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Change statement, availability of AFS, notice of AGM, changes to the board and B-BEE annual compliance certificate
HYPROP INVESTMENTS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
JSE share code: HYP ISIN: ZAE000190724
JSE bond issuer code: HYPI
(Approved as a REIT by the JSE)
(“Hyprop” or “the Company”)
NOTICE OF CHANGE STATEMENT, AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS, NOTICE OF ANNUAL GENERAL MEETING,
CHANGES TO THE BOARD AND B-BBEE ANNUAL COMPLIANCE CERTIFICATE
Shareholders are advised that:
1. NOTICE OF CHANGE STATEMENT AND AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS
Hyprop’s integrated annual report and the consolidated audited annual financial statements for the year ended
30 June 2019 (“the Financial Statements”) are available with immediate effect on the Company’s website,
http://www.hyprop.co.za/ir-integrated-reports.php.
The Financial Statements contain a restated reconciliation of basic earnings to headline earnings, and restated
calculations of headline earnings per share and diluted headline earnings per share, from those contained in the
Summarised consolidated audited results for the year ended 30 June 2019 published on SENS on 5 September
2019 (“the SENS Announcement”).
The aforementioned restatement does not affect the calculation of Distributable Income for the year ended 30 June
2019 or the Statements of Financial Position, Statements of Profit or Loss and other Comprehensive Income,
Statements of Changes in Equity or Statements of Cash Flows, all of which remain unchanged from the SENS
Announcement.
The reason for the restatement is that the Summarised reconciliation – headline earnings in the SENS
Announcement erroneously included an adjustment adding back the non-controlling interest portion of the change
in the fair value of investment property adjustment, when it should have been deducted. The consolidated audited
financial statements have been corrected to reflect this change. The Reconciliation of attributable net profit for
the year to distributable earnings included in the SENS Announcement has also been restated accordingly.
The original and restated Summarised reconciliation - headline earnings, calculations of headline earnings per
share and diluted headline earnings per share, and Reconciliation of attributable net profit for the year to
distributable earnings are set out below:
As released on
SENS on
Summarised reconciliation - headline earnings 5 September 2019 Restated
Earnings - profit for the year attributable to shareholders of the
company 164,922 164,922
Headline earnings adjustments (*) 498,488 406,040
Change in fair value of investment property 425,125 425,125
Profit on disposal of investment property (2,825) (2,825)
Other impairments 29,964 29,964
Non-controlling interest (*) 46,224 (46,224)
Headline earnings (*) 663,410 570,962
Total number of shares in issue 255,894,516 255,894,516
Weighted average number of ordinary shares in issue 255,495,272 255,495,272
Fully diluted weighted average number of ordinary shares in issue 255,610,315 255,610,315
Total shares in issue for dividend per share (excludes treasury
shares) 255,309,759 255,309,759
Basic earnings per share (cents) 64.5 64.5
Headline earnings per share (cents) (*) 259.7 223.5
Fully diluted basic earnings per share (cents) 64.5 64.5
Fully diluted headline earnings per share (cents) (*) 259.5 223.4
(*) Restated
As released on
Reconciliation of attributable net profit for the year to SENS on
distributable earnings 5 September 2019 Restated
R 000 R 000
Total profit for the year attributable to shareholders of the
company 164,922 164,922
Adjusted for: 1,737,746 1,737,746
Change in fair value - investment property 2 471,349 378,901
Change in fair value - Derivative instruments 46,102 46,102
Change in fair value - financial asset 85,229 85,229
Change in fair value - loans receivable at FVTPL 105,809 105,809
Derecognition of financial guarantee (185,686) (185,686)
Profit on disposal of investment property (2,825) (2,825)
Impairment of loans receivable 1,350,727 1,350,727
Other impairments 29,964 29,964
Taxation (93,028) (93,028)
Capital and other items 1 (951) (951)
Income from sub-Saharan Africa1, 2 (68,944) 23,504
Distributable earnings 1,902,668 1,902,668
1 Net effect of converting IFRS earnings to distributable earnings
2 Restated
The Company’s auditors, KPMG, have reissued an unqualified audit opinion on the financial statements. The
revised unqualified audit opinion includes an “Emphasis of matter – Subsequent event” paragraph relating to the
restatement of headline earnings per share.
2. NOTICE OF ANNUAL GENERAL MEETING
A notice of the annual general meeting of Hyprop shareholders (“AGM”) was dispatched to shareholders on,
Tuesday, 29 October 2019. The notice of the AGM is available with immediate effect, on the Company’s website,
http://www.hyprop.co.za/ir-integrated-reports.php.
The AGM will be held at the offices of Hyprop, 2nd Floor, Cradock Heights, 21 Cradock Avenue, Rosebank, at
11:00 on Monday 2 December 2019. The last day to trade in order to be eligible to participate in and vote at the
AGM is Tuesday, 19 November 2019 and the record date for voting purposes is Friday, 22 November 2019.
3. CHANGES TO THE BOARD
Mike Lewin retires by rotation in terms of the Company’s memorandum of association at the AGM and has not
made himself available for re-election. Hyprop thanks Mike for his considerable contribution to the group over
nine years and wishes him well in his retirement.
4. B-BBEE ANNUAL COMPLIANCE CERTIFICATE
In accordance with the JSE Listings Requirements, the Company’s annual compliance report, prepared in terms
of section 13G(2) of the Broad-Based Black Economic Empowerment Act, No. 53 of 2003, read with the Broad-
Based Black Economic Empowerment Amendment Act, No. 46 of 2013, is available on the Company’s website
http://www.hyprop.co.za/about-bee.php.
29 October 2019
Sponsor
Java Capital
Date: 29/10/2019 04:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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