Wrap Text
Reviewed Condensed Consolidated Results
for the Year Ended 30 June 2019
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’)
SHORT FORM ANNOUNCEMENT
Reviewed Condensed Consolidated Results
for the year ended 30 June 2019
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 an industrial sector dominated, JSE listed
property company.
The portfolio currently comprises 14 (2018: 16) strategically located properties, located primarily in the Gauteng
geographic area. The total Gross Lettable Area (‘GLA’) of the invested properties is 68 377m2 with a value of R560.2
million.
The board of directors (‘Board’) is pleased to announce the Reviewed Condensed Consolidated results for the year ended
30 June 2019. These results reflect a 4.3% increase over the previous period in respect of gross property rental
revenue. Property expenses were in line with the previous review period. Operating cost recoveries increased due to
credit recoveries from various municipalities arising from previous period over-charges. Corporate expense increased
due to high spend on commission payments as well as ‘once off’ JSE costs. Profit attributable to equity holders
increased by 383.2% over June 2018. The underlying portfolio continues to perform well.
Operations
Rental Operations: The Group’s rental operations reported growth across its Commercial and Retail trading segments.
The Industrial segment was down due to high vacancies during this review period.
Investment in associates: Associated profits from our investment in these companies was substantial at R18.2 million
(2018: R18.7 million loss). This large increase arose mainly from a increase upwards of the valuation of the Summit
Place Precinct, Pilot Peridot, as well as improved operating results in these companies.
Financial Performance Highlights
Operating Profit up 124.1% to R66.8 million (2018: R29.8 million)
Headline earnings per share up by 20.3% to 71.64 cents
Vacancy profile of 0% across all property segments
Total Total %
2019 2018 change
Contracted rental and recoveries 76 091 72 971 4.3
Operating profit (Rm) 66 800 29 807 124.1
Earnings per share (cents) 76.26 15.57 389.8
Headline earnings per share (cents) 71.64 59.53 20.3
Net asset value per share (cents) 1 337 1 260 6.1
Dividend per share (cents) 13 13 –
Short form announcement
The content of this short form announcement is the responsibility of the directors. Shareholders are advised that this
short form announcement represents a summary of the information contained in the full long form announcement which
is available at: https://senspdf.jse.co.za/documents/2019/jse/isse/ppr/ye19.pdf and also published on the company’s
website www.putprop.co.za. Any investment decision by investors and/or shareholders should be based on a consideration
of the full announcement as a whole and investors and shareholders are encouraged to review the full announcement,
which is detailed therein.
The full announcement is also available for inspection at the registered offices of Putprop and that of our Sponsor,
Merchantec Capital, during business hours. 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 91 Protea Road, Chislehurston, Sandton, 2196
Company Secretary:
Acorim Proprietary Limited, 13th Floor, Illovo Point,
68 Melville Road, Illovo,Sandton, 2196
Sponsor:
Merchantec Capital
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
Date: 30/09/2019 05:43:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
