To view the PDF file, sign up for a MySharenet subscription.

INDLUPLACE PROPERTIES LIMITED - Summarised consolidated audited results 2020

Release Date: 18/11/2020 07:55
Code(s): ILU     PDF:  
Wrap Text
Summarised consolidated audited results 2020

Indluplace Properties Limited
(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")

SUMMARISED CONSOLIDATED AUDITED RESULTS 2020

                                                                %                   R                   R   
                                              INCREASE / DECREASE   30 SEPTEMBER 2020   30 SEPTEMBER 2019   
Revenue                                                     (1,9)         643 011 335         655 544 170   
Operating profit^                                          (22,0)         282 587 301         362 353 901   
Earnings                                                  (454,4)       (308 434 656)        (55 632 520)   
Earnings per share (cents)                                (456,4)             (96,47)             (17,34)   
Diluted earnings per share (Cents)                        (454,4)             (96,12)             (17,34)   
Headline earnings per share (cents)                        (56,5)               16,25               37,32   
Diluted headline earnings per share (cents)                (56,6)               16,19               37,32   
Net asset value per share (cents)                          (14,9)              768,65              903,04   
Distribution for the period ended                          (43,8)            44,01572            78,25381   

^ Rental income less property costs.

NATURE OF BUSINESS
Indluplace is a proud South African property investor owning a portfolio
primarily focused on the affordable end of the residential rental 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 870m2 of
associated retail space. The portfolio is valued at R3,8 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 mindful of
the increasing role and impact of Environmental, Social, and Governance
(ESG) on sustainability as well as the societal impact of an investment in
the company.

PAYMENT OF DIVIDEND FOR THE YEAR ENDED 30 SEPTEMBER 2020
The board has declared a gross dividend of 44,01572 cents per share
(dividend number 15) for the year ended 30 September 2020, in
accordance with the timetable set out below:

Last date to trade cum dividend                   Monday, 14 December 2020
Shares trade ex-dividend                         Tuesday, 15 December 2020
Record date                                       Friday, 18 December 2020
Payment date                                      Monday, 21 December 2020

Shares may not be dematerialised or rematerialized between Tuesday,
15 December 2020 and Friday, 18 December 2020, both days inclusive.

Payment of the dividend will be made to shareholders on Monday,
21 December 2020. In respect of dematerialised shares, the dividend will
be transferred to the Central Securities Depository Participant (CSDP)/
broker accounts on Monday, 21 December 2020. Certificated shareholders'
dividend payment will be deposited on or about Monday, 21 December 2020.

TAX TREATMENT OF DIVIDEND
In accordance with Indluplace's status as a REIT, shareholders are advised
that the dividend meets the requirements of a "qualifying distribution"
for the purposes of section 25BB of the Income Tax Act, No. 58 of 1962
("Income Tax Act"). The distribution on shares will be deemed to be a
dividend, for South African tax purposes, in terms of section 25BB of the
Income Tax Act.

The dividend received by or accrued to South African tax residents
must be included in the gross income of such shareholders and will not
be exempt from income tax (in terms of the exclusion to the general
dividend exemption, contained in paragraph (aa) of section 10(1)(k)(i) of
the Income Tax Act) because they are dividends distributed by a REIT.
This dividend is, however, exempt from dividends withholding tax in the
hands of South African tax resident shareholders, provided that the South
African resident shareholders furnished the following forms to their CSDP
or broker, as the case may be, in respect of uncertificated shares, or the
company, in respect of certificated shares:

a) a declaration that the dividend is exempt from dividends tax; and
b) a written undertaking to inform the CSDP, broker or the company, as
   the case may be, should the circumstances affecting the exemption
   change or the beneficial owner cease to be the beneficial owner,

both in the form prescribed by the Commissioner for the South African
Revenue Service. Shareholders are advised to contact their CSDP, broker
or the company, as the case may be, to arrange for the abovementioned
documents to be submitted prior to payment of the dividend, if such
documents have not already been submitted.

Dividends received by non-resident shareholders will not be taxable
as income and instead will be treated as ordinary dividends which are
exempt from income tax in terms of the general dividend exemption
in section 10(1)(k)(i) of the Income Tax Act. Any dividend received by
a non-resident from a REIT is subject to dividends withholding tax at
20%, unless the rate is reduced in terms of any applicable agreement
for the avoidance of double taxation ("DTA") between South Africa
and the country of residence of the shareholders. Assuming dividend
withholding tax will be withheld at a rate of 20%, the net dividend
amount due to non-resident shareholders is 35,21258 cents per share. A
reduced dividend withholding rate in terms of the applicable DTA, may
only be relied on if the non-resident shareholders have provided the
following forms to their CSDP or broker, as the case may be, in respect
of uncertificated shareholders, or the company, in respect of certificated
shareholders:
   
a) a declaration that the dividend is subject to a reduced rate as a result
   of the application of a DTA; and
b) a written undertaking to inform their CSDP, broker or the company, as
   the case may be, should the circumstances affecting the reduced rate
   change or the beneficial owner cease to be the beneficial owner,

both in the form prescribed by the Commissioner for the South African
Revenue Service. Non-resident shareholders are advised to contact their
CSDP, broker or the company, as the case may be, to arrange for the
abovementioned documents to be submitted prior to payment of the
dividend if such documents have not already been submitted, if applicable.

Shares in issue at the date of declaration of this dividend: 341 797 084
Indluplace's income tax reference number: 9390/649/177

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 (http://www.indluplace.co.za) at
https://www.indluplace.co.za/downloads/2020/results/indluplace-
annual-results-2020.pdf
on 18 November 2020 and on the JSE website at

https://senspdf.jse.co.za/documents/2020/jse/isse/ilu/indlu0920.pdf

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 audit report on the annual financial statements in respect of which
an unqualified opinion was expressed, notes the valuation of investment
properties as a key audit matter.

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, http://www.indluplace.co.za and the offices of the
sponsor, Java Capital (6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
(entrance at 39 Wierda Road West)) at no charge during normal business
hours from Wednesday, 18 November 2020 to Wednesday, 25 November
2020. A copy of the full announcement is available on request from
info@indluplaceproperties.co.za

By order of the Board
18 November 2020

Directors T Adler (Chairperson)*, C Abrams*^, C de Wit (CEO), T Kaplan (FD), G Harris (COO), 
S Noik*, A Rehman*^ (Lead independent director), N Tetyana.*^                                                                                           
* Non-executive, ^ Independent. All directors are South African.

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

Transfer secretaries 
Computershare Investor Services Proprietary Limited 

Sponsor 
Java Capital 

Company secretary 
CIS Company Secretaries Proprietary Limited 

Website 
http://www.indluplace.co.za

Date: 18-11-2020 07:55:00
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.

Share This Story