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Integrated Annual Report

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Integrated Annual Report INTEGRATED ANNUAL REPORT ’20 ORYX is a property loan stock company listed on the Namibian Stock Exchange (NSX) in the Financial Our 2020 performance at a glance IFC Real Estate sector. We are directly invested in property Oryx’s evolution 1 mainly in Namibia and have an How we compiled this report 2 investment in Croatia. This is our Integrated Annual Report What is important to know about Oryx 3 for the financial year ended What impacts our business 10 30 June 2020. Where we are going 16 Our leadership’s review of 2020 18 CONTENTS How we support our communities 33 How we practise good governance 36 How we reward performance 57 Appendices to the Integrated Annual Report 64 Annual Financial Statements 70 FEEDBACK Unitholder information and notice of AGM 150 Oryx is committed to improving its reporting, aligned Glossary 163 with best practice. Please provide any feedback and questions to [email protected]. Corporate information as at the date of this report 164 OUR 2020 PERFORMANCE AT A GLANCE Total distribution Property portfolio Market capitalisation 69.75 (cents per unit (cpu)) N$1.528 N$2.914 value (2019: N$1.704 billion) CPU (2019: 150.00) Bn Bn (2019: N$2.914 billion) Net asset value Net rental Gearing ratio N$1.912 (NAV) income growth 2.0% 39.1% (2019: 34.9%) Bn (2019: N$2.043 billion) (2019: 12%) Overall weighted Interest cover ratio Vacancy rate average cost of 2.3 (excluding interest (excluding 5.83% funding on linked debentures) 5.40% residentials) (2019: 9.2%1) times (2019: 2.96 times) (2019: 3.20%) 1 Excludes Euro loan. ORYX’S EVOLUTION Oryx has a diverse property portfolio worth N$3 billion. Owned nearly entirely by Namibians, Oryx is proud of our Namibian heritage and passionate about securing prosperity for our country. 2001 Oryx established 2002 Listed on the NSX Rights issue of 6.5 million units 2006 raising N$52 million 2008 Acquired four erven in Prosperita Acquired three industrial properties 2010 in South Africa 2011 Property portfolio valued at N$1 billion Internalisation of the asset and finance management of Oryx Acquisition of two industrial properties 2012 in South Africa 2014 Acquired Gustav Voigts Centre Rights issue of 11 million units raising N$171 million Property portfolio valued at N$2 billion 2015 Established a Domestic Medium-Term Note Programme of N$500 million 2016 Rights issue of 12 million units raising N$176 million Property portfolio valued at N$3 billion Rights issue of 8.4 million units raising N$165 million 2019 Invested N$300 million Euro equivalent in Croatia, Oryx’s first investment 2020 Acquired three tenanted outside of southern Africa residential complexes, Oryx’s first residential investment Integrated Annual Report ’20 1 HOW WE COMPILED THIS REPORT Oryx Properties Limited and its subsidiaries (Oryx or the Group) are pleased to present the Integrated Annual Report for the year ended 30 June 2020. This report provides an integrated overview of the Group’s performance and value creation. SCOPE AND REPORTING BOUNDARY This report’s scope is consistent with the prior year, with no BOARD APPROVAL restatement of prior year financial information. Our organisational The Board and the Risk, Audit and Compliance Committee structure is set out on pages 64 and 65. (RACC), assisted by other Board sub-committees, oversaw the integrity and completeness of the Integrated Annual Report. This report strives to align with the requirements and principles of: The Board approved the frameworks guiding the preparation of o The Corporate Governance Code for Namibia (NamCode) this report and the material matters and considered the reliability o International Financial Reporting Standards (IFRS) of the data and information included in this report. o The Companies Act of Namibia, 28 of 2004 (Companies Act) The Board applied its collective mind to the preparation and presentation of the information in this report and concluded We continued our journey to align with the International Integrated that it reflects a fair and balanced view of the Group’s integrated Reporting Council (IIRC) Integrated Reporting (<IR>) Framework. value creation. The key improvement areas for our 2020 report are an enhanced focus on materiality, a more detailed review of Oryx’s operating The Board approved the Integrated Annual Report on environment and improved governance and remuneration 14 September 2020. disclosure. Due to the size and nature of Oryx, we compile a concise Integrated Annual Report and do not issue a summarised Integrated Annual FORWARD-LOOKING STATEMENTS Report. Our full Annual Financial Statements start on page 70. This report contains forward-looking statements based on Additionally, this report includes the notice of Annual General underlying uncertainties. The Group cannot guarantee that any Meeting (AGM) and Proxy Form. forward-looking statement will materialise. Accordingly, readers More information, including Securities Exchange News Service are cautioned not to place undue reliance on these statements. (SENS) announcements and general meeting notices, is available If new information becomes available due to future events or at oryxprop.com/page/investors/. other reasons, the Group disclaims any intention and assumes no obligation to update or revise any forward-looking statements. MATERIALITY The Board of Directors (the Board) and the executive team applied its interpretation of materiality to determine the content in this report. A matter is material if it could affect the assessment and decisions of the Board, unitholders and other providers of financial capital, and affect the Group’s value creation over time. Oryx’s material matters are defined on page 15. ASSURANCE AND APPROVAL The Board and management reviewed the report’s content. Deloitte, the Group’s external auditor, provided assurance on the Annual Financial Statements (pages 71 to 74) and expressed an unmodified audit opinion thereon. 2 Oryx Properties Limited WHAT IS IMPORTANT TO KNOW ABOUT ORYX WHAT WE DO Oryx is proudly Namibian. Oryx is a balanced property fund listed on the NSX. We own a diverse, quality real estate portfolio comprising retail, industrial, office and residential properties. Of the two property companies on the NSX, Oryx is the only primary listing. VISION MISSION To remain at the forefront of the Namibian listed property sector. Acquire premium-quality retail, industrial, office and residential properties and investments in property. To do this, we nurture our Namibian heritage and use innovative and progressive solutions to create sustainable economic, social This will be achieved by acquiring or developing properties and environmental benefits for our stakeholders. with growing income streams from quality tenants to secure sustainable, dependable and predictable long-term earnings growth and capital appreciation. Oryx’s property portfolio by sector (based on N$ value) Our portfolio is mainly based in Namibia with one property in 64% retail 10% office South Africa. Our flagship retail properties include Maerua Mall and Gustav Voigts (2019: 68%) (2019: 11%) Centre in Windhoek, Namibia’s capital. We attract quality tenants and have 256 tenants in 28 properties, and an occupancy rate of 94.6% across commercial properties and 90.7% on the residential 21% industrial 5% residential complexes. (2019: 21%) (2019: 0%) We have a 26% investment in TPF International Limited (TIL) with an underlying Croatian portfolio valued at €92 million. Intercape, Erf 132 Lafrenz Croatia Scania, Erf 135 Lafrenz CIC, Erf 8081 Solingen Street Newcastle Street Erf 3519 Iscor Street Kalie Roodt Street Windhoek Gustav Voigts Centre Channel Life Tal Street Elisenheim M&Z, Erf 698 Edison Street Julius K. Nyerere Street Maerua Mall Joule Street Walvis Bay Baines Centre Rainbow Finance, Erf 411 Prosperita FP Du Toit, Erf 51 Prosperita Integrated Annual Report ’20 3 WHAT IS IMPORTANT TO KNOW ABOUT ORYX continued We understand property, the Namibian market and our people. 4 Oryx Properties Limited WHAT IS IMPORTANT TO KNOW ABOUT ORYX continued WHY ORYX IS A GOOD INVESTMENT In an industry that has been under pressure, even before COVID-19, we believe that Oryx’s balanced property portfolio is well placed to withstand the current economic downturn. o The Oryx share price has historically performed well compared to other South African Real Estate Our share Investment Trusts (REITs), despite the significant volatility in the Namibian and South African property price is stable sectors o Oryx is the only property fund with a primary listing on the NSX, and our listing allows investors to have We are proudly a transparent view of our performance Namibian o Our business is underpinned by responsible leadership and our aspiration to be a responsible corporate citizen We own a o Our portfolio covers different real estate sectors that provide diversity and resilience during balanced, economic cycles diverse and o We entered the residential property market in 2020 quality property o We offer investors international exposure to the Croatian property sector through our 26% shareholding portfolio in TIL o We employ people who have a deep knowledge of and experience in the Namibian property sector We understand o Our property teams align with our sectoral portfolio, allowing us to respond effectively to the Namibian tenants’ needs property market o We have the relevant property experience within the management team Integrated Annual Report ’20 5 OUR TOP 10 PROPERTIES Maerua Mall Node | Cnr Jan Jonker and Robert Mugabe Avenues, Windhoek Sector Open market valuation
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