132 / 160
NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2016
Hyprop Investments Limited
Group annual financial statements 2016
130
16.
Foreign currency translation reserve
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
.
GROUP
June 2016
R000
GROUP
June 2015
R000
Opening balance
13 403
8 074
Movement
(1 491)
5 329
Non-controlling interests
2 685
Closing balance
14 597
13 403
For more detailed disclosure on the group’s foreign currency exposure and rates of conversion.
Refer to note 35 – Financial instruments –
Fair values and risk management
.
17.
Borrowings
Facility
R000
Secured
by (property)
***
Capital
repayment
date
Interest
rate
GROUP
June 2016
R000
GROUP
June 2015
R000
SA Rand bank facilities
Nedbank Limited
R2,3 billion of the Nedbank loans are fixed at an
average rate of 9,1% and have an
1 203 935^
* August 2016 Prime – 1,8%
854 052
#
788 936
average maturity of 5,2 years
1 540 304
*
June 2018 Prime – 1,8%
1 539 076
1 537 902
Old Mutual Specialised Finance Proprietary Limited (OMSFIN)
R400 million is fixed at a rate of 9,7% and matures in
4,8 years
400 000
Somerset
Mall
July 2022
3-month
JIBAR + 1,55%
399 317
US Dollar bank facilities
Rand Merchant Bank
90% of the drawn down amount of R339,5 million
(USD23 million) is fixed for the full term. The average rate
is 4,6%
USD30
million
40% of
Canal Walk
May 2018 LIBOR + 3,2%
339 474
296 820
The Standard Bank of South Africa Limited
82,7% of the drawn down amount of R1,5 billion
(USD100 million) is fixed. The average rate is 4,4%
USD100
million
40% of
Canal Walk**,
75,15% of
The Glen
August
2019
LIBOR +
2,75%
1 477 370
1 183 585
74,0% of the drawn down amount of R1,4 billion
(USD97,2 million) is fixed. The average rate is 3,8%
USD120
million
July 2020
LIBOR +
2,40%
1 435 990
Standard Finance (Isle of Man) Limited
The drawn down amount of
R590,9 million (USD39,6 million) is fixed for
the full term at an average rate of 4,2%
USD40
million
40% of
Canal Walk**,
75,15% of
The Glen
October
2017
LIBOR +
3,17%
590 948
485 940
89% of the drawn down amount of
R295,5 million (USD20 million) is fixed for
the full term. The average rate is 4,4%
USD20
million
November
2018
LIBOR +
2,85%
295 474
226 726
Stanbic IBTC Bank PLC
The drawn down amount of
R535,6 million (USD36,2 million) is floating at an average
rate of 6,9%
USD36,2
million
Ikeja City Mall
December
2017
LIBOR +
6,25%
535 556
Investec Asset Management Proprietary Limited
The drawn down amount of
R401,7 million (USD27,2 million) is floating at an
average rate of 6,9%
USD27,2
million
Ikeja City Mall
December
2017
LIBOR +
6,25%
401 668
* CapeGate, Atterbury Value Mart, Woodlands Boulevard, Clearwater Mall and Willowbridge South. Subsequent to year end, Nedbank started the
process of releasing Woodlands Boulevard, Clearwater Mall and Willowbridge South
^ The R1,2 billion facility with Nedbank was refinanced with DCM funding subsequent to year-end. Refer to note 37 – Events after the reporting date
#
Short term
** 40% of Canal Walk and 75,15% of The Glen is secured for borrowings from the Standard Bank of South Africa Limited and its subsidiary, Standard Finance
(Isle of Man) Limited
***Encumbered properties total R20,8 billion (2015: R24,3 billion)