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Hyprop Investments Limited
Group annual financial statements 2016
30.
Commitments
GROUP
June 2016
R000
GROUP
June 2015
R000
30.1
Capital commitments
Approved and committed
84 245
135 442
Approved but not yet committed
174 077
145 493
258 322
280 935
Capital commitments approved and committed comprise the following:
Development costs
84 245
135 442
– Atterbury Value Mart
27 588
317
– Somerset Mall
25 242
36 627
– Woodlands Boulevard
11 164
7 530
– Canal Walk
9 855
7 288
– Clearwater Mall
4 942
37 270
– CapeGate
1 646
251
– Lakefield Office Park
1 037
– The Glen
915
1 716
– Willowbridge
706
101
– Somerset Value Mart
650
23
– Rosebank Mall
500
16 257
– Hyde Park Corner
28 062
The above capital 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)
3 093
1 534
– 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.
31.
Minimum lease payments receivable
Minimum lease payments comprise contractual rental income and operating expense recoveries
from investment property.
The minimum lease payments receivable from tenants have been classified into the following categories:
– Short term (up to one year)
2 071 775
1 543 812
– Medium term (greater than one year and up to five years)
4 681 096
3 674 989
– Long term (greater than five years)
1 171 572
1 184 463
32.
Retirement benefits
All eligible employees are members of a pension fund which is administered by Evolution Group.
The retirement funding and risk-related benefits are market related. All benefits from the pension
fund accrue to the members.
The pension fund complies with all current legislation. The group has no commitments for
post-retirement medical aid benefits.
Contributions to the pension fund for group risk benefits are recognised as an expense.
10 490
9 246