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SF Announcement: Unaudited Consolidated Interim Financial Results for the 6 Months Ended 31 August 2024
AFINE INVESTMENTS LIMITED
APPROVED AS A REIT
(Incorporated in the Republic of South Africa)
Registration number 2020/852422/06
JSE share code: ANI ISIN: ZAE000303947
("Afine" or "the Company" or "the Group")
SHORT-FORM ANNOUNCEMENT: UNAUDITED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX
MONTHS ENDED 31 AUGUST 2024 AND DECLARATION OF CASH DIVIDEND
Afine is a property entity classified as a specialised REIT, managed by its Board, and holds a portfolio of
income generating immovable properties focused primarily in the petroleum sector, strategically located in
four of South Africa's nine provinces.
Afine's key financial performance indicators for the six months ended 31 August 2024 are shown below:
Restated
Unaudited Unaudited
6 months 6 months
ended ended
31 August 2024 31 August 2023 Change %
Revenue (Note 1) R23 923 362 R23 887 848 0.15%
Profit from operating activities R21 926 693 R20 207 687 8.51%
Distributable earnings R14 697 212 R13 610 891 7.98%
Basic and diluted earnings per share (cents) 22.04 20.56 7.20%
Headline earnings per share (cents) 22.04 20.56 7.20%
Dividend per share (cents) (Note 2) 20.50 20.60 - 0.49%
Net asset value per share R4.07 R3.62 -
Notes:
1. The lease income and fair value adjustment have been restated. During the financial year ended
28 February 2023, it was identified that a calculation error was present in the underlying computations
related to the independent valuation of investment property as at 28 February 2023. The calculation
error is attributable to an additional year of cash inflow included in the discounted cash flow valuation
of one of the entities' investment properties as revalued on 28 February 2023. This error resulted in the
overstatement of the fair value adjustment in the Statement of Comprehensive Income and the carrying
value of Investment Property of R7.2 million. Headline earnings and distributable earnings were not
affected.
2. The dividends per share of 20.50 cents relates to the financial year ended February 2024 and which was
subsequently paid in June 2024.
This short-form announcement is the responsibility of the directors of the Company. It contains only a
summary of the information in the full announcement ("Full Announcement") and does not contain full or
complete details. The Full Announcement is available for viewing on the Company's website at
https://www.afineinvestments.com/sens-announcements and may also be inspected by investors and/or
shareholders at the registered office of the Company and the offices of the designated advisor, at no
charge, during normal business hours. In addition, electronic copies of the Full Announcement may be
requested and obtained, at no charge, from the Company's company secretary by sending an email to
sonmari@petroland.co.za.
Any investment decisions by investors and/or shareholders should be based on consideration of the Full
Announcement as a whole, a link to which has been published on SENS and is available at
https://senspdf.jse.co.za/documents/2024/JSE/ISSE/ANIE/ANIEIR24.pdf
DECLARATION OF A CASH DIVIDEND
Notice is hereby given of the declaration of a gross interim cash dividend of 20.50 cents per share for the six
months ended 31 August 2024, which amounts to 101.18% of distributable profit for the six months ended
31 August 2024. The dividend is declared out of distributable reserves of the Group.
As the Company has REIT status, 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), as amended,
("Income Tax Act"). The dividend on the shares will be deemed to be a dividend, for South African tax
purposes, in terms of section 25BB of the Income Tax Act.
Afine's tax reference number is 901 493 3296. The number of ordinary shares which will be eligible for the
dividend at the declaration date is 72 536 585.
The salient dates for the dividend will be as follows:
2024
Last date to trade "cum" dividend Tuesday, 3 December
Shares commence trading "ex" dividend Wednesday, 4 December
Record date (date on which shareholders are recorded in share register) Friday, 6 December
Payment date Monday, 9 December
- Share certificates may not be dematerialised or rematerialised between the commencement of trade
on Wednesday, 4 December 2024 and the close of trade on Friday, 6 December 2024 (both days
inclusive).
- All times are South African times. The above dates and times are subject to change and any change will
be advised on SENS.
TAX IMPLICATIONS
South African tax residents
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
exception, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because it is a dividend
distributed by a REIT.
The dividend is exempt from dividend withholding tax in the hands of South African tax resident shareholders,
provided that the South African resident shareholders provide the following forms to the CSDP or broker in
respect of uncertificated shares, or to the Company, in respect of certificated shares:
a) a declaration that the dividend is exempt from dividend tax; and
b) a written undertaking to inform the CSDP, broker or the Company, 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 to arrange for the abovementioned
documents to be submitted prior to payment of the dividend, if such documents have not already been
submitted.
Non-resident shareholders
Dividends received by non-resident shareholders will not be taxable as income and instead will be treated as
an ordinary dividend which is exempt from income tax in terms of the general dividend exemption in section
10(1)(k)(i) of the Income Tax Act. It should be noted that up to 31 December 2013 dividends received by
non-residents from a REIT were not subject to dividend withholding tax. Since 1 January 2014, any dividend
received by a non-resident from a REIT will be subject to dividend 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 shareholder concerned. Assuming dividend withholding tax will
be withheld at a rate of 20%, the net dividend amount due to non-resident shareholders is 16.4 cents per
share.
A reduced dividend withholding rate in terms of the applicable DTA may only be relied on if the non-resident
shareholder has provided the following form to their CSDP or broker in respect of uncertificated shares, or the
Company, in respect of certificated shares:
a) a declaration that the dividend is subject to a reduced rate as a result of the application of DTA; and
b) a written undertaking to inform their CSDP, broker or the Company, 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 to arrange for the
abovementioned documents to be submitted prior to payment of the dividend, if such documents have
not already been submitted.
BY ORDER OF THE BOARD
Cape Town
18 November 2024
Registered office: Unit 4602, Greenways, Strand, 7140
Company secretary: Mrs S Vosloo
Designated advisor: AcaciaCap Advisors Proprietary Limited, 20 Stirrup Lane, Woodmead Office Park,
Woodmead, 2191
Designated Advisor
AcaciaCap Advisors Proprietary Limited
Date: 18-11-2024 03:10:00
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,
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