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Summarised consolidated results for the year ended 30 June 2019
HYPROP INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
JSE share code: HYP ISIN: ZAE000190724
Bond issuer code: HYPI
(Approved as a REIT by the JSE)
("Hyprop" or "the company" or "the group")
Summarised consolidated results for the year ended 30 June 2019
Headlines
- Revised strategy under new executive team
- Growth in distributable income from South African portfolio of 6,5%, despite the challenging
economic climate
- Growth in distributable income from the Eastern European portfolio of 13,5%
- Very low vacancies in the South African retail portfolio (0,8%) and in the Eastern European
portfolio (smaller than 0,5%)
- Progress in reducing exposure to sub-Saharan Africa (excluding South Africa) - investments
in this region impaired by R1,46 billion in the year based on anticipated sales proceeds
- Strong liquidity position and R8,5 billion of debt refinanced during the year
- Decrease in distribution per share of 1,5%
Hyprop has interests in a R51 billion portfolio of shopping centres in South Africa, Eastern Europe and
sub-Saharan Africa (excluding SA).
Dividend
The board of directors has declared a final dividend of 359,33956 cents per share for the six months ended
30 June 2019. The total dividend for the year ended 30 June 2019 is 744,9 cents per share, compared to
756,5 cents per share for the year ended 30 June 2018. This dividend is based on cash earnings from the
group's operating portfolios.
The dividend will be paid to shareholders as follows:
Last day to trade cum dividend Tuesday, 8 October 2019
Shares trade ex dividend Wednesday, 9 October 2019
Record date Friday, 11 October 2019
Payment date Monday, 14 October 2019
Shareholders may not dematerialise or rematerialise their shares between Wednesday, 9 October 2019 and
Friday, 11 October 2019, both days inclusive. Payment of the dividend will be made to shareholders on
Monday, 14 October 2019. In respect of dematerialised shareholders, the dividend will be transferred
to the CSDP accounts/broker accounts on Monday, 14 October 2019. Certificated shareholders' dividend
payments will be deposited on or about Monday, 14 October 2019.
An announcement relating to the tax treatment of the dividend will be released separately.
Prospects
In line with the group's revised strategic plan, the following key priorities have been set for the
next 18 months:
- Reposition our South African portfolio - increase trading densities, increase non-GLA revenue, and
identify alternative uses to create value;
- Dispose of the remainder of the sub-Saharan African portfolio, whilst preserving value in the interim;
- Improve the dominance of the EE portfolio - extensions to properties, asset management initiatives,
leverage SA expertise and know-how;
- Finalise and implement the strategy for non-tangible assets as a new focus area; and
- Improve stakeholder communication - internal and external.
The board believes that the new strategy and key priorities outlined above will create a more defensive
balance sheet and a base for sustainable long-term growth, and expects that following the reduction in
distributable income of 10% to 13% in the 2020 financial year, the group will achieve growth in
distributable income in the 2021 financial year, and beyond.
Financial summary
Audited Audited
12 months 12 months
June 2019 June 2018 % change
Net operating income (R000) 1 536 039 1 725 770 (11,0%)
Headline earnings per share (cents) 259,7 759,3 (65,8%)
Basic earnings per share (cents) 64,5 1 015,8 (93,7%)
Dividend per share 744,9 756,5 (1,5%)
Net asset value per share 95,78 102,98 (7,0%)
On behalf of the board
GR Tipper MC Wilken BC Till
Chairman CEO CFO
5 September 2019
This short-form announcement is the responsibility of the directors and is only a summary of the information
contained in the full announcement. The full announcement is available on the JSE website
https://senspdf.jse.co.za/documents/2019/jse/isse/HYPE/FY2019.pdf and on the company website at
https://www.hyprop.co.za/results/annuals-2019/pdf/booklet.
Copies of the full announcement may also be requested at the company's registered office and at the office
of the sponsor, at no charge, during office hours from Thursday, 5 September 2019 to Thursday, 12 September
2019. Any investment decision should be based on the full announcement published on the JSE and the company's
websites.
Directors: GR Tipper*† (Chairman), MC Wilken (CEO), BC Till (CFO), AW Nauta (CIO), 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)
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, 6A Sandown Valley Crescent, Sandown
Investor relations: Singular Systems IR, Telephone +27 10 003 0661, Email: michele@singular.co.za
www.hyprop.co.za
Date: 05/09/2019 07:05:00
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