2019 Integrated annual report

and consolidated and separate financial statements

Key strategic objectives

Key strategic objectives

Mixed-use precincts
Increase non-GLA revenue
Assess and reposition malls
Drive positive growth in trading densities

    Provide a range of retail, entertainment and related services to residents and workers within mixed-use precincts
    Optimise tenant mix based on market needs
    Improve mall relevance through the introduction of new brands to South Africa and our malls
    Reduce occupancy costs, including cost savings from environmentally friendly projects
    Identify alternative uses for assets to improve performance

Improve dominance
Leverage SA expertise
Formalise growth strategy

    Provide a range of retail, entertainment and related services to residents and workers within mixed-use precincts
    Asset management initiatives and mall extensions to grow portfolio value and optimise tenant mixes
    Apply SA skills and expertise to drive returns and improve operating efficiencies
    Higher levels of collaboration between divisions and malls, which should result in improved efficiencies

Embrace digital disruption
Formalise and implement non-tangible asset strategy

    Embrace and develop relevant non-tangible assets affecting our markets
    Use of technology to improve efficiencies
    Improve interaction with shoppers whose needs and shopping habits are changing the way we and our tenants approach our businesses
    Embrace online retailers and provide facilities for them to distribute their products via our malls
    Invest in the development of technologies in the retail, property and infrastructure spaces that will have a direct impact on our business

Reduce LTV ratio and restore investment grade credit rating
Cash-backed distributions
New skills at board and operational level
Improve stakeholder communication

    Evaluate alternative ways to restore investment grade credit rating (reduce the group’s LTV ratio)
    Strengthen the balance sheet by optimising capital allocation and distribution ratio
    Distributions only paid from cash-backed earnings
    Maintain adequate liquidity/borrowing capacity to refinance short-term debt
    Appoint staff with appropriate skills to ensure strategy implementation
    Improve collaboration between malls and regions