Notes to the Financial Statements continued Group Company 2015 R’000 2014 R’000 AFRICAN DAWN 81 ANNUAL REPORT 2015 2015 R’000 2014 R’000 10. Properties in possession Almika Properties 81 Proprietary Limited, Benoni, Gauteng 6,749 7,029 - - Greenoaks - Centurion, Gauteng 44,415 44,415 - - Greenoaks - PTF3 share of property (16,174) (16,174) - - 34,990 35,270 - - Impairment (12,022) (10,522) - - Carrying amount 22,968 24,748 - - Reconciliation of movement 2015 Almika Greenoaks Opening balance 7,029 44,415 - - Sold (280) - - - PTF3 share of Greenoaks - (16,174) - - Impairment (3,609) (8,413) - - 3,140 19,828 - - Reconciliation of movement 2014 Almika Greenoaks Opening balance asset - 44,415 - - Reclassification asset (refer to note 15) 7,029 - - - PTF3 share of Greenoaks - (16,174) - - Opening balance of impairment - (6,913) - - Reclassification impairment (refer to note 15) (3,609) - - - 3,420 21,328 - - Almika Almika owns a low-cost residential development consisting of 50 units in Loerie Park, Benoni, Gauteng. The development has now been completed and the units are in the process of being sold. In terms of the agreement with the property developer, Afdawn Group will receive R70 000 on transfer of each unit that is sold. It is estimated that this will amount to approximately R3,4 million. Four units have been transferred and payments of R280 000 have been received by February 2015. Greenoaks Candlestick has title to a residential housing complex called Greenoaks in Centurion, Gauteng. These units are currently being rented to tenants on annual leases (with renewal periods and rates subject to negotiation). Rental income of R5 345 811 (2014: R5 108 862) has been recognised (refer to note 24). Greenoaks was transferred to Candlestick in August 2010 in settlement of amounts due to African Dawn Property Transfer Finance 2 Proprietary Limited (“PTF 2”) and Africa Dawn Property Transfer Finance 3 Proprietary Limited (“PTF 3”) by Blue Dot Properties 1198 CC (”Blue Dot”). PTF 3 is not part of the Afdawn Group. In terms of an agreement between PTF 2 and PTF 3, any amount realised on disposal of the property less amounts payable to Nedbank (under the first mortgage bond) less related costs less amounts due to certain other third parties will be shared between PTF 2 and PTF 3 on a 50:50 basis in settlement of the balance of their respective loans to Blue Dot.
AFRICAN DAWN 2015 Annual Report
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