Summarised consolidated
results for the year ended
31 March 2022
Summarised consolidated
results for the year ended
31 March 2022
| Group | 31 March 2022 Rm |
31 March 2021 Rm |
| Profit per IFRS statement of comprehensive income attributable to the parent | 1 909 | 584 |
|---|---|---|
| Adjusted for: | ||
| Accounting/specific: | ||
| Fair value adjustments to: | (636) | 1 079 |
| Investment property | (647) | 854 |
| Debt and equity instruments held at fair value through profit or loss | (32) | (289) |
| Depreciation and amortisation of intangible assets | 6 | 4 |
| Asset impairments (excluding goodwill) and reversals of impairment | (1) | 13 |
| Impact of asset reclassifications and asset transfers on profit or loss | – | 314 |
| Deferred tax movement recognised in profit or loss | 13 | 18 |
| Straight-lining operating lease adjustment | 10 | 67 |
| Adjustments to dividends from equity interests held | 15 | 98 |
| Adjustments arising from investing: | ||
| Gains or losses on disposal of: | 35 | 46 |
| Investment property and property, plant and equipment | (2) | (2) |
| Debt and equity instruments | – | 48 |
| Subsidiaries and equity-accounted entities held | 37 | – |
| Foreign exchange and hedging items: | 31 | (251) |
| Fair value adjustments on derivative financial instruments employed solely for hedging purposes | 58 | 49 |
| Reclassified foreign currency translation reserve upon disposal of a foreign operation | – | (330) |
| Adjustments to amounts recognised in profit or loss relating to derivative financial instruments | (27) | 39 |
| Foreign exchange gains or losses relating to capital items – realised and unrealised | – | (9) |
| Other adjustments: | 3 | (216) |
| Adjustments made for equity-accounted entities | (33) | – |
| Non-controlling interests in respect of the above adjustments | 36 | (216) |
| SA REIT FFO | 1 342 | 1 242 |
| Number of shares outstanding (net of treasury shares) | 980 226 628 | 956 226 628 |
| SA REIT FFO cents per share | 136.91 | 129.89 |
| Company-specific adjustments | (6) | (22) |
| Depreciation | (6) | (4) |
| Deferred tax | – | (18) |
| FFO | 1 336 | 1 220 |
| FFO per share (cents) | 136.30 | 127.58 |
| 31 March 2022 Rm |
31 March 2021 Rm |
|
| Reported NAV attributable to the parent | 17 568 | 17 361 |
|---|---|---|
| Adjustments: | ||
| Dividend declared | (640) | (966) |
| Fair value of derivative financial instruments | (32) | 28 |
| Goodwill and intangible assets | (3) | (3) |
| SA REIT NAV | 16 893 | 16 420 |
| Shares outstanding | ||
| Number of shares in issue (net of treasury shares) | 980 226 628 | 956 226 628 |
| SA REIT NAV per share | 17.23 | 17.17 |
| Southern Africa portfolio | 31 March 2022 Rm |
31 March 2021 Rm |
| Expenses | ||
| Operating expenses per IFRS income statement (includes municipal expenses) | 899 | 870 |
| Administrative expenses per IFRS income statement | 157 | 154 |
| Excluding: Depreciation expense in relation to property, plant and equipment of an administrative nature and amortisation expense in respect of intangible assets |
(5) | (5) |
| Operating costs | 1 051 | 1 019 |
| Rental income | ||
| Contractual rental income per IFRS income statement (excluding straight-lining) | 1 624 | 1 501 |
| Utility and operating recoveries per IFRS income statement | 610 | 598 |
| Gross rental income | 2 234 | 2 099 |
| SA REIT cost-to-income ratio(1) (%) | 47.0 | 48.5 |
| Spain portfolio | 31 March 2022 Rm |
31 March 2021 Rm |
| Expenses | ||
| Operating expenses per IFRS income statement (includes municipal expenses) | 363 | 384 |
| Administrative expenses per IFRS income statement | 139 | 132 |
| Operating costs | 502 | 516 |
| Rental income | ||
| Contractual rental income per IFRS income statement (excluding straight-lining) | 983 | 740 |
| Utility and operating recoveries per IFRS income statement | 268 | 278 |
| Gross rental income | 1 251 | 1 018 |
| SA REIT cost-to-income ratio(1) (%) | 40.1 | 50.7 |
| (1) | The SA REIT cost-to-income ratio includes the impact of rent concessions granted to tenants (in Southern Africa and Spain) primarily impacting the March 2021 ratios. |
| Southern Africa portfolio | 31 March 2022 Rm |
31 March 2021 Rm |
| Administrative costs | ||
| Administrative expenses as per IFRS income statement | 157 | 154 |
| Rental income | ||
| Contractual rental income per IFRS income statement (excluding straight-lining) | 1 624 | 1 501 |
| Utility and operating recoveries per IFRS income statement | 610 | 598 |
| Gross rental income | 2 234 | 2 099 |
| SA REIT administrative cost-to-income ratio (%) | 7.0 | 7.3 |
| Spain portfolio | 31 March 2022 Rm |
31 March 2021 Rm |
| Administrative costs | ||
| Administrative expenses as per IFRS income statement | 139 | 132 |
| Rental income | ||
| Contractual rental income per IFRS income statement (excluding straight-lining) | 983 | 740 |
| Utility and operating recoveries per IFRS income statement | 268 | 278 |
| Gross rental income | 1 251 | 1 018 |
| SA REIT administrative cost-to-income ratio (%) | 11.1 | 13.0 |
| 31 March 2022 Rm |
31 March 2021 m2 |
|
| GLA of vacant space | 24 085 | 38 123 |
|---|---|---|
| GLA of total property portfolio | 825 844 | 958 001 |
| SA REIT GLA vacancy rate (%) | 2.9 | 4.0 |
| 31 March 2022 Rm |
31 March 2021 m2 |
|
| GLA of vacant space | 5 642 | 6 186 |
|---|---|---|
| GLA of total property portfolio | 350 271 | 329 118 |
| SA REIT GLA vacancy rate (%) | 1.6 | 1.9 |
| 31 March 2022 | ZAR % |
EUR % |
| Variable interest rate borrowings | ||
| Floating reference rate plus weighted average margin | 6.3 | 0.3 |
| Fixed interest rate borrowings | ||
| Weighted average fixed rate | – | 1.9 |
| Pre-adjusted weighted average cost of debt | 6.3 | 2.2 |
| Adjustments: | ||
| Impact of interest rate derivatives | 1.3 | 0.0 |
| Amortised transaction costs imputed into the effective interest rate | 0.1 | 0.2 |
| SA REIT all-in weighted average cost of debt | 7.7 | 2.4 |
| 31 March 2021 | ZAR % |
EUR % |
| Variable interest rate borrowings | ||
| Floating reference rate plus weighted average margin | 5.6 | 0.8 |
| Fixed interest rate borrowings | ||
| Weighted average fixed rate | – | 0.9 |
| Pre-adjusted weighted average cost of debt | 5.6 | 1.7 |
| Adjustments: | ||
| Impact of interest rate derivatives | 2.6 | 0.2 |
| Amortised transaction costs imputed into the effective interest rate | 0.1 | 0.4 |
| SA REIT all-in weighted average cost of debt | 8.3 | 2.3 |
Excludes impact of CCIRS.
| 31 March 2022 Rm |
31 March 2021 Rm |
|
| Gross debt | 14 654 | 15 404 |
|---|---|---|
| Less: | ||
| Cash and cash equivalents | (565) | (987) |
| Cash and cash equivalents balance sheet | (565) | (1 003) |
| Less restricted cash | – | 16 |
| Add/less: | ||
| Net derivative financial instruments liability/(asset) | (33) | 365 |
| Forward exchange contracts | (119) | (212) |
| CCIRS | 1 | 337 |
| Interest rate swaps | 85 | 240 |
| Net debt | 14 056 | 14 782 |
| Total assets - per statement of financial position | 34 725 | 35 992 |
| Less: | ||
| Cash and cash equivalents | (565) | (1 003) |
| Tenant deposits(1) | (118) | |
| Derivative financial assets: | (253) | (214) |
| Forward exchange contracts | (246) | (212) |
| Cross-currency interest rate swaps | (1) | – |
| Interest rate swaps | (6) | (2) |
| Goodwill and intangible assets | (3) | (3) |
| Trade and other receivables | (307) | (391) |
| Carrying amount of property-related assets | 33 479 | 34 381 |
| SA REIT LTV % | 42.0 | 43.0 |
| (1) | In the prior year, tenant deposits in Castellana amounting to R128 million were not deducted from total assets. If the tenant deposits had been deducted, the SA REIT LTV in the prior year would have been 43.2%. |