Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — FY2017 Earnings Presentation
77 slides from Vukile Property Fund's earnings presentation, June 2017
Slide 1: Annual Results Presentation: New Horizons
Annual Results Presentation New Horizons Financial Year to 31 March 2017 www.vukile.co.za
Slide 2: Agenda
AGENDA 01 Introduction Laurence Rapp 02 Retail Portfolio Overview & Optimising Asset Performance Ina Lopion 03 Financial Performance Mike Potts 04 Platform for growth - New Horizons Laurence Rapp 05 Q&A
Slide 3: Introduction
Introduction Laurence Rapp www.vukile.co.za
Slide 4: Profile
Profile Who we are High quality, low risk, RETAIL REIT Strong OPERATIONAL focus Core competence in ACTIVE ASSET MANAGEMENT Prudent FINANCIAL MANAGEMENT and strong CAPITAL MARKETS EXPERTISE ENTREPRENEURIAL APPROACH to deal making Strong focus on GOVERNANCE and LEADERSHIP History of stro
Slide 5: Highlights
Highlights The year in review SUCCESSFUL TRANSFORMATION into a focused RETAIL REIT − Conclusion of Gemgrow transaction − Sale of Sovereign portfolio 7.1% GROWTH in annual dividends Normalised like-for-like net PROPERTY INCOME GROWTH of 7.5% Continued strong RETAIL TRADING metrics Strong ba
Slide 6: Strategic direction – New horizons
Strategic direction – New horizons A platform for growth - building on an exceptional core retail portfolio Continued Consistent delivery of Conservative balance South African retail International expansion earnings growth and capital sheet management asset strategy return to shareholders Focus on
Slide 7: Transformation into a Retail REIT – setting the scene
Strategic direction Transformation into a Retail REIT – setting the scene Total Assets Under Management R15.4 Bn Direct Portfolio R13.1 Bn (85%) Indirect R2.3 bn (15%) DIRECT OTHER R1.2 billion (7.8%) R903 million (8.3%) (5.1%) (5.8%) DIRECT RETAIL (3.1%) (2.7%) R11.9 billion R780 million (91% of di
Slide 8: Retail Portfolio Overview
Retail Portfolio Overview Ina Lopion www.vukile.co.za
Slide 9: Our retail footprint
Our retail footprint Retail portfolio profile 9 Retail Property Portfolio Value R11.9bn Top 10 Asset Percentage of Retail Portfolio 49% Average Value per retail property R264m 5% 8% Average Discount Rate 13.9% 10 1 3 2 Average Exit capitalisation rate 9.0% 5% 35% 7% Number of retail prop
Slide 10: Creating a high quality low risk retail portfolio
Creating a high quality low risk retail portfolio Interrelationship of key retail metrics Regional Tenant Dominance Profile Demographics National Tenant Exposure Footfall Lease Expiry Profile Location Vacancy Profile Rental Sales & Affordability Trading Metrics Average Rental Levels
Slide 11: High quality retail assets
High quality retail assets Top 10 assets Dobsonville East Rand Mall Phoenix Plaza Pine Crest Gugulethu Square Shopping Centre GAV R1 277m R791m R786m R513m R480m Region Gauteng KwaZulu-Natal KwaZulu-Natal Gauteng Western Cape Gross Lettable Area 69 424m2 24 351m2 40 087m2 23 236m2 25 322m2 Monthly R
Slide 12: High quality retail assets (cont.)
High quality retail assets Top 10 assets (cont.) Oshakati Shopping Nonesi Mall Moruleng Mall Setsing Crescent Randburg Square Centre GAV R421m R394m R390m R385m R380m Region Eastern Cape North West Namibia Free State Gauteng Gross Lettable Area 28 147m2 31 421m2 24 632m2 21 538m2 40 767m2 Monthly Re
Slide 13: Retail tenant exposure
Retail tenant exposure Low risk with c.80% national tenants Tenant Profile - by Contractual Rent Top 10 Tenants by Rent Other 2.9% Pep Stores Steinhoff 8.0% 22% 2.4% Ackermans Diversified across Shoprite 6.1% 1105 tenants Edcon 2.5% Jet 5.9% 2.0% Edgars Top 10 Foschini 5.1% Tenants Pick n Pay 4.7% 4
Slide 14: Retail tenant expiry profile
Retail tenant expiry profile 52% of contractual rent expiring in 2020 and beyond (WALE 3.6 years) % of Contractual Rent Cumulative 100 76 66 48 24 24 24 24 18 10 Mar-18 Mar-19 Mar-20 Mar-21 Beyond Mar-21 For the 12 months ended 31 March 2017 Retail leases were concluded with: Total contract value
Slide 15: Retail tenant affordability
Retail tenant affordability Consistently strong metrics Retail Vacancy Profile (by GLA excl. developments) Retail Average Base Rentals (excl. Recoveries) 122.88 114.61 108.14 102.56 86.86 77.79 3.90% 3.80% 3.30% 3.30% 3.30% 3.50% 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 Retail Con
Slide 16: Rent-to-sales ratio
Rent-to-sales ratio Ahead of industry benchmarks 9.6% 8.1% 7.3% 6.3% 5.8% 5.8% 5.5% 5.2% 4.8% 4.7% 4.5% East Rand Mall Randburg Phoenix Plaza Moruleng Mall Setsing Crescent Pine Crest Nonesi Mall Oshakati Gugulethu Dobsonville Vukile Portfolio Square Centre Shopping Centre Square Shopping Centre Ave
Slide 17: Retail portfolio trading statistics by top properties
Retail portfolio trading statistics by Top 10 properties High trading density with solid growth Annualised trading density Trading density like-for-like Growth 6.1% 0.2% East Rand Mall underwent 9.5% redevelopment 38,291 37,245 during period 34,099 6.6% 1.4% -2.9% 4.2% * 5.1% 8.7% 28,859 27,790 5.8%
Slide 18: Retail portfolio trading statistics by category
Retail portfolio trading statistics by category Solid growth where it matters most 12.0% 10.0% Restaurants & Coffee Shops 9.1% Health & Beauty 8.2% 8.0% Trading Density like-for-like Growth Entertainment 7.3% Electronics 6.2% 6.0% Home Furnishings/ Art/ Other 4.5% Food 5.3% Antiques/ Décor 6.1% Acce
Slide 19: Retail insights
Retail insights Understanding community centres Segment Focus Tenants Focus 37% of retail properties within our portfolio are made up of National tenants are increasing scope of brands into this segment community centres More local traders and entrepreneurs looking for formalized retail Comm
Slide 20: Creating a high quality low risk retail portfolio
Creating a high quality low risk retail portfolio Interrelationship of key retail metrics Regional Tenant Dominance Profile Dominant in primary catchment area 78% national tenants In excess of 90 million customer visits 52% of leases expiring in per year at our top 10 centres 2020 and beyond
Slide 21: Optimising Asset Performance
Optimising Asset Performance Ina Lopion www.vukile.co.za
Slide 22: Strong operational focus on asset management
Strong operational focus on asset management Consistently repositioning and proactively enhancing our portfolio Total Portfolio Market Value per m² 20,000 Property Sold Stable Portfolio Acquisitions since 2005 Average 15,000 10,000 5,000 - Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-
Slide 23: Active asset management
Active asset management Quantitative approach Each asset underwritten annually Multivariate risk potential model Total Portfolio (31 March 2012) Total Portfolio (31 March 2017) Total Portfolio March 2012 Total Portfolio March 2017 Value R6.1b 72 Properties Average value per property R85m Value R
Slide 24: Completed redevelopment: East Rand Mall
Completed redevelopment East Rand Mall, Boksburg East Rand Mall together with the adjacent East Point are the dominant shopping destination in the East Rand. Demand for more space from existing fashion retailers highlighted the need for a redevelopment Introduction of 30 new brands into the cent
Slide 25: Completed redevelopment: Durban Workshop
Completed redevelopment Durban Workshop, Durban CBD Vukile acquired Durban Workshop in 2012. Prior to its acquisition, it was identified as a property to be upgraded as there was potential to improve the tenant mix and the rental income It had not been upgraded since its completion in 1987 Fut
Slide 26: Completed development: Springs Mall
Completed development Springs Mall, Springs New regional mall in the heart of Springs in Eastern Gauteng Completed as scheduled in March 2017 Caters to 69 000 high-LSM households Pre-funded and earnings accretive from day one Strong demand from national retailers Partnership between Flan
Slide 27: New development in progress: Thavhani Mall
New development in progress Thavhani Mall, Thohoyandou New regional mall in the heart of Thohoyandou, Limpopo Caters to a high-growth node with over 87 000 households Pre-funded and earnings accretive from day one Strong demand from national retailers Partnership between Flanagan & Gerard,
Slide 28: Redevelopment in progress: Dobsonville
Redevelopment in progress Dobsonville Shopping Centre, Soweto Redevelopment to cater to centre with strong trading density of R37,245/m² per annum New mall, food court and improved tenant mix is being added to the centre Tenants in the expansion include: Clicks, Foschini, Pick n Pay, PQ Clothi
Slide 29: Future redevelopment: Setsing Crescent
Future redevelopment Setsing Crescent, Phuthaditjhaba Redevelopment to cater to nationals with exceptional trading densities of greater than R40,000/m² per annum who wish to expand their footprints Centre will be the largest in the town Pick n Pay will be introduced as a second food anchor T
Slide 30: Acquisition: Pine Crest
Acquisition Pine Crest Vukile acquired the remaining 50% share of Pine Crest Shopping Centre, located in Pinetown, Kwa-Zulu Natal. The centre is a 40 087m² regional shopping centre with an average footfall of 930 000 per month. Anchor tenants include Game, Pick n Pay, Woolworths and a new Dis-
Slide 31: Energy management
Energy management Achievements FY2017 1.8 Million kWh sustainable electricity savings per annum Further R3m saved through billing & metering optimisation Tariff optimisation R0.84m annually Installed PV capacity of 1.5 MW Over 600 smart meters installed Water recovery improvements of mor
Slide 32: Customer insights and alternative income management
Customer insights and alternative income management Understanding our shoppers – creating a competitive advantage Shopper insights determine Understanding the shopper Alternative Income Strategies tenant mix strategy Township and Rural markets not Communicate primary and secondary Developing i
Slide 33: Financial Performance
Financial Performance Mike Potts www.vukile.co.za
Slide 34: Distribution history
Distribution history Continuing trend of unbroken growth in distributions Cents per share Interim Final Normalised Total Non-recurring 156.75 146.3 136.8 126.5 120.4 111.4 107.9 109 97.9 89.1 88.3 83.1 77.7 76.8 71.7 67.65 68.5 68.2 63.8 63.2 62.8 61.5 60.9 59.1 54.8 53.8 52.2 47.6 46.2 44.1 48 47 4
Slide 35: Simplified income statement
Simplified income statement > R1 Billion of distributable income Mar-17 Mar-16 (a) Variance R'000 R'000 % Net profit from property operations excluding straight-line income adjustment 1 128 405 1 096 110 3.0 Income from asset management business and sundry income 14 984 15 034 (0.3) Dividends receiv
Slide 36: Simplified income statement (cont.)
Simplified income statement (cont.) > R1 Billion of distributable income Mar-17 Mar-16 (a) Variance R'000 R'000 % Non-IFRS related adjustments Shares issued cum dividend 31 847 63 024 (49.5) Dividends receivable from Fairvest 7 195 25 408 (71.7) Dividends receivable from Gemgrow 22 674 32 847 (31.0)
Slide 37: Growth in net profit from property operations
Growth in net profit from property operations Like-for-like growth of 9.9% 9.9% * 7.5% 7.3% 7.0% 6.8% 6.8% 5.8% 2012 2013 2014 2015 2016 2017 Note: Historic data per Company Annual Results. * Actual like-for-like growth 9.9% includes once-off utility corrections, normalised like-for-like growth 7.5%
Slide 38: Ratio of net cost to property revenue
Ratio of net cost to property revenue Improvement in cost ratios All expenses All expenses excluding rates & taxes and electricity Average 18.7 Average 16.5 21.2 19.2 18.6 18.5 18.1 17.8 17.1 17.0 16.8 16.7 15.7 14.4 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Note: Stable portfolio excluding recent a
Slide 39: Group net cash flow
Balance 1 April 2016 932 Dividends received from associate 53 Investment and other income 199 Cash from operating activities 1 105 Group Results for the year ending 31 March 2017 Proceeds on sale of investment properties and 4 114 Summary of inflows and outflows fixed assets Issue of shares 902 Grou
Slide 40: Group balance sheet
Group balance sheet – (R’m) Assets and liabilities Mar-16 Mar-17 13 302 13 168 4 114 2 965 2 686 2 223 1 998 1 752 1 586 1 367 832 557 77 73 Investment properties Other non-current Current assets Non-current assets held Non-controlling interest Non-current liabilities Current liabilities assets for
Slide 41: NAV Bridge
NAV Bridge – (Cents) NAV of 1 868 cps 164 107 (34) 81 1 868 69 1 842 55 (142) (274) Opening NAV Decrease in Decrease in non- Increase in other Increase in Decrease in non Movement in Adjusted for Decrease in Closing NAV (1 April 2016) current liabilities controlling non-current current assets curren
Slide 42: Analysis of group debt
Analysis of group debt Well hedged with low risk expiry profile Policy Actual No more than 25% of total interest bearing Maturities Achieved and constantly managed debt to mature within any one financial year Hedging strategy 75% of interest bearing debt to be hedged 95.1% * 35% DMTN debt Target ban
Slide 43: Analysis of group debt (cont.)
Analysis of group debt (cont.) Well hedged with low risk expiry profile Policy Actual Group interest cover ratio Maintain > 2.0:1 times cover Actual 3.64:1 times ICR stress level Margin Movement in net rental income from R1.247 Bn to R723m, or a reduction R524m (42%) Minimise while maintaining hedgi
Slide 44: Analysis of loan repayment and swap expiry profile
Analysis of loan repayment and swap expiry profile Well hedged with low risk expiry profile Loan and Swap Expiry Profile 95% of interest bearing debt hedged 34.9% 34.6% 27.0% Fixed rate 23.5% (swap) maturity 18.2% 15.6% profile 3.4 years 13.0% 11.3% 7.3% 5.1% 3.9% 2.5% 2.4% 0.5% 0.2% 0.0% 0.0% 0.0%
Slide 45: Group debt profile
Group debt profile Diversified sources of funding Group Debt by Currency Sources of Group Debt 9.16% 2.15% 3.76% 7.90% 4 026 4 026 4,500 10. 00% 9.0 0% 4,000 3 192 8.0 0% 3,500 7.0 0% 2 444 3,000 6.0 0% 2,500 7% SCM 5.0 0% 18% 2,000 RMB 1417 4.0 0% 18% 1,500 Standard Bank 17% 3.0 0% 42% 19% 25% Unse
Slide 46: Foreign exchange hedging policies
Foreign exchange hedging policies Continuing to maintain a conservative balance sheet Policy Prudent approach Minimise adverse foreign exchange fluctuations on Vukile’s earnings, assets and liabilities Reduce currency risk Acquisition of foreign assets to be funded with foreign loans in same currenc
Slide 47: Treasury management
Treasury management Conservative, well hedged and diversified balance sheet Low Prudent Gearing Interest Rate hedging policy 23% gearing at group level 7.90% cost of funding 95% Hedged 42% ICR and 33% LTV stress 3.4 year expiry profile level margin of safety Multiple Prudent FX Funding Sou
Slide 48: Platform For Growth - New Horizons
Platform For Growth - New Horizons Laurence Rapp www.vukile.co.za 48
Slide 49: South Africa: Focus on retail
South Africa Focus on retail MACRO DYNAMICS Political Risk and low GDP Growth Interest Rate environment will remain volatile with credit downgrade Retail continues to be the most attractive sector through the cycle Limited retail stock results in upward price pressure Retail market reachin
Slide 50: International - UK: Focus on logistics
International - UK Focus on logistics MACRO DYNAMICS Brexit uncertainty over the short-term creates opportunity UK is the 5th largest Economy in World – Skilled workforce – Tourist destination – Central time zone – Solid consumer spending (23rd Largest GDP per capita)* Highly liquid and transp
Slide 51: International - Spain: Key area of growth
International - Spain Key area of growth MACRO DYNAMICS Solid GDP Growth forecast for 2017 of 2.6% * Consumption Growth 3.3% ^ Record number of tourists Declining unemployment Rentals still below pre-financial crisis levels Recent credit upgrade from S&P to BBB+ with positive outlook P
Slide 52: Prospects
Prospects Positioned for strong long term growth Vukile is very WELL POSITIONED as a DEFENSIVE, CONSERVATIVELY GEARED and MANAGED RETAIL REIT able to navigate an increasingly fragile economic and political environment in South Africa LOCAL FOCUS will continue to be around accretive EXPANSION and
Slide 53: Acknowledgements
Acknowledgements Board Property managers Service providers Brokers and developers Tenants Investors Funders Colleagues Group Results for the year ending 31 March 2017 53
Slide 54: Q&A
LE VUKIL PROPE RTY REAL ESTATE. REAL =o www.vukile.co.za
Slide 55: Appendix A: Company Property Overview
Appendix A Company Property Overview www.vukile.co.za
Slide 56: Company total portfolio composition
Company total portfolio composition Top 10 assets make up c. 45% of the total portfolio Geographic Profile - by Market Value Geographic Profile - by GLA By Market Top 10 Top 10 Value By GLA Properties Properties 91% Retail 85% 44% 4% 3% Offices Industrial 6% 8% 31% of Total 1% Motor Related 1% of To
Slide 57: Company tenant exposure
Company tenant exposure Low risk with 76% national tenants Top 10 Tenants by Contractual Rent Top 10 Tenants by GLA Other Other 24% 24% Diversified across Top 10 Diversified across Top 10 1391 tenants Tenants 1391 tenants Tenants 42% 46% of Total Nationals of Total Nationals Rent 76% GLA 76% Tenant
Slide 58: Company tenant expiry profile
Company tenant expiry profile 52% of contractual rent expiring in 2020 and beyond (WALE 3.6 years) % of Contractual Rent Cumulative % of Contractual Rent 100 75 65 48 25 17 10 25 24 25 Mar-18 Mar-19 Mar-20 Mar-21 Beyond Mar-21 % of GLA Cumulative % of GLA 100 69 61 47 26 14 22 21 8 31 4 Vacant Mar-1
Slide 59: Vacancy profile
Vacancy profile Vacancy improving to 4.2% of contractual rent 12.6 9.6 7.2 Vacancy 5.8 5.0 4.2 4.0 4.2% of 3.6 Rent Retail Offices Industrial Total Mar-16 Mar-17 8.4 7.2 5.0 Vacancy 4.3 4.3 3.9 3.8 3.5 4.3% of GLA * Excluding development vacancy of 7034m2 Retail Offices Industrial Total Group Result
Slide 60: Individual properties vacancy profile
Individual properties vacancy profile (% of GLA) Vacancy > 1 000m2 Vacant Area Mar-16 Vacant Area Mar-17 Roodepoort Hillfox Power Centre (7%) Randburg Square (7%) Vereeniging Bedworth Centre (7%) Bloemfontein Plaza (3%) Hartbeespoort Sediba Shopping Centre (16%) Retail Emalahleni Highland Mews (10%)
Slide 61: Lease renewals and new leases concluded
Lease renewals and new leases concluded Positive reversions across all sectors. Retail the star performer 6.9 6.7 Lease 5.0 renewals 4.1 - percentage escalation on expiry rentals Retail Offices Industrial Average 97.7 97.6 95.8 85.1 New leases concluded – ratio of rental concluded against budget Ret
Slide 62: Contracted rental escalation profile
Contracted rental escalation profile Rental escalations still ahead of inflation 8.8 8.1 8.0 7.6 Escalation 7.6 7.6 7.5 7.5 7.4 7.4 7.3 7.2 Percentage Retail Offices Industrial Total Mar-16 Mar-17 Recent New Leases and Renewals Group Results for the year ending 31 March 2017 62
Slide 63: Weighted average base rentals – R/m2
Weighted average base rentals– R/m2 Excluding recoveries 7.2% 19.3% 122.88 115.42 114.61 -4.6% 96.71 94.56 90.25 16.4% 51.96 44.65 Retail Offices Industrial Total Mar-16 Mar-17 Group Results for the year ending 31 March 2017 63
Slide 64: Weighted average base rentals R/m2 (retail)
Weighted average base rentals R/m2 (excluding recoveries) Total Retail portfolio Boksburg East Rand Mall (50%) Durban Phoenix Plaza Durban Workshop Springs Mall (25%) Windhoek 269 Independence Avenue Mbombela Truworths Centre Pinetown Pine Crest Gugulethu Square Daveyton Shopping Centre Oshikango Sh
Slide 65: Weighted average base rentals R/m2 (other)
Weighted average base rentals R/m2 (excluding recoveries) Total Other portfolio Cape Town Bellville Barons Jhb Houghton Estate Oxford Terrace Jhb Houghton 1 West Street Sandton Rivonia Tuscany Section 8 Sandton Rivonia Tuscany Section 10 Pretoria Hatfield 1166 Francis Baard Street Sandton Rivonia Tu
Slide 66: Refurbishments and new developments
Refurbishments and new developments Approved during FY2017 Project Capex Yield Completion Date Durban : The Workshop 75.0 n/a 28-Feb-17 Boksburg : East Rand Mall 230.0 5.3 31-Jan-17 Durban : Phoenix Plaza 24.5 n/a 31-Aug-17 Bellville : Barons Ford 35.4 15.1 30-Jul-17 Dobsonville Centre Extension 114
Slide 67: Acquisitions
Acquisitions Transferred during FY2017 Property Location Sector GLA Purchase Price Atlantis City Shopping Centre Western Cape Retail 22,115 302.1 Elim Hubyeni Shopping Centre Limpopo Retail 12,686 127.5 Emalahleni Highland Mews Mpumalanga Retail 17,032 224.0 Ermelo Game Centre Mpumalanga Retail 6,63
Slide 68: Disposals
Disposals Transferred during FY2017 Property Location Sector Sale Price Cape Town Bellville Suntyger Western Cape Offices 63.6 Cape Town Bellville Tijger Park Western Cape Offices 241.3 Cape Town Parow Industrial Park Western Cape Industrial 77.7 Durban Valley View Industrial Park KwaZulu-Natal Indu
Slide 69: Disposals (cont.)
Disposals (cont.) Transferred during FY2017 Property Location Sector Sale Price Pretoria Silverton 301 Battery Street Pretoria Industrial 18.5 Pretoria Silverton 309 Battery Street Pretoria Industrial 20.9 Pretoria Silverton 330 Alwyn Street Pretoria Industrial 4.7 Pretoria Silverton 34 Bearing Cres
Slide 70: Disposals (cont.)
Disposals (cont.) Transferred during FY2017 Property Location Sale Price Yield Date of Sale Bloemfontein Fedsure House FreeState 89.70 8.6 31-Aug-16 Pretoria Arcadia Suncardia Pretoria 265.60 10.0 31-Aug-16 Pretoria De Bryn Park Pretoria 305.10 9.3 31-Aug-16 Pretoria Koedoe Arcade Pretoria 129.70 12
Slide 71: Appendix B: Financial Results Overview
Appendix B Financial Results Overview www.vukile.co.za 71
Slide 72: Group net income analysis
Group net income analysis Distributable income of R1 117 million R’000 % Income R2 262.7 million Rental income (excl. straight lining) and other 1 492 165 65.9 Municipal and rates recoveries 472 037 20.9 Investment and other income 111 502 4.9 Income from associate 45 251 2.0 Dividends from listed s
Slide 73: Recurring expenses
Recurring expenses 82% of costs from top four categories 63% of costs from Government Services and Rates & Taxes with full recovery % of Recurring expenses Total Portfolio Government Services 46 Rates & Taxes 17 Cleaning & security 11 Property Management Fee 8 Sundry Expenses 7 Maintenance 4 Bad Deb
Slide 74: Ratio of gross cost to property revenue
Ratio of gross cost to property revenue Improvement in cost ratios Average 38.3 Average 20.7 39.8 38.9 38.1 37.7 37.7 37.5 22.0 21.4 21.1 20.7 20.3 18.6 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 All expenses All expenses excluding rates & taxes and electricity * Stable portfolio excluding recent acq
Slide 75: Bad debt and arrears analysis
Bad debt and arrears analysis Prudent provisioning policy March 2017 R’000 Tenant arrears amounted to R76 million or 4.3% of gross rental Impairment allowance 1 April 2016 28 010 income, an increase from 3.05% − Allowance for receivable impairment for the year 15 863 at March 2016 − Receivables wr
Slide 76: Vukile debt structure: fixed interest bearing debt
Vukile debt structure Fixed interest bearing debt - R3.4 billion Fixed rate debt (R’m) April 2017 163 May 2017 340 November 2017 390 March 2018 100 April 2018 320 May 2018 380 July 2018 82 September 2018 25 January 2019 152 * March 2019 376 October 2019 268 January 2020 100 March 2020 100 June 2020
Slide 77: Vukile debt structure: variable interest bearing debt
Vukile debt structure Variable interest bearing debt – R588 million Variable rate debt (R’m) June 2017 7* September 2017 77 November 2017 10 June 2018 7* March 2019 65 June 2019 7* September 2019 40 October 2019 23* December 2019 93* June 2020 7* December 2020 93* June 2021 7* October 2021 23* June