ANNUAL RESULTS for the year ended 30 June 2015
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1 ANNUAL RESULTS for the year ended 30 June 2015 STRATEGIC & OPERATIONAL OVERVIEW Hyde Park Corner, Johannesburg, Gauteng 2 1
2 FINANCIAL HIGHLIGHTS 30 June June 2014 Change Distribution 543,0 cps 472,0 cps 15,0% Total return 59,0% 8,0% Total expense to income ratio 36,0% 37,3% (3,3%) Market capitalisation R29,4bn R19,3bn 52,2% Total assets R28,9bn R26,9bn 7,4% Loan to value 22,9% 26,6% NAV (per share) R89,04 R76,02 17,1% 3 DISTRIBUTION GROWTH Cents per share ,9% ,4% 9,4% 4,5% 7,5% ,0% 424 9,5% 13,1% ,3% ,7% 16,3% 262,7 280,3 15,0% 543, st Half 2nd Half Total % growth 4 2
3 SHARE PRICE PERFORMANCE 1,6 1,5 1,4 1,3 Hyprop SAPY June 2015 June 2014 % shares traded 73,0% 50,4% % offshore shareholders 25,0% 8,5% 1,2 1,1 1,0 0,9 Jul 2014 Q1: 28,5 million* Aug 2014 Sep 2014 * Number of shares traded per quarter Oct 2014 Q2: 15,3 million* Nov 2014 Dec 2014 Jan 2015 Q3: 41,0 million* Feb 2015 Mar 2015 Apr 2015 Q4: 92,8 million* May 2015 Jun PORTFOLIO MANAGEMENT Developments completed West Hills Mall total cost of R462m Rosebank Mall - total cost of R932m Disposals CapeGate Lifestyle, CapeGate Value Centre and Stoneridge - total proceeds of R833m Energy Clearwater Mall s phase 2 - solar photovoltaic plant - completed August 2015 The total size (phase 1 and 2) is 1 500kW at peak, with generating capacity of 2,5GWh per annum 6 3
4 COMPANY STRUCTURE SOUTH AFRICA Hyprop Investments Limited 100% owned Co-owned Clearwater Mall Rosebank Mall Somerset Mall Woodlands Boulevard Hyde Park Corner CapeGate Atterbury Value Mart Canal Walk (80%) The Glen (75,15%) Held for sale/sold Willowbridge Somerset Value Mart Offices: Glenfield Glenwood Lakefield Stoneridge (Sold) CapeGate Lifestyle (Sold) 7 COMPANY STRUCTURE SUB-SAHARAN AFRICA Hyprop Investments Limited 100% owned Hyprop Investments Mauritius 37,5% AttAfrica (Mauritius) 50% 50% Manda Hill (Zambia) 47% Accra Mall (Ghana) 45% West Hills (Ghana) Achimota Mall (Ghana)* 75% 75% Kumasi City Mall (Ghana) * Under development 8 4
5 INVESTMENT PROFILE Sub-Saharan Africa (excluding SA) R2,3bn Investments Held for sale R1,2bn 8,2% 4,3% Sub-Saharan Africa 2,4% (excluding SA) R42,4m* Distributable income Properties sold R51,4m Held for sale R104,8m 2,9% 5,8% 87,5% Core South African portfolio R25,0 bn 88,9% Core South African portfolio R1,6 bn * After finance costs 9 OPERATING PERFORMANCE Rosebank Mall, Johannesburg, Gauteng 10 5
6 OPERATING PERFORMANCE Occupancy rate improved to 98,0% (June 2014: 97,6%) Property cost to income ratio reduced to 33,6% (June 2014: 34,4%) Arrears R19,4 million 0,6% of rental income (June 2014: R19,2m 0,5% of rental income) Low impact from load shedding Strong performance from Rosebank Mall Improved tenant mix at Hyde Park Corner Rosebank Mall & Hyde Park Corner, Johannesburg, Gauteng 11 TRADING OVERVIEW 12% 10% 8% 6% 4% 2% 0% 8,0% 7,8% 7,4% 7,0% 7,0% 6,8% 6,9% 7,0% 6,9% 7,1% 3,30% 3,4% Trading density growth Rent ratio (rental as % of turnover) Vacancies 2,7% 2,4% 2 nd half 7,9% 1 st half 6,9% 2,0% Jun 2011 Jun 2012 Jun 2013 Jun 2014 Jun
7 VACANCIES Vacancies 30 June June June 2015 Retail 2,1% 1,2% 1,3% Offices 8,1% 13,8% 8,3% Total 2,7% 2,4% 2,0% 20% 15% Retail Offices Total 13,8% 10% 8,1% 8,3% 5% 0% 2,1% 2,7% 2,4% 1,2% 1,3% 2,0% 30 Jun June June LEASING TERMS 12% 10% 8% 6% 4% 4,3% Rental growth Contractual escalation 8,0% 8,8% 7,4% 8,3% 6,3% 3,4% 8,2% 8,2% 7,6% 2% 0%
8 LEASING ACTIVITY Leasing % of total portfolio Area m² Rental growth % Contractual escalation % No. of leases Retail 20,3% ,1% 8,2% 486 Offices 43,9% ,5% 8,1% 90 Total 22,6% ,6% 8,2% LEASE EXPIRY PROFILE 2015 / 2016 Retail Total rentable area m² Area m² % Rentable area of centre Canal Walk % The Glen % Willowbridge % Somerset Mall % Cape Gate Mall % Atterbury Value Centre % Clearwater Mall % Hyde Park Corner % Rosebank Mall % Somerset Value Mart % Woodlands Boulevard % Retail % Offices % Portfolio Total % 16 8
9 DEVELOPMENTS Focus on continuous improvements /refurbishments R180m for 2016 Woolworths extensions: Canal Walk completed within budget Somerset Mall to be completed in October 2015 Clearwater Mall refurbishments and extensions to accommodate international fashion brands Including H&M, River Island and Top Shop Total cost of R36,6 million Equipment replacement R93m for 2016 New generators at Hyde Park Corner Hyde Park Corner, Johannesburg, Gauteng 17 INVESTMENT IN SUB-SAHARAN AFRICA (excluding SA) West Hills Mall, Accra, Ghana West Hills Mall, Accra, Ghana 18 9
10 INCOME PRODUCING PROPERTIES AttAfrica (Mauritius) Rentable area m² Hyprop's effective shareholding % 30 June 2015 Investment R' months June 2015 Distributable earnings* R' months June 2014 Distributable earnings* R'000 Accra Mall (Accra, Ghana) ,6% West Hills Mall (Accra, Ghana) ,8% Manda Hill (Lusaka, Zambia) ,8% ** ** Expenses 46,403 (2 710) (1 755) 90, Loans advanced to AttAfrica for developments (not yet income producing) Capitalised interest Other Total investment * After interest on funding costs in Hyprop Investments Mauritius ** Effective interest in Manda Hill reduced from 87,0% to 68,8% on 1 July DEVELOPMENT PROPERTIES Centre name Rentable area m² Hyprop s effective shareholding % Hyprop s effective cost USD 000 Comments Achimota Mall (Accra, Ghana) , Under construction Opening October 2015 Kumasi City Mall (Kumasi, Ghana) , Under construction Opening April 2017 Waterfalls Project Lusaka, Zambia) 9, Land holding 20 10
11 CURRENCY 1,3 1,2 Performance of currencies over one year against USD 30% 23% 20% 1,1 1,0 4% 0,9 0,8 0,7 SA Rand Zambian Kwacha Ghanian Cedi Nigerian Niara One year 21 FINANCIAL RESULTS The Glen, Johannesburg, Gauteng 22 11
12 NET INCOME YEAR-ON-YEAR CHANGE R (37 265) (15 694) (11 475) (2 091) Jun 2014 Existing portfolio Rosebank Mall Somerset Mall Sub- Saharan Africa (excl. SA) Sycom Net interest Properties sold Other 30 June NET INCOME DRIVERS OF GROWTH Rbn 2,0 1,5 30 June June ,7% 8,1% 1,551 1,392 1,441 1,288 * ** 13,1% 13,3% 1,701 1,743 1,504 1,539 1,149 14,9% 1,320 1,0 0,5 0,0 Investment property income Add Somerset Mall Add Rosebank Mall Add Sub-Saharan Africa (excluding SA) Add net interest and other * Excludes Somerset and Rosebank Malls ** 2014 includes Sycom 24 12
13 INCOME STATEMENT EXTRACTS 30 June 2015 Rm 30 June 2014 Rm Revenue Investment property ,2% Listed investments 37 Property expenses (865) (821) 5,4% Net property income ,5% Other operating expenses (58) (56) 3,9% Operating income ,8% Investments in sub-saharan Africa (excluding SA) Net income before interest ,0% Net interest (417) (401) 3,9% Net income ,9% No of shares for distribution (000) Distribution per share (cents) 543,0 472,0 15,0% 25 BALANCE SHEET EXTRACTS 30 June 2015 Rm 30 June 2014 Rm Investment property ,8% Investments in sub-saharan Africa (excluding SA) ,9% Held for sale Other assets Total assets ,4% Total debt (7,0%) Net asset value per share (R) 89,04 76,02 17,1% 26 13
14 PROPERTY VALUATIONS SOUTH AFRICAN PORTFOLIO Category Size m² Hyprop share Rm % change (from June 2014) Value R/m 2 Average yield % Shopping centres ,0% ,8% Value centres* ,3% ,3% Stand-alone offices ,3% ,1% Total ,1% 6,9% * Excludes Stoneridge and CapeGate Lifestyle 27 DEBT MANAGEMENT Borrowings 30 June June 2014 Total debt R6,7bn R7,2bn Loan to value 22,9% 26,6% Debt at fixed rates 94,5% 71,4% Average fixed rate / swap maturity 5,2 4,2 Debt capital market (DCM) % of total debt 32% 32% Cost of funding 7,1% 7,5% 28 14
15 SOURCES OF FUNDING R million Bank facilities (SA) % % Bank facilities (USD) % % DCM funding (SA) % % 30 June June 2014 % of total debt COST OF FUNDING Average interest rate 30 June June 2014 Total debt 7,1% 7,5% SA debt 8,4% 8,2% USD debt 4,4% 4,6% 30 15
16 PROSPECTS Canal Walk, Cape Town, Western Province 31 PROSPECTS Low GDP growth few opportunities in SA Emerging market opportunities Refurbishments and tenant mix improvements Disposal of non-core properties Distribution forecast - approximately 10% The Glen and Woodlands Boulevard 32 16
17 APPENDICES Rosebank Mall, Johannesburg, Gauteng 33 TRACK RECORD Rbn LTV % Investment property 28,629,4 Market cap 26,4 LTV % 20,2 18,7 19,0 17,4 17,7 19,3 12,9 26,6% 8,7 9,4 9,5 6,9 7,5 7,7 7,0 7,6 26,2% 23,1% 22,9% 22,9% 13,0% 12,6% 8,9% 3,6% % 45% 30% 15% 0% 34 17
18 MATURITY PROFILE FIXED RATES AND SWAPS Rm Average maturity 5,2 years June 16 June 17 June 18 June 19 June 20 June 21 June 22 June 23 June DEBT MATURITY PROFILE BANK FACILITIES AND DCM Rm Average maturity 3,2 years SA bank facilities USD bank facilities Bonds / Commercial paper June 2016 June 2017 June 2018 June 2019 June
19 REVENUE SPREAD 12 MONTHS June 2015 June % GROSS RENT TO TURNOVER 11,0% % Gross rent to turnover Deterioration Improvement 10,0% 9,0% 8,0% 7,0% 6,0% 1% 9,2% 2% 2% 8,8% 8,7% 0% 8,3% 8% 7,9% Portfolio average: +7,1% (2014: +6,9%) 1% 1% 7,0% 7,0% 3% 6,4% 9% 5,0% 5,5% 0% 4,0% 4,4% 3,0% 2,0% 1,0% 0,0% Canal Walk Atterbury Value Mart Hyde Park Corner The Glen Shopping Centre Clearwater Mall Woodlands Boulevard Somerset Mall Cape Gate Mall Somerset Value Mart Willow Bridge 38 19
20 TRADING DENSITY Per month (R/m²) 15% Average portfolio growth: +7,4% (2014: +7,1%) % % % % % % % 4% % Hyde Park Corner Canal Walk Somerset Mall Clearwater Mall Willow Bridge The Glen Shopping Centre Woodlands Boulevard Cape Gate Mall Somerset Value Atterbury Value Mart Mart 39 TOP 8 PROPERTIES BY VALUE Canal Walk (80% undivided share) Clearwater Mall Rosebank Mall Woodlands Boulevard Region Cape Town Region Johannesburg Region Johannesburg Region Pretoria Valuation (Rm) Valuation (Rm) Valuation (Rm) Valuation (Rm) Total rentable area (m²) Total rentable area (m²) Total rentable area (m²) Total rentable area (m²) Vacancy levels 0,9% Vacancy levels 0% Vacancy levels 1,3% Vacancy levels 0% Footcount 21,2 million Footcount 10,1 million Footcount 8,6 million* Footcount 8,5 million * Oct Jun
21 TOP 8 PROPERTIES BY VALUE (cont.) Somerset Mall The Glen (75,15% undivided share) Hyde Park Corner CapeGate Regional Region Cape Town Region Johannesburg Region Johannesburg Region Cape Town Valuation (Rm) Valuation (Rm) Valuation (Rm) Valuation (Rm) Total rentable area (m²) Total rentable area (m²) Total rentable area (m²) Total rentable area (m²) Vacancy levels 1,6% Vacancy levels 1,2% Vacancy levels 1,2% Vacancy levels 1,4% Footcount 10,8 million Footcount 14,2 million Footcount 5,1 million Footcount 10,7 million 41 DISCLAIMER FORWARD-LOOKING STATEMENTS This document contains forward-looking statements that, unless otherwise indicated, reflect the group s expectations as at 30 June Actual results may differ materially from the group s expectations if known and unknown risks or uncertainties affect its business, or if estimates or assumptions prove inaccurate. The group cannot guarantee that any forward-looking statement will materialise and, accordingly, readers are cautioned not to place undue reliance on any forward-looking statements. The group disclaims any intention and assumes no obligation to update or revise any forward-looking statement even if new information becomes available as a result of future events or for any other reason, other than as required by the JSE Listings Requirements
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