| NOTES TO THE FINANCIAL STATEMENTS l NOTE 5 |
|
5.1 |
Investment in subsidiaries |
| |
Details of the group’s subsidiaries at the end of the year are as follows: |
| |
| |
|
|
|
Proportion of ownership
interest and voting power held
by the group |
|
| Name of subsidiary |
Principal activity |
Place of
incorporation
and operation |
|
30 June 2014 |
|
30 June 2013 |
|
| Hyprop Investments
(Mauritius) Limited |
Acquiring indirect development or
income producing property investments
in sub-Saharan Africa (excluding SA) |
Mauritius |
|
100% |
|
100% |
|
| African Land Investments
Limited |
Acquiring income producing investment
property in sub-Saharan Africa
(excluding SA) |
South Africa |
|
87% |
|
|
|
| Word4Word Marketing (Proprietary) Limited |
Marketing services |
South Africa |
|
100% |
|
100% |
|
| Attfund Retail Limited |
Deregistered on 27 June 2014 |
South Africa |
|
|
|
100% |
|
| Hyprop Investments Employee Incentive Scheme (Proprietary) Limited |
To hedge the obligation of the
company to deliver Hyprop units to
employees, arising from the allocations
to employees in terms of the Hyprop
Employee Incentive Scheme |
South Africa |
|
100% |
|
|
|
| Hyprop Foundation NPC |
Company formed to further
sustainability, enterprise development,
socio-economic development and
corporate social initiatives of Hyprop |
South Africa |
|
100% |
|
|
|
| |
GROUP
June 2014
R000 |
|
GROUP
June 2013
R000 |
|
COMPANY
June 2014
R000 |
|
COMPANY
June 2013
R000 |
|
| Hyprop Investments (Mauritius) Limited |
|
|
|
|
* |
|
* |
|
| The company acquired 100% of the issued capital in Hyprop Investments (Mauritius) Limited for USD1. Hyprop Investments (Mauritius) Limited holds a 37,5% interest in Atterbury Africa. Refer to note 7. |
|
|
|
|
|
|
|
|
| African Land Investments Limited |
|
|
|
|
|
|
|
|
| The company acquired 87% of African Land Investments on 5 December 2013. African Land Investments Limited indirectly holds a 100% interest in Manda Hill Centre Limited. Refer to note 33. |
|
|
|
|
|
|
|
|
| Cost |
|
|
|
|
758 264 |
|
|
|
| Transfer to asset held for sale |
|
|
|
|
(758 264) |
|
|
|
| Balance at end of year |
|
|
|
|
0 |
|
|
|
| Word4Word Marketing (Proprietary) Limited |
|
|
|
|
|
|
|
|
| Cost allocated to Word4Word |
|
|
|
|
29 566 |
|
29 566 |
|
| Impairment |
|
|
|
|
(25 286) |
|
(17 507) |
|
| Balance after impairment |
|
|
|
|
4 280 |
|
12 059 |
|
| Attfund Retail Limited — dormant subsidiary |
|
|
|
|
|
|
|
|
| The company was deregistered on 27 June 2014. |
|
|
|
|
|
|
|
|
| Hyprop Investments Employee Incentive Scheme (Proprietary) Limited |
|
|
|
|
|
|
|
|
| Cost |
|
|
|
|
11 068 |
|
|
|
| The company was incorporated on 19 September 2013. |
|
|
|
|
|
|
|
|
| Hyprop Foundation NPC |
|
|
|
|
|
|
|
|
| The company was incorporated on 17 September 2013. |
|
|
|
|
|
|
|
|
| Total investment in subsidiaries |
|
|
|
|
15 348 |
|
12 059 |
|
| *Amounts less than R1 000 |
Subsidiaries and transactions with non-controlling interests
Set out below is summarised financial information for African Land Investments Limited, in which Hyprop had an 87% share
at year-end. The amounts disclosed are based on those included in the consolidated financial statements, before the
elimination of intercompany balances.
| |
African Land
Investments Limited |
|
| |
June 2014
R000 |
|
June 2013
R000 |
|
| Summarised statement of financial position |
|
|
|
|
| Current assets |
7 393 |
|
|
|
| Current liabilities |
(22 404) |
|
|
|
| |
(15 011) |
|
|
|
| Non-current assets |
1 644 235 |
|
|
|
| Non-current liabilities |
(603 259) |
|
|
|
| |
1 040 976 |
|
|
|
| Net assets |
1 025 965 |
|
|
|
| Non-controlling interests |
133 237 |
|
|
|
| Summarised statement of comprehensive income |
|
|
|
|
| Revenue |
77 953 |
|
|
|
| Net profit |
62 393 |
|
|
|
| Total comprehensive income |
62 393 |
|
|
|
| Profit allocated to non-controlling interest |
8 103 |
|
|
|
| Dividends paid to non-controlling interest |
4 539 |
|
|
|
| Summarised cash flows |
|
|
|
|
| Cash flows from operating activities |
(695 086) |
|
|
|
| Cash flows from investing activities |
(818 440) |
|
|
|
| Cash flows from financing activities |
1 501 920 |
|
|
|
| Significant restrictions |
|
|
|
|
| None |
|
|
|
|
|
5.2 |
Dividends received from subsidiaries |
| |
|
GROUP
June 2014
R000 |
|
GROUP
June 2013
R000 |
|
COMPANY
June 2014
R000 |
|
COMPANY
June 2013
R000 |
|
| |
African Land Investments Limited |
|
|
|
|
30 308 |
|
|
|
| |
Hyprop Investments (Mauritius) Limited |
|
|
|
|
4 770 |
|
1 434 |
|
| |
Word4Word Marketing (Proprietary) Limited |
|
|
|
|
1 500 |
|
700 |
|
| |
Hyprop Investments Employee Incentive Scheme (Proprietary) Limited |
|
|
|
|
365 |
|
|
|
| |
Total dividends received |
|
|
|
|
36 943 |
|
2 134 |
|
|
| NOTES TO THE FINANCIAL STATEMENTS l NOTE 5 |
|
|