Wrap Text
Condensed consolidated interim results for the six months ended 31 December 2018
HYPROP INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
JSE share code: HYP
ISIN: ZAE000190724
(Approved as a REIT by the JSE)
("Hyprop" or "the company" or "the group")
Condensed CONSOLIDATED INTERIM RESULTS for the six months ended 31 December 2018
Highlights
Hyprop is a leading specialist shopping centre Real Estate Investment Trust (REIT). We operate a
portfolio of shopping centres in major metropolitan areas across South Africa, sub-Saharan Africa
and South-Eastern Europe.
- 8,8% Growth in distributable income from South African portfolio
- 16,6% Growth in distributable income from South-Eastern European portfolio
- Vacancies in the South African portfolio reduced to 1,6%, and to less than 0,1% in the
South-Eastern European portfolio
- Sale of last non-core asset - Lakefield office park
Condensed consolidated statement of comprehensive income
Unaudited Unaudited Audited
six months six months 12 months
31 December 2018 31 December 2017 30 June 2018
R000 R000 R000
Revenue 1 631 673 1 539 370 3 113 713
Investment property income 1 651 072 1 544 712 3 117 560
Straight-line rental income accrual (19 399) (5 342) (3 847)
Property expenses (587 669) (521 113) (1 049 892)
Net property income 1 044 004 1 018 257 2 063 821
Other operating expenses (20 649) (28 295) (55 778)
Operating income 1 023 355 989 962 2 008 043
Net interest (138 861) (161 646) (282 273)
Received 161 218 151 132 312 550
Paid (300 079) (312 778) (594 823)
Net operating income 884 494 828 316 1 725 770
Other income 20 425 22 996 46 671
Dividends 111 434 78 820 182 778
Net income before fair value adjustments 1 016 353 930 132 1 955 219
Change in fair value 110 485 498 723 767 052
Investment property 300 935 541 717 646 359
Straight-line rental income accrual 19 399 5 342 3 847
Derivative instruments 3 515 (6 943) 29 085
Financial asset (213 364) (41 393) 87 761
Derecognition of financial guarantees 33 674 11 984 11 984
Profit on disposal 86 2 697
Investment property 86 2 697
Impairment of loan to joint venture (1 069 991) (8 539) (166 441)
Impairment of joint venture (10 102)
Profit before taxation 90 521 1 432 386 2 560 409
Taxation (10 138) (6 080) (39 486)
Profit for the period/year 80 383 1 426 306 2 520 923
Other comprehensive income
Items that may be reclassified subsequently
to profit or loss (net of taxation)
Exchange differences on translation of foreign operations 1 628 (6 331) 15 471
Total comprehensive income for the period/year 82 011 1 419 975 2 536 394
Total profit for the period/year attributable to:
Shareholders of the company 181 895 1 436 930 2 529 466
Non-controlling interests (101 512) (10 624) (8 543)
Profit for the period/year 80 383 1 426 306 2 520 923
Total comprehensive income attributable to:
Shareholders of the company 179 603 1 434 389 2 540 374
Non-controlling interests (97 592) (14 414) (3 980)
Total comprehensive income for the period/year 82 011 1 419 975 2 536 394
Condensed reconciliation of headline earnings
Unaudited Unaudited Audited
six months six months 12 months
31 December 2018 31 December 2017 30 June 2018
R000 R000 R000
Profit for the period/year 181 895 1 436 930 2 529 466
Earnings 181 895 1 436 930 2 529 466
Headline earnings adjustments (387 903) (541 803) (638 616)
Change in fair value of: Investment property (387 903) (541 717) (646 359)
Profit on disposal: Investment property (86) (2 697)
Impairment of joint venture 10 102
Non-controlling interest 338
Headline earnings (206 008) 895 128 1 890 850
Total shares in issue 255 894 516 248 441 278 255 894 516
Weighted average shares in issue 255 424 601 248 137 264 249 024 221
Diluted weighted average shares in issue 255 631 464 248 335 543 249 207 302
Total shares in issue for dividend per share
(excludes treasury shares) 255 540 828 247 995 018 255 448 256
Basic earnings per share (cents) 71,2 579,1 1 015,8
Headline earnings per share (cents) (80,7) 360,7 759,30
Diluted earnings per share (cents) 71,2 574,4 1 015,0
Diluted headline earnings per share (cents) (80,6) 356,2 758,7
Condensed consolidated statement of financial position
Unaudited Unaudited Audited
six months six months 12 months
31 December 2018 31 December 2017 30 June 2018
R000 R000 R000
Assets
Non-current assets 33 558 090 33 100 805 33 951 124
Investment property 31 150 059 30 275 912 30 691 210
South African portfolio 29 325 705 28 409 403 28 621 856
Ikeja City Mall (Lagos, Nigeria) 1 824 354 1 866 509 2 069 354
Building appurtenances and tenant installations 153 573 151 382 163 068
Investments in sub-Saharan Africa (excluding SA) 2 054 164 2 656 209 2 918 721
Financial asset - right to receive dividends 176 472 152 556
Loans receivable 19 256 17 302 18 723
Derivative instruments 4 566 6 846
Current assets 1 197 556 1 366 529 1 015 095
Receivables 289 496 263 468 258 071
Loans receivable 40 716
Derivative instruments 6 938 8 894 815
Cash and cash equivalents 901 122 1 094 167 715 493
Non-current assets held-for-sale 206 060 189 746 199 257
Total assets 34 961 706 34 657 080 35 165 476
Equity 25 512 412 25 430 456 26 395 237
Stated capital and reserves 25 519 685 25 350 571 26 304 917
Non-controlling interest (7 273) 79 885 90 320
Liabilities
Non-current liabilities 6 435 082 6 042 607 8 203 399
Interest-bearing liabilities 5 872 230 5 648 768 7 815 651
Financial guarantee 348 577 193 264 185 686
Derivative instruments 23 470 61 822 24 060
Deferred taxation 190 805 138 753 178 002
Current liabilities 3 003 326 3 176 220 558 683
Payables 469 773 479 816 487 341
Interest-bearing liabilities 2 531 009 2 695 583 69 343
Derivative instruments 2 544 821 1 999
Liabilities directly associated with non-current
assets held-for-sale 10 886 7 797 8 157
Total liabilities 9 449 294 9 226 624 8 770 239
Total equity and liabilities 34 961 706 34 657 080 35 165 476
Net asset value per share (R) 99,87 102,22 102,98
Condensed consolidated statement of changes in equity
Unaudited Unaudited Audited
six months six months 12 months
31 December 2018 31 December 2017 30 June 2018
R000 R000 R000
Balance at beginning of period/year 26 395 237 24 882 553 24 882 553
Total profit for the period/year attributable
to Hyprop shareholders 181 895 1 436 930 2 529 467
Non-controlling interest (97 592) (14 414) (3 980)
Profit/(loss) on vesting of shares 3 552 (2 542)
Issue of shares 778 676
Treasury shares 2 389 (7 990) (7 990)
Dividends (971 328) (862 193) (1 795 398)
Share-based payment reserve 551 (1 890) 3 542
Foreign currency translation reserve (2 292) (2 540) 10 909
Balance at end of period/year 25 512 412 25 430 456 26 395 237
Distribution details
Total distribution for the period/year (cents) 385,6 376,3 756,5
Six months ended 30 June (cents) 380,2
Six months ended 31 December (cents) 385,6 376,3 376,3
Condensed consolidated statement of cash flows
Unaudited Unaudited Audited
six months six months 12 months
31 December 2018 31 December 2017 30 June 2018
R000 R000 R000
Cash flows from operating activities (147 832) (1 551) 37 689
Cash generated from operations 1 054 372 1 056 760 2 133 136
Interest received 54 133 85 525 283 289
Interest paid and capitalised (282 721) (279 974) (580 208)
Taxation paid (2 288) (1 669) (3 130)
Dividends paid (971 328) (862 193) (1 795 398)
Cash flows from investing activities 75 414 322 698 104 745
Acquisition of and additions to investment property (58 777) (147 988) (263 640)
Additions to building appurtenances and
tenant installations (10 461) (21 087) (52 104)
Proceeds on disposal of assets classified
as held-for-sale 225 259 229 759
Increase in investment in South-Eastern Europe (30 979)
Advances of loans receivable from joint ventures (60 394) (3 189) (59 061)
Repayment of loans receivable from joint ventures 108 229 182 335 157 934
Dividends received 96 817 87 368 163 551
Increase in loans receivable (40 715)
Cash flows applied to financing activities 257 460 (349 991) (510 777)
Interest-bearing liabilities repaid (3 446) (335 089) (3 871 791)
Issue of shares 778 676
Interest-bearing liabilities raised 260 906 3 262 2 600 502
Purchase of Hyprop shares (long-term
staff incentive scheme) (18 164) (18 164)
Net increase/(decrease) in cash and cash equivalents 185 042 (28 844) (368 343)
Translation effects on cash and cash
equivalents of foreign entities 587 (1 896) (41 914)
Cash reallocated to assets held-for-sale (843)
Cash and cash equivalents at beginning of period/year 715 493 1 125 750 1 125 750
Cash and cash equivalents at end of period/year 901 122 1 094 167 715 493
Commentary
The board of directors is pleased to present the group's financial results for the six month period ended
31 December 2018.
FINANCIAL RESULTS
Distributable earnings and dividend
The board of directors has declared a dividend of 385,6 cents per share for the six months ended 31 December 2018,
compared to 376,3 cents per share for the six months ended 31 December 2017. This dividend is based on cash earnings
from the group's operating portfolios.
Distributable income for the period increased by 5,6%, from R933 million for the six months ended 31 December 2017,
to R985 million for the period.
Distributable income
31 December 2018 % change 31 December 2017 30 June 2018
Cents
Cents Rands per share Cents Cents
Rands per share % % Rands per share Rands per share
South Africa 844 682 330,6 8,8 5,6 776 326 313,1 1 591 673 632,2
Sub-Saharan Africa 4 405 1,7 (89,0) (89,3) 40 025 16,1 78 368 31,1
Hystead 136 153 53,3 16,6 13,1 116 776 47,1 234 473 93,2
Total 985 240 385,6 5,6 2,5 933 127 376,3 1 904 514 756,5
Number of shares
for distribution
purposes 255 540 828 247 995 018 255 448 256
Distributable income from the South African portfolio increased by 8,8% compared to the six month period ended
31 December 2017. This was achieved despite the headwinds faced by the South African property sector, which included reduced
consumer demand and the resultant pressure on South African retailers. This performance bears testament to the high quality
of the group's South African property portfolio and its strong cash generating ability, which underpins the group's
financial strength and stability.
Distributable income from Hystead increased 16,6% from that for the six month period ended 31 December 2017. The
portfolio continues to exceed expectations with pleasing growth on the back of low vacancies and asset management
initiatives.
The investments in sub-Saharan Africa were affected by deteriorating economic and trading conditions in the region,
resulting in cash flow after servicing third-party borrowings and available for distribution to Hyprop, being
significantly lower than in the prior period.
Taking into account the increase in the number of shares in issue from 248,0 million to 255,5 million as a result of
the share issue in April 2018, the distribution per share increased by 2,5%, from 376,3 cents to 385,6 cents per share.
Reconciliation of attributable net profit for the period to distributable earnings
Unaudited Unaudited
six months six months Audited
31 December 31 December 12 months
2018 2017 30 June 2018
R000 R000 R000
Total profit for the period/year attributable to
shareholders of the company 181 895 1 436 930 2 529 466
Adjusted for: 803 345 (503 803) (624 952)
Change in fair value - investment property (387 904) (541 802) (646 021)
Change in fair value - derivative instruments (3 515) 6 943 (29 085)
Change in fair value - financial asset 213 364 41 393 (87 761)
Derecognition of financial guarantee (33 674) (11 984) (11 984)
Profit/(loss) on disposal - investment property (2 697)
Impairment - loans to joint ventures 1 069 991 8 539 166 441
Impairment - joint venture 10 103
Deferred and normal tax 10 138 6 080 39 485
Capital and other items* (900) 14 721 (5 831)
Income from sub-Saharan Africa* (64 155) (27 693) (57 602)
Distributable earnings 985 240 933 127 1 904 514
* Net effect of converting IFRS earnings to distributable earnings
Distributable earnings statement and reconciliation to dividend declared
Distributable earnings
six months six months
31 December 2018 31 December2017
R000 R000
South African property portfolio 991 362 952 345
- Continuing operations 991 326 944 034
- Properties sold 36 8 311
Fund management expenses (25 378) (27 646)
Net interest (121 302) (148 373)
South African portfolio subtotal 844 682 776 326
Investments in sub-Saharan Africa (excluding SA) 4 405 40 025
Investments in South-Eastern Europe 115 728 91 615
Other income 20 425 25 161
SEE portfolio subtotal 136 153 116 776
Distributable earnings 985 240 933 127
Total shares in issue 255 894 516 248 441 278
Treasury shares in issue (353 688) (446 260)
Shares in issue for distributable earnings 255 540 828 247 995 018
Dividend per share (cents) 385,6 376,3
Dividend per share growth (%) 2,5 8,3
HYPROP PROFILE
Hyprop is a specialist shopping centre Real Estate Investment Trust (REIT) with a R37,3 billion portfolio of shopping
centres in South Africa (SA), sub-Saharan Africa excluding SA, and South-Eastern Europe.
Hyprop's strategy is to own dominant, high quality shopping centres in major metropolitan areas, where such assets can
be acquired or developed at attractive yields.
The shopping centre portfolio in South Africa includes super-regional centre Canal Walk, large regional centres
Clearwater, The Glen, Woodlands, CapeGate, Somerset and Rosebank Malls, regional centre Hyde Park Corner and value centre
Atterbury Value Mart.
The sub-Saharan African portfolio includes interests in Accra Mall, West Hills Mall and Achimota Retail Centre, all in
Accra, Ghana; Kumasi City Mall in Kumasi, Ghana; Manda Hill Centre in Lusaka, Zambia, and Ikeja City Mall in Lagos,
Nigeria.
Hyprop's investments in South-Eastern Europe, held via a 60% interest in UK-based Hystead Limited (Hystead), include
interests in Delta City in Belgrade, Serbia; Delta City in Podgorica, Montenegro; Skopje City Mall in Skopje, Macedonia;
The Mall in Sofia, Bulgaria, and a 90% interest (effective 54% interest for Hyprop) in City Centre One Zagreb East and
City Centre One Zagreb West, both in Zagreb, Croatia.
SOUTH AFRICAN PORTFOLIO
Revenue and distributable earnings
Unaudited six months Unaudited six months
ended 31 December 2018 ended 31 December 2017
Distributable Distributable
Revenue earnings3 Revenue earnings3
Business segment R000 R000 R000 R000
Shopping centres 1 440 824 920 633 1 318 591 877 306
Value centres 76 199 54 553 74 816 51 232
Total retail 1 517 023 975 186 1 393 407 928 538
Total standalone offices1 25 300 16 140 24 138 15 496
Investment property
(excluding properties sold) 1 542 323 991 326 1 417 545 944 034
Properties sold2 36 10 494 8 311
Total investment property 1 542 323 991 362 1 428 039 952 345
1 Consists of Lakefield Office Park (held-for-sale) and Cradock Heights
2 Willowbridge North was sold during the prior period
3 Distributable earnings from properties before fund management expenses and interest
Despite the continuing difficult economic climate, the South African portfolio performed in line with expectations
bearing testament to the high-quality assets in the portfolio. Revenue increased by 8,0% relative to the six month period
ended 31 December 2017, underpinned by contractual rental escalations. Double-digit growth in rental income was achieved
at Clearwater Mall, Rosebank Mall and The Glen, partly as a result of the recent renovations and refurbishments at the
latter two malls.
Property expenses increased by 15,8% compared to the six month period ended 31 December 2017 mainly as a result of a
27,1% increase in rates and taxes, increases in electricity and power-related costs at rates above inflation, and higher
provisions for bad debts. Net municipal costs (after recoveries from tenants) increased by 35,7%. As a result, the
cost-to-income ratio increased on both a gross and a net basis.
South Africa
Cost-to-income ratio
31 December 2018 30 June 2018
Net basis (%) 17,6 15,8
Gross basis (%) 35,7 33,0
Hyprop has objected to the new municipal valuations for its Johannesburg-based investment properties.
Distributable earnings from all of the shopping centres showed positive growth, with the exception of Woodlands
Boulevard which was impacted by renovations of the food court. Feedback from customers and tenants following the
reopening of the completed portions of the food court has been positive.
Other operating expenses decreased due to an increase in asset management fees received from Hystead and savings in
staff and related costs.
Tenant arrears
Tenant arrears continue to be closely monitored and managed. At 31 December 2018 rental arrears were R34,0 million,
compared to R18,9 million at 30 June 2018. This increase is partly seasonal, and reflects the difficulties facing
retailers, as well as back charges for increases in rates which were raised in November 2018. In line with the
increase in tenant arrears, an additional amount of R11 million was provided during the period for potential
doubtful debts.
Vacancies
Vacancy levels across the portfolio remain below industry averages and Hyprop continues to benefit from demand
by retailers for space in our malls. The overall vacancy rate reduced from 1,9% at 30 June 2018 to 1,6% at
31 December 2018. This was as a result of a decrease in vacancies at The Glen, where an additional 1 150m2
was let, Atterbury Value Mart which reduced vacancies by approximately 900m2, and Clearwater Mall, where the
last of the space vacated by Stuttafords two years ago was let.
Change in
vacancy during
Vacancy Rentable the six month % of total % of total
area (m2) period rentable area rentable area
Sector 31 December 2018 (m2) 31 December 2018 30 June 2018
Retail 7 447 (3 267) 1,1 1,6
Office 4 192 938 7,1 5,5
Total 11 639 (2 329) 1,6 1,9
Lettings
Leases of approximately 102 000m? (14% of total rentable area of the space) expire in the current financial year.
To date, 56 970m2 have been renewed at a reversion rate of negative 2,2% and an average escalation rate of 7,3%.
At 31 December 2018, Edcon occupied 66 781m2 of space in Hyprop malls. This represented 9,2% of gross lettable area,
and 7,6% of rental income in South Africa. Since June 2018, Hyprop has worked with Edcon to reduce their space
requirements. Agreement has been reached with Edcon for 7 563m2 to be returned in the short term. New tenants have
been secured for most of this space and Hyprop is confident of its ability to re-let the balance.
Hyprop has agreed to support Edcon as part of its restructuring proposal, which may include Hyprop subscribing for an
equity interest in Edcon. Based on current estimates, the financial effect of the transaction, should it be implemented,
will be a reduction in Hyprop's distributable earnings of 0,8% in the 2019 financial year, and a further 2,3% reduction
in the 2020 financial year.
Valuations
The market value of the South African portfolio increased by R694,8 million (2,4%) from R29,0 billion at
30 June 2018 to R29,7 billion at 31 December 2018. The average exit cap rate used in determining the market
value was unchanged at 6.5%.
Valuations
Value per
Value attributable to Hyprop rentable area
Rentable area 31 December 2018 30 June 2018 31 December 2018
Business segment (m2) R000 R000 (R/m2)
Shopping centres 653 571 27 940 317 27 351 847 46 889
Value centres 48 641 1 400 000 1 303 000 28 782
Total retail 702 212 29 340 317 28 654 847 45 634
Total standalone offices1 20 354 332 300 323 000 16 326
Investment property 722 566 29 672 617 28 977 847 44 809
1 Consists of Lakefield Office Park (held-for-sale) and Cradock Heights
Reconciliation to statement of financial position
to fair values
Investment property South Africa 29 325 705 28 621 856
Non-current assets held-for-sale 198 000 198 000
Building appurtenances 153 573 163 068
Ikeja Building appurtenances consolidated (3 016) (3 157)
Centre management assets included (1 645) (1 920)
Investment property 29 672 617 28 977 847
Capital expenditure
The following projects were successfully completed during the period:
Hyprop's share
Shopping centre Project % Completion date
Woodlands Nu-Metro and Food court upgrade 100 Phase 2 - December 2018
Rosebank Mall Re-glazing of the curtain wall and
offices upgrades to the building auditorium 100 August 2018
Phase 3 of the Woodlands upgrade is scheduled for completion in April 2019.
Future capital expenditure projects will be carefully considered in the context of the difficult South African
economic environment. Hyprop, however, remains cognisant of the need to invest in our properties to ensure that
they remain relevant in an ever-changing retail, technology and on-line shopping environment.
Capital projects are planned for The Glen, where a portion of the space currently occupied by Edcon will be taken
over by Checkers, and for Canal Walk, which will be upgrading its food court and toilet facilities and developing a
new "Ratanga Junior" entertainment area. Further capital projects will become necessary as the group's exposure to
Edcon is managed down. These projects will involve the introduction of new high profile anchor tenants, with a view to
optimising the tenant mix, foot fall and retail turnovers.
Disposals
The sale of Lakefield Office Park was finalised on 4 January 2019 and the sale proceeds have been received.
INVESTMENTS IN SOUTH-EASTERN EUROPE
Hyprop's investments in South-Eastern Europe are held through a UK company, Hystead, in which Hyprop has a 60%
interest. Hyprop has joint control of Hystead and accounts for Hystead as a financial asset.
The South-Eastern European portfolio continued to perform well during the period. Average rental rates and trading
densities at all of the malls have increased from 2017, despite the low inflation environments, contributing to growth in
net operating income and distributions. Turnover rentals increased as a result of the success of many of the larger
retail tenants in the portfolio.
Following the acquisitions of The Mall in Sofia, Bulgaria, and City Centre One East and City Centre One West in
Zagreb, Croatia in the second half of the 2018 financial year, Hystead attained critical mass in the region. Capital
projects of EUR25 million have been approved, or are planned, for the coming year. The projects include a major upgrade
to portions of the Mall in Sofia which will see the introduction of approximately 40 new retail outlets and an
exhibition court.
Distributable earnings
Distributable earnings from Hystead comprise dividends from Hystead and guarantee fees from PDI Investment
Holdings (PDI). Total distributable income from Hystead increased by 16,6% from R116,8 million for the period
ended 31 December 2017 to R136,2 million in the current period.
The guarantee fee is based on a percentage of the dividends declared by Hystead to PDI. As a result of the additional
in-country asset-backed finance raised by Hystead during the previous financial year, this percentage reduced to 11%
for the period ended 31 December 2018.
Dividends received from Hystead were positively impacted, in Rand terms, by foreign exchange rate hedges.
Hyprop share of investment property
At 31 December 2018, Hyprop's attributable share of the Hystead portfolio was R7,6 billion (EUR460 million)
(30 June 2018: R7,1 billion (EUR444 million)). The valuation of the European property portfolio is based on a
weighted average capitalisation rate of 7,5% (30 June 2018: 7,5%).
Vacancies
The Hystead portfolio remains almost fully let, as reflected in the table below.
Investments in South-Eastern Europe
Hyprop's
effective Rentable 31 Dec 30 June
share- area 2018 2018
holding Dec 2018 vacancy vacancy
Vacancies City/country % m2 % %
Delta City Belgrade Belgrade, Serbia 60,0 29 862 0,0 0,0
Delta City Podgorica Podgorica, Montenegro 60,0 23 753 0,0 0,0
Skopje City Mall Skopje, Macedonia 60,0 36 264 0,0 0,0
The Mall, Sofia Sofia, Bulgaria 60,0 51 211 0,0 0,37
CCO East Zagreb, Croatia 54,0 48 574 0,2 0,28
CCO West Zagreb, Croatia 54,0 46 760 0,0 0,0
Total portfolio 236 424 0,0 0,1
INVESTMENTS IN SUB-SAHARAN AFRICA (EXCLUDING SA)
The group's investments in sub-Saharan Africa comprise six shopping centres in Nigeria, Zambia and Ghana, with a
total value of R3,9 billion at 31 December 2018 (30 June 2018: R5,0 billion).
Investments in sub-Saharan Africa (excluding SA)
Hyprop's
effective Rentable 31 Dec 30 June
share- area 2018 2018
holding Dec 2018 vacancy vacancy
Vacancies City/ country % m2 % %
Ikeja City Mall Lagos, Nigeria 75,0 22 223 3,1 3,1
Manda Hill Lusaka, Zambia 68,8 42 002 7,2 4,1
Accra Mall Accra, Ghana 17,6 21 311 6,3 6,8
West Hills Mall Accra, Ghana 16,8 28 272 15,6 10,4
Achimota Mall Accra, Ghana 28,1 15 534 3,4 1,9
Kumasi City Mall Kumasi, Ghana 28,1 18 604 12,73 13,0
Total portfolio 147 946 8,4 6,4
Hyprop is reviewing its portfolio of investments in Africa, with a view to reducing the exposure.
Trading conditions in Nigeria, Ghana and Zambia remain difficult with low economic growth, weakening currencies and
political instability. Challenges for tenants include logistical constraints in importing stock and maintaining stock
levels, and increases in effective occupancy costs as a result of currency devaluations. Landlords face a shortage of high
quality retailers following the withdrawal of a number of South African retailers from these markets, leading to growing
vacancy levels. In addition, increased competition from other malls impacted the performance at Manda Hill, which is
expected to recover given its dominant position in the market.
As a result of a decline in the operating performance at Ikeja City Mall, the directors reduced the valuation of the
property by R347,8 million in the current period, of which Hyprop's share is R260,9 million. Ikeja City Mall is reflected
in the consolidated statement of financial position at R1,8 billion after the positive effect of changes in the
Rand:Dollar exchange rate.
Good progress has been made in identifying potential buyers for certain of the African investments. As a result of
these initiatives, the market conditions described above and the operating performance of certain of the African
investments, other than Ikeja, the Hyprop directors have reviewed the valuations of the African investments and consider
it prudent to adjust these to align with current market conditions. This resulted in an impairment of Hyprop's investment
in AttAfrica and Manda Hill of R1,1 billion in the current period.
Distributable earnings
Accounting income from the African portfolio comprises trading profits from Ikeja City Mall and interest on loans
advanced by Hyprop Mauritius to AttAfrica and Manda Hill. As a consequence of the adverse trading and economic conditions
noted above, distributable earnings from the sub-Saharan African investments reduced from R40,0 million for the period
ended 31 December 2017 to R4,4 million in the current period. Distributable earnings are likely to remain at relatively
lower levels until there are recoveries in the economies in which we are operating.
Vacancies and foot count
Notwithstanding the difficult trading environment, foot counts at Ikeja City Mall and Accra Mall increased by 2% year
on year. Vacancy levels at Achimota and Kumasi malls reduced during the period, with vacancies in the other
sub-Saharan Africa malls increasing.
Exchange rates
The functional and reporting currencies for the investments in sub-Saharan Africa (excluding SA) and South-Eastern
Europe are the US Dollar and Euro, respectively. The relevant exchange rates used to convert foreign currency amounts
to Rands were as follows:
31 December 2018 30 June 2018
Half year-end Year-end
Average rate spot rate Average rate spot rate
R R R R
US Dollar 14,18 14,38 12,47 13,70
Euro 16,32 16,48 15,32 16,00
Realised average exchange rate - USD 12,53
Realised average exchange rate - Euro 17,04 14,80
The realised average exchange rate is the weighted average of the actual exchange rates at which foreign currency
dividends were received in South Africa and converted to Rand.
NET ASSET VALUE
The group's net asset value at 31 December 2018 was R99,87 per share, equating to a premium of 22,5% to the share
price at that date of R81,50.
Borrowings
In March 2018, Moody's Investor Services Inc (Moody's) conducted a rating review and placed Hyprop on a negative
outlook. On 13 February 2019, following a further review, Moody's lowered Hyprop's credit rating from Baa3 to Ba1.
Concurrently, Moody's lowered Hyprop's long-term national scale issuer rating to Aa3.za from Aa1.za and affirmed
the short-term national scale rating of Prime-1.za.
The main reason cited for the decrease in the rating is that Moody's estimates that Hyprop's debt-to-asset ratio,
adjusted for the full consolidation of Hystead, increased to 41% at 30 June 2018 from 33,4% in 2017, as a result of
debt funded acquisitions in Eastern Europe. Moody's calculate this ratio as 38,6% when considering only the portion of
the Hystead gross debt guaranteed by Hyprop. Moody's further stated that Hyprop will rely on external financing to cover
R5 billion of debt coming due in the next 18 months, including the Hystead debt that it guarantees.
Hyprop's debt-to-asset ratio, as calculated by Hyprop taking into account Hyprop's attributable share of the net
assets of Hystead, the full Hystead debt guaranteed by Hyprop, and the back-to-back security Hyprop holds from PDI
in relation to the guarantees, was 32,6% at 30 June 2018.
Hyprop has taken cognisance of Moody's comments and is taking steps to address the issues raised, including a review
of the local and off-shore funding strategies. Hyprop has historically been able to refinance its debt with no
difficulties and based on interactions with its major lenders, remains confident of its ability to continue to do so.
Details of the Group's borrowings (including Hystead borrowings guaranteed by Hyprop) are set out in the
table below.
Debt summary
Group statement Hyprop's Hyprop's
of financial Attributable Attributable
position share share
31 December 2018 31 December 2018 30 June 2018
Rm Rm Rm
South African debt 3 199 3 199 2 950
Bank debt 600 600 600
Corporate bonds 2 599 2 599 2 350
USD (Rand equivalent) 5 204 4 744 4 513
Total consolidated debt 8 403 7 943 7 463
Debt at fixed rates (excludes EUR funding)
South African debt 101,6% 113,6%
USD debt (Rand equivalent) 58,1% 63,5%
Maturity of interest rate swaps 2,5 years 3,1 years
South African debt 2,9 years 3,3 years
USD debt (Rand equivalent) 2,0 years 2,4 years
Maturity of facilities 2,7 years 3,1 years
South African debt 3,3 years 3,8 years
USD debt (Rand equivalent) 2,2 years 2,7 years
Cost of funding 6,8% 6,6%
South African debt 9,5% 9,4%
USD debt 5,0% 4,8%
Debt capital market (DCM) % of total debt 20% 21%
Loan-to-value
Total consolidated debt 8 403 7 943 7 463
EUR (Rand equivalent)1 5 177 4 963
Total debt 8 403 13 120 12 426
Cash and cash equivalents (901) (893) (704)
Net borrowings 7 502 12 227 11 722
Portfolio assets
South African assets 29 686 29 686 28 983
Investment property South African portfolio 29 326 29 326 28 621
Building appurtenances 154 154 163
Assets held-for-sale 206 206 199
USD assets 3 879 3 422 4 471
EUR assets2 4 148 3 843
Portfolio assets 33 565 37 256 37 297
Loan-to-value 22,4% 32,8% 31,2%
1 Hyprop's attributable share of Hystead debt guaranteed by Hystead shareholders
2 Hyprop's attributable share of Hystead NAV (after deducting in-country debt)
South African debt
The South African bank debt is secured against South African investment property, while the DCM funding is unsecured.
On 17 September 2018, a 3,5-year unsecured corporate bond was issued, raising R250 million at an interest rate margin
of 1,44%.
US Dollar denominated debt
The Rand value of the US Dollar denominated debt increased from 30 June 2018 to 31 December 2018 mainly as a result of
an increase in the exchange rate used to translate the US Dollar debt to Rands. USD100 million of debt in Hyprop
Mauritius is due for refinancing in August 2019, discussions with potential lenders in respect of which have commenced.
Euro denominated debt
At 31 December 2018, Hyprop had guaranteed EUR360 million of interest-bearing loans advanced by banks to Hystead. This
debt is not consolidated in Hyprop's statement of financial position, however, the financial support results in the
recognition of a financial guarantee in Hyprop's statement of financial position. In exchange for providing guarantees
on a portion of the debt in excess of Hyprop's 60% shareholding in Hystead, Hyprop receives a credit enhancement fee
from PDI equivalent to 11% of the dividends declared by Hystead.
During the period, EUR183,1 million of bank loans advanced to Hystead were refinanced for three years at an average
interest rate of 2,0%. This resulted in new financial guarantees with an initial value of R196,6 million being
recognised, and the derecognition of financial guarantees of R33,7 million relating to the retired debt.
Board changes
As previously announced:
- Zuleka Jasper was appointed to the board as an independent non-executive director on 5 July 2018;
- Also on 5 July 2018, Wilhelm Nauta joined the board as an executive director;
- Laurence Cohen resigned as financial director with effect from 31 July 2018;
- Brett Till was appointed as CFO, effective 1 October 2018;
- With effect from 30 November 2018, Lindie Engelbrecht resigned from the board. Thabo Mokgatlha has replaced Lindie
as chair of the audit and risk committee and as a member of the remuneration and nominations committee with effect
from 30 November 2018;
- Morn? Wilken joined the board of directors as incoming CEO on 27 December 2018; and
- Pieter Prinsloo resigned as a director and CEO of Hyprop with effect from 30 January 2019. The board expresses its
gratitude and thanks to Pieter for his leadership.
Prospects
Hyprop expects growth in distributions per share for the year ending 30 June 2019 of approximately 2%. This is a
downward revision from the guidance provided in August 2018 of 5% to 7%, the main reasons for which are the decrease
in distributable earnings from operations in sub-Saharan Africa (other than SA), the anticipated impact of the Edcon
restructuring and the current difficult economic conditions in South Africa.
This guidance is based on the following key assumptions:
- Forecast investment property income is based on contractual rental escalations and market-related renewals;
- Appropriate allowances for vacancies have been incorporated into the forecast;
- No major corporate and tenant failures will occur, including Edcon;
- The proposed Edcon restructuring will commence on 1 April 2019;
- Earnings from offshore investments will not be materially impacted by exchange rate volatility or disruptions in
the financial markets; and
- Exchange rates (which have not been hedged) have been assumed at R13,50 and R15,50 to the US Dollar and Euro,
respectively.
The forecast has not been reviewed or reported on by the company's auditors.
Payment of dividend
A dividend of 385,55078 cents per share for the six months ended 31 December 2018 will be paid to shareholders as
follows:
2019
Last day to trade cum dividend Monday, 18 March
Shares trade ex dividend Tuesday, 19 March
Record date Friday, 22 March
Payment date Monday, 25 March
Shareholders may not dematerialise or rematerialise their shares between Tuesday, 19 March and Friday, 22 March 2019,
both days inclusive. Payment of the dividend will be made to shareholders on Monday, 25 March 2019. In respect of
dematerialised shareholders, the dividend will be transferred to the CSDP accounts/broker accounts on Monday,
25 March 2019. Certificated shareholders' dividend payments will be deposited on or about Monday, 25 March 2019.
An announcement relating to the tax treatment of the dividend will be released separately.
Basis of preparation
The condensed consolidated interim financial statements (the interim financial statements) for the six months ended
31 December 2018 were prepared in accordance with International Financial Reporting Standards, IAS 34 Interim
Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, and
Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies
Act of South Africa.
All amendments to standards that are applicable to Hyprop for its financial year beginning 1 July 2018 have been
considered, and, except as described below, the accounting policies applied in these interim financial statements
are the same as those applied in the group's consolidated financial statements for the year ended 30 June 2018.
Based on management's assessment, the amendments to the applicable accounting standards and adoption thereof does
not have a material impact on the group's interim financial statements.
The group has adopted IFRS 15 Revenue from Contracts with Customers and IFRS 9 Financial Instruments with effect from
1 July 2018.
The effects of initially applying these new standards are the following:
IFRS 9 Financial Instruments
(i) Classification and measurement of financial assets and financial liabilities
In applying IFRS 9, the group had to reconsider the classification and measurement of financial assets and
liabilities. The following table and the accompanying notes set out the categories under IAS 39 and the new
measurement categories under IFRS 9 for each class of the group's financial assets as at 1 July 2018.
Original classification New classification
Financial assets under IAS 39 under IFRS 9
Financial asset - Hystead Designated as at FVTPL FVTPL
Derivative instruments - non-current Designated as at FVTPL FVTPL
Derivative instruments - current Designated as at FVTPL FVTPL
Loans receivable - non-current Amortised cost FVTPL and amortised cost
Loans receivable - current Amortised cost Amortised cost
Trade and other receivables Amortised cost Amortised cost
Cash and cash equivalents Amortised cost FVTPL and amortised cost
Certain loans receivable, previously classified at amortised cost, are now classified at FVTPL. The group
intends to hold the assets to maturity to collect contractual cash flows, however, these cash flows do not
consist solely of payments of principal and interest on the principal amount outstanding. Therefore they
do not qualify for classification at amortised cost in terms of IFRS 9.
IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial
liabilities. However, it eliminates the previous IAS 39 categories for financial assets of held to maturity,
loans and receivables and available for sale. The adoption of IFRS 9 has not had a significant effect on the
group's accounting policies related to financial liabilities and derivative financial instruments as the group
does not apply hedge accounting to its derivative financial instruments.
(ii) Calculation of impairment losses recognised on financial assets
IFRS 9 sets out new requirements for assessing the carrying amounts of financial assets at 1 July 2018 (the
date of initial adoption) and impairment requirements, including consideration of expected credit losses (ECLs)
and credit impaired financial assets. The application of IFRS 9 did not have any material effect on the carrying
amounts of financial assets at 1 July 2018. The loans receivable from AttAfrica and Manda Hill are not considered
to be credit impaired as interest payments continue to be made for a large proportion of the interest accrued on
these loans during the period.
Further disclosure with regard to the qualitative and quantitative impact of the implementation of IFRS 9 will
be provided in the full set of financial statements for the year ending 30 June 2019.
IFRS 15 Revenue from Contracts with Customers
The adoption of IFRS 15 Revenue from Contracts with Customers had no material impact on either the timing or amount
of the group's revenue.
Going concern
The interim financial statements have been prepared on the going concern basis as the directors have reason to
believe that the company and its subsidiaries have adequate resources to continue operations for the foreseeable
future.
Executive management have already engaged with banks and advisers on refinancing the current portion of
interest-bearing borrowings of R2,5 billion. Hyprop has historically been able to refinance its debt with no
difficulties and, based on interactions with its major lenders, remains confident of its ability to continue
to do so.
These condensed consolidated interim financial statements have not been reviewed or audited by Hyprop's independent
external auditors. The financial information was prepared under the supervision of Brett Till CA(SA) in his capacity
as chief financial officer.
On behalf of the board
GR Tipper MC Wilken BC Till
Chairman CEO CFO
1 March 2019
Investment in Hystead Limited
The following disclosures are made for the group's 60% investment in Hystead which is accounted for
as a financial asset, measured at fair value through profit or loss.
Six months Six months 12 months
31 December 2018 31 December 2017 30 June 2018
R000 R000 R000
(a) Statement of profit or loss and other
comprehensive income
(i) Net change in fair value of financial asset (213 364) (41 393) 87 761
Change in fair value of financial asset (16 799) 121 576
Fair value adjustment for new financial guarantees issued (196 565) (41 393) (33 815)
(ii) Distributions
Distributions received/dividends 111 434 76 566 180 525
Credit enhancement fee received* 20 425 22 996 46 672
Net distributable earnings 131 859 99 562 227 197
* included in the consolidated statement of profit or
loss and other comprehensive income under other income
(b) Statement of financial position
Financial asset
Capital contributions - at cost 71 695 (1) 30 979
Fair value of financial asset 104 777 121 576
Balance at end of period/year 176 472 152 555
Reconciliation of statement of financial position
Opening balance 152 555
Capital contributions 40 716 (1) 30 979
Change in fair value of financial asset (16 799) 121 576
Balance at end of period/year 176 472 152 555
(1) Value less than R1 000
Six months Six months 12 months
31 December 2018 31 December 2017 30 June 2018
Vacancy Vacancy Vacancy
Rentable % % %
area
(c) Property disclosures
Vacancies
Total portfolio 236 424 0,0 0,0 0,1
Six months Six months 12 months
31 December 2018 31 December 2017 30 June 2018
R000 R000 R000
Hyprop's share of Hystead's investment property 7 585 810 4 082 900 7 111 183
Debt - asset-backed finance
Total asset-backed finance 3 448 399 515 088 3 302 082
Debt - loans with recourse to Hyprop
Total loans with recourse to Hyprop 5 882 798 5 331 230 5 684 140
Hyprop's effective economic interest (%) 71 72 73
Equity interest (%) 60 60 60
Guarantee as % of dividends/distribution 11 12 13
Closing exchange rate EUR:ZAR used in above disclosures 16,4848 14,7995 16,0014
Average exchange rate EUR:ZAR used in above disclosures 16,3245 15,7836 15,3245
Fair value disclosures
Fair value disclosures on financial instruments in respect of June 2018 have not changed. Please refer
to disclosures in Hyprop's integrated report for the year ended June 2018 on Hyprop's website.
Financial guarantees
Hyprop and PDI Investment Holdings Limited (PDI) have guaranteed EUR400,8 million of loans advanced by
banks to Hystead as follows:
- Hyprop EUR360,8 million (90%)
- PDI EUR40 million (10%)
PDI has provided back-to-back guarantees to Hyprop for a further EUR46,8 million (equivalent to 11,7%
of the EUR400,8 million guaranteed debt).
For the remaining EUR73,5 million of debt (18,3% of the EUR401 million guaranteed debts) which Hyprop has
guaranteed in excess of its pro rata 60% interest in Hystead, Hyprop receives 60% of the related dividends
declared to PDI from Hystead, which equates to 11% (60% x 18,3%) of the dividends paid by Hystead (the
credit enhancement fee).
This agreement is in place until May 2021, when the shareholders' agreement between Hyprop and PDI, as
shareholders in Hystead, expires.
The guarantees issued by Hyprop are recognised as financial liabilities on the statement of financial
position, initially at fair value.
During the financial period loans of EUR242 million (EUR202 million of which were guaranteed by Hyprop)
were refinanced and Hyprop provided new guarantees for EUR198 million of the new loan. This resulted in
the derecognition of the guarantees given in respect of the expired loans and recognition of the new
guarantees as financial liabilities.
The initial fair values of the guarantees issued are determined by an independent specialist and are
dependent on estimated credit spreads, forecast cash flows and forecast interest rates, which require
significant judgement.
Details of movement in financial guarantees
Six months Six months
31 December 2018 31 December 2017
R000 R000
Balance at beginning of the period/year 185 686 163 855
Net change 162 891 29 409
Recognition of new financial guarantees (refer to financial asset) 196 565 41 393
Derecognition of expired guarantees (33 674) (11 984)
Balance at end of period/year 348 577 193 264
Financial instruments
A Accounting classifications and fair values
The following table reflects the carrying amounts and fair values of financial assets and financial
liabilities, including their levels in the fair value hierarchy. It does not include fair value
information for financial assets and financial liabilities not measured at fair value if the
carrying amount is a reasonable approximation of the fair value. The risks associated with the
balances are also indicated.
Carrying amount Fair value and fair value
hierarchy
(The group has no financial
instruments classified as level 1)
Fair value
through
profit Amortised
or loss cost Total Level 2 Level 3 Total
R000 R000 R000 R000 R000 R000
December 2018
Financial assets measured at fair value
Financial asset 176 472 176 472 176 472 176 472
Derivative instruments - non-current 4 566 4 566 4 566 4 566
Derivative instruments - current 6 937 6 937 6 937 6 937
187 975 187 975 11 503 176 472 187 975
Financial assets not measured at fair value
Loans receivable - non-current 423 881 1 630 283 2 054 164
Loans receivable - current 19 256 19 256
Trade and other receivables 7 348 244 898 252 246
Cash and cash equivalents (including held-for-sale) 712 901 122 901 834
431 941 2 795 559 3 227 500
Financial liabilities measured at fair value
Derivative instruments - non-current 23 471 23 471 23 471 23 471
Derivative instruments - current 2 545 2 545 2 545 2 545
26 016 26 016 26 016 26 016
Financial liabilities not measured at fair value
Long-term portion of interest-bearing borrowings 5 872 230 5 872 230
Short-term portion of interest-bearing borrowings 2 531 009 2 531 009
Financial guarantees - non-current 348 577 348 577
Trade and other payables 10 886 374 853 385 739
10 886 9 126 669 9 137 555
Carrying amount Fair value and fair value
hierarchy
(The group has no financial
instruments classified as level 1)
Designated
at fair value
through
profit Amortised
or loss cost Total Level 2 Level 3 Total
December 2017 R000 R000 R000 R000 R000 R000
Financial assets measured at fair value
Financial asset (1) (1)
Derivative instruments - current 8 894 8 894 8 894 8 894
8 894 8 894 8 894 8 894
Financial assets not measured at fair value
Loans receivable - non-current 2 646 106 2 646 106
Loans receivable - current 17 302 17 302
Trade and other receivables 221 631 221 631
Cash and cash equivalents 1 094 882 1 094 882
3 979 921 3 979 921
Financial liabilities measured at fair value
Derivative instruments - non-current 61 822 61 822 61 822 61 822
Derivative instruments - current 821 821 821 821
62 643 62 643 62 643 62 643
Financial liabilities not measured at fair value
Long-term portion of interest-bearing borrowings 5 648 768 5 648 768
Short-term portion of interest-bearing borrowings 2 695 583 2 695 583
Financial guarantees - non-current 193 264 193 264
Trade and other payables 405 314 405 314
8 942 929 8 942 929
(1) Value less than R1 000
B Measurement of fair value
Details of valuation techniques
The following tables show the valuation techniques used in measuring level 2 and 3 fair values, as well
as the significant unobservable inputs used:
Inter-relationship
between significant
Significant unobservable inputs
unobservable and fair value
Type Valuation technique inputs measurement
Financial asset - Discounted cash flow: The valuation model Annual growth The estimated
Hystead uses the present value of the future net cash rate and terminal fair value would
Limited (Hystead) flows expected to be generated by the growth rate increase
underlying shopping centres after deducting (decrease) if:
the head office costs within the Hystead Exit cap rates - The annual
group. The cash flow projections include and growth rate is
specific estimates for 10 years. The expected discount rates higher (lower);
net cash flows are discounted using a risk or
adjusted discount rate as well as a risk - The exit cap
adjusted cap rate. rate is lower
(higher)
Derivatives Market comparison: The valuation of the Not applicable Not applicable
derivative instruments was determined by - level 2 - level 2
discounting the future cash flows using the
JIBAR or OIS swap curves as applicable.
Similar contracts are traded in active markets
and the quotes reflect actual transactions in
similar instruments.
Transfers between levels
There were no transfers in either direction between levels 1 and 2 during the current or prior periods,
nor were there any transfers out of level 2 or 3 during the current or prior periods.
Valuation assumptions
Level 3 - significant unobservable inputs Six months Six months 12 months
(% unless otherwise stated) 31 December 31 December 30 June
2018 2017 2018
Financial asset - Hystead Limited (Hystead)
Annual growth rate 0 Between Between
0,2 and 2,6 (17,8) and 0,6
Weighted average annual growth rate 0 1,2 (0,3)
Terminal growth rate Between Between Between
1,8 and 2 0 and 0,4 0,8 and 2
Weighted average terminal growth rate 1,8 0,2 1,5
Discount rate Between Between Between
6 and 8 7 and 8 7 and 8
Weighted average discount rate 6,9 7,4 7,4
Exit capitalisation rates Between Between Between
5 and 7.3 5.5 and 7.3 5.3 and 7.3
Weighted average exit capitalisation rate 5,8 6,2 6,0
Related-party disclosures
Related parties and related-party transactions
The group, in the ordinary course of business, entered into various sale and purchase transactions on an arm's
length basis at market rates with related parties.
Related parties with whom the group transacted during the period were:
Six months Six months 12 months
31 December 2018 31 December 2017 June 2018
R000 R000 R000
AttAfrica - co-investor and joint venture
Loan receivable 1 630 283 2 123 744 2 375 009
Interest received 120 067 111 602 221 568
Manda Hill Mauritius - joint venture
Investment in joint ventures 10 102
Loan receivable 423 881 522 362 543 712
Interest received 13 927 10 238 19 689
Hystead Limited (UK) - joint venture
Financial asset 176 472 (1) 152 555
Asset management and accounting fee income 12 714 7 443 17 338
Dividend declared/received 111 434 76 566 180 525
Dividends receivable included in trade
and other receivables 91 101 48 709 76 484
Loan receivable 40 716
Other receivables 987 4 432
Debt guaranteed by Hyprop (Rand equivalent) 5 882 798 5 331 230 5 684 140
Fair value of financial guarantees reflected on
statement of financial position 348 577 193 264 185 686
Investment properties mortgaged to
secure guarantees on behalf of Hystead 12 548 175 10 353 189 13 633 426
PDI Investment Holdings Limited -
co-investor and directorship
Credit enhancement fee: income 20 425 22 996 46 672
Credit enhancement fee: receivable
included in trade
and other receivables 16 698 14 613 17 789
Directors' remuneration
Independent non-executive directors 1 762 1 463 2 961
Non-executive directors 370 339 686
Total executive directors 11 620 12 035 15 760
Basic salary 4 172 3 163 6 516
Pension fund contributions 315 255 606
Performance bonus (paid in December) 5 894 5 257 5 257
Share incentive scheme (IFRS 2 charge) 1 042 3 184 3 184
Other benefits 197 177 197
Directors' interest in Hyprop shares 3 762 311 4 432 941 4 380 796
Independent non-executive directors 28 440 28 440 28 440
Non-executive directors 3 206 170 3 878 000 3 825 855
Executive directors 527 701 526 501 526 501
(1) Values less than R1 000
Corporate information
Directors
GR Tipper*! (Chairman)
MC Wilken (CEO)
BC Till (CFO)
AW Nauta
KM Ellerine*
Z Jasper*!
MJ Lewin*!
N Mandindi*!
TV Mokgatlha*!
L Norval*
S Shaw-Taylor*!
*Non-executive !Independent
Registered office
Second Floor
Cradock Heights
21 Cradock Avenue
Rosebank
(PO Box 52509, Saxonwold, 2132)
JSE bond issuer code: HYPI
Transfer secretaries
Computershare Investor Services Proprietary Limited
Rosebank Towers
15 Biermann Avenue
Rosebank
PO Box 61051, Marshalltown, 2107
Company secretary
CIS Company Secretaries Proprietary Limited
Sponsor
Java Capital
Investor relations
Singular Systems IR
Telephone +27 10 003 0661
Email: michele@singular.co.za
www.hyprop.co.za
Date: 01/03/2019 08:39:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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