NOTES TO THE FINANCIAL STATEMENTS l NOTE 8

8.

INVESTMENTS IN ASSOCIATES
  Details of the group’s associates at the end of the reporting period are as follows:

          PROPORTION OF OWNERSHIP INTEREST AND
VOTING POWER HELD BY THE GROUP
Name of associate Principle activity   Place of incorporation
 and operation		   30 June 2013   31 December 2012  
Mantrablox Proprietary Limited(1) Property Investmentcompany   South Africa   20%   20%  
It's Called Advertising Proprietary Limited(2) Graphic design and advertising company   South Africa   40%   40%  

(1) Mantrablox owns 100% of Garden Route Mall. The remaining 80% of Mantrablox is owned by Atterbury Investments Holdings Limited.
(2) 40% of It’s called Advertising Proprietary Limited is owned by Word4Word Marketing Proprietary Limited. Word4Word Marketing Proprietary Limited is a wholly owned subsidiary of Hyprop. Refer to note 5.

Summarised financial information of the group’s associates is set out below:
Reconciliation to the statements of financial position:

  GROUP
JUNE 2013
R000 		  GROUP
DECEMBER 2012
R000		   COMPANY
JUNE 2013
R000 		  COMPANY
DECEMBER 2012
R000		  
Mantrablox Proprietary Limited(3)                
Total assets 1 054 935   1 005 019          
Total liabilities 1 035 088   1 023 917          
Net assets/(liabilities) 19 847   (18 898)          
Group's share of net assets of Mantrablox Proprietary Limited 3 969   ^          
it's called Advertising Proprietary Limited                
Total assets 1 553   1 200          
Total liabilities 1 283   698          
Net assets 270   502          
Group's share of net assets of It's called Advertising Proprietary Limited 108   203          
Group's share of net assets of associates 4 077   203          
Loan advanced (Mantrablox Proprietary Limited) 117 600   117 600          
Transfer to non-current asset held-for-sale (121 569)              
Investment in associates 108   117 803          

^ Nil

Reconciliation to the statements of comprehensive income:                
 Mantrablox Proprietary Limited(3)                
Total revenue 55 585   120 819          
Total profit/(loss) for the period 38 649   (35 027)          
Group's share of profits of Mantrablox Proprietary Limited 3 969   NIL          
It’s called Advertising Proprietary Limited                
Total revenue 1 744   3 326          
Total profit for the period 334   360          
Group's share of profits of It's called Advertising Proprietary Limited 293   144          
Group's share of profits 4 262   144          

(3) In terms of the Mantrablox Shareholders agreement, Hyprop effectively only earns interest on a loan to Mantrablox. Hyprop will share in any upward revaluations of Garden Route Mall in the event that Atterbury Investments Holdings Limited purchases Hyprop’s interest in Mantrablox.

NOTES TO THE FINANCIAL STATEMENTS l NOTE 8