Statements of comprehensive income

for the year ended 30 June 2014

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	Note	GROUP Year to June 2014 R000	GROUP Six months to June 2013 R000	COMPANY Year to June 2014 R000	COMPANY Six months to June 2013 R000
Revenue		2 514 779	1 099 489	2 421 819	1 093 916
Investment property income		2 432 459	1 008 671	2 339 499	1 003 098
Straight-line rental income accrual		45 055	15 879	45 055	15 879
Listed property securities income		37 265	74 939	37 265	74 939
Property expenses		(837 822)	(347 277)	(809 799)	(342 898)
Net property income		1 676 957	752 212	1 612 020	751 018
Other operating expenses		(82 480)	(27 729)	(56 404)	(27 652)
Operating income		1 594 477	724 483	1 555 616	723 366
Net interest		(394 721)	(191 723)	(401 484)	(195 589)
Received	22	65 645	17 234	19 678	9 674
Paid	23	(460 366)	(208 957)	(421 162)	(205 263)

Net operating income	24	1 199 756	532 760	1 154 132	527 777
Change in fair value		1 532 852	1 403 721	1 492 693	1 403 721
Investment property	2	1 655 897	1 198 105	1 613 720	1 198 105
Straight-line rental income accrual		(45 055)	(15 879)	(45 055)	(15 879)
Listed property securities (on disposal)	13/4	(82 266)	(2 842)	(82 266)	(2 842)
Derivative instruments	19	4 276	224 337	6 294	224 337
Profit on disposal		190 760	28 061	194 729	28 061
Investment property		4 460	90	4 460	90
Listed property securities	13	168 869		168 869
Associate	13	17 431		21 400
Sycom rights offer nil paid letters			27 971		27 971
Amortisation of debenture premium	17	102 806	49 119	102 806	49 119
Impairment of intercompany loan				(5 682)
Impairment of goodwill	9	(7 779)
Impairment of investment in subsidiary	5			(7 779)
Gain on bargain purchase (African Land)	33	102 895
Non-core income			1 009		1 009
Income before debenture interest and taxation		3 121 290	2 014 670	2 930 899	2 009 687
Debenture interest		(1 147 443)	(517 831)	(1 147 798)	(517 831)
Net income before share of income from associate		1 973 847	1 496 839	1 783 101	1 491 856
Share of income from associate	8	462	4 262
Dividends received	5			36 943	2 134
Net income before taxation		1 974 309	1 501 101	1 820 044	1 493 990
Taxation	27	(17 719)	2 239 008	(15 959)	2 240 894
Current taxation		(1 982)	(1 927)	(62)
Deferred taxation		(15 737)	2 240 935	(15 897)	2 240 894

Profit for the year/period		1 956 590	3 740 109	1 804 085	3 734 884
Other comprehensive income
Items that may be reclassified subsequently to profit or loss
Exchange differences on translation of foreign operations	15	8 894	319
Total comprehensive income for the year/period		1 965 484	3 740 428	1 804 085	3 734 884
Total profit for the year/period attributable to:
Unitholders of the company		1 948 487	3 740 109	1 804 085	3 734 884
Non-controlling interest		8 103
Profit for the year/period		1 956 590	3 740 109	1 804 085	3 734 884
Total comprehensive income for the year/period attributable to:
Unitholders of the company		1 956 248	3 740 428	1 804 085	3 734 884
Non-controlling interest		9 236
Total comprehensive income for the year/period		1 965 484	3 740 428	1 804 085	3 734 884
Basic and diluted earnings per combined unit (cents)	28	1 273,0	1 751,4
Basic and diluted headline earnings per combined unit (cents)	28	504,0	395,5
Distribution per combined unit (cents)		472,0	213,0

REGISTERED OFFICE AND BUSINESS ADDRESS

Registration number: 1987/005284/06
2nd Floor, Cradock Heights, 21 Cradock Avenue, Rosebank, 2196
PO Box 52509, Saxonwold, 2132
Tel: +27 11 447 0090
Fax: +27 11 447 0092
Website: www.hyprop.co.za

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