Wrap Text
Results For The Year Ended 31 March 2023 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 Real Estate", “Sirius”, the "Company" or the “Group”)
RESULTS FOR THE YEAR ENDED 31 MARCH 2023 AND DIVIDEND DECLARATION
1. SALIENT FEATURES
• 36.9% increase in FFO to €102.1 million (March 2022: €74.6 million), surpassing five
year €100 million FFO target within four years
• 7.7%* increase in Group annualised like-for-like rent roll to €175.9* million (March
2022: €163.3* million)
• 28.9% increase in FFO per share to 8.74c (March 2022: 6.78c)
• 1.1% (€22.9 million) increase in investment property book value** to €2,123.0 million
(March 2022: €2,100.1 million) as a result of strong income growth
• 25.7% increase in H2 dividend to 2.98c per share (March 2022: 2.37c per share),
leading to a 28.8% uplift in the total dividend for the financial year to 5.68c (March
2022: 4.41c), maintaining the same pay-out ratio of 65% of FFO
• Gross yield of 7.3% in Germany and 9.3% net yield in the UK
• €90 million of asset recycling in the period, with disposals achieving 25% combined
premium to book value
• Total cash balance of €124.3 million with €99.2 of cash in bank, providing capacity
for further acquisitions and investment
• 95% of total Group debt (€975.1 million) at fixed interest rates for the next 3.25 years
• 41.6% net LTV (March 2022: 41.6%)
• Cost of debt 1.4% (March 2022: 1.4%)
• €1.6 billion of unencumbered assets (March 2022: €1.6 billion)
• Operating profit decreased by 46.0% to €101.6 million (March 2022: 188.2 million)
• Basic earnings per share decreased by 49.4% to 6.82c (March 2022: 13.48c)
• Headline earnings per share increased by 43.2% to 7.62c (March 2022: 5.32c)
* The Company has chosen to disclose certain Group rental income figures utilising a constant foreign currency exchange rate of GBP:EUR
1.1374, being the closing exchange rate as at 31 March 2023.
** Including leased investment properties
Commenting on the results Andrew Coombs, Chief Executive Officer of Sirius Real
Estate, said: “Sirius has delivered another positive set of annual results, with sizeable rental
growth underpinned by continued occupier demand for our high-quality and affordable
products in both Germany and the UK. This is now the ninth consecutive year of like-for-like
rental growth in excess of 5% in the year. This strong operational performance enabled us to
deliver a significant increase to the annual dividend, which rose 29%, and to surpass our €100
million FFO ambition, with a 37% increase over the prior year to €102.1 million. The Company
also recycled €90 million of assets over the past twelve months, including six disposals
achieved at a 25% combined aggregate premium to book value. We will continue to pursue
an opportunistic asset recycling programme where we see opportunities to crystalise returns
and drive value.”
“Looking ahead, our outlook remains positive: our balance sheet is strong, with cash
reserves of €124 million and around 95% of the Group’s debt secured at fixed interest rates
for at least the next three years, and we continue to trade in line with market expectations.
While we remain alert to the potential impact of ongoing global macro-economic uncertainty,
Sirius remains well placed to continue to deliver attractive returns for shareholders.”
2. DIVIDEND
The Board has authorised a dividend in respect of the second six months of the financial
year ended 31 March 2023 of 2.98c per share, representing a pay-out of 65% of FFO, an
increase of 25.7% on the 2.37c per share dividend relating to the same period last year,
which was also based on 65% of FFO. The total dividend for the year is 5.68c, an increase
of 28.8% on the 4.41c total dividend for the year ended 31 March 2022.
It is expected that, for the dividend authorised in respect of the six-month period ended
31 March 2023, the ex-dividend date will be 12 July 2023 for shareholders on the South
African register and 13 July 2023 for shareholders on the UK register. It is further expected
that for shareholders on both registers the record date will be 14 July 2023 and the
dividend will be paid on 17 August 2023. A detailed dividend announcement will be made
today, 5 June 2023. The Company will not be issuing a scrip dividend alternative.
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/2023/JSE/ISSE/SREE/Final23.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 its JSE sponsor,
at no charge, during office hours.
Any investment decisions by investors and/or shareholders should be based on
consideration of the Full Announcement, as a whole.
These annual results have been audited by the Company’s auditors, Ernst & Young LLP,
who expressed an unmodified audit opinion thereon. The audit opinion also includes
communication of key audit matters. This opinion is available, along with the annual
financial statements on the Company’s website at www.sirius-real-estate.com.
WEBCAST
There will be an in-person presentation for analysts/investors at 08:30 BST (09.30 CET/
SAST) today, hosted by Andrew Coombs, Chief Executive Officer, and Alistair Marks, Chief
Investment Officer and Interim Chief Financial Officer, at Peel Hunt’s offices (100 Liverpool
Street, London, EC2M 2AT).
There will also be a live webcast available, which can be accessed via the below link:
Webcast link: https://stream.brrmedia.co.uk/broadcast/642c14c009685ed988693297
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Alistair Marks, CIO and Interim CFO
+49 (0) 30 285 010 110
FTI Consulting (Financial PR)
Richard Sunderland / James McEwan / Talia Shirion / Sebastian Duran de Huerta
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
5 June 2023
JSE Sponsor
PSG Capital
Date: 05-06-2023 08:00:00
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