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NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2016
Hyprop Investments Limited
Group annual financial statements 2016
120
6.
Investment in joint ventures
continued
6.2 50% – Joint venture – Manda Hill Mauritius Limited (Manda Hill Mauritius)
Hyprop Mauritius has a 50% interest in Manda Hill Mauritius, a Mauritius-based property investment company. AttAfrica holds the other 50%
of the shares in Manda Hill Mauritius. Hyprop Mauritius’ effective economic interest in Manda Hill Mauritius is 68,75%. The effective date of
the investment is 1 July 2014. Hyprop Mauritius has 50% of the voting rights on the board of Manda Hill Mauritius. Hyprop Mauritius accordingly
has joint control of Manda Hill Mauritius.
June 2016
R000
June 2015
R000
Initial investment in equity
#
#
#
Less than R1 000
As at 30 June 2016, Hyprop Mauritius’ 50% share of Manda Hill Mauritius’ assets exceeded
its liabilities by R57 million (2015: R82 million).
Summary of audited financial information of Manda Hill Mauritius is as follows
(all figures reflect 100% of Manda Hill Mauritius):
Summary of audited statement of profit or loss and other comprehensive income
Rental income
179 388
139 374
Property income
16 061
Gain on bargain purchase
128 494
Other income
52
5 424
Operational expenses
(31 481)
(29 656)
Other expenses
(104 289)
(31 745)
Finance cost
(119 033)
(85 735)
Profit before taxation
(75 363)
142 217
Taxation
(6 651)
(432)
(Loss)/profit for the year
(82 014)
141 785
Other comprehensive loss
Foreign currency translation reserve
54 343
21 399
Total comprehensive (loss)/income for the year
(27 671)
163 184
Attributable to:
Equity holders of the company
(27 671)
163 184
Hyprop’s share of (losses)/profits of Manda Hill Mauritius
(41 007)
70 893
– Share of gain on bargain purchase
64 247
– Share of (loss)/income from joint venture
(41 007)
6 646