STENPROP LIMITED- Results for the nine months ended 31 December 2015

Hamilton, Bermuda:  09 March 2016 – In a filing with the Bermuda Stock Exchange (“BSX”), Stenprop Limited (the “Company” or “Stenprop”; Ticker: STP.BH) released the results for the nine months ended 31 December 2015. The filing stated:

 Stenprop Limited, a Bermuda company which has dual primary listings on the Bermuda Stock Exchange ("BSX") and the Johannesburg Stock Exchange ("JSE"), today announces its results for the nine months ended 31 December 2015.  The company is required to publish financial results for the nine months ended 31 December 2015 in terms of the rules of the 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 31 December 2015 in a form compliant with the requirements of the BSX.

FINANCIAL REVIEW

Earnings

The basic earnings attributable to ordinary shareholders for the nine-month period to 31 December 2015 were EUR33.5 million (2014 pro forma(1): EUR18.6 million). This equates to a diluted IFRS EPS of 12.06 cents (2014 pro forma: 7.46 cents). The headline earnings were EUR22.3 million (2014 pro forma: EUR16.2 million) equating to a diluted headline EPS of 8.03 cents (2014 pro forma: 6.52 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(2) earnings.

Adjusted EPRA earnings attributable to shareholders for the nine-month period were EUR21.8 million (2014 pro forma: EUR18.3 million), equating to a diluted adjusted EPRA EPS of 7.86 cents (2014 pro forma: 7.34 cents).

Net assets

The basic and diluted IFRS NAV per share at 31 December 2015 was EUR1.61 (2014: EUR1.45). The basic and diluted EPRA NAV per share was EUR1.66 (2014: EUR1.50).

(1) The basis of preparation of the comparative pro forma is explained in note 1 to the financial statements

(2) European Public Real Estate Association

ACQUISITIONS DURING THE QUARTER

As previously reported, the purchase of the Victoria shopping centre for EUR20.6 million completed on 24 November 2015.  The property is located in the Lichtenberg district of Berlin, approximately 15 minutes by underground from the city centre and is anchored by Kaufland (a hypermarket chain) on a new 17-year lease. The return on equity on this investment exceeded 8% per annum at inception.

DIVIDENDS

On 26 November 2015, the Company announced an interim dividend of 4.2 cents per share in respect of the six months to 30 September 2015. On 25 January 2016, the Company announced a 41.5% take up of the scrip dividend for which 3,253,857 new

Stenprop shares were issued at an issue price of EUR1.49854 per share.

PROSPECTS

As announced on SENS in the Forecast Financial Information announcement published on 14 August 2015, the Group expected adjusted diluted EPRA earnings per share for the year ended 31 March 2016 of 10.32 cents per share. Whilst fluctuations in exchange rates used in our forecast may impact earnings, we remain on track to achieve our forecast.

Stenprop expects to declare a final dividend in June 2016 of 4.3 cents per share which, together with the interim dividend of 4.2 cents per share, will give a total dividend relating to the current financial year of 8.5 cents per share.

This general forecast has been based on the Group's own forecasts and has not been reported on by the external auditors.

The UNAUDITED FINANCIAL RESULTS for the nine months ended 31 December 2015 can be found using the following link: 

www.bsx.com/company_details.php?CompanyID=1099937873

There were no changes to the board of directors during the period.

Stenprop has dual primary listings on the BSX and the JSE.

Date: 10 March 2016

South African corporate advisor and JSE sponsor

JAVA CAPITAL

BSX sponsor

Appleby Securities (Bermuda) Limited

www.stenprop.com

STENPROP LIMITED

(Incorporated in Bermuda)

(Registration number 47031)

BSX share code: STP.BH JSE share code: STP ISIN: BMG8465Y1093