SIRIUS REAL ESTATE LIMITED - Results For The Six Months Ended 30 September 2019 And Dividend Declaration

Results For The Six Months Ended 30 September 2019 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 SIX MONTHS ENDED 30 SEPTEMBER 2019 AND DIVIDEND
DECLARATION


1.   SALIENT FEATURES

     Profit before tax of €79.7 million for the six-month period (H1 2018: €78.2 million)

     Funds from Operations* grew by 16.3% to €27.1 million (H1 2018: €23.3 million)

     Interim dividend per share increased by 8.6%** to 1.77c (H1 2018: 1.63c)

     NAV per share increased by 7.3% to 76.18c (31 March 2019: 71.01c) - adjusted NAV***
     per share up 6.7% to 80.20c (31 March 2019: 75.17c)

     Completed the sale of 65% of five assets**** to AXA Investment Managers - Real Assets
     at significant premium to previously reported book value generating around €70.0 million
     of funds to re-invest

     Finalised €115.4 million increase in Berlin Hyp AG bank facility for four years with all-in
     fixed interest rate of 0.9% per annum***** generating around €90.0 million of funds to re-
     invest

     Completed the acquisition of three sites for €21.9 million - additional two assets notarised
     for acquisition for €64.6 million – three assets in exclusivity for €57.7 million

     Mature asset located in Weilimdorf notarised for disposal for €10.1 million, due to
     complete in April 2020

     Entered FTSE 250

     EPRA earnings per share increased by 13.5% to 2.44 cents per share, from 2.15 cents
     per share in the prior corresponding period.

     Headline earnings per share decreased by 32.2% to 1.45 cents per share, from 2.14 cents
     per share in the prior corresponding period.

     Earnings per share decreased by 2.6% to 6.86 cents per share, from 7.04 cents per share
     in the prior corresponding period.


     *       See note 24 of the Interim Report.
     **      Interim dividend represents 67% of FFO (30 September 2018: 70% of FFO).
     ***     See note 11 of the Interim Report.
     ****    Transaction included the sale of 65% of the Group’s interest in five subsidiary entities which own five property assets
     *****   Nabern asset added into the security pool following the repayment of €24.6 million of K-Bonds debt that the asset
             previously acted as security for.

2.   DIVIDEND

     The Board has considered the payout ratio for the financial year ending 31 March 2020
     in the context of recent asset recycling and in particular the loss of income whilst the
     proceeds from the Titanium venture are re-invested. Accordingly, the Board has declared
     an interim dividend of 1.77c per share for the six month period ended 30 September 2019,
     representing a payout ratio of 67% of FFO, and an increase of 8.6% on the 1.63c dividend
     that represented 70% of FFO relating to the same period last year. Notwithstanding the
     impact of additional asset recycling, the Board remains committed to reverting to its stated
     pay-out ratio target of 65% in due course.

     The ex-dividend date will be 18 December 2019 for shareholders on the South African
     register and 19 December 2019 for shareholders on the UK register. The record date will
     be 20 December 2019 for shareholders on the South African and UK registers and the
     dividend will be paid on 17 January 2020 for shareholders on both registers. 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/2019/JSE/ISSE/SREE/Interim19.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.


25 November 2019

Sponsor

PSG Capital

Date: 25-11-2019 09:00:00
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