. This acquisition is over and above the call
option referred to under paragraph 8 above.
Vendor placing
If the purchase price is settled partly in cash and partly by way of an
allotment and issue of the consideration units to the vendor, Vukile shall
place the consideration units with third parties ("the vendor placing"), in
compliance with the JSE Limited ("the JSE") Listings Requirements, such
that the vendor receives the full purchase price in cash.
Property specific information
Set out below is information on the properties:
Purchas
Total Purchas e price
rentable e price Rand
Property Region area R`000 per
(mSquare mSquare
d) d
Amanzimtoti Jeffels Road
Warehouse KwaZulu- 22,645 60,391 2,667
Natal
Kimberley Kimpark Northern 10,494 46,681 4,448
Cape
Nelspruit Sanlam Centre Mpumalanga 13,934 38,947 2,795
Pinetown Westmead
Kyalami Park KwaZulu- 16,914 57,776 3,416
Natal
Pretoria Hatfield Sanlam
Building Gauteng 5,358 40,747 7,605
Pretoria Sanwood Park Gauteng 6,388 54,003 8,454
Rustenburg Edgars Northwest 9,784 81,593 8,339
Building
Sandton St Andrews Gauteng 10,169 74,777 7,353
Complex
Sandton Sunninghill Gauteng 8,774 72,085 8,216
Place
TOTAL 104,460 527,000 5,045
A detailed update on the above acquisition, incorporating the property
specific information and the unaudited pro forma financial affects, will be
announced on SENS and in the press on or about 25 May 2010.
10. Directorate
Ina Lopion has joined the Vukile board as the executive director for asset
management. She previously held this position with Sanlam Properties and
brings with her almost 20 years of experience in property matters.
Mr Sidney Bernic passed away in August 2009. He joined the Vukile board at
its inception in 2004 and was a loyal and valuable colleague. His counsel,
support and insight will be missed. The board and management extend their
condolences to Mr Bernic`s family.
11. Operating Segments
In identifying its operating segments, management reviews the performance
of its investment properties held by the group on an individual basis:
MARCH 2010 Asset
Managem Total
ent
Industr Commerc Retail Total Busines group
ial ial s
R`000 R`000 R`000 R`000 R`000 R`000
Group income for
the year ended
31 March 2010
Property revenue 114,642 208,207 419,22 742,07 10,208 752,28
3 2 0
Property (40,141 (74,022 (152,8 (267,0 (7,141) (274,2
expenses ) ) 98) 61) 02)
74,501 134,185 266,32 475,01 3,067 478,07
5 1 8
Add: excluded
item
Straight line 7,041 7,041
rental income
accrual
Net profit from 74,501 134,185 266,32 482,05 3,067(1 485,11
property 5 2 ) 9
operations
Group balance
sheet at 31
March 2010
Assets
Investment 862,833 1,396,7 2,536, 4,796, 4,796,
properties 83 987 603 603
Add: Lease 14,549 14,549
commissions
4,811, 4,811,
152 152
Goodwill 5,114 4,979 66,206 76,299 76,299
Intangible asset 362,767 362,76
7
Investment 30,441 - 61,892 92,333 92,333
properties held
for sale
898,388 1,401,7 2,665, 4,979, 362,767 5,342,
62 086 784 551
Add: excluded
items
Development 1,391
expenditure
Furniture, 1,510
fittings and
computer
equipment
Available-for- 13,601
sale financial
asset
Financial asset 5,450
at amortised
cost
Trade and other 46,741
receivables
Cash and cash 214,32
equivalents 5
Total assets 5,625,
569
Liabilities
Linked 280,359 438,388 815,67 1,534, 356,333 1,890,
debentures and 3 420 753
premium
Interest bearing 269,123 420,820 782,98 1,472, 1,472,
borrowings 7 930 930
549,482 859,209 1,598, 3,007, 356,333 3,363,
659 350 683
Add: excluded
items
Equity 1,381,
502
Derivative 28,136
financial
instrument
Deferred 532,62
taxation 6
Trade and other 136,27
payables 5
Current taxation 2,373
liabilities
Linked 180,97
unitholders for 4
distribution
Total 5,625,
liabilities 569
(1) includes R 4.0 million salary and other costs incurred in managing the
Vukile portfolio internally from 1 October 2009 to 31 March 2010.
MARCH 2009 Industria Commercia Retail Total
l l
R`000 R`000 R`000 R`000
Group income for the year
ended 31 March 2009
Property revenue 105,512 185,472 382,301 673,285
Property expenses (40,254) (58,780) (136,572 (235,60
) 6)
65,258 126,692 245,729 437,679
Add: excluded item
Straight line rental 6,209
income accrual
Net profit from property 65,258 126,692 245,729 443,888
operations
Group balance sheet at 31
March 2009
Assets
Investment properties 794,236 1,290,555 2,446,40 4,531,1
7 98
Add: Lease commissions 14,533
4,545,7
31
Goodwill 5,114 4,979 66,206 76,299
799,350 1,295,534 2,512,61 4,622,0
3 30
Add: excluded items
Development expenditure 315
Available-for-sale 119
financial asset
Financial asset at 11,088
amortised cost
Trade and other 29,128
receivables
Cash and cash equivalents 60,807
Total assets 4,723,4
87
Liabilities
Linked debentures and 268,956 437,026 828,438 1,534,4
premium 20
Interest bearing 224,936 365,499 692,851 1,283,2
borrowings 86
493,892 802,525 1,521,28 2,817,7
9 06
Add: excluded items
Equity 1,145,1
01
Derivative financial 16,493
instrument
Deferred taxation 461,420
Trade and other payables 122,682
Current taxation 1,079
liabilities
Linked unitholders for 159,006
distribution
Total liabilities 4,723,4
87
12. Capital commitments
The group is authorised and has contracted to refurbishment and expansion
programmes at a combined cost of R42.2 million.
The group is authorised, but has not yet contracted, to upgrade shopping
centres, replace air-conditioning units, refurbish lifts, tenant
installations and other minor capital expenditure at an estimated cost of
R109.3 million.
13. Related Party Transactions
The following are related party transactions:
Related Type of Amount Amounts Amount Amounts
Party transaction paid/ owed paid/ owed to
(received) to/(by) (received) related
2010 related 2009 parties
(R`000) parties (R`000) 2009
2010 (R`000)
(R`000)
Sanlam Lease 466 - 273 -
Life rentals
Asset 10,074 (5,953) - -
management
fees
received
Sanlam Asset 8,933 472 14,618 1,339
Properties management
and other (280) - - -
fees
Consulting
fees
Sanlam Assumption 8,998(1) - - 7,423
Capital of group`s
Markets conditional
Limited financial
("SCM") obligations
to senior
management
Gensec Property 19,538 3,331 19,470 1,024
Property management
Services and other
Limited fees
trading as
JHI
("JHI")
Kuper Legh Property 7,021 371 5,291 285
Property management
Group and other
fees
(1)Included in this amount is R3.9 million which has been re-
imbursed by Sanlam Properties in respect of the long term
incentive scheme liabilities assumed by the Vukile group on the
take-over of the Sanlam Properties employees involved in the
asset management business.
All the above amounts due were paid in or received by May 2010.
Sanlam Properties, Sanlam Life and SCM are subsidiaries of
Sanlam Limited which held directly 101 967 742 or 30.7% of the
issued linked units of Vukile Property Fund Limited at 31 March
2010. Sanlam Limited also holds a minority shareholding in
JHI. Kuper Legh Property Group is controlled by an individual
who is also a significant unitholder in Vukile.
Prospects
The past year has been a trying one in a number of respects. The sector
experienced rising vacancies, increased bad debts, increased arrears and
lower rental growth. The effects of the recession were evident across the
broader economy and trading conditions were tough.
There are signs that the economy has turned the corner and the expectation
is that we will now see growth in GDP of between 2% and 3% for the 2010
calendar year. Unfortunately, due to the fact that the property cycle
generally follows the broader economic cycle by between 12 to 18 months, we
are of the opinion that there will still be some more bad news before we
will see a recovery. We therefore expect vacancies to increase slightly
from current levels and we also do not see any substantial growth in
rentals before the end of the calendar year.
In the following financial year, the company will experience the full
effect of the acquisition of the Sanlam Properties asset management
business. There will, however, not be a repeat of the saving of R10
million in the June 2010 distributions as this was a once off agreement
forming part of the transaction, but the company will experience the
benefit of the recently announced R527 million property acquisition from
Sanlam.
The company also expects to exercise the option to acquire the R500 million
property portfolio from Sanlam in due course.
Based on the above, the Board is of the opinion that, although not of the
same magnitude as the 2010 year, the increase in distributions for the 2011
financial year will be reasonable.
15. Payment of debenture interest and dividend
Notice is hereby given of a distribution amounting to 60.90 cents per
linked unit for the six months ended 31 March 2010. The distribution
comprises interest on debentures of 60.78 cents per linked unit and a
dividend of 0.12 cents per linked unit.
Last date to trade cum distribution Thursday, 10 June 2010
Linked units trade ex distribution Friday, 11 June 2010
Record date for unitholders to
participate in the distribution Friday, 18 June 2010
Payment of distribution to unitholders Monday, 21 June 2010
Linked unit certificates may not be dematerialised or re-materialised
between Friday 11 June 2010 and Friday 18 June 2010, both days inclusive.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
31 March 31 March 2009
2010
R`000 R`000
Property revenue 742,072 673,285
Straight-line rental income accrual 7,041 6,209
Gross property revenue 749,113 679,494
Property expenses -267,061 -235,606
Profit from property operations 482,052 443,888
Profit from the asset management 3,067 -
business
Administrative expenses -23,781 -20,137
Operating profit 461,338 423,751
Investment and other income 21,188 8,712
Finance costs -145,340 -131,358
Profit before debenture interest 337,186 301,105
Debenture interest -319,231 -288,755
Profit before capital items 17,955 12,350
Capital items
Amortisation of debenture premium 1,361 1,007
Profit on sale of revalued properties 1,387 -
Profit before fair value adjustments 20,703 13,357
Fair value adjustments 293,975 115,504
Gross change in fair value of 301,016 121,713
investment properties
Straight-line rental income -7,041 -6,209
adjustment
Profit before taxation 314,678 128,861
Taxation -79,081 -6,297
Profit for the year 235,597 122,564
Other comprehensive income
Cash flow hedging -11,436 -72,104
-current period losses -22,390 -77,101
-reclassification to profit or loss 10,954 4,997
Available-for-sale financial assets -6,486 -6,488
-current period losses -6,486 -6,488
Other comprehensive loss for the year -17,922 -78,592
Total comprehensive income for the 217,675 43,972
year
Earnings per share
Basic earnings per share (cents) 182.36 139.17
Diluted earnings per share (cents) 182.36 139.17
Reconciliation: Headline earnings and distributable earnings
Group Group Group
31 March Per 31 March
2010 linked 2009
unit
R`000 Cents R`000
Attributable profit for the 235,597 77.44 122,564
year after taxation
Adjusted for:
Net change in fair value of -293,975 -96.62 -115,504
investment properties
Total tax effects of 70,139 23.05 -554
adjustments
Profit on sale of revalued -1,387 -0.46 -
property
Amortisation of debenture -1,361 -0.45 -1,007
premium
Debenture interest 319,231 104.93 288,755
Headline earnings of linked 328,244 107.89 294,254
units
Straight-line rental -4,979 -1.64 -4,348
accrual net of deferred
taxation
Adjustment for reduced 3.29 -
distribution in respect of
new issue of shares
Available for distribution 323,265 109.54 289,906
Headline earnings per 107.89 99.56
linked unit (cents)
Available for distribution 109.54 98.09
per linked unit (cents)
Total number of linked 332,021 295,551
units in issue (000)
Weighted average number of 304,244 295,551
linked units in issue (000)
Distribution to Vukile unitholders for the year ended 31 March 2010
Total First Second (1)
R`000 R`000 Cents R`000 Cents
per per
linke linke
d d
unit unit
Interest distribution 319,23 138,62 46.90 180,6 60.78
1 6 05
Dividend distribution 651 283 0.10 368 0.12
Total distribution 319,88 138,90 47.00 180,9 60.90
2 9 73
(1) Adjusted for the reduced distribution in respect of the
36 470 000 linked units issued to Sanlam Properties
(Proprietary) Limited as follows:
R`000
Distribution for period 1 January 2010 to 31 March 10,983
2010
Less: Distribution foregone in terms of sale of (10,000
business agreement )
Distribution attributable to Sanlam Properties
(Proprietary) Limited 983
Distribution attributable to other unitholders 318,899
Total distribution for the year ended 31 March 2010 319,882
Distribution to Vukile unitholders for the year ended 31 March 2009
Total First Second (1)
R`000 R`000 Cents R`000 Cents
per per
linke linke
d d
unit unit
Interest distribution 288,75 130,07 44.01 158,6 53.69
5 2 83
Dividend distribution 589 266 0.09 323 0.11
Total distribution 289,34 130,33 44.10 159,0 53.80
4 8 06
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 March 31 March
2010 2009
R`000 R`000
ASSETS
Non current assets 5,272,170 4,633,552
Investment properties 4,725,437 4,466,707
Investment properties 4,811,152 4,545,731
Straight-line rental income -85,715 -79,024
adjustment
Other non current assets 546,733 166,845
Intangible asset 362,767 -
Straight-line rental income 85,715 79,024
asset
Development expenditure 1,391 315
Furniture, fittings and computer 1,510 119
equipment
Available-for-sale financial 13,601 11,088
asset
Financial asset at amortised 5,450 -
cost
Goodwill 76,299 76,299
Current assets 261,066 89,935
Trade and other receivables 46,741 29,128
Cash and cash equivalents 214,325 60,807
Investment property held for 92,333 -
sale
Total assets 5,625,569 4,723,487
EQUITY AND LIABILITIES
Equity attributable to owners of 1,381,502 1,145,101
the parent
Non-current liabilities 3,463,718 3,258,160
Linked debentures and premium 1,890,753 1,534,420
Other interest bearing 1,012,203 1,245,827
borrowings
Derivative financial instruments 28,136 16,493
Deferred tax liabilities 532,626 461,420
Current liabilities 780,349 320,226
Trade and other payables 136,275 122,682
Short-term borrowings 37,459
460,727
Current taxation liabilities 2,373 1,079
Linked unitholders for 180,974 159,006
distribution
Total equity and liabilities 5,625,569 4,723,487
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Non Cash- Retained Total
Capital distribu flow Income
and table hedges
Premium reserves
R`000 R`000 R`000 R`000 R`000
Balance at 31 March 20,297 1,008,17 55,250 12,134 1,095,8
2008 0 51
Dividend - - - -589 -589
distribution
20,297 1,008,17 55,250 11,545 1,095,2
0 62
Profit for the year - - - 122,564 122,564
Change in fair - 121,713 - -121,713 -
value of investment
properties
Deferred taxation - -1,307 - 1,307 -
on change in fair
value of investment
properties and
straight-line
rental accrual
Share based - 5,867 - - 5,867
remuneration
Other comprehensive
income
Revaluation of - -6,488 - - -6,488
available-for-sale
financial asset
Revaluation of cash- - - -72,104 - -72,104
flow hedges
Balance at 31 March -16,854 13,703
2009 20,297 1,127,95 1,145,1
5 01
Issue of share - - - 7,299
capital 7,299
Dividend - -651 -651
distribution - -
27,596 1,127,95 -16,854 13,052 1,151,7
5 49
Profit for the year - - 235,597 235,597
Change in fair - -301,016 -
value of investment - 301,016
properties
Deferred taxation - -72,201 - 72,201 -
on change in fair
value of investment
properties and
straight-line
rental accrual
Transfer to non- - 1,387 - -1,387
distributable
reserves
share based - 12,078 - - 12,078
remuneration
Other comprehensive
income
Revaluation of - -6,486 - - -6,486
available-for-sale
financial asset
Revaluation of - - -11,436 - -11,436
cashflow hedges
Balance at 31 March 27,596 1,363,74 -28,290 18,447 1,381,5
2010 9 02
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
31 March 2010 31 March
2009
R`000 R`000
CASH FLOW FROM OPERATING ACTIVITIES 452,245 431,702
Profit before tax 314,678 128,861
Adjustments 148,166 294,844
Net changes in working capital -4,018 9,779
Taxes paid -6,581 -1,782
CASH FLOW FROM INVESTING ACTIVITIES -410,110 -92,086
CASH FLOW FROM FINANCING ACTIVITIES 111,383 -320,218
Net increase in cash & cash 153,518 19,398
equivalents
Cash & cash equivalents at the 60,807 41,409
beginning of the year
Cash and cash equivalents at the end 214,325 60,807
of the year
On behalf of the board
AD Botha G van Zyl
Chairman Chief Executive Officer
Roodepoort
24 May 2010
JSE sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Ltd, Illovo, Sandton
NSX sponsor: IJG Securities (Pty) Ltd, Windhoek, Namibia
Executive directorS: G van Zyl (CEO), MJ Potts (Financial director),HC Lopion
Non-executive directors: AD Botha (Chairman), HSC Bester, PJ Cook,
JM Hlongwane, PS Moyanga, MH Serebro, UJ van der Walt
Registered office: 1st floor Meersig Building, Constantia Boulevard,
Constantia Kloof, 1709.
Company Secretary: EL Yates
Transfer secretaries: Link Market Services South Africa (Pty) Ltd, Johannesburg
Investor and media relations: Contact Helen McKane on vukile@dpapr.com, or Tel:
011 728-4701.
www.vukileprops.co.za
Date: 24/05/2010 12:15:01 Produced by the JSE SENS Department.
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