ATTACQ LIMITED - Unaudited consolidated interim financial results for the six months ended 31 December 2024

Unaudited consolidated interim financial results for the six months ended 31 December 2024

ATTACQ LIMITED
Incorporated in the Republic of South Africa
Registration number 1997/000543/06
JSE share code: ATT
A2X share code: ATTJ
JSE alpha code: ATTI
ISIN: ZAE000177218
(Approved as a REIT by the JSE)
("Attacq" or the "company" or the "group")

SHORT-FORM ANNOUNCEMENT:

UNAUDITED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024

HIGHLIGHTS
- Distributable income per share (DIPS) increased by 49.1% (Dec 2023: 2.8% increase)
- Interim dividend per share increased by 46.7% (Dec 2023: 3.4% increase)
- Interest cover ratio improved to 2.91 times (Dec 2023: improved to 1.93 times)
- Group gearing increased to 25.9% (Dec 2023: 25.3%)
- Occupancy decreased to 91.9% (Dec 2023: 93.7%)
- Development activity^ at Waterfall City totalling 43 988m2 of GLA (Dec 2023: 44 676m2 of GLA)
^ Total share (not effective); development activity includes developments under construction and approved pipelines

FINANCIAL PERFORMANCE

                                           Unit       31 December 2024       31 December 2023       % change
Distributable income per share            cents                   55.0                   36.9           49.1
Dividend per share                        cents                   44.0                   30.0           46.7
Total assets                              R'000             23 799 618             22 110 013            7.6
Net asset value per share                 cents                  1 823                  1 725            5.7
Gross revenue                             R'000              1 451 035              1 365 957            6.2
Earnings per share                        cents                  100.2                   37.2          169.4
Headline earnings per share               cents                   53.7                  (3.3)         >100.0

DIVIDEND

The board has declared an interim gross cash dividend of 44.00000 cents per share, for the six months ended 31 December 2024, 
out of the company's distributable income. This equates to a payout ratio of 80.0%. A detailed announcement, including salient
dates and the tax treatment applicable to the dividend was published on Tuesday, 11 March 2025 via SENS.

UPDATED GUIDANCE

As announced on 5 March 2025, the group's full-year DIPS guidance has been revised upward to between 24.0% and 27.0% growth.

The full-year growth in DIPS is expected to be driven by several key factors. The full-year benefit of implementing the Waterfall 
City transaction with the GEPF and the acquisition of the remaining 20.0% of Mall of Africa will contribute significantly, 
alongside net operating income growth from rising market rentals, cost management, as well as the filling of vacant spaces and 
newly completed developments. Additionally, the impact of installed PV systems and planned installations will support the increase 
in electricity recoveries and improve operational efficiencies.

This guidance is based on the following key assumptions:
- No material impact on distributable income due to new developments, acquisitions or disposals.
- Forecasted rental income being achieved based on contractual terms and anticipated market-related renewals.
- No major changes in vacancy rates.
- No significant increase in load-shedding and the resultant increase in costs.
- No unforeseen circumstances such as major corporate tenant failures or deterioration of the current macro-economic environment.

This guidance has not been reviewed or reported on by Attacq's auditors.

ABOUT THIS ANNOUNCEMENT

This short-form announcement is the responsibility of the directors, and the contents were approved by the board on 10 March 2025. 
This short-form announcement is a summary of the full announcement released on SENS and published on 11 March 2024 and does not 
include full or complete details. Any investment decision should be based on the full interim results announcement. The short-form 
announcement has not been audited or reviewed by the company's external auditors.

The full announcement is available on the company's website at http://www.attacq.co.za/investor-hub and can be accessed using the 
following JSE link: 
https://senspdf.jse.co.za/documents/2025/jse/isse/ATT/2025HYRES.pdf.

By order of the board
Attacq Limited

11 March 2025

Independent non-executive directors
P Tredoux (chairperson)
HR El Haimer (lead independent director)
FFT De Buck
TP Leeuw
IN Mkhari
GT Rohde
AE Swiegers
JHP van der Merwe

Executive directors
JR van Niekerk (CEO)
R Nana (CFO)

Company secretary
PL de Villiers (interim)

Registered office
Nexus 1, Ground floor, 44 Magwa Crescent, Waterfall City, 2090

Postal address
PostNet suite 016, Private Bag X81, Halfway House, 1685

Transfer secretaries
Computershare Investor Services Proprietary Limited

Equity sponsor
Java Capital

Debt sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 11-03-2025 07:05:00
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