SA Corporate Real Estate Limited (JSE: SAC)

SA Corporate Real Estate Income Statement

Financials in millions ZAR. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Dec 31, 2023	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Rental Revenue	2,480	2,480	2,042	2,121	2,062	2,284
Other Revenue	56.52	56.52	246.53	-36.29	-59.69	17.44
Total Revenue	2,537	2,537	2,289	2,085	2,002	2,301
Revenue Growth (YoY	10.83%	10.83%	9.78%	4.13%	-12.99%	-2.00%
Property Expenses	1,073	1,073	875.48	848.67	828.88	843.44
Selling, General & Administrative	17.05	17.05	11.58	13	12.7	10.32
Depreciation & Amortization	26.14	26.14	12	11.53	24.29	12.4
Provision for Loan Losses	-	-	-	-	-2.21	-
Other Operating Expenses	166.87	166.87	136.58	123.71	106.29	81.09
Total Operating Expenses	1,304	1,304	1,058	1,053	1,084	982.68
Operating Income	1,233	1,233	1,231	1,032	918.22	1,319
Interest Expense	-673.9	-673.9	-287.52	-238.29	-872.53	-582.53
Interest & Investment Income	48.9	48.9	33.89	39.76	51.78	83.41
Currency Exchange Gain (Loss)	-40.21	-40.21	-27.06	-44.49	-41.01	17.19
Other Non-Operating Income	114.21	114.21	-0.28	6.92	-9.76	-5.2
EBT Excluding Unusual Items	682.2	682.2	949.73	796.15	46.7	831.57
Gain (Loss) on Sale of Investments	-0.91	-0.91	-126.7	22.85	-6.1	-13.32
Gain (Loss) on Sale of Assets	-55.77	-55.77	-5.33	-21.72	-18.29	-9.26
Total Insurance Settlements	0.41	0.41	52.61	331.5	-	-
Asset Writedown	599	599	1.22	-502.01	-1,517	-563.65
Other Unusual Items	-8.4	-8.4	-48.6	-	3.58	1.85
Pretax Income	1,217	1,217	822.92	626.76	-1,491	247.2
Income Tax Expense	7.58	7.58	3.61	5.88	2.18	-5.73
Earnings From Continuing Operations	1,209	1,209	819.31	620.88	-1,494	252.93
Minority Interest in Earnings	-	-	-	-	-	-17.33
Net Income	1,209	1,209	819.31	620.88	-1,494	235.6
Net Income to Common	1,209	1,209	819.31	620.88	-1,494	235.6
Net Income Growth	47.56%	47.56%	31.96%	-	-	-72.21%
Basic Shares Outstanding	2,491	2,491	2,489	2,515	2,515	2,527
Diluted Shares Outstanding	2,501	2,501	2,500	2,515	2,515	2,527
Shares Change (YoY)	0.03%	0.03%	-0.58%	-	-0.48%	-0.15%
EPS (Basic)	0.49	0.49	0.33	0.25	-0.59	0.09
EPS (Diluted)	0.48	0.48	0.33	0.25	-0.59	0.09
EPS Growth	47.51%	47.51%	32.73%	-	-	-72.18%
Dividend Per Share	0.232	0.232	0.241	0.229	0.303	0.380
Dividend Growth	-4.00%	-4.00%	5.50%	-24.46%	-20.35%	-9.90%
Operating Margin	48.61%	48.61%	53.77%	49.50%	45.85%	57.30%
Profit Margin	47.65%	47.65%	35.79%	29.78%	-74.58%	10.24%
Free Cash Flow Margin	28.79%	28.79%	19.64%	34.33%	33.62%	41.79%
EBITDA	1,238	1,238	1,236	1,038	924.38	1,325
EBITDA Margin	48.81%	48.81%	54.01%	49.76%	46.16%	57.57%
D&A For Ebitda	5.2	5.2	5.55	5.28	6.16	6.2
EBIT	1,233	1,233	1,231	1,032	918.22	1,319
EBIT Margin	48.61%	48.61%	53.77%	49.50%	45.85%	57.30%
Funds From Operations (FFO)	647.79	647.79	674.76	639.46	601.14	959.97
Adjusted Funds From Operations (AFFO)	647.79	647.79	674.76	639.46	601.14	959.97
FFO Payout Ratio	87.61%	87.61%	95.33%	110.91%	73.88%	107.81%
Effective Tax Rate	0.62%	0.62%	0.44%	0.94%	-	-

Source: S&P Capital IQ. Real Estate template. Financial Sources.