Financial StatementsSummarised operating segment report for the year ended 31 March 2022

	Southern Africa			Spain			Total
	Retail Rm	Other Rm	Total Rm	Retail Rm	Other Rm	Total Rm	group Rm
Group income for the year ended
31 March 2022
Revenue⁽ⁱ⁾	1 557	67	1 624	891	92	983	2 607
Property expenses⁽ⁱ⁾	(279)	(10)	(289)	(83)	(12)	(95)	(384)
Net income from property operations	1 278	57	1 335	808	80	888	2 223
Corporate and administrative expenses	(151)	(6)	(157)	(130)	(9)	(139)	(296)
Investment and other income	247	10	257	–	–	–	257
Finance income	5	23	28	–	–	–	28
Net interest CCIRS	103	5	108	–	–	–	108
Loss on realisation of derivative financial instrument	–	(59)	(59)	–	–	–	(59)
Income before finance costs	1 482	30	1 512	678	71	749	2 261
Finance costs	(61)	(459)	(520)	(278)	(11)	(289)	(809)
Income before equity-accounted income	1 421	(429)	992	400	60	460	1 452
Share of income from associate	–	27	27	–	–	–	27
Share of income from joint venture	–	(4)	(4)	–	–	–	(4)
Income before taxation	1 421	(406)	1 015	400	60	460	1 475
Taxation	(34)	13	(21)	–	–	–	(21)
Income	1 387	(393)	994	400	60	460	1 454
Net income attributable to NCI	–	(5)	(5)	–	(42)	(42)	(47)
Attributable to Vukile Group	1 387	(398)	989	400	18	418	1 407
Non-IFRS adjustments	5	(60)	(55)	–	(16)	(16)	(71)
Early termination of derivative	–	–	–	–	(58)	(58)	(58)
Accrued dividends	–	(27)	(27)	–	42	42	15
Equity-accounted profit adjustment	–	(33)	(33)	–	–	–	(33)
Non-cash impact of IFRS 16 – Leases	5	–	5	–	–	–	5
FFO	1 392	(458)	934	400	2	402	1 336

⁽ⁱ⁾	The revenue and property expense have been reflected net of recoveries. The summarised consolidated statement of profit or loss and other comprehensive income reflects gross property revenue and gross property expenses.

	Southern Africa			Spain			Total
	Retail Rm	Other Rm	Total Rm	Retail Rm	Other Rm	Total Rm	group Rm
Group statement of financial position
at 31 March 2022
ASSETS
Non-current assets	13 983	1 882	15 865	15 346	2 386	17 732	33 597
Investment property	13 675	686	14 361	15 253	921	16 174	30 535
Straight-line rental income accrual	308	18	326	–	–	–	326
Financial assets at fair value through profit or loss	–	406	406	–	–	–	406
Equity investments at fair value through other comprehensive income				–	1 452	1 452	1 452
Investment in associate (equity accounted)	–	120	120	–	–	–	120
Investment in joint venture (equity accounted)	–	48	48	–	–	–	48
Derivative financial instruments	–	260	260	–	–	–	260
Long-term loans granted	–	278	278	–	–	–	278
Other non-current assets	–	66	66	93	13	106	172
Current assets	406	162	568	424	136	560	1 128
Trade and other receivables	173	58	231	71	7	78	309
Derivative financial instruments	–	40	40	–	–	–	40
Current taxation	–	12	12	–	–	–	12
Short-term investments	–	–	–		15	15	15
Cash and cash equivalents	46	52	98	353	114	467	565
Non-current assets held for sale	187	–	187	–	–	–	187

Total assets							34 725
EQUITY AND LIABILITIES
Equity attributable to the owners of the parent							17 568
Non-controlling interest							1 082
Non-current liabilities	272	5 860	6 132	185	7 880	8 065	14 197
Interest-bearing borrowings	–	5 460	5 460	–	7 873	7 873	13 333
Lease liability	272	–	272	–	–	–	272
Share scheme liability	–	1	1	–	–	–	1
Derivative financial instruments	–	373	373	–	–	–	373
Deferred taxation liabilities	–	26	26	–	7	7	33
Other non-current liabilities	–	–	–	185	–	185	185
Current liabilities	293	1 321	1 614	231	33	264	1 878
Trade and other payables	293	81	374	231	5	236	610
Short-term portion of interest-bearing borrowings	–	1 135	1 135	–	28	28	1 163
Short-term portion of lease liability	–	18	18	–	–	–	18
Derivative financial instruments	–	79	79	–	–	–	79
Current taxation liabilities	–	5	5	–	–	–	5
Shareholder for dividends	–	3	3	–	–	–	3

Total equities and liabilities							34 725

	Southern Africa			Spain			Total
	Retail Rm	Other Rm	Total Rm	Retail Rm	Other Rm	Total Rm	group Rm
Group income for the period ended
31 March 2021
Revenue⁽ⁱ⁾	1 418	83	1 501	645	96	741	2 242
Property expenses⁽ⁱ⁾	(259)	(14)	(273)	(92)	(14)	(106)	(379)
Net distributable income from property operations	1 159	69	1 228	553	82	635	1 863
Corporate and administrative expenses	(145)	(9)	(154)	(54)	(78)	(132)	(286)
Investment and other income	78	5	83	2	–	2	85
Finance income	7	30	37	–	–	–	37
Net interest from cross-currency interest rate swaps	192	4	196	–	–	–	196
Distributable income before finance costs	1 291	99	1 390	501	4	505	1 895
Finance costs	(58)	(404)	(462)	(234)	(11)	(245)	(707)
Distributable income before equity-accounted	1 233	(305)	928	267	(7)	260	1 188
Share of income from associate
(Atlantic Leaf)	–	18	18	–	–	–	18
Share of income from joint venture	–	(1)	(1)	–	–	–	(1)
Distributable Income before taxation	1 233	(288)	945	267	(7)	260	1 205
Taxation	(40)	–	(40)	–	–	–	(40)
Distribution income	1 193	(288)	905	267	(7)	260	1 165
Net distributable income attributable to non-controlling interests	–	(4)	(4)	–	(45)	(45)	(49)
Attributable to Vukile Group	1 193	(292)	901	267	(52)	215	1 116
Non-IFRS adjustments	–	104	104	–	–	–	104
Accrued dividends	–	98	98	–	–	–	98
Non-cash impact	–	6	6	–	–	–	6

Available for distribution	1 193	(188)	1 005	267	(52)	215	1 220

⁽ⁱ⁾	The revenue and property expense have been reflected net of recoveries. The summarised consolidated statement of profit or loss and other comprehensive income reflects gross property revenue and gross property expenses.

	Southern Africa			Spain			Total
	Retail Rm	Other Rm	Total Rm	Retail Rm	Other Rm	Total Rm	group Rm
Group statement of financial position at
31 March 2021
ASSETS
Non-current assets	15 028	1 735	16 763	15 752	1 474	17 226	33 989
Investment property	14 705	273	14 978	15 642	1 453	17 095	32 073
Straight-line rental income accrual	323	18	341	–	–	–	341
Financial assets at fair value through profit or loss	–	340	340	–	–	–	340
Investment in associate at fair value	–	538	538	–	–	–	538
Investment in associate	–	16	16	–	–	–	16
Executive share scheme financial asset	–	55	55	–	–	–	55
Derivative financial instruments	–	168	168	–	–	–	168
Financial assets at amortised cost	–	254	254	–	–	–	254
Deferred taxation	–	3	3	–	–	–	3
Other non-current assets	–	70	70	110	21	131	201
Current assets	243	1 051	1 294	547	162	709	2 003
Trade and other receivables	210	52	262	130	(1)	129	391
Derivative financial instruments	–	47	47	–	–	–	47
Cash and cash equivalents	33	390	423	417	163	580	1 003
Non-current assets held for sale	–	562	562	–	–	–	562

Total assets							35 992
EQUITY AND LIABILITIES
Equity attributable to the owners of the parent							17 361
Non-controlling interest							1 559
Non-current liabilities	201	5 200	5 401	231	7 724	7 955	13 356
Interest-bearing borrowings	–	4 939	4 939	–	7 683	7 683	12 622
Lease liability	201	–	201	–	–	–	201
Derivative financial instruments	–	246	246	–	33	33	279
Deferred tax	–	15	15	–	8	8	23
Other non-current liabilities	–	–	–	231	–	231	231
Current liabilities	345	2 322	2 667	1 044	5	1 049	3 716
Trade and other payables	326	66	392	188	5	193	585
Short-term portion of interest-bearing borrowings	–	1 749	1 749	855	–	855	2 604
Short-term portion of lease liability	19	–	19	–	–	–	19
Derivative financial instruments	–	500	500	1	–	1	501
Current taxation liabilities	–	4	4	–	–	–	4
Shareholders for dividends	–	3	3	–	–	–	3

Total equity and liabilities							35 992