Cash flow Vukile Property Fund Limited

Equities

VKE

ZAE000180865

Commercial REITs

End-of-day quote Johannesburg S.E. Other stock markets 18/09/2024			5-day change	1st Jan Change
18.68 ^ZAR	-0.74%		+4.36%	+32.29%

09-12	NewRiver gets new date to make firm bid for Capital & Regional	AN
09-10	Potential bidder Praxis abandons race to acquire Capital & Regional	AN

2b9.osot_aKNXhbJ7ugbWMZ_yiyq9L3NxJmkUTE8ud_NM-Q.zYdpi8m1CF34vZpXMaEcjH3nzYuqjfXhBkBS6536ea2Rv2el4NRnZ6Sjiw

Published financial data: VUKILE PROPERTY FUND LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2020	2021	2022	2023	2024
Rental Revenues	3.5B	3.05B	3.48B	3.65B	3.98B
Other Revenues, Total	127M	17M	23M	10M	7M
Total Revenues	3.63B	3.07B	3.5B	3.66B	3.99B
Property Expenses	1.13B	1.2B	1.24B	1.27B	1.36B
Selling General & Admin Expenses, Total	279M	286M	296M	330M	409M
Provision for Bad Debts	-	51M	24M	4M	3M
Other Operating Expenses	-	-	-	-	-
Total Operating Expenses	1.41B	1.54B	1.56B	1.6B	1.77B
Operating Income (REIT / Utility Template)	2.22B	1.53B	1.94B	2.06B	2.22B
Interest Expense, Total	-317M	-543M	-760M	-845M	-1.1B
Interest and Investment Income	237M	132M	285M	351M	121M
Net Interest Expenses	-80M	-411M	-475M	-494M	-982M
Currency Exchange Gains (Loss)	-65M	9M	-	-	-
Other Non Operating Income (Expenses)	-86M	-3M	-46M	-110M	197M
EBT, Excl. Unusual Items	1.99B	1.12B	1.42B	1.46B	1.43B
Restructuring Charges	-	-	-	-	-
Total Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-17M	-	-	-	-
Gain (Loss) on Sale of Investments	-713M	261M	-36M	-20M	201M
Gain (Loss) on Sale of Assets	-9M	2M	-	-	-
Asset Writedown	-1.25B	-927M	643M	638M	9M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	1M	458M	2.03B	2.07B	1.64B
Income Tax Expense	40M	40M	34M	35M	34M
Earnings From Continuing Operations	-39M	418M	1.99B	2.04B	1.61B
Net Income to Company	-39M	418M	1.99B	2.04B	1.61B
Minority Interest	-64M	166M	-83M	-106M	-23M
Net Income - (IS)	-103M	584M	1.91B	1.93B	1.59B
Net Income to Common Incl Extra Items	-103M	584M	1.91B	1.93B	1.59B
Net Income to Common Excl. Extra Items	-103M	584M	1.91B	1.93B	1.59B
Per Share Items
Net EPS - Basic	-0.11	0.61	1.99	1.97	1.52
Basic EPS - Continuing Operations	-0.11	0.61	1.99	1.97	1.52
Basic Weighted Average Shares Outstanding	955M	956M	959M	980M	1.04B
Net EPS - Diluted	-0.11	0.61	1.99	1.97	1.52
Diluted EPS - Continuing Operations	-0.11	0.61	1.99	1.97	1.52
Diluted Weighted Average Shares Outstanding	955M	956M	959M	980M	1.04B
Normalized Basic EPS	1.23	0.91	0.84	0.82	0.84
Normalized Diluted EPS	1.23	0.91	0.84	0.82	0.84
Dividend Per Share	1.29	1.01	1.06	1.12	1.24
Payout Ratio	-1.81K	78.94	70.87	57.19	76.5
Supplemental Items
EBITDA	2.22B	1.53B	1.94B	2.06B	2.23B
EBITA	2.22B	1.53B	1.94B	2.06B	2.22B
EBIT	2.22B	1.53B	1.94B	2.06B	2.22B
EBITDAR	2.23B	1.54B	1.95B	-	-
Total Revenues (As Reported)	-	3.05B	3.48B	3.65B	3.65B
Effective Tax Rate - (Ratio)	4K	8.73	1.68	1.69	2.07
Current Foreign Taxes	30M	22M	29M	-	-
Total Current Taxes	30M	22M	29M	7M	11M
Total Deferred Taxes	10M	18M	5M	28M	23M
Normalized Net Income	1.18B	867M	804M	803M	873M
Interest Capitalized	4M	-	-	-	-
Interest on Long-Term Debt	619M	707M	809M	834M	1.1B
Supplemental Operating Expense Items
General and Administrative Expenses	268M	277M	289M	330M	409M
Net Rental Expense, Total	11M	9M	7M	-	-
Imputed Operating Lease Interest Expense	1.73M	2.21M	2.75M	-	-
Imputed Operating Lease Depreciation	9.27M	6.79M	4.25M	-	-
Maintenance & Repair Expenses, Total	38M	35M	39M	51M	62M
Stock-Based Comp., G&A Exp. (Total)	52M	53M	38M	65M	64M
Stock-Based Comp., Other (Total)	64M	-	-	-	-
Total Stock-Based Compensation	116M	53M	38M	65M	64M

Fiscal Period: March	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	35.76B	32.49B	30.94B	34.84B	37B
Accumulated Depreciation	-4M	-7M	-13M	-15M	-23M
Net Property Plant And Equipment	35.76B	32.48B	30.93B	34.83B	36.98B
Total Real Estate Assets	35.76B	32.48B	30.93B	34.83B	36.98B
Cash And Equivalents	1.56B	1B	565M	1.39B	2.35B
Accounts Receivable, Total	102M	112M	77M	62M	74M
Other Receivables	162M	172M	190M	406M	168M
Investment In Debt and Equity Securities	256M	341M	1.86B	2.42B	3.8B
Goodwill	-	-	-	-	-
Other Intangibles, Total	23M	3M	2M	3M	4M
Notes Receivable (Collected)	-	-	-	6M	2M
Other Current Assets, Total	50M	715M	290M	300M	158M
Trading Asset Securities, Total	1M	1M	6M	7M	28M
Deferred Tax Assets Long-Term (Collected)	7M	3M	-	-	-
Deferred Charges Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	2.14B	1.16B	808M	655M	674M
Total Assets	40.06B	35.99B	34.72B	40.08B	44.24B
Liabilities
Current Portion of Long-Term Debt	2.31B	2.9B	1.17B	1.01B	829M
Current Portion of Leases	18M	19M	18M	19M	21M
Long-Term Debt	16.84B	12.9B	13.42B	16.02B	17.89B
Long-Term Leases	196M	201M	272M	286M	297M
Accounts Payable, Total	291M	277M	275M	298M	294M
Accrued Expenses, Total	180M	199M	239M	235M	309M
Current Income Taxes Payable	6M	4M	5M	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	429M	314M	175M	212M	177M
Deferred Tax Liability Non-Current	11M	23M	33M	63M	80M
Other Non Current Liabilities	281M	231M	469M	507M	378M
Total Liabilities	20.56B	17.07B	16.08B	18.65B	20.28B
Common Stock, Total	12.84B	12.84B	13.14B	13.14B	14.83B
Retained Earnings	716M	1.37B	1.9B	2.2B	2.21B
Comprehensive Income and Other	3.99B	3.15B	2.53B	4.74B	6.76B
Total Common Equity	17.54B	17.36B	17.57B	20.08B	23.8B
Minority Interest	1.96B	1.56B	1.08B	1.34B	155M
Total Equity	19.5B	18.92B	18.65B	21.42B	23.96B
Total Liabilities And Equity	40.06B	35.99B	34.72B	40.08B	44.24B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	956M	956M	980M	980M	1.1B
ECS Total Common Shares Outstanding	956M	956M	980M	980M	1.1B
Book Value / Share	18.35	18.16	17.92	20.48	21.55
Tangible Book Value	17.52B	17.36B	17.57B	20.07B	23.8B
Tangible Book Value Per Share	18.32	18.15	17.92	20.48	21.54
Total Debt	19.36B	16.02B	14.88B	17.34B	19.04B
Net Debt	17.8B	15.02B	14.31B	15.94B	16.66B
Debt Equivalent Oper. Leases	88M	72M	56M	-	-
Minority Interest, Total (Incl. Fin. Div)	1.96B	1.56B	1.08B	1.34B	155M
Equity Method Investments, Total	1.86B	609M	168M	136M	159M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	-	-	-	-	-
Full Time Employees	40	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	19M	70M	94M	101M	105M

Fiscal Period: March	2020	2021	2022	2023	2024
Net Income	-103M	584M	1.91B	1.93B	1.59B
Depreciation, Depletion & Amortization	3M	2M	4M	3M	8M
Total Depreciation, Depletion & Amortization	3M	2M	4M	3M	8M
Amortization of Deferred Charges, Total	57M	68M	119M	40M	-
(Gain) Loss On Sale of Asset - (CF)	9M	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	713M	-271M	-14M	44M	-58M
Total Asset Writedown	1.26B	927M	-643M	-638M	-204M
(Income) Loss On Equity Investments - (CF)	-127M	-18M	-23M	-10M	-7M
Stock-Based Compensation (CF)	116M	48M	38M	49M	18M
Change in Accounts Receivable	9M	-98M	78M	45M	-42M
Change in Accounts Payable	196M	-199M	6M	28M	39M
Change in Other Net Operating Assets (Collected)	-19M	9M	7M	-10M	5M
Other Operating Activities	303M	126M	573M	606M	899M
Cash from Operations	2.42B	1.18B	2.05B	2.09B	2.24B
Acquisition of Real Estate Assets, Total	-2.93B	-713M	-552M	-428M	-864M
Sale of Real Estate Assets, Total	57M	211M	1.22B	137M	181M
Net Sale / Acquisition of Real Estate Assets	-2.87B	-502M	666M	-291M	-683M
Cash Acquisitions	-	-	-	-	-
Divestitures	3M	-	530M	-	-
Purchase / Sale of Intangible Assets	-	-	-	-	-
Investment in Marketable and Equity Securities, Total	87M	1.12B	-1.11B	51M	158M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-1M	-	-6M	-5M	-8M
Other Investing Activities, Total	422M	312M	279M	146M	54M
Cash from Investing	-2.36B	930M	356M	-99M	-479M
Long-Term Debt Issued, Total	3.1B	2.65B	8.97B	3.16B	7.7B
Total Debt Issued	3.1B	2.65B	8.97B	3.16B	7.7B
Long-Term Debt Repaid, Total	-465M	-4.19B	-9.19B	-2.34B	-6.64B
Total Debt Repaid	-465M	-4.19B	-9.19B	-2.34B	-6.64B
Issuance of Common Stock	696M	-	300M	-	1.69B
Common Dividends Paid	-1.87B	-461M	-1.35B	-1.1B	-1.21B
Common & Preferred Stock Dividends Paid	-1.87B	-461M	-1.35B	-1.1B	-1.21B
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-1.22B	-734M	-1.56B	-996M	-2.37B
Cash from Financing	247M	-2.74B	-2.82B	-1.28B	-832M
Foreign Exchange Rate Adjustments	117M	75M	-25M	109M	32M
Miscellaneous Cash Flow Adjustments	-	-	-	-	-
Net Change in Cash	422M	-556M	-438M	822M	966M
Supplemental Items
Cash Interest Paid	570M	591M	646M	767M	991M
Cash Income Tax Paid (Refund)	26M	26M	24M	11M	11M
Net Debt Issued / Repaid	2.64B	-1.54B	-214M	824M	1.06B
Levered Free Cash Flow	2.6B	-107M	1.24B	695M	1.18B
Unlevered Free Cash Flow	2.74B	166M	1.6B	1.18B	1.87B
Change In Net Working Capital	-1.24B	797M	-342M	166M	-407M

Fiscal Period: March	2020	2021	2022	2023	2024
Profitability
Return on Assets	3.69	2.51	3.43	3.44	3.29
Return on Total Capital	3.8	2.59	3.54	3.56	3.39
Return On Equity %	-0.19	2.18	10.6	10.17	7.1
Return on Common Equity	-0.57	3.35	10.93	10.26	7.23
Margin Analysis
Gross Profit Margin %	68.88	60.78	64.61	65.35	65.94
SG&A Margin	7.69	9.32	8.46	9.01	10.25
EBITDA Margin %	61.27	49.85	55.57	56.31	55.81
EBITA Margin %	61.19	49.79	55.46	56.23	55.61
EBIT Margin %	61.19	49.79	55.46	56.23	55.61
Income From Continuing Operations Margin %	-1.07	13.63	56.95	55.65	40.35
Net Income Margin %	-2.84	19.04	54.57	52.76	39.77
Net Avail. For Common Margin %	-2.84	19.04	54.57	52.76	39.77
Normalized Net Income Margin	32.5	28.28	22.98	21.94	21.89
Levered Free Cash Flow Margin	71.65	-3.49	35.38	18.97	29.49
Unlevered Free Cash Flow Margin	75.59	5.42	45.61	32.3	46.76
Asset Turnover
Asset Turnover	0.1	0.08	0.1	0.1	0.09
Fixed Assets Turnover	0.11	0.09	0.11	0.11	0.11
Receivables Turnover (Average Receivables)	34.66	28.5	36.77	52.55	58.57
Short Term Liquidity
Current Ratio	0.58	0.54	0.6	1.22	1.71
Quick Ratio	0.56	0.35	0.45	1.05	1.61
Operating Cash Flow to Current Liabilities	0.75	0.32	1.09	1.18	1.38
Days Sales Outstanding (Average Receivables)	10.56	12.8	9.93	6.95	6.25
Average Days Payable Outstanding	67.75	86.17	81.37	82.41	79.72
Long Term Solvency
Total Debt/Equity	99.28	84.69	79.78	80.94	79.48
Total Debt / Total Capital	49.82	45.86	44.38	44.73	44.28
LT Debt/Equity	87.35	69.25	73.43	76.12	75.93
Long-Term Debt / Total Capital	43.83	37.49	40.85	42.07	42.31
Total Liabilities / Total Assets	51.32	47.43	46.29	46.55	45.84
EBIT / Interest Expense