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2015 IN PERSPECTIVE

CHIEF EXECUTIVE OFFICER’S REPORT

In line with our guidance to the market of a 12% to 15% increase in distributable earnings, 2015 earnings came in at the upper end at 543 cents a share.

Operational performance

Underpinning this higher return to shareholders was a solid operating performance from the core shopping centre portfolio. The occupancy rate

improved to 98,0% (June 2014: 97,6%), reflecting continued demand for quality retail space. Trading density growth improved to 7,4% (2014: 7,0%), with a

significantly stronger performance in the second half of 7,9%. Despite the slightly weaker rent ratio of 7,1% (2014: 6,9%), contractual rental remains very

affordable across the portfolio.

Hyprop delivered

excellent investment

returns to shareholders

for the year to 30 June

2015, despite the low GDP

growth in South Africa.

0

2

4

6

8

10

12

3,4%

2,7%

2,4%

2,0%

2nd half

7,9%

1st half

6,9%

3,30%

Trading overview

8,0%

7,1%

7,0% 6,9%

6,8% 6,9%

7,0%

7,1%

7,4%

7,8%

June 2011

June 2012

June 2013

June 2014

June 2015

Q

Trading density growth

Q

Rent ratio (rental as % of turnover)

Q

Vacancies

Pieter Prinsloo,

chief executive officer

8

Hyprop Investments Limited

Integrated Report 2015