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Integrated Annual Report 2015

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Integrated Annual Report 2015 Integrated annual report 2015 CONTENTS 02 70 GLOSSARY ANNUAL FINANCIAL 06 STATEMENTS 72 82 ABOUT PUTPROP Directors’ Statement of Responsibility Statements of Financial Position 08 10 13 73 83 Certifcation By The Company Statements of Comprehensive Strategic Positioning Group Five Year Review Integrated Reporting Secretary Income and Business Model 12 14 08 Financial Highlights Top 10 Properties 74 84 Independent Auditors’ Report Statements of Changes In Equity Foot Print 12 16 09 Operational Highlights Key Stakeholders 75 85 Directors’ Report Statements of Vision and Values 80 Cash Flows Audit and Risk Committee Report 86 20 Notes To The Financial Statements BUSINESS REVIEW & GOVERNANCE 120 23 36 57 SHAREHOLDERS DIARY Governance Corporate Report To Our Framework Governance And Commercial 122 Attached Shareholders’ Analysis Form Of Proxy 24 Risk Management Stakeholders From The Chair 54 58 123 Ibc Remuneration Sustainability Report Dividend Announcement Corporate Information 28 And Nomination CEO Report to Committee Report 60 126 Ibc Shareholders Report To The Community Notice Of Annual General Meeting Shareholders’ Diary 56 32 Social And Ethics 62 Board Of Directors Committee Report Portfolio Review These annual fnancial statements of Putprop Limited have been audited by Mazars. The fnancial director PUTPROP LIMITED ANNUAL REPORT 2015 1 Mr James E Smith, BSc, B.Acc, CIEA, was responsible for the preparations of these audited fnancial statements. GLOSSARY “All Share” “King III” The JSE All Share Index King Report on Corporate Governance for South Africa 2009 “B-BBEE” “KPI” Broad-based black economic empowerment Key performance indicator “Companies Act” “Rode” Companies Act, No. 71 of 2008, as amended Rode’s Report on the South African Property Market “EXCO” “SAPOA” Executive Committee South African Property Owners Association “GLA” “SAICA” Gross lettable area South African Institute of Chartered Accountants “IASB” “the Board” International Accounting Standards Board The Board of Directors of Putprop Limited “IFRS” “ZAR” International Financial Reporting Standards South African Rand “IT” “AR” Information Technology Audit and Risk Committee “JSE” “RNHR” JSE Limited Remuneration Nomination and Human Resources Committee “JSE Listings Requirements” “SE” Listing Requirements of the JSE Limited Social and Ethics Committee 2 PUTPROP LIMITED ANNUAL REPORT 2015 STATEGIC POSITIONING & BUSINESS MODEL • Broaden geographic exposure into provinces other than Gauteng • Continue to reduce vacancies and manage the lease expiry profle of the portfolio • Optimise our proft before tax and growth in shareholder distributions • Broaden our contractual tenant base so as to minimise risk of overdependence on a limited number of tenants • Maintain a strong statement of fnancial position with limited exposure to gearing • Contract with fnancially sound tenants on a long lease basis to provide steady income streams • Preserve and enhance our properties with a structured on-going maintenance and upgrading programme 16 Properties PRETORIA FOOT 11 Tenants 81 259m2 Total GLA GAUTENG PRINT 1 R439 Million Total Property 3 Asset Value NORTH WEST 8 MIDRAND INDUSTRIAL 2 1 RETAIL JOHANNESBURG 1 COMMERCIAL MPUMALANGA 8 PUTPROP LIMITED ANNUAL REPORT 2015 VISION & VALUES In the pursuit of the Group’s strategy and objectives, our CORE values determine our every action: • Honesty, integrity and transparency drive our every operation • Responsibility and ownership for our actions • All stakeholders are seen as a valued asset • Our people drive our performance and results • Our vision for our operations is long-term, the acorn developing into the oak tree are synonymous with CORPORATE our actions PROFILE • Responsible corporate citizenship in respect of our social and environmental challenges Putprop is a property investment company listed on the main board of the JSE Limited under the real estate sector. The Company listed on 4 July 1988. (JSE code: PPR) (Registration number: 1988/001085/06) The Company invests in industrial, commercial and retail properties, deriving its income from contracted rentals. PRIME OBJECTIVES Putprop’s primary objective is to build a quality portfolio with strong contractual cash fows resulting in long-term sustainability and capital appreciation. Growth will come from strategic investments, focused on industrial, retail and commercial opportunities where yields are enhancing in the medium and long-term. PUTPROP LIMITED ANNUAL REPORT 2015 9 GROUP FIVE YEAR REVIEW 2015 2014 2013 2012 2011 2011 2012 2013 2014 2015 R’000 R’000 R’000 R’000 R’000 SUMMARISEd INCOME SHARE PRICE 30 JUNE STATEMENT (CENTS PER SHARE) Property revenue and recoveries 55 052 50 510 49 252 51 343 40 015 550 630 650 735 556 Straight-line rental income accrual (916) 1 158 (1 419) (3 700) (1 960) dIVIdENd dISTRIBUTION Property expenses (14 958) (13 280) (12 393) (14 664) (6 849) (CENTS PER SHARE) Net proft from property operations 39 178 38 388 35 440 32 979 31 206 30 33 36 36 26 Corporate and administrative expenses (5 848) (5 300) (4 830) (4 479) (3 689) INVESTMENT PROPERTY Investment and (MARKET VALUE R PER M2) other income 2 629 2 063 1 477 1 793 1 457 Associates’ share of profts 13 167 19 371 1 597 1 156 – 3 080 3 257 3 752 4 067 4 542 Gain on Bargain purchase 10 918 – – – – Proft before capital items 59 155 54 522 33 684 31 449 28 974 INVESTMENT PROPERTY Fair value adjustments 18 191 32 979 33 032 15 238 28 035 (MARKET VALUE R’000) Net proft before tax 77 346 87 501 66 716 46 687 57 009 237 250 281 315 439 Dividend distribution per share (cents) 26.0 36.0 36.0 33.0 30.0 Headline earnings VACANCY PROFILE per share (cents) 85.1 86.3 86.8 74.1 66.1 (GLA)* SUMMARISEd STATEMENT 2 585 290 290 0 3640 OF FINANCIAL POSITION Investment property 434 634 309 564 276 855 244 312 237 000 Investment in associates 114 473 66 068 50 728 48 369 3 769 COST TO INCOME RATIO% Other non-current assets 2 990 4 307 4 382 2 405 5 685 CORPORATE COSTS Current assets 111 891 55 225 33 712 24 545 39 548 9.2 8.7 9.8 10.5 10.6 Total assets 663 978 435 164 365 677 319 631 286 002 EQUITY ANd LIABILITIES PROPERTY COSTS Shareholders’ equity 544 043 392 519 331 374 291 639 264 992 Non-controlling interest 26 780 – – – – 17.1 28.5 25.2 26.3 27.6 Non-current liabilities 76 223 34 279 27 661 21 065 15 385 Current liabilities 15 932 8 366 6 642 6 927 5 625 * Gross Lettable Area (GLA) is the amount of foor space available to be rented in a property, designed for tenant occupancy and exclusive use, for a defned period. Total equity and liabilities 663 978 435 164 319 631 286 002 251 193 10 PUTPROP LIMITED ANNUAL REPORT 2015 FINANCIAL STATISTICS 2011 2012 2013 2014 2015 Defnitions 2015 2014 2013 2012 2011 Current ratio 1 7.0 6.6 5.1 3.5 7.0 CASH GENERATEd Cash ratio 2 6.5 5.4 4.8 2.1 5.1 (CENTS PER SHARE) Return on operational assets (%) 3 5.9 8.9 9.2 9.8 10.1 97 106 129 92 98 Return on equity (%) 4 5.2 6.4 7.6 7.3 7.1 Net asset value HEAdLINE EARNINGS per share (cents) 5 1 219 1363 1151 1013 938 (CENTS PER SHARE) Dividend cover 6 3.2 2.4 2.4 2.2 2.2 Market 66 74 87 86 85 capitalisation (R’000) 7 248 377 211 628 187 154 182 836 158 361 NET ASSET VALUE PER SHARE dEFINITIONS (CENTS) 1. Current ratio: current assets divided by current liabilities. 2. Cash ratio: cash and cash equivalents divided by current liabilities. 938 1 013 1 151 1 363 1 219 3. Return on operational assets: proft from operations divided by tangible non- current and current assets excluding capital work in progress. 4. Return on equity: headline earnings divided by ordinary shareholders’ interest in capital reserves. 5. Net asset value per share: ordinary shareholder interest in capital and reserves divided by number of share in issue. 6. Dividend cover: headline earnings per share divided by dividend per share. 7. Market capitalisation: number of ordinary shares in issue multiplied by market value of shares at 30 June. 2015 2014 2013 2012 2011 R’000 R’000 R ’000 R’000 R’000 CASH FLOwS Cash generated from operations 44 064 26 585 37 228 30 748 28 032 Cash generated from operations per share (cents) 98.6 92.3 129.3 106.8 97.4 Cash and cash equivalents 103 651 45 032 31 785 14 295 28 847 OTHER STATISTICS Number of employees 6 7 7 7 7 Revenue per employee (R’000) 9 175 7 215 7 036 7 335 5 716 Dividend paid per employee (R’000) 1 682 1 481 1 481 1 357 1 233 Operating cost per employee (R’000) 3 468 2 654 2 460 2 734 1 505 PUTPROP LIMITED ANNUAL REPORT 2015 11 FINANCIAL HIGHLIGHTS • Gross property revenue up 9% to R55 million OPERATIONAL • Net Asset value of 1 219 cents per share HIGHLIGHTS • Annual escalation on contractual rental income maintained at our 9% in diffcult rental • Acquisition of Bank City, a offce development market in Potchefstroom • Associate contributions to profts of R13.2 million • Acquisition of a 51% holding in Secunda Value Mart a retail development in Secunda, with • Market value per m2 of property portfolio up Builders Warehouse as lead tenant 11.7% to R4 542 per m2 • Divided distribution of 26 cents per share, the 28th consecutive year of a dividend payout to shareholders • Successful rights issue offer concluded • Completion of development of Phase 2, Summit Place, Menlyn Pretoria, to add 25 000m2 GLA to development 12 PUTPROP LIMITED ANNUAL REPORT 2015 INTEGRATED REPORTING - OUR APPROACH SCOPE ANd BOUNdARY core asset and the operational management.
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