Wrap Text
Unaudited results for the six months ended 31 March 2021
Indluplace Properties Limited
(Incorporated in the Republic of South Africa)
(Registration number 2013/226082/06)
JSE share code: ILU ISIN: ZAE000201125
(Approved as a REIT by the JSE)
("Indluplace" or "the company")
SHORT-FORM ANNOUNCEMENT:
UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2021
6 MONTHS ENDED
INCREASE /DECREASE 31 MARCH 2021 31 MARCH 2020
%
Revenue (Rand) (11,8%) 294 217 811 334 415 016
Operating profit^ (Rand) (27,5%) 121 434 554 167 418 908
Earnings (Rand) 2 244,3% 89 764 581 3 828 990
Earnings per share (cents) 2 242,5% 28,11 1,20
Diluted earnings per share (cents) 128,0% 27,86 12,22
Headline earnings per share (cents) 2 242,5% 28,11 1,20
Diluted headline earnings per share (cents) (18,5%) 27,86 34,17
Net asset value per share (cents) (9,6%) 782,88 866,18
^ Rental income less property costs
THE IMPACT OF COVID-19 ON OUR RESULTS
The impact of the COVID-19 related lockdown on the economy has
been severe. The performance of the portfolio to 31 March 2021,
when compared to the pre-COVID-19 six months to 31 March 2020, shows
distributable income being lower. While our diverse portfolio provided
some protection, last year's events have had a marked impact on
our tenants, their ability to pay and the competition to attract good
quality tenants.
No meaningful comparison can be made between the results for the six months
ended 31 March 2021 and those for the corresponding period in 2020. At the
time of implementation of the lockdown in March 2020, our tenants and our
business were in a much sounder position. During the current six month
period our tenants continued to struggle in a deteriorating environment.
NATURE OF BUSINESS
Indluplace is a proud South African property investor, owning a portfolio
primarily focused on the affordable end of the rental residential market.
The company was listed on the Main Board of the JSE in June 2015 and
currently owns a portfolio of 9 582 residential units and 18 834m(2) of
associated retail space. The portfolio is valued at approximately R3,8 billion,
with properties situated mainly in Gauteng. At 31 March 2021 outsourced
property managers were utilised but the company has announced that it
will be internalising its property management during 2021.
DIVIDEND FOR THE SIX MONTHS ENDED 31 MARCH 2021
The rapidly changing environment, lack of predictability and difficulty in
estimating the overall impact of the pandemic and subsequent lockdown
on the future performance requires Indluplace to retain as much capital as
possible to protect its balance sheet and assist with liquidity. Accordingly,
notwithstanding there being 18,45 cents per share available for the
payment of a dividend, based on a 100% pay-out ratio, compared to
31,17 cents per share for the period ended 31 March 2020, the Board has
elected to defer the decision on the payment of an interim dividend
for the 6 months ended 31 March 2021 until the end of the Company's
financial year.
SHORT-FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the board of
directors of the company. This short-form announcement is a summary of
the full announcement released on SENS and published on Indluplace's
website (http://www.indluplace.co.za) at
https://www.indluplace.co.za/downloads/2021/results/Indluplace-
unaudited-interim-results-31-march-2021.pdf
on 20 May 2021 and on the JSE website at
https://senspdf.jse.co.za/documents/2021/jse/isse/ilu/indlu0321.pdf
and does not contain full or complete details. Any investment decision by
investors and/or shareholders should be based on consideration of the
full announcement.
The full announcement is available for inspection at the registered
offices of the company (2nd Floor, 158 Jan Smuts Building, 9 Walters
Street, Rosebank, Johannesburg, 2196), on the company's website,
http://www.indluplace.co.za and the offices of the sponsor, Java Capital (6th
Floor, 1 Park Lane, Wierda Valley, Sandton, 2196 (entrance at 39 Wierda
Road West)) at no charge during normal business hours from Thursday,
20 May 2021 to Thursday, 27 May 2021. A copy of the full announcement
is available on request from info@indluplaceproperties.co.za
By order of the Board
20 May 2021
Directors T Adler (Chairperson)*, C Abrams*^, C de Wit (CEO), T Kaplan (FD),
G Harris (COO), S Noik*^, A Rehman*^ (Lead independent director), N Tetyana.*^
* Non-executive, ^ Independent. All directors are South African.
Registered office
2nd Floor, 158 Jan Smuts Building, 9 Walters Street, Rosebank, Johannesburg, 2196.
PO Box 685, Melrose Arch, 2076.
Transfer secretaries
Computershare Investor Services Proprietary Limited
Sponsor
Java Capital
Company secretary
CIS Company Secretaries Proprietary Limited
Website http://www.indluplace.co.za
Date: 20-05-2021 08:00:00
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