Capital & Counties Properties plc (JSE:CCO) News - Click below to view full PDF article
https://senspdf.jse.co.za/documents/2022/jse/isse/cco/HY22Result.pdf
Interim results for the six months ended 30 June 2022

CAPITAL  public art installations, pop-up bars and terraces
    across the estate

Commitment to environment, sustainability and community
-   Joined the UN Race to Zero supporting commitment to becoming Net Zero Carbon by 2030
-   Initiated first Carbon Risk Real Estate Monitor ("CRREM") analysis on a number of
    properties
-   Recognised as a Climate Leader in the 2022 Financial Times survey
-   Continued improvement of EPC ratings across the portfolio
-   Implemented rainwater harvesting at Floral Court; expected to provide c.50 per cent
    of estate cleaning requirements p.a.

Resilient and flexible capital structure
-   Repayment of £200 million drawn debt comprising £75 million of private placement
    notes and the £125 million loan secured against shares in Shaftesbury
-   Liquidity of £439 million (cash of £139 million and £300 million undrawn facilities)
    (Dec 21: £642 million)
-   Covent Garden net debt of £359 million (Dec 2021: £254 million) and loan to value
    ratio of 20 per cent (Dec 2021: 15 per cent)
-   Group net debt of £605 million (Dec 2021: £599 million) and net debt to gross assets
    of 25 per cent (Dec 2021: 24 per cent)
-   Weighted average maturity on drawn debt of 5 years (Dec 2021: 5 years) and average
    cash cost of debt of 2.7 per cent (Dec 2021: 2.8 per cent)
-   Group capital commitments of £5.6 million (Dec 2021: £5.4 million)

Other investments
-   Investment in Shaftesbury PLC valued at £506 million, based on the Shaftesbury share
    price (Dec 2021: £596 million), dividend income from Shaftesbury PLC shares of £3.9
    million received in H1 2022 and a further £4.7 million in July 2022
-    Lillie Square property value of £84 million, a decrease of 1.8 per cent (like-for-
     like) since Dec 2021. £35 million cash distribution from the joint venture (£17.5
     million Capco share)


FINANCIAL HIGHLIGHTS
                                                                                Six            Six            Year
                                                                                months         months         ended
                                                                                ended          ended          31
                                                                                30 June        30 June        December
                                                                                2022           2021           2021
      Total equity                                                              £1,768m        £1,657m        £1,786m
      Total equity per share                                                    207.6p         194.6p         209.8p
    -1.2% Total return for six months ended 30 June 2022 (full year
    2021: 0.4%)
      EPRA net tangible assets1                                                 £1,781m        £1,696m        £1,810m
      EPRA net tangible assets per share1                                       208.9p         199.2p         212.4p
      Dividend per share                                                        0.8p           0.5p           1.5p
    5.9% Total property return for six months ended 30 June 2022
    (full year 2021: 1.5%)
      Property market value2                                                    £1,901m        £1,796m        £1,815m
      Net rental income3                                                        £28.0m         £21.0m         £46.4m
      (Loss)/profit for the period                                              -£11.2m        -              £29.3m
                                                                                               £104.1m
      Headline (loss)/earnings per share1                                       -10.8p         -1.4p          5.3p
      Basic (loss)/earnings per share1                                          -1.3p          -12.2p         3.4p
    Underlying earnings per share4                                              0.5p           –              0.5p


1. Refer to note 14 "Earnings per share and Net Assets Per Share" on page 40 of the full report.
2. On a Group share basis. Refer to Property Portfolio on page 57 of the full report for the Group’s percentage ownership of
   property.
3. On a Group share basis. Refer to note 2 "Segmental Reporting" on page 31 of the full report.
4. Refer to note 3 "Underlying Earnings" on page 35 of the full report.


SHORT FORM ANNOUNCEMENT
This short form announcement is the responsibility of the Directors of Capco. It is
only a summary of the information contained in the full announcement and does not
contain full or complete details. Any investment decision should be based on
consideration of the full announcement accessible from 2 August 2022 via the JSE link
at   https://senspdf.jse.co.za/documents/2022/jse/isse/CCO/HY22Result.pdf  and   also
available on the Company’s website at
https://www.capitalandcounties.com/investors/results-and-reports. Copies of the full
announcement may also be requested by contacting the Company
(feedback@capitalandcounties.com or telephone +44 (0)20 3214 9170).

DIVIDENDS
The Directors of Capco have declared an interim cash dividend per ordinary share (ISIN
GB00B62G9D36) of 0.8 pence payable on 19 September 2022.

Dates
The following are the salient dates for payment of the interim dividend:

Sterling/Rand exchange rate struck:                              Monday, 15 August 2022

Sterling/Rand exchange rate and dividend amount in Rand          Tuesday, 16 August 2022
announced:

Ordinary shares listed ex-dividend on the Johannesburg           Wednesday, 24 August 2022
Stock Exchange:

Ordinary shares listed ex-dividend on the London Stock           Thursday, 25 August 2022
Exchange:

Record date for interim dividend in UK and South Africa:         Friday, 26 August 2022

Dividend payment date for shareholders                           Monday, 19 September 2022


South African shareholders should note that, in accordance with the requirements of
Strate, the last day to trade cum-dividend will be Tuesday, 23 August 2022 and that no
dematerialisation of shares will be possible from Wednesday 24 August 2022 to Friday
26 August 2022 inclusive. No transfers between the UK and South Africa registers may
take place from 24 August 2022 to 26 August 2022 inclusive. The above dates are proposed
and subject to change.

The interim dividend will be paid wholly as a PID. There will be no non-PID element of
the interim dividend. As such, the entire interim dividend will be subject to deduction
of a 20 per cent UK withholding tax unless exemptions apply.

Information for shareholders
The information below is included only as a general guide to taxation for shareholders
based on Capco's understanding of the law and the practice currently in force. Any
shareholder who is in any doubt as to their tax position should seek independent
professional advice.

UK shareholders - PIDs
Certain categories of shareholders may be eligible for exemption from the 20 per cent
UK withholding tax and may register to receive their dividends on a gross basis.
Further information, including the required forms, is available from the 'Investors'
section of the Company’s website (capitalandcounties.com), or on request from our
UK registrars, Link Group. Validly completed forms must be received by Link Group no
later than the dividend Record Date, as advised; otherwise the dividend will be paid
after deduction of tax.

South African shareholders
The interim dividend declared by the Company is a foreign payment and the funds are
sourced from the UK.

PIDs: South African shareholders may apply to HMRC after payment of the PID interim
dividend for a refund of the difference between the 20 per cent UK withholding tax and
the UK/South African double taxation treaty rate of 15 per cent.

The PID interim dividend will be exempt from income tax but will constitute a dividend
for Dividends Tax purposes, as it will be declared in respect of a share listed on the
exchange operated by the JSE. SA Dividends Tax will therefore be withheld from the PID
interim dividend at a rate of 20 per cent, unless a shareholder qualifies for an
exemption and the prescribed requirements for effecting the exemption are in place by
the requisite date. Certain shareholders may also qualify for a reduction of SA
Dividends Tax liability to 5 per cent, (being the difference between the SA dividends
tax rate and the effective UK withholding tax rate of 15 per cent) if the prescribed
requirements for effecting the reduction are in place by the requisite date.

Non-PID: There is no non-PID element of the interim dividend.

Other overseas shareholders:
Other non-UK shareholders may be able to make claims for a refund of UK withholding
tax deducted pursuant to the application of a relevant double taxation convention. UK
withholding tax refunds can only be claimed from HMRC, the UK tax authority.
Additional information on PIDs can be found at www.capitalandcounties.com/uk-real-
estate-investment-trust-reit


ENQUIRIES:

Capital  the
effect of mergers, acquisitions and divestitures on Capital  the impact of adverse domestic or
international legislation and regulation; changes in domestic or international tax
laws and rates; adverse litigation and dispute outcomes and the effect of such outcomes
on Capital  changes or differences in
domestic or international economic or political conditions; the ability to obtain price
increases and the impact of price increases on consumer affordability thresholds;
adverse decisions by domestic or international regulatory bodies; the impact of market
size reduction and consumer down-trading; translational and transactional foreign
exchange rate exposure; the ability to maintain credit ratings; the ability to develop,
produce or market new alternative products and to do so profitably; the ability to
effectively implement strategic initiatives and actions taken to increase sales growth;
the ability to enhance cash generation and pay dividends and changes in the market
position, businesses, financial condition, results of operations or prospects of
Capital & Counties Properties PLC.

It is believed that the expectations reflected in this announcement are reasonable but
they may be affected by a wide range of variables that could cause actual results to
differ materially from those currently anticipated. Past performance is no guide to
future performance and persons needing advice should consult an independent financial
adviser. The forward-looking statements in this announcement reflect knowledge and
information available at the date of preparation of this announcement and Capital &
Counties Properties PLC undertakes no obligation to update or revise these forward-
looking statements, whether as a result of new information, future events or otherwise.
Readers are cautioned not to place undue reliance on such forward-looking statements.

No statement in this communication is intended to be, nor should be construed as, a
profit forecast or a profit estimate and no statement in this communication should be
interpreted to mean that earnings per share of Capital & Counties Properties PLC for
the current or any future financial periods would necessarily match, exceed or be lower
than the historical published earnings per share of Capital & Counties Properties PLC.

Date: 02-08-2022 08:00:00
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