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Notes to the consolidated
financial statements
continued
for the year ended 30 June 2017
112
Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
6.
Investment in joint ventures
continued
6.1
37,5% – Joint venture – AttAfrica Limited (AttAfrica)
Hyprop Mauritius has a 37,5% interest in AttAfrica (formerly Atterbury Africa Limited), a Mauritius-based property investment company. The initial
investment was made on 20 November 2012. Hyprop Mauritius has 50% of the voting rights on the board of AttAfrica. Hyprop Mauritius accordingly
has joint control of AttAfrica.
June 2017
R000
June 2016
R000
Initial investment in equity
(1)
(1)
(1)
Value less than R1 000
At 30 June 2017, Hyprop Mauritius’ 37,5% share of AttAfrica’s liabilities exceeded its share of the assets by
R186 million (2016: R130 million).
A summary of audited financial information of AttAfrica is as follows (all figures reflect 100% of AttAfrica):
Summary of audited statement of profit or loss and other comprehensive income
Revenue
233 881
320 219
Loss before taxation
(1)
(484 272)
(196 827)
Taxation
8 329
(30 694)
Loss for the year
(475 943)
(227 521)
Other comprehensive loss (foreign currency translation reserve)
22 699
23 010
Total comprehensive loss for the year
(453 244)
(204 511)
(1)
Loss before taxation includes:
Net interest
(313 780)
(279 944)
Depreciation
(1 162)
(798)
Attributable to:
Equity holders of the company
(319 426)
(163 316)
Non-controlling interest
(133 818)
(41 195)
Summary of audited statement of financial position
Non-current assets
4 538 950
4 695 644
Current assets
(2)
339 945
462 388
Non-current liabilities
5 271 037
5 141 012
Current liabilities
232 270
207 278
(2)
Current assets include cash and cash equivalents of:
39 900
49 285
– Unrecognised share of losses in AttAfrica
186 031
129 887
– Commitments and contingent liabilities relating to AttAfrica:
Guarantees
655 431
742 305