New chief executive Marius Muller described the past year as the most difficult in the company’s history, but said that the group would resolve inherited legacy issues in the next financial year. Muller said he declined his contractual bonus and increase in compensation. He said difficult but necessary decisions had to be made to bring Texton back in line with shareholder and stakeholder expectations.
The like-on-like held property portfolio value decreased 13.2percent to R4.15billion, with most of the reduction contributed by the SA unit due to economic erosion and resulting rental reversions.
Muller said the lower distribution was attributed negative market factors including vacancies, an oversupply of space, prolonged let-up periods, lower foreign exchange gains and increased funding costs, which he described as in line with expectations.
“Rather than dwelling on factors over which we have no control, we remained firmly focused on what we can manage,” he said. “We made pleasing operational advances that place Texton on a much firmer footing for the future.”