| Hyprop Investments Limited: Consolidated Audited Results 2024 |
| Distributable income outperforms guidance: |
Strong operational performance by the South Africa (“SA”) and Eastern Europe (“EE”) portfolios positively impacted the distributable income per share, ahead of the previous guidance
- Distributable income of R1.41 billion in FY2024 and 370.4 cents per share
- Final dividend of 280 cents per share declared for FY2024 in line with the dividend policy
|
| Step closer to Sub-Saharan Africa (“SSA”) exit
Binding sale agreements signed in August 2024 for the entire SSA portfolio, with limited number of CPs outstanding |
| Balance sheet strength supported by strong liquidity position: |
- LTV ratio stable at 36.4% in June 2024 despite the debt funded acquisition of Table Bay Mall
- Strong liquidity position with R803 million of cash and R2 billion of available bank facilities
- €30 million (R600 million) reduction in euro borrowings in line with debt amortisation/ reduction strategy
- R500 million new capital raised through the FY2023 DRIP
- Contraction of borrowing margins on new and refinanced facilities
- 80% of the Group interest rate exposure is hedged
|
Repositioning strategy paying of:
SA portfolio
- • Overall reversion rate significantly improved to 5.8%
- • Tenants’ turnover grew by 5.1%
- • Trading density and foot count continued to improve
- • Low retail vacancy at 1.8%
EE portfolio
- • Tenants’ turnover increased by 10%
- • Trading density grew by 8.9%
- • Retail vacancies improved to an impressive 0.1%
|
ESG initiatives on track:
- 33% reduction in electricity purchased from councils/ Eskom and 12% reduction in water consumption since June 2019
- The Hyprop Foundation and other CSI initiatives contributed a total of R4.7 million towards various projects and initiatives
|
| |
Audited June 2024 |
Audited June 2023 |
% Change |
| Net operating income (R’000) |
1 304 590 |
1 229 170 |
6.1% |
| Headline earnings per share (cents) |
299.5 |
393.9 |
(24.0%) |
| Basic earnings per share (cents) |
274.3 |
431.9 |
(36.5%) |
| Distributable income per share (cents) |
370.4 |
405 |
(8.6%) |
| Dividend per share (cents) |
280.00000 |
299.29970 |
(6.4%) |
| Net asset value per share (Rands) |
60.32 |
63.39 |
(4.8%) |
|
| Dividend policy
Our dividend policy as previously communicated remains unchanged:
payment of an interim dividend equivalent to 90% of the distributable income from the SA portfolio; and
payment of a final dividend on finalisation of the Group’s annual audited results, so that the total distribution for the financial year (including the interim dividend) is equivalent to 75% of the Group’s distributable income from the SA and EE portfolios.
The balance of the distributable income will be retained to manage borrowings and fund capital expenditure in the normal course.
The interim dividend for FY2024 was held over due to risks identified at the time of publishing our interim results. Several of these risks have been mitigated/reduced, or will be reduced through the sale of the SSA portfolio to Lango. The Board has therefore resolved to declare the full dividend of 280 cents per share (R1.065 billion in aggregate) for the year ended 30 June 2024, in line with the dividend policy. |
| Dividend declaration and settlement
The Board has approved and notice is hereby given of a final dividend of 280.00000 cents per share for the year ended 30 June 2024.
The dividend is payable to Hyprop shareholders in accordance with the timetable set out below |
- Last date to trade cum dividend _____________________________ Tuesday. 8 October 20024
- Shares trade ex dividend ____________________________________ Wednesday, 9 October 2024
- Record date ________________________________________________ Friday, 11 October 2024
- Payment date ______________________________________________ Monday, 14 October 2024
|
| The above dates and times are subject to change. Any changes will be released on SENS. |
| Share certificates may not be dematerialised or rematerialised between Wednesday, 9 October 2024 and Friday, 11 October 2024, both days inclusive. |
| In respect of dematerialised shareholders, the dividend will be transferred to the Central Securities Depository Participant (“CSDP”) accounts/broker accounts on Monday, 14 October 2024. Certificated shareholders’ dividend payments will be posted on or about Monday, 14 October 2024. |
- Ordinary shares of no par value in issue at 30 June 2024: _______________________ 380 399 133
- Income tax reference number of Hyprop Investments Limited:_________________ 94205177715
|
| Shareholders are advised that the dividend meets the requirements of a “qualifying distribution” for the purposes of section 25BB of the Income Tax Act, No 58 of 1962 (Income Tax Act). The dividends on the shares will be taxable dividends for South African tax purposes in terms of section 25BB of the Income Tax Act. |
| For the full document click the link below:
Hyprop Investments Limited |
