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Results For The Six Months Ended 30 September 2022 And Dividend Declaration
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
(“Sirius” or the "Company")
RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2022 AND DIVIDEND
DECLARATION
1. SALIENT FEATURES
Total revenue increased by 47.7% to €130.6 million for the six-month period ended 30
September 2022 (“H1 2023”) (H1 2022: €88.4 million)
Funds from Operations (“FFO”)* grew by 47.0% to €48.5 million for H1 2023 (H1 2022:
€33.0 million)
H1 2023 dividend per share increased by 32.4%** to 2.70c (H1 2022: 2.04c)
Net asset value (“NAV”) per share increased by 1.8% to 103.90 cents (31 March 2022:
102.04 cents) - adjusted NAV*** per share up 2.0% to 110.72 cents (31 March 2022:
108.51 cents)
European Public Real Estate Association (EPRA) earnings per share increased by 14.2%
to 3.53 cents per share, from 3.09 cents per share in the prior corresponding period
Headline earnings per share increased by 42.0% to 3.65 cents per share, from 2.57 cents
per share in the prior corresponding period
Earnings per share decreased by 6.8% to 6.00 cents per share, from 6.44 cents per share
in the prior corresponding period
* See note 25 of the Interim Report.
** H1 2023 dividend represents 65% of FFO (H1 2022: 65% of FFO).
*** See note 11 of the Interim Report.
Note: All amounts stated in Euro (€)
2. Dividend
The board of directors of Sirius has declared a dividend for the six-month period ended 30
September 2022 of 2.70 cents per share, representing a pay-out ratio of 65% of FFO, and an
increase of 32.4% on the 2.04 cents per share dividend relating to the corresponding period
last year that was based on 65% of FFO.
The ex-dividend date will be Wednesday, 7 December 2022 for shareholders on the South
African register, meaning the last day to trade is Tuesday, 6 December 2022. The ex-dividend
date for shareholders on the UK register will be Thursday, 8 December 2022. The record date
will be Friday, 9 December 2022 for shareholders on the South African and UK registers and
the dividend will be paid on Thursday, 19 January 2023 for shareholders on both registers
To facilitate settlement of the dividend to entitled South African (“SA”) shareholders, share
certificates may not be dematerialised or rematerialised between Wednesday, 7 December
2022 (the SA ex-dividend date) and Friday, 9 December 2022 (the record date). No transfers
between the SA share register and the UK share register, may take place between
Monday, 21 November 2022 (the declaration date) and Friday, 9 December 2022 (the record
date). All dates are inclusive.
The dividend has been declared in Euro. Shareholders on the UK share register may choose
to receive their entitlement to the dividend in cash in either Euro or Sterling. Shareholders on
the UK share register who do not make a valid Sterling currency election will receive any
entitlement to the cash dividend in Euro. Shareholders on the SA share register will receive
any entitlement to the cash dividend in ZAR.
The Euro to Sterling Conversion Rate (UK share register only)
For Shareholders on the UK share register who make a valid Sterling currency election, the
conversion rate for the purposes of calculating the dividend for the six-month period ended 30
September 2022 will be a Euro to Sterling Rate of £0.8702.
On this basis, shareholders on the UK share register will receive a gross dividend of £2.34954
(Sterling) per ordinary share.
The Euro to ZAR Conversion Rate (SA share register only)
For shareholders on the SA share register, the conversion rate for the purposes of calculating
the dividend authorised in connection with the period ended 30 September 2022 will be 17.836
ZAR to 1 Euro.
The Euro to ZAR conversion for payment of the dividend in ZAR will be settled on
Monday, 21 November 2022, using the Euro to ZAR Conversion Rate which has been fixed
by the Company as at the close of business on Friday, 18 November 2022.
On this basis, shareholders on the SA share register will receive a gross dividend of
48.15720 (ZAR cents) per ordinary share.
Information for shareholders on the SA share register
Tax
The dividend is subject to a South African dividend withholding tax (“DWT”) rate of 20%, unless
the shareholder is exempt from paying dividend tax or is entitled to a reduced rate in terms of
the applicable double-tax agreement. The Company confirms that the net cash dividend
received by SA shareholders who are not exempt from DWT of 20%, is expected to be
38.52576 (ZAR cents) per ordinary share.
General information
On Monday, 21 November 2022, being the declaration date of the dividend, the Company had
in issue 1,175,052,364 ordinary shares carrying voting rights, and there were no shares held
in treasury. The Company is incorporated in Guernsey with Company number 46442. Sirius’
tax registration number in Guernsey is 1EC.956 whilst its UK tax number is GB 203993015.
The distribution is made from income reserves.
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/2022/JSE/ISSE/SREE/SREHY23.pdf
A copy 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 and
obtained in person, at the Company’s registered office or the offices of the Company’s
JSE sponsor, PSG Capital, at no charge, during office hours.
These H1 2023 interim results have been reviewed by the Company’s auditors, Ernst &
Young LLP, which issued an unmodified review opinion on the results. The review opinion
is included in the Full Announcement.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
21 November 2022
JSE Sponsor
PSG Capital
Date: 21-11-2022 09:00:00
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