For the year ended 30 June 2022
| 2022 Rm |
2021 Rm |
|
| Revenue, excluding straight-line lease income adjustment | 12 884 | 12 804 |
|---|---|---|
| Straight-line lease income adjustment | 164 | 322 |
| Total revenue | 13 048 | 13 126 |
| Property-related expenses | (3 603) | (3 513) |
| Expected credit losses on trade receivables | 87 | 77 |
| Net property income | 9 532 | 9 690 |
| Other administrative and operating overheads | (832) | (613) |
| Operating profit | 8 700 | 9 077 |
| Equity-accounted investment profit/(loss) – net of tax | 409 | (411) |
| Non-distributable income | (479) | (1 206) |
| Dividends/interest received from equity-accounted investments | 888 | 795 |
| Fair value adjustments, capital items and other charges | 6 262 | (4 381) |
| Finance and other investment income | 167 | 138 |
| Finance expense | (3 115) | (3 107) |
| Profit before taxation | 12 423 | 1 316 |
| Taxation | (1 293) | (850) |
| Profit for the year | 11 130 | 466 |
| Other comprehensive income – net of tax | ||
| Items that may subsequently be reclassified to profit or loss | ||
| Translation of foreign operations | 1 724 | (3 780) |
| Total comprehensive profit/(loss) for the year | 12 854 | (3 314) |
| Profit attributable to: | 11 130 | 466 |
| Owners of the company | 7 937 | (497) |
| Non-controlling interests | 3 193 | 963 |
| Total comprehensive profit/(loss) attributable to: | 12 854 | (3 314) |
| Owners of the company | 8 997 | (3 009) |
| Non-controlling interests | 3 857 | (305) |
| Notes | Cents | Cents | ||
| Basic earnings/(loss) per share | 1.1 | 233.04 | (15.31) | |
|---|---|---|---|---|
| Diluted earnings/(loss) per share | 1.1 | 232.14 | (15.25) |
As at 30 June 2022
| 2022 Rm |
2021 Rm |
|
| Assets | ||
| Cash and cash equivalents | 2 841 | 2 622 |
| Trade and other receivables | 2 321 | 2 087 |
| Taxation receivable | 153 | 9 |
| Investment property classified as held for sale | 866 | 181 |
| Property held for trading and development | 453 | 548 |
| Derivative assets | 2 492 | 814 |
| Listed investments | 1 489 | 1 122 |
| Fair value of property assets | 134 712 | 128 061 |
| Fair value of investment property for accounting purposes | 128 126 | 121 691 |
| Straight-line lease income adjustment | 3 565 | 3 359 |
| Tenant incentives | 1 470 | 1 402 |
| Right-of-use assets | 1 551 | 1 609 |
| Long-term loans granted | 3 313 | 2 534 |
| Equity-accounted investments | 14 585 | 15 003 |
| Unlisted investments | 921 | 808 |
| Equipment | 49 | 57 |
| Intangible assets | 496 | 597 |
| Deferred tax | 38 | 12 |
| Total assets | 164 729 | 154 455 |
| Liabilities and equity | ||
| Liabilities | ||
| Trade and other payables | 3 541 | 3 204 |
| Derivative liabilities | 817 | 1 995 |
| Taxation payable | 67 | 189 |
| Liabilities associated with assets classified as held for sale | 39 | – |
| Interest-bearing borrowings | 62 857 | 61 947 |
| Lease liability | 1 826 | 2 235 |
| Deferred tax liability | 5 436 | 4 283 |
| Total liabilities | 74 583 | 73 853 |
| Equity | ||
| Shareholders’ interests | 71 212 | 66 410 |
| Share capital | 53 195 | 53 117 |
| Retained income | 4 712 | 3 739 |
| Other reserves | 13 305 | 9 554 |
| Non-controlling interest | 18 934 | 14 192 |
| Total liabilities and equity | 164 729 | 154 455 |
For the year ended 30 June 2022
| Attributable to owners of the company | ||||||
| Non-distributable reserve (NDR) | ||||||
| Share capital Rm |
Foreign currency translation reserve (FCTR) Rm |
Amortisation of intangible assets Rm |
Bargain purchase Rm |
Fair value adjustment on investment property Rm |
Other fair value adjustments and non-distributable items Rm |
|
| Balance at 30 June 2020 | 48 218 | 6 639 | 552 | 892 | 17 278 | (8 254) |
| Total comprehensive income | ||||||
| (Loss)/profit after taxation | – | – | – | – | – | – |
| Other comprehensive income | – | (2 512) | – | – | – | – |
| Transactions with owners recognised directly in equity | ||||||
| Contributions by and distributions to owners | ||||||
| Shares issued | 4 813 | – | – | – | – | – |
| Transfer non-distributable items to NDR | – | – | (78) | – | (6 162) | 600 |
| Share-based payment transactions | 86 | – | – | – | – | – |
| Dividends declared | – | – | – | – | – | – |
| Changes in ownership interest | ||||||
| Acquisition of subsidiary with NCI | – | – | – | – | – | – |
| Change of ownership – Healthcare | – | – | – | – | – | 3 |
| Rights issue and acquisitions – GOZ | – | – | – | – | – | – |
| Balance at 30 June 2021 | 53 117 | 4 127 | 474 | 892 | 11 116 | (7 651) |
| Total comprehensive income | ||||||
| Profit after taxation | – | – | – | – | – | – |
| Other comprehensive income | – | 1 060 | – | – | – | – |
| Transactions with owners recognised directly in equity | ||||||
| Contributions by and distributions to owners | ||||||
| Transfer non-distributable items to NDR | – | – | (74) | – | 1 170 | 2 090 |
| Share-based payment transactions | 78 | – | – | – | – | – |
| Dividends declared | – | – | – | – | – | – |
| Changes in ownership interest | ||||||
| Shares issued to NCI – GOZ | – | – | – | – | – | – |
| Shares issued to NCI – C&R | – | – | – | – | – | (117) |
| Shares issued to NCI – GHPH | – | – | – | – | – | 6 |
| Acquisition of subsidiary with NCI – GSAH | – | – | – | – | – | – |
| Share buyback – GOZ | – | – | – | – | – | – |
| Change of ownership – GHPH | – | – | – | – | – | 2 |
| Change of ownership – GSAH | – | – | – | – | – | – |
| Balance at 30 June 2022 | 53 195 | 5 187 | 400 | 892 | 12 286 | (5 670) |
| Attributable to owners of the company | ||||||||
| Non-distributable reserve (NDR) | ||||||||
| Share-based payments reserve Rm |
Reserves with NCI Rm |
Fair value adjustment on listed investments Rm |
Total other reserves Rm |
Retained earnings (RE) Rm |
Share-holders’ interest Rm |
Non- controlling interest (NCI) Rm |
Total equity Rm |
|
| Balance at 30 June 2020 | 133 | (12) | 136 | 17 364 | 2 295 | 67 877 | 15 168 | 83 045 |
| Total comprehensive income | ||||||||
| (Loss)/profit after taxation | – | – | – | – | (497) | (497) | 963 | 466 |
| Other comprehensive income | – | – | – | (2 512) | – | (2 512) | (1 268) | (3 780) |
| Transactions with owners recognised directly in equity | ||||||||
| Contributions by and distributions to owners | ||||||||
| Shares issued | – | – | – | – | – | 4 813 | – | 4 813 |
| Transfer non-distributable items to NDR | 36 | – | 320 | (5 284) | 5 284 | – | – | – |
| Share-based payment transactions | (17) | – | – | (17) | – | 69 | – | 69 |
| Dividends declared | – | – | – | – | (3 343) | (3 343) | (748) | (4 091) |
| Changes in ownership interest | ||||||||
| Acquisition of subsidiary with NCI | – | – | – | – | – | – | 95 | 95 |
| Change of ownership – Healthcare | – | – | – | 3 | – | 3 | (12) | (9) |
| Rights issue and acquisitions – GOZ | – | – | – | – | – | – | (6) | (6) |
| Balance at 30 June 2021 | 152 | (12) | 456 | 9 554 | 3 739 | 66 410 | 14 192 | 80 602 |
| Total comprehensive income | ||||||||
| Profit after taxation | – | – | – | – | 7 937 | 7 937 | 3 193 | 11 130 |
| Other comprehensive income | – | – | – | 1 060 | – | 1 060 | 664 | 1 724 |
| Transactions with owners recognised directly in equity | ||||||||
| Contributions by and distributions to owners | ||||||||
| Transfer non-distributable items to NDR | (24) | – | (361) | 2 801 | (2 801) | – | – | – |
| Share-based payment transactions | (1) | – | – | (1) | – | 77 | – | 77 |
| Dividends declared | – | – | – | – | (4 163) | (4 163) | (810) | (4 973) |
| Changes in ownership interest | ||||||||
| Shares issued to NCI – GOZ | – | – | – | – | – | – | 12 | 12 |
| Shares issued to NCI – C&R | – | – | – | (117) | – | (117) | 203 | 86 |
| Shares issued to NCI – GHPH | – | – | – | 6 | – | 6 | 284 | 290 |
| Acquisition of subsidiary with NCI – GSAH | – | – | – | – | – | – | 1 190 | 1 190 |
| Share buyback – GOZ | – | – | – | – | – | – | (12) | (12) |
| Change of ownership – GHPH | – | – | – | 2 | – | 2 | (2) | – |
| Change of ownership – GSAH | – | – | – | – | – | – | 20 | 20 |
| Balance at 30 June 2022 | 127 | (12) | 95 | 13 305 | 4 712 | 71 212 | 18 934 | 90 146 |
| 2022 Cents |
2021 Cents |
|
| Dividend per share | 128.4 | 118.5 |
|---|
For the year ended 30 June 2022
| 2022 Rm |
2021 Rm |
|
| Cash flows from operating activities | ||
| Cash received from tenants | 13 341 | 12 057 |
| Cash paid to suppliers and employees | (4 472) | (4 023) |
| Cash generated from operating activities | 8 869 | 8 034 |
| Interest paid | (3 181) | (3 327) |
| Interest received | 47 | 61 |
| Dividends received | 441 | 507 |
| Taxation paid | (529) | (369) |
| Capital costs incurred on acquisitions | – | (28) |
| Investment in property held for trading and development | (188) | (245) |
| Disposal of property held for trading and development | 339 | 243 |
| Distribution paid to shareholders | (4 973) | (4 091) |
| Net cash generated from operating activities | 825 | 785 |
| Cash flows from investing activities | ||
| Investments in: | (5 622) | (1 331) |
| Investment property | (4 908) | (1 188) |
| Intangible assets | (2) | (5) |
| Equipment | (34) | (41) |
| Listed investment | (664) | (60) |
| Unlisted investment | (11) | (13) |
| Long-term loans granted | (3) | (15) |
| Change of ownership – GHPH | – | (9) |
| Proceeds from: | 2 025 | 1 710 |
| Disposal of investment property | 1 773 | 1 623 |
| Disposal of investment property held for sale | 182 | 84 |
| Disposal of unlisted investment | 63 | – |
| Repayment of long-term loans granted | 7 | 3 |
| Net cash (used by)/generated from investing activities | (3 597) | 379 |
| Cash flows from financing activities | ||
| Proceeds from: | 8 841 | 8 529 |
| Shares issued | – | 4 236 |
| Distribution re-investment | – | 577 |
| Borrowings raised | 8 453 | 3 722 |
| Shares issued to NCI – GOZ | 12 | (6) |
| Shares issued to NCI – C&R | 86 | – |
| Shares issued to NCI – GHPH | 290 | – |
| Repayments of borrowings | (5 807) | (8 983) |
| Share buyback – GOZ | (12) | – |
| Settlement of derivatives | (43) | (295) |
| Repayment of lease liability | (34) | (37) |
| Net cash generated from/(used by) financing activities | 2 945 | (786) |
| Effect of exchange rate changes on cash and cash equivalents | 46 | (176) |
| Increase in cash and cash equivalents | 219 | 202 |
| Cash and cash equivalents at beginning of year | 2 622 | 2 420 |
| Cash and cash equivalents at end of year | 2 841 | 2 622 |
For the year ended 30 June 2022
Segments
The Group determines and presents operating segments based on the information that is provided internally to the Executive Management Committee (Exco), the Group’s operating decision-making forum. The Group comprises 10 segments, namely Retail, Office, Industrial, Healthcare (GHPH), Student Accommodation (GSAH), Trading and Development, GOZ, V&A Waterfront, GWI and C&R. GSAH is a new segment as it was launched during the period. In accordance with the new definition of a business contained in IFRS 3, the transaction was accounted for as an asset acquisition rather than a business combination as substantially all the fair value of the gross assets acquired was concentrated in the seven student accommodation properties. All operating segments’ operating results are reviewed regularly by Exco to make decisions about resources to be allocated to the segment and assess its performance, for which discrete financial information is available.
| Segment | Brief description of segment |
|---|---|
| Retail | The Growthpoint retail portfolio consists of 42 properties in South Africa, comprising shopping centres with the balance being standalone single-tenanted properties. It includes regional, community, neighbourhood, retail warehouses and speciality centres. |
| Office | The Growthpoint office portfolio consists of 158 properties in South Africa which includes high rise and low rise offices, office parks, office warehouses, vacant land as well as mixed-use properties comprising both office and retail. |
| Industrial | The Growthpoint industrial portfolio consists of 187 properties in South Africa which includes warehousing, industrial parks, motor-related outlets, low and high-grade industrial, high-tech industrial, telecommunication assets, land zoned for developments, vacant land as well as mini, midi and maxi units. |
| GHPH | The Growthpoint healthcare portfolio consists of six hospitals and one medical chambers building. |
| GSAH | The Growthpoint student accommodation portfolio consists of nine purpose-built student accommodation properties situated in Johannesburg, Pretoria and Cape Town. |
| Trading and development | The Growthpoint trading and development portfolio consists of five properties. |
| GOZ | The GOZ portfolio consists of 58 properties which includes both industrial and office properties, all situated in Australia. |
| V&A Waterfront | The V&A Waterfront is a 123 hectare mixed-use property development situated in and around the historic Victoria and Alfred Basin, which formed Cape Town’s original harbour. Its properties include retail, office, fishing and industrial, hotel and residential as well as undeveloped bulk. |
| GWI | The GWI portfolio consists of 71 standing properties in Poland and Romania, mostly modern A-grade office properties, industrial properties as well as a residential property complex. |
| C&R | The C&R portfolio consists of six properties that are community-based shopping centres, all situated in the United Kingdom. |
Geographic segments
In addition to the main reportable segments, the Group also includes a geographical analysis of net property income, excluding straight-line lease income adjustment and investment property.
The following geographic segments have been identified:
| 2022 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Retail Rm |
Office Rm |
Industrial Rm |
GHPH Rm |
GSAH Rm |
Trading and develop- ment Rm |
Total South Africa Rm |
Australia 100% Rm |
United Kingdom 100% Rm |
|||
| Profit or loss disclosures | |||||||||||
| Revenue excluding straight-line lease adjustment | 3 165 | 3 063 | 1 591 | 378 | 174 | 107 | 8 478 | 3 218 | 1 188 | ||
| Property-related expenses (including impairment losses) | (926) | (986) | (378) | (56) | (48) | (3) | (2 397) | (558) | (561) | ||
| Net property income | 2 239 | 2 077 | 1 213 | 322 | 126 | 104 | 6 081 | 2 660 | 627 | ||
| Other administrative and operating overheads | (443) | (248) | (141) | ||||||||
| Equity-accounted investment profit, net of tax | 409 | – | – | ||||||||
| Fair value adjustment on investment property | 28 | (1 470) | 208 | 86 | (31) | – | (1 179) | 3 375 | (175) | ||
| Fair value adjustments (other than investment property) | 1 859 | 1 402 | 1 150 | ||||||||
| Capital items and other charges | (111) | 1 | 104 | ||||||||
| Finance and investment income | 81 | 86 | – | ||||||||
| Finance expense | (2 254) | (546) | (315) | ||||||||
| Consolidated profit/(loss) before taxation | 4 443 | 6 730 | 1 250 | ||||||||
| Assets | |||||||||||
| Cash and cash equivalents | 1 497 | 553 | 791 | ||||||||
| Trade and other receivables | 1 610 | 346 | 365 | ||||||||
| Taxation receivable | 153 | – | – | ||||||||
| Investment property classified as held for sale | – | 35 | 38 | – | – | – | 73 | – | 793 | ||
| Property held for trading and development | – | – | – | – | – | 453 | 453 | – | – | ||
| Derivative assets | 1 805 | 665 | 22 | ||||||||
| Listed investments | – | 1 489 | – | ||||||||
| Fair value of property assets | 24 573 | 25 964 | 12 054 | 3 406 | 2 233 | – | 68 230 | 58 820 | 7 662 | ||
| Fair value of investment property | 24 450 | 25 653 | 12 033 | 3 385 | 2 233 | – | 67 754 | 56 780 | 7 157 | ||
| Tenant incentives | 86 | 311 | 21 | 21 | – | – | 439 | 974 | 57 | ||
| Right-of-use assets | 37 | – | – | – | – | – | 37 | 1 066 | 448 | ||
| Long-term loans granted | 3 313 | – | – | ||||||||
| Equity-accounted investments | 14 585 | – | – | ||||||||
| Unlisted investments | 920 | – | 1 | ||||||||
| Equipment | 4 | 7 | 38 | ||||||||
| Intangible assets | 496 | – | – | ||||||||
| Deferred tax | – | 18 | 20 | ||||||||
| Total assets | 93 139 | 61 898 | 9 692 | ||||||||
| Liabilities | |||||||||||
| Trade and other payables | 2 176 | 808 | 557 | ||||||||
| Derivative liabilities | 813 | 4 | – | ||||||||
| Taxation payable | – | 61 | 6 | ||||||||
| Liabilities associated with assets classified as held for sale | – | – | 39 | ||||||||
| Interest-bearing borrowings | 39 615 | 19 344 | 3 898 | ||||||||
| Lease liability | 39 | 1 176 | 611 | ||||||||
| Deferred tax liability | 5 436 | – | – | ||||||||
| Total liabilities | 48 079 | 21 393 | 5 111 | ||||||||
| Other disclosures | |||||||||||
| Transfers between segments | – | – | (17) | – | – | 17 | – | – | – | ||
| Acquisitions | – | – | 6 | – | 2 060 | – | 2 066 | 3 025 | – | ||
| Development and capital expenditure | 232 | 303 | 220 | 4 | 204 | 188 | 1 151 | 484 | 190 | ||
| Total as reported Rm |
V&A Water- front 50% Rm |
Central and Eastern Europe 29.4% Rm |
Consoli- dation* Rm |
Total Rm |
||
|---|---|---|---|---|---|---|
| Profit or loss disclosures | ||||||
| Revenue excluding straight-line lease adjustment | 12 884 | 933 | 1 146 | – | 14 963 | |
| Property-related expenses (including impairment losses) | (3 516) | (293) | (433) | – | (4 242) | |
| Net property income | 9 368 | 640 | 713 | – | 10 721 | |
| Other administrative and operating overheads | (832) | (93) | (127) | – | (1 052) | |
| Equity-accounted investment profit, net of tax | 409 | 9 | 42 | (403) | 57 | |
| Fair value adjustment on investment property | 2 021 | 5 | 81 | – | 2 107 | |
| Fair value adjustments (other than investment property) | 4 411 | (546) | 2 | – | 3 867 | |
| Capital items and other charges | (6) | (12) | – | – | (18) | |
| Finance and investment income | 167 | 16 | 15 | – | 198 | |
| Finance expense | (3 115) | (9) | (280) | – | (3 404) | |
| Consolidated profit/(loss) before taxation | 12 423 | 10 | 446 | (403) | 12 476 | |
| Assets | ||||||
| Cash and cash equivalents | 2 841 | 383 | 928 | – | 4 152 | |
| Trade and other receivables | 2 321 | 110 | 165 | – | 2 596 | |
| Taxation receivable | 153 | – | – | – | 153 | |
| Investment property classified as held for sale | 866 | – | 638 | – | 1 504 | |
| Property held for trading and development | 453 | – | – | – | 453 | |
| Derivative assets | 2 492 | – | 37 | – | 2 529 | |
| Listed investments | 1 489 | – | – | – | 1 489 | |
| Fair value of property assets | 134 712 | 9 001 | 15 117 | – | 158 830 | |
| Fair value of investment property | 131 691 | 8 979 | 15 117 | – | 155 787 | |
| Tenant incentives | 1 470 | – | – | – | 1 470 | |
| Right-of-use assets | 1 551 | 22 | – | – | 1 573 | |
| Long-term loans granted | 3 313 | 55 | – | – | 3 368 | |
| Equity-accounted investments | 14 585 | 2 | 332 | (14 538) | 381 | |
| Unlisted investments | 921 | – | 63 | – | 984 | |
| Equipment | 49 | 230 | – | – | 279 | |
| Intangible assets | 496 | – | 62 | – | 558 | |
| Deferred tax | 38 | – | 1 | – | 39 | |
| Total assets | 164 729 | 9 781 | 17 343 | (14 538) | 177 315 | |
| Liabilities | ||||||
| Trade and other payables | 3 541 | 467 | 307 | – | 4 315 | |
| Derivative liabilities | 817 | – | – | – | 817 | |
| Taxation payable | 67 | – | 4 | – | 71 | |
| Liabilities associated with assets classified as held for sale | 39 | – | 70 | – | 109 | |
| Interest-bearing borrowings | 62 857 | 154 | 7 285 | – | 70 296 | |
| Lease liability | 1 826 | 58 | 97 | – | 1 981 | |
| Deferred tax liability | 5 436 | – | 823 | – | 6 259 | |
| Total liabilities | 74 583 | 679 | 8 586 | – | 83 848 | |
| Other disclosures | ||||||
| Transfers between segments | – | |||||
| Acquisitions | 5 091 | |||||
| Development and capital expenditure | 1 825 |
* Having included our proportionate share of the V&A and GWI profit and assets to the left, we exclude their inclusion in the reported numbers.
| 2021 | ||||||||||
| Retail Rm |
Office Rm |
Industrial Rm |
GHPH Rm |
Trading and develop- ment Rm |
Total South Africa Rm |
Australia 100% Rm |
United Kingdom 100% Rm |
|||
| Profit or loss disclosures | ||||||||||
| Revenue excluding straight-line lease adjustment | 3 116 | 3 193 | 1 550 | 289 | 193 | 8 341 | 3 229 | 1 234 | ||
| Property-related expenses (including impairment losses) | (923) | (892) | (389) | (33) | (5) | (2 242) | (565) | (629) | ||
| Net property income | 2 193 | 2 301 | 1 161 | 256 | 188 | 6 099 | 2 664 | 605 | ||
| Other administrative and operating overheads | (361) | (195) | (57) | |||||||
| Equity-accounted investment profit, net of tax | (411) | – | – | |||||||
| Fair value adjustment on investment property | (2 005) | (2 670) | (782) | (37) | 54 | (5 440) | 3 944 | (2 923) | ||
| Fair value adjustments (other than investment property) | 565 | (124) | 137 | |||||||
| Capital items and other charges | (178) | (16) | (24) | |||||||
| Finance and investment income | 62 | 62 | 14 | |||||||
| Finance expense | (2 190) | (565) | (352) | |||||||
| Consolidated profit/(loss) before taxation | (1 854) | 5 770 | (2 600) | |||||||
| Assets | ||||||||||
| Cash and cash equivalents | 709 | 358 | 1 555 | |||||||
| Trade and other receivables | 1 350 | 164 | 573 | |||||||
| Taxation receivable | 9 | – | – | |||||||
| Investment property classified as held for sale | – | 94 | 87 | – | – | 181 | – | – | ||
| Property held for trading and development | – | – | – | – | 548 | 548 | – | – | ||
| Derivative assets | 736 | 78 | – | |||||||
| Listed investments | – | 1 122 | – | |||||||
| Fair value of property assets | 24 915 | 27 548 | 12 286 | 2 802 | 516 | 68 067 | 49 462 | 10 532 | ||
| Fair value of investment property | 24 811 | 27 241 | 12 264 | 2 778 | 516 | 67 610 | 47 492 | 9 948 | ||
| Tenant incentives | 64 | 307 | 22 | 24 | – | 417 | 902 | 83 | ||
| Right-of-use assets | 40 | – | – | – | – | 40 | 1 068 | 501 | ||
| Long-term loans granted | 2 534 | – | – | |||||||
| Equity-accounted investments | 15 003 | – | – | |||||||
| Unlisted investments | 797 | – | 11 | |||||||
| Equipment | 1 | 6 | 50 | |||||||
| Intangible assets | 597 | – | – | |||||||
| Deferred tax | – | 5 | 7 | |||||||
| Total assets | 90 532 | 51 195 | 12 728 | |||||||
| Liabilities | ||||||||||
| Trade and other payables | 1 858 | 686 | 660 | |||||||
| Derivative liabilities | 1 797 | 102 | 96 | |||||||
| Taxation payable | – | 115 | 74 | |||||||
| Liabilities associated with assets classified as held for sale | ||||||||||
| Interest-bearing borrowings | 38 491 | 15 357 | 8 099 | |||||||
| Lease liability | 39 | 1 144 | 1 052 | |||||||
| Deferred tax liability | 4 283 | – | – | |||||||
| Total liabilities | 46 468 | 17 404 | 9 981 | |||||||
| Other disclosures | ||||||||||
| Transfers between segments | – | – | (22) | – | 22 | – | – | – | ||
| Acquisitions | – | 22 | 23 | 194 | 70 | 309 | – | – | ||
| Development and capital expenditure | 180 | 512 | 144 | 2 | 175 | 1 013 | 126 | 80 | ||
| Total as reported Rm |
V&A Water- front 50% Rm |
Central and Eastern Europe 29.4% Rm |
Consoli- dation* Rm |
Total Rm |
||
| Profit or loss disclosures | ||||||
| Revenue excluding straight- line lease adjustment | 12 804 | 728 | 1 175 | – | 14 707 | |
| Property-related expenses (including impairment losses) | (3 436) | (298) | (374) | – | (4 108) | |
| Net property income | 9 368 | 430 | 801 | 10 599 | ||
| Other administrative and operating overheads | (613) | (78) | (109) | – | (800) | |
| Equity-accounted investment profit, net of tax | (411) | – | 3 | 402 | (6) | |
| Fair value adjustment on investment property | (4 419) | (886) | (210) | – | (5 515) | |
| Fair value adjustments (other than investment property) | 578 | – | (10) | – | 568 | |
| Capital items and other charges | (218) | (18) | (2) | – | (238) | |
| Finance and investment income | 138 | 19 | 11 | – | 168 | |
| Finance expense | (3 107) | (17) | (297) | – | (3 421) | |
| Consolidated profit/(loss) before taxation | 1 316 | (550) | 187 | 402 | 1 355 | |
| Assets | ||||||
| Cash and cash equivalents | 2 622 | 257 | 2 285 | – | 5 164 | |
| Trade and other receivables | 2 087 | 118 | 144 | – | 2 349 | |
| Taxation receivable | 9 | – | – | – | 9 | |
| Investment property classified as held for sale | 181 | – | – | – | 181 | |
| Property held for trading and development | 548 | – | – | – | 548 | |
| Derivative assets | 814 | – | 37 | – | 851 | |
| Listed investments | 1 122 | – | – | – | 1 122 | |
| Fair value of property assets | 128 061 | 8 801 | 15 174 | – | 152 036 | |
| Fair value of investment property | 125 050 | 8 764 | 15 174 | – | 148 988 | |
| Tenant incentives | 1 402 | – | – | – | 1 402 | |
| Right-of-use assets | 1 609 | 37 | – | – | 1 646 | |
| Long-term loans granted | 2 534 | 55 | – | – | 2 589 | |
| Equity-accounted investments | 15 003 | – | 165 | (15 126) | 42 | |
| Unlisted investments | 808 | – | 53 | – | 861 | |
| Equipment | 57 | 243 | – | – | 300 | |
| Intangible assets | 597 | – | 61 | – | 658 | |
| Deferred tax | 12 | – | 1 | – | 13 | |
| Total assets | 154 455 | 9 474 | 17 920 | (15 126) | 166 723 | |
| Liabilities | ||||||
| Trade and other payables | 3 204 | 358 | 333 | – | 3 895 | |
| Derivative liabilities | 1 995 | – | – | – | 1 995 | |
| Taxation payable | 189 | – | 1 | – | 190 | |
| Liabilities associated with assets classified as held for sale | ||||||
| Interest-bearing borrowings | 61 947 | 177 | 8 075 | – | 70 199 | |
| Lease liability | 2 235 | 54 | 144 | – | 2 433 | |
| Deferred tax liability | 4 283 | – | 744 | – | 5 027 | |
| Total liabilities | 73 853 | 589 | 9 297 | – | 83 739 | |
| Other disclosures | ||||||
| Transfers between segments | – | |||||
| Acquisitions | 309 | |||||
| Development and capital expenditure | 1 219 |
* Having included our proportionate share of the V&A and GWI profit and assets to the left, we exclude their inclusion in the reported numbers.
