MAHUBE INFRASTRUCTURE LIMITED - Interim Results for the six months ended 31 August 2022 and cash dividend declaration

Interim Results for the six months ended 31 August 2022 and cash dividend declaration

Mahube Infrastructure Limited
(Formerly GAIA Infrastructure Capital Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2015/115237/06)
ISIN: ZAE000290763
JSE code: MHB
(“Mahube” or the “Company”)

SHORT FORM ANNOUNCEMENT : INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 31 AUGUST 2022 AND CASH DIVIDEND DECLARATION

Salient features:

• Dividends received down 65.6% to R11.0 million from R32.0 million
• Total revenue down 41.0% to R24.0 million in comparison to R40.7 million for the comparative
  period last year
• Basic earnings and headline earnings per share down to 29.0 cents per share in comparison to
  60.3 cents for the comparative period last year
• Tangible NAV per share at R11.18 compared to R10.91 in the comparative period last year
• Interim dividend declaration of 45.00 cents per share

Investment portfolio

Mahube is an infrastructure company that offers investors exposure to infrastructure assets in
Southern Africa. The vision of Mahube is to stimulate fast, inexpensive and sustainable delivery and
upkeep of infrastructure on a significant scale. Mahube aims to provide investment returns that are
characterised by predictable and regular cash flows generated from infrastructure assets, long-term
investment into ownership and operation of assets, and blue-sky upside from providing disruptive
solutions to infrastructure-related market inefficiencies. Currently Mahube has invested in and holds
equity interests in two wind farms and three solar photovoltaic farms with a collective power
generation capacity of approximately 400 MW. Four of the renewable energy assets were licensed
during Bid Window Round 1 of the Renewable Energy Independent Power Procurement Programme
in South Africa. The fifth was licensed during Bid Window Round 2. Each asset generates electricity
that it sells to Eskom under a 20-year power purchase agreement.


Condensed Statement of Comprehensive Income for the six months ended 31 August 2022

                                                                                          %
                                                 31 August 2022   31 August 2021      change

 Revenue (R’000)                                        24 004            40 704          (41)
 Net profit (R’000)                                     15 987           33 261           (52)
 Earnings and headline earnings per
 share (cents)
                                                         28.99             60.31          (52)

 Net asset value per share                                11.18            10,91            2
Dividend distribution


The Board has pleasure in announcing that an interim gross dividend per ordinary share of 45.00000
cents, has been declared for the six months ended 31 August 2022.
Dividends are subject to Dividends Withholding Tax.
The payment date for the dividend is Monday, 9 January 2023.
• Dividends have been declared from income reserves.
• Local Dividends Withholding Tax rate is 20%.
• The gross dividend amount is 45.00000 cents per ordinary share.
• The net cash dividend amount is therefore 36.0000 cents per ordinary share.
• The Company has 55 151 000 ordinary shares in issue as at the declaration date.
• The Company’s income tax reference number is 9473/844/17/4.


Salient dates for the dividend will be as follows:
                                                                                     2023

Last day to trade cum the ordinary share dividend                      Tuesday, 3 January

Ordinary shares commence trading ex-dividend                           Wednesday, 4 January

Ordinary share dividend record date                                    Friday, 6 January

Payment date of ordinary share dividend                                Monday, 9 January



Share certificates may not be dematerialised or rematerialised between Wednesday, 4 January 2023
and Friday, 6 January 2023.

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 Mahube’s auditors
but has been extracted from the interim condensed financial results for the six months ended 31 August
2022 and cash dividend declaration.

Availability

Any investment decision should be based on the full announcement published on Mahube’s
Website:       https://mahube.africa/wp-content/uploads/2022/11/8730_Mahube-interim-results-
booklet-2022_WEB-FA.pdf

and
The JSE website: https://senspdf.jse.co.za/documents/2022/jse/isse/mhbe/mah2022.pdf

The full announcement is available for inspection, free of charge, during normal business hours at
Mahube’s business address, 3rd Floor, Penthouse 5, 4 The High Street, Melrose Arch, 2196 or can be
requested per email to info@mahube.africa


By order of the Board
30 November 2022


Sponsor
Questco Corporate Advisory Proprietary Limited

Date: 30-11-2022 01:00:00
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