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Results For The Year Ended 31 March 2020 And Dividend Declaration
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (EUR) Share Code: ESRE
LSE (GBP) Share Code: SRE
ISIN Code: ISIN GG00B1W3VF54
("Sirius Real Estate", “Sirius” or the "Company")
RESULTS FOR THE YEAR ENDED 31 MARCH 2020 AND DIVIDEND DECLARATION
1. SALIENT FEATURES
• Profit before tax €110.8 million (2019: €144.7 million)
• Strong like for like annualised rent roll increase of 6.1% (2019: 7.1%)
• Like for like increase in rental rate per square meter of 4.1% to €6.07 (2019: €5.83)
• Excellent operational performance with funds from operations (“FFO”) growing by
15.1% to €55.7 million (2019: €48.4 million)
• Like for like book value increase of 9.9% (2019: 13.3%)
• NAV per share increased by 8.9% to 77.35c (2019: 71.01c) and EPRA NAV per
share increased 7.8% to 80.62c (2019: 74.82c)
• Completion of sale of seed portfolio into Titanium venture and first acquisition
completed for €58.9m
• €190.0 million generated through Titanium, financing activity and asset recycling
• €120.0 million of acquisitions completed in the period
• Net LTV of 32.8% (2019: 32.4%)
• Average cost of debt reduced to 1.5% (2019:2.0%) and first unsecured debt facility
completed
• Basic earnings per share decreased by 25.3% to 9.55c (2019:12.78c)
• Headline earnings per share increased by 4.2% to 4.51c (2019:4.33c)
• Final dividend of 1.80c per share authorised giving total dividend for the year of 3.57c
(based on blended 66% of FFO pay-out) an increase of 6.3% on the 3.36c dividend
for the year ended 31 March 2019 (based on 70% of FFO pay-out)
Commenting on the Results Andrew Coombs, Chief Executive Officer of Sirius
Real Estate, said:
“It’s good to be reporting another successful year, having achieved our sixth consecutive
year of greater than 5 per cent annual organic growth in our rent roll and 15 per cent
growth in funds from operations, our key measure of operational performance.
“While we look to the future with caution, due to the uncertainties created by Covid-19, I
believe the Company is well placed to endure the economic difficulties being created by
the crisis and also take advantage of opportunities with our strong balance sheet. We
remain focused on delivering attractive risk-adjusted returns by way of active asset
management throughout the property cycle. With our significant cash resources
available to make acquisitions, further vacancy to develop and reversion potential to
capture, Sirius is well positioned to meet the challenges ahead.
“We’ve acquired a further €120 million of additional assets, increasing our presence in
our target cities, from which we are confident of extracting significant value by playing to
the strengths of our integrated business model and track record of maximising
occupation and growing rental levels.
“Taking advantage of the favourable lending conditions during the year, we optimised
our capital structure with a number of initiatives that have resulted in a reduction of our
average cost of debt to 1.5 per cent from 2.0 per cent.”
2. DIVIDEND
The Board has authorised a dividend in respect of the second half of the financial year
ended 31 March 2020 of 1.80c per share representing 65% of FFO, an increase of 4.0%
on the equivalent dividend last year, which represented 70% of FFO. The total dividend
for the year is 3.57c, an increase of 6.3% on the 3.36c total dividend for the year ended
31 March 2019. The Group has not received any direct state financial assistance in
connection with the Covid-19 crisis.
It is expected that, for the dividend authorised in respect of the six month period ended
31 March 2020, the ex-dividend date will be 8 July 2020 for shareholders on the South
African register and 9 July 2020 for shareholders on the UK register. It is further expected
that for shareholders on both registers the record date will be 10 July 2020 and the
dividend will be paid on 20 August 2020. A detailed dividend announcement will be made
in due course, including details of a scrip dividend alternative.
3. SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the directors of the Company. It
contains only a summary of the information in the full announcement (‘Full
Announcement”) and does not contain full or complete details. The Full Announcement
can be found at:
https://senspdf.jse.co.za/documents/2020/JSE/ISSE/SREE/Final20.pdf
Copies of the Full Announcement is also available for viewing on the Company’s website
at https://www.sirius-real-estate.com/news/regulatory-news/ or may be requested in
person, at the Company’s registered office or the office of the sponsor, at no charge,
during office hours.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
These annual results have been audited by the Company’s auditors, Ernst & Young LLP
who expressed an unmodified audit opinion thereon. The audit opinion also includes
communication of key audit matters. This opinion is available, along with the annual
financial statements on the Company’s website at www.sirius-real-estate.com.
01 June 2020
Sponsor
PSG Capital
Date: 01-06-2020 08:00:00
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