21 May - 2 min read

Trading statement and update

Trading statement and update

Incorporated in the Republic of South Africa)
(Registration number 2007/032604/06)
JSE share code: AHA ISIN: ZAE000275491
JSE share code: AHB ISIN: ZAE000275509
(Granted REIT status with the JSE)
(“Arrowhead” or “the Company”)


Shareholders are referred to Arrowhead’s pre-close update released on SENS on 23 March 2021 as well as
the various announcements released during November 2020.

During the period under review, Arrowhead has navigated what remains a challenging trading environment
and continues to position itself to be well placed to take advantage of improved conditions as and when they

For the six-month period ended 31 March 2021 (“the interim period”), distributable income per A share is
expected to increase to 58,59 cents from 56,77 cents for the six months ended 31 March 2020 (the “prior
period”), representing an increase of 3.2%. The distributable income per B share for the interim period is
expected to decrease to 23,19 cents from 30,65 cents per share for the prior period, representing a decrease
of 24.3%.

The reduction in the distributable income per B share is principally a result of lower income from Indluplace
Properties Limited, budgeted income dilution from the disposal programme undertaken to strengthen
Arrowhead’s balance sheet and a continuing pressure on rentals, in part due to COVID-19. Despite these
headwinds, the performance by Arrowhead for the interim period reflects a strong recovery when compared
to the second six months of the 2020 financial year, with the expected distributable income per B share for
the interim period up 57% from the 14,74 cents for the six months ended 30 September 2020.

The Board will make a decision regarding the declaration of a dividend for the interim period at its meeting
on 25 May 2021, at which point a further trading statement will be released if required.

The financial information contained in this trading statement and update has not been reviewed or reported
on by the Company’s auditors.

Arrowhead will announce its results for its interim period on 26 May 2021 and will host a virtual
presentation at 11h00 on 26 May 2021. For further details contact anusha@arrowprop.co.za

21 May 2021


Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Date: 21-05-2021 07:05:00
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