Hyprop Investments Limited Integrated annual report 2017

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Hyprop Investments Limited
Integrated annual report and consolidated financial statements 2017
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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
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