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Summarised audited consolidated financial statements for year ended 28 February 2022, declaration of final dividend
EXEMPLAR REITAIL LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 2018/022591/06
JSE share code: EXP
ISIN: ZAE000257549
LEI: 3789000558287E37F130
Approved as a REIT by the JSE (Exemplar or the Company)
SHORT FORM ANNOUNCEMENT: SUMMARISED AUDITED CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 28 February 2022 and declaration of final dividend
- Total cash dividend for the 12 months ended 28 February 2022 of 117,6 cents per share against 85,0 cents per share for the prior year.
An increase of 38.3%
- Loan to value ratio of 35.2% and interest cover ratio of 3,91 times
- NAV per share of R12,29
An increase of 14.7%
Nature of business
Exemplar is a listed Real Estate Investment Trust (REIT) whose core focus is the provision and management of retail services to previously under-serviced
regions across five provinces of South Africa. There are currently 23 retail assets in the portfolio with a combined GLA of 382 483m2.
Key financial information
Audited for the Audited for the Change
12 months 12 months %
ended ended
28 February 28 February
2022 2021
Revenue (R'000) 884 607 789 206 12.1
Operating profit (R'000) 588 331 480 129 22.5
Operating profit before operating lease equalisation (R'000) 597 091 473 728 26.0
Basic and diluted earnings per share (cents) 275,14 70,83 288.5
Headline and diluted headline earnings per share (cents) 126,16 79,92 57.9
Net asset value per share (Rand) 12,29 10,71 14.7
Total dividend per share (cents) 117,59817 85,03155 38.3
Final dividend per share (cents) 72,25371 49,06666 47.3
Interim dividend per share (cents) 45,34446 35,96489 26.1
Declaration of dividend for the six months ended 28 February 2022
Exemplar has declared a dividend of 72,25371 cents per share for the six months ended 28 February 2022 (the final dividend), an increase of 47.3% on the
corresponding period, which together with the interim dividend of 45,34446 cents per share equates to a total dividend for FY2022 of 117,59817 cents per
share, an increase of 38.3% on the prior year, and represents approximately 90% of distributable income for the year.
The final dividend will be paid to shareholders in accordance with the timetable set out below:
Last date to trade cum dividend Tuesday, 7 June 2022
Shares trade ex dividend Wednesday, 8 June 2022
Record date Friday, 10 June 2022
Payment date Monday, 13 June 2022
Share certificates may not be dematerialised or rematerialised between Wednesday, 8 June 2022 and Friday, 10 June 2022, both days inclusive. The dividend
will be transferred to dematerialised shareholders' CSDP/broker accounts on Monday, 13 June 2022. Certificated shareholders' dividend payments will be paid
to certificated shareholders' bank accounts on or about Monday, 13 June 2022.
In accordance with Exemplar's status as a REIT, 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 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.
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 exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income Tax Act) because
it is a dividend distributed by a REIT. This dividend is, 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 dividend is 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 ceases 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 57,80297 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 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 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 ceases 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 dividend if such documents have not already been submitted, if applicable.
Shares in issue at the date of declaration date of the dividend: 332 290 686
Exemplar income tax reference number: 9727063175
Short form announcement
This short form announcement is the responsibility of the Board of Directors. It is a summary of the full announcement released on SENS on 24 May 2022 and
does not contain all the details of the full announcement.
The full announcement can be accessed using the following JSE link:
https://senspdf.jse.co.za/documents/2022/jse/isse/expe/FY2022.pdf
as well as via Exemplar's website (http://www.exemplarreit.co.za). Any investment decisions made by investors and/or shareholders should be based on consideration
of the full announcement. The full announcement is available for inspection at the registered office of the Company (Sokatumi Estate, Corner Lyttelton Road
and Leyden Avenue, Clubview, Centurion, 0157) and the office of the sponsor, Java Capital (2nd Floor, 6A Sandown Valley Crescent, Sandown, Sandton, 2196) at
no charge during normal business hours from Wednesday, 25 May 2022 to Wednesday, 1 June 2022.
This short form announcement has not been audited or reviewed by Exemplar's external auditors. The consolidated annual financial statements have been
audited by BDO South Africa Inc, who expressed an unmodified audit opinion thereon. The auditor's opinion also includes communication of the key audit
matter, being the valuation of investment property. The opinion is available, along with the annual financial statements, on Exemplar's website.
For and on behalf of the board
24 May 2022
Executive directors Jason McCormick (CEO) DA Church (CFO) John McCormick
Non-executive directors FM Berkeley (Chairman), PJ Katzenellenbogen (Lead independent director), GVC Azzopardi, N Mandindi, EP Maponya
Company Secretary A Booysen
Registered Office Sokatumi Estate, Cnr Lyttelton Road and Leyden Avenue, Clubview, Centurion, 0157, PO Box 12169, Clubview, 0014
Transfer Secretaries Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196,
PO Box 61051, Marshalltown, 2107
Auditor BDO South Africa Inc
Sponsor Java Capital
Date: 24-05-2022 09:30:00
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