Hyprop Investments Limited Integrated annual report 2017

Notes to the consolidated

financial statements

continued

for the year ended 30 June 2017

120

Hyprop Investments Limited

Integrated annual report and consolidated financial statements

2017

14.

Stated capital

June 2017

R000

June 2016

R000

Authorised

500 000 000 no par value ordinary shares (2016: 500 000 000)

Issued

248 441 278 no par value ordinary shares (2016: 243 256 092)

7 683 651

6 987 996

243 256 092 – no par value ordinary shares (2016: 243 256 092)

6 987 996

5 185 186 no par value ordinary shares – issued during the year

695 655

No par value ordinary treasury shares in issue

(35 435)

(38 857)

410 659 – no par value ordinary treasury shares – 1 July 2016 (2016: 153 659)

(38 857)

(11 068)

77 000 shares purchased (2016: 257 000)

(1)(2)

(8 974)

(27 789)

100 413 shares vested during the year

(1)

12 396

Balance – issued stated capital at end of year

7 648 216

6 949 139

Reconciliation – number of shares in issue

Ordinary shares in issue

248 441 278

243 256 092

Balance – 1 July 2016

243 256 092

Issued during the year

5 185 186

Treasury shares in issue

(387 246)

(410 659)

Balance – 1 July 2016

(410 659)

(153 659)

Purchased during the year

(2)

(77 000)

(257 000)

Vested during the year

(1)

100 413

Balance at end of year

248 054 032

242 845 433

(1)

Shares held in treasury are to hedge the company’s obligation in terms of the long-term Hyprop Employee Incentive Scheme (conditional share plan (CUP)). Refer to

note 25 – Employee remuneration

(2)

Purchased during the year by Hyprop Investments Employee Incentive Scheme Proprietary Limited

15.

Reserves

15.1

Non-distributable reserves

June 2017

R000

June 2016

R000

Revaluation of: Investment property

15 854 308

14 644 075

Listed property securities

616 759

Derivative instruments

(48 886)

(43 812)

Financial guarantee

(163 855)

Realised surplus/(loss) on disposal of: Investment property

165 687

163 656

Listed property securities

276 630

Subsidiaries

(120 907)

(118 351)

Associate

17 431

(African Land)

(2 709)

Non-distributable reserves of associate

125 344

Impairment of goodwill

(577 847)

(559 713)

Gain on bargain purchase

(African Land)

191 235

Impairment of shareholder loan

(25 377)

Other

(55 770)

16 252 043

15 254 775

15.2 Share-based payment reserve

(1)

Share-based payment

23 901

18 275

Total

16 275 944

15 273 050

(1)

Relates to the amortised share-based payment cost for the Hyprop Employee Incentive Scheme (CUP)

16.

Foreign currency translation reserve (FCTR)

The foreign currency translation reserve arises from the conversion of foreign operations from their functional currencies to South African Rand on

consolidation. Refer to

note 4 – Subsidiaries

and

note 6 – Investment in joint ventures

June 2017

R000

June 2016

R000

Opening balance

14 597

13 403

Movement

(27 623)

(1 491)

Non-controlling interest

15 243

2 685

Closing balance

2 217

14 597

For more detailed disclosure on the group’s foreign currency exposure and rates of conversion, refer to

note 34 – Financial instruments – Fair values

and risk management