18 / 156
2015 IN PERSPECTIVE
FIVE-YEAR REVIEW
at 30 June 2015
30 June
2015
(2)
R000
30 June
2014
(2)
R000
30 June
2013
(1)
R000
31 December
2012
(2)
R000
31 December
2011
(2)
R000
REVENUE
2 703 034
2 514 779
1 099 489
2 177 625
1 583 157
Investment property income
2 642 949
2 432 459
1 008 671
2 016 184
1 350 937
Straight-line rental income accrual
60 085
45 055
15 879
9 208
100 214
Listed property securities income
37 265
74 939
152 233
132 006
Property expenses
(887 918)
(837 822)
(347 277)
(714 284)
(511 681)
Net property income
1 815 116
1 676 957
752 212
1 463 341
1 071 476
Other operating expenses
(64 611)
(82 480)
(27 729)
(53 885)
(43 855)
Net interest
(351 647)
(394 721)
(191 723)
(404 827)
(208 325)
Received
157 344
65 645
17 234
22 180
31 416
Paid
(508 991)
(460 366)
(208 957)
(427 007)
(239 741)
Net operating income
1 398 858
1 199 756
532 760
1 004 629
819 296
Change in fair value
2 426 584
1 532 852
1 403 721
1 273 905
335 646
Investment property
2 467 113
1 655 897
1 198 105
1 137 924
236 654
Straight-line rental income accrual
(60 085)
(45 055)
(15 879)
(9 208)
(100 214)
Listed property securities (on disposal)
(82 266)
(2 842)
315 259
258 716
Derivative instruments
19 556
4 276
224 337
(170 070)
(59 510)
(Loss)/profit on disposal
(5 768)
190 760
28 061
(15 221)
(9 835)
Investment in subsidiary
(30 011)
Investment property
24 243
4 460
90
(11 886)
(6 129)
Listed property securities
168 869
27 971
(3 335)
(3 706)
Associate
17 431
Amortisation of debenture premium
102 806
49 119
487 925
231 354
Impairment of goodwill
(4 280)
(7 779)
(547 654)
Gain on bargain purchase (African Land)
102 895
Non-core income
1 009
4 555
Income before debenture interest
3 815 394
3 121 290
2 014 670
2 751 238
833 362
Debenture interest
(1 147 443)
(517 831)
(994 333)
(741 703)
Net income before equity-accounted investments
3 815 394
1 973 847
1 496 839
1 756 905
91 659
Share of loss from joint ventures
(17 447)
Share of income from associate
652
462
4 262
144
9 949
Profit before taxation
3 798 599
1 974 309
1 501 101
1 757 049
101 608
Taxation
(19 023)
(17 719)
2 239 008
(753 169)
(185 639)
Profit/(loss) for the year/period
3 779 576
1 956 590
3 740 109
1 003 880
(84 031)
Non-controlling interest
(8 103)
Total profit/(loss) for the year/period attributable to
shareholders (2011 to 2014: unitholders) of the company
3 779 576
1 948 487
3 740 109
1 003 880
(84 031)
Investment property at fair value
25 000 630
(3)
22 230 404
(3)
18 655 496
17 480 030
17 271 864
Distribution per share (2011 to 2014: combined unit) (cents)
543
472
213
409
383
(1)
Six months
(2)
Twelve months
(3)
Excludes investment property held for sale
16
Hyprop Investments Limited
Integrated Report 2015