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NOTES TO THE FINANCIAL STATEMENTS
continued
for the year ended 30 June 2016
Hyprop Investments Limited
Group annual financial statements 2016
138
26.
Taxation
GROUP
June 2016
R000
GROUP
June 2015
R000
Major components of the taxation expense
Current taxation – current year
7 891
12 353
– prior year
(520)
33
Deferred taxation – current year
43 636
6 637
– prior year
(77)
Taxation for the year
50 930
19 023
Reconciliation of taxation charge
Profit before taxation at 28%
789 065
1 063 608
REIT dividend
(422 919)
(369 493)
Permanent differences
(327 005)
(675 445)
Prior year taxation adjustment
Income taxation
3 657
33
Deferred taxation
6 099
Reversal of deferred taxation on investment property disposals
(9 082)
Deferred taxation asset not recognised
40 848
14 384
Adjustment in respect of foreign tax rates
(38 563)
(4 982)
Security transfer tax
(252)
Taxation expense recognised in the statement of profit or loss and other comprehensive income
50 930
19 023
The taxation rate applied in the reconciliations is 28%.
Permanent differences comprise the following:
Change in fair value of:
Investment property
(353 398)
(673 968)
Derivative instruments
14 891
(5 476)
Convertible loan
3 865
Straight-line rental income accrual
(24 381)
(16 824)
Profit on disposal of assets
(6 788)
African Land restructure
24 119
Other
32 018
3 492
Total permanent differences
(327 005)
(675 445)
27.
Dividends
Dividends
Total dividends declared
1 522 189
(1)
1 319 619
Interim dividend in respect of the six months ended 31 December
723 282
638 633
Final dividend in respect of the six months ended 30 June
798 907
680 986
Total dividend per share for the year (cents)
619,9
543,0
Interim dividend in respect of the six months ended 31 December (cents)
297,8
262,7
Final dividend in respect of the six months ended 30 June (cents)
322,1
280,3
(1)
The amount differs to the distributable earnings due to rounding of the dividends per share. Refer to Segmental analysis page 154