| |
June 2017
R000 |
|
June 2016
R000 |
|
| Rent receivable |
83 419 |
|
51 756 |
|
| Allowance for doubtful debts |
(33 944) |
|
(28 635) |
|
| Municipal recoveries |
55 462 |
|
56 845 |
|
| Interest receivable |
6 704 |
|
11 529 |
|
| Dividend receivable |
57 257 |
|
39 475 |
|
| Withholding taxes |
8 969 |
|
17 473 |
|
| Credit enhancement fee receivable |
17 177 |
|
7 372 |
|
| Prepayments |
15 435 |
|
8 030 |
|
| Municipal deposits |
2 596 |
|
2 235 |
|
| Other receivables |
17 666 |
|
12 713 |
|
| |
230 741 |
|
178 793 |
|
| Movements in allowance for doubtful debts |
|
|
|
|
| Opening balance — 1 July |
(28 635) |
|
(10 704) |
|
| Acquired through business combination |
|
|
(14 118) |
|
| Allowance for doubtful debts |
(18 217) |
|
(33 011) |
|
| Receivables written off during the year |
10 027 |
|
30 022 |
|
| FCTR adjustment |
2 881 |
|
(824) |
|
| Closing balance – 30 June |
(33 944) |
|
(28 635) |
|
| Ageing of impaired receivables |
|
|
|
|
| Current |
3 406 |
|
4 149 |
|
| 30 days |
3 286 |
|
3 592 |
|
| 60 days |
3 403 |
|
5 320 |
|
| 90+ days |
23 849 |
|
15 574 |
|
| |
33 944 |
|
28 635 |
|
| Ageing of receivables past due but not impaired |
|
|
|
|
| 30 days |
8 757 |
|
2 479 |
|
| 60 days |
5 495 |
|
3 457 |
|
| 90+ days |
17 594 |
|
4 725 |
|
| Total |
31 846 |
|
10 661 |
|
The allowance for doubtful debts has been determined on a tenant-by-tenant basis, taking into account the circumstances of each tenant.
The maximum exposure to credit risk at the reporting date is the fair value of each class of receivable. Save for certain national tenants, a deposit in
the form of cash or a bank guarantee is obtained from the tenant in terms of Hyprop’s deposit policy. Furthermore, and only if required, a deed of
suretyship will be obtained from a tenant.
Management believes that there are no significant trade receivables that are doubtful that have not been provided for as doubtful debts or written off. |