| G1.1 |
Accounting policy |
| |
Stated capital: Ordinary shares are classified as equity. External costs directly attributable to the issue of new shares are shown
as a deduction from equity.
Treasury shares: Company shares held by the Hyprop share scheme that have not yet vested are classified as treasury shares on
consolidation and deducted from equity. These shares are carried at cost and deducted from equity.
Any subsequent gain or loss on the sale or cancellation of the company’s own equity instruments is recognised directly in equity.
Distributions and unrealised losses on own shares are eliminated from group profit or loss for the year. |
| G1.2 |
Carrying value |
| |
| |
GROUP |
|
|
COMPANY |
|
| |
30 June 2019
R000 |
30 June 2018
R000 |
|
|
30 June 2019
R000 |
30 June 2018
R000 |
|
| Stated capital |
|
|
|
|
|
|
|
| Ordinary shares |
8 462 327 |
8 462 327 |
|
|
8 462 327 |
8 462 327 |
|
| Balance at the beginning of the year |
8 462 327 |
7 683 651 |
|
|
8 462 327 |
7 683 651 |
|
| Issued during the year |
– |
778 676 |
|
|
– |
778 676 |
|
| Treasury shares |
(54 932) |
(43 423) |
|
|
– |
– |
|
| Balance at the beginning of the year |
(43 423) |
(35 435) |
|
|
– |
– |
|
| Purchased during the year(1) |
(17 569) |
(18 162) |
|
|
– |
– |
|
| Vested during the year |
6 060 |
10 174 |
|
|
– |
– |
|
|
|
|
|
|
|
|
|
| Balance at the end of the year |
8 407 395 |
8 418 904 |
|
|
8 462 327 |
8 462 327 |
|
|
| G1.3 |
Number of shares |
| |
| |
GROUP |
|
|
COMPANY |
|
| |
30 June 2019
R000 |
30 June 2018
R000 |
|
|
30 June 2019
R000 |
30 June 2018
R000 |
|
| Authorised |
|
|
|
|
|
|
|
| 500 000 000 no par value ordinary shares (2018: 500 000 000) |
|
|
|
|
|
|
|
| Issued and fully paid up shares |
|
|
|
|
|
|
|
| Ordinary shares |
255 894 516 |
255 894 516 |
|
|
255 894 516 |
255 894 516 |
|
| Balance at the beginning of the year |
255 894 516 |
248 441 278 |
|
|
255 894 516 |
248 441 278 |
|
| Issued during the year |
– |
7 453 238 |
|
|
– |
7 453 238 |
|
| Treasury shares |
(611 519) |
(446 260) |
|
|
– |
– |
|
| Balance at the beginning of the year |
(446 260) |
(387 246) |
|
|
– |
– |
|
| Purchased during the year(1) |
(252 000) |
(155 000) |
|
|
– |
– |
|
| Vested during the year |
86 741 |
95 986 |
|
|
– |
– |
|
|
|
|
|
|
|
|
|
| Net number of shares in issue at the end of the year |
255 282 997 |
255 448 256 |
|
|
255 894 516 |
255 894 516 |
|
| (1) |
Purchased (at an average price of R67,72 per share) during the year by Hyprop share scheme and held as treasury shares to hedge Hyprop’s obligation to
deliver Hyprop shares to employees under the CUP. |
|
| G2.1 |
Accounting policy |
| |
|
|
| Non-distributable reserves |
The non-distributable reserves relate to items that are not distributable to shareholders, such as fair value
adjustments on the revaluation of investment property and derivatives, any impairment adjustments,
share-based payment transactions, profit or loss on sale of assets, the straight-line lease income adjustment,
deferred taxation and reserves held by the non-controlling shareholders. |
| Currency translation reserve |
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on
acquisition, are translated to the group’s presentation currency (Rand) at the exchange rates at the reporting
date. The income and expenses of foreign operations are translated to Rand at the dates of the transactions
(an average rate for the year is used).
Foreign currency translation differences are recognised in other comprehensive income (OCI) and
accumulated in the currency translation reserve, except to the extent that the translation difference
is allocated to non-controlling interest (NCI). |
|
| G2.2 |
Carrying value |
| |
The following table reflects the composition of non-distributable reserves: |
| |
| |
GROUP |
|
|
COMPANY |
|
| |
30 June 2019
R000 |
30 June 2018
R000 |
|
|
30 June 2019
R000 |
30 June 2018
R000 |
|
| Revaluation reserves |
16 322 939 |
16 953 415 |
|
|
16 025 588 |
16 403 072 |
|
| Investment property |
16 051 918 |
16 432 551 |
|
|
15 646 280 |
15 888 242 |
|
| Listed property securities |
616 759 |
616 759 |
|
|
616 759 |
616 759 |
|
| Financial asset |
(161 321) |
(76 094) |
|
|
(161 321) |
(76 094) |
|
| Other investment |
(12 705) |
– |
|
|
(12 705) |
– |
|
| Loans receivable |
(105 809) |
– |
|
|
– |
– |
|
| Derivative instruments |
(65 903) |
(19 801) |
|
|
(63 425) |
(25 835) |
|
| Derecognition of financial guarantees |
197 670 |
11 984 |
|
|
492 899 |
274 121 |
|
| Realised gains/(losses) on disposals |
331 551 |
328 725 |
|
|
469 239 |
466 414 |
|
| Investment property |
171 209 |
168 383 |
|
|
171 209 |
168 384 |
|
| Listed property securities |
276 630 |
276 630 |
|
|
276 630 |
276 630 |
|
| Subsidiaries |
(131 010) |
(131 010) |
|
|
– |
– |
|
| Associate |
17 431 |
17 431 |
|
|
21 400 |
21 400 |
|
| Shares |
(2 709) |
(2 709) |
|
|
– |
– |
|
| Non-distributable reserves of associate |
125 344 |
125 344 |
|
|
121 374 |
121 374 |
|
| Impairment of goodwill |
(577 847) |
(577 847) |
|
|
25 400 |
25 400 |
|
| Gain on bargain purchase (African Land) |
191 235 |
191 235 |
|
|
– |
– |
|
| Impairment of loans receivable |
(1 542 545) |
(191 818) |
|
|
(1 512 106) |
(26 716) |
|
| Impairment of other assets |
(29 964) |
– |
|
|
(510 818) |
(494 524) |
|
| Balance at the end of the year |
15 018 383 |
16 841 038 |
|
|
15 111 577 |
16 769 141 |
|
|