SHAREHOLDING STRUCTURE. Public

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2 DISCLAIMER Certain statements in this document may constitute forward looking statements. Such forward looking statements reflect the company s beliefs and expectations and involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Hospitality Property Fund Limited and its subsidiaries to be materially different from the future results, performance or achievements expressed or implied by such forward looking statements. The company undertakes no obligation to update publicly or release any revisions to these forward looking statements to reflect events or circumstances after the date of this document, or to reflect the occurrence of anticipated events. Past performance of the company cannot be relied on as a guide to future performance. Forwardlooking statements speak only as at the date of this document. You are cautioned not to place any undue reliance on such forward looking statements. No statement in this document is intended to be a profit forecast. This document is being supplied to you for informational purposes only. This document is not a prospectus or an offer or invitation or inducement to subscribe for or purchase any securities, and nothing contained herein shall form the basis of any contract or commitment whatsoever. This document does not constitute a recommendation regarding the securities of the company. No representation or warranty, express or implied, is given by the company, its subsidiaries or any of their respective directors, officers, employees and affiliates or any other person as to the fairness, accuracy or completeness of the information (including data obtained from external sources) or opinions contained in this document, nor have they independently verified such information, and any reliance you place thereon will be at your sole risk. Without prejudice to the foregoing, no liability whatsoever for any loss howsoever arising, directly or indirectly, from any use of information contained in this document, or otherwise arising in connection therewith is accepted by any such person in relation to such information. None of the data in this document has been reviewed or reported on by the group s auditors and no guarantee or warranty as to the data s accuracy, expressed or implied, is given. 2

3 SHAREHOLDING STRUCTURE 59.2% 40.8% Public 3

4 MANAGEMENT AND BOARD Board of Directors Executive Directors Rob Nicolella CEO Mara de Lima FD Non-Executive Directors John Copelyn Chairman Gerald Nelson Lead Independent Mac Gani Audit and Risk Chairman Don Bowden RemCo Chairman Zuko Kubukeli Social and Ethics Chairman Syd Halliday Jacques Booysen Laurelle McDonald Zibusiso Kganyago Mohamed Ahmed 4

5 MANAGEMENT AND BOARD Executive Committee Rob Nicolella - CEO Keith Randall COO Mara de Lima FD Rosa van Onselen Company Secretary Natalie Moodley Financial Manager Mario Monica Group Development & Facilities Manager Charlene Haripersad HR & Training Manager James Nathan Investment & Asset Manager 5

6 HOTEL BRAND PORTFOLIO Luxury Upscale Midscale Economy 6

7 HOTEL PORTFOLIO Geographic locations Western Cape Gauteng Rest of South Africa Sun1 Hotels Northern Cape 1 1 Kimberley Rustenberg 10 Gauteng 13 North West Bloemfontein 1 1 Limpopo Polokwane Tshwane Johannesburg Hazyview Mpumalanga Nelspruit 1 Free State KwaZulu-Natal 1 1 Drakensburg Durban Richards Bay Eastern Cape 9 3 Western Cape Cape Town 1 1 Port Elizabeth 7

8 HOTEL PORTFOLIO OPERATING SEGMENTS BY ROOMS HOTEL GRADE BY ROOMS 23% 17% Western Cape 34% 26% Gauteng Rest of SA Sun1 17% 8% Luxury 31% 44% Upscale Midscale Economy 8

9 INCOME STATEMENT Rm 6 Months to Sept Months to Sept 2017 Change on Prior year % Rental Income % Net operating costs (28) (27) (4%) EBITDAR % Net finance costs (80) (83) 4% Profit before tax & adjustments % Fair value on interest rate swops 23 (3) - Fair value (decrease) / increase on investment property (431) 0 (100%) Adjusted Earnings (171) 201 (185%) Less adjustments noted above (408) (3) - Distributable Earnings % No. of shares (excluding appraisal right shares) % Dividend per share (cents) (1%) 9

10 CASH FLOW STATEMENT Rm 6 Months to Sept Months to Sept 2017 EBITDAR per income statement Working capital adjusted for non-cash and exceptional items 38 (103) Cash generated from operations Net finance costs (80) (83) Maintenance capex (100) (33) Free cash flow Distributions to shareholders (451) (196) Investment activities (net of transaction costs) 0 (1 301) Rights issue Move in net IBD (276) (435) Opening net IBD (1 545) (1 508) Acquired with acquisitions Closing net IBD (1 821) (1 740) 10

11 INTEREST BEARING DEBT Rm as at Sept 2018 as at Sept 2017 Bank Facilities Corporate Bonds (notes) Gross Interest bearing debt Cash on hand (116) (388) Net Interest bearing debt Loan to Value 15.8% 16.3% Weighted average cost of debt 9.5% 10.8% 11

12 HOTELS PORTFOLIO AND STATISTICS 30 September 2018 Hotels Keys Luxury Upscale Midscale Economy Total

13 HOTELS PORTFOLIO AND STATISTICS Including Sun 1 : Excluding Sun 1 : Statistics 6 Months Sept Months Sept 2017 Change % Statistics 6 Months Sept Months Sept 2017 Change % Occupancy (%) 59.7% 61.4% (2.8%) Average room rate (R) (0.1%) RevPar (R) (3.0%) Occupancy (%) 60.6% 62.3% (2.6%) Average room rate (R) (0.9%) RevPar (R) (3.5%) All trading is shown for the full portfolio on a like-for-like 6 month basis 13

14 HOTELS PORTFOLIO AND STATISTICS HPF: Trading Information April to September (6 Months) F2019 Actual Occupancy Average Room Rate RevPAR F2018 Actual % on PY Relative GI F2019 Actual F2018 Actual % on PY Relative GI F2019 Actual F2018 Actual % on PY Relative GI Western Cape 51.8% 60.4% (14.3%) (3.1%) (16.9%) 94.9 Gauteng 62.4% 59.7% 4.6% (0.1%) % Rest of South Africa 68.1% 68.6% (0.7%) % % Total 60.6% 62.3% (2.6%) (0.9%) (3.5%) 97.6 Sun % 57.5% (4.2%) % % Total 59.7% 61.4% (2.8%) (0.1%) (3.0%) 98.1 STR: Trading Information April to September (6 Months) F2019 Actual Occupancy Average Room Rate RevPAR F2018 Actual % on PY F2019 Actual Western Cape 54.2% 59.1% (8.2%) (4.6%) (12.4%) Gauteng 62.1% 61.4% 1.2% % % Rest of South Africa 62.2% 62.7% (0.8%) % % South Africa 60.0% 61.2% (2.0%) % (1.2%) F2018 Actual % on PY F2019 Actual F2018 Actual % on PY 14

15 PORTFOLIO AND COMPARATIVE TRADING Rooms Occ % ARR RevPAR F2019 H1 Rent (Rm) F2018 H1 Rent (Rm) Western Cape Region % Gauteng Region % Rest of South Africa % Subtotal % Sun % Total % Note: Cullinan & Merway rental only included from 1 July

16 WESTERN CAPE REGION : TRADING AND RENT Rooms Occ % ARR RevPAR Rent (R 000) Western Cape Region % Westin Cape Town Southern Sun - Waterfront Southern Sun- The Cullinan StayEasy Century City Radisson Blu Waterfront Protea Hotel Victoria Junction Southern Sun Newlands Sunsquare Cape Town Gardens Arabella Hotel & Spa 145 * * Arabella Hotel & Spa : The rental is not aligned to HPF s financial year end resulting in a timing difference in the variable rent. 16

17 GAUTENG REGION : TRADING AND RENT Rooms Occ % ARR RevPAR Rent (R 000) Gauteng Region % Birchwood Hotel & Conference Centre Radisson Blue Gautrain Crowne Plaza Rosebank Garden Court OR Tambo Garden Court Milpark Sandton Eye BC Retail Holiday Inn Sandton Garden Court Hatfield Kopanong Hotel & Conference Centre Garden Court Morningside Southern Sun Katherine Street Mount Grace Hotel & Spa Garden Court Eastgate StayEasy - Eastgate

18 REST OF SA : TRADING AND RENT Rooms Occ % ARR RevPAR Rent (R 000) Rest of South Africa % Garden Court South Beach Champagne Sports Garden Court - PE King s Beach Garden Court - Polokwane Garden Court - Umhlanga Protea Hotel Edward StayEasy - Pietemaritzburg StayEasy - Rustenburg Garden Court Kimberley Protea Hotel Marine Southern Sun - Bloemfontein Protea Hazyview

19 F2019 CAPEX : KEY PROJECTS Westin Bedroom FF&E refurbishment R148 million over 2 years 7/16 floors completed in F2019 Arabella Hotel & Spa Bedroom Soft Refurbishment R14.5 million over 2 years 2/5 floors completed in F2019 Birchwood Hotel & Conferencing Conference Rooms Refurbishment completed F2020 F2020 F

20 CAPEX PROJECTS : THE WESTIN 20

21 CAPEX PROJECTS : THE WESTIN 21

22 CAPEX PROJECTS : ARABELLA HOTEL & SPA 22

23 WATER RESILIENCE Water Resilience Projects Capex committed on water resilience projects have been spent, barring some administrative procedures, these Western Cape hotels will be off the grid by the first quarter 2019 Desalination Plants installed and commissioned Westin, Radisson Blu Waterfront and Stay Easy Century City Westin Plant will feed Southern Sun Cullinan & Southern Sun Waterfront Boreholes and filtration plants installed Southern Sun Newlands, Sun Square Gardens, Garden Court Kings Beach and Protea Hotel Marine Additional water storage Protea Hotel Victoria Junction and Sun 1 Milnerton, Foreshore and Parow Water Services Intermediary contracts signed with the relevant local authorities where required 23

24 DISTRIBUTIONS Distribution of 100% of earnings not sustainable in the long term Gearing low and can borrow for maintenance capital expenditure in the short term Maintenance capital expenditure averages approximately 20% of hotel rental income per annum over a 7 to 8 year cycle 24

25 Thank you 25

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