/INTERIM RESULTS SEPTEMBER 2009
| 6 months ended 30 Sep '09 Unaudited R'000 | Year ended 31 Mar '09 Audited R'000 | 6 months ended 30 Sep '08 Restated R'000 | |
|---|---|---|---|
| Revenue | 271,010 | 558,332 | 262,223 |
| - Contractual | 267,427 | 545,496 | 260,005 |
| - Straight lining | 3,583 | 12,836 | 2,218 |
| Net operating expenses | ( 27,684) | ( 67,398) | ( 30,263) |
| Loss on sale of properties | ( 1,025) | ( 14,500) | ( 8,985) |
| Amortisation of intangible assets | ( 11,957) | ( 12,923) | - |
| Profit before fair value adjustments, interest and taxation | 230,344 | 463,511 | 222,975 |
| Fair value adjustment to investment properties | 593 | ( 7,687) | 5,085 |
| Fair value adjustment to BEE instrument | ( 10,274) | 7,835 | 12,972 |
| Profit before interest and taxation | 222,225 | 443,592 | 218,170 |
| Interest income | 44,257 | 97,533 | 49,225 |
| Interest expense | |||
| - Debenture holders – interim | ( 178,602) | ( 175,220) | ( 175,220) |
| - Debenture holders – final | - | ( 171,170) | - |
| - Financial institutions and other | ( 110,314) | ( 250,036) | ( 128,200) |
| Share / (loss) of equity accounted investees (net of income tax) | - | ( 356) | ( 209) |
| Loss before taxation | ( 22,434) | ( 55,657) | ( 36,234) |
| Taxation | 1,679 | ( 4,250) | 2,600 |
| Loss for the period | ( 20,755) | ( 59,907) | ( 33,634) |
| Other comprehensive income/ (expense) | |||
| Net change in fair value of listed investments | 62,021 | ( 34,994) | 7,028 |
| Net change in fair value of cash flow hedge recognised directly in equity | 26,166 | ( 121,686 | ( 58,072) |
| Other comprehensive income/ (expense) for the period, net of income tax | 88,187 | ( 156,680) | ( 51,044) |
| Total comprehensive income/ (expense) for the period | 67,432 | ( 216,587) | ( 84,678) |
| Reconciliation of profit for the period to headline (loss)/earnings | |||
| Loss for the period | ( 20,755) | ( 59,907) | ( 33,634) |
| Fair value adjustment to investment properties | ( 593) | 7,687 | ( 5,085) |
| Loss on disposal of investment properties | 1,025 | 14,500 | 8,985 |
| Tax effects | 953 | ( 3,396) | 979 |
| Headline loss - shares | ( 19,371) | ( 41,116) | ( 28,755) |
| Interest paid to debenture holders | 178,602 | 346,390 | 175,220 |
| Headline earnings - linked units | 159,232 | 305,274 | 146,465 |
| Cents | Cents | Cents | |
| Basic and diluted loss per share | ( 15.01) | ( 43.89) | ( 24.89) |
| Headline earnings per linked unit | 114.74 | 223.64 | 108.39 |
| Interest Distribution per linked unit | 128.70 | 244.06 | 121.30 |
| - Interim | 128.70 | 121.30 | 121.30 |
| - Final | - | 122.76 | - |
