GROWTHPOINT PROPERTIES LIMITED - Growthpoints Final Results June 2018

Growthpoint’s Final Results June 2018

Growthpoint Properties Limited
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
Registration number 1987/004988/06
ISIN: ZAE000179420
JSE Share code: GRT
("Growthpoint” or “the Company”)



GROWTHPOINT’S FINAL RESULTS JUNE 2018


Further to the Company’s FY18 final results announcement released on SENS on 29 August 2018,
information omitted from that announcement on headline earning per share (HEPS) is as follows: -

The summary of earnings per share (EPS) and HEPS is as follows:

                                                                               2018          2017

                                                                               Cents         Cents

Basic earnings per share                                                     229.14        267.72

Diluted earnings per share                                                   228.00        266.21

Headline earnings per share                                                  159.84        179.66

Diluted headline earnings per share                                          159.05        178.64



The reconciliation of the weighted average number of shares and diluted average number of shares
is as follows:

                                                                        2018               2017

Weighted average number of shares                                    2,907,848,590     2,810,365,608

  Number of shares as at 1 July                                      2,888,462,582     2,786,093,366

  Shares issued during the year                                         46,324,588       52,790,664

  Effect of treasury shares held                                       (26,938,580)     (28,518,422)

Effect of share options in issue                                        14,569,603       15,925,873

Diluted average number of shares                                     2,922,418,193     2,826,291,481



The Directors are of the view that the disclosure of earnings per share, while obligatory in terms of
IAS 33 Earnings per share and the JSE Listings Requirements, is not meaningful to investors in a REIT
as the basic profit includes fair value adjustments, as well as other non-distributable items. In terms
of Circular 2/2015, issued by SAICA, the fair value adjustment on investment property is added back
in the calculation of headline earnings per share. That circular does not make provision for the fair
value adjustment on non-current financial liabilities, accounting adjustments required to account for
lease income on a straight-line basis, as well as certain non-cash accounting adjustments that do not
affect distributable earnings, to be added back. The calculation of distributable earnings and
dividend per share is therefore more meaningful to investors in a REIT.



Sandton

7 September 2018

Sponsor: Investec Bank Limited

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