SA Corporate - Dec 2014 Year End Results Presentation v5 · 2015-08-05 · Dec 2010 Dec 2011 Dec...

INDUSTRIAL RETAIL OFFICE

SA Corporate December 2014 Year End Results Presentation

March 2015

Agenda

• Highlights Rory Mackey

• Financial Performance Antoinette Basson

• Portfolio Review Rory Mackey

• Retail Redevelopments Rory Mackey

• AFHCO Developments Rory Mackey

• Strategy & Prospects Rory Mackey

• Acknowledgments Rory Mackey

• Questions Team

2

HIGHLIGHTSRORY MACKEY

High Level Review• Distribution Themes

• H2 distribution growth of 9.4% vs H2 2013

• Full year distribution growth of 9.0%

• Standing portfolio net property income growth of 8.6%

• Solid Tenant Retentions at 75.9% for SA Corp portfolio

• Significant reduction in retail vacancies

• Investment Strategy

• AFHCO acquisition of R1,086m, effective 1 July 2014

• Acquisition of additional 8 properties for R316.8m

• Contracted acquisitions of R243.6m

• Disposal of 1 property for R20m

• Contracted disposal of 7 properties for R163.3m

• Developments in progress (Retail R887.1m and AFHCO R338.9m)

• Efficient Operations

• Reduction in overall year-on-year vacancies and improvement in collections and arrears

• Capital Structure

• Premium to NAV increased to 25.5%

• Bridging facilities re-financed via R2bn syndicated loan

• Weighted average cost of debt supportive of core income growth at 8.39%

• Adequately hedged with improved tenors

• Alignment of Investor & Management Interests

• Management company internalisation effective from 1 May 2014• Introduction of an investor aligned management incentive scheme• Progress on corporate REIT conversion

4

FINANCIAL PERFORMANCEANTOINETTE BASSON

Dis

tributio

n H

isto

ry

6

14.45

14.24

14.35

15.17

16.28

17.68

13.24

14.18

14.48

14.98

16.47

18.02

27.69

28.42

28.83

30.15

32.75

35.70

-

5

10

15

20

25

30

35

40

45

2009

2010

2011

2012

2013

2014

Inte

rimFin

al

Tota

l

Distribution growth

7

-1.5

%

0.8

%

5.7

%

7.3

%

8.6

%

7.1

%

2.1

%

3.5

%

9.9

%

9.4

%

2.6

%

1.4

%

4.6

%

8.6

%

9.0

%

-4.0%

-2.0%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

2010 2011 2012 2013 2014

Interim Final Total

Distribution at a glance

8

Dec 2014Rm

Dec 2013Rm

%Variance

Net Property Income - Standing Portfolio 815.750 751.159 8.6

Net Property Income - AFHCO 36.600 - 100.0

Net Property Income - Other Acquisitions 63.680 9.601 563.3

Net Property Income - Buildings sold 2.512 8.239 (69.5)

Net Property Income 918.542 768.999 19.4

Taxation on distributable earnings - 0.102 (100.0)

Net finance costs (162.795) (73.751) 120.7

Group Expenses (45.793) (55.822) 18.0

Lapsed distribution - 8.823 (100.0)

Distributable earnings 709.954 648.351 9.5

Distribution per unit (cents) 35.70 32.75 9.0

First six months 17.68 16.28 8.6

Second six months 18.02 16.47 9.4

Distribution contributors and detractors

9

32.75

3.07

2.72

1.84

-0.29

-4.46

0.52

-0.45 35.70

0

15

20

25

30

35

40

45

Distribution 31Dec 2013

Increase inNPI - Standing

Portfolio

Increase inNPI - OtherAcquisitions

Increase inNPI - AFHCOAcquisition

Decrease inNPI - SoldBuildings

Increase ininterest paid

Decrease inGroup

Expenses

Decrease inLapsed

distribution

Distribution 31Dec 2014

Group Financial Position

10

Rmillion

7,9

67

183 23

571

768

1,0

03

8,8

65

0

62

515

1,6

26

537

10,5

03

163

118

556

3,1

06

631

0

2,000

4,000

6,000

8,000

10,000

12,000

Investment Properties Properties Held for

sale

Other Non-current

assets

Current Assets Non-current liabilities Current Liabilities

December 2012

December 2013

December 2014

Group debt structure – at 31 Dec (excl. fixes)

11

(1) to 29 April 2015 (2) from 30 April 2015

Maturity and interest rate profile of interest-bearing debt WAR of 7.75%, weighted average maturity - of 3.4 years, and WAM of 1.69%.

Loan type:

7.88% Term Loan (Syndication)

7.74% Term Loan

7.74% Term Loan

8.38% Term Loan


7.53% Term Loan

8.31% Revolving credit


100.7

500.0

1,152.0

200.0

270.0

30.0

848.0

223.0

99.3

0 200 400 600 800 1,000 1,200

December 2015

July 2016

December 2016

December 2017

August 2018

September 2018

September 2018

December 2019

Amount Drawn Available

8.38% (1) / 8.18% (2)

R153m AFD debt at 6.88% amortising debt with a final

maturity of 2024 to be assumed w.e.f. 2015

Group swap profile – at 31 December

12

Tenor and interest rate swaps profile – weighted average tenor – 3.12 years and rate of 6.90% (swap margin 0.78%). 82.5% of effective debt fixed.

7.36%

7.27%

6.80%

6.41%

5.39%240

240

724

705

650

- 200 400 600 800

2015

2016

2017

2018

2019

Swap amount

Group debt structure – at 31 Dec (incl. fixes)

13

(1) From 30 July to 29 April 2015(2) from 30 April 2015

Loan type:


8.38% Term Loan

8.38% Term Loan

9.02% Term Loan


8.17% Term Loan



100.7

500.0

1,152.0

200.0

270.0

30.0

848.0

223.0

99.3

0 200 400 600 800 1,000 1,200

December 2015

July 2016

December 2016

December 2017

August 2018

September 2018

September 2018

December 2019

Amount Drawn Available

9.02% (1) / 8.82% (2)

Maturity and interest rate profile of interest-bearing debt – WAR inclusive of fixes of 8.4%. Current LTV 29.1%

R153m AFD debt at 6.88% amortising debt with a final

maturity of 2024 to be assumed w.e.f. 2015

Gro

up n

et c

ash flo

w

14

311,5

20 6

91,6

69 (1

0,2

81) 9

31,8

45 (1

32,4

10)

(632) (3

16,7

08) (2

97,0

94)

(29,8

47)

19,0

56

11

(25,4

48) (6

76,0

74)

(164,3

92) 3

01,2

15

(900,0

00)

(400,0

00)

100,0

00

600,0

00

1,1

00,0

00

Balance 31 December 2013

Cash generated from operations

Taxation paid

Borrowings drawn

Acquisition of subsidiary

Acquisition of Property, plant andequipment

Acquisition of InvestmentProperty

Improvements to InvestmentProperty

Letting commissions and tenantinstallations

Disposal of investment property

Disposal of property, plant andequipment

Increase in financial assets

Distributions paid

Net finance costs

Balance 31 December 2014

R '0

00

Net Asset Value

15

Cents per unit

368

36

205

-9 -3

-36381

350

360

370

380

390

400

410

420

430

440

Opening NAV1 January

2014

Distributableearnings for

the period

Revaluation ofInvestment

Properties

Gain onacquisition of

Subsidiary

InternalisationFee

Other Non-distributable

incomestatement

items

Distributionattributable to

unitholders

Closing NAV31 December

2014

Trading Volumes and liquidity

16

SAC: closing price v monthly volume traded Value traded as % of market capital

-

10,000,000

20,000,000

30,000,000

40,000,000

50,000,000

60,000,000

70,000,000

80,000,000

0

100

200

300

400

500

600

Jan-1

4

Feb-1

4

Mar-

14

Apr-

14

May-1

4

Jun-1

4

Jul-

14

Aug-1

4

Sep-1

4

Oct-

14

Nov-1

4

Dec-1

4

Volume Traded Closing Price ( c )

FPT

VKE

GRT

RDF

ACP

SAC

HYP

CPL

SYC

EMI

0%

10%

20%

30%

40%

50%

60%

70%

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000

PORTFOLIO REVIEWRORY MACKEY

Overview – Sectoral Analysis

18

166 Properties

Total GLA 1 388 089

Total Portfolio R10.67bn(Dec-13: R8.87bn)

Standing Portfolio:

Weighted Average discount rate 14.3%

Weighted average capitalisation rate 8.8%

Industrial 57%

(Dec-13:61%)

Retail 27%

(Dec-13: 32%)

Commercial6%

(Dec-13: 7%)

AFHCO10%

By GLA

Industrial 40%

(Dec-13: 44%)

Retail 41%

(Dec-13: 44%)

Commercial10%

(Dec-13: 12%)

AFHCO9%

By Market Value

5,202

9,250 9,1036,865

5,362

10,24412,446

7,4255,419

11,58012,984

6,765 7,684

-

5,000

10,000

15,000

Industrial Retail Commercial AFHCO Average

Market Value per m²

December 2012 December 2013 December 2014

Overview – Geographical Analysis

19

Gauteng

56%(Dec-13:

54%)

KwaZulu-

Natal32%

(Dec-13: 37%)

Western

Cape6%

(Dec-13: 7%)

Other

6%(Dec-13:

2%)

By GLA

Gauteng

53%(Dec-13:

50%)

KwaZulu-

Natal38%

(Dec-13: 41%)

Western

Cape6%

(Dec-13: 7%)

Other

3%(Dec-13:

2%)

By Market Value

Overview – Sectoral Analysis (AFHCO)

20

26 Properties

GLA 132 898

Market Value R899.0m

Portfolio excluding properties under development and development bulk:

Weighted average capitalisation rate 10.1%Residential

71%

Retail / Commercial

29%

By GLA

Overview – Tenant Grading by GLA – SAC portfolio

21

“A”: large national tenants, listed tenants, government and large professional firms “B”: national tenants, franchisees, large regional tenants, medium professional firms“C”: other

A60%

B33%

C7%

Total Portfolio

60%62%

58%60%

38%

22% 22%

33%

2%

16%

20%

7%

0%

10%

20%

30%

40%

50%

60%

70%

Industrial Retail Commercial Total

per sector

A B C

Overview – Tenant Grading by GLA – AFHCO

22

“A”: large national tenants, listed tenants, government and large professional firms “B”: national tenants, franchisees, large regional tenants, medium professional firms“C”: other

A20%

B37%

C43%

Retail / Commercial

Portfolio

10 largest properties

23

Sector Area m² Value (Rm)% of total

valueValue growth

on 2013

Musgrave Centre, Musgrave Retail 39,201 768.8 7.2% 6.5%

East Point, Boksburg Retail 38,965 565.9 5.3% 23.2%

World Trade Centre, Sandton Commercial 15,877 376.4 3.5% 0.4%

Pine Crest Shopping Centre, Pinetown

Retail 40,054* 331.3* 3.1% 7.9%

Beryl Street, Jet Park Industrial 27,681 301.8 2.8% 8.6%

57 Sarel Baard Crescent, Centurion

Industrial 34,460 300.5 2.8% 5.6%

Springfield Value Centre, Springfield

Retail 20,393 296.7 2.8% 13.7%

Umlazi Mega City, Umlazi Retail 31,145* 292.4* 2.7% 10.5%

Bluff Shopping Centre, Bluff Retail 21,386 283.6 2.7% 8.6%

112 Yaldwyn Road, Jet Park Industrial 30,299 277.4 2.6% 4.2%

Total 299,461 3,794.8 35.5% 9.1%

* Represents ownership % of valuation, with 100% GLA

5 largest properties - AFHCO

24

Area m² Value (Rm)% of AFHCO

value% of total

value

120 End Street, Doornfontein 33,312 270.0 30.0% 2.5%

Newgate, Newtown 15,823 124.0 13.8% 1.2%

Frank & Hirsch, Johannesburg 10,207 102.0 11.3% 1.0%

Cavendish House, Johannesburg 5,684 65.3 7.3% 0.6%

Maxwell Hall, Johannesburg 6,864 56.0 6.2% 0.5%

Total 71,890 617.3 68.6% 5.8%

Acquisitions

25

Property SectorGLA(m²)

Forward Yield %

Purchase price (R000)

Date of transfer

AFHCO portfolio and associated properties AFHCO 130,206 9.9 1,086,016^ Jul-14

Eveready & Continental Tyres, New Brighton, Port Elizabeth

Industrial 56,412 9.0 124,500 Jan-14

Celtis Ridge Shopping Centre, Centurion Retail 7,245 9.0 106,000 Jan-14

50 Mangosuthu Highway, Umlazi * Retail 3,768 9.0 43,400 Apr-14

Truck World (39 Viewpoint Road), Bardene Industrial 10,204# 11.1 16,000 Dec-14

19 Brunton Circle, Founders View Industrial 2,720 9.0 14,100 Mar-14

16 Friesland Crescent, Longmeadow Industrial 1,622 9.0 9,350 Jul-14

Multi Glass, Johannesburg AFHCO 1,655 8.4 3,282 Nov-14

Normandi Court Flat, Johannesburg AFHCO 38 11 76 Dec-14

Total 213,870 9.6 1,402,724

^ Includes R169m with payment and economic interest deferred to 2015* Under development - income generating from January 2015# site 1.3 hectares in extent

Contracted Acquisitions at period end

26

Property SectorForward Yield %

Purchase price (R000)

Expectedtransfer

Morulat Property Investments 4 portfolio

AFHCO 10.6 243,635 Jan-15*

Total 10.6 243,635

* Transferred in January 2015

Disposals

27


Exit Yield %

Sales price

(R000)

Status transferred

90 Electron Avenue, Isando Industrial 5,303 5.9 20,000 Oct-14

Total 5,303 5.9 20,000

Contracted Disposals

28


Exit Yield %

Sales price

(R000)

Expected transfer

date

Stellenbosch Square, Stellenbosch * $ Retail *5,204 7.8 40,000 Feb-15

36 Wierda Road West, Wierda Valley $ Office 3,028 7.5 39,000 Feb-15

The Boulevard, Melville Retail 5,352 7.4 31,200 Mar-15

293 Hebbard Road, Robertville Industrial 7,762 5.5 23,500 Apr-15

Portion of Lebombo Road, Garsfontein # Office # 1,703 6.2 12,000 May-15

3 Remblok Street, Strydom Park Industrial 1,787 8.3 10,700 Mar-15

110 Zastron Road, Bloemfontein ^ Office 1,978 6.8 6,900 Jan-15

Total 26,814 7.2 163,300

* 50% Undivided share

^ Transferred January 2015

$ Transferred February 2015

# Portion sold

Lease renewals - % Rental Reversions

29

0.4%

3.5%

-3.2%

1.7%

16.2%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Industrial Retail Commercial Total (excl AFHCO) AFHCO Retail /Commercial

12 months to December 2014

Industrial Average Rental vs Market

30

Monthly RevenueGLA

(m²)

Rental Income R40,786,172 781,932 (let)

Average Rental R52.16/m²

Normalised Rental / GLA * R26,186,183 591,075

Normalised Average Rental R44.30/m²

Market Rental R44 to R46/m²

* = excludes leasehold properties (Maydon Wharf), motor showrooms, head office properties and properties with surplus yard area and billboards

Contracted rental escalation profile

31

8.1%7.9%

8.1%

9.5%

8.1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

Industrial Retail Office AFHCO Retail /Commercial

Total (exclResidential)

Group lease expiry – SAC Portfolio

32

Vacancies Monthly 2015 2016 2017 2018 2019+

% of GLA 4% 4% 19% 15% 23% 15% 20%

Cumulative 4% 8% 27% 42% 65% 80% 100%

4% 4%

19%

15%

23%

15%

20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0%

5%

10%

15%

20%

25%

% o

f G

LA

Group lease expiry – AFHCO Retail / Commercial

33

Vacancies Monthly 2015 2016 2017 2018 2019+

% of GLA 2% 12% 17% 24% 10% 8% 27%

Cumulative 2% 14% 31% 55% 65% 73% 100%

2%

12%

17%

24%

10%

8%

27%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0%

5%

10%

15%

20%

25%

30%

% o

f G

LA

Group lease expiry – AFHCO Residential

34

Vacancies Monthly 2015

% of GLA 8% 58% 34%

Cumulative 8% 66% 100%

8%

58%

34%

0%

20%

40%

60%

80%

100%

0%

10%

20%

30%

40%

50%

60%

70%

% of GLA

Industrial Lease Expiry Strategy 2015

35

• 199 226m² expiring in 2015

• 145 311m² (73%) expiring in Gauteng

• 52 257m² (26%) expiring in KZN

• 5 658m² (1%) expiring in WC

• Focused strategy of early renewal engagement implemented in Gauteng region

• Early renewal strategy not adopted in stronger performing KZN region

• 66% of total lease expiries agreed and signed

Results of early renewal strategy in Gauteng region

• 75% of renewal lease terms agreed and signed

• 15% of balance of tenants have indicated they will renew and are in advanced discussions

• Renewal reversions up 2% on signed renewals

Vacancy profile - % of gross rental (SAC Portfolio)

36

1.5

%

5.8

%

14

.1%

4.9

%

0.2

%

4.6

%

7.0

%

3.2

%

1.2

%

3.4

%

7.8

%

3.1

%

0%

5%

10%

15%



Vacancy profile - % of GLA (SAC Portfolio)

37

1.3

%

10

.6%

19

.2%

5.9

%

0.2

%

8.9

%

11

.8%

4.0

%

1.4

%

5.9

%

12

.7%

3.7

%

0%

5%

10%

15%

20%

25%



AFHCO Vacancies

38

7.9%

1.8%

6.1%

8.9%

2.3%

6.3%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

Residential Retail / Commercial Total

Vacancy as % of GLA Vacancy as % of rental income

AFHCO Residential Vacancies trend

39

6.2%6.0% 6.0%

6.5%

8.0% 7.9%

7.4%

4.9%

0%

2%

4%

6%

8%

10%

July 2014 August 2014 September2014

October 2014 November2014

December2014

January 2015 February2015

Residential vacancy %

Office vacancy analysis

40

Office subsector GLAVacant

GLA % Vacancy

Total Office Value (R'000)

% of total Office Market Value

% of Total Market Value

Retail Office 21,229 6,654 31.3% 60,700 5.2% 0.6%

Hospitals 7,265 - 0.0% 135,600 11.6% 1.3%

Stand Alone Office 78,310 6,883 8.8% 975,500 83.2% 9.1%

Total 106,804 13,537 12.7% 1,171,800 100.0% 11.0%

Ratio of gross property expenses to property revenue

41

33.9%35.8% 36.3% 36.5%

35.0%

14.7% 15.4% 14.7% 14.2% 14.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014

Property expense ratio Property expense ratio excluding municipal expenses

Property expense categories

42

Advertising2.3%

Bad Debt 1.8%

Cleaning & Security 11.5%

Municipal

Expenses, 59.1%

Insurance 1.4%

Professional Expenses 1.0%

Letting Expenses4.0%

Maintenance 7.3%

Sundry Expenses6.1%

Property Management Fee 5.4%

Property Arrears and Provisions

43

TENANT DEBTORS AND PROVISIONS (R'000) Dec-14 Dec-13 Dec-12

Total Trade Receivables

Trade receivable before bad debt impairment (Incl. VAT) 36,392 44,558 47,415

Provision for bad debts (21,080) (27,921) (27,229)

Trade Receivable after bad debt impairment

(excluding debtors with credit balances) 15,312 16,637 20,186

Provision for bad debt

Opening balance 27,921 27,229 41,655

Amounts written off during the period (17,218) (13,557) (20,325)

Additional provision recognised 10,377 14,249 5,899

Closing balance 21,080 27,921 27,229

Provision VAT inclusive 24,031 31,830 31,041

Ratios

Provision as a % of total trade receivable 57.9% 62.7% 57.4%

Provision as a percentage of rental income 1.5% 2.3% 2.4%

Trade receivables as a percentage of rental income 2.3% 3.2% 3.9%

RETAIL REDEVELOPMENTSRORY MACKEY

Retail Redevelopments - Update

45

East Point (formerly East Rand Galleria)

Value Additional GLA GLA on completion

R420.1m -4,700 m² 44,574 m²

StartEstimated

CompletionYield

May 2014 June 2016 9.0%

IMPORTANT TENANCIES Pick ‘n Pay, Game, Dischem, Branded Outlet Fashion (Nike, Le Coq Sportif), newFoodcourt, Gym, Burger King / KFC Drive Thru Node

Umlazi Mega City


R331.5m 20,000 m² 54,200 m²

StartEstimated

CompletionYield

November 2014

September 2016 9.2%

IMPORTANT TENANCIES Pick n Pay, Woolworths, Superspar, The Hub, Asmalls, McDonalds, All National Banks,National Fashion, Drive Thru Node

Retail Redevelopments – Update (cont.)

46

Stellenbosch Square


R16.2m 700 m² 10,540 m²

StartEstimated

CompletionYield

November 2014

September 2015 11.1%

IMPORTANT TENANCIES Woolworths, Pick ‘n Pay, Clicks, new lifestylerestaurants

Bluff Towers


R62.9m 3,314 m² 24,743 m²

StartEstimated

CompletionYield

January 2015 October 2015 9.7%

IMPORTANT TENANCIES Dischem, McDonalds, Bingo Mania, Checkers, Edgars, Mr Price, Ocean Basket, Spur, KFC, Steers, John Dory, Fashion Nationals

Retail Redevelopments – Update (cont.)

47

Comaro Crossing


R56.9m - 2,870 m² 14,000 m²

StartEstimated

CompletionYield

March 2015 August 2015 8.0%

IMPORTANT TENANCIES Food Lovers Market, Pick ‘n Pay, Meatworld, KFC, Nandos,new structured parking, new vehicle & pedestrian vertical access& access improvements

AFHCO DEVELOPMENTSRORY MACKEY

AFHCO Developments

49

BuildingName

Retail m²

Resi m²

Total m²

No. of resi units to

be developed

Developmentcost (R’m)

Yield%

Start Date

Estimatedcompletion

% completion

Comments

Pha

se 1

Connaught & Gemdawn 1,555 9,161 10,716 179 43.3 11.0% Sep-14 Aug-15 31%

Re-development of existing residential units and retail. Demolition completed, development commenced

Jeppe Street Mall 850 4,438 5,288 126 36.6 11.0% Sep-14 Sep-15 14%

Re-development of existing residential and ground floor retailDemolition completed, development commenced

Pha

se 2

Stuttafords House 1,381 9,312 12,139 188 65.1 11.0% Feb-15 Mar-16

Conversion of the existing office space to residential units above ground floor

Anchor Towers 0 962 962 14 6.3 11.0% Apr-15 Aug-15

Conversion of the 1st floor from existing office space to 14 residential units

Late

r P

hase

s

Letsema 1,300 4,053 6,343 141 25.3 11.0% May-15 Mar-16Re-development of existing commercial space intoresidential units

Moray House 2,168 3,884 6,052 84 27.0 11.0% Apr-15 Feb-16 Re-development of existing residential units

Station View 3,200 3,200 125 Re-development of ground and 1st floor into commercial space and residential units above

Tollman 764 2,620 3,854 131 Re-development of existing commercial space into residential units

Mantoll Court 295 600 895 13 135.3 11.0% Jul-15 Dec-16 Re-development of existing residential units

End Park 2,596 2,596 58Re-development of existing commercial space into residential units

Doornfontein 964 1,000 3,854 89 New development of ground floor retail and residential units above

Totals 9,277 41,826 55,899 1,107 338.9 11.0%

STRATEGY & PROSPECTSRORY MACKEY

Strategy & Prospects

51

The platform has been set for sustainable growth aligned to the Fund’s strategic objectives of:

• A diversified portfolio that generates stable growing income and capital gains

• Improving the portfolio through:

1. quality acquisitions

2. development of inner-city properties

3. improving industrial properties to meet the operational needs of tenants

4. redevelopment of shopping centres unlocking value in the retail portfolio

• Enhanced returns by managing liquidity and interest rate risk through the effective use of

debt and equity

• Efficient and effective property operations to enhance property fundamentals

• Reducing the business impact on environment and reducing costs through green initiatives

Anticipated distribution growth in excess of inflation for 2015

ACKNOWLEDGEMENTS

QUESTIONS

SA Corporate - Dec 2014 Year End Results Presentation v5 · 2015-08-05 · Dec 2010 Dec 2011 Dec...

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