110 / 156
NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2015
6.
Investment in joint ventures
6.1 Joint venture – AttAfrica Limited (AttAfrica)
Hyprop Mauritius has a 37,5% interest in AttAfrica (formerly Atterbury Africa Limited), a Mauritius-based property investment
company. The initial investment was made on 20 November 2012. Hyprop Mauritius has 50% of the voting rights on the board
of AttAfrica. Hyprop Mauritius accordingly has joint control of AttAfrica.
GROUP
June 2015
R000
GROUP
June 2014
R000
COMPANY
June 2015
R000
COMPANY
June 2014
R000
Initial investment in equity
#
#
Share in equity-accounted profits
^
^
#
Less than R1 000
^ Nil
At 30 June 2015, Hyprop Mauritius’ 37,5% share of AttAfrica’s
liabilities exceeded its share of the assets by R39 million
(2014: R15 million).
Summarised financial information of AttAfrica is as follows
(all figures reflect 100% of AttAfrica):
Summarised statements of comprehensive income
Share of losses of associates
(3 575)
(766)
Other income
44 397
6 604
Property income
101 861
Operational expenses
(223 802)
(14 510)
Property expenses
(26 627)
Interest income
45 964
11 793
Finance cost
(181 409)
(70 540)
Fair value gain on investment property
4 506
Share of profits of joint venture
121 871
41 318
Loss before taxation
(121 320)
(21 595)
Taxation
9 600
Loss for the year
(111 720)
(21 595)
Other comprehensive loss
Foreign currency translation reserve
(5 730)
Share of other comprehensive loss of associate
(736)
Total comprehensive loss for the year
(117 450)
(22 331)
Attributable to:
Equity holders of the company
(59 693)
(19 036)
Non-controlling interests
(57 757)
(3 295)
Hyprop's share of profits and losses of AttAfrica
– Share of gain on acquisition of Manda Hill Centre
24 093
– Share of losses from joint venture
(24 093)
108
Hyprop Investments Limited
Integrated Report 2015
FINANCIAL STATEMENTS