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STENPROP LIMITED- Provisional Annual Results for the year ended 31 March 2016
Hamilton, Bermuda: 08 June 2016 – In a filing with the Bermuda Stock Exchange (“BSX”), Stenprop Limited (the “Company” or “Stenprop”; Ticker: STP.BH) announced its Provisional Annaul Results for the year ended 31 March 2016. The filing stated:
Highlights
EUR1.67 EPRA NAV PER SHARE
10.41 cents DILUTED ADJUSTED EPRA EARNINGS PER SHARE
7.4% INCREASE ON THE DILUTED ADJUSTED EPRA EPS FOR 2015
4.70 cents FINAL DIVIDEND PER SHARE
6% INCREASE IN DIVIDEND PER SHARE ON AN ANNUALISED BASIS
Stenprop Limited, which has dual primary listings on the Johannesburg Stock Exchange ("JSE") and the Bermuda Stock Exchange ("BSX"), presents its results for the year ended 31 March 2016 ("the reporting date").
Financial
· Declaration of a final dividend on 8 June 2016 of 4.70 cents per share (2015: 4.2 cents) which, together with the interim dividend declared on 26 November 2015 of 4.2 cents, results in a total dividend for the year ended 31 March 2016 of 8.90 cents per share. The final dividend is payable in cash, on 29 July 2016
· Diluted adjusted EPRA EPS* of 10.41 cents for the year ended 31 March 2016, representing a 7.43% increase on the 2015 diluted adjusted EPRA EPS of 9.69 cents. IFRS EPS was 17.70 cents (2015: 28.43 cents)
· Headline earnings for the period of 9.58 cents per share (2015: 8.20 cents)
· Net rental income of EUR39.6 million (2015: EUR19.3 million**). Profit after tax of EUR49.6 million (2015: EUR37.7 million)
· EPRA net asset value of EUR1.67 per share representing a 1.2% increase over the EPRA NAV at 31 March 2015 of EUR1.65 per share. IFRS net asset value was EUR1.61 per share (2015: EUR1.59)
· Earnings yield of 6.8% and annualised dividend yield of 5.6% on the share price of EUR1.54^ at 31 March 2016, or 6.2% and 5.2% respectively on the EPRA NAV of EUR1.67 at 31 March 2016
Operational
· Completion in May 2015 of the acquisition of a 50% interest in 25 Argyll Street, a multi-let office building located in London's West End, based on a valuation of the property of GBP75 million
· Refinancing of GBP64.6 million of debt on two London properties in May 2015 at reduced interest rates with no capital repayments
· Migration to the JSE's Main Board with effect from 5 October 2015
· Completion of the acquisition of two retail centres in central Berlin, the most recent being the Victoria Centre for EUR22.0 million on 24 November 2015. The first acquisition was the Hermann Quartier retail centre at a purchase price of EUR22.7 million in August 2015
· Disposal in January 2016 of a distribution warehouse in Leigh, north west England, at a sale price of GBP5.37 million, an uplift of 8.4% compared with the September 2015 valuation of GBP4.95 million
* "EPRA" means European Public Real Estate Association. 'EPS' means earnings per share.
** Relates to the six month period.
^ JSE closing price on 31 March 2016 was ZAR25.90. ZAR:EUR rate at the same date was 16.8437
The Provisional Annual Results can be found using the following link:
South African corporate advisor and JSE sponsor
JAVA CAPITAL
BSX sponsor
Estera 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