Presented by: Property & Asset Management Limited 29/03/2012
• Year End Re Results s – Highli ligh ghts ts • Proje jects cts and Market t Ov Overview view • Prospec spects ts and Developm lopmen ents ts
FINANCIALS: REVENUE GROWTH STABLE AT 7% PROFIT BEFORE TAX UP BY 203 % INVESTMENT AND PROPERTY PORTFOLIO UP BY 31%, STANDS AT P609M
ABRIDGED GROUP STATEMENT OF 31-Dec-2011 31-Dec-2010 P’000 P’000 COMPREHENSIVE INCOME Revenue 32,711 30,704 7% Operating expenses (10,646) (8,767) Finance costs (4,139) (4,552) Profit from operations 17,926 17,385 Other income 1,632 7,707 Profit before fair value adjustments and exchange differences 19,558 25,092 Exchange gain/(loss) 1,582 (582) Surplus on revaluation of investment property 106,368 17,583 Profit before tax 127,508 42,093 203% Income tax expense (27,874) (10,568) Profit after tax for the year from continuing operations 99,634 31,525 216% Discontinued operations Profit/(loss) profit from discontinued operations 62 (1,835) Profit for the year 99,696 29,690 Other comprehensive income Exchange difference s on translating foreign operations (239) (349) Total comprehensive income for the year 99,457 29,341 Total comprehensive income for the year attributable to: -Non-controlling interests 7,512 1,176 - Equity holders of the parent 91,945 28,165 99,457 29,341 Interim dividend (thebe) 0.32 0.31 Interim debenture interest (thebe) 15.82 15.61 Final dividend (thebe) 0.54 0.83 Final debenture interest (thebe) 26.86 41.25 Total distribution 43.54 58.00
31-Dec-2011 31-Dec-2010 P’000 P’000 ABRIDGED GROUP STATEMENT OF FINANCIAL POSITION Assets Property, plant and equipment 311,188 246,877 Intangible assets 1,000 1,000 Investment properties 294,305 213,937 Rental receivable - straight line rental adjustment 6,131 5,376 Investments 2,152 2,323 Current assets 21,520 19,655 Assets classified as held for sale 27,270 2,400 Total Assets 663,566 491,568 Equity and Liabilities Unit holders' funds 252,349 171,159 Non-controlling interests 80,774 68,292 Long term borrowings 236,051 187,724 Deferred taxation 53,352 31,240 Current liabilities 40,643 32,175 Liabilities directly associated with assets classified as held for sale 397 978 Total Equity and Liabilities 663,566 491,568
INVESTM STMENT T PORTFO TFOLIO P608.65m 5m - 31% increase ase (201 010 0 – P464.14 14m) m) Capital l work in progre ress ss repre rese sent nts s P288.11 11m of Masa Centre Project ct (will l be revalu lued d and reclassifi lassified d as an Investment Propert rty y in 2012) GROS OSS S INCOME P32.71m 1m – 7% increase sed (201 010 0 – P30.70m) m) PROF OFIT T FROM OPERA RATI TIONS ONS P17.93m - 3% Inecrease ase (201 010- P17.39m) m) PROF OFIT T BEFORE RE FAIR IR VALUE ADJUSTM USTMENTS NTS AND EXCHA HANGE NGE DIFF FFERE RENCE NCES P19.56m - 22% decre rease se (2010 10- P25.09m) m) In 2010 we had a once-off ff exceptio iona nal income from Madagasc ascar ar transac actio ions s of P6.63m PROF OFIT T BEFORE RE TAXATI XATION ON P127.51m 1m -203% % increase ase (2010 10- P42.09m) m) – Due to the surplu lus s on revalu luat atio ion of Investment nt Prope pert rtie ies. s. The valuations ns were done by an external al valuer LONG TERM BORROW ROWINGS INGS P236.05m 5m - 39% increase. ase. (2010 – P187.72 72m) m) Incre rease ase due to financin cing of Masa Centre re. DISTR ISTRIB IBUTI UTION TO UNIT HOLDERS RS - FINAL NAL & INTERI RIM 43.54 thebe per Linked d Unit - down by 25% (2010 – 58.00 thebe per Linked d Unit) Final distrib ributio ion n 27.40 thebe per Linked d unit (2010 – 42.08) Proposing ing an elective ive capitalisat lisatio ion of 50% of the final l distribu ributio ion
STOC OCK K MARKE KET T STATI TIST STIC ICS Share e price at P P7.24 - increase e of 15% ( 2 2010 – P6.30) Div ivid idend nd yield ld is s 6.01% 01% compare red to 9.21% 1% in 2010 Share re Price ice as at 28 March ch 2012 2 P6.85 6.85 Linke ked Units ts in issu sue e at period iod end 34,544,029 544,029 (2010: 0: 33,541, 41,022) 022) NAV / Share re valu lued ed at P 7.31 1 UP 43% ( 2010 – P5.10) 10) NAV – adjusted usted for deferre erred taxa xati tion on P8.85 85 up 46.77% .77% ( 2010 – P6.03) 03)
RDC PROPERTIES LIMITED MARKET OVERVIEW Com Commerc ercia ial pro project ects hav ave be been en mus ushroo hrooming ing in in most ost com commerc ercial al zone zones of of Gab aboron orone th thereby ereby addin ing a no notic iceable eable ch change nge to to su supply ly and nd dem emand nd dyn ynamic mics of of comme commerci rcial bui uildin ings to to th the prop roperty erty cli limate te. We We ca can con confirm firm tha hat th the dem emand nd for or Reta etail and and In Indus ustr tria ial buil ildin ing is is stil ill very stron ong. Clea Clearly ly th the marke market is is very ery sel elec ecti tive in in terms terms of of LOCA OCATI TION ON, QU QUALITY ALITY and nd ST STAND ANDARDS ARDS and nd it it call lls for dedicated icated Property erty Manage geme ment nt. New ew and and re relo loca catin ing busi siness ss are re very ry spe specif ific ic on on th their loc location ion. Th This is is crea reati ting ng vaca cancie ies in in so some me area reas of of the cit ity tha hat are re no now a ch challen lenge to to fil ill comp compared ed to to prev revious ious year years. Loc ocati tion no now rema remain ins th the ma main in ke key in in decis ision ion making making. RD RDC is is cu curren rrentl tly ver ery we well pos osit itione ioned, as as 7.40 40% Rent ntal increas creases es on on a year to to year basi sis and 0.77 77% vacan cancy rate is is showing ng. Th The PAM AM Team eam is is focu focused sed in in st stren ength gthen enin ing lon long ter erm rela relati tion onship ship with th. Th The Ten Tenant nts are re to to be be perce ceiv ived ed as as Busi sine ness ss Part rtners ners. The The in incr crea eased sed Cus ustome tomer Ce Cent ntric ic ap appro proach ch is is sh showing owing good good res esult ults re refl flec ected ted by by the the impro roved Debto tors Days
PROJECTS : MASA CENTRE • The completion of the Masa Centre has proved to be challenging, but the Complex attained practical completion in December 2011. Masa Centre has been accounted for as WIP for the 2011 Financial Year • The Contractor is leaving the Site. A skeleton force will of professionals will be left behind for the day to day attendance in the first roll-over period • A number of Tenants are Fitting Out their premises, while Ribs and Rumps opened its doors to public already in February. Cappello is due to open beginning of April. Other Tenants are in the process of obtaining their Trading Licence • We are looking at April to see the majority of the Shops to start trading. • The Anchor Tenants will start their operations during the 2 nd Quarter
Roll Out Progress The Retail Gallery: due to be fully operating in April / May The Food Court: Ribs and Rumps is operating since February while Cappello will beginning of April. The 5 th option for fine dining / chill out will soon be revealed The Hotel: after the amicable termination of the Contract with ASL the new operator have stepped in. Masa Centre will host a 5 * Hotel. The completion of the Fit Out is proving to be more complex than anticipated. The first guest is anticipated during the 2 nd Quarter of the year. Casino: the Operators have experienced a set-back in obtaining the Licence in connection with a requested change to the name of the applicant Company. In the same period the 5 Cinemas will book the 1 st 3D Blockbuster Office Space: Centre Resident Manager’s Office is now open and we are pleased by the increasing Visitors looking for our Prime office space Project Cost Project costs well under present market construction costs (for similar projects) The preliminary valuation of the Building, carried out independently (Fair Market Value, Forced Sale Value and Insurance Replacement Cost) are showing figures very positive compared to the Project Cost
Marketing Upon receipt of the opening dates by the Anchor Tenants we will be triggering the launching campaign through the media The vibe around Masa Centre is back on the raise thanks to Ribs and Rumps operating guests are entering the Centre day and night In the mean while leaflets are produced and distributed in selected areas in town and the word of mouth is powerfully spreading the news. Life will soon roam throughout
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