| NOTES TO THE FINANCIAL STATEMENTS l NOTE 5 |
|
|
|
| |
5.1 Investment in subsidiaries |
| |
Details of the group’s subsidiaries at the end of the reporting period are as follows:
| |
|
|
|
|
PROPORTION OF OWNERSHIP INTEREST AND
VOTING POWER HELD BY THE GROUP |
| Name of subsidiary |
Principal activity |
|
Place of incorporation
and operation |
|
30 June 2013 |
|
31 December 2012 |
|
| Hyprop Investments (Mauritius) Limited |
Acquiring or developing
retail, commercial and
mixed-use properties
in Africa |
|
Mauritius |
|
100% |
|
100% |
|
| Word4Word Marketing Proprietary Limited |
Marketing services |
|
South Africa |
|
100% |
|
100% |
|
| Attfund Retail Limited |
Dormant company |
|
South Africa |
|
100% |
|
100% |
|
| |
GROUP
JUNE
2013
R000 |
|
GROUP
DECEMBER
2012
R000 |
|
COMPANY
JUNE
2013
R000 |
|
COMPANY
DECEMBER
2012
R000 |
|
| Hyprop Investments (Mauritius) Limited |
|
|
|
|
|
|
|
|
| The company acquired 100% of the issued capital in Hyprop Investments (Mauritius) Limited for 1 USD. Hyprop Investments (Mauritius) Limited holds a 37,5% interest in Atterbury Africa. Refer to . |
|
|
|
|
|
|
|
|
| Word4Word Marketing Proprietary Limited - marketing services company |
|
|
|
|
|
|
|
|
| Cost allocated to Word4Word |
|
|
|
|
29 566 |
|
30 000 |
|
| Impairment of subsidiary |
|
|
|
|
(17 507) |
|
(17 507) |
|
| Adjustment to purchase price |
|
|
|
|
|
|
(434) |
|
| Balance after impairment |
|
|
|
|
12 059 |
|
12 059 |
|
| Attfund Retail Limited - dormant subsidiary |
|
|
|
|
|
|
|
|
| On 1 September 2011, the company undertook a group restructure in terms of section 47 of the Income Tax act whereby all the assets, liabilities, income and expenses of Attfund Retail Limited were ceded and assigned to Hyprop. |
|
|
|
|
|
|
|
|
| Total investment in subsidiaries |
|
|
|
|
12 059 |
|
12 059 |
|
The group tests goodwill annually for impairments. No impairment was recognised in the current financial period. Refer to .
5.2 Dividends received from subsidiaries
| |
GROUP
JUNE
2013
R000 |
|
GROUP
DECEMBER
2012
R000 |
|
COMPANY
JUNE
2013
R000 |
|
COMPANY
DECEMBER
2012
R000 |
|
| Hyprop Investments (Mauritius) |
|
|
|
|
1 434 |
|
|
|
| Word4Word Marketing Proprietary Limited |
|
|
|
|
700 |
|
|
|
| Total dividends received |
|
|
|
|
2 134 |
|
|
|
5.3 Loan to subsidiaries
Capital gains taxation was payable on the sale during 2011 of Attfund Retail's 25% interest in Centurion Mall to Fountainhead Property Trust. The capital gains taxation was
funded by Hyprop, which resulted in a debit loan in Hyprop and a credit loan in Attfund Retail. Attfund Retail is a dormant company and will be deregistered in due course.
Therefore the loan was impaired through the company statement of comprehensive income during 2012.
| |
GROUP
JUNE
2013
R000 |
|
GROUP
DECEMBER
2012
R000 |
|
COMPANY
JUNE
2013
R000 |
|
COMPANY
DECEMBER
2012
R000 |
|
| Impairment of loan to subsidiary |
|
|
|
|
|
|
67 285 |
|
|
|
| NOTES TO THE FINANCIAL STATEMENTS l NOTE 5 |
|
|
|