AFRICAN DAWN ANNUAL REPORT 2017 Notes to the Financial Statements Annual Financial Statements For the year ended 28 February 2017 continued Reconciliation of movement 2017 R’000 Almika Greenoaks Opening balance asset 5,312 44,415 Sold (1,423) - PTF3 share of Greenoaks - (16,174) Impairment (3,609) (12,668) 59 280 15,573 Reconciliation of movement 2016 R’000 Almika Greenoaks Opening balance asset 6,749 44,415 Sold (1,437) - PTF3 share of Greenoaks - (16,174) Impairment (3,609) (11,697) 1,703 16,544 9. Properties in possession Group Company 2017 2016 2017 2016 R’000 R’000 R’000 R’000 Almika Properties 81 Proprietary Limited, 3,889 5,312 - - Greenoaks - Centurion, Gauteng 44,415 44,415 - - Greenoaks - PTF3 share of property (16,174) (16,174) - - 32,130 33,553 - - Impairment (16,277) (15,306) - - Carrying amount 15,853 18,247 - - 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. A total of 46 units have been transferred and payments of R3,2 million have been received by February 2017. The final R0,28 million was received in March 2017. 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 R4 753 360 (2016: R5 314 558) has been recognised. 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 African 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 2017
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