Financial
statements

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  • Introduction
  • Strategy
  • SA REIT funds from operations (FFO) and distributable income per share (DIPS)
  • Basis of preparation
  • GOZ
  • C&R
  • V&A, GWI and other equity-accounted investments
  • Revenue and cost-to-income
  • Fair value adjustments
  • Finance costs
  • Finance income
  • Acquisitions and commitments
  • Growthpoint Investment Partners (GIP)
  • Trading and development
  • Disposals and held for sale assets
  • Arrears
  • Vacancy levels
  • Borrowings and net working capital
  • Changes in directorate
  • Going concern
  • Events after the reporting period
  • Prospects
  • Interim dividend
  • Other information
  • Salient dates and times
  • Statement of profit or loss and other comprehensive income
  • Statement of financial position
  • Statement of changes in equity
  • Statement of cash flows
  • Segmental analysis
  • Business combination
  • Basic and headline earnings per share
  • Classification of financial assets and liabilities
  • Fair value estimation

STATEMENT OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME

for the six months ended 31 December 2022

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  Note Unaudited
six months
31 December
2022
Rm		 Reviewed
six months
31 December
2021
Rm		 Audited
12 months
30 June
2022
Rm
Revenue, excluding straight-line lease income adjustment   7 010 6 421 12 884
Straight-line lease income adjustment   (162) (45) 164
Total revenue   6 848 6 376 13 048
Property-related expenses   (1 964) (1 743) (3 603)
Expected credit losses on trade receivables   15 6 87
Net property income   4 899 4 639 9 532
Other administrative and operating overheads   (452) (397) (832)
Operating profit   4 447 4 242 8 700
Equity-accounted investment profit – net of tax   187 20 409
   Non-distributable loss   (316) (420) (479)
   Dividends and interest received   503 440 888
Fair value adjustments, capital items and other charges   (1 286) 4 213 6 262
Finance and other investment income   116 97 167
Finance expense   (2 014) (1 573) (3 115)
Profit before taxation   1 450 6 999 12 423
Taxation   89 (1 260) (1 293)
Profit for the period   1 539 5 739 11 130
Other comprehensive income – net of tax        
Items that may subsequently be reclassified to profit or loss        
   Translation of foreign operations   1 401 3 132 1 724
Total comprehensive income for the period   2 940 8 871 12 854
Profit attributable to:   1 539 5 739 11 130
   Owners of the company   1 866 3 650 7 937
   Non-controlling interests   (327) 2 089 3 193
Total comprehensive income attributable to:   2 940 8 871 12 854
   Owners of the company   2 737 5 551 8 997
   Non-controlling interests   203 3 320 3 857

 

    Cents Cents Cents
Basic earnings per share 2.1 54.73 107.23 233.04
Diluted earnings per share 2.1 54.41 106.84 232.14

STATEMENT OF FINANCIAL POSITION

as at 31 December 2022

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  Unaudited
31 December
2022
Rm		 Reviewed
31 December
2021
Rm		 Audited
30 June
2022
Rm
Assets      
Cash and cash equivalents 3 354 2 232 2 841
Trade and other receivables 1 733 2 231 2 321
Taxation receivable 135 48 153
Assets classified as held for sale 1 625 3 193 866
Property held for trading and development 324 424 453
Derivative assets 2 563 1 177 2 492
Listed investments 1 654 1 992 1 489
Fair value of property assets 136 039 137 056 134 712
   Fair value of investment property 129 599 130 310 128 126
   Straight-line lease income adjustment 3 440 3 496 3 565
   Tenant incentives 1 400 1 555 1 470
   Right-of-use assets 1 600 1 695 1 551
Long-term loans granted 3 334 3 105 3 313
Equity-accounted investments 14 856 15 193 14 585
Unlisted investments 1 393 915 921
Equipment 77 48 49
Intangible assets 1 058 548 496
Deferred tax assets 22 15 38
Total assets 168 167 168 177 164 729
Liabilities and equity      
Liabilities      
Trade and other payables 3 496 3 462 3 541
Derivative liabilities 798 2 026 817
Taxation payable 81 86 67
Liabilities associated with assets classified as held for sale – 3 566 39
Business combination variable consideration 50 – –
Interest-bearing borrowings 65 782 62 996 62 857
Lease liability 1 907 1 977 1 826
Deferred tax liability 5 181 5 461 5 436
Total liabilities 77 295 79 574 74 583
Equity      
Shareholders' interest 71 748 69 801 71 212
   Share capital 53 239 53 177 53 195
   Retained income 4 985 4 199 4 712
   Other reserves 13 524 12 425 13 305
Non-controlling interest 19 124 18 802 18 934
Total liabilities and equity 168 167 168 177 164 729

STATEMENT OF CHANGES IN EQUITY

for the six months ended 31 December 2022

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  Attributable to owners of the company      
    Non-distributable reserves (NDR)        
  Share
capital
net of
treasury
shares
Rm		 Foreign
currency
trans-
lation
reserve
(FCTR)
Rm		 Non-
distribu-
table
reserve
(NDR)
Rm		 Retained
earnings
(RE)
Rm		 Share-
holders’
interest
Rm		 Non-
controlling
interest
(NCI)
Rm		 Total
equity
Rm
Balance at 30 June 2021 53 117 4 127 5 427 3 739 66 410 14 192 80 602
Total comprehensive income              
Profit after taxation – – – 3 650 3 650 2 089 5 739
Other comprehensive income – 1 901 – – 1 901 1 231 3 132
Transactions with owners recognised directly in equity              
Contributions by and distributions to owners              
Transfer non-distributable items to NDR – – 1 146 (1 146) – – –
Share-based payment transactions 60 – (19) – 41 – 41
Dividends declared – – – (2 044) (2 044) (398) (2 442)
Changes in ownership interest              
Acquisition of subsidiary with NCI – GSAH – – – – – 1 190 1 190
Shares issued to NCI – GOZ – – – – – 11 11
Shares issued to NCI – GHPH – – 6 – 6 284 290
Rights issue and acquisitions – C&R – – (163) – (163) 203 40
Balance at 31 December 2021 53 177 6 028 6 397 4 199 69 801 18 802 88 603
Total comprehensive income              
Profit after taxation – – – 4 287 4 287 1 104 5 391
Other comprehensive income – (841) – – (841) (567) (1 408)
Transactions with owners recognised directly in equity              
Contributions by and distributions to owners              
Transfer non-distributable items to NDR – – 1 655 (1 655) – – –
Share-based payment transactions 18 – 18 – 36 – 36
Dividends declared – – – (2 119) (2 119) (412) (2 531)
Changes in ownership interest              
Shares issued to NCI – GOZ – – – – – 1 1
Shares issued to NCI – C&R – – 46 – 46 – 46
Share buyback – GOZ – – – – – (12) (12)
Change of ownership – GHPH – – 2 – 2 (2) –
Change of ownership – GSAH – – – – – 20 20
Balance at 30 June 2022 53 195 5 187 8 118 4 712 71 212 18 934 90 146
Total comprehensive income              
Profit after taxation – – – 1 866 1 866 (327) 1 539
Other comprehensive income – 871 – – 871 530 1 401
Transactions with owners recognised directly in equity              
Contributions by and distributions to owners              
Transfer non-distributable items to NDR – – (669) 669 – – –
Share-based payment transactions 44 – 17 – 61 – 61
Dividends declared – – – (2 282) (2 282) (501) (2 783)
Changes in ownership interest              
Share buyback – GOZ – – – – – (242) (242)
Shares issued to NCI – GHPH – – – 13 13 487 500
Shares issued to NCI – GSAH – – – 7 7 243 250
Balance at 31 December 2022 53 239 6 058 7 466 4 985 71 748 19 124 90 872

 

  Unaudited
six months
31 December
2022
Cents		 Reviewed
six months
31 December
2021
Cents		 Audited
12 months
30 June
2022
Cents
Dividend per share 64.3 61.5 128.4

STATEMENT OF CASH FLOWS

for the six months ended 31 December 2022

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  Unaudited
six months
31 December
2022
Rm		 Reviewed
six months
31 December
2021
Rm		 Audited
12 months
30 June
2022
Rm
Cash flows from operating activities      
Cash generated from operating activities 5 004 4 787 8 869
Interest paid (1 623) (1 622) (3 181)
Interest received 307 32 47
Dividends received 168 238 441
Taxation paid (151) (318) (529)
Investment in property held for trading and development (72) (160) (188)
Disposal of property held for trading and development 333 340 339
Distribution to shareholders (2 783) (2 442) (4 973)
Net cash generated from operating activities 1 183 855 825
Cash flows from investing activities      
Investments in: (4 633) (3 319) (5 622)
  Business combination (Fortius) – net of cash acquired 586 – –
  Equipment (34) (7) (34)
  Intangible assets (3) – (2)
  Investment property (3 491) (2 615) (4 908)
  Listed investment – (664) (664)
  Long-term loans (5) (22) (3)
  Unlisted investment (514) (11) (11)
Proceeds from: 1 608 1 023 2 025
   Disposal of investment property 726 836 1 773
   Disposal of investment property held for sale 882 181 182
   Disposal of unlisted investment – – 63
   Repayment of long-term loans granted – 6 7
Assets classified as held for sale – (240) –
Net cash used by investing activities (3 025) (2 536) (3 597)
Cash flows from financing activities      
Proceeds from: 5 294 6 191 8 841
   Borrowings raised 4 544 5 867 8 453
   Rights issued to NCI – C&R – 40 –
   Shares issued to NCI – C&R – – 86
   Shares issued to NCI – GHPH 500 284 290
   Shares issued to NCI – GOZ – – 12
   Shares issued to NCI – GSAH 250 – –
Repayments of borrowings (2 745) (4 970) (5 807)
Repayments of lease liability (6) (41) (34)
Share buyback – GOZ (242) – (12)
Settlement of derivatives – (43) (43)
Net cash generated from financing activities 2 301 1 137 2 945
Effect of exchange rate changes on cash and cash equivalents 54 154 46
Increase/(decrease) in cash and cash equivalents 513 (390) 219
Cash and cash equivalents at beginning of period 2 841 2 622 2 622
Cash and cash equivalents at end of reporting period 3 354 2 232 2 841

 

SEGMENTAL ANALYSIS

for the six months ended 31 December 2022

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The Group determines and presents operating segments based on the information that is provided internally to the Executive Management Committee (Exco), the Group’s operating decision-making forum. The Group comprises 11 segments, namely Retail, Office, Industrial, Trading and Development, V&A Waterfront, Healthcare (GHPH), Student Accommodation (GSAH), Lango, GWI, GOZ and C&R. All operating segments’ operating results are reviewed regularly by Exco to make decisions about resources to be allocated to the segment and assess its performance, for which discrete financial information is available.

In addition to the main reportable segments, the Group also includes a geographical analysis of investment property and net property income, excluding straight-line lease income adjustment for South Africa, excluding the V&A Waterfront, Australia and the United Kingdom. The Group also includes a geographical analysis of dividends and interest received from equity-accounted investments (V&A Waterfront and Central and Eastern Europe) and unlisted investments (Lango).

Although not a segment, the SA head office is disclosed as a separate column in the segmental analysis, representing the head office costs for SA that are not directly attributed to either the Retail, Office, Industrial or Trading and Development segments.

The presentation of the Group segmental report has been re-presented, including the previous periods, as the new format more appropriately presents three main focuses of the Group, ie, the South African business, Growthpoint Investment Partners (GIP), our fund’s management business, as well as our offshore portfolio. Due to the additional investment into Lango during the period, and the increased focus on GIP, Lango was added as an additional sector.

Segments Geographical segment Brief description of segment
South African 100%-owned properties    
1. Retail South Africa The Growthpoint retail portfolio consists of 42 (FY22: 42) properties in SA, comprising shopping centres with the balance being standalone single-tenanted properties. It includes regional, community, neighbourhood, retail warehouses and speciality centres.
2. Office South Africa The Growthpoint office portfolio consists of 154 (FY22: 158) properties in SA which include high-rise and low-rise offices, office parks, office warehouses, vacant land as well as mixed-use properties comprising both office and retail.
3. Industrial South Africa The Growthpoint industrial portfolio consists of 175 (FY22: 187) properties in SA which include warehousing, industrial parks, motor-related outlets, low and high-grade industrial, high-tech industrial, telecommunication assets, land zoned for developments, vacant land as well as mini, midi and maxi units.
4. Trading and Development South Africa The Growthpoint trading and development portfolio consists of five (FY22: five) properties.
5. V&A Waterfront South Africa The V&A Waterfront is a 123-hectare mixed-use property development situated in and around the historic Victoria and Alfred Basin, which formed Cape Town’s original harbour. Its properties include retail, office, fishing and industrial, hotel and residential as well as undeveloped bulk.
Growthpoint Investment Partners (GIP)    
6. Lango Rest of Africa The Lango portfolio consists of eight (FY22: eight) commercial properties and three (FY22: three) plots of land across selected cities on the African continent.
7. GHPH South Africa The Growthpoint healthcare portfolio consists of seven (FY22: six) hospitals and one (FY22: one) medical chamber building.
8. GSAH South Africa The Growthpoint student accommodation portfolio consists of 10 (FY22: nine) purpose-built student accommodation properties situated in Johannesburg, Pretoria and Cape Town.
Offshore    
9. GWI Central and Eastern Europe The GWI portfolio consists of 71 (FY22: 71) standing properties in Poland and Romania, mostly modern A-grade office properties, industrial properties as well as a residential property complex.
10. GOZ Australia The GOZ portfolio consists of 59 (FY22: 58) properties which include both industrial and office properties, all situated in Australia.
11. C&R United KIngdom The C&R portfolio consists of five (FY22: six) properties that are community-based shopping centres, all situated in the United Kingdom.

 

  Unaudited 31 December 2022  
  South Africa  
  Retail
100%
Rm		 Office
100%
Rm		 Industrial
100%
Rm		 Trading
and
develop-
ment
100%
Rm		 Head
Office
SA
100%
Rm		 V&A
Waterfront
50%
Rm		 Total RSA
reported
Rm		  
Material profit or loss disclosures                
Revenue excluding straight-line lease adjustment 1 603 1 583 784 132 – – 4 102  
Asset management fee income – – – – – – –  
Property-related expenses (including expected credit losses) (507) (528) (213) (4) – – (1 252)  
Net property income 1 096 1 055 571 128 – – 2 850  
Other administrative and operating overheads – – – (20) (191) – (211)  
Asset management fee expense – – – – – – –  
Equity-accounted investment profit – non-distributable profit – 1 – – – 128 129  
Equity-accounted investment profit – dividends/interest received – – – – – 335 335  
Fair value adjustment on investment property 474 185 223 – – – 775  
Fair value adjustments (other than investment property) – – – – 222 – 222  
Capital items and non-cash charges – – – – (64) – (64)  
Finance and other investment income – – – – 90 – 90  
Finance expense – – – – (1 381) – (1 381)  
Consolidated profit before taxation 1 570 1 241 794 108 (1 324) 463 2 745  
Assets






 
Cash and cash equivalents – – – – 1 223 – 1 223  
Trade and other receivables – – – – 1 079 – 1 079  
Taxation receivable – – – – 128 – 128  
Investment property classified as held for sale – – 113 – – – 113  
Investment property held for trading and development – – – 324 – – 324  
Derivative assets – – – – 1 925 – 1 925  
Listed investments – – – – – – –  
Fair value of property assets 25 212 26 225 12 116 – – – 63 553  
   Fair value of investment property 25 096 25 889 12 092 – – – 63 077  
   Tenant incentives 79 336 24 – – – 439  
   Right-of-use assets 37 – – – – – 37  
Long-term loans granted – – – – 3 334 – 3 334  
Equity-accounted investments – – – – 36 5 910 5 946  
Unlisted investments – – – – 62 – 62  
Equipment – – – – 2 – 2  
Investment in subsidiaries – – – – – – –  
Intangible assets – – – – 460 – 460  
Deferred tax assets – – – – – – –  
Total assets 25 212 26 225 12 229 324 8 249 5 910 78 149  
Total property assets 25 212 26 225 12 229 324 – 9 193 73 183  
Liabilities






 
Trade and other payables – – – – 1 800 – 1 800  
Derivative liabilities – – – – 743 – 743  
Tax payable – – – – – – –  
Business combination variable consideration – – – – – – –  
Intercompany liabilities – – – – – – –  
Interest-bearing borrowings – – – – 39 198 – 39 198  
Lease liability – – – – 37 – 37  
Deferred tax liability – – – – 5 013 – 5 013  
Total liabilities – – – – 46 791 – 46 791  
Other disclosures






 
Transfers between segments – – (144) – – – (144)  
Acquisitions – – 212 – – – 212  
Development and capital expenditure 172 179 123 19 – – 493  

 

  Unaudited 31 December 2022  
  Growthpoint Investment Partners (GIP)  
  Dividends
received/
investment
GHPH
39.1%
Rm		 Dividends
received/
investment
GSAH
14.3%
Rm		 Dividends
received/
investment
Lango
segment
18.4%
Rm		 GIP
fund
manager
Rm		 Total
GIP
Rm		 GHPH
segment
Rm		 GSAH
segment
Rm		 Consoli-
dation
Rm		 Total
GIP
reported
Rm		  
Material profit or loss disclosures                    
Revenue excluding straight-line lease adjustment – – – – – 224 164 – 388  
Asset management fee income – – – 48 48 – – (48) –  
Property-related expenses (including expected credit losses) – – – – – (41) (58) – (99)  
Net property income – – – 48 48 183 106 (48) 289  
Other administrative and operating overheads – – – (12) (12) (4) (4) – (20)  
Asset management fee expense – – – – – (22) (17) 39 –  
Equity-accounted investment profit – non-distributable profit – – – – – – – – –  
Equity-accounted investment profit – dividends/interest received – – – – – – – 9 9  
Fair value adjustment on investment property – – – – – 57 156 – 213  
Fair value adjustments (other than investment property) – – – – – – 1 – 1  
Capital items and non-cash charges – – – – – – – – –  
Finance and other investment income 67 9 3 – 79 3 2 (76) 8  
Finance expense – – – – – (51) (24) – (75)  
Consolidated profit before taxation 67 9 3 36 115 166 220 (76) 425  
Assets                    
Cash and cash equivalents – – – – – 89 300 – 389  
Trade and other receivables – – – – – 66 29 – 95  
Taxation receivable – – – – – – – – –  
Investment property classified as held for sale – – – – – – – – –  
Investment property held for trading and development – – – – – – – – –  
Derivative assets – – – – – – 7 – 7  
Listed investments – – – – – – – – –  
Fair value of property assets – – – – – 3 615 2 655 – 6 270  
   Fair value of investment property – – – – – 3 587 2 655 – 6 242  
   Tenant incentives – – – – – 28 – – 28  
   Right-of-use assets – – – – – – – – –  
Long-term loans granted – – – – – – – – –  
Equity-accounted investments – – – 10 10 – – – 10  
Unlisted investments – – 1 281 – 1 281 – – – 1 281  
Equipment – – – – – – 2 – 2  
Investment in subsidiaries 750 240 – – 990 – – (990) –  
Intangible assets – – – – – – – – –  
Deferred tax assets – – – – – – – – –  
Total assets 750 240 1 281 10 2 281 3 770 2 993 (990) 8 054  
Total property assets – – 10 432 – 10 432 3 615 2 655 – 16 702  
Liabilities                    
Trade and other payables – – – – – 43 218 – 261  
Derivative liabilities – – – – – – – – –  
Tax payable – – – – – – – – –  
Business combination variable consideration – – – – – – – – –  
Intercompany liabilities – – – – – 553 – (553) –  
Interest-bearing borrowings – – – – – – 926 – 926  
Lease liability – – – – – – 1 – 1  
Deferred tax liability – – – – – – 117 – 117  
Total liabilities – – – – – 596 1 262 (553) 1 305  
Other disclosures                    
Transfers between segments – – – – – 144 – – 144  
Acquisitions – – – – – – 33 – 33  
Development and capital expenditure – – – – – 1 346 – 347  

 

  Unaudited 31 December 2022  
  Offshore  
  Distribution
received/
investment
Australia
100%
Rm		 Dividends
received/
investment
United
Kingdom
100%
Rm		 Central
and
Eastern
Europe
segment
29.4%
Rm		 Total
offshore
Rm		 Australia
segment
Rm		 United
Kingdom
segment
Rm		 Consoli-
dation
Rm		 Total
offshore
reported
Rm		 Total
Group as
reported
Rm		  
Material profit or loss disclosures                    
Revenue excluding straight-line lease adjustment – – – – 1 965 523 – 2 488 6 978  
Asset management fee income – – – – 32 – – 32 32  
Property-related expenses (including expected credit losses) – – – – (332) (266) – (598) (1 949)  
Net property income – – – – 1 665 257 – 1 922 5 061  
Other administrative and operating overheads – – – – (186) (35) – (221) (452)  
Asset management fee expense – – – – – – – – –  
Equity-accounted investment profit – non-distributable profit – – (445) (445) – – – (445) (316)  
Equity-accounted investment profit – dividends/interest received – – 159 159 – – – 159 503  
Fair value adjustment on investment property – – – – (2 340) (372) – (2 712) (1 724)  
Fair value adjustments (other than investment property) – – – – 134 7 – 141 364  
Capital items and non-cash charges – – – – (5) (19) – (24) (88)  
Finance and other investment income 512 52 – 564 (488) (58) – (18) 116  
Finance expense – – – – (451) (107) – (558) (2 014)  
Consolidated profit before taxation 512 52 (286) 278 (1 671) (327) – (1 720) 1 450  
Assets                    
Cash and cash equivalents – – – – 598 1 144 – 1 742 3 354  
Trade and other receivables – – – – 287 272 – 559 1 733  
Taxation receivable – – – – 7 – – 7 135  
Investment property classified as held for sale – – – – 1 512 – – 1 512 1 625  
Investment property held for trading and development – – – – – – – – 324  
Derivative assets – – – – 599 32 – 631 2 563  
Listed investments – – – – 1 654 – – 1 654 1 654  
Fair value of property assets – – – – 59 012 7 204 – 66 216 136 039  
   Fair value of investment property – – – – 57 014 6 706 – 63 720 133 039  
   Tenant incentives – – – – 879 54 – 933 1 400  
   Right-of-use assets – – – – 1 119 444 – 1 563 1 600  
Long-term loans granted – – – – – – – – 3 334  
Equity-accounted investments – – 8 900 8 900 – – – 8 900 14 856  
Unlisted investments – – – – 50 – – 50 1 393  
Equipment – – – – 36 37 – 73 77  
Investment in subsidiaries 9 594 3 870 – 13 464 – – (13 464) – –  
Intangible assets – – – – 598 – – 598 1 058  
Deferred tax assets – – – – – 22 – 22 22  
Total assets 9 594 3 870 8 900 22 364 64 353 8 711 (13 464) 81 964 168 167  
Total property assets – – 16 518 16 518 60 524 7 204 – 84 246 174 131  
Liabilities                    
Trade and other payables – – – – 841 594 – 1 435 3 496  
Derivative liabilities – – – – 55 – – 55 798  
Tax payable – – – – 60 21 – 81 81  
Business combination variable consideration – – – – 50 – – 50 50  
Intercompany liabilities – – – – – – – – –  
Interest-bearing borrowings – – – – 22 583 3 075 – 25 658 65 782  
Lease liability – – – – 1 251 618 – 1 869 1 907  
Deferred tax liability – – – – 51 – – 51 5 181  
Total liabilities – – – – 24 891 4 308 – 29 199 77 295  
Other disclosures                    
Transfers between segments – – – – – – – – –  
Acquisitions – – – – 2 033 – – 2 033 2 278  
Development and capital expenditure – – – – 150 92 – 242 1 082  

 

  Reviewed 31 December 2021  
  South Africa  
  Retail
100%
Rm		 Office
100%
Rm		 Industrial
100%
Rm		 Trading
and
develop-
ment
100%
Rm		 Head
Office
SA
100%
Rm		 V&A
Waterfront
50%
Rm		 Total SA
reported
Rm		  
Material profit or loss disclosures                
Revenue excluding straight-line lease adjustment 1 591 1 552 792 73 – – 4 008  
Asset management fee income – – – – – – –  
Property-related expenses (including expected credit losses) (472) (473) (190) (1) – – (1 136)  
Net property income 1 119 1 079 602 72 – – 2 872  
Other administrative and operating overheads – – – – (206) – (206)  
Asset management fee expense – – – – – – –  
Equity-accounted investment profit non-distributable loss – (2) – – – (466) (468)  
Equity-accounted investment profit dividends/interest received – 3 – – – 268 271  
Fair value adjustment on investment property 117 (242) (135) 7 – – (253)  
Fair value adjustments (other than investment property) – – – – 495 – 495  
Capital items and non-cash charges – – – – (31) – (31)  
Finance and other investment income – – – – 30 – 30  
Finance expense – – – – (1 034) – (1 034)  
Consolidated profit before taxation 1 236 838 467 79 (746) (198) 1 676  
Assets






 
Cash and cash equivalents – – – – 393 – 393  
Trade and other receivables – – – – 1 466 – 1 466  
Taxation receivable – – – – 48 – 48  
Investment property classified as held for sale – 11 20 – – – 31  
Investment property held for trading and development – – – 424 – – 424  
Derivative assets – – – – 894 – 894  
Listed investments – – – – – – –  
Fair value of property assets 24 753 27 404 12 119 – – – 64 276  
   Fair value of investment property 24 644 27 076 12 098 – – – 63 818  
   Tenant incentives 74 328 21 – – – 423  
   Right-of-use assets 35 – – – – – 35  
Long-term loans granted – – – – 3 105 – 3 105  
Equity-accounted investments – – – – 31 5 872 5 903  
Unlisted investments – – – – 62 – 62  
Equipment – – – – 4 – 4  
Investment in subsidiaries – – – – – – –  
Intangible assets – – – – 548 – 548  
Deferred tax assets – – – – – – –  
Total assets 24 753 27 415 12 139 424 6 551 5 872 77 154  
Total property assets 24 753 27 415 12 139 424 – 9 001 73 732  
Liabilities






 
Trade and other payables – – – – 1 991 – 1 991  
Derivative liabilities – – – – 2 025 – 2 025  
Tax payable – – – – – – –  
Liabilities associated with assets classified as held for sale – – – – – – –  
Intercompany liabilities – – – – – – –  
Interest-bearing borrowings – – – – 38 232 – 38 232  
Lease liability – – – – 37 – 37  
Deferred tax liability – – – – 5 336 – 5 336  
Total liabilities – – – – 47 621 – 47 621  
Other disclosures






 
Transfers between segments – – (18) 18 – – –  
Acquisitions – – 7 – – – 7  
Development and capital expenditure 82 102 136 333 – – 653  

 

  Reviewed 31 December 2021  
  Growthpoint Investment Partners (GIP)  
  Dividends
received/
investment
GHPH
55.91%
Rm		 Dividends
received/
investment
GSAH
16.61%
Rm		 Dividends
received/
investment
Lango
segment
16.3%
Rm		 GIP
fund
manager
Rm		 Total
GIP
Rm		 GHPH
segment
Rm		 GSAH
segment
Rm		 Consoli-
dation
Rm		 Total
GIP
reported
Rm		  
Material profit or loss disclosures                    
Revenue excluding straight-line lease adjustment – – – – – 185 24 – 209  
Asset management fee income – – – 21 21 – – (21) –  
Property-related expenses (including expected credit losses) – – – – – (26) (5) – (31)  
Net property income – – – 21 21 159 19 (21) 178  
Other administrative and operating overheads – – – – – (5) – – (5)  
Asset management fee expense – – – – – (19) (2) 21 –  
Equity-accounted investment profit – non-distributable loss – – – – – – – – –  
Equity-accounted investment profit – dividends/interest received – – – – – – – – –  
Fair value adjustment on investment property – – – – – 33 (62) – (29)  
Fair value adjustments (other than investment property) – – – – – – (8) – (8)  
Capital items and non-cash charges – – – – – – – – –  
Finance and other investment income 67 11 17 – 95 1 1 (78) 19  
Finance expense – – – – – (50) (3) – (53)  
Consolidated profit before taxation 67 11 17 21 116 119 (55) (78) 102  
Assets                    
Cash and cash equivalents – – – – – 89 34 – 123  
Trade and other receivables – – – – – 40 25 – 65  
Taxation receivable – – – – – – – – –  
Investment property classified as held for sale – – – – – – – – –  
Investment property held for trading and development – – – – – – – – –  
Derivative assets – – – – – – – – –  
Listed investments – – – – – – – – –  
Fair value of property assets – – – – – 3 411 1 989 – 5 400  
   Fair value of investment property – – – – – 3 389 1 989 – 5 378  
   Tenant incentives – – – – – 22 – – 22  
   Right-of-use assets – – – – – – – – –  
Long-term loans granted – – – – – – – – –  
Equity-accounted investments – – – 10 10 – – – 10  
Unlisted investments – – 852 – 852 – – – 852  
Equipment – – – – – – – – –  
Investment in subsidiaries 1 206 240 – – 1 446 – – (1 446) –  
Intangible assets – – – – – – – – –  
Deferred tax assets – – – – – – – – –  
Total assets 1 206 240 852 10 2 308 3 540 2 048 (1 446) 6 450  
Total property assets – – 9 979 – 9 979 3 411 1 989 – 15 379  
Liabilities                    
Trade and other payables – – – – – 30 36 – 66  
Derivative liabilities – – – – – – – – –  
Tax payable – – – – – – – – –  
Liabilities associated with assets classified as held for sale – – – – – – – – –  
Intercompany liabilities – – – – – 886 – (886) –  
Interest-bearing borrowings – – – – – 402 550 – 952  
Lease liability – – – – – – – – –  
Deferred tax liability – – – – – – 96 – 96  
Total liabilities – – – – – 1 318 682 (886) 1 114  
Other disclosures                    
Transfers between segments – – – – – – – – –  
Acquisitions – – – – – – 2 051 – 2 051  
Development and capital expenditure – – – – – 1 – – 1  

 

  Reviewed 31 December 2021  
  Offshore  
  Distribution
received/
investment
Australia
100%
Rm		 Dividends
received/
investment
United
Kingdom
100%
Rm		 Central
and
Eastern
Europe
segment
29.3%
Rm		 Total
offshore
Rm		 Australia
segment
Rm		 United
Kingdom
segment
Rm		 Consoli-
dation
Rm		 Total
offshore
reported
Rm		 Total
Group as
reported
Rm		  
Material profit or loss disclosures                    
Revenue excluding straight-line lease adjustment – – – – 1 560 644 – 2 204 6 421  
Asset management fee income – – – – – – – – –  
Property-related expenses (including expected credit losses) – – – – (262) (308) – (570) (1 737)  
Net property income – – – – 1 298 336 – 1 634 4 684  
Other administrative and operating overheads – – – – (112) (74) – (186) (397)  
Asset management fee expense – – – – – – – – –  
Equity-accounted investment profit – non-distributable loss – – 48 48 – – – 48 (420)  
Equity-accounted investment profit – dividends/interest received – – 169 169 – – – 169 440  
Fair value adjustment on investment property – – – – 3 166 (139) – 3 027 2 745  
Fair value adjustments (other than investment property) – – – – 665 337 – 1 002 1 489  
Capital items and non-cash charges – – – – 1 (36) – (35) (66)  
Finance and other investment income 520 – – 520 38 10 (520) 48 97  
Finance expense – – – – (273) (213) – (486) (1 573)  
Consolidated profit before taxation 520 – 217 737 4 783 221 (520) 5 221 6 999  
Assets                    
Cash and cash equivalents – – – – 453 1 263 – 1 716 2 232  
Trade and other receivables – – – – 313 387 – 700 2 231  
Taxation receivable – – – – – – – – 48  
Investment property classified as held for sale – – – – – 3 162 – 3 162 3 193  
Investment property held for trading and development – – – – – – – – 424  
Derivative assets – – – – 282 1 – 283 1 177  
Listed investments – – – – 1 992 – – 1 992 1 992  
Fair value of property assets – – – – 58 518 8 862 – 67 380 137 056  
   Fair value of investment property – – – – 56 332 8 278 – 64 610 133 806  
   Tenant incentives – – – – 1 055 55 – 1 110 1 555  
   Right-of-use assets – – – – 1 131 529 – 1 660 1 695  
Long-term loans granted – – – – – – – – 3 105  
Equity-accounted investments – – 9 280 9 280 – – – 9 280 15 193  
Unlisted investments – – – – – 1 – 1 915  
Equipment – – – – 6 38 – 44 48  
Investment in subsidiaries 9 594 3 501 – 13 095 – – (13 095) – –  
Intangible assets – – – – – – – – 548  
Deferred tax assets – – – – – 15 – 15 15  
Total assets 9 594 3 501 9 280 22 375 61 564 13 729 (13 095) 84 573 168 177  
Total property assets – – 15 045 15 045 58 518 12 024 – 85 587 174 698  
Liabilities                    
Trade and other payables – – – – 839 566 – 1 405 3 462  
Derivative liabilities – – – – 1 – – 1 2 026  
Tax payable – – – – 61 25 – 86 86  
Liabilities associated with assets classified as held for sale – – – – – 3 566 – 3 566 3 566  
Intercompany liabilities – – – – – – – – –  
Interest-bearing borrowings – – – – 18 787 5 025 – 23 812 62 996  
Lease liability – – – – 1 231 709 – 1 940 1 977  
Deferred tax liability – – – – 29 – – 29 5 461  
Total liabilities – – – – 20 948 9 891 – 30 839 79 574  
Other disclosures                    
Transfers between segments – – – – – – – – –  
Acquisitions – – – – 1 608 – – 1 608 3 666  
Development and capital expenditure – – – – 153 95 – 248 902  

 

  Audited 30 June 2022  
  South Africa  
  Retail
100%
Rm		 Office
100%
Rm		 Industrial
100%
Rm		 Trading
and
develop-
ment
100%
Rm		 Head
Office
SA
100%
Rm		 V&A
Waterfront
50%
Rm		 Total SA
reported
Rm		  
Material profit or loss disclosures – – – – – – –  
Revenue excluding straight-line lease adjustment 3 165 3 063 1 591 107 – – 7 926  
Asset management fee income – – – – – – –  
Property-related expenses (including expected credit losses) (926) (986) (378) (3) – – (2 293)  
Net property income 2 239 2 077 1 213 104 – – 5 633  
Other administrative and operating overheads – – – – (414) – (414)  
Asset management fee expense – – – – – – –  
Equity-accounted investment profit – non-distributable loss – (4) – – – (557) (561)  
Equity-accounted investment profit – dividends/interest received – 4 – – – 567 571  
Fair value adjustment on investment property 28 (1 470) 208 – – – (1 234)  
Fair value adjustments (other than investment property) – – – – 1 859 – 1 859  
Capital items and non-cash charges – – – – (98) – (98)  
Finance and other investment income – – – – 58 – 58  
Finance expense – – – – (2 230) – (2 230)  
Consolidated profit before taxation 2 267 607 1 421 104 (825) 10 3 584  
Assets – – – – – – –  
Cash and cash equivalents – – – – 1 334 – 1 334  
Trade and other receivables – – – – 1 526 – 1 526  
Taxation receivable – – – – 153 – 153  
Investment property classified as held for sale – 35 38 – – – 73  
Investment property held for trading and development – – – 453 – – 453  
Derivative assets – – – – 1 805 – 1 805  
Listed investments – – – – – – –  
Fair value of property assets 24 573 25 964 12 054 – – – 62 591  
   Fair value of investment property 24 450 25 653 12 033 – – – 62 136  
   Tenant incentives 86 311 21 – – – 418  
   Right-of-use assets 37 – – – – – 37  
Long-term loans granted – – – – 3 313 – 3 313  
Equity-accounted investments – – – – 37 5 780 5 817  
Unlisted investments – – – – 62 – 62  
Equipment – – – – 4 – 4  
Investment in subsidiaries – – – – – – –  
Intangible assets – – – – 496 – 496  
Deferred tax assets – – – – – – –  
Total assets 24 573 25 999 12 092 453 8 730 5 780 77 627  
Total property assets 24 573 25 999 12 092 453 – 9 001 72 118  
Liabilities – – – – – – –  
Trade and other payables – – – – 2 085 – 2 085  
Derivative liabilities – – – – 813 – 813  
Tax payable – – – – – – –  
Liabilities associated with assets classified as held for sale – – – – – – –  
Intercompany liabilities – – – – – – –  
Interest-bearing borrowings – – – – 38 949 – 38 949  
Lease liability – – – – 38 – 38  
Deferred tax liability – – – – 5 319 – 5 319  
Total liabilities – – – – 47 204 – 47 204  
Other disclosures – – – – – – –  
Transfers between segments – – (17) 17 – – –  
Acquisitions – – 6 – – – 6  
Development and capital expenditure 232 303 220 188 – – 943  

 

  Audited 30 June 2022  
  Growthpoint Investment Partners (GIP)  
  Dividends
received/
investment
GHPH
55.9%
Rm		 Dividends
received/
investment
GSAH
16.6%
Rm		 Dividends
received/
investment
Lango
segment
16.3%
Rm		 GIP
fund
manager
Rm		 Total
GIP
Rm		 GHPH
segment
Rm		 GSAH
segment
Rm		 Consoli-
dation
Rm		 Total
GIP
reported
Rm		  
Material profit or loss disclosures                    
Revenue excluding straight-line lease adjustment – – – – – 378 174 – 552  
Asset management fee income – – – 67 67 – – (67) –  
Property-related expenses (including expected credit losses) – – – – – (56) (48) – (104)  
Net property income – – – 67 67 322 126 (67) 448  
Other administrative and operating overheads – – – (15) (15) (8) (6) – (29)  
Asset management fee expense – – – – – (41) (15) 56 –  
Equity-accounted investment profit – non-distributable loss – – – – – – – – –  
Equity-accounted investment profit – dividends/interest received – – – – – – – 11 11  
Fair value adjustment on investment property – – – – – 86 (31) – 55  
Fair value adjustments (other than investment property) – – – – – – – – –  
Capital items and non-cash charges – – – – – – (13) – (13)  
Finance and other investment income 143 17 22 – 182 – 1 (160) 23  
Finance expense – – – – – – (24) – (24)  
Consolidated profit before taxation 143 17 22 52 234 359 38 (160) 471  
Assets                    
Cash and cash equivalents – – – – – 98 65 – 163  
Trade and other receivables – – – – – 30 54 – 84  
Taxation receivable – – – – – – – – –  
Investment property classified as held for sale – – – – – – – – –  
Investment property held for trading and development – – – – – – – – –  
Derivative assets – – – – – – – – –  
Listed investments – – – – – – – – –  
Fair value of property assets – – – – – 3 406 2 233 – 5 639  
   Fair value of investment property – – – – – 3 385 2 233 – 5 618  
   Tenant incentives – – – – – 21 – – 21  
   Right-of-use assets – – – – – – – – –  
Long-term loans granted – – – – – – – – –  
Equity-accounted investments – – – 10 10 – – – 10  
Unlisted investments – – 858 – 858 – – – 858  
Equipment – – – – – – – – –  
Investment in subsidiaries 1 206 240 – – 1 446 – – (1 446) –  
Intangible assets – – – – – – – – –  
Deferred tax assets – – – – – – – – –  
Total assets 1 206 240 858 10 2 314 3 534 2 352 (1 446) 6 754  
Total property assets – – 9 979 – 9 979 3 406 2 233 – 15 618  
Liabilities                    
Trade and other payables – – – – – 23 68 – 91  
Derivative liabilities – – – – – – – – –  
Tax payable – – – – – – – – –  
Liabilities associated with assets classified as held for sale – – – – – – – – –  
Intercompany liabilities – – – – – 1 295 66 (1 361) –  
Interest-bearing borrowings – – – – – – 666 – 666  
Lease liability – – – – – – 1 – 1  
Deferred tax liability – – – – – – 117 – 117  
Total liabilities – – – – – 1 318 918 (1 361) 875  
Other disclosures                    
Transfers between segments – – – – – – – – –  
Acquisitions – – – – – – 2 060 – 2 060  
Development and capital expenditure – – – – – 4 204 – 208  

 

  Audited 30 June 2022  
  Offshore  
  Distribution
received/
investment
Australia
100%
Rm		 Dividends
received/
investment
United
Kingdom
100%
Rm		 Central
and
Eastern
Europe
segment
29.3%
Rm		 Total
offshore
Rm		 Australia
segment
Rm		 United
Kingdom
segment
Rm		 Consoli-
dation
Rm		 Total
offshore
reported
Rm		 Total
Group as
reported
Rm		  
Material profit or loss disclosures                    
Revenue excluding straight-line lease adjustment – – – – 3 218 1 188 – 4 406 12 884  
Asset management fee income – – – – – – – – –  
Property-related expenses (including expected credit losses) – – – – (558) (561) – (1 119) (3 516)  
Net property income – – – – 2 660 627 – 3 287 9 368  
Other administrative and operating overheads – – – – (248) (141) – (389) (832)  
Asset management fee expense – – – – – – – – –  
Equity-accounted investment profit – non-distributable loss – – 82 82 – – – 82 (479)  
Equity-accounted investment profit – dividends/interest received – – 306 306 – – – 306 888  
Fair value adjustment on investment property – – – – 3 375 (175) – 3 200 2 021  
Fair value adjustments (other than investment property) – – – – 1 402 1 150 – 2 552 4 411  
Capital items and non-cash charges – – – – 1 104 – 105 (6)  
Finance and other investment income 1 065 – – 1 065 86 – (1 065) 86 167  
Finance expense – – – – (546) (315) – (861) (3 115)  
Consolidated profit before taxation 1 065 – 388 1 453 6 730 1 250 (1 065) 8 368 12 423  
Assets                    
Cash and cash equivalents – – – – 553 791 – 1 344 2 841  
Trade and other receivables – – – – 346 365 – 711 2 321  
Taxation receivable – – – – – – – – 153  
Investment property classified as held for sale – – – – – 793 – 793 866  
Investment property held for trading and development – – – – – – – – 453  
Derivative assets – – – – 665 22 – 687 2 492  
Listed investments – – – – 1 489 – – 1 489 1 489  
Fair value of property assets – – – – 58 820 7 662 – 66 482 134 712  
   Fair value of investment property – – – – 56 780 7 157 – 63 937 131 691  
   Tenant incentives – – – – 974 57 – 1 031 1 470  
   Right-of-use assets – – – – 1 066 448 – 1 514 1 551  
Long-term loans granted – – – – – – – – 3 313  
Equity-accounted investments – – 8 758 8 758 – – – 8 758 14 585  
Unlisted investments – – – – – 1 – 1 921  
Equipment – – – – 7 38 – 45 49  
Investment in subsidiaries 9 594 3 829 – 13 423 – – (13 423) – –  
Intangible assets – – – – – – – – 496  
Deferred tax assets – – – – 18 20 – 38 38  
Total assets 9 594 3 829 8 758 22 181 61 898 9 692 (13 423) 80 348 164 729  
Total property assets – – 15 755 15 755 58 820 8 455 – 83 030 170 766  
Liabilities                    
Trade and other payables – – – – 808 557 – 1 365 3 541  
Derivative liabilities – – – – 4 – – 4 817  
Tax payable – – – – 61 6 – 67 67  
Liabilities associated with assets classified as held for sale – – – – – 39 – 39 39  
Intercompany liabilities – – – – – – – – –  
Interest-bearing borrowings – – – – 19 344 3 898 – 23 242 62 857  
Lease liability – – – – 1 176 611 – 1 787 1 826  
Deferred tax liability – – – – – – – – 5 436  
Total liabilities – – – – 21 393 5 111 – 26 504 74 583  
Other disclosures                    
Transfers between segments – – – – – – – – –  
Acquisitions – – – – 3 025 – – 3 025 5 091  
Development and capital expenditure – – – – 484 190 – 674 1 825