ACP
ACP - Acucap Properties Limited - Dealing in securities by the company secretary
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY THE COMPANY SECRETARY
Unitholders are advised of the following information relating to the dealing in
securities by the company secretary:
Company secretary: H Steyn
Date of transaction: 27 February 2012
Number of securities: 1 976
Price per security: R39.92
Total value: R78 881.92
Number of securities: 23 024
Price per security: R40.20
Total value: R925 564.80
Class of securities: Linked units
Nature of transaction: Purchase on the open market by The
Hamilton Trust of which Mr H Steyn is a
trustee and beneficiary
Extent of interest: Indirect beneficial
Written clearance to deal: Yes
Cape Town
28 February 2012
Sponsor
Nedbank Capital
Date: 28/02/2012 10:07:01 Produced by the JSE SENS Department.
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ACU LIVE:
OPN 4065
/ BID 4055
/ OFF. 4070
/ MOV. -10
/ VOL 58650
/ DIV. YLD 6.98
/ LST TRADE VOL 6223
/ VAL. 263077509
/ AVG. PRICE 4485
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ACP
ACP - Acucap Properties Limited - Unaudited Condensed Interim Results for the 6
months ended 30 September 2011
Acucap Properties Limited
Reg no 2001/021725/06
Share Code: ACP
ISIN: ZAE000037651
("Acucap" or "the fund" or "the company")
Unaudited Condensed Interim Results for the 6 months ended 30 September 2011
Condensed consolidated statement of financial position
30 31 March 30
September 2011 September
2011 2010
Unaudited Audited Restated *
Assets
Property Assets 6 872 530 6 926 761 6 271 805
Investment properties 6 359 625 6 351 984 5 729 547
Non-current receivable 91 314 91 242 112 045
Current receivable 27 128 30 259 28 627
Investment properties 6 478 067 6 473 485 5 870 219
and related receivables
Investment properties 40 000 147 250 100 752
held for sale and
related receivables
Investment properties 282 517 234 023 230 542
under development
Owner-occupied property 9 632 9 870 10 106
Property development 62 314 62 133 60 186
inventory
Other non-current 1 553 755 1 534 948 1 435 315
assets
Loans in respect of 331 575 331 383 274 103
unit purchase scheme
Equipment 1 533 1 385 1 573
Listed investments 870 427 834 276 788 552
Interest in jointly 123 52 -
controlled entities
Intangible assets and 295 273 308 052 320 832
goodwill
Deferred tax assets 54 824 59 800 50 255
Other current assets 232 610 221 043 301 491
Trade and other 223 415 214 629 246 194
receivables
Tax receivable 415 437 -
Cash and cash 8 780 5 977 55 297
equivalents
Total assets 8 658 895 8 682 752 8 008 611
Equity and liabilities
Shareholders' interest 3 228 488 3 313 077 2 720 334
Share capital and share 1 837 783 1 832 561 1 717 855
premium
Non-distributable 1 688 111 1 699 847 1 244 523
reserve
Accumulated loss (297 406) (219 331) (242 044)
Non-current liabilities 4 767 531 4 500 737 4 087 144
Debentures 1 633 130 1 630 633 1 583 119
Financial liabilities 2 666 787 2 423 093 2 071 137
BEE instrument 116 294 84 042 94 736
Financial instruments 82 064 90 199 150 865
Deferred tax 269 256 272 770 187 287
liabilities
Current liabilities 662 876 868 938 1 201 133
Trade and other 125 835 127 658 143 761
payables
Financial liabilities 300 000 514 591 832 081
Tax payable - - 8 583
Debenture interest 237 041 226 689 216 708
payable
Total equity and 8 658 895 8 682 752 8 008 611
liabilities
* Prior year financial statements were restated due to early adoption of
IAS 12 amendment:
Prior year Restatement Restated
2010 prior year
2010
Statement of
Financial position
Non-distributable 1 092 668 151 855 1 244 523
reserve
Accumulated loss (242 044) - (242 044)
Deferred tax 339 142 ( 151 855) 187 287
liabilities
1 189 766 - 1 189 766
Condensed consolidated statement of comprehensive income
For the six months ended 30 September 2011
6 months year 6 months
ended ended ended
30 31 March 30
September 2011 September
2011 2010
Unaudited Audited Unaudited
R'000 R'000 R'000
Revenue 317 594 624 298 294 696
- Contractual 320 345 636 827 288 022
- Straight lining (2 751) (12 529) 6 674
Net operating expenses (24 440) (64 616) (20 423)
Loss on sale of properties (1 310) (205) (200)
Loss on sale of jointly - (948) (948)
controlled entity
Amortisation of intangible (12 780) (25 151) (12 371)
assets
Profit before fair value
adjustments,
interest and taxation 279 064 533 378 260 754
Fair value adjustment to 3 222 524 940 (6 474)
investment properties
Fair value adjustment to BEE (32 252) (7 495) (18 189)
instrument
Fair value adjustment to (19 188) 3 927 (18 564)
government bonds
Profit before interest and 230 846 1 054 750 217 527
taxation
Interest income 52 600 134 001 53 023
Interest expense
- Debenture holders - interim (237 041) (216 708) (216 708)
- Debenture holders - final - (226 689) -
- Financial institutions and (118 824) (252 008) (108 938)
other
(Loss)/ profit before taxation (72 419) 493 346 (55 096)
Taxation 4 302 (65 765) (3 688)
(Loss)/ profit for the period (68 117) 427 581 (58 784)
Other comprehensive (expense)/
income
Net change in fair value of 31 090 (51 826) 181
listed investments, net of
taxation
Net change in fair value of (52 784) (714) (44 393)
cash flow hedge recognised
directly in equity, net of
taxation
Other comprehensive expense for (21 694) (52 540) (44 212)
the period, net of income tax
Total comprehensive (expense)/ (89 811) 375 041 (102 996)
income for the period
Reconciliation of (loss)/
profit for the period to
headline loss
(Loss)/ profit for the period (68 117) 427 581 (58 784)
Fair value adjustment to (3 222) (524 940) 6 474
investment properties
Loss on disposal of investment 1 310 205 200
properties
Tax effects (117) 71 430 -
Headline loss - shares (70 146) (25 724) (52 110)
Interest paid to debenture 237 041 443 397 216 708
holders
Headline earnings - linked 166 895 417 673 164 598
units
Cents Cents Cents
Basic and diluted (loss)/ (41.67) 272.64 ( 38.45)
earnings per share
Headline earnings per linked 102.11 266.32 107.65
unit
Interest Distribution per 145.00 275.63 136.75
linked unit
- Interim 145.00 136.75 136.75
- Final - 138.88 -
Condensed consolidated statement of changes in equity
For the six months ended 30 September 2011
Shares Share Share
issued capital Premium
Number R'000 R'000
Balance at 31 March 2010 * 149 752 754 150 1 535 783
Total comprehensive expense for the
period
Loss for the period - - -
Other comprehensive income/ (expense)
Net change in fair value of listed - - -
investments
Net change in fair value of cash flow - - -
hedge recognised directly in equity
Total comprehensive expense for the - - -
period
Transactions with owners, recorded
directly in equity
Issue of 8 717 627 shares in July 2010 8 717 627 9 181 913
Transfer to non-distributable reserve - - -
Total transactions with owners 8 717 627 9 181 913
Balance at 30 September 2010 158 470 381 159 1 717 696
Total comprehensive expense for the
period
Profit for the period - - -
Other comprehensive income/ (expense)
Net change in fair value of listed - - -
investments
Net change in fair value of cash - - -
flow hedge recognised directly in
equity
Total comprehensive (expense)/ - - -
income for the period
Transactions with owners, recorded
directly in equity
Issue of 2 471 153 shares in 2 471 153 2 59 613
December 2010
Issue of 1 685 000 shares in 1 685 000 1 40 601
January 2011
Issue of 600 000 shares in January 600 000 1 14 488
2011
Transfer to non-distributable - - -
reserve
Total transactions with owners 4 756 153 4 114 702
Balance at 31 March 2011 163 226 534 163 1 832 398
Total comprehensive expense for the
period
Loss for the period - - -
Other comprehensive income/
(expense)
Net change in fair value of listed - - -
investments
Net change in fair value of cash - - -
flow hedge recognised directly in
equity
Total comprehensive expense for the - - -
period
Transactions with owners, recorded
directly in equity
Issue of 250 000 shares in April 250 000 1 5 221
2011
Transfer to non-distributable - - -
reserve
Total transactions with owners 250 000 1 5 221
Balance at 30 September 2011 163 476 534 164 1 837 619
Condensed consolidated statement of changes in equity
For the six months ended 30 September 2011 (continued)
Non Accumulated Total
Distributable loss
Reserve
Balance at 31 March 2010* 1 307 786 (202 311) 2 641 408
Total comprehensive expense
for the period
Loss for the period - (58 784) (58 784)
Other comprehensive
income/(expense)
Net change in fair value of 181 - 181
listed investments
Net change in fair value of (44 393) - (44 393)
cash flow hedge recognised
directly in equity
Total comprehensive expense (44 212) (58 784) (102 996)
for the period
Transactions with owners,
recorded directly in equity
Issue of 8 717 627 shares in - - 181 922
July 2010
Transfer to non-distributable (19 051) 19 051 -
reserve
Total transactions with owners (19 051) 19 051 181 922
Balance at 30 September 2010 1 244 523 (242 044) 2 720 334
Total comprehensive (expense)
/ income for the period
Profit for the period - 486 365 486 365
Other comprehensive (expense)/
income
Net change in fair value of (52 007) - (52 007)
listed investments
Net change in fair value of 43 679 - 43 679
cash flow hedge recognised
directly in equity
Total comprehensive (8 328) 486 365 478 037
(expense)/income for the
period
Transactions with owners,
recorded directly in equity
Issue of 2 471 153 shares in - - 59 615
December 2010
Issue of 1 685 000 shares in - - 40 602
January 2011
Issue of 600 000 shares in - - 14 489
January 2011
Transfer to non-distributable 463 652 (463 652) -
reserve
Total transactions with owners 463 652 (463 652) 114 706
Balance at 31 March 2011 1 699 847 (219 331) 3 313 077
Total comprehensive income for
the period
Loss for the period - (68 117) (68 117)
Other comprehensive
income/(expense)
Net change in fair value of 31 090 - 31 090
listed investments
Net change in fair value of (52 784) - (52 784)
cash flow hedge recognised
directly in equity
Total comprehensive expense (21 694) (68 117) (89 811)
for the period
Transactions with owners,
recorded directly in equity
Issue of 250 000 shares in - - 5 222
April 2011
Transfer of non-distributable 9 958 (9 958) -
reserve
Total transactions with owners 9 958 (9 958) 5 222
Balance at 30 September 2011 1 688 111 (297 406) 3 228 488
Condensed cash flow statement
For the 6 months ended 30 September 2011
6 months year 6 months
ended ended ended
30 31 March 30 September
September 2010 2010
2011
R'000 R'000 R'000
Cash flows from operating activities
Cash generated by operations 285 994 567 686 250 209
Changes in property development (180) 12 835 979
inventory
Income tax paid (1 552) (28 850) (24 058)
Interest received 52 600 134 001 53 023
Interest paid (345 (664 233) (325 646)
513)
Net cash (outflows)/ inflows (8 651) 21 439 (45 493)
from operating activities
Cash inflows/ (outflows) from 52 461 (884 209) (569 972)
investing activities
Cash (outflows)/ inflows from (41 830 835
financing activities 007)
632 850
Net cash inflows/ (outflows) 2 803 (31 935) 17 385
for the period
Cash and cash equivalents at 5 977 37 912 37 912
beginning of period
Cash and cash equivalents at 8 780 5 977 55 297
end of period
Condensed Segmental results
for the 6 months ended 30 September 2011
6 months 6 months
ended ended
30 30
September September
2011 2010
R'000 R'000
Retail Segment revenue (external 213 064 194 285
customers)
Net operating expenses (27 196) (22 215)
Fair value adjustment to (1 308) (1 267)
investment properties
Loss on disposal of (652) -
investment properties
Segmental results 183 908 170 803
Offices Segment revenue (external 87 287 81 813
customers)
Net operating expenses (5 602) (2 953)
Fair value adjustment to 5 149 (5 307)
investment properties
Loss on disposal of (653) (200)
investment properties
Segmental results 86 181 73 353
Industrial Segment revenue (external 8 952 6 953
customers)
Net operating expenses (1 309) (809)
Loss on disposal of (5) -
investment properties
Fair value adjustment to (619) 100
investment properties
Segmental results 7 019 6 244
Property Segment revenue (external 8 291 11 645
development customers)
Net operating expenses (5 632) (7 077)
Segmental results 2 659 4 568
Reconciliation to profit before interest and taxation
for the period in the income statement
Revenue 317 594 294 696
Allocated operating (39 739) (33 054)
expenses
Unallocated operating 15 299 12 631
expenses
Loss on disposal of (1 310) (200)
investment properties
Loss on sale of jointly - (948)
controlled entity
Amortisation of intangible (12 780) (12 371)
assets
Fair value adjustment to 3 222 (6 474)
investment properties
Fair value adjustment to (19 188) (18 564)
government bonds
Fair value adjustment to (32 252) (18 189)
BEE instrument
Profit before interest and 230 846 217 527
taxation
Basis of preparation
The interim condensed financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS) and IAS34, as well as the
requirements of the Companies Act in South Africa and the JSE Limited Listings
Requirements, and on a basis consistent with the company's most recent annual
financial statements.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
Acucap's board is pleased to report a distribution of 145 cents per unit (cpu)
for the six months ended 30 September 2011, 6.03% higher than the same six month
period last year.
Particularly pleasing was the high level of leasing activity that took place in
the current period. Nearly 74,000m2 of leases expired and were renewed or re-let
during the six months to 30 September 2011, with the result that over 50% of
Acucap's contractual revenue is attributable to the period from March 2015
onwards.
At the retail level, leases for 53,049m2 expired, and there were renewals and
new leases signed for 53,914m2, the positive difference representing a decline
in vacancies. At R97/m2 on average, renewal rentals were 10% lower than expiring
rentals, but excluding the effects of the Checkers Hyper lease at Festival Mall,
which expired after a 20 year lease term, renewal rentals were R105/m2 on
average, 12% higher than expiring rentals.
Leases for 24,427 mSquared of retail space are due to expire in the next 6
months of the 2012 financial year, at average rentals of R132/m2, and are
expected to be renewed at an average of R146/m2. Vacancy rates remained low
across Acucap's retail portfolio, ending the period at 2.4% of retail GLA.
Acucap's high quality office portfolio performed well in the period under
review. Of the 20,907m2 that expired during the six months to 30 September 2011,
19,858m2 was renewed or re-let. Average renewal rentals of R119/m2 net reflect a
negative reversion of 8%, with only a marginal increase in vacancy to 4% at the
end of September 2011.
The last development profits from Helderberg Village came through in the six
months to 30 September 2011 with the sale of the final two units, and there will
be no further income from this source.
The declining trend in bad debt write-offs continued. Bad debts written off
across Acucap's portfolio amounted to R468,000 (0.15% of revenue), compared to
R562,000 in the comparative period, (0.2% of revenue)
There were no acquisitions in the period under review, and capital expenditure
of R25m has been incurred on the expansion and refurbishment of Bayside Mall
which is now complete and showing strong growth in turnovers.
On the basis of individual assets and asset segments, Acucap's net income is
attributable as follows :
Contractual % of Net % of total
rental total property
income income
R'000 R'000
Festival 17.8% 17.7%
55 489 49 300
Key West 9.9% 10.1%
30 938 28 032
Bayside Centre 10.2% 9.9%
31 813 27 595
Gardens Centre 5.9% 5.9%
18 390 16 377
Other retail 24.1% 22.8%
75 126 63 256
Retail 67.9% 66.4%
211 756 184 560
Offices 91 965 29.5% 86 363 31.1%
Industrial 2.6% 2.5%
8 333 7 024
TOTAL 100.0% 100.0%
312 054 277 947
2. SIMPLIFIED FINANCIAL INFORMATION
Simplified financial information is presented to eliminate the effects of IFRS
and accounting adjustments that do not form part of Acucap's distribution.
Simplified distribution income statement for the six months ended 30 September
2011
6 months to year to 31
March
30 Sep 2011 2011
R'000 R'000
Revenue 312 054 608 738
Net operating expenses (39 414) (73 951)
Profit before interest and 272 640 534 787
taxation
Income from investment in 20 654 28 587
Sycom Property Fund Managers
Development profits 7 183 8 937
Interest received 5 771 18 636
Income from Listed 34 695 61 046
Investments
Interest received on Unit 12 726 21 884
Purchase Trust
Notional Interest received 347 11 308
on units issued
Interest paid (104 769) (218 571)
Profit for the period 249 247 466 614
Distribution per unit
145.00 275.63
Interim 145.00 136.75
Final - 138.88
Simplified Balance Sheet at
30 September 2011
30-Sep-11 31-Mar-11
R'000 R'000
Assets
Property assets 6 770 216 6 717 378
Listed property investments 905 003 868 186
Investment in Sycom Property 295 272 308 052
Fund Managers
Other non-current assets 388 056 392 620
Current assets 298 787 285 288
Total assets 8 657 334 8 571 524
Equity and liabilities
Shareholders' interest 5 196 928 5 242 769
Non-current liabilities 2 817 353 2 691 258
Deferred tax 269 256 272 770
Current liabilities 373 797 364 727
Total equity and liabilities 8 657 334 8 571 524
NAV
30.23 30.54
3. PORTFOLIO PERFORMANCE
Retail portfolio
The table below shows the segmental contribution to turnover within Acucap's
retail portfolio. As in prior years, over 60% of turnover at Acucap'scentres is
generated by the food and fashion majors.
Segment Segment: % of Turnover
Food Majors 37.7%
Apparel 24.8%
Home Decor & Improvement 4.6%
Electronics & Music 3.8%
Discounters 7.4%
Health & Beauty 10.5%
Food Service & Entertainment 6.4%
Other 4.8%
100.0%
The growth in contribution from Acucap's major retail segments is reflected
below. For the six months to 30 September 2011, the discount, electronics and
food service segments showed strong growth of between 7.1% and 8.8% over the
prior year. The home segment showed a resurgence in the last quarter to 5%
growth over the same quarter in the prior year. The health and beauty and
apparel segments gave steady turnover growth of between 4.3% and 5%, but once
again supermarket spend remained relatively flat.
Segment Quarter-on-Quarter Interim
Total Turnover 6.2% 6.1%
Food Majors 0.8% -0.8%
Apparel 2.1% 4.3%
Home 5.0% -1.1%
Electronics -1.0% 7.8%
Discounters 8.9% 8.8%
Health & Beauty -1.2% 5.0%
Food Service 7.7% 7.1%
The segmental movements in rent-to-turnover ratios are reflected below. The rent
to turnover ratios for all segments remain within market norms, and rental
levels can be comfortably sustained by tenant turnovers across all segments in
the Acucap retail portfolio.
Segment Rent Ratio 2011 Rent Ratio 2012
Food Majors 2.6% 2.8%
Apparel 4.9% 5.1%
Home 9.8% 9.9%
Electronics 3.6% 3.8%
Discounters 3.1% 3.0%
Health & Beauty 2.2% 2.4%
Food Service 8.2% 8.2%
Office portfolio
Leases totalling 20,907mSquared expired during the year at an average net rental
of R129,52/ mSquared, and were renewed or re-let at an average of R118.87/
mSquared, as weakness in the office cycle persists. Leases for only 5,906
mSquared are due to expire in the remainder of the 2012 financial year at an
average rental of R137.17/ mSquared, and all are expected to be renewed, so that
the vacancy rate is likely to remain around its current level of 3 to 4%.
Sycom
Distributions received from Acucap's investment in Sycom Property Fund were 5%
up on the same period last year at 81.05 cents per unit. With the office vacancy
fully in the base, this pleasing turn-around in distribution growth reflects the
solid performance of Sycom's high quality portfolio. The office vacancy has
started to reverse more quickly than expected, and Sycom's growth is expected to
accelerate accordingly both in the second half of the current period and into
the 2013 financial year.
Sycom's retail portfolio showed turnover growth for the six months of 5.9%. The
malls remain well-let, with low arrears. During the period under review, Sycom
reached agreement with its co-owners at Paarl Mall to acquire their 30% stake of
the property at a yield of 8%.
Dividends from Sycom's investment in the Stehnam European Shopping Centre Fund
(`SESCF') were higher in the second half of the financial year, with the result
that total dividends received for the six months to 30 September 2011 were 14%
higher in Rand terms than the previous six months.
4. HELDERBERG VILLAGE
Acucap sold the last 2 remaining units in the period under review and the
development activities at Helderberg are now complete. Net development profits
for the six months were R7.1m, compared to R8.9m in the prior period, and income
growth from Sycom should more than compensate for the absence of development
profits from Helderberg.
5. BORROWINGS
The company has total borrowings of R2.78 billion (excluding BEE funding).
Interest rates are hedged on 40% of total borrowings, at a weighted average rate
of 10.4% and a weighted average maturity of 5 years. Acucap's gearing ratio at
30 September 2011 was 36%, up from 34% at the end of March 2011.
A new 5 year facility of R700m has been granted by Nedbank at an interest rate
of prime less 1.7%. This takes Acucap's total long term facilities up to R3.426
billion, on terms as shown below :
Facility Amount Rate Expiry
Nedbank A R719m Prime less 2.3% 31 May 2016
Nedbank B R791m Prime less 2.3% 30 April
2013
Nedbank C R260m Prime less 1.65% 31 May 2016
Nedbank D R700m Prime less 1.7% 31 May 2016
Standard Bank R746m Jibar plus 1.65% 30 November
2012
Omsfin R210m Jibar plus 1.75% 30 June 2014
Total long term R3 426m
facilities
Omsfin overnight R300m
facility
6. HISTORICAL LEASE EXPIRIES OVER THE LAST 6 MONTHS
The table below shows a summary of all leasing activity in the Acucap portfolio
over the last six months.
Expiries Average New Average
and Average escalation leases Average escalation
terminations through rate at and through rate for
mSquared rent at expiry renewals rent for new leases
expiry mSquared new
R/ leases
mSquare R/
d mSquared
Regional 45 8.3% 45 7.0%
retail 203 108.15 566 93.28
Other 7 8.4% 8.4%
retail 846 105.70 8 348 117.51
Offices 20 907 129.52 8.1% 19 858 118.87 8.8%
Storage 2
357 84.48 3 091 84.58
Acucap successfully renegotiated over 80% of expiring leases during the year, a
high retention ratio that indicates the quality of the portfolio. Retail leases
were renewed at a weighted average net rental that was 10% lower than the
expiring rental, but excluding the effects of the Checkers Hyper renewal at
Festival mall, retail renewals showed an increase of 12% on renewal. Office
leases were renewed with a negative reversion of just over 8%.
7. FORWARD LEASE EXPIRIES
Over the next 6 months to the end of the 2012 financial year, leases for
30,333m2 will expire, representing 6.8% of the portfolio GLA. For offices, there
is an expected negative reversion of 7%, and for retail, an increase of 11%.
Area terminating Net rental R/ m2 Net expected rental
to 31-3-2012 m2 at expiry date R/ m2 on renewal
Offices 5,906 137.17 127.40
Retail 24,427 132.45 146.90
Acucap's successful leasing activities have maintained its long-dated lease
expiry profile, and the high level of contractual revenue will continue to
underpin distribution growth.
Total vacancy Mar- Mar- Mar- Mar- Mar- thereafter
12 13 14 15 16
Retail 68.4% 2.2% 6.7% 12.4% 10.6% 14.4% 8.0% 14.1%
Office 29.0% 0.8% 1.7% 4.4% 8.0% 6.7% 2.9% 4.5%
Industrial 2.6% 0.5% 0.7% 0.0% 0.2% 0.2% 0.6% 0.4%
Total 100.0% 3.5% 9.1% 16.8% 18.8% 21.3% 11.5% 19.0%
8. VACANCIES
Total vacancies by rental area have reduced from 3.6% at the end of March 2011
to 3.3% at the end of September 2011.
The table below shows the vacancy attributable to each segment of the Acucap
portfolio by GLA :
Vacancy profile by sector by GLA
% of Total GLA
Industrial vacancy 1.7%
Office vacancy 1.0%
Retail vacancy 0.6%
GLA let 96.7%
9. COST TO INCOME
Acucap has derived meaningful scale benefits from managing both the Acucap and
Sycom portfolios off a common administrative platform. As a result, the cost to
income ratio has remained low, with minimal cost drag on distribution growth.
2012 2011 2010 2009 2008 2007
Net cost to income 11.8% 11.6% 11.5% 11.1% 14.2% 12.6%
10. UNIT HOLDER SUMMARY
A summary of Acucap's unit holder profile is set out below. Annualised trade in
Acucap's linked units was 22.2% of the total number of units in issue, and in
June 2011 the JSE marked Acucap's free float up from 75% to 100%, leading to an
up-weighting of Acucap in the J256 index .
Sept-11 Mar-11
Government Employees 13.2% 13.3%
Pension Fund
Investec 10.6% 9.3%
Directors and employees 9.2% 9.2%
Stanlib 7.9% 9.1%
Coronation 6.7% 7.9%
Old Mutual 7.0% 6.6%
Nedbank 6.1% 6.1%
Thesele Group (Pty) 4.9% 4.9%
Limited
65.6% 66.4%
Other shareholders 34.4% 33.6%
100.0% 100.0%
Number of unitholders 3
750 3 282
Weighted average units 171 859 277 165 250 787
Units traded 19 105 776 41 989
078
Annualised liquidity 22.2% 25.4%
11. PROSPECTS
The Acucap property portfolio has demonstrated its defensive strength and
quality in adverse conditions, and it remains well-positioned to continue
delivering real distribution growth. The board expects full year distribution
growth to come in marginally ahead of that achieved for the half year.
The above information has not been reviewed or reported on by Acucap's auditors.
12. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that a interim distribution number 22 of 145 cents per
linked unit has been approved in respect of the six month period ended 30
September 2011. The last date to trade the linked units cum distribution is
Friday 2 December 2011 and the record date will be Friday 9 December 2011. The
linked units will start trading ex-distribution from Monday 5 December 2011.
Distributions will be made to unit holders on Monday 12 December 2011.
Linked unit certificates may not be dematerialised or rematerialised between
Monday 5 December and Friday 9 December 2011 both days inclusive.
On behalf of the Board
BS KANTOR PA THEODOSIOU
(Chairman) (Managing Director)
17 November 2011
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Share Code: ACP
ISIN : ZAE 000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou*# (Managing Director), FM
Berkeley, RC Frolich, N Mandindi, C B Marlow *, M S Moloko, JH Rens*, B Stevens,
NDC Whale
* Executive # British
Company secretary: HHO Steyn
Date: 17/11/2011 07:06:56 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/10/14
ACP
ACP - Acucap Properties Limited - Results of Annual General Meeting
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
RESULTS OF ANNUAL GENERAL MEETING
Acucap linked unitholders are advised that all resolutions were passed by
the requisite majority of linked unitholders present or represented by
proxy at Acucap's annual general meeting held at the offices of KPMG,
Meeting Room 1, 8th Floor, 1 Mediterranean Street, Foreshore, Cape Town
on 14 October 2011.
Cape Town
14 October 2011
Investment bank and sponsor
Nedbank Capital
Date: 14/10/2011 15:33:05 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/09/26
ACP
ACP - Acucap Properties Limited - Dealing in securities by an associate
of the company secretary
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY AN ASSOCIATE OF THE COMPANY SECRETARY
Unitholders are advised of the following information relating to the
dealing in securities by an associate of the company secretary:
Company secretary: H Steyn
Date of transaction: 23 September 2011
Number of securities: 10 000
Price per security: R36.30
Total value: R363 000
Class of securities: Linked units
Nature of transaction: Purchase in the open
market by Mrs R J Y Steyn,
an associate of the
company secretary
Extent of interest: Indirect beneficial
Written clearance to deal: Yes
Cape Town
26 September 2011
Sponsor
Nedbank Capital
Date: 26/09/2011 10:20:12 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/09/14
ACP
ACP - Acucap Properties Limited - Details of the annual general meeting
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
Details of the annual general meeting
Further to an announcement released on SENS on 30 June 2011 relating to the
posting of the annual report, linked unitholders are advised that the notice of
annual general meeting has been posted to shareholders today.
The annual general meeting of the linked unitholders of Acucap will be held at
the offices of KPMG, Meeting Room 1, 8th Floor, 1 Mediterranean Street,
Foreshore, Cape Town on Friday, 14 October 2011 at 15h00 to transact the
business as stated in the notice of the annual general meeting.
Cape Town
14 September 2011
Sponsor
Nedbank Capital
Date: 14/09/2011 15:02:01 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/08/26
ACP
ACP - Acucap Properties Limited - Change to the company secretary
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
CHANGE TO THE COMPANY SECRETARY
In accordance with Section 3.59 of the JSE Limited Listings Requirements, Acucap
unitholders are advised that Baden Marlow has resigned as company secretary of
Acucap with effect from 1 September 2011. He will remain as the financial
director of Acucap, but to adhere to best practice in corporate governance,
Acucap has resolved to appoint a separate company secretary.
As a result, Mr Henry Steyn has been appointed as company secretary of Acucap
with effect from 1 September 2011.
Cape Town
26 August 2011
Sponsor
Nedbank Capital
Date: 26/08/2011 12:35:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/08/26
ACP
ACP - Acucap Properties Limited - Dealing in securities by a director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing
in securities by a director:
Non-executive director of Acucap N D C Whale
Date of transaction: 26 August 2011
Number of securities: 1 021 019
Price per security: R35.81
Total value: R36 562 690.39
Class of securities: Linked units
Nature of transaction: Transfer from N D C Whale to
Dysart Holdings Limited, a
wholly owned subsidiary of the
DHL Trust, which is Mr Whale's
family trust (off market)
Extent of director's interest: The transfer results in a change
of interest from direct
beneficial to indirect
beneficial
Written clearance to deal: Yes
Cape Town
26 August 2011
Sponsor
Nedbank Capital
Date: 26/08/2011 11:01:22 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/06/30
ACP
ACP - Acucap Properties Limited - Posting of Acucap's annual report and
details of the annual general meeting
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
Posting of Acucap's annual report and details of the annual general meeting
In compliance with section 3.22 of the JSE Limited Listings Requirements,
information regarding the annual report and the annual general meeting is
set out below.
1. Annual report
Further to Acucap's audited group results for the year ended 31 March
2011, released on SENS on 9 June 2011, the annual report was posted
today. The annual report contains no modifications to the
aforementioned published audited group results.
2. Annual general meeting
The notice of annual general meeting will be posted to shareholders
under separate cover on or about 29 July 2011 and details of the annual
general meeting will be announced on that date.
Cape Town
30 June 2011
Sponsor
Nedbank Capital
Date: 30/06/2011 15:30:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/06/09
ACP
ACP - Acucap Properties Limited - Audited group results and declaration of the
final distribution for the year ended 31 March 2011
Acucap Properties Limited
(Reg No. 2001/021725/06)
(Incorporated on 12 September 2001)
"Acucap" or "the company"
Share Code: ACP
ISIN: ZAE000037651
Audited group results and declaration of the final distribution for the year
ended 31 March 2011
Statements of Financial Position
at 31 March 2011
2011 2010 2009
Restated Restated
R'000 R'000 R'000
Assets
Property assets 6 926 761 5 841 064 5 360 301
Investment properties 6 351 984 5 379 866 4 857 961
Non-current receivable 91 242 112 284 112 591
Current receivable 30 259 24 005 17 204
Investment properties and 6 473 485 5 516 155 4 987 756
related receivables
Investment properties held 147 250 50 000 140 578
for sale and related
receivables
Investment properties under 234 023 203 400 191 111
development
Owner-occupied property 9 870 10 344 10 828
Property development 62 133 61 165 30 028
inventory
Other non-current assets 1 534 948 1 312 873 1 128 639
Loans in respect of unit 331 383 294 230 248 689
purchase scheme
Equipment 1 385 1 459 1 687
Intangible assets and 308 052 82 786 106 736
goodwill
Interest in subsidiaries 52 98 368 98 368
and jointly controlled
entities
Listed investments 834 276 786 424 612 210
Deferred tax assets 59 800 49 606 60 949
Other current assets 221 043 224 220 169 288
Trade and other receivables 214 629 186 308 134 748
Interest in jointly - - 12 335
controlled entities
Tax receivable 437 - -
Cash and cash equivalents 5 977 37 912 22 205
Total assets 8 682 752 7 378 157 6 658 228
Equity and liabilities
Shareholders' interest 3 313 077 2 641 408 2 175 910
Share capital and share 1 832 561 1 535 933 1 334 619
premium
Non-distributable reserve 1 699 847 1 307 786 925 194
Accumulated loss (219 331) (202 311) (83 903)
Non-current liabilities 4 500 737 3 888 576 3 725 862
Debentures 1 630 633 1 496 030 1 381 108
Financial liabilities 2 423 093 2 008 111 2 045 969
Financial instruments 90 199 110 565 95 901
BEE instrument 84 042 76 547 40 421
Deferred tax liabilities 272 770 197 323 162 463
Current liabilities 868 938 848 173 756 456
Trade and other payables 127 658 103 503 116 183
Financial liabilities 514 591 518 518 424 217
Tax payable - 30 635 46 341
Debenture interest payable 226 689 195 517 169 715
Total equity and 8 682 752 7 378 157 6 658 228
liabilities
Statements of Comprehensive Income
for the year ended 31 March 2011
2011 2010
Restated
R'000 R'000
Revenue 624 298 552 151
- Contractual 636 827 545 215
- Straight (12 529) 6 936
lining
Net operating expenses (64 616) (56) 161)
Loss on disposal of (205) (1 281)
investment properties
Loss on sale of jointly (948) -
controlled entity
Amortisation of (25 151) (23 950)
intangible assets
Profit before fair value 533 378 470 759
adjustments, interest and
taxation
Fair value adjustment to 524 940 216 648
investment properties
Fair value adjustment to (7 495) (36 126)
BEE instrument
Fair value adjustment to 3 927 5 701
government bonds
Profit before interest 1 054 750 656 982
and taxation
Interest income 134 001 107 912
Interest expense
- debentures (443 397) (388 249)
- other (252 008) (223 342)
Profit before taxation 493 346 153 303
Taxation (65 765) (28 385)
Profit for the year 427 581 124 918
Other comprehensive
(expense)/ income
Net change in fair value of listed (51826) 149 824
investments, net of taxation
Net change in fair value of cash (714) (10 558)
flow hedge, net of taxation
Other comprehensive (expense)/ (52 540) 139 266
income for the year, net of taxation
Total comprehensive income for the 375 041 264 184
year
Cents Cents
Basic and diluted earnings 272.64 87.18
per share
Interest distribution per
linked unit
- interim 136.75 128.70
- final 138.88 130.56
Distribution per linked 275.63 259.26
unit
2011
Gross Net of tax
Headline (loss)/earnings R'000 R'000
The calculation of the headline
earnings per share is based on a
weighted average of 156 829 793
(2010: 143 287 206 ) shares in issue
during the year and the headline
earnings is calculated as follows:
Profit for the year 427 581
Fair value adjustment of investment (524 940) (453 481)
properties
Loss on disposal of investment 205 176
properties
Headline loss - shares (25 724)
Interest paid to debenture holders 443 397
Headline earnings - linked units 417 673
Cents
Headline loss per share (16.40)
Headline earnings per linked unit 266.32
2010
Gross Net of tax
Restated Restated
Headline (loss)/earnings R'000 R'000
The calculation of the headline
earnings per share is based on a
weighted average of 156 829 793
(2010: 143 287 206 ) shares in issue
during the year and the headline
earnings is calculated as follows:
Profit for the year 124 918
Fair value adjustment of investment (216 648) (186 317)
properties
Loss on disposal of investment 1 281 1 102
properties
Headline loss - shares (60 298)
Interest paid to debenture holders 388 249
Headline earnings - linked units 327 951
Cents
Headline loss per share (42.08)
Headline earnings per linked unit 228.88
Statement of Cash Flows
for the year ended 31 March 2011
2011 2010
R'000 R'000
Cash flows from operating
activities
Cash generated from operations 567 686 426 097
Changes in property purchases 12 835 6 863
Income tax paid (28 849) (18 172)
Interest received 134 001 107 912
Interest paid (664 233) (585 789)
Net cash inflow/ (outflow) from 21 440 (63 089)
operating activities
Net cash outflow from investing (884 209) (299 584)
activities
Cash flows from financing
activities
Proceeds from the issue of shares 296 628 201 314
Proceeds from the issue of 134 603 114 922
debentures
Settlement of financial (15 379) -
instruments
Financial liabilities raised 730 984 530 000
Financial liabilities repaid (316 002) (467 856)
Net cash inflow from financing 830 834 378 380
activities
Net cash (outflow)/ inflow for (31 935) 15 707
the year
Cash and cash equivalents at 37 912 22 205
beginning of year
Cash and cash equivalents at end 5 977 37 912
of year
Statement of Changes in Equity
for the year ended 31 March 2011
Share Share Non- Accumulated Total
capital premium distribut loss
able
reserve
R'000 R'000 R'000 R'000 R'000
BALANCE AT 31 MARCH 138 1 334 481 793 096 (83 903) 204 3812
2009
Restatement of - - 132 098 - 132 098
prior period
balances
RESTATED BALANCE AT 138 1 334 481 925 194 (83 903) 217 5910
31 MARCH 2009
Total comprehensive
income for the year
Profit for the year - - - 124 918 124 918
Other comprehensive
income/ (expense)
for the year
Net change in fair - - 149 824 - 149 824
value of listed
investments
Net change in fair - - ( 10 558) - (10558)
value of cash flow
hedge recognised
directly in other
comprehensive
income
Total comprehensive - - 139 266 124 918 264 184
income for the year
Transactions with
owners, recorded
directly in equity
Issue of 525 000 1 8 695 - - 8 696
shares in September
2009
Proceeds 1 8 724 - - 8 725
Share issue costs - (29) - - (29)
Issue of 9 698 649 10 169 065 - - 169 075
shares in October
2009
Proceeds 10 170 105 - - 170 115
Share issue costs - (1 040) - - (1 040)
Issue of 1 280 000 1 23 542 - - 23 543
shares in November
2009
Proceeds 1 23 582 - - 23 583
Share issue costs - ( 40) - - (40)
Transfer to non- - - 243 326 (243 326) -
distributable
reserve
Total transactions 12 201 302 243 326 (243 326) 201 314
with owners
BALANCE AT 31 MARCH 150 1 535 783 1 307 786 (202 311) 2 641 408
2010
Total comprehensive
income/ (expense)
for the year
Profit for the year - - - 427 581 427 581
Other comprehensive
expense for the
year
Net change in fair - - (51 826) - (51 826)
value of listed
investments
Net change in fair - - (714) - (714)
value of cash flow
hedge recognised
directly in other
comprehensive
income
Total comprehensive - - (52 540) 427 581 375 041
income/ (expense)
for the year
Transactions with
owners, recorded
directly in equity
Issue of 8 717 627 9 181 913 - - 181 922
shares in July 2010
Proceeds 9 182 028 - - 182 037
Share issue costs - (115) - - (115)
Issue of 2 471 153 2 59 613 - - 59 615
shares in Dec 2010
Proceeds 2 59 676 - - 59 678
Share issue costs - (63) - - (63)
Issue of 1 685 000 1 40 601 - - 40 602
shares in Jan 2010
Proceeds 1 40 664 - - 40 665
Share issue costs - (63) - - (63)
Issue of 600 000 1 14 488 - - 14 489
shares in Jan 2010
Proceeds 1 14 492 - - 14 493
Share issue costs - (4) - - (4)
Transfer to non- - - 444 601 (444 601) -
distributable
reserve
Total transactions 13 296 615 444 601 (444 601) 296 628
with owners
BALANCE AT 31 MARCH 163 1 832 398 1 699 847 (219 331) 3 313 077
2011
BASIS OF PREPARATION AND AUDIT OPINION
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS), and presented in accordance with the
minimum content, including disclosures, prescribed by IAS 34 Interim
Financial Reporting applied to year end reporting, and South African
Statements and Interpretations of Statements of Generally Accepted Accounting
Practice and AC500 Series and the requirements of the South African Companies
Act.
The financial statements are prepared on the historical cost basis, except
for investment properties, investment properties held for sale, derivative
financial instruments, financial assets and available-for-sale financial
assets which are measured at fair value.
The financial statements are prepared on the going concern basis and Acucap's
accounting policies have been applied consistently to all periods presented,
except for the early adoption by the group of the Amendments to IAS12 (the
2010 amendment) as published by the IASB on 20 December 2010. Companies are
only required to adopt this policy effective with years commencing on or
after 1 January 2012. The effect of this early adoption is that deferred tax
on investment properties is no longer calculated at a blended rate but are
now treated with the rebuttable presumption that the carrying value of the
investment property will be recovered entirely through sale. Prior periods
have been restated to account for the early adoption.
KPMG Inc. has audited the financial information set out above. Their
unmodified audit report is available for inspection at the company's
registered office. The information contained in the commentary below does not
form part of the audit opinion.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
Acucap's board is pleased to report a distribution of 138.88 cents per unit
(cpu) for the six months ended 31 March 2011. This represents growth of 6.4%
over the same six month period last year. Together with the interim distribution
of 136.75 cpu, this gives unitholders an annual distribution of 275.63 cpu, a
growth rate of 6.3% over the previous financial year.
There are mixed signals around the performance of the South African economy.
Weak credit extension and money supply growth numbers suggest demand side
weakness, pointing to lower output growth and slower job creation, while
external factors and administered cost increases are causing inflationary
pressures to build on the supply side. In spite of historically low interest
rates, businesses and consumers remain cautious, and this is likely to persist
until the economic outlook becomes clearer.
Reported tenant revenue in Acucap's retail portfolio grew by 7.6% in nominal
terms for the year to 31 March 2011 compared to the previous year, but by a
lower 4.9% for the quarter ended on that date compared to the same quarter last
year. While this suggests that consumer spending may be losing momentum, the
month of April produced a return to double digit turnover growth, 11.5% higher
than the same month last year.
Leases for 56,920m2 expired during the year and were let at rentals that were,
on average, 6.4% higher than the expiry rentals. Leases for 68,461 mSquared are
due to expire in the 2012 financial year, at average rentals of R119.93/m2, and
are expected to be renewed at an average of R107.58/m2.
Vacancy rates remained low across Acucap's retail portfolio, ending the year at
2.9%, and net income growth from the fund's retail assets was a pleasing 13%.
Although rental growth exceeded the underlying growth in tenant turnovers, the
rent to turnover ratios remained within comfortable ranges across all retail
segments, indicating the sustainability of rental levels in the retail
portfolio.
Acucap's high quality office portfolio performed well in the period under
review, and further details are set out under section 3 below.
Development profits from Helderberg Village declined substantially, in line with
Acucap's strategy of ultimately eliminating all sources of non-recurring
revenue. Development profits accounted for only 1.9% of distributions compared
to 8.6% last year, the remainder comprising sustainable annuity income
underpinned by high quality growth assets.
Bad debts written off amounted to R1.25m down from R2.15m in the prior year.
Tenant receivables impaired decreased by R896 000 to R3.691m, down from R4.587m
in the prior year. The greatest pressure was evident in the restaurant segment,
with some of the weaker casual dining formats failing. Nonetheless, the segment
as a whole showed positive growth, principally as a result of the more dominant
brands gaining market share.
There were no acquisitions in the year under review, and two disposals of non-
core assets, being the 10,400m2 Kargo Denver industrial warehouse south of
Germiston, and the 5,900m2 Watermeyer Park retail centre in eastern Pretoria.
Both were disposed of for net sale prices in excess of their most recent
independent valuations. Capital expenditure of R226m has been incurred on the
expansion and refurbishment of Bayside Mall and Howard Centre, both of which are
now complete and showing strong growth in turnovers.
On the basis of individual assets and asset segments, Acucap's net income is
attributable as follows:
% of Net % of
Contractual total property total
rental income
income
R' 000's R'000's
Festival 101 227 16.6% 90 191 16.2%
Mall
Key West 61 035 10.0% 56 226 10.1%
Bayside 57 329 9.4% 53 281 9.6%
Centre
Gardens 36 594 6.0% 31 531 5.7%
Centre
Other 157 104 25.8% 146 855 26.4%
retail
Offices 160 758 26.3% 157 290 28.3%
Industrial 36 220 5.9% 20 458 3.7%
610 267 100.0% 555 832 100.0%
2. SIMPLIFIED FINANCIAL INFORMATION
Simplified financial information is presented to eliminate the effects of
IFRS and accounting adjustments that do not form part of Acucap's distribution.
Simplified distribution income statement for the year ended 31 March
2011
year to year to 31
31 March March
2011 2010
R'000 R'000
Revenue 608 738 506 070
Net operating expenses -73 951 -58 992
Profit before interest and 534 787 447 078
taxation
Income from investment in Sycom 28 587 24 321
Property Fund Managers
Development profits 8 937 31 748
Interest received 41 984 14 604
Income from Listed Investments 61 046 59 811
Interest received on Unit Purchase 21 884 19 664
Trust
Notional Interest received on 11 308 16 048
units issued
Debenture holders interest paid - -228 224 -203 570
interim
Other interest paid -241 919 -203 735
Profit for the period 238 390 206 515
Final distribution per unit 138.88 130.56
(cents)
Simplified Balance Sheet at 31
March 2011
31-Mar-11 31-Mar-10
R'000 R'000
Assets
Property assets 6 717 378 5 729 899
Listed property investments 868 186 817 276
Other non-current assets 700 672 526 449
Other current assets 285 288 298 003
Total assets 8 571 524 7 371 627
Equity and liabilities
Shareholder's interest 5 242 769 4 437 635
Non-current liabilities 2 691 258 2 397 476
Deferred tax 272 770 197 323
Current liabilities 364 727 339 193
Total equity and liabilities 8 571 524 7 371 627
30.54 28.06
Net Asset value per unit (Rand)
3. PORTFOLIO PERFORMANCE
Retail portfolio
As noted above, the tenants in Acucap's retail portfolio showed a pleasing
aggregate growth rate of 7.6% in their turnover for the year to 31 March 2011
compared to the same period in the prior year. The chart below shows the
segmental contribution to turnover within Acucap's retail portfolio.
Segment Segment: % of
Turnover
Food Majors 39.2%
Apparel 24.4%
Home & Furniture 3.2%
Electronics & Music 4.1%
Discounters 7.9%
Health & Beauty 9.9%
Food Service & Entertainment 6.4%
Other 4.9%
100.0%
The change in contribution from Acucap's major retail segments is reflected
below. For the year to 31 March 2011, the discount, electronics and homeware
segments showed strong growth over the prior year, although for the last quarter
of the year, there was a noticeable slow-down in growth from the discount
sector. Apparel's contribution remained relatively flat, and the contribution
from the supermarket segment declined slightly. This analysis shows that
consumers have directed proportionately more of their spending to discretionary
segments and relatively less to supermarket spend.
ACUCAP: Turnover & Rent to Turnover Ratio by
Segment
Segment Quarter-on-Quarter Year-on-Year
Total 4.9% 7.6%
Turnover
Food Majors -2.2% -0.2%
Apparel 0.8% 5.1%
Home 19.5% 14.2%
Electronics 20.9% 12.6%
Discounters 1.8% 14.3%
Health & 6.5% 10.5%
Beauty
Food 3.8% 6.9%
Service
Rent-to-turnover ratios are also monitored monthly for each tenant, and the
segmental movements in these ratios are reflected below. As expected, the strong
performance of the discount, electronics, homeware and health & beauty segments
has resulted in their rent-to-turnover ratios improving as can be seen in the
figure below. The ratio of rent to turnover for food majors continued to
deteriorate as supermarket rentals have escalated faster than the growth in
their turnovers. Nonetheless, with rental at 2.6% of turnover, this segment
remains comfortably within the industry norm of 2.5% to 2.75%. The same applies
to the apparel segment where rental has risen slightly from 4.2% to 4.5% of
turnover.
Segment Rent Ratio Rent Ratio Year-on-Year
2010 2011 Growth
Food Majors 2.3% 2.6% 10.6%
Apparel 4.2% 4.5% 5.4%
Home 8.9% 7.9% -11.2%
Electronics 3.5% 3.3% -4.0%
Discounters 4.9% 4.6% -6.2%
Health & 2.3% 2.2% -2.6%
Beauty
Food 8.0% 8.1% 2.0%
Service
Office portfolio
Vacancies remained low in Acucap's high quality office portfolio, ending the
year at 3.5%. Leases totalling 10,112mSquared expired during the year at an
average rental of R115.56/ mSquared, and were renewed at an average of R107.01/
mSquared, a function of the weakness in the office cycle over the last financial
year. Leases for 20,775 mSquared are due to expire in the 2012 financial year at
an average rental of R127.20/ mSquared, and the board expects to maintain the
high retention ratio that has characterised Acucap's office portfolio.
Sycom
Distributions received from Acucap's investment in Sycom Property Fund were
slightly lower at 156.67 cpu compared to 159.34 cpu in the year to 31 March
2010. This result was largely due to cyclical weakness in the office market,
where Sycom's vacancies increased from an average of 8.2% for the 2010 financial
year to an average of 10.9% for the current year. On Sycom's portfolio of
approximately 140,000m2 of offices, this reflects a 4,000m2 increase in
vacancies. There are, however, positive signs of an improvement in the market
for `A' grade office space, and Sycom has concluded deals for 4,960m2 of vacant
space where the leases will come into effect during the 2012 financial year.
There is also a meaningful improvement in the number and size of enquiries for
new space, suggesting that a recovery in the `A' grade office market is well
under way, and this will drive Sycom's distribution growth in the year ahead.
Dividends from Sycom's investment in the Stehnam European Shopping Centre Fund
(`SESCF') were substantially higher in the second half of the financial year,
with the result that total dividends received for the year to 31 March 2011 were
9% higher in Rand terms than for the prior year, although still 7.7% lower than
the dividends received in financial 2009, indicating relatively flat income
growth from the underlying Nova Eventis shopping centre in Leipzig, Germany.
Sycom's retail portfolio produced a solid 6.5% growth in turnover, with the
segmental contribution to turnover largely unchanged from the prior year.
4. HELDERBERG VILLAGE
Acucap sold 4 units in the year under review. Net development profits were
R8.9m, compared to R23m in the prior year. There are 2 units left to sell, all
of which are budgeted to be sold in the 2012 financial year. There will be no
development profits from Helderberg in the 2013 financial year, and the effects
of Helderberg will be out of the distribution base by 2014.
5. BORROWINGS
The company has total borrowings of R2.75 billion (excluding BEE funding).
Interest rates are hedged on 59.1% of total borrowings, at a weighted average
rate of 10% and a weighted average maturity of 6.6 years. Acucap's gearing ratio
at 31 March 2011 was 34%, down from 36% at the end of March 2010.
The chart below shows Acucap's borrowings relative to its investment portfolio
from date of listing to the current year end. The chart reflects the board's
strategic intent of maintaining the company's gearing ratio within the 30% to
40% range.
Total Borrowings (Rm)
investment
portfolio (Rm)
March 2003 913 451
March 2004 1 068 416
March 2005 1 718 633
March 2006 2 364 662
March 2007 3 307 601
March 2008 6 300 2453
March 2009 6 002 2286
March 2010 6 658 2343
March 2011 8 077 2754
6.PROPERTY PORTFOLIO VALUATION
The Acucap portfolio was revalued at 31 March 2011 by independent valuers. The
value of the property portfolio increased from R5.5bn at the end of March 2010
to R6.5bn at the end of the current financial year, an 18.2% increase. Excluding
the effects of capital expenditure and also removing the two disposals mentioned
under section 1 above from the base, the portfolio value increased by 9.1% over
the prior year. A complete property valuation schedule is set out below. In
addition to independent values and capitalisation rates, the schedule also
indicates average net rentals per m2 for each property, as well as its occupancy
level. In the case of the office segment, average net rental rates per m2
include parking revenue.
Following the year end revaluation, Acucap's Net Asset Value (NAV) increased to
R30.54 per linked unit. Excluding the effects of deferred tax, the NAV per unit
would be R32.13.
Schedule of investment
properties at 31 March 2011
Independent Cap rate Average Occupancy
valuation at rental
R'000 31/03/20 (R per
11 mSquared
Retail 4 555 565 102.67 97.1%
Festival Mall, 1 127 000 7.50% 102.85 99.6%
Kempton Park
Bayside Centre, 845 000 8.50% 112.38 94.3%
Table View
Keywest, 725 600 8.25% 97.14 94.7%
Krugersdorp
Gardens Centre, 400 000 8.25% 182.33 95.9%
Cape Town
Howard Centre, 220 000 9.25% 109.21 91.0%
Pinelands
The Village 218 000 8.75% 91.87 98.8%
Square,
Randfontein
Westville Mall, 200 000 8.75% 102.90 97.6%
Durban
East Rand Value 176 500 8.75% 101.27 100.0%
Mall, Boksburg
14thAvenue Hyper, 175 000 8.75% 58.54 100.0%
Roodepoort
50% Hillcrest 146 500 9.00% 129.21 99.7%
Corner, Durban
Sunward Centre, 118 400 9.00% 81.72 98.1%
Boksburg
27.5% of The 115 765 9.00% 82.71 96.5%
Bridge, Port
Elizabeth
Rondebosch-on- 80 000 10.00% 99.63 95.0%
Main, Cape Town
Boulevard 7 800 10.00% 150.23 100.0%
Piazzas, Illovo
Offices 1 755 656 126.90 96.5%
Tygerberg Office 302 856 8.60% 135.79 96.8%
Park
Golf Park, 198 750 10.15% 118.02 92.2%
Mowbray
Microsoft, 157 200 8.50% 121.31 100.0%
Bryanston
82 Grayston 136 700 9.25% 141.68 100.0%
Drive, Sandown
28 Fricker Road, 108 400 9.25% 149.08 100.0%
Illovo
Tiger Brands, 107 000 8.75% 111.15 100.0%
Bryanston
Bogare, Menlyn, 94 500 9.25% 112.56 100.0%
Pretoria
The Village, 83 300 10.50% 120.66 80.5%
Faerie Glen,
Pretoria
Nautica, Granger 82 000 9.50% 149.80 91.2%
Bay, Cape Town
Kagiso House, 77 500 9.00% 151.16 100.0%
Illovo
4 Fricker Road, 76 100 9.00% 122.23 100.0%
Illovo
SA Weather 72 000 9.50% 130.07 100.0%
Services,
Pretoria
Colliers, Illovo 65 100 9.50% 145.12 99.3%
Pharos House, 59 000 8.75% 99.44 98.6%
Westville Mall,
Durban
Albion Springs, 49 000 9.75% 138.02 100.0%
Rondebosch
Bremerton Office 46 750 9.50% 98.63 100.0%
Park, Port
Elizabeth
Selborne Fourways 39 500 9.50% 120.72 91.2%
Golf Park,
Gauteng
Industrial 141 700 64.66 82.7%
20% of N1 57 000 8.75% 60.66 100.0%
Business Park,
Midrand
30% of Tellumat, 45 000 10.50% 61.66 87.2%
Retreat, Cape
Town
33?% of 121 30 867 11.00% 103.06 25.1%
Roeland Street,
Cape Town
33?% of 67 Regent 8 833 11.00% 90.00 84.3%
Road, Sea Point
Investment 6 452 921 107.60 96.4%
properties
7. HISTORICAL LEASE EXPIRIES OVER THE LAST 12 MONTHS
The table below shows a summary of all leasing activity in the Acucap portfolio
over the last financial year.
Expiries and Average through Average
terminations rent at expiry escalation
rate at expiry
Regional 39 823 112.09 8.4%
retail
Other 17 097 95.82 8.1%
retail
Offices 10 112 115.56 8.4%
Industri 1 608 54.27 9.2%
al
New leases Average through Average
and renewals rent for new escalation
leases rate for new
leases
Regional 39 884 114.50 8.1%
retail
Other 21 297 121.40 8.2%
retail
Offices 10 843 107.01 8.6%
Industri 1 774 59.04 9.2%
al
Acucap successfully renegotiated over 82% of expiring leases during the year,
with 3.5% of expiries moving into temporary retail vacancies resulting from
redevelopment activities. Retail leases were renewed at a weighted average net
rental that was 6.6% higher than the expiring rental. Office leases were renewed
with an 11.2% negative reversion.
The pattern of expiries and renewals can be seen in the context of Acucap's
overall portfolio in the table below, which reconciles the opening and closing
gross lettable area, taking into consideration expiries, renewals, new leases,
extensions to GLA, and acquisitions and disposals.
Opening GLA Expiries and New leases and Net area
terminations renewals added
Total 433 620 -60 665 60 665 9 684
let 414 900 -68 640 73 798 9 343
vacant 18 720 7 975 -13 133 341
Properties Properties held Closing GLA
purchased for sale
/developed
Total 18 967 -16 311 445 960
let 16 102 -15 572 429 931
vacant 2 865 -739 16 029
8. FORWARD LEASE EXPIRIES
Over the next financial year, leases for 91,593m2 will expire, representing
20.5% of the portfolio GLA. Details of the expiry rentals are shown below,
together with estimated renewal rentals. For offices, there is an expected
negative reversion of 13.3%, and for retail, a negative reversion of 9.7%.
Area Net rental / Net
terminating m2 at expiry expected
to 31-3-2012 date rental / m2
m2 on renewal
Offices 20 775 127.20 110.28
Retail 68 461 118.94 107.40
Industrial 2 357 84.48 88.90
Over the longer-term, the fund continues to show a good, long-dated lease expiry
profile. Expiries in the office portfolio are approximately 20% by office income
per annum over the next 2 years. The principal renewals in the retail portfolio
over the next 2 years will centre around Festival Mall and Key West.
Sectoral lease expiry profile by revenue
vacancy Mar- Mar- Mar- Mar- Mar-
12 13 14 15 16
Retail 2.8% 16.9% 11.8% 9.8% 12.4% 7.6%
Offices 0.8% 5.5% 5.5% 8.2% 3.5% 2.5%
0.5% 0.4% 0.0% 0.2% 0.2% 0.6%
Industrial
Total 4.1% 22.8% 17.3% 18.2% 16.1% 10.7%
thereafter
Retail 6.9%
Offices 3.5%
Industrial 0.4%
Total 10.8%
9. MAJOR TENANTS BY AREA AND INCOME
Acucap's twenty largest tenants account for 50.6% of its rental income, with
retail tenants contributing 41.1% and office tenants 9.5%, in line with the
fund's high retail weighting in its property portfolio. The tenants listed below
indicate the high quality of Acucp's rental cash flows.
Rental area
Shoprite 7.4% 10.0%
SA Government 4.4% 3.7%
Pick n Pay 4.2% 6.6%
Edcon 3.9% 4.5%
Foschini Group 3.0% 2.1%
Pep 2.9% 2.3%
Mr Price 2.7% 2.7%
Nedbank 2.4% 1.9%
Absa 2.3% 1.5%
Microsoft 2.2% 1.9%
Massmart 1.9% 3.2%
Woolworths 1.9% 3.9%
Tiger Brands 1.6% 1.5%
Clicks 1.6% 1.7%
Standard Bank 1.6% 1.2%
Truworths 1.5% 1.4%
Famous Brands 1.4% 0.9%
FNB 1.3% 0.9%
Kagiso 1.2% 0.9%
Virgin 1.2% 1.8%
10. VACANCIES
Total vacancies by income have reduced slightly from 4.3% at the end of March
2010 to 4.1% a year later. Excluding the effects of temporary vacancies arising
out of redevelopment activities, the vacancy is 2.65% by income.
The table below shows the vacancy attributable to each segment of the Acucap
portfolio by GLA :
Vacancy profile by sector by GLA
% of Total GLA
Industrial vacancy 0.6%
Office vacancy 0.9%
Retail vacancy 2.1%
GLA let 96.4%
11. COST TO INCOME
Acucap has exhibited sound long-term control over non-recoverable operating
costs, and this has been attributable to two principal factors. The first is the
composition of the portfolio, which comprises smaller number of large, good
quality properties, and the second is the operation of an in-house property
administration business, where cost and quality benefits have been enhanced by
the growing scale of the business, and the increasing quality and experience of
the administration team.
2011 2010 2009 2008 2007 2006
Net cost 11.5% 11.1% 14.2% 12.6% 12.2%
to
income 11.6%
Administered price increases are still a serious concern, although the board
expects that the major base adjustments in rates and taxes is now behind us and
increases in the foreseeable future should be more reasonable. Whilst the unit
cost of electricity is increasing at a rate well in excess of the CPI,
considerable effort is being devoted by both Acucap and many of its tenants to
initiatives aimed at reducing energy unit consumption and therefore mitigating
overall cost increases.
12. UNIT HOLDER SUMMARY
A summary of Acucap's unit holder profile is set out below. Annual trade in
Acucap's linked units was 25.4% of the total number of units in issue,
indicating a sound level of liquidity, particularly considering the long-term
nature of many of Acucap's major unit holders.
2011 2010
Public Investment 13.3% 14.0%
Corporation
Investec 9.3% 11.5%
Directors and employees 9.2% 9.5%
Stanlib 9.1% 10.3%
Coronation 7.9% 15.1%
Old Mutual 6.6% 1.1%
Nedbank 6.1% 6.6%
Thesele Group (Pty) 4.9% 5.3%
Limited
66.4% 73.4%
Other shareholders 33.6% 26.6%
100.0% 100.0%
Number of unitholders 3 282 2 390
Weighted average units 165 250 787 151 708 200
Units traded 41 989 078 38 315 645
Liquidity 25.41% 25.26%
13. PROSPECTS
The Acucap property portfolio is well-positioned to continue delivering real
growth in distributions, even though economic growth rates in South Africa
remain below potential. Household demand is expected to continue its gradual
improvement, particularly if interest rates remain low in the coming financial
year, and this should support retailers. Signs of an improvement in the market
for A Grade offices will also assist Acucap in its renewals for the 2012
financial year. The contribution from development profits continues to diminish,
and once these effects are out of Acucap's income base, growth in distributions
can be expected to pick up even further, in line with the potential of Acucap's
high quality property portfolio.
The above information has not been reviewed or reported on by Acucap's auditors.
14. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that a final distribution of 138.88 cents per linked unit
has been approved in respect of the six month period ended 31 March 2011. The
last date to trade the linked units cum distribution is Friday, 24 June 2011 and
the record date will be Friday, 1 July 2011. The linked units will start trading
ex-distribution from Monday, 27 June 2011. Distributions will be made to unit
holders on Monday, 4 July 2011.
Linked unit certificates may not be dematerialised or rematerialised between
Monday 27 June and Friday 1 July 2011 both days inclusive.
On behalf of the Board
BS KANTOR
(Chairman)
PA THEODOSIOU
(Managing Director)
9 June 2011
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Share Code: ACP
ISIN: ZAE000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou*#
(Managing Director), FM Berkeley, RC Frolich, N Mandindi,
C B Marlow *, M S Moloko, JH Rens*, B Stevens, NDC Whale
* Executive # British
Sponsor:
Nedbank Capital
Date: 09/06/2011 08:00:04 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/03/03
ACP
ACP - Acucap Properties Limited - Dealing in securities by directors
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY DIRECTORS
Unitholders are advised of the following information relating to the dealing in
securities by directors:
Executive Director of Acucap P A Theodosiou
Date of transaction: 2 March 2011
Number of securities: 12 600
Price per security: R32.00
Total value: R403 200
Class of securities: Linked units
Nature of transaction: Purchase on the open market
Nature and extent of director's interest: Direct beneficial
Written clearance to deal: Yes
Cape Town
3 March 2011
Sponsor
Nedbank Capital
Date: 03/03/2011 10:24:00 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/01/18
ACP
ACP - Acucap Properties Limited - Dealing In Securities By Directors
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY DIRECTORS
Unitholders are advised of the following information relating to the dealing
in securities by directors:
Executive Director of Acucap P A Theodosiou
Date of transaction: 17 January 2011
Number of securities: 300 000
Price per security: R34.98
Total value: R10 494 000
Class of securities: Linked units
Nature of transaction: Offer and acceptance in terms
of the Acucap Unit Purchase
Trust (off-market)
Nature and extent of director's interest: Direct beneficial
Written clearance to deal: Yes
Executive Director of Acucap: J H Rens
Date of transaction: 17 January 2011
Number of securities: 300 000
Price per security: R34.98
Total value: R10 494 000
Class of securities: Linked units
Nature of transaction: Offer and acceptance in terms
of the Acucap Unit Purchase
Trust (off-market)
Nature and extent of director's interest: Direct beneficial
Written clearance to deal: Yes
Executive Director of Acucap: C B Marlow
Date of transaction: 17 January 2011
Number of securities: 300 000
Price per security: R34.98
Total value: R10 494 000
Class of securities: Linked units
Nature of transaction: Offer and acceptance in terms
of the Acucap Unit Purchase
Trust (off-market)
Nature and extent of director's interest: Direct beneficial
Written clearance to deal: Yes
Director of a major subsidiary of Acucap: G R Jones
Date of transaction: 17 January 2011
Number of securities: 300 000
Price per security: R34.98
Total value: R10 494 000
Class of securities: Linked units
Nature of transaction: Offer and acceptance in terms
of the Acucap Unit Purchase
Trust (off-market)
Nature and extent of director's interest: Direct beneficial
Written clearance to deal: Yes
Cape Town
18 January 2011
Sponsor
Nedbank Capital
Date: 18/01/2011 10:09:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2011/01/11
ACP
ACP - Acucap Properties Limited - Dealing in securities by a director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing in
securities by a director:
Independent Non-executive Director
of Acucap: Frank Michael Berkeley
Date of transaction: 10 January 2011
Number of securities: 51 000
Price per security: R35
Total value: R1 785 000
Class of securities: Linked units
Nature of transaction: Purchase in the open market
Nature and extent
of director's interest: Direct beneficial
Written clearance to deal: Yes
Cape Town
11 January 2011
Sponsor
Nedbank Capital
Date: 11/01/2011 11:48:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/12/14
ACP
ACP - Acucap Properties Limited - Dealing in securities by a director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information, relating to the dealing in
securities by a director of Acucap:
Non-executive director: B Kantor
Date of transaction: 14 December 2010
Class of securities: Linked units
Number of securities: 30 000
Price per security (weighted average): R34.9528
Total value: R1 048 584
Highest price per security: R35.00
Lowest price per security: R34.81
Nature of transaction: Purchase on the open market
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Cape Town
14 December 2010
Sponsor
Nedbank Capital
Date: 14/12/2010 11:33:01 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/11/17
ACP
ACP - Acucap Properties Limited - Unaudited Condensed Interim Results for
the 6 months ended 30 September 2010
Acucap Properties Limited
Reg no 2001/021725/06
Share Code: ACP
ISIN: ZAE000037651
("Acucap" or "the fund" or "the company")
Unaudited Condensed Interim Results for the 6 months ended 30 September 2010
30 31 March 30
September 2010 September
2010 2009
Unaudited Audited Restated
R'000 R'000 R'000
Condensed consolidated
statement of financial
position
Assets
Property assets 6 271 805 5 841 064 5 285 227
Investment properties 5 729 547 5 379 866 4 918 966
Non-current receivable 112 045 112 284 115 951
Current receivable 28 627 24 005 19 363
Investment properties and 5 870 219 5 516 155 5 054 280
related receivables
Investment properties held for 100 752 50 000 -
sale and related receivables
Investment properties under 230 542 203 400 191 979
development
Owner-occupied property 10 106 10 344 10 640
Property development inventory 60 186 61 165 28 328
Other non-current assets 1 435 315 1 312 873 1 163 798
Loans in respect of unit 274 103 294 230 256 373
purchase scheme
Equipment 1 573 1 459 1 572
Listed investments 788 552 786 424 684 327
Interest in jointly controlled - 98 368 98 368
entities
Intangible assets and goodwill 320 832 82 786 94 749
Deferred tax assets 50 255 49 606 28 409
Other current assets 301 491 224 220 210 068
Trade and other receivables 246 194 186 308 181 662
Cash and cash equivalents 55 297 37 912 28 406
Total assets 8 008 611 7 378 157 6 659 093
Equity and liabilities
Shareholders' interest 2 568 479 2 489 553 2 112 614
Share capital and share 1 717 855 1 535 933 1 343 315
premium
Non-distributable reserve 1 092 668 1 155 931 921 419
Accumulated loss (242 044) (202 311) (152 120)
Non-current liabilities 4 238 999 4 040 431 3 797 759
Debentures 1 583 119 1 496 030 1 386 353
Financial liabilities 2 071 137 2 008 111 2 013 064
BEE instrument 94 736 76 547 50 694
Financial instruments 150 865 110 565 69 735
Deferred tax liabilities 339 142 349 178 277 913
Current liabilities 1 201 133 848 173 748 720
Trade and other payables 143 761 103 503 104 562
Financial liabilities 832 081 518 518 422 655
Tax payable 8 583 30 635 42 901
Debenture interest payable 216 708 195 517 178 602
Total equity and liabilities 8 008 611 7 378 157 6 659 093
Condensed consolidated statement of
comprehensive income
for the 6 months ended 30 September 2010
6 months year 6 months
ended ended ended
30 31 March 30
September 2010 September
2010 2009
Unaudited Audited Restated
R'000 R'000 R'000
Revenue 294 696 552 151 271 010
- Contractual 288 022 545 215 267 427
- Straight lining 6 674 6 936 3 583
Net operating expenses (20 423) (56 161) (27 684)
Loss on sale of properties (200) (1 281) (1 025)
Loss on sale of jointly (948) - -
controlled entity
Amortisation of intangible (12 371) (23 950) (11 957)
assets
Profit before fair value
adjustments,
interest and taxation 260 754 470 759 230 344
Fair value adjustment to (6 474) 216 648 593
investment properties
Fair value adjustment to BEE (18 189) (36 126) (10 274)
instrument
Fair value adjustment to (18 564) 5 701 1 562
government bonds
Profit before interest and 217 527 656 982 222 225
taxation
Interest income 53 023 107 912 44 257
Interest expense
- Debenture holders - interim (216 708) (178 602) (178 602)
- Debenture holders - final - (209 647) -
- Financial institutions and (108 938) (223 342) (110 314)
other
(Loss)/ profit before taxation (55 096) 153 303 (22 434)
Taxation (3 688) (48 142) 1 679
(Loss)/ profit for the period (58 784) 105 161 (20 755)
Other comprehensive (expense)/
income
Net change in fair value of 181 149 824 62 021
listed investments
Net change in fair value of (44 393) (10 558) 18 840
cash flow hedge recognised
directly in equity, net of
taxation
Other comprehensive (expense)/ (44 212) 139 266 80 861
income for the period, net of
income tax
Total comprehensive (expense)/ (102 996) 244 427 60 106
income for the period
Reconciliation of (loss)/
profit for the period to
headline loss
(Loss)/ profit for the period (58 784) 105 161 (20 755)
Fair value adjustment to 6 474 (216 648) (593)
investment properties
Loss on disposal of investment 200 1 281 1 025
properties
Tax effects - 51 394 953
Headline loss - shares (52 110) (58 812) (19 370)
Interest paid to debenture 216 708 388 249 178 602
holders
Headline earnings - linked 164 598 329 437 159 232
units
Cents Cents Cents
Basic and diluted (loss)/ (38.45) 73.39 (15.01)
earnings per share
Headline earnings per linked 107.65 229.91 114.74
unit
Interest Distribution per 136.75 259.26 128.70
linked unit
- Interim 136.75 128.70 128.70
- Final - 130.56 -
Condensed Consolidated statement of
changes in equity
for the 6 months ended 30 September 2010
Shares Share Share
issued capital Premium
Number R'000 R'000
Balance at 31 March 138 249 105 138 1 334 481
2009
Restatement of prior - - -
period due to change in
accounting policy
Restated balance at 31 138 249 105 138 1 334 481
March 2009
Total comprehensive
income/ (expense) for
the period
Loss for the period - - -
Other comprehensive
income/ (expense)
Net change in fair - - -
value of listed
investments
Net change in fair - - -
value of cash flow
hedge recognised
directly in equity
Total comprehensive - - -
income/ (expense) for
the period
Transactions with
owners, recorded
directly in equity
Issue of 525 000 shares 525 000 1 8 695
in September 2009
Transfer to non- - - -
distributable reserve
Total transactions with 525 000 1 8 695
owners
Balance at 30 September 138 774 105 139 1 343 176
2009
Total comprehensive
income for the period
Profit for the period - - -
Other comprehensive
income/ (expense)
Net change in fair - - -
value of listed
investments
Net change in fair - - -
value of cash flow
hedge recognised
directly in equity
Total comprehensive - - -
income for the period
Transactions with
owners, recorded
directly in equity
Issue of 9 698 649 9 698 649 10 169 065
shares in October 2009
Issue of 1 280 000 1 280 000 1 23 542
shares in November 2009
Transfer to non- - - -
distributable reserve
Total transactions with 10 978 649 11 192 607
owners
Balance at 31 March 149 752 754 150 1 535 783
2010
Total comprehensive
expense for the period
Loss for the period - - -
Other comprehensive
income/ (expense)
Net change in fair - - -
value of listed
investments
Net change in fair - - -
value of cash flow
hedge recognised
directly in equity
Total comprehensive - - -
expense for the period
Transactions with
owners, recorded
directly in equity
Issue of 8 717 627 8 717 627 9 181 913
shares in July 2010
Transfer to non- - - -
distributable reserve
Total transactions with 8 717 627 9 181 913
owners
Balance at 30 September 158 470 381 159 1 717 696
2010
Condensed Consolidated statement of
changes in equity
for the 6 months Non Accumulated Total
ended 30 September Distributable loss
2010 Reserve
R'000 R'000 R'000
Balance at 31 March 766 244 (83 903) 2 016 960
2009
Restatement of prior 26 852 - 26 852
period due to change
in accounting policy
Restated balance at 793 096 (83 903) 2 043 812
31 March 2009
Total comprehensive
income/ (expense) for
the period
Loss for the period - (20 755) (20 755)
Other comprehensive
income/ (expense)
Net change in fair 62 021 - 62 021
value of listed
investments
Net change in fair 18 840 - 18 840
value of cash flow
hedge recognised
directly in equity
Total comprehensive 80 861 (20 755) 60 106
income/ (expense) for
the period
Transactions with
owners, recorded
directly in equity
Issue of 525 000 - - 8 696
shares in September
2009
Transfer to non- 47 462 (47 462) -
distributable reserve
Total transactions 47 462 (47 462) 8 696
with owners
Balance at 30 921 419 (152 120) 2 112 614
September 2009
Total comprehensive
income for the period
Profit for the period - 125 916 125 916
Other comprehensive
income/ (expense)
Net change in fair 87 803 - 87 803
value of listed
investments
Net change in fair (29 398) - (29 398)
value of cash flow
hedge recognised
directly in equity
Total comprehensive 58 405 125 916 184 321
income for the period
Transactions with
owners, recorded
directly in equity
Issue of 9 698 649 - - 169 075
shares in October
2009
Issue of 1 280 000 - - 23 543
shares in November
2009
Transfer to non- 176 107 (176 107) -
distributable reserve
Total transactions 176 107 (176 107) 192 618
with owners
Balance at 31 March 1 155 931 (202 311) 2 489 553
2010
Total comprehensive
expense for the
period
Loss for the period - (58 784) (58 784)
Other comprehensive
income/ (expense)
Net change in fair 181 - 181
value of listed
investments
Net change in fair (44 393) - (44 393)
value of cash flow
hedge recognised
directly in equity
Total comprehensive (44 212) (58 784) (102 996)
expense for the
period
Transactions with
owners, recorded
directly in equity
Issue of 8 717 627 - - 181 922
shares in July 2010
Transfer to non- (19 051) 19 051 -
distributable reserve
Total transactions (19 051) 19 051 181 922
with owners
Balance at 30 1 092 668 (242 044) 2 568 479
September 2010
Condensed Cash flow statement
for the 6 months ended 30 September
2010
6 months year 6 months
ended ended ended
30 31 March 30
September 2010 September
2010 2009
R'000 R'000 R'000
Cash flows from operating
activities
Cash generated by 250 209 426 097 181 385
operations
Changes in property 979 6 863 1 700
development inventory
Income tax paid (24 058) (18 172) (3 291)
Interest received 53 023 107 912 44 257
Interest paid (325 646) (585 789) (280 029)
Net cash outflows from (45 493) (63 089) (55 978)
operating activities
Cash (outflows)/ inflows (569 972) (299 584) 81 143
from investing activities
Cash inflows/ (outflows) 632 850 378 380 (18 964)
from financing activities
Net cash inflows for the 17 385 15 707 6 201
period
Cash and cash equivalents 37 912 22 205 22 205
at beginning of period
Cash and cash equivalents 55 297 37 912 28 406
at end of period
Condensed Segmental results
for the 6 months ended 30 September 2010
6 months 6 months
ended ended
30 30
September September
2010 2009
R'000 R'000
Retail
Segment revenue (external 194 285 167 745
customers)
Net operating expenses (22 215) (20 389)
Fair value adjustment to (1 267) (1 951)
investment properties
Loss on disposal of - (160)
investment properties
Segmental results 170 803 145 245
Offices
Segment revenue (external 81 813 72 089
customers)
Net operating expenses (2 953) (2 515)
Fair value adjustment to (5 307) (446)
investment properties
Loss on disposal of (200) (865)
investment properties
Segmental results 73 353 68 263
Industrial
Segment revenue (external 6 953 6 774
customers)
Net operating expenses (809) (320)
Fair value adjustment to 100 2 990
investment properties
Segmental results 6 244 9 444
Property development
Segment revenue (external 11 645 24 402
customers)
Net operating expenses (7 077) (11 070)
Segmental results 4 568 13 332
Reconciliation to profit before interest and taxation for
the period in the income statement
Revenue 294 696 271 010
Allocated operating (33 054) (34 294)
expenses
Unallocated operating 12 631 6 610
expenses
Loss on disposal of (200) (1 025)
investment properties
Loss on sale of jointly (948) -
controlled entity
Amortisation of intangible (12 371) (11 957)
assets
Fair value adjustment to (6 474) 593
investment properties
Fair value adjustment to (18 564) 1 562
government bonds
Fair value adjustment to (18 189) (10 274)
BEE instrument
Profit before interest and 217 527 222 225
taxation
Basis of preparation
The interim condensed financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS) and IAS34, as well as the
requirements of the Companies Act in South Africa and the JSE Limited
Listings Requirements, and on a basis consistent with the company's most
recent annual financial statements.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
Acucap's board is pleased to report a distribution of 136.75 cents per unit
(cpu) for the six months ended 30 September 2010, a growth of 6.25% over the
same six month period last year. Economic conditions were generally weak
over the reporting period, although the third quarter saw distinct signs of
improvement, with retail sales in particular showing a satisfactory recovery
from June through to the September reporting date. Retail inflation peaked
at 12.7% in November 2008, but has now receded to just 0.66%. With further
help from a strong rand and thus cheaper imports, the resulting lower prices
have stimulated improved sales. Consumers may also have been encouraged by
further reductions in borrowing costs over the period, with the expectation
of more to come. Sustained momentum in household spending, which accounts
for more than 60% of GDP, should reinforce the recovery of the South African
economy.
Retail
Reported tenant revenue across all Acucap's retail assets grew by a healthy
8.69% in nominal terms for the six months to 30 September 2010 compared to
the same period last year. With retail inflation down to negligible levels,
this result points to meaningful real growth in sales. A noticeable trend
has been the strong recovery in discretionary spending, in particular
amongst durable goods discounters, and in both the homeware and electronics
segments.
The major development activity in Acucap's retail portfolio has been the
R160m extension of Bayside Mall in the Tableview corridor. Due for
completion in April 2011, the extension includes a new Game store, the
introduction of Dischem into the centre, an entirely new banking hall, and
the right-sizing of a number of national retailers. Supermarket anchor
Checkers is due to undertake a complete store revamp to coincide with the
mall redevelopment. On completion, Bayside will comprise a comprehensive
retail offering of over 55,000m2.
Offices
In contrast, the performance of the office market has remained subdued,
although Acucap has largely been shielded from the effects of rising
vacancies due to its long lease expiry profile. During the period under
review, the vacancy in the Acucap office portfolio increased only marginally
from 4% to 4.4%, although subsequent to 30 September, new leases have been
concluded, resulting in the vacancy rate declining to 2.7%. Renewal rentals
reflected the generally difficult conditions in the office market, with
rentals generally remaining at existing levels on renewal.
Industrial
There was no significant leasing activity in either of Acucap's industrial
joint ventures, although infrastructural development of both the N1 and
Montague Business Parks continued throughout the period.
Development
The contribution to profits from the Helderberg Village development has
continued to diminish as intended, with only 4 units sold in the current six
months, compared to 6 in the period to September 2009, and 9 in the same
period to September 2008. The few remaining units should be disposed of by
31 March 2011.
Sycom
Distributions received from Acucap's investment in Sycom Property Fund were
flat at 77.18 cpu compared to 77.14 cpu in the six months to September 2009.
This disappointing result was principally due to the sharp increase in
Sycom's office vacancies in the second half of the March 2010 financial
year, from 4.3% at the end of September 2009 to 11.1% at the end of the
current reporting period. This represents an additional 11,277m2 of office
vacancy.
A decline in the contribution from Sycom's investment in the Stenham
European Shopping Centre Fund (`SESCF') also affected Sycom's distribution.
Dividends received from SESCF were down by 3.5% in Euro terms, and combined
with the strong Rand relative to the Euro, this resulted in an overall 15.5%
decline in income from Sycom's investment in SESCF.
Like Acucap, however, Sycom's retail portfolio showed a pleasing turnover
growth of 8.42%, and as the office cycle moves into the recovery phase,
distributions from Sycom can be expected to show meaningful growth.
Income from Sycom's management company, Sycom Property Fund Managers (SPFM),
continued to show steady growth, with property management fees up by 9% over
the six months to September 2009, and comparative asset management fees
increasing by 27% over the same period as a result of the sustained higher
unit price.
Bad debts and impairments
Bad debts written off and tenant receivables impaired amounted to R562,000,
compared to R1.383m in the comparable prior period, reflecting a welcome
improvement after significant write-offs and impairments at the last year
end.
6 year to 6 6 months year to
months 31-Mar- months to 31-Mar-09
to 10 to 31-3- 30-9-09
30-9-10 10
Bad debts (562) (2 146) (763) (1 383) (743)
written off
Movement in 905 (1 352) (1 887) 535 (188)
provision for
arrears
Income 343 (3 498) (2 650) (848) (931)
Statement
movement
On the basis of individual assets and asset segments, Acucap's net income is
attributable as follows:
% of Net % of
Contractual total property total
rental income
income
R 000's R 000's
Festival 49 627 18.0 44 142 17.6
Mall
Key West 29 051 10.5 27 914 11.2
Bayside 28 551 10.3 26 370 10.5
Other 85 789 31.0 72 377 28.9
retail
Offices 76 506 27.7 73 353 29.3
Industrial 6 853 2.5 6 244 2.5
Total 276 377 100.0 250 400 100.0
The table reflects a pleasing growth in the diversification of retail income
amongst a greater number of properties, with Acucap's largest retail asset
now contributing only 17.6% of net property income.
2. SIMPLIFIED FINANCIAL INFORMATION
Simplified financial information is presented to eliminate the effects of
IFRS and accounting adjustments that do not form part of Acucap's
distribution.
Simplified income statement for the six months ended 30
September 2010
6 months year to 31 6 months to
to 30 March 30
September September
2010 2010 2009
R'000 R'000 R'000
Revenue 276 377 506 070 243 025
Net operating expenses (31 211) (58 992) (28 681)
Profit before interest 245 166 447 078 214 344
and taxation
Income from investment 15 700 24 321 13 879
in Sycom Property Fund
Managers
Development profits 12 472 31 748 17 617
Interest received 6 811 14 604 7 117
Income from Listed 28 975 59 811 28 959
Investments
Interest received on 10 783 19 664 9 121
Unit Purchase Trust
Notional Interest 7 672 16 594 547
received on units issued
Debenture holders 0 (203 570) 0
interest paid - interim
Other interest paid (99 357) (203 735) (102 140)
Profit for the period 228 222 206 515 189 444
Distribution per unit 136.75 130.56
for six months(cents) 128.70
Simplified Balance Sheet at 30 September 2010
30-Sep-10 31-Mar-10 30-Sep-09
R'000 R'000 R'000
Assets
Property assets 6 110 867 5 729 899 5 256 899
Listed property 817 527 817 276 713 286
investments
Other non-current assets 646 763 526 449 479 471
Other current assets 381 934 298 003 250 355
Total assets 7 957 091 7 371 627 6 700 011
Equity and liabilities
Shareholder's interest 4 646 400 4 457 649 3 903 379
Financial liabilities 2 667 475 2 342 893 2 251 983
Other non-current 263 833 231 892 209 165
liabilities
Current liabilities 379 383 339 193 335 484
Total equity and 7 957 091 7 371 627 6 700 011
liabilities
3. BORROWINGS
The company has fixed the interest rate on 61% (2009:73.8%) of its
facilities with unexpired terms up to 15 years. The weighted average rate
for interest rate swaps is 10.4%, and the weighted average term to maturity
is 7 years.
4. LEASE EXPIRIES
The forward lease expiry profile of the Acucap portfolio is detailed below,
categorized as to (1) major retail assets (Festival Mall, Key West, Bayside
Mall, Gardens Centre, The Bridge (28%)), (2) other retail assets, (3) office
and (4) industrial.
Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 thereafter
Major 6.1% 11.7% 7.2% 5.2% 8.7% 6.2%
retail
Other 2.3% 2.7% 5.7% 3.6% 4.2% 3.9%
Retail
Offices 1.9% 6.0% 5.7% 7.7% 3.7% 5.0%
Industrial 0.2% 0.0% 0.0% 0.1% 1.3% 0.9%
Total 10.5% 20.4% 18.6% 16.6% 17.9% 16.0%
The above profile reflects an evenly distributed pattern of lease expiries,
with only the 2012 financial year showing a higher percentage expiry,
principally due to upcoming renewals at Festival Mall.
5. RETAIL PORTFOLIO PERFORMANCE
As noted above, the retail portfolio showed a pleasing 8.69% growth in
turnover in the six months to 30 September 2010 compared to the same period
in the prior year. The table below shows turnover contribution within
Acucap's retail portfolio, reported by retail segment. Food and apparel
comprise just over 64% of retail turnover, down from 67% for the six months
to March 2010, and the mass discount segment lifted its contribution
significantly from 6.7% to 8.1% as discretionary spending continued its
strong recovery.
Segment % of Turnover
Food Majors 39.50%
Apparel 24.90%
Home & Furniture 3.00%
Electronics & Music 3.80%
Mass Discounters 8.10%
Health & Beauty 9.50%
Food Service & Entertainment 6.50%
Other 4.70%
100.00%
The performance of Acucap's major retail segments for the six months to 30
September 2010 and for the quarter then ended are shown in the chart below.
For the six months, the table shows a resurgent mass discount sector, with
turnover growth rates in the electronics, homeware and health & beauty
segments also registering strong gains. Food majors, comprising the
supermarket segment, had a flat six months from a growth perspective, partly
because of a relatively high base in 2009, and partly due to lower food
price inflation.
Retail segments: Turnover growth
Segment Quarter-on- 6 months to Sep
Quarter 09/10
Total Turnover 8.2% 8.7%
Food Majors 1.2% 2.8%
Apparel 8.3% 6.2%
Home 13.3% 13.4%
Electronics 17.5% 6.5%
Mass Discounters 17.5% 25.7%
Health & Beauty 17.3% 12.1%
Food Service 9.1% 10.1%
Acucap also monitors each tenant's rent to turnover ratio on a monthly basis
for any signs of distress, typically indicated by rent to turnover ratios
exceeding segmental industry norms. The table below shows these ratios for
each of the seven major segments in Acucap's retail portfolio, and it was
pleasing to see improvements in four of the seven categories, with only a
marginal decline in the food service and apparel segments. The ratio of rent
to turnover for food majors moved out from 2.4% to 2.6%, still leaving this
segment comfortably within the industry norm of 2.5% to 2.75%.
Segment Rent to Rent to Quarter-on-
turnover turnover Quarter
Ratio 2010 Ratio 2011 Change Sep
09/10
Food Majors 2.4% 2.6% 8.5%
Apparel 4.8% 4.9% 2.3%
Home 10.2% 8.9% -12.7%
Electronics 3.9% 3.6% -8.0%
Mass Discounters 5.4% 5.0% -8.2%
Health & Beauty 2.4% 2.2% -8.1%
Food Service 8.1% 8.2% 1.7%
6. RECONCILIATION OF LEASE EXPIRIES WITH NEW LEASES AND RENEWALS
The tables below provides a reconciliation of lease expiries with new leases
and re-lets / renewals over the six month period from 1 April 2010 to 30
September 2010:
Expiries and Average Average
terminations through rent escalation
(m2) at expiry rate at
(R/mSquared) expiry
Major Retail* 3 343 113.36 8.4%
Other retail 7 341 126.71 8.7%
Offices 3 805 96.58 9.0%
Industrial 516 50.70 10.0%
Total 35 005 113.41 8.5%
New leases Average Average
and renewals through rent escalation
(m2) for new for new
leases leases
(R/mSquared)
Major Retail* 25 784 115.96 8.2%
Other retail 10 122 117.58 8.5%
Offices 4 005 97.20 9.0%
Industrial 717 58.16 10.0%
Total 40 628 113.49 8.4%
*Major retail assets :Festival Mall, Key West, Gardens Centre, Bayside Mall
& The Bridge (28%)
Renewal escalation rates have not changed significantly across the whole
portfolio.
The following table places the six month pattern of expiries and renewals
within the context of an overall reconciliation of change in the gross
lettable area of the combined Acucap portfolio:
GLA at Expiries and New Net GLA at 30
31 terminations leases Area September
March and added 2010
2010 renewals
Total 433 620 (30 573) 31 934 14 763 449 744
- leased 414 900 (35 005) 40 628 14 290 434 813
- vacant 18 720 4 432 (8 694) 473 14 931
The vacancy rate remains low, as shown in the next table. Within the retail
segment, there are planned redevelopment vacancies at Bayside is in excess
of 1,000 mSquared. Approximately 2,561mSquared of the vacancy in `other
retail' consists of vacancies in Westville Mall and Howard Centre, where the
final leasing deals following the recent redevelopments are now being
concluded. Excluding the effects of such activities, the `major retail' and
`other retail' vacancies would reduce to 1.8% and 1.7% respectively. By
March 2011, the total vacancy is expected to reduce to approximately 2.5%.
SUMMARY OF PORTFOLIO GROSS LETTABLE AREA AND VACANCY
Total GLA Leased Vacant Vacancy
%
Major retail 198 176 193 487 4 689 2.4%
Other retail 116 118 111 636 4 482 3.9%
Offices 112 960 108 035 4 925 4.4%
Industrial 22 490 21 655 835 3.7%
TOTAL 449 744 434 813 14 931 3.3%
7. UNITHOLDERS
A table of Acucap's major unit holders is set out below :
Acucap unitholders at 30 September 2010
Entities controlling > 5% of
issued units
30-9-2010 31-3-2010
Public Investment 13.5% 14.0%
Corporation
Coronation Fund Managers 11.1% 15.1%
Stanlib Asset Managers 11.0% 10.3%
Investec 10.7% 11.5%
Directors and employees 8.5% 9.5%
Nedbank Limited 6.2% 6.6%
Thesele Group 5.0% 5.3%
Other 34.0% 27.7%
Total 100.0% 100.0%
Number of units in issue 166 891 375 158 173 748
Number of unitholders 2 697 2 390
8. COST TO INCOME RATIO
Costs remained well-controlled as further scale benefits were derived from
the management of both the Acucap and Sycom portfolios. In spite of rapidly
escalating electricity and rates charges, the net cost to income ratio has
remained low, and the rate of operating cost recovery from tenants has been
maintained. Of course, this places pressure on tenants to absorb rental
increases over time, and this will ultimately dampen the growth prospects of
listed property funds.
Period Percentage
6 months to 30 Sept 11.3%
2010
Year to 31 March 2010 11.1%
Year to 31 March 2009 11.1%
Year to 31 March 2008 14.2%
Year to 31 March 2007 12.6%
Year to 31 March 2006 12.2%
9. PROSPECTS
Acucap has benefited from the good performance of its retail portfolio,
whilst at the same time, the fund was shielded from the worst effects of the
office downturn by its long lease expiry profile in that segment. Looking
ahead, the SA economy looks set to grow by between 3% and 3.5% over the next
year, and whilst this is encouraging, there are still risks to the recovery,
in particular the low rate of job creation. Until labour market imbalances
are addressed, the SA economy is unlikely to achieve its full growth
potential.
Office and retail rentals remain under pressure, while operating costs have
escalated significantly, electricity at an annualized 28.1% and rates at 17%
within the Acucap portfolio. Under these conditions, the board expects the
distribution growth for the full year to be slightly lower than the 6.25%
achieved at the interim date. The expected distribution has not been
reviewed or reported on by Acucap's auditors.
10. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that interim distribution number 20 of 136.75 (one
hundred and thirty six comma seven five) cents per linked unit has been
approved in respect of the six month period ended 30 September 2010. The
last date to trade the units cum distribution is Friday, 3 December 2010 and
the record date will be Friday, 10 December 2010. The units will start
trading ex-distribution from Monday, 6 December 2010. Distributions will be
made to unit holders on Monday 13 December 2010.
Unit certificates may not be dematerialised or rematerialised between Monday
6 December and Friday 10 December 2010 both days inclusive.
On behalf of the Board
BS KANTOR PA THEODOSIOU
(Chairman) (Managing Director)
17 November 2010
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services (Pty) Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Directors: Prof BS Kantor (Chairman), PA Theodosiou*# (Managing Director),
FM Berkeley, RC Frolich, CB Marlow*, MS Moloko, N Mandindi, JH Rens*, B
Stevens, NDC Whale
* Executive; # British
Date: 17/11/2010 08:49:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/08/30
ACP
ACP - Acucap Properties Limited - Results of Annual General
Meeting
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
RESULTS OF ANNUAL GENERAL MEETING
Acucap linked unitholders are advised that all resolutions,
except for Ordinary Resolution Number 7 relating to a
general authority to issue shares for cash, were passed by
the requisite majority of linked unitholders present or
represented by proxy at Acucap's annual general meeting held
at The Cape Grace Hotel, West Quay, V&A Waterfront, Cape
Town on 27 August 2010.
Cape Town
30 August 2010
Investment bank and sponsor
Nedbank Capital
Date: 30/08/2010 10:55:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/08/16
ACP SYC
ACP - Acucap Properties Limited - Further announcement regarding the acquisition
by Acucap of the remaining 50% in Sycom Property Fund Managers
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
JSE Share code: ACP ISIN: ZAE000037651
("Acucap" or "the Company")
SYCOM PROPERTY FUND
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No.45 of 2002 and managed by Sycom Property
Fund Managers Limited
(Registration number 1986/002756/06)
JSE Share code: SYC ISIN: ZAE000019303
("Sycom")
FURTHER ANNOUNCEMENT REGARDING THE ACQUISITION BY ACUCAP OF THE REMAINING 50% IN
SYCOM PROPERTY FUND MANAGERS ("SPFM") ("THE TRANSACTION")
Acucap and Sycom unitholders are referred to the voluntary announcements dated
12 March 2010 and 15 July 2010 which provided details of the transaction and
confirmation of Competition Authority approval respectively.
The boards of directors of both Acucap and Sycom are pleased to announce that
the transaction was approved by the Financial Services Board on 13 August 2010.
All conditions precedent have therefore been fulfilled and the transaction
becomes effective from today, Monday 16 August 2010.
16 August 2010
Cape Town
Investment bank and sponsor Competition law advisor
Nedbank Capital Vani Chetty Competition Law
Date: 16/08/2010 15:36:01 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/08/05
ACP
ACP - Acucap Properties Limited - Dealing in securities by a director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing in
securities by a director:
Executive director of Acucap: J H Rens
Date of transaction: 4 August 2010
Number of securities: 5 000
Price per security: R34.11
Total value: R170 550
Number of securities: 106 198
Price per security: R34.20
Total value: R3 631 971.60
Number of securities: 200
Price per security: R34.23
Total value: R6 846
Number of securities: 8 602
Price per security: R34.25
Total value: R294 618.50
Class of securities: Linked units
Nature of transaction: Sale on the open market
Nature and extent of director's interest: Direct beneficial
Written clearance to deal: Yes
Cape Town
5 August 2010
Sponsor
Nedbank Capital
Date: 05/08/2010 11:45:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/07/16
ACP SYC
ACP/SYC - Acucap/Sycom - Further Announcement Regarding The Acquisition By
Acucap Of The Remaining 50% In Sycom Property Fund Managers
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
JSE Share code: ACP ISIN: ZAE000037651
("Acucap")
SYCOM PROPERTY FUND
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No. 45 of 2002 and managed by Sycom Property
Fund Managers Limited
(Registration number 1986/002756/06)
JSE Share code: SYC ISIN: ZAE000019303
("Sycom")
FURTHER ANNOUNCEMENT REGARDING THE ACQUISITION BY ACUCAP OF THE REMAINING 50% IN
SYCOM PROPERTY FUND MANAGERS
Acucap and Sycom unitholders are referred to the voluntary announcement dated 12
March 2010 regarding the acquisition by Acucap of the remaining 50% in Sycom
Property Fund Managers ("the Transaction") from Parkdev (Pty) Limited and are
hereby advised that Competition Authority approval has been obtained.
The Transaction is still conditional upon obtaining Financial Services Board
approval which is expected to be finalised in early August 2010.
16 July 2010
Cape Town
Investment bank and sponsor
Nedbank Capital
Date: 16/07/2010 13:11:02 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/07/16
ACP
ACP - Acucap Properties Limited - Fulfilment of the conditions precedent
regarding the acquisition of phases 3, 5 and 6 of Tyger Hills Office Park
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
FULFILMENT OF THE CONDITIONS PRECEDENT REGARDING THE ACQUISITION OF PHASES 3, 5
AND 6 OF TYGER HILLS OFFICE PARK
Acucap linked unitholders are referred to the announcement dated 12 March 2010
regarding the acquisition of Phases 3, 5 and 6 of Tyger Hills Office Park ("the
Acquisition") and are hereby advised that all outstanding conditions precedent
pertaining to the Acquisition as set out in the aforementioned announcement,
have been fulfilled.
16 July 2010
Cape Town
Investment bank and sponsor
Nedbank Capital
Date: 16/07/2010 09:46:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/07/15
ACP
ACP - Acucap Properties Limited - Dealing in securities by a director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing in
securities by a director:
Executive director of Acucap: C B Marlow
Date of transaction: 14 July 2010
Number of securities: 185 000
Price per security: R34.00
Total value: R6 290 000
Class of securities: Linked units
Nature of transaction: Sale on the open market
Nature and extent of director's interest: Direct beneficial
Written clearance to deal: Yes
Cape Town
15 July 2010
Sponsor
Nedbank Capital
Date: 15/07/2010 09:29:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/06/29
ACP
ACP - Acucap Properties Limited - Posting of Acucap's annual report and
details of the annual general meeting
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
Posting of Acucap's annual report and details of the annual general meeting
In compliance with section 3.22 of the JSE Limited Listings Requirements,
information regarding the annual report and the annual general meeting is set
out below.
1. Annual report
Further to Acucap's audited consolidated results for the year ended 31
March 2010 that were published on 3 June 2010, the annual report was
posted today. The annual financial statements contain no material
modifications to the aforementioned audited results.
2. Annual general meeting
The annual general meeting of the linked unitholders of Acucap will be
held at The Cape Grace Hotel, West Quay, V&A Waterfront, Cape Town on
Friday, 27 August 2010 at 15h00 to transact the business as stated in the
notice of the annual general meeting forming part of the annual report.
Cape Town
29 June 2010
Sponsor
Nedbank Capital
Date: 29/06/2010 14:52:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/06/03
ACP
ACP - Acucap - Audited Consolidated Results for the year ended 31 March 2010
Acucap Properties Limited
(Reg No. 2001/021725/06)
(Incorporated on 12 September 2001)
"Acucap" or "the company"
Share Code: ACP
ISIN : ZAE000037651
Audited Consolidated Results for the year ended 31 March 2010
Statement of Financial Position
at 31 March 2010
2010 2009
Restated
R'000 R'000
Assets
Property assets 5 841 064 5 360 301
Investment properties 5 379 866 4 857 961
Non-current receivable 112 284 112 591
Current receivable 24 005 17 204
Investment properties and related 5 516 155 4 987 756
receivables
Investment properties held for sale and 50 000 140 578
related receivables
Investment properties under development 203 400 191 111
Owner-occupied property 10 344 10 828
Property development inventory 61 165 30 028
Other non-current assets 1 312 873 1 128 639
Loans in respect of unit purchase 294 230 248 689
scheme
Equipment 1 459 1 687
Intangible assets 82 786 106 736
Interest in subsidiaries and jointly 98 368 98 368
controlled entities
Listed investments 786 424 612 210
Deferred tax assets 49 606 60 949
Other current assets 224 220 169 288
Trade and other receivables 186 308 134 748
Interest in jointly controlled entities - 12 335
Cash and cash equivalents 37 912 22 205
Total assets 7 378 157 6 658 228
Equity and liabilities
Shareholders' interest 2 489 553 2 043 812
Share capital and share premium 1 535 933 1 334 619
Non-distributable reserve 1 155 931 793 096
Accumulated loss (202 311) (83 903)
Non-current liabilities 4 040 431 3 857 960
Debentures 1 496 030 1 381 108
Financial liabilities 2 008 111 2 045 969
Financial instruments 110 565 95 901
BEE instrument 76 547 40 421
Deferred tax liabilities 349 178 294 561
Current liabilities 848 173 756 456
Trade and other payables 103 503 116 183
Financial liabilities 518 518 424 217
Tax payable 30 635 46 341
Debenture interest payable 195 517 169 715
Total equity and liabilities 7 378 157 6 658 228
Statements of Comprehensive Income
for the year ended 31 March 2010
2010 2009
Restated
R'000 R'000
Revenue 552 151 558 332
- Contractual 545 215 545 496
- Straight lining 6 936 12 836
Net operating expenses (56 161) (67 398)
Loss on disposal of investment properties (1 281) (14 500)
Amortisation of intangible assets (23 950) (12 923)
Profit before fair value adjustments, interest 470 759 463 511
and taxation
Fair value adjustment to investment properties 216 648 (7 687)
Fair value adjustment to BEE instrument (36 126) 7 835
Fair value adjustment to government bonds 5 701 (20 067)
Profit before interest and taxation 656 982 443 592
Interest income 107 912 97 533
Interest expense
- debentures (388 249) (346 390)
- other (223 342) (250 036)
Share of loss of equity accounted investees (net - (356)
of income tax)
Profit/ (loss) before taxation 153 303 (55 657)
Taxation (48 142) (4 250)
Profit/ (loss) for the year 105 161 (59 907)
Other comprehensive income/ (expense)
Net change in fair value of listed investments, 149 824 (34 994)
net of taxation
Net change in fair value of cash flow hedge (10 558) (94 834)
recognised directly in equity, net of taxation
Other comprehensive income/ (expense) for the 139 266 (129 828)
year, net of income tax
Total comprehensive income/ (expense) for the 244 427 (189 735)
year
Cents Cents
Basic and diluted earnings/ (loss) per share 73.39 (43.89)
Interest distribution per linked unit
- interim 128.70 121.30
- final 130.56 122.76
Distribution per linked unit 259.26 244.06
Statement of
Changes in Equity
for the year
ended 31 March
2010
Share Share Non- Accumul Total
capital premium distribut- ated
able loss
reserve
R'000 R'000 R'000 R'000 R'000
BALANCE AT 31 129 1 211 988 146 (89 2 110
MARCH 2008 156 218) 213
Restatement of - - ( 3 837) 3 837 -
prior period due
to change in
accounting policy
Restated balance 129 1 211 984 309 (85 2 110
at 31 March 2008 156 381) 213
Total
comprehensive
income/expense
for the year
Loss for the year (59 (59 907)
907)
Other - - -
comprehensive
expense for the
year
Net change in - - (34 994) - (34 994)
fair value of
listed
investments
Net change in - - (94 834) - (94 834)
fair value of
cash flow hedge
recognised
directly in other
comprehensive
income
(restated)*
Total - - (129 828) (59 (189
comprehensive 907) 735)
expense for the
year
Transactions with
owners, recorded
directly in
equity
Issue of 8 000 8 108 632 - - 108 640
000 shares in May
2008
Proceeds 8 108 712 - - 108 720
Share issue costs - ( 80) - - ( 80)
Issue of 1 200 1 14 693 - - 14 694
000 shares in
November 2008
Proceeds 1 14 729 - - 14 730
Share issue costs - ( 36) - - ( 36)
Transfer to non- - - (61 385) 61 385 -
distributable
reserve
Total 9 123 325 (61 385) 61 385 123 334
transactions with
owners
BALANCE AT 31 138 1 334 793 096 (83 2 043 812
MARCH 2009 481 903)
Total
comprehensive
income/expense
for the year
Profit for the - - - 105 105 161
year 161
Other
comprehensive
income/ (expense)
for the year
Net change in - - 149 824 - 149 824
fair value of
listed
investments
Net change in - - (10 558) - (10 558)
fair value of
cash flow hedge
recognised
directly in other
comprehensive
income
Total - - 139 266 105 244 427
comprehensive 161
expense for the
year
Transactions with
owners, recorded
directly in
equity
Issue of 525 000 1 8 695 - - 8 696
shares in
September 2009
Proceeds 1 8 724 - - 8 725
Share issue costs - (29) - - ( 29)
Issue of 9 698 10 169 065 - - 169 075
649 shares in
October 2009
Proceeds 10 170 105 - - 170 115
Share issue costs - (1 040) - - (1 040)
Issue of 1 280 1 23 542 - - 23 543
000 shares in
November 2009
Proceeds 1 23 582 - - 23 583
Share issue costs - (40) - - (40)
Transfer to non- - - 223 569 (223 -
distributable 569)
reserve
Total 12 201 302 223 569 (223 201 314
transactions with 569)
owners
BALANCE AT 31 150 1 535 1 155 931 (202 2 489 553
MARCH 2010 783 311)
Statements of Cash Flows
for the year ended 31 March 2010
2010 2009
R'000 R'000
Cash flows from operating activities
Cash generated from operations 426 097 427 975
Changes in property purchases 6 863 (5 580)
Income tax (paid) / refunded (18 172) 9 516
Interest received 107 912 97 533
Interest paid (585 789) (571 556)
Net cash outflow from operating activities (63 089) (42 112)
Net cash (outflow)/inflow from investing activities (299 584) 10 569
Cash flows from financing activities
Proceeds from the issue of shares 201 314 123 334
Proceeds from the issue of debentures 114 922 91 908
Financial liabilities raised 530 000 232 865
Financial liabilities repaid (467 856) (406 612)
Net cash inflow from financing activities 378 380 41 495
Net cash inflow for the year 15 707 9 952
Cash and cash equivalents at beginning of year 22 205 12 253
Cash and cash equivalents at end of year 37 912 22 205
2010 2009
Gross Net of Gross Net of
tax tax
Headline (loss)/earnings R'000 R'000 R'000 R'000
The calculation of the headline
earnings per share is based on a
weighted average of 143 287 206
(2009: 136 500 471 ) shares in issue
during the year and the headline
earnings is calculated as follows:
Profit/ (loss) for the year 105 161 (59 907)
Fair value adjustment of investment (216 648) (165 075) 7 687 6 321
properties
Loss on disposal of investment 1 281 1 102 14 500 12 470
properties
Headline loss - shares (58 812) (41 116)
Interest paid to debenture holders 388 249 346 390
Headline earnings - linked units 329 437 305 274
Cents Cents
Headline loss per share (41.04) (30.12)
Headline earnings per linked unit 229.91 223.64
BASIS OF PREPARATION AND AUDIT OPINION
The financial statements have been prepared in accordance with International
Financial Reporting Standards (IFRS) and IAS 34 and interpretations adopted
by the International Accounting Standards Board (IASB) and the requirements
of the South African Companies Act.
The financial statements are prepared on the historical cost basis, except
for investment properties, investment properties held for sale, derivative
financial instruments, financial assets and available-for-sale financial
assets which are measured at fair value.
The financial statements are prepared on the going concern basis and Acucap's
accounting policies have been applied consistently to all periods presented,
except for IAS1 (revised) which is now applied, affecting presentation only.
In prior years, the group did not account for deferred taxation on the fair
value of interest rate swaps at each financial year end. As the fair value of
the interest rate swaps results in either taxable or deductible temporary
differences, deferred taxation should have been provided at each financial
year end since the inception of the interest rate swap contracts.
KPMG Inc. has audited the financial information set out above. Their
unmodified audit report is available for inspection at the company's
registered office. The information contained in the commentary below does not
form part of the audit opinion.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
Acucap's board is pleased to report a distribution of 130.56 cents per unit
(cpu) for the six months ended 31 March 2010. This represents growth of
6.36% over the same six month period last year. Together with the interim
distribution of 128.7 cpu, this gives unitholders an annual distribution of
259.26 cpu, a growth rate of 6.23% over the previous financial year.
The South African economy is showing clear signs of recovery, although the
recovery is expected to be gradual, and may suffer occasional setbacks as
the global economy deals with the after-effects of the credit crisis and
the more recent budget deficit concerns in parts of the Eurozone. For
Acucap, as a predominantly retail fund, the most reliable indicator of
South Africa's economic recovery is the growth in consumer spending, as
evidenced by the performance of the fund's retail tenants. Reported tenant
revenue across all Acucap's retail assets grew by 2.3% in nominal terms for
the year to 31 March 2010 compared to the previous year, and by 3.8% for
the quarter ended on that date compared to the same quarter last year. The
upward trend is clear, although this result was dampened by temporary
vacancies arising from a high level of redevelopment activity in Acucap's
retail portfolio. Excluding the assets under redevelopment, annual tenant
revenue growth was a nominal 3.12%, and revenue growth for the last quarter
was 4.71%. Seen in the context of a declining inflation rate, these trading
results show a gradual but encouraging improvement in real consumer
spending.
Acucap's high quality office portfolio performed well in the period under
review, with the office vacancy rate remaining constant at around 2.5% and
renewal rentals achieved coming in at just over 97% of budget. In line
with forecast, there was once again a lower contribution to profits from
Helderberg Village as this development nears completion, but combined
income from Acucap's investment in Sycom Property Fund and its management
company Sycom Property Fund Managers (SPFM) continued to show steady
growth.
Bad debts written off and tenant receivables impaired amounted to R3.5m, up
from R1m in the prior year and R2.6m in 2008, as the effects of the recent
recession remained evident throughout the year under review. Smaller retail
tenants in particular are likely to remain under pressure until the
economic recovery is more firmly established.
No buildings were sold in the period under review, and two acquisitions
were announced. The first was the acquisition of the remaining 50%
undivided share in Bayside Shopping Centre that Acucap did not already own,
announced in May 2009, with transfer on 16 October 2009. The second was the
acquisition of Tyger Hills Investments (Pty) Ltd, the co-owner of Cape
Town's prestigious Tyger Hills Office Park. The remainder of this high
quality office park is owned by Sycom. The acquisition was announced on 12
March 2010 and transfer will be effected as soon as approval is granted by
the competition authorities. Further details of this acquisition are
provided in part 3 of this announcement..
On the basis of individual assets and asset segments, Acucap's net income
is attributable as follows :
% of Net % of
Contractual total property total
rental income
income
R'000's R'000's
Festival 18.4% 18.8%
Mall 94,140 89,989
Key West 10.9% 10.8%
55,775 51,794
Other 39.5% 37.8%
retail 202,642 180,653
Offices 28.4% 29.9%
146,096 143,145
Industrial 2.8% 2.7%
14,353 12,946
Total 100.0% 100.0%
513,006 478,527
2. SIMPLIFIED FINANCIAL INFORMATION
Simplified financial information is presented to eliminate the effects of
IFRS and accounting adjustments that do not form part of Acucap's
distribution.
Simplified distribution income statement for the year
ended 31 March 2010
year to 31 year to
March 31 March
2010 2009
Note R'000 R'000
Revenue 1 506,070 499,180
Net operating expenses 2 -58,992 -56,114
Profit before interest 447,078 443,066
and taxation
Income from investment 5 24,321 8,010
in Sycom Property Fund
Managers
Development profits 6 31,748 41,823
Interest received 10 14,604 14,821
Income from Listed 10 59,811 56,631
Investments
Interest received on 10 19,664 16,508
Unit Purchase Trust
Notional Interest 10 16,594 13,250
received on units
issued
Debenture holders 11 -203,570 -186,890
interest paid - interim
Other interest paid 12 -203,735 -227,166
Profit for the period 206,515 180,053
Final distribution per
unit 130.56 122.76
Notes to the simplified
distribution income
statement
1 Revenue as stated 552,151 558,332
Less : straight lining -6,936 -12,836
revenue reversed
Less : Helderberg sales -39,145 -46,316
506,070 499,180
2 Net operating expenses -56,161 -67,398
as stated
Less : Net income from -24,321 -8,010
Sycom Property Fund
Managers
Add : CShell (BEE 99 97
transaction) expenses
Less : Development
costs 21,391 19,197
-58,992 -56,114
3 (Loss) / Profit on sale -1,281 -14,500
of properties as stated
Non-distributable 1,281 14,500
capital profit / loss
reversed
0 0
4 Amortisation of -23,950 -12,923
Intangible Assets as
stated
Reversal of 23,950 12,923
amortisation of
intangible asset
0 0
5 Income from Sycom
Property Fund
transferred from net 27,437 8,010
operating expenses
27,437 8,010
6 Helderberg sales 39,145 46,316
transferred from
Revenue
Realised development 12,591 -
profits
Development expenses -21,391 -19,197
Helderberg units sold 16,107 -
not yet transferred -
Mar-10
Helderberg units sold -14,704 14,704
not yet transferred -
Mar-09
31,748 41,823
7 Fair value adjustment 216,648 -7,687
to investment
properties
Less: Fair value -216,648 7,687
adjustment to
investment properties
reversed
0 0
8 Fair value adjustment -36,126 7,835
to BEE instrument
Less: Fair value 36,126 -7,835
adjustment to BEE
instrument reversed
0 0
9 Fair value adjustment 5,701 -20,067
to Government bonds
Less: Fair value -5,701 20,067
adjustment to
government bonds
reversed
0 0
10 Interest received as 107,912 97,533
stated
Add : Interest received 2,761 3,677
from CShell, previously
eliminated on
consolidation
Less : Income received -59,811 -56,631
on listed units
separately disclosed
Less : Interest -19,664 -16,508
received on Unit
Purchase Trust
separately disclosed
Less : Notional -16,594 -13,250
Interest received on
units issued separately
disclosed
14,604 14,821
11 Debenture interest paid -388,249 -346,390
as stated
Reverse debenture 388,249 346,390
interest as stated
Notional interest iro -14,130 -8,979
units issued after
period end
Interim debenture -189,440 -177,911
interest to 30
September 2009
-203,570 -186,890
12 Other interest paid as -223,342 -250,036
stated
Less : Other interest 18,495 22,062
paid by CShell,
previously inculded on
consolidation
Less : Net reversal of 1,112 808
interest provided from
period end to
distribution payment
date
-203,735 -227,166
13 Number of linked units 149,752,754 138,249,105
in issue per IFRS at 31
March 2010
CShell linked units 8,420,994 8,420,994
previously treated as
treasury units on
consolidation
Actual units in issue 158,173,748 146,670,099
Simplified Balance
Sheet at 31 March 2010
31-Mar-10 31-Mar-09
R'000 R'000
Assets
Property assets 14 5,729,899 5,189,695
Listed property 15 817,276 641,958
investments
Other non-current 16 526,449 516,429
assets
Other current assets 17 298,003 211,105
Total assets 7,371,627 6,559,187
Equity and liabilities
Shareholder's interest 18 4,457,649 3,839,090
Non-current liabilities 19 2,574,785 2,379,326
Current liabilities 20 339,193 340,771
Total equity and 7,371,627 6,559,187
liabilities
NAV
28.18 26.53
Notes to the simplified
balance sheet
14 Property assets as 5,841,064 5,360,301
stated
Less : Properties held -50,000 -140,578
for sale, removed from
assets
Less : Property -61,165 -30,028
inventory
5,729,899 5,189,695
15 Listed investments as 786,424 612,210
stated
Listed Sycom investment 30,852 29,748
transferrd from current
assets
Listed property 817,276 641,958
investments
16 Other non-current 1,312,873 1,128,639
assets as stated
Less: Listed property -786,424 -612,210
investments disclosed
separately
526,449 516,429
17 Other current assets as 224,220 169,288
stated
Add: CShell 27,363 26,834
intercompany loan
eliminated on
consolidation
Add : Property 61,165 30,028
inventory
Less : Sycom interest -30,852 -29,748
receivable
Less : Helderberg 27,628 23,981
property sales not yet
transferred
Less : Helderberg -11,521 -9,278
property sold not yet
transferred cost of
sales
298,003 211,105
18 Shareholder's interest 2,489,553 2,043,812
as stated
Add Debentures 1,496,030 1,381,108
Debenture 84,126 84,126
portion of linked units
issued to CShell
Share capital 109,530 109,530
and premium on shares
issued to CShell
CShell retained 90,434 53,538
income / NDR
Helderberg 16,107 14,703
property sales not yet
transferred net income
Adjust deferred 171,869 152,273
tax to the Capital
Gains Tax rate
4,457,649 3,839,090
19 Non-current liabilities 4,040,431 3,857,960
as stated
Re- 518,518 424,217
classification of
current financial
liabilities
Less:
Proceeds from disposal of -50,000 -140,578
assets classified as held for sale
Adjust deferred tax to -171,869 -152,273
the Capital Gains Tax rate
Debentures -1,496,030 -1,381,108
Financial liabilities -183,736 -183,736
attributable to CShell
Financial instrument -5,982 -4,735
CShell SWAP
Reversal of BEE -76,547 -40,421
financial instrument
2,574,785 2,379,326
20 Current liabilities as stated 848,173 756,456
Add: Debenture interest payable 10,994 10,338
to CShell
Less: Re-classification of -518,518 -424,217
current financial liabilities
Accrued interest -1,456 -1,806
receivable from CShell
339,193 340,771
3. PORTFOLIO ACTIVITIES
Sycom
For the year to March 2010, Sycom Property Fund delivered 6.32% growth in
distributions. Sycom's performance was negatively affected by two principal
factors. The first of these was high office vacancies that persisted for
much of the year at the Woodlands and Riverwoods office parks, and at
Georgian Crescent. The completion of the 18,828m2 Veld Estates development
at Woodlands added a net new 12,301m2 of unlet office space at a time when
the office market was moving into a cyclical downturn. Nonetheless, Veld
Estates is a top quality extension to what is already a premium office
park, and subsequent to year end, the vacancy at Woodlands has reduced from
17,387m2 to 10,867m2. The second factor that adversely affected Sycom's
results was the underperformance of its investment in the Stenham European
Shopping Centre Fund (`SESCF'). Dividends received were down by 3% in Euro
terms, and persistent Euro weakness resulted in an overall 20% decline in
income from Sycom's investment in SESCF.
In all other respects, Sycom's portfolio performed in accordance with
management's expectations, showing defensive strength in the retail
portfolio as overall tenant revenues grew by 6.1% for the year to 31 March
2010 compared to the prior year, and by 7.2% for the quarter compared to
the same prior quarter. Net Asset Value increased from R20.74 at the end of
March 2009 to R21.19 a year later.
As announced on 12 March 2010, Acucap has reached agreement with Parkdev
(Pty) Ltd to acquire Pardkev's remaining 50% of SPFM and the Sycom asset
management contract for R136.3m, and the transaction is now with the
competition authorities for approval. Meaningful cost benefits have
resulted from the economies of scale inherent in a single team managing
both Acucap and Sycom , as shown in the steadily improving cost to income
ratio in part 12 of this announcement. The strongly independent boards of
Acucap and Sycom ensure there are no conflicts of interest arising from
both funds having a common manager, and the fee structure of Acucap's
contract with Sycom are also tightly prescribed.
Acucap retail portfolio
Tenant revenues at Acucap's regional retail assets showed little growth
over the prior year, although the quarter ended March 2010 reflected good
recovery to 3.3% growth. Revenues at the fund's community retail assets
increased by a solid 5.5% for the year, declining slightly for the March
quarter to 4.5%. The overall result is influenced by the high contribution
(in excess of 40%) from the supermarket segment, where revenue growth was
2.3% for the year and 3.8% for the quarter as food inflation slowed
significantly. At an individual asset level, the following activities are
reported:
Bayside Mall
Construction has commenced on a R160m project to introduce Game and Dischem
to the centre, create an upper level banking mall and allow the expansion
of a number of national fashion retailers. This will re-position Bayside as
the first choice regional retail mall within the trade area. The
development will increase the mall's GLA to 52,000m2.
Festival Mall
Negotiations have been concluded with Mr Price to almost double the Weekend
trading space and Furniture City will come in with a new 1,000m2 store. The
mall introduced a number new smaller national fashion tenants to the
fashion mix this year, providing a wider and more interesting offering.
Key West
A number of national tenants, including Woolworths, Foschini, Truworths,
Pick `n Pay and Virgin, have initiated upgrades during the last 12 months.
Howard Centre
The last 6 months of the financial year has seen Howard Centre trading
through a major redevelopment and upgrade program. Three of the four banks
are expanding or relocating, the mall and the public facilities are being
upgraded, and the upper level offices redeveloped. A new central court has
been introduced and the Woolworths store extended by just under 1,000m2.
Construction has progressed well with completion of the main atrium and
malls scheduled for the end of June 2010. The estimated capital cost of
the project is R53m, with a projected first year yield of 11%.
Westville Mall
The planned upgrading of Westville Mall is complete after 8 months of
redevelopment work. The new look mall was launched at the end of October
2009 and has been well received by shoppers and tenants. The existing
facade, parking area, and internal mall finishes have all been upgraded,
and the existing GLA extended by 800m2. The capital cost for the project
was R23m with an expected first year yield of 9%. Based on the solid
trading patterns of the mall, Woolworths has agreed to expand the existing
food market, and both Checkers and Virgin Active Gym have indicated an
intention to upgrade their offerings in the 2011 financial year. An
additional parking deck has been designed for the centre, providing 96 new
bays and allowing the construction of an additional 1,600m2 of retail
space. This bulk will be utilised to increase the national tenant mix
within the centre.
Watermeyer Park Shopping Centre
The centre has been upgraded, including facade treatment, a new vehicle
ramp connecting the upper and lower parking levels, improved walkways and
public facilities, new shopfronts and new centre signage. The upgrade cost
R12.5m and was necessitated by a certain degree of deterioration in the
building, as well as its dated look in the face of competing new retail
products within its secondary catchment area. As a result of the upgrade,
leasing of vacant space has progressed well, supported by a substantial
upgrade to the Woolworths Food Store that anchors the centre.
Village Square Randfontein
Three adjacent residential properties have been acquired and are now being
rezoned in order to facilitate the future expansion of this highly
successful shopping centre. The planned expansion will cost in the order of
R15m, with an expected first year yield of 10.5%.
Acucap office portfolio
On 12 March 2010 Acucap announced the acquisition of a portion of the Tyger
Hills Office Park in Cape Town. The whole park has a GLA of 26,489m2, and
Acucap acquired phases 3, 5 and 6 of the park, measuring 15,569m2. Sycom
Property Fund acquired the remaining 10,920m2. The purchase consideration
was R276.8m, at a yield of 8.94%.
The Howard Terraces building in Pinelands and the Saddle Drive building in
Woodmead were classified as non-core assets and earmarked for disposal.
Progress in these two instances is detailed below:
Howard Terraces, Pinelands
A sectional title register has been opened to facilitate disposal of this
building as a sectional title scheme. A lease cancellation agreement was
negotiated with the tenant, a division of Old Mutual, which has vacated the
building and relocated to Old Mutual's head office in Pinelands.
Saddle Drive, Woodmead
A new lease was entered into with On Digital Media for 3,984m2 of office
space. The building was sold during the year under review, with transfer
expected to take place during the first half of the new financial year.
Significant leasing activities during the year under review were as
follows:
Bremerton Office Park, Port Elizabeth
A new 10 year lease was concluded with Nedbank Limited over the entire
building, which measures 3,643m2.
Golf Park, Mowbray
This office park comprises 16,293m2 of GLA. Leases over 1,675m2 expired and
were successfully renewed, with new leases being entered into over a
further 796m2 of space that was vacant at the end of the March 2009
financial year.
Acucap industrial portfolio
Acucap's industrial interests are represented by N1 Business Park in
Midrand and Montague Park in Cape Town. Whilst they currently represent a
small proportion of the fund's portfolio, the parks will comprise a more
meaningful proportion of Acucap's investment properties once the build-out
of the respective developments is complete.
N1 Business Park
Whilst there is pressure on the industrial sector as a whole, tenant demand
has remained firm for space in this premium industrial park. The latest
signing is for a 3,224m2 facility on terms that will provide an initial
yield of 10.42%. This transaction takes the total lease area at N1 Business
Park to 29,7122 out of a total anticipated build out of approximately
115,000m2.
Montague Park
Infrastructural works have commenced. The initial phase of this process is
anticipated to be complete by September 2010 and the secondary phase
(including external road upgrades) by January 2012. Eskom has confirmed
that the site's full power requirements will be available from July 2010
and in light of this, negotiations with numerous industrial tenants have
commenced. The site has a package of zoning rights, including retail, and
negotiations are on-going with regard to a proposed retail development on
the Koeberg / Plattekloof corner of the site. It is anticipated that this
matter will be finalised shortly.
4. HELDERBERG VILLAGE
Acucap had budgeted to sell 9 units in the current financial year, and by
year end, a total of 11 units had been sold. Net revenue from Helderberg
sales was R23m, compared to R42m in the prior year. There are 6 units left
to sell, all of which are budgeted to be sold in the 2011 financial year.
5. BORROWINGS
The company has total borrowings of R2.3 billion as tabulated below
(excluding BEE funding). Interest rates are hedged on 70% of total
borrowings, at a weighted average rate of 10.7% and a weighted average
maturity of 7.1 years. The Nedbank facilities are subject to renewal in two
tranches, the first renewal for the R977m facility effective 31 March 2012,
and the second renewal for the R792m facility effective 31 March 2013. The
smaller Omsfin and Standard Bank facilities run to May and June 2011
respectively. Acucap's gearing ratio at 31 March 2010 was 37%.
Fixed Amount Effective
period R'000 interest
rate
Nedbank 27-Sep-11 50,000 10.26%
Standard 01-Oct-11 50,000 10.20%
Omsfin 15-Dec-11 50,000 9.73%
Nedbank 31-Mar-12 50,000 13.20%
Standard 01-Oct-12 50,000 10.05%
Nedbank 08-Feb-13 200,000 11.23%
Standard 01-Oct-13 50,000 9.80%
Omsfin 11-Oct-13 120,000 9.95%
Nedbank 01-Aug-16 70,000 11.15%
Nedbank 30-Sep-16 50,000 10.71%
Nedbank 31-Jul-17 50,000 10.94%
Nedbank 17-Jul-19 50,000 11.63%
Nedbank 31-Jul-20 50,000 11.08%
Nedbank 05-Aug-20 50,000 10.91%
Nedbank 30-Sep-20 50,000 10.44%
Nedbank 31-May-21 250,000 11.73%
Nedbank 31-Jul-23 50,000 10.93%
Nedbank 09-Oct-23 100,000 9.98%
Nedbank 30-Nov-13 24,000 11.82%
Bond shorts 2025/2036 218,517 9.20%
R186/R209
Fixed 1,632,517
interest loans
Floating 710,375 7.98%
interest loans average
Total borrowings 2,342,892
Details of loan covenants are set out below:
Facility LTV Interest cover
Nedbank facility A 55% 1.5x
Nedbank facility B 55% 1.5x
Nedbank facility E 55% 1.5x
Omsfin overnight n/a n/a
Omsfin term facility 50% 1.5x
Blueprint Originator 50% 1.5x
Standard Bank facilities
A to D 50% 1.5x
Actual at 31 March 2010 36% 2.36x
6. PROPERTY PORTFOLIO VALUATION
Acucap has adopted a formal valuation policy which requires adherence to
certain standards and practices The purpose of adopting this policy is to
ensure that the fund's valuers inspect every property close to the
valuation date, that they reconcile tenancies on site to rent rolls, that
they audit no less than two thirds of all leases in detail, and that they
gain an understanding of how retail centres are trading by looking at
tenant revenue figures.
Independent peer review valuations are carried out on properties
representing no less than 15 % by value and 10% by number of assets in
Acucap's overall portfolio.
Applying this policy, the Acucap portfolio was independently revalued at 31
March 2010 by the fund's appointed valuers, Quadrant Properties in Gauteng
and Natal, Magnus Penny in the Western Cape and Majola & Boyd in the
Eastern Cape. Independent peer review valuations were carried out by DJB
Hoffman, (Nat. Dip. Property Valuation MIV (SA)) on properties representing
19% by value and 12% by number of assets in Acucap's overall portfolio. In
all cases, his valuations concurred with those of the fund's independent
valuers. A complete property valuation schedule is set out below. In
addition to independent values and capitalisation rates, the schedule also
indicates average net through rentals per m2 for each property, as well as
its occupancy level. In the case of the office segment, average net rental
rates per m2 include parking revenue.
Schedule of investment Independent Cap rate Average Occupancy
properties valuation at rental per rate at
31/03/2010 31/03/2010 square 31/03/2010
meter at per
31/03/2010 rentable
area
R'000
Retail 3 981 609 8.57% 95.6%
95.06
Festival Mall, Kempton 1 022 000 8.00% 96.9%
Park 95.00
Keywest, Krugersdorp 661 400 8.25% 97.5%
88.71
Bayside Centre, Table 582 000 8.80% 95.9%
View 111.88
Gardens Centre, Cape 370 000 8.60% 95.9%
Town 172.60
Howard Centre, 198 600 9.15% 77.0%
Pinelands 105.63
The Village Square, 194 000 9.00% 99.3%
Randfontein 85.10
Westville Mall, Durban 161 500 8.75% 96.1%
81.46
East Rand Value Mall, 154 800 8.75% 85.2%
Boksburg 99.14
Roodepoort Hyperama 152 000 9.00% 100.0%
51.48
50% Hillcrest Corner, 134 500 9.25% 92.2%
Durban 125.28
27.5% of The Bridge, 113 009 9.00% 99.3%
Port Elizabeth 76.94
Sunward Centre, 106 400 9.25% 98.5%
Boksburg 75.14
Rondebosch-on-Main, 78 000 9.10% 95.0%
Cape Town 93.27
Watermeyer Park, 46 200 10.25% 83.9%
Pretoria 73.24
Boulevard Piazzas, 7 200 10.00% 100.0%
Illovo 147.95
Offices 1 382 950 9.25% 96.0%
116.72
Golf Park, Mowbray 194 000 9.75% 96.0%
109.29
Microsoft, Bryanston 149 300 8.50% 99.7%
112.50
82 Grayston Drive, 131 500 9.00% 100.0%
Sandown 129.98
Tiger Brands, Bryanston 100 150 8.75% 100.0%
103.87
28 Fricker Road, Illovo 94 600 9.25% 100.0%
130.50
Bogare, Menlyn, 86 000 9.25% 100.0%
Pretoria 104.22
The Village, Faerie 82 900 10.25% 64.3%
Glen, Pretoria 113.90
Nautica, Granger Bay, 82 000 9.30% 95.7%
Cape Town 151.30
4 Fricker Road, Illovo 76 100 9.00% 100.0%
113.70
Kagiso House, Illovo 73 500 8.75% 100.0%
137.42
SA Weather Services, 69 000 9.50% 100.0%
Pretoria 118.24
Colliers, Illovo 60 500 9.25% 84.1%
141.28
Pharos House, Westville 57 000 8.75% 94.6%
Mall, Durban 88.51
Bremerton Office Park, 44 500 9.50% 100.0%
Port Elizabeth 91.63
Albion Springs, 44 000 10.70% 100.0%
Rondebosch 125.45
Selborne Fourways Golf 37 900 9.50% 91.1%
Park, Gauteng 104.21
Industrial 135 500 9.11% 95.4%
49.00
Kargo, Denver 49 800 9.75% 100.0%
41.22
30% of Tellumat, 40 500 9.00% 84.7%
Retreat, Cape Town 53.94
N1 Business Park, 45 200 8.50% 100.0%
Midrand 58.96
Total investment 5 500 059 8.76% 95.7%
properties 97.56
7. RETAIL PORTFOLIO PERFORMANCE
Segmental contribution to turnover within the Acucap retail portfolio is
shown below.
ACUCAP Retail Segments - Contribution
to Turnover
Segment Segment:
% of
Turnover
Food Majors 40.4%
Apparel 26.6%
Home & Furniture 2.6%
Electronics & Music 3.7%
Mass Discounters 6.7%
Health & Beauty 9.3%
Food Service & Entertainment 6.6%
Other 4.1%
100.0%
67% of tenant turnover is attributable to food and apparel, and these two
segments contribute 52% of Acucap's retail rental income.
The performance of Acucap's major retail segments for the full year and for
the last quarter of the year to March 2010 are shown in the chart below.
For the year, the graph shows a resurgent homeware sector, with health &
beauty still performing well. Mass discounters had a disappointing year,
but the last quarter showed a strong improvement. The same trend came
through for apparel and food services. Food majors, comprising the
supermarket segment, had a flat year from a growth perspective, partly
because of a relatively high base in 2009, and partly due to significantly
lower food price inflation.
ACUCAP: Retail segments turnover growth
Segment Quarter-on- Year-on-
Quarter Year
Total Turnover 3.8% 2.3%
Food Majors -0.6% 1.0%
Apparel 5.5% 0.9%
Home 13.8% 23.4%
Electronics 0.4% 2.3%
Mass Discounters 18.2% -1.6%
Health & Beauty 16.8% 15.6%
Food Service 7.3% 4.1%
Acucap also monitors each tenant's rent to turnover ratio on a monthly
basis for any signs of distress, typically indicated by rent to turnover
ratios exceeding segmental industry norms. The graph below shows these
ratios for each of the seven major segments in Acucap's retail portfolio.
There were no material changes in rent to turnover ratios.
ACUCAP: Rent to Turnover Ratio by Segment
Segment Rent Ratio Rent Ratio
2009 2010
Food Majors 2.2% 2.3%
Apparel 4.0% 4.2%
Home 9.4% 8.9%
Electronics 3.3% 3.5%
Mass Discounters 4.4% 4.9%
Health & Beauty 2.4% 2.3%
Food Service 7.3% 7.9%
8. HISTORICAL LEASE EXPIRIES OVER THE LAST 12 MONTHS
The table below shows a summary of all leasing activity in the Acucap
portfolio over the last financial year.
New Average
Expirie Average Average leases Average Escalation
s and through escalat and through rate for
termina rent at ion renewals rent new
tions expiry rate at for new leases
expiry leases
8.5% 8.2%
Regional 33,578 114.88 28,874 126.67
retail
Other 8.6% 8.2%
retail 27,956 109.83 25,868 120.14
Offices 9.4% 9.1%
19,556 101.48 18,634 113.68
8.0%
Industri 3,377 51.69
al
Acucap successfully renegotiated over 90% of expiring leases during the
year, with 8.6% of expiries moving into temporary retail vacancies
resulting from redevelopment activities. Retail leases were renewed at a
weighted average net rental that was 9.8% higher than the expiring rental.
Office leases were renewed with a 12% positive reversion.
The pattern of expiries and renewals can be seen in the context of Acucap's
overall portfolio in the table below, which reconciles the opening and
closing gross lettable area, taking into consideration expiries, renewals,
new leases, extensions to GLA, and acquisitions and disposals.
New Net Closing
Opening Expirie leases area Propert Proper GLA
GLA s and and added ies ties
termina renewa purchas held
tions ls ed for
sale
Total -
421,106 -76,753 76,753 4,843 18,586 10,915 433,620
- let - -
408,860 81,090 76,753 3,463 17,829 10,915 414,900
- vacant
12,246 4,337 1,380 757 18,720
9. FORWARD LEASE EXPIRIES
Over the next financial year, leases for 54,235m2 will expire, representing
12.5% of the portfolio GLA. Details of the expiry rentals are shown below,
together with estimated renewal rentals. For offices, there is an expected
positive reversion of 5.7%, and for retail, a positive reversion of 9.6%.
Area Net Net
terminating rental rental
to 31-3- / m2 at / m2 on
2011 m2 expiry renewal
date
Offices 116.17 122.80
8,486
Retail 110.83 120.88
44,933
Industrial 67.75 75.00
816
Over the longer-term, the fund continues to show a good, long-dated lease
expiry profile. Expiries in the office portfolio are between 3% and 8% by
income per annum over the next 4 years. The retail portfolio shows higher
levels of expiry by income over the next three years, centred largely
around Festival Mall and Key West, where low average through rentals of
just over R100/m2 present an opportunity for meaningful upward rental
reversions.
Lease expiry profile by revenue by
sector
Industrial Offices Retail
to Mar-11 0.2% 2.9% 15.1%
to Mar-12 0.0% 4.5% 15.8%
to Mar-13 0.0% 5.5% 12.9%
to Mar-14 0.1% 8.1% 6.9%
to Mar-15 1.3% 3.0% 13.0%
1.0% 3.2% 6.5%
thereafter
10. MAJOR TENANTS BY AREA AND INCOME
Acucap's twenty largest tenants account for 51.5% of its rental income,
with retail tenants contributing 41.7% and office tenants 9.8%, in line
with the fund's high retail weighting in its property portfolio. The
tenants listed below indicate the high quality of Acucp's rental cash
flows.
Major tenants % % GLA
Revenue
Shoprite Checkers 7.7% 11.4%
SA Government and 4.4% 3.8%
parastatals
Pick 'n Pay 4.4% 6.6%
Edcon 3.9% 4.5%
Mr Price 3.3% 3.1%
Foschini 3.3% 2.2%
Pepkor 2.8% 2.1%
Nedbank 2.5% 1.9%
Microsoft 2.2% 1.9%
Clicks 1.8% 1.9%
Absa 1.8% 1.1%
Tiger Brands 1.8% 1.7%
Virgin Active 1.8% 2.4%
Woolworths 1.7% 4.0%
Truworths 1.6% 1.4%
Massstores 1.6% 2.5%
Standard Bank 1.5% 1.1%
Kagiso 1.3% 0.9%
First National Bank 1.3% 1.2%
Ster-Kinekor 0.9% 2.5%
11. VACANCIES
Total vacancies by income have ticked up from 2.82% at the end of March
2009 to 4.3% a year later, most of the increase attributable to at the
planned redevelopments of Howard Centre, Bayside Centre, and East Rand
Value Mall. Included is 1.65% for vacancies that have arisen from tenants
being relocated and from temporary vacancies created to allow for
redevelopment activities. Excluding these effects, the vacancy is 2.65% by
income. The table below shows the vacancy attributable to each segment of
the Acucap portfolio.
Vacancy profile by
sector by GLA
% of
Total GLA
Industrial 0.2%
vacancy
Office 0.9%
vacancy
Retail 3.2%
vacancy
GLA let 95.7%
12. COST TO INCOME
Costs remain well controlled, with the net cost to income ratio at 11.1%.
The company continues to benefit from in-house administration, which gives
improved control at a property level, and the advantages of having a
smaller number of good quality properties in its portfolio have become more
obvious during the ore difficult economic conditions of the last 2 years.
Acucap has been in the process of rationalising its in-house administration
costs since the start-up of this function in the 2008 financial year, and
emphasizing the cost benefits which have arisen from the economies of scale
achieved in managing both the Acucap and Sycom portfolios.
2010 2009 2008 2007 2006 2005
Net cost to income 11.1% 11.1% 14.2% 12.6% 12.2% 12.7%
The company's greatest concern in terms of costs relates to administered
costs such as electricity and rates. Although mostly recoverable from
tenants, the unpredictable rise in these expenses will place pressure on
cost of occupation for Acucap's tenants, and this could negatively impact
growth in net rental income.
13. UNIT HOLDER SUMMARY
A summary of Acucap's unit holder profile is set out below. Annual trade in
Acucap's linked units was 25.26% of the total number of units in issue,
indicating a sound level of liquidity, particularly considering the long-
term nature of many of Acucap's major unit holders.
2010 2009
Coronation 15.1% 17.6%
Public Investment 14.0% 13.7%
Corporation
Stanlib 10.3% 16.2%
Investec 11.5% 4.2%
Directors and employees 9.45% 9.0%
Nedbank 6.6% 6.5%
Thesele Group (Pty) 5.3% 5.7%
Limited
Catalyst 3.1% 1.8%
Liberty Life 2.3% 3.0%
77.7% 77.7%
Other shareholders 22.3% 22.3%
100.0% 100.0%
Number of unitholders 2 390 2 014
Weighted average units 151,708,200
145,002,154
Units traded 38,315,645
51,778,423
Liquidity 25.26% 35.7%
14. PROSPECTS
The growth of the South African economy is expected to be subdued, with
many tenants still facing difficult trading conditions. Retail turnovers
have shown a pleasing recovery, but rental growth is likely to remain under
pressure as administered costs borne by tenants continue to increase at
rates well in excess of the general rate of inflation. Distributions from
Acucap's investment in Sycom will be influenced by the demand for office
space in Sycom's portfolio, where relatively high office vacancies persist,
and Sycom's performance may also be hampered by a possible recapitalisation
of its investment in SESCF.
Nonetheless, with a small number of good quality assets, a management team
with considerable depth and an efficient cost structure, Acucap is well
placed to continue delivering real distribution growth over the long-term.
The above information has not been reported on by Acucap's auditors.
15. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that a final distribution of 130.56 cents per linked
unit has been approved in respect of the six month period ended 31 March
2010. The last date to trade the linked units cum distribution is Friday 18
June 2010 and the record date will be Friday 25 June 2010. The linked units
will start trading ex-distribution from Monday 21 June 2010. Distributions
will be made to unit holders on Monday 28 June 2010.
Linked unit certificates may not be dematerialised or rematerialised
between Monday 21 June and Friday 25 June 2010 both days inclusive.
On behalf of the Board
BS KANTOR PA THEODOSIOU
(Chairman) (Managing Director)
3 June 2010
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Share Code: ACP
ISIN : ZAE 000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou*# (Managing Director), FM
Berkeley, RC Frolich, N Mandindi, C B Marlow *, M S Moloko, JH Rens*, B Stevens,
NDC Whale
* Executive # British
Sponsor
Nedbank Capital
Date: 03/06/2010 15:08:02 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/03/12
ACP SYC
ACP / SYC - Acucap / Sycom - Announcement regarding the acquisition by Acucap of
the remaining 50% in Sycom Property Fund managers ("SPFM") ("THE TRANSACTION")
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
JSE Share code: ACP ISIN: ZAE000037651
("Acucap" or "the Company")
SYCOM PROPERTY FUND
A Collective Investment Scheme in property registered in terms of the Collective
Investment Schemes Control Act, No.45 of 2002 and managed by Sycom Property
Fund Managers Limited
(Registration number 1986/002756/06)
JSE Share code: SYC ISIN: ZAE000019303
("Sycom")
ANNOUNCEMENT REGARDING THE ACQUISITION BY ACUCAP OF THE REMAINING 50% IN SYCOM
PROPERTY FUND MANAGERS ("SPFM") ("THE TRANSACTION")
1 Introduction
This announcement serves to advise Acucap and Sycom unit holders of a
change in the shareholding of SPFM and is a voluntary announcement for both
funds in terms of the JSE Limited Listings Requirements.
2 Information regarding the Transaction
During 2008, Acucap group acquired a 50% share in SPFM from Parkdev
(Proprietary) Limited ("Parkdev"). Acucap has recently agreed with Parkdev
to acquire its remaining 50% interest in SPFM for a total consideration of
R136.3 million, to be settled in cash.
The Transaction is conditional upon obtaining Competition Authority
approvals and other regulatory approvals to the extent required and will
become effective upon the fulfilment of these conditions which is expected
to be in July 2010.
3 Rationale for the Transaction
The opportunity arose for Acucap to acquire Parkdev's remaining interests
in SPFM, and the board of Acucap considered it an appropriate time to
proceed with the Transaction. Acucap has had ample opportunity to gain a
comprehensive understanding of the properties within the Sycom portfolio.
Given Acucap's long-term interest in Sycom, it has always been the
Company's intention to assume full ownership of SPFM in order to advance
its strategic objective of bringing the two businesses together in an
appropriate form. As the sole shareholder in SPFM, Acucap will be well
positioned to manage the direction and timing of these activities.
The terms of the Transaction are yield enhancing to Acucap unit holders,
and the earnings of SPFM are regarded as high quality annuity income, as
they are based on the value of Sycom as an enterprise and its underlying
contractual income. Acucap's board of directors is also satisfied with the
timing of this transaction as the SA's economic recovery begins to gather
momentum.
12 March 2010
Cape Town
Investment bank and sponsor Competition law advisor
Nedbank Capital Vani Chetty Competition Law
Date: 12/03/2010 13:34:12 Produced by the JSE SENS Department.
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completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2010/03/12
ACP
ACP - Acucap Properties - Announcement regarding the acquisition of phases 3, 5
and 6 of Tyger Hills Office Park
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
ANNOUNCEMENT REGARDING THE ACQUISITION OF PHASES 3, 5 AND 6 OF TYGER HILLS
OFFICE PARK
1. Introduction
Acucap linked unit holders are advised that Acucap, has entered into a sale
of shares agreement with Attfund Limited ("Attfund" or "the Seller") and Tyger
Hills Investments (Proprietary) Limited ("the Company") dated 11 March 2010
("the Acquisition") to acquire the entire issued share capital and all the
Seller's claims against the Company from the Seller.
The Company owns the leasehold properties known as Phase 3, Phase 5 (51%
thereof) and Phase 6 of Tyger Hills Office Park ("the Properties" or "Tyger
Hills Office Park") which comprise approximately 15 569m2 of gross lettable
area.
The Acquisition will be effective upon fulfilment of the conditions precedent
set out in paragraph 4 below, which is expected to be during June 2010.
2. Rationale for the Acquisition
The Acquisition is consistent with Acucap's strategy of having an exposure of
around 25% to high quality office properties. Since there have been relatively
fewer opportunities to acquire such assets in the Cape Town market, Acucap's
commercial exposure has been substantially weighted towards selected nodes
within the Johannesburg market. This investment brings a sizeable, top quality
Cape Town office asset into the portfolio. Sycom Property Fund ("Sycom")
recently announced the acquisition of phases 1, 2 and 4 of the Tyger Hills
Office Park, and Acucap's purchase of phase 3, 51% of phase 5 and phase 6
means that the two funds will own 26 668m2 of the 28 626m2 office park, with
Absa (as a 49% shareholder in Phase 5) owning the remaining 1 958m2. Acucap
has found Sycom's office strategy of owning large, high quality office parks
with a strong nodal reference to be a compelling one. The flexibility, tenant
diversity, low bulk, good security and well-controlled amenities have tended
to support firm rentals and low long-term vacancy rates, and Acucap is therefore
comfortable to partner with Sycom in the acquisition of this high quality office
park.
3. Consideration for the Acquisition
The purchase consideration for the Acquisition is R276.8 million ("the Purchase
Price"). If the effective date of the Acquisition is after 1 June 2010, the
Purchase Price will escalate by 9% per annum ("the Purchase Price escalation").
The Purchase Price will be partly settled by the issue of 2 610 430 Acucap
linked units at an issue price of R30 per unit ("the Consideration Units'). The
balance of the Purchase Price will be settled by way of Renounceable Units
issued to the Seller ("the Placing Units"). The Placing Units will be issued
around the effective date at a 3% discount to the 30 day volume weighted average
price prior to the issue date. The Purchase Price escalation will be settled in
cash.
4. Conditions precedent
The Acquisition is subject to:
4.1 Competition Authorities approval; and
4.2 obtaining of any other regulatory approvals, to the extent required.
5. Unaudited pro forma financial effects of the Acquisition
Based on the current estimate of the number of Consideration Units and Placement
Units to be issued, the unaudited pro forma financial effects of the Acquisition
on net asset value ("NAV") and net tangible asset value ("NTAV") per linked unit
are not significant and have therefore not been disclosed.
6. Forecast information on the Properties
The summarised forecast financial information relating to the Properties for
the 12 months ending 31 March 2011 and for the twelve months ending 31 March
2012, which is the responsibility of Acucap's directors, is set out below. The
forecast financial information has not been reviewed and reported on by Acucap's
auditors.
Forecast 12 months Forecast 12
ending months ending
31 March 2011 31 March 2012
R'000 R'000
Gross rentals 20 815 26 507
Contracted revenue 19 811 22 099
Uncontracted revenue 1 004 4 408
Net rental income before 20 516 26 119
interest
Net rental income after 0 0
interest and taxation
Notes:
1. The forecast information for the 12 months ending 31 March 2011 has been
calculated from the anticipated effective date of the Acquisition, being 1
June
2010.
2. The assumptions for uncontracted revenue are that leases that expire will
be renewed at the lower of rentals escalated at previous contracted escalations
or market rentals.
3. Uncontracted revenue comprises 4.8% and 16.6% of forecast gross rentals for
the 12 month period ending 31 March 2011 and the 12 month period ending 31 March
2012, respectively.
4. Net rental income is distributed to unit holders as interest.
7. Specific information relating to the Properties
Details regarding the Properties are set out below:
Proper Location Secto GLA Singl Weighted Vacancy Annuali Purcha Valu
ty r m2 e or average by sed se e
multi rental rentabl propert price Rm(1
tenan (includi e area y yield Rm )
ted ng m2 %
parking)
per m2
R
Tyger Hendrik Offic 15 Multi 133.27 0 8.94% 276.8 278.
Hills Verwoerd e 569 3
Office Drive,
Park Platteklo
(Phase of,
s 3 ,5 Parow(2)
(51%
thereo
f) and
6)
Notes:
1. The value of the Properties of R278 292 000 was arrived at by the
independent external property valuer, Quadrant Properties Group, as at 1
June
2010.
2. Leasehold rights in respect of erven 23513 (ptn 22330), 23515 (ptn 22330)
and 23516 (ptn 22330), Parow, Tygerberg.
8. Categorisation
The Acquisition is a Category 2 transaction in terms of the JSE Limited Listings
Requirements.
12 March 2010
Cape Town
Investment bank and sponsor
Nedbank Capital
Competition law advisor
Vani Chetty Competition Law
Date: 12/03/2010 12:56:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/12/14
ACP
ACP - Acucap Properties Limited - Dealing In Securities By A Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing in
securities by a director:
Non-executive director of Acucap: B Stevens
Date of transaction: 14 December 2009
Number of securities: 5 000
Price per security: R29.50
Total value: R147 500
Class of securities: Linked units
Nature of transaction: Purchase on the open market
Nature and extent of director's interest: Indirect Beneficial
Written clearance to deal: Yes
Cape Town
14 December 2009
Sponsor
Nedbank Capital
Date: 14/12/2009 10:35:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/11/27
ACP
ACP - Acucap Properties Limited - Dealing in Securities by a Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing in
securities by a director:
Executive director of Acucap: P A Theodosiou
Date of transaction: 27 November 2009
Number of securities: 2 500
Price per security: R30.35
Total value: R75 875
Class of securities: Linked units
Nature of transaction: Purchase on the open market
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Cape Town
27 November 2009
Sponsor
Nedbank Capital
Date: 27/11/2009 11:29:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/11/25
ACP
ACP - Acucap Properties Limited - Dealing in Securities by a Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing in
securities by a director:
Executive director of Acucap: P A Theodosiou
Date of transaction: 24 November 2009
Number of securities: 2 500
Price per security: R30.40
Total value: R76 000
Class of securities: Linked units
Nature of transaction: Purchase on the open market
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Cape Town
25 November 2009
Sponsor
Nedbank Capital
Date: 25/11/2009 10:43:03 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/11/20
ACP
ACP - Acucap Properties Limited - Dealing in securities by directors
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY DIRECTORS
Unitholders are advised of the following information relating to the dealing in
securities by directors:
Executive director of Acucap: P A Theodosiou
Date of transaction: 20 November 2009
Number of securities: 160 000
Price per security: R30.07
Total value: R4 811 200
Class of securities: Linked units
Nature of transaction: Offer and acceptance in terms of
the Acucap Unit Purchase Trust
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Executive director of Acucap: J H Rens
Date of transaction: 20 November 2009
Number of securities: 160 000
Price per security: R30.07
Total value: R4 811 200
Class of securities: Linked units
Nature of transaction: Offer and acceptance in terms of
the Acucap Unit Purchase Trust
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Executive director of Acucap: C B Marlow
Date of transaction: 20 November 2009
Number of securities: 160 000
Price per security: R30.07
Total value: R4 811 200
Class of securities: Linked units
Nature of transaction: Offer and acceptance in terms of
the Acucap Unit Purchase Trust
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Director of a major subsidiary of Acucap: G R Jones
Date of transaction: 20 November 2009
Number of securities: 150 000
Price per security: R30.07
Total value: R4 510 500
Class of securities: Linked units
Nature of transaction: Offer and acceptance in terms of
the Acucap Unit Purchase Trust
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Cape Town
20 November 2009
Sponsor
Nedbank Capital
Date: 20/11/2009 15:44:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/11/13
ACP
ACP - Acucap Properties Limited - Unaudited Interim Results for the 6 months
ended 30 September 2009
Acucap Properties
Limited
Reg no 2001/021725/06
Share Code: ACP
ISIN : ZAE 000037651
Unaudited Interim Results
for the 6 months ended 30
September 2009
30 31 March 30
September 2009 September
2009 2008
Unaudited Audited Restated
R'000 R'000 R'000
Abridged consolidated
statement of financial
position
Assets
Property Assets 5 285 227 5 360 301 5 413 964
Investment properties 4 918 966 4 857 961 4 804 269
Long term receivable 115 951 112 591 93 950
Short term receivable 19 363 17 204 22 206
Investment properties 5 054 280 4 987 756 4 920 425
and related
receivables
Investment properties - 140 578 274 124
held for sale
Investment properties 191 979 191 111 176 173
under development
Owner-occupied 10 640 10 828 10 312
property
Property development 28 328 30 028 32 930
inventory
Other non current 1 163 798 1 101 787 1 132 580
assets
Loans in respect of 256 373 248 689 222 426
unit purchase scheme
Equipment 1 572 1 687 1 361
Listed investments 684 327 612 210 662 445
Interest in subsidiaries 98 368 98 368 97 290
and jointly controlled
entities
Intangible assets 94 749 106 736 119 659
Deferred tax asset 28 409 34 097 29 399
Other current assets 210 068 169 288 163 869
Trade and other 181 662 134 748 110 919
receivables
Interest in jointly - 12 335 12 544
controlled entity
held for sale
Cash and cash 28 406 22 205 40 406
equivalents
Total assets 6 659 093 6 631 376 6 710 413
Equity and
liabilities
Shareholders' 2 093 088 2 016 960 2 134 175
interest
Share capital and 1 343 315 1 334 619 1 319 925
share premium
Non-distributable 901 893 766 244 923 822
reserve
Accumulated loss ( 152 120) ( 83 903) ( 109 572)
Non current 3 817 285 3 857 960 4 069 588
liabilities
Debentures 1 386 353 1 381 108 1 369 120
Financial liabilities 2 013 064 2 045 969 2 317 999
BEE instrument 50 694 40 421 35 284
Financial instruments 69 735 95 901 32 286
Deferred tax 297 439 294 561 314 899
liabilities
Current liabilities 748 720 756 456 506 650
Trade and other 104 562 116 183 127 691
payables
Financial liabilities 422 655 424 217 200 488
Tax payable 42 901 46 341 12 230
Debenture interest 178 602 169 715 166 241
payable
Total equity and 6 659 093 6 631 376 6 710 413
liabilities
Abridged consolidated
statement of comprehensive
income
for the 6 months ended
30 September 2009
6 months year ended 6 months
ended 31 March ended
30 2009 30
September September
2009 2008
Unaudited Audited Restated
R'000 R'000 R'000
Revenue 271 010 558 332 262 223
- Contractual 267 427 545 496 260 005
- Straight lining 3 583 12 836 2 218
Net operating expenses ( 27 684) ( 67 398) ( 30 263)
Loss on sale of ( 1 025) ( 14 500) ( 8 985)
properties
Amortisation of ( 11 957) ( 12 923) -
intangible assets
Profit before fair value
adjustments,
interest and taxation 230 344 463 511 222 975
Fair value adjustment to 593 ( 7 687) 5 085
investment properties
Fair value adjustment to 1 562 ( 20 067) ( 22 862)
government bonds
Fair value adjustment to ( 10 274) 7 835 12 972
BEE instrument
Profit before interest 222 225 443 592 218 170
and taxation
Interest income 44 257 97 533 49 225
Interest expense
- Debenture holders - ( 178 602) ( 175 220) ( 175 220)
interim
- Debenture holders - - ( 171 170) -
final
- Financial ( 110 314) ( 250 036) ( 128 200)
institutions and other
Share of (loss) of - ( 356) ( 209)
equity accounted
investees (net of income
tax)
Loss before taxation ( 22 434) ( 55 657) ( 36 234)
Taxation 1 679 ( 4 250) 2 600
Loss for the period ( 20 755) ( 59 907) ( 33 634)
Other comprehensive
income/ (expense)
Net change in fair value 62 021 ( 34 994) 7 028
of listed investments
Net change in fair value 26 166 ( 121 686) ( 58 072)
of cash flow hedge
recognised directly in
equity
Other comprehensive 88 187 ( 156 680) ( 51 044)
income/ (expense) for
the period, net of
income tax
Total comprehensive 67 432 ( 216 587) ( 84 678)
income/ (expense) for
the period
Reconciliation of loss for the period to
headline (loss)/ earnings
Loss for the period ( 20 755) ( 59 907) ( 33 634)
Fair value adjustment to ( 593) 7 687 ( 5 085)
investment properties
Profit on disposal of 1 025 14 500 8 985
investment properties
Tax effects 953 ( 3 396) 979
Headline loss - shares ( 19 371) ( 41 116) ( 28 755)
Interest paid to 178 602 346 390 175 220
debenture holders
Headline earnings - 159 232 305 274 146 465
linked units
Cents Cents Cents
Basic and diluted loss ( 15.01) ( 43.89) ( 24.89)
per share
Headline earnings per 114.74 223.64 108.39
linked unit
Interest Distribution 128.70 244.06 121.30
per linked unit
- Interim 128.70 121.30 121.30
- Final - 122.76 -
Abridged Consolidated statement of changes
in equity
for the 6 months ended 30
September 2009
Shares Share Share
issued capital Premium
Number R'000 R'000
Balance at 31 March 2008 129 049 105 129 1 211 156
Restatement of prior period - - -
due to change in accounting
policy
Restated balance at 31 March 129 049 105 129 1 211 156
2008
Total comprehensive income/
(expense) for the period
Loss for the period - - -
Other comprehensive income/
(expense)
Net change in fair value of - - -
listed investments
Net change in fair value of - - -
cash flow hedge recognised
directly in equity
Total comprehensive expense - - -
for the period
Transactions with owners,
recorded directly in equity
Issue of 8 000 000 shares in 8 000 000 8 108 632
May 2008
Proceeds - 8 108 712
Share issue costs - - ( 80)
Transfer to non-distributable - - -
reserve
Total transactions with 8 000 000 8 108 632
owners
Balance at 30 September 2008 137 049 105 137 1 319 788
Total comprehensive expense
for the period
Loss for the period - - -
Other comprehensive expenses
Net change in fair value of - - -
listed investments
Net change in fair value of - - -
cash flow hedge recognised
directly in equity
Total comprehensive expense - - -
for the period
Transactions with owners,
recorded directly in equity
Issue of 1 200 000 shares in 1 200 000 1 14 693
November 2008
Proceeds - 1 14 729
Share issue costs - - ( 36)
Transfer to non-distributable - - -
reserve
Total transactions with 1 200 000 1 14 693
owners
Balance at 31 March 2009 138 249 105 138 1 334 481
Total comprehensive income/
(expense) for the period
Loss for the period - - -
Other comprehensive income
Net change in fair value of - - -
listed investments
Net change in fair value of - - -
cash flow hedge recognised
directly in equity
Total comprehensive income/ - - -
(expense) for the period
Transactions with owners,
recorded directly in equity
Issue of 525 000 shares in 525 000 1 8 695
September 2009
Proceeds - 1 8 724
Share issue costs - - ( 29)
Transfer to non-distributable - - -
reserve
Total transactions with 525 000 1 8 695
owners
Balance at 30 September 2009 138 774 105 139 1 343 176
Abridged Consolidated statement of changes in
equity (continued)
for the 6 months ended 30
September 2009
Non Accumulated Total
Distributable loss
Reserve
R'000 R'000 R'000
Balance at 31 March 2008 988 146 ( 89 218) 2 110 213
Restatement of prior period ( 3 837) 3 837 -
due to change in accounting
policy
Restated balance at 31 March 984 309 ( 85 381) 2 110 213
2008
Total comprehensive income/
(expense) for the period
Loss for the period - ( 33 634) ( 33 634)
Other comprehensive income/
(expense)
Net change in fair value of 7 028 - 7 028
listed investments
Net change in fair value of ( 58 072) - ( 58 072)
cash flow hedge recognised
directly in equity
Total comprehensive expense ( 51 044) ( 33 634) ( 84 678)
for the period
Transactions with owners,
recorded directly in equity
Issue of 8 000 000 shares in - - 108 640
May 2008
Proceeds - - 108 720
Share issue costs - - ( 80)
Transfer to non-distributable ( 13 280) 13 280 -
reserve
Total transactions with ( 13 280) 13 280 108 640
owners
Balance at 30 September 2008 919 985 ( 105 735) 2 134 175
Total comprehensive expense
for the period
Loss for the period - ( 26 273) ( 26 273)
Other comprehensive expenses
Net change in fair value of ( 42 022) - ( 42 022)
listed investments
Net change in fair value of ( 63 614) - ( 63 614)
cash flow hedge recognised
directly in equity
Total comprehensive expense ( 105 636) ( 26 273) ( 131 909)
for the period
Transactions with owners,
recorded directly in equity
Issue of 1 200 000 shares in - - 14 694
November 2008
Proceeds - - 14 730
Share issue costs - - ( 36)
Transfer to non-distributable ( 48 105) 48 105 -
reserve
Total transactions with ( 48 105) 48 105 14 694
owners
Balance at 31 March 2009 766 244 ( 83 903) 2 016 960
Total comprehensive income/
(expense) for the period
Loss for the period - ( 20 755) ( 20 755)
Other comprehensive income
Net change in fair value of 62 021 - 62 021
listed investments
Net change in fair value of 26 166 - 26 166
cash flow hedge recognised
directly in equity
Total comprehensive income/ 88 187 ( 20 755) 67 432
(expense) for the period
Transactions with owners,
recorded directly in equity
Issue of 525 000 shares in - - 8 696
September 2009
Proceeds - - 8 725
Share issue costs - - ( 29)
Transfer to non-distributable 47 462 ( 47 462) -
reserve
Total transactions with 47 462 ( 47 462) 8 696
owners
Balance at 30 September 2009 901 893 ( 152 120) 2 093 088
Abridged Cash flow statement
for the 6 months ended 30
September 2009
6 months year ended 6 months
ended 31 March ended
30 September 2009 30 September
2009 2008
R'000 R'000 R'000
Cash flows from operating
activities
Cash generated by operations 181 385 427 975 217 664
Income tax (paid)/ refunded ( 3 291) 9 516 ( 1 321)
Interest received 44 257 97 533 47 333
Interest paid ( 280 029) ( 571 556) ( 282 861)
Net cash outflows from ( 57 678) ( 36 532) ( 19 185)
operating activities
Cash inflows / (outflows) 82 843 4 989 ( 13 249)
from investing activities
Cash (outflows)/ inflows from ( 18 964) 41 495 59 888
financing activities
Net cash inflows for the 6 201 9 952 27 454
period
Cash and cash equivalents at 22 205 12 253 13 110
beginning of period
Cash and cash equivalents at 28 406 22 205 40 564
end of period
Segmental results
for the 6 months ended 30 September 2009
6 months 6 months
ended ended
30 30
September September
2009 2008
Restated
R'000 R'000
Retail Segment revenue (external 167 745 162 749
customers)
Net operating expenses ( 20 389) ( 13 834)
Fair value adjustment to ( 1 951) 1 097
investment properties
Loss on disposal of ( 160) -
investment properties
Segmental results 145 245 150 012
Offices Segment revenue (external 72 089 86 566
customers)
Net operating expenses ( 2 515) ( 4 088)
Fair value adjustment to ( 446) 3 955
investment properties
Loss on disposal of ( 865) ( 8 194)
investment properties
Segmental results 68 263 78 239
Industrial Segment revenue (external 6 774 6 583
customers)
Net operating expenses ( 320) ( 493)
Fair value adjustment to 2 990 33
investment properties
Loss on disposal of - ( 791)
investment properties
Segmental results 9 444 5 332
Property Segment revenue (external 24 402 6 325
development customers)
Net operating expenses ( 11 070) ( 1 324)
Segmental results 13 332 5 001
Reconciliation to profit before interest and taxation for the period
in the income statement
Revenue 271 010 262 223
Allocated operating ( 34 294) ( 19 739)
expenses
Unallocated operating 6 610 ( 10 524)
expenses
Loss on disposal of ( 1 025) ( 8 985)
investment properties
Amortisation of intangible ( 11 957) -
assets
Fair value adjustment to 593 5 085
investment properties
Fair value adjustment to 1 562 ( 22 862)
government bonds
Fair value adjustment to ( 10 274) 12 972
BEE instrument
Profit before interest and 222 225 218 170
taxation
BASIS OF PREPARATION
The financial statements are prepared in accordance with International
Financial Reporting Standards (IFRS) and IAS 34, as well as the requirements
of the Companies Act in South Africa, and on a basis consistent with the
company's most recent annual financial statements.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
The directors of Acucap are pleased to report a distribution of 128.7
cents per linked unit for the six months ended 30 September 2009. This
represents a 6.1% increase compared to the same period last year, a
result achieved under difficult economic conditions. The recovery of the
South African economy has been delayed, and this has placed pressure on
businesses across the retail, commercial and industrial sectors.
Nonetheless, Acucap's high quality property portfolio delivered a sound
performance, once again showing defensive strength. There was a lower
contribution from development profits compared with the same period last
year, but income from Acucap's investment in Sycom showed pleasing growth
as this source of income gradually increases to replace the diminishing
profits from our development activity.
No buildings were sold in the period under review, but Acucap was pleased
to acquire the remaining 50% of the Bayside Shopping Centre, announced in
May 2009. Transfer took place on 16 October 2009, and Acucap now owns the
whole property, which it plans to expand based on strong tenant demand in
the area. The acquisition and planned extension of the centre will help
to diversify Acucap's retail portfolio, both geographically in terms of
an increased Cape representation, and in terms of reducing the
concentration of retail income, presently dominated by Festival Mall and
Key West.
On the basis of individual assets and asset segments, Acucap's net income
is attributable as follows :
Contractual % of Net % of
rental total property total
income income
R 000's R 000's
Festival 19.9% 19.4%
Mall 48,420 42,734
Key West 11.3% 11.5%
27,364 25,315
Other 37.0% 35.2%
retail 90,010 77,356
Offices 29.5% 31.5%
71,643 69,128
Industrial 2.3% 2.4%
5,588 5,268
100.0% 100.0%
243,025 219,801
2. SIMPLIFIED FINANCIAL INFORMATION
Consistent with previous results announcements, a simplified distribution
income statement is presented below.
Simplified distribution income statement for the six months ended 30
September 2009
6 months to year to 31
30 March
September
2009 2009
Note R'000 R'000
Revenue 1 243,025 499,180
Net operating expenses 2 -28,681 -56,114
Profit before interest and taxation 214,344 443,066
Income from investment in Sycom 5 13,879 8,010
Property Fund Managers
Development profits 6 17,617 41,823
Interest received 10 7,117 14,821
Income from Listed Investments 10 28,959 56,631
Interest received on Unit Purchase 10 9,121 16,508
Trust
Notional Interest received on units 10 547 13,250
issued
Debenture holders interest paid - 11 0 -186,890
interim
Other interest paid 12 -102,140 -227,166
Profit for the period 189,444 180,053
Final distribution per unit
128.70 122.76
Notes to the simplified distribution
income statement
1 Revenue as stated 271,010 558,332
Less : straight lining revenue -3,583 -12,836
reversed
Less : Helderberg sales -24,402 -46,316
243,025 499,180
2 Net operating expenses as stated -27,684 -67,398
Less : Net income from Sycom Property -13,879 -8,010
Fund Managers
Add : CShell expenses 51 97
Less : Helderberg cost of sales
12,831 19,197
-28,681 -56,114
3 (Loss) / Profit on sale of properties -1,025 -14,500
as stated
Non-distributable capital profit / 1,025 14,500
loss reversed
0 0
4 Amortisation of Intangible Assets as -11,957 -12,923
stated
Reversal of amortisation of 11,957 12,923
intangible asset
0 0
5 Income from Sycom Property Fund
transferred from net operating 13,879 8,010
expenses
13,879 8,010
6 Helderberg sales transferred from 24,402 46,316
Revenue
Helderberg cost of sales transferred -12,831 -19,197
from expenses
Helderberg units sold not yet 13,097 -
transferred - Sept-09
Helderberg units sold not yet -14,704 14,704
transferred - Mar-09
Realised profit on sale of 7,653 -
developments
17,617 41,823
7 Fair value adjustment to investment 593 -7,687
properties
Less: Fair value adjustment to -593 7,687
investment properties reversed
0 0
8 Fair value adjustment to BEE -10,274 7,835
instrument
Less: Fair value adjustment to BEE 10,274 -7,835
instrument reversed
0 0
9 Fair value adjustment to Government 1,562 -20,067
bonds
Less: Fair value adjustment to -1,562 20,067
government bonds reversed
0 0
10 Interest received as stated 44,257 97,533
Add : Interest received from CShell, 1,487 3,677
previously eliminated on
consolidation
Less : Income received on listed -28,959 -56,631
units separately disclosed
Less : Interest received on Unit -9,121 -16,508
Purchase Trust separately disclosed
Less : Notional Interest received on -547 -13,250
units issued separately disclosed
7,117 14,821
11 Debenture interest paid as stated -178,602 -346,390
Reverse debenture interest as stated 178,602 346,390
Notional interest iro Mar-08 final -8,979
distribution on units issued in May-
08
Interim debenture interest to 30 -177,911
September 2008
0 -186,890
12 Other interest paid as stated -110,314 -250,036
Less : Other interest paid by CShell, 9,399 22,062
previously inculded on consolidation
Less : Net reversal of interest -1,225 808
provided from period end to
distribution payment date
-102,140 -227,166
13 Number of linked units in issue per 138,774,105 138,249,105
IFRS at 31 March 2009
CShell linked units previously 8,420,994 8,420,994
treated as treasury units on
consolidation
Actual units in issue 147,195,099 146,670,099
Simplified Balance Sheet at 30
September 2009
30-Sep-09 31-Mar-09
R'000 R'000
Assets
Property assets 14 5,256,899 5,189,695
Listed property investments 15 713,286 641,958
Other non-current assets 16 479,471 489,577
Other current assets 17 250,355 211,105
Total assets 6,700,011 6,532,335
Equity and liabilities
Shareholder's interest 18 3,903,379 3,812,238
Non-current liabilities 19 2,461,148 2,379,326
Current liabilities 20 335,484 340,771
Total equity and liabilities 6,700,011 6,532,335
Notes to the simplified balance sheet
14 Property assets as stated 5,285,227 5,360,301
Less : Properties held for sale, - -140,578
removed from assets
Less : Helderberg property inventory -28,328 -30,028
5,256,899 5,189,695
15 Listed Sycom investment transferrd 684,327 1,101,787
from non-current assets
Listed Sycom investment transferrd 28,959 -612,210
from current assets
Listed property investments 713,286 489,577
16 Other non-current assets as stated 1,163,798 1,101,787
Less: Listed property investments -684,327 -612,210
disclosed separately
479,471 489,577
17 Other current assets as stated 210,068 169,288
Add: CShell intercompany loan 27,821 26,834
eliminated on consolidation
Add : Helderberg property inventory 28,328 30,028
Less : Sycom interest receivable -28,959 -29,748
Less : Helderberg property sales not 21,389 23,981
yet transferred
Less : Helderberg property sold not -8,292 -9,278
yet transferred cost of sales
250,355 211,105
18 Shareholder's interest as stated 2,093,088 2,016,960
Add Debentures 1,386,353 1,381,108
Debenture portion of linked 84,126 84,126
units issued to CShell
Share capital and premium on 109,530 109,530
shares issued to CShell
CShell retained income / NDR 64,327 53,538
Helderberg property sales not 13,097 14,703
yet transferred net income
Adjust deferred tax to the 152,858 152,273
Capital Gains Tax rate
3,903,379 3,812,238
19 Non-current liabilities as stated 3,817,285 3,857,960
Re-classification of current 422,655 424,217
financial liabilities
Less:
Proceeds from disposal of - -140,578
assets classified as held for sale
Adjust deferred tax to the -152,858 -152,273
Capital Gains Tax rate
Debentures -1,386,353 -1,381,108
Financial liabilities -183,736 -183,736
attributable to CShell
Financial instrument CShell -5,151 -4,735
SWAP
Reversal of BEE financial -50,694 -40,421
instrument
2,461,148 2,379,326
20 Current liabilities as stated 748,720 756,456
Add: Debenture interest payable to 10,838 10,338
CShell
Less: Re-classification of current -422,655 -424,217
financial liabilities
Accrued interest receivable -1,419 -1,806
from CShell
335,484 340,771
3. SYCOM
Acucap has been managing Sycom for the last year, a period of strong
growth in Sycom's distributions. In the six months to 31 March 2009,
distributions grew by 11.1% and in the six months to 30 Sptember 2009 by
9.2%. These sound results emphasise the high quality of the Sycom
property portfolio, and confirm Acucap's rationale for entering into this
transaction. In addition to receiving good distribution growth from its
holding in Sycom, Acucap has also achieved a higher than expected return
on its investment in Sycom Property Fund Managers (`SPFM'), which manages
Sycom.
Having established its position in Sycom, and with an intimate
understanding of the fund's assets, Acucap's intention remains to merge
the two businesses, creating a single fund that is both large and of high
quality, with a small number of properties, enabling Acucap to maintain
its intensive approach to the management of its property assets. Hyprop
still retains a material investment in Sycom as a unit holder, and
discussions are continuing between the parties to find a satisfactory
resolution of their joint interest in Sycom.
4. HELDERBERG VILLAGE
A total of 6 units were sold in the six months under review, compared
with 9 sold in the same period last year. A further 3 units are budgeted
for sale in the remaining 6 months of the current financial year. The
forecast for the 2011 financial year includes the sale of the final 8
units.
5. DEVELOPMENTS WITHIN THE PROPERTY PORTFOLIO
Retail portfolio
Turnovers across the retail portfolio grew by 0.3% for the six months
ended 30 September 2009 compared with the same period last year, whilst
footcounts declined by 3.4% over the same period. To a degree, these
results are symptomatic of the weak state of the local economy, although
extensive re-development activities at four of Acucap's retail centres
has also detracted from turnover growth. Development activities in the
retail portfolio are summarised below:
Rondebosch on Main Shopping Centre
This project reached final completion during the period under
review, and Pick `n Pay has also completed its upgrade of the store.
The centre is trading well, and the new structured parking is making
a positive contribution to the successful operation of this popular
community centre.
Westville Mall
The refurbishment of this centre is due for completion in December
2009. The malls have been re-tiled, shop fronts renewed, the
building elevation modernised, and a number of the shops extended
towards the main car park to add 650m2 of GLA. The development will
yield a net return of 9.6%. Planning is underway to add structured
parking to this well patronised and busy centre.
Howard Centre
Work has commenced on a R44m project to refurbish, reconfigure and
re-mix the tenancy at this community centre. The work includes an
expansion of Woolworths from 1,100m2 to a fuller offering of
2,000m2, expanding the banking component, and introducing Mr Price
to the fashion mix.. Howard Centre has for many years been
Pinelands' main community centre, and this project is intended to
refresh the product, and improve its community appeal and offering.
It expected to yield a net return of 10.1%
Watermeyer Park
Work is nearing completion on an upgrade and refurbishment of this
centre.
Office Portfolio
There were no acquisitions or disposals in the office portfolio, although
the transfer was effected for Goldfields and 135 West Street, both of
which had been shown as `held for sale ` at 31 March 2009. The principal
leasing activity is shown below :
Neotel Woodmead
Neotel vacated this building at the end of August 2009, and their
entire space of 4,618m2 was re-let to Online Digital Media, with the
lease commencing in September 2009.
Industrial portfolio
N1 Business Park, Midrand
The latest two developments in the Park have been completed and
handed over to the tenants. Landis & Gyr, with 4 600m2, have signed
a 10 year lease that gives an initial return 10.34%, and Digistics,
with a 5 year lease for 7 821m2, provides an initial return 10.33%.
Development prospects have cooled with the slowing economy. The
project infrastructure, however, is progressing on schedule, and the
latest phase of roads and landscaping to cater for the most recent
developments has now been completed.
To date, 25,479m2 of warehouse space has been leased. The high
quality of the park, its low bulk, the modern building construction
and the site's good access and visibility have made it possible to
achieve superior rentals, long lease tenure and a strong tenant
base.
6. BORROWINGS
The company has fixed the interest rate on 73.8% (2008:68%) of its
facilities with unexpired terms up to 15 years. The weighted average rate
for interest rate swaps is 10.9%, and the weighted average term to
maturity is 71/2 years. Details are as follows :
ACUCAP - INTEREST RATE PROFILE
Fixed Amount Effective
period interest
rate
R'000
Standard 01-Oct-09 11.4%
50,000
Nedbank 27-Sep-11 10.3%
50,000
Standard 01-Oct-11 10.2%
50,000
Omsfin 15-Dec-11 9.7%
50,000
Nedbank 31-Mar-12 13.2%
50,000
Standard 01-Oct-12 10.1%
50,000
Nedbank 08-Feb-13 11.2%
200,000
Standard 01-Oct-13 9.8%
50,000
Omsfin 11-Oct-13 10.0%
120,000
Nedbank 01-Aug-16 11.2%
70,000
Nedbank 30-Sep-16 10.7%
50,000
Nedbank 31-Jul-17 10.9%
50,000
Nedbank 17-Jul-19 11.6%
50,000
Nedbank 31-Jul-20 11.1%
50,000
Nedbank 05-Aug-20 10.9%
50,000
Nedbank 30-Sep-20 10.4%
50,000
Nedbank 31-May-21 11.7%
250,000
Nedbank 31-Jul-23 10.9%
50,000
Nedbank 09-Oct-23 10.0%
100,000
Bond shorts R186/R209 2025/2036 9.2%
222,655
Fixed interest loans
1,662,655
Floating interest
loans 589,328
Nedbank 8.20%
63,303
Nedbank 9.50%
30,025
Omsfin 8.50%
200,000
Standard 8.50%
180,000
Standard 8.68%
116,000
Total borrowings (excluding BEE)
2,251,983
# Short position on R186 and R209 Government Bonds
7. LEASE EXPIRY, THROUGH RENTAL AND ESCALATION DATA
The forward lease expiry profile of the Acucap, portfolios is detailed
below, categorized as to major retail assets (namely Festival Mall, Key
West, Gardens Centre, Bayside Mall (50%), and The Bridge (28%)), other
retail assets and offices. It provides a comprehensive profile of all
contractual lease expiries :
FORWARD LEASE EXPIRY
PROFILE BY INCOME
Total Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
+
MAJOR RETAIL
ASSETS
Expiry (% of 43.8% 8.5% 9.0% 11.1% 5.4% 3.6% 3.1% 3.2%
total
income)
National 26.6% 5.3% 3.9% 7.1% 2.5% 2.8% 2.5% 2.5%
tenants
Other 17.2% 3.2% 5.1% 4.0% 2.9% 0.7% 0.6% 0.7%
Average rate
mSquared 95.48 96.49 107.46 122.54 114.97 92.44 63.93 50.93
National
tenants 79.36 79.36 92.48 103.00 95.40 80.33 57.58 47.41
Other
139.44 149.72 122.90 185.01 139.51 223.38 123.53 69.02
Average 8.1% 8.4% 8.5% 8.6% 8.2% 7.7% 6.3% 6.6%
escalation
rate
National 7.5% 7.9% 7.5% 8.3% 7.3% 7.2% 5.9% 6.9%
tenants
Other 9.0% 9.2% 9.2% 9.3% 9.0% 9.5% 8.0% 5.7%
OTHER RETAIL
ASSETS
Expiry (% of 23.6% 2.8% 3.0% 3.0% 5.1% 2.8% 3.9% 2.9%
total
income)
National 13.6% 1.4% 1.3% 0.8% 2.8% 1.9% 3.6% 1.8%
tenants
Other 10.0% 1.4% 1.7% 2.2% 2.3% 0.9% 0.3% 1.2%
Average rate
mSquared 83.34 116.56 88.39 107.46 122.97 69.92 51.89 73.67
National
tenants 67.14 100.88 62.08 88.99 107.50 62.17 48.89 62.96
Other
123.75 136.84 133.17 116.50 149.12 97.13 140.60 98.13
Average 7.4% 8.8% 7.6% 8.5% 8.4% 7.9% 4.4% 6.8%
escalation
rate
National 6.3% 8.1% 5.6% 7.3% 8.0% 7.4% 4.0% 6.0%
tenants
Other 8.9% 9.5% 9.1% 9.0% 8.8% 8.9% 9.4% 8.0%
OFFICES
Expiry (% of 30.0% 1.7% 3.2% 4.8% 5.1% 8.3% 2.3% 4.6%
total
income)
Large 16.8% 0.2% 1.5% 3.0% 2.5% 3.9% 2.2% 3.4%
corporates &
government
Other 13.2% 1.5% 1.7% 1.8% 2.6% 4.3% 0.1% 1.2%
Average rate
mSquared 112.34 110.75 107.10 112.80 117.76 117.84 111.61 102.55
Large
corporates & 108.38 206.48 96.75 118.78 110.93 108.96 111.34 99.66
government
Other
117.81 105.05 118.22 104.11 125.08 127.29 118.02 112.08
Average 8.8% 9.0% 9.1% 9.3% 9.4% 8.8% 8.0% 7.9%
escalation
rate
Large 8.7% 8.6% 9.7% 9.4% 9.9% 8.7% 8.0% 7.2%
corporates &
government
Other 9.0% 9.1% 8.7% 9.3% 9.0% 8.8% 8.0% 10.0%
INDUSTRIAL
ASSETS
Expiry (% of 2.6% 0.0% 0.1% 0.0% 0.0% 0.1% 1.4% 0.9%
total
income)
National 1.7% 0.0% 0.1% 0.0% 0.0% 0.0% 1.1% 0.4%
tenants
Other 0.9% 0.0% 0.0% 0.0% 0.0% 0.1% 0.2% 0.5%
Average rate - -
mSquared 46.47 62.16 10.00 66.19 43.48 50.78
National - - - -
tenants 45.19 62.16 41.22 54.64
Other - - -
49.00 10.00 66.19 58.60 48.06
Average 7.8% - 9.0% - 10.0% 8.0% 7.5% 8.0%
escalation
rate
National 7.4% - 9.0% - - - 7.0% 8.1%
tenants
Other 8.6% - - - 10.0% 8.0% 10.0% 8.0%
TOTAL
Expiry (% of 100.0% 13.0% 15.4% 18.9% 15.5% 14.8% 10.7% 11.7%
total
income)
National 58.7% 6.8% 6.9% 10.9% 7.7% 8.7% 9.4% 8.1%
tenants
Other 41.3% 6.1% 8.5% 8.0% 7.8% 6.1% 1.3% 3.6%
Average rate
mSquared 90.86 101.99 102.42 117.31 116.99 97.89 60.80 70.34
National
tenants 80.40 84.29 84.52 105.61 104.29 84.88 57.58 66.10
Other
123.33 133.15 123.80 138.17 133.09 125.61 104.57 82.21
Average 8.2% 8.6% 8.4% 8.8% 8.7% 8.3% 6.2% 7.3%
escalation
rate
National 7.6% 8.0% 7.6% 8.5% 8.4% 7.9% 5.8% 6.9%
tenants
Other 9.0% 9.3% 9.1% 9.2% 9.0% 8.9% 8.8% 8.2%
SUMMARY OF
PORTFOLIO GROSS
LETTABLE AREA
Total GLA Leased Vacant Vacancy %
Major retail 179,422 174,827 4,595 2.6%
Other retail 116,790 108,183 8,607 7.4%
Offices 106,375 101,823 4,552 4.3%
Industrial 21,321 276 1.3%
21,597
TOTAL 424,184 406,154 18,030 4.3%
Approximately 7,520mSquared of the vacancy in `other retail' consists of
planned vacancies in Westville Mall, Howard Centre, East Rand Value Mall,
and Watermeyer Park, where redevelopments are either under way or are
planned to commence shortly. Excluding the effects of such activities,
the `other retail' vacancy would decline to under 1%, and total vacancy
to 2.5%, from 2.8% at 31 March 2009.
By March 2010, the total vacancy is expected to once again be under 3% as
retail development activities reach completion.
8. RETAIL PORTFOLIO PERFORMANCE
As noted under section 5 above, the retail portfolio showed fairly static
turnover numbers in the six months to 30 September 2009, although the
results for the Acucap portfolio were substantially better than the
Statistics SA national average for retail sales growth. The chart below
shows turnover contribution within Acucap's retail portfolio, reported by
retail segment. There has been little change in the segmental
contribution to total retail turnovers in the Acucap portfolio, with the
food majors accounting for an additional 1.2%, health and beauty an
additional 0.8%, and the contribution from mass discounters declining by
1% as the sale of durable goods remains under pressure.
Food majors 41.5%
Apparel 26.5%
Home & Furniture 2.5%
Electronics & 3.6%
Music
Mass Discounters 6.2%
Health & Beauty 9.2%
Food, Service & 6.8%
Entertainment
Other 3.7%
100.0%
9. RECONCILIATION OF LEASE EXPIRIES WITH NEW LEASES AND RENEWALS
The table below provides a reconciliation of lease expiries with new
leases and renewals over the six month period from 1 April 2009 to 30
September 2009 :
Expiries and Average Average New Average Average
terminations through escalation leases through escalation
(m2) rent at rate at and rent for for new
expiry expiry renewals new leases
(R) (m2) leases
(R)
Regional 13,032 100.89 8.0% 10,939 105.89 8.2%
Retail
Other 19,584 82.51 8.8% 17,794 82.57 8.3%
retail
Offices 17,297 89.10 9.6% 16,062 94.37 9.2%
Industrial 2,484 56.22 10.0%
Total 49,913 47,279
Renewal rentals for regional retail and offices showed upward reversion
of 5% and 5.7% respectively, whilst renewal rentals for other retail were
flat. Renewal escalation rates have not changed significantly across the
whole portfolio.
The following table places the six month pattern of expiries and renewals
within the context of an overall reconciliation of change in the gross
lettable area of the combined Acucap portfolio:
GLA at Expiries and New Area GLA at 30
31 terminations leases added September
March and 2009
2009 renewals
Total 421,106 (44,201) 44,201 3,078 424,184
- 408,860 (49,913) 44,201 3,006 406,154
leased
- 12,246 5,712 18,030
vacant 72
10. UNITHOLDERS
A table of Acucap's major unit holders is set out below :
Acucap unitholders at 30 September 2009
Entities controlling > 5% of
issued units
Coronation Fund Managers 15.73%
Public Investment 14.17%
Commission
Stanlib Asset Managers 13.17%
Directors and employees 9.30%
Nedbank Limited 6.49%
Thesele Group 5.72%
Investec 5.67%
Other 29.75%
100.00%
Number of units in issue 147,195,099
Number of unitholders
2,204
Subsequent to the end of the period under review, Acucap successfully
placed 9.7m linked units, raising R280m for the acquisition of the
remaining 50% of Bayside Mall.
11. COST TO INCOME RATIO
For the year to date, management has devoted considerable attention to
cost control, particularly in view of the dramatic increases in
administered prices such as electricity and rates. The net cost to income
ratio has remained satisfactorily low, as shown in the table, and the
rate of operating cost recovery from tenants has been maintained.
Period Percentage
6 months to 30 Sept 11.8%
2009
Year to 31 March 2009 11.3%
Year to 31 March 2008 14.2%
Year to 31 March 2007 12.6%
Year to 31 March 2006 12.2%
Year to 31 March 2005 12.7%
In the office portfolio, electricity contributes an average R7.18 per m2
to tenant's cost of occupancy, and in the retail portfolio, occupancy
costs include an average R11.40 per m2 for electricity. The board is
concerned about the effect of electricity price increases on tenant's
cost of occupation, and on their ability to afford rental increases over
time.
12. PROSPECTS
With strong upward rental reversions coming through at Festival Mall and
Key West in the current renewal cycle, and with the Rondebosch and
Westville developments making an increased contribution to second half
income, the board of Acucap expects second half growth to exceed that of
the first half, resulting in a full year distribution growth rate in the
order of 6.5% to 7%. This guidance excludes the effects of any unforeseen
circumstances, and the forecast information on which this statement is
based has not been reviewed or reported on by Acucap's auditors.
13. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that interim distribution number 18 of 128.7 (one
hundred and twenty eight comma seven) cents per linked unit has been
approved in respect of the six month period ended 30 September 2009. The
last date to trade the units cum distribution is Friday, 27 November 2009
and the record date will be Friday, 4 December 2009. The units will start
trading ex-distribution from Monday 30 November 2009. Distributions will
be made to unit holders on Monday 7 December 2009.
Unit certificates may not be dematerialised or rematerialised between
Monday 30 November and Friday 4 December 2009 both days inclusive.
On behalf of the Board
BS KANTOR PA THEODOSIOU
(Chairman) (Managing Director)
13 November 2009
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services (Pty) Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Share Code: ACP
ISIN : ZAE 000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou*# (Managing Director), FM
Berkeley, RC Frolich, CB Marlow*, SM Moloko, N Mandindi, JH Rens*, B
Stevens, NDC Whale
* Executive; # British
Date: 13/11/2009 12:52:28 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/10/21
ACP
ACP - Acucap Properties Limited - Transfer of 50% undivided share
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
Transfer of 50% undivided share in the Bayside Shopping Mall ("Bayside")
from Old Mutual Life Assurance Company (SA) Ltd ("Old Mutual") to Acucap and
the issue and placement of 9,698,649 Acucap linked units ("the consideration
units")
Further to the announcements dated 21 May and 27 August 2009, the board of
Acucap is pleased to advise linked unit holders that transfer of Old Mutual's
50% undivided share in Bayside to Acucap was registered in the Cape Town deeds
office today.
The R280m acquisition was funded in full by the issue of the consideration
units to Old Mutual at a price of R28.87 per linked unit. The consideration
units were placed on behalf of Old Mutual through a private placing which
closed on Friday 16th October 2009 and was fully subscribed for by existing
Acucap linked unit holders.
Cape Town
21 October 2009
Sponsor
Nedbank Capital
Date: 21/10/2009 16:04:01 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/08/27
ACP
ACP - Acucap Properties - Fulfilment of the remaining condition precedent
regarding the acquisition of a further undivided half share in Bayside Mall
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap" or "the Company")
FULFILMENT OF THE REMAINING CONDITION PRECEDENT REGARDING THE ACQUISITION
OF A FURTHER UNDIVIDED HALF SHARE IN BAYSIDE MALL
Acucap linked unitholders are referred to the announcement dated 22 May 2009
regarding the acquisition of a further undivided half share in Bayside Mall
("the Property") ("the Acquisition") and are hereby advised that Competition
Tribunal approval, being the last outstanding condition precedent pertaining
to the Acquisition, has been obtained.
The Property will be transferred in due course.
27 August 2009
Cape Town
Investment bank and sponsor
Nedbank Capital
Date: 27/08/2009 13:40:01 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/08/24
ACP
ACP - Acucap - Results Of Annual General Meeting
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
RESULTS OF ANNUAL GENERAL MEETING
Acucap linked unitholders are advised that all resolutions, with the exception
of Ordinary Resolution No 7, were passed by the requisite majority of linked
unitholders present or represented by proxy at Acucap's annual general meeting
held at The Conference Centre, Vineyard Hotel, Colinton Road, Newlands, Cape
Town on 21 August 2009.
Ordinary Resolution No 7 relating to a general authority to issue linked units
for cash, was withdrawn.
Cape Town
24 August 2009
Investment bank and sponsor
Nedbank Capital
Date: 24/08/2009 12:04:01 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/08/17
ACP
ACP - Acucap - Dealing In Securities By A Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing in
securities by a director of Acucap:
Executive director: P A Theodosiou
Date of transaction: 13 August 2009
Number of securities: 2 546
Price per security: R27.30
Total value: R69 505.80
Date of transaction: 14 August 2009
Number of securities: 9 854
Price per security: R27.30
Total value: R269 014.20
Class of securities: Linked units
Nature of transaction: Purchase on the open market
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Cape Town
17 August 2009
Sponsor
Nedbank Capital
Date: 17/08/2009 09:55:01 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/07/02
ACP
ACP - Acucap - Dealing In Securities By A Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing in
securities by a director of Acucap:
Executive director: P A Theodosiou
Date of transaction: 1 July 2009
Number of securities: 5 000
Price per security: R26.55
Total value: R132 750
Class of securities: Linked units
Nature of transaction: Purchase on the open market
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Cape Town
2 July 2009
Sponsor
Nedbank Capital
Date: 02/07/2009 10:21:01 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/07/01
ACP
ACP - Acucap Properties Limited - Dealing in securities by a director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information relating to the dealing in
securities by a director of Acucap:
Executive director: P A Theodosiou
Date of transaction: 30 June 2009
Number of securities: 5 000
Price per security: R26.45
Total value: R132 250
Class of securities: Linked units
Nature of transaction: Purchase on the open market
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Cape Town
1 July 2009
Sponsor
Nedbank Capital
Date: 01/07/2009 13:03:33 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/06/30
ACP
ACP - Acucap - Posting Of Acucap's Annual Report And Details Of The Annual
General Meeting
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
Posting of Acucap's annual report and details of the annual general meeting
In compliance with section 3.22 of the JSE Limited Listings Requirements,
information regarding the annual report and the annual general meeting is set
out below.
1. Annual report
Further to Acucap's audited final results for the year ended 31 March 2009
that were published on 04 June 2009, the annual report was posted today.
The annual financial statements contain no material modifications to the
aforementioned audited results.
2. Annual general meeting
The annual general meeting of the linked unitholders of Acucap will be held
at The Conference Centre, Vineyard Hotel, Colinton Road, Newlands, Cape
Town on Friday, 21 August 2009 at 15h00 to transact the business as stated
in the notice of the annual general meeting forming part of the annual
report.
Cape Town
30 June 2009
Sponsor
Nedbank Capital
Date: 30/06/2009 14:30:06 Produced by the JSE SENS Department.
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JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/06/22
ACP
ACP - Acucap - Dealing In Securities By A Non-Executive Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A NON-EXECUTIVE DIRECTOR
Unitholders are advised of the following information, relating to the dealing in
securities by a director of Acucap:
Name of non-executive director: B Kantor
Date of transaction: 22 June 2009
Number of securities: 5 000
Price per security: R26.50
Total value: R132 500
Class of securities: Linked units
Nature of transaction: Purchase on the open market
Nature and extent of director's interest: Direct Beneficial
Written clearance to deal: Yes
Cape Town
22 June 2009
Sponsor
Nedbank Capital
Date: 22/06/2009 17:38:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/06/04
ACP
ACP - Acucap Properties - Audited Consolidated Results for the year ended 31
March 2009
Acucap Properties Limited
(Reg No. 2001/021725/06)
(Incorporated on 12 September
2001)
"Acucap" or "the company"
Share Code: ACP
ISIN : ZAE 000037651
Audited Consolidated Results for the year ended 31 March 2009
Balance sheet
at 31 March 2009
2009 2008
Restated
R'000 R'000
Assets
Property assets 5 360 301 5 630 175
Investment properties 4 857 961 4 923 576
Long term receivable 112 591 107 434
Short term receivable 17 204 15 680
Investment properties and 4 987 756 5 046 690
related receivables
Investment properties held for 140 578 386 643
sale and related receivables
Investment properties under 191 111 161 990
development
Owner-occupied property 10 828 10 404
Property development inventory 30 028 24 448
Other non-current assets 1 101 787 923 780
Loans in respect of unit 248 689 222 694
purchase scheme
Equipment 1 687 1 208
Intangible assets 106 736 -
Interest in jointly controlled 98 368 -
entities
Listed investments 612 210 643 642
Financial instruments - 25 785
Deferred tax assets 34 097 30 451
Other current assets 169 288 84 960
Trade and other receivables 134 748 60 728
Interest in jointly controlled 12 335 11 979
entity held for sale
Cash and cash equivalents 22 205 12 253
Total assets 6 631 376 6 638 915
Equity and liabilities
Shareholders' interest 2 016 960 2 110 213
Share capital and share 1 334 619 1 211 285
premium
Non-distributable reserve 766 244 984 309
Accumulated loss ( 83 903) ( 85 381)
Non-current liabilities 3 857 960 3 247 964
Debentures 1 381 108 1 289 200
Financial liabilities 2 045 969 1 591 731
Financial instruments 95 901 -
BEE instrument 40 421 48 256
Deferred tax liabilities 294 561 318 777
Current liabilities 756 456 1 280 738
Trade and other payables 116 183 93 346
Financial liabilities 424 217 1 032 136
Tax payable 46 341 10 411
Debenture interest payable 169 715 144 845
Total equity and liabilities 6 631 376 6 638 915
Income statement
for the year ended 31 March
2009
2009 2008
Restated
R'000 R'000
Revenue 558 332 426 927
- Contractual 545 496 404 117
- Straight lining 12 836 22 810
Net operating (expenses)/ ( 67 398) ( 57 460)
income
(Loss)/ profit on disposal of ( 14 500) 10 965
investment properties
Amortisation of intangible ( 12 923) -
assets
Section 311 expenses - ( 2 287)
Profit before fair value 463 511 378 145
adjustments, interest and
taxation
Fair value adjustment to ( 7 687) 95 186
investment properties
Fair value adjustment to BEE 7 835 22 322
instrument
Fair value adjustment to ( 20 067) -
government bonds
Profit before interest and 443 592 495 653
taxation
Interest income 97 533 33 253
Interest expense
- debentures ( 346 390) ( 259 780)
- other ( 250 036) ( 133 393)
Share of (loss)/ profit of equity accounted ( 356) 3 750
investees (net of income tax)
(Loss)/ profit before taxation ( 55 657) 139 483
Taxation ( 4 250) ( 29 965)
(Loss)/ profit for the year ( 59 907) 109 518
Cents Cents
Basic and diluted (loss)/ ( 43.89) 98.15
earnings per share
Interest distribution per
linked unit
- special - 72.04
- interim 121.30 36.83
- final 122.76 112.24
Distribution per linked unit 244.06 221.11
Restated
2009 2008
Gross Net of Gross Net of
tax tax
Headline R'000 R'000 R'000 R'000
(loss)/earnings
The calculation of
the headline earnings
per share is based on
a weighted average of
136 500 471 (2008:
111 584 767) shares
in issue during the
year and the headline
earnings is
calculated as
follows:
(Loss)/ profit for ( 59 907) 109 518
the year
Fair value adjustment 7 687 6 321 ( 95 186) ( 86 037)
of investment
properties
Profit on disposal of 14 500 12 470 ( 10 965) ( 9 430)
investment properties
Headline ( 41 116) 14 051
(loss)/earnings -
shares
Interest paid to 346 390 259 780
debenture holders
Headline earnings - 305 274 273 831
linked units
Cents Cents
Headline ( 30.12) 12.59
(loss)/earnings per
share
Headline earnings per 223.64 245.40
linked unit
Abridged cash flow statement
for the year ended
31 March 2009
2009 2008
Restated
R'000 R'000
Cash flows from operating
activities
Cash generated from 427 975 341 838
operations
Income tax refunded/ 9 516 ( 47)
(paid)
Interest received 97 533 42 930
Interest paid ( 571 556) ( 377 956)
Net cash (outflow)/ inflow from ( 36 532) 6 765
operating activities
Net cash outflow from investing 4 989 (1 467 055)
activities
Cash flows from financing
activities
Proceeds from the 123 334 768 708
issue of shares
Proceeds from the issue of 91 908 354 460
debentures
Financial 232 865 663 580
liabilities raised
Financial ( 406 612) ( 319 980)
liabilities repaid
Net cash inflow from financing 41 495 1 466 768
activities
Net cash inflow for 9 952 6 478
the year
Cash and cash equivalents at 12 253 5 775
beginning of year
Cash and cash equivalents at 22 205 12 253
end of year
Statement of
changes in
equity
for the year
ended 31
March 2009
Share Share Non- Accumulated Total
capital premium distributable loss
reserve
R'000 R'000 R'000 R'000 R'000
Balance at 31 94 442 163 959 239 ( 100 771) 1 300 725
March 2007
Issue of 15 16 347 060 - - 347 076
797 910
shares in
August 2007
Proceeds 16 337 270 - - 337 286
Adjustment of - 9 953 - - 9 953
issue price
on effective
date of
acquisition
of investment
in Atlas
Share issue - ( 163) - - ( 163)
costs
Issue of 17 17 378 054 - - 378 071
603 596
shares in
October 2007
Proceeds 17 387 438 - - 387 455
Adjustment of - ( 9 330) - - ( 9 330)
issue price
on effective
date of
acquisition
of investment
in Intaprop
Share issue - ( 54) - - ( 54)
costs
Issue of 2 2 43 879 - - 43 881
080 000
shares in
November 2007
(Expenses)/ - - ( 69 058) - ( 69 058)
income
recognised
directly in
equity *
Net change in - - ( 87 779) - ( 87 779)
fair value of
listed
investments
Net change in - - 18 721 - 18 721
fair value of
cash flow
hedge
recognised
directly in
equity
Profit for - - - 109 518 109 518
the year *
Transfer to - - 97 965 ( 97 965) -
non-
distributable
reserve
Balance at 31 129 1 211 156 988 146 ( 89 218) 2 110 213
March 2008
Restatement - - ( 3 837) 3 837 -
of prior
period due to
change in
accounting
policy **
Restated 129 1 211 156 984 309 ( 85 381) 2 110 213
balance at 31
March 2008
Issue of 8 8 108 632 - - 108 640
000 000
shares in May
2008
Proceeds 8 108 712 - - 108 720
Share issue - ( 80) - - ( 80)
costs
Issue of 1 1 14 693 - - 14 694
200 000
shares in
November 2008
Proceeds 1 14 729 - - 14 730
Share issue - ( 36) - - ( 36)
costs
Expenses - - ( 156 680) - ( 156
recognised 680)
directly in
equity *
Net change in - - ( 34 994) - ( 34 994)
fair value of
listed
investments
Net change in - - ( 121 686) - ( 121
fair value of 686)
cash flow
hedge
recognised
directly in
equity
Loss for the - - - ( 59 907) ( 59 907)
year *
Transfer from - - ( 61 385) 61 385 -
non-
distributable
reserve
Balance at 31 138 1 334 481 766 244 ( 83 903) 2 016 960
March 2009
* total expense for period
(including profit or loss
for period as well as
income or expenses
recognised directly in
equity) is R 216 587 000
(2008: profit of R 40 460
000)
** Refer note regarding
basis of preparation
BASIS OF PREPARATION AND AUDIT OPINION
The financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) and IAS 34 and
interpretations adopted by the International Accounting Standards
Board (IASB) and the requirements of the South African Companies
Act.
The financial statements are prepared on the historical cost basis,
except for investment properties, investment properties held for
sale, derivative financial instruments, financial assets and
available-for-sale financial assets which are measured at fair
value.
The financial statements are prepared on the going concern basis
and Acucap's accounting policies have been applied consistently to
all periods presented except for the change in policy of jointly
controlled entities.
In the prior year, the group's 50% investment in Swanvest 334
(Proprietary) Limited, a jointly controlled entity, was
proportionally consolidated. During the current year, the
accounting policy for jointly controlled entities was changed from
proportional consolidation to equity accounted earnings.
KPMG Inc. has audited the financial information set out in this
report. Their unqualified audit report is available for inspection
at the company's registered office.
COMMENTARY
1. REVIEW OF RESULTS AND OPERATIONS
Acucap's board is pleased to report growth in distributions for the year
ended 31 March 2009 of 10.4% over the previous financial year. With the
now weaker South African economy, the performance of local listed
property companies will increasingly be differentiated by the quality of
their underlying portfolios. Acucap has worked consistently to build a
portfolio comprising a smaller number of large, good quality assets,
capable of delivering real growth through the economic cycle. Further
details of the company's performance over the last financial year are
set out in this commentary.
2. SIMPLIFIED FINANCIAL INFORMATION
Simplified financial information is presented to eliminate the effects
of IFRS and accounting adjustments that do not form part of Acucap's
distribution. The comparative figures have not been re-stated for the
change in accounting policy, which has no effect on cash distributions.
Simplified distribution income statement for the year ended
31 March 2009
2009 2008
Note R'000 R'000
Revenue 1 499,180 400,193
Net operating expenses 2 -56,114 -52,550
Profit before interest and 443,066 347,643
taxation
Income from investment in 5 8,010 -
Sycom Property Fund Managers
Helderberg net income 6 41,823 8,903
Interest received 11 14,821 5,816
Income from Listed 11 56,631 15,435
Investments
Interest received on Unit 11 16,508 13,192
Purchase Trust
Notional Interest received on 11 13,250 1,150
units issued
Debenture holders interest 12 -186,890 -123,608
paid - special and interim
Other interest paid 13 -227,166 -114,233
Profit for the period 180,053 154,298
Final distribution per unit 122.76 112.24
Simplified Balance Sheet at
31 March 2008
R'000 R'000
Assets
Property assets 15 5,189,695 5,219,084
Listed property investments 16 641,958 669,600
Other non-current assets 17 489,577 277,380
Other current assets 18 211,105 92,946
Total assets 6,532,335 6,259,010
Equity and liabilities
Shareholder's interest 19 3,812,238 3,796,801
Non-current liabilities 20 2,379,326 2,205,732
Current liabilities 21 340,771 256,477
Total equity and liabilities 6,532,335 6,259,010
Notes to the simplified
financial information
1 Revenue as stated 558,332 427,594
Less : straight lining -12,836 -22,810
revenue reversed
Less : Helderberg sales -46,316 -13,947
Add : Intaprop portfolio 9,356
income from effective date of
1 August 2007 to 17 October
2007
499,180 400,193
2 Net operating expenses as -67,398 -
stated 57,493
Less : Net income from Sycom -8,010
Property Fund Managers
Add : CShell expenses 97
54
Less : Helderberg cost of
sales 19,197 5,044
Add : Intaprop net expenses -
from effective date of 1 -145
August 2007 to 17 October
2007
Less: Profit on sale of
properties (Metcash)
Less : Atlas capital costs
now expensed -10
-56,114 -52,550
3 (Loss) / Profit on sale of -14,500 10,965
properties as stated
Non-distributable capital 14,500 -10,965
profit / loss reversed
0 0
4 Amortisation of Intangible -12,923
Assets as stated
Reversal of amortisation of 12,923 0
intangible asset
0 0
5 Income from Sycom Property
Fund
transferred from net 8,010
operating expenses
8,010 0
6 Helderberg sales transferred 46,316 13,947
from Revenue
Helderberg cost of sales -19,197 -5,044
transferred from expenses
Helderberg units sold not yet 14,704 -
transferred
41,823 8,903
7 Section 311 Atlas acquisition -2,287
costs as stated
Add : Transaction costs 0 2,287
capitalised
0 0
8 Fair value adjustment to -7,687 100,515
investment properties
Less: Fair value adjustment 7,687 -100,515
to investment properties
reversed
0 0
9 Fair value adjustment to BEE 7,835 22,322
instrument
Less: Fair value adjustment -7,835 -22,322
to BEE instrument reversed
0 0
10 Fair value adjustment to -20,067 -
Government bonds
Less: Fair value adjustment 20,067 -
to government bonds reversed
0 0
11 Interest received as stated 97,533 33,253
Add : Interest received from 3,677 2,340
CShell, previously eliminated
on consolidation
Less : Income received on -56,631 -15,435
listed units separately
disclosed
Less : Interest received on -16,508 -13,192
Unit Purchase Trust
separately disclosed
Less : Notional Interest -13,250 -1,150
received on units issued
separately disclosed
Less : Notional Interest - -
received from CShell on
initial issue
14,821 5,816
12 Debenture interest paid as -346,390 -259,780
stated
Reverse debenture interest as 346,390 259,780
stated
Notional interest iro Mar-08 -8,979
final distribution on units
issued in May
Interim debenture interest to -177,911
30 September 2008
Interim debenture interest to -
30 September 2006
Special debenture interest to -73,473
31 July 2007
Interim debenture interest to -50,135
30 September 2007
-186,890 -123,608
13 Other interest paid as stated -250,036 -134,114
Less : Other interest paid by 22,062 16,415
CShell, previously included
on consolidation
Less : Net reversal of 808 3,466
interest provided from period
end to distribution payment
date
-227,166 -114,233
14 Number of linked units in 138,249,105 129,049,105
issue per IFRS at 31 March
2009
CShell linked units 8,420,994 8,420,994
previously treated as
treasury units on
consolidation
Actual units in issue 146,670,099 137,470,099
15 Property assets as stated 5,360,301 5,655,482
Less : Properties held for -140,578 -411,950
sale, removed from assets
Less : Helderberg property -30,028 -24,448
inventory
5,189,695 5,219,084
16 Listed property investment in 612,210 643,642
Sycom
Add : Sycom interest 29,748 25,958
receivable at 31 March 2009
641,958 669,600
17 Other non-current assets as 1,101,787 924,314
stated
Less: Listed property -612,210 -643,642
investments disclosed
separately
Less: Reversal of CShell -3,292
financial instrument
489,577 277,380
18 Other current assets as 169,288 73,839
stated
Add: CShell intercompany loan 26,834 20,617
eliminated on consolidation
Add : Helderberg property 30,028 24,448
inventory
Less : Sycom interest -29,748 -25,958
receivable at 31-3-09
Less : Helderberg property 23,981 -
sales not yet transferred
Less : Helderberg property -9,278 -
sold not yet transferred cost
of sales
211,105 92,946
19 Shareholder's interest as 2,016,960 2,110,212
stated
Add Debentures 1,381,108 1,289,200
Debenture portion of 84,126 84,126
linked units issued to CShell
Share capital and 109,530 109,530
premium on shares issued to
CShell
CShell retained income 53,538 48,063
/ NDR
Helderberg property 14,703 -
sales not yet transferred net
income
Adjust deferred tax to 152,273 155,670
the Capital Gains Tax rate
3,812,238 3,796,801
20 Non-current liabilities as 3,857,960 3,262,408
stated
Re-classification of 424,217 1,032,136
current financial liabilities
Less : Proceeds from disposal -140,578 -411,950
of assets classified as held
for sale
Adjust deferred tax -152,273 -155,670
to the Capital Gains Tax rate
Debentures -1,381,108 -1,289,200
Financial -183,736 -183,736
liabilities attributable to
CShell
Financial -4,735
instrument CShell SWAP
Reversal of BEE -40,421 -48,256
financial instrument
2,379,326 2,205,732
21 Current liabilities as stated 756,456 1,281,015
Add: Debenture interest 10,338 9,452
payable to CShell
Less: Re-classification of -424,217 -1,032,136
current financial liabilities
Accrued interest -1,806 -1,854
receivable from CShell
340,771 256,477
3. PORTFOLIO ACTIVITIES
Sycom
For the year to March 2009, Sycom Property Fund delivered a very sound
11.1% growth in distributions. This strong performance in challenging
market conditions underlines the quality of Sycom's portfolio, and this
was the primary rationale for Acucap's acquisition of a substantial
investment in the fund, as well as joint control of its management
company. The defensive strength of Sycom's portfolio was emphasised by a
3.4% appreciation in the value of its investment properties since the
last revaluation a year ago, resulting in an NAV of R20.74 at the end of
March 2009. The Acucap and Parkdev asset management teams have combined
well to increasingly realise the potential of Sycom's properties, and
the intensive style adopted at both asset management and administration
levels is expected to continue delivering positive results. The growth
in income from Acucap's investment in Sycom will increasingly replace
the Helderberg income stream, referred to in note 4 below.
Acucap retail portfolio
The fund's retail portfolio continued to perform well in the year under
review, despite South Africa's economy recording lower levels of
consumer spending. In Acucap's retail portfolio, total retail turnover
for the year to March 2009 grew by a nominal 10.43% and foot traffic
also showed positive growth, increasing in real terms by 2%. The
development activities within the retail sector are summarised below:
Bayside Mall
On 22 May 2009, Acucap announced the acquisition of Old Mutual's
50% undivided share in this regional mall. Unit holders are
referred to the announcement, which contains the terms of the deal
and its financial effects. The only condition precedent is approval
by the competition authorities. The development of the new store
for Mr Price was completed and as anticipated, the reconfiguration
has resulted a more balanced foot flow to this section of the mall,
with Mr Price now playing an anchor role in a mall area previously
occupied by smaller line shops. Additional bulk rights have been
approved to increase the mall's GLA to 52,000m2, and negotiations
are well advanced with two majors to anchor the additional areas
and give Bayside a highly competitive tenant mix.
Festival Mall
Paid parking was introduced to Festival Mall in November 2008. The
change has been smoothly integrated, and is making a significant
contribution to centre revenues. The introduction of the paid
parking system necessitated upgrades to the parking area and
realignment of internal access roads, as well as resurfacing of the
majority of external parking areas. External lights, landscaping,
road markings and signage were all upgraded in order to deliver a
parking environment that compliments a quality shopping experience
offered by the internal malls. The four entrances have been
redeveloped, integrated into the structured parking, and the lead-
in malls have been upgraded to a more contemporary retail design.
The total capital cost of the project was R38m, with the paid
parking income and letting of the recently completed external shops
resulting in an anticipated first year yield in excess of 9%. This
project was the final phase of the redevelopment and extension at
Festival Mall which resulted in the introduction of Game, Ster
Kinekor and Boardmans as well as an additional 800 structured
parking bays.
Key West
The introduction of the paid parking system in Key West was put on
hold due to internal traffic congestion that was revealed during
the testing phase of the system. Currently planning is underway
with the aim of introducing an additional 500 parking bays in a
structured format in order to meet parking demand and ease
congestion. A partial upgrade of the existing parking areas has
been completed, including landscaping, fencing of the perimeter of
the site, road markings and lighting. The new Virgin Gym entrance
was completed at the same time as the internal upgrade to the gym
premises. A number of national tenants, including Woolworths, have
commenced internal upgrades to their specification.
Rondebosch Village
The final phase of the centre's redevelopment was completed in the
last quarter of the financial year. This phase included the
introduction of an additional 105 parking bays, a pedestrian
walkway along the Liesbeek Canal, the extension and complete
upgrade of the Pick n Pay store, the introduction of a number of
new line shops, and finally the conversion of the obsolete cinema
space into 1,000m2 of high quality offices.
Howard Centre
Plans to redevelop the centre are well advanced, and will result in
the creation of an additional 2,500m2 of GLA, as well as an
expansion of Woolworths, the realignment of the old food court, and
a general upgrade to entrances, public facilities and mall
finishes. The estimated capital cost of the project is R62m with an
projected first year yield of 11%.
Westville Mall
Planning is also underway to upgrade the Westville Mall. The
existing facade, parking area, and internal mall finishes are to be
upgraded, and the existing GLA will be extended by 800m2. The
estimated capital cost for the project is in the order of R23m with
an indicative first year yield of 9%. The work is scheduled for
completion towards the end of 2009.
Acucap office portfolio
There were no new developments or acquisitions in the office portfolio,
but significant leasing activity occurred in the year under review.
Leases for 37,876m2 expired during the year, and new leases or renewals
were concluded for 39,192m2 of space.
Illovo Boulevard node
Acucap has 18,866m2 of office space in the prime Illovo Boulevard
office precinct. Leases over 9,706m2 expired during the year, and
new leases or renewals were concluded for 9,015 m2 of this space at
gross rentals of between R120/m2 and R125/m2. Negotiations are well
advanced for 538m2 of the unlet area at a gross rental of R120/ m2,
and 153m2 remains vacant, representing 0.8% of Acucap's office
exposure in this node.
Golf Park, Mowbray
This office park comprises 16,293m2 of GLA, of which 4,885m2
expired during the current year and was successfully renewed.
Mutual Terrace, Pinelands
Old Mutual renewed its lease over this 4,493m2 building at a market-
related rental, resulting in an 18.5% upward reversion.
Albion Springs, Rondebosch
A five year renewal was concluded with the park's anchor tenant for
2,809m2 of office space.
135 West Street, Sandton
The property was sold for a consideration of R50m, against its
March 2008 valuation of R40,6m. Transfer was effected in May 2009.
Acucap industrial portfolio
Acucap's industrial interests are represented in the N1 and Montague
business parks, and although they currently represent a small proportion
of the fund's portfolio, they will comprise a more meaningful proportion
of Acucap's investment properties once the build-out of the respective
parks is complete. The current status of the developments is summarized
below :
N1 Business Park
Tenant demand has remained firm for space in this premium
industrial park, The latest signing is Digistics for a 7,821m2
facility on terms that will provide an initial yield of 10.33%.
This deal takes the total lease area at N1 Business Park to
26,488m2, out of a total anticipated build out of approximately
115,000m2.
Montague Business Park
Land use, traffic and environmental approvals have all been
obtained, and a site development plan has been submitted for a
mixed use build-out of the site, incorporating both industrial and
retail elements totaling 236,225m2 of bulk. Negotiations are
progressing well for a proposed retail development on the Koeberg /
Plattekloof corner of the site, and there is sufficient power
available to complete this project. Eskom has confirmed that the
site's additional power requirements will be provided in two
phases, with the first tranche of additional capacity coming on
stream in January 2010. The remainder of the site's requirements
will be delivered by March 2011.
4. HELDERBERG VILLAGE
Acucap had budgeted to sell 20 units in the current financial year, and
by year end, a total of 19 units had been sold. This pleasing result, in
a distressed residential market, underlines both the uniqueness of
Helderberg's offering and the profile of many of its buyers, who are
less reliant on bank funding. Net revenue from Helderberg sales was
R42m, compared to R9m in the prior year. There are 17 units left to
sell, with 12 units budgeted to be sold in the 2010 financial year, and
the remaining 5 units in financial 2011.
5. BORROWINGS
The company has total borrowings of R2.286 billion as tabulated below.
Interest rates are hedged on 84% of total borrowings, at a weighted
average rate of 10.53% and a weighted average maturity of 8 years. The
Nedbank facilities are subject to renewal in two tranches, the first
renewal for the R977m facility effective 31 March 2012, and the second
renewal for the R792m facility effective 31 March 2013. The smaller
Omsfin and Standard Bank facilities run to 31 March 2011 and 30 June
2010 respectively. Acucap's gearing ratio at 31 March 2009 was 39.13%.
Fixed Amount Effective
period R'000 interest rate
Nedbank 04-Aug-09 9.6%
60,000
Standard 01-Oct-09 11.4%
50,000
Nedbank 27-Sep-11 10.3%
50,000
Standard 01-Oct-11 10.2%
50,000
Omsfin 15-Dec-11 9.7%
50,000
Nedbank 31-Mar-12 13.2%
50,000
Standard 01-Oct-12 10.1%
50,000
Nedbank 08-Feb-13 11.2%
200,000
Standard 01-Oct-13 9.8%
50,000
Omsfin 11-Oct-13 10.0%
120,000
Nedbank 24-Nov-14 9.5%
100,000
Nedbank 24-Nov-15 9.5%
100,000
Nedbank 01-Aug-16 11.2%
70,000
Nedbank 30-Sep-16 10.7%
50,000
Nedbank 31-Jul-17 10.9%
50,000
Nedbank 17-Jul-19 11.6%
50,000
Nedbank 31-Jul-20 11.1%
50,000
Nedbank 05-Aug-20 10.9%
50,000
Nedbank 30-Sep-20 10.4%
50,000
Nedbank 31-May-21 11.7%
250,000
Nedbank 31-Jul-23 10.9%
50,000
Nedbank 09-Oct-23 10.0%
100,000
Bond shorts 2025/2036 9.2%
R186/R209 224,217
Fixed interest
loans 1,924,217
Floating
interest loans 362,233
Nedbank prime less
14,035 2.3%
Omsfin ROD + 0.98%
200,000
Standard jibar + 1.1%
116,000
Standard prime less 2%
7,421
Nedbank Prime
24,777
Total borrowings
2,286,450
6. PROPERTY PORTFOLIO VALUATION
The Acucap portfolio was independently revalued at 31 March 2009 by the
fund's appointed valuers, Quadrant Properties in Gauteng and Natal,
Magnus Penny in the Western Cape and Majola & Boyd in the Eastern Cape.
In addition, when prevailing market conditions are considered to be
unusual, independent peer review valuations are commissioned. The board
considered this appropriate in the current year, and independent peer
review valuations were performed on a sample of the fund's properties.
Their results concurred with those of the fund's independent valuers,
and a complete property valuation schedule is set out below. In addition
to independent values and capitalisation rates, the schedule also
indicates average net through rentals per m2 for each property, as well
as its occupancy level. In the case of the office segment, average net
rental rates per m2 include parking revenue.
Cap Average Occupancy
Rentable Independent rate Valuation rent per
Area valuation per mSquared
mSquared
R'000 R
mSquared
Retail 295,736 3,480,620 11,769 85.23 97.0%
1 Festival 8.00% 87.33 99.6%
Mall, Kempton 80,345 972,500 12,104
Park
2 Keywest, 8.25% 81.32 98.6%
Krugersdorp 53,490 660,000 12,339
3 Gardens 8.50% 152.92 96.9%
Centre, Cape 14,388 355,000 24,673
Town
4 50% of 8.50% 107.55 97.9%
Bayside 18,579 282,500 15,205
Centre, Table
View
5 The Village 9.25% 76.32 98.5%
Square, 18,437 167,000 9,058
Randfontein
6 Howard 9.00% 90.52 92.1%
Centre, 15,054 160,500 10,662
Pinelands
7 59% Hillcrest 9.25% 117.55 99.7%
Corner, 11,892 160,500 13,496
Durban
8 East Rand 9.00% 79.51 85.9%
Value Mall, 13,497 150,000 11,114
Boksburg
9 Westville 9.00% 70.15 89.9%
Mall, Durban 12,755 141,000 11,054
10 Roodepoort 9.00% 47.85 97.3%
Hyperama 20,762 122,800 5,915
11 27.5% of The 8.50% 71.09 99.1%
Bridge, Port 12,095 106,120 8,774
Elizabeth
12 Sunward 9.50% 66.36 97.6%
Centre, 12,031 91,300 7,589
Boksburg
13 Rondebosch 9.50% 66.11 91.6%
Village, Cape 6,020 58,000 9,635
Town
14 Watermeyer 10.25% 67.11 83.4%
Park, 5,894 46,200 7,838
Pretoria
15 Boulevard 10.00% 120.09 100.0%
Piazzas, 497 7,200 14,487
Illovo
Offices 106,257 1,388,210 13,065 104.24 97.2%
16 Golf Park, 9.75% 101.94 100.0%
Mowbray 16,257 189,860 11,679
17 Microsoft, 8.50% 102.65 99.7%
Bryanston 9,450 138,000 14,603
18 82 Grayston 9.25% 119.13 100.0%
Drive, 7,226 119,750 16,572
Sandown
19 Tiger Brands, 8.75% 97.08 100.0%
Bryanston 6,773 93,400 13,790
20 Aon House, 9.50% 119.02 91.2%
Illovo 6,138 93,100 15,168
21 Bogare, 9.25% 96.50 100.0%
Menlyn, 6,301 81,700 12,966
Pretoria
22 The Village, 10.00% 71.45 68.5%
Faerie Glen, 6,799 77,300 11,369
Pretoria
23 Nautica, 9.25% 139.19 100.0%
Granger Bay, 5,234 75,000 14,329
Cape Town
24 4 Fricker 8.75% 105.20 100.0%
Road, Illovo 4,726 70,000 14,812
25 Kagiso House, 8.50% 124.93 100.0%
Illovo 3,808 67,300 17,673
26 SA Weather 9.50% 107.49 100.0%
Services, 4,270 64,000 14,988
Pretoria
27 Colliers, 9.25% 122.66 95.5%
Illovo 4,244 58,100 13,690
28 Pharos House, 9.00% 81.13 98.4%
Westville 5,521 52,000 9,419
Mall, Durban
29 Mutual 10.00% 98.12 100.0%
Terraces, 4,493 47,500 10,572
Pinelands
30 Neotel, 9.75% 74.91 100.0%
Woodmead 4,619 45,800 9,916
31 Albion 9.50% 116.01 100.0%
Springs, 3,361 44,000 13,091
Rondebosch
32 Bremerton 10.50% 125.89 100.0%
Office Park, 3,643 39,000 10,705
Port
Elizabeth
33 Selborne 10.00% 100.81 100.0%
Fourways Golf 3,394 32,400 9,546
Park, Gauteng
Industrial 43.04 98.6%
19,113 102,963 5,387
34 Kargo, Denver 10.50% 38.52 100.0%
10,417 47,000 4,512
35 Tellumat 44.37 95.3%
(30%) 5,881 32,883 5,591
36 N1 Business 8.50% 56.95 100.0%
Park, Midrand 2,815 23,080 8,199
Investment 421,106 4,971,793 11,807 88.11 97.1%
properties
7. RETAIL PORTFOLIO PERFORMANCE
Segmental contribution to turnover within the Acucap retail portfolio is
shown below.
ACUCAP Retail Segments -
Contribution to Turnover
Food Majors 40.28%
Apparel 26.91%
Home & Furniture 2.48%
Electronics & Music 4.01%
Mass Discounters 7.23%
Health & Beauty 8.40%
Food Service & 6.55%
Entertainment
Other 4.13%
100.00%
Just over 67% of turnover is attributable to food and apparel, and these
two segments contribute 54% of Acucap's rental income.
The performance of Acucap's major retail segments for the full year and
for the last quarter of the year to March 2009 are shown in the chart
below. For the year, the graph shows positive growth across all segments
except for mass discounters, where discretionary spend on durable goods
has been under pressure for most of the year. In the quarter to March
2009, the growth rate has generally slowed, largely due to Easter
falling in April this year. This is shown by a muted 2.05% turnover
growth in March, compared to a more robust 5.16% turnover growth in
April 2009.
The strong performance of the Home segment in the last quarter of 2009
was influenced by the opening of the new format Mr Price store in
Bayside referred to above. The Health & Beauty segment also proved
resilient, outperforming its strong annual showing in the last quarter.
Segmental turnover growth
Segment Quarter-on- Year-on-
Quarter Year
Total Turnover 5.84% 10.43%
Food Majors 7.13% 11.14%
Apparel 0.11% 3.56%
Home 22.99% 2.60%
Electronics 0.13% 4.98%
Mass -5.17% -0.73%
Discounters
Health & Beauty 9.24% 7.26%
Food Service -1.01% 4.46%
Acucap monitors each tenant's rent to turnover ratio on a monthly basis
to determine if there are any early signs of stress, typically indicated
by rent to turnover ratios exceeding segmental industry norms. The graph
below shows these ratios for each of the seven major segments in
Acucap's retail portfolio. The Home and Mass Discount segments have
deteriorated the most, although both remain with industry norms at 9.4%
and 5.5% rent to turnover respectively.
Segmental rent to turnover
ratios
Segment Rent Ratio Rent
2008 Ratio
2009
Food Majors 2.27% 2.20%
Apparel 3.86% 3.98%
Home 8.44% 9.39%
Electronics 3.20% 3.29%
Mass 5.05% 5.51%
Discounters
Health & Beauty 2.42% 2.43%
Food Service 7.15% 7.62%
8. HISTORICAL LEASE EXPIRIES OVER THE LAST 12 MONTHS
The table below shows a summary of all leasing activity in the Acucap
portfolio over the last financial year.
Expiries and Average Ave New Average Average
terminations through escalation leases through escalation
rent at rate at and rent for new
expiry expiry renewals for new leases
leases
Regional 26 656 8.6% 28 410 8.2%
Retail 91.80 92.05
Other 36 152 8.6% 32 042 8.4%
retail 93.32 99.06
Offices 37 876 9.4% 39 192 8.9%
93.78 106.96
Industrial 1 235 8.7%
60.38
Total 100 684 100 879
The uplift in office rentals on was higher than reversions achieved in
retail rentals, although retail reversions are expected to outperform
office reversions in the year ahead, as shown in section 9 below.
Significantly, there has been no material change in average escalation
rates, and these contractual rent increases will continue to underpin
distribution growth through the economic cycle.
The pattern of expiries and renewals can be seen in the context of
Acucap's overall portfolio in the table below, which reconciles the
opening and closing gross lettable area, taking into consideration
expiries, renewals, new leases, extensions to GLA, and acquisitions and
disposals.
Opening Expiries and New Net Properties Properties Closing
GLA terminations leases area purchased sold GLA
and added
renewals
Total 439 329 (96 740) 95 493 6 345 5 880 (29 201) 421 106
- let 432 069 (100 684) 95 493 5 386 5 604 (29 008) 408 860
- 7 260 3 944 959 276 ( 193) 12 246
vacant
9. FORWARD LEASE EXPIRIES
Over the next financial year, leases for 79,792m2 will expire,
representing 19% of the portfolio GLA. Details of the expiry rentals are
shown below, together with estimated renewal rentals. For offices, there
is an expected downward reversion of 8%, and for retail, an upward
reversion of 12%.
Area Net rental Net rental /
expired / m2 at m2 on
m2 expiry renewal
date
Offices
14,725 108.18 99.41
Retail
65,067 93.15 104.30
Over the longer-term, the fund continues to show a good, long-dated
lease expiry profile. Expiries in the office portfolio are between 3%
and 5% by income per annum over the next 4 years. The retail portfolio
shows higher levels of expiry by income over the next three years,
centred largely around Festival Mall and Key West, where low average
through rentals of just over R100/m2 present an opportunity for
meaningful upward rental reversions.
Lease
expiry:
Rental
income
Industrial Offices Retail Total
Total 2.18% 29.57% 68.25% 100.00%
vacant 0.03% 0.56% 2.23% 2.82%
2010 0.01% 5.13% 16.17% 21.30%
2011 0.13% 3.04% 12.13% 15.30%
2012 0.00% 3.78% 13.84% 17.62%
2013 0.02% 4.36% 8.61% 12.99%
2014 0.14% 8.15% 4.63% 12.92%
2015 + 1.86% 4.55% 10.64% 17.05%
10. MAJOR TENANTS BY AREA AND INCOME
Acucap's twenty largest tenants account for 49.4% of its rental income,
with retail tenants contributing 38% and office tenants 11.4%, in line
with the fund's high retail weighting in its property portfolio. The
tenants listed below indicate the high quality of Acucp's rental cash
flows.
tenant group
Shoprite 7.7%
SA Government and 4.5%
parastatals
Pick 'n Pay 4.0%
Edcon 3.6%
Mr Price 2.9%
Pepkor 2.7%
Foschini Group 2.6%
Microsoft 2.3%
Nedbank 1.9%
Absa 1.8%
Woolworths 1.8%
Tiger Brands 1.8%
Virgin Active 1.7%
Clicks 1.7%
Masmart 1.6%
Old Mutual 1.5%
Standard Bank 1.4%
Truworths 1.3%
Kagiso 1.3%
First National 1.2%
Bank
Total 49.4%
11. VACANCIES
Total vacancies by income have remained low at 2.82%. The chart below
shows the vacancy attributable to each segment of the Acucap portfolio.
Included is temporary vacancies created to allow for redevelopment
activities. Excluding these effects, the vacancy is 2.06% by income.
Vacancy
Industrial 0.03%
Offices 0.56%
Retail 1.47%
Retail - 0.76%
planned
Leased 97.18%
Total 100.00%
12. COST TO INCOME
Costs remain well controlled, with the net cost to income ratio at
11.3%, which is now at its lowest level in the last 5 yeas. Acucap has
established its own in-house administration business, Acucap Management
Services (`AMS'), a wholly owned subsidiary of Acucap. The company is
seeing the benefits of in-house administration, which gives improved
control at a property level, and it continues to enjoy the advantages of
having a smaller number of properties in its portfolio. Acucap has been
in the process of rationalising its in-house administration costs since
the start-up of this function in the 2008 financial year, and sees
further scope for improvement in the cost ratios shown below.
2009 2008 2007 2006 2005
Net cost to income 11.3% 14.2% 12.6% 12.2% 12.7%
13. UNIT HOLDER SUMMARY
A summary of Acucap's unit holder profile is set out below. There has
been a 15% increase in the number of unit holders, and liquidity in
Acucap's linked units has also shown a pleasing increase,
notwithstanding the long-term nature of many of Acucap's major unit
holders.
2009 2008
Coronation 25 832 284 17.6% 15 132 090 11.0%
Stanlib 23 695 843 16.2% 21 770 681 15.8%
Public Investmentment 20 023 350 13.7% 17 300 678 12.6%
Corporation
Directors and employees 13 130 335 9.0% 11 739 835 8.5%
Thesele Group (Pty) 8 420 994 5.7% 8 420 994 6.1%
Limited
Nedbank 9 552 918 3.8% 5 552 818 4.0%
Old Mutual 3 783 009 2.6% 12 812 041 9.3%
Investec 3 546 613 2.4% 9 198 015 6.7%
107 985 346 73.6% 101 927 152 74.1%
Other shareholders 38 684 753 26.4% 35 542 947 25.9%
146 670 099 100.0% 137 470 099 100.0%
Number of unitholders 2014 1753
Weighted average units
145,002,154 119,917,882
Units traded
51,778,423 40,341,648
Liquidity 35.7% 33.6%
14. PROSPECTS
While South Africa's direct property market has so far remained
generally sound, a slowing economy will bring pressure to bear on market
rental levels, portfolio occupancy rates and the solvency of smaller and
more vulnerable tenants. With its defensive portfolio, efficient cost
structure and committed management team, Acucap is well placed to
weather these challenges and produce a good result for the year ahead,
although the expected distribution growth will be lower than the 10%
achieved in the current year. The expected distributions for 2010 have
not been reviewed and reported on by Acucap's auditors.
15. PAYMENT OF DEBENTURE INTEREST
Notice is hereby given that a final distribution of 122.76 cents per
linked unit has been approved in respect of the six month period ended
31 March 2009. The last date to trade the linked units cum distribution
is Friday 19 June 2009 and the record date will be Friday 26 June 2009.
The linked units will start trading ex-distribution from 22 June 2009.
Distributions will be made to unit holders on Monday 29 June 2009.
Linked unit certificates may not be dematerialised or rematerialised
between Monday 22 June and Friday 26 June 2009 both days inclusive.
On behalf of the Board
BS KANTOR PA THEODOSIOU
(Chairman) (Managing Director)
4 June 2009
Registered Office
Suite A11 Westlake Square
Westlake Drive
Westlake
CAPE TOWN
Transfer secretaries:
Computershare Investor Services (Proprietary) Limited
70 Marshall Street
JOHANNESBURG
http://www.acucap.co.za
info@acucap.co.za
Share Code: ACP
ISIN : ZAE 000037651
Directors: Prof BS Kantor (Chairman), PA Theodosiou* (Managing Director), FM
Berkeley, RC Frolich, N Mandindi, C B Marlow *, M S Moloko, JH Rens*, B
Stevens, NDC Whale
* Executive
Sponsor
Nedbank Capital
Date: 04/06/2009 16:42:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/05/22
ACP
ACP - Acucap Properties - Announcement Regarding The Acquisition Of A Further
Undivided Half Share In Bayside Mall
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap" or "the Company")
ANNOUNCEMENT REGARDING THE ACQUISITION OF A FURTHER UNDIVIDED HALF SHARE IN
BAYSIDE MALL
Introduction
Acucap linked unitholders are advised that the Company had entered into an
agreement of purchase and sale of a letting enterprise dated 15 May 2009 ("the
Agreement") to purchase a further undivided half share in ERF 21460 Milnerton,
known as the Bayside Mall ("the Property"), from Old Mutual Life Assurance
Company (South Africa) Limited ("the Acquisition").
Rationale for the Acquisition
The Bayside Mall is situated in one of Cape Town's highest growth nodes, and its
rapidly expanding residential catchment area includes Table View, Parklands,
Flamingo Vlei, Sunningdale and West Beach. There is strong demand for space from
national retailers who are under-represented in the area, and with an additional
10 000m2 of approved bulk available, the Property will benefit from its ability
to attract such tenants. With a capacity to grow to just under 50 000m2, Bayside
Mall has the potential to offer a comprehensive retail platform that will cement
its position as the primary regional shopping centre in the Atlantic residential
corridor. Traffic circulation and access to the mall will benefit substantially
from the new Bus Rapid Transport ("BRT") System, and this will be complemented
by additional structured parking that is planned for the mall. Since Acucap
currently manages the Property, there will be no incremental administration
costs, and its familiarity with the Property gives Acucap a high degree of
confidence in the quality and sustainability of earnings. The Acquisition is
expected to enhance long-term distribution growth for Acucap linked unitholders.
Consideration for the Acquisition
The purchase consideration for the Acquisition is R280 000 000 ("the Purchase
Price").
Acucap intends to place linked units with third parties to finance the Purchase
Price. In the event that insufficient linked units are placed to fund the
Acquisition, the remainder of the Purchase Price will be funded through a new
facility that has been granted by Standard Bank. If the Acquisition is fully
funded by the issue of units, Acucap's gearing will decline to 37%, and if it is
fully funded through borrowings, gearing will increase to 41%. Should the
Purchase Price be fully debt funded, Acucap will remain comfortably within all
of its gearing covenants.
Conditions precedent
The Acquisition is subject to:
- Competition Commission approval; and
- the obtaining of any other regulatory approvals, to the extent required.
Unaudited pro forma financial effects of the Acquisition
The unaudited pro forma financial effects of the Acquisition on net asset value
and net tangible asset value per linked unit have not been disclosed as they are
not significant.
Forecast information on the Property
The summarised forecast financial information relating to the Property for the
twelve months ending 31 March 2010 and 31 March 2011, which is the
responsibility of Acucap directors, is set out below. The forecast financial
information has not been reviewed and reported on by the Company's auditors.
Forecast Forecast
12 months 12 months
ending ending
31 March 2010 31 March 2011
R'000 R'000
Gross rentals 28 770 28 800
Contracted revenue 24 152 17 776
Uncontracted revenue 4 618 11 024
Net rental income before 28 100 28 400
interest
Net rental income after 28 100 28 400
taxation
Notes:
The assumptions for uncontracted revenue are that:
current tenants in uncontracted occupation will contract at current monthly
rentals with market related escalations; and
expiring lease contracts will be renewed at market rentals.
Property specific information relating to the Property
Details regarding the Property are set out below:
Property Location Sector Area Single or Weighted
ha multi average
tenanted rental per
m2
R
Erf 21460, Western Retail 10.58 Multi 109.84
Milnerton Cape
Property Vacancy Annualised Purchase Value of
by property price of Property
rentable yield Property Rm Rm (1)
area %
m2
Erf 21460, 777 10 280.0 282.5
Milnerton
Notes:
The value of the Property of R282 500 000 was arrived at by the independent
external property valuer, Mills Fitchet Magnus Penny (Proprietary) Limited, as
at 1 April 2009.
Categorisation of the Acquisition
The Acquisition is categorised as a Category 2 transaction in terms of the JSE
Limited Listings Requirements.
22 May 2009
Cape Town
Investment bank and sponsor
Nedbank Capital
Date: 22/05/2009 11:42:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/02/09
ACP
ACP - Acucap - Dealing In Securities By A Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information, relating to the dealing in
securities by a director of Acucap:
Name of executive director: Paul Theodosiou
Date of transaction: 6 February 2009
Number of securities: 3
Price per security: R26.90
Total value: R80.70
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's Direct beneficial
interest:
Name of executive director: Paul Theodosiou
Date of transaction: 6 February 2009
Number of securities: 11,080
Price per security: R26.92
Total value: R298,273.60
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's Direct beneficial
interest:
Clearance to deal was received as required in terms of the JSE Listings
Requirements.
9 February 2009
Sponsor
Java Capital (Proprietary) Limited
Date: 09/02/2009 12:39:39 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/02/02
ACP
ACP - Acucap - Dealing In Securities By A Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information, relating to the
dealing in securities by a director of Acucap:
Name of executive director: Paul Theodosiou
Date of transaction: 30 January 2009
Number of securities: 10,000
Price per security: R26.80
Total value: R268,000.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Clearance to deal was received as required in terms of the JSE Listings
Requirements.
2 February 2009
Sponsor
Java Capital (Proprietary) Limited
Date: 02/02/2009 12:22:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2009/01/16
ACP
ACP - Acucap Properties Limited - Dealing in securities by a director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
15 January 2009
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information, relating to the dealing in
securities by a director of Acucap:
Name of executive director: Paul Theodosiou
Date of transaction: 14 January 2009
Number of securities: 3,000
Price per security: R27.20
Total value: R81,600.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Name of executive director: Paul Theodosiou
Date of transaction: 14 January 2009
Number of securities: 10,000
Price per security: R27.25
Total value: R272,500.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Clearance to deal was received as required in terms of the JSE Listings
Requirements.
16 January 2009
Sponsor
Java Capital (Proprietary) Limited
Date: 16/01/2009 11:07:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2008/12/24
ACP
ACP - Acucap Properties Limited - Dealing in securities by a director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information, relating to the
dealing in securities by a director of Acucap:
Name of executive director: Paul Theodosiou
Date of transaction: 23 December 2008
Number of securities: 5,000
Price per security: R27.80
Total value: R139,000.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Name of executive director: Paul Theodosiou
Date of transaction: 23 December 2008
Number of securities: 1,393
Price per security: R27.78
Total value: R38,697.54
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Name of executive director: Paul Theodosiou
Date of transaction: 23 December 2008
Number of securities: 3,607
Price per security: R27.50
Total value: R99,192.50
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Clearance to deal was received as required in terms of the JSE Listings
Requirements.
24 December 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 24/12/2008 10:00:24 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2008/12/22
ACP
ACP - Acucap - Dealing In Securities By A Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information, relating to the dealing in
securities by a director of Acucap:
Name of executive director: Paul Theodosiou
Date of transaction: 19 December 2008
Number of securities: 1,211
Price per security: R27.00
Total value: R32,697.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Name of executive director: Paul Theodosiou
Date of transaction: 19 December 2008
Number of securities: 8,243
Price per security: R27.75
Total value: R228,743.25
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Clearance to deal was received as required in terms of the JSE Listings
Requirements.
22 December 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 22/12/2008 14:42:21 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2008/12/04
ACP
ACP - Acucap Properties Limited - Dealing in securities by a director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information, relating to the dealing in
securities by a director of Acucap:
Name of executive director: Paul Theodosiou
Date of transaction: 3 December 2008
Number of securities: 5,000
Price per security: R25.76
Total value: R128,800.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Clearance to deal was received as required in terms of the JSE Listings
Requirements.
4 December 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 04/12/2008 14:51:09 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2008/12/03
ACP
ACP - Acucap Properties Limited - Dealing in securities by directors
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY DIRECTORS
Unitholders are advised of the following information, relating to the dealing in
securities by directors of Acucap:
Name of executive director: Jonathan Rens, who is a
trustee and beneficiary
of the John Rens Family
Trust, the entity that
entered into the
transaction
Date of transaction: 2 December 2008
Number of securities: 4,600
Price per security: R25.52
Total value: R117,392.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Indirect beneficial
Name of executive director: Jonathan Rens, who is a
trustee and beneficiary
of the John Rens Family
Trust, the entity that
entered into the
transaction
Date of transaction: 2 December 2008
Number of securities: 4,400
Price per security: R25.60
Total value: R112,640
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Indirect beneficial
Name of executive director: Paul Theodosiou
Date of transaction: 2 December 2008
Number of securities: 5000
Price per security: R25.50
Total value: R127,500
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Clearance to deal was received as required in terms of the JSE Listings
Requirements.
3 December 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 03/12/2008 15:53:02 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2008/12/02
ACP
ACP - Acucap Properties - Dealing In Securities By A Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information, relating to the dealing in
securities by a director of Acucap:
Name of executive director: Paul Theodosiou
Date of transaction: 2 December 2008
Number of securities: 10,000
Price per security: R25.50
Total value: R255,000.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Clearance to deal was received as required in terms of the JSE Listings
Requirements.
2 December 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 02/12/2008 15:20:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2008/12/02
ACP
ACP - Acucap Properties Limited - Dealing In Securities By A Director
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
DEALING IN SECURITIES BY A DIRECTOR
Unitholders are advised of the following information, relating to the dealing in
securities by a director of Acucap:
Name of executive director: Paul Theodosiou
Date of transaction: 28 November 2008
Number of securities: 3,463
Price per security: R25.00
Total value: R86,575.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Direct beneficial
Clearance to deal was received as required in terms of the JSE Listings
Requirements.
2 December 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 02/12/2008 10:13:26 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2008/11/27
ACP
ACP - Acucap Properties Limited - Changes to the board of directors
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP ISIN: ZAE000037651
("Acucap")
CHANGES TO THE BOARD OF DIRECTORS
Unitholders are advised of the following changes to the board of directors of
Acucap ("the board") effective immediately:
- Mr Tienie Lindeque has resigned from the board. The board extends its
thanks to Tienie for his valuable contribution to the company; and
- Ms Nonyameko (`Nyami') Mandindi has been appointed to the board. Nyami is a
quantity surveyor, with extensive experience gained in the property
industry over the last 17 years. She was a former partner in the quantity
surveying practice Letchmiah Daya Mandindi, and for the last three years,
she has been the CEO of Intersite Property Management Services. The board
extends a warm welcome to Nyami.
27 November 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 27/11/2008 08:08:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.- 2008/11/14
ACP
ACP - Acucap - Dealings In Securities
ACUCAP PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2001/021725/06)
Share code: ACP & ISIN: ZAE000037651
("Acucap")
DEALINGS IN SECURITIES
Unitholders are advised of the following information, relating to the dealing in
securities by a director:
Name of director: Bryan Stevens, who is a
trustee and beneficiary of
the Bryan Stevens
Investment Trust, the
entity which entered into
the transaction
Date of transaction: 13 November 2008
Number of securities: 2,000
Price per security: R25.00
Total value: R50,000.00
Class of securities: Linked unit
Nature of transaction: Purchase
Nature and extent of director's interest: Indirect beneficial
Clearance to deal was received in terms of paragraph 3.66 of the JSE Listings
Requirements.
14 November 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 14/11/2008 10:21:03 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.ACUCAP PROPERTIES LIMITED
REG NO.
JSE CODE
ISIN
JSE CODE
ISIN
2001/021725/06
ACP
ZAE 000037651
ACP
ZAE 000037651
TEL.
FAX.
EMAIL.
FAX.
EMAIL.
REGISTERED OFFICE
SUITE A11, WESTLAKE SQUARE
WESTLAKE DRIVE, WESTLAKE, CAPE TOWN
PO BOX 31079, TOKAI, 7966
WESTLAKE DRIVE, WESTLAKE, CAPE TOWN
PO BOX 31079, TOKAI, 7966