Hyprop Investments Limited · JSE:HYP
Hyprop Investments — H1 2010 Earnings Presentation
12 slides from Hyprop Investments's earnings presentation, Jun 30, 2010
Slide 1: Interim results for the six months ended 30 June 2010
evolve to meet new lifestyles Interim results for the six months ended 30 June 2010 Agenda Financial Review Operational Review Shopping Centre Review Developments Investment Performance Prospects 2 1
Slide 2: Snapshot and Highlights
Snapshot Premium regional and super regional shopping centres Sustainable lease profile Active property management by experienced in-house team Property assets R10.9 billion ― 6 Shopping centres across 3 provinces - 78% of revenue ― Retail space 378 482m² / Office space 22 221m² ― 35% interest in Sy
Slide 3: Financial Review: Income Statement extracts
FINANCIAL REVIEW evolve to meet new lifestyles 5 Income Statement ― extracts 30 June 2010 30 June 2009 Rm Rm Revenue 525 423 24% Investment property 464 363 28% Sycom 61 60 1% Property expenses (166) (114) 45% Net property income 359 309 16% Other operating expenses (18) (23) -23% Operating income 3
Slide 4: Net income Investment Property; Balance Sheet extracts
Net income ― Investment Property Rm 160 30 Jun 30 Jun % 140 23% 2009 2010 Change 135 Net R235m R256m 9% 120 income* 110 100 80 60 43% 11% 50 -8% 40 42 35 38 34 31 20 -15% 7% 12 10 0 6.7 7.1 Canal Walk The Glen Hyde Park The Mall of Stoneridge Southcoast Rosebank Mall * Like-for-like 7 Balance Sheet
Slide 5: Valuations and Borrowings
Valuations Total value Value per change Hyprop rentable from % Size share area Dec Property Owned (m²) (Rm) (R/m²) % Canal Walk 80 150 394 4 261 35 414 5% The Glen 75.2 74 583 1 439 25 676 0% Hyde Park 100 36 894 1 250 33 881 0% The Mall of Rosebank 100 37 009 911 24 616 1% Stoneridge 90 50 241 418
Slide 6: Investments by income
OPERATIONAL PERFORMANCE evolve to meet new lifestyles 11 Investments by income The Mall of Rosebank The Glen Stoneridge 4% Southcoast Hyde Park 14% 9% Mall 2% Offices 12% 4% 6% Hotels 11% 35% Sycom 1% Canal Walk VPIF 12 6
Slide 7: Revenue spread and Vacancies
Revenue spread Office income Operating cost recovery 4% 12% Customer parking 5% 1% Monthly parking 17% Municipal cost recovery 59% 1% 1% Turnover rent Retail income Storerooms and other 13 Vacancies Canal Walk (1 070m²) The Grace (269m²) Hyde Park (484m²) Southcoast Mall 2% The Glen (254m²) 2% (1 57
Slide 8: New leases and lease renewal schedule
New leases Concluded in the period 1 Jan to 30 Jun 2010 New Total Renewal leases Number of new leases 188 78 110 Contractual value of leases (Rm) 483 387 96 Lettable area (m²) 51 871 41 349 10 522 Average growth 12.9% 7.5% Average escalation 8.8% 9.2% 15 Hyprop lease renewal schedule % 50 Canal Walk
Slide 9: Lease exposure and Trading performance
Lease exposure Top 10 retailers as a % of GLA 0 1 2 3 4 5 6 7 8 9% Edcon 7 Pick 'n Pay 6 Massmart 5 Woolworths 5 Foschini 4 Shoprite Checkers 4 Mr Price Group 4 NuMetro 3 Truworths 2 Stuttafords 2 17 Trading performance Retail turnover growth Shopper flow Spend per head % Change % Change Rand 50 30
Slide 10: Developments
DEVELOPMENTS evolve to meet new lifestyles 19 Projects Hyde Park R37m cosmetic refurbishment complete Dec 2010 Rosebank precinct redevelopment planning well progressed 20 10
Slide 11: Prospects
PROSPECTS evolve to meet new lifestyles 21 Prospects Impact lower: Impact higher: Benefits of expansions at Cautious outlook on income growth Canal Walk & The Glen Savings on asset Electricity increases management fees Vacancies & collections at Redefine consultancy Stoneridge agreement terminated R
Slide 12: Questions & Answers
evolve to meet new lifestyles QUESTIONS & ANSWERS 23 12