| |
GROUP
June 2016
R000 |
|
GROUP
June 2015
R000 |
|
| Rent receivable |
51 756 |
|
19 436 |
|
| Allowance for doubtful debts |
(28 635) |
|
(10 704) |
|
| Municipal recoveries |
56 845 |
|
50 407 |
|
| Interest receivable |
11 529 |
|
|
|
| Dividend receivable |
39 475 |
|
|
|
| Withholding taxes |
17 473 |
|
|
|
| Prepayments |
8 030 |
|
5 277 |
|
| Municipal deposits |
2 235 |
|
2 644 |
|
| Other receivables |
20 085 |
|
20 092 |
|
| |
178 793 |
|
87 152 |
|
| The prior year groupings have been restated to reflect greater category detail in line with the current year disclosures.The total receivables amount has not been affected. |
|
|
|
|
| Movements in allowance for doubtful debts |
|
|
|
|
| Opening balance — 1 July |
(10 704) |
|
(18 557) |
|
| Acquired through business combination |
(14 118) |
|
|
|
| Restructure of African Land |
|
|
9 688 |
|
| Allowance for doubtful debts |
(33 011) |
|
(7 391) |
|
| Receivables written off during the year |
30 022 |
|
5 556 |
|
| FCTR adjustment |
(824) |
|
|
|
| Closing balance — 30 June |
(28 635) |
|
(10 704) |
|
| Ageing of impaired receivables |
|
|
|
|
| Current |
4 149 |
|
4 109 |
|
| 30 days |
3 592 |
|
2 527 |
|
| 60 days |
5 320 |
|
1 049 |
|
| 90+ days |
15 574 |
|
3 019 |
|
| |
28 635 |
|
10 704 |
|
| Ageing of receivables past due but not impaired |
|
|
|
|
| 30 days |
2 479 |
|
2 657 |
|
| 60 days |
3 457 |
|
300 |
|
| 90+ days |
4 725 |
|
|
|
| Total |
10 661 |
|
2 957 |
|
No interest is charged on trade receivables if payment is received within seven days from the date of invoice. Thereafter interest is charged at prime plus 2%. 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 national tenants, a deposit in the form of cash or 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.
|