Presented by: Property & Asset Management Limited 27/03/2013
• Year end Re Results s – Highli lights ghts • Proje jects cts and Market t Ov Overview view • Prospec spects ts and Developm lopmen ents ts
FINANCIALS: Revenue growth up at 44% Profit from operations up 5 % Investment and property portfolio up by 22%, stands at P750 million
ABRIDGED GROUP STATEMENT OF 2012 2011 P ’ 000 P ’ 000 COMPREHENSIVE INCOME (Restated) Revenue 47,203 32,711 44% Operating expenses (16,860) (10,646) Other operating income 225 830 Net foreign exchange (losses)/gains (55) 1,582 Profit from operations before fair value adjustments 30,513 24,477 Surplus arising on revaluation of properties 107,312 106,368 Profit from operations 137,825 130,845 5% Net finance costs (15,598) ( 3,337) Profit before tax 122,227 127,508 (4%) Income tax expense (15,792) (6,460) Profit for the year from continuing operations 106,435 121,048 (12%) Discontinued operations Profit from discontinued operations - 62 Profit for the year 106,435 121,110 Other comprehensive income Exchange differences on translation of foreign operations (243) (239) Total comprehensive income for the year 106,192 120,871 Total comprehensive income for the year attributable to: Owners of the company 68,511 112,936 Non-controlling interest 37,681 7,935 106,192 120,871 Earnings per linked unit (thebe) 205.37 340.92 Total distribution (thebe) 38,27 43.54 – 4/8/2013
ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION 31-Dec-2012 31-Dec 2011 1 Jan-2011 P ’ 000 P ’ 000 P ’ 000 (Restated) (Restated) Assets Property, plant and equipment 22,172 311,188 246,877 Intangible asset 1,000 1,000 1,000 Investment properties 720,974 294,305 213,937 Rental receivable - straight line rental adjustment 3,897 6,131 5,376 Investments 1,980 2,152 2,323 Deferred tax asset 2,231 1,583 471 Current assets 23,584 21,521 19,655 Assets classified as held for sale 26,400 27,270 2,400 Total Assets 802,238 665,150 492,039 Equity and Liabilities Equity attributable to the owners of the company 354,331 293,199 191,018 Non-controlling interests 129,863 82,941 70,036 Long term borrowings 238,167 236,051 187,724 Deferred tax liabilities 26,011 11,918 10,108 Current liabilities 53,866 40,644 32,175 Liabilities directly associated with assets classified as held for sale - 397 978 Total Equity and Liabilities 802,238 665,150 492,039
GROS OSS S INCOME P47.20m 0m – 44% increase ase (201 011 – P32.71m 1m) PROF OFIT T FROM OPERA RATI TIONS ONS P137.83m 3m - 5% Increase se (2011 11- P130,84m) m)-at at the back of a prope pert rty y revalu luat atio ion surplus lus of P107,31m 1m (2011: P106,37m 7m) PROF OFIT T BEFORE RE TAXATI XATION ON P122,23m 3m - 4% decre rease se (2011 11- P127,51m) m)-due to an increase ase in net finance ce costs PROFI OFIT T AFTER R TAXATI ATION P106.44m 4m -12% decre rease ase (2011- P121.05 05m) m) – as a result of an increase ase in the income tax expense se due to the adoption n of IAS 12 (Amende nded)-In Inco come Taxes by the Group up INVESTM STMENT T PORTFO TFOLIO P750.02m 2m - 22% increase ase (201 011 1 – P614.78 78m) m)-Masa asa Centre re fair r valued d at P403.78m 8m LONG TERM BORROW ROWINGS INGS P238.17m 7m – 0.9% increase. ase. (2011 – P236.05m 5m)-st stands nds at 32% of the investment portfol folio io (2011: 1: 38%) DISTR ISTRIB IBUTI UTION TO UNIT HOLDERS RS Total distribut ributio ion 38.27 thebe per linked d unit (2011 11: 43.54 thebe per linked d unit), a decre rease se of 12% 12%
STOC OCK K MARKE KET T STATI TIST STIC ICS Share re price ce at P6.95 95 - decre rease e of 4.01% % ( 2011 – P7.24) 24) Div ivid idend nd yield ld is s 5.51% 51% compare red to 6.00% 0% in 2011 Share re Price ice as at 24 March ch 2013 3 P6.85 85 Linke ked Units ts in issu sue e at period iod end 35,357,487 357,487 (2011: 1: 34,544, 44,029) 029) NAV / Share re valu lued ed at P 10.02 02 UP 22% ( 2011 – P8.49) 49) NAV – adjusted usted for deferre erred taxa xati tion on P10.69 .69 up 21.61% .61% ( 2011 – P8.79) 79) Retu turn rn on Equit ity (ROE) ) -22% 22%
STOC OCK K MARKE KET T STATI TIST STIC ICS S – A VERY UNDERVA VALUED UED SHARE RE RETURN URN ON EQUITY TY P/E - 31/12/ 12/201 2012 9.08 RDC AVG OTHER STOCKS - PROPERTY RDC AVG 24% 5.50 5.30 OTHER COUNTERS – AVG 18% 4.66 3.38 41% 27% 20% 21% 22% 17% 15% 22% 19% 17% 2008 2009 2010 2011 2012 NAV / SHARE PRICE RDC PRIMETIME TURNSTAR NAP LETLOTLE 1.44 1.33 1.21 0.95 0.71 1
RDC PROPERTIES LIMITED HIGHLIGHTS of the year 2012 The worldwide crisis is yet to be over and the effects, even if not as hard as compared to ones in the developed countries, are also hitting the SADC region and Botswana That notwithstanding the resilience of the real estate market in Botswana is high and it is confirmed by the large number of developments within the Capital City and the Country confirming the Investor ’ s confidence. Rail Park, Sebele Centre and Airport Junction, are the new noticeable Malls in town and are a clear sign of an increasing demand for Retail Space and healthy economy. Within the new CBD quite a large number of developments, eminently Office Space, have reached or are close to reach completion with few of the corporate companies relocating their head offices. This is instrumental for the CBD to become the Business Hub of Gaborone and confirms the CBD as a prime location. As a result of the large offering of Office Space on the market, the rental trend is temporary on a down term for all the locations which are not felt to be prime. The request for Industrial Space is strong along with an ever growing demand for Residential for the middle income earners also a clear sign of overall confidence in the economy.
Lansmore Hotel has positioned it self as the best Business Hotel in town according to the enthusiastic feedbacks posted in TripAdvisor. Masa Square is perceived as the place to be for the educated youth and executives of Gaborone and an increasing number of Patrons is choosing it as the place for their evenings and special events (Facebook, Twitter) The 3D Movie Theatres (NCC) are pulling a solid amount of foot traffic complementing the now very well established restaurants in the piazza, Ribs & Rumps, Cappello and Sgotti ’ s. The feedbacks from the Cinema experience are enthusiastic (Facebook, Twitter) The Office space is increasingly getting attention from Blue Chip Tenants, eminently new foreigner business entering Botswana and well established Companies looking for their own banner within the CBD and Masa Few of the Shops in the retail gallery are now well known in town and are attracting returning patrons eager to enjoy exclusive products and their services. We can proudly say that Masa Centre the 1 st Mixed Use development in Botswana has now lift off.
We proudly record the sale of Plaza to BPOPF (will reflect in 2013 accounts) Significant leases at Masa Centre- Lansmore Hotel, American Embassy, New Capital Cinema, Giescke & Devrient, Restaurants (Capello, Ribs & Rumps), Mascom Banc ABC commits to one of subsidiary owned premises, Lotsane Complex in Palapye The Brazilian Embassy renews its lease with RDC Properties for another 5 years
• CEREMONIAL OPENING The Ceremonial Opening of the Centre on the 30th October 2012 certainly marked the beginning of a new dawn as the name of the Centre suggests. The Centre was established to be the “ first of its kind ” convenient place to meet, do business, shop, play, relax, wine and dine! The event was a great success and was graced by the presence of dignitaries from the Government, Diplomatic and Business community at large as well as some International dignitaries invited by Lansmore Masa Square Hotel.
Feedba edback k on Ceremo emonia ial l Openin ening “ Wow, Wow and Wow, Well done to the team “ This was an event not to be for an awesome evening, it was perfect in every forgotten ” way ” “ The dancers on the wall were the “ The opening was certainly a grand highlight of the event ” affair ”
Cerem emonial ial Openin ening g
The political crisis in Madagascar and the world wide economic downturn are unfortunately still effecting on the number of tourists coming to the region. The performance of Isalo Rock Lodge in Madagascar continued to be influenced by the political situation in the country but it is anticipated that with the elections in 2013, the outlook will improve. Thanks to the quality of the Lodge and of the product offer the 2013, a very attentive and careful management of the fixed and variable costs, the Lodge is expected to achieve break-even during 2013.
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