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Unaudited Condensed Interim Financial Results for the Six Months Ended 31 December 2019 and Dividend Declaration
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')
Putprop Limited short form announcement for the six months ended 31 December 2019
Summary of financial performance
Operating profit up 41.8% to R31.2 million with a large contribution from our associate companies
Net Asset Value of 1 366 cents per share
Annual escalation on contractual rental income maintained at 7.67% in difficult rental market
Market value per m2 of property portfolio of R7 834 per m2
Maintenance of vacancy profile at 0.0% for the six months to December 2019.
2019 Total Total 2018 % change
Contracted rental and recoveries 38 596 35 602 8.4
Operating profit (Rm) 31 282 22 056 41.8
Earnings per share (cents) 36.21 13.48 168.6
Headline earnings per share (cents) 36.45 23.91 52.3
Net asset value per share (cents) 1 366 1 280 6.7
Dividend per share (cents) 7 6 16.7
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 the industrial, commercial, and
retail sectors of a JSE listed property company.
The portfolio comprises 14 (June 2019: 14) strategically located properties, situated primarily in the Gauteng
geographical area. The total Gross Lettable Area ('GLA') of the invested properties is 68 377m2 (June 2019 :
68 377m2) with a value of R518.2 million (June 2019: R518.2 million). Investment property held for sale was
R42.0 million (June 2019: R42.0 million).
The board of directors of Putprop ('Board') is pleased to announce the interim results for the six months
ended 31 December 2019. These results reflect a 8.4% increase over the period ended 31 December 2018 ('the
comparable period') in respect of gross property rental revenue. Property expenses were in line with
management's forecast. The maintenance expenditure was contained on all properties in the Groups' portfolio.
Maintenance is expected to remain constant in the second half of the financial year. Increases in corporate
expenses were up at R6.2 million (2019: R4.8 million), an increase of 26.2%. The underlying portfolio
continues to perform satisfactorily.
Operations
Rental Operations: The Group's rental operations reported growth in the commercial and industrial segments
whilst the retail sector remained flat. The share of associated profits increased from a profit of R1.5
million in December 2018 to a profit of R8.3 million as at 31 December 2019. The ability of the Group to let
the vacant space that existed in the previous reporting period at Summit Place, as well as an improved
performance in the Belle Isle portfolio contributed to this improvement.
Short form announcement
Payment of interim distribution - ordinary interim dividend number 59
Notice is hereby given that the Board has declared an interim gross cash dividend ('the dividend') for the six
months ended 31 December 2019 of 8.25 cents per ordinary share (December 2018: 6 cents per ordinary share).
The dividend is payable to shareholders recorded in the register of the Company at close of business on
Friday, 3 April 2020.
The current local Dividend Withholding Tax ('DWT') rate is 20%. The gross local dividend amount is 8.25 cents
per share for shareholders exempt from paying DWT whilst the net local dividend payable is 6.6 cents per share
for shareholders liable to pay DWT. The issued share capital of Putprop is 43 897 279 (2019: 43 897 279)
shares.
Putprop's income tax reference number is 9100097717. This dividend is payable from income reserves.
The salient dates relating to the dividend are as follows:
Declaration date Wednesday, 4 March 2020
Last date to trade share cum dividend Tuesday, 31 March 2020
Shares trade ex-dividend Wednesday, 1 April 2020
Record Date Friday, 3 April 2020
Payment date Monday, 6 April 2020
Share certificates may not be dematerialised or rematerialized between Wednesday, 1 April 2020 and Friday, 3
April 2020, both days inclusive.
This announcement is a summarised version of the full announcement in respect of Putprop's Unaudited Condensed
Group results for the six months ended 31 December 2019. As such, it does not contain full or complete details
pertaining to the Group's results. Any investment decisions should be based on consideration of the full
announcement as published on SENS on 5 March 2020 and on the Group's website at www.putprop.co.za. The full
announcement is also available for inspection at the registered offices of Putprop and that of our sponsors,
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 putprop@acorim.co.za. The full announcement can also be
accessed online at
https://senspdf.jse.co.za/documents/2020/jse/isse/ppr/interim20.pdf
The short form announcement is the responsibility of the directors.
Johannesburg
4 March 2020
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')
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,
13th Floor, Illovo Point,
68 Melville Road,
Illovo, Sandton, 2196
Transfer Secretaries:
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue, 2196
Rosebank, Johannesburg, 2196
P O Box 61051, Marshalltown, 2107
Directors:
Bruno Carleo (Chief Executive Officer),
James Smith (Financial Director),
Daniele Torricelli*^ (Chairman),
Hayden Hartley*^,
Gerrit Van Heerden *^,
Anna Carleo (Executive),
Rene Styber*^
* Independent ^ Non-executive
Date: 04-03-2020 04:30:00
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