NOTES TO THE FINANCIAL STATEMENTS — NOTE 4

4. Subsidiaries

Investment in subsidiaries

Details of the group’s subsidiaries at the end of the year are as follows:
 
        Proportion of ownership
interest and voting power held
by the group
Name of subsidiary   Principal activity   Place of incorporation
and operation		   June 2017   June 2016  
Hyprop Investments (Mauritius) Limited (Hyprop Mauritius)   Investing in indirect development or income producing properties in sub-Saharan Africa (excluding SA)   Mauritius   100%   100%  
African Land Investments Limited (African Land)   Dormant   South Africa   100%   100%  
Hyprop Investments Employee Incentive Scheme Proprietary Limited (Hyprop Investments Employee Incentive Scheme)   To hedge the obligation of the company to deliver Hyprop shares to employees, arising from allocations to employees in terms of the Hyprop Employee Incentive Scheme   South Africa   100%   100%  
Hyprop Foundation NPC (Hyprop Foundation)   Company formed to further sustainability, enterprise development, socio-economic development and the corporate social initiatives of Hyprop   South Africa   100%   100%  
Hyprop Ikeja Mall Limited (Hyprop Ikeja)(1)   Owns the shares in Gruppo Investments Nigeria Limited   Mauritius   100%   100%  
Gruppo Investments Nigeria Limited (Gruppo)(2)   Owns Ikeja City Mall in Lagos, Nigeria   Nigeria   75%   75%  
(1) Wholly owned subsidiary of Hyprop Mauritius
(2) Hyprop Ikeja owns 75% of the shares in Gruppo
4.1 Subsidiaries and transactions with non-controlling interests

Gruppo

Set out below is a summary of audited financial information for Gruppo, which owns 100% of the Ikeja City Mall in Lagos, Nigeria, and in which Hyprop has a 75% interest.

  June 2017 
R000 		    June 2016 
R000 		   
Summarised statement of financial position             
Current assets  86 978     134 141    
Current liabilities  (35 215)    (63 621)   
   51 763     70 520    
Non-current assets  1 972 763     2 327 071    
Non-current liabilities  (1 648 020)    (1 877 243)   
   324 743     449 828    
Net assets  376 506     520 348    
Non-controlling interest  94 299     130 260    
Summarised statement of comprehensive income             
Revenue  249 902     225 782    
Net profit  82 871     64 559    
Other comprehensive loss (foreign currency translation reserve) (60 972)    (10 738)   
Total comprehensive income  21 899     53 821    
Profit allocated to non-controlling interest  5 475     13 628    
Dividends paid to non-controlling interest  nil     nil    
Summarised cash flows             
Cash flows from operating activities  37 360     19 174    
Cash flows from investing activities  (470)         
Cash flows from financing activities  (77 094)       
Net assets in Gruppo reduced during the year, largely due to a reduction in the independent valuation of Ikeja City Mall and due to Rand appreciation against the US Dollar. 

NOTES TO THE FINANCIAL STATEMENTS — NOTE 4