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Summarised audited consolidated financial statements for year ended 28 February 2023, declaration of final dividend
EXEMPLAR REITAIL LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2018/022591/06
JSE share code: EXP
ISIN: ZAE000257549
LEI: 3789000558287E37F130
Approved as a REIT by the JSE ("Exemplar" or "the Company")
SHORT FORM ANNOUNCEMENT: SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023 AND DECLARATION OF FINAL DIVIDEND
Total cash dividend for the year ended
28 February 2023 of
141,1 cents per share
An increase of 20.0%
Loan-to-value ratio of
36.3% and
interest cover ratio of 4.2 times
NAV per share of
R13,74
An increase of 11.8%
NATURE OF BUSINESS
Exemplar is a listed Real Estate Investment Trust ("REIT") whose core focus is the provision and
management of retail services to previously under-serviced regions across five provinces of South
Africa. There are currently 26 retail assets in the portfolio with a combined GLA of 407 942sqm.
KEY FINANCIAL INFORMATION
Audited Audited
for the for the
12 months 12 months
ended ended
28 February 28 February
2023 2022 Change
Revenue (R'000) 1 047 495 884 607 18.4%
Operating profit (R'000) 696 944 588 329 18.5%
Operating profit before operating lease equalisation (R'000) 655 873 597 091 9.8%
Basic earnings per share (cents) 293,52 275,14 6.7%
Headline earnings per share (cents) 141,53 126,16 12.2%
Diluted earnings per share (cents) 288,46 275,14 4.8%
Diluted headline earnings per share (cents) 139,09 126,16 10.2%
Net asset value per share (Rand) 13,74 12,29 11.8%
Total dividend per share (cents) 141,12192 117,59817 20.0%
Final dividend per share (cents) 72,40709 72,25371 0.2%
Interim dividend per share (cents) 68,71483 45,34446 51.5%
DECLARATION OF DIVIDEND FOR THE SIX MONTHS ENDED 28 FEBRUARY 2023
Exemplar has declared a dividend of 72,40709 cents per share for the six months ended
28 February 2023 ("the final dividend"), which together with the interim dividend of
68,71483 cents per share equates to a total dividend for FY2023 of 141,12192 cents per share, an
increase of 20.0% on the prior year, and represents approximately 98.9% of distributable income
for the year.
The final dividend will be paid to shareholders in accordance with the timetable set out below:
Last date to trade cum dividend Monday, 12 June 2023
Shares trade ex dividend Tuesday, 13 June 2023
Record date Thursday, 15 June 2023
Payment date Monday, 19 June 2023
Share certificates may not be dematerialised or rematerialised between Tuesday, 13 June 2023 and
Thursday, 15 June 2023, both days inclusive. The dividend will be transferred to dematerialised
shareholders' CSDP/broker accounts on Monday, 19 June 2023. Certificated shareholders' dividend
payments will be paid to certificated shareholders' bank accounts on or about Monday, 19 June 2023.
In accordance with Exemplar's status as a REIT, shareholders are advised that the dividend meets the
requirements of a "qualifying distribution" for the purposes of section 25BB of the Income Tax Act,
No. 58 of 1962 ("Income Tax Act"). The dividend on the shares will be deemed to be a dividend,
for South African tax purposes, in terms of section 25BB of the Income Tax Act.
The dividend received by or accrued to South African tax residents must be included in the gross
income of such shareholders and will not be exempt from income tax (in terms of the exclusion to
the general dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income
Tax Act) because it is a dividend distributed by a REIT. This dividend is, however, exempt from
dividend withholding tax in the hands of South African tax resident shareholders, provided that
such shareholders provide the following forms to their Central Securities Depository Participant
("CSDP") or broker, as the case may be, in respect of uncertificated shares, or the Company, in
respect of certificated shares:
a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the Company, as the case may be, should
the circumstances affecting the exemption change or the beneficial owner ceases to be the
beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Shareholders are advised to contact their CSDP, broker or the Company, as the case may be, to
arrange for the abovementioned documents to be submitted prior to payment of the dividend, if
such documents have not already been submitted.
Dividends received by non-resident shareholders will not be taxable as income and instead will be
treated as an ordinary dividend which is exempt from income tax in terms of the general dividend
exemption in section 10(1)(k)(i) of the Income Tax Act. Any distribution received by a non-resident
from a REIT will be subject to dividend withholding tax at 20%, unless the rate is reduced in
terms of any applicable agreement for the avoidance of double taxation ("DTA") between South
Africa and the country of residence of the shareholder. Assuming dividend withholding tax will be
withheld at a rate of 20%, the net dividend amount due to non-resident shareholders is 57.92567
cents per share. A reduced dividend withholding rate in terms of the applicable DTA may only be
relied on if the non-resident shareholder has provided the following forms to their CSDP or broker,
as the case may be, in respect of uncertificated shares, or the Company, in respect of certificated
shares:
a) declaration that the dividend is subject to a reduced rate as a result of the application of a DTA; and
b) a written undertaking to inform their CSDP, broker or the Company, as the case may be, should
the circumstances affecting the reduced rate change or the beneficial owner ceases to be the
beneficial owner,
both in the form prescribed by the Commissioner for the South African Revenue Service.
Non-resident shareholders are advised to contact their CSDP, broker or the Company, as the case
may be, to arrange for the abovementioned documents to be submitted prior to payment of the
dividend if such documents have not already been submitted, if applicable.
Shares in issue at the date of declaration date of the dividend: 332 290 686
Exemplar income tax reference number: 9727063175
SHORT FORM ANNOUNCEMENT
This short-form announcement is the responsibility of the Board of Directors. It is a summary of
the full announcement released on SENS on 29 May 2023 and does not contain all the details of
the full announcement.
The full announcement can be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2023/jse/isse/expe/FY2023.pdf as well as via Exemplar's
website (https://exemplarreit.co.za/EXPLFAforyearending28February2023.pdf). Any investment
decisions made by investors and/or shareholders should be based on consideration of the full
announcement. The full announcement is available for inspection at the registered office of the
company (Sokatumi Estate, Corner Lyttelton Road and Leyden Avenue, Clubview, Centurion, 0157)
and the office of the sponsor, Java Capital (6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196)
at no charge during normal business hours from Tuesday, 30 May 2023 to Monday, 5 June 2023.
This short form announcement has not been audited or reviewed by Exemplar's external auditors. The
consolidated annual financial statements have been audited by BDO South Africa Inc, who expressed
an unmodified audit opinion thereon. The auditor's opinion also includes communication of the key
audit matter, being the valuation of investment property. The opinion is available, along with the
annual financial statements, on Exemplar's website (https://exemplarreit.co.za/InvestorRelations).
For and on behalf of the Board
29 May 2023
Executive directors Jason McCormick (CEO) DA Church (CFO) John McCormick
Non-executive directors FM Berkeley (Chair), PJ Katzenellenbogen (Lead independent director),
GVC Azzopardi, N Mandindi, EP Maponya
Company Secretary A Booysen
Registered Office Sokatumi Estate, Cnr Lyttelton Road and Leyden Avenue, Clubview, Centurion,
0157, PO Box 12169, Clubview, 0014
Transfer Secretaries Computershare Investor Services Proprietary Limited, Rosebank Towers,
15 Biermann Avenue, Rosebank, Johannesburg, 2196, PO Box 61051, Marshalltown, 2107
Auditor BDO South Africa Inc
Sponsor Java Capital
Date: 29-05-2023 11:21:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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