97 / 160
95
for the year ended 30 June 2016
Hyprop Investments Limited
Group annual financial statements 2016
DIRECTORS’ REPORT
The directors have pleasure in submitting their report, which forms
part of the group annual financial statements, for the year ended
30 June 2016.
Responsibility statement
The directors are responsible for the preparation and fair presentation
of the group annual financial statements of Hyprop Investments
Limited, comprising the statement of financial position at 30 June 2016,
and the statements of profit or loss and other comprehensive income,
changes in equity and cash flows for the year then ended, and the
notes to the financial statements, which include a summary of
significant accounting policies and other explanatory notes, in
accordance with International Financial Reporting Standards and the
requirements of the Companies Act of South Africa, and the directors’
report.
The directors are also responsible for such internal control as they
determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to
fraud or error, and for maintaining adequate accounting records and an
effective system of risk management, as well as the preparation of the
supplementary schedules included in these group annual financial
statements.
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 core portfolio in South Africa includes super-regional centre Canal
Walk, large regional centres, Clearwater Mall, The Glen Shopping
Centre, Woodlands Boulevard, CapeGate Shopping Centre, Somerset
and Rosebank Malls, and regional centre, Hyde Park Corner.
The sub-Saharan African portfolio (excluding SA) includes interests in
Accra Mall, West Hills and Achimota Mall (all in Accra, Ghana), Manda
Hill Centre in Lusaka, Zambia and Ikeja City Mall in Lagos, Nigeria.
In February 2016, Hyprop expanded into South-Eastern Europe, with
the acquisition of 60% interests in Delta City Belgrade, Serbia and Delta
City Podgorica, Montenegro.
Strategy
Hyprop’s focus remains to invest in high-quality shopping centres in
emerging markets, with a particular focus on shopping centres in
primary cities which dominate their chosen markets.
Directors’ interests
The interests of directors in the shares of the company at 30 June 2016 were:
June 2016
beneficial
June 2016
non-beneficial
June 2015
beneficial
June 2015
non-beneficial
Direct
Indirect
Indirect
Direct
Indirect
Indirect
Non-executive
Gavin Tipper
4 000
4 000
Louis Norval
3 500 000
3 789 869
Stewart Shaw-Taylor
21 500
21 500
Kevin Ellerine
378 000
42 666
Executive
Pieter Prinsloo
305 049
305 049
Laurence Cohen
160 154
160 154
25 500
843 203
3 500 000
25 500
507 869
3 789 869
There were no changes to the interests of the directors between year-end and the date of approval of the group annual financial statements.