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INDLUPLACE PROPERTIES LIMITED - Summarised consolidated unaudited results for the six months ended 31 March 2020

Release Date: 20/05/2020 07:05
Code(s): ILU     PDF:  
Wrap Text
Summarised consolidated unaudited results for the six months ended 31 March 2020

(Incorporated in the Republic of South Africa)
(Registration number: 2013/226082/06)
JSE share code: ILU ISIN: ZAE000201125
(Approved as a REIT by the JSE)
("Indluplace" or "the company")


                                                                           6 MONTHS ENDED            12 MONTHS ENDED
                                                INCREASE/DECREASE   31 MARCH 2020  31 MARCH 2019   30 SEPTEMBER 2019
                                                                %               R              R                   R
Revenue                                                       5,1     334 415 016    318 332 618         655 544 170
Operating profit^                                            -1,3     167 418 908    169 602 582         362 353 901
Earnings                                                    -96,6       3 828 990    112 257 984         (55 632 520)
Earnings per share (cents)                                  -96,6            1,20          35,25              (17,34)
Headline and diluted headline earnings per share (cents)    -65,3           12,22          35,25               37,32
Net asset value per share (cents)                          -12,75          866,18         992,71              903,04
Distributable income per share (cents)                       -8,8           34,17          37,49               78,25
Dividend per share (cents)                                 -100,0               -          37,49               78,25

While the distributable income of 34,17 cents per share for the six months ended 31 March 2020 is in line 
with guidance for the financial year, Indluplace's earnings, have been negatively affected by the fair value 
adjustments in relation to investment property of R35,2 million, derivatives of R19,4 million and loans to the
participants of the Indluplace Share Purchase and Option Scheme of R42,6 million.

Nature of business

Indluplace is a proud South African property investor owning a portfolio primarily focused on the affordable end
of the rental residential market. The company was listed on the Main Board of the JSE in June 2015 and currently 
owns a portfolio of 9 668 residential units and 18 834m2 of associated retail space. The portfolio is valued at 
about R4,1 billion. By utilising specialist outsourced property managers for the different portfolios, Indluplace 
ensures that its portfolio remains professionally managed to provide positive investment returns, while providing 
value for money accommodation and service to all its tenants. Indluplace is also mindful of the increasing role 
of Environmental, Social, and Governance (ESG) concerns in order to achieve the sustainability and societal impact 
of an investment in the company.

Dividend for the six months ended 31 March 2020

The rapidly changing environment, lack of predictability and difficulty in estimating the overall impact of the
pandemic and subsequent lockdown on the future performance requires Indluplace to retain as much capital as
possible to protect its balance sheet and assist with liquidity. The Board, therefore, resolved to defer the decision on
the payment of an interim dividend for the period ended 31 March 2020, to the end of the financial year, meaning that
no distribution will be declared on the date of release of the interim results for the six months ended 31 March 2020
(compared to the distribution of 37,49 cents per share declared for the six months ended 31 March 2019).

Short-form announcement

This short-form announcement is the responsibility of the board of directors of the company. This short-form
announcement is a summary of the full announcement released on SENS and published on Indluplace's website ( 
at on
20 May 2020 and on the JSE website at 
and does not contain full or complete details. Any investment decision by investors and/or shareholders should 
be based on consideration of the full announcement.

The full announcement is available for inspection at the registered offices of the company (3rd Floor, 1 Sturdee
Avenue, Rosebank, 2196), on the company's website, and the offices of the sponsor, Java Capital
(2nd Floor, 6A Sandown Valley Crescent, Sandown, Sandton, 2196) at no charge during normal business hours from
Wednesday, 20 May 2020 to Wednesday, 27 May 2020. A copy of the full announcement is available on request from

By order of the Board
20 May 2020

T Adler (Chairperson)*, 
C Abrams*^, 
C de Wit (CEO), 
T Kaplan (FD), 
G Harris (COO), 
S Noik*, 
A Rehman*^, 
N Tetyana*^

*Non-executive, ^Independent. All directors are South African

Registered office
3rd Floor, 1 Sturdee Avenue, Rosebank, Johannesburg, 2196 | PO Box 685, Melrose Arch, 2076

Transfer secretaries
Computershare Investor Services Proprietary Limited

Java Capital Proprietary Limited
Company secretary
CIS Company Secretaries Proprietary Limited

Date: 20-05-2020 07:05:00
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