DIPULA INCOME FUND LIMITED - Unaudited condensed consolidated interim results for the six months ended 29 February 2020

Unaudited condensed consolidated interim results for the six months ended 29 February 2020

DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA ISIN: ZAE000203378
JSE share code: DIB     ISIN: ZAE000203394
(Approved as a REIT by the JSE)
(“Dipula” or “the Company”)


SHORT-FORM ANNOUNCEMENT: UNAUDITED CONDENSED CONSOLIDATED INTERIM RESULTS
FOR THE SIX MONTHS ENDED 29 FEBRUARY 2020


SALIENT FEATURES

-     Revenue down 1.1% to R680.1 million (2019: R687.7 million)
-     Net operating profit down 4.0% to R439.7 million (2019: R457.9 million)
-     NAV per share up 3.0% to R10.18 (2019: R9.89)
-     Earnings up 1.7% to R214.7 million (2019: R211.1 million)
-     Earnings per share up 1.7% to 40.57 cents (2019: 39.88 cents)
-     Headline earnings per share down 5.6% to 44.15 cents (2019: 46.78 cents)
-     A-share dividend per share NIL (2019: 54.83455 cents)
-     B-share dividend per share NIL (2019: 42.50296 cents)

BUSINESS OVERVIEW

Dipula is an internally managed, South African focused Real Estate Investment Trust (“REIT”) that owns an
R8.9 billion diversified portfolio of primarily retail, office and industrial assets located across all nine provinces of South
Africa, the majority of which are located in Gauteng. Dipula also selectively invests in the residential rental sector.

DEFERRAL OF DIVIDEND DECLARATION

The board decided to defer its decision regarding the declaration of a dividend in respect of the interim six month period
ended 29 February 2020 (the “interim dividend”), pending further evaluation of the impact on the company of the
COVID-19 pandemic and resultant national lockdown. A decision on whether or not to declare an interim dividend and,
if one is declared, the quantum of the interim dividend, will be made by no later than the publication of the financial
results for the year ending 31 August 2020. The company anticipates that, over the ensuing months, the impact of the
pandemic and the associated lockdown will become more determinable, which in turn will inform the decision relating
to the consideration in respect of dividends.

SHORT-FORM ANNOUNCEMENT

The contents of this short-form announcement are the responsibility of the board of directors of Dipula. The information
above is extracted from the unaudited condensed consolidated interim results for the six months ended 29 February 2020
and does not contain full or complete details of the financial results. Any investment decisions made by investors should
be based on consideration of the full announcement as a whole and shareholders are encouraged to review the full
announcement, which has been released on SENS and is available for viewing on Dipula’s website at

http://www.dipula.co.za/downloads/2020/unaudited-condensed-consolidated-interim-results-for-the-six-months-
ended-29-February.pdf

and on the JSE website at

https://senspdf.jse.co.za/documents/2020/JSE/ISSE/DPL/HY2020.pdf.

Due to the lockdown restrictions imposed as a result of the COVID-19 pandemic, shareholders will not be able to obtain
any copies of the full announcement from the offices of Dipula. As such, copies of the full announcement may be
requested via email from Dipula (taryn@dipula.co.za) or Dipula’s JSE sponsor (sponsor@javacapital.co.za).

Johannesburg
18 May 2020

Directors
ZJ Matlala* (Chairperson)
IS Petersen (CEO)
BH Azizollahoff*#
R Asmal (FD)
E Links*
Y Waja*
SA Halliday*
* Independent non-executive
# British

Registered office
12th Floor
Firestation Rosebank
16 Baker Street
Rosebank
2196

Transfer secretaries
Link Market Services South Africa Proprietary Limited

Sponsor
Java Capital

Company secretary
CIS Company Secretaries Proprietary Limited

Investor relations
Articulate Capital Partners

Independent auditors
Mazars Gauteng

Date: 18-05-2020 10:00:00
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