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Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
113
6.
Investment in joint ventures
continued
6.2
50 % – Joint venture – Manda Hill Mauritius Limited (Manda Hill Mauritius)
Hyprop Mauritius has a 50% interest in Manda Hill Mauritius, a Mauritius-based property investment company. AttAfrica holds the other 50% of the
shares in Manda Hill Mauritius. Hyprop Mauritius’ effective economic interest in Manda Hill Mauritius is 68,75%. The effective date of the investment
was 1 July 2014. Hyprop Mauritius has 50% of the voting rights on the board of Manda Hill Mauritius. Hyprop Mauritius accordingly has joint control of
Manda Hill Mauritius.
June 2017
R000
June 2016
R000
Initial investment in equity
(1)
(1)
(1)
Value less than R1 000
At 30 June 2017, Hyprop Mauritius’ 50% share of Manda Hill Mauritius’ assets exceeded its liabilities by
R14,5 million (2016: R57 million).
Summarised audited financial information of Manda Hill Mauritius is as follows (all figures reflect 100% of
Manda Hill Mauritius):
Summary of audited statement of profit or loss and other comprehensive income
Revenue
170 078
179 440
Loss before taxation
(1)
(117 382)
(75 363)
Taxation
(12 302)
(6 651)
Loss for the year
(129 684)
(82 014)
Other comprehensive loss (Foreign currency translation reserve)
(13 356)
54 343
Total comprehensive loss for the year
(143 040)
(27 671)
(1)
Loss before taxation includes:
Finance cost
(108 582)
(119 033)
Depreciation
(3 109)
(16 070)
Attributable to:
Equity holders of the company
(143 040)
(27 671)
Hyprop’s share of losses of Manda Hill
(50 380)
(41 007)
– Share of loss from joint venture
(64 843)
(41 007)
– Limitation of loss from joint venture
14 463
Summary of audited statement of financial position
Non-current assets
1 834 321
2 208 512
Currents assets
(2)
9 251
26 855
Non-current liabilities
(3)
1 861 833
2 098 725
Current liabilities
10 663
22 527
Net assets
(28 924)
114 115
(2)
Current assets include cash and cash equivalents of:
1 472
3 534
(3)
Includes non-current financial liabilities
(excluding trade and other payables and provisions)
1 852 919
2 098 723
Carrying amount of Hyprop’s share in net assets
10 103
57 057
Commitments and contingent liabilities relating to AttAfrica
Guarantees
Nil
Nil