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Condensed Interim Financial Results for the six months ended 31 August 2019 and cash dividend declaration
Gaia Infrastructure Capital Limited
(Incorporated in the Republic of South Africa)
(Registration number 2015/115237/06)
ISIN: ZAE000210555
JSE code: GAI
(“GAIA” or “the Company”)
Extract from the Reviewed Condensed Interim Financial Results
for the six months ended 31 August 2019 and cash dividend declaration
Salient features:
• Total revenue up 81% to R24 million due to increased dividend income from AUM(1)
• Basic EPS(2) and headline EPS(2) up 168% to 18.06 cents
• Tangible NAV(3) per share at R10.45, a 3% increase from the previous corresponding period
• Interim cash dividend declaration of 25.0 cents per share
• Gross assets under management at R762 million
• A diversified asset portfolio yielding positive results
(1) (2) (3)
Assets under management Earnings per share net asset value
Investment portfolio
GAIA is a diversified infrastructure investment holding company listed on the main Board of the JSE
Limited and offers shareholders indirect exposure to a portfolio of diversified large scale infrastructure
assets in Southern Africa. The Company invests in operational and/or near operational energy,
transportation, and water and sanitation infrastructure assets with visible environmental, social and
governance policy appreciation; and a target investment return of at least inflation plus 6% before
fees. The Company's diversified investment portfolio is made up of five operational, round 1
Renewable Energy Independent Power Producer Procurement Programme ("REIPPPP") projects in
South Africa.
Condensed Statement of Comprehensive Income
for the six months ended 31 August 2019
%
31 August 2019 31 August 2018 change
R’000 R’000
Total revenue 24 338 13 452 80.9
Interest income 239 784 (69.6)
Dividend income 25 000 10 000 150.0
Net fair value movement (901) 2 655 (133.9)
Other income - 13
Total operating expenses (14 216) (9 702) 46.5
Finance cost & Tax (164) (41)
Net profit for the year 9 958 3 709 168.4
Basic earnings per share (cents) 18.06 6.73 168.4
Headline earnings per share (cents) 18.06 6.73 168.4
The Company’s revenue for the six months period ended 31 August 2019 was up 81% to R24.3 million,
made up of dividend and other income of R25 million, and a fair value loss of R0.9 million. Operating
expenses for the period were R14.2 million, which included a R5.8 million write-down of prepayment
of transaction costs previously capitalised. Excluding the once-off transaction costs of R6.1 million, the
operating expenses to gross assets under management remained stable at 1.1%.
Dividend distribution
As at 28 February 2019, GAIA tangible NAV was R10.42 per share, following which a final dividend of
14.8 cents per share was declared and paid on 24 June 2019. This reduced tangible NAV to R10.27 per
share. For the current reporting period, GAIA’s earnings per share was 18.06 cents, thereby increasing
tangible NAV to R10.45 per share. The tangible NAV is expected to remain stable at or around R10.00
per share as the Board has resolved to distribute dividends on a semi-annual basis given the
predictable flow of cash income from the assets under management.
Notice is hereby given that the Board has declared an interim gross cash dividend of 25.0 cents (20.0
cents net of dividend withholding tax) per ordinary share for the six months ended 31 August 2019.
The dividend has been declared from income reserves. A dividend withholding tax of 20% will be
applicable to all shareholders who are not exempt from or do not qualify for a reduced rate of dividend
withholding tax.
The Company’s income tax number is 9473/844/17/4.
The issued share capital at the declaration date is 55 151 000 ordinary shares.
Salient dates for the dividend will be as follows:
Last day to trade cum the ordinary share dividend Tuesday, 17 December 2019
Ordinary shares commence trading ex-dividend Wednesday, 18 December 2019
Ordinary share dividend record date Friday, 20 December 2019
Payment date of ordinary share dividend Monday, 23 December 2019
Share certificates may not be dematerialised or rematerialised between Wednesday 18 December
2019 and Friday, 20 December, both days inclusive.
This interim dividend amounting to R13.8 million has not been recognised as a liability in the reviewed
condensed interim financial results. It will be recognised in shareholders’ equity for the year ended 28
February 2020.
Statement
This short form announcement is the responsibility of the Directors and is a summary of the
information contained in the full announcement and does not contain full or complete details.
Furthermore, this short-form results announcement has not been reviewed, audited or reported on
by GAIA's auditors but has been extracted from the reviewed interim condensed financial results for
the six months ended 31 August 2019 and cash dividend declaration.
Availability
Any investment decision should be based on the full announcement published on GAIA’s
website https://www.gaia-ic.com/documents/GAIA-Interim-Results-2019.pdf
and
The JSE website: https://senspdf.jse.co.za/documents/2019/jse/isse/gaie/gai2019.pdf
The full announcement is available for inspection, free of charge, during normal business hours at
GAIA’s business address, its registered address or at the offices of the Company’s sponsor, Sasfin
Capital .
By order of the Board
28 November 2019
Sponsor
Sasfin Capital (a member of the Sasfin Group)
29 Scott Street, Waverley
Johannesburg, 2090
Date: 28-11-2019 08:24:00
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