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TRADEHOLD LIMITED - Interim Consolidated Unaudited Financial Statements of the Tradehold Group for the Six Months to 31 August 2018

Release Date: 08/11/2018 07:05
Code(s): TDH TDHBP     PDF:  
 
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Interim Consolidated Unaudited Financial Statements of the Tradehold Group for the Six Months to 31 August 2018

TRADEHOLD LIMITED
(Registration number: 1970/009054/06)
Incorporated in the Republic of South Africa
JSE Share code: TDH ISIN: ZAE000152658
JSE B Preference Share code: TDHBP ISIN: ZAE000253050
("Tradehold" or "the Group")

TRADEHOLD LIMITED: INTERIM CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS OF 
THE TRADEHOLD GROUP FOR THE SIX MONTHS TO 31 AUGUST 2018

KEY INFORMATION
In the six months to 31 August 2018 the business has undergone a major 
change. Its financial services interests were unbundled to shareholders and 
listed separately on the AltX of the JSE Limited ("JSE") as Mettle 
Investments on 23 May this year, with shareholders receiving shares in 
Mettle Investments equal to the number of shares held in Tradehold. 

It is important to note that because of the restructuring, Tradehold's 
financial results for the six months to 31 August 2018 are not directly 
comparable to those of the corresponding period in 2017:
- Total assets £843.7 million (2017: £994 million, or £929 million if
  financial services are excluded)
- Revenue £48.6 million (2017: £50.3 million as restated for the
  discontinued operations)
- Ordinary shareholders equity £278.4 million (2017: £306.8 million or
  £287 million if financial services are excluded)
- Headline earnings per share 2.3 pence (2017: 3.5 pence or 2.5 pence if
  financial services are excluded)
- Tangible net asset value per share 119 pence / R22.73 (2017: 134.2 pence /
  R22.50 or 127.2 pence / R21.33 if financial services are excluded)

The unbundling has turned Tradehold into a dedicated property business with 
its net assets split between the United Kingdom in pounds sterling (40%), 
United States dollar assets in Africa (8%), and the balance in South African 
rand (52%). In South Africa it owns 100% of the Collins Property Group and 
focuses on large-scale industrial properties. In the UK it holds 100% of the 
Moorgarth Property Group, including a 90% stake in The Boutique Workplace 
Company (TBWC), a provider of serviced office accommodation in London, with 
four of its sites being owned by Moorgarth. 

FINANCIAL PERFORMANCE
Following the restructuring, total assets now amount to £843.7 million 
(2017: £993.7 million, or £929 million if financial services are excluded). 
Revenue was £48.6 million (2017: £50.3 million) while total profit 
attributable to shareholders stood at £5.7 million (2017: £10.8 million). 
The decrease is mainly due to the loss during the reporting period in the 
fair-value adjustment of its investment properties of £2.1 million, compared 
to a gain of £1.6 million in the corresponding period in the 2017 financial 
year, and financial services net profit of £2.9 million in the prior period, 
compared to profit from discontinued operations of £0.3 million in the 
current period. Headline earnings per share was 2.3 pence, down from 3.5 
pence (or 2.5 pence if financial services are excluded), and tangible net 
asset value per share (as defined by management) was 119 pence / R22.73, 
compared to 134.2 pence / R22.50 (or 127.2 pence / R21.33 if financial 
services are excluded) in the corresponding period.

BUSINESS ENVIRONMENT
During the reporting period Tradehold's subsidiaries operated under 
demanding conditions in both the United Kingdom and South Africa. In the 
former, the continuing uncertainty about the outcome of the country's stop-
start negotiations with its partners in the EU intensified. The latest 
figures by the Confederation of British Industry (CBI) show a severe scaling 
back of investment by UK factories and this is symptomatic of what is 
happening elsewhere across the economy. Whatever growth there is, is led 
largely by consumer spending that continues to show surprising resilience.

In South Africa, there is little sign of a recovery with the economy 
shrinking by 0.7% in the second quarter. The country slipped into a 
recession after a revised 2.6% contraction in the first quarter, brought on 
mainly by a major fall-off in activity in the agricultural, transport, trade 
and manufacturing sectors coupled with shrinking consumer demand. These 
conditions have led to a further contraction in formal employment. Expected 
growth for the year has since been lowered to 0.5% as economic prospects 
have worsened. During the reporting period the rand was at one point pushed 
to over R15/$ while uncertainty persists around the government commitment to 
land expropriation without compensation. 

Collins Group
Tradehold has retained the Collins name for its property holdings in South 
Africa. Its portfolio consists of 150 mainly industrial and commercial 
buildings. The focus is on quality industrial warehousing, offering about 
1.46 million square metres of gross lettable area (GLA) and constituting 
some 91% of total space available for rent. The balance of the portfolio is 
made up of retail (5.7%) and office accommodation (3.2%). The weighted 
average lease profile is 7.17 years while vacancies constitute 2% of the 
total of 1.61 million square metres of GLA. Long-term tenants for its 
sophisticated large-scale units include Sasol, Pep, Unilever, MassMart, and 
Nampak.

Following a decision to dispose of non-core assets, these being mainly 
smaller buildings in the portfolio, management has identified 37 properties 
with a total value of R1 billion for sale. The proceeds from sales will 
predominantly be used to reduce debt. A number of these buildings have 
already been sold, others are awaiting transfer or the outcome of due- 
diligence processes. Where buildings have already been sold, prices achieved 
have been at or above their holding costs.

Tradehold owns a number of mainly retail and commercial properties offering 
close to 50 000 square metres of GLA in neighbouring Namibia. The end of the 
reporting period saw the opening on 30 August of the first phase of the 
Gobabis Mall in the strategically located town of Gobabis that provides 
about 10 000 square metres of trading space. The development forms part of 
Tradehold's strategy to locate dominant retail malls in some of Namibia's 
major towns.

The total Collins portfolio was £501 million (R9 571 million) at the 
reporting date, which includes Namibia at £40.2 million, compared with 28 
February 2018 of £576 million (R9 370 million) which included Namibia's £41 
million. The value has been adversely affected by the currency deterioration 
of the South African rand to pound sterling (R19.097 at the end of the 
reporting period compared to R16.2706 at 28 February 2018). 

Collins Group, including Namibia, contributed £5.1 million (2017: £5.8 
million) to net profit after minorities. The deterioration is mainly due to 
exchange rate movements.
The Collins Group's total contribution to net asset value per share is 63.8 
pence (R12.18).

Moorgarth
Moorgarth's portfolio of 23 properties are located throughout the UK. The 
portfolio is diversified across a range of sectors, with 51.8% (by value) in 
retail, 31.3% in offices (primarily in London), 9.8% in Leisure and the 
balance of 7.1% being residential and development.

Moorgarth Group has experienced a challenging six months mainly in terms of 
lettings in its retail and commercial properties. In addition to the 
uncertainties created by Brexit, conventional retail in the UK also has to 
grapple with the far-reaching changes in consumer purchasing patterns 
brought about largely by on-line shopping which in July reached an all-time 
high of 18.2% (The Office of National Statistics). These changes, which have 
contributed to a seismic shift in retail dynamics world-wide, are having a 
substantial effect on traditional retail shopping malls.

In response to the prevailing shifts in consumer buying, Moorgarth has 
continued to pro-actively pursue asset management strategies which change 
the nature of its major retail assets. The intention is to stimulate greater 
human interaction and create a sense of community, in contrast to the 
isolation of on-line shopping. In line with the global changes, strong focus 
has been placed on leisure and convenience. This change in positioning also 
involves a return to a traditional trading market model that embraces 
community-driven retail involving local suppliers and local produce. In 
addition, Moorgarth is increasingly accommodating in its malls not only 
retail stores but also a growing range of services such as restaurants, 
cinemas, gyms, dentists' and doctors' rooms, etc. to position these as one-
stop community centres that satisfy an expanding range of consumer needs. 

Moorgarth is in the process of submitting planning applications for a 100-
room hotel adjacent to one of its malls (owned through a joint venture) as 
well as a masterplan for some 500 residential apartments to be built atop 
another, to further enhance that sense of community. The development 
pipeline on its existing portfolio is in excess of £150 million. This will 
ensure, once planning permission is granted, a significant move away from 
reliance on traditional retail.

During the six month reporting period the value of Moorgarth's portfolio 
(excluding work in progress) reduced to £248.3 million from £248.5 million 
if its interest in joint ventures (not reflected in the balance sheet) is 
included, mainly due to the disposal of two non-core properties.

Moorgarth's contribution to net asset value per share is 48.2 pence (R9.20).

The Boutique Workplace Company (TBWC)
TBWC, which offers serviced office accommodation in 31 sites across London, 
has experienced a challenging six months due to intense competition from 
mainly new entrants in the market that are aggressively building market 
share at the expense of profitability. As a result, TBWC has lost some 
tenants in certain key sites whom management is in the process of replacing. 
In this it is assisted by the quality of the accommodation in which its 
portfolio of 4 000 work stations are located - all 31 sites are housed in 
relatively small, centrally located buildings offering a true boutique 
working environment. TBWC's EBITDA for the six month reporting period was 
£0.7 million (2017: £0.8 million).

During the reporting period, Moorgarth including TBWC contributed £1 million 
(2017: £3.3 million) to group profits. The decrease was mainly due to a £1.8 
million valuation uplift on its portfolio in the equivalent period in the 
previous year, primarily relating to two Lime Street properties, compared to 
a revaluation loss of £0.2 million for the current reporting period. 

Tradehold Africa Group
The company owns properties in Mozambique, Botswana and Zambia. The value of 
this portfolio decreased by £44.3 million to £29.7 million, from £74 million 
at the end of February 2018, mainly due to the disposal of the Cognis 
corporate residential development in Maputo in Mozambique during the review 
period. This sale is in line with Tradehold's decision to reduce its 
exposure to Africa outside South Africa. The net proceeds have been applied 
to settle debt. 

The company contributed £2.4 million to total group profits, enhanced by a 
once-off gain on the disposal of subsidiary companies relating to the Cognis 
property of £1.8 million, compared to net profit of £2.3 million for the 
corresponding prior period. 

Tradehold Africa's total contribution to net asset value per share is 9.6 
pence (R1.83).

SHARE ISSUE AND REPURCHASE
On 19 June 2018 Tradehold issued 6 046 591 ordinary shares to shareholders 
electing the dividend re-investment alternative, in lieu of the cash 
dividend of 50 cents per ordinary share declared to ordinary shareholders on 
22 May 2018. 

It repurchased 1 310 549 of its ordinary shares on the market during the 
reporting period, resulting in a total number of treasury shares held of 1 
391 998 ordinary shares.

INTERIM DIVIDEND 
The board has decided not to declare an interim dividend.

COMMENTS ON THE RESULTS
On 25 May 2018 Tradehold distributed its 247 174 375 ordinary shares in 
Mettle Investments Limited to its shareholders as a dividend in specie, as 
the final step of the unbundling of its financial services and solar energy 
business interests, comprising 90% of the Reward group (retaining an 
interest of 10%), 100% of the Mettle group and 100% of Tradehold Solar, to 
its ordinary shareholders. The unbundling transaction resulted in Tradehold 
classifying its investments in Reward group, Mettle group and Tradehold 
Solar as disposal groups held for distribution in line with the requirements 
of IFRS 5: Non-current Assets Held for Sale and Discontinued Operations. The 
Reward, Mettle and Tradehold Solar groups qualify as discontinued operations 
as they are components of Tradehold that have been classified as held for 
distribution, and represent a separate major line of business. The assets 
and liabilities attributable to the Reward, Mettle and Tradehold Solar 
groups, classified as held for distribution, were separately disclosed in 
the statement of financial position in the previous financial year. 

In line with the requirements of IFRS 5, the income and expenses relating to 
Reward, Mettle and Tradehold Solar are presented in the income statement and 
statement of other comprehensive income as a single amount as after tax 
profit and other comprehensive income relating to discontinued operations. 
The main disclosures are as follows:

                                                                   Reported
                                              Unaudited Unaudited   Audited
                                               6 months  6 months 12 months
                                                     to        to        to
(£'million)                                     31/8/18   31/8/17  28/02/18

Statement of Comprehensive Income
Profit from operations held for 
distribution before non-controlling interest        304     2 893     4 060
Statement of Financial Position               
Current assets - Assets held for distribution         -         -    76 091
Current liabilities - Liabilities held 
for distribution                                      -         -    58 688
Statement of Changes in Equity               
Distribution of discontinued operations 
to shareholders                                 (28 940)        -         -

OUTLOOK
We have no doubt that the business environment in both Tradehold's main 
markets will continue to be demanding in what remains of the financial year. 
Even if Britain were to make dramatic progress in its Brexit negotiations 
before the March 2019 deadline, any improvement in confidence will come too 
late to have a material impact on Moorgarth's results. At the same time, 
there are too many structural problems inhibiting meaningful growth in the 
South African economy for us to expect material change in the short term. We 
therefore have accepted that market conditions are not going to change 
materially in either of our main markets and we have adapted our strategies 
accordingly.

As reported elsewhere, Collins has started selling off its non-core property 
holdings in a planned, structured manner to strengthen its balance sheet.

Disposing of these non-core assets will enable management to focus on the 
company's substantial portfolio of large industrial buildings. In the 
present trying times it is a comfort to know that all these buildings are 
leased on long-term contracts to major South African companies, that on 
average, leases have more than seven years to run and that vacancies have 
been maintained at 2%. 

In the UK, we believe what management is doing to adapt our retail 
investments to the worldwide shift in consumer shopping habits, will go a 
long way towards enhancing their relevance and profitability. As far as TBWC 
is concerned, we are of the opinion its present setback is temporary. The 
business has grown substantially over the past two years and new centres 
opened always hold back short term performance as each takes a few months to 
achieve profit. Worldwide the way people work is changing and shared office 
space as a concept is here to stay. We believe we were fortunate in 
obtaining a foothold in this market early on and we are convinced that 
TBWC's quality offering will gain increasing acceptance from a discerning 
market.

In these trying times Tradehold is fortunate in being served by a senior 
management team of highly experienced professionals with deep-seated 
knowledge of their markets and with the ability to extract the maximum 
benefit from the quality assets in our various portfolios. 

Any reference to future financial performance included in this statement has 
not been reviewed and reported on by the Group's external auditors and does 
not constitute an earnings forecast. 

POLICY ADOPTION FOR TRADING STATEMENTS
The Group has adopted net asset value per share as the measure for trading 
statements with effect from the 28 February 2017 financial year-end.

BASIS OF PRESENTATION AND ACCOUNTING POLICIES
The consolidated interim financial statements are prepared in accordance 
with the requirements of the JSE Listings Requirements for interim reports, 
and the requirements of the Companies Act, No 71 of 2008 (the "Companies 
Act") applicable to interim financial statements. 

The JSE Listings Requirements require interim reports to be prepared in 
accordance with the framework concepts and the measurement and recognition 
requirements of International Financial Reporting Standards ("IFRS") and the 
SAICA Financial Reporting Guides as issued by the Accounting Practices 
Committee and Financial Pronouncements as issued by the Financial Reporting 
Standards Council and to also, as a minimum, contain the information 
required by IAS 34 Interim Financial Reporting. The accounting policies 
applied in the preparation of the consolidated interim financial statements, 
are in terms of IFRS and are consistent with those accounting policies 
applied in the preparation of the previous consolidated annual financial 
statements, except for the adoption of the following new standards, 
amendments to publicised standards and interpretations that became effective 
for the current reporting period beginning on 1 March 2018:

Adoption of IFRS 9: Financial Instruments 
IFRS 9 contains three principal classification categories for financial 
assets:
- measured at amortised cost;
- measured at fair value through OCI; and
- measured at fair value through profit or loss.

The classification of financial assets is based on how the asset is managed 
and its contractual cash flow characteristics. The accounting policy for 
financial liabilities remain the same under IFRS9. Impairment of financial 
assets is to be assessed using the expected credit loss model. This model 
applies to financial assets measured at amortised cost and to contract 
assets. IFRS 9 has been applied prospectively and no retrospective 
adjustments have been made.

Adoption of IFRS 15: Revenue from Contracts with Customers
IFRS 15 is applied to all contracts with tenants to provide a distinct good 
or service (excluding those that are in scope of another standard) whether 
over time or at a point in time. Revenue is recognised when control over the 
distinct good or service is transferred to the tenant. Revenue is recognised 
at the transaction price which is the consideration expected to be received 
for providing the distinct good or service. Where the transaction price is 
variable, an estimate of the variable consideration should be included in 
the transaction price. In the prior year, tenant recoveries were recognised 
as they were earned in line with the contractual rights in the leases. IFRS 
15 has been applied cumulatively and no retrospective adjustments have been 
made. 

There was no material impact on the annual financial statements as a result 
of the adoption of these standards.

The Group's reportable segments reflect those components of the Group that 
are regularly reviewed by the chief executive officers and other senior 
executives who make strategic decisions (the chief operating decision 
maker).

Trading profit on the face of the statement of comprehensive income is the 
Group's operating result excluding fair value gains or losses on financial 
assets at fair value through profit or loss and impairment losses on 
goodwill.

Tangible net asset value per share
Tangible net asset value per share excludes intangible assets, deferred tax 
assets and deferred tax liabilities from the calculation of the group's net 
asset value. Management believes that it is a useful measure for 
shareholders of the Group's intrinsic net worth. However, this is not a 
defined term under IFRS and may not be comparable with similarly titled 
measures reported by other companies.

The directors of the Group take full responsibility for the preparation of 
this preliminary report. 

PREPARATION OF FINANCIAL RESULTS
The preparation of the financial results was supervised by the group 
financial director Karen Nordier BAcc, BCompt Hons, CA(SA). The condensed 
consolidated interim results for the six months ended 31 August 2018 have 
not been audited or independently reviewed by the group's external auditors, 
PricewaterhouseCoopers Inc. 

REPORTING CURRENCY
As the operations of most of Tradehold's subsidiaries are conducted in pound 
sterling and because of the distortion caused by the fluctuating value of 
the rand, the Group reports its results in the former currency.

CHANGES TO BOARD 
The following changes to the Tradehold board occurred during the period 
under review:
- Mr JM Wragge resigned as a non-executive director with effect from 
  1 March 2018
- Dr LL Porter has been appointed as a non-executive director with effect
  from 2 May 2018.

HRW Troskie                KL Nordier
Acting Chairman            Director

Malta 
6 November 2018

STATEMENT OF COMPREHENSIVE INCOME

                                        Unaudited    Unaudited      Audited
                                         6 months     6 months    12 months
                                               to           to           to
(£'000)                                  31/08/18     31/08/17*    28/02/18

Revenue                                    48 566       50 267      101 471 
Other operating income                        734        1 244        1 427 
(Loss) / profit on disposal of 
investment properties                         (24)         646        1 157 
Net (loss) / gain from fair value 
adjustment on investment property          (2 116)       1 598       11 760 
Profit on disposal and scrapping of 
PPE (excluding buildings)                       4            -            - 
Employee benefit expenses                  (3 060)      (3 024)      (5 915)
Lease expenses                             (3 191)      (2 926)      (6 361)
Depreciation, impairment and 
amortisation                               (1 531)      (1 231)      (2 656)
Other operating costs                     (12 024)      (9 768)     (19 383)
Trading profit                             27 358       36 806       81 500 
(Loss) / gain on disposal of investments      (50)           -          340 
Gain on disposal of subsidiary              1 790            -            - 
Fair value gain / (loss) through 
profit or loss                                110           (3)         (37)
Operating profit                           29 208       36 803       81 803 
Finance income                              1 687        3 095        6 152 
Finance cost                              (24 947)     (26 417)     (51 877)
Earnings from joint venture                    17          199          662 
Earnings from associated companies             35           27          539 
Profit before taxation                      6 000       13 707       37 279 
Taxation                                       84       (4 715)      (7 000)
Profit for the year from continuing 
operations before non-controlling interest  6 084        8 992       30 279 
Profit from operations held for 
distribution before non-controlling interest  304        2 893        4 060 
Profit for the year before 
non-controlling interest                    6 388       11 885       34 339 

Other comprehensive income
Items that may be subsequently 
reclassified to profit or loss
Net fair value loss on hedging 
instruments entered into for 
cash flow hedges                              143          144          308 
Income tax relating to these items            (34)         (24)         (62)
Currency translation differences          (21 354)      (4 635)      (2 814)
Total comprehensive income for the year   (14 857)       7 370       31 771 

Profit attributable to:
Owners of the parent                        5 655       10 843       30 826 
Non-controlling interest                      733        1 042        3 513 
                                            6 388       11 885       34 339 

Total comprehensive income attributable to:
Owners of the parent                      (15 590)       6 298       28 258 
Non-controlling interest                      733        1 072        3 513 
                                          (14 857)       7 370       31 771 

Earnings per share (pence): basic             2.3          4.4         12.5 
Number of shares for calculation of 
earnings per share ('000)                 248 846      247 174      247 174

Earnings per share (pence): diluted           2.3          4.4         12.5 
Number of shares for calculation of 
diluted earnings per share ('000)         248 846      247 438      247 519 

* The comparatives have been restated for the discontinued operations.

STATEMENT OF FINANCIAL POSITION

                                        Unaudited    Unaudited      Audited
(£'000)                                  31/08/18     31/08/17     28/02/18

Non-current assets                        791 372      868 534      913 741 
Property, plant and equipment              10 296       11 265       11 150 
Investment properties - fair value 
for accounting purposes                   702 465      790 294      822 459 
Investment properties - straight-line 
lease income adjustment                    19 721       10 698       19 188 
Intangible assets                           8 973       12 170        9 374 
Loans to discontinued operations 
held for distribution                           -            -        8 419 
Investment in joint venture                 9 072          865          865 
Loans to joint venture                     17 339       25 916       26 218 
Investments in associates                     549          674          674 
Loans to associates                             -        5 947            - 
Loans receivable                            9 174        1 476        2 379 
Deferred taxation                          12 446        8 608       11 678 
Trade and other receivables                 1 337          621        1 337 

Current assets                             52 305      125 193      161 252 
Financial assets                            5 344        6 281        5 886 
Assets held for sale                          220            -        1 271 
Assets held for distribution                    -            -       76 091 
Investments carried at fair value 
through profit and loss                     2 586            -            - 
Loans receivable                              754        5 210          754 
Derivative financial instruments                -        1 765        5 847 
Loans to discontinued operations held 
for distribution                                -            -       13 421 
Loans to associates                         5 598        9 853        8 484 
Trade and other receivables                25 910       67 658       32 748 
Taxation                                      206        1 483          353 
Cash and cash equivalents                  11 687       32 943       16 397 
Total assets                              843 677      993 727    1 074 993 

Equity                                    287 839      320 561      338 602 
Ordinary shareholders' equity             278 349      306 795      324 744 
Non-controlling interest                    9 490       13 766       13 858 
Non-current liabilities                   506 411      529 980      604 911 
Preference share liability                 58 703           61       69 321 
Long-term borrowings                      395 986      480 476      472 384 
Derivative financial instruments            4 601          412          224 
Deferred revenue                            4 267        3 443       10 669 
Deferred taxation                          42 854       45 588       52 313 
Current liabilities                        49 427      143 186      131 480 
Preference share liability                  1 010       37 574        1 229 
Short-term borrowings                      27 896       90 172       46 349 
Liabilities held for distribution               -            -       58 688 
Taxation                                      444        2 820          325 
Bank overdrafts                                 -            -          514 
Other current liabilities                  20 077       12 620       24 375 
Total equity and liabilities              843 677      993 727    1 074 993

STATEMENT OF CHANGES IN EQUITY

                                         6 months     6 months    12 months
                                               to           to           to
(£'000)                                  31/08/18     31/08/17     28/02/18

Balance at beginning of the period        338 602      311 106      311 106 
Profit for the year                         6 388       11 885       34 339 
Proceeds from ordinary share issue              -           93           93 
Dividends distributed to shareholders      (6 888)      (1 501)      (1 501)
Dividends reinvested by shareholders        4 879            -            - 
Acquisition of treasury shares             (1 030)           -         (124)
Distribution of discontinued 
operations to shareholders                (28 940)           -            - 
Transactions with minorities               (3 780)           -       (1 881)
Capital reserve (Employee Share 
Option Scheme)                                  -           20           40 
Distribution to minorities                   (149)        (564)      (1 092)
Other comprehensive income for the year   (21 243)        (478)      (2 378)
Balance at the end of the period          287 839      320 561      338 602

STATEMENT OF CASH FLOWS

                                         6 months     6 months    12 months
                                               to           to           to
(£'000)                                  31/08/18     31/08/17     28/02/18

Cash flows from operating activities       (6 589)     (7 665)       13 173 
Operating profit / (loss)                  29 208       36 803       81 803 
Non-cash items                              1 816      (9 263)      (10 525)
Changes in working capital                 (9 463)     (16 008)     (11 936)
Interest received                           1 687        3 855        4 888 
Interest paid                             (22 523)     (22 524)     (51 442)
Dividends paid to ordinary shareholders    (6 888)      (1 501)      (1 501)
Dividends to non-controlling interests       (149)        (230)      (1 092)
Taxation paid                                (277)      (1 081)      (1 220)
Operating activities of operations 
held for distribution                           -        2 284        4 198 

Cash flows utilised in investing 
activities                                 35 331       22 288      (40 247)
Acquisition of investment properties       (7 076)     (11 917)     (25 422)
Acquisition of property, plant and equipment (545)      (3 071)      (4 097)
Acquisition of financial assets               (32)       1 815            - 
Business combinations, net of cash acquired     -            -            - 
Proceeds on disposal of investment 
properties                                 47 894       18 869       10 853 
Proceeds on disposal of property, plant 
and equipment                                   4            -           13 
Proceeds on disposal of investments           731         (366)           - 
Loans repaid by operations held for 
distribution                                    -       16 383       17 646 
Loans advanced to joint venture               689       (5 714)      (4 532)
Loans repaid by/(advanced to) associate 
undertaking                                   461        5 673           44 
Borrowings repaid                               -            -            - 
Loans and advances - issued                     -        3 502       (2 468)
Loans and advances - repaid                (6 795)       3 999          100 
Investing activities of operations 
held for distribution                           -       (6 885)     (32 384)

Cash flows from financing activities      (32 886)     (12 018)      12 642 
Proceeds from borrowings                   14 099      110 764      154 144 
Repayment of borrowings                   (50 309)    (128 479)    (195 719)
Proceeds from ordinary share issue          4 879            -            - 
Proceeds from preference share issue            -           12       62 983 
Redemption of preference shares              (525)           -      (35 601)
Acquisition of treasury shares             (1 030)           -         (124)
Acquisition of additional interest 
in existing subsidiary                          -            -       (2 600)
Financing activities of operations held 
for distribution                                -        5 685       29 559 

Net (decrease) / increase in cash and 
cash equivalents                           (4 144)       2 605      (14 432)

Effect of changes in exchange rate            (52)         (35)         (58)
Cash and cash equivalents at beginning 
of the year                                15 883       30 373       30 373 
Cash and cash equivalents at end 
of the year                                11 687       32 943       15 883 

NON CASH TRANSACTION
During the period under review the following non cash transaction took 
place:

Tradehold Limited dividend in specie
On 25 May 2018 Tradehold distributed its 247 174 375 ordinary shares in 
Mettle Investments Limited to its shareholders as a dividend in specie, as 
the final step of the unbundling of its financial services and solar energy 
business interests, comprising 90% of the Reward group (while retaining an 
interest of 10%), 100% of the Mettle group and 100% of Tradehold Solar, to 
its ordinary shareholders. The unbundling transaction resulted in Tradehold 
classifying its investments in Reward group, Mettle group and Tradehold 
Solar as disposal groups held for distribution in line with the requirements 
of IFRS 5: Non-current Assets Held for Sale and Discontinued Operations. The 
Reward, Mettle and Tradehold Solar groups qualify as discontinued operations 
as they are components of Tradehold that have been classified as held for 
distribution, and represent a separate major line of business. In line with 
the requirements of IFRS 5, the income and expenses relating to Reward, 
Mettle and Tradehold Solar were presented in the income statement and 
statement of other comprehensive income as a single amount as after tax 
profit and other comprehensive income relating to discontinued operations.

SEGMENTAL ANALYSIS

(£'000)                    Operating   Investment        Total        Total
                Revenue  profit/(loss)  properties       assets  liabilities

Six months to 
31 August 2018 
(unaudited)
Property 
- United Kingdom  5 277        2 280      191 356      238 777      118 582 
Property 
- South Africa 
and Namibia      30 785       27 258      501 164      532 087      392 199 
Property 
- Africa 
excluding 
Namibia and 
South Africa      2 264        1 537       29 666       38 414       13 942 
Serviced 
office 
- United Kingdom 10 240         (441)           -       22 810       15 054 
Operations 
held for 
distribution 
- United Kingdom 
and South Africa      -            -            -            -            - 
Other                 -       (1 426)           -       11 589       16 061 
                 48 566       29 208      722 186      843 677      555 838 

Six months to 
31 August 2017 
(unaudited)
Property 
- United Kingdom  5 235        4 004      177 216      214 244      195 522 
Property 
- South Africa 
and Namibia      33 072       30 584      545 681      577 996       444 345 
Property 
- Africa 
excluding 
Namibia and 
South Africa      3 511        3 136       78 095       87 430       82 911 
Serviced office 
- United Kingdom  8 449          178            -       17 017       10 885 
Operations held 
for distribution 
- United Kingdom 
and South Africa      -            -            -       64 477       50 978 
Other                 -       (1 099)           -       32 563     (111 475)
                 50 267       36 803      800 992      993 727      673 166 

Twelve months to 
28 February 2018 
(audited)
Property 
- United Kingdom 10 778        9 961      191 556      239 808      125 644 
Property 
- South Africa 
and Namibia      66 216       62 871      575 886      615 793      455 608 
Property 
- Africa 
excluding 
Namibia and 
South Africa      6 204       11 049       74 205       93 956       68 089 
Serviced office 
- United Kingdom 18 273          (59)           -       21 795       13 568 
Operations 
held for 
distribution 
- United Kingdom 
and South Africa      -            -            -       74 098       56 649 
Other                 -       (2 020)           -       29 543       16 834 
                101 471       81 803      841 647    1 074 993      736 391 
                         
There was no intersegment revenue, resulting in all revenue being received 
from external customers.


SUPPLEMENTARY INFORMATION

                           Unaudited          Unaudited             Audited
                            6 months           6 months           12 months
                                  to                 to                  to
(£'000)                     31/08/18           31/08/17            28/02/18

1.     Number of shares 
       in issue ('000)       251 829            247 174             247 174 

2.     Net asset value per 
       share (pence)           110.5              124.1               131.4

       Tangible net asset 
       value per share (pence) 119.0              134.2               144.0
       (as defined by management 
       - excludes deferred tax 
       assets and liabilities 
       and intangible assets)

3.     Depreciation for 
       the period              1 399              1 031               2 224 

4.     Capital expenditure 
       for the period          7 621             15 015              29 519 

       Capital commitments 
       contracted but not 
       provided for at 
       period-end are:

       United Kingdom
       - Carter Lane 
         refurbishment to be 
         part funded by HSBC 
         development facility  1 168
       - Rutherglen car park 
         to be funded by 
         operating cash          296

       South Africa
       - Phase 1 of the Mezuri 
         development by Imbali 
         Props 21 (Pty) Ltd 
         to be funded by 
         Investec Ltd          1 115
       - Purchase of land and 
         infrastructure by 
         Ifana Investments 
         (Pty) Ltd to be funded 
          by Investec Ltd        456
       - Washington Street 
         development by Langa 
         Property Investments 
         (Pty) Ltd to be funded 
         by Investec Ltd         754
       - Paarl development by 
         Paarl Property 
         Development (Pty) Ltd 
         to be funded by 
         Investec Ltd          2 985

       Namibia
       - Probo development 
         to be bank funded by 
         Investec Ltd          1 445

5.     Headline earnings 
       per share

5.1    Headline earnings 
       per share (pence): 
       basic                     2.3                3.5                 9.2 
       Headline earnings 
       per share (pence): 
       diluted                   2.3                3.5                 9.1

5.2    Calculation 
       of headline 
       earnings      Gross       Net    Gross       Net     Gross       Net

       Net profit              5 655             10 843              30 826 
       Loss/(gain) 
       on 
       revaluation 
       of investment 
       properties    2 116     1 799   (1 598)   (1 598)  (11 760)   (6 804)
       Loss/(profit) 
       on disposal
       of 
       investment 
       properties       24        24     (646)     (646)   (1 157)   (1 043)
       Gain on 
       disposal of 
       subsidiaries           (1 790)                 -                   -
       Loss/(gain) 
       on disposal 
       of investments             50                 (3)               (340)
       Profit on 
       disposal of 
       property, plant 
       and equipment              (4)                 -                   -
                               5 734              8 596              22 639 

6.     Financial assets
       Unlisted investments 
       at fund managers 
       valuation               5 344              6 281               5 886 

7.     Contingent liabilities      -                824               1 280 

8.     Related parties
       During the period under review, in the ordinary course of business,
       certain companies within the Group entered into transactions with
       each other. All these intergroup transactions are similar to those
       in the prior year and have been eliminated in the interim results
       on consolidation.

9.     Events after the reporting period
       Disposal of certain investment properties in South Africa have been
       agreed to with independent third parties after reporting date. As
       such the properties are shown as part of investment property until
       such time as the conditions pass. The decisions to sell the assets
       were taken after reporting date and therefore the requirements of
       IFRS 5 were not met.

10.    Goodwill
                           Unaudited          Unaudited             Audited
                         6 months to        6 months to        12 months to
                            31/08/18           31/08/17            28/02/18

10.1   Cost                    8 783             13 055               9 052 
       Accumulated 
       impairment losses           -             (1 423)                  - 
                               8 783             11 632               9 052 

10.2   Cost
       Balance at 
       beginning of year       9 052             13 243              13 243 
       Acquired through 
       business combinations       -                  -                  10 
       Disposals / transfer 
       to assets held 
       for sale                  (22)                 -              (4 013)
       Warranty settlement         -                  -                (212)
       Foreign currency 
       translation movements    (247)              (188)                 24 
       Balance at end of year  8 783             13 055               9 052 

10.3   Accumulated 
       impairment losses
       Balance at beginning 
       of year                     -             (1 441)             (1 441)
       Transfer to assets 
       held for sale               -                  -               1 434 
       Foreign currency 
       translation movements       -                 18                   7 
                                   -             (1 423)                  - 

10.4   Allocation of goodwill to cash-generating units
       Management reviews the business performance based on geography and
       type of business. It has identified the United Kingdom as the main
       geography, and the type of business is property. Goodwill is
       monitored by management at the operating segment level. The
       following is a summary of the goodwill allocation for each
       applicable operating segment:


                                                                   Transfer 
                                                                         to 
                                                                     assets 
                                                                   held for 
                                                                    distri-
                                                Opening Additions    bution

       Six months to 31 August 2018 (unaudited)
       UK property - serviced offices             8 010         -         - 
       Namibia property                             357         -       (22)
       Africa property                              685         -         - 
       Total                                      9 052         -       (22)

       Six months to 31 August 2017 (unaudited)
       SA short-term lending                      2 592         -         - 
       UK property - serviced offices             8 000         -         - 
       Namibia property                             447         -         - 
       Africa property                              763         -         - 
       Total                                     11 802         -         - 
                    
       Twelve months to 28 February 2018 (audited)
       SA short-term lending                      2 592         -    (2 580)
       UK property - serviced offices             8 000        10         -
       Namibia property                             447         -         -
       Africa property                              763         -         -
       Total                                     11 802        10    (2 580)

                                                          Foreign
                                                         currency
                                                         transla-
                                     Warranty   Impair-      tion
                                   settlement      ment movements   Closing
       Six months to 
       31 August 2018 (unaudited) 
       (continued)
       UK property - serviced offices       -         -         -     8 010 
       Namibia property                     -         -      (292)       43 
       Africa property                      -         -        45       730 
       Total                                -         -      (247)    8 783 

       Six months to 31 August 2017 
       (unaudited) (continued)
       SA short-term lending                -         -       (94)    2 498 
       UK property - serviced offices       -         -         -     8 000 
       Namibia property                     -         -       (16)      431 
       Africa property                      -         -       (60)      703 
       Total                                -         -      (170)   11 632 

       Twelve months to 28 February 2018 
       (audited) (continued)
       SA short-term lending                -         -       (12)        -
       UK property - serviced offices       -         -         -     8 010 
       Namibia property                  (212)        -       122       357 
       Africa property                      -         -       (78)      685 
       Total                             (212)        -        32     9 052

10.4.1 The goodwill allocated to the UK property segment has been
       determined to be the serviced office business owned by
       subsidiaries held by the Group.

       No impairment charge arose as a result of the impairment test
       (2017: nil). The recoverable amount has been determined based
       on value-in-use calculations. These calculations use pre-tax cash
       flow projections based on financial budgets approved by management
       covering a five-year period. Cash flows beyond the five-year period 
       are extrapolated using the estimated sustainable growth rates stated
       below.

                           Unaudited          Unaudited             Audited
                            31/08/18           31/08/17            28/02/18

       The key assumptions, 
       long term growth rate 
       and discount rate 
       used in the 
       value-in-use 
       calculations are 
       as follows:
       WACC                     8.00%              8.00%               8.00%
       Growth rate              2.50%              2.50%               2.50%
       Sustainable growth rate  0.50%              0.50%               0.50%

       The principal assumptions 
       where impairment occurs 
       are as follows:
       WACC                    29.13%             18.10%             29.13%
       Growth rate            (20.00%)           (11.30%)           (20.00%)
       Sustainable growth rate (1.50%)            (1.50%)            (1.50%)

11.    Fair value of financial instruments
       The carrying amounts, net gains and losses recognised through
       profit and loss, total interest income, total interest expense and
       impairment of each class of financial instrument are as follows:

                                           Net    Total     Total
       31 August 2018       Carrying  (losses) interest  interest   Impair-
       Assets (£'million)      value   /gains    income   expense      ment

       Financial asset 
       at fair value 
       through profit or 
       loss                      7.9      0.1         -         -         - 
       Loans to joint 
       venture                  17.3        -       0.5         -         - 
       Loans to associates       5.6        -       1.0         -         - 
       Loans and trade 
       receivables               9.9        -         -         -       0.5 
       Other receivables        27.5        -         -         -         - 
       Cash and cash 
       equivalents              11.7        -       0.2         -         - 

       Liabilities (£'million)

       Long-term borrowings    396.0        -         -      23.1         - 
       Derivatives               4.6        -         -         -         - 
       Preference shares        59.7        -         -       0.9         - 
       Deferred revenue          4.3        -         -         -         - 
       Short-term borrowings    27.9        -         -       1.0         - 
       Trade and other payables 20.1        -         -         -         - 
                                        
                                          Net     Total     Total
       31 August 2017       Carrying  (losses) interest  interest   Impair-
       Assets (£'million)      value   /gains    income   expense      ment

       Financial asset 
       at fair value 
       through profit 
       or loss                   6.3        -         -         -         - 
       Derivatives               1.8      1.7         -         -         - 
       Loans to joint venture   23.6        -       0.3         -         - 
       Loans to associates      13.5        -       0.5         -         - 
       Loans and trade 
       receivables              74.3        -       1.9         -         - 
       Other receivables         0.6        -         -         -         - 
       Cash and cash 
       equivalents              32.9        -         -         -         - 

       Liabilities (£'million)

       Long-term borrowings    480.5        -         -      22.6         - 
       Derivatives               0.4        -         -         -         - 
       Preference shares        37.5        -         -       1.5         - 
       Deferred revenue          3.4        -         -         -         - 
       Short-term borrowings    90.2        -         -       1.8         - 
       Trade and other payables 12.6        -         -         -         - 

                                          Net     Total     Total
       28 February 2018     Carrying  (losses) interest  interest   Impair-
       Assets (£'million)      value   /gains    income   expense      ment

       Financial asset 
       at fair value 
       through profit 
       or loss                   5.9        -         -         -         - 
       Derivatives               5.8        -         -         -         - 
       Loans to joint venture   26.2        -         2         -         - 
       Loans to associates       8.5        -         1         -         - 
       Loans and trade 
       receivables               8.3        -         1         -         - 
       Other receivables        28.9        -         -         -         - 
       Cash and cash 
       equivalents              16.4        -         -         -         - 

       Liabilities (£'million)                                   

       Long-term borrowings    482.0        -         -      44.8         - 
       Derivatives               0.2        -         -         -         - 
       Preference shares        70.5        -         -       3.3         - 
       Deferred revenue         10.7        -         -         -         - 
       Short-term borrowings    36.8        -         -       5.4         - 
       Bank overdrafts           0.5        -         -         -         - 
       Trade and other payables 24.4        -         -         -         - 

       The fair value of all amounts, except long-term borrowings with fixed
       interest rates, approximate their carrying amounts.

       All financial instruments are classified as loans receivable/payable
       at amortised cost, except listed investments, which are classified
       as financial assets at fair value through profit or loss and the
       derivatives, which are partly carried at fair value through profit
       and loss held for trading and partly as fair value through profit
       and loss designated as a hedge.

12.    Fair value hierarchy
       IFRS7 requires disclosure of fair value measurements by level of
       the following fair value measurement hierarchy:
       - Quoted prices (unadjusted) in active markets for identical assets
         or liabilities (level 1).
       - Inputs other than quoted prices included within level 1 that are
         observable for the asset or liability, either directly (that is,
         as prices) or indirectly (that is, derived from prices) (level 2).
       - Inputs for the asset or liability that are not based on observable
         market data (that is, unobservable inputs) (level 3).
                                        
       The following table presents the group's financial assets and
       liabilities that are measured at fair value at 31 August 2018:

                                           Unaudited 31/08/18
       Assets                Level 1            Level 2             Level 3

       Financial assets at 
       fair value through 
       profit and loss
       Securities                                                     7 930 
       Non-financial assets 
       at fair value through 
       profit or loss
       Investment properties                                        722 186 
       Total assets                                                 730 116 
       Liabilities
       Financial liabilities 
       at fair value through 
       profit and loss
       Trading derivatives
       Cross currency swap                        4 486
       Derivatives used for hedging
       Interest rate contracts                      115
       Financial liabilities 
       at amortised cost
       Preference shares                         59 660                  53 
       Borrowings                                                   423 882 
       Total liabilities                         64 261             423 935 
                                        
                                            Unaudited 31/08/17
       Assets                Level 1            Level 2             Level 3

       Financial assets 
       at fair value 
       through profit 
       and loss
       Securities                                                     6 281 
       Trading derivatives
       Cross currency swap                        1 765
       Non-financial assets at 
       fair value through 
       profit or loss
       Investment properties                                        800 992 
       Total assets                               1 765             807 273 
       Liabilities
       Derivatives used 
       for hedging
       Interest rate contracts                      412
       Financial liabilities 
       at amortised cost
       Preference shares                         37 574                  61 
       Borrowings                                                   570 648 
       Total liabilities                         37 986             570 709 

                                              Audited 28/02/18
       Assets                Level 1            Level 2             Level 3

       Financial assets 
       at fair value 
       through profit 
       and loss
       Securities                                                     5 886
       Trading derivatives
       Cross currency swap                        5 847
       Non-financial assets 
       at fair value 
       through profit or loss
       Investment properties                                        841 647
       Total assets                               5 847             847 533
       Liabilities
       Derivatives used 
       for hedging
       Interest rate contracts                      224
       Financial liabilities 
       at amortised cost
       Preference shares                         70 488                  62
       Borrowings                                                   518 733
       Total liabilities                         70 712             518 795
                                        
       The fair value of financial instruments traded in active markets
       is based on quoted market prices at the period-end. A market is
       regarded as active if quoted prices are readily and regularly
       available from an exchange, dealer, broker, industry group, pricing
       service, or regulatory agency, and those prices represent actual and
       regularly occurring market transactions on an arm's length basis.
       The quoted market price used for financial assets held by the group
       is the current bid price.

       The carrying amounts reported in the statement of financial position
       approximate fair values. Discounted cash flow models are used for
       trade and loan receivables. The discount yields in these models use
       calculated rates that reflect the return a market participant would
       expect to receive on instruments with similar remaining maturities,
       cash flow patterns, credit risk, collateral and interest rates.

       The fair value of investment properties is based on rental yield
       valuations and vacancy rates at the period end.
       Should UK property yields increase by 1%, the valuations would be
       lower by approximately £31 million.
       Should UK property yields decrease by 1%, the valuations would
       be higher by approximately £43 million.
       Should UK property vacancy rates increase by 1%, the valuations
       would be lower by approximately £1.83 million.
       Should UK property vacancy rates decrease by 1%, the valuations
       would be higher by approximately £1.99 million.
       Should Namibia property yields increase by 1%, the valuations
       would be lower by approximately £4.23 million.
       Should Namibia property yields decrease by 1%, the valuations
       would be higher by approximately £5.33 million.
       Should Namibia property vacancy rates increase by 1%, the
       valuations would be lower by approximately £0.42 million.
       Should Namibia property vacancy rates decrease by 1%, the
       valuations would be higher by approximately £0.03 million.
       Should Africa (excluding Namibia and South Africa) property
       yields increase by 1%, the valuations would be lower by
       approximately £10.40 million.
       Should Africa (excluding Namibia and South Africa) property
       yields decrease by 1%, the valuations would be higher by
       approximately £6.71 million.
       Should Africa (excluding Namibia and South Africa) property
       vacancy rates increase by 1%, the valuations would be lower by
       approximately £8.06 million.
       Should Africa (excluding Namibia and South Africa) property
       vacancy rates decrease by 1%, the valuations would be higher by
       approximately £8.03 million.
       Should South Africa property yields increase by 1%, the valuations
       would be lower by approximately £82.28 million.
       Should South Africa property yields decrease by 1%, the valuations
       would be higher by approximately £21.14 million.
       Should South Africa property vacancy rates increase by 1%, the
       valuations would be lower by approximately £36.19 million.
       Should South Africa property vacancy rates decrease by 1%, the
       valuations would be higher by approximately £21.82 million.

       The fair value of financial liabilities for disclosure purposes is
       estimated by discounting the future contractual cash flows at the
       current market interest rate that is available to the group for
       similar financial instruments.

       There were no transfers between the levels 1 and 2 and 3 during
       the period.

       Reconciliation of recurring level 3 fair value financial instruments:
                                        
                           Unaudited          Unaudited             Audited
                            31/08/18           31/08/17            28/02/18

       Investment Properties
       At beginning of year  841 647            806 660             806 660 
       Additions               7 076             11 917              25 422 
       Acquired through 
       change in control 
       of associate to 
       subsidiary                  -                  -              4 840 
       Capitalisation of 
       borrowing costs           361                  -                 641 
       Foreign currency 
       translation 
       differences           (80 949)           (23 324)            (10 797)
       Disposals             (47 917)            (4 223)             (9 696)
       Transfer to assets 
       held for resale          (223)                 -              (1 271)
       Straight line 
       lease adjustment        4 307              8 364              14 088 
       Net (loss) / gain 
       from fair value 
       adjustments on 
       investment property    (2 116)             1 598              11 760 
       At end of period      722 186            800 992             841 647 

       Securities
       At beginning of year    5 886              5 923               5 923 
       Additions                  79                361                   - 
       Loss of controlling 
       interest in subsidiary  2 586                  -                   -
       Fair value gain / (loss)  110                 (3)                (37)
       Distribution received    (731)                 -                   - 
       At end of period        7 930              6 281               5 886

DIRECTORATE AND ADMINISTRATION

Directorate

C H Wiese (76)^
B A, LL B, D Com (HC)
Chairman 

K R Collins (46)+

L L Porter (66)*
B A, BSc, DPhil, FBCS, CITP
Appointed on 2 May 2018

M J Roberts (71)*+~
B A

H R W Troskie (48)*+~
B Juris, LL B, LL M

J D Wiese (37)^ 
B A, LL B, M Com
alternate to C H Wiese 

J M Wragge (70)*
Resigned on 1 March 2018

T A Vaughan (52)#
B Sc Hons, MRICS

F H Esterhuyse (48)#
B Acc Hons, M Com, CA(SA)

K L Nordier (51)#~
B Acc, BCompt Hons, CA (SA)
Financial director

D A Harrop (48)#
B A Hons, ACA

# Executive
^ Non-executive
* Non-executive and member of the audit committee
+ Non-executive and member of the remuneration committee
~ Member of the social and ethics committee

Administration

Company secretary
Mettle Corporate Finance (Pty) Ltd
PO Box 3991
Tygervalley 7536

Sponsor
Mettle Corporate Finance (Pty) Ltd

Registrars
Computershare Investor Services (Pty) Ltd
PO Box 61051
Marshalltown 2107
Telephone. +27 11 370 5000
Facsimile. +27 11 370 5487

Registered office/number
Tradehold Limited
Registration number 1970/009054/06
Incorporated in the Republic of South Africa
36 Stellenberg Road
Parow Industria 7493
PO Box 6100
Parow East 7501
Telephone: +27 21 929 4800
Facsimile: +27 21 929 4785

Business address
Fourth Floor
Avantech Building
St Julian's Road
San Gwann SGN 2805
Malta
Telephone: +356 214 463 77

Auditors
PricewaterhouseCoopers Inc
Date: 08/11/2018 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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