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Abridged Audited AFS, Dividend Declaration, Distribution of IAR and Notice of AGM For The Year Ended 31 March 2023

Published: 2023-06-29 10:00:22 ET

SAFARI INVESTMENTS (RSA) LIMITED
Approved as a REIT by the JSE Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2000/015002/06)
Share code: SAR | ISIN: ZAE000188280
(“the Company” or “the Group”)


ABRIDGED SUMMARISED AUDITED CONSOLIDATED ANNUAL FINANCIAL RESULTS, DIVIDEND
DECLARATION, DISTRIBUTION OF THE INTEGRATED ANNUAL REPORT AND NOTICE OF AGM
FOR THE YEAR ENDED 31 MARCH 2023


1.   SALIENT FEATURES

     The Group delivered growth in distribution per share of 14%, ahead of initial guidance.

     The Group recorded a 15% increase in operating profit, before investment revenue, fair value
     adjustments and finance costs for the year (“FY2023”) of R282 847 324 compared to R245 144 350 in
     the prior year (“FY2022”).

     Property revenue increased by 7% to R392 562 316 in FY2023 compared to property revenue of R365
     478 373 in FY2022.

     Property expenses as a percentage of property revenue remained relatively stable, with a marginal
     increase from 26% to 27% in FY2023 while the SA REIT cost to income ratio increased to 39% from
     35% in FY2022.

     Valuation of the Group’s property portfolio increased to R3,75 billion (FY2022: R3,54 billion) including
     the value of additional bulk, residential apartments not yet transferred, and investment properties held
     for sale.

     A positive reversion rate of +3.6% was accomplished, demonstrating strong tenant retention of 88%.

     The occupancy factor decreased to 96.75% in comparison to the rate of 98.1% in FY2022, this is
     based on a vacancy factor of 3,25% in FY2023.

     The monthly weighted average gross rental per square metre of the portfolio improved to R158 per
     square metre compared to R151 per square metre in FY2022. The calculation excludes municipal
     recoveries contained in rental and is inclusive of vacant space at Rnil rental.

     The SA-REIT net asset value per share increased to 915 cents per share, from 855 cents per share in
     FY2022. The SA-REIT loan-to-value decreased from 37% reported in FY2022 to 35%.

     Headline earnings per share increased to 69 cents per share from 64 cents per share in FY2022. This
     is an increase of 7,8%.

     With a final cash distribution of 32 cents per share declared, the total distribution for FY2023 amounts
     to 65 cents per share (FY2022: 57 cents per share) being a 14% increase compared to the prior year.
     The distribution pay-out ratio is 100%.

2.   DIVIDEND DECLARATION

     The directors resolved to declare a final gross dividend of 32 cents (FY2022: 32 cents) per share from
     income reserves in respect of the financial year ended 31 March 2023 resulting in a total annual
     dividend of 65 cents per share. The final dividend amount, net of South African dividend tax of 20%,
     is 25,6 cents (FY2022: 25,6 cents) per share for those shareholders who are not exempt from dividend
     tax. The number of ordinary shares in issue at the declaration date is 257 826 016, including 329 847
     treasury shares, and the income tax number of the Company is 9012/264/14/0. Shareholders are to
     refer to the full announcement for further details on tax implications.

     The salient dates of the dividend declaration are:

     Declaration date                                Thursday, 29 June 2023
     Last day to trade cum dividend                  Tuesday, 18 July 2023
     Trading ex-dividend commences                   Wednesday, 19 July 2023
     Record date                                     Friday, 21 July 2023
     Date of payment                                 Monday, 24 July 2023

     Share certificates may not be dematerialised or re-materialised between Wednesday, 19 July 2023
     and Friday, 21 July 2023, both days inclusive.

3.   SHORT-FORM ANNOUNCEMENT

     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 and does not contain full or complete details. The
     full announcement can be found on the JSE’s website at:

     https://senspdf.jse.co.za/documents/2023/jse/isse/sar/FY2023.pdf

     Copies of the full announcement are also available for viewing on the Company’s website at
     https://www.safari-investments.com/investor-relations or may be requested in person, at the
     Company’s registered office at 410 Lynnwood Road, Lynnwood, Pretoria, or from the sponsor, at no
     charge, during office hours 08:00 to 16:00, Monday to Friday.

     Any investment decisions by investors and/or shareholders should be based on consideration of the
     full announcement available on the JSE’s website and the Group’s website.

4.   DISTRIBUTION OF THE INTEGRATED ANNUAL REPORT AND NOTICE OF ANNUAL GENERAL
     MEETING (“AGM”)

     Shareholders of the Company (“Shareholders”) are hereby advised that the Company’s integrated
     annual report (“Integrated Report”), incorporating the full audited consolidated annual financial
     statements of the Company for the year ended 31 March 2023 (“Annual Financial Statements”) and
     the notice of the annual general meeting of the Company (“Notice of AGM”) was dispatched to
     Shareholders today, Thursday 29 June 2023.

     The Integrated Report, the Annual Financial Statements and the full auditor’s report, including details
     of key audit matters, will also be available on the Company’s website, at https://www.safari-
     investments.com/investor-relations as from today, Thursday 29 June 2023.

     The consolidated annual financial statements have been audited by the Company’s auditors, BDO
     South Africa Incorporated, who expressed an unmodified audit opinion thereon.

     Notice is hereby given that the AGM will only be accessible through electronic participation and is to
     be held at 14:00 on Tuesday, 24 October 2023, to transact the business as set out in the notice of the
     AGM which forms part of the Integrated Report.
    Kindly note the following salient details:

     Issuer name                                               Safari Investments (RSA) Limited

     Type of instrument                                                         Ordinary shares

     ISIN number                                                                ZAE000188280

     JSE code                                                                              SAR

     Meeting type                                                       Annual General Meeting

     Meeting venue                                                                    Electronic

     Record date – to determine which shareholders are                     Friday, 23 June 2023
     entitled to receive the notice of meeting

     Publication/posting date                                           Thursday, 29 June 2023

     Last day to trade – Last day to trade to determine               Tuesday 10 October 2023
     eligible shareholders that may attend, speak and vote
     at the meeting

     Record date – to determine eligible shareholders that              Friday, 13 October 2023
     may attend, speak and vote at the meeting
     Meeting deadline date (For administrative purposes,                Friday 20 October 2023
     forms of proxy for the meeting to be lodged)

     Meeting date                                            14:00 on Tuesday, 24 October 2023

     Publication of results                                          Tuesday, 24 October 2023

     Website link                                                            https://www.safari-
                                                              investments.com/investor-relations

Pretoria
29 June 2023

Sponsor
PSG Capital

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

Nothing on this website should be considered an offer, solicitation of an offer, or advice to buy or sell securities.
Past performance is no guarantee of future results. Any historical returns, expected returns [or probability projections] are hypothetical in nature and may not reflect actual future performance.
All the strategies assume investments in equity invstrumenta only and are more relevant for "agressive investment profile". Eastern European flagship strategy assumes using up to 20% leverage of total portfolio. GlobalCommodities and US Growth strategy currently assume no leverage.
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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.