Statement of comprehensive income

		Unaudited 6 months 31 December 2014 R’000		Unaudited 6 months 31 December 2013 R’000	Audited 12 months 30 June 2014 R’000
Revenue		1 312 270		1 171 491	2 514 779
Investment property income		1 280 476		1 114 638	2 432 459
Straight-line rental income accrual		31 794		19 588	45 055
Listed property securities income				37 265	37 265
Property expenses		(409 864)		(369 386)	(837 822)
Net property income		902 406		802 105	1 676 957
Other operating expenses		(36 771)		(28 733)	(82 480)
Operating income		865 635		773 372	1 594 477
Net interest		(182 109)		(185 160)	(394 721)
Received		81 570		27 471	65 645
Paid		(263 679)		(212 631)	(460 366)
Net operating income		683 526		588 212	1 199 756
Change in fair value		661 190		526 270	1 532 852
Investment property		722 121		658 494	1 655 897
Straight-line rental income accrual		(31 794)		(19 588)	(45 055)
Listed property securities (on disposal)				(82 881)	(82 266)
Derivative instruments		(29 137)		(29 755)	4 276
(Loss)/profit on disposal		(28 795)		191 628	190 760
Subsidiary (African Land)		(28 767)
Investment property		(28)		4 607	4 460
Associates				17 431	17 431
Listed property securities				169 590	168 869
Amortisation of debenture premium				47 350	102 806
Gain on bargain purchase (African Land)				64 802	102 895
Impairment of goodwill					(7 779)
Income before debenture interest		1 315 921		1 418 262	3 121 290
Debenture interest				(561 922)	(1 147 443)
Net income before share of income from joint ventures and associates		1 315 921		856 340	1 973 847
Share of income from joint ventures		2 182
Share of income from associates		562			462
Profit before taxation		1 318 665		856 340	1 974 309
Taxation		(7 650)		(493)	(17 719)
Profit for the period/year		1 311 015		855 847	1 956 590
Other comprehensive income
Exchange differences on translation of foreign operations		3 137		10 484	8 894
Total comprehensive income for the period/year		1 314 152		866 331	1 965 484
Total profit for the period attributable to:
Shareholders of the company		1 311 015		855 285	1 948 487
Non-controlling interests				562	8 103
Profit for the period/year		1 311 015		855 847	1 956 590
Total comprehensive income attributable to:
Shareholders of the company		1 314 152		865 769	1 956 248
Non-controlling interests				562	9 236
Total comprehensive income for the period/year		1 314 152		866 331	1 965 484
Abridged reconciliation — headline earnings and distributable earnings
Net income after taxation		1 311 015		855 847	1 948 487
Debenture interest				561 922	1 147 443
Earnings		1 311 015		1 417 769	3 095 930
Headline earnings adjustments		(693 326)		(792 684)	(1 870 232)
Change in fair value of investment property		(722 121)		(658 494)	(1 650 419)
Loss/(profit) on disposal: Investment in subsidiary		28 767
Investment property		28		(4 607)	(4 460)
Associate company (Mantrablox)				(17 431)	(17 431)
Amortisation of debenture premium				(47 350)	(102 806)
Gain on bargain purchase (African Land)				(64 802)	(102 895)
Impairment of goodwill					7 779
Headline earnings		617 689		625 085	1 225 698
Distributable earnings adjustments		20 944		(63 199)	(77 098)
Change in fair value: Derivative instruments		29 137		29 755	(4 276)
Listed property securities				82 881	82 266
Profit on disposal of listed property securities				(169 590)	(168 869)
Net income:            Hyprop Investments (Mauritius)		(28 408)		(8 353)	(20 929)
Manda HIll		(8 068)		(4 324)	(17 590)
Income received:     Hyprop Investments (Mauritius)		20 975		2 486	4 770
Africa Land				3 762	30 308
Capital items		87		184	1 325
Taxation		7 221
Deferred taxation (listed property securities and other)					15 897
Distributable earnings		638 633		561 886	1 148 600
Total shares in issue		243 256 092		243 256 092	243 256 092
Weighted average shares in issue		243 256 092		243 136 472	243 195 790
Basic and diluted earnings per share (cents)		538,9		583,1	1 273,0
Basic and diluted headline earnings per share (cents)		253,9		257,1	504,0
Distribution details
Total distribution per share for the year (cents)		262,7		231,0	472,0
Six months ended 30 June (cents)					241,0
Six months ended 31 December (cents)		262,7		231,0	231,0