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Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
125
23.
Net operating income
June 2017
R000
June 2016
R000
Net operating income is stated after accounting for the following:
Contingent rental income (turnover rental)
46 132
51 566
Depreciation
33 296
24 738
Small asset write-offs
43
66
Employee remuneration
131 193
118 501
Share-based payments (CUP) (refer to
note 25 – Employee remuneration
)
12 655
9 919
Forex (losses)/gains
(39 739)
144
Property expenses on the statement of profit or loss and other comprehensive income comprise
the following:
Property expenses
1 073 877
993 861
Municipal expenses
635 955
586 524
Salaries and staff-related expenses
69 870
82 896
Security expenses
51 139
47 831
Cleaning expenses
41 680
39 272
Marketing expenses
40 238
38 974
Maintenance costs
23 870
23 764
Diesel
24 148
22 457
Parking expenses
20 191
19 259
Air-conditioning expenses
16 778
16 801
Other operating expenses
150 008
116 083
Directors’ remuneration
Independent non-executive
2 652
2 399
Ethan Dube
(paid to Vunani Capital Proprietary Limited)
(1)
143
334
Lindie Engelbrecht
541
535
Gavin Tipper
636
562
Nonyameko Mandindi
(2)
47
Louis van der Watt
(paid to Atterbury Property Holdings Limited)
(3)
233
Mike Lewin
364
334
Stewart Shaw-Taylor
489
420
Thabo Mokgatlha
432
401
Non-executive
658
1 040
Kevin Ellerine
329
314
Louis Norval
329
306
Executive
16 752
15 983
Pieter Prinsloo (CEO)
10 630
11 131
Basic salary
3 906
3 672
Pension fund contributions
184
173
Performance bonus (paid in December)
3 933
3 710
Incentive scheme
2 488
3 454
Other benefits
119
122
Laurence Cohen (FD)
6 122
4 852
Basic salary
2 221
2 089
Pension fund contributions
386
362
Performance bonus (paid in December)
2 060
2 332
Incentive scheme
1 371
Other benefits
84
69
(1)
Independent non-executive director Ethan Dube resigned from the board on 1 December 2016
(2)
Independent non-executive director Nonyameko Mandindi was appointed to the board on 8 May 2017
(3)
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) (unvested)
Pieter Prinsloo
Number of
Hyprop shares
Laurence Cohen
Number of
Hyprop 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
Balance at 1 July 2016
82 560
44 833
Allocated during the year
23 067
12 428
Balance at 30 June 2017
105 627
57 261
Market value of shares at 30 June
June 2017
R000
June 2016
R000
Pieter Prinsloo
12 332
10 724
Laurence Cohen
6 685
5 823