112 / 156
NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2015
6.
Investment in joint ventures
continued
6.2 Joint venture – Manda Hill Mauritius Limited (Manda Hill Mauritius)
Hyprop Mauritius has a 50% interest in Manda Hill Mauritius, a Mauritius-based property investment company. AttAfrica holds
the other 50% of the shares in Manda Hill Mauritius. Hyprop Mauritius’ effective economic interest in Manda Hill Mauritius is
68,75%. The effective date of the investment is 1 July 2014. Hyprop Mauritius has 50% of the voting rights on the board of
Manda Hill Mauritius. Hyprop Mauritius accordingly has joint control of Manda Hill Mauritius.
GROUP
June 2015
R000
GROUP
June 2014
R000
COMPANY
June 2015
R000
COMPANY
June 2014
R000
Initial investment in equity
#
#
Less than R1 000
As at 30 June 2015, Hyprop Mauritius’ 50% share of Manda
Hill Mauritius’ assets exceeded its liabilities by R81,6 million.
Summarised financial information of Manda Hill Mauritius is
as follows (all figures reflect 100% of Manda Hill Mauritius):
Summarised statements of comprehensive income
Rental income
139 374
Property income
16 061
Gain on bargain purchase
128 494
Other income
5 424
Operational expenses
(29 656)
Other expenses
(31 745)
Finance cost
(85 735)
Profit before taxation
142 217
Taxation
(432)
Profit for the year
141 785
Other comprehensive loss
Foreign currency translation reserve
21 399
Total comprehensive income for the year
163 184
Attributable to:
Equity holders of the company
163 184
Non-controlling interests
Hyprop's share of profits of Manda Hill Mauritius
70 893
– Share of gain on bargain purchase
64 247
– Share of income from joint venture
6 646
110
Hyprop Investments Limited
Integrated Report 2015
FINANCIAL STATEMENTS