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SENS announcement

Condensed unaudited Group results for the six months ended 28 February 2021

Published: 17 May 2021
Condensed unaudited Group results for the six months ended 28 February 2021

(Incorporated in the Republic of South Africa)
Registration number: 1999/018591/06
JSE share code: RDF
Debt code: BIRDF
ISIN: ZAE000190252
(Redefine or the Company or the Group)
(Approved as a REIT by the JSE)

Short-form announcement

Condensed unaudited Group results for the six months ended 28 February 2021

- Loan-to-value improved to 44.3%
- Net asset value per share increased to 719.74 cents from 31 August 2020
- Realised asset disposals R4.0 billion
- Distributable income per share decreased to 26.18 cents
- Significant progress made in transformation of senior executive team

Financial results Unaudited Unaudited
28 February 29 February %
2021 2020 change
Revenue (R'million) 3 334 4 818 (30.8)
Continued and discontinued earnings per share (cents)
- Headline earnings per share (cents) 8.45 22.63 (62.7)
- Basic earnings per share (cents) 28.44 (115.83) (124.6)
Distributable income per share (cents) 26.18 33.46 (21.8)
Dividend per share (cents) - - -
Net asset value (NAV) per share (excluding deferred
taxation and non-controlling interest) (cents) 719.74 884.26 (18.6)*

* NAV per share increased by 4.89 cents, 0.7% from 31 August 2020.

Dividend for period ended 28 February 2021
Having regard to the effects of the Covid-19 pandemic, its impact on Redefine's business
operations, liquidity and LTV ratio, and the extraordinary uncertainty of its future impact on
the Company, the board as a precautionary measure to provide the Company with additional
flexibility and bolster its liquidity, has resolved to defer its decision on the declaration of a
dividend until the release of the results for the year ended 31 August 2021, which is expected
during November 2021.

Subject to the liquidity and solvency test as required by the Companies Act at the time of
the declaration of the dividend, it is anticipated that Redefine should be in a position to pay a
dividend for the 2021 financial year.

Redefine Properties Limited
17 May 2021

Independent non-executive directors: SM Pityana (Chairperson), B Mathews (Lead independent),
ASP Dambuza, D Naidoo, D Radley, LJ Sennelo, M Barkhuysen, NB Langa-Royds

Executive directors: AJ Konig (CEO), LC Kok (COO), NG Nyawo (CFO)

Registered office: Rosebank Towers, Office Level 5, 19 Biermann Avenue, Rosebank 2196;
PO Box 1731, Parklands 2121; Telephone +27 11 283 0000

Transfer secretaries: Computershare Investor Services Proprietary Limited

Sponsor: Java Capital

Acting company secretary: T Dube

Independent auditors: PricewaterhouseCoopers Inc.

The full announcement is available on our website:

The contents of this short-form announcement are the responsibility of the board of directors of Redefine.
These are extracts from the condensed unaudited interim Group results for the six months ended 28 February 2021
and do not contain full or complete details of the financial results. Any investment decisions made by investors
and/or shareholders should be based on consideration of the full announcement as a whole and shareholders are
encouraged to review the full announcement which is available on SENS, on the JSE's website at: and on Redefine's website. The full announcement
is also available for inspection at the registered office of Redefine or at the office of our sponsor, Java Capital,
6th Floor, 1 Park Lane, Wierda Valley, Sandton 2196 at no charge during normal business hours from Monday, 17 May 2021 to Monday,
24 May 2021. Copies of the full announcement may be requested via email to or

Date: 17-05-2021 07:15:00
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