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Change statement, posting notice of annual general meeting and update on B-BBEE compliance report
DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA ISIN: ZAE000203378
JSE share code: DIB ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the company")
CHANGE STATEMENT, POSTING NOTICE OF ANNUAL GENERAL MEETING AND UPDATE ON BROAD-BASED BLACK ECONOMIC EMPOWERMENT
COMPLIANCE REPORT
Shareholders are advised that Dipula's integrated annual report, incorporating the audited annual financial statements
for the year ended 31 August 2018, (on which the company's auditors expressed an unmodified audit opinion) is
available on the company's website http://www.dipula.co.za/wp-content/uploads/2018/12/Dipula-IAR-2018_WEB-
FA.pdf.
The audited financial statements contain changes from the reviewed provisional condensed consolidated financial
results for the year ended 31 August 2018.
Cash flow statement
In the cash flow statement, cash raised through the issue of shares to non-controlling interests was reallocated from
"cash flows from investing activities" to "cash flows from financing activities".
The table below contains the cash flow statement from the reviewed provisional condensed consolidated financial results
for the year ended 31 August 2018, together with the audited cash flow statement for the year ended 31 August 2018:
Reviewed Results for the
year ended 31 August Audited Results for the
2018 year ended 31 August 2018
Consolidated Statement of Cash flows R'000 R'000
Cash flows from operating activities
Cash generated from operations 713 649 713 649
Net finance cost (237 337) (237 337)
Dividends paid (491 103) (491 103)
Net cash (utilised in)/generated from operating activities (14 791) (14 791)
Cash flows from investing activities
Acquisition of investment properties and capital
expenditure (1 982 997) (1 982 997)
Acquisition of business combination (47 382) (47 382)
Contribution by/(acquisition of) non-controlling interests 151 549 -
Net acquisition of property, plant and equipment (3 344) (3 344)
Proceeds on disposal of investment properties 201 416 201 416
Repayment of loans advanced 89 936 89 936
Net Cash utilised in investment activities (1 590 822) (1 742 371)
Cash flows from financing activities
Issue of shares net of share issue expenses 796 471 796 471
Shares issued to non-controlling interests - 151 549
Non-interest-bearing liabilities raised 51 124 51 124
Interest-bearing liabilities raised/(repaid) 696 808 696 808
Net cash generated from financing actives 1 544 403 1 695 952
Net decrease in cash and cash equivalents (61 210) (61 210)
Cash and cash equivalents at the beginning of the year 130 226 130 226
Cash and cash equivalents at the end of the year 69 016 69 016
Headline earnings reconciliation:
The change in headline earnings calculation is due to the amortisation of the intangible assets of R37.5 million which
was incorrectly included in the headline earnings reconciliation.
Reconciliation between profit, earnings and headline
earnings Reviewed Results for the Audited Results for the
year ended 31 August 2018 year ended 31 August 2018
R'000 R'000
Earnings 471 540 471 540
Adjustments: 96 595 59 095
Amortisation of intangible asset/goodwill impaired 50 827 13 327
Non-controlling interest portion of fair value adjustment 4 247 42 47
Fair value – Investment properties and held for sale 16 507 16 507
Fair value- Straight-line rental income 25 014 25 014
Headline earnings 568 135 530 635
Total weighted average number of shares in issue 529 282 638 529 282 638
Weighted average number of A-shares in issue 264 641 319 264 641 319
Weighted average number of B-shares in issue 264 641 319 264 641 319
Headline earnings per A-share (cents) 119.39 111.51
Headline earnings per B-share (cents) 119.39 111.51
Shareholders are further advised that the integrated annual report containing a notice of annual general meeting and the
relevant supporting documentation was dispatched to shareholders today, 20 December 2018. The annual general meeting of
shareholders of Dipula will be held at Dipula's offices at 12th Floor, Firestation Rosebank, 16 Baker Street, Rosebank,
on Tuesday, 5 February 2019 at 9h00.
The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday,
22 January 2019 and the record date for voting purposes is Friday, 25 January 2019.
Shareholders are advised that the company's Broad-Based Black Economic Empowerment annual compliance report for the year
ended 31 August 2018 is currently being verified and a further announcement in respect of the publication thereof will be
released in due course.
20 December 2018
Sponsor
Java Capital
Date: 20/12/2018 04:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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