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Unaudited Condensed Interim Financial Results for the Six Months Ended 31 December 2020 and Dividend Declaration
Putprop Limited:
Incorporated in the Republic of South Africa
(Registration number 1988/001085/06)
Share code: PPR | ISIN: ZAE000072310
("Putprop" or "the Company" or "the Group")
Putprop Limited short form announcement
for the six months ended 31 December 2020
Introduction
Putprop is a property investment company, listed on the Main Board of the JSE Limited ('JSE') under the real estate
sector. The Company offers investors an opportunity to participate in the industrial, commercial, and retail sectors
of a JSE listed property company.
The portfolio comprises 14 (June 2020: 14) strategically located properties, situated primarily in the Gauteng
geographical area. The total Gross Lettable Area ('GLA') of the invested properties is 69 108m2 (June 2020 : 68
553m2) with a value of R518.9 million (June 2020: R541.1 million). Investment property held for sale was R39.0
million (June 2020: R21.0 million).
The board of directors of Putprop ('Board') is pleased to announce the interim results for the six months ended 31
December 2020. This reflects that rentals were flat over the period ended 31 December 2020 in respect of gross
property rental revenue. Property expenses decreased by 6.5% due to management's cost cutting intiatives. Increases
in corporate expenses were up at R6.4 million (Dec 2019: R6.1 million), an increase of 4.8%. All operating expenses
were pleasing. The underlying portfolio continues to perform satisfactory.
Operations
The Group's rental operations as noted above, was flat. The share of associated profits decreased slightly from a
profit of R8.3 million in December 2019 to a profit of R7.4 million as at 31 December 2020. These decreases arose
directly from the effects of the Covid-19 pandemic regulations imposed by national government. Rental streams from
both associatives were down.
Summary of financial performance
Profit after taxation up by 61.9% to R25.7 million.
Propert expenses decreased by 6.5% after application of cost cutting exercise.
Net Asset Value of 1 419 cents per share
Annual escalation on contractual rental income of 7.50% in difficult rental market
Market value per m2 of property portfolio of R8 074 per m2
Total Total %
Dec 2020 Dec 2019 change
Contracted rental and recoveries 38 415 38 596 (0.5)
Operating profit (Rm) 30 966 31 282 (8.2)
Earnings per share (cents) 58.64 36.21 61.9
Headline earnings per share (cents) 35.87 36.45 (1.6)
Net asset value per share (cents) 1 419 1 366 3.9
Dividend per share (cents) 4.25 8.25 (94.1)
Short form announcement
Payment of interim distribution - ordinary interim dividend number 63
Notice is hereby given that the Board has declared an interim gross cash dividend ('the dividend') for the six
months ended 31 December 2020 of 4.25 cents per ordinary share (December 2019: 8.25 cents per ordinary share).
The dividend is payable to shareholders recorded in the register of the Company at close of business on Thursday, 1
April 2021.
The current local Dividend Withholding Tax ('DWT') rate is 20%. The gross local dividend amount is 4.25 cents per
share for shareholders exempt from paying DWT whilst the net local dividend payable is 3.40 cents per share for
shareholders liable to pay DWT. The issued share capital of Putprop is 42 409 181 (2020: 43 897 279) shares.
Putprop's income tax reference number is 9100097717. This dividend is payable from income reserves.
The salient dates relating to the dividend are as follows:
Declaration date Friday, 5 March 2021
Last date to trade share cum dividend Monday, 29 March 2021
Shares trade ex-dividend Tuesday, 30 March 2021
Record Date Thursday, 1 April 2021
Payment date Tuesday, 6 April 2021
Share certificates may not be dematerialised or rematerialised between Tuesday, 30 March 2021 and Thursday, 1 April
2021, both days inclusive.
This announcement is a summarised version of the full announcement in respect of Putprop's Unaudited Condensed Group
results for the six months ended 31 December 2020. As such, it does not contain full or complete details pertaining
to the Group's results. Any investment decisions should be based on consideration of the full announcement as
published on SENS on 5 March 2021 and on the Group's website at www.putprop.co.za. The full announcement is also
available for inspection at the registered offices of Putprop and that of our sponsors, Merchantec Capital during
business hours. Copies may also be obtained at no cost on request from the Company Secretary, who is contactable on
+27 11 325 6363 or putprop@acorim.co.za. The full announcement can also be accessed online at
https://senspdf.jse.co.za/documents/2021/jse/isse/ppr/interim21.pdf
The short form announcement is the responsibility of the directors.
Registered and Postal Address: Putprop House, 91 Protea Road, Chislehurston, Sandton, 2196
Company Secretary: Acorim Proprietary Limited, 13th Floor, Illovo Point, 68 Melville Road, Illovo, Sandton, 2196
Sponsor:
Merchantec Capital,
13th Floor, Illovo Point,
68 Melville Road, Illovo, Sandton,
2196
Transfer Secretaries:
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue, 2196
Rosebank, Johannesburg, 2196
P O Box 61051, Marshalltown, 2107
Directors:
Bruno Carleo (Chief Executive Officer),
James Smith (Financial Director),
Daniele Torricelli*^ (Chairman),
Hayden Hartley*^,
Gerrit Van Heerden *^,
Anna Carleo (Executive),
Ren‚ Styber*^
* Independent ^ Non-executive
Date: 05-03-2021 01:42:00
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