NOTES TO THE FINANCIAL STATEMENTS – NOTE 13

13. Non-current assets classified as held for sale
  Notes   GROUP
June 2015
R000		   GROUP
June 2014
R000		   COMPANY
June 2015
R000		   COMPANY
June 2014
R000		  
Investment property                    
Willowbridge                    
The centre was valued on 30 June 2015 at R622 million, being the fair value of the investment property.                    
The assets and liabilities of Willowbridge Shopping Centre are reflected at their carrying amounts at 30 June 2015 as follows:                    
Assets     626 025   600 710   626 025   600 710  
Investment property     619 892   594 000   619 892   594 000  
Building appurtenances and tenant installations     2 108   1 996   2 108   1 996  
Trade and other receivables     2 617   3 711   2 617   3 711  
Cash and cash equivalents     1 408   1 003   1 408   1 003  
Liabilities     11 494   20 299   11 494   20 299  
Trade and other payables     11 494   20 299   11 494   20 299  
Classified as held for sale in the statements of financial position     614 531   580 411   614 531   580 411  
Somerset Value Mart                    
The centre was valued on 30 June 2015 at R193 million, being the fair value of the investment property.                    
The assets and liabilities of Somerset Value Mart are reflected at their carrying amounts at 30 June 2015 as follows:                    
Assets     194 892       194 892      
Investment property     192 835       192 835      
Building appurtenances and tenant installations     165       165      
Trade and other receivables     1 256       1 256      
Cash and cash equivalents     636       636      
Liabilities     1 855       1 855      
Trade and other payables     1 855       1 855      
Classified as held for sale in the statements of financial position     193 037       193 037      
Standalone office parks                    
The office parks were valued at 30 June 2015 at R409 million, being the fair value of the investment properties.                    
The assets and liabilities of the office parks are reflected at their carrying amounts at 30 June 2015 as follows:                    
Assets     412 370   378 381   412 370   378 381  
Investment property     404 397   367 000   404 397   367 000  
Building appurtenances and tenant installations     4 603   3 341   4 603   3 341  
Trade and other receivables     2 631   6 709   2 631   6 709  
Cash and cash equivalents     739   1 331   739   1 331  
Liabilities     8 218   19 512   8 218   19 512  
Trade and other payables     8 218   19 512   8 218   19 512  
Classified as held for sale in the statements of financial position     404 152   358 869   404 152   358 869  
Stoneridge Shopping Centre                    
During October 2014, Redefine entered into an agreement with Hyprop to purchase 100% of Stoneridge Shopping Centre.                    
The effective date of this transaction was 1 April 2015 on which date all risks and rewards relating to the shopping centre were transferred to Redefine. Transfer of the property has not yet taken place.                    
The shopping centre was sold for R492 million (including an escalation amount of R12 million), of which R50 million will be received on transfer date.                    
Hyprop’s share (90%) of the assets and liabilities of Stoneridge were reflected at 30 June 2014 at their carrying amounts as follows:                    
Assets         437 965       437 965  
Investment property         432 000       432 000  
Building appurtenances and tenant installations         2 053       2 053  
Trade and other receivables         3 291       3 291  
Cash and cash equivalents         621       621  
Liabilities         797       797  
Trade and other payables         797       797  
Classified as held for sale in the statements of financial position         437 168       437 168  
Greenstone park                    
This land is adjacent to Stoneridge. It was not sold as part of the Hyprop/Redefine sale agreement.                    
The land was valued by the directors at 30 June 2015 at R1,7 million.                    
Assets     1 775       1 775      
Investment property     1 775       1 775      
Classified as held for sale in the statements of financial position     1 775       1 775      
CapeGate Lifestyle Centre                    
The centre was sold in two separate transactions during 2015. The CapeGate Value centre was sold for R30 million and transfer took place on 19 December 2014.                    
The remaining part of CapeGate Lifestyle Centre was sold for R323 million on 20 March 2015.                    
The assets and liabilities of CapeGate Lifestyle Centre were reflected at their carrying amounts at 30 June 2014 as follows:                    
Assets         341 935       341 935  
Investment property         338 000       338 000  
Trade and other receivables         3 935       3 935  
Liabilities         13 147       13 147  
Trade and other payables         13 147       13 147  
Classified as held for sale in the statements of financial position         328 788       328 788  
Investment in associate – Mantrablox                    
In December 2013, Attacq exercised its option to acquire Hyprop’s 20% interest in Mantrablox Proprietary Limited.                    
Opening balance – 1 July 2013         121 569          
Profit on disposal         17 431       21 400  
Proceeds on sale         (139 000)       (139 000)  
Transfer to held for sale                 117 600  
Classified as held for sale in the statements of financial position                    
Sycom Property Fund                    
Hyprop owned 84 225 688 Sycom units in 2013, being 29,9% of the units in issue.                    
During March 2013, Hyprop and Sycom Property Fund Managers Limited (SPFM) entered into an agreement whereby Hyprop acquired 100% of Somerset Mall from Sycom for a purchase consideration of R2,3 billion.                    
The purchase consideration was discharged by Hyprop transferring to SPFM 81 500 000 Sycom units (the Somerset Mall transaction).                    
The effective date of the transaction was 1 October 2013. The remaining Sycom units held by Hyprop were sold in December 2013 and January 2014.                    
Opening balance – 1 July 2013         2 279 253       2 279 253  
Change in fair value         (82 266)       (82 266)  
Profit on disposal         168 869       168 869  
Acquisition of Somerset Mall         (2 300 000)       (2 300 000)  
Cash proceeds         (65 856)       (65 856)  
Classified as held for sale in the statements of financial position                    
Investment in subsidiary                    
Hyprop and Attacq restructured their investment in African Land. The restructure was effective 1 July 2014. Post finalisation of the restructure, the investment in African Land as a subsidiary remained. Hence the reclassification to non-current assets.                    
Hyprop’s effective economic interest in Manda Hill reduced from 87% to 68,75%, as a consequence of the restructure, while African Land became a wholly owned subsidiary.                    
Transfer to held for sale 4.1               758 264  
Classified as held for sale in the statements of financial position                 758 264  
Total investment property classified as held for sale                    
Assets     1 235 062   1 758 991   1 235 062   1 758 991  
Investment property 2.1   1 218 899   1 731 000   1 218 899   1 731 000  
Building appurtenances and tenant installations     6 876   7 390   6 876   7 390  
Trade and other receivables     6 504   17 646   6 504   17 646  
Cash and cash equivalents     2 783   2 955   2 783   2 955  
Liabilities*     21 567   53 755   21 567   53 755  
Trade and other payables     21 567   53 755   21 567   53 755  
Classified as held for sale in the statements of financial position     1 213 495   1 705 236   1 213 495   1 705 236  
* Liabilities directly associated with non-current assets held for sale have been disclosed separately on the face of the statements of financial position in accordance with IFRS 5 Non-current Assets Held for Sale. Prior year comparatives were reclassified accordingly.                    
Movement in assets held for sale                    
Investment property, building appurtenances and tenant installations                    
Opening balance     1 738 390       1 738 390      
Disposal 30.6   (768 186)       (768 186)      
Additions (includes cost and fair value adjustments)     74 345       74 345      
Depreciation     (3 588)       (3 588)      
Transfer to held for sale     184 812   1 738 390   184 812   1 738 390  
Closing balance     1 225 773   1 738 390   1 225 773   1 738 390  
Working capital                    
Opening balance     (33 154)       (33 154)      
Disposal     6 100       6 100      
Additions 30.2   14 740       14 740      
Transfer to held for sale     36   (33 154)   36   (33 154)  
Closing balance     (12 278)   (33 154)   (12 278)   (33 154)  
Classified as held for sale in the statements of financial position     1 213 495   1 705 236   1 213 495   1 705 236  

Although, Willowbridge, Somerset Value Mart and the Pretoria standalone office parks were classified as held for sale at 30 June 2014, Hyprop is confident that these properties will be sold.

No formal sale agreements are in place as at 30 June 2015, but Hyprop is in advanced discussions with potential purchasers.

The properties continue to be measured under IAS 40 and all requirements of IFRS 5 have been met.