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33. Retirement benefits
GROUP
June 2015
R000
GROUP
June 2014
R000
COMPANY
June 2015
R000
COMPANY
June 2014
R000
All eligible employees are members of a pension fund which is
administered by Evolution Group. The retirement funding and risk-
related benefits are market-related. All benefits from the pension
fund accrue to the members.
The pension fund complies with all current legislation. The group
and company have no commitments for post-retirement medical
aid benefits.
Contributions to the pension fund for group risk benefits are
recognised as an expense
9 246
8 351
8 692
8 049
34. Business combinations and transactions with subsidiary
34.1 Subsidiary acquired
Hyprop acquired an 87% interest in African Land on 5 December 2013 for R768 million. Pre-acquisition dividend received
amounted to R10 million. Effective 1 July 2014, Hyprop's interest in African Land increased to 100%. Refer to note 4.1.
The acquisition was in line with Hyprop’s strategy to expand its investments in prime-quality shopping centres in sub-Saharan
Africa (excluding SA).
Principal activity
Date of
acquisition
Proportion of
voting equity
interest acquired
June 2014
Consideration
transferred
African Land
Acquiring income
producing investment
property in sub-
Saharan Africa
(excluding SA)
5 December 2013
87%
758 264
34.2 Assets acquired and liabilities recognised at the date of acquisition
(1)
Non-current assets
Investment property (refer to note 2.2)
1 557 394
Building appurtenances and tenant installations (refer to note 3.4)
35 447
Current assets
Trade and other receivables
4 149
Cash and cash equivalents
12 012
Non-current liabilities
Long-term loans
(601 008)
Current liabilities
Trade and other payables
(18 295)
989 699
(1)
All amounts reflect 100% of acquisition values for African Land
Trade receivables acquired had a fair value and gross contractual amount of R8 million.
The best estimate at acquisition date of the contractual cash flows not expected to
be collected was R4 million, resulting in net trade receivables of R4 million.
34.3 Non-controlling interests
The non-controlling interest recognised at the acquisition date was measured by
reference to the agreements concluded with minority shareholders and amounted to
13%
128 540
The non-controlling interest is recognised at its proportionate interest in the
subsidiary acquired.
137
Hyprop Investments Limited
Integrated Report 2015