Wrap Text
Condensed unaudited group results for the six months ended 28 February 2018
Redefine Properties Limited
(Incorporated in the Republic of South Africa)
Registration number: 1999/018591/06
JSE share code: RDF ISIN: ZAE000190252
(Redefine or the Company or the Group)
(Approved as a REIT by the JSE)
Condensed unaudited
GROUP RESULTS
for the six months ended 28 February 2018
Highlights
Operating margin maintained at 82.7%
Local developments in progress total R5.9 billion
LTV lowered to 40.1%
47 Learners enrolled for 2018
Gold SAFMA award for solar PV implementation
Commentary
Profile
Redefine is a leading South African-based Real Estate Investment Trust (REIT), with a diverse, internally
managed property asset platform valued at R85.6 billion (FY17: R84.1 billion). Redefine's portfolio is
anchored domestically in directly held retail, office and industrial properties, and is complemented by
substantial property investments in the United Kingdom (UK), Poland and Australia.
Redefine's primary goal is to grow and improve cash flows which will deliver quality earnings, growth
in distributions, and sustained long-term growth in total returns for shareholders.
Redefine is listed on the Johannesburg Stock Exchange (JSE), has a market capitalisation of
R66.8 billion (FY17: R61.8 billion) and is ranked in the JSE Top 40 index. By volume, Redefine shares
are among the most actively traded on the JSE, making it a highly liquid single entry point for investors
to gain exposure to domestic and multiple international real estate markets.
At 28 February 2018, Redefine's diversified local property assets were valued at R68.6 billion
(FY17: R68.1 billion). The Group's international real estate investments, valued at R17.0 billion
(FY17: R16.0 billion) represented 19.9% (FY17: 19.0%) of total property assets, providing geographic
diversification into the UK, Polish and Australian markets.
Financial results
The Redefine Board has declared a distribution of 47.30 (HY17: 44.82) cents per share for the
six months ended 28 February 2018, an increase of 5.5% (HY17: 7.5%) on the comparable period of
the previous year, which is in line with market guidance. Total revenue and gross distributable income
showed growth of 9.6% (HY17: 8.5%) and 8.6% (HY17: 24.8%) respectively, continuing to benefit from a
number of substantial quality acquisitions made in recent years.
Redefine's property portfolio contributed 98.0% (HY17: 99.6%) of total revenue, with minimal income
from listed securities 2.0% (HY17: 0.4%).
Operating costs remained stable at 33.9% (HY17: 33.9%) of contractual rental income. Net of electricity
and utility recoveries, operating costs were 17.3% (HY17: 17.4%) of contractual rental income.
The cost-to-income ratios are calculated in accordance with SA REIT Association's Best Practice Recommendations.
Redefine's international property investments contributed 25.3% (HY17: 22.7%) of distributable income.
Changes in fair value
The Group's property portfolio was independently valued by external valuers at 28 February 2018
resulting in a net increase in value of R1.3 billion (HY17: R156.2 million). In terms of IAS 40 and
IFRS 13, Redefine's investment properties are measured at fair value through profit or loss using
valuation inputs which are categorised as level 3 on the fair value hierarchy. There were no transfers
between levels 1, 2 and 3 during the period.
Exchangeable bonds were fair valued at 28 February 2018 which resulted in a R174.5 million
(HY17: R433.5 million) decrease in the liability. These exchangeable bonds are measured at fair value
through profit and loss. The fair value is determined with reference to the Bloomberg Valuation Service
price, and has been classified as level 1.
The fair value of the investment in listed securities decreased by R257.7 million
(HY17: R152.1 million increase) during the period. The Group's derivatives, which protect the
Group against adverse movements in interest and foreign exchange rates, were valued using the
swap curve and forward pricing methods respectively, resulting in a decrease of R397.1 million
(HY17: R53.6 million) in the Group's liabilities. In terms of IAS 39 and IFRS 13, Redefine's listed securities
investments and derivatives are measured at fair value through profit or loss and are categorised as
level 1 and level 2 respectively.
The balance of the fair value movements relate to foreign exchange losses on foreign unlisted
investments of R11.8 million (HY17: Rnil) and the profit on dilution of our equity accounted investments
of R43.5 million (HY: R107.5 million).
Property portfolio
The active portfolio vacancy rate remained stable during the period to 4.7% (FY17: 4.6%). Leases
covering 269 209m(2) (HY17: 171 208m(2)) were renewed during the period at an average rental increase
of 0.3% (HY17: 3.1%) while the tenant retention rate was a pleasing 94.7% (HY17: 86.0%). A further
224 786m2 (HY17: 205 213m(2)) was let across the portfolio. Net arrears amounted to R76.0 million
(HY17: R73.3 million), representing 10.1% (HY17: 9.4%) of gross monthly rental.
GEOGRAPHIC SPREAD BY GLA
Gauteng 71%
Cape 16%
KwaZulu-Natal 6%
Other 7%
GEOGRAPHIC SPREAD BY VALUE
Gauteng 72%
Cape 18%
KwaZulu-Natal 5%
Other 5%
SECTORAL SPREAD BY GLA
Office 28%
Retail 30%
Industrial 41%
Specialised 1%
SECTORAL SPREAD BY VALUE
Office 37%
Retail 41%
Industrial 20%
Specialised 2%
LEASE EXPIRY PROFILE BY GLA
Figures in m2 Office Retail Industrial Specialised Total
Monthly 91 186 54 446 15 765 - 161 397
2018 57 508 59 333 98 287 - 215 128
2019 175 795 175 205 191 554 - 542 554
2020 232 920 209 326 228 259 93 670 598
2021 148 258 193 236 122 619 27 233 491 346
2022 126 783 201 888 234 550 1 019 564 240
Beyond 2022 268 357 390 636 898 928 - 1 557 921
Vacancy 198 951 78 720 57 146 992 335 809
1 299 758 1 362 790 1 847 108 29 337 4 538 993
VACANCY PER SECTOR
Strategic vacancies*
Vacant
28 February 2018 properties Vacant
before strategic under properties 28 February 31 August
vacancies redevelopment held-for-sale 2018 2017
% % % % %
Office 15.3 1.9 5.3 8.1 8.1
Retail 5.8 1.4 - 4.4 3.3
Industrial 3.1 - 0.4 2.7 3.3
Specialised 3.4 3.4 - - -
7.4 1.0 1.7 4.7 4.6
* Strategic vacancies include properties held-for-sale and properties under development.
28 February 28 February
2018 2017
% %
Property cost-to-income ratios
Gross cost-to-income ratio 33.9 33.9
Net cost-to-income ratio 17.3 17.4
Total cost-to-income ratios
Gross cost-to-income ratio 36.4 36.5
Net cost-to-income ratio 20.9 20.7
The above cost-to-income ratios are calculated in accordance with the SA REIT Association's Best
Practice Recommendations.
Portfolio strategy
Redefine continues to advance its strategy of diversifying, growing and improving the quality of the
property portfolio. During the period, management's primary focus domestically was on protecting,
expanding and improving existing well-located properties mainly through development activities.
Local acquisitions: Subsequent to the reporting period, Redefine acquired the remaining 50% share
of 115 West Street (Alexander Forbes), with a GLA of 20 546m(2) at an average initial yield of 9.25% for
R750.0 million.
International acquisitions: Redefine acquired a 25% equity share in Chariot Top Group B.V. (Chariot) for
R907.9 million (EUR57.9 million). Chariot owns a portfolio of 28 well-located retail properties throughout
Poland with two blue chip tenants occupying over 65% of the GLA. Echo Polska Properties N.V. (EPP) has
agreed to acquire 12 properties from Chariot for R9.9 billion (EUR692 million) in three tranches, the first of
which was completed on 4 January 2018. The acquisition of Chariot is in line with Redefine's international
strategy which is centered on geographic diversification in hard currency markets.
New developments: Projects in progress total R3.5 billion at an average initial yield of 8.5%. In addition,
infrastructure projects totalling R648.6 million for the S&J, Brackengate, Matlosana Mall and Atlantic
Hills sites are currently under way.
Redevelopments: During the period, redevelopment projects were completed with a total value of
R212.7 million at an average projected initial yield of 6.4%. Redevelopment projects in progress in the
existing portfolio total R743.4 million at an average initial yield of 6.2%. Future committed projects total
R162.6 million at a projected initial yield of 1.6%.
Held-for-trading: Two portions of Brackengate land with a developable area of 213 191m2 have been
transferred to held-for-trading.
Disposals: 14 properties with a GLA of 208 360m(2), which no longer served Redefine's investment strategy,
were disposed of during the period to various buyers for an aggregate consideration of R2.2 billion, at an
average yield of 8.1%. In addition, agreements, subject to the usual conditions precedent, were concluded
for the disposal of properties for an aggregate consideration of R530.0 million with a GLA of 123 141m(2)
at an average yield of 7.9%.
Student accommodation: Redefine continues to expand its local student accommodation portfolio
with the completion of Lincoln House, a 469 bed Residence in Bloemfontein which started trading
in January 2018, for a total value of R103.4 million with an average projected initial yield of 10.6%.
Projects in progress (Hatfield Square and Roscommon House) total R1.1 billion at an average yield
of 10.6%. Paton House, a future committed project, has a cost of R108.1 million with an estimated initial
yield of 10.6%.
Redefine has also continued to expand its presence in the Australian student accommodation
market through its 90% held subsidiary, Journal Student Accommodation Fund. The Leicester Street
development, at a total cost of R1.2 billion (AUD140.0 million), will have 804 beds and is progressing well
with anticipated completion in time for the 2019 student intake.
Sustainability: We continue to focus on operating our buildings efficiently. Approximately 3 000 smart
electricity meters are in the process of being installed in 117 of our buildings, and we are deploying
smart water metering and control devices at 66 buildings, including all our Cape Town based properties.
Using smart metering data enables us to operate buildings efficiently and increases consumption
control to minimise energy and water waste. Through ongoing interaction with our facilities and
property management teams, energy efficiency projects are continuously identified and implemented
where feasible.
Investment in associates and joint ventures
28 February 2018 31 August 2017
Carrying Carrying
Stock value Held value Held
exchange R'000 (%) R'000 (%)
EPP LuxSE and JSE 4 985 744 36.2 4 784 916 39.6
RDI REIT Plc (RDI) LSE and JSE 3 895 228 29.4 3 857 858 29.5
Cromwell Property Group (Cromwell) ASX 575 562 3.0 4 889 868 25.3
Oando Wings Development Limited Not listed 538 800 39.5 587 199 37.2
Cromwell Partners Trust (CPT) Not listed 1 434 101 50.0 887 892 50.0
International Hotel Properties Limited
(IHL) LSE and JSE - - 245 993 27.5
11 429 435 15 253 726
Cromwell: Redefine has entered into an agreement for the sale of 19.5% of its interest in Cromwell for
an aggregate gross sale consideration of R3.7 billion (AUD405.9 million). Subject to the approval of the
Australian Foreign Investment Review Board (FIRB), the proceeds are expected to be received in May
2018. This portion of the investment in Cromwell has been reclassified to non-current assets held-for-sale.
As a result of the reclassification to non-current assets held-for-sale, the investment in Cromwell
is now carried at fair value less costs to sell which, in addition to the strengthening of the Rand, lead
to an impairment of R416.0 million (FY17: R515.9 million). The net proceeds, after deduction of capital
gains tax and selling costs, are estimated at R3.4 billion (AUD375.9 million). The remaining portion of the
investment (3.0%) is classified as an investment in associate until the date of the disposal, thereafter it
will be transferred to listed securities.
RDI: During the period, Redefine agreed to exchange all of the shares it held in IHL for 19.8 million shares
in RDI and R138.6 million (GBP7.5 million) cash. Given the prolonged decline in the share price of RDI and
the existence of other impairment indicators, the carrying value of RDI was subject to impairment testing,
in accordance with IAS 36 Impairment of Assets by comparing the carrying amount to the recoverable
amount, being value-in-use. A discounted cash flow was performed taking into account the forecasted
future expected cash flow which was discounted at relevant market rates in order to calculate the
value-in-use. The carrying amount of RDI was accordingly impaired by R78.4 million (FY17: R688.2 million).
CPT: The development of Northpoint Tower is substantially complete. During the period, the property
was fair valued resulting in an uplift of R1.2 billion (AUD136.0 million), of which Redefine's share is
R621.0 million.
Exchange rates: The Rand strengthened compared to the prior period and as a result Redefine's
proportionate share of the underlying foreign currency denominated associates' net assets similarly
declined. This decline was largely neutralised by the natural hedge created by the foreign currency
denominated debt held against these assets, as it was correspondingly valued downwards
Foreign currency 28 February 31 August
2018 2017
AUD 9.1359 10.2867
USD 11.7186 13.0203
EUR 14.3293 15.4646
GBP 16.2986 16.8243
Funding and equity raises
Redefine's interest-bearing borrowings (net of cash and cash equivalents and including the fair value
of cash settled hedges) represented 40.1% (FY17: 41.1%) of the value of its property asset platform
at 28 February 2018. The Group's property asset platform is made up of property, listed securities,
loans receivable, and interests in associates and joint ventures. The average cost of Rand-denominated
funding is 9.0% (FY17: 9.1%), interest rates are hedged on 87.9% (FY17: 93.0%) of local borrowings for
an average period of 2.3 years (FY17: 2.4 years). Including foreign currency debt and derivatives, the
average cost of debt is 6.9% (FY17: 7.3%). Interest rates are hedged on 84.5% (FY17: 88.7%) of total
borrowings for an average period of 2.5 years (FY17: 2.7 years). The interest cover ratio (which includes
equity-accounted dividends and listed security income) is 4.0x (FY17: 3.6x).
Redefine had unutilised committed bank facilities of R2.6 billion (FY17: R3.7 billion) at 28 February 2018
which provides assurance that the Group will be able to meet its short-term commitments. At
28 February 2018, Redefine had R8.1 billion (FY17: R6.8 billion) short-term interest-bearing borrowings.
Of this R1.0 billion has been repaid and subsequent to the reporting period the balance has been
refinanced to lengthen the overall debt portfolio's maturity profile. It is anticipated that the proceeds
from the sale of Cromwell will bolster liquidity by applying the proceeds against local debt facilities and
to fund development activities.
The December 2017 dividend reinvestment alternative saw 14.6% of shareholders accepting the
reinvestment alternative, conserving R341.7 million of cash and Redefine issuing 33.0 million shares.
Moody's credit rating:
On 27 March 2018, the outlook on Redefine's global scale rating was upgraded to stable after being
placed under review for downgrade on 29 November 2017, following a similar action taken on the
sovereign rating.
Global long-term Baa3 Global short-term P-3
National long-term Aa1.za National short-term P-1.za
Moody's has maintained a Baa3 long-term global rating for the EUR150.0 million senior secured
exchangeable bonds issued by Redefine.
Commitments
Capital development commitments outstanding amount to R3.4 billion (FY17: R3.0 billion) and committed
property acquisitions total R750.0 million (FY17: Rnil). Future commitments will be funded by undrawn
banking facilities and proceeds from capital recycling activities.
Subsequent events
Redefine issued 40 million shares for R448 million through a vendor consideration placement on
22 March 2018 to part fund the acquisition of the remaining 50% it did not own of 115 West Street.
During April 2018, Redefine concluded the sale of its equity share in Cromwell Partners Trust (CPT) to
Early Light Channel for an amount of R1.6 billion (AUD180.1 million). The net proceeds, after deduction
of capital gains tax and selling costs, are estimated at R1.4 billion (AUD152.9 million). The transaction is
subject to FIRB approval and is expected to be settled during May 2018.
Broad-based black economic empowerment (B-BBEE)
Redefine is committed to the objectives of B-BBEE and endeavours to explicitly integrate the
principles in our business. Redefine has made meaningful organisational changes to embrace the
spirit of B-BBEE, including forming a Transformation Committee. The revised property sector codes
were promulgated during 2017. Certain new elements were introduced and rating thresholds were
increased. We were pleased to achieve a level 4 contributor-status as rated under these new codes. It
remains a priority to improve our compliance with the codes.
Prospects
Global growth and commodity prices continue to support local fundamentals and the improvement in political
stability and policy certainty - lack of which were the key reasons for sub-optimal growth over the past five
years - are expected to lead to higher investment and economic growth as confidence continues to build.
While growth forecasts have been revised upwards to around 1.7% and 1.9% for 2018 and 2019 respectively,
economic growth is not yet at a level to alleviate soft property fundamentals - twice the current growth on a
sustained basis is required to make sustainable inroads. Interventions introduced by President Ramaphosa to
propel the economic growth rate are welcomed and we are supportive of his initiatives.
Against this background we believe that our strategic approach is appropriate for the environment in which
we are operating.
We are pleased to report that Redefine has delivered its market guidance of 5.5% growth in distribution per
share for the first half of 2018. We anticipate maintaining this growth rate for the full 2018 financial year.
We remain focused on what matters most in executing all our strategic choices to deliver sustained value
creation for all our stakeholders (operating efficiently, investing strategically, optimising capital, engaging
talent and growing reputation).
This forecast is predicated on the assumption that current trading conditions will prevail. Forecast rental
income is based on contractual terms and anticipated market-related renewals. The forecast has not been
reviewed or reported on by the Group's independent external auditors.
Redefine's use of distribution per share as a relevant measure of financial performance remains unchanged
from prior years.
Declaration of a cash dividend with the election to reinvest the
cash dividend in return for Redefine shares
The directors of Redefine have declared an interim cash dividend of 47,30000 cents per Redefine
ordinary share, for the six months ended 28 February 2018, from the company's distributable income
(the cash dividend).
Shareholders will be provided with an election to reinvest the cash dividend in return for Redefine
shares (share reinvestment alternative), failing which they will receive the cash dividend of 47,30000
cents per share.
SALIENT DATES AND TIMES REGARDING THE CASH DIVIDEND
Last day to trade in order to receive the cash dividend Tuesday, 22 May
Shares trade ex dividend Wednesday, 23 May
Record date to receive the cash dividend Friday, 25 May
Cash dividend paid to certificated shareholders on or about Monday, 28 May
Accounts credited by CSDP or broker to dematerialised shareholders
with the cash dividend payment Monday, 28 May
Notes:
1. Shares may not be dematerialised or rematerialised between Wednesday, 23 May 2018 and Friday, 25 May 2018,
both days inclusive.
2. The above dates and times are subject to change. Any changes will be announced on SENS.
Certificated shareholders receiving the cash dividend will receive the dividend payment on Monday,
28 May 2018. Central Securities Depository Participants or broker custody accounts of dematerialised
shareholders will be credited with the dividend on Monday, 28 May 2018. Any changes to these dates
will be released on SENS.
Tax implications
Redefine was granted REIT status by the JSE with effect from 1 September 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 distributions paid to investors, in determining its taxable income. The cash dividend
of 47,30000 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:
- Qualifying distributions received by resident Redefine shareholders must be included in the gross
income of such shareholders (as a non-exempt dividend in terms of section 10(1)(k)(aa) of the
Income Tax Act), with the effect that the qualifying distribution is taxable as income in the hands
of the Redefine shareholder. These qualifying distributions 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 dividends are 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.
- Qualifying distributions received by non-resident Redefine 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 until
31 December 2013, qualifying distributions received by non-residents were not subject to dividends
withholding tax. Any qualifying distribution will be subject to dividends withholding tax at 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% (FY17: 20%), the net dividend amount due to non-
resident shareholders is 37,84000 cents per share. A reduced dividend withholding rate in terms
of the applicable DTA, may only be relied upon if the non-resident shareholder 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 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 dividend if
such documents have not already been submitted, if applicable.
Shareholders are advised that in electing to participate in the share reinvestment alternative,
pre-taxation funds are utilised for the reinvestment purposes and that taxation will be due on the total
cash dividend amount of 47,30000 cents per share.
Other information
- The ordinary issued share capital of Redefine is 5 723 098 386 ordinary shares of no par value before
any election to reinvest the cash dividend.
- Income tax reference number of Redefine: 917/852/484/0.
The cash dividend or share reinvestment alternative may have tax implications for resident as well
as non-resident shareholders. Shareholders are therefore encouraged to consult their professional
advisers should they be in any doubt as to the appropriate action to take.
Foreign shareholders
The release, publication or distribution of this announcement and/or accompanying documents and
the right to elect shares pursuant to the share reinvestment alternative in jurisdictions other than
in the Republic of South Africa may be restricted or affected by the laws of such jurisdictions, and
a failure to comply with any of those restrictions may constitute a violation of the securities laws of
any such jurisdictions. The shares issued pursuant to the share reinvestment plan have not been and
will not be registered for the purposes of the election under the securities laws of the United States,
Australia, Canada, countries in the European Economic Area, Japan and Hong Kong and accordingly
are not being offered, sold, take up, resold or delivered directly or indirectly to recipients with registered
addresses in such jurisdictions unless certain exemptions from the requirement of those jurisdictions
are applicable.
United States of America
The shares issued pursuant to the share reinvestment alternative have not been and will not be
registered under the U.S. Securities Act of 1993, as amended (U.S. Securities Act), or under any
securities laws of any state or other jurisdiction of the United States and may not be offered, sold, take
up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within the United States
except pursuant to an applicable exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act and applicable state and other securities laws of the United
States. There will be no public offer of the shares issued pursuant to the share reinvestment plan in
the United States.
Dividend declaration after reporting date
- 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 which is not recognised in the
financial statements.
Restatements
Business combinations
On 9 January 2017, the Group acquired 100% of the shares and voting rights in The Pivotal Fund
Limited ("Pivotal") and attained control of Pivotal. Provisional amounts were used for the purpose of
consolidation, as the business combination occurred shortly before Redefine's 2017 interim reporting
period. Subsequent to this, new information was obtained within one year of the date of acquisition
about the facts and circumstances that existed at the date of acquisition which led to the revision of the
accounting of the acquisition.
Accordingly, these results are restated with the change applied retrospectively.
ASSETS AND LIABILITIES ARISING FROM THE PIVOTAL ACQUISITION (31 DECEMBER 2016)
Provisional
amounts as
previously
Figures in R'000s reported Adjustments Restated
Assets
Listed securities 299 782 608 089 907 871
Interest in associate 783 627 (245 823) 537 804
Liabilities
Other financial liabilities - (608 088) (608 088)
Trade and other payables (266 626) 57 656 (208 970)
Fair value of net assets 4 827 640 (188 166) 4 639 474
Goodwill 379 558 188 166 567 724
The line items affected are:
Previously
reported Restated
Unaudited Unaudited
28 February 28 February
Figures in R'000s 2017 Adjustments 2017
STATEMENT OF FINANCIAL POSITION
Non-current assets 87 930 036 (57 657) 87 872 379
Goodwill and intangible assets 5 652 321 188 166 5 840 487
Investment in associates and joint ventures 16 575 787 (245 823) 16 329 964
Total assets 91 790 060 (57 657) 91 732 403
Current liabilities (7 378 928) 57 657 (7 321 271)
Trade and other payables (1 190 582) 57 657 (1 132 925)
Total equity and liabilities (91 790 060) 57 657 (91 732 403)
Net tangible asset value per share (excluding deferred tax,
NCI, and goodwill and intangible assets) (cents) 951.54 (3.61) 947.93
Change in accounting policy
DIVIDENDS AND INTEREST RECEIVED FROM ASSOCIATES AND JOINT VENTURES - STATEMENT OF CASH FLOWS
During the period, the Group changed its accounting policy with respect to the disclosure of the dividends
and interest received from associates and joint ventures in the statement of cash flows. The dividends and
interest received from associates and joint ventures are now classified under cash flows from operating
activities which the Group believes is a better reflection of how the Group generates the cash to pay its
distributions and will aid comparability. Prior to this change in policy, the Group classified the dividends
and interest received from associates and joint ventures under cash flows from investing activities.
The change was applied retrospectively and the following line items were effected:
Previously
reported Restated
Unaudited Unaudited
28 February 28 February
Figures in R'000s 2017 Adjustments 2017
STATEMENT OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES
Dividends and interest received from associates
and joint ventures - 536 144 536 144
Net cash inflow from operating activities 1 757 337 536 144 2 293 481
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends and interest received from associates
and joint ventures 536 144 (536 144) -
Net cash inflow from investing activities 1 225 418 (536 144) 689 274
Previously
reported Restated
Audited Audited
31 August 31 August
Figures in R'000s 2017 Adjustments 2017
STATEMENT OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES
Dividends and interest received from associates
and joint ventures - 1 075 056 1 075 056
Net cash inflow from operating activities 2 582 384 1 075 056 3 657 440
CASH FLOWS FROM INVESTING ACTIVITIES
Dividends and interest received from associates
and joint ventures 1 075 056 (1 075 056) -
Net cash inflow/(outflow) from investing activities 1 073 353 (1 075 056) (1 703)
Basis of preparation
These condensed consolidated unaudited interim financial statements are prepared in accordance with
International Financial Reporting Standards, 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 and the JSE Listings Requirements. The accounting policies applied in preparing these
interim financial statements are in terms of International Financial Reporting Standards and are
consistent with those applied in the previous financial statements except for the change in accounting
policy relating to dividends and interest received from associates and joint ventures in the statement
of cash flows (refer to restatements). LC Kok (CA(SA)), Redefine's financial director, was responsible
for supervising the preparation of these condensed consolidated interim financial statements. These
condensed consolidated interim financial statements for the period ended 28 February 2018 have not
been reviewed or reported on by Redefine's independent external auditors.
By order of the Board
Redefine Properties Limited
7 May 2018
Statement of profit or loss and other comprehensive income
Unaudited Unaudited Audited
28 February 28 February 31 August
Figures in R'000s 2018 2017 2017
Continuing operations
Revenue
Property portfolio revenue 3 855 362 3 572 621 7 770 111
- Contractual rental income 3 855 469 3 423 486 7 300 821
- Straight-line rental income accrual (107) 149 135 469 290
Investment income 77 763 15 557 23 728
Total revenue 3 933 125 3 588 178 7 793 839
Operating costs (1 306 237) (1 162 053) (2 497 688)
Administration costs (124 798) (92 596) (259 641)
Net operating profit 2 502 090 2 333 529 5 036 510
Other gains 19 901 27 237 93 195
- Trading loss - - (2 595)
- Fee income 19 793 23 441 92 503
- Sundry income 108 3 796 3 287
Loss on disposal of interest in associate (52 514) - -
Changes in fair values of properties, listed securities
and financial instruments 1 659 102 795 835 (541 947)
Amortisation of intangible asset (31 428) (31 428) (62 856)
Impairments (494 395) - (1 215 209)
Equity-accounted profit (net of taxation) 1 548 314 825 246 1 593 387
Profit before finance costs and taxation 5 151 070 3 950 419 4 903 080
Net interest costs (779 752) (824 883) (1 727 776)
- Interest income 467 959 284 895 650 282
- Interest expense (1 247 711) (1 109 778) (2 378 058)
Foreign exchange gains 552 024 613 700 478 670
Profit before taxation 4 923 342 3 739 236 3 653 974
Taxation (199 150) (197 016) (239 842)
Profit from continuing operations 4 724 192 3 542 220 3 414 132
Discontinued operations
Loss from discontinued operations (net of taxation) - (13 864) (13 877)
Profit for the period/year 4 724 192 3 528 356 3 400 255
Attributable to:
- Redefine Properties Limited shareholders 4 690 515 3 490 986 3 328 995
- Non-controlling interests 33 677 37 370 71 260
Other comprehensive income (717 260) (1 896 624) (1 458 975)
Items that may not be reclassified subsequently to profit or loss
Share of revaluation of property, plant and equipment
of an associate 4 311 3 167 3 167
Items that are or may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations:
- Subsidiaries (66 689) (287) (6 938)
- Associates (654 882) (1 899 504) (1 455 204)
Total comprehensive income for the period/year 4 006 932 1 631 732 1 941 280
Attributable to:
- Redefine Properties Limited shareholders 3 982 564 1 596 312 1 876 965
- Non-controlling interests 24 368 35 420 64 315
Earnings per share from continuing operations
- Basic 88.43 72.19 66.15
- Diluted 88.20 72.19 65.98
Statement of financial position
Restated
Unaudited Unaudited Audited
28 February 28 February 31 August
Figures in R'000s 2018 2017 2017
ASSETS
Non-current assets 87 288 727 87 872 379 87 611 269
Investment properties 65 910 557 63 649 927 63 192 093
- Fair value of investment properties 59 514 237 57 296 818 57 299 006
- Straight-line rental income accrual 1 944 111 1 983 794 1 944 218
- Properties under development 4 452 209 4 369 315 3 948 869
Listed securities 1 196 341 274 007 1 453 994
Goodwill and intangible assets 5 777 633 5 840 487 5 809 059
Investment in associates and joint ventures 11 429 435 16 329 964 15 253 726
Derivative assets 126 373 144 896 1 868
Loans receivable 2 638 095 1 606 740 1 789 395
Other financial assets 131 059 5 658 29 519
Property, plant and equipment 79 234 20 700 81 615
Current assets 1 816 024 2 124 330 1 477 586
Properties held-for-trading 122 294 - -
Trade and other receivables 949 881 827 361 912 752
Loans receivable 41 711 238 705 55 260
Other financial assets 253 875 252 925 253 038
Derivative assets 124 822 117 784 75 875
Taxation receivable - 3 904 -
Cash and cash equivalents 323 441 683 651 180 661
Non-current assets held-for-sale 4 304 959 1 735 694 2 403 756
Total assets 93 409 710 91 732 403 91 492 611
EQUITY AND LIABILITIES
Equity 55 684 140 54 927 804 53 786 185
Shareholders' interest 55 265 885 54 604 305 53 435 737
Stated capital 43 411 827 42 256 217 43 070 822
Reserves 11 854 058 12 348 088 10 364 915
Non-controlling interests 418 255 323 499 350 448
Non-current liabilities 27 667 420 29 483 328 29 052 772
Interest-bearing borrowings 24 503 385 26 746 401 25 664 659
Interest-bearing borrowings at fair value 2 079 117 1 962 679 2 253 598
Derivative liabilities 272 059 141 530 487 564
Other financial liabilities 11 638 - 4 690
Deferred taxation 801 221 632 718 642 261
Current liabilities 10 058 150 7 321 271 8 653 654
Trade and other payables 1 300 759 1 132 925 1 180 736
Interest-bearing borrowings 8 100 433 5 542 351 6 794 929
Interest accrual on interest-bearing borrowings 382 800 377 129 406 849
Derivative liabilities 19 112 5 846 11 799
Other financial liabilities 253 875 252 925 253 038
Taxation payable 1 171 10 095 6 303
Total equity and liabilities 93 409 710 91 732 403 91 492 611
Number of shares in issue ('000)^ 5 321 701 5 210 985 5 288 655
Net asset value per share (excluding deferred tax and NCI) (cents) 1 053.56 1 060.01 1 022.53
Net tangible asset value per share (excluding deferred tax,
NCI and goodwill and intangible assets) (cents) 944.99 947.93 912.69
^Net of 361 396 896 (HY17 and FY17: 361 396 896) treasury shares.
Statement of changes in equity
Foreign
currency Share-based
Accumulated translation payment
Figures in R'000s Stated capital profit reserve reserve
Balance as at 31 August 2016 36 526 352 12 231 282 640 820 39 825
Total comprehensive income for the period - 3 490 986 (1 897 841) -
Profit for the period - 3 490 986 - -
Other comprehensive income for the period - - (1 897 841) -
Transactions with owners (contributions and distributions) 5 729 865 (2 082 504) - (5 538)
Issue of ordinary shares 5 733 373 - - -
Dividends - (2 082 504) - -
Recognition of share-based payments (3 508) - - (5 538)
Share of post-acquisition change in net assets of associate - - - -
Transactions with owners (changes in ownership interests) - - - -
Acquisitions of subsidiary with NCI - - - -
Disposal of subsidiary with NCI - - - -
Balance as at 28 February 2017 42 256 217 13 639 764 (1 257 021) 34 287
Total comprehensive income for the period - (161 991) 442 644 -
Profit for the period - (161 991) - -
Other comprehensive income for the period - - 442 644 -
Transactions with owners (contributions and distributions) 814 605 (2 340 180) - 18 588
Issue of ordinary shares 811 097 - - -
Dividends - (2 335 562) - -
Recognition of share-based payments 3 508 (4 618) - 18 588
Share of post-acquisition change in net assets of associate - - - -
Transactions with owners (changes in ownership interests) - - - -
Acquisitions of subsidiary with NCI - - - -
Disposal of subsidiary with NCI - - - -
Balance as at 31 August 2017 43 070 822 11 137 593 (814 377) 52 875
Total comprehensive income for the period - 4 690 515 (712 262) -
Profit for the period - 4 690 515 - -
Other comprehensive income for the period - - (712 262) -
Transactions with owners (contributions and distributions) 341 005 (2 499 370) - (10 971)
Issue of ordinary shares 341 005 - - -
Dividends - (2 495 166) - -
Recognition of share-based payments - (5 999) - (10 971)
Disposal of investment in an associate - 1 795 - -
Share of post-acquisition change in net assets of associate - - - -
Transactions with owners (changes in ownership interests) - (536) - -
Acquisitions of subsidiary with NCI - - - -
Change in ownership of subsidiary with NCI - (536) - -
Balance as at 28 February 2018 43 411 827 13 328 202 (1 526 639) 41 904
Share of Non-
associates' Shareholders' controlling
Figures in R'000s reserves interest interests Total equity
Balance as at 31 August 2016 (78 217) 49 360 062 281 300 49 641 362
Total comprehensive income for the period 3 167 1 596 312 35 420 1 631 732
Profit for the period - 3 490 986 37 370 3 528 356
Other comprehensive income for the period 3 167 (1 894 674) (1 950) (1 896 624)
Transactions with owners (contributions and distributions) 6 108 3 647 931 - 3 647 931
Issue of ordinary shares - 5 733 373 - 5 733 373
Dividends - (2 082 504) - (2 082 504)
Recognition of share-based payments - (9 046) - (9 046)
Share of post-acquisition change in net assets of associate 6 108 6 108 - 6 108
Transactions with owners (changes in ownership interests) - - 6 779 6 779
Acquisitions of subsidiary with NCI - - 37 541 37 541
Disposal of subsidiary with NCI - - (30 762) (30 762)
Balance as at 28 February 2017 (68 942) 54 604 305 323 499 54 927 804
Total comprehensive income for the period - 280 653 28 895 309 548
Profit for the period - (161 991) 33 890 (128 101)
Other comprehensive income for the period - 442 644 (4 995) 437 649
Transactions with owners (contributions and distributions) 57 766 (1 449 221) (23 998) (1 473 219)
Issue of ordinary shares - 811 097 - 811 097
Dividends - (2 335 562) (23 998) (2 359 560)
Recognition of share-based payments - 17 478 - 17 478
Share of post-acquisition change in net assets of associate 57 766 57 766 - 57 766
Transactions with owners (changes in ownership interests) - - 22 052 22 052
Acquisitions of subsidiary with NCI - - (62 810) (62 810)
Disposal of subsidiary with NCI - - 84 862 84 862
Balance as at 31 August 2017 (11 176) 53 435 737 350 448 53 786 185
Total comprehensive income for the period 4 311 3 982 564 24 368 4 006 932
Profit for the period - 4 690 515 33 677 4 724 192
Other comprehensive income for the period 4 311 (707 951) (9 309) (717 260)
Transactions with owners (contributions and distributions) 17 456 (2 151 880) - (2 151 880)
Issue of ordinary shares - 341 005 - 341 005
Dividends - (2 495 166) (2 495 166)
Recognition of share-based payments - (16 970) - (16 970)
Disposal of investment in an associate (1 795) - - -
Share of post-acquisition change in net assets of associate 19 251 19 251 - 19 251
Transactions with owners (changes in ownership interests) - (536) 43 439 42 903
Acquisitions of subsidiary with NCI - - 60 689 60 689
Change in ownership of subsidiary with NCI - (536) (17 250) (17 786)
Balance as at 28 February 2018 10 591 55 265 885 418 255 55 684 140
28 February 28 February 31 August
2018 2017 2017
Dividend per share (cents) 47.30 44.82 92.00
Interim 47.30* 44.82 44.82
Final - - 47.18
* The interim dividend is declared post the reporting period and is therefore a non-adjusting subsequent event.
Statement of cash flows
Restated Restated
Unaudited Unaudited Audited
28 February 28 February 31 August
Figures in R'000s 2018 2017 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations 2 662 365 2 579 154 4 671 340
Interest received 414 351 276 196 621 524
Interest paid (1 201 611) (1 064 363) (2 643 655)
Taxation paid (46 005) (33 650) (66 825)
Dividends and interest received from associates
and joint ventures 597 794 536 144 1 075 056
Net cash inflow from operating activities 2 426 894 2 293 481 3 657 440
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition and development of investment properties (2 146 115) (2 072 569) (3 615 750)
Acquisition of property, plant and equipment (8 202) (4 792) (80 368)
Acquisition of other financial assets (137 211) - (3 100)
Cash balances acquired on acquisition of subsidiaries - 103 740 103 740
Investments in associates and joint ventures (175 055) (107 121) (1 031 243)
Proceeds on disposal of investment properties 2 293 983 696 017 1 688 413
Proceeds on disposal of listed securities - 1 047 748 1 047 639
Proceeds on the disposal of subsidiaries with
the exclusive view to resell - - 190 697
Proceeds on the disposal/decrease in investments in
associates and joint ventures 165 730 54 324 698 134
Proceeds on disposal of other financial assets - 452 795 399 999
Loan to joint venture repaid - 7 828 8 741
Loans receivables repaid 30 732 631 485 901 387
Loans receivables advanced (927 377) (120 181) (309 992)
Net cash (outflow)/inflow from investing activities (903 515) 689 274 (1 703)
CASH FLOWS FROM FINANCING ACTIVITIES
Shares issued 341 005 522 667 1 337 272
Dividends paid (2 495 166) (2 082 504) (4 418 066)
Shares issued to non-controlling interests 60 689 - 54 100
Disposal of non-controlling interests (17 784) - (25 269)
Dividends paid to non-controlling interests - - (23 998)
Interest-bearing borrowings at fair value raised - - 2 396 220
Interest-bearing borrowings raised 3 569 782 5 971 539 8 088 968
Interest-bearing borrowings repaid (2 817 054) (6 950 240) (11 191 223)
Net cash outflow from financing activities (1 358 528) (2 538 538) (3 781 996)
Net increase/(decrease) in cash and cash equivalents 164 851 444 217 (126 259)
Cash and cash equivalents at the beginning of the period/year 180 661 208 366 208 366
Effect of foreign currency exchange fluctuations (22 071) 31 068 98 554
Cash and cash equivalents at end of period/year 323 441 683 651 180 661
Earnings and headline earnings
Unaudited Unaudited Audited
February February August
Figures in R'000s 2018 2017 2017
Reconciliation of basic earnings to headline earnings
Profit for the period/year attributable to Redefine shareholders 4 690 515 3 490 986 3 328 995
Changes in fair value of properties (1 289 607) (127 125) (99 497)
- Changes in fair value of properties (1 313 449) (156 201) (151 361)
- Non-controlling interest effect on other fair value adjustments 23 842 29 076 51 864
Bargain purchase on acquisition of associate (11 595) - -
Profit on dilution of ownership investment in associates (43 515) (107 507) 273 793
Loss on disposal of subsidiary - 13 864 -
Loss on disposal of interest in associate 52 514 - -
Adjustment of remeasurements, included in equity-accounted
earnings of associates (net of taxation) (1 099 970) (42 480) (507 669)
- Adjustment of remeasurements, included in equity-accounted
earnings of associates (1 401 382) (53 569) (653 371)
- Tax adjustment 301 412 11 089 145 702
Impairment of investments in associates and other 494 395 - 1 215 209
Headline earnings attributable to Redefine shareholders 2 792 737 3 227 738 4 210 831
Actual number of shares in issue (000)^ 5 321 701 5 210 982 5 288 655
Weighted average number of shares in issue (000)^ 5 304 452 4 855 398 5 053 451
Diluted weighted average number of shares in issue (000)^ 5 318 597 4 855 398 5 066 217
Basic earnings per share (cents) 88.43 71.90 65.88
- Continuing operations 88.43 72.19 66.15
- Discontinued operations - (0.29) (0.27)
Diluted earnings per share (cents) 88.20 71.90 65.71
- Continuing operations 88.20 72.19 65.98
- Discontinued operations - (0.29) (0.27)
Headline earnings per share (cents) 52.65 66.48 83.33
- Continuing operations 52.65 66.48 83.60
- Discontinued operations - - (0.27)
Diluted headline earnings per share (cents) 52.52 66.48 83.12
- Continuing operations 52.52 66.48 83.39
- Discontinued operations - - (0.27)
^Excludes 361 396 896 (HY17 and FY17: 361 396 896) treasury shares
Segmental analysis
for the six months ended 28 February 2018
Figures in R'000s Office Retail Industrial Specialised
STATEMENT OF FINANCIAL POSITION
Investment properties 22 307 903 25 948 577 11 049 015 2 152 853
Properties under development 1 088 276 758 270 1 457 795 372 482
Listed securities - - - -
Goodwill and intangible assets 1 913 810 2 883 662 510 710 60 888
Investment in associates and joint ventures - - - -
Loans receivable - - - -
Properties held-for-trading - - 122 294 -
Non-current assets held-for-sale 498 000 - 32 000 -
Other assets - - - -
Total assets 25 807 989 29 590 509 13 171 814 2 586 223
Interest-bearing borrowings - - - -
Interest-bearing borrowings at fair value - - - -
Other liabilities - - - -
Total liabilities - - - -
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Contractual rental income 1 423 920 1 656 213 663 873 108 112
Straight-line rental income accrual (36 681) 7 806 37 277 (8 509)
Investment income - - - -
Total revenue 1 387 239 1 664 019 701 150 99 603
Operating costs (447 094) (633 416) (179 866) (44 078)
Administration costs - - - -
Net operating profit 940 145 1 030 603 521 284 55 525
Other gains - - - -
Loss on disposal of interest in associate - - - -
Changes in fair values of properties, listed securities and financial instruments 286 925 1 102 642 (54 644) 17 353
Amortisation of intangible assets - - - -
Impairments - - - -
Equity-accounted profit (net of taxation) - - - -
Profit before finance costs and taxation 1 227 070 2 133 245 466 640 72 878
Interest income - - - -
Interest expense - - - -
Foreign exchange gains - - - -
Profit before taxation 1 227 070 2 133 245 466 640 72 878
Taxation - - - -
Profit for the period 1 227 070 2 133 245 466 640 72 878
Non-controlling interests - - - -
Profit for the period attributable to Redefine Properties Limited shareholders 1 227 070 2 133 245 466 640 72 878
Figures in R'000s Head office Local International Group total
STATEMENT OF FINANCIAL POSITION
Investment properties - 61 458 348 - 61 458 348
Properties under development - 3 676 823 775 386 4 452 209
Listed securities 972 259 972 259 224 082 1 196 341
Goodwill and intangible assets 408 563 5 777 633 - 5 777 633
Investment in associates and joint ventures - - 11 429 435 11 429 435
Loans receivable 1 843 503 1 843 503 836 303 2 679 806
Properties held-for-trading - 122 294 - 122 294
Non-current assets held-for-sale - 530 000 3 774 959 4 304 959
Other assets 1 781 390 1 781 390 207 295 1 988 685
Total assets 5 005 715 76 162 250 17 247 460 93 409 710
Interest-bearing borrowings 24 836 992 24 836 992 7 766 826 32 603 818
Interest-bearing borrowings at fair value - - 2 079 117 2 079 117
Other liabilities 3 042 635 3 042 635 - 3 042 635
Total liabilities 27 879 627 27 879 627 9 845 943 37 725 570
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Contractual rental income - 3 852 118 3 351 3 855 469
Straight-line rental income accrual - (107) - (107)
Investment income 75 188 75 188 2 575 77 763
Total revenue 75 188 3 927 199 5 926 3 933 125
Operating costs - (1 304 454) (1 783) (1 306 237)
Administration costs (113 683) (113 683) (11 115) (124 798)
Net operating profit (38 495) 2 509 062 (6 972) 2 502 090
Other gains 11 350 11 350 8 551 19 901
Loss on disposal of interest in associate - - (52 514) (52 514)
Changes in fair values of properties, listed securities and financial instruments (41 141) 1 311 135 347 967 1 659 102
Amortisation of intangible assets (31 428) (31 428) - (31 428)
Impairments - - (494 395) (494 395)
Equity-accounted profit (net of taxation) - - 1 548 314 1 548 314
Profit before finance costs and taxation (99 714) 3 800 119 1 350 951 5 151 070
Interest income 409 650 409 650 58 309 467 959
Interest expense (1 083 116) (1 083 116) (164 595) (1 247 711)
Foreign exchange gains - - 552 024 552 024
Profit before taxation (773 180) 3 126 653 1 796 689 4 923 342
Taxation (10 812) (10 812) (188 338) (199 150)
Profit for the period (783 992) 3 115 841 1 608 351 4 724 192
Non-controlling interests (34 047) (34 047) 370 (33 677)
Profit for the period attributable to Redefine Properties Limited shareholders (818 039) 3 081 794 1 608 721 4 690 515
Segmental analysis
for the six months ended 28 February 2017
Figures in R'000s Office Retail Industrial Specialised
STATEMENT OF FINANCIAL POSITION
Investment properties 22 110 552 25 192 727 10 612 381 1 364 952
Properties under development 2 028 348 555 492 1 434 601 -
Listed securities - - - -
Goodwill and intangible assets 1 607 239 2 656 572 476 647 60 888
Investment in associates and joint ventures - - - -
Loans receivable - - - -
Non-current assets held-for-sale 320 703 486 858 131 386 -
Other assets - - - -
Total assets 26 066 842 28 891 649 12 655 015 1 425 840
Interest-bearing borrowings - - - -
Interest-bearing borrowings at fair value - - - -
Other liabilities - - - -
Total liabilities - - - -
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Contractual rental income 1 231 850 1 493 094 611 571 86 971
Straight-line rental income accrual 52 630 34 458 66 914 (4 867)
Investment income - - - -
Total revenue 1 284 480 1 527 552 678 485 82 104
Operating costs (400 997) (579 888) (154 520) (26 648)
Administration costs - - - -
Net operating profit 883 483 947 664 523 965 55 456
Other gains - - - -
Changes in fair values of properties, listed securities and financial instruments (223 976) 417 104 77 218 18 397
Amortisation of intangible assets - - - -
Equity-accounted profit (net of taxation) - - - -
Profit before finance costs and taxation 659 507 1 364 768 601 183 73 853
Interest income - - - -
Interest expense - - - -
Foreign exchange gains - - - -
Profit before taxation 659 507 1 364 768 601 183 73 853
Taxation - - - -
Profit from continuing operations 659 507 1 364 768 601 183 73 853
Loss from discontinued operations (net of taxation) - - - -
Profit for the period 659 507 1 364 768 601 183 73 853
Non-controlling interests - - - -
Profit for the period attributable to Redefine Properties Limited shareholders 659 507 1 364 768 601 183 73 853
Figures in R'000s Head office SA total International Group total
STATEMENT OF FINANCIAL POSITION
Investment properties - 59 280 612 - 59 280 612
Properties under development - 4 018 441 350 874 4 369 315
Listed securities - - 274 007 274 007
Goodwill and intangible assets 1 039 141 5 840 487 - 5 840 487
Investment in associates and joint ventures 1 629 497 1 629 497 14 700 467 16 329 964
Loans receivable 1 797 694 1 797 694 47 751 1 845 445
Non-current assets held-for-sale - 938 947 796 747 1 735 694
Other assets 1 876 219 1 876 219 180 660 2 056 879
Total assets 6 342 551 75 381 897 16 350 506 91 732 403
Interest-bearing borrowings 29 154 541 29 154 541 3 134 211 32 288 752
Interest-bearing borrowings at fair value - - 1 962 679 1 962 679
Other liabilities 2 553 168 2 553 168 - 2 553 168
Total liabilities 31 707 709 31 707 709 5 096 890 36 804 599
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Contractual rental income - 3 423 486 - 3 423 486
Straight-line rental income accrual - 149 135 - 149 135
Investment income 5 076 5 076 10 481 15 557
Total revenue 5 076 3 577 697 10 481 3 588 178
Operating costs - (1 162 053) - (1 162 053)
Administration costs (88 665) (88 665) (3 931) (92 596)
Net operating profit (83 589) 2 326 979 6 550 2 333 529
Other gains 6 730 6 730 20 507 27 237
Changes in fair values of properties, listed securities and financial instruments (133 508) 155 235 640 600 795 835
Amortisation of intangible assets (31 428) (31 428) - (31 428)
Equity-accounted profit (net of taxation) 92 720 92 720 732 526 825 246
Profit before finance costs and taxation (149 075) 2 550 236 1 400 183 3 950 419
Interest income 253 222 253 222 31 673 284 895
Interest expense (967 111) (967 111) (142 667) (1 109 778)
Foreign exchange gains - - 613 700 613 700
Profit before taxation (862 964) 1 836 347 1 902 889 3 739 236
Taxation (25 626) (25 626) (171 390) (197 016)
Profit from continuing operations (888 590) 1 810 721 1 731 499 3 542 220
Loss from discontinued operations (net of taxation) - - (13 864) (13 864)
Profit for the period (888 590) 1 810 721 1 717 635 3 528 356
Non-controlling interests (36 696) (36 696) (674) (37 370)
Profit for the period attributable to Redefine Properties Limited shareholders (925 286) 1 774 025 1 716 961 3 490 986
Segmental analysis
for the year ended 31 August 2017
Figures in R'000s Office Retail Industrial Specialised
STATEMENT OF FINANCIAL POSITION
Investment properties 22 294 016 24 523 035 11 021 088 1 405 085
Properties under development 619 677 802 840 1 311 752 727 214
Listed securities - - - -
Goodwill and intangible assets 1 913 810 2 883 662 510 710 60 888
Investment in associates and joint ventures - - - -
Loans receivable - - - -
Non-current assets held-for-sale 999 916 1 119 878 196 051 -
Other assets - - - -
Total assets 25 827 419 29 329 415 13 039 601 2 193 187
Interest-bearing borrowings - - - -
Interest-bearing borrowings at fair value - - - -
Other liabilities - - - -
Total liabilities - - - -
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Contractual rental income 2 678 250 3 180 999 1 240 932 200 640
Straight-line rental income accrual 207 323 130 164 140 991 (9 188)
Investment income - - - -
Total revenue 2 885 573 3 311 163 1 381 923 191 452
Operating costs (859 001) (1 223 835) (345 826) (69 026)
Administration costs - - - -
Net operating profit 2 026 572 2 087 328 1 036 097 122 426
Other gains - - - -
Changes in fair values of properties, listed securities and financial instruments (442 045) 348 034 319 967 (32 996)
Amortisation of intangible assets - - - -
Impairments - - - -
Equity-accounted profit (net of taxation) - - - -
Profit before finance costs and taxation 1 584 527 2 435 362 1 356 064 89 430
Interest income - - - -
Interest expense - - - -
Foreign exchange gains - - - -
Profit before taxation 1 584 527 2 435 362 1 356 064 89 430
Taxation - - - -
Profit from continuing operations 1 584 527 2 435 362 1 356 064 89 430
Loss from discontinued operations (net of taxation) - - - -
Profit for the year 1 584 527 2 435 362 1 356 064 89 430
Non-controlling interests - - - -
Profit for the year attributable to Redefine Properties Limited shareholders 1 584 527 2 435 362 1 356 064 89 430
Figures in R'000s Head office SA total International Group total
STATEMENT OF FINANCIAL POSITION
Investment properties - 59 243 224 - 59 243 224
Properties under development - 3 461 483 487 386 3 948 869
Listed securities 1 215 323 1 215 323 238 671 1 453 994
Goodwill and intangible assets 439 989 5 809 059 - 5 809 059
Investment in associates and joint ventures - - 15 253 726 15 253 726
Loans receivable 1 748 501 1 748 501 96 154 1 844 655
Non-current assets held-for-sale - 2 315 845 87 911 2 403 756
Other assets 1 535 328 1 535 328 - 1 535 328
Total assets 4 939 141 75 328 763 16 163 848 91 492 611
Interest-bearing borrowings 29 622 915 29 622 915 2 836 673 32 459 588
Interest-bearing borrowings at fair value - - 2 253 598 2 253 598
Other liabilities 2 861 899 2 861 899 131 341 2 993 240
Total liabilities 32 484 814 32 484 814 5 221 612 37 706 426
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Contractual rental income - 7 300 821 - 7 300 821
Straight-line rental income accrual - 469 290 - 469 290
Investment income 5 076 5 076 18 652 23 728
Total revenue 5 076 7 775 187 18 652 7 793 839
Operating costs - (2 497 688) - (2 497 688)
Administration costs (251 444) (251 444) (8 197) (259 641)
Net operating profit (246 368) 5 026 055 10 455 5 036 510
Other gains 14 874 14 874 78 321 93 195
Changes in fair values of properties, listed securities and financial instruments (646 955) (453 995) (87 952) (541 947)
Amortisation of intangible assets (62 856) (62 856) - (62 856)
Impairments (11 146) (11 146) (1 204 063) (1 215 209)
Equity-accounted profit (net of taxation) 130 191 130 191 1 463 196 1 593 387
Profit before finance costs and taxation (822 260) 4 643 123 259 957 4 903 080
Interest income 581 377 581 377 68 905 650 282
Interest expense (2 083 458) (2 083 458) (294 600) (2 378 058)
Foreign exchange gains - - 478 670 478 670
Profit before taxation (2 324 341) 3 141 042 512 932 3 653 974
Taxation (174 076) (174 076) (65 766) (239 842)
Profit from continuing operations (2 498 417) 2 966 966 447 166 3 414 132
Loss from discontinued operations (net of taxation) - - (13 877) (13 877)
Profit for the year (2 498 417) 2 966 966 433 289 3 400 255
Non-controlling interests (71 180) (71 180) (80) (71 260)
Profit for the year attributable to Redefine Properties Limited shareholders (2 569 597) 2 895 786 433 209 3 328 995
Segmental analysis
Reconciliation of profit for the period/year to distributable earnings
Unaudited Unaudited Audited
February February August
Figures in R'000s 2018 2017 2017
Profit for the period/year attributable to Redefine
shareholders 4 690 515 3 490 986 3 328 995
Change in fair value (net of non-controlling interest) (1 635 260) (766 759) 593 811
- Change in fair value (1 659 102) (795 835) 541 947
- Non-controlling interest 23 842 29 076 51 864
Straight-line rental income accrual 107 (149 135) (469 290)
Loss on disposal of interest in associate 52 514 - -
Amortisation of intangible assets 31 428 31 428 62 856
Impairments 494 395 - 1 215 209
Deferred taxation 158 960 166 896 176 439
Unrealised foreign exchange gain and realised foreign
currency translations reserve (462 153) (616 463) (99 042)
Non-distributable items of associates (860 269) (109 966) (332 701)
Transactions costs relating to business acquisitions - 7 131 19 892
Antecedent distribution 27 170 11 159 30 677
Accrual for listed security income (REIT distribution
declared post year end) 8 680 43 459 42 884
Adjustment to distributable profit from discontinued
operations - 24 544 24 557
Cornwall interest 15 328 - 31 216
Other distributable income 14 671 13 246 16 210
Pivotal pre-acquisition distribution - 189 037 189 037
Distributable income for the period/year 2 536 086 2 335 563 4 830 750
- Interim 2 536 086 2 335 563 2 335 563
- Final - - 2 495 187
Actual number of shares in issue ('000)^
- Interim 5 361 701 5 210 982 5 210 982
- Final - - 5 288 655
Distribution per share (cents) 47.30 44.82 92.00
- Interim 47.30 44.82 44.82
- Final - - 47.18
^ Excludes 361 396 896 (28 February and 31 August 2017: 361 396 896) treasury shares. Includes 40 million
shares issued on 22 March 2018 (HY17 and FY17: nil), that rank for the 2018 interim distribution.
Distributable income analysis
Figures in R'000s South Africa International Total
Contractual rental income (excluding straight-line
rental accrual) 3 852 118 3 351 3 855 469
Investment income 75 188 2 575 77 763
Total revenue 3 927 306 5 926 3 933 232
Operating costs (1 304 454) (1 783) (1 306 237)
Administration costs (113 683) (11 115) (124 798)
Net operating profit 2 509 169 (6 972) 2 502 197
Other gains 11 350 8 551 19 901
Distributable equity income - 688 045 688 045
Net distributable profit before finance costs and taxation 2 520 519 689 624 3 210 143
Net interest costs (673 466) (106 286) (779 752)
- Interest income 409 650 58 309 467 959
- Interest expense (1 083 116) (164 595) (1 247 711)
Distributable foreign exchange gain - 89 871 89 871
Net distributable profit before taxation 1 847 053 673 209 2 520 262
Current taxation and withholding taxation - (40 190) (40 190)
Net income from operations before non-controlling
interest share 1 847 053 633 019 2 480 072
Non-controlling interest share of distributable income (10 205) 370 (9 835)
Net income before distributable adjustments 1 836 848 633 389 2 470 237
Below the line distributable income adjustments:
- Antecedent distribution 27 170 - 27 170
- Accrual for listed security income - 8 680 8 680
- Cornwall interest income 15 328 - 15 328
- Other distributable income 14 671 - 14 671
Distributable income 1 894 017 642 069 2 536 086
Financial instruments and investment property
fair value disclosure
CATEGORIES OF FINANCIAL INSTRUMENTS
Unaudited 28 February 2018 Unaudited 28 February 2017
At fair value At fair value
Financial assets Loans and through profit Loans and through profit
Figures in R'000s receivables or loss Total receivables or loss Total
Listed securities - 1 196 341 1 196 341 - 274 007 274 007
Derivative assets# - 251 195 251 195 - 262 680 262 680
Loans receivable 2 679 806 - 2 679 806 1 845 445 - 1 845 445
Other financial assets - 384 934 384 934 - 258 583 258 583
Trade and other receivables 752 099 - 752 099 611 261 - 611 261
Cash and cash equivalents 323 441 - 323 441 683 651 - 683 651
3 755 346 1 832 470 5 587 816 3 140 357 795 270 3 935 627
Unaudited 28 February 2018 Unaudited 28 February 2017
Other At fair value Other At fair value
Financial liabilities financial through profit financial through profit
Figures in R'000s liabilities or loss Total liabilities or loss Total
Interest-bearing borrowings 32 603 818 - 32 603 818 32 288 752 - 32 288 752
Interest-bearing borrowings at fair value - 2 079 117 2 079 117 - 1 962 679 1 962 679
Interest accrual on interest-bearing borrowings 382 800 - 382 800 377 129 - 377 129
Derivative liabilities# - 291 171 291 171 - 147 376 147 376
Other financial liabilities 253 875 - 253 875 252 925 - 252 925
Trade and other payables 1 095 835 - 1 095 835 1 017 978 - 1 017 978
34 336 328 2 370 288 36 706 616 33 936 784 2 110 055 36 046 839
Audited 31 August 2017
At fair value
Financial assets Loans and through profit
Figures in R'000s receivables or loss Total
Listed securities - 1 453 994 1 453 994
Derivative assets# - 77 743 77 743
Loans receivable 1 844 655 - 1 844 655
Other financial assets 29 519 253 038 282 557
Trade and other receivables 711 498 - 711 498
Cash and cash equivalents 180 661 - 180 661
2 766 333 1 784 775 4 551 108
Audited 31 August 2017
Other At fair value
Financial liabilities financial through profit
Figures in R'000s liabilities or loss Total
Interest-bearing borrowings 32 459 588 - 32 459 588
Interest-bearing borrowings at fair value - 2 253 598 2 253 598
Interest accrual on interest-bearing borrowings 406 849 - 406 849
Derivative liabilities# - 499 363 499 363
Other financial liabilities 257 728 - 257 728
Trade and other payables 996 644 - 996 644
34 120 809 2 752 961 36 873 770
For all financial instruments carried at amortised cost, interest is market related therefore the amortised cost
approximates the fair value.
#The derivatives are classified as held-for-trading in terms of IAS 39.
Financial instruments and investment property
fair value disclosure
Fair value hierarchy for financial instruments
and investment property
IFRS 13 requires that an entity discloses for each class of financial instruments and investment property
measured at fair value, the level in the fair value hierarchy into which the fair value measurements are
categorised in their entirety.
The fair value hierarchy reflects the significance of the inputs used in making fair value measurements.
The level in the fair value hierarchy within which the fair value measurement is categorised in its
entirety shall be determined on the basis of the lowest level input that is significant to the fair value
measurement in its entirety.
The table below analyses financial instruments and investment property carried at fair value.
The fair value hierarchy has the following levels:
Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2 - inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs).
There have been no transfers between level 1, level 2 and level 3 during the period under review.
FAIR VALUE HIERARCHY FOR FINANCIAL INSTRUMENTS AND INVESTMENT PROPERTY
Unaudited 28 February 2018
Figures in R'000s Fair value Level 1 Level 2 Level 3
Assets
Investment property* 66 507 567 - - 66 507 567
Listed securities 1 196 341 1 196 341 - -
Derivative assets 251 195 - 251 195 -
Other financial assets 384 934 253 875 - 131 059
68 340 037 1 450 216 251 195 66 638 626
Liabilities
Interest-bearing borrowings at fair value 2 079 117 2 079 117 - -
Derivative liabilities 291 171 - 291 171 -
2 370 288 2 079 117 291 171 -
Unaudited 28 February 2017
Figures in R'000s Fair value Level 1 Level 2 Level 3
Assets
Investment property* 64 713 119 - - 64 713 119
Listed securities 274 007 274 007 - -
Derivative assets 262 680 - 262 680 -
Other financial assets 258 583 258 583 - -
65 808 389 532 590 262 680 64 713 119
Liabilities
Interest-bearing borrowings at fair value 1 962 679 1 962 679 - -
Derivative liabilities 147 376 - 147 376 -
2 110 055 1 962 679 147 376 -
Audited 31 August 2017
Figures in R'000s Fair value Level 1 Level 2 Level 3
Assets
Investment property* 65 595 849 - - 65 595 849
Listed securities 1 453 994 1 453 994 - -
Derivative assets 77 743 - 77 743 -
Other financial assets 253 038 253 038 - -
67 380 624 1 707 032 77 743 65 595 849
Liabilities
Interest-bearing borrowings at fair value 2 253 598 2 253 598 - -
Derivative liabilities 499 363 - 499 363 -
2 752 961 2 253 598 499 363 -
* Including properties under development and non-current assets (properties) held-for-sale.
LEVEL 3 RECONCILIATION
Unaudited 28 February 2018
Balance at Gain/(loss) in
beginning of profit or loss Acquisition/ Balance at end
year for the period (disposal) of period
Investment property 59 243 224 1 239 003 976 121 61 458 348
Properties under development 3 948 869 (129 329) 632 669 4 452 209
Investment property held-for-sale 2 403 756 72 668 (1 879 414) 597 010
Other financial assets - (11 810) 142 869 131 059
65 595 849 1 170 532 (127 755) 66 638 626
Unaudited 28 February 2017
Balance at Gain/(loss) in
beginning of profit or loss Acquisition/ Balance at end
year for the period (disposal) of period
Investment property 49 698 640 421 280 9 160 692 59 280 612
Properties under development 2 030 041 (128 910) 2 468 184 4 369 315
Investment property held-for-sale 1 170 172 - (106 980) 1 063 192
52 898 853 292 370 11 521 896 64 713 119
Audited 31 August 2017
Balance at Gain/(loss) in
beginning of profit or loss Acquisition/ Balance at end
year for the year (disposal) of year
Investment property 49 698 640 1 258 324 8 286 260 59 243 224
Properties under development 2 030 041 (748 134) 2 666 962 3 948 869
Investment property held-for-sale 1 170 172 (7 973) 1 241 557 2 403 756
52 898 853 502 217 12 194 779 65 595 849
The fair value gains and losses are included in the fair value adjustment line in profit or loss.
Details of valuation techniques
The valuation techniques used in measuring fair values at 28 February 2018 for financial instruments
measured at fair value in the statement of financial position, as well as the significant unobservable
inputs used is disclosed below. There have been no significant changes in valuation techniques and
inputs since 31 August 2017.
Listed securities
Closing market price on the relevant exchange.
DERIVATIVE ASSETS AND LIABILITIES
FOREIGN EXCHANGE OPTIONS
The fair value is determined using quoted forward exchange rates at the reporting date and present
value calculations based on high credit quality yield curves in the respective currencies.
INTEREST RATE SWAPS
The fair value is calculated as the present value of the estimated future cash flows. Estimates of future
floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing
rates. Estimated cash flows are discounted using a yield curve constructed from similar sources which
reflects the relevant benchmark interbank rate used by market participants for this purpose when
pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects
the credit risk of the Group and of the counterparty. This is calculated based on credit spreads derived
from current credit default swap or bond prices.
OTHER FINANCIAL ASSETS
Dipula Income Fund Limited B shares
Closing market price on the JSE (Johannesburg Stock Exchange) limited to the outstanding loan
balance guaranteed in the Dipula BEE Trust.
Unlisted securities
The adjusted net asset value method is used to determine the fair value i.e. the fair value is measured
based on the fair value of the investee's assets and liabilities.
CROSS-CURRENCY INTEREST RATE SWAPS
The fair value is calculated by discounting the future cash flows using the swap curve of the respective
currencies at the dates when the cash flows will take place.
INTEREST-BEARING BORROWINGS AT FAIR VALUE
The exchangeable bonds fair value is determined with reference to the quoted Bloomberg Valuation
Service (BVAL) price.
INVESTMENT PROPERTIES
The valuation policy adopted by management is to revalue investment property at each reporting
period, valued externally for the both interim reporting and financial statements. The changes in fair
value from the previous reporting period are analysed by management.
Current market-related assumptions were applied to the risks in rental streams of properties.
Discount rates in the respective sectors are disclosed below.
At the reporting date, the key assumptions used by the Group in determining fair value were in the
following ranges for the Group's portfolio of properties:
Unobservable inputs (% unless Unaudited Unaudited Audited
otherwise stated) 28 February 2018 28 February 2017 31 August 2017
Expected market rental growth 4.00 - 6.00 4.00 - 8.00 4.00 - 6.00
Expected expense growth 7.00 - 9.00 7.00 - 10.00 7.00 - 9.00
Occupancy rate 95.05 93.30 94.10
Vacancy periods 0 - 12 months 0 - 12 months 0 - 12 months
Rent-free periods 0 - 3 months 0 - 3 months 0 - 3 months
Office sector
Discount rate 9.98 - 18.00 12.50 - 18.00 11.50 - 18.50
Exit capitalisation rate 7.50 - 13.00 7.25 - 13.00 7.50 - 13.00
Bulk rate R1 750 - R5 400 p/m2 R1 750 - R5 400 p/m2 R1 750 - R5 400 p/m2
Retail sector
Discount rate 11.04 - 18.00 12.25 - 19.25 11.00 - 18.00
Exit capitalisation rate 7.00 - 12.00 7.00 - 12.50 7.25 - 12.50
Bulk rate R1 200 - R3 000 p/m2 R1 200 - R3 000 p/m2 R1 200 - R3 000 p/m2
Industrial sector
Discount rate 13.25 - 18.00 13.00 - 18.50 13.50 - 17.00
Exit capitalisation rate 8.00 - 13.00 8.00 - 14.00 8.00 - 12.50
Bulk rate R643 - R2 500 p/m2 R643 - R2 500 p/m2 R643 - R2 500 p/m2
Specialised sector
Discount rate 14.00 - 16.50 15.00 14.00 - 16.25
Exit capitalisation rate 8.00 - 10.50 9.00 8.00 - 10.25
Measurement of fair value
VALUATION TECHNIQUES
All valuations were completed using the discounted cash flow method of valuation.
INVESTMENT PROPERTIES - DISCOUNTED CASH FLOW METHOD
The valuation model generates a net present value for each property by discounting forecasted future
cash flows and a residual value at the end of the cash flow projection period by the discount rate of each
property. The residual value is calculated by capitalising the net income forecasted for the 12-month
period immediately following the final year of the cash flow at the exit capitalisation rate. The discount
rate applied by each valuator is determined by adding a growth rate per property, based on forecasted
market-related rental increases, to the determined capitalisation rate per property. The discount
rate is then tested for reasonableness by benchmarking the rate against recent comparable sales
and surveys prepared by Investment Property Databank/South African Property Owners Association
(IPD/SAPOA). The capitalisation rate is dependent on a number of factors, such as location, the
condition of the improvements, current market conditions, the lease covenants and the risk inherent
in the property, which is also tested for reasonableness by benchmarking against recent comparable
sales and surveys prepared by IPD/SAPOA.
PROPERTIES UNDER DEVELOPMENT - COMPARABLE SALES METHOD
Properties under development comprise of the cost of land and development, and are measured at
fair value. Fair value is based on the costs incurred up to the date of the valuation. Undeveloped land
is valued in terms of the internationally accepted and preferred method of comparison. This involves
the use of recent comparable transactions as a basis for the valuation. Bulk rates are determined for
the land that has been zoned.
INTER-RELATIONSHIP BETWEEN KEY UNOBSERVABLE INPUTS AND FAIR
VALUE MEASUREMENTS
The estimated fair value would increase/(decrease) if:
- Expected market rental growth was higher/(lower);
- Expected expense growth was lower/(higher);
- Vacant periods were shorter/(longer);
- Occupancy rate was higher/(lower);
- Rent-free periods were shorter/(longer);
- Discount rate was lower/(higher);
- Exit capitalisation rate was lower/(higher);
- Capitalisation rate was lower/(higher); or
- Bulk rate was higher/(lower).
Redefine Properties Limited
(Incorporated in the Republic of South Africa)
Registration number: 1999/018591/06
JSE share code: RDF ISIN: ZAE000190252
(Redefine or the Company or the Group)
(Approved as a REIT by the JSE)
Executive directors:
M Wainer (Executive chairman)
AJ Konig (Chief executive officer)
LC Kok (Financial director)
Non-executive directors:
B Mathews (Deputy Chairperson and lead independent)*
B Nackan *
DA Nathan*
HK Mehta
M Barkhuysen*
NB Langa-Royds*
P Langeni*
*Independent
Registered office:
Rosebank Towers, Office Level 5, 19 Biermann Avenue, Rosebank 2196
(PO Box 1731, Parklands 2121)
Transfer secretaries:
Computershare Investor Services Proprietary Limited
Sponsor:
Java Capital
Company secretary:
B Baker
Independent auditors:
KPMG Inc
www.redefine.co.za
Date: 07/05/2018 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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