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Hyprop Investments Limited

Integrated annual report and consolidated financial statements

2017

1

About

this report

Reporting principles and integrated reporting

This integrated annual report presents the performance and activities of

Hyprop Investments Limited (Hyprop) for the financial year ended 30 June

2017. It reflects our commitment to good performance, sustainable value

creation, ethical leadership, corporate citizenship, legitimate stakeholder

interactions and integrated thinking.

With this report, we aim to provide a transparent and balanced appraisal

of the issues that are material to the company and their impact on our

company. It provides a broad view of the company’s strategy and

performance, and enables stakeholders to assess our ability to create

and sustain value. We regard this as a valuable opportunity to connect

with our stakeholder groups and respond to matters raised.

This report should be read in conjunction with the full consolidated

financial statements.

We are continually improving our integrated reporting. We have

embedded the guiding principles and concepts of the International

Integrated Reporting Council’s (IIRC) framework. While Hyprop applied

King III principles for the review period, where practical we have

considered, applied and explained the guidelines of the latest King report

on corporate governance (King IV), as well as those of the Global Reporting

Initiative (GRI G4), and incorporated feedback from our stakeholders.

The consolidated financial statements were prepared in accordance with

International Financial Reporting Standards (IFRS), SAICA and Financial

Standards Council financial reporting guides, JSE Listings Requirements

and the South African Companies Act 2008. Accounting policies used to

prepare these consolidated financial statements are consistent with those

applied in the prior period.

In this reporting period, Hyprop was confirmed as a FTSE4Good Emerging

Index constituent. We also compiled our fourth submission to the

Carbon Disclosure Project (CDP), a comprehensive voluntary international

benchmark on environmental reporting and carbon disclosure, and the

Global Real Estate Sustainability Benchmark (GRESB). Our CDP submission

is audited and assured by KPMG’s climate change and sustainability

services division.

Scope and boundary

Reporting on our sustainability initiatives covers the group holding

company and our South African and Nigerian properties.

Material changes

Material changes to the size, structure or ownership of the group:

■■

Acquisition of a 60% interest in a Macedonian property, Skopje

City Mall

■■

Agreement to acquire a 60% interest in The Mall in Sofia, Bulgaria

(post year-end)

■■

Completion of Kumasi City Mall in Ghana in April 2017 (AttAfrica)

■■

Sale of non-core assets Somerset Value Mart, Glenfield Office Park,

Willowbridge South and Glenwood Office Park.

Assurance

Hyprop’s external auditors, KPMG Inc, have audited the consolidated

nancial statements for the year ended 30 June 2017. Their unquali ed

audit report is on pages 92 to 94. The scope of the audit was limited to

information in the consolidated nancial statements on pages 95

to 142.

In line with best practice, we take a combined view of our assurance

activities to ensure that all material aspects are covered.

The company does not currently obtain separate assurance on

sustainability reporting (apart from the noted assurance on our

CDP submission).

Contact

We welcome your feedback on this report. Please direct this to investor

relations, at

investorrelations@hyprop.co.za.

Board approval

The audit committee acknowledges its responsibility on behalf of the

board to ensure the integrity of the Hyprop integrated annual report 2017.

The committee has reviewed the report and believes that it appropriately

and sufficiently addresses all material issues, and fairly presents the

integrated performance of Hyprop, its subsidiaries, joint ventures and

associates for the year ended 30 June 2017, within the scope set out above.

The board has approved this integrated annual report.

Gavin Tipper

Pieter Prinsloo

Chairman

Chief executive officer