Results for the year-ended 31 March 2024
The Group is benefiting from the management internalisation and the strategic repositioning of the Group as an integrated international real estate business. The Group is delivering on its stated strategy with several strategic objectives achieved over the period.
Year-end highlights
Key highlights
Key highlights of the period include:
Full year results were in line with guidance, with DIPS increasing by 1.0% to 105.67cps (Mar-23: 104.64cps)
Dividend payout ratio of 85% for the full year with a total dividend of 89.47cps (Mar-23: 99.41cps)
Results underpinned by solid operational performances from the South African and European businesses, with like-for-like NOI up 1.5% and 6.2% (in EUR), respectively.
Annualised net management fee saving resulting from the internalisation of R80 million (8% higher than the forecast at the time of the transaction)
Delivered on several cost saving initiatives including c.€2.1 million corporate savings in Europe, and absorbed R66 million of increased interest costs due to rate increases
De-gearing of the Group balance sheet remains a core focus in the near term and the Group delivered on R1.3 billion of asset sales during the period
The Group’s adjusted LTV is 44.0% (Mar-23: 42.0%) with a clear plan to reduce LTV to between 37% to 40% over the next 12 months
The Group continues to invest for the future with progress made on several capital light initiatives generating R61 million in FY24, contributing c.7% to earnings
NAV decreased by 4.5% to R15.45ps (Mar-23: R16.17ps) largely due to unrealised mark-to-market on derivatives and a c.1% impairment on the European portfolio
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