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Notes to the consolidated
financial statements
continued
for the year ended 30 June 2017
130
Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
29.
Notes to the statement of cash flows
29.1
The following convention applies to figures other than adjustments:
Outflows of cash are represented by figures in brackets.
Inflows of cash are represented by figures without brackets.
June 2017
R000
June 2016
R000
29.2 Cash generated from operations
Net income before taxation
2 751 274
2 818 090
Adjustments:
(545 518)
(1 048 094)
Change in fair value: Investment property
(1 181 786)
(1 380 638)
Derivative instruments
(4 737)
59 904
(Reversal of impairment)/impairment of joint venture
(10 102)
10 102
Goodwill impairment
18 134
Profit on disposal: Investment property
(2 031)
Loss on disposal: Investment in subsidiary
2 557
Impairment: Shareholder loan
25 377
Share of income from associate
(457)
Share of loss from joint venture
50 284
41 007
Unrealised foreign exchange loss/(gain)
171 590
(177 869)
Depreciation
36 727
24 738
Share-based payment
5 627
9 919
Interest received
(294 177)
(323 759)
Interest paid
630 679
689 935
Financial guarantee revaluation
163 855
Dividends received
(146 350)
Loss on write-off of assets
12 396
Other non-cash items
(23 561)
(976)
Operating profit before working capital changes
2 205 756
1 769 996
Decrease in working capital
(46 154)
(60 229)
Decrease/(increase) in receivables
116
(69 288)
(Decrease)/increase in working capital included in held-for-sale
(14 794)
6 301
(Decrease)/increase in payables
(31 476)
2 758
Cash generated from operations
2 159 602
1 709 767
29.3 Taxation paid
Taxation payable at beginning of year
(2 037)
(10 132)
Per statement of profit or loss and other comprehensive income
(2 714)
(7 371)
Taxation payable at end of year
2 037
(4 751)
(15 466)
30.
Commitments
30.1
Capital commitments
Approved and committed
240 585
84 245
Approved but not yet committed
208 857
174 077
449 442
258 322
The above expenditure will be financed out of available cash resources, banking facilities and debt capital
market funding.
30.2 Operating expense commitments
Hyprop has entered into various service contracts for the cleaning, upkeep and general maintenance of its
investment property portfolio.
Operating expense commitments payable to service providers in future years have been classified as follows:
– Short-term contracts (up to one year)
2 413
3 093
– Medium-term contracts (greater than one year and up to five years)
Nil
Nil
Contracts which can be terminated on one month’s notice have been included for one month only.