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Notes to the consolidated
financial statements
continued
for the year ended 30 June 2017
128
Hyprop Investments Limited
Integrated annual report and consolidated financial statements
2017
25.
Employee remuneration
continued
The executive directors were allocated the following percentages of the total shares allocated:
Pieter Prinsloo
(CEO)
Laurence Cohen
(FD)
Tranche 1
Retention shares
19%
10%
Tranche 1 of the performance shares vested during the current financial year
Tranche 2
Performance shares
20%
11%
Retention shares
20%
11%
Tranche 3
Performance shares
20%
11%
Retention shares
20%
11%
Tranche 4
Performance shares
21%
11%
Retention shares
21%
11%
The charge to the statement of profit or loss and other comprehensive income for the year ended 30 June 2017 amounted to R12,7 million
(2016: R9,9 million). As the above are equity-settled shared-based payments, the accounting treatment recognises the share-based payments in profit
and loss on a straight-line basis over the vesting period, with a corresponding credit to equity.
26.
Taxation
June 2017
R000
June 2016
R000
Major components of the taxation expense
Current taxation – current year
2 714
7 891
– prior year
(520)
Deferred taxation – current year
2 538
43 636
– prior year
(912)
(77)
Taxation for the year
4 340
50 930
Reconciliation of taxation charge
Net income before taxation at 28%
770 357
789 065
REIT dividend
(455 872)
(422 919)
Income exempt from tax and non-tax deductible expenses
(322 158)
(327 005)
Prior year tax adjustment
Income taxation
3 657
Deferred taxation
(912)
6 099
Deferred taxation asset not recognised
26 587
40 848
Adjustment in respect of foreign tax rates
(13 662)
(38 563)
Security transfer tax
(252)
Taxation expense recognised in statements of profit or loss and other comprehensive income
4 340
50 930
The taxation rate applied in the reconciliation is 28%.
Income exempt from tax and non-tax deductible expenses comprise the following:
Change in fair value:
Investment property
(344 327)
(353 398)
Derivative instruments
1 421
14 891
Financial guarantee
45 879
Convertible loan
(998)
3 865
Straight-line rental income accrual
(9 551)
(24 381)
Profit on disposal of assets
477
Write-off of goodwill
5 078
Reversal of wear and tear allowances on asset sales
(14 297)
Other
(5 840)
32 018
Total income exempt from tax and non-tax deductible expenses
(322 158)
(327 005)
27.
Dividends
Total dividend declared
(1)
1 723 559
1 522 189
Final dividend in respect of the six months ended 30 June
862 149
798 907
Interim dividend in respect of the six months ended 31 December
861 410
723 282
Total dividend per share for the year (cents)
695,1
619,9
Final dividend in respect of the six months ended 30 June (cents)
347,8
322,1
Interim dividend in respect of the six months ended 31 December (cents)
347,3
297,8
(1)
The amount differs to the distributable earnings due to rounding of the dividends per share. Refer to
Segmental analysis
page
140