Financial Results

A transformative year for Vukile – rotating assets to proactively take advantage of a golden window of opportunity to acquire assets that are accretive and strategically aligned, to achieve greater scale in Iberia, grow the direct asset base by 60% and secure a future stream of growing earnings.

A year of outperformance delivering remarkable results including a 10.5% increase in dividend per share (DPS) to 124.2cps and 6.7% growth in its funds from operations (FFO) to 154.2cps – driven by our clear strategic direction and laser focus on execution.

Stellar results include 6.2% increase in cash dividend, 6.0% growth in funds from operations (FFO), whilst forecasting FY24 full-year FFO growth of 3% to 5% and dividend per share growth of 7% to 9%, notwithstanding the headwinds in its markets.

The financial year ending 2022 saw continued strong operating results and a secure financial position to lay the platform for future growth.

Highlights include:

• Strong performance with increased competition for space in South Africa
• Market-leading performance from Castellana
• Strong balance sheet with well-diversified funding base
• Active asset rotation

The financial year ending 2021 saw Vukile emerging from the pandemic with a strong operating platform and a robust financial position.

Highlights include:

• Sustained performance in Southern Africa with improvements in key operating metrics
• Spanish portfolio continues to deliver strong operating performance
• Strong balance sheet with well diversified funding base
• Further simplified business model
• Cash dividend of 101.04 cents per share to be paid in July 2021

The financial year ending 2020 saw Vukile’s solid operating platform provide the base off which to tackle the COVID-19 crisis.

Highlights include:

• 3.2% increase in distributable earnings per share
• Impressive retail performance in Spain
• Continued strength in southern African portfolio
• Strong cash cover and well diversified sources of funding
• Operational focus in readying centres to reopen in COVID-19 environment

Our consumer-focus, distinguished by our sector specialisation and international diversification, has secured excellent half-year operational results. This strong performance positions us comfortably to meet our full-year guidance of growth in FFO per share of 2% to 4%, with a trajectory towards the upper end of our 4% to 6% DPS growth target.

The financial year ending 2023 saw robust operating results and a defensive financial position from Vukile.

Highlights include:

• The South African portfolio continues to outperform with positive trading metrics and operational results
• Castellana leads the market with active asset management and impressive operational results
• Balance sheet defensively positioned in a rising interest rate cycle
• Optimal capital allocation through active asset rotation
• Increase in cash dividend

The financial year ending 2022 saw continued strong operating results and a secure financial position to lay the platform for future growth.

Highlights include:

• Southern Africa business now trading ahead of pre-COVID-19 levels
• Rapid recovery of Spanish portfolio
• Strong balance sheet with well diversified funding base
• Further simplified business model
• Return to payment of interim dividends

The financial year ending 2021 saw an unprecedented and challenging operating environment. Despite this, the portfolio performed remarkably well to limit the short-term impacts of the pandemic.

Highlights include:

• Sustained performance in tough Southern African trading environment
• Spanish portfolio holding up very well
• Strong balance sheet and well diversified funding base
• Extensive tenant relief provided in Southern Africa and Spain

The financial year ending 2020 saw Vukile’s clear strategic direction and strong operational focus paying off.

Highlights include:

• 3.5% increase in dividends in line with guidance to 80.84 cents per share
• Outstanding retail performance in Spain
• Continued strong operational results from defensive portfolio in southern Africa
• Robust balance sheet management leading up to upgraded credit rating
• 47% of earnings now generated in Spain