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Reviewed provisional condensed consolidated financial results for the year ended 31 August 2021
Dipula Income Fund
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA ISIN: ZAE000203378
JSE share code: DIB ISIN: ZAE000203394
(Approved as a REIT by the JSE)
("Dipula" or "the company")
Short-form announcement:
Reviewed provisional condensed consolidated financial results for the year ended 31 August 2021
SALIENT FEATURES
A-share distributable earnings per share up 3.9% to 118.95304 cents (2020: 114.49016 cents)
B-share distributable earnings per share up 64.7% to 89.69993 cents (2020: 54.45985 cents)
Basic earnings per share up 260.7% to 81.14 cents (2020: 22.50 cents)
Headline earnings per share up 64.1% to 84.16 cents (2020: 51.28 cents)
NAV per share up 3.0% to R10.30 (2020: R10.00)
Revenue up 1.7% to R1 314 million (2020: R1 291 million)
Net operating profit up 0.8% to R823.6 million (2020: R816.9 million)
Attributable comprehensive income up 260.7% to R429.5 million (2020: R119.1 million)
BUSINESS OVERVIEW
Dipula is an internally managed, South African focused Real Estate Investment Trust ("REIT") that
owns a sectorally and geographically diversified portfolio of retail, office, industrial and residential
rental assets in all provinces of South Africa, with majority of its assets located in Gauteng. The
company's strategy is to own a high quality, defensive and diversified portfolio with a retail bias.
Dipula's portfolio has yielded a solid performance since listing.
PAYMENT OF DIVIDEND
The board has approved, and notice is hereby given of the final gross dividend (dividend number 19)
for the period 1 March 2021 to 31 August 2021 of 59.93275 cents per A- share and 44.60028 cents
per B-share.
The dividend is payable to Dipula shareholders in accordance with the timetable set out below:
Last day to trade cum dividend Tuesday, 7 December 2021
Shares trade ex-dividend Wednesday, 8 December 2021
Record date Friday, 10 December 2021
Payment date Monday, 13 December 2021
Share certificates may not be dematerialised or rematerialised between Wednesday, 8 December
2021 and Friday, 10 December 2021, both days inclusive. The dividend will be transferred to
dematerialised shareholders' CSDP accounts/broker accounts on Monday, 13 December 2021.
Certificated shareholders' divided payments will be paid to certificated shareholders' bank accounts
on or about Monday, 13 December 2021.
TAX TREATMENT
In accordance with Dipula's status as a REIT, shareholders are advised that the dividends meet
the requirements of a "qualifying distribution" for the purposes of section 25BB of the Income Tax
Act, No. 58 of 1962 ("Income Tax Act") and will be deemed to be dividends, for South African tax
purposes, in terms of section 25BB of the Income Tax Act.
The 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 paragraph (aa) of section 10(1)(k)(i) of the Income Tax
Act) because they are dividends distributed by a REIT. The dividends are, however, exempt from
dividend withholding tax in the hands of South African tax resident shareholders, provided that such
shareholders provide the following forms to their 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) a declaration that the dividends are 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 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. Any distribution 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. Assuming dividend withholding tax will be withheld at
a rate of 20%, the net dividend amount due to non-resident shareholders is 47.94620 cents per
A-share and 35.68022 cents per B-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
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 dividends are 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 dividends if such documents
have not already been submitted, if applicable.
A-shares in issue at the date of declaration of the dividends: 264 665 819.
B-shares in issue at the date of declaration of the dividends: 264 665 819.
Dipula's income tax reference number: 9743/798/14/3.
The dividend may have tax implications for resident as well as non-resident shareholders. Shareholders
are therefore encouraged to consult their professional advisors should they be in any doubt as to
the appropriate action to take.
REVIEW CONCLUSION
The auditor, Mazars Gauteng, has issued an unmodified review conclusion report on the reviewed
provisional condensed consolidated financial results for the year ended 31 August 2021.
Copies of the auditor's report will be made available for inspection at the Company's registered
office during office hours.
SHORT-FORM ANNOUNCEMENT
The contents of this short-form announcement are the responsibility of the board of directors of
Dipula and have not been reviewed by the auditor, Mazars Gauteng. The information above is extracted
from the reviewed provisional condensed consolidated financial results for the year ended
31 August 2021 and does not contain full or complete details of the financial results.
Any investment decisions made by investors should be based on consideration of the full announcement
as a whole and shareholders are encouraged to review the full announcement, which has been released
on SENS and is available for viewing on Dipula's website at
https://www.dipula.co.za/content/uploads/2021/11/Reviewed-provisional-condensed-consolidated-financial-results-31-Aug-2021.pdf
and on the JSE website at https://senspdf.jse.co.za/documents/2021/JSE/ISSE/DPL/FY2021.pdf.
Copies of the full announcement may also be requested at the Company's registered office at no
charge, during office hours from Wednesday, 17 November 2021 to Wednesday, 24 November 2021.
Johannesburg
17 November 2021
Directors
ZJ Matlala** (Chairperson)
IS Petersen (CEO)
BH Azizollahoff**#
R Asmal (FD)
E Links**
Y Waja**
SA Halliday**
** Independent non-executive
# British
Registered office
12th Floor
Firestation Rosebank
16 Baker Street
Rosebank
2196
Transfer secretaries
JSE Investor Services
Sponsor
Java Capital
Company secretary
Acorim
Investor relations
Articulate Capital Partners
Independent Auditors
Mazars Gauteng
Date: 17-11-2021 09:30:00
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