Try our mobile app
www.vukile.co.za
SHORT-FORM ANNOUNCEMENT: UNAUDITED CONSOLIDATED
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023
EXCEPTIONAL GROUP RESULTS DERIVED FROM STRONG OPERATIONAL PERFORMANCE AND CLEAR STRATEGIC FOCUS
South African portfolio continues delivering strong 10.0% increase in cash dividend and increase in guidance
operating results for FY24
• Like-for-like annualised retail NOI growth of 5.1% • Interim dividend of 52.1 cents per share (R540 million in aggregate),
• Vacancies maintained at 2.0% up 10.0% on the prior period
• Rental reversions +2.4%, up from -2.4% • FFO of 85.0 cents per share, up 5.2% on the prior period
• Annualised trading densities increased by 3.5% • Guidance for full year FY24 increased to growth in FFO per share
• Like-for-like retail valuations increased by 3.9% of 4% to 6%, and growth in dividend per share of 8% to 10%
Castellana metrics still setting the benchmark in the FINANCIAL PERFORMANCE
Spanish market Unaudited Unaudited
interim results interim results
30 September 30 September %
• Normalised NOI growth of 13% 2023 2022 change
• Negligible vacancies at 1%
Gross property revenue (Rm) 2 017 1 762 14.5
• Positive reversions of +8.3% (including indexation +11.6%)
Operating profit before finance
• 95% of retail space let to international/national tenants costs (Rm) 1 216 1 113 9.3
Profit for the year attributable to
owners (Rm) 1 174 1 065 10.2
Balance sheet strength supported by robust credit metrics
Basic earnings per share (cents) 113.43 108.65 4.4
• No debt maturities in Castellana until FY26 Headline earnings per share (cents) 83.00 61.57 34.8
• All FY24 debt maturities have been repaid, refinanced or Net asset value (R per share) 21.16 19.10 10.8
renegotiated Direct property investments (Rm) 36 026 32 677 10.2
• Interest cover ratio (ICR) of 2.9 times and LTV of 42.9% Indirect property holdings (Rm) 2 683 1 948 37.7
• Strong liquidity with cash and undrawn debt facilities Gross dividend (cents per share) 52.07420 47.32125 10.0
of R3.1 billion
• Corporate long-term credit rating of AA(ZA) reaffirmed with A separate announcement regarding the dividend, including details relating to
a stable outlook the taxation treatment of the dividend, will be released on SENS.
PROSPECTS FOR THE GROUP The forecast has not been reviewed or audited by the company’s external
Over the past six months, Vukile has managed to sustain strong operational auditors.
results and solid trading metrics in both the South African and Spanish ABOUT THIS ANNOUNCEMENT
portfolios, despite a very challenging macro-economic environment. This is
This short-form announcement is the responsibility of the directors of the
testament to the dominant and defensive composition of the overall portfolio
company. The announcement is only a summary of the full announcement
and our clear and focused strategy.
and does not contain full or complete details. Any investment decision by
In addition to a strong operational performance, the results were further investors and/or shareholders should be based on consideration of the full
enhanced by the Rand hedge nature of Vukile’s earnings. announcement.
Delivered impressive growth in FFO and dividends over the past six months, The full announcement is available on the company’s website at
with FFO and dividends per share increasing in the interim period by 5.2% https://www.vukile.co.za/financial-results/ and on the JSE’s website at
and 10.0% respectively. https://senspdf.jse.co.za/documents/2023/jse/isse/vke/HY2024.pdf.
The business is well positioned from an operational, financial and strategic Copies of the full announcement may be requested, and obtained at no
perspective, which will provide impetus for further growth once the global charge, by emailing Johann Neethling at Johann.Neethling@Vukile.co.za
economic position improves. or the company’s sponsor, Java Capital at sponsor@javacapital.co.za from
Off the back of ongoing and sustained strong operating performances, we are Wednesday, 29 November 2023 to Thursday, 7 December 2023.
pleased to report an increase in our guidance for FY24. We expect to deliver On behalf of the board
growth in FFO per share of between 4% to 6% (previously 3% to 5%) and
growth in dividend per share of between 8% to 10% (previously 7% to 9%)
for the year ending 31 March 2024.
The increased guidance will equate to a full year dividend per share of
between 121.4 and 123.6 cents (FY23: 112.4 cents), to be paid with an NG Payne LG Rapp
interim and a final dividend.
Chairman Chief Executive Officer
The forecast assumes no material adverse change in trading conditions,
contractual escalations and market-related renewals. The forecast also Houghton Estate
assumes no material further change in interest rates and exchange rates. 29 November 2023
CORPORATE INFORMATION
Vukile Property Fund Limited (Incorporated in the Republic of South Africa) (Registration number 2002/027194/06) JSE share code: VKE ISIN: ZAE000056370
Debt company code: VKEI NSX share code: VKN (granted REIT status with the JSE) (Vukile or the group or the company)
Executive directors: LG Rapp (Chief Executive Officer), LR Cohen Registered office: 4th Floor, 11 Ninth Street, Houghton Estate, 2198
(Chief Financial Officer), IU Mothibeli (Managing Director: South Africa) Company secretary: J Neethling JSE sponsor: Java Capital NSX sponsor: IJG Group, Windhoek, Namibia
Non-executive directors: NG Payne (Chairman)*, SF Booysen*, RD Mokate*, Transfer secretaries: JSE Investor Services (Pty) Ltd, 5th Floor, One Exchange Square, Gwen Lane, Sandown,
H Ntene*, GS Moseneke, AMSS Mokgabudi*, BM Kodisang, JR Formby*, Johannesburg Investor relations: Marijke Coetzee: Director – Marketing and Communications, 4th Floor,
JH Zehner* 11 Ninth Street, Houghton Estate, 2198. Tel: +27 11 288 0000, investorenquiries@vukile.co.za Media and
* Independent public relations: Marijke Coetzee and Anne Lovell, Tel: +27 11 288 0000, +27 83 651 7777, anne@dmix.co.za
