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Audited consolidated AFS for year ended 31 August 2023, integrated reporting suite, change statement, notice of AGM
DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIB ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the Company")
PUBLICATION OF THE AUDITED CONSOLIDATED ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023, INTEGRATED REPORTING SUITE,
CHANGE STATEMENT AND NOTICE OF ANNUAL GENERAL MEETING
Publication of annual financial statements and availability of integrated reporting suite
Shareholders are advised that Dipula's 2023 integrated reporting suite, including the integrated report, sustainability report and
audited annual financial statements for the year ended 31 August 2023 (the "AFS"), has been published. The documents are available
on the Company's website as follows:
Dipula integrated report:
https://www.dipula.co.za/content/uploads/2023/12/Dipula_IR_2023.pdf
Dipula sustainability report:
https://www.dipula.co.za/content/uploads/2023/12/Dipula_Sustainability_Report_2023.pdf
The AFS are incorporated in Dipula's integrated report, which is also available on the JSE's website at:
https://senspdf.jse.co.za/documents/2023/jse/isse/DPL/IAR2023.pdf,
The AFS have been audited by the Company's auditors, Mazars Gauteng, who expressed an unmodified audit opinion thereon. The
audit opinion is incorporated in the integrated report and is also available for inspection at the registered office of the Company.
Any investment decisions should be based on consideration of the AFS as a whole, as this announcement does not provide full or
complete details.
Change statement
The AFS contain no modifications to the reviewed condensed consolidated financial results for the year ended 31 August 2023 (the
"reviewed financial results") released on SENS on 15 November 2023 other than the following reclassification to the statement of
financial position, which in turn impacted the statement of changes in equity.
The reclassification arose due to an amount of R616 000 relating to a REIT distribution payable to a non-controlling interest ("NCI")
shareholder, which was classified under NCI in equity for the 2022 comparative period in the reviewed financial results. This has
been reclassified to reflect under trade and other payables.
The above reclassification did not have an impact on the 2023 closing balances of the above-mentioned line items and these closing
balances have been correctly disclosed in both the AFS and the reviewed financial results.
The impact of the reclassification is presented below:
Consolidated Statement of Financial Position
31 August 2022 31 August 2022
Audited Reviewed Difference
R'000 R'000 R'000
Non-controlling interest (1) 151 694 151 078 616
Current liabilities (1) 1 426 233 1 426 849 (616)
Interest-bearing liabilities 1 164 953 1 164 953
Lease Liabilities 4 360 4 360
Derivative financial instruments – swaps 3 518 3 518
Trade and other payables (1) 253 402 254 018 (616)
Consolidated Statement of Changes in Equity
Reviewed 31 August 2023
Fair value Share-based Retained income Non-controlling
Stated capital reserve payment reserve /(loss) interests Total equity
R'000 R'000 R'000 R'000 R'000 R'000
Balance at 31 August 2021 (Audited) 4 243 513 1 016 796 5 952 184 544 210 224 5 661 029
Total profit and comprehensive income for the year - - - 1 080 512 (2 655) 1 077 857
Dividends declared - - - (550 504) (28 702) (579 206)
Repayment of subsidiary stated share capital (1) - - - - (6 602) (6 602)
Additional acquisition of non-controlling interest - - - (14 629) (21 187) (35 816)
Share issue expenses (21 807) - - - - (21 807)
Appraisal rights exercised (24 355) - - - - (24 355)
Recognition of share- based payments expense - - 6 566 - - 6 566
Transfer from fair value reserve - investment properties - 368 761 - (368 761) - -
Transfer from fair value reserve - interest rate swaps - 134 274 - (134 274) - -
Balance at 31 August 2022 (Audited) (1) 4 197 351 1 519 831 12 518 196 888 151 078 6 077 666
Total profit and comprehensive income for the year - - - 588 031 90 421 678 452
Appraisal rights settlement (9 645) - - - - (9 645)
Dividends declared - - - (507 847) (28 537) (536 385)
Share issue expenses (392) - - - - (392)
Repayment of subsidiary stated share capital - - - - (13 993) (13 993)
Share-based payments vested - - (16 103) - - (16 103)
Recognition of share- based payments expense - - 11 680 (5 951) - 5 729
Dividend re-investment plan share issue 64 254 - - - - 64 254
Transfer from fair value reserve - investment properties - 148 718 - (148 718) - -
Transfer from fair value reserve - interest rate swaps - (4 729) - 4 729 - -
Balance at 31 August 2023 (Reviewed) 4 251 568 1 663 819 8 096 127 132 198 969 6 249 584
Consolidated Statement of Changes in Equity
Audited 31 August 2023
Fair value Share-based Retained income Non-controlling
Stated capital reserve payment reserve /(loss) interests Total equity
R'000 R'000 R'000 R'000 R'000 R'000
Balance at 31 August 2021 (Audited) 4 243 513 1 016 796 5 952 184 544 210 224 5 661 029
Total profit and comprehensive income for the year - - - 1 080 512 (2 655) 1 077 857
Dividends declared - - - (550 504) (28 702) (579 206)
Repayment of subsidiary stated share capital (1) - - - - (5 986) (5 986)
Additional acquisition of non-controlling interest - - - (14 629) (21 187) (35 816)
Share issue expenses (21 807) - - - - (21 807)
Appraisal rights exercised (24 355) - - - - (24 355)
Recognition of share- based payments expense - - 6 566 - - 6 566
Transfer from fair value reserve - investment properties - 368 761 - (368 761) - -
Transfer from fair value reserve - interest rate swaps - 134 274 - (134 274) - -
Balance at 31 August 2022 (Audited) (1) 4 197 351 1 519 831 12 518 196 888 151 694 6 078 282
Issue of linked units - - - - - -
Total profit and comprehensive income for the year - - - 588 031 90 421 678 452
Appraisal rights settlement (9 645) - - - - (9 645)
Dividends declared - - - (507 847) (28 537) (536 385)
Share issue expenses (392) - - - - (392)
Repayment of subsidiary stated share capital - - - - (13 993) (13 993)
Reclassification of NCI loan (1) - - - - (616) (616)
Share-based payments vested - - (16 103) - - (16 103)
Recognition of share- based payments expense - - 11 680 (5 951) - 5 729
Dividend re-investment plan share issue 4 254 - - - - 64 254
Transfer from fair value reserve - investment properties - 148 718 - (148 718) - -
Transfer from fair value reserve - interest rate swaps - (4 729) - 4 729 - -
Balance at 31 August 2023 (Audited) 4 251 568 1 663 819 8 096 127 132 198 969 6 249 584
Note:
1. The reclassification resulted in changes to these particular line items.
Notice of annual general meeting
Shareholders are further advised that a notice of annual general meeting, including the relevant supporting documentation, has been
dispatched to shareholders and is now available on the Company's website at:
https://www.dipula.co.za/content/uploads/2023/12/Dipula_AGM_booklet_2023.pdf
The annual general meeting of shareholders of Dipula will be held at 09:00 on Wednesday, 21 February 2024 at Dipula's offices,
12th Floor, Firestation Rosebank, 16 Baker Street, Rosebank. The last day to trade in order to be eligible to participate in and vote
at the annual general meeting is Tuesday, 6 February 2024 and the record date for voting purposes is Friday, 9 February 2024.
14 December 2023
Sponsor
Java Capital
Date: 14-12-2023 03:03:00
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