Wrap Text
Condensed consolidated interim results for the six months ended 31 December 2016
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 2016
Highlights
- Dividend up - Acquired
16,6% Skopje City Mall, Skopje, Macedonia
- Sale of Willowbridge South - Developments of R260 million
R460 million underway (SA portfolio)
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Unaudited Unaudited Audited
six months six months 12 months
31 December 31 December 30 June
2016 2015 2016
R000 R000 R000
Revenue 1 621 331 1 479 642 3 078 221
Investment property income 1 590 208 1 412 254 2 976 420
Straight-line rental income accrual 31 123 67 388 101 801
Property expenses (544 095) (464 865) (993 861)
Net property income 1 077 236 1 014 777 2 084 360
Other operating expenses (48 185) (36 644) (76 593)
Operating income 1 029 051 978 133 2 007 767
Net interest (172 406) (158 441) (366 176)
Received 160 423 124 963 323 759
Paid (332 829) (283 404) (689 935)
Net operating income 856 645 819 692 1 641 591
Other income 17 505
Change in fair value 619 973 1 096 427 1 217 049
Investment property 590 391 994 335 1 382 134
Straight-line rental income accrual (31 123) (67 388) (101 801)
Investment in joint venture 10 102 (10 102)
Derivative instruments 50 603 169 480 (53 182)
Loss on disposal (2 934)
Investment property (377)
Investment in subsidiary (2 557)
Impairment of goodwill (18 134)
Net income before equity-accounted investments 1 473 055 1 916 119 2 858 640
Share of income/(loss) from joint ventures 30 705 (41 007)
Share of income from associate 96 195 457
Dividends received 82 923
Profit before taxation 1 556 074 1 947 019 2 818 090
Taxation (3 710) (857) (50 930)
Profit for the period/year 1 552 364 1 946 162 2 767 160
Other comprehensive income
Exchange differences on translation of foreign operations (14 771) 63 137 (1 491)
Total comprehensive income for the period/year 1 537 593 2 009 299 2 765 669
Total profit for the period/year attributable to:
Shareholders of the company 1 577 849 1 946 870 2 750 847
Non-controlling interests (25 485) (708) 16 313
Profit for the period/year 1 552 364 1 946 162 2 767 160
Total comprehensive income attributable to:
Shareholders of the company 1 572 409 1 992 234 2 752 041
Non-controlling interests (34 816) 17 065 13 628
Total comprehensive income for the period/year 1 537 593 2 009 299 2 765 669
Profit for the period/year 1 577 849 1 946 870 2 767 160
Earnings 1 577 849 1 946 870 2 767 160
Headline earnings adjustments (600 144) (994 335) (1 372 032)
Change in fair value of investment property (611 110) (994 335) (1 382 134)
Change in fair value of investment in joint venture (10 102) 10 102
Loss on disposal: Investment in subsidiary 2 557
Investment property 377
Impairment of goodwill 18 134
Headline earnings 977 705 952 535 1 395 128
Distributable earnings adjustments (116 281) (229 253) 127 093
Change in fair value: Derivative instruments (50 602) (169 480) 53 182
Investments in sub-Saharan Africa (excluding SA) (51 221) (65 041) (35 131)
Investments in South African subsidiaries 1 118 1 597 1 205
Investments in South-Eastern Europe (24 572) 24 572
Capital items 5 286 2 814 15 632
Taxation 2 734 857 7 371
Deferred taxation 976 43 558
Antecedent dividend 16 704
Distributable earnings 861 424 723 282 1 522 221
Total shares in issue 248 441 278 243 256 092 243 256 092
Weighted average shares in issue 246 931 585 243 256 092 242 921 081
Total shares in issue for dividend per share (excludes
treasury shares) 248 030 619 242 845 433 248 030 619
Basic earnings per share (cents) 639,0 800,3 1 139,1
Headline earnings per share (cents) 395,9 392,2 574,3
Diluted earnings per share (cents) 634,0 800,3 1 131,1
Diluted headline earnings per share (cents) 391,2 392,2 567,3
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Unaudited Unaudited Audited
31 December 31 December 30 June
2016 2015 2016
R000 R000 R000
Assets
Non-current assets 32 512 844 32 022 259 32 227 218
Investment property 29 186 107 28 372 447 28 702 563
South African portfolio 27 110 496 25 965 405 26 380 137
Ikeja City Mall (Lagos, Nigeria) 2 075 611 2 407 042 2 322 426
Building appurtenances and tenant installations 134 155 102 833 126 100
Investments in sub-Saharan Africa (excluding SA) 3 141 399 3 326 636 3 315 614
Investment in associate 505 766
Loans receivable 16 991 14 732
Goodwill 18 134 18 134
Derivative instruments 34 192 201 704 49 309
Current assets 985 404 374 796 378 150
Receivables 237 446 147 489 179 193
Loans receivable 51 120
Derivative instruments 3 401
Cash and cash equivalents 744 557 176 187 198 957
Non-current assets held-for-sale 916 798 1 271 301 1 243 591
Investment property 916 798 1 271 301 1 243 591
Total assets 34 415 046 33 668 356 33 848 959
Equity 24 560 294 23 105 429 23 118 856
Stated capital and reserves 24 464 850 22 946 351 22 988 596
Non-controlling interest 95 444 159 078 130 260
Liabilities
Non-current liabilities 9 011 418 8 774 245 8 879 743
Interest-bearing liabilities 8 838 496 8 641 487 8 632 036
Derivative instruments 32 789 26 040 101 198
Deferred taxation 140 133 106 718 146 509
Current liabilities 821 149 1 760 499 1 822 492
Payables 521 149 489 340 528 440
Interest-bearing liabilities 300 000 1 267 824 1 294 052
Derivative instruments 3 335
Liabilities directly associated with non-current
assets held-for-sale 22 185 28 183 27 868
Total liabilities 9 854 752 10 562 927 10 730 103
Total equity and liabilities 34 415 046 33 668 356 33 848 959
Net asset value per share (R) 98,47 94,33 94,50
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
31 December 31 December 30 June
2016 2015 2016
R000 R000 R000
Balance at beginning of period/year 23 118 856 21 658 721 21 658 721
Total profit for the period/year attributable to
Hyprop shareholders 1 577 849 1 946 870 2 750 847
Issue of shares 695 655
Non-controlling interest (34 816) 159 078 130 260
Treasury shares (27 898) (27 789)
Dividends (798 907) (681 847) (1 404 296)
Share-based payment reserve 7 097 5 141 9 919
Foreign currency translation reserve (5 440) 45 364 1 194
Balance at end of period/year 24 560 294 23 105 429 23 118 856
Distribution details
Total distribution for the period/year (cents) 347,3 297,8 619,9
Six months ended 30 June (cents) 322,1
Six months ended 31 December (cents) 347,3 297,8 297,8
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Unaudited Unaudited Audited
31 December 31 December 30 June
2016 2015 2016
R000 R000 R000
Cash flows from operating activities 145 241 80 549 (210 672)
Cash generated from operations 1 014 952 945 363 1 709 767
Interest received 272 912 89 945 191 515
Interest paid (343 716) (263 416) (692 192)
Taxation paid (9 496) (15 466)
Dividends paid (798 907) (681 847) (1 404 296)
Cash flows from investing activities 492 721 (1 330 044) (1 716 759)
Cash flows from financing activities (83 804) 1 287 866 1 989 143
Net increase in cash and cash equivalents 554 158 38 371 61 712
Cash acquired with subsidiary 48 964 48 964
Translation effects on cash and cash equivalents
of foreign entities (5 441) 6 144 5 002
Cash reallocated to assets held-for-sale (3 117) (1 133) (562)
Cash and cash equivalents at beginning of period/year 198 957 83 841 83 841
Cash and cash equivalents at end of period/year 744 557 176 187 198 957
COMMENTARY
Introduction
Hyprop, Africa’s leading specialist shopping centre Real Estate Investment Trust (REIT), operates a portfolio of
shopping centres in major metropolitan areas across South Africa (SA), sub-Saharan Africa (excluding SA) and
South-Eastern Europe.
Hyprop’s strategy is to own dominant, quality shopping centres in emerging markets, 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, and regional centre Hyde Park Corner.
The sub-Saharan African portfolio (excluding SA) includes interests in Accra Mall, West Hills Mall and Achimota Retail
Centre (all in Accra, Ghana), Manda Hill Centre in Lusaka, Zambia and Ikeja City Mall in Lagos, Nigeria.
In early 2016 Hyprop expanded into South-Eastern Europe with the acquisition of a 60% interest in Delta City Belgrade,
Serbia and Delta City Podgorica, Montenegro. In October 2016, Hyprop acquired a 60% interest in Skopje City Mall, in
Skopje, Macedonia.
Financial results
Hyprop has declared a dividend of 347,3 cents per share for the six months ended 31 December 2016 (the period), an
increase of 16,6% on the corresponding period in 2015.
Distributable earnings for the period benefited from the inclusion of R58,4 million (23,5 cents) from the investments
in South-Eastern Europe. No income from the investments in South-Eastern Europe was included in the prior year interim
period.
Due to constraints on the conversion of local currency to US Dollars, net distributable earnings from Ikeja City Mall
in Lagos, Nigeria, amounting to R15,6 million, was excluded from distributable earnings for the period (31 December
2015: R6,0 million).
SOUTH AFRICAN PORTFOLIO
Revenue and distributable earnings
Unaudited six months ended Unaudited six months ended
31 December 2016 31 December 2015
Business segment Distributable Distributable
Revenue earnings Revenue earnings
R000 R000 R000 R000
Shopping centres 1 287 100 860 789 1 191 960 806 663
Value centres 119 844 80 215 114 154 76 562
Total retail 1 406 944 941 004 1 306 114 883 225
Standalone offices 28 262 16 496 26 023 15 587
Investment property (excluding properties sold) 1 435 206 957 500 1 332 137 898 812
Properties sold 17 381 10 865 25 213 15 842
Total investment property 1 452 587 968 365 1 357 350 914 654
Revenue and distributable earnings from investment property (excluding properties sold) increased by 7,7% and 6,5%,
respectively.
Trading density growth slowed during the period, especially among apparel retailers, who were affected by increased
competition, a weaker Rand and more restrictive credit-granting regulations.
Demand for space in Hyprop’s shopping centres remains strong as evidenced by low vacancies and rental arrears, and
supports further expansion at Rosebank Mall, Canal Walk and The Glen.
Cost-to-income ratios
31 December 30 June
2016 2016
Net basis (%) 15,5 15,0
Gross basis (%) 33,5 33,2
The cost-to-income ratios increased marginally, largely due to higher municipal costs.
Tenant arrears
Total arrears as a percentage of rental income were 0,5% (30 June 2016: 0,5%).
Vacancies
% of total rentable area
Vacancy by sector 31 December 30 June
2016 2016
Retail 0,8 0,8
Office 3,9 4,5
Total 1,1 1,1
Total retail vacancies remained at 0,8%, while vacancies in the office portfolio reduced marginally, largely due to
new lettings at Lakefield Office Park. Total gross lettable area in the portfolio reduced by a net 21 707m² (2,8%)
due to asset sales. As a result, the reduction in office vacancies did not materially impact total vacancies.
Valuations Value attributable to Hyprop Value per
rentable area
Business segment Rentable 31 December 30 June 31 December
area 2016 2016 2016
(m2) R000 R000 (R/m2)
Shopping centres 649 499 25 937 559 25 282 472 43 974
Value centres 91 739 1 861 900 1 755 000 20 296
Total retail 741 238 27 799 459 27 037 472 41 044
Total standalone offices 23 811 347 175 328 075 14 580
Properties sold 365 000
Investment property 765 049 28 146 634 27 730 547 40 220
Investment property was valued at R28,1 billion at 31 December 2016 (30 June 2016: R27,4 billion), an increase of 2,9%
(excluding assets sold).
Developments
The installation of H&M at Somerset Mall (R15,8 million) and Checkers at Atterbury Value Mart (R31,0 million) were
completed successfully.
The following extensions and refurbishments are underway:
Shopping centre Project Amount (Hyprop's share) Completion date
Rosebank Mall Additional 4 300m2 rentable area R127,0 million April 2018
The Glen Food court enclosure and additional 1 200m2 rentable area R90,9 million April 2018
Canal Walk Additional retail in La Piazza area R41,6 million November 2017
During the period, R73,1 million was spent on capital projects, new equipment and tenant installations.
Disposals
Somerset Value Mart and Glenfield Office Park were sold for R185 million and R180 million, respectively. Somerset
Value Mart was transferred in September 2016, and Glenfield Office Park in December 2016.
Willowbridge South was sold for R460 million and was transferred in March 2017. Agreement has also been reached for
the disposal of Willowbridge North for R225 million. The transaction is still subject to approval by the competition
authorities as well as approval for the assignment of the leasehold rights to the purchaser.
Efforts to dispose of the remaining standalone office buildings are continuing.
INVESTMENTS IN SUB-SAHARAN AFRICA (excluding SA)
Hyprop’s 31 December 30 June
effective 2016 2016
shareholding Rentable vacancy vacancy
City/Country (%) area (m2) (%) (%)
Ikeja City Mall Lagos, Nigeria 75,0 22 349 - 2,3
Manda Hill Lusaka, Zambia 68,8 40 561 6,1 4,4
Accra Mall Accra, Ghana 17,6 21 240 - -
West Hills Mall Accra, Ghana 16,8 27 923 6,0 -
Achimota Mall Accra, Ghana 28,1 15 006 11,9 18,0
Total portfolio 127 079 4,7 4,0
The exclusion of distributable earnings from Ikeja City Mall in Lagos, Nigeria, resulted in a reduction in distributable
earnings from the investments in sub-Saharan Africa (excluding SA) to R30,9 million (31 December 2015: R35,3 million).
The Central Bank of Nigeria issued a statement on 20 February 2017, undertaking to clear all unfilled foreign exchange
orders. Future distributable earnings from Ikeja City Mall will be included when the foreign exchange market becomes
operational again.
Average growth in distributable earnings from Manda Hill Centre (Lusaka, Zambia), West Hills Mall and Accra Mall (both
in Accra, Ghana) was 5,4%.
Despite continued challenging trading conditions in certain of the countries in which the investments are held, the
centres displayed resilience and vacancies were maintained at reasonable levels. Apart from Manda Hill, the centres
reported better trading numbers for December 2016 than for December 2015. Manda Hill has been affected by the opening
of additional retail centres in Lusaka, however its position remains dominant and efforts are being made to improve its
tenant mix.
Kumasi City Mall, in Kumasi, Ghana is currently under construction and is scheduled to open in April 2017.
Investments in sub-Saharan Africa (excluding SA) at 31 December 2016, primarily via shareholder loan funding to AttAfrica
Limited, were R3,1 billion (30 June 2016: R3,3 billion). The net reduction over the period was largely due to Rand
appreciation against the US Dollar. Hyprop’s share of its investment in Ikeja City Mall, in Lagos, Nigeria, reduced to
R1,6 billion (30 June 2016: R1,7 billion). The reduction in value was due to a reduction in the directors’ valuation of
Ikeja City Mall, as well as due to Rand appreciation against the US Dollar.
INVESTMENTS IN SOUTH-EASTERN EUROPE
Hyprop’s 31 December 30 June
effective 2016 2016
shareholding Rentable vacancy vacancy
City/Country (%) area (m2) (%) (%)
Delta City Belgrade Belgrade, Serbia 60,0 29 876 - -
Delta City Podgorica Podgorica, Montenegro 60,0 23 729 - -
Skopje City Mall Skopje, Macedonia 60,0 36 128 1,7
Total portfolio 89 733 0,7 -
Delta City Podgorica (Montenegro) was purchased in February 2016, and Delta City Belgrade (Serbia) in April 2016.
The final instalment of EUR49,3 million for Delta City Belgrade was paid in September 2016.
The purchase of Skopje City Mall, in Skopje, Macedonia, for a total consideration of EUR92 million, was effective in
October 2016.
All of the acquisitions in South-Eastern Europe have been funded with Euro-denominated bridge funding, supported by a
guarantee from Hyprop. The bridge funding will be re-financed with term funding, which will be at a higher interest rate
than the bridge funding and will be implemented in tranches during 2017. It is anticipated that once the re-financing
is complete, the weighted average interest rate for the Euro funding will be between 3% and 4%.
Trading conditions continue to be positive, with like-for-like foot count growth as well as turnover growth in excess
of the Eurostat inflation rate. Demand for additional rentable area remains strong from the fashion anchor tenants and
further extensions to the centres are planned.
The accounting treatment of the investments in South-Eastern Europe require them to be accounted for as an investment
in a financial asset. Accordingly, the investments do not currently appear on the consolidated statement of financial
position.
NET ASSET VALUE
The net asset value (NAV) per share at 31 December 2016 increased by 4,2% to R98,47 (30 June 2016: R94,50). The
increase was due to an increase in the value of the investment property portfolio, as well as the issue of new shares
at a premium to NAV per share, in July 2016.
At 31 December 2016, the closing share price of R117,31 represented a premium of 19,1% to the NAV per share.
BORROWINGS
31 December 30 June
2016 2016
Rm Rm
Bank debt 8 968 9 344
South Africa 1 830 2 992
USD (Rand equivalent)1 4 580 4 842
EUR (Rand equivalent)2 2 558 1 510
Debt capital market funding (South Africa only) 2 300 1 640
Corporate bonds 2 300 1 200
Commercial paper 440
Cash and cash equivalents (743) (239)
Net borrowings 10 525 10 745
Loan-to-value (%) 29,7 30,8
Debt at fixed rates (%)
South African debt (%) 100,5 89,6
USD debt (%) 70,9 72,4
Maturity of fixes (years)
South African debt (years) 4,4 4,9
USD debt (years) 3,2 3,7
Cost of funding (%)
South African debt (%) 8,9 8,9
USD debt (%) 4,6 4,6
EUR debt (%) 1,7 1,7
Debt capital market (DCM) % of total debt 20 15
1 The USD debt includes 75% of the in-country debt relating to Ikeja City Mall (Lagos, Nigeria)
2 The Euro debt, which relates to Hyprop’s effective 60% interest in the South-Eastern European
shopping malls, is not consolidated on the Hyprop statement of financial position
During the period, a maturing South African bank loan amounting to R1,2 billion was refinanced with DCM funding
(three, four and five-year corporate bonds). As a consequence, the ratio of DCM funding to total debt increased
to 20%. All DCM funding is unsecured.
The Rand equivalent of the US Dollar-denominated bank debt reduced during the period, largely due to Rand
appreciation against the US Dollar.
Euro-denominated debt increased during the period, due to the final payment of EUR49,3 million in September 2016
in respect of Delta City Belgrade, as well as EUR92 million in October 2016 for Skopje City Mall in Macedonia.
The Euro debt is short-term bridge funding and the interest rate has not been fixed.
The increase in cash is largely due to cash inflows from the issue of new shares in July 2016 (R700 million) and
the sale of Somerset Value Mart and Glenfield Office Park in September and December 2016, respectively.
DISTRIBUTABLE EARNINGS STATEMENT AND RECONCILIATION TO DIVIDEND DECLARED
Distributable earnings
- six months
31 December 31 December
2016 2015
R000 R000
South African property portfolio 968 198 914 655
Investments in sub-Saharan Africa (excluding SA) 30 884 35 277
Investments in South-Eastern Europe 58 351
Fund management expenses (32 826) (31 559)
Net interest (180 688) (195 091)
Other income 17 505
Total distributable earnings 861 424 723 282
Total shares in issue at period end 248 441 278 243 256 092
Treasury shares in issue (410 659) (410 659)
Shares in issue for distributable earnings 248 030 619 242 845 433
Dividend per share (cents) 347,3 297,8
Dividend per share growth (%) 16,6 13,4
Other income, amounting to R17,5 million, comprises a credit enhancement fee received for the funding guarantee
provided by Hyprop in respect of the South-Eastern European investments.
Net interest costs of R180,7 million (31 December 2015: R195,1 million) reduced due to non-core asset sales of
R365 million (Somerset Value Mart and Glenfield Office Park), and a cash inflow of R700 million in July 2016
from the issue of new shares. The proceeds from non-core asset sales and the issue of new shares were applied
in part to the reduction of debt and to capital expenditure in the South African portfolio.
PROSPECTS
Hyprop expects dividend growth of approximately 12% for the full year to 30 June 2017. 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;
- Earnings from offshore investments will not be materially impacted by exchange rate volatility. Exchange rates
have been assumed at R12,75 and R13,80 to the US Dollar and Euro, respectively; and
- No income from Ikeja City Mall (Lagos, Nigeria) has been included in the forecast.
The forecast has not been reviewed or reported on by the company’s auditors.
PAYMENT OF DIVIDEND
All rental income earned by the company, less property expenses and interest on debt, is distributed to shareholders
semi-annually.
A dividend of 347,3 cents per share for the six months ended 31 December 2016 will be paid to shareholders as follows:
2017
Last day to trade cum dividend Tuesday, 28 March
Shares trade ex dividend Wednesday, 29 March
Record date Friday, 31 March
Payment date Monday, 3 April
Shareholders may not dematerialise or rematerialise their shares between Wednesday, 29 March 2017 and Friday,
31 March 2017, both days inclusive. The dividend will be transferred to dematerialised shareholders CSDP
accounts/broker accounts and paid to certificated shareholders’ bank accounts on Monday, 3 April 2017.
An announcement relating to the tax treatment of the dividend will be released separately on SENS.
BASIS OF PREPARATION
The condensed consolidated interim financial statements for the six months ended 31 December 2016 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 2016 have been
considered. Based on management’s assessment, the amendments do not have a material impact on the group’s condensed
consolidated interim financial statements.
All accounting policies applied in the preparation of the condensed consolidated interim financial statements are
consistent with those applied by Hyprop in its consolidated group annual financial statements for the prior
financial year.
These condensed consolidated interim financial statements have not been reviewed or audited by Hyprop’s independent
external auditors.
Preparation of the interim financial information was supervised by Laurence Cohen CA(SA) in his capacity as
Financial Director.
On behalf of the board
GR Tipper PG Prinsloo
Chairman CEO
3 March 2017
CORPORATE INFORMATION
Directors
GR Tipper*† (Chairman)
PG Prinsloo (CEO)
LR Cohen (FD)
KM Ellerine*
L Engelbrecht*†
MJ Lewin*†
TV Mokgatlha*†
L Norval*
S Shaw-Taylor*†
*Non-executive †Independent
Independent non-executive director Ethan Dube resigned from the board on 1 December 2016.
Registered office
2nd 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
Investor relations
Viki-Jane Watson
(Telephone: +27 11 447 0090)
Email: investorrelations@hyprop.co.za or viki@hyprop.co.za
www.hyprop.co.za
Date: 03/03/2017 08:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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