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MAHUBE INFRASTRUCTURE LIMITED - Reviewed Annual Financial Results for the year ended 28 February 2021 and cash dividend declaration

Release Date: 01/06/2021 07:30
Code(s): MHB     PDF:  
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Reviewed Annual Financial Results for the year ended 28 February 2021 and cash dividend declaration

Mahube Infrastructure Limited
(Formerly GAIA Infrastructure Capital Limited)
(Incorporated in the Republic of South Africa)
(Registration number: 2015/115237/06)
ISIN: ZAE000290763
JSE code: MHB
(“Mahube” or the “Company”)

Extract from the Reviewed Annual Financial Results for the year ended 28 February 2021 and
cash dividend declaration

Salient features:

• Dividends received up 119% to R54.9 million from R25.1 million in the comparative period last year
• Total revenue down 29.3% to R44.7 million in comparison to R63.2 million for the comparative period
   last year, due to an unfavourable adjustment to financial assets measured at fair value
• Basic earnings and headline earnings per share down 69.7% to 21.71 cents per share in comparison
   to 71.64 cents for the comparative period last year
• Tangible NAV per share at R10.63
• Final cash dividend declaration of 32.00 cents per share
• Gross assets under management at R754.2 million

Investment portfolio

Mahube is an infrastructure company that offers investors exposure to infrastructure assets in Southern
Africa. The Company’s shares are listed and traded on the Main Board of the JSE Limited. The vision
of Mahube is to stimulate fast, inexpensive and sustainable delivery and upkeep of infrastructure on a
significant scale. Mahube aims to provide investment returns that are characterised by predictable and
regular cash flows generated from infrastructure assets, long-term investment into ownership and
operation of assets, and blue-sky upside from providing disruptive solutions to infrastructure-related
market inefficiencies. Currently Mahube has invested in and holds equity interests in two wind farms
and three solar photovoltaic farms with a collective power generation capacity of approximately 400
MW. All five renewable energy assets were licensed during Round 1 of the Renewable Energy
Independent Power Procurement Programme in South Africa, each to generate electricity that they sell
to Eskom under a 20-year power purchase agreement.

Condensed Statement of Comprehensive Income for the year ended 28 February 2021

                                          28 February 2021      29 February 2020        change

 Revenue (R’000)                                     44 663                63 166      (29.3)%
 Net profit (R’000)                                  11 976                39 510      (69.7)%
 Earnings and headline earnings per
                                                         21.7                 71.6     (69.7)%
 share (cents)
 Net asset value per share                            10.63                  10.74       (1.1)%

Dividend distribution

The Board has pleasure in announcing that a gross dividend per ordinary share of 32.00 cents, has
been declared for the year ended 28 February 2021. Dividends are subject to Dividends Withholding
Tax. The payment date for the dividend is Monday, 26 July 2021.

• Dividends have been declared from income reserves.
• Local Dividends Withholding Tax rate is 20%.
• The gross dividend amount is 32.00000 cents per ordinary share.
• The net cash dividend amount is therefore 25.60000 cents per ordinary share.
• The Company has 55 151 000 ordinary shares in issue as at the declaration date.
• The Company’s income tax reference number is 9473/844/17/4.

Salient dates for the dividend will be as follows:

 Last day to trade cum the ordinary share dividend                                   Tuesday, 20 July

 Ordinary shares commence trading ex-dividend                                    Wednesday,21 July

 Ordinary share dividend record date                                                   Friday, 23 July

 Payment date of ordinary share dividend                                             Monday, 26 July

Share certificates may not be dematerialised or rematerialised between Wednesday, 21 July 2021 and
Friday, 23 July 2021, both days inclusive.


This short form announcement is the responsibility of the Directors and is a summary of the information
contained in the full announcement and does not contain full or complete details. Furthermore, this
short-form results announcement has not been reviewed, audited or reported on by Mahube’s auditors
but has been extracted from the reviewed annual condensed financial statements for the year ended
28 February 2021 and cash dividend declaration


Any investment decision should be based on the full announcement published on Mahube’s


The JSE website:
The full announcement is available for inspection, free of charge, during normal business hours at
Mahube’s business address, 3rd Floor, Penthouse 5, 4 The High Street, Melrose Arch, 2196.

By order of the Board

31 May 2021


Sasfin Capital (a member of the Sasfin Group)

Date: 01-06-2021 07:30:00
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