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Group condensed reviewed interim results and cash dividend declaration for the six months ended 31 December 2021
Growthpoint Properties Limited
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
Registration number 1987/004988/06
ISIN: ZAE000179420
JSE Share code: GRT
("Growthpoint” or "the Company")
GROUP CONDENSED REVIEWED INTERIM RESULTS AND CASH DIVIDEND DECLARATION FOR
THE SIX MONTHS ENDED 31 DECEMBER 2021
Operational review and results:
The group condensed reviewed interim results for the six months ended 31 December 2021, as
compared to the group condensed unaudited interim results for the six months ended 31
December 2020, ("comparative period"), are set out below:
- Total revenue decreased by 4.8% to R6.38bn compared to R6.70bn for the comparative
period;
- Operating profit decreased by 4.3% to R4.24bn compared to R4.43bn for the
comparative period;
- Headline earnings per share decreased by 23.4% to 56.55 cents compared to 73.84
cents for the comparative period;
- SA REIT FFO per share increased by 17.4% to 77.40 cents compared to 65.90 cents for
the comparative period;
- Dividend per share increased by 5.1% to 61.50 cents compared to 58.50 cents for the
comparative period;
- Earnings per share increased to 107.23 cents compared to 42.24 cents loss for the
comparative period;
- Net asset value per share increased by 6.2% to 2 148 cents compared to 2 023 cents at
30 June 2021;
- Interest cover ratio increased to 3.0 times compared to 2.9 times at 30 June 2021.
Ernst & Young Inc., the company’s independent auditor, has reviewed the consolidated
statement of profit or loss and other comprehensive income, consolidated statement of
financial position, consolidated statement of changes in equity, consolidated statement of
cash flows, consolidated segmental information and notes to the condensed consolidated
financial statements for the six months ended 31 December 2021, as set out on pages 13 to 33
of the group condensed reviewed interim financial results and have expressed an unmodified
review conclusion. A copy of their review conclusion is available for inspection at the
company’s registered office.
The condensed consolidated financial results for the six months ended 31 December 2020 are
unaudited.
This short form announcement is the responsibility of the Board of Directors and does not
contain full or complete details. Any investment decisions by investors and/or shareholders
should be based as a whole on consideration of the group condensed reviewed interim results
for the six months ended 31 December 2021 which may be downloaded from the Company’s
website. https://growthpoint.co.za/investor-relations/financial-reports/ and
https://senspdf.jse.co.za/documents/2022/jse/isse/GRTE/Interim22.pdf
It may also be viewed, at no cost, at the registered office of the Company and the
Johannesburg office of its Sponsor, during ordinary business hours, for a period of 30 calendar
days following the date of this announcement. Copies of the full announcement may also be
requested from the Company on request, by contacting the Head of Investor Relations, Lauren
Turner on 011 944 6346.
INTERIM DIVIDEND
Notice is hereby given of the declaration of the interim dividend number 72 of 61.50 cents per
share (80% of DIPS) from income reserves for the six months ended 31 December 2021.
Other information:
- Issued shares at 31 December 2021: 3 430 787 066 ordinary shares of no par value.
- Income Tax Reference Number of Growthpoint: 9375/077/71/7.
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 dividends on the shares will be taxable dividends for South African tax purposes
in terms of section 25BB of the Income Tax Act.
Tax implications for South African resident shareholders
Dividends 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 section 10(1)(k)(i)(aa) of the Income Tax Act,
because they are dividends distributed by a REIT. These dividends are however exempt from
dividend withholding tax (Dividend Tax) in the hands of South African resident shareholders
provided that the South African resident shareholders have provided to the Central Securities
Depository Participant (CSDP) or broker, as the case may be, in respect of uncertificated
shares, or the company, in respect of certificated shares, a DTD(EX) (Dividend Tax: Declaration
and undertaking to be made by the beneficial owner of a share) their form to prove their
status as South African residents.
If resident shareholders have not submitted the abovementioned documentation to confirm
their status as South African residents, they are advised to contact their CSDP or broker, as the
case may be, to arrange for the documents to be submitted prior to the payment of the
dividend.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders from a REIT 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 section 10(1)(k) of the Income Tax Act. Any dividend received
by a non-resident from a REIT is subject to Dividend 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 non-resident shareholder. Assuming dividend tax
will be withheld at a rate of 20%, the net amount due to non-resident shareholders is 49.20
cents per share. A reduced dividend withholding tax rate in terms of the applicable DTA may
only be relied on if the non-resident shareholder has provided 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 declaration that the dividend is subject to a reduced rate as a result of the
application of the DTA; and
- a written undertaking to inform the 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 of
the South African Revenue Service.
If applicable, non-resident shareholders are advised to contact the CSDP, broker or the
company to arrange for the abovementioned documents to be submitted prior to payment of
the dividend if such documents have not already been submitted.
Salient dates and times
2022
Last day to trade (LDT) cum dividend Tuesday, 5 April
Shares to trade ex dividend Wednesday, 6 April
Record date Friday, 8 April
Payment date Monday, 11 April
Notes:
1. Shares may not be dematerialised or rematerialised between commencement of trade on
Wednesday, 6 April 2022 and the close of trade on Friday, 8 April 2022, both days inclusive.
2. The above dates and times are subject to change. Any changes will be released on SENS.
Sandton
16 March 2022
Sponsor: Investec Bank Limited
Date: 16-03-2022 08:00:00
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