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Unaudited condensed consolidated interim financial statements for the six months ended 30 September 2023
CASTLEVIEW PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2017/290413/06)
JSE share code: CVW
ISIN: ZAE000251633
(Approved as a REIT by the JSE)
("Castleview" or the "Company" or the "Group")
SHORT-FORM ANNOUNCEMENT: UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED
30 SEPTEMBER 2023
KEY FINANCIAL HIGHLIGHTS
30 September 2023 31 August 2022 % change
Revenue (Rand 000's) 1 040 135 30 249 3 338.58%
Headline earnings per share (cents) (18.53) 22.38 (182.80%)
Earnings per share (cents) (14.44) 199.21 (107.25%)
Distribution per share (cents) 10.67600 - 100.00%
Net asset value per share (cents) 840.11 610.13 37.69%
Shareholders are reminded that, as announced on 15 December 2022, Castleview has changed its financial year-end
from 28 February to 31 March. The figures for the six months ended 30 September 2023 are therefore compared to those
for the six months ended 31 August 2022, being the prior comparative period.
NATURE OF THE BUSINESS
Castleview Property Fund is a property holding and investment company that was listed as a REIT on the AltX of the
JSE on 20 December 2017. Castleview invests in direct property investments – where the Group owns the properties -
and indirect property investments – where property is owned via other real estate companies with separate management
teams - with the goal of maximising total returns to its shareholders.
The acquisition of the I Group portfolio in September 2022 resulted in the Company acquiring a diversified, well located
and high quality portfolio of South African and Polish direct, and South African and US indirect assets across all
property sectors and repositioned the company as a mid-tier REIT with a net asset value of in excess of R8 billion and
total assets of more than R22 billion.
TRADING PERFORMANCE
During the reporting period, the total assets of the Group decreased to R21.7 billion (March 2023: R22.1 billion) with a
corresponding decrease in debt funding to R10.2 billion (March 2023: R10.6 billion), primarily as a result of the
successful disposal of Enyuka by the Group. Further detail on this disposal is set out in note 3 to the interim financial
statements. The Group had a market capitalisation of R8.4 billion based on a share price of R8.50 at the reporting date
and a net asset value of R8.3 billion which equates to a net asset value of R8.40 per share (March 2023: R8.55 per share).
The loan-to-value ratio, net of cash, is 48.4% (March 2023: 48.8%).
The revenue for the period was steady at R1.0 billion. Income derived from equity accounted investments of
R229.0 million included income from Enyuka up to 20 July 2023.
Finance costs have increased substantially with the growth of the business, to R573.5 million (2022: R12.4 million).
The increase is also in part due to the rise borrowing costs across the portfolio as a result of interest rate increases in
South Africa and Europe. The Group manages its interest rate risk via its respective business units through the use of
fixed rate debt or interest rate derivatives.
An expected credit loss of R267.9 million was realised on the Groups investment into Inani, held through Emira. As a
result, the Group has realised an accounting loss for the year of R67.0 million (2022: R78.0 million gain). The Group's
operational performance remains robust delivering an SA REIT FFO of R186.5 million. Consequently, the Castleview
Board was pleased to approve a dividend of R105.1 million and has declared a distribution for the period of 10.676 cents
per share (2022: Nil).
DISTRIBUTION
The board approved an interim gross dividend for the period 1 April 2023 to 30 September 2023 of 10.67600 cents per
share.
Full details of the dividend, including the tax treatment and salient dates and times, were published on SENS on
21 November 2023.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of Castleview. This short-form announcement is
only a summary of the information in the full announcement released on SENS and does not contain full or complete
details. Any investment decisions by investors and/or shareholders should be based on consideration of the full
announcement as a whole.
The full announcement is available on:
the JSE website at: https://senspdf.jse.co.za/documents/2023/JSE/isse/CVWE/HY2024.pdf; and
Castleview's website at https://castleview.co.za/investors/.
Copies of the full announcement may be requested, by emailing James Day at dayj@castleview.co.za or the designated
advisor, Java Capital at sponsor@javacapital.co.za.
30 November 2023
Designated advisor
Java Capital
Date: 30-11-2023 04:00:00
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