Primetime Property : INTEGRATED ANNUAL REPORT 2022

INTEGRATED

ANNUAL REPORT

2022

REAL ESTATE INVESTMENT IN BOTSWANA, SOUTH AFRICA AND ZAMBIA

I N T E G R A T E D A N N U A L R E P O R T 2 0 2 2

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Table of Contents

	INTRODUCTION	4
	YEAR IN REVIEW	4
	CHAPTER 1 - ABOUT THIS REPORT	6
	CHAPTER 2 - GROUP OVERVIEW	12
	WHAT IS PRIMETIME?	14
	LINKED UNITHOLDERS INFORMATION	20
	CHAPTER 3 - MATERIALITY	22
	MATERIALITY DETERMINATION PROCESS	24
	OUR MATERIAL THEMES	25
	CHAPTER 4 - LEADERSHIP REVIEWS	30
	A STATEMENT FROM OUR CHAIR	32
	REPORT FROM TIME A & PM PROPRIETARY LIMITED, THE EXTERNAL PROPERTY AND ASSET MANAGER	36
	MARKET CONDITIONS	43
	CHAPTER 5 - HOW WE CREATE VALUE	46
	OUR INVESTMENT STRATEGY	48
	OUR BUSINESS MODEL	54
	STAKEHOLDER ENGAGEMENT	58
	RISK MANAGEMENT PROCESS	62

P R I M E T I M E P R O P E R T Y H O L D I N G S L I M I T E D

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Munjali Mall, Lusaka

CHAPTER 6 - PERFORMANCE OVERVIEW	68
FINANCIAL REPORT	70
OUR PORTFOLIO	74
OPERATIONAL REVIEW	76
INTELLECTUAL CAPITAL	79
NATURAL CAPITAL	80
SOCIAL AND RELATIONSHIP CAPITAL	82
HUMAN CAPITAL	86
CHAPTER 7 - CORPORATE GOVERNANCE	88
THE BOARD OF DIRECTORS	92
THE EXTERNAL MANAGEMENT COMPANY	104
COMMITTEE REPORTS	110
CHAPTER 8 - REMUNERATION REVIEW	118
CHAPTER 9 - KING IV COMPLIANCE UPDATE	122
CHAPTER 10 - ANNUAL FINANCIAL STATEMENTS	134
AGM NOTICE AND PROXY FORM	240
APPENDIX - KEY TERMINOLOGY	244

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Introduction

YEAR IN REVIEW

Performance highlights

FINANCIAL CAPITAL

Reduction in LTV from

57% to 53%

INVESTMENT

CAPITAL

Completion of Lobatse Junction, which commenced trading at the end of October 2021

ENVIRONMENTAL

CAPITAL

Commencement of

installation of solar PV panels at

Sebele Centre

First building at Prime Plaza II under construction, which will be PrimeTime's first 5-star Green Rated building

I N T E G R A T E D A N N U A L R E P O R T 2 0 2 2

SOCIAL AND RELATIONSHIP

CAPITAL

Sponsors of BotsReal, ZamReal

and the African Property

Investment Summit (API)

INTELLECTUAL

CAPITAL

Reconstitution of the Board, including three new member appointments

Director Sandy Kelly awarded

the 2021 API Lifetime

Achievement Award

GOVERNANCE

Commencement of the internal

audit work program

Establishment of the

Governance and Nomination

Committee

Appointment of a Compliance

Officer

P R I M E T I M E P R O P E R T Y H O L D I N G S L I M I T E D

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Key focus areas in 2022

To ensure long-term value creation we focused on:

Reducing LTV	Page 51
Tenant management during this Covid recovery period	Page 61
Refinancing maturing debt	Page 73
Improving the overall Governance Framework	Page 90

For more information on our focus areas and material themes, please read pages 24 to 29. 

PwC Office Park, Lusaka