Real Estate Construction Hospitality Realestate Group 27/03/2018 Presented by: Property & Asset Management Limited
Real Estate Construction Hospitality Realestate Group • Introduction • Highlights • 31 December 2017 Year End Result • Review of Financials by segment • Portfolio Analysis & Projects Overview • International Prospects & Developments • Our contribution to the Community
RDC PROPERTIES LIMITED Real Estate Introduction Construction Hospitality Realestate Group REGIONAL DIVERSIFICATION GATHERS MOMENTUM RDC PROPERTIES INVESTS IN A PORTFOLIO IN SOUTH AFRICA, AND BUILDS ITS PORTFOLIO IN THE USA, MOZAMBIQUE AND NAMIBIA THE MANAGEMENT TEAM
Real Estate Construction Hospitality Realestate Group • Introduction • Highlights • 31 December 2017 Year End Results • Review of Financials by Segment • Portfolio Analysis & Projects Overview • International Prospects & Developments • Our contribution to the Community
RDC PROPERTIES LIMITED Real Estate Highlights Construction Hospitality Realestate Group R650 M R650 M (est. t.20 2018 18) 63% Stake R335 R335 M INVESTMENT IN THE RSA (2017) 7) R50,9M 0,9M for r 34,85% ,85% in a manage ged prop operty erty port rtfol folio o in West stern ern Cape e (NOV OV 2017) 7) 34,85% Post st year r end, , MAR 2018, 8, R120M 0M invest sted secur ecuring ng 63% of Capit italG lGro ro and the e compa mpany ny acquire ires s a AAA AA buil ilding ng The he Edge e Tyger er Vall lley 3MUSD Investe INVESTMENT IN THE USA d in the USA USD 3M invested in Nashville, USA INVESTMENT & PROPERTY TOTAL TAL PORTFOLIO PORTF RTFOLIO IO Up by 31%, now stands at P1,627 million (2016: P1,237 million)
Real Estate Construction Hospitality Realestate Group • Introduction • Highlights • 31 December 2017 Year End Results • Review of Financials by segment • Portfolio Analysis & Projects Overview • International Prospects & Developments • Our contribution to the Community
Real Estate Construction Hospitality Realestate Group INVESTMENT AND PROPERTY PORTFOLIO Up by 31%, now stands at P1,627 million (2016: P1,237 million) RENTAL REVENUE Up by 9% to P99.2 million (2016: P90.9 million) PROFIT BEFORE FAIR VALUE ADJUSTMENT AND TAXES Up by 16% to P69.3 million (2016: P59.8 million) PROFIT AFTER TAXES Up by 7% to P133.2 million (2016: P124.5 million) EARNINGS PER LINKED UNIT Up by 7% to 33.73 thebe per linked unit (2016: 31.64 thebe) DISTRIBUTION Distribution per linked unit up 15%
Real Estate Construction Hospitality Realestate Group STOC OCK K MARKE KET T STAT ATISTICS STICS ◦ Adjusted NAV and share price: Adjusted NAV stands at P3.13, up 10% (2016: P2.84) Share price P2.35 down 13% (2016: P2.70). Trading at a 25% discount. ◦ Linked units in issue: 347,547,222 (no change)
Real Estate Construction Hospitality Realestate Group • Introduction • Highlights • DEC 2017 Full Year Results 4 • Review of Financials by Segment & Trend • Portfolio Analysis & Projects Overview • International Prospects & Developments • Our contribution to the Community
RDC PROPERTIES LIMITED Real Estate 2017 SEGMENT ASSETS & LIABILITIES Construction Hospitality Realestate Group GROUP (P'000s) Botswana South Africa Namibia Mozambique USA Madagascar Total 31 December 2017 SEGMENT ASSETS Investments - - - - 30,784 - 30,784 Investment properties 1,282,369 267,378 1,133 4,518 - - 1,555,398 Investment in a joint venture - - - - - 30,353 30,353 Available-for-sale investments carried at fair value 13,838 3,742 - - - - 17,580 Trade and other receivables 23,715 815 142 9 - - 24,681 Current tax assets 2,671 - - - - - 2,671 Cash and cash equivalents 102,955 5,997 134 1,428 - - 110,514 Total segment assets 1,425,548 277,932 1,409 5,955 30,784 30,353 1,771,981 31 December 2017 SEGMENT LIABILITIES Trade and other payables 18,287 8,442 319 143 99 - 27,290 Current tax liabilities 132 - - - - - 132 Borrowings 228,631 131,847 - - - - 360,478 Deferred Tax Liabilities 100,218 10,767 - - - - 110,985 Total segment liabilities 347,268 151,056 319 143 99 - 498,885 PORTFOLIO IN THE RSA WILL BECOME EVEN BIGGER BUILDING UP IN MOZAMBIQUE BUILDING UP IN USA BUILDING UP IN NAMIBIA
RDC PROPERTIES LIMITED Real Estate 2017 SEGMENT REVENUES AND Construction Hospitality Realestate Group RESULTS GROUP (P'000s) Botswana South Africa Namibia Mozambique USA Madagascar Total 31 December 2017 SEGMENT REVENUES AND RESULTS Contractual lease rental revenue 94,198 3,164 - - - - 97,362 Operating expenses (28,107) (1,901) (28) (270) (99) - (30,405) Income arising from joint venture (net of forex gains) - - - - - 4,674 4,674 Other foreign exchange gains/(losses) 522 17 5 - - - 544 Other operating income 60 665 - - - - 725 Surplus arising on revaluation of properties 76,561 11,248 - - - - 87,809 Investment income 10,683 338 - - 1,235 - 12,256 Finance costs (15,291) (2,405) (14) - - - (17,710) Total for continuing operations 138,626 11,125 (38) (270) 1,136 4,674 155,255 Profit before tax 155,255 RENTAL INCOME FROM RSA ONLY FROM 15 TH NOVEMBER 2017
RDC PROPERTIES LIMITED Real Estate 5 years Summary Construction Hospitality Realestate Group RDC PROPERTIES SUMMARY FIVE YEARS OVERVIEW (P’000) 2013 2014 2015 2016 2017 Investment & Property Portfolio 858,842 950,328 1,103,835 1,236,919 1,627,467 (*) Revenue 71,620 78,130 86,993 90,886 99,170 Net income from operations before fair value adjustments 33,734 37,455 45,704 59,810 69,254 STEADY GROWTH IN PORTFOLIO AND REVENUE AND PROFIT (*) Includes CapitalGro properties as at 31 st Dec 2017, revenue only 45 days.
SUMMARISED CONSOLIDATED STATEMENT OF 2017 2016 COMPREHENSIVE INCOME P’000 P’000 % Change Real Estate Construction Hospitality 99,170 90,886 9 Revenue Realestate Group (30,405) (27,834) Operating expenses Income/(loss) arising from joint venture 4,674 (310) 544 (240) Other foreign exchange gains/(losses) 725 2,673 Other operating income 12,256 12,176 Investment income (17,710) (17,541) Finance costs 69,254 59,810 16 Net income from operations before fair value adjustments 86,001 90,350 Surplus arising on revaluation of properties 155,255 150,160 3 Profit before tax (22,007) (25,659) Income tax expense 133,248 124,501 7 Profit for the year Other comprehensive income 2,888 566 Exchange differences on translation of foreign operations (1,981) 1,276 Net fair value gain on available for sale financial asset 134,092 126,343 6 Total comprehensive income for the year Total comprehensive income for the year attributable to: 108,319 106,342 Owners of the company 25,773 20,001 Non-controlling interest 134,092 126,343 6
SUMMARISED CONSOLIDATED STATEMENT OF FINANCIAL POSITION Real Estate Construction Hospitality 2017 2016 Realestate Group Assets P’000 P’000 Property, plant and equipment 8,943 10,168 Intangible asset 1,000 1,000 Investments 30,784 - Available for sale investment 17,580 14,415 Investment in a joint venture 30,353 26,434 Investment properties 1,538,807 1,169,268 Rental receivable - straight line rental adjustment 16,193 10,839 Long-term trade receivables 130 2,052 Current assets 138,134 205,180 Asset classified as held for sale - 15,634 Total Assets 1,781,924 1,454,990 Equity and Liabilities Equity attributable to the owners of the parent 1,012,031 927,806 Non-controlling interests 268,452 177,559 Long term borrowings 323,625 224,048 Deferred tax liabilities 110,985 86,537 Current liabilities 66,831 39,040 Total Equity and Liabilities 1,781,924 1,454,990
Real Estate Construction Hospitality Realestate Group • Introduction • Highlights • DEC 2017 full Year Results • Review of Financials by segment & Trend 5 • Portfolio & Projects Overview • International Prospects & Developments • Our contribution to the Community
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