108 / 156
NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2015
4.
Subsidiaries
continued
4.3 Disposal of subsidiary
During the financial year, pursuant to its restructure arrangements, African Land disposed of its subsidiary companies, Manda Hill
Centre Limited and African Land Investments Ireland Limited. The effective date of the African Land restructure was 1 July 2014.
The restructure entailed the following:
Q
African Land disposed of its investments in Manda Hill Centre and African Land Investments Ireland to MHPC Limited, which
is 100% owned by Manda Hill Mauritius Limited
Q
African Land bought back its shares, from the non-controlling parties and Hyprop became the sole shareholder of African
Land
Q
African Land advanced a loan to Hyprop.
The values of the assets and liabilities disposed of were as follows:
GROUP
June 2015
R000
Building appurtenances and tenant installations
25 552
Investment property
1 618 506
Trade receivables (including income in advance)
(1 988)
Cash and cash equivalents
8 518
Payables
(11 815)
Total net assets disposed of
1 638 773
Loss on disposal of subsidiary
(118 351)
#
Proceeds on disposal of subsidiary
1 520 422
Cash and cash equivalents disposed of
(8 518)
Total cash received
1 511 904
Reconciliation of loss on disposal of subsidiary to the loss on disposal of subsidiary
in the statement of comprehensive income
Loss on disposal of subsidiary
(118 351)
Equity-accounted gain on bargain purchase
88 340
Loss on disposal of subsidiary in the statement of comprehensive income
(30 011)
African Land bought back shares held by its non-controlling interest on 1 July 2014. This resulted in an
increase of 12,99% of the group's ownership in African Land. Cash consideration of R118 million was paid
to the non-controlling shareholders.
Cash consideration paid to non-controlling shareholders
(118 024)
Carrying value of the additional interest in African Land
115 315
Loss recognised in statement of changes in equity
(2 709)
106
Hyprop Investments Limited
Integrated Report 2015
FINANCIAL STATEMENTS