Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — H1 2008 Earnings Presentation
23 slides from Vukile Property Fund's earnings presentation, November 2007
Slide 1: 2007 Interim results
2007 Interim results for the six months ended 30 September 2007
Slide 2: Highlights
Highlights Distribution for 6 months up 12.6% compared to comparable period Value of portfolio exceeds R4 billion Reduction of vacancies from 2.9% six months ago to 2.5% NAV per linked unit up 25.6% to 892 cents per linked unit Successful completion of upgrade projects at Dobsonville and E
Slide 3: Condensed group income statement for 6 months ended 30/9/07
Condensed group income statement for 6 months ended … 30/9/07 30/9/06 % (cents per linked unit) movement Group net rental income 65.1 66.9 (2.7) Net finance costs (18.6) (25.2) 26.2 Other (including taxation) (2.7) (4.7) 42.6 Headline earnings 43.8 37.0 18.4 Available for distribution 124.4 98.9 25.
Slide 4: Group debt structure
Group debt structure VUKILE PROPERTY FUND LIMITED
Slide 5: Group balance sheet – as at 30 September
Group balance sheet – as at 30 September VUKILE PROPERTY FUND LIMITED
Slide 6: Group net cash flow
Group net cash flow VUKILE PROPERTY FUND LIMITED
Slide 7: NAV Bridge
NAV Bridge VUKILE PROPERTY FUND LIMITED
Slide 8: Components of growth in income and distribution
Components of growth in income and distribution VUKILE PROPERTY FUND LIMITED
Slide 9: Linked unit price performance
Linked unit price performance VUKILE PROPERTY FUND LIMITED
Slide 10: Distribution history
Distribution history VUKILE PROPERTY FUND LIMITED
Slide 11: Trading volumes
Trading volumes Average = R31.6m per month VUKILE PROPERTY FUND LIMITED
Slide 12: The property portfolio
The property portfolio Number of properties 73 (71 on 31/3/07) GLA 918 331 m² (898 351 m²) Valuation Directors’ valuation R4.35 billion – up 12.6% from 31/3/07 (increase 8.9% on like-for-like basis) External valuation R2 129.8 million compared to directors’ valuation for same properties of R2
Slide 13: The property portfolio – largest properties (> R120 million)
The property portfolio – largest properties (> R120 million) Area Value % of (m²) (R’m) total Durban Phoenix 24 134 379.6 8.7 Randburg Square 51 370 218.9 5.0 Durban Embassy 32 376 203.1 4.7 Pinecrest (50%) 40 249 179.9 4.1 Belville Louis Leipoldt 20 479 162.3 3.7 Dobsonville Centre 23 124 146.9 3.4
Slide 14: Acquisitions, developments and upgrades
Acquisitions, developments and upgrades Value Yield (R’m) (%) Acquisition of BPI House Windhoek 113.0 9.1 Acquisition of West Street Houghton 33.9 9.2 Development of Moratiwa Crossing 61.6 9.5 Development of Allandale Mini’s 21.0 9.4 Upgrade of Dobsonville Centre 10.0 - Upgrade of Eva Park, Blackhea
Slide 15: Sectoral profile - % of gross rentals
Sectoral profile - % of gross rentals VUKILE PROPERTY FUND LIMITED
Slide 16: Vacancy profile - % of gross rentals
Vacancy profile - % of gross rentals VUKILE PROPERTY FUND LIMITED
Slide 17: Lease expiry profile
Lease expiry profile VUKILE PROPERTY FUND LIMITED
Slide 18: New leases and renewals
New leases and renewals New leases and renewals for 6 months ended 30 September 2007 Total area 69 486 m² Total contract value R217.1 million Gross Contract rental (R/m²) value (R’m) Arivia.kom Midrand 64.80 34.3 Supra Hino Linbro Park 45.00 21.2 Embassy Durban (Wesbank) 48.10 20.5 Barlow Place
Slide 19: Growth in rentals
Growth in rentals Contracts expired during 6 months ended 30 September 2007 Average Average Growth rental on renewal in rental expiry rental (%) Industrial * 15.01 18.39 22.5 Retail 75.90 86.42 13.9 Commercial 58.88 67.71 15.0 * We have excluded the renewal of the Supra Hino contract at Linbro Park
Slide 20: Cautionary announcement
Cautionary announcement Announcement will be made shortly VUKILE PROPERTY FUND LIMITED
Slide 21: Strategic priorities
Strategic priorities Growth New acquisitions Further expansions/revamps/upgrades (Phoenix, Dobsonville, Daveyton, Eva Park, Meadowdale Mall) Cost cutting Procurement New property management contracts BEE Leverage existing shareholders Further initiatives re Code of Good Practice on Black Econo
Slide 22: Prospects
Prospects Budget for growth for full year broadly in line with growth of previous year VUKILE PROPERTY FUND LIMITED
Slide 23: Questions
Questions ? VUKILE PROPERTY FUND LIMITED