| Condensed
consolidated statement of comprehensive
income |
| R000 |
31
March 2010 |
31
March 2009 |
|
|
|
| Property
revenue |
742
072 |
673
285 |
| Straight-line
rental income accrual |
7
041 |
6
209 |
|
|
|
| Gross
property revenue |
749
113 |
679
494 |
| Property
expenses |
(267
061) |
(235
606) |
|
|
|
| Profit
from property operations |
482
052 |
443
888 |
| Profit
from the asset management business |
3
067 |
- |
| Administrative
expenses |
(23
781) |
(20
137) |
|
|
|
| Operating
profit |
461
338 |
423
751 |
| Investment
and other income |
21
188 |
8
712 |
| Finance
costs |
(145
340) |
(131
358) |
|
|
|
| |
|
|
|
Profit
before debenture interest |
337
186 |
301
105 |
| Debenture
interest |
(319
231) |
(288
755) |
|
|
|
| Profit
before capital items |
17
955 |
12
350 |
| Capital
items |
|
|
|
Amortisation
of debenture premium |
1
361 |
1
007 |
| Profit
on sale of revalued properties |
1
387 |
- |
|
|
|
| Profit
before fair value adjustments |
20
703 |
13
357 |
| Fair
value adjustments |
293
975 |
115
504 |
| Gross
change in fair value of investment
properties |
| 301
016 |
121
713 |
| (7
041) |
(6
209) |
|
| Straight-line
rental income adjustment |
|
|
|
| Profit
before taxation |
314
678 |
128
861 |
| Taxation |
(79
081) |
(6
297) |
|
|
|
| Profit
for the year |
235
597 |
122
564 |
| Other
comprehensive income |
|
|
| Cash
flow hedging |
(11
436) |
(72
104) |
|
•
current period losses |
| (22
390) |
(77
101) |
| 10
954 |
4
997 |
|
| •
reclassification to profit or loss |
| Available-for-sale
financial assets |
(6
486) |
(6
486) |
| •
current period losses |
|
|
|
|
| Other
comprehensive loss for the year |
(17
922) |
(78
592) |
|
|
|
|
Total
comprehensive income for the year |
217
675 |
43
972 |
|
|
|
| Earnings
per share |
|
|
| Basic
earnings per share (cents) |
182.36 |
139.17 |
| Diluted
earnings per share (cents) |
182.36 |
139.17 |
| Reconciliation:
headline earnings and distributable earnings |
| Group |
31
March 2010
R000 |
Per
linked
unit cents |
31
March 2009
R000 |
|
|
|
|
| Attributable
profit for the year after taxation |
235
597 |
77.44 |
122
564 |
| Adjusted
for: |
|
|
|
| Net
change in fair value of investment
properties |
(293
975) |
(96.62) |
(115
504) |
| Total
tax effects of adjustments |
70
139 |
23.05 |
(554) |
| Profit
on sale of revalued property |
(1
387) |
(0.46) |
- |
| Amortisation
of debenture premium |
(1
361) |
(0.45) |
(1
007) |
| Debenture
interest |
319
231 |
104.93 |
288
755 |
|
|
|
|
| Headline
earnings of linked units |
328
244 |
107.89 |
294
254 |
| Straight-line
rental accrual net of deferred taxation |
(4
979) |
(1.64) |
(4
348) |
| Adjustment
for reduced distribution in respect of new
issue of shares |
3.29 |
- |
|
|
|
|
|
| Available
for distribution |
323
265 |
109.54 |
289
906 |
|
|
|
|
| Headine
earnings per linked unit (cents) |
107.89 |
|
99.56 |
| Available
for distribution per linked unit (cents) |
109.54 |
|
98.09 |
| Total
number of linked units in issue (000) |
332
021 |
|
295
551 |
|
|
|
|
| Weighted
average number of linked units in issue
(000) |
304
244 |
|
295
551 |
|
|
|
|
| Condensed consolidated statement of financial position |
| R000 |
31
March 2010 |
31
March 2009 |
|
|
|
| ASSETS |
|
|
| Non
current assets |
5 272 170 |
4 633 552 |
|
Investment properties |
4 725 437 |
4 466 707 |
|
• Investment properties |
| 4 811 152 |
4 545
731 |
| (85 715) |
(79 024) |
|
| • Straight-line rental income
adjustment |
| Other non
current assets |
546 733 |
166 845 |
| Intangible
asset |
| 362
767 |
- |
| 85 715 |
79 024 |
|
1 391 |
315 |
| 1 510 |
119 |
| 13 601 |
11 088 |
| 5 450 |
- |
| 76
299 |
76 299 |
|
| Straight-line rental income
asset |
| Development expenditure |
| Furniture, fittings and computer
equipment |
| Available-for-sale
financial asset |
| Financial
asset at amortised cost |
| Goodwill |
| Current
assets |
261 066 |
89 935 |
|
Trade and other receivables |
| 46 741 |
29 128 |
| 214 325 |
60 807 |
|
|
Cash and cash equivalents |
|
Investment property held for sale |
92 333 |
- |
|
|
|
| Total assets |
5 625 569 |
4 723 487 |
|
|
|
| EQUITY AND
LIABILITIES |
|
|
| Equity attributable to owners of
the parent |
1 381 502 |
1 145 101 |
| Non-current
liabilities |
3 463 718 |
3 258 160 |
| Linked
debentures and premium |
| 1 890 753 |
1 534 420 |
| 1 012 203 |
1 245 827 |
|
28 136 |
16 493 |
| 532
626 |
461 420 |
|
|
Other interest bearing borrowings |
| Derivative financial instruments |
| Deferred tax liabilities |
| Current liabilities |
780 349 |
320
226 |
| Trade and other payables |
| 136 275 |
122 682 |
| 460 727 |
37 459 |
| 2 373 |
1 079 |
| 180 974 |
159 006 |
|
|
Short-term borrowings |
| Current
taxation liabilities |
| Linked
unitholders for distribution |
|
|
|
|
Total equity and liabilities |
5 625 569 |
4 723
487 |
|
|
|
|
Condensed
consolidated statement of changes in equity |
|
R000
|
Share
capital and premium |
Non-distributable
reserves |
Cash-flow
hedges
|
Retained
income
|
Total
|
|
|
|
|
|
|
|
Balance
at 31
March 2008 |
20
297 |
1
008 170 |
55
250 |
12
134 |
1
095 851 |
|
Dividend
distribution |
- |
- |
- |
(589) |
(589) |
|
|
|
|
|
|
|
|
20
297 |
1
008 170 |
55
250 |
11
545 |
1
095 262 |
|
|
|
|
|
|
|
Profit
for the year |
- |
- |
- |
122
564 |
122
564 |
|
Change
in fair value
of investment
properties |
- |
121
713 |
- |
(121
713) |
- |
|
Deferred
taxation on
change in fair value
of investment properties
and straight-line
rental accrual |
|
- |
(1
307) |
- |
1 307
|
- |
|
Share
based remuneration |
|
- |
5
867 |
- |
- |
5
867 |
|
Other
compre-hensive income |
|
|
|
|
|
|
Revaluation
of available-for-sale financial
asset |
|
- |
(6
488) |
- |
-
|
(6
488) |
|
Revaluation
of cash-flow
hedges |
|
- |
-
|
(72
104) |
- |
(72
104) |
|
|
|
|
|
|
|
Balance
at 31
March 2009 |
|
20
297 |
1
127 955 |
(16
854) |
13
703 |
1
145 101 |
|
Issue
of share capital |
|
7
299 |
- |
- |
- |
7 299
|
|
Dividend
distribution |
|
- |
- |
-
|
(651) |
(651) |
|
|
|
|
|
|
|
|
27
596 |
1
127 955 |
(16
854) |
13
052 |
1
151 749 |
|
|
|
|
|
|
|
Profit
for the year |
- |
- |
- |
235
597 |
235
597 |
|
Change
in fair value of
investment properties |
|
- |
301
016 |
-
|
(301
016) |
|
|
Deferred
taxation on change
in fair value of investment
properties and
straight-line rental
accrual |
|
- |
(72
201) |
- |
72
201 |
-
|
|
Transfer
to non-distributable
reserves |
|
- |
1
387
|
- |
-
|
(1
387) |
|
Share
based remuneration |
|
- |
12
078 |
- |
- |
12
078 |
|
Other
comprehensive income |
|
|
|
|
|
|
Revaluation
of available-for-sale financial
asset |
|
- |
(6
486) |
- |
- |
(6
486) |
|
Revaluation
of cashflow
hedges |
|
- |
-
|
(11
436) |
- |
(11
436) |
|
|
|
|
|
|
|
Balance
at 31
March 2010 |
27 596 |
1 363 749 |
(28
290) |
18 447 |
1 381 502 |
|
|
|
|
|
|
|
Condensed
consolidated statement of cash flows |
| R000 |
31
March 2010 |
31
March 2009 |
|
|
|
|
CASH
FLOW FROM OPERATING ACTIVITIES |
452
245 |
431
702 |
| Profit
before tax |
|
314
678 |
128 861
|
|
148
166 |
294
844 |
|
(4
018) |
9
779 |
|
(6 581)
|
(1
782) |
|
| Adjustments |
| Net
changes in working capital |
| Taxes
paid |
| CASH
FLOW FROM INVESTING ACTIVITIES |
(410
110) |
(92
086) |
| CASH
FLOW FROM FINANCING ACTIVITIES |
111
383 |
(320
218) |
|
|
|
|
Net
increase in cash and cash equivalents |
153
518 |
19
398 |
|
Cash
and cash equivalents at the beginning of the
year |
60
807 |
41
409 |
|
|
|
|
Cash
and cash equivalents at the end of the year |
214
325 |
60
807 |
|
|
|
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