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VUKILE PROPERTY FUND LIMITED - Change statement, availability of integrated annual report and B-BBEE annual compliance report

Release Date: 31/08/2020 17:41
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Change statement, availability of integrated annual report and B-BBEE annual compliance report

VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE NSX share code: VKN
ISIN: ZAE000180865
Debt company code: VKEI
(Granted REIT status with the JSE)
(“Vukile” or the “Company”)


CHANGE STATEMENT, AVAILABILITY OF INTEGRATED ANNUAL REPORT AND BROAD-BASED BLACK ECONOMIC EMPOWERMENT ANNUAL COMPLIANCE 
REPORT

CHANGE STATEMENT AND AVAILABILITY OF INTEGRATED ANNUAL REPORT

Shareholders are advised that the Company’s integrated report, incorporating the audited annual financial statements for
the financial year ended 31 March 2020, (the “financial statements”) is available on the Company’s website,
https://www.vukile.co.za/cmsAdmin/uploads/ar-2020.pdf.

As is normal practice for a REIT, where investment property comprises a material component of total assets, the
auditor’s opinion identifies investment property as a key audit matter. The financial statements have been audited by
the Company’s auditors, PricewaterhouseCoopers Inc., who expressed an unqualified audit opinion thereon. The opinion
is available on the Company’s website, at the above link.

The financial statements are the same as the preliminary reviewed condensed consolidated financial statements that were
published on 30 June 2020, except for a re-classification in terms of international accounting standards of an amount of
R618 million from investing activities to financing activities in the statement of cash flows. The amount relates to the
acquisition by Vukile of an additional 7.8% interest in Vukile’s Spanish subsidiary, Castellana Properties Socimi
(“Castellana”), in July 2019, from Westbrooke, a minority shareholder in Castellana. The re-classification of this
amount was done in terms of IAS 7 Statement of Cash Flows, paragraph 42A, which provides that:

“Cash flows arising from changes in ownership interests in a subsidiary that do not result in a loss of control shall be
classified as cash flows from financing activities…”

The expanded statement of cash flow and notes thereto can be found on page 146 of the financial statements.

The statement of cash flow, before and after the change referred to above, is as follows:

                                                                           Audited             Reviewed
                                                                                                               Change
                                                                       31 March 2020      31 March 2020
                                                                                                                   Rm
                                                                                  Rm                 Rm
 Cash flow from operating activities                                           2 417              24 17             -
 Cash flow from investing activities                                         (2 359)            (2 977)         (618)
 Cash flow from financing activities                                             247                865           618
 Net increase in cash and cash equivalents                                       305                305             -
 Foreign currency movements in cash                                              117                117             -
 Cash and cash equivalents at the beginning of the year                        1 137               1137             -
 Cash and cash equivalents at the end of the year                              1 559               1559             -

 Major items included in the above:
 Cash flow from operating activities                                           2 417               2417             -
  Profit before tax                                                                1                  1             -
  Adjustments                                                                  2 256               2256             -
  Working capital adjustments                                                    186                186             -
  Other                                                                         (26)               (26)             -
 Cash flow from investing activities                                         (2 359)            (2 977)         (618)
  Acquisition of investment property                                         (2 488)             (2488)             -
  Equity contributed from non-controlling interest                                 3                  3             -
  Other                                                                          126              (492)         (618)
 Cash flow from financing activities                                             247                865           618
  Interest-bearing borrowings advanced                                         3 102               3102             -
  Interest-bearing borrowings repaid                                           (448)              (448)             -
  Proceeds from issue of share capital                                           696                696             -
  Finance costs paid                                                           (570)              (570)             -
  Dividends paid                                                             (1 867)             (1867)             -
  Other                                                                        (666)               (48)           618

There was no change to earnings per share, headline earnings per share nor to the statement of financial position or the
statement of profit and loss.

NOTICE OF ANNUAL GENERAL MEETING

A notice of annual general meeting, which will be held at 4th Floor, 11 Ninth Street, Houghton Estate, 2196 at 10:00 on
Friday, 2 October 2020, is available on the Company’s website,
https://www.vukile.co.za/cmsAdmin/uploads/agm-2020.pdf

The last day to trade in order to be eligible to participate in and vote at the annual general meeting is Tuesday,
22 September 2020 and the record date for voting purposes is Friday, 29 September 2020.

BROAD-BASED BLACK ECONOMIC EMPOWERMENT ANNUAL COMPLIANCE REPORT

Shareholders are further notified that in accordance with the JSE Listings Requirements, the Company’s annual
compliance report in terms of section 13G(2) of the Broad-Based Black Economic Empowerment Act 53 of 2003 read
with the Broad-Based Black Economic Empowerment Amendment Act 46 of 2013, has been published and is available
on the Company’s website, https://www.vukile.co.za/cmsAdmin/uploads/bbbee-annual-compliance-certicate.pdf.

31 August 2020


JSE sponsor                                                 NSX sponsor
Java Capital                                                IJG Securities (Pty) Ltd

Date: 31-08-2020 05:41:00
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