116 / 156
NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2015
10. Loans receivable
GROUP
June 2015
R000
GROUP
June 2014
R000
COMPANY
June 2015
R000
COMPANY
June 2014
R000
AttAfrica – Rand equivalent of US Dollar loan
1 739 053
812 459
The loan repayment date is 30 June 2020 and represents Hyprop’s
shareholder loan funding to AttAfrica.
The loan is unsecured and bears interest at an initial rate of 8%,
escalating at 4% per annum.
Hyprop Mauritius has a 37,5% equity interest in AttAfrica.
Manda Hill Mauritius – Rand equivalent of
US Dollar loan
519 072
The loan is unsecured, bears interest at a variable rate which
equates to Hyprop Mauritius’ 50% share of distributable income
from Manda Hill Mauritius. The loan is not payable in the next
12 months.
African Land
3 318
The loan is unsecured, bears no interest and is repayable on
demand.
Portion 113 Weltevreden Proprietary Limited, a company
associated with Abland Proprietary Limited (Abland)
7 484
47 145
7 484
47 145
The loan was advanced to Abland in 2008 to facilitate the
acquisition by Abland of its 10% interest in Stoneridge.
This loan is repayable on the transfer date of Stoneridge
Shopping Centre, bears interest at a rate linked to the prime rate.
Interest is payable monthly in arrears.
Redefine Properties Limited
45 904
45 904
Redefine entered into an agreement with Hyprop to purchase
Stoneridge Shopping Centre. The effective date of the
transaction was 1 April 2015, when all risks and rewards relating to
the shopping centre were transferred to Redefine. Transfer has
not yet taken place and the amount outstanding at year-end
will be received on transfer date. Hyprop earns interest on the
outstanding amount at 8% per annum, from the effective date
to the transfer date.
Hyprop Mauritius – wholly owned subsidiary of Hyprop
9 993
188
The loan is unsecured, bears no interest and is repayable on
demand.
Hyprop Investments Employee Incentive Scheme – wholly
owned subsidiary of Hyprop
382
The loan is unsecured and bears no interest. The loan relates to a
dividend declared on 30 June 2015 to Hyprop.
Attacq
369
341
369
341
The loan relates to Attacq’s portion of a claim relating to the
African Land acquisition. The loan bears interest at 8,3% per
annum and is repayable when the claim is settled, which is
anticipated to be within the next 12 months.
2 311 882
859 945
67 450
47 674
Reconciliation to the statements of financial position
Non-current loans receivable
2 258 125
812 459
Current loans receivable
53 757
47 486
67 450
47 674
Total
2 311 882
859 945
67 450
47 674
114
Hyprop Investments Limited
Integrated Report 2015
FINANCIAL STATEMENTS