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Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
111
4.
Subsidiaries
continued
4.1
Subsidiaries and transactions with non-controlling interests
Gruppo
Set out below is a summary of audited financial information for Gruppo, which owns 100% of the Ikeja City Mall in Lagos, Nigeria, and in which Hyprop
has a 75% interest.
June 2017
R000
June 2016
R000
Summarised statement of financial position
Current assets
86 978
134 141
Current liabilities
(35 215)
(63 621)
51 763
70 520
Non-current assets
1 972 763
2 327 071
Non-current liabilities
(1 648 020)
(1 877 243)
324 743
449 828
Net assets
376 506
520 348
Non-controlling interest
94 299
130 260
Summarised statement of comprehensive income
Revenue
249 902
225 782
Net profit
82 871
64 559
Other comprehensive loss (foreign currency translation reserve)
(60 972)
(10 738)
Total comprehensive income
21 899
53 821
Profit allocated to non-controlling interest
5 475
13 628
Dividends paid to non-controlling interest
nil
nil
Summarised cash flows
Cash flows from operating activities
37 360
19 174
Cash flows from investing activities
(470)
Cash flows from financing activities
(77 094)
Net assets in Gruppo reduced during the year, largely due to a reduction in the independent valuation of Ikeja City Mall and due to Rand appreciation
against the US Dollar.
5.
Joint operations
Canal Walk (80%) and The Glen (75,15%) are classified as joint operations. The group recognises its share of the assets and liabilities and income and
expenses. Canal Walk and The Glen are co-owned with Ellerine Bros Proprietary Limited (Ellerine Bros).
In terms of the co-ownership agreements, Canal Walk and The Glen are jointly controlled by Hyprop and Ellerine Bros.
6.
Investment in joint ventures
Proportion of ownership
interest and voting power
held by the group
Name of joint venture
Principal activity
Place of incorporation
and operation
June 2017
June 2016
AttAfrica Limited (AttAfrica)
Investing in indirect development or
income producing properties in
sub-Saharan Africa (excluding SA)
Mauritius
37,5%
37,5%
Manda Hill Mauritius Limited
(Manda Hill Mauritius)
Property investment company
Mauritius
50%
50%
Hystead Limited (Hystead)
Investing in income producing properties
in South-Eastern Europe
United Kingdom
60%
60%