About our integrated report
This report presents Hyprop's strategic framework for creating value over the short-, medium- and long-term, and provides our stakeholders with a concise and transparent assessment of our ability to create sustainable value through capital allocation and management. The report informs our stakeholders of Hyprop's performance and governance over the past year, progress towards delivering the Group's strategic objectives, information relating to Hyprop's business model, operating context, material risks and opportunities, governance and operational and financial performance.
The integrated report provides a holistic overview of Hyprop's strategy and plans, enabling stakeholders to make informed decisions, understand our material risks and how we manage them and improve investor and stakeholder engagement.
REPORTING SCOPE AND BOUNDARY
Hyprop is a retail focused REIT which owns and manages a portfolio of dominant retail centres in key economic nodes in South Africa and Eastern Europe.
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 consolidated and separate financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), SAICA and the Financial Standards Council financial reporting guides, the JSE Listings Requirements and the South African Companies Act 2008.
Accounting policies used to prepare the 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 we believe is relevant to assessing the financial position and performance of the Group.
In the year under review the Group had the following material changes to its size, structure and ownership:
- Hystead acquired the remaining 10% interest in the Croatian assets in December 2019; and
- The Group continued the process of reducing its exposure to sub-Saharan Africa with the disposal by AttAfrica of its interest in Manda Hill Shopping Centre in Zambia in July 2019.
Hyprop's external auditor, KPMG Inc., has audited the consolidated separate financial statements for the year ended 30 June 2020. KPMG's unqualified audit report. The scope of the audit was limited to the information in the consolidated and separate financial statements.
This integrated annual report contains forward-looking statements that, unless otherwise indicated, reflect our expectations at 30 June 2020. 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.
We regard this report as a valuable opportunity to connect to and communicate with our stakeholders, and to respond to matters raised. We welcome your feedback on this report. Please direct this to investor relations, at: email@example.com.
The board acknowledges its responsibility to ensure the integrity of this integrated report. In the board's opinion it addresses all the issues material to Hyprop's ability to create value, and fairly presents the integrated performance of Hyprop Investments Limited for the 2020 financial year.
The consolidated and separate financial statements included in this report were approved by the board on 21 September 2020.
The remainder of this integrated report was approved by the board on 14 October 2020.