| |
2017
R000 |
|
| Rent receivable |
112 856 |
|
83 419 |
|
| Allowance for doubtful debts |
(49 624) |
|
(33 944) |
|
| Municipal recoveries |
60 211 |
|
55 462 |
|
| Interest receivable |
|
|
6 704 |
|
| Dividend receivable |
76 484 |
|
57 257 |
|
| Withholding taxes receivable |
13 482 |
|
8 969 |
|
| Credit enhancement fee receivable |
17 789 |
|
17 177 |
|
| Prepayments |
13 535 |
|
15 435 |
|
| Municipal deposits |
2 996 |
|
2 596 |
|
| Other receivables |
10 342 |
|
17 666 |
|
| |
258 071 |
|
230 741 |
|
| Movements in allowance for doubtful debts |
|
|
|
|
| Opening balance – 1 July |
(33 944) |
|
(28 635) |
|
| Allowance for doubtful debts raised during the year |
(31 089) |
|
(18 217) |
|
| Receivables written off during the year |
17 509 |
|
10 027 |
|
| Foreign currency translation adjustment |
(2 100) |
|
2 881 |
|
| Closing balance – 30 June |
(49 624) |
|
(33 944) |
|
| Ageing of impaired receivables |
|
|
|
|
| Current |
2 772 |
|
3 406 |
|
| 30 days |
1 791 |
|
3 286 |
|
| 60 days |
1 218 |
|
3 403 |
|
| 90+ days |
43 843 |
|
23 849 |
|
| |
49 624 |
|
33 944 |
|
| Ageing of receivables past due but not impaired |
|
|
|
|
| 30 days |
11 911 |
|
8 757 |
|
| 60 days |
7 409 |
|
5 495 |
|
| 90+ days |
27 872 |
|
17 594 |
|
| Total |
47 192 |
|
31 846 |
|
The allowance for doubtful debts has been determined on a tenant-by-tenant basis, taking into account the circumstances of each tenant, including factors such as defaults on payment terms, known insolvency and the legal status of the accounts.
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable. Save for certain national tenants, a deposit in the form of cash or a bank guarantee is obtained from the tenant in terms of Hyprop’s deposit policy. Furthermore, and only if required, a deed of suretyship is obtained from a tenant.
Management believes that there are no significant trade receivables that are doubtful that have not been provided for as doubtful debts or written off.
|