| Tue 3 Mar 2020, 7:18 | | ATTACQ LIMITED - ATT : Unaudited interim results for the six months ended 31 December 2019 |
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ATT : Unaudited interim results for the six months ended 31 December 2019: https://senspdf.jse.co.za/documents/2020/jse/isse/att/2020HYRES.pdf
Unaudited interim results for the six months ended 31 December 2019
ATTACQ LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1997/000543/06)
JSE share code: ATT ISIN: ZAE000177218
(Approved as a REIT by the JSE)
("Attacq" or "company" or "the group")
SHORT-FORM ANNOUNCEMENT: CONDENSED UNAUDITED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS
ENDED 31 DECEMBER 2019
HIGHLIGHTS
* Growth in core distributable earnings per share of 23.9%
* Dividend per share growth of 11.1% to 45.0 cents
* Trading density growth in retail portfolio of 5.7%, with Mall of Africa having increased by 10.1%
* On a like-for-like basis, net operating income increased by 7.6%
* Interest cover ratio improved to 1.91 times from 1.85 times
* Six buildings were completed in Waterfall with a further six buildings under construction
* Reduction in Rest of Africa exposure with the disposal of interest in Manda Hill, Zambia
NATURE OF THE BUSINESS
Attacq is a South African-based Real Estate Investment Trust, with a vision of delivering sustainable income and long-
term capital growth through a focused approach in real estate investments and developments. The quality South
African portfolio is dominant in its respective nodes, ensuring its defensiveness in a subdued ec onomy.
The group's business model is based on four key drivers, namely the South African portfolio, Developments at Waterfall,
Investment in MAS Real Estate Inc. and the Rest of Africa retail investments. Attacq's strategy is to exit the Rest of Africa
retail investments in an orderly manner.
Attacq is listed on the Johannesburg Stock Exchange and is included in the FTSE/JSE SAPY Index and FTSE/JSE SA REIT
Index. Attacq is the only property company included in the FTSE/JSE Responsible Investment Top 30 Index.
FINANCIAL PERFORMANCE
Restated
Unaudited Unaudited %
31 Dec 2019 31 Dec 2018 change
Distributable earnings per share cents 53.2 45.0 18.2
Total assets R'000 27 061 255 27 899 033 (3.0)
Net asset value per share cents 2 141 2 363 (9.4)
Gross revenue R'000 1 194 948 1 107 066 7.9
Earnings per share cents (5.3) 6.3 (184.1)
Headline earnings per share cents 73.5 28.6 157.0
PROSPECTS
During September 2019 Attacq indicated that it was targeting DPS growth of between 8.0% and 10.0% for the year
ending 30 June 2020. Attacq achieved DPS growth of 11.1% for the six months ended 31 December 2019 and has
revised its target for the full year ending 30 June 2020 to a growth in DPS of approximately 10.0%.
This guidance is based on the following assumptions:
* Achieving forecasted rental income based on contractual terms and anticipated market-related renewals
* Tenants will be able to absorb the recovery of rising utility costs and municipal rates
* The expected roll-out of the current and budgeted development portfolio
* No unforeseen circumstances such as major corporate tenant failures or deterioration of the macro -economic
environment
The prospects have not been reviewed or reported on by Attacq's auditors.
PAYMENT OF FINAL DIVIDEND
The board declared an interim gross cash dividend of 45.00000 cents per share, for the six months ended
31 December 2019, out of the company's distributable income.
The dividend is payable to Attacq shareholders in accordance with the timetable set out below:
Last day to trade cum dividend Tuesday, 17 March 2020
Shares trade ex dividend Wednesday, 18 March 2020
Record date Friday, 20 March 2020
Payment date Monday, 23 March 2020
Share certificates may not be dematerialised or rematerialised between Wednesday, 18 March 2020 and Friday, 20 March
2020, both days inclusive.
Payment of the dividend will be made to shareholders on Monday, 23 March 2020. In respect of dematerialised
shareholders, the dividend will be transferred to the Central Securities Depository Participant (CSDP) account or broker
account on Monday, 23 March 2020. Certificated shareholders' dividend will be deposited on or about Monday, 23 March
2020.
Where the transfer secretaries do not have the banking details of any certificated shareholders, the cash dividend will be
held in trust by the transfer secretaries pending receipt of the relevant certificated shareholder's banking details where
after the cash dividend will be paid via electronic transfer into the personal bank accounts of certificated shareholders.
This short-form announcement is the responsibility of the directors and the contents were approved by the board on
3 March 2020. This short-form announcement is a summary of the full announcement released on SENS and published on
3 March 2020 and does not include full or complete details. The information regarding the tax treatment of the dividend
will be released separately. The short-form announcement has not been audited or reviewed by the company's external
auditors. The full announcement is available on the company's website at www.attacq.co.za and can be accessed using
the following JSE link:
https://senspdf.jse.co.za/documents/2020/jse/isse/ATT/2020HYRES.pdf.
The full announcement is available for inspection at the registered offices of the company or its sponsor, at no charge,
during office hours from Tuesday, 3 March 2020 to Tuesday, 10 March 2020. Any investment decision should be based on
the full announcement available on the company's website.
By order of the Board
P Tredoux M Hamman
Chairman CEO
Johannesburg
3 March 2020
Independent non-executive directors
P Tredoux (Chairman)
HR El Haimer (Lead independent)
IN Mkhari
BT Nagle
S Shaw-Taylor
JHP van der Merwe
Executive directors
M Hamman (CEO)
R Nana (CFO)
JR van Niekerk (COO)
Company secretary
P de Villiers (resigned 29 February 2020)
A Matwa (appointed 1 March 2020)
Registered address
ATT House, 2 nd Floor, Maxwell Office Park, 37 Magwa Crescent, Waterfall City, 2090
Transfer secretaries
Computershare Investor Services (Pty) Ltd, Rosebank Towers, 15 Biermann Avenue, Rosebank, 2196
(PO Box 61051, Marshalltown, 2107)
Sponsor
Java Capital, 6A Sandown Valley Crescent, Sandton, 2169
Date: 03-03-2020 07:18:00
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