119 / 148
Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
117
10.
Loans receivable
June 2017
R000
June 2016
R000
Shareholder loan – AttAfrica – Rand equivalent of US Dollar loan
2 444 203
2 633 939
The loan represents shareholder loan funding to AttAfrica, and is repayable in June 2020. The loan is
unsecured and bears interest at an initial rate of 8%, escalating at 4% per annum. Hyprop Mauritius has a
preferential right to receive interest on the loan to AttAfrica and has a 37,5% equity interest in AttAfrica.
The AttAfrica shareholder loan was impaired during the year by R25,2 million. The loan was impaired due
to a negative net asset value in AttAfrica. The negative net asset value was caused in part by reductions
in the valuations of the underlying properties and by lower rental income.
Shareholder loan – Manda Hill Mauritius – Rand equivalent of US Dollar loan
551 515
624 617
The loan is unsecured, and bears interest at a variable rate which equates to Hyprop Mauritius’ 50% share
of distributable income from Manda Hill Mauritius. The loan is not repayable in the next 12 months.
Vondelvlag Holding loan – Rand equivalent of Euro loan
15 199
12 844
The EUR1,04 million loan is unsecured, bears interest at 3,15%, payable quarterly, and is repayable in April 2021.
Vondelvlag Stichting loan – Rand equivalent of Euro loan
2 235
1 889
The EUR150 000 loan facility, of which EUR144 894 has been drawn down, is unsecured, bears interest at 3,15%,
payable quarterly, and is repayable in April 2021.
Attacq Limited
400
3 013 152
3 273 689
Reconciliation to the statement of financial position
Non-current shareholder loans receivable
(1)
2 995 718
3 258 557
Non-current loans receivable
17 434
14 732
Current loans receivable
400
Total
3 013 152
3 273 689
(1)
Included in shareholder loans on statement of financial position