IRONGATE GROUP - Audited Annual Results 31 March 2022

Audited Annual Results – 31 March 2022

Irongate Group (JSE: IAP)
Comprising Irongate Property Fund I (IPF I, ARSN 162 067 736) and Irongate Property Fund II (IPF II, ARSN 644 081 309), established in Australia
and registered with ASIC as managed investment schemes
Operated by Irongate Funds Management Limited (ACN 071 514 246; AFSL 290 909) (Responsible Entity)
IPF I is registered as a foreign collective investment scheme in terms of the Collective Investment Schemes Control Act No.45 of 2002
ISIN: AU0000046005
(IAP or the Fund)


Audited annual results – 31 March 2022


The board of the Responsible Entity is pleased to announce the results for the period ended 31
March 2022.

The current reporting period for Irongate Group is 1 April 2021 to 31 March 2022. The previous
corresponding reporting period is 3 September 2020 to 31 March 2021. The previous reporting
period for Irongate Group is driven by the parent, IPF II. IPF II was established on 3 September
2020 and has been identified as the parent of the consolidated group.

 Irongate Group                                                                               31 March                       31 March
                                                                                                  2022                           2021

 Revenue (AUD’000)                                                                             117,335                        32,224
 Operating profit (AUD’000)                                                                    266,324                        110,739

 Headline earnings (AUD’000)                                                                   103,515                         12,658
 Earnings per security (cents)                                                                   41.15                          18.12

 Net tangible asset value per security (AUD)                                                      1.74                           1.43

 Distributions per security (pre WHT) (AUD cents)                                                 9.20                           4.53

 Distributions per security (post WHT) (AUD cents)                                                8.37                           4.08



The directors of the Responsible Entity are responsible for the preparation and fair presentation
of this short form announcement and its contents.

The financial results for Irongate Group for the period ended 31 March 2022 have been audited
by KPMG Inc, who expressed an unmodified opinion. A copy of the auditor’s opinion is available
for inspection at the Responsible Entity’s registered office and the website at
www.irongategroup.com.au together with the financial statements and key audit matters
identified in the auditor’s report.

Prior to the internalisation of the management function, IPF I (then known as Investec Australia
Property Fund) was the reporting entity of Irongate Group. IPF I is not the parent entity of
Irongate Group and was consolidated in to Irongate Group as of 30 November 2020. The
current reporting period for IPF I is the twelve months to 31 March 2022. The previous
corresponding reporting period was for the twelve months to 31 March 2021.

 IPF I                                                31 March          31 March        Increase/
                                                        2022              2021         (decrease)
 Revenue (AUD’000)                                     108,840           92,676          16,164
 Operating profit (AUD’000)                            259,596           164,730         94,866

 Headline earnings (AUD’000)                            93,792           51,546          42,246
 Earnings per security (cents)                          40.09             26.95           13.14

 Net tangible asset value per security (AUD)             1.65              1.43            0.22

 Distributions per security (pre WHT) (AUD               9.20              8.92            0.28
 cents)
 Distributions per security (post WHT) (AUD              8.37              8.05            0.32
 cents)

This short form announcement is a summary of the information in the full announcement, and
any investment decision should be based on the full announcement. The full announcement is
published on SENS and available at www.irongategroup.com.au and
https://senspdf.jse.co.za/documents/2022/jse/isse/iap/AR2022.pdf. In addition, the full
announcement is available for inspection at the Responsible Entity’s local representative office,
at no charge, every Monday to Friday between 08:00 – 17:00. Copies of the full announcement
can also be requested via email on ir@irongategroup.com.au.


A copy of the investor presentation in relation to the year end results is available for inspection
at https://www2.asx.com.au/markets/company/iap


Johannesburg
10 May 2022

Sponsor
Investec Bank Limited




                                                                                                      

Date: 10-05-2022 09:01:00
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