Burstone Group Limited · JSE:BTN
Burstone — Investec Property Fund — H1 2018 Earnings Presentation
12 slides from Burstone's earnings presentation, Nov 14, 2017
Slide 1: Investec Property Fund 2017 Interim Results: Key highlights
Investec Property Fund Limited (Incorporated in the Republic of South Africa) (Registration number 2008/011366/06) Share code: IPF ISIN: ZAE000180915 (Income tax reference number 9332/719/16/1) 2017 Financial results Interim Results Key highlights 12.2% DIVIDEND PER SHARE ('DPS') GROWTH (including I
Slide 2: Consolidated statement of comprehensive income
ended ended Year ended 30 September 30 September 31 March R'000 Notes 2017 2016 2017 Revenue, excluding straight-line rental revenue adjustment 888 535 814 782 1 657 570 Straight-line rental revenue adjustment 16 475 78 862 122 691 Revenue 905 010 893 644 1 780 261 Property expenses (147 152) (127 9
Slide 3: Cash flows, changes in equity and segmental information
of R65.9 million. Condensed consolidated statement of cash flows Reviewed Reviewed Six months Six months Audited ended ended Year ended 30 September 30 September 31 March R'000 2017 2016 2017 Cash generated from operations 655 575 722 191 1 419 235 Finance income received 7 331 4 742 11 641 Finance
Slide 4: Reconciliation of total dividend per share to normalised dividend per share
Reviewed Reviewed Six months Six months Audited ended ended Year ended 30 September 30 September 31 March R'000 2017 2016 2017 1.2 RECONCILIATION OF TOTAL DIVIDEND PER SHARE TO NORMALISED DIVIDEND PER SHARE Interim dividend 491 018 426 516 426 516 Less: IAPF antecedent dividend (22 277) - - Normalis
Slide 5: Financial instruments and fair value adjustments of investment property
Total financial liabilities 98 841 - 98 841 - 6 730 326 (1) Trade and other receivables exclude prepayments which are non-financial instruments. (2) Trade and other payables exclude revenue received in advance and value added tax as these are non-financial instruments. Reviewed Audited Reviewed 30 S
Slide 6: Portfolio overview and financial results commentary
119 properties in South Africa with a total gross lettable area ('GLA') of 1 309 251m² valued at R17.6bn (March 2017: R17.4bn). In addition to the local property portfolio, the Fund has offshore investments into Investec Australia Property Fund Limited ('IAPF') of R1.3bn and Investec Argo UK Propert
Slide 7: Letting activity and office portfolio
WALE (years) 3.5 years 3.4 years 4.1 years 3.2 years In-force escalations 7.6% 8.0% 7.8% 7.3% Letting activity The Fund began the interim period with an opening vacancy of 17 278m2 (1.4%), and with 245 211m2 expiring during the year. The Fund has renewed or re-let 161 450m2 (66%) at a positive rever
Slide 8: Retail portfolio performance
The quality of the retail portfolio is reflected through the positive letting activity during the period which saw positive reversions achieved of 6.2% for the full year with ongoing escalations of 7.6% on this activity. Vacancy remains low at 1.8% with 68% of the 74 978m2 that expires during the ye
Slide 9: Offshore investments: IAPF and UK investment
assets. There has been no change to the Funds' holding in the investment during the period. The Fund manages its exposure to exchange rate risk on its distributions received from IAPF by actively hedging future income from IAPF through taking out forward exchange rate cover. Approximately 30% of the
Slide 10: Balance sheet and risk management
Balance sheet and risk management is a fundamental focus area for the business. In the current volatile and unpredictable environment it is paramount that the Fund has certainty on its sources of funding and cost of funding. The Fund adopts a conservative approach to both of these measures. As a res
Slide 11: Prospects, board sign-off and basis of accounting
The information and opinions contained above are recorded and expressed in good faith and are based upon sources believed to be reliable. No representation, warranty, undertaking or guarantee of whatever nature is made or given with regards to the accuracy and/or completeness of such information and
Slide 12: Dividend tax and other information
the case may be, should the circumstances affecting the reduced rate change or if the beneficial owner ceases to be the beneficial owner. If applicable, non-resident Shareholders are advised to contact the CSDP, broker or the Fund, as the case may be, to arrange for the abovementioned documents to b
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