Good results as intimated by me previously. Only problem is the €, a structurally weak currency going forward.
Half Year Results for the six months ended 30 September 2016
Sirius Real Estate Limited - Half Year Results For The Six Months Ended 30 September 2016
Release Date: 28/11/2016 09:00:00 Code(s): SRE
Half Year Results For The Six Months Ended 30 September 2016
Sirius Real Estate Limited
(Incorporated in Guernsey)
Company number: 46442
Share code: SRE
ISIN: GG00B1W3VF54
("Sirius", "the Group" or "the Company")
Half Year Results for the six months ended 30 September 2016
Demand for flexible and conventional workspace drives earnings growth in H1 2016
Net Rental Income and Recurring Profits* up by 35.3 per cent and 87.2 per cent, Funds from Operations** by 72.7 per cent
- Total income increased by 25.9 per cent to EUR32.6 million (2015: EUR25.9 million)
- Like for like annualised rental income increased by 2.4 per cent to EUR64.5 million (31 March 2016 EUR63.0 million***)
- Current annualised rental income is EUR69.1 million****
- Recurring profit before tax increased by 87.2 per cent to EUR16.1 million (2015: EUR8.6 million)
- Funds from Operations ("FFO") increased by 72.7 per cent to EUR17.1 million (2015: EUR9.9 million)
- FFO was 2.13c per share and Adjusted earnings per share ("EPS") 2.01c per share (2015: 1.41c per share and 1.25c per
share respectively)
- Interim dividend declared of 1.39c per share, an increase of 51.1 per cent (2015: 0.92c)
*Reported profit before tax adjusted for property revaluation, change in fair value of derivative financial instruments and non-recurring
items including expenses relating to the Long Term Incentive Plan.
**Recurring profit before tax adjusted for depreciation, amortisation of financing fees and current tax receivable/incurred.
*** Including the initial annualised rental income of the Markgröningen and Krefeld acquisitions which both completed in May 2016.
**** Including the initial annualised rental income of the Wiesbaden acquisition which completed on 31 October 2016.
Dividend
The Company's dividend policy continues to pay shareholders 65 per cent of FFO, with the dividend paid semi-annually. As in previous
periods, the Company is offering shareholders the ability to receive dividends in scrip rather than cash.
In accordance with this policy, the Board has declared an interim dividend of 1.39c per share for the six month period ended 30
September 2016. The ex-dividend date will be 13 December 2016 for shareholders on the South African register and 15 December
2016 for shareholders on the UK register. The record date will be 15 December 2016 for shareholders on the South African register
and 16 December for shareholders on the UK register and the dividend will be paid on 20 January 2017 for shareholders on both
registers. A detailed dividend announcement will be made in due course.
