Wrap Text
Summarised consolidated audited annual financial statements for the year ended 30 September 2018
INDLUPLACE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2013/226082/06)
JSE share code: ILU ISIN: ZAE000201125
(Approved as a REIT by the JSE)
("Indluplace" or "the company")
SUMMARISED CONSOLIDATED AUDITED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018
Dividend of 97,75 cents per share
Investment property growth of 45%
Implementation of R1,4 billion of asset acquisitions
Nature of business
Indluplace is the first focused residential REIT listed on the main board of the JSE. Since listing in
June 2015 the company has grown its residential portfolio by over 265% to 9 788 units valued at about
R4,3 billion. Indluplace added 2 803 units in the last year, increasing its national footprint and the diversity
in the portfolio. Indluplace is a proudly South African property investor with a portfolio primarily focused
on the affordable end of the market and strives to assist in overcoming the shortage of rental housing in
South Africa by providing an exit for developers and owners of residential properties or portfolios, who
may reinvest the capital in additional properties. By utilising specialist outsourced property managers for
the respective portfolios, Indluplace ensures that its growing portfolio remains professionally managed
to provide positive investment returns, while providing value for money accommodation to all its tenants.
Summarised distributable income analysis for the year ended:
R/ AUDITED 30 SEPTEMBER 2018 30 SEPTEMBER 2017
Contractual rental income 563 481 852 330 048 127
Net property expenses (146 817 312) (73 952 618)
Net property income 416 664 540 256 095 509
DISTRIBUTABLE INCOME
Amount available for distribution 311 483 183 266 786 847
Distributed for the six months/three months ended:
3 months ended - 31 December - (57 654 491)
3 months ended - 31 March - (59 796 630)
6 months ended - 31 March* (154 738 052) (117 451 121)
3 months ended - 30 June - (71 505 648)
3 months ended - 30 September - (77 830 078)
6 months ended - 30 September* (156 745 131) (149 335 726)
Dividend for the six months/three months ended: cents cents
3 months ended - 31 December - 23,82951
3 months ended - 31 March - 24,71489
6 months ended - 31 March* 48,56125 48,54440
3 months ended - 30 June - 24,72452
3 months ended - 30 September - 24,48003
6 months ended - 30 September* 49,19113 49,20455
Dividend for the year ended 97,75238 97,74895
Property expense ratio - Net (%) 26,1 22,4
Net asset value per share (cents) 1 009,30 1 029,98
SHARES USED IN CALCULATION OF THE DIVIDENDS FOR THE SIX MONTHS/THREE MONTHS ENDED:
31 December 241 945 767
31 March 318 645 019^ 241 945 767
30 June 289 209 449
30 September 318 645 019^ 317 932 853(#)
* In line with the announcement released on SENS on 22 January 2018, dividends will be paid twice a year compared to quarterly as in
previous periods.
(#) Includes the 28 723 404 shares issued during October 2017.
^ Per IFRS 2, 22 440 285 shares that were issued to part fund the Buffet acquisition have been excluded from the number of shares in issue.
COMMENTARY
Revenue
Contractual rental income has increased from R330,0 million at 30 September 2017, to R563,5 million at 30 September 2018.
The acquisition of Diluculo Properties (Pty) Ltd ("Diluculo"), with effect from 1 July 2017, combined with the Buffet portfolio acquisition,
with effect from 1 October 2017, accounts for R52,1 million and R186,1 million of the increase in revenue respectively.
Property portfolio
30 SEPTEMBER 2018 30 SEPTEMBER 2017
Buildings 176 125
Units 9 788 6 859
Residential (including student units)
Vacancy (%) 8,4 3,5
Vacancy excluding Highveld View (refer below)(%) 5,2
GLA - m2 18 163 14 803
Retail
Vacancy (%) 0,7 1,0
RESIDENTIAL UNIT SPREAD % RESIDENTIAL UNIT CATEGORY % EXPOSURE TO HEAD/BULK LEASES %
(BUDGETED RENTAL INCOME FY2019)
Johannesburg suburbs 47 Rooms 7 No exposure 86
Johannesburg inner city 31 Bachelors 14 Vanderbijlpark 13
Pretoria/Midrand 10 One bed 21 Other 1
Witbank 5 Two bed 47
Vanderbijlpark 5 Three bed 9
Durban 1 Other 2
Bloemfontein 1
Total 100 Total* 100 100
* Including student units housing 2655 beds
The residential vacancy rate of 8,4% at the end of September 2018 was heavily impacted by a single property, Highveld View. Highveld View
is situated in Witbank and has been impacted by the reduction in employment due to reduced Eskom activity and the consequential non-renewal
of bulk residential contracts with contractors. If this building is excluded the vacancy rate for the remainder of the portfolio was 5,2%.
We expect vacancies in the remainder of the portfolio to remain around these levels. We are looking at various options to deal with
Highveld View, with a view to dispose of the property in the medium term.
Property Expenses
Property expenses have increased from R153,3 million to R253,1 million, which is in line with the increased property portfolio. The net
property expense ratio of 26,1% is in line with expectations and the nature of our current portfolio.
Administration costs
Administration costs have increased from R13,4 million at 30 September 2017 to R15,9 million at 30 September 2018 which is in line with
the expansion of the company's management team.
Finance income
R 30 SEPTEMBER 2018 30 SEPTEMBER 2017
Interest on Share Purchase and Option Scheme 20 627 583 18 662 768
Interest received on cash balances 6 716 799 12 782 274
Total 27 344 382 31 391 042
Finance income has decreased from R31,4 million to R27,3 million for the year ended 30 September 2018.
Finance charges
Finance charges increased from R26,0 million to R117,2 million for the period ended 30 September 2018, as a result of the Buffet transaction.
The transaction was funded by way of a joint ABSA and Investec Bank loan facility of R1,3 billion in addition to a R200 million
Standard Bank facility. The details of the facilities have been included in the note below.
Investment property
The increase in investment property relates to the acquisition of a residential property portfolio for R1,4 billion from the Buffet Group
(as announced on SENS on 20 June 2017) comprising 2 803 units spread over 48 properties, including the two properties where the 50% not
already owned by Indluplace, was acquired. This increased the number of residential properties in the portfolio to 176. In addition to the
vendor shares issued to the Buffet Group to discharge the purchase price, an additional 22 440 285 shares valued at R240,8 million were
issued to the Buffet Group pursuant to the transaction. Indluplace provided the funding to the Buffet Group for the purchase of these
22 440 285 shares. The funding is secured by the pledge of shares issued to the Buffet Group and bears interest at a rate equal to the
dividends received on those shares. The security will be released on the payment of the outstanding amounts which can take place from year
three, but the loans must be settled by year 10. The issue of shares using the proceeds of a loan made by the share issuer, when the loan
is recourse only to the shares, is treated as an option grant, in which options are exercised on the date or dates when the loan is repaid.
This is based on an International Financial Reporting Interpretations Committee agenda decision issued in November 2005. This option grant is
accounted for in terms of IFRS 2, more specifically as an equity-settled share-based payment, valued using a Black Scholes option pricing model.
The issue of these options to the Buffet Group was considered to be part of the acquisition costs of the properties and has therefore been
capitalised to the cost of the investment property. A further impact of this is that the shares are not treated as being in issue, until
such time as the debt is settled.
Trade and other receivables
Trade and other receivables increased from R68,7 million to R97,9 million. The increase relates to the increased portfolio and monthly billings.
Of this amount, net trade receivables amounts to R2,5 million. The balance comprises municipal deposits, amounts receivable from property managers
and the interest element relating to the loans to participants of the Indluplace Share Purchase and Option Scheme.
Cash in excess of R53,2 million, held by the company's property managers in trust accounts, is included in the aforesaid balance.
Cash and cash equivalents
Cash and cash equivalents decreased from R40,9 million at 31 September 2017 to R286 407 at 30 September 2018 as all available cash was placed
in the company's access facilities. At 30 September 2018, Indluplace was able to draw down on R123 million in terms of its access facilities.
Stated capital
The increase in stated capital is as a result of the 28,7 million shares issued to part fund the acquisition of the Buffet portfolio.
Secured financial liabilities and derivative instrument
Loans increased to R1,3 billion from R200 million as a result of indluplace entering into a R1,3 billion joint facility with ABSA and
Investec banks comprising a R100 million access facility, a R685,7 million three year facility and a R514,3 million five year loan
facility. At year end, Indluplace was able to draw down on R194 million comprising R123 million in terms of access facilities and
R71 million in terms of undrawn facilities. Measured against investment properties, the loan to value ratio is 30,1% (2017 6,8%).
The interest rate swaps result in 81,3% of the total loan exposure being fixed at year end.
Loans workings
SECURED FINANCIAL LIABLITIES
MATURITY DRAWN BASE MARGIN
Standard Bank 01 September 2019 150 000 000 Prime -1,26%
ABSA RCF 04 October 2020 13 500 000 Prime -1,35%
Investec RCF 04 October 2020 13 500 000 Prime -1,35%
ABSA 3 year 04 October 2020 342 857 142 3 month JIBAR 2,05%
Investec 3 year 04 October 2020 342 857 142 3 month JIBAR 2,05%
ABSA 5 year 04 October 2022 212 163 437 3 month JIBAR 2,20%
Investec 5 year 04 October 2022 212 163 437 3 month JIBAR 2,20%
1 287 041 160
Hedging/SWAPS NATIONAL FIXED RATE
Standard Bank 3 year 150 000 000 10,11%
ABSA 3 year 275 025 021 7,14%
Investec 3 year 275 025 021 7,14%
ABSA 3 year 28 484 987 7,35%
Investec 3 year 28 484 987 7,35%
ABSA 5 year 144 979 382 7,7%
Investec 5 year 144 979 382 7,7%
1 046 978 780
Drawn debt fixed at year end: 81,3%
Average cost of debt at year end: 9,40%
Trade and other payables
Trade and other payables increased from R65,3 million to R77,2 million at 30 September 2018. The balance comprises trade
payables and accruals of R20,4 million, prepayment of tenant rentals of R15,5 million and deposits from tenants amounting to
R41,3 million.
Change in directorate
As published on SENS on 13 October 2017, Yondela Silimela was appointed to the company's board with effect from 1 November 2017.
Prospects
The board remains cognisant of the difficult environment in which Indluplace continues to operate. The weak local economy, high
unemployment statistics and high increased cost of living have especially affected consumers and negatively impacted the company's
ability to grow dividends in the short-term while making accurate forecasting in the short-term difficult. Taking into consideration
the non-renewal of bulk contracts at Highveld View and the expected slow take-up of individual units, at lower market rentals than
previously obtained Indluplace expects dividends for the next year to be down by between 3% and 10%. Indluplace remains positive
about the investment case for the rental residential market in the longer term and will continue to look for opportunities in
South Africa. In the short-term the focus will however be on disposing of non-performing and non-core assets, including gradually
reducing its exposure to the remaining head leases and ensuring the rest of the diverse portfolio operates optimally to position
the portfolio for long term, sustainable growth. Our experienced management team with industry leading property managers, have
introduced various initiatives over the last year to improve tenant retention and the marketability of our units. The effects of
these are expected to be seen in the medium-term.
This forecast has not been reviewed or reported on by the company's auditors. Given the nature of its business, Indluplace uses
dividend per share as its key performance measure as it is considered to be a more relevant performance measure than earnings or
headline earnings per share.
Annual general meeting
Indluplace's annual report for the year ended 30 September 2018, containing a notice of annual general meeting and incorporating
the audited annual financial statements for the year ended 30 September 2018, will be posted in due course to shareholders who
have requested that these items be posted to them.
Payment of dividend for the 6 months ended
30 September 2018
The board has declared a gross dividend of 49,19113 cents per share (dividend number 12) for the six months ended 30 September 2018,
in accordance with the timetable set out below:
Last date to trade cum dividend
Tuesday, 4 December 2018
Shares trade ex dividend
Wednesday, 5 December 2018
Record date
Friday, 7 December 2018
Payment date
Monday, 10 December 2018
Shares may not be dematerialised or rematerialised between Wednesday, 5 December 2018 and Friday, 7 December 2018, both days inclusive.
Payment of the dividend will be made to shareholders on Monday, 10 December 2018. In respect of dematerialised shares, the dividend
will be transferred to the Central Securities Depository Participant (CSDP)/ broker accounts on Monday, 10 December 2018. Certificated
shareholders' dividend payment will be deposited on or about Monday, 10 December 2018.
Tax treatment of dividend
In accordance with Indluplace's status as a REIT, shareholders are advised that the dividend meets the requirements of a
"qualifying distribution" for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962 ("Income Tax Act").
The distribution on shares will be deemed to be a dividend, for South African tax purposes, in terms of section 25BB of the
Income Tax Act.
The dividend received by or accrued to South African tax residents must be included in the gross income of such shareholders
and will not be exempt from income tax (in terms of the exclusion to the general dividend exemption, contained in paragraph
(aa) of section 10(1)(k)(i) of the Income Tax Act) because they are dividends distributed by a REIT. This dividend is, however,
exempt from dividends withholding tax in the hands of South African tax resident shareholders, provided that the South African
resident shareholders furnished 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) a declaration that the dividend is exempt from dividends
tax; and
b) 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 above-mentioned documents to be submitted prior to payment
of the dividend, if such documents have not already been submitted.
Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as ordinary dividends
which are exempt from income tax in terms of the general dividend exemption in section 10(1)(k)(i) of the Income Tax Act.
Any dividend received by a non-resident from a REIT is 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 shareholders. Assuming dividend withholding tax will be withheld at a rate of 20%, the net dividend amount due to non-resident
shareholders is 39,35290 cents per share. A reduced dividend withholding rate in terms of the applicable DTA, may only be relied on if
the non-resident shareholders have provided the following forms to their CSDP or broker, as the case may be, in respect of uncertificated
shareholders, or the company, in respect of certificated shareholders:
a) a declaration that the dividend is subject to a reduced rate
as a result of the application of a DTA; and
b) 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 above-mentioned documents to be submitted prior to payment of
the dividend if such documents have not already been submitted, if applicable.
The number of shares in issue at the date of declaration of this dividend was 341 085 402.
Indluplace's income tax reference number: 9390/649/177.
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.
Litigation statement
There are no legal or arbitration proceedings, including any proceedings that are pending or threatened, of which Indluplace is aware,
that may have or have had during the previous 12 months, a material effect on the group's financial position.
Basis of preparation
These summarised consolidated audited annual financial statements for the year ended 30 September 2018 ("summarised results") have been
prepared in accordance with the requirements of International Financial Reporting Standards, the SAICA Financial Reporting Guides as issued
by the Financial Practices Committee as issued by the Financial Reporting Standard Council, IAS 34: Interim Financial Reporting, the
JSE Listings Requirements and the requirements of the South African Companies Act, 2008. The accounting policies applied in the preparation
of these summarised results are consistent with those of the previous annual financial statements. These summarised results have been
prepared under the supervision of Terry Kaplan CA (SA), Indluplace's Financial Director.
These summarised results have been extracted from audited annual financial statements, but are not audited. The directors take full
responsibility for the preparation of the abridged report and for ensuring that the financial information has been correctly extracted
from the underlying audited annual financial statements. The auditors, Grant Thornton have issued an unmodified opinion on the
annual financial statements for the year ended 30 September 2018 and a copy of the audit opinion, together with the underlying audited
annual financial statements are available for inspection at the company's registered office.
Condensed consolidated statement of comprehensive income
FOR THE YEAR ENDED 30 SEPTEMBER 2018
R/ AUDITED 2018 2017
PROPERTY PORTFOLIO REVENUE
Contractual rental income 563 481 852 330 048 127
Recoveries 106 293 266 79 328 680
Straight line rental income accrual 2 774 044 513 434
Total revenue 672 549 162 409 890 241
Operating costs (253 110 578) (153 281 298)
Administration costs (15 864 641) (13 409 923)
Net operating profit 403 573 943 243 199 020
Changes in fair values (141 851 379) 35 723 690
Profit from operations 261 722 564 278 922 710
Net finance income (89 827 109) 5 384 045
Finance charges (117 171 491) (26 006 997)
Interest received 27 344 382 31 391 042
Profit before taxation 171 895 455 284 306 755
Taxation - -
Total comprehensive income for the period 171 895 455 284 306 755
RECONCILIATION OF EARNINGS, HEADLINE EARNINGS AND DISTRIBUTABLE EARNINGS
Profit for the year attributable to equity holders 171 895 455 284 306 755
Change in fair value of properties 148 337 819 (36 881 197)
Deferred tax thereon - -
Headline profit attributable to equity holders 320 233 274 247 425 558
Number of shares in issue at year end 318 645 019^ 289 209 449
Number of shares in issue used for the calculation of dividend per share (last quarter) 318 645 019^ 317 932 853
Weighted average number of shares in issue used for the calculation of earnings and headline earnings per share 317 646 864 253 384 729
Basic and diluted earnings per share (cents) 54,12 112,20
Headline earnings per share (cents) 100,81 97,65
Dividends per share (cents) 97,75 97,75
^ Per IFRS 2, 22 440 285 shares that were issued to part fund the Buffet acquisition have been excluded from the number of shares in issue.
Condensed consolidated statement of financial position
AS AT 30 SEPTEMBER 2018
R / AUDITED 2018 2017
ASSETS
Non-current assets 4 483 743 613 3 137 624 685
Investment property 4 270 425 689 2 945 718 828
Fair value of investment property portfolio for accounting purposes 4 264 401 331 2 942 468 514
Straight line rental income accrual 6 024 358 3 250 314
Computer software 184 504 201 229
Loans to participants of Indluplace Share Purchase and Option Scheme 208 526 646 191 704 628
Derivative instruments 4 606 774 -
Current assets 98 184 154 109 686 991
Trade and other receivables 97 897 747 68 738 896
Cash and cash equivalents 286 407 40 948 095
Total assets 4 581 927 767 3 247 311 676
EQUITY AND LIABILITIES
Shareholders' interest 3 216 099 141 2 978 791 568
Stated capital 3 033 167 513 2 755 180 753
Retained income 162 938 161 223 610 815
Share based payment reserve 19 993 467 -
Other non-current liabilities 1 136 849 338 203 211 727
Secured financial liabilities 1 136 849 338 199 599 178
Derivative instruments - 3 612 549
Current liabilities 228 979 288 65 308 381
Trade and other payables 77 246 405 65 308 381
Derivative instruments 1 732 883 -
Secured financial liabilities 150 000 000 -
Total equity and liabilities 4 581 927 767 3 247 311 676
Number of shares in issue 318 645 019^ 289 209 449
Net asset value per ordinary share (cents) 1 009,30 1 029,98
^ Per IFRS 2, 22 440 285 shares that were issued to part fund the Buffet acquisition have been excluded from the number of shares in issue.
Statement of changes in equity for the year ended 30 September 2018
FOR THE YEAR ENDED 30 SEPTEMBER 2018
SHARE BASED
R / AUDITED STATED CAPITAL RETAINED INCOME PAYMENT RESERVE TOTAL
Balance at 30 September 2016 2 274 536 709 184 353 830 - 2 458 890 539
Issue of shares 480 644 044 - - 480 644 044
Total comprehensive income for the year - 284 306 755 - 284 306 755
Dividends - (245 049 770) - (245 049 770)
Balance at 30 September 2017 2 755 180 753 223 610 815 - 2 978 791 568
Issue of shares 286 716 198 - - 286 716 198
Share buy-back (8 729 438) - - (8 729 438)
Total comprehensive income for the year - 171 895 455 - 171 895 455
Share based payments - - 19 993 467 19 993 467
Dividends - (232 568 109) - (232 568 109)
Balance at 30 September 2018 3 033 167 513 162 938 161 19 993 467 3 216 099 141
Consolidated statement of cash flow
FOR THE YEAR ENDED 30 SEPTEMBER 2018
R / AUDITED 2018 2017
Net cash generated from utilised in operating activities 61 460 477 (4 383 862)
Cash generated from operations 383 855 695 235 281 863
Dividend paid (232 568 109) (245 049 770)
Finance charges paid (117 171 491) (26 006 997)
Finance income received 27 344 382 31 391 042
Net cash utilised in investment activities (1 310 438 501) (516 705 648)
Net acquisition of investment property (1 312 383 136)* (516 562 197)
Net acquisition of computer software (50 900) (143 451)
Proceeds from disposal of assets 1 995 535 -
Net cash generated from financing activities 1 208 316 336 515 770 842
Proceeds from share issue 130 004 613* 464 733 045
Proceeds from secured financial liabilities 1 210 041 161 50 000 000
Share buy back (8 729 438) -
Repayment of secured financial liabilities (123 000 000) -
Loan from shareholder - 1 037 797
Net movement in cash and cash equivalents (40 661 688) (5 318 668)
Cash and cash equivalents at the beginning of the year 40 948 095 46 266 763
Cash and cash equivalents at the end of the year 286 407 40 948 095
* Excludes the non-cash flow effects of the 14 495 938 vendor shares that were issued at R9,65 to part fund the Buffet acquisition amounting
to R139 885 802.
Condensed consolidated segmental analysis
Indluplace has increased its reportable segments to four based on the geographic split of the portfolio which are the entity's strategic
business segments. For each strategic business segment, the entity's executive directors review internal management reports on a monthly basis.
All segments are located in South Africa. There are no single major tenants. The following summary describes the operations for each of the entity's
reportable segments.
2018
R / AUDITED GAUTENG FREE STATE MPUMALANGA KWAZULU NATAL TOTAL
PROPERTY PORTFOLIO REVENUE
Contractual rental income and recoveries 623 328 763 3 254 706 35 604 831 7 586 817 669 775 118
Straight line rental income accrual 2 774 044 - - - 2 774 044
Total revenue 626 102 807 3 254 706 35 604 831 7 586 817 672 549 162
Operating costs (238 706 026) (974 552) (9 906 689) (3 523 311) (253 110 578)
387 396 782 2 280 154 25 698 142 4 063 506 419 438 584
Administration costs (15 864 641)
Net operating expense 403 573 943
Changes in fair values (141 851 379)
Profit from operations 261 722 564
Net finance charges (89 827 109)
Finance income 27 344 382
Finance charges (117 171 491)
Profit before taxation 171 895 455
Taxation -
Total comprehensive income for the year 171 895 455
Reportable segment assets 3 985 836 536 26 770 615 255 188 416 50 326 978 4 318 122 544
Corporate segment assets - - - - 263 805 223
Reportable segment liabilities (26 470 567) (1 990 400) (7 206 249) (1 772 465) (37 439 682)
Corporate segment liabilities - - - - (1 328 388 944)
3 959 365 968 (24 780 215) 247 982 167 48 554 513 3 216 099 141
2017
R / AUDITED GAUTENG FREE STATE MPUMALANGA KWAZULU NATAL TOTAL
PROPERTY PORTFOLIO REVENUE
Contractual rental income and recoveries 363 098 186 783 450 45 495 171 - 409 376 807
Straight line rental income accrual 513 434 - - - 513 434
Total revenue 363 611 620 783 450 45 495 171 - 409 890 241
Operating costs (139 820 967) (198 141) (13 262 190) - (153 281 298)
223 790 653 585 309 32 332 981 - 256 608 943
Administration costs (13 409 923)
Net operating expense 243 199 020
Changes in fair values 35 723 690
Profit from operations 278 922 710
Net finance charges 5 384 045
Finance income 31 391 042
Finance charges (26 006 997)
Profit before taxation 284 306 755
Taxation -
Total comprehensive income for the year 284 306 755
Reportable segment assets 2 851 959 169 23 338 558 325 902 763 - 3 201 200 490
Corporate segment assets - - - - 46 111 186
Reportable segment liabilities (16 988 203) (23 338 558) (8 622 615) - (48 949 376)
Corporate segment liabilities - - - - (219 570 732)
2 834 970 966 - 317 280 148 - 2 978 791 568
R / AUDITED 30 SEPTEMBER 2018 30 SEPTEMBER 2017
RECONCILIATION OF COMPREHENSIVE INCOME TO DISTRIBUTABLE INCOME
Total comprehensive income for the period 171 895 455 284 306 755
Change in fair value of derivative instruments (6 486 440) 1 157 508
Change in fair value of properties 148 337 819 (36 881 197)
Straight line rental income accrual (2 774 044) (513 434)
Antecedent dividends 510 393 18 717 215
Amount available for distribution 311 483 183 266 786 847
RECONCILIATION OF AMOUNT AVAILABLE FOR DISTRIBUTION FOR THE SIX/THREE MONTHS
Amounts available for distribution to shareholders 311 483 183 266 786 847
3 months ended - 31 December - (57 654 490)
3 months ended - 31 March - (59 796 630)
6 months ended - 31 March (154 738 052) (117 451 121)
3 months ended - 30 June - (71 505 648)
Amount available for distribution for the six months/three months: 156 745 131 77 830 079
Dividends per share (cents) 97,75 97,75
Number of shares in issued at year end 318 645 019^ 241 945 767
^ Per IFRS 2, 22 440 285 shares that were issued to part fund the Buffet acquisition have been excluded from the number of shares in issue.
By order of the Board
14 November 2018
Directors
T Adler (Chairperson)*, C Abrams*^, C de Wit (CEO), M Kaplan, T Kaplan (FD),
G Kinross*^ (Lead independent director), S Noik*, A Rehman*^, Y Silimela*^ ,
I Suleman.
*Non-executive, ^ Independent. All directors are South African.
Registered office
3rd Floor, 1 Sturdee Avenue, Rosebank, Johannesburg, 2196
PO Box 685, Melrose Arch, 2076.
Transfer secretaries
Computershare Investor Services Proprietary Limited
Sponsor
Java Capital
Company secretary
CIS Company Secretaries Proprietary Limited
www.indluplaceproperties.co.za
Date: 14/11/2018 07:09:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.