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Audited summarised consolidated results and prospects for the group for the year ended 31 March 2025
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2002/027194/06)
JSE share code: VKE
ISIN: ZAE000180865
Debt company code: VKEI
NSX share code: VKN
(granted REIT status with the JSE)
("Vukile" or the "group" or the "company")
Audited summarised consolidated results and prospects for the group for the year ended 31 March 2025
FY2025 has been a transformative year for Vukile, highlighting the company's focused growth strategy in action
Growing positive momentum in the South African portfolio
- Like-for-like retail NOI growth of 6.4%
- Annualised trading density growth of 5.2%
- Retail vacancies lowered to 1.7%
- Cost-to-income ratio decreased to 15.3%
- Like-for-like retail portfolio value increased by 8.5%
- 36MWp solar installations now generating 27% of electricity in the portfolio
Market-leading performance continues across Spain and Portugal
- Portfolio occupancy of 98.4%
- Positive rental reversions of 17.3%
- 95% of retail space let to international and national tenants
- Like-for-like GRI growth of 5% and NOI growth of 6.4%
- Portfolio WALE of 8.6 years
- Like-for-like valuation increase of 3.6%
Conservatively managed balance sheet supported by a diversified funding base and strong liquidity
- Significant available cash balances of R2.1 billion and undrawn debt facilities of R2.5 billion
- LTV at 40.95%
- Interest cover ratio (ICR) increased to 2.9 times
- c.R2.3 billion raised from new share issuances
- Group hedge ratio increased to 83.9% (from 58.5%)
- Credit rating outlook for both Vukile and Castellana improved from stable to positive
- Low risk debt expiry profile with only 1.6% of debt maturing in FY26
Significant corporate activity lays a strong foundation for continued growth
- Acquired and repositioned the Mall of Mthatha
- Exit from Lar Espana generating a capital gain of c.EUR82 million
- Acquisition of four shopping centres in Portugal for a combined value of c.EUR260 million at a blended yield
of c.8.9%
- Acquired flagship Bonaire Shopping Centre in Valencia Spain for EUR305 million at a yield of c.7.2%
- Post year-end acquired Forum Madeira in Portugal for c.EUR63 million at a yield of c.9.5%
Focused strategy once again delivers on guidance, with a 6% increase in dividend per share
- Total funds from operations (FFO) of 158.8 cents per share
- Final dividend of 76.5 cents per share (R953 million in total), up 6% on the prior year
Financial performance 31 March 2025 31 March 2024 % change
Gross property revenue (Rm) 4 396 4 017 9.4
Operating profit before finance costs (Rm) 3 257 2 328 39.9 (1), (2)
Profit for the year attributable to owners (Rm) 3 209 1 587 102.2 (1), (2)
Basic earnings per share (cents) 270.71 152.27 77.8 (1), (2)
Headline earnings per share (cents) 158.59 131.34 20.7 (1), (2)
Net asset value (R per share) 22.39 21.55 3.9
Direct property investments (Rm) 50 270 36 612 37.3 (1)
Indirect listed property holdings (Rm) - 3 680 (100.0) (3)
Total dividend per share (cents) 131.71858 124.24921 6.0
(1) During the year, Castellana acquired a 70% controlling interest in Caminho, a newly incorporated Portuguese
company. On 1 October 2024, Caminho acquired three shopping centres in Portugal for c.EUR176.5 million.
In December 2024, Caminho acquired a 50% interest in Alegro Sintra for c.EUR83.4 million. Expansion into
the Iberian Peninsula had a favourable impact on revenue and earnings compared to the prior year, and resulted
in a material increase in direct property investments during the year.
(2) Earnings for the year also includes dividend income from Lar Espana of R372.7 million (FY24: nil due to the
timing of when the dividend was declared).
(3) Decrease in indirect listed property holding relates to the disposal of Lar Espana and Fairvest shares for
a consideration of c.EUR200 million and c.R141 million respectively.
A separate announcement regarding the dividend, including details relating to the taxation treatment of the
dividend, will be released on SENS.
Prospects for the group
The business is in a very strong position with a focused and clear strategy, proven operating platform and healthy
balance sheet. Through sound capital allocation, disciplined deal-making and effective asset integration,
we have been able to deliver growth in dividend per share for the year of 6%, and growth in FFO per share of 3%,
supporting ongoing strong and consistent performance over the long term. No DRIP will be offered for the FY25
final dividend.
Based on our track record of delivering accretive value through selective acquisitions and investment disposals,
the business is set to deliver sustainable real growth in the future, through focusing on operating excellence,
executing on value-added projects in the existing portfolio and looking for further opportunities in our core
markets of South Africa, Spain and Portugal.
For the year ending 31 March 2026, our upgraded expectation and guidance is to deliver growth in FFO per share
and dividend per share of at least 8%. This will equate to FFO per share of at least 171.5 cents
(FY25: 158.8 cents) and a full-year dividend per share of at least 142.2 cents (FY25: 131.7 cents).
The forecast assumes no material adverse change in trading conditions, contractual escalations and
market-related renewals. The forecast also assumes no material further changes in exchange rates and interest
rates.
The forecast has not been reviewed or audited by the company's external auditors.
About this announcement
This results announcement is the responsibility of the directors of the company. This announcement is only a
summary of the group audited annual financial statements for the year ended 31 March 2025 (FY25 AFS) and does
not contain full or complete details. Any investment decision by investors and/or shareholders should be based
on consideration of the FY25 AFS.
The FY25 AFS were audited by PricewaterhouseCoopers Inc., who expressed an unqualified opinion thereon.
The auditor's opinion also includes communication on key audit matters. Key audit matters are those matters that,
in the auditor's professional judgement, were of most significance in their audit of the FY25 AFS.
The FY25 AFS, incorporating the auditor's opinion thereon, are available on the company's website at
https://www.vukile.co.za/wp-content/uploads/2025/06/Vukile-AFS-2025.pdf and on the JSE's website at
https://senspdf.jse.co.za/documents/2025/jse/isse/vke/FY2025.pdf. Copies of the FY25 AFS may be requested and
obtained at no charge by emailing Johann Neethling at johann.neethling@vukile.co.za or the company's sponsor,
Java Capital at sponsor@javacapital.co.za from Tuesday, 17 June 2025, to Wednesday, 25 June 2025.
Vukile also voluntarily publishes supplementary information to the FY25 AFS, which includes directors'
commentary, and is available on the company's website at https://www.vukile.co.za.
On behalf of the board
NG PAYNE LG RAPP
CHAIRMAN CHIEF EXECUTIVE OFFICER
Houghton Estate
17 June 2025
Sponsor:
Java Capital
www.vukile.co.za
Date: 17-06-2025 07:05:00
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