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Provisional annual results for the year ended 31 August 2022
OCTODEC INVESTMENTS LIMITED
Incorporated in the Republic of South Africa Registration number: 1956/002868/06
JSE share code: OCT
ISIN: ZAE000192258 (Approved as a REIT by the JSE)
Provisional annual results for the year ended 31 August 2022
Octodec Investments Limited (Octodec or the company), its subsidiaries and associated company (the group) is a real estate investment trust (REIT) listed
on the JSE Ltd (JSE) with a diversified portfolio of 246 residential, retail, office, industrial and specialised properties situated in the major
metropolitan areas of Tshwane and Johannesburg. The portfolio, including an equity-accounted joint venture, has a lettable area of 1 557 460m2 and is
valued at R11.0 billion.
Salient features
Distributable income after tax (REIT funds from operations R'million)
R466.1
(2021: R358.4)
^
Distributable income per share (cents)
175.1
(2021: 134.6)
^
Dividend per share (cents)
130.0
(2021: 50.0)
^
Net asset value (NAV) per share
R23.28
(2021: R23.20)
^
Loan to value (LTV)
39.7%
(2021: 43.2%)
^
This short form announcement is the responsibility of the directors. This announcement is only a summary of the information in the full announcement
and does not contain full or complete details. The condensed consolidated provisional financial statements were reviewed by Ernst & Young Inc. and
their unmodified report is available for inspection at the company's registered address.
Copies of the full announcement may be requested at the company's registered office (elizeg@octodec.co.za) or the office of the sponsor
(sponsor@javacapital.co.za), at no charge, during office hours, Monday to Friday. Any investment decisions made by shareholders and/or investors should
be based on a consideration of the full announcement, released on the Stock Exchange News Service (SENS) on 1 November 2022, which may be downloaded from
https://senspdf.jse.co.za/documents/2022/JSE/isse/OCT/FY2022.pdf
The full announcement is also available on the Octodec Investments Limited website at
https://www.octodec.co.za/financial_results/provisional-results-for-the-year-ended-31-august-2022/
Dividends
Octodec's dividend policy is based on the premise of retaining sufficient funds for developments and acquisitions, as and when these opportunities arise,
maintaining a strong balance sheet with an acceptable loan to value ratio, while at the same time taking into consideration our shareholders' expectations
around distributions.
Based on the above policy, the board of Octodec declared a final dividend of 80.0 cents per share on 28 October 2022, payable to shareholders on Monday,
21 November 2022. The total dividend for the year is 130.0 cents (FY2021: 50.0 cents) per share, a 160% increase on the prior year.
Reviewed Audited
% 31 August 31 August
change 2022 2021
Revenue (R'000) 5.7 1 939 072 1 834 313
Basic and diluted profit/(loss) per share (cents) * 227.3 (65.7)
Headline and diluted headline earnings per share (cents) 45.6 258.7 177.7
Distributable income per share (cents) 30.0 175.1 134.6
Dividend per share (cents) 160.0 130.0 50.0
Net asset value per share (cents) 0.3 23.28 23.20
* Increase by more than 100%
Prospects
Octodec has experienced an increase in residential leasing activity, with reduced vacancies in the residential portfolio in 2022, which has had a positive
impact on the group's results. We are optimistic as we continue to roll out the measures previously introduced to other residential buildings, rendering
them a more attractive proposition for prospective tenants.
Although there has been a continued downward resetting of rentals across most sectors, it is pleasing, from an Octodec perspective, to see that a number
of renewals are being concluded at increased rentals, and we continue to experience demand from large retailers for space in both Johannesburg and Tshwane
CBDs.
At the same time, we are cognisant of the impact that rising inflation, increasing energy costs and high interest rates will have on our tenants and on
Octodec. The failure of municipalities to deliver services, combined with the ongoing power outages, will undoubtedly have a negative impact on an already
weak economy. We therefore remain cautious in our approach to developments, including new builds and conversions, focusing on maintaining a healthy balance
sheet and providing a steady distribution to our shareholders.
Sharon Wapnick Jeffrey Wapnick
Chairman Managing director
28 October 2022
OCTODEC INVESTMENTS LIMITED
Incorporated in the Republic of South Africa
Registration number: 1956/002868/06
JSE share code: OCT
ISIN: ZAE000192258 (Approved as a REIT by the JSE)
Registered address
CPA House, 101 Du Toit Street, Tshwane 0002
Tel: 012 319 8781
e-mail: info@octodec.co.za
Directors: S Wapnick (Chairman)(1), JP Wapnick (managing director)(2), A Vieira (financial director)(2), RWR Buchholz(4), DP Cohen(3), NC Mabunda(4),
EMS Mojapelo(4), MZ Pollack(1), PJ Strydom(4), LP van Breda(4)
(1) Non-executive director
(2) Executive director
(3) Lead independent director
(4) Independent non-executive director
Group company secretary
Elize Greeff
CPA House, 101 Du Toit Street, Tshwane 0002
Tel: 012 357 1564, e-mail: elizeg@octodec.co.za
Sponsor
Java Capital
Contact person: Jean Williams
6th Floor, 1 Park Lane, Wierda Valley, Sandton 2196
PO Box 522606, Saxonwold 2132
Tel: 011 722 3061, e-mail: sponsor@javacapital.co.za
Transfer secretaries
Computershare Investor Services (Pty) Ltd
Contact person: Leon Naidoo
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196
Private Bag X9000, Saxonwold 2132
Tel: 011 370 5000, e-mail: leon.naidoo@computershare.co.za
Investor relations
Instinctif Partners
Contact person: Bryan Silke
2nd Floor, Oxford Park, 8 Parks Boulevard, Dunkeld, Johannesburg
Tel: 011 447 3030, e-mail: investorrelations@octodec.co.za
Auditors
Ernst & Young Inc.
Contact person: Gail Moshoeshoe CA(SA)
102 Rivonia Road, Sandton
Private Bag X14, Sandton 2146
Tel: 011 502 0601, e-mail: gail.moshoeshoe@za.ey.com
Date of publication
1 November 2022
www.octodec.co.za
Date: 01-11-2022 07:05:00
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