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DELTA PROPERTY FUND LIMITED - Unaudited condensed consolidated interim results for the six months ended 31 August 2019

Release Date: 04/11/2019 10:11
Code(s): DLT     PDF:  
 
Wrap Text
Unaudited condensed consolidated interim results for the six months ended 31 August 2019

Delta Property Fund Limited
(Registration number 2002/005129/06) 
(Incorporated in the Republic of South Africa)
Share code: DLT    ISIN: ZAE000194049
("Delta" or "the Fund" or "the Group")
(REIT status approved)
Unaudited condensed consolidated interim results for the six months ended 31 August 2019


Company profile
Delta is a JSE listed Real Estate Investment Trust ("REIT") with a property portfolio of 
R11.3 billion and a net asset value of R6.6 billion as at 31 August 2019.

Delta is the dominant sovereign listed property fund in South Africa, is black managed 
and is one of the most empowered funds in the sector.

The primary focus of the Fund is long-term investment in quality, rental income-generating 
properties situated in strategic nodes that are attractive to sovereign entities 
and other tenants requiring empowered landlords.


Performance
- Interim distribution of 12.2 cents per share
- Loan to value decreased to 44.3%
- All in cost of debt reduced to 10%
- Renewed and concluded 156 846m2 of leases
- WALE increased to 1.7 years
- Weighted average rental increased to R123.5m2


Commentary
Financial results
Delta achieved distribution per share of 30.48 cents as at 31 August 2019. The Board, however, 
has decided to declare an interim distribution of 12.2 cents per share. This decision was taken after 
careful consideration of the investment required for capital commitments aligned to lease renewals, 
working capital of the business and the forecast liquidity position. 

Contractual rental income decreased by 3.5% and was largely affected by increased vacancies in the
portfolio, disposal of assets held-for-sale and reversion on leases renewed. Property operating 
expenses, excluding the impact of provisions, increased by 11% due to higher municipal and repairs 
and maintenance costs.
 
Administrative expenses for the period decreased by 23.0% mainly due to lower asset management fees.
Dividend income of R17.4million was received from our investment in Grit. Foreign exchange movement 
relating to the Bank of China dollar-denominated loan decreased by 62.3% due to lower fluctuation in 
the foreign exchange rate during the period. 

Finance costs increased by 19.3% and were affected by the higher interest rates and fees incurred on 
debt facilities extended during the period. Interest income decreased by 11.3% and was negatively 
impacted by the partial repayment of a vendor loan.

Property portfolio
Delta's property portfolio of R11.3 billion consists of 103 properties with a total GLA of 932 605m2, 
which includes assets held-for-sale comprising 19 properties with a total GLA of 131 449m2 and a 
combined value of R1.4 billion. 

Acquisition and disposals
Delta did not conclude any acquisitions during the current year.

The disposal of 12 New Street and Top Trailers Site 1 was completed during the period for a total
consideration of R60.7 million, with proceeds utilised to settle debt and facility raising fees. 
Broadcast House and Protea Coin Cape Town, with a total GLA of 10 634m2 and a fair value of R43 million, 
are expected to transfer by November 2019. An unsolicited interest was also received on The Marine in 
Durban from a blue-chip institute, with a detailed due diligence by the purchaser currently underway.

Major capital projects
Capital investment remains a high priority to ensure quality assets that meet the tenants' requirements. 
The following projects are in progress:
- Beacon Hill (King Williams Town) - investment of R40 million due to the conclusion of a five-year lease.
- Poyntons Fire Project - fire compliance project of R32.5 million expected to be to be completed by
  December 2019, with an additional R18.3 million to be spent on general capital expenditure.
  
With the conclusion of the bulk lease renewals, further capital projects will be initiated in respect 
of tenant installations and general building upgrades. These projects are expected to be funded from a 
combination of working capital, proceeds on disposals and debt facilities.

Letting and vacancies
The lease expiry profile by GLA of the portfolio at 31 August 2019 was as follows:

                                                                                                      Beyond 
                        Month-  29 February  28 February  28 February  28 February  29 February  29 February 
Segment lease expiry  to-month         2020         2021         2022         2023         2024         2024 
Office sovereign          39.5          6.1         19.7          8.4          9.0          3.4         14.1 
Office other              16.2         11.3         35.5         17.0          6.4          0.4         13.3 
Retail                    10.8         12.3         13.2         21.2         12.7          3.9         26.0 
Industrial                 0.0         96.7          3.3          0.0          0.0          0.0          0.0 

Delta renewed 40 leases with The National Department of Public Works ("DPW") to date totalling 95 523m2,
with two-thirds concluded for five years and the balance for three years. Of the remaining 18 leases to be
renewed with DPW, four of these leases are in three buildings that constitute 96 502m2. Negotiations around 
these four leases have been escalated to senior management and ministerial level. A further 61 323m2 of GLA 
was renewed with other tenants, primarily the South African Revenue Services in Cape Town, Randburg and 
eThekwini Municipality in Durban. 

Vacancies has increased during the period to 15.4% of the core portfolio and 3.9% of assets held-for-sale,
primarily due to the loss of tenants at Unisa House, Capital Towers and within the provincial Bloemfontein
node. Vacancies in our dominant nodes of Pretoria CBD and Durban CBD are 10% (SAPOA 9%) and 19% (SAPOA 14%)
respectively.

The weighted average rental is R123.5/m2 across the portfolio. During the year under review, 156 846m2 was
renewed at an average rental of R95/m2, and 6 465m2 were concluded at average rentals of R104.7/m2.
 
Funding
Despite the challenging operating environment during the period, we successfully managed to extend R2.8
billion of expiring debt facilities. These facilities were further extended post the interim reporting 
period to year-end, with the intention for a permanent refinance once the DPW lease renewals are concluded.
 
The weighted average all-in-cost of funding reduced to 10.0% (2019: 10.2%) with the interest cover ratio
("ICR") of 1.9 (2019: 2.1). The average debt facility expiry period and average fixed debt ratio decreased to 
0.6 years (2019: 0.8 years) and 44.1% (2019: 59.8%) respectively, impacted by the passage of time and short-term
refinance of facilities. We intend to term out the debt expiry profile and fix at least 75% of our debt once
facilities are refinanced.

Loan to value ("LTV") decreased to 44.3% (2019: 45.1%), benefiting from cash generated by operations and
repayment of debt facilities. The conclusion of disposals together with capital expenditure on the portfolio is
envisaged to reduce the LTV in the short to medium term, with our long-term strategy still targeting 40% 
and below. 

Provision of financial assistance
Delta shareholders are referred to Special Resolution Number 4 relating to the provision of direct or
indirect financial assistance in terms of section 45 of the Companies Act, No 71 of 2008 ("the Companies Act") 
to related or inter-related companies, which was approved at the Annual General Meeting of Delta on 
21 September 2017.

Further to the above, Delta shareholders are notified in terms of section 45(5)(a) of the Companies Act,
that the Board of directors of the Company ("the Board") passed a resolution on 31 May 2019 ("the Board
resolution") granting financial assistance to the following related companies:
- Somnipoint Proprietary Limited - R24 million in respect of a loan to a company with common directors.
- Delta Property Asset Management Proprietary Limited - R28.4million in the ordinary course of business.
- Hestitrix Proprietary Limited - R245.5 million in the ordinary course of business.
- K2014000273 Proprietary Limited - R164.4 million in the ordinary course of business.
- 277 Vermeulen Street Properties Proprietary Limited - R35.8million in the ordinary course of business.
- Hendisa Investments Proprietary Limited - R33 614 in the ordinary course of business.

The financial assistance provided, as detailed above, is greater than one-tenth of 1% of Delta's net worth
as at the date of the Board resolution. The Board further confirms that immediately after providing the
financial assistance, the Company continues to satisfy the solvency and liquidity test as contemplated in 
section 4 of the Companies Act and that the terms and conditions of the financial assistance are fair and 
reasonable to the Company.

Changes to directorate during the period
Marelise de Lange was appointed as an independent non-executive director to the Delta Board in April 2019.
Marelise is also a member of the Audit, Risk and Compliance Committee and the Investment Committee of Delta.

Prospects
While South Africa avoided a recession in the second quarter of the calendar year, the national economic
outlook remains grim. Investment levels remain subdued and businesses are struggling with weak levels of 
private sector activity, and a lacklustre outlook on future business conditions.

The appointment of The Department of Public Works Minister, Patricia De Lille, has brought much needed
impetus and improved confidence in our sector. We envisage positive outcomes with regards to the renewal 
of leases, which will provide further stability to our fund.
 
Notwithstanding possible corporate action, Delta remains focused on concluding its bulk lease renewals and
the longer-term refinancing of its debt at market-related rates which are contingent on a longer weighted
average lease profile.

Capital commitments, reduction of vacancies and refinancing of extended debt facilities also remain 
priority areas, with the recycling of capital in the current tough economic environment also being a 
focus area. Proceeds from disposals will be used for working capital requirements, support capital 
expenditure and lower debt.

The rebasing of leases concluded, increased vacancies in the portfolio and extension of debt facilities 
has negatively impacted earnings for the period. The Board anticipates distributable earnings to decrease 
by between 12% and 15% for the 2020 financial year, barring any unforeseen circumstances. This information 
has not been reviewed or reported on by Delta's auditors.

Declaration of interim dividend ("the cash dividend")  
Shareholders are advised that dividend number 14 of 12.19300 cents per share for the six months ended 
31 August 2019 has been declared. The source of the cash dividend is from distributable income. 

Salient dates of the cash dividend:                                                            
                                                                                           2019
Declaration date of cash dividend                                            Monday, 4 November
Last day to trade in order to be eligible for the cash dividend            Tuesday, 17 December
Delta shares commence trading ex cash dividend                           Wednesday, 18 December
Record date of cash dividend                                                Friday, 20 December
Cheques posted to certificated shareholders and accounts credited by 
CSDP or broker to dematerialised shareholders on                            Monday, 23 December

Notes
1. Delta shares may not be dematerialised or rematerialised between commencement of trade on 
Wednesday, 18 December 2019 and the close of trade on Friday, 20 December 2019, both dates included.

Tax implications
In accordance with Delta's REIT status, shareholders are advised that the cash 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"). An announcement informing shareholders of the tax treatment of the 
distributions will be released separately on SENS.

Basis of preparation and accounting policies
The unaudited condensed consolidated interim results have been prepared in accordance with the 
International Financial Reporting Standards ("IFRS"), IAS 34 Interim Financial Reporting, the SAICA 
Financial Reporting Guides as issued by the Accounting Practices Committee and 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 applied in the preparation of these interim 
results are in terms of IFRS and are consistent with those applied in the previous annual financial 
statements.

The full announcement has been published on the JSE News Service (SENS) at
https://senspdf.jse.co.za/documents/2019/JSE/ISSE/DLT/DeltaInt19.pdf and can be found on the Group’s website (www.deltafund.co.za).

The condensed consolidated interim results have been prepared under the supervision of the Chief Financial
Officer, Mr Shaneel Maharaj CA(SA)/HDipTax, and have neither been reviewed nor audited by the independent
external auditors BDO South Africa Incorporated. Delta has complied with IFRS and JSE Listings Requirements 
by disclosing earnings and headline earnings per share, with distribution per share being disclosed 
voluntarily.

By order of the Board

JB Magwaza (Chairman)

SH Nomvete (Chief Executive Officer)

4 November 2019


Consolidated statement of financial position
for the period ended 31 August 2019
                                                  Unaudited for       Unaudited for       Audited for     
                                                      the half-           the half-          the year     
                                                     year ended          year ended             ended    
                                                      31 August           31 August       28 February    
R'000                                                      2019                2018              2019        
Assets                                                                                                   
Non-current assets                                                                                       
Investment property                                   9 913 379          10 561 140         9 913 811    
Fair value of investment property                     9 762 271          10 383 457         9 755 209    
Straight-line rental income accrual                     151 108             177 683           158 602    
Property, plant and equipment                             1 434               2 069             1 714    
Investment in a listed security                         417 669             453 468           461 822    
Total non-current assets                             10 332 482          11 016 677        10 377 347    
Current assets                                                                                           
Loans due from related parties                           54 958              46 995            43 511    
Loan receivable                                          15 789              45 835            20 906    
Current tax receivable                                      526                 526                      
Trade and other receivables                             370 729             409 068           357 973    
Cash and cash equivalents                                36 516              22 648            25 339    
Total current assets                                    478 517             525 072           447 729    
Non-current assets held for sale                      1 391 878             974 727         1 436 520    
Fair value of investment property                     1 378 657             959 558         1 421 710    
Straight-line rental income accrual                      13 222              15 169            14 810    
Total assets                                         12 202 878          12 516 476        12 261 596    
Equity and liabilities                                                                                   
Total equity attributable to equity holders                                                              
Share capital                                         4 868 461           4 866 080         4 868 461    
Reserves                                                      -             139 425                 -    
Retained income                                       1 766 991           2 079 279         1 772 984    
                                                      6 635 452           7 084 784         6 641 446    
Total equity                                          6 635 452           7 084 784         6 641 446    
Liabilities                                                                                              
Non-current liabilities                                                                                  
Derivative financial instruments                         56 154               4 527            22 478    
Interest-bearing borrowings                           1 559 906           2 981 210         1 448 218    
Total non-current liabilities                         1 616 060           2 985 737         1 470 696    
Current liabilities                                                                                      
Interest-bearing borrowings                           3 650 326           2 140 744         3 810 253    
Trade and other payables                                232 597             166 237           172 003    
Derivative financial instruments                          2 226              42 410            28 625    
Current tax payable                                      13 347                   -            12 821    
Bank overdraft                                           52 870              96 564           125 753    
Total current liabilities                             3 951 366           2 445 955         4 149 455    
Total liabilities                                     5 567 426           5 431 692         5 620 152    
Total equity and liabilities                         12 202 878          12 516 476        12 261 596    


Consolidated statement of comprehensive income
for the period ended 31 August 2019

                                                  Unaudited for       Unaudited for       Audited for     
                                                      the half-           the half-          the year     
                                                     year ended          year ended             ended    
                                                      31 August           31 August       28 February    
R'000                                                      2019                2018              2019    
Revenue                                                                                                  
Rental income                                           766 544             794 506         1 581 669    
Straight-line rental income accrual                      (7 514)            (14 863)          (34 304)   
                                                        759 031             779 643         1 547 365    
Property operating expenses                            (251 770)           (254 083)         (509 579)   
Net property rental and related income                  507 261             525 560         1 037 786    
Other income                                                607               1 103             6 356    
Foreign currency translation reserve 
recognised on derecognition of associate                      -                   -             4 805    
Dividend income                                          17 418                   -            21 769    
Loss on foreign exchange differences                    (13 405)            (35 589)          (28 103)   
Administration expenses                                 (35 943)            (46 672)          (79 727)   
Net operating profit                                    475 937             444 402           962 886    
Fair value adjustments                                  (82 478)             72 370          (168 152)   
Profit from operations                                  393 459             516 772           794 734    
Finance costs                                          (296 522)           (248 604)         (537 281)   
Interest income                                          11 268              12 698            26 032    
Profit before tax                                       108 205             280 866           283 485    
Taxation                                                      -                   -           (27 692)      
Profit for the period                                   108 205             280 866           255 793    
Other comprehensive income:                                                                              
Share of foreign currency translation reserve 
of associate transferred to profit or loss                    -              (4 805)                -    
Total comprehensive income for the period               108 205             276 061           255 793    
Profit for the period attributable to:                                                                   
Owners of the parent                                    108 205             280 866                      
                                                        108 205             280 866           255 793    
Total comprehensive income attributable to:                                                              
Owners of the parent                                    108 205             276 061           255 793    
                                                        108 205             276 061           255 793    
Basic and diluted earnings per share (cents)              15.15               39.51             39.80    


Consolidated statement of changes in equity
for the period ended 31 August 2019

                                                         Foreign    Deferred                              Total              
                                                        currency    conside-                             share-             
                                              Share  translation      ration      Total    Retained     holders       Total  
R'000                                       capital      reserve     reserve   reserves      income    interest      equity  
Balance at 1 March 2018                   4 854 032        4 805     139 425    144 230   2 160 330   7 158 592   7 158 592 
Total comprehensive income for the year           -            -           -          -     255 793     255 793     255 793 
Profit for the year                               -            -           -          -     255 793     255 793     255 793 
Deferred consideration settled in cash            -            -    (139 425)  (139 425)          -    (139 425)   (139 425) 
FCTR recognised in profit or loss                 -       (4 805)          -     (4 805)          -      (4 805)     (4 805) 
Distribution re-invested                     14 590            -           -          -           -      14 590      14 590 
Share issue expenses                           (161)           -           -          -           -        (161)       (161) 
Dividends paid                                    -            -           -          -    (643 139)   (643 139)   (643 139) 
Balance at 28 February 2019               4 868 461            -           -          -   1 772 984   6 641 445   6 641 445 
Profit for the period                             -            -           -          -     108 205     108 205     108 205 
Dividends paid                                    -            -           -          -    (114 198)   (114 198)   (114 198)
Balance at 31 August 2019                 4 868 461            -           -          -   1 766 991   6 635 452   6 635 452 


Consolidated statement of cash flows
for the period ended 31 August 2019

                                                   Unaudited for       Unaudited for       Audited for     
                                                       the half-           the half-          the year     
                                                      year ended          year ended             ended    
                                                       31 August           31 August       28 February    
R'000                                                       2019                2018              2019    
Cash generated from operations                           529 939             377 960           905 500    
Finance costs                                           (294 229)           (246 971)         (486 027)   
Interest received                                          8 437               4 992            24 544    
Taxation paid                                                  -                   -           (14 345)   
Dividend received                                         17 418              17 080            38 849    
Net cash from operating activities                       261 564             153 061           468 521    
Acquisition of property, plant and equipment                 (90)                (68)             (164)   
Capital expenditure on investment property 
and assets held-for-sale                                  (7 441)            (40 197)         (114 975)   
Proceeds on disposal of property, plant and 
equipment                                                      -                  12                 -    
Proceeds on disposal of assets held-for-sale              45 000                   -            15 750    
Gross movement in loans with related parties              (8 498)             25 049            17 216    
Decrease in loan receivable                                5 000               5 534            33 034    
Net cash from investing activities                        33 971              (9 670)          (49 139)   
Distribution re-invested                                       -              12 048            14 429    
Dividends paid                                          (114 198)           (361 917)         (643 139)   
Deferred consideration settled in cash                         -                   -          (140 000)   
Repayment of derivative financial instrument             (23 607)                  -                 -    
Increase in interest-bearing borrowings                   22 666             180 000           424 967    
Repayment of interest-bearing borrowings                 (96 336)            (50 500)         (179 115)   
Net cash from financing activities                      (211 475)           (220 369)         (522 858)   
Net movement in cash and cash equivalents                 84 060             (76 978)         (103 476)   
(Overdraft)/cash at the beginning of the period         (100 414)              3 062             3 062    
Total overdraft at the end of the period                 (16 354)            (73 916)         (100 414)   


Reconciliation of earnings, headline earnings and distributable earnings
for the period ended 31 August 2019

                                                   Unaudited for       Unaudited for       Audited for  
                                                       the half-           the half-          the year  
                                                      year ended          year ended             ended 
                                                       31 August           31 August       28 February 
R'000                                                       2019                2018              2019  
Earnings, headline earnings and 
distributable earnings 
Profit for the period                                    108 205             280 866           283 485 
Investment property                                        1 193                   -           237 599 
Fair value adjustment to investment property               1 193                   -           237 599 
Headline earnings                                        109 398             280 866           521 084 
Derivative financial instruments 
(net of deferred  taxation)                               37 132             (72 370)           10 507 
Fair value adjustment to derivative 
financial instrument                                      37 132             (72 370)           10 507 
Investment in listed security (net of deferred 
taxation)                                                 44 154                   -           (79 954) 
Fair value adjustment to investment in 
listed security                                           44 154                   -           (79 954) 
Straight-line rental income accrual 
(net of deferred taxation)                                 7 514              14 863            34 304 
Straight-line rental income accrual                        7 514              14 863            34 304 
Foreign currency translation reserve recognised 
on derecognition of associate                                                                   (4 805) 
Dividend income from Grit                                 23 538              21 747            17 418 
Dividend income from Grit pertaining to prior             
year - February 2019                                     (17 418)                  -                 -
Loss/(gain) on foreign exchange differences               13 405              35 640            28 103 
Antecedent distribution                                        -                 476               569 
Distributable earnings attributable to owners 
of the parent                                            217 722             281 222           527 226 
Less: distribution declared                              217 722             281 222           395 419 
Interim                                                   87 089             281 222           281 222 
Final (declared after 28 February 2019)                        -                   -           114 197                                                                                                      
Distributable earnings retained                          130 633                   -           131 807 
Shares in issue at the beginning of the year         714 229 718         711 844 486       711 844 486 
Distribution re-investment                                     -           1 948 980         2 385 232 
Number of shares in issue                            714 229 718         713 793 466       714 229 718 
Weighted average number of shares in issue at         
the beginning of the year                            714 229 718         711 844 486       710 927 785                                                  
Distribution re-investment                                     -             309 701         1 366 459 
Weighted average number of shares in issue           714 229 718         712 154 187       712 294 244                                       
Actual number of shares in issue                                                                       
Number of shares in issue at interim                 714 229 718         713 793 466       713 793 466 
Number of shares in issue at year-end                          -                   -       714 229 718 
Basic and diluted earnings and headline 
earnings per share (cents)
Basic and diluted earnings per share                       15.15               39.51             39.80 
Basic and diluted headline earnings per share              15.32               39.51             73.16 
Distribution per share (cents)                                                                         
Interim                                                    12.19               39.40             39.40 
Final                                                          -                   -             15.99 
Distribution per share declared for the full year          12.19               39.40             55.39 
The Group has no dilutionary instruments in issue. 


Condensed consolidated segmental analysis
for the period ended 31 August 2019

                                                                            Administration                 
                                                                                       and                  
                                           Office      Office                    corporate                  
R'000                          Retail  government       other   Industrial           costs        Total        
Unaudited for the half year                                                 
ended 31 August 2019                                                        
Revenue                        20 345     553 230     175 550        9 906               -      759 031    
Net property rental and                                                     
related income                 11 316     392 907      95 007        8 031               -      507 261    
Total assets                  355 884   8 427 290   2 700 979      155 767         562 958   12 202 878    
Total liabilities             160 053   3 714 762   1 497 999       31 303         163 309    5 567 426    
Unaudited for the half year                                                 
ended 31 August 2018                                                              
Revenue                        19 738     560 328     183 672       15 905               -      779 643    
Net property rental and                                                     
related income                 12 311     393 641     107 818       11 790               -      525 560    
Total assets                  338 282   8 444 722   2 913 492      191 669         628 311   12 516 476    
Total liabilities             173 620   4 336 337   1 842 247       94 192      (1 014 703)   5 431 692    
Audited for the year ended                                                  
28 February 2019                                                                   
Revenue                        40 788   1 124 826     353 994       27 757               -    1 547 365    
Net property rental and                                                     
related income                 25 218     814 538     178 707       19 323               -    1 037 786    
Total assets                  349 121   8 298 803   2 815 109      201 735         596 827   12 261 595    
Total liabilities             164 566   3 985 492   1 705 114       85 247        (320 268)   5 620 151    
The segmental report has been populated based on a per building classification which is in accordance 
with the majority tenant.


Directors: JB Magwaza^ (Chairman), SH Nomvete* (CEO), S Maharaj* (CFO), ON Tshabalala* (COO), 
N Khan+, DN Motau^, ID Macleod^, MJN Njeke ^#, NN Afolayan^, MCR Rampheri^, M de Lange^
*Executive; ^Independent non-executive; +Non-executive; #Lead independent director 

Registered office: Silver Stream Office Park, 10 Muswell Road South, Bryanston 
(Postnet Suite 210, Private Bag X21, Bryanston, 2021) 

Transfer secretaries: Computershare Investor Services

Proprietary Limited Sponsor: Nedbank Corporate and Investment Banking

www.deltafund.co.za
Date: 04/11/2019 10:11:00
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