NOTES TO THE FINANCIAL STATEMENTS l NOTE 24

24.

Net operating income
      GROUP
June 2014
R000		   GROUP
June 2013
R000		   COMPANY
June 2014
R000		   COMPANY
June 2013
R000		    
  Net operating income is stated after accounting for the following:                    
  Contingent rental income (turnover rental)   (50 503)   (6 795)   (43 396)   (6 795)    
  Depreciation   19 931   7 110   16 431   7 056    
  Loss on write-off of assets   2 468       2 457        
  Employee remuneration   109 137   12 560   81 918   12 560    
  Share-based payments (refer to note 26)   1 649       1 649        
  Forex (gains)/losses   (2 951)       (180)        
  Key management remuneration                    
  The following key management remuneration was paid/provided for during the year/period:                    
  Bonuses (2014: provided but not paid)   8 826   5 886   8 826   5 886    
  Prescribed officers (excluding directors)   36 821   18 406   36 821   18 406    
  Directors’ remuneration                    
  Independent non-executive   1 691(1)   1 079(2)   1 691(1)   1 079(2)    
  Ethan Dube (paid to Vunani Capital (Proprietary) Limited)   223   117   223   117    
  Lindie Engelbrecht   400   189   400   189    
  Gavin Tipper   439   169   439   169    
  Louis van der Watt (paid to Atterbury Property Holdings Limited)   183   92   183   92    
  Mike Lewin   223   112   223   112    
  Thabo Mokgatlha   223       223        
  Jabulane Mabuza (resigned June 2013)       92       92    
  Michael Aitken (paid to Corovest Property Group Holdings (Proprietary) Limited, retired June 2013)       148       148    
  Les Weil (deceased June 2013)       160       160    
  Non-executive   644(1)   4282)   644(1)   428    
  Kevin Ellerine   188   92   188   92    
  Louis Norval   188   92   188   92    
  Stewart Shaw-Taylor   268   132   268   132    
  Marc Wainer (paid to Redefine Properties Limited, resigned June 2013)       112       112    
  Executive   10 396(1)   4 614(2)   10 396(1)   4 614    
  Pieter Prinsloo (CEO)   6 667(1)   2 688(2)   6 667(1)   2 688    
  Basic salary   3 139   1 478   3 139   1 478    
  Pension fund contributions   127   68   127   68    
  Performance bonus (paid in December)   2 200       2 200        
  Other benefits   31       31        
  Incentive scheme   1 170   1 142   1 170   1 142    
  Laurence Cohen (FD)   3 729(1)   1 926(2)   3 729(1)   1 926    
  Basic salary   1 798   847   1 798   847    
  Pension fund contributions   270   146   270   146    
  Performance bonus (paid in December)   1 600       1 600        
  Other benefits   61       61        
  Incentive scheme       933       933    
  (1) Amounts reflect remuneration for 12 months
(2) Amounts reflect remuneration for 6 months

Directors’ beneficial interests under the long-term employee incentive scheme (CUP)
    P Prinsloo
Hyprop units		   L Cohen Hyprop units  
  Balance 1 July 2013        
  Allocated during the year 28 790   15 864  
  Balance at 30 June 2014 28 790   15 864  
    R000   R000  
  Market value of units at 30 June 2014 2 301   1 268  

NOTES TO THE FINANCIAL STATEMENTS l NOTE 24