ANNUAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2016
Proceedings & Speakers
Overview Kiriakos Anastasiadis
Financial overview Pieter Scholtz
Existing portfolio overview Pieter Scholtz
Developments - Properties under development - Future opportunities - Other initiatives Kiriakos Anastasiadis
Looking ahead Kiriakos Anastasiadis
1 OVERVIEW
2 General Overview
Specialist commercial, retail and residential property developer and owner
Listed on the JSE on 9 December 2014 with average annual growth target of 20% to 25% over a 3 year period. Capital growth vs REIT
Dynamic and highly experienced management team with a proven 18 year track record
Existing in-house developed property assets of R4.032bn serves as a NAV underpin going forward
Established in-house property, asset management, and development team to deliver continued capital uplift of developed assets
Subscribes to high standards of sustainable development practice
Value engineering | A way of work developed by Acsion where significant cost savings are realised through an innovative or more effective approach whilst maintaining the highest standards of sustainable development and construction practice
Focus on the continuous identification and delivery of capital enhancing development opportunities www.acsionsa.co.za 3 Economic overview: Acsion View
1. Real estate market
South Africa
Rest of Africa
Europe
www.acsionsa.co.za 4 Activity Overview
1. Gearing (Loan to value – SA REIT Association) 2016 2015
4.13% 4.83%
2. Cash spend on development R221m
Acsiopolis R67m Mall@Moutsiya (Aug 2016) R13m
Mall@Carnival R84m Mall@Reds R6m
Mall@Emba R19m Mall@55/Trade55 R15m
Mall@Mfula (Nov 2016) R12m Other R5m
Spend financed mainly from operational cash flow
3. Spend March 2016 to May 2016 R77m
. www.acsionsa.co.za 5 New initiatives: Energy
1. Renewable Energy installed at Mall@Emba
1MW commissioned October 2015
2. Renewable Energy installations underway
4MW at Mall@Carnival
2MW at Mall@Reds
Commissioning from June 2016 to August 2016
Mall@Mfula, Mall@Moutsiya, Mall@Lebo to receive solar installations
www.acsionsa.co.za 6 ACSION at a glance
29 Feb 2016 28 Feb 2015 9 Dec 2014
Total property portfolio R4.617bn R3.755 bn R3.585 bn
Net asset value R4 575bn R4 021bn R3 727bn
NAV per share (excl. deferred tax) R13.61 R11.56 R10.70
EBITDA R301m R66.7m
Operating yield 7.3% 7.4%
Headline earnings per share 45.85 41.06
WALE per GLA 4.11 years 4.50 years 4.40 years
Total gross lettable area 204 454m² 188 716 m2 188 416 m2 Vacancy rate | Developed 4.43% 5.05% 4.40% portfolio Average escalations 7.17% 7.26% 7.9%
Market capitalisation R3.752 bn R4.277 bn R4.345 bn www.acsionsa.co.za 7 ACSION at a glance
NAV uplift NAV uplift Operating Direct exp / Total exp / 29 15mnths 12mnths yield income % income % FEBRUARY 27.2% 21.7% 7.3% p.a. 10.42% 17.24% 2016 (7.4%) (11.08%) (18.11%)
1,600 262.5 - 19.5 5.8 1.5 14.2 2.4 1,361 1,400 Value in cents 1,070 1 NAVPS 9 Dec 2014 1,200 23.7 2 Profit 1,000 3 Investment property uplift
800 4 Increase in deferred tax NAV uplift 5 Reduction in gearing 600 6 Repurchase of shares
400 7 Working capital changes 15mnths 8 Other 200 9 NAVPS 29 February 2016 - 1 2 3 4 5 6 7 8 9 www.acsionsa.co.za 8 Group Structure
ACSION LIMITED
100% Acsiopolis 100% Anaprop Property Management 100% Hyde Park Terrace 100% Mall@55 & Trade 55 100% Mall@Carnival 100% Mall@Emba 100% Mall@Lebo 100% Mall@Maputo 100% Mall@Moutsiya 100% Mall@Reds 100% Moreleta Square 100% Simarlo Rainbow 55% Mall@Mfula www.acsionsa.co.za 9 FINANCIAL OVERVIEW
10 Simplified statement of financial position
29 Feb 2016 28 Feb 2015 (R’000) (R’000) ASSETS Investment property 4 616 775 3 755 100 Goodwill 625 464 625 464 Prepayments 366 610 409 661 Other assets 47 569 44 556 Total assets 5 656 418 4 834 781
Equity 4 585 833 4 020 749
LIABILITIES Deferred tax 792 810 545 141 Interest bearing liabilities 206 802 198 312 Other liabilities 70 973 70 579 Total liabilities 1 070 585 814 032
SHARES IN ISSUE 394 467 106 394 959 976
NAV (excl. deferred tax) R13.61 R11.56 www.acsionsa.co.za 11 Financial Position
1. Investment property IAS 40– with different disclosure (R’ 000) Investment property 4 311 971 Plant & equipment 92 325 Operating lease 124 548 NC assets held for sale 87 931 Total 4 616 775
2. 2016 2015 Liquidity 0.44:1 0.52:1 Bond prepayment R162m R147m Adjusted liquidity 2.30:1 2.38:1 Interest cover 13.93 15.75 Loan to value 4.13% 4.83% New facility of R1bn secured to fund developments www.acsionsa.co.za 12 Simplified statement of profit & loss
3 months ended 29 Feb 2016 28 Feb 2015 (R’000) (R’000)
INCOME 463 968 112 028 Revenue 453 343 107 424 Other income 10 625 4 604
EXPENSES 210 509 56 135
Operating profit 253 459 55 893
Fair value adjustments 633 227 -
Sale of non current assets 4 963 - Net finance costs (16 556) (3 255) Income from associates (219) 160 Profit before tax 874 874 52 798 Tax (305 316) (12 005) Net profit 569 558 40 793 HEPS 45.85 41.06 www.acsionsa.co.za 13 Operating and Recoverability Ratios | Portfolio
2016 2015 2016 Assessment rates recovery 71.82% 61.24% Repairs & Maintenance, Other, 5.6% 11.2% Security, Electricity recovery 124.58% 127.37% 5.0% Cleaning, 4.0%
Refuse recovery 114.47% 84.22% Municipal, 74.2%
Sewerage recovery 93.23% 98.12% 2015 Repairs & Maintenance, Water recovery 89.80% 79.09% 9.1% Other, 7.9%
Security, 5.5% Direct property cost/income 10.42% 11.08%
Cleaning, 4.6% Municipal, 72.8%
Total cost/income 17.24% 18.11% www.acsionsa.co.za 14 PORTFOLIO OVERVIEW
15 Existing Portfolio | Overview
Valuation Value (Rm) GLA p/m2 % of Existing portfolio Property name (*)Directors (m2) (excl. portfolio enhancements valuation bulk)
2,000 87,721 22,800 49.6 4 MW renewable energy Mall@Carnival(*)
Mall@Reds 980 54,342 18,034 24.3 2 MW renewable energy
Mall@Emba 486 24,415 19,906 12.1
Mall@Lebo(*) 380 23,510 16,163 9.4 Phase 2 extension of 8 000m²
Moreleta Square(*) 154 8,459 18,205 3.8
Simarlo Rainbow(*) 32 6,007 5,261 0.8
Developed 4,032 204,454 19,719 100.0 portfolio www.acsionsa.co.za 16 Property under development | Overview
Valuation (Rm) % of GLA Value p/m2 Existing portfolio Property name (*)Directors develop (m2) (excl. bulk) enhancements valuation ment
Mall@Moutsiya 130 15,500 8,300 15.6 Renewable energy
Mall@Mfula 170 18,700 9,000 20.5 Renewable energy
Mall55/Trade 55(*) 275 25,000 11,000 33.1
Acsiopolis(*) 255 67,000 3,800 30.8
Under 830 126,200 6,600 100.0 development
www.acsionsa.co.za 17 Existing portfolioKey- indicators l Legend description
Where ever possible, SA REIT Association Best Practice recommendations are used.
Key Description
Footfall Average footfall per month over the past 12 months
Valuation * Indicative of Director’s valuation
Operating yield Operating profit yield achieved over the past 12 months
Lease escalation Average lease escalation weighted by GLA
WALE Weighted average lease expiry by GLA
www.acsionsa.co.za 18 Feb 2016 2015 GLA 87 721m² 72 338m² WALE 3.8yrs 3.8yrs
Footfall 900 000 700 000
Vacancy 6.5% 5.5%
Valuation * R2.00 bn R1.56 bn
Value/m2 R22 800 R21 082
Cost/m2 R5 419 R5 509
CNR HEIDELBERG & AIRPORT ROADS, DALPARK EXT 5, BRAKPAN Operating yield 6.2% 7.2% WELL-LOCATED REGIONAL MALL ON N17 OPPOSITE CARNIVAL CITY PRIMARY CATCHMENT AREA OF APPROXIMATELY 100,000 HOUSEHOLDS Lease SHOPPERS IN LSM 6-10 (36% IN LSM 10/10+) 6.85% 6.95% 129 000m2 BULK AVAILABLE FOR DEVELOPMENT escalation 4MW SOLAR PV INSTALLATION 2016/2017 Phase 1: 10yrs Building Phase 2: 4yrs Age Phase 3:6mnths 19 Feb 2016 2015
GLA 54 342m² 53 423m²
WALE 4.7yrs 5.3yrs
Vacancy 3.3% 6.54%
Valuation R980m R820m
2 Value/m R18 034 R15 349
Cost/ m2 R6 397 R 6 420
Operating yield 9.0% 8.3% Lease 7.05% 6.95% escalation CNR ROOIHUISKRAAL & HENDRIK VERWOERD DRIVE, ROOIHUISKRAAL EXT 15, CENTURION ESTABLISHED REGIONAL SHOPPING CENTRE ON A MAIN ARTERIAL ROUTE DENSE, FAST-GROWING MEDIUM TO HIGH INCOME RESIDENTIAL AREA Building Several phases over 2MW SOLAR PV INSTALLATION 2016/2017 Age 12yrs Renovated 2015
20 Feb 2016 2015
GLA 24 415m² 24 477m2
WALE 2.6yrs 2.8yrs
Footfall 500 000 500 000
Vacancy 1.2% 4.42%
Valuation R486m R491m
Value/m2 R19 906 R17 118
Cost/m2 R5 663 R4 969
Operating yield 7.3% 7.5% CNR eMBALENHLE AVENUE & OLD PROVINCIAL ROAD, eMBALENHLE, MPUMALANGA Lease ONLY FORMAL RETAIL OFFERING IN ITS PRIMARY CATCHMENT AREA 7.74% 7.48% WITH APPROX. 300 000 RESIDENTS – SASOL MAIN EMPLOYER escalation AVAILABILITY OF ELECTRICITY LOWERS RISK OF COMPETITION LOCATED ADJACENT TO MAIN TAXI RANK AND TRANSPORT NODE Building Phase 1: 8yrs NEAREST FORMAL RETAIL IN THE SECUNDA CBD IS APPROXIMATELY Phase 2: 3yrs 15KM AWAY COSTING APPROXIMATELY R20 TO TRAVEL BY TAXI Age 1 MW SOLAR PV INSTALLATION IN 2015/2016 21 Feb 2016 2015 GLA 23 510m² 23 964m²
WALE 5.8yrs 6.5yrs
Footfall 420 000 400 000
Vacancy 0% 1.27%
Valuation * R380m R314m
Value/m2 R16 163 R13 103
Cost/m2 R6 199 R6 092
CNR R513 & R 579, LEBOWAKGOMO, LIMPOPO Operating yield 9.7% 4.8% ONLY MAJOR FORMAL RETAIL OFFERING WITHIN A 50KM RADIUS CATERING FOR APPROXIMATELY 300 000 RESIDENTS IN ITS PRIMARY CATCHMENT AREA Lease ADJACENT TO MUNICIPAL TAXI RANK AND COMPLEMENTARY INFORMAL 7.50% 7.53% RETAIL OFFERING escalation Building 2yrs Age 22 2016 2015 GLA 8 459m² 8 507m2
WALE 4.1yrs 4.6yrs
Vacancy 3.3% 0.58%
Valuation * R154m R136m
Value/m2 R18 205 R15 987
Cost/m2 R2 275 R2 261
Operating yield 8.6% 8.1%
CNR GARSFONTEIN & RUBENSTEIN ST, MORELETA PARK, PRETORIA LONG LEASE EXPIRY UNDERPINNED BY NATIONAL TENANT WELL-ESTABLISHED COMMUNITY SHOPPING CENTRE IN THE Lease 8.06% 8.80% MORELETA PARK NODE escalation ESTABLISHED CONVENIENCE NODE
Building 15yrs Age Renovated’12 23 2016 2015 GLA 6 007m² 6 007m2
WALE 2.9yrs 3.7yrs
Vacancy 15.2% 8.38%
Valuation * R31.8m R32.3m
Value/m2 R5 261 R5 377
Cost/m2 R1 352 R1 352
Operating yield 10.9% 11.3%
Lease 8.08% 9.61% CNR JAKARANDA & EDWARD STR, HENNOPSPARK, CENTURION Escalation LIGHT INDUSTRIAL/COMMERCIAL PROPERTY CLOSE TO N1 AND N14 OFFICE SPACE ADJACENT TO WORKSHOP AND STORAGE
Building Age 18yrs
24 Portfolio Overview: Sector Profile
Geographic profile by Geographic profile by Revenue GLA Limpopo, 9%
Limpopo, 11%
Mpumulanga, 12% Mpumalanga, 13% Gauteng, 78% Gauteng, 77%
www.acsionsa.co.za 25 Portfolio overview: Sector Profile
Sector profile by Revenue Sector profile by GLA Light Industrial 1% Light Industrial Retail - rural Retail - rural 3% 23% 23%
Retail - metropolitan 76% Retail - metropolitan 74%
www.acsionsa.co.za 26 Portfolio overview: Tenant Profile
Tenant profile by Revenue Tenant profile by GLA
Line and Other Franchises Line and Other 20% Franchises 16%
Semi National 20% National National Semi National 60% 70% 14%
www.acsionsa.co.za 27 Portfolio overview: WALE(GLA)
Lease expiry profile by GLA
29.64%
15.31% 14.98% 13.44% 12.42%
8.61%
Feb '17 Feb '18 Feb '19 Feb '20 Feb '21 Beyond Feb '22
www.acsionsa.co.za 28 Portfolio overview: WALE (Rent)
Lease expiry profile by Rent 21.91% 20.77% 19.15%
15.70%
12.23%
10.23%
Feb '17 Feb '18 Feb '19 Feb '20 Feb '21 Beyond Feb '22 www.acsionsa.co.za 29 DEVELOPMENTS
30 Current Developments
Construction start Estimated completion Description Location Sector Current status Total GLA date date
Residential, Planning, design parking 55 000m² Acsiopolis Benmore commercial & July 2015 January 2019 & leasing resi/retail 67 000m² retail
Planning, leasing Mall@Moutsiya Walkraal Retail September 2015 August 2016 15 500m² and design
Planning, leasing Mall@55 Monavoni Retail and design June 2016 March 2017 15 000m²
Planning, leasing Trade 55 Monavoni Commercial September 2016 May 2017 10 000m² and design
Hyde Park Terrace Hyde Park Residential Sale & rental January 2014 Completed 6 Houses
Mamahlodi Planning, design Phased: 50 units at a time Walkraal Residential August 2015 515 units Gardens & marketing 515 units in total
Planning, leasing Mall@Mfula Piet Retief Retail October 2015 November 2016 18 700m2 & design
www.acsionsa.co.za 31 ACSIOPOLIS MALL@MOUTSIYA BENMORE, GAUTENG CNR R568 & R573, WALKRAAL, LIMPOPO
Total land size of approximately 1 ha in the heart of Sandton’s Highly visible and easily accessible location with direct thoroughfare densely populated, ultra high-income residential Benmore node. onto the Moloto Road, a major regional arterial road through the Close proximity to South Africa’s “golden mile”, the Sandton City Elias Motsoaledi municipality in Limpopo district
Obtained rights to build 70, 000m2 above ground Primary catchment market consists of approximately 136,000 people and secondary catchment market consists of approximately Current development 111, 000m2 . Possible 15 000m2 additional 396,000 people
Property is located adjacent to Crawford College Benmore and Phase I of the development will comprise a 14,200m2 retail offering, close proximity to Varsity College Benmore as well as a 1,300m2 petrol station
Scarcity of land for new high-rise developments in Sandton
Development is in line with Acsion’s vision of sectoral diversification into residential and mixed-use property developments
Development overview Development overview
Anticipated start date Jul-15 Anticipated start date Sep-15
Anticipated completion date Jan-19 Anticipated completion date Aug-16
Total anticipated GLA 122,000 Total anticipated GLA 15 500
Estimated total capital cost (R‘ m) 1,300 Estimated total capital cost (R‘ m) 100
Estimated capital cost per GLA m2 10,600m2 Estimated capital cost per GLA m2 6,500
32 MALL@55 TRADE 55
CNR R55 & MARAIS ROAD, MONAVONI, GAUTENG CNR R55 & MARAIS ROAD, MONAVONI, GAUTENG
Located on an extremely busy arterial route accessible from the Located on an extremely busy arterial route accessible from the N14 N14 freeway and the R55 freeway and the R55
Phase I development to comprise 15,000m2 Phase 1 development to comprise 10,000m2
2 Retail bulk remaining – 14,567m2 Retail bulk remaining – 25,000m
Office bulk – 5,000m2 Rights have been obtained for specialised commercial and retail
Ideal for a value / convenience / lifestyle centre which is under- Offering could include retail vehicle showrooms and big box value represented in the Monavoni area with the closest convenience/ offering value offering over 7km away
Offering will also include drive-thru fast food
Development overview Development overview
Anticipated start date Jun-16 Anticipated start date Sep-16
Anticipated completion date Mar-17 Anticipated completion date May-17
Total anticipated GLA 15,000 Total anticipated GLA 10,000
Estimated total capital cost (R' m) 135 Estimated total capital cost (R' m) 57.2
Estimated capital cost per GLA m2 8,700m2 Estimated capital cost per GLA m2 5,720m2
33 HYDE PARK TERRACE MAMAHLODI GARDENS 56 ON FIRST ROAD, HYDE PARK, GAUTENG WALKRAAL, LIMPOPO
High-end residential development in the heart of one of Sandton’s Total land size of 40 ha most exclusive areas Partnership with local residents and the local municipality to Total land size of 2.5 ha approach prospective buyers with access to housing subsidies from the Department of Human Settlements 500m away from Hyde Park shopping centre
Significant appetite based on initial marketing and sales Proclamation of land at final stage with all services (water, sewage and electricity) already secured Growing demand for luxury residential properties in close proximity to Sandton CBD driven by rising living standards Plans to build up to 515 residential units for sale supported by shortage of affordable housing in the Moutsiya area Completed 4-5 bedroom units starting from R6.5 million Sale and development will be done in phases 6 units available for sale or rental
Development overview Development overview
Completed Apr-15 Anticipated start date Phased Capital cost (R' m) 88 Anticipated completion date 50 units at a time Houses left for sale H 76 Total units 515
Vacant stands left for sale 0 Estimated total capital cost (R’ m) 142
Estimated cost vs selling price 256,765 vs 333,576
34 MALL@MFULA CORNER N2 & BRAND STREET, PIET RETIEF, MPUMALANGA
Ideally located to cater for primary Piet Retief catchment area as well as secondary catchment areas of Retiefville, Kempville, Harmony Park and Ethandakhukanya, given limited formal retail offerings in these areas
Site is ideally located in the CBD of Piet Retief
Existing main taxi rank 130m from proposed development site
Highly visible on the N2 – exposure to high traffic volumes with many of the residents of the secondary catchment area travelling via the N2 to the Piet Retief CBD
Fernridge study, to support the first phase development of up to 25,000m2
Development overview
Anticipated start date Oct-15
Anticipated completion date Nov-16
Total anticipated GLA 18,700
Estimated total capital cost (R’ m) 150
Estimated capital cost per GLA m2 8,000
35 FUTURE DEVELOPMENTS
36 Future Developments
Existing Properties:
Mall@Lebo - 8 000m² extension
Mall@Reds - 1 000m2 extension
- 20 000m² application approval imminent
- 7 000m² currently available
Mall@Carnival - 5 000m²
- 129 000m² bulk available
Mall@Emba - 5 000m² extension
Mall@55/Trade 55 - 44 500m² bulk available
Mall@Moutsiya - 20 000m² bulk available
New Developments:
Mall@Frankfort - 8 000m²
Negotiations of several other developments in South Africa, the rest of Africa and Europe www.acsionsa.co.za 37 MALL@Lebo MALL@FRANKFORT Lebowakgomo, Limpopo FRANKFORT, FREE STATE
Tenant demand driven expansion Strategic position in Frankfort
Additional 8 000m² to be developed Minimal offering in surrounding area
For more detail please refer to Mall@Lebo page Strong demand from tenants
Anchor tenant expressed strong interest
Initial development 8 000m2 – up to 10 000m2
Development overview Development overview
Anticipated start date Late 2016 Anticipated start date 2017
Anticipated completion date 2017 Anticipated completion date 2018
Total anticipated GLA 8 000m² Total anticipated GLA 8 000m²
Estimated total capital cost (R‘ m) 64m Estimated total capital cost (R‘ m) 64m
Estimated capital cost per GLA m2 R 8 000 Estimated capital cost per GLA m2 R 8 000
38 Future Development Opportunities
Location Description Sector Total GLA
Lusaka, Zambia Offices@Lusaka Commercial 20 000m²
Maputo, Mall@Maputo Retail 30 000m² Mozambique
Rest of Africa
Europe www.acsionsa.co.za 39 MALL@MAPUTO OFFICES@LUSAKA CIRCULAR DE MAPUTO, MAPUTO LUSAKA, ZAMBIA
Located in northern Maputo and adjacent to the main Maputo ring road, Strong African economy with limited available infrastructure for with a total land size of 8.9 ha multinational companies
2 Memorandum of Understanding signed to develop a 50,000m shopping Site located in close proximity to Manda Hill Shopping Mall and next centre to Stanbic Lusaka offices Effective holding of 85% Negotiations with a local land owner to co-develop up to 20,000m2 Development to be completed in partnership with a reputable local of office space finalised Mozambican partner Preliminary marketing in process with strong interest Development in line with Acsion’s vision of geographic diversification into sub-Saharan retail 1st Phase – 6 000m2
As per a Dirk Prinsloo study, there are 125 000 households in the primary trade area, which is expected to increase to 140 000 by 2020, and there is limited formal retail supply in the northern sector of Maputo - support for 46 275m2 of retail in the primary and secondary catchment area
Interest has been received from SA national retailers looking to expand their footprint into Maputo
Development overview Development overview
Total anticipated GLA 30,000 Total anticipated GLA
Estimated total capital cost (R’ m) 500 Estimated total capital cost (R’ m)
Estimated capital cost per GLA m2 16,640m2 Estimated capital cost per GLA m2
40 Other initiatives
Solar energy supplementation - 4MW- Mall@Carnival - 2MW- Mall@Reds - Mall@Mfula, Mall@Moutsiya, Mall@Lebo to receive solar installations - Considering solar plants as separate projects
Purchase of existing properties explored - Locally and abroad - Renovation of existing portfolio
Other opportunities for growth - Lower than average market rentals - Generally lower escalations - Free parking www.acsionsa.co.za 41 LOOKING AHEAD
42 Looking Ahead
1. Completing pipeline in South Africa 2 to 3 years 2. Solar installations on existing developments and as stand alone projects 3. Pursuing potential developments in Africa and Europe 4. Share trading at a discount to NAV - Management aware of liquidity and free float
5. Management to take steps to improve - Liquidity - Free float - Profile in the market
www.acsionsa.co.za 43 The Board of Directors
Kiriakos Anastasiadis Pieter Scholtz Adv. David Green Chief Executive Officer Chief Financial Officer Independent Non-Executive Chairperson | Board
Pr Eng, MSc Eng (Structural) CA(SA), M.Com.(Tax) BA,LLB
Sonja Griesel Dr David Sekete Thabani Jali Independent Non-Executive Independent Non-Executive Independent Non-Executive Chairperson | Audit & Risk Chairperson | Social & Ethics Chairperson | Remuneration
CA(SA),B.Com,B.Compt (Hons),M.Com BSc, MBchB, MSc Med BA, LLB, LLM Michael Reynolds Company Secretary
B.Com, B.Com (Hons), CA(SA), B.A. C.IFRS MBP - BBBEE
www.acsionsa.co.za 44 Executive Team
Dimitri Thomas Yanni Anastasiadis Dillon Law Director of Subsidiaries | Director of Subsidiaries | Group Financial Manager Project Leasing Developments B.Com (Accounting), B.Com (Hons) BSc Electrical Engineering BSc (Hons) Construction Management (Accounting), CA(SA)
Jeanette Nel Philip Harford Nic Christodoulou National Development Portfolio Manager Portfolio Operations Manager Leasing Manager Facilities Management UFS FCIS (Institute of Chartered Secretaries Dip BM(E.E) Fundamentals in Shopping centre and Administrators) IEAB marketing 2012
Sandy van Staden Evah Sathekge Portfolio Leasing Manager Leasing Manager
Sales and Marketing Diploma Dip (Business administration)
www.acsionsa.co.za 45 ANNUAL RESULTS
QUESTIONS ANSWERS&
46 Disclaimer This document has been prepared and issued by and is the sole responsibility of the management of Acsion Limited (the “Company” or “Acsion”) and its subsidiaries. No information made available in connection with this presentation may be passed on, copied, reproduced, in whole or in part, or otherwise disseminated, directly or indirectly, to any other person. The contents of this presentation are to be kept confidential.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the company nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation hereto nor does it constitute a recommendation regarding the securities of the company or a representation or warranty as to the future financial performance of the company. Investors and prospective investors in securities of the company are required to make their own independent investigation and appraisal of the business and financial condition of the company and the nature of the securities. Any decision to purchase securities in the context of a proposed offering or securities, if any, should be made solely on the basis of information contained in an offering circular or prospectus published in relation to such an offering.
The presentation and any materials distributed in connection with this presentation may include certain forward-looking statements, beliefs or opinions, including statements with respect to the company’s business, financial conditions and results of operations. These statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “forecast” and words of similar meaning, reflect the directors’ beliefs and expectations and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these statements and forecasts. Pass performance of the company cannot be relied on as a guide to future performance. Forward-looking statements speak only as at the date of this presentation and the company expressly disclaims any obligations or undertaking to release any update of, or revisions to, any forward-looking statements in this presentation. No statement in this presentation is intended to be a profit forecast as a result, you are cautioned not to place any undue reliance on such forward-looking statements.
This document speaks as of the date hereof. No reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness, accuracy or fairness. This information is still in draft form and has not been legally verified. The financial information included herein is in draft form and unaudited. The company, its advisors and each of their respective members, directors, officers and employees are under no obligation to update or keep current the information contained in this presentation, to correct any inaccuracies which may become apparent, or to publicly announce the result of any revision to the statements made herein accept where they would be required to do so under applicable law, and any opinions expressed in them are subject to change without notice. No representation or warranty, express or implied, is given by the company, or any of its subsidiary undertakings or affiliates or directors, officers or any other person as to the fairness, accuracy or completeness of the information or opinions contained in this presentation and no liability whatsoever for any loss howsoever arising from any use of this presentation or its contents otherwise arising in connection therewith is accepted by any such person in relation to such information.
47 NOTES
48 NOTES
49 NOTES
50 NOTES
51 Acsion Limited Auditors Incorporated in the Republic of South Africa Ernst and Young Inc. 102 Rivonia Road, Sandton, 2194, South Africa Registration number Telephone: (011) 772 3000 2014/182931/06
JSE Share Code: ACS ISIN: ZAE000198289 Company Secretary MWRK Accountants & Auditors Incorporated Directors 19 Edward Street # K Anastasiadis°, PH Scholtz°, D Green* , Westdene S Griesel*#, D Sekete*#, T Jali*# Benoni 1501 °Executive *Independent #Non-Executive PO Box 131621 Northmead 1511 Telephone: (011) 421 8944 Registered Office Mall@Reds, 1st Floor, Corner Rooihuiskraal and Hendrik Verwoerd Transfer Secretaries Drives, Rooihuiskraal Ext 15, Centurion Computershare Investor Services Proprietary Limited 70 Marshall Street, Johannesburg 2001 Postal Address PO Box 569, Wierda Park, 0149 Telephone: (011) 370 5000
Web address Sponsor www.acsionsa.co.za Nedbank Corporate and Investment Banking 135 Rivonia Road, Sandown, 2196 South Africa Email address Telephone: (011) 294 3524 [email protected] Fax: (011) 295 3524 Telephone +27 12 656 8957 Corporate Advisor Investec Bank Limited Fax 100 Grayston Drive, Sandown, Sandton, 2196 South Africa +27 12 656 8959 Telephone: (011) 286 7000 Income Tax number Fax: (011 291 1202 9794 017 161
52 www.acsionsa.co.za