MAS REAL ESTATE INC - Trading statement

Trading statement

MAS Real Estate Inc.
Registered in the British Virgin Islands
Registration number 1750199
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
(“MAS” or “the Company”)


TRADING STATEMENT


Shareholders are referred to MAS’ results for the six months ended 31 December 2021 wherein shareholders
were advised that due to Covid-19 MAS declined to declare an interim dividend. The Board stated that the
Company would consider resuming dividend payments when the Covid-19 pandemic is effectively over, business
is sufficiently profitable and depending on the attractiveness of investment opportunities.

The pandemic is not yet over. Vaccination rates in MAS’ markets are low compared to Western European
averages and the likely imposition of further Coronavirus related trading restrictions and social distancing
measures over the course of the 2022 financial year necessitates MAS to remain prepared for disruption.

However, the business has returned to significant profitability, the Company has managed to effectively deal with
the Covid-19 fallout in its markets and benefits from substantial liquidity. Moreover, in MAS’ main market,
Romania, GDP per capita is higher than pre-pandemic levels and consumption has largely recovered, tenants’
turnovers at MAS’ Romanian commercial assets have generally been higher than 2019 trading levels for the six
months to 30 June 2021, steadily improving cash collection rates since the onset of the pandemic are satisfactory
and sales related to residential developments in the DJV remain strong. Further Covid-19 disruptions are not
expected to lead to negative operational cash flows in the short term or to negatively impact longer-term earnings
targets.

Thus, the Board has agreed to resume dividend payments and expects to declare a dividend of 5.93 Euro cents
per share for the financial year ended 30 June 2021.

The financial information on which this trading statement is based has not been reviewed or reported on by the
Company’s auditors.


30 August 2021

For further information please contact:
Leon Allison, MAS Real Estate Inc.            +27 82 307 3667
Dan Petrisor, MAS Real Estate Inc.            +40 741 184 921
Java Capital, JSE Sponsor                     +27 11 722 3050

Date: 30-08-2021 07:05:00
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