Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — FY2007 Earnings Presentation
17 slides from Vukile Property Fund's earnings presentation, March 2007
Slide 1: Audited group results for the year ended 31 March 2007
Audited group results for the year ended 31 March 2007 Highlights a Distribution for 12 months up 12% compared to previous year a Distribution for 6 months up 14% compared to corresponding 6 month period a Successful implementation of R200 million issue of linked units for cash a NAV per linked unit
Slide 2: Salient features of results; Condensed group income statement
Salient features of results a Net profit available for distribution up 16% from R185.8 million to R214.8 million a Net asset value (NAV) per linked unit up to 803 cents per linked unit from 670 cents per linked unit at March 2006 (+20%) a Distribution for 6 months up 14% (41.0 cents vs 36.0 cents) a
Slide 3: Group debt structure; Group balance sheet
Group debt structure Maturity and interest rate profile of long- term debt at 31 March 2007 VUKILE PROPERTY FUND LIMITED Group balance sheet VUKILE PROPERTY FUND LIMITED 3
Slide 4: Group net cash flow; NAV Bridge
Group net cash flow VUKILE PROPERTY FUND LIMITED NAV Bridge Change in group net assets (cents per linked unit) VUKILE PROPERTY FUND LIMITED 4
Slide 5: Linked unit price performance; Trading volumes
Linked unit price performance VUKILE PROPERTY FUND LIMITED Trading volumes Monthly trading volumes Total value traded = R474 million VUKILE PROPERTY FUND LIMITED 5
Slide 6: The property portfolio; largest properties
The property portfolio a Number of properties 71 (79 on 30/9/06) a GLA 898 351 m² (956 147 m²) a Valuation – Total portfolio Directors’ valuation up 14% from 30 September 2006 to R3 862.8 million – External valuation R2 097.6 million compared to R2 096.8 million directors’ valuation (0.04% differenc
Slide 7: The property portfolio – risk profile; discount and cap rates
The property portfolio – risk profile a Five point risk profile classification system based on Lifecycle status Location Demand Expected return Expected vacancy Expected expense ratio a Risk profile of property determines discount rate and capitalization rate for valuation purposes as well as future
Slide 8: Risk profile distribution; Sectoral valuation of investment property
The property portfolio – risk profile distribution VUKILE PROPERTY FUND LIMITED Sectoral valuation of investment property VUKILE PROPERTY FUND LIMITED 8
Slide 9: Acquisitions, developments; Disposals
Acquisitions, developments Value Yield (R’ m) (%) Expansion/upgrade of Phoenix and Dobsonville 73.0 16.7 Acquisition of 50% share in Pine Walk Centre 30.0 9.6 Acquisition of 50 Sixth Road, Hyde Park 57.2 9.7 Development of mini-factories at Allandale 21.0 9.4 Development of Moratiwa Crossing Centre
Slide 10: The portfolio – geographical and sectoral profile
The portfolio – geographical profile % of gross rentals VUKILE PROPERTY FUND LIMITED The portfolio – sectoral profile % of gross rentals VUKILE PROPERTY FUND LIMITED 10
Slide 11: The portfolio – vacancy profile
The portfolio – vacancy profile Individual properties - % of gross rentals Subsequent to year-end: Wesbank in Embassy, Durban – 6 065 m² (1 May 2007) Unisys in Barlow Place, Rivonia – 2 543 m² (1 August 2007) VUKILE PROPERTY FUND LIMITED The portfolio – vacancy profile % of GLA VUKILE PROPERTY FUND
Slide 12: The portfolio – lease expiry and tenant profile
The portfolio – lease expiry profile % of gross rentals VUKILE PROPERTY FUND LIMITED The portfolio – tenant profile % of GLA VUKILE PROPERTY FUND LIMITED 12
Slide 13: The portfolio – gross rentals; Average net rental
The portfolio – gross rentals Weighted average gross rentals at 31 March 2007 VUKILE PROPERTY FUND LIMITED Average net rental Per sector VUKILE PROPERTY FUND LIMITED 13
Slide 14: Rental escalation profile; Gross cost to income ratios
The portfolio – rental escalation profile Average annual escalation (gross rentals) VUKILE PROPERTY FUND LIMITED Gross cost to income ratios VUKILE PROPERTY FUND LIMITED 14
Slide 15: New leases and renewals; Acquisition of MICC
The porfolio – new leases and renewals New leases and renewals (12 months ended 31 March 2007) a Total contract value R460 million a Total rentable area 234 400 m² Contract value (R’m) • Subaru SA at Supra Hino, Linbro Park 26.1 • City Of Tshwane at 227 Andries Street, Pretoria 15.4 • Direct Channel
Slide 16: Strategic priorities for the coming year; Prospects
Strategic priorities for the coming year a Growth New acquisitions Further expansions/revamps/upgrades (Phoenix, Dobsonville, Daveyton, Eva Park, Meadowdale Mall) a Cost cutting Procurement New property management contracts a BEE Leverage existing shareholders Further initiatives re Code of Good Pra
Slide 17: Acknowledgements; Questions
Acknowledgements Sanlam Properties JHI Kuper Legh Marriott Properties CPS Property Management Brokers Developers Tenants Investors VUKILE PROPERTY FUND LIMITED Questions ? VUKILE PROPERTY FUND LIMITED 17