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Unaudited condensed consolidated interim results for the six months ended 28 February 2018
INGENUITY PROPERTY INVESTMENTS LIMITED
("the company" or "the group" or "Ingenuity")
(Incorporated in the Republic of South Africa)
Registration number: 2000/018084/06
JSE share code: ING
ISIN: ZAE000127411
UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2018
CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION AS AT 28 FEBRUARY 2018
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 Feb 2018 28 Feb 2017 31 Aug 2017
R'000 R'000 R'000
ASSETS
Non-current assets 3 698 779 4 331 884 4 431 768
Fair value of investment property 3 234 259 3 907 122 4 004 878
Investment properties under development 197 327 138 549 129 683
Development properties - land 137 281 133 047 136 314
Straight-line rental adjustment 89 180 138 450 115 841
Fair value of property assets 3 658 047 4 317 168 4 386 716
Property and equipment 14 370 14 716 14 552
Investment in joint venture 26 362 - 30 500
Current assets 1 118 789 123 241 492 360
Trade and other receivables 22 307 35 059 22 061
Investment property classified as held for sale 939 708 41 200 -
Straight-line rental adjustment 8 820 - 11 343
Loan receivable - - 285 809
Inventory 97 780 - 78 715
Taxation receivable 388 - -
Cash and cash equivalents 49 786 46 982 94 432
Total assets 4 817 568 4 455 125 4 924 128
EQUITY AND LIABILITIES
Shareholders' interest 1 555 484 1 439 475 1 455 197
Stated capital 747 610 747 610 747 610
Treasury shares (42 366) (52 296) (42 161)
Non-distributable reserve 650 650 540 914 556 169
Retained earnings 183 714 184 494 178 761
Total equity attributable to equity holders of the parent 1 539 608 1 420 722 1 440 379
Non-controlling interest 15 876 18 753 14 818
Non-current liabilities 3 183 230 2 632 693 3 093 153
Borrowings 2 830 806 2 363 557 2 778 673
Derivative liabilities 48 809 31 241 63 750
Finance lease liability 5 035 3 940 4 821
Deferred taxation liability 298 580 233 955 245 909
Current liabilities 78 854 382 957 375 778
Trade and other payables 46 207 44 863 54 951
Current portion of borrowings 676 305 113 286 471
Prepaid rent received 15 655 17 790 18 370
Taxation payable - 49 69
Share-based incentives valuation 16 316 15 142 15 917
Total equity and liabilities 4 817 568 4 455 125 4 924 128
NOTES TO THE CONSOLIDATED STATEMENTS OF
FINANCIAL POSITION
Net asset value per share 132 123 124
(based on number of shares in issue at end of period
net of treasury shares) 1 176 609 495 1 166 835 524 1 176 835 524
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED 28 FEBRUARY 2018
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 Feb 2018 28 Feb 2017 31 Aug 2017
R'000 R'000 R'000
Revenue, excluding straight-line rental revenue adjustment 224 667 220 229 436 411
Straight-line rental revenue adjustment 4 017 12 287 (863)
Revenue 228 684 232 516 435 548
Property expenses (71 506) (69 390) (139 160)
Net property income 157 178 163 126 296 388
Other operating expenses (8 831) (8 057) (14 901)
Operating profit before fair value adjustments and net finance costs 148 347 155 069 281 487
Fair value adjustments 113 054 46 044 100 722
Gains on investment and development properties 146 607 102 981 181 676
Decreases to investment and development properties (33 154) (49 599) (72 842)
Decreases on share-based incentives (399) (7 338) (8 112)
Finance income 14 188 2 014 8 238
Finance costs (131 735) (129 662) (260 024)
Equity-accounted investment loss (4 338) - (1 450)
Profit before taxation 139 516 73 465 128 973
Taxation (48 249) (11 288) (32 719)
Profit after taxation 91 267 62 177 96 254
Profit attributable to:
Equity holders of the parent 89 549 60 646 93 576
Non-controlling interest 1 718 1 531 2 678
91 267 62 177 96 254
Profit after taxation 91 267 62 177 96 254
Other comprehensive income:
To be reclassified subsequently to profit or loss:
Cash flow hedges 14 941 (19 273) (51 782)
Income tax relating to components of other comprehensive income (4 183) 5 397 14 499
Other comprehensive income net of tax 10 758 (13 876) (37 283)
Total comprehensive income 102 025 48 301 58 971
Attributable to:
Equity holders of the parent 100 307 46 770 56 293
Non-controlling interest 1 718 1 531 2 678
102 025 48 301 58 971
NOTES TO THE CONSOLIDATED STATEMENTS OF PROFIT OR
LOSS AND OTHER COMPREHENSIVE INCOME
EARNINGS PER SHARE
Basic and diluted earnings per share (cents) 7.6 5.2 8.0
Headline and diluted headline earnings per share (cents) 0.5 1.5 0.6
Total shares in issue 1 255 995 859 1 255 995 859 1 255 995 859
Number of shares in issue, net of treasury shares 1 176 609 495 1 166 835 524 1 176 835 524
Weighted average number of shares 1 176 828 028 1 166 835 524 1 169 904 017
Headline earnings are calculated as follows:
Earnings attributable to equity holders 89 549 60 646 93 576
Net fair value adjustment to investment properties (113 453) (53 382) (108 834)
Deferred tax on net fair value adjustment 29 730 9 657 21 902
Adjusted earnings for HEPS 5 826 16 921 6 644
CONSOLIDATED STATEMENTS OF
CASH FLOWS FOR THE SIX MONTHS ENDED 28 FEBRUARY 2018
Unaudited Unaudited
six months six months Audited
ended ended year ended
28 Feb 2018 28 Feb 2017 31 Aug 2017
R'000 R'000 R'000
Cash flows from operating activities
Cash generated from operations 118 228 130 939 295 490
Finance income received 14 188 2 014 8 238
Finance costs paid (129 785) (132 815) (257 652)
Taxation paid (1 091) (154) (508)
Dividends paid to shareholders (660) - (5 082)
Net cash inflow/(outflow) from operating activities 880 (16) 40 486
Cash flows from investing activities
Additions to property and equipment (66) (305) (413)
Proceeds from disposal of property and equipment - 100 100
Acquisitions/additions to investment properties (21 259) - -
Acquisitions/additions to investment properties under development (48 207) - -
Acquisitions/additions to development properties - land (967) - -
Interest capitalised to investment properties and investment
properties under development (12 609) (2 878) (13 165)
Additions to equity-accounted interest (200) - (31 950)
Net cash (outflow)/inflow from investing activities (83 308) (3 083) (45 428)
Cash flows from financing activities
Finance lease payments (155) (129) (305)
Proceeds from disposal of treasury shares - - 9 965
Purchase of treasury shares (205) - -
Financial liabilities raised 68 142 120 421 112 162
Financial liabilities repaid (30 000) (127 967) (80 204)
Net cash inflow/(outflow) from financing activities 37 782 (7 675) 41 618
Net (decrease)/increase in cash and cash equivalents (44 646) (10 774) 36 676
Cash and cash equivalents at beginning of period 94 432 57 756 57 756
Cash and cash equivalents at end of period 49 786 46 982 94 432
CONSOLIDATED STATEMENTS OF
CHANGES IN EQUITY FOR THE SIX MONTHS ENDED 28 FEBRUARY 2018
Non- Non-
Stated Treasury distributable Retained controlling
capital shares reserve earnings interest Total
R'000 R'000 R'000 R'000 R'000 R'000
Balance at 1 September 2016 747 610 (52 296) 522 414 156 224 17 222 1 391 174
Total comprehensive income for the period - - (13 876) 60 646 1 531 48 301
Profit for the period - - - 60 646 1 531 62 177
Other comprehensive income - - (13 876) - - (13 876)
Net change in fair value of cash flow
hedge recognised directly in other
comprehensive income - - (13 876) - - (13 876)
Transfer from non-distributable reserve
- fair value gain realised on investment
properties sold - - (11 349) 11 349 - -
Transfer to non-distributable reserve
- fair value adjustments to investment
properties - - 43 725 (43 725) - -
Realisation of share-based payment - - - - - -
Balance at 28 February 2017 747 610 (52 296) 540 914 184 494 18 753 1 439 475
Total comprehensive income for the period - - (23 407) 32 930 1 147 10 670
Profit for the period - - - 32 930 1 147 34 077
Other comprehensive income - - (23 407) - - (23 407)
Net change in fair value of cash flow
hedge recognised directly in other
comprehensive income - - (23 407) - - (23 407)
Transfer from non-distributable reserve
- fair value gain realised on investment
properties sold - - (4 544) 4 544 - -
Transfer to non-distributable reserve
- fair value adjustments to investment
properties - - 43 207 (43 207) - -
Disposal of treasury shares - 10 135 - - - 10 135
Dividend paid - - - - (5 082) (5 082)
Balance at 31 August 2017 747 610 (42 161) 556 169 178 761 14 818 1 455 197
Total comprehensive income for the period - - 10 758 89 549 1 718 102 025
Profit for the period - - - 89 549 1 718 91 267
Other comprehensive income - - 10 758 - - 10 758
Net change in fair value of cash flow
hedge recognised directly in other
comprehensive income - - 10 758 - - 10 758
Transfer to non-distributable reserve
- fair value adjustments to investment
properties - - 83 723 (83 723) - -
Dividend paid - - - - (660) (660)
CGT adjustment - - - (873) - (873)
Purchase of treasury shares - (205) - - - (205)
Balance at 28 February 2018 747 610 (42 366) 650 650 183 714 15 876 1 555 484
CONSOLIDATED SEGMENTAL INFORMATION
Development Light Straight-
Unaudited six months ended Offices Retail Properties Parking Industrial Other lining Total
28 February 2018 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Net additions to non-current
assets 26 604 (18 036) 135 891 8 163 (648) (19 126) - 132 848
Total assets 2 721 299 847 251 432 388 554 130 87 011 175 489 - 4 817 568
Revenue 143 772 43 897 270 27 857 4 471 4 400 4 017 228 684
Profit/(loss) before fair value
adjustment 95 563 31 252 (550) 20 236 3 586 (5 757) 4 017 148 347
Fair value adjustment 76 577 18 393 - 14 307 2 336 1 441 - 113 054
Profit/(loss) before interest
and taxation 172 140 49 645 (550) 34 543 5 922 (4 316) 4 017 261 401
Finance income - - - - - 14 188 - 14 188
Finance costs - - - - - (131 735) - (131 735)
Equity-accounted
investment loss - - - - - (4 338) - (4 338)
Profit/(loss) before taxation 172 140 49 645 (550) 34 543 5 922 (126 201) 4 017 139 516
Development Light Straight-
Unaudited six months ended Offices Retail Properties Parking Industrial Other lining Total
28 February 2017 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Net additions to non-current
assets (118 913) (9 071) 38 100 (14 215) (435) 32 594 - (71 940)
Total assets 2 591 373 835 765 271 596 510 463 82 895 163 033 - 4 455 125
Revenue 145 335 42 977 233 26 232 467 4 985 12 287 232 516
Profit/(loss) before fair value
adjustment 98 413 30 216 (781) 19 154 336 (4 556) 12 287 155 069
Fair value adjustment 27 602 24 931 1 853 (1 755) 58 (6 645) - 46 044
Profit/(loss) before interest
and taxation 126 015 55 147 1 072 17 399 394 (11 201) 12 287 201 113
Finance income - - - - - 2 014 - 2 014
Finance costs - - - - - (129 662) - (129 662)
Profit/(loss) before taxation 126 015 55 147 1 072 17 399 394 (138 849) 12 287 73 465
Development Light Straight-
Audited year ended Offices Retail Properties Parking Industrial Other lining Total
31 August 2017 R'000 R'000 R'000 R'000 R'000 R'000 R'000 R'000
Net additions to non-current
assets (68 323) (666) 47 589 (4 277) (47 558) 42 975 - (30 260)
Total assets 2 618 118 846 894 296 497 531 660 85 323 545 636 - 4 924 128
Revenue 285 325 86 304 559 53 033 3 652 7 538 (863) 435 548
Profit/(loss) before fair value
adjustment 190 978 60 706 (1 090) 38 399 2 780 (9 423) (863) 281 487
Fair value adjustment 52 970 27 610 17 265 9 504 395 (7 022) - 100 722
Profit/(loss) before interest
and taxation 243 948 88 316 16 175 47 903 3 175 (16 445) (863) 382 209
Finance income - - - - - 8 238 - 8 238
Finance costs - - - - - (260 024) - (260 024)
Equity-accounted
investment loss - - - - - (1 450) - (1 450)
Profit/(loss) before taxation 243 948 88 316 16 175 47 903 3 175 (269 681) (863) 128 973
NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2018
BASIS OF PREPARATION
The unaudited condensed consolidated interim financial results ("the financial statements") have been prepared in accordance with and
containing the information required by IAS 34: Interim Financial Reporting and have been prepared in accordance with the Financial
Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Listings Requirements and in the manner
required by the Companies Act of South Africa (as amended).
The accounting policies and methods of computation applied in the preparation of the financial statements are in accordance with
International Financial Reporting Standards ("IFRS") and are consistent with those applied in the audited annual financial statements
for the year ended 31 August 2017.
RESTATEMENT
In the statement of cash flows, the acquisitions/additions to investment properties and proceeds from the disposal of investment
properties in 2017 have been reduced by R54.4 million and R147 million respectively to the extent financed by assuming and reducing
directly related liabilities. "Financial liabilities raised" were increased by the same net amount. These were previously unsuitably disclosed
as cash flows and have now been corrected.
There were no new and amended standards and interpretations of IFRS which were effective for the first time and applicable to Ingenuity's
results for the period ended 28 February 2018.
These financial statements were prepared under the supervision of Mr M Wagenheim CA (SA) in his capacity as Group Financial Director.
These financial statements have not been audited or reviewed by the group's independent external auditors.
The directors are not aware of any matters or circumstances arising after 28 February 2018 that require any additional disclosure or
adjustment to the financial statements, other than as disclosed in the financial statements.
DIRECTORS' COMMENTARY
GENERAL REVIEW
Ingenuity continues to trade well in the current market conditions. The business remains focused and well positioned to take advantage
of opportunities.
The fair value of the
property assets has increased by 8% over the comparative period. The total property portfolio value now amounts
to R4.70 billion (2017 - R4.36 billion) comprising:
- 31 investment properties with a value of R4.27 billion, which includes the portfolio sold to Sanlam as announced on 20 April 2018
and classified as held for sale;
- Two properties currently under development, comprising the 117 on Strand development at a total current cost (including the
residential component which is disclosed as inventory) of R274.2 million and 20 Vineyard Road at a current cost of R20.9 million; and
- Two land opportunities held for future development, comprising "The Modern" project and the Tyger Valley project with a combined
value of R137 million.
In addition, the company has entered into a joint venture with the Rabie Property Group to develop and market a mixed-use scheme on
the central city site known as City Park situated between Bree, Longmarket, Loop and Church Streets, in Cape Town.
The sale of the residential units at 117 on Strand has gone extremely well. Of the 117 units being developed only two remain available
for sale. The total anticipated capital expenditure of these units is R314.1 million and with an expected profitability exceeding 18.5%. On
completion of the scheme the expected cost of the commercial component of approximately R360 million will yield an initial return of 8.5%.
The 20 on Vineyard scheme, due for completion in December 2018, has a budgeted capital expenditure of R86.3 million and an expected
yield on completion of 8%.
The net asset value per share (based on shares in issue, net of total treasury shares) increased by 7.3% to 132 cents from 123 cents in
the comparative period.
OPERATIONS
Net property income, which comprises gross rental income less property expenses, decreased by 3.6% to R157 million (2017 -
R163 million) due to three properties sold in the previous reporting period. On a like-for-like property basis, excluding the properties sold,
net property income has increased by 12% over the comparative period. Property expenses and other operating expenses were within
budget and are well controlled.
Headline earnings per share ("HEPS") is 0.5 cents (2017 - 1.5 cents) and earnings per share ("EPS") is 7.6 cents (2017 - 5.2 cents).
HEPS has decreased mainly due to:
- A decrease in net property income of R5.9 million due to three properties sold in the previous reporting period; and
- The share of losses of R4.3 million from the equity-accounted investment, City Park joint venture, for which a redevelopment planning
application has been submitted and which development is expected to commence in due course. The losses result mainly from the
interest carrying cost on the property.
EPS has increased mainly due to net increases in the fair value adjustments of investment properties. In the current reporting period, the
net increase was R113.4 million compared to R53.4 million in the corresponding six months ended 28 February 2017.
The total cash on hand amounted to R49.7 million (2017 - R46.9 million). When available, surplus cash is used to reduce borrowings
on an access facility basis.
NET PROPERTY EXPENSES
The ratio of property expenses to revenue of 31.8% for the half-year 2018 (2017 - 31.5%) has remained constant due to good controls
over expenditure.
FAIR VALUE ADJUSTMENTS
Valuations of all properties were performed by either the directors or an independent external valuer, and have resulted in a net upward
revaluation adjustment of R113.5 million (2017 - R53.4 million). Independent external valuations are carried out on a rotational basis to
ensure each property is valued independently at least every three years. Conservative valuation assumptions have been applied to take
account of weakening market conditions. The valuations are based on either the discounted cash flow method or the capitalisation of
net income method or a combination of these methods, which is consistent with the basis used in prior years.
The fair value measurement for investment property has been categorised as a level 3 fair value based on the inputs to the valuation
technique used.
Significant unobservable inputs used were as follows:
- A capitalisation rate, ranging between 7% and 9% (2017 - 7.25% and 9%) has been used; and
- The discount rates applied range between 12.25% and 14.5% (2017 - 12.0 and 13.5%).
INVESTMENT IN JOINT VENTURE
The joint venture investment in the City Park redevelopment has decreased since 31 August 2017 due to the equity-accounted investment
loss (R4.338 million), which comprises mainly interest paid on the borrowings incurred in acquiring the property. Interest will be expensed
until the redevelopment commences whereafter it will be capitalised to the cost of the redevelopment.
The loan receivable and the related current portion of borrowings for this acquisition as at 31 August 2017 has been refinanced.
FINANCE CHARGES
Finance charges increased by 1.6% to R131.7 million from R129.7 million in the comparative half-year 2017, due to additional service
fee costs on new financing facilities and increased costs of interest rate swaps. The weighted average rate of interest on borrowings as
at 28 February 2018 was 9.7% compared to 9.6% for the comparative half-year 2017.
ARREARS
No bad debts have been written off during the current reporting period. There are no concerns regarding the recoverability of any debtors
as at the reporting date.
The company maintains a good track record of very low write-offs and a debtors' book which is collected within 30 days.
VACANCY LEVELS
At the reporting date, the group's core portfolio vacancy ratio was 3.9% on a portfolio GLA of 193 452 m2. For the 2017 comparative
figures, the vacancy ratio was 1.8% on a portfolio GLA of 196 242 m2. This increase is due to vacancies in State House and Founders
House, which are properties earmarked for further redevelopment. The core operating vacancy is still well below current market norms
and is attributable to pro-active management and the quality of the asset base which continues to attract high quality tenants. The lease
expiry profile of the portfolio per GLA at the reporting date comprises 54% of rentals expiring beyond February 2021.
DERIVATIVE LIABILITIES
These comprise interest-rate swap contracts which qualify for special hedge accounting. The company has classified them as cash flow
hedges stated at fair value based on broker quotes. The profile comprises five-year interest rate swaps with notional amounts totalling
R2 billion at an average all-in cost of 9.8% (2017 - 9.9%), maturing as follows:
- R500 million in November 2020;
- R500 million in May 2021;
- R500 million in July 2021; and
- R500 million in August 2022.
These contracts are considered to be level 2 financial liabilities and are measured using a discounted cash flow valuation technique,
which utilises risk-free interest rate inputs, observable for the liability either directly (as prices) or indirectly (derived from prices). The
values of these derivatives have decreased since 31 August 2017 due to increases in the long-bond interest rates.
STATED CAPITAL
The company did not issue any shares during the reporting period under review.
The group repurchased 226 029 of its own shares during February 2018 at an average cost of 91 cents per share. These shares are held
in a subsidiary as treasury shares. At the reporting date, the company held 62 386 364 treasury shares at an average cost of 54 cents
per share. When opportune, the company will enter into further buybacks.
BORROWINGS
At the reporting date, total borrowings amounted to R2.8 billion (2017 - R2.7 billion) with a loan-to-value ratio of 59% (2017 - 60%), which
is the measure of dividing interest-bearing debt net of cash holdings by the fair value of all property assets.
Borrowings of 71% (2017 - 56%) are fixed with the balance at floating rates. The all-in weighted average interest rate, inclusive of the
interest rate swaps, amounts to 9.7% as at 28 February 2018 (2017 - 9.6%).
COMMITMENTS
Development and capital expenditure not yet incurred but authorised and contracted for amounts to R451.6 million as at the end of the
reporting period. It comprises R387.2 million for the 117 on Strand development, which is scheduled for completion in September 2019,
and R64.4 million for the 20 Vineyard Road development scheduled for completion in December 2018.
These projects are being funded by a combination of debt and existing cash resources.
PROSPECTS
Ingenuity has a unique strategy focusing firstly geographically in the Western Cape and secondly as a value creator for its shareholders
through development, refurbishment of buildings and primarily enhancing and driving net asset value. The result of such a focus is a
blend of superb quality long-term income-producing assets coupled with exciting development initiatives and trading opportunities.
During this reporting period, we completed on budget the upgrade of the Santam head office building and surrounding site precinct.
Santam has commenced a further 12-year lease commencing 1 January 2018. This lease will add significant value to the current portfolio's
already strong income stream.
We also commenced construction of the building to be known as 20 Vineyard Road. This project is the first phase of the strategic site
assembly we own in Claremont adjacent to the Cavendish Square Mall.
The strategic sale of the Century City portfolio to Sanlam demonstrates our ability to create value for shareholders. The disposals result
in a net profit before costs and tax of R146 million. The proceeds on the disposals will be applied to significantly reduce borrowings,
resulting in the loan-to-value ratio reducing from 59% as at the reporting date, to approximately 55%. The sale will significantly strengthen
our balance sheet, providing us with the flexibility to take advantage of some other development initiatives available in the company. As
prudent asset managers we will continue to seek to realise value and align our portfolio accordingly.
Our commitment is to create enduring increased wealth for shareholders focusing on underlying quality assets with a strong focus on
growing net asset value.
The above information has not been reviewed or reported on by the company's auditors.
SUBSEQUENT EVENTS
The company entered into a sale of letting enterprises/properties agreement with Sanlam Life Insurance Limited ("Sanlam") on
19 April 2018 in terms of which it sold a portfolio of five properties situated in the Century City precinct. The salient details of this sale,
which is subject to certain conditions precedent, are disclosed in the formal announcement released on SENS on 20 April 2018.
Other than as reported above, there are no other material subsequent events which have occurred between the end of this interim period
being reported on and the date of this report.
On behalf of the Board
AA Maresky R Squire-Howe M Wagenheim
Chief Executive Officer Chairman Chief Financial Officer and Company Secretary
25 April 2018
Cape Town
INGENUITY PROPERTY INVESTMENTS LIMITED
("the company" or "the group" or "Ingenuity")
(Incorporated in the Republic of South Africa)
Registration number: 2000/018084/06
JSE share code: ING
ISIN: ZAE000127411
DIRECTORS:
RC Squire-Howe*^ (Chairman), AA Maresky (CEO), M Wagenheim (Financial)
J Bielich, AJ Branch*^ (British), LH Cohen*, DB Fabian*^, SR Leon*^, RS Schur*^, J Solms
*Non-executive ^ Independent
REGISTERED OFFICE AND POSTAL ADDRESS:
Suite 102, Intaba, 25 Protea Road, Claremont, 7708, Cape Town, South Africa
COMPANY SECRETARY
M Wagenheim
CONTACT DETAILS
Tel: 021 674 5170
Fax: 021 674 5135
E-mail: info@ingenuityproperty.com
www.ingenuityproperty.com
TRANSFER SECRETARIES
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
PO Box 61051, Marshalltown, 2107
Tel: 011 370 5000
SPONSOR
Nedbank Corporate and Investment Banking
AUDITORS
Mazars
BANKERS
Absa Bank Limited, Nedbank Limited and The Standard Bank of South Africa Limited
Suite 102, 1st Floor, Intaba
25 Protea Road, Claremont, 7708, Cape Town, South Africa
ingenuityproperty.com
25 April 2018
Date: 25/04/2018 04:45:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
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