| NOTES TO THE FINANCIAL STATEMENTS l NOTE 28 |
28. |
Earnings, headline earnings and distributable earnings |
| As at 30 June 2014, the company had 243 256 092 combined units in issue (June 2013: 243 113 169 units). |
| GROUP June 2014 R000 |
GROUP June 2013 R000 |
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|---|---|---|---|---|---|
| Reconciliation — earnings, headline earnings and distributable earnings | |||||
| Net income after taxation | 1 948 487 | 3 740 109 | |||
| Debenture interest | 1 147 443 | 517 831 | |||
| Earnings | 3 095 930 | 4 257 940 | |||
| Headline earnings adjustments | (1 870 232) | (3 296 367) | |||
| Change in fair value of investment property | (1 650 419) | (1 198 105) | |||
| Profit on disposal: | |||||
| Investment property | (4 460) | (90) | |||
| Associate company (Mantrablox) | (17 431) | ||||
| Sycom rights offer nil paid letters | (27 971) | ||||
| Amortisation of debenture premium | (102 806) | (49 119) | |||
| Gain on bargain purchase (African Land) | (102 895) | ||||
| Deferred taxation — investment property | (2 021 082) | ||||
| Impairment of goodwill | 7 779 | ||||
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| Headline earnings | 1 225 698 | 961 573 | |||
| Distributable earnings adjustments | (77 098) | (444 320) | |||
| Change in fair value: | |||||
| Listed property securities | 82 266 | 2 842 | |||
| Derivative instruments | (4 276) | (224 337) | |||
| Profit on disposal of listed property securities | (168 869) | ||||
| Net income: | |||||
| Hyprop Investments (Mauritius) Limited | (20 929) | (3 789) | |||
| African Land Investments Limited | (17 590) | ||||
| Dividends received: | |||||
| Hyprop Investments (Mauritius) Limited | 4 770 | 1 434 | |||
| African Land Investments Limited | 30 308 | ||||
| Capital restructuring costs (2013: Sycom transaction cost) | 1 325 | 1 791 | |||
| Taxation | 1 520 | ||||
| Deferred taxation — listed property securities and other | 15 897 | (219 812) | |||
| Investment in associate (Mantrablox) | (3 969) | ||||
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| Distributable earnings | 1 148 600 | 517 253 | |||
| Total combined units in issue | 243 256 092 | 243 113 169 | |||
| Weighted average combined units in issue — for earnings and headline earnings | 243 195 790 | 243 113 169 | |||
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| Cents | Cents | ||||
| Earnings and headline earnings per combined unit | |||||
| Basic and diluted earnings per combined unit | 1 273,0 | 1 751,4 | |||
| Basic and diluted headline earnings per combined unit | 504,0 | 395,5 |
| NOTES TO THE FINANCIAL STATEMENTS l NOTE 28 |