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Provisional Reviewed Condensed Consolidated Results for the year ended 30 June 2022 and Cash 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')
Provisional Reviewed Condensed Consolidated Results for the year ended 30 June 2022 and Cash Dividend Declaration
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 a JSE listed property company active in all
property segments.
The portfolio currently comprises 15 (2021: 16) strategically located properties, located primarily in the Gauteng
geographic area. The total Gross Lettable Area ('GLA') of the invested properties is 84 112m2 with a value of R1 106
365 million.
The board of directors ('Board') is pleased to announce the reviewed condensed consolidated annual results for the
year ended 30 June 2022.
Declaration of final dividend no 66
The Board is pleased to announce the declaration of a dividend of 6.00 cents per ordinary share in respect of the year
ended 30 June 2022 (2021: 10.75 cents), thus bringing the total dividend payable for the year to 10.25 cents (2021: 15
cents).
The salient dates are as follows:
Declaration date Friday, 7 October 2022
Last date to trade to participate Tuesday, 25 October 2022
Trading commences ex dividend Wednesday, 26 October 2022
Record date Friday, 28 October 2022
Date of payment Monday, 31 October 2022
Share certificates may not be dematerialised or rematerialised between Wednesday, 26 October 2022 and Friday, 28
October 2022, both days inclusive.
Additional information:
This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The dividend
withholding tax ("DWT") rate is 20%. The net amount payable to shareholders who are not exempt from DWT is 4.80 cents
per share, while the gross amount is 6.00 cents per share to those shareholders who are exempt from DWT.
There are 42 409 181 (2021: 42 409 181) ordinary shares in issue; the total dividend amount payable is R 2 544 551
(2021: R4 558 987). Putprop's tax reference number is 9100097717, and its company registration number is
1988/001085/06.
Financial Summary
Total Total* %
2022 2021 change
Contracted rental and recoveries 111 325 73 075 52.34
Operating profit (Rm) 67 283 57 681 16.64
Earnings per share (cents) 150.97 52.80 185.93
Headline earnings per share (cents) 87.96 70.3 25.12
Net asset value per share (cents) 1 601 1 445 10.79
Dividend per share (cents) 10.25 15 (31.67)
* Restated
Performance Highlights
Financial
Rentals R111 325 (2021: R73 075)
Operating Profit R67 283 (2021: R62 571)
HEPS 87.96 cents (2021: 70.3 cents)
Operating profit margin 60.4% (2021: 78.9%)
Cost-to-income ratio 34.2 (2021: 35.9)
Net asset value of 1 601 cents per share (2021: 1 445 cents)
Annual escalation on contractual rental income of 6,7% (2021: 7.1%)
Total Debt R476 903 million (2021: 4 77 150)
Manufactured
Total GLA 84 112 m2 (2021: 99 848 m2)
Leverage Ratio 0.79 times (2021: 0.91 times)
DPS 10.25 cents (2021: 15 cents)
37.0% A Grade Tenants (2021: 26.7%)
Retention of 100% of tenants whose lease expired during the review period. (2021: 94.1%)
Future minimum lease rentals greater than 2 years increased by 83.4% to R458 758 million (2021: 79.6%)
WALE Weighted Average Lease Expiry 3.74 years (2021: 3.4)
Vacancy Profile of 1 827m2 or 2.2% (2021: 2 238m2)
Short-form announcement
The content of this short-form announcement is the responsibility of the Board. The information has been extracted
from the full reviewed condensed consolidated results for the year ended 30 June 2022 announcement ("Full
Announcement") and this short-form announcement is not itself reviewed by the external auditors. The Provisional
Reviewed Condensed Consolidated Results for the year ended 30 June 2022 have been reviewed by the Group's auditors,
BDO South Africa Inc, who expressed an unmodified opinion thereon. Shareholders are advised that, in order to obtain a
full understanding of the nature of the auditor's engagement and more specifically, the nature of the information that
has been reviewed, they should obtain a copy of the auditor's review report available through the following link:
https://putprop.co.za/reports/auditorsreview.pdf, which sets out the key audit matters and the basis for the
unmodified opinion. Shareholders are advised that this short-form announcement represents a summary of the information
contained in the Full Announcement which is available at:
https://senspdf.jse.co.za/documents/2022/jse/isse/ppr/ye22.pdf and the company's website at www.putprop.co.za. Any
investment decision by investors and/or shareholders should be based on a consideration of the Full Announcement which
investors and shareholders are encouraged to review.
The Full Announcement is also available for inspection at the registered offices of Putprop and that of the Sponsor,
Merchantec Capital, during normal business hours, or on the Group's website at www.putprop.co.za. Copies may also be
obtained at no cost on request from the Company Secretary, who is contactable on +27 11 325 6363 or
natasha@acorim.co.za.
Registered and Postal Address:
Putprop House,
22 Impala 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
External Auditors
BDO
Wanderers Office Park, 52 Corlett Dr, Illovo, Johannesburg, 2196
Transfer Secretaries:
Computershare Investor Services Proprietary Limited,
Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
Directors:
Bruno Carleo (Chief Executive Officer), James Smith (Chief Financial Officer), Daniele Torricelli*^ (Chairman), Hayden
Hartley*^, Rene Styber*^, Gerrit van Heerden*^, Anna Carleo-Novello
* Independent ^ Non-executive
www.putprop.co.za
7 October 2022
Johannesburg
Date: 07-10-2022 02:58:00
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