Vukile Property Fund Limited · JSE:VKE
Vukile Property Fund — H1 2009 Earnings Presentation
23 slides from Vukile Property Fund's earnings presentation, November 2008
Slide 1: Moving ahead, staying on course: Interim Results 2008
Moving ahead, INTERIM RESULTS staying on course 2008 for six months ended 30 September 2008
Slide 2: Highlights
Hi hli ht Highlights Distribution for 6 months up 9.6% compared to comparable period Expansions, upgrades and revamps exceeding R90 million completed and underway Vacancies kept firmly under control R251 million illi new lleases and/or d/ renewals l concluded l d d Bad debts kept firmly un
Slide 3: Condensed group income statement for 6 months ended 30 September 2008
Condensed group income statement for 6 months ended 30 September 2008 Sept 2008 Sept 2007 Cents per Cents per % linked unit linked unit change Group net rental income 70.3 67.4 4.3 Net finance costs (20 2) (20.2) (18 6) (18.6) (8 (8.6) 6) Other (incl. taxation) (3.9) (5.0) (22.0) Headline earnings 4
Slide 4: Contribution to increased distribution
C t ib ti tto iincreased Contribution d di distribution t ib ti Cents per linked unit Contribution to increased rental income 8.9 • Reduction in vacancies and increased rentals 5.0 • Additional rentals from property acquisitions 2.2 • Higher recoveries of electricity and rates and taxes 1.7 Less: In
Slide 5: Components of growth in income and distribution
Components of growth in income and distribution VUKILE PROPERTY FUND LIMITED
Slide 6: Group debt structure
G Group debt d bt structure t t Maturity and interest rate profile of long-term debt at 30 September 2008 VUKILE PROPERTY FUND LIMITED
Slide 7: Group balance sheet as at 30 September 2008
Group balance sheet as at 30 September 2008 VUKILE PROPERTY FUND LIMITED
Slide 8: Group net cash flow
G Group nett cash h flow fl VUKILE PROPERTY FUND LIMITED
Slide 9: NAV Bridge
NAV B Bridge id VUKILE PROPERTY FUND LIMITED
Slide 10: Linked unit price performance
Li k d unit Linked it price i performance f VUKILE PROPERTY FUND LIMITED
Slide 11: Distribution history
Di t ib ti hi Distribution history t VUKILE PROPERTY FUND LIMITED
Slide 12: Trading volumes
T di volumes Trading l VUKILE PROPERTY FUND LIMITED
Slide 13: The property portfolio
Th property The t portfolio tf li Number of properties 74 (74 on 31/3/08) GLA 911 907 m² (911 907 m² on 31/3/08) Valuation Directors’ valuation R4.09 billion – down R226 million (5 2%) ffrom 31/3/08 (5.2%) External valuation R2 408.6 million compared to directors’ valuation for same properties
Slide 14: The property portfolio – largest properties (> R100 million)
The property portfolio – largest properties (> R100 million) Area Value % of (m²) (R’m) total Durban Phoenix Plaza S/C 24 162 310 0 310.0 76 7.6 Randburg Square S/C 51 370 238.4 5.8 Durban Embassy Offices 32 339 192.4 4.7 Pinetown Pinecrest S/C (50%) 40 492 170 3 170.3 42 4.2 Bellville Louis Leipold
Slide 15: Acquisitions, developments and upgrades
Acquisitions, developments and upgrades Value Yield (R’m) (%) Expansions Oshakati Game Centre 24.3 7.5 Courier IT Warehouse 14 3 14.3 96 9.6 Nelspruit Truworths 8.7 9.5 47.3 8.5 Upgrades/Revamps Dobsonville Shopping Centre 16.7 Durban Phoenix Plaza 27.3 44.0 VUKILE PROPERTY FUND LIMITED
Slide 16: Sectoral profile - % of gross rentals
S t l profile Sectoral fil - % off gross rentals t l VUKILE PROPERTY FUND LIMITED
Slide 17: Vacancy profile - % of gross rentals
V Vacancy profile fil - % off gross rentals t l VUKILE PROPERTY FUND LIMITED
Slide 18: Lease expiry profile
L Lease expiry i profile fil VUKILE PROPERTY FUND LIMITED
Slide 19: New leases and renewals
N New lleases and d renewals l New leases and renewals for 6 months ended 30 September 2008 Total area 115 579 m² Total contract value R251 million Gross Contract rental (R/m²) value (R’m) Pinecrest: Pick & Pay 42.00 15.8 50 6th Rd,, Hyde y Park: Virgin g 112.00 11.2 Robertville: New Teltron 25.
Slide 20: Growth in rentals
G Growth th in i rentals t l Contracts expired during 6 months ended 30 September 2008 (gross rentals) Average Average Growth rental on renewal in rental expiry (R/m²) rental (R/m²) (%) Industrial 25.16 30.50 21.2 Retail 89.43 96.75 8.2 Commercial 67.95 74.04 9.0 VUKILE PROPERTY FUND LIMITED
Slide 21: Strategic priorities
St t i priorities Strategic i iti Retain tenants and control vacancies Manage and control bad and doubtful debts Continue to maintain/upgrade/revamp existing portfolio Manage the energy situation VUKILE PROPERTY FUND LIMITED
Slide 22: Prospects
P Prospects t Turmoil on world markets Inflation turning ? Interest rates have peaked ? Slowdown in economic growth Slowdown in rental growth Still low vacancies, limited new stock Support rental levels Expect reasonable growth in distributions VUKILE PROPERTY FUND LIMITED
Slide 23: Questions
Q Questions ti ? VUKILE PROPERTY FUND LIMITED