| NOTES TO THE FINANCIAL STATEMENTS l NOTE 13 |
13. |
Non-current assets classified as held for sale |
| Note | GROUP June 2014 R000 |
GROUP June 2013 R000 |
COMPANY June 2014 R000 |
COMPANY June 2013 R000 |
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| Sycom Property Fund | |||||||||||
| Hyprop owned 84 225 688 Sycom units in 2013, being 29,9% of the units in issue. | |||||||||||
| During March 2013, Hyprop and Sycom Property Fund Managers Limited (SPFM) entered into an agreement whereby Hyprop acquired 100% of Somerset Mall from Sycom for a purchase consideration of R2,3 billion. | |||||||||||
| The purchase consideration was discharged by Hyprop transferring to SPFM 81 500 000 Sycom units (the Somerset Mall transaction). | |||||||||||
| The effective date of the transaction was 1 October 2013. The remaining Sycom units held by Hyprop were sold in December 2013 and January 2014. | |||||||||||
| Opening balance — 1 July 2013 | 2 279 253 | 2 279 253 | |||||||||
| Change in fair value | (82 266) | (82 266) | |||||||||
| Profit on disposal | 168 869 | 168 869 | |||||||||
| Acquisition of Somerset Mall | (2 300 000) | (2 300 000) | |||||||||
| Cash proceeds | (65 856) | (65 856) | |||||||||
| Transfer to held for sale | 2 279 253 | 2 279 253 | |||||||||
| Classified as held for sale in the statements of financial position — listed property securities | 2 279 253 | 2 279 253 | |||||||||
| Investment in associate — Mantrablox | |||||||||||
| In December 2013, Attacq exercised its option to acquire Hyprop’s 20% interest in Mantrablox (Proprietary) Limited. Refer to notes 8 and 10. | |||||||||||
| Opening balance — 1 July 2013 | 121 569 | ||||||||||
| Profit on disposal | 17 431 | 21 400 | |||||||||
| Proceeds on sale | (139 000) | (139 000) | |||||||||
| Transfer to held for sale | 121 569 | 117 600 | |||||||||
| Classified as held for sale in the statements of financial position — investment in associate | 121 569 | ||||||||||
| Investment in subsidiary | |||||||||||
| Subsequent to year-end, Hyprop and Attacq restructured their investment in African Land. The restructure of African Land was effective 1 July 2014. Hyprop’s effective economic interest in Manda Hill reduced from 87% to 68,75%, as a consequence of the restructure. Refer to note 38. | |||||||||||
| Transfer to held for sale | 5.1 | 758 264 | |||||||||
| Classified as held for sale in the statements of financial position — investment in subsidiary | 758 264 | ||||||||||
| Investment property | |||||||||||
| Stoneridge | |||||||||||
| The centre was valued by the directors at 30 June 2014 at R480 million (100%), being the fair value of the investment property. | |||||||||||
| Hyprop’s share (90%) of the assets and liabilities of Stoneridge are reflected at 30 June 2014 at their carrying amounts as follows: | |||||||||||
| Assets | 437 965 | 437 965 | |||||||||
| Investment property | 432 000 | 432 000 | |||||||||
| Building appurtenances and tenant installations | 2 053 | 2 053 | |||||||||
| Trade and other receivables | 3 291 | 3 291 | |||||||||
| Cash and cash equivalents | 621 | 621 | |||||||||
| Liabilities | 797 | 797 | |||||||||
| Trade and other payables | 797 | 797 | |||||||||
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| Classified as held for sale in the statements of financial position — investment property | 437 168 | 437 168 | |||||||||
| Willowbridge | |||||||||||
| The centre was valued by the directors at 30 June 2014 at R594 million, being the fair value of the investment property. | |||||||||||
| The assets and liabilities of Willowbridge Shopping Centre are reflected at 30 June 2014 at their carrying amounts as follows: | |||||||||||
| Assets | 600 710 | 600 710 | |||||||||
| Investment property | 594 000 | 594 000 | |||||||||
| Building appurtenances and tenant installations | 1 996 | 1 996 | |||||||||
| Trade and other receivables | 3 711 | 3 711 | |||||||||
| Cash and cash equivalents | 1 003 | 1 003 | |||||||||
| Liabilities | 20 299 | 20 299 | |||||||||
| Trade and other payables | 20 299 | 20 299 | |||||||||
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| Classified as held for sale in the statements of financial position — investment property | 580 411 | 580 411 | |||||||||
| CapeGate Lifestyle Centre | |||||||||||
| The centre was valued by the directors at 30 June 2014 at R338 million, being the fair value of the investment property. | |||||||||||
| The assets and liabilities of CapeGate Lifestyle Centre are reflected at 30 June 2014 at their carrying amounts as follows: | |||||||||||
| Assets | 341 935 | 341 935 | |||||||||
| Investment property | 338 000 | 338 000 | |||||||||
| Trade and other receivables | 3 935 | 3 935 | |||||||||
| Liabilities | 13 147 | 13 147 | |||||||||
| Trade and other payables | 13 147 | 13 147 | |||||||||
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| Classified as held for sale in the statements of financial position — investment property | 328 788 | 328 788 | |||||||||
| Stand-alone office parks | |||||||||||
| The office parks were valued by the directors at 30 June 2014 at R367 million, being the fair value of the investment properties. | |||||||||||
| The assets and liabilities of the office parks are reflected at 30 June 2014 at their carrying amounts as follows: | |||||||||||
| Assets | 378 381 | 378 381 | |||||||||
| Investment property | 367 000 | 367 000 | |||||||||
| Building appurtenances and tenant installations | 3 341 | 3 341 | |||||||||
| Trade and other receivables | 6 709 | 6 709 | |||||||||
| Cash and cash equivalents | 1 331 | 1 331 | |||||||||
| Liabilities | 19 512 | 19 512 | |||||||||
| Trade and other payables | 19 512 | 19 512 | |||||||||
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| Classified as held for sale in the statements of financial position — investment property | 358 869 | 358 869 | |||||||||
| Total investment property classified as held for sale | |||||||||||
| Assets | 1 758 991 | 1 758 991 | |||||||||
| Investment property | 2 | 1 731 000 | 1 731 000 | ||||||||
| Building appurtenances and tenant installations | 3 | 7 390 | 7 390 | ||||||||
| Trade and other receivables | 17 646 | 17 646 | |||||||||
| Cash and cash equivalents | 2 955 | 2 955 | |||||||||
| Liabilities | 53 755 | 53 755 | |||||||||
| Trade and other payables | 53 755 | 53 755 | |||||||||
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| Classified as held for sale in the statements of financial position | 1 705 236 | 2 400 822 | 1 705 236 | 2 279 253 |
| NOTES TO THE FINANCIAL STATEMENTS l NOTE 13 |