Ascencia Limited (ASCE.mu) 2019 Abridged Report

We have extracted the Statement from 2019 abridged report for Ascencia Limited (ASCE.mu), listed on the Stock Exchange of Mauritius:

Operational Review:

Ascencia continues to deliver sustained growth with net operating income growing by 10% compared to last year (excluding the impact of straight line rental accrual). The key drivers of this improvement were the annual contractual increase in leases and the contribution of So’flo for the year under review. Overall, tenants traded well even if we saw signs of a slowdown in consumer spending across some segments. Trading densities are up, rent to turnover ratio has further reduced and vacancy take up well under control with a vacancy level, which is similar to last year.

Financial Review:

Dividend per share rose by 9.3% to Rs 0.82 on the back of these strong results. As for our share price, it gained 13% over the period to close at Rs 19.35 representing a 19% premium to net asset value per share. Opening of Bo’Valon Mall and new accesses to the Phoenix Mall: Progress of work at Bo’Valon Mall is as planned with an opening scheduled for November 2019. Likewise, works on the new entrances at Phoenix Mall in the wake of the Road Decongestion Programme should be completed by November 2019.

Outlook

The expansion project at Bagatelle Mall is on track with completion scheduled for the end of the 2020 calendar year. This will significantly increase the attractiveness of the Mall with the arrival of popular international and local brands, a new visitor’s entrance and 400 additional parking bays. As for So’flo, we are planning to upgrade the food hall to accommodate some new well-known local restaurants. These outlets are to open before December 2019. Finally, we have embarked on an ambitious project, ASCE. This project aims at further establishing our brand through enhanced operational excellence and, ultimately, a better and consistent delivery of our customer promise “Shaping Singular Places”. We are confident that this will, not only, allow us to remain relevant to our shoppers but continue to deliver robust results for our shareholders.