6. Investment in joint ventures
 
          Proportion of ownership
interest and voting power
held by the group		  
Name of joint venture   Principal activity Place of
incorporation
and operation		   2018
%		   2017
%		  
AttAfrica Limited (AttAfrica)   Investing in indirect development or income-producing properties in sub-Saharan Africa (excluding SA) Mauritius   37,5   37,5  
Manda Hill Mauritius Limited (Manda Hill Mauritius)   Property investment company Mauritius   50   50  
6.1 37,5% – joint venture – AttAfrica Limited (AttAfrica)
 

Hyprop Mauritius has a 37,5% interest in AttAfrica (formerly Atterbury Africa Limited), a Mauritius-based property investment company. The initial investment was made on 20 November 2012. Hyprop Mauritius has 50% of the voting rights on the board of AttAfrica and, accordingly, has joint control of AttAfrica.

  2018 
R000 		   2017 
R000 		  
Initial investment in equity (1)   (1)  
(1) Value less than R1 000        
At 30 June 2018, Hyprop Mauritius’ 37,5% share of AttAfrica’s liabilities exceeded its share of the assets by R276 million (2017: R186 million).        
A summary of audited financial information of AttAfrica is as follows (all figures reflect 100% of AttAfrica):        
Summary of audited statement of profit or loss and other comprehensive income        
Revenue  283 396     233 881    
Loss before taxation(2)  (175 788)    (484 272)   
Taxation  2 751     8 329    
Loss for the year  (113 037)    (475 943)   
Other comprehensive (loss)/income (foreign currency translation reserve) (23 627)    22 699    
Total comprehensive loss for the year  (136 664)    (453 244)   
(2)Loss before taxation includes:             
   Net interest  (400 194)    (313 780)   
   Depreciation  (2 489)    (1 162)   
Attributable to:             
Equity holders of the company  (116 106)    (319 426)   
Non-controlling interest  (20 558)    (133 818)   
Hyprop’s share of losses of AttAfrica  nil     nil    
– Share of loss from joint venture  (43 540)    (119 785)   
– Limitation of loss from joint venture  43 540     119 785    
Summary of audited statement of financial position             
Non-current assets  4 911 382     4 538 950    
Current assets(3)  132 254     339 945    
Non-current liabilities  (5 083 572)    (5 271 037)   
Current liabilities  (721 141)    (232 270)   
Net liabilities  (761 077)    (624 412)   
Capital and reserves  (761 077)    (624 412)   
   Shareholders’ deficit  (728 692)    (511 350)   
   Non-controlling interest  (24 025)    (128 329)   
   Foreign currency translation reserve  (8 360)    15 267    
(3)Current assets include cash and cash equivalents of:  54 964     39 900    
Unrecognised share of losses in AttAfrica  (276 395)    (186 031)   
Commitments and contingent liabilities relating to AttAfrica  nil     nil    
Guarantees  03 447     55 431    
6.2 50 % – joint venture – Manda Hill Mauritius Limited (Manda Hill Mauritius)
 

Hyprop Mauritius has a 50% interest in Manda Hill Mauritius, a Mauritius-based property investment company. AttAfrica holds the other 50% of the shares in Manda Hill Mauritius. Hyprop Mauritius’ effective economic interest in Manda Hill Mauritius is 68,75%. The effective date of the investment was 1 July 2014. Hyprop Mauritius has 50% of the voting rights on the board of Manda Hill Mauritius and, accordingly, has joint control of Manda Hill Mauritius.

  2018 
R000 		   2017 
R000 		  
Initial investment in equity  (1)     (1)    
(1) Value less than R1 000             
At 30 June 2018, Hyprop Mauritius’ 50% share of Manda Hill Mauritius’ assets exceeded its liabilities by R35,5 million (2017: R14,5 million).             
Summarised audited financial information of Manda Hill Mauritius is as follows (all figures reflect 100% of Manda Hill Mauritius).             
Summary of audited statement of profit or loss and other comprehensive income             
Revenue  150 620     170 078    
Loss before taxation(1)  (27 847)    (117 382)   
Taxation  (12 394)    (12 302)   
Loss for the year  (40 241)    (129 684)   
Other comprehensive loss (foreign currency translation reserve) (1 913)    (13 356)   
Total comprehensive loss for the year  (42 154)    (143 040)   
(1) Loss before taxation includes:             
Finance cost  (90 792)    (108 582)   
Depreciation  (4 358)    (3 109)   
Attributable to:             
Equity holders of the company  (42 154)    (143 040)   
Hyprop’s share of losses of Manda Hill Mauritius        (50 380)   
– Share of loss from joint venture  (21 077)    (64 843)   
– Limitation of loss from joint venture  21 077     14 463    
Summary of audited statement of financial position             
Non-current assets  1 902 794     1 834 321    
Current assets(2)  14 226     9 251    
Non-current liabilities(3)  (1 158 504)    (1 861 833)   
Current liabilities  (829 596)    (10 663)   
Net liabilities  (71 080)    (28 924)   
(2) Current assets include cash and cash equivalents of:  7 354     1 472    
(3) Includes non-current financial liabilities  (1 158 504)    (1 852 919)   
Carrying amount of Hyprop’s share in net assets        10 102    
Commitments and contingent liabilities relating to Manda Hill Mauritius  nil     nil    
Guarantees  nil     nil