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STENPROP LIMITED ANNOUNCES RESULTS FOR THE THREE MONTHS ENDED 30 JUNE 2015
Hamilton, Bermuda: 09 September 2015 – In a filing with the Bermuda Stock Exchange (“BSX”), Stenprop Limited (the “Company” or “Stenprop”; Ticker: STP.BH) filed their unaudited interim financial results for the period ended 30 June, 2015. The filing stated:
UNAUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS
for the three months ended 30 June 2015
Stenprop Limited, a Bermuda company which holds a primary listing on the Bermuda Stock Exchange and a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange ("JSE"), today announces its results for the three months ended 30 June 2015.
The Company is required to publish financial results for the three months ended 30 June 2015 in terms of the rules of the Bermuda Stock Exchange ("BSX"). Accordingly, this announcement presents the unaudited condensed consolidated financial results of the Group in respect of the financial period from 1 April 2015 to 30 June 2015 in a form compliant with the requirements of the BSX.
Financial review
Earnings
The basic earnings attributable to ordinary shareholders for the three month period to 30 June 2015 are EUR7,098,805. This equates to a diluted EPS of 2.60 cents. The headline earnings are EUR8,306,922 equating to a diluted headline EPS of 3.04 cents.
In accordance with reporting standards widely adopted across the real estate industry in Europe, the board of directors feels it is appropriate and useful, in addition to providing the IFRS disclosed earnings, to also disclose EPRA* earnings.
Adjusted EPRA earnings attributable to shareholders are EUR6,967,239, equating to a diluted adjusted EPRA EPS of 2.55 cents.
Stenprop intends to declare an interim dividend in December 2015 relating to the six months to 30 September 2015. It expects this dividend to be 4.2 cents per share.
Prospects
As announced on the JSE News Service in the Forecast Financial Information announcement published on 14 August 2015, the Group expects adjusted diluted EPRA earnings per share for the year ended 31 March 2016 of 10.32 cents. The Group expects to make two distributions during the current financial year totalling 8.5 cents per share.
Stenprop intends to migrate to the Main Board of the JSE in the third quarter of the current financial year.
* European Public Real Estate Association.
Net assets
The basic and diluted IFRS NAV per share at 30 June 2015 is EUR1.61 and EUR1.60 respectively. The basic and diluted EPRA NAV per share is EUR1.66.
The Group's investment properties are stated at their 31 March 2015 valuations. The period end balance sheet includes investment properties of EUR709.0 million and investments in associates and joint ventures of EUR76.8 million. Loan obligations outstanding, net of capitalised loan transaction costs, were EUR374.0 million.
Acquisitions
On 20 May 2015, the Group acquired a 50% interest in Regent Arcade House Holdings Limited ("RAHHL"), which owns the property known as 25 Argyll Street. The acquisition cost of this interest was £18.9 million which was based on a valuation of the property of £75 million. RAHHL refinanced the property with an interest only bank loan of £37.5 million at an all-in rate of 2.974% per annum, with a term of five years.
The acquisition of a retail centre known as Hermann Quartier for a purchase price of EUR22.7 million completed on 24 August 2015. The property is on a high street location of Berlin's central suburb of Neukölln with excellent public transport links, including an underground station inside the shopping centre. The acquisition was financed 50% by debt at an all-in interest rate of 1.42% per annum. The return on equity on this investment is expected to exceed 7% per annum at inception.
The purchase of the Victoria retail centre for EUR20.6 million was notarised on 18 June 2015 and is expected to complete later in September. The property is located in the Lichtenberg district of Berlin, approximately 15 minutes by underground from the city centre. The property is anchored by Kaufland (a hypermarket chain) on a 17 year lease. Based on indicative five-year swap rates, the return on equity on this
investment is expected to achieve circa. 8% per annum at inception.
Refinancing
On 8 May 2015, the Group refinanced the property known as Euston House on favourable terms with a five year loan to May 2020. The new facility of £27,540,000 is interest only. A five year interest rate swap agreement was entered into to fix the interest rate at an all-in rate of 3.02% per annum (previous facility: 4.54%). The Group incurred costs of £413,000 to break the former swap agreement.
On 29 May 2015, the Group extended the existing bank loan (which was due to expire in March 2016), on the property known as Pilgrim Street on favourable terms until March 2019. With effect from signature, the loan became interest only. An interest rate swap agreement was entered into to fix the interest rate for the period from the prior termination date, being 23 March 2016, until the new termination date, at an all-in rate of 2.90% per annum. An existing swap agreement results in an all-in rate of 4.11% until 23 March 2016. The previous all-in rate on the loan was 4.96%.
Dividends
On 11 June 2015, the Company announced a final distribution of 4.2 cents per share in respect of the year ended 31 March 2015 and offered shareholders the option to receive in respect of all or a part of their Stenprop shareholding either a scrip dividend by way of an issue of new Stenprop shares (of the same class as existing shares) credited as fully paid up, or a cash dividend. On 13 July 2015, the Company announced a 29.48% take up of the scrip dividend by shareholders, for which 2,257,894 new Stenprop shares have been issued at an issue price of EUR1.52142 per share.
For more details go to:
9 September 2015
South African corporate advisor and JSE sponsor
Java Capital
Bermuda Stock Exchange sponsor
Appleby Securities (Bermuda) Ltd.
STENPROP LIMITED
(Formerly GoGlobal Properties Limited)
(Incorporated in Bermuda)
(Registration number 47031)
BSX share code: STP.BH JSE share code: STP
ISIN: BMG8465Y1093