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EMIRA PROPERTY FUND LIMITED - Unaudited interim financial results for the six months ended 31 December 2018 and dividend distribution declaration

Release Date: 13/02/2019 11:37
 
Wrap Text
Unaudited interim financial results for the six months ended 31 December 2018 and dividend distribution declaration

Emira Property Fund Limited
(Incorporated in the Republic of South Africa) 
Registration number: 2014/130842/06
Share code: EMI 
ISIN: ZAE000203063
JSE interest rate issuer code: EMII
Tax number: 9995/739/15/9
('Emira' or 'the Fund' or 'the Company') (Approved as a REIT 
by the JSE)


Unaudited interim financial results
for the six months ended 31 December 2018 and dividend distribution 
declaration

Highlights
* Final dividend per share 72,86c (3,1% growth)
* Net asset value per share 1 783c
* Vacancies 3,7%
* USA investments USD50,5m
* Transcend Residential Property Fund 34,9% shareholding acquired
* Sale of R1,8bn office portfolio unconditional

Commentary
The Board of directors of Emira ('Board') is pleased to announce 
that an interim dividend of 72,86 cents per share (Dec 2017:
70,65 cents) has been declared for the six months to 31 December 
2018. This is a year-on-year increase of 3,1% which is in line with 
the positive guidance communicated in August 2018.

Distributable earnings
Emira has achieved positive growth despite the persistently difficult 
local economic conditions. Reduced vacancies have allowed the Fund to 
maintain existing rental streams but rental pressure in all sectors, and 
particularly the ongoing over-supply of offices, has necessitated a further 
reduction in rentals and an increase in tenant incentivisation in order 
for Emira to remain competitive. Further strides into the United States of 
America ('USA') and local residential property has enhanced Emira's 
geographical and sectorial diversification strategy thus improving the 
defensiveness of its income streams.

Revenue increased by 3,5% year-on-year to R869,9m (excluding straight-
lining adjustments in respect of future rental escalations of R8,8m) 
(Dec 2017: R840,7m). Income from Knightsbridge and Summit Place 
contributed to this increase, being, for the first time, for a full period. 
This was partially offset by the income lost in respect of disposals of 
R462,0m between July 2017 and June 2018. The stable portfolio performed well, 
with like-for-like income growth of 6,1% for the period ended 31 December 
2018, driven by contractual escalations and the filling of vacancies.

Property expenses (excluding amortised upfront lease costs incurred 
before 1 July 2015 of R1,0m) increased by 6,9% to R324,7m. The movement 
includes the expenses for completed developments, now in for a full period, 
as well as the expenses lost from properties disposed. Expenses on the 
stable portfolio showed like-for-like growth of 9,7% for the period. 
The gross cost-to-income ratio increased to 37,3% (Dec 2017: 36,1%) 
due to higher rates charges, specifically on the Johannesburg and 
Pretoria portfolios, a large proportion of which are not recoverable. 

Administration expenses (excluding charges in respect of leave pay 
provision and share appreciation rights scheme of R2,2m), which includes 
staff costs and property management fees, increased by 22,8% to R57,6m 
(Dec 2018: R46,9m). Most of this increase was due to incremental 
administration costs arising from the Fund's investments into the United 
States of America ('USA'), increased property management fees due to the 
addition of Knightsbridge and Summit Place as well as the forfeitable share 
plan which was introduced in December 2017 to incentivise and retain staff.

Income from the Fund's listed investment in Growthpoint Australia Limited
('GOZ') decreased by 8,0% to R27,1m (which includes R1,6m recognised for 
distribution purposes only in respect of the cum dividend element of 
2 000 000 GOZ units sold during the period). This decrease is attributable 
to the units sold in this period as well as the units sold in June 2018. 
The underlying Australian dollar ('AUD') distribution per unit of GOZ 
increased by 3,6% to 11,4 cents.

Distributable income from equity-accounted investments of R68,4m includes 
the following:
* Income from investments made into the USA of R30,1m represents Emira's 
  share of the net distributable income of the four properties acquired 
  during the year ended 30 June 2018 as well as the two properties acquired 
  in the current period.
* Income from Enyuka of R37,5m, being the interest received on Emira's loan 
  to Enyuka (R38,8m) less Emira's portion of Enyuka's net loss (R1,3m after 
  interest).
* Income from Transcend Residential Property Fund ('Transcend') of R0,8m, 
  which comprises interest on Emira's loan to Transcend. In addition, and 
  for distribution purposes only, the forecast Transcend dividend due for 
  the period ended 31 December 2018 has been accrued for in the distribution 
  calculation. The Transcend dividend includes the portion due from the date 
  of the investments to 31 December 2018 of R2,6m as well as an antecedent 
  portion of R12,9m, calculated from 1 July 2018 to the date of the 
  investments. For the antecedent element, 50% (R6,45m) has been included in 
  the distribution for the current period and 50% will be included in the 
  distribution for the six months ended 30 June 2019.

Other income of R2,2m relates to a raising fee of 1,5% charged in respect 
of a mezzanine loan provided by Emira to Transcend pursuant to Emira's 
equity investment into Transcend.

In accordance with the SA REIT Association's best practice recommendations, 
transaction advisory fees of R0,8m have been excluded from the calculation 
of distributable earnings. These costs are once-off in nature and relate to 
the set-up of the investment into the USA and the investment in Transcend.

Distribution statement

                                         Half-year    Half-year
                                             ended        ended       %
R'000                                  31 Dec 2018  31 Dec 2017  change
Operating lease rental income 
and tenant recoveries excluding
straight-lining of leases                  869 863      840 678     3,5
Property expenses excluding
amortised upfront lease costs             (324 684)    (303 743)    6,9
Net property income                        545 179      536 935     1,5
Income from listed property
investment                                  25 549       29 491   (13,4)
Income from equity-accounted
investments                                 68 380       38 725    76,6
Other income                                 2 152            —   100,0
Administration expenses                    (57 599)     (46 912)   22,8
Realised foreign exchange losses              (513)           —   100,0
Minority shareholders interests                (27)           —   100,0
GOZ shares sold cum dividend                 1 574            —   100,0
Accrual for listed security income
(Transcend)                                  2 557            —   100,0
Accrual for listed security income
(Transcend) — antecedent element             6 474            —   100,0
Net finance costs                         (210 839)    (188 975)   11,6
Finance income                               8 395        6 499    29,2
Premium on BEE share option                  9 013        8 988     0,3
Finance costs                             (228 247)    (204 462)   11,6
Interest paid and amortised
borrowing costs                           (238 764)    (220 270)    8,4
Interest capitalised to the cost of
developments                                10 517       15 808   (33,5) 
Taxation                                    (2 054)           —   100,0
Dividend payable to shareholders           380 833      369 264     3,1
Number of shares in issue              522 667 247  522 667 247       — 
Dividend per share (cents)                   72,86        70,65     3,1

Net finance costs increased by 11,6% to R210,8m. Debt levels were higher 
during the period, as a result of the USA investments, the Transcend 
investment as well as capital expenditure all being debt funded. Interest 
received on loans receivable include both interest on the Vendor Loans 
provided under the BEE Transaction (as defined in the circular to 
shareholders dated 29 May 2017) and loan finance provided on the disposal 
of certain properties. The Vendor Loans issued under the BEE Transaction 
are not recognised for accounting purposes as they are deemed to be the 
granting of a call option on Emira's shares. In terms of the loan 
agreements, interest is charged to the BEE parties at a rate equal to 
Emira's dividend yield and is recognised for distribution purposes. For 
accounting purposes, the income earned from the BEE parties is classified
 as a 'premium on BEE share option' and recognised against equity. 
The BEE parties settle the interest charged on a six-monthly basis.

Taxation of R2,1m was withheld during the period on foreign dividends 
declared to Emira by its USA subsidiary in respect of profits generated 
on the underlying USA investments.

The net asset value ('NAV') has risen to 1 783 cents per share (June 2018: 
1 758 cents). This was mainly as a result of a gain on bargain purchase 
of R73,8m, being the difference between the cost and the fair value at the 
date of acquisition, recognised on the investment in Transcend as well as 
an improvement in the value of the held shares in GOZ. The NAV per Emira 
share at 31 December 2018 is calculated based on 510 296 737 shares in 
issue. The shares relating to the outstanding capital on the Vendor Loans 
provided to the BEE Parties under Emira's June 2016 BEE Transaction 
(12 370 510 shares) are not deemed to be issued for accounting purposes. 
The calculation of NAV disregards these shares, thus the actual number 
of shares in issue differs from the number of shares used for accounting 
purposes.

Vacancies
The reduction of vacancies and retention of tenants have remained key 
strategic priorities over the past 36 months. The aggressive management 
of vacancies occurs through a combination of tenant retention and letting 
strategies and, where necessary, the disposal of non-core properties.

It is pleasing to report that vacancies are lower, having decreased to 
3,7% at 31 December 2018 from 4,5% at 31 December 2017 and are stable 
when compared with those reported at 30 June 2018. Urban retail sector 
vacancies have lowered slightly to 2,0% (Dec 2017: 2,2%), which is well 
below the national average of 4,4%. Industrial vacancies have increased 
to 3,7% (Dec 2017: 2,1%), which is slightly above the national average 
of 3,3%. Emira's office sector vacancies have shown a marked year-on-year 
improvement, decreasing to 5,6% (Dec 2017: 9,4%). This is well below 
the SAPOA national levels of 11,1%, and is evidence of the hard work 
and programmes that Emira have put in place.

                                 Number of      GLA  Vacancy   Vacancy 
                                 buildings Dec 2018 Dec 2018  Dec 2018
                                  Dec 2018      (m2)     (m2)       (%) 
Office                                  44  317 368   17 870       5,6
Retail                                  21  322 696    6 390       2,0
Industrial                              39  339 010   12 431       3,7
Total                                  104  979 074   36 691       3,7

                                 Number of      GLA  Vacancy   Vacancy 
                                 buildings Jun 2018 Jun 2018  Jun 2018
                                  Jun 2018      (m2)     (m2)       (%) 
Office                                  44  318 524   22 584       7,1
Retail                                  21  322 065    6 303       2,0
Industrial                              39  348 699    4 621       1,3
Total                                  104  989 288   33 508       3,4


Major leases concluded and tenant renewals
During the period under review, the largest new leases concluded, by lease 
value, were West Pack Lifestyle at Wonderpark in Pretoria (1 532m2 for a 
total value of R19,2m), Network Space at Corobay Corner in Menlyn (1 062m2 
for a total value of R11,8m) and BUCO Hardware Buildware at Wonderpark in 
Pretoria (2 227m2 for a total value of R7,2m).

Tenant retention and lease renewals saw a pleasing improvement year-on-year. 
A total of 82% by GLA (December 2017: 77%) and 86% by revenue (December 2017: 
75%) of expiring tenants were renewed and retained. The largest renewals were 
RTT Group at RTT ACSA Park in Johannesburg (46 673m2 for a total value of 
R153,9m), RTT Group at RTT Continental in Johannesburg (12 921m2 for a total 
value of R31,9m), National Technologies Implementation Platforms at Tuinhoff 
in Centurion (2 200m2 for a total value of R23,8m), Builders Express at 
Wonderpark in Pretoria (2 483m2 for a total value of R21,9m) and 
Trellidor Innovations at Trellidor in Cape Town (7 672m2 for a total value 
of R18,9m).

Disposals
While no properties have transferred out of Emira in the past six months, 
the Fund has made significant progress in its portfolio rebalancing programme 
with the conclusion of an agreement on 5 October 2018 for the disposal of a 
R1,8bn 25 office asset portfolio to Inani Prop Holdings ('Inani'). Inani is 
51% owned by Zungu Investment Company ('Zico'), a 98% black-owned, Level 1 
B-BBEE entity and 29% by Boyno Trade and Invest Proprietary Limited, a 
subsidiary of One Property Holdings. Emira owns the remaining 20% of the 
structure. The transaction was subject to the approval of the Competition 
Commission which was received on 19 December 2018. The transfers of 
properties will occur on a property-by-property basis, with the first 
transfers having been registered on 4 January 2019 (11 properties totalling 
R701,8m), and the remaining transfers expected before 31 March 2019.

The transaction was financed by Inani through a combination of senior debt 
and equity of R1,48bn (Emira will receive R1,46bn in cash considering the 
R21,0m it contributed for its 20% equity interest), with Emira providing 
a mezzanine loan of R319,8m, upon which a 1% capital raising fee will be 
earned on each drawdown. The disposal, concluded at Emira's 30 June 2018 
carrying values, represents a 10,47% yield for Emira. The proceeds will be 
used to fund Emira's offshore expansion strategy as well as to reduce local 
debt levels, which were inflated at 31 December 2018 due to funding the 
investment into Transcend and a further two investments into the USA, ahead 
of the receipt of disposal proceeds from Inani.

The mezzanine loan is for a term of five years and will attract interest at 
a rate equal to 3-month JIBAR plus a margin of 350 basis points, which 
margin will be increased by 50 basis points 15 months subsequent 
to the first properties transferring to Inani (being 4 January 2019), and 
by a further 50 basis points per annum thereafter. Interest on the mezzanine 
loan will be payable quarterly in arrears. The mezzanine loan is payable 
at the end of the five-year term.

The portfolio is mainly located in Gauteng, as well as in KwaZulu-Natal and
the Free State. It includes offices in major nodes including Woodmead, 
Bryanston, Rivonia, Centurion, and Menlyn, with the largest asset being 
the R232m Corobay Corner P-grade offices in Menlyn. Once fully implemented, 
the effect of thedisposal will see Emira's exposure to the office sector, 
by value, decrease from 41% at 31 December 2018 to circa 31%.

A total of R1,9bn of investment property has been classified as held for 
sale, which includes the office portfolio sold to Inani and two additional 
properties earmarked for disposal.

Developments and refurbishments
Emira has maintained its approach of recycling its capital and strategically 
investing in tactical upgrades that unlock value and strengthen its assets. 
The quality and attractiveness of its assets are key elements 
to retain existing and attracting new tenants.

The conversion of Emira's B-grade ex Sasol tenanted offices in Rosebank, 
12 Baker Street and 2 Sturdee Avenue, into The Bolton, a 282 unit residential 
development, is well underway. The Bolton is being converted in partnership 
with the Feenstra Group who, in addition to being the developer, has acquired 
a 25% interest in the asset. The Feenstra Group has extensive experience in 
developing, owning and managing residential units. The project has an 
estimated completion value of R207,0m and will be targeting LSM brackets 
7 to 8. The development is nearing completion with final handover expected 
at the end of May 2019.

The following additional major projects to the value of R62,4m were commenced 
or concluded during the period:
* A major upgrade and replacement of the air-conditioning system at Southern 
  Centrum in Bloemfontein which will improve the efficiency of the building 
  and reduce the electricity costs for tenants.
* A redevelopment of Denver Warehouse (previously known as Defy) in 
  Johannesburg into a logistics warehouse.
* An extension of the façade at Menlyn Corporate Park in Menlyn to create 
  a more prominent entrance.
* A general refurbishment of Granada Square in Durban to upgrade and modernise 
  the building.
* The installation of a 1,2MWh photovoltaic (PV) solar farm at Wonderpark in 
  Pretoria to reduce the reliance on Eskom produced power.
  
Debt
Emira has diversified sources of funding and banking facilities in place with 
all the major South African banks. In addition, Emira continues to successfully 
access funding via the debt capital markets at competitive rates.

Total debt as at the reporting date was R6,5bn with a weighted average duration
to expiry of 1,9 years. Debt levels at 31 December 2018 were higher due to the 
investment in Transcend taking place ahead of receiving the Inani office 
portfolio disposal proceeds. The first tranche of disposals transferred out 
on 4 January 2019 and the net cash proceeds received of R569,0m were used to 
settle debt. Steps have been taken to extend those debt facilities that are 
expiring over the next 12 months that are not intended to be permanently 
settled from the office disposal proceeds. At 31 December 2018, the Fund 
had undrawn, backup facilities of R368,0m which further reduces debt 
refinance risk.

In line with Emira's strategy to increase the duration of its debt book, 
the following facilities were either put in place or refinanced during 
the six months ended 31 December 2018:
* A maturing R500,0m secured three-year unlisted note with RMB was refinanced 
  with RMB as follows: a R200,0m secured three-year unlisted note at 
  three-month JIBAR plus 170bps, and a R300,0m secured five-year unlisted 
  note at three-month JIBAR plus 185bps.
* A new R500,0m unsecured short-term two-month ABSA bridging facility at a 
  fixed rate of 8,0%. This facility was put in place to bridge the gap between 
  the outflows in respect of the investment into Transcend and the inflows 
  from the disposals to Inani. This facility has been settled post 
  31 December 2018.
* During the period, Emira issued R824,0m of new listed commercial paper and 
  corporate bonds to refinance R697,0m of maturing notes. The new instruments 
  were issued for an average term of 3,0 years and at an average cost of 1,35% 
  above three-month JIBAR versus the matured notes of 1,6 years and a cost 
  of 1,24%.

As at 31 December 2018, Emira's gearing had temporarily increased due to timing 
differences between outflows on the investments into Transcend and the USA and 
inflows from the office portfolio disposal. Interest-bearing debt, net of cash, 
to total income producing assets was 41,0%. Post the completion of the office 
portfolio disposal, and taking into account anticipated investments as well as 
capital expenditure, the gearing ratio is forecast to reduce to approximately 
37,0% by 30 June 2019. The Fund has fixed 71,8% of its debt for periods of 
between 0,2 and 5,9 years, with a weighted average duration of 2,7 years. 
The percentage of fixed debt is also provisionally lower due to the higher 
level of interest-bearing debt but is anticipated to increase to approximately 
90% once debt levels are reduced post the completion of the disposals to Inani.

                                       Weighted    Weighted      
                                        average     average    Amount    % of
                                         rate %        term       (Rm)   debt
Debt — Fixed swap                           7,9   2,7 years   4 667,4    71,8
Debt — Floating                             8,7               1 830,5    28,2
Total                                       8,1               6 497,9   100,0
Less: Costs capitalised not yet                                        
amortised                                                        (5,9)  
Add: Accrued interest                                            32,4  
Per statement of financial position                           6 524,4  

As at 31 December 2018, Emira had effective AUD denominated debt of AUD87,5m 
through its AUD cross-currency interest-rate swaps ('CCIRS') against assets 
valued at AUD90,0m. The AUD CCIRS relate to the Fund's investment in GOZ. 
In addition, Emira has effective United States dollar ('USD') denominated debt 
of USD49,6m through its USD CCIRS. These USD CCIRS relate to investments based 
in the USA valued at USD50,5m.

Valuations
Total portfolio movement

                                  Jun 2018                 Dec 2018
Sector                               (R'000)      R/m2        (R'000)    R/m2
Office                            5 232 144     16 426     5 231 546   16 484
Retail                            5 244 250     16 283     5 345 596   16 565
Industrial                        1 905 350      5 464     1 936 656    5 553
Residential                         154 064          —       195 888        —
                                 12 535 808               12 709 686  

                                                 Difference  Difference
Sector                                                   (%)     (R'000) 
Office                                                 (0,0)       (598) 
Retail                                                  1,9     101 346
Industrial                                              1,6      31 306
Residential                                            27,1      41 824
                                                        1,4     173 878

Investments
Transcend
Transcend, which is listed on the AltX of the JSE, was identified as an avenue 
through which Emira could enhance the diversification of the Company into the 
residential rental market, given Transcend's expertise in specialised 
residential property assets and access to significant pipeline opportunities. 
In line with Emira's co-investment strategy with hands-on sector specialists 
who have a good track record of success in their markets, Emira took a 
34,9% stake in Transcend during the period.

On 4 October 2018 Emira subscribed for 7 300 000 shares in Transcend at 
R6,26 per share for a total consideration of R45,9m giving Emira an initial 
9,9% interest in Transcend. On 13 December 2018 Emira subscribed for a further 
38 382 283 Transcend shares at R6,46 per share for a total consideration of 
R247 949 548 increasing its total equity interest to 34,9%. Geoff Jennett, 
Emira's CEO, was simultaneously elected to the Transcend board as a 
non-executive director.

The investment in Transcend was initially recognised as a financial asset and 
accounted for on a fair value basis through profit and loss. Upon making the 
second investment, Emira is considered to exercise significant influence 
resulting in Transcend being equity-accounted. A bargain purchase adjustment 
of R73,8m has been recognised on Transcend, being the difference between the 
cost and the fair value at acquisition.

In addition to the equity investment, Emira provided a mezzanine loan of 
R143 461 497 to Transcend on 13 December 2018 upon which a 1,5% raising 
fee was charged. Interest is charged at a rate of 3,5% above 3-month 
JIBAR and the loan is repayable on 12 June 2020.

Enyuka
Enyuka is the rural retail venture between Emira and One Property Holdings 
('One Prop'). Emira equity accounts its interest in Enyuka and the 
R51,4m recognised includes Emira's share of Enyuka's net profit of 
R12,6m and R38,8m of interest received on the shareholder loan provided 
to Enyuka.

At 31 December 2018, Enyuka's total property portfolio was valued at 
R1,1bn and its loan to value ratio was 34,0%, excluding shareholder 
loans of R648,8m, including interest.

No properties were acquired by Enyuka during the period. 

GOZ
During the six-month period, the Company disposed of 2 000 000 GOZ 
units at an average price of AUD3,80 per unit. The rationale for the 
disposal was the opportunity to sell at a price that was significantly 
higher than the initial cost and to deploy those proceeds into a higher 
yielding investment.

As at 31 December 2018, GOZ's unit price was AUD3,74. Emira's remaining 
investment of 24 058 566 units, comprising 3,3% of the total units in issue, 
is valued at R918,1m compared to the initial cost price of R351,1m, a 161,5% 
increase in the capital value of this investment.

USA
In October 2017 Emira embarked on an investment strategy into the USA 
together with its US partners, The Rainier Group of Companies ('Rainier'). 
As at 31 December 2018, Emira had, together with Rainier, on a deal by 
deal basis, co-invested into six grocery-anchored dominant value-orientated 
power centres in the USA at a total cost to Emira of USD50,5m. During the 
reporting period the following two properties were acquired:
* Woodlands Square shopping center in Tampa, Florida, was transferred in 
  October 2018 at a total cost to Emira of USD12,2m for a 49,4% equity interest 
  at an expected initial equity yield of 11,8%.
* Truman's Marketplace shopping center in Grandview, Missouri was transferred 
  in December 2018 at a total cost to Emira of USD6,1m for a 49,5% equity interest 
  at an expected equity yield of 11,1%.

Emira, through its USA subsidiary CIL2 LLC, holds a minority share in the six 
direct property-owning entities but has a unanimous voting arrangement on all 
major decisions. Emira equity accounts the six direct property-owning entities.

Foreign income hedging
To minimise potential adverse foreign exchange fluctuations on Emira's earnings, 
a portion of the expected net foreign income, after offsetting foreign interest 
on CCIRS, is hedged.

Foreign income in respect of GOZ is hedged in terms of the following policy:
* To hedge 100% of the expected net dividend to be received in the following 
  12 months;
* To hedge 67% of the expected net dividend to be received in months 13 to 
  24; and
* To hedge 33% of the expected net dividend to be received in months 25 
  to 36.

For the USA investments to date, at least 90% of the expected net income for 
the first four years was hedged at the date the investments were made. It is 
anticipated that this policy will be maintained for future investments.

In line with these policies, the following hedges are in place:

                                                             GOZ     USA 
Forward rate against R                                       AUD     USD 
Jun 19                                                    R11,14  R13,96
Dec 19                                                    R11,34  R14,21
Jun 20                                                    R11,64  R14,74
Dec 20                                                    R11,33  R15,11
Jun 21                                                    R11,85  R15,45
Dec 21                                                         —  R15,83
Jun 22                                                         —  R16,37
Dec 22                                                         —  R17,56

Worley Parsons update
The arbitration hearing between Emira and Worley Parsons, regarding its 
lease obligations at Corobay Corner, is still ongoing. The hearing for the 
quantum arguments together with the amendment to Worley Parsons' claim which 
was due to be heard in December 2018 was postponed and has now been set 
for 1 to 12 April 2019. Emira's positive view of its legal position in 
the arbitration remains unchanged.

For the six months ended 31 December 2018, no further income has been 
accrued in respect of rentals or damages due by Worley Parsons.

Subsequent events
There have been no significant events subsequent to the reporting date, 
other than the transfer of properties to Inani, as highlighted above.

Prospects
Emira's rebalancing and diversification strategies, which are well 
underway, will continue to counter the effects of the challenging local 
economic conditions and political uncertainties which continue to impede 
local growth. Factoring in the current and expected market conditions 
for the year ahead, vacancy profiles and expected rental reversions, 
as well as anticipated opportunities, shareholders can expect a similar 
growth rate in distributions for the next six-month period.

This forecast is the responsibility of the directors of Emira, and, 
has not been reviewed or reported on by Emira's external auditors.

Dividend distribution declaration
The Board has approved, and notice is hereby given that an interim 
gross dividend of 72,86 cents per share has been declared (Dec 2017: 
70,65 cents), payable to the registered shareholders of Emira on Friday, 
8 March 2019. The issued share capital at the declaration date is 
522 667 247 listed ordinary shares. The source of the dividend comprises 
net income from property rentals, income earned from the Company's 
listed property investment, income earned from the Company's 
equity-accounted investments, interest earned on loans receivable 
and interest earned on cash on deposit. Please refer to the condensed 
consolidated statement of comprehensive income for further information.

Last day to trade cum dividend                     Tuesday, 5 March 2019
Shares trade ex dividend                         Wednesday, 6 March 2019
Record date                                         Friday, 8 March 2019
Payment date                                       Monday, 11 March 2019

Share certificates may not be dematerialised or rematerialised between
Wednesday, 6 March 2019 and Friday, 8 March 2019, both days inclusive.

Tax implications
In accordance with Emira'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'). Accordingly, qualifying distributions received by local tax residents 
must be included in the gross income of such shareholders (as a non-exempt 
dividend in terms of section 10(1)(k)(aa) of the Income Tax Act), with the 
effect that the qualifying distribution is taxable as income in the hands 
of the shareholder. These qualifying distributions are, however, exempt 
from dividend withholding tax in the hands of South African tax resident 
shareholders, provided that the South African resident shareholders have 
provided the following forms to their Central Securities Depository Participant 
('CSDP') or broker, as the case may be, in respect of uncertificated shares, 
or the transfer secretaries, 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 transfer secretaries, 
   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 transfer 
   secretaries, as the case may be, to arrange for the abovementioned documents 
   to be submitted prior to payment of the dividend, if such documents have 
   not already been submitted.

Qualifying dividends received by non-resident shareholders will not be taxable 
as income and instead will be treated as ordinary dividends but which are 
exempt in terms of the usual dividend exemptions per section 10(1)(k) of the 
Income Tax Act. On 22 February 2017, the dividends withholding tax rate was 
increased from 15% to 20% and accordingly, any distribution received by a 
non-resident from a REIT will be subject to dividend 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 shareholder. Assuming dividend withholding tax 
will be withheld at a rate of 20%, the net amount due to non-resident 
shareholders will be 58,288 cents per share. A reduced dividend withholding 
tax rate in terms of the applicable DTA, may only be relied on if the 
non-resident shareholder has provided the following forms to their CSDP 
or broker, as the case may be, in respect of the uncertificated shares, 
or the transfer secretaries, in respect of certificated shares:
c) a declaration that the dividend is subject to a reduced rate as a result 
   of the application of a DTA; and
d) a written undertaking to inform their CSDP, broker or the transfer 
   secretaries, 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 transfer secretaries, 
   as the case may be, to arrange for the abovementioned documents to be 
   submitted prior to payment of the dividend if such documents have not 
   already been submitted, if applicable.

Local tax resident shareholders as well as non-resident shareholders are 
encouraged to consult their professional advisors should they be in any 
doubt as to the appropriate action to take.

The Company's tax reference number is 9995/739/15/9. 

By order of the Emira Property Fund Limited Board

Acorim Proprietary Limited
Company Secretary

Gerhard van Zyl                    Geoff Jennett
Chairman                           Chief Executive Officer

Bryanston, 13 February 2019

Reviewed condensed consolidated financial statements

Condensed consolidated statement of financial position 
at 31 December 2018

                                     Unaudited   Unaudited      Audited
                                        31 Dec      31 Dec      30 June
                                          2018        2017         2018
R'000
Assets
Non-current assets                  13 819 840  13 401 135   12 856 899
Investment properties               10 391 847  11 331 794   10 313 515
Fixtures and fittings                  100 722      76 045       71 725
Allowance for future rental
escalations                            247 075     218 569      208 420
Unamortised upfront lease costs         48 209      37 118       32 915
Fair value of investment
properties                          10 787 853  11 663 526   10 626 575
Investment and loans in equity-
accounted investments                1 947 167     713 504    1 105 944
Listed property investment             918 057     940 647      956 209
Loans receivable                       119 372      72 365      116 431
Derivative financial instruments        47 391      11 093       51 740
Current assets                       2 282 556   1 511 332    2 313 779
Accounts receivable and
prepayments                            183 379     255 796      219 562
Derivative financial instruments        82 438      92 738       75 529
Cash and cash equivalents               94 906      99 348      109 455
Investment properties held for
sale                                 1 921 833   1 063 450    1 909 233
Total assets                        16 102 396  14 912 467   15 170 678
Equity and liabilities
Share capital and reserves           9 100 622   8 984 035    8 968 682
Non-current liabilities              3 461 457   2 965 930    3 223 360
Interest-bearing debt                3 345 689   2 953 077    3 112 530
Other financial liabilities             22 636           —       21 666
Derivative financial instruments        93 132      12 853       82 571
Deferred tax                                 —           —        6 593
Current liabilities                  3 540 317   2 962 502    2 978 636
Short-term portion of interest-
bearing debt                         3 178 695   2 522 741    2 535 354
Accounts payable                       261 899     370 328      335 705
Derivative financial instruments        99 723      68 165      106 636
Taxation                                     —       1 268          941
Total equity and liabilities        16 102 396  14 912 467   15 170 678
Net asset value per share (cents)      1 783,4     1 761,0      1 758,0


Condensed consolidated statement of comprehensive income

                                      Unaudited   Unaudited     Audited    
                                     six months  six months        year
                                          ended       ended       ended
                                         31 Dec      31 Dec     30 June
R'000                                      2018        2017        2018
Revenue                                 878 631     855 356   1 771 585
Operating lease rental income and
tenant recoveries                       869 863     840 678   1 748 876
Allowance for future rental
escalations                               8 768      14 678      22 709
Property expenses                      (325 642)   (306 738)   (647 537) 
Income from listed property
investment                               25 549      29 491      52 831
Administration expenses                 (57 618)    (47 098)   (103 360) 
Transaction and advisory fees              (887)     (6 993)     (8 030) 
Depreciation                             (5 707)     (4 636)     (9 611) 
Operating profit                        514 326     519 382   1 055 878
Net fair value adjustments               15 611     194 886      49 212
Net fair value (loss)/gain on
investment properties                   (24 612)     89 759    (49 437) 
Change in fair value as a result of
straight-lining lease rentals            (8 768)    (14 678)    (22 709) 
Change in fair value as a result of
amortising upfront lease costs              958       2 995       4 455
Change in fair value of investment
properties                              (16 802)    101 442     (31 183) 
Revaluation of derivative financial
instruments relating to share
appreciation rights scheme                6 388         110       4 755
Unrealised (loss)/gain on fair
valuation of interest-rate swaps        (11 607)     43 707    (45 250) 
Unrealised gain/(loss) on fair
valuation of listed
property investments                     45 442      61 310     139 144
Foreign exchange profit/(loss)           23 645     (30 890)     23 572
Realised                                   (513)          —        (164)
Unrealised                               24 158     (30 890)     23 736
Loss on deconsolidation of Enyuka             —        (392)       (392) 

Income from equity-accounted
investments                             163 288      45 352     131 564
Distributable                            68 380      38 957      94 566
Non-distributable                        94 908       6 395      36 998
Profit before finance costs             716 870     728 338   1 259 834
Net finance costs                      (219 852)   (197 963)   (403 437) 
Interest received                         8 395       6 499      15 007
Interest paid                          (228 247)   (204 462)   (418 444) 
Profit before income tax charge         497 018     530 375     856 397
Taxation                                  4 539      (1 413)     (7 751) 
Profit for the period                   501 557     528 962     848 646
Other comprehensive income
Items that may be subsequently
reclassified to profit or loss
Exchange differences on
translation of foreign operations        17 415      (6 028)     17 952
Total comprehensive income for the
period                                  518 972     522 934     866 598
Total profit for the period 
attributable to:
Emira shareholders                      500 121     529 204     848 486
Non-controlling interest                  1 436        (242)        160
                                        501 557     528 962     848 646
Total comprehensive income for the 
period attributable to:
Emira shareholders                      517 485     523 151     866 404
Non-controlling interest                  1 487        (217)        194
                                        518 972     522 934     866 598


Condensed consolidated statement of changes in equity

                                                                Foreign
                                                Revaluation    currency 
                                                  and other translation
R'000                                   Shares     reserves     reserve 
Balance at 1 July 2017               3 766 132    4 776 034           — 
Shares recognised on partial
repayment of BEE vendor loan             9 702
REIT restructure costs                    (373) 
Total comprehensive income for the
period
Exchange differences on
translation of foreign operations                                (6 053)
Transfer to fair value reserve                      236 989
Transfer to currency
translation reserve                                              (8 836) 
Dividend paid — September 2017
Balance at 31 December 2017          3 775 461    5 013 023     (14 889)
Balance at 1 July 2018               3 775 458    4 844 848      17 918
Premium on share option
Total comprehensive income for the
period                                       —            —      17 364
Profit for the year
Other comprehensive income                                       17 364
Equity-settled share scheme                           2 192
Transfer to fair value reserve                       23 421
Dividend paid — September 2018
Dividend paid — subsidiary
Balance at 31 December 2018          3 775 458    4 870 461      35 282

                                                       Non-  
                                       Retained controlling
                                       earnings    interest      Total
R'000
Balance at 1 July 2017                  297 686           —  8 839 852
Shares recognised on partial
repayment of BEE vendor loan                                     9 702
REIT restructure costs                                            (373) 
Total comprehensive income for the
period                                  529 204       (242)    528 962
Exchange differences on translation
of foreign operations                                   25      (6 028) 
Transfer to fair value reserve         (236 989)                     — 
Transfer to currency
translation reserve                       8 836                      —
Dividend paid — September 2017         (388 080)               (388 080) 
Balance at 31 December 2017             210 657        (217)  8 984 035
Balance at 1 July 2018                  330 351         107   8 968 682
Premium on share option                   9 420                   9 420
Total comprehensive income for the
period                                  500 121       1 487     518 972
Profit for the year                     500 121       1 436     501 557
Other comprehensive income                               51      17 415
Equity-settled share scheme                                       2 192
Transfer to fair value reserve          (23 421)                      — 
Dividend paid — September 2018         (397 998)               (397 998) 
Dividend paid — subsidiary                             (646)       (646)
Balance at 31 December 2018             418 473         948   9 100 622


Condensed statement of cash flows

                                     Unaudited   Unaudited     Audited    
                                    six months  six months        year
                                         ended       ended       ended
                                        31 Dec      31 Dec     30 June
R'000                                     2018        2017        2018
Cash generated from operations         468 765     491 799     997 969
Finance income                           8 395       6 499      15 007
Income from equity-accounted            69 080           —      94 566
investments
Interest paid                         (237 255)   (204 462)   (452 365) 
Taxation paid                           (2 054)          —        (766) 
Dividends paid to shareholders        (397 998)   (388 080)   (757 344) 
Dividends paid to non-controlling
interest                                  (646)          —         (87)
Net cash utilised in operating
activities                             (91 713)    (94 244)   (103 020) 
Acquisition of, and additions to,
investment properties and
fixtures and fittings excluding
capitalised interest                  (184 947)   (284 866)   (507 185) 
Proceeds on disposal of
investment properties and
fixtures and fittings                      150     235 500     530 575
Investment in equity-accounted
investments                           (700 388)   (101 973)   (415 694) 
Disposal of investment in listed
property fund                           77 324           —      90 156
Enyuka deconsolidation                       —     (36 772)    (36 772) 
Net cash utilised in investing
activities                            (807 861)   (188 111)   (338 920)
REIT restructure costs                       —        (373)       (376) 
Shares recognised on partial
repayment of BEE vendor loan                 —       9 702       9 702
Premium on share option                  9 420           —       8 989
Interest-bearing debt raised         4 158 000   1 837 000   4 208 666
Interest-bearing debt repaid        (3 282 395) (1 633 285) (3 844 245) 
Net cash generated from financing
activities                             885 025     213 044     382 736
Net increase in cash and cash
equivalents                            (14 549)    (69 311)    (59 204) 
Cash and cash equivalents at the
beginning of the period                109 455     168 659     168 659
Cash and cash equivalents at the
end of the period                       94 906      99 348     109 455

Basis of preparation and accounting policies
These unaudited condensed consolidated interim financial statements 
have been prepared in accordance with International Financial Reporting 
Standards ('IFRS') including IAS 34: Interim Financial Reporting, the 
SAICA Financial Reporting Guides as issued by the Accounting Practices 
Committee, Financial Pronouncements as issued by the Financial Reporting 
Standards Council, the JSE Listings Requirements and the requirements of 
the Companies Act of South Africa. The accounting policies used in the 
preparation of these financial statements are in terms of IFRS and are 
consistent with those used in the audited annual financial statements 
for the year ended 30 June 2018.

This report was compiled under the supervision of Greg Booyens CA(SA), 
the Chief Financial Officer of Emira. These condensed consolidated interim 
financial statements have not been reviewed or audited by Emira's 
independent auditor, Ernst & Young Inc.

Reconciliation between earnings and headline earnings and distributable 
earnings

                                     Unaudited   Unaudited     Audited    
                                    six months  six months        year
                                         ended       ended       ended
                                        31 Dec      31 Dec     30 June
R'000                                     2018        2017        2018
Profit for the period
attributable to shareholders           501 557      528 962     848 486
Adjusted for:
Net fair value loss/(gain) on 
revaluation of investment
properties                              24 612      (89 759)     49 437
Loss on deconsolidation of
Enyuka                                       —            —         392
Headline earnings                      526 169      439 203     898 315
Adjusted for:
Allowance for future rental
escalations                             (8 768)     (14 678)    (22 709) 
Amortised upfront lease costs              958        2 995       4 455
Unrealised surplus on revaluation 
of interest-rate
swaps                                   11 607      (43 707)     45 250
Revaluation of share appreciation 
rights scheme
derivative financial instruments        (6 388)        (110)     (4 755) 
Charge/(credit) in respect of
leave pay provision and share
appreciation rights scheme               2 171          344       3 394
Unrealised gain on revaluation
of listed property investment          (45 442)     (61 310)   (139 144) 
Unrealised foreign exchange loss       (24 158)      30 890     (23 736) 
Non-distributable income from
equity-accounted investments           (94 908)      (6 395)    (36 998)
Depreciation                             5 707        4 478       9 286
Transaction and advisory fees              887        6 993       8 030
Deferred taxation                       (6 593)       1 268       6 044
Distributable portion of non-
controlling interest                       (27)         (87)       (521) 
Premium on BEE share option              9 013        8 988      18 160
GOZ shares sold cum dividend             1 574            —       2 205
Accrual for listed security
income (Transcend)                       2 557            —           —
Accrual for listed security
income (Transcend) — antecedent 
element                                  6 474            —           — 
Distributable earnings                 380 833      368 872     767 276
Distribution per share
Interim (cents)                          72,86        70,65       70,65
Final (cents)                                —            —       76,15
                                         72,86        70,65      146,80
Number of shares in issue at the
end of the period                  522 667 247  522 667 247 522 667 247  
Weighted average number of
shares in issue                    510 296 737  509 214 644 510 140 337
Earnings per share (cents)               98,29       103,88      166,32

The calculation of earnings per 
share is based on net profit for 
the period of R501,6 million 
(2017: R529,0 million), divided 
by the weighted average number 
of shares in issue during the 
period of 510 296 737 (2017: 
509 214 644).
Diluted earnings per share
(cents)                                  98,08       103,88      166,20
The calculation of diluted 
earnings per share is based on 
net profit for the period of 
R501,6 million (2017: R529,0 
million), divided by the diluted 
weighted average number of shares 
in issue during the period of 
511 387 515 (2017: 509 214 644).
Headline earnings per share
(cents)                                 103,11        86,25      176,09
The calculation of headline 
earnings per share is based on 
net profit for the period, adjusted 
for non-trading items, of R526,2 
million (2017: R439,2 million), 
divided by the weighted average 
number of shares in issue during 
the period of 510 296 737 (2017: 
509 214 644).
Diluted headline earnings per
share (cents)                           102,89        86,25      175,96
The calculation of diluted 
headline earnings per share is 
based on net profit for the period, 
adjusted for non-trading items, of 
R526,2 million (2017: R439,2 
million), divided by the diluted 
weighted average number of shares 
in issue during the period of 
511 387 515 (2017: 509 214 644).
Diluted weighted average number 
of shares in issue
Weighted average number of
shares in issue                    510 296 737  509 214 644 510 140 337
Issued for zero consideration 
under the call option to BEE
parties                              1 090 718                  375 436
                                   511 387 515  509 214 644 510 515 773


Segmental information
R'000                         Office     Retail  Industrial      Other 
Revenue                      368 682    358 361     151 588          — 
Operating lease rental
income and tenant
recoveries                   362 171    353 693     153 999          —
Allowance for future
rental escalations             6 511      4 668      (2 411)         — 
Property expenses           (138 769)  (126 180)    (60 693)         — 
Profit for the period        187 375    209 650     104 833    141 273
Total assets               5 279 713  5 295 496   1 936 655  1 382 779


R'000                                 Offshore   Corporate        Total
Revenue                                      —           —      878 631
Operating lease rental income and
tenant recoveries                            —                  869 863
Allowance for future rental
escalations                                  —                    8 768
Property expenses                            —                 (325 642) 
Profit for the period                   67 433    (209 007)     501 557
Total assets                         1 678 333     529 420   16 102 396


Measurements of fair value
1. Financial instruments
The financial assets and liabilities measured at fair value in the 
statement of financial position are grouped into the fair value 
hierarchy as follows:

                                Level 1   Level 2   Level 3      Total
R'000                          Dec 2018  Dec 2018  Dec 2018   Dec 2018
Group
Assets
Investments                     918 057         —         —    918 057
Derivative financial
instruments                           —   129 433       396    129 829
Total                           918 057   129 433       396  1 047 886
Liabilities
Derivative financial
instruments                           —   192 855         —    192 855
Total                                 —   192 855         —    192 855
Net fair value                  918 057   (63 422)      396    855 031

                                Level 1   Level 2   Level 3      Total
R'000                          Dec 2017  Dec 2017  Dec 2017   Dec 2017
Group
Assets
Investments                     940 647         —         —    940 647
Derivative financial
instruments                               103 721       110    103 831
Total                           940 647   103 721       110  1 044 478
Liabilities
Derivative financial
instruments                           —    81 018         —     81 018
Total                                 —    81 018         —     81 018
Net fair value                  940 647    22 703       110    963 460

The methods and valuation techniques used for the purpose of measuring 
fair value are unchanged compared to the previous reporting period.

Investments
This comprises shares held in a listed property company at fair value 
which is determined by reference to quoted closing prices at the 
reporting date.

Derivative financial instruments
The fair values of the interest-rate swap contracts are determined using 
discounted cash flow projections based on estimates of future cash flows, 
supported by the terms of the relevant swap agreements and external 
evidence such as the ZAR 0-coupon perfect-fit swap curve.

The fair values of the cross-currency interest-rate swap contracts are 
valued by discounting the future cash flows using the basis swap curve 
of the respective currencies at the dates when the cash flows will 
take place.

The AUD and USD forward exchange contracts are valued by discounting 
the forward rates applied at the period end to the open hedged positions.

The call option contracts relating to the employee share scheme are 
valued using a Black Scholes option pricing model. The expected 
volatility of the unit price of the call options was 22,7% and the 
risk-free discount rate used was 7,2%. Management considers the key 
input in the valuation to be the spot price. A 10% increase in the 
spot price results in an increase to the call options of R0,4m. 
A 10% decrease in the spot price results in a decrease to the call 
options of R0,2m. The call option contracts have been classified 
as Level 3. During the period R0,3m of the option premiums relating 
to these contracts were amortised and a fair value loss of R0,5m was 
recognised at 31 December 2018.

The forward contracts relating to the employee share scheme are valued 
using a cost of carry financial model. The risk-free discount rate used 
ranged between 7,2% and 7,4%. Management considers the key input in the 
valuation to be the spot price. A 10% increase in the spot price results 
in an increase to the forward contracts of R11,4m. A 10% decrease in the 
spot price results in a decrease to the forward contracts of R11,4m.

2. Non-financial assets
The following table reflects the levels within the hierarchy of non- 
financial assets measured at fair value at 31 December 2018:

                                                      2018          2017
R'000                                              Level 3       Level 3
Assets
Investment properties                           10 787 853    11 663 526
Investment properties held for sale              1 921 833     1 063 450

Fair value measurement of investment properties
The fair value of commercial buildings is estimated using an income 
approach which discounts the estimated rental income stream, net of projected 
operating costs, as well as an exit value, using a discount rate derived from 
market yields. The estimated rental stream takes into account current occupancy 
levels, estimates of future vacancy levels, the terms of in-place leases and 
expectations of rentals from future leases over the remaining economic life 
of the buildings.

The most significant inputs, all of which are unobservable, are the estimated 
rental value, assumptions regarding vacancy levels, the discount rate and the 
reversionary capitalisation rate. The estimated fair value increases if 
the estimated rentals increase, vacancy levels decline or if discount rates 
(market yields) and reversionary capitalisation rates decline. The overall 
valuations are sensitive to all four assumptions. Management considers 
the range of reasonable possible alternative assumptions to be greatest for 
reversionary capitalisation rates, rental values and vacancy levels and that 
there is also an interrelationship between these inputs. The inputs used in the 
valuations at 31 December 2018 were the following:
* The permanent vacancy factor for retail ranged between 0,25% and 5% (2017: 
  0% and 5,0%), offices between 1,0% and 5,0% (2017: 0,9% and 5,0%) and 
  industrial between 0,25% and 5,0% (2017: 0,2% and 5,0%).
* The weighted average rental escalation percentage applied for retail was 
  6,4% (2017: 6,7%), offices 7,2% (2017: 7,8%) and industrial 7,7% (2017: 6,7%), 
  and for renewals and new leases ranged between 6,0% and 9,0% (2017: 6,0% 
  to 8,0%).
* The range of the reversionary capitalisation rates applied to the portfolio 
  are between 7,25% and 11,75% with the weighted average, by value, being 
  9,06% (2017: 9,33%).
* The discount rates applied range between 12,50% and 16,25% with the 
  weighted average, by value, being 14,13% (2017: 14,36%).
* Changes in discount rates and reversionary capitalisation rates attributable 
  to changes in market conditions can have a significant impact on property 
  valuations. A 25 basis points increase in the discount rate will decrease the 
  value of investment property by R180,9m (1,4%) and a 25 basis points decrease 
  will increase the value of investment property by R187,5m (1,5%). A 25 basis 
  points decrease in the reversionary capitalisation rate will increase the value 
  of investment property by R197,7m (1,6%) and a 25 basis points increase will 
  decrease the value of investment property by R186,7m (1,5%).

Fair values are estimated twice a year by Emira's internal registered valuer, 
whereafter they are reviewed by the executive directors and approved by the Board. 
One third of the portfolio is valued externally each year end on a rolling basis.

Fair value measurement of investment properties held for sale
The fair value of investment properties held for sale is based on the expected 
sale price.

Directors: G van Zyl (Chairman)*, GM Jennett (CEO), MS Aitken*, G S Booyens (CFO), 
BH Kent*, V Mahlangu*, NE Makiwane*, W McCurrie*, V Nkonyeni*, D Thomas**, 
U van Biljon (COO)
* Independent Non-executive Director
** Non-executive Director

Registered address: 1st Floor, Block A, Knightsbridge, 33 Sloane Street, 
Bryanston, 2191

Sponsor: Questco Corporate Advisory (Pty) Ltd
1st Floor, Yellowwood House, Ballywoods Office Park, 33 Ballyclare Drive,
Bryanston, 2191

Transfer Secretaries: Computershare Investor Services (Pty) Ltd, Rosebank Towers, 
15 Biermann Avenue, Rosebank, 2196

Date: 13/02/2019 11:37:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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