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Abridged Condensed Consolidated Audited Results for the year ended 30 June 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")
Short-form announcement Abridged Condensed Consolidated audited Results
for the year ended 30 June 2020
Performance Highlights
Gross property revenue drop restricted to
2.9% year on year in Covid-19 operating environment
Annual escalation on contractual rental income maintained at 7.67% in difficult rental market
Market value per m2 of property portfolio of R8 200 per m2
Increase in Dividend distribution of 7.7% to 14 cents per share
32nd consecutive year of a dividend pay-out to shareholders
Weighted Average Group lease expiry (WALE) of 3.75 years
Future minimum contractual lease rentals greater than two years of R146 million
Total Total change
2020 2019 %
Contracted rental and recoveries 73 890 76 091 (2.89)
Operating profit (Rm) 37 350 66 800 (44.09)
Earnings per share (cents) 6.57 76.26 (91.38)
Headline earnings per share (cents) 48.23 71.64 (32.68)
Net asset value per share (cents) 1 329 1 337 (0.59)
Dividend per share (cents) 14 13 7.69
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 (2019: 14) strategically located properties, located primarily in
the Gauteng geographic area. The total Gross Lettable Area ('GLA') of the invested properties is 68 553m2
with a value of R562.1 million.
The board of directors ('Board') is pleased to announce the Abridged Condensed Consolidated audited
results for the year ended 30 June 2020. The Group reflected a decrease in property revenue in the current
review period to R 73.8 million (2019: R 76.1 million). Operating profit decreased to R 37.3 million
(2019: R 66.8 million) respectively. Profit available for distribution to ordinary shareholders decreased
from R 33.6 million to R 2.9 million. Headline Earnings per Share decreased to 48.23 cents. (2019: 71.64
cents).
Declaration of final dividend no 62
The Board is pleased to announce the declaration of a dividend of 5.75 cents per ordinary share in
respect of the year ended 30 June 2020 (2019: 7 cents), thus bringing the total dividend payable for the
year to 14 cents (2019: 13 cents).
Additional information:
This is a dividend as defined in the Income Tax Act, 1962, and is payable from income reserves. The
dividend withholding tax ("DWT") rate is 20%. The net amount payable to shareholders who are not exempt
from DWT is 4.60000 cents per share, while the gross amount is 5.75 cents per share to those shareholders
who are exempt from DWT.
There are 43 897 279 (2019: 43 897 279) ordinary shares in issue; the total dividend amount payable is R2
324 093 (2019: R3 127 059). Putprop's tax reference number is 9100097717, and its company registration
number is 1988/001085/06
The salient dates are as follows:
Declaration date Friday, 4 September 2020
Last date to trade to participate Tuesday, 27 October 2020
Trading commences ex dividend Wednesday, 28 October 2020
Record date Friday, 30 October 2020
Date of payment Monday,2 November 2020
Share certificates may not be dematerialised or rematerialised between Wednesday, 28 October 2020 and
Friday, 30 October 2020, both days inclusive.
Operations
Rental Operations: The Group's rental operations were marginally up in the Commercial and Retail trading
segments. The Industrial segment was down due to vacancies being higher than previously forecast.
Investment in associates: Associate losses from our investment in these companies was substantial at R7.4
million (2019: R18.2 million profit). This large decrease arose mainly from the downward valuation of the
Summit Place Precinct and the Belle Isle portfolio, as well as lower operating results in these
companies.
Short-form announcement
The content of this short-form announcement is the responsibility of the directors. The audited condensed
consolidated annual financial statements for the period ended 30 June 2020 have been audited by the
Group's auditors, Mazars who expressed an unmodified audit opinion thereon (the Audit Report). The Audit
Report includes the communication of key audit matters which are disclosed on pages 88 to 90 of the
consolidated annual financial statements available on the Company's website. The valuation of investment
property and the impact of Covid-19 on Putprop's consolidated financial statements was identified as key
audit matters and a full dislosure is available at the link to the website as mentioned below.
Shareholders are advised that this short form announcement represents a summary of the information
contained in the abridged financial statements which is available at:
https://senspdf.jse.co.za/documents/2020/jse/isse/ppr/ye20.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 which investors and shareholders are encouraged to review.
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.
Shareholders are advised that the integrated annual report for the year ended 30 June 2020 ("integrated
annual report") was distributed to shareholders today, 4 September 2020 and is also available on the
Company's website, www.putprop.co.za.
Notice is hereby given that the annual general meeting of shareholders of Putprop ("Annual General
Meeting") will be held at 11:00 on Wednesday, 4 November 2020 at Larimar Limited, Gaetano Auditorium, 32
Milky Way Avenue, Linbro Business Park, Linbro Park, Sandton to transact the business stated in the
notice of the annual general meeting, which is contained in the integrated annual report.
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: 04-09-2020 05:27:00
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