| |
2017
R000 |
|
| Major components of the taxation expense |
|
|
|
|
| Current taxation – current year |
3 583 |
|
2 714 |
|
|
798 |
|
|
|
| Deferred taxation – current year |
32 178 |
|
2 538 |
|
|
2 927 |
|
(912) |
|
| Taxation for the year |
39 486 |
|
4 340 |
|
| Reconciliation of taxation charge |
|
|
|
|
| Net income before taxation at 28% |
716 915 |
|
770 357 |
|
| REIT dividend |
(485 752) |
|
(455 872) |
|
| Income exempt from tax and non-tax deductible expenses |
(184 732) |
|
(322 158) |
|
| Income taxation |
798 |
|
|
|
| Deferred taxation |
2 927 |
|
(912) |
|
| Imputed income from Hyprop Mauritius and Hystead |
30 433 |
|
26 587 |
|
| Adjustment in respect of foreign tax rates |
(41 103) |
|
(13 662) |
|
| Taxation expense recognised in statement of profit or loss and other comprehensive income |
39 486 |
|
4 340 |
|
| The taxation rate applied in the reconciliation is 28% (2017: 28%). |
|
|
|
|
| Income exempt from tax and non-tax deductible expenses comprises the following: |
|
|
|
|
| Change in fair value: |
|
|
|
|
| Investment property |
(182 436) |
|
(344 327) |
|
| Derivative instruments |
(8 144) |
|
1 421 |
|
| Financial guarantee |
(3 356) |
|
|
|
| Financial asset |
(24 573) |
|
45 879 |
|
| Convertible loan – Gruppo |
20 760 |
|
(998) |
|
| Straight-line rental income accrual |
1 315 |
|
(9 551) |
|
| (Profit)/loss on disposal of assets |
(755) |
|
477 |
|
| Non-taxable dividend received |
(50 547) |
|
|
|
| Impairment of joint venture |
2 829 |
|
|
|
| Impairment of loan to joint venture |
46 603 |
|
|
|
| Write-off of goodwill |
|
|
5 078 |
|
| Reversal of wear and tear allowances on asset sales |
(264) |
|
(14 297) |
|
| Other |
13 836 |
|
(5 840) |
|
| Total income exempt from tax and non-tax deductible expenses |
(184 732) |
|
(322 158) |
|
| Unrecognised tax losses |
|
|
|
|
| Estimated tax losses available for utilisation against future taxable income |
279 008 |
|
279 007 |
|
| Applied to reduce deferred taxation liability |
(279 008) |
|
(279 007) |
|
|
|
|
|
|