2019 Integrated annual report

and consolidated and separate financial statements

  • OVERVIEW
  • GROUP SNAPSHOT
  • LEADERSHIP REVIEW
  • SUSTAINABILITY
  • GOVERNANCE
  • CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
  • SHAREHOLDERS INFORMATION
  • DOWNLOADS
Hyprop is a specialist shopping centre REIT, which currently operates a portfolio of premium shopping centres in South Africa, Eastern Europe and
sub-Saharan Africa (excluding South Africa). Hyprop’s investments in Eastern Europe
are held via a 60% interest in
UK-based Hystead.

Headlines

SOUTH AFRICA
6,5%
Distributable income (yoy)*
Vacancies reduced to
0,8%
Disposal of non-core asset
Lakefield office park
EASTERN EUROPE
13,5%
Distributable income (yoy)*
<0,5%
Very low vacancies
12 000m2
Hyper conversion at
The Mall, Sofia
SUB-SAHARAN AFRICA
Taken control of
asset management
Progress in
reducing exposure
to the region
R1,46bn
Investments impaired based on anticipated sales proceeds
GROUP
Revised
strategy
under new executive team
1,5%
Distribution per share
Strong liquidity
R8,5bn
Debt refinanced/raised
Interest cover ratio of
3,98 times

* Year-on-year

View 2019 Headlines

Chairman’s report

Gavin Tipper

Gavin Tipper

CHAIRMAN

The year under review was difficult for South African property companies with an extended period of mediocre economic growth impacting on tenants' ability to afford rentals and administered cost increases. Reversions for many sectors were negative with financially stressed consumers contributing to muted retail sales growth.

CHAIRMAN’S REPORT

Joint executives’ report

Morné Wilken

Morné Wilken

CHIEF EXECUTIVE OFFICER

Brett Till

Brett Till

CHIEF FINANCIAL OFFICER

Wilhelm Nauta

Wilhelm Nauta

CHIEF INVESTMENT OFFICER

  • Revised strategy under new executive team
  • Growth in distributable income from South African portfolio of 6,5%, despite the challenging economic climate
  • Growth in distributable income from the Eastern European portfolio of 13,5%
  • Very low vacancies in the South African retail portfolio (0,8%)
  • and in the Eastern European portfolio (<0,5%)
  • Progress in reducing exposure to sub-Saharan Africa (excluding South Africa) – investments in this region impaired by R1,46 billion in the year based on anticipated sales proceeds
  • Strong liquidity position and R8,5 billion of debt refinanced during the year
  • Decrease in distribution per share of 1,5%

Joint executives’ report

Hyprop overview

We create environments and opportunities for people to connect and have meaningful experiences by owning and managing mixed-use precincts underpinned by dominant retail centres in South Africa and Eastern Europe.

Hystead - United Kingdom
  • Retain dominance
  • Leverage SA expertise
  • Formalise growth strategy
Distributable income
Gross asset value
Hyprop Investments – Mauritius
  • Implement exit strategy
  • Taken control of asset management
  • Preserve value
Distributable income
Gross asset value
Western Cape
  • Assess and reposition malls
  • Increase trading densities
  • Increase non-GLA revenue
Distributable income
Gross asset value

FULL HYPROP OVERVIEW