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Short-form announcement
Summarised audited consolidated results 2022
INDLUPLACE PROPERTIES LIMITED JSE share code: ILU ISIN: ZAE000201125
(Incorporated in the Republic of South Africa) (Approved as a REIT by the JSE)
(Registration number: 2013/226082/06) (“Indluplace” or “the company”)
INCREASE /(DECREASE) 30 SEPTEMBER 2022 30 SEPTEMBER 2021
Revenue (R) (2,9%) 583 692 659 600 880 519
Operating profit^ (R) (0,6%) 234 453 196 235 798 644
Earnings (R) 110,3% 11 175 074 (108 179 804)
Earnings per share (cents) 110,4% 3,56 (34,35)
Diluted earnings per share (cents) 110,2% 3,52 (34,35)
Headline earnings per share (cents) (6,7%) 47,85 51,26
Diluted headline earnings per share (cents) (6,8%) 47,37 50,80
SA REIT Net asset value (cents) (6,5%) 637,04 681,42
Dividend for the period ended (cents) 13,6% 31,95734 28,13096
^ Rental income less property and adminstration costs
Nature of business
Indluplace is a proud South African property investor, owning a portfolio a) a declaration that the dividend is exempt from dividends tax; and
primarily focused on the affordable end of the residential rental market. The
b) a written undertaking to inform the CSDP, broker or the company, as the
company was listed on the Main Board of the JSE in June 2015 and currently
case may be, should the circumstances affecting the exemption change or
owns a portfolio of 9 249 residential units and 15 549m2 of associated retail
the beneficial owner cease to be the beneficial owner,
space. The portfolio is valued at approximately R3,4 billion, with properties
situated mainly in Gauteng. The Group employs in excess of 280 people both in the form prescribed by the Commissioner for the South African
providing all the services required to efficiently manage a large portfolio which Revenue Service. Shareholders are advised to contact their CSDP, broker
is home to almost 30 000 people. These include building based staff as well or the company, as the case may be, to arrange for the abovementioned
as all head office departments to ensure tenants are given superior service, documents to be submitted prior to payment of the dividend, if such
buildings are clean and well maintained and properties deliver financial results documents have not already been submitted.
to enable the company to pay increasing dividends to investors.
Dividends received by non–resident shareholders will not be taxable as
income and instead will be treated as ordinary dividends which are exempt
Overview from income tax in terms of the general dividend exemption in section
10(1) (k)(i) of the Income Tax Act. Any dividend received by a non–resident
Indluplace achieved most of its strategic objectives that the Board set for
from a REIT is subject to dividend withholding tax at 20%, unless the rate is
the 2022 financial year. Sustainable value has been created in the property
reduced in terms of any applicable agreement for the avoidance of double
management business with the internalised property management capability
taxation (“DTA”) between South Africa and the country of residence of
operational for a full financial year. The student portfolio in Vanderbijlpark
the shareholders. Assuming dividend withholding tax will be withheld at a
was subject to various negative factors as the universities transitioned away
rate of 20%, the net dividend amount due to non–resident shareholders is
from head leases. Unfortunately the student portfolio’s letting performance
15,03507 cents per share. A reduced dividend withholding rate in terms of
disappointed, but we have introduced various management improvements
the applicable DTA, may only be relied on if the non–resident shareholders
and are confident of a much improved 2023.
have provided the following forms to their CSDP or broker, as the case may
The benefits of standardised systems and procedures, more direct influence on be, in respect of uncertificated shareholders, or the company, in respect of
the team’s performance and a very experienced and motivated management certificated shareholders:
team, have already made a positive impact on performance. While stable
a) a declaration that the dividend is subject to a reduced rate as a result of the
collection rates and occupancy numbers indicate that our units are defensive
application of a DTA; and
in nature and are in demand by quality tenants, the performance of the
portfolio is largely dependent on our tenant base tenant base growing and an b) a written undertaking to inform their CSDP, broker or the company, as the
improved economic environment. case may be, should the circumstances affecting the reduced rate change
or the beneficial owner cease to be the beneficial owner,
Payment of dividend both in the form prescribed by the Commissioner for the South African
for the year ended 30 September 2022 Revenue Service. Non–resident shareholders are advised to contact their
CSDP, broker or the company, as the case may be, to arrange for the
The board has declared a gross dividend of 18,79384 cents per share (dividend abovementioned documents to be submitted prior to payment of the dividend
number 18) for the six months ended 30 September 2022. Together with if such documents have not already been submitted, if applicable.
the dividend declared for the six months ended 31 March 2022 of 13,16350
per share, the total dividend for the full year ended 30 September 2022 Shares in issue at the date of declaration of this dividend: 336 523 275
amounts to 31,95734 cents per share. The dividend declared for the six months Indluplace’s income tax reference number: 9390/649/177
ended 30 September 2022 will be paid in accordance with the timetable set
out below:
Last date to trade cum dividend Monday, 12 December 2022
Short-form announcement
Shares trade ex-dividend Tuesday, 13 December 2022 This short-form announcement is the responsibility of the board of directors
of the company. This short-form announcement is a summary of the full
Record date Thursday, 15 December 2022
announcement released on SENS and published on Indluplace’s website
Payment date Monday, 19 December 2022 (www.indluplace.co.za) at
Shares may not be dematerialised or rematerialised between Tuesday, https://www.indluplace.co.za/downloads/2022/results/indluplace-annual-results-2022.pdf
13 December 2022 and Thursday, 15 December 2022, both days inclusive.
on 23 November 2022 and on the JSE website at
Payment of the dividend will be made to shareholders on Monday,
19 December 2022. In respect of dematerialised shares, the dividend will be https://senspdf.jse.co.za/documents/2022/jse/isse/ilu/indlu0922.pdf
transferred to the Central Securities Depository Participant (CSDP) / broker
and does not contain full or complete details. Any investment decision by
accounts on Monday, 19 December 2022. Certificated shareholders’ dividend
investors and/or shareholders should be based on consideration of the
payment will be deposited on or about Monday, 19 December 2022.
full announcement.
Tax treatment of dividend The audit report on the financial statements in respect of which an unqualified
opinion was expressed, notes the valuation of investment properties as a key
In accordance with Indluplace’s status as a REIT, shareholders are advised audit matter.
that the dividend meets the requirements of a “qualifying distribution” for the
A copy of the audit opinion, together with the underlying audited financial
purposes of section 25BB of the Income Tax Act, No. 58 of 1962 (“Income Tax
statements are available for inspection at the company’s registered office, and
Act”). The distribution on shares will be deemed to be a dividend, for South
available on the company’s website at
African tax purposes, in terms of section 25BB of the Income Tax Act.
https://www.indluplace.co.za/downloads/2022/results/indluplace-afs-2022.pdf
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 The full announcement is available for inspection at the registered offices of
exempt from income tax (in terms of the exclusion to the general dividend the company, on the company’s website, www.indluplace.co.za and the offices
exemption, contained in paragraph (aa) of section 10(1)(k)(i) of the Income of the sponsor, Java Capital (6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
Tax Act) because they are dividends distributed by a REIT. This dividend (entrance at 39 Wierda Road West)) at no charge during normal business
is, however, exempt from dividends withholding tax in the hands of South hours from Wednesday, 23 November 2022 to Thursday, 1 December 2022.
African tax resident shareholders, provided that the South African resident A copy of the full announcement is available on request from
shareholders furnished the following forms to their CSDP or broker, as the info@indluplaceproperties.co.za
case may be, in respect of uncertificated shares, or the company, in respect of By order of the Board
certificated shares: 23 November 2022
Directors C Abrams*^, C de Wit (CEO), T Kaplan (FD), G Harris (COO), S Noik (Chairman)*^, A Rehman*^, N Tetyana*^, D.M. Wilder*
* Non–executive, ^ Independent. All directors are South African.
Registered office 2nd Floor, 158 Jan Smuts, 9 Walters Street, Rosebank, Johannesburg, 2196. PO Box 685, Melrose Arch, 2076.
Transfer secretaries Computershare Investor Services Proprietary Limited Sponsor Java Capital Company secretary CIS Company Secretaries Proprietary Limited
Website www.indluplace.co.za
