SA Corporate June 2019 Results Presentation September 2019 - - PowerPoint PPT Presentation

▶
sa corporate june 2019 results presentation
SMART_READER_LITE
LIVE PREVIEW

SA Corporate June 2019 Results Presentation September 2019 - - PowerPoint PPT Presentation

Mar 11, 2024 306 likes •701 views

SA Corporate June 2019 Results Presentation September 2019 INDUSTRIAL | RETAIL | OFFICE | RESIDENTIAL | REST OF AFRICA Agenda High Level Overview Rory Mackey Strategic Initiatives Update Rory Mackey Financial Performance

slide-1
SLIDE 1

INDUSTRIAL | RETAIL | OFFICE | RESIDENTIAL | REST OF AFRICA

SA Corporate June 2019 Results Presentation

September 2019

slide-2
SLIDE 2

Agenda

  • High Level Overview

Rory Mackey

  • Strategic Initiatives Update

Rory Mackey

  • Financial Performance

Antoinette Basson

  • Portfolio Review

Rory Mackey

  • Prospects

Rory Mackey

  • Acknowledgements

Rory Mackey

  • Questions

Team

2

slide-3
SLIDE 3

3

HIGH LEVEL OVERVIEW RORY MACKEY

slide-4
SLIDE 4

High Level Overview

Distribution Theme Investment Strategy Capital Structure

  • 6.1% lower than H1 2018 impacted

by 2018 H2 effects

  • The LFL NPI increased by 0.8%
  • Afhco portfolio NPI growth of 11.2%

underpinned by a LFL NPI growth of 4.1%

  • Residential vacancies reduced from

9.4% to 5.1%

  • Retail portfolio LFL NPI growth of

1.3%

  • Industrial tenant retention 98.6%
  • Industrial portfolio LFL NPI retracted

by 2.3%

  • Executed acquisitions and pipeline

totalling R840.9m

  • Executed & contracted disposals of

R1.1bn

  • Committed developments and current

projects R1.1bn

  • LTV of 36.6%
  • 72.2% of debt fixed through a

combination of fixed rate debt and interest rate swaps for a period of 2.4 years

  • R4.7bn debt refinanced increasing

tenor from 0.8 to 3.9 years

4

slide-5
SLIDE 5

STRATEGIC INITIATIVES UPDATE RORY MACKEY

5

slide-6
SLIDE 6

Strategic Initiatives

6

Establish platform for sustainable distribution growth by:

  • Refreshing & re-tenanting shopping centres and concentrating retail

portfolio on food services & convenience

  • Consolidating a quality industrial property portfolio
  • Divesting from remaining commercial properties
  • Establishing a quality residential rental portfolio
slide-7
SLIDE 7

7

Refreshing & re-tenanting shopping centres and concentrating retail portfolio

  • n food services & convenience

Morning Glen Migration to convenience

  • Grocer variety
  • Food Lovers Market
  • Pick ‘n Pay upgrade
  • Niche convenience offer
  • Speciality convenience (5,525m2)
  • Food (2,073m2)
  • Automotive service (600m2)
  • Destination retail (4,077m2)

90% let Trading

Phase 1: 28 Nov 2019 Phase 2: July 2020

slide-8
SLIDE 8

8

East Point Introducing destination retail to increase foot traffic

  • Game downsized (11,000m2 to 6,000m2)
  • Decathlon value sports (2,000m2)
  • Crazy Pets (1,000m2)
  • “Back of House” & Mezzanine converted to self storage

(3,000m2)

100% let Trading Refreshing & re-tenanting shopping centres and concentrating retail portfolio

  • n food services & convenience (cont’d)

Phase 1: Dec 2019 Phase 2: June 2020

slide-9
SLIDE 9

9

Refreshing & re-tenanting shopping centres and concentrating retail portfolio

  • n food services & convenience (cont’d)

51 Pritchard Conversion to dominant urban shopping centre

  • 2x National grocer offering (3,300m2)
  • National apparel (5,400m2)
  • Banking (420m2)
  • Line shops (900m2)
  • Gym (2,200m2)

83% let Trading

Mar – Jun 2020

slide-10
SLIDE 10

Refreshing & re-tenanting shopping centres and concentrating retail portfolio

  • n food services & convenience (cont’d)

Shopping Centre Re-Tenanting Northpark Mall Cambridge food (3,000m2) Springfield Value Centre Sedgars Home (1,250m2) Umlazi Mega City The Hub (1,300m2), Career Box (435m2) Comaro Crossing Car Care Clinic (352m2), Best Drive (435m2) Celtis Ridge Car Service Centre (250m2) Midway Mews Self storage (1,460m2)

10

Other Shopping Centres Improving food & destination retail tenant mix 2019 H1 examples

slide-11
SLIDE 11

Retail Property Income Enhancement

  • Advertising & exhibitions – 2019 FY income R7.0m
  • 11 solar installations being added to current 8 to generate 10.5MW by

Dec 2019 to achieve savings of R33.1m in the 2020 FY

  • WiFi & website advertising being rolled out – 21 properties implemented
  • Experiential campaigns – UMC foot count growth 6.1%; East Point foot count

growth 8.5%

11

UMC community engagement WiFi roll out

Springfield Value Centre solar Stellenbosch Square solar

slide-12
SLIDE 12

Consolidating a Quality Industrial Property Portfolio – Transition to Focus on Logistics

12

2016 2017 2018 2019 2020 H1 % Logistics 57.3% 58.3% 58.1% 61.4% 68.9% % Non Logistics 42.7% 41.7% 41.9% 38.6% 31.1% Total GLA 741,387m2 738,446m2 733,992m2 657,161m2 585,684m2

slide-13
SLIDE 13

13

Consolidating a Quality Industrial Property Portfolio

Industrial Low Growth Properties Divested from since 1 January 2018

Property GLA (m2) Sale Price (Rm) Exit Yield (%) Status Rationale 21 Pomona Road, Pomona 4,585 18.3 8.0 Transferred Vacant property, re-tenanting risk 9/15 Lanner Road, New Germany 6,960 36.0 7.9 Transferred Multi-tenanted property, low growth prospects 1/5 Stockville Road, Westmead 8,078 53.6 7.7 Transferred Sale to owner occupier, low growth prospects 11 Coconut Grove, Shakashead 453 2.4 7.6 Transferred Small property, low growth prospects 6 Cedarfield Close, Springfield 10,063 57.0 12.1 Transferred Single tenant vacating, re-tenanting risk, exit yield in year 2 is 6.77% 24 Westmead Road, Westmead 3,542 26.0 6.7 Transferred Small property 1 Marconi Street, Montague Gardens 3,970 45.0 8.2 Transferred Small property, reducing Steinhoff exposure Table Bay Industrial Park, Paarden Eiland 16,169 118.4 8.3 Transferred Significant capex required, property over-let 14/24 Mahoganyfield Way, Springfield Park 4,986 36.0 8.0 Transferred Small property, re-tenanting risk 40 Electron Avenue, Isando 13,172 59.7 9.0 Transferred Long term vacancy due to poor quality 89 Flanders Drive, Mount Edgecombe 8,473 53.5 8.4 Transferred Low growth prospects, reducing motor showroom exposure Cnr Bridge Str & Molecule Rd, Bellville 8,558 56.2 9.5 Contracted & Unconditional Re-tenanting risk, significant capex required 530 Nicholson Road, Denver 24,880 40.0 10.2 Contracted & Conditional Poor node, low growth prospects Beryl Street, Jetpark 27,681 351.0 8.1 Contracted & Conditional Property over-let, non logistics tenant (exit yield based on early renewal rental negotiated) 96 15th Road, Randjespark 10,443 77.5 9.0 Contracted & Conditional 55% GLA offices, property over-let, re- tenanting risk TOTAL 152,013 1,030.6 8.6

slide-14
SLIDE 14

Divesting from Remaining Commercial Properties

  • 44% Divested in 18 months
  • Sale emphasis on poorer quality properties
  • B Grade reduced by 53%
  • C Grade reduced by 50%
  • Hospitals divested
  • Greenpark Corner (A Grade) 44% of remainder
  • Focus on tenanting prior to disposal
  • Efforts to sell balance at best pricing

14

slide-15
SLIDE 15

15

Divesting from Remaining Commercial Properties

Commercial Properties Divested from since 1 January 2018 Remaining Commercial Properties

Property GLA (m2) Sale Price (Rm) Exit Yield (%) Status 22 Voortrekker Road, Vredenburg 3,067 78.5 8.8 Transferred Lebombo Road (Portion 1), Garsfontein 1,703 12.0 6.2 Transferred 28 Durham Street, Mthatha 4,198 86.5 8.8 Transferred Lebombo Road (Remaining portion), Garsfontein 1,637 27.1 9.3 Transferred Cnr Handel and Crownwood Roads, Ormonde 6,131 60.0 9.3 Transferred 1 Holwood Park, Umhlanga Ridge 7,504 113.5 9.0 Contracted and Unconditional 31 Allen Drive, Bellville 3,255 30.0 9.3 Contracted and Conditional Total 27,495 407.6 8.9 Property GLA (m2) Dec 18 Valuation (Rm) 2019 NPI (Rm) GreenPark Corner, Morningside 15,660 349.0 18.7 3 The Terrace, Westway 2,278 23.0 1.5 Nobel Street Office Park, Bloemfontein 6,713 83.0 10.1 102 Essenwood Road, Berea 4,670 59.7 4.9 12 Sookhai Place, Westville 2,513 24.4 1.3 21 Fricker Road, Illovo 2,800 52.0 4.9 34 Mangold Street, Port Elizabeth 968 6.7 0.5 Total 35,602 597.8 41.9

slide-16
SLIDE 16

Establishing Quality Residential Rental Portfolio

Inner-City portfolio

  • 1,589 of total 5,935 apartments have been developed in the last 4 years
  • Continued recycling from old to new in Afhco dominated prime nodes

Calgro M3 joint initiative restructured

  • South Hills and Jabulani apartments 96% tenanted
  • Benefiting from being in Afhco property management close reach
  • 9.8% initial yield with sustainable growth

Consolidation of suburban pipeline

  • Etude Phases 1, 2 & 3 acquisitions cancelled but retaining Phases 4, 5 & 6.

Acquisition value reduced from R252m to R165m

  • Founders Hill M&T JV investment of R286m between September 2019 and June

2021

  • Menlyn East End M&T JV Phase 1 investment of R212m in 2021
  • Northgate Heights and 252 Montrose capital recycling
  • Northpark Mall office to residential conversion to be sold targeting Finance

Linked Individual Subsidy Programme

16

slide-17
SLIDE 17

Afhco History

17

2014 2015 2016 2017 2018 2019 H2 FY FY FY FY H1 Residential Vacancies including tenanting up 7.9% 5.6% 10.4% 7.3% 13.4% 5.1% Vacancies excluding tenanting up 7.9% 5.6% 10.4% 5.7% 7.1% 5.1% Rental increases 9.0% 8.5% 8.5% 0.0%1 4.0% 4.1% Retail Vacancies 1.8% 4.8% 3.4% 2.1% 4.8% 4.0% Escalations 9.5% 8.8% 9.0% 9.0% 8.9% 8.5% Renewals 16.2% 11.2% 7.8% 0.2% 7.7% 1.0% Cost to Revenue 41.7% 40.1% 36.4% 35.9% 39.5% 36.8%

1 Rebasing of rentals including marketing interventions

and the introduction of a loyalty program 10.0% 6.3% 0.9% 5.9% 4.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% FY FY FY FY H1 2015 2016 2017 2018 2019

LFL NPI Growth

slide-18
SLIDE 18

FINANCIAL PERFORMANCE ANTOINETTE BASSON

18

slide-19
SLIDE 19

Distribution at a Glance

19

Jun 2019 Jun 2018 % Rm Rm Variance Net Property Income - Like for Like 537.827 533.577 0.8 Net Property Income - Developments 122.125 124.362 (1.8) Net Property Income - Acquisitions 36.176 24.910 45.2 Net Property Income - Buildings sold 4.485 43.562 (89.7) Net Property Income 700.613 726.411 (3.6) Investment in Joint Ventures 36.127 29.736 21.5 Net finance costs (206.420) (190.755) (8.2) Net income from investments 5.323 6.900 22.9

  • Dividends from listed investments

5.875 6.900 14.9

  • Impairment of unlisted investment

(0.552)

  • Distribution related expenses

(19.874) (23.254) 14.5 Distributable earnings 515.769 549.038 (6.1) Distribution per share (cents) 20.38 21.70 (6.1)

slide-20
SLIDE 20

Investment Properties Growth Analysis

Portfolio growth underpinned by acquisitions, development expenditure and upward revaluation 20

17,801 17,723 (377) 292 339 ( 261 ) ( 71 ) 16,800 17,000 17,200 17,400 17,600 17,800 18,000 18,200 18,400 18,600 Investment Properties December 2018 NCI Acquisitions Improvements / Development costs Disposals Fair value adjustment Investment Properties June 2019

slide-21
SLIDE 21

Net Asset Value

21

508.2 (5.7) (0.7) (0.3) (20.5) 20.4 501.4 300.0 325.0 350.0 375.0 400.0 425.0 450.0 475.0 500.0 525.0

Opening NAV 1 January 2019 Revaluation of Investment Properties, Shares and Interest Rate Swaps Net exposure to Zambian JV Other Non- distributable income statement items Distributions paid December 2018 Distributable earnings June 2019 Closing NAV 30 June 2019

slide-22
SLIDE 22

Capital Structure

Debt Restructure

Debt finance sources are diversified between banks and institutional borrowings.

22

Equity 64.9% Institutional and DFI Debts 0.5% Mega Pool 34.6%

16.5% 8.3% 2.8% 7.0%

Absa Standard Bank Investec Nedbank

After restructure – 30 Jun 2019 Before restructure – 31 Dec 2018

12.0% 10.7% 2.8% 2.8% 1.0%

Absa Standard Bank Investec Nedbank State Bank of India

Key Terms: Common terms Common security Individual facilities Inter-creditor agreement Equity 67.1%

Standard Bank

  • Calgro JV

0.5% Institutional and DFI Debts 3.1%

1 SL 1

17.1%

1 SL 2

4.4%

1 SL 3

7.8%

1 SL Syndicated Loan

slide-23
SLIDE 23

Debt Repayment Profile – at 30 June 2019

Weighted average rate excluding fixes 8.46% Weighted average rate including fixes 8.58% Weighted average tenor 3.5 years

23

9 897 1,067 1,955 1,187 1,158 608 6.9% 6.8% 8.8% 8.5% 8.2% 9.3% 9.1% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0%

  • 500

1,000 1,500 2,000 2,500 2019 2020 2021 2022 2023 2024 2025 R'm Rate

slide-24
SLIDE 24

Debt Swap Expiry – 30 June 2019

1 Includes $27m swap at a rate of 1.79% (Post Jun19 the rate is 1.41% with

an additional tenor of 4 years)

2 Post Jun19 swap structure has no expiries in 2021

24

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

  • 500

1,000 1,500 2,000 2,500 2019 2020 2021 2022 2023 2024 2026 Total swaps at Jun19 Total swaps post Jun19 Rate at Jun19 Rate post Jun19 70.6% of variable debt fixed at a rate of 6.93% and tenor of 2.4 years at 30 Jun 19. Post 30 Jun 19, 72.2% of variable debt fixed at a rate of 6.86% with an increased tenor of 3.9 years.

1 2

slide-25
SLIDE 25

Group Net Cash Flow

25 (2,000) (1,500) (1,000) (500)

  • 500

1,000 1,500 2,000 Balance 31 December 2018 Cash generated from operations net

  • f finance cost and taxation

Distributions paid Acquisitions and Improvements to Investment Properties and Property, Plant and Equipment Disposal of investment properties Other financial assets Letting commissions and tenant installations IFRS 16 - Finance lease NCI shareholder loan Net movement on local borrowings Repayment of foreign borrowings Balance 30 June 2019 207 472 (519) (92) 93 (37) (16) (3) (252) 376 (9) 220 Rm

slide-26
SLIDE 26

PORTFOLIO REVIEW RORY MACKEY

26

slide-27
SLIDE 27

Overview – Sectoral Analysis (excl. Zambia JV)

Sectoral Profile (% of GLA) Sectoral Profile (% of Market Value)

SA Corporate excluding Zambian JV

  • 190 Properties
  • Total GLA 1,499,934m2
  • Total Portfolio R17.3bn

(Dec-18: R17.0bn)

  • Excludes development

bulk comprising of 8 properties and valued at R0.4bn. Zambian JV

  • 3 Properties
  • GLA 61,879m2
  • Portfolio Value R1.0bn

(Dec-18: R1.0bn) Like for Like Portfolio:

  • Weighted Average

discount rate 15.3%

  • Weighted average

capitalisation rate 9.6%

27 44% 25% 4% 27%

Jun 2019

48% 25% 4% 23% Industrial Retail Commercial AFHCO

Jun 2018

26% 42% 5% 27%

Jun 2019

28% 44% 6% 22% Industrial Retail Commercial AFHCO

Jun 2018

  • 10,000

20,000 Industrial Retail Commercial AFHCO Average 6,583 19,206 16,583 10,380 11,009 6,922 18,572 15,917 10,565 11,208 6,998 19,213 14,800 11,375 11,555

Market Value per m²

Jun 2018 Dec 2018 Jun 2019

slide-28
SLIDE 28

Retail Portfolio Overview

28

Portfolio value 39 Properties R7,2bn 42% of total portfolio value 377,831m2 GLA 30% Grocer GLA of total portfolio WALE of 4 years Top 10 tenants National exposure GLA 36.8% 56.2% Rental 27.9% 47.8% Tenant retention of 79%

Portfolio1 Tenant synopsis

Vacancy Monthly 2019 2020 2021 2022 2023+ % of GLA 4.4% 8.5% 9.5% 19.5% 17.7% 12.8% 27.6% Cumulative 4.4% 12.9% 22.4% 41.9% 59.6% 72.3% 100.0%

0% 20% 40% 60% 80% 100% 0% 5% 10% 15% 20% 25% 30%

% of GLA

Le Leas ase Exp Expir irie ies

1 Excludes bulk being (re)developed valued at R296,0m. 2 38.3% as at June 2018.

Performance Metrics Trading Density Vacancy Escalations Rental Reversions Cost to Revenue LFL Income Growth Full Year 2018 2.4% 4.1% 7.6%

  • 4.6%

39.7%2 2.9% Half Year 2019 3.5% 4.4% 7.5%

  • 4.3%

39.4% 1.3% 25.8% 25.5% 23.8% 11.1% 11.0%

2.8% IPD sectoral spread by GLA

Local Convenience Centre Small Regional Shopping Centre Neighbourhood Shopping Centre Regional Shopping Centre Other Retail Community Shopping Centre

slide-29
SLIDE 29

Industrial Portfolio Overview

29

Portfolio value 76 Properties R4,6bn 26% of total portfolio 657,161m2 GLA 44% GLA of total portfolio WALE of 3 years Top 10 tenants 53.6% GLA 55.6% Rental Tenant retention of 99%

Portfolio Tenant synopsis

Performance Metrics Vacancy Escalations Rental Reversions Cost to Revenue LFL Income Growth Full Year 2018 0.6% 7.8%

  • 13.5%

26.2%1

  • 2.7%

Half Year 2019 0.2% 7.7% 1.7% 27.7%

  • 2.3%

Vacancy Monthly 2019 2020 2021 2022 2023+ % of GLA 0.2% 10.0% 5.1% 15.7% 26.2% 11.9% 30.9% Cumulative 0.2% 10.2% 15.3% 31.0% 57.2% 69.1% 100.0%

0% 20% 40% 60% 80% 100% 0% 5% 10% 15% 20% 25% 30% 35% % of GLA

Lease Expiries

1 23.4% as at June 2018

0.2% 12.5% 22.5% 64.8% % of total GLA

Midi 0 to 1,000m² Maxi 1,000 to 4,000m² Medium 4,000 to 10,000m² Large 10,000m² +

slide-30
SLIDE 30

Commercial Portfolio Overview

30

Portfolio value 11 Properties R0,8bn 5% of total portfolio 54,130m2 GLA 4% GLA of total portfolio

Vacancy Monthly 2019 2020 2021 2022 2023+ % of GLA 10.2% 5.6% 5.5% 25.0% 39.5% 9.4% 4.8% Cumulative 10.2% 15.8% 21.3% 46.3% 85.8% 95.2% 100.0%

0% 20% 40% 60% 80% 100% 0% 10% 20% 30% 40% 50% % of GLA

Lease Expiries WALE of 2 years Top 10 tenants 40.4% GLA 42.2% Rental Tenant retention of 81%

Portfolio Tenant synopsis

Performance Metrics Vacancy Escalations Rental Reversions Cost to Revenue LFL Income Growth Full Year 2018 6.2% 8.0%

  • 1.5%

41.3%1 1.7% Half Year 2019 10.2% 7.8% 4.5% 44.0% 3.0%

28.9%

(44.0%)

34.5%

(26.7%)

34.8%

(26.6%)

1.8%

(2.7%)

Building Grading

A grade B grade C grade D grade

Contracted sales (%) Post sales

1 42.1% as at June 2018

slide-31
SLIDE 31

Afhco Portfolio Overview

31

81% 19%

By GLA

Residential Retail / Commercial

1 Excludes development bulk valued at R85,7m. 2 Excludes 51 Pritchard and African City included in the Retail portfolio. 3 Includes units acquired from developers in tenanting up phase. 4 36.7% as at June 2018. 5 Ratio reduced due to vacancy reduction & increase in suburban

portfolio; LFL cost to revenue ratio increased by 1%.

Performance Metrics Residential Vacancy Rental Increase Full Year 2018 13.4%3 4.0% Half Year 2019 5.1% 4.1% Retail Vacancy Escalations Rental Reversions Full Year 2018 4.8% 8.9% 7.7% Half Year 2019 4.0% 8.5% 1.0%

Portfolio value 64 Properties R4,7bn 27% of total portfolio GLA Apartments 334,474m2 Retail2 76,338m2

Portfolio1

Total Portfolio Cost to Revenue LFL Income Growth Full Year 2018 39.5%4 5.9% Half Year 2019 36.8%5 4.1%

slide-32
SLIDE 32

Zambia JV Overview

32

Portfolio value $ 69,6m R 980.7m Property Sector GLA % of total GLA Acacia Business Park Commercial 12,564 20.3% East Park Mall Retail 34,609 55.9% Jacaranda Mall Retail 14,706 23.8% Performance Metrics Vacancy Escalations Rental Reversions Cost to Revenue USD JV Income Growth ZAR JV Income Growth Full Year 2018 2.3% 2.6%

  • 19.4%

29.9% 5.5% 5.3% Half Year 2019 5.0% 2.4%

  • 1.4%

28.5% 2.2% 17.5%

slide-33
SLIDE 33

PROSPECTS RORY MACKEY

33

slide-34
SLIDE 34

2019 Distribution Forecast

34

2019 Distribution Forecast 2018 2019 H1 H2 H1 H2 Effects Arising in 2018 H2 (R'm) N/A (30) (39) (38)

  • 1. Industrial: Increased Maydon Wharf leasehold property ground

rentals and negative reversions

  • 2. Increased rates & municipal charges

2019 Detractors to Guidance (R'm) N/A ~ (30)

  • 1. Retail
  • Slow vacancy take-up
  • T/O Rental
  • 2. Commercial - Slow vacancy take-up
  • 3. Listed investments distributions
  • 4. Additional legal expenditure

2019 FY Distribution Guidance

  • 2% to -4%
slide-35
SLIDE 35

ACKNOWLEDGEMENTS

35

slide-36
SLIDE 36

QUESTIONS

36

slide-37
SLIDE 37

ADDITIONAL SLIDES

37

slide-38
SLIDE 38

Group Debt Structure – at 30 Jun 2019 (excl. fixes)

38

WAR of 8.5%, WAM of 1.7% and weighted average tenor of 3.5 years.

380 500 500 550 300

  • 629
  • 132

141 1,000

  • 120

141 637 513 85 585 564 308 300

  • 300
  • 200
  • Term Loan (US$), 4.37%

Term Loan (Syndication), 8.88% Term Loan (Syndication), 9.01% Term Loan (Syndication), 8.90% Term Loan (Syndication), 8.71% Revolving Credit, 8.76% Term Loan (Syndication), 8.80% Revolving Credit, 8.50% Cross Currency (ZAR), 9.06% Cross Currency (US$), 3.98% Term Loan (Syndication), 9.07% Cross Currency (ZAR), 9.17% Cross Currency (US$), 4.36% Term Loan (Syndication), 8.84% Term Loan (Syndication), 8.93%

1 Amortising, 6.88%

Term Loan (Syndication), 8.93% Term Loan (Syndication), 8.99% Term Loan (Syndication), 9.11% Term Loan (Syndication), 9.10%

  • 200

400 600 800 1,000 1,200 Nov 2020 Dec 2020 Dec 2021 Dec 2021 May 2022 May 2022 May 2022 Jun 2022 Sep 2022 Sep 2022 Dec 2022 Jan 2023 Jan 2023 May 2023 May 2023 Apr 2024 May 2024 May 2024 May 2025 May 2025 Amount Drawn (Rm) Amount Available (Rm)

1 AFD Fixed rate debt

slide-39
SLIDE 39

Group Debt Structure – at 30 Jun 2019 (incl. fixes)

39

Maturity and interest rate profile of interest-bearing debt – WAR inclusive of fixes of 8.6%. Current LTV 36.6%

380 500 500 550 300

  • 629
  • 132

141 1,000

  • 120

141 637 513 85 585 564 308 300

  • 300
  • 200
  • Term Loan (US$), 3.59%

Term Loan (Syndication), 9.06% Term Loan (Syndication), 9.19% Term Loan (Syndication), 9.08% Term Loan (Syndication), 8.89% Revolving credit, 8.94% Term Loan (Syndication), 8.98% Revolving Credit, 8.68% Cross Currency (ZAR), 9.24% Cross Currency (US$), 3.98% Term Loan (Syndication), 9.25% Cross Currency (ZAR), 9.35% Cross Currency (US$), 4.36% Term Loan (Syndication), 9.02% Term Loan (Syndication), 9.11%

1 Amortising, 6.88%

Term Loan (Syndication), 9.11% Term Loan (Syndication), 9.17% Term Loan (Syndication), 9.29% Term Loan (Syndication, 9.28%

  • 200

400 600 800 1,000 1,200 Nov 2020 Dec 2020 Dec 2021 Dec 2021 May 2022 May 2022 May 2022 Jun 2022 Sep 2022 Sep 2022 Dec 2022 Jan 2023 Jan 2023 May 2023 May 2023 Apr 2024 May 2024 May 2024 May 2025 May 2025 Amount Drawn (Rm) Amount Available (Rm)

1 AFD Fixed rate debt