S

SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC

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SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
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Price: 292 Zac Market Closed
Market Cap: 7.1B Zac
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Income Statement

Earnings Waterfall
SA Corporate Real Estate Fund Managers (Pty) Ltd

Revenue
2.5B ZAR
Operating Expenses
-1.3B ZAR
Operating Income
1.2B ZAR
Other Expenses
31.9m ZAR
Net Income
1.2B ZAR

Income Statement
SA Corporate Real Estate Fund Managers (Pty) Ltd

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Income Statement
Currency: ZAR
Jul-2004 Jan-2005 Jul-2005 Jan-2006 Jul-2006 Jun-2007 Dec-2007 Jun-2008 Dec-2008 Jun-2009 Dec-2009 Jun-2010 Dec-2010 Jun-2011 Dec-2011 Jun-2012 Dec-2012 Jun-2013 Dec-2013 Jun-2014 Dec-2014 Jun-2015 Dec-2015 Jun-2016 Dec-2016 Jun-2017 Dec-2017 Jun-2018 Dec-2018 Jun-2019 Dec-2019 Jun-2020 Dec-2020 Jun-2021 Dec-2021 Jun-2022 Dec-2022 Jun-2023 Dec-2023
Revenue
Revenue
257
N/A
271
+5%
245
-9%
259
+6%
291
+13%
278
-5%
754
+172%
950
+26%
1 081
+14%
1 182
+9%
1 152
-3%
1 187
+3%
1 257
+6%
1 280
+2%
1 300
+2%
1 286
-1%
1 260
-2%
1 222
-3%
1 207
-1%
1 296
+7%
1 439
+11%
1 563
+9%
1 638
+5%
1 776
+8%
1 881
+6%
2 040
+8%
2 225
+9%
2 362
+6%
2 414
+2%
2 368
-2%
2 367
0%
2 262
-4%
2 114
-7%
2 173
+3%
2 442
+12%
2 287
-6%
2 042
-11%
2 181
+7%
2 480
+14%
Gross Profit
Cost of Revenue
(66)
(63)
(36)
(33)
(51)
(60)
(167)
(219)
(251)
(285)
(351)
(393)
(392)
(413)
(432)
(440)
(443)
(432)
(442)
(455)
(494)
(530)
(558)
(593)
(615)
(649)
(711)
(777)
(833)
(868)
(910)
0
(864)
0
0
0
0
0
0
Gross Profit
191
N/A
208
+9%
209
+1%
225
+8%
240
+7%
218
-10%
588
+170%
731
+24%
830
+14%
897
+8%
800
-11%
794
-1%
865
+9%
868
+0%
868
+0%
846
-3%
817
-3%
790
-3%
765
-3%
841
+10%
945
+12%
1 033
+9%
1 080
+5%
1 183
+10%
1 266
+7%
1 391
+10%
1 514
+9%
1 584
+5%
1 582
0%
1 500
-5%
1 457
-3%
0
N/A
1 250
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
0
N/A
Operating Income
Operating Expenses
(20)
(22)
(9)
(11)
(22)
(23)
(43)
(52)
(79)
(85)
(49)
(38)
(58)
(54)
(51)
(51)
(55)
(62)
(56)
(51)
28
(72)
(59)
(63)
(64)
(69)
(68)
(118)
(76)
(25)
(73)
(1 033)
(218)
(1 090)
(1 002)
(968)
(1 006)
(1 046)
(1 303)
Selling, General & Administrative
(9)
(12)
(9)
(11)
(17)
(15)
(60)
(67)
(45)
(43)
(45)
(52)
(58)
(54)
(51)
(51)
(55)
(62)
(56)
(50)
(53)
(38)
(58)
(77)
(61)
(66)
(64)
(68)
(70)
(61)
(60)
0
(194)
(21)
(1 041)
(1 032)
(23)
(16)
(20)
Depreciation & Amortization
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1)
(1)
(1)
(2)
(2)
(3)
(4)
(6)
(6)
(8)
(12)
0
(24)
0
(12)
0
0
0
0
Other Operating Expenses
(11)
(10)
(0)
(0)
(5)
(8)
17
16
(35)
(42)
(4)
13
0
0
0
0
0
0
0
0
81
(33)
(0)
15
0
0
0
(44)
0
44
0
(1 033)
0
(1 069)
51
64
(983)
(1 030)
(1 283)
Operating Income
171
N/A
186
+9%
200
+8%
214
+7%
219
+2%
194
-11%
545
+180%
680
+25%
751
+11%
813
+8%
752
-8%
756
+1%
807
+7%
814
+1%
817
+0%
794
-3%
763
-4%
728
-5%
710
-3%
791
+11%
973
+23%
961
-1%
1 021
+6%
1 120
+10%
1 203
+7%
1 322
+10%
1 446
+9%
1 466
+1%
1 506
+3%
1 475
-2%
1 385
-6%
1 228
-11%
1 032
-16%
1 083
+5%
1 440
+33%
1 320
-8%
1 037
-21%
1 135
+9%
1 177
+4%
Pre-Tax Income
Interest Income Expense
(8)
(9)
(15)
(20)
66
290
666
(84)
(117)
(155)
(167)
(165)
(197)
(178)
(162)
(203)
(189)
142
301
192
179
73
374
486
1 278
1 276
84
(21)
(678)
(1 055)
(1 138)
(2 442)
(2 524)
(1 182)
(794)
(343)
(33)
(331)
(64)
Non-Reccuring Items
63
125
372
374
116
(1)
(5)
146
(1 229)
(1 260)
(506)
(565)
291
298
(240)
(365)
222
269
(11)
9
0
81
18
30
0
0
0
0
0
2
0
(3)
1
(2)
(19)
(39)
(133)
(113)
0
Gain/Loss on Disposition of Assets
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Other Income
0
(3)
(2)
(12)
(3)
(15)
(39)
421
(6)
(45)
(7)
(11)
(26)
(29)
(29)
(8)
(8)
0
13
(185)
(185)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(19)
(48)
(30)
103
Pre-Tax Income
227
N/A
299
+32%
556
+86%
556
N/A
397
-29%
468
+18%
1 166
+149%
1 162
0%
(600)
N/A
(646)
-8%
72
N/A
15
-79%
875
+5 582%
905
+3%
387
-57%
218
-44%
787
+262%
1 139
+45%
1 013
-11%
806
-20%
967
+20%
1 114
+15%
1 414
+27%
1 635
+16%
2 481
+52%
2 598
+5%
1 530
-41%
1 446
-5%
828
-43%
422
-49%
247
-41%
(1 216)
N/A
(1 491)
-23%
(101)
+93%
627
N/A
919
+47%
823
-10%
660
-20%
1 217
+84%
Net Income
Tax Provision
0
(1)
(11)
(12)
2
(28)
(78)
(43)
78
82
74
62
(23)
(36)
28
27
(50)
113
147
0
(0)
6
0
(8)
(1)
(9)
(4)
7
2
4
6
(0)
(2)
(5)
(6)
(2)
(4)
(5)
(8)
Income from Continuing Operations
227
298
545
544
399
440
1 089
1 119
(523)
(564)
146
77
852
869
415
245
737
1 252
1 159
806
967
1 121
1 414
1 628
2 480
2 589
1 526
1 453
830
426
253
(1 216)
(1 494)
(106)
621
917
819
655
1 209
Income to Minority Interest
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(1)
(0)
18
0
(17)
0
0
0
0
0
0
0
0
Net Income (Common)
227
N/A
298
+31%
545
+83%
544
0%
399
-27%
440
+10%
1 089
+147%
1 119
+3%
(523)
N/A
(564)
-8%
146
N/A
77
-47%
852
+1 007%
869
+2%
415
-52%
245
-41%
737
+201%
1 252
+70%
1 159
-7%
806
-30%
967
+20%
1 121
+16%
1 414
+26%
1 628
+15%
2 480
+52%
2 589
+4%
1 526
-41%
1 453
-5%
848
-42%
426
-50%
236
-45%
(1 216)
N/A
(1 494)
-23%
(106)
+93%
621
N/A
917
+48%
819
-11%
655
-20%
1 209
+85%
EPS (Diluted)
0.32
N/A
0.41
+28%
0.75
+83%
0.74
-1%
0.54
-27%
0.42
-22%
0.57
+36%
0.52
-9%
-0.25
N/A
-0.27
-8%
0.07
N/A
0.04
-43%
0.41
+925%
0.42
+2%
0.2
-52%
0.12
-40%
0.36
+200%
0.62
+72%
0.58
-6%
0.41
-29%
0.48
+17%
0.56
+17%
0.7
+25%
0.71
+1%
1.07
+51%
1.09
+2%
0.62
-43%
0.57
-8%
0.34
-40%
0.17
-50%
0.09
-47%
-0.48
N/A
-0.59
-23%
-0.04
+93%
0.25
N/A
0.36
+44%
0.33
-8%
0.26
-21%
0.49
+88%

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