NOTES TO THE FINANCIAL STATEMENTS — NOTE 23

23. Net operating income

 

    GROUP
June 2016
R000		   GROUP
June 2015
R000		    
Net operating income is stated after accounting for the following:        
Contingent rental income (turnover rental)   51 566   50 459    
Depreciation   24 738   20 054    
Small asset write offs   66   82    
Employee remuneration   118 501   118 312    
Share-based payments (CUP) (Refer to note 25 — Employee remuneration)   9 919   6 707    
Forex gains   144   7 804    
Property expenses in the statement of profit or loss and other comprehensive income comprise the following:        
Total property expenses   993 861   887 918    
   Municipal expenses   586 524   550 945    
   Salaries and staff-related expenses   82 896   87 464    
   Security expenses   47 831   47 797    
   Cleaning expenses   39 272   39 022    
   Marketing expenses   38 974   28 003    
   Maintenance costs   23 764   16 623    
   Diesel costs   22 457   2 489    
   Parking expenses   19 259   17 911    
   Air-conditioning expenses   16 801   12 548    
   Other operating expenses   116 083   85 116    
Directors’ remuneration        
Independent non-executive   2 399   2 117    
   Ethan Dube (paid to Vunani Capital Proprietary Limited)   334   284    
   Lindie Engelbrecht   535   471    
   Gavin Tipper   562   490    
   Louis van der Watt (paid to Atterbury Property Holdings Limited)*   233   235    
   Mike Lewin   334   284    
   Thabo Mokgatlha   401   353    
Non-executive   1 040   847    
   Kevin Ellerine   314   252    
   Louis Norval   306   245    
   Stewart Shaw-Taylor   420   350    
Executive   15 983   13 685    
   Pieter Prinsloo (Chief executive officer)   11 131   9 699    
      Basic salary   3 672   3 464    
      Pension fund contributions   173   141    
      Performance bonus (paid in December)   3 710   2 625    
      Other benefits   122   33    
      Incentive scheme   3 454   3 436    
   Laurence Cohen (FD)   4 852   3 986    
      Basic salary   2 089   1 958    
      Pension fund contributions   362   296    
      Performance bonus (paid in December)   2 332   1 650    
      Other benefits   69   82    

* Independent non-executive director Louis van der Watt resigned from the board on 4 May 2016

Directors’ beneficial interests under the long-term employee incentive scheme (CUP)

  Pieter Prinsloo
Hyprop shares		   Laurence Cohen
Hyprop shares		  
Number of shares:        
   Balance at 1 July 2014 28 790   15 864  
   Allocated during the year 31 207   16 813  
   Balance at 30 June 2015 59 997   32 677  
Market value of shares at 30 June 2015 (R000) 7 260   3 954  
Number of shares:        
   Balance at 1 July 2015 59 997   32 677  
   Allocated during the year 22 563   12 156  
   Balance at 30 June 2016 82 560   44 833  
Market value of shares at 30 June 2016 (R000) 10 724   5 823  

NOTES TO THE FINANCIAL STATEMENTS — NOTE 23