J. RELATED PARTIES
J1 RELATED-PARTY TRANSACTIONS AND BALANCES
J1.1

Accounting policy

Related parties are entities that are subsidiaries, joint ventures, co-investors of the group, and individuals that are directors and prescribed officers of the group.

The group, in the ordinary course of business, entered into various sale and purchase transactions on an arm’s length basis at market-related rates with related parties.

J1.2

Related-party transactions and balances – entities

  GROUP     COMPANY  
  30 June 2019
R000
30 June 2018
R000
    30 June 2019
R000
30 June 2018
R000
 
Entities that are related parties and with whom the group transacted during the period are listed below:              
African Land – subsidiary              
   Investment in subsidiary     758 264 758 264  
   Borrowings     761 125 761 125  
Gruppo – subsidiary              
   Other receivables          1 330  
Hyprop share scheme – subsidiary              
   Dividend declared/received          3 491  
   Loan receivable – refer to note F1 for further detail     53 603 43 444  
   Interest received     3 108  
Word4Word Marketing – former subsidiary              
   Dividend received          2 253  
Hyprop Mauritius – subsidiary              
   Dividend declared/received          55 403  
   Dividends receivable included in trade and other receivables     259  
   Loan receivable (net of impairments) – refer to note F1 for further detail            
   Interest received     2 259  
   Financial guarantees given by Hyprop on behalf of Hyprop Mauritius              
      Debt guaranteed by Hyprop on behalf of Hyprop Mauritius(1)     2 671 017 3 945 111  
      Fair value of financial guarantees given by Hyprop on behalf of Hyprop Mauritius        186 023  202 822  
      Guarantee liability as percentage of debt guaranteed (%)     7,0 5,1  
AttAfrica – co-investor and joint venture              
   Loan receivable (net of impairments) – refer to note F1 for further detail 909 967  2 375 009          
   Interest received 80 493 221 568      
Manda Hill Mauritius – joint venture              
   Loan receivable (net of impairments) – refer to note F1 for further detail 423 139  543 712          
   Interest received 3 715 19 689      
Hystead – financial asset              
   Financial asset 218 444  152 556      218 444  152 556  
   Asset management and accounting fee income 27 715 17 338     27 715 17 338  
   Dividend declared/received 221 190 180 525     221 190 180 525  
   Dividends receivable included in trade and other receivables 16 278 76 484     16 278 76 484  
   Loan receivable 40 716     40 716  
   Financial guarantees given by Hyprop on behalf of Hystead              
      Debt guaranteed by Hyprop on behalf of Hystead(1) 5 748 439 5 684 140     5 748 439 5 684 140  
      Fair value of financial guarantees given by Hyprop on behalf of Hystead 110 401  185 686      110 401  185 686  
      Guarantee liability as percentage of debt guaranteed (%) 1,9 3,3     1,9 3,3  
PDI Investment Holdings Limited – co-investor and common director              
   Credit enhancement fee: income 40 542  46 671      40 542  46 672  
   Credit enhancement fee: receivable included in trade and other receivables 2 984  17 789      2 984  17 789  

(1) Details of investment properties mortgaged to secure guarantees on behalf of Hystead and Hyprop Mauritius are shown in note E1.8 – Mortgaged properties.

J1.3

Directors’ interests in Hyprop shares*

  GROUP     COMPANY  
  30 June 2019     30 June 2018  
  Direct
beneficial
Indirect
beneficial
Non-
beneficial
Total     Direct
beneficial
Indirect
beneficial
Non-
beneficial
Total  
Independent non-executive directors 30 500 2 940 33 440     25 500 2 940 28 440  
Non-executive directors 378 000 378 000     378 000 3 447 855 3 825 855  
Executive directors 6 000 1 870 7 870     526 501 526 501  
Total 36 500 382 810 419 310     25 500 907 441 3 447 855 4 380 796  

* The above table excludes shares outstanding under the Hyprop share scheme for executive directors.

Details of directors’ remuneration are included in note K1 – Directors’ remuneration.