Scope of this integrated annual report
This integrated annual report for the year ended 30 June 2019 presents Hyprop's performance and activities for the financial year as well as the company's strategy to optimise value for all our stakeholders. We aim to create value in a sustainable and responsible manner, as described in this report.
Reporting scope and boundary
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.
This report should be read in conjunction with the full annual financial statements for a comprehensive understanding of Hyprop and the year under review. Reporting on our sustainability initiatives covers the holding company and our South African properties.
The reporting process has been guided by the principles contained in the International Integrated Reporting Council's (IIRC) framework and the King Code on Corporate Governance 2016 (King IVTM). The annual financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), SAICA and Financial Standards Council financial reporting guides, the JSE Listings Requirements and the South African Companies Act 2008. Accounting policies used to prepare these financial statements are consistent with those applied in the prior year, save for the adoption of new accounting standards which became effective during the year.
Our approach to materiality
This report provides information that we believe is relevant to assessing the financial position and performance of the group.
The only material change to the size, structure or ownership of the group in the year under review is the decision to reduce the group's exposure to sub-Saharan Africa. The process commenced in the current financial year with the disposal by AttAfrica of its interest in Achimota Retail Centre in Ghana. It is anticipated that the disposal of all of the group's
sub-Saharan African (excluding South Africa) interests will be completed by December 2020.
In line with the IIRC concept of reporting in terms of the six capitals which impact on value creation and contraction in a business, the group's activities and performance relating to the capitals are covered throughout the report.
Hyprop's external auditor, KPMG Inc., has audited the financial statements for the year ended 30 June 2019. KPMG's unqualified audit report. The scope of the audit was limited to the information in the consolidated financial statements.
We regard this report as a further valuable opportunity to connect to and communicate with our shareholders, and to respond to matters raised. We welcome your feedback on this report. Please direct this to investor relations, at email@example.com.
This integrated annual report contains forward-looking statements that, unless otherwise indicated, reflect our expectations as at 30 June 2019. Actual results may differ materially from the group's expectations if known and unknown risks or uncertainties affect the group's business, or if estimates or assumptions prove inaccurate. The group cannot guarantee that any forward-looking statements will materialise and, accordingly, readers are cautioned not to place undue reliance on these statements. The group assumes no obligation to update or revise any forward-looking statements if new information becomes available, other than as stipulated by the JSE Listings Requirements.
The audit and risk committee acknowledges its responsibility on behalf of the board to ensure the integrity of the Hyprop integrated annual report for the 2019 financial year. The committee has reviewed the report and believes that it appropriately and sufficiently addresses all material issues, and fairly presents the performance of Hyprop, its subsidiaries and joint ventures for the year ended 30 June 2019.
The consolidated and separate financial statements included in this report, were approved by the board on 23 October 2019.
The remainder of the integrated report was approved on 23 October 2019.
Chief executive officer
|23 October 2019