| |
| NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS CONTINUED |
| for the year ended 30 June 2007 |
| |
All monetary amounts are expressed
in millions of Rands |
Headlease
property |
Other
investment
property |
Total
investment
property |
| 2. |
INVESTMENT PROPERTY |
|
|
|
|
Restated balance as at 1 July 2005 |
249,6 |
9,7 |
259,3 |
|
Net loss from fair value adjustment (see note 50) |
(4,9) |
– |
(4,9) |
|
Acquisition of businesses |
– |
17,6 |
17,6 |
|
Transfer to assets classified as held-for-sale |
– |
(8,6) |
(8,6) |
|
Transfer from owner-occupied |
13,8 |
– |
13,8 |
| |
Disposals |
– |
(0,3) |
(0,3) |
|
At 30 June 2006 |
258,5 |
18,4 |
276,9 |
|
Net gain from fair value adjustment (see note 50) |
252,8 |
– |
252,8 |
|
Disposals |
(16,1) |
– |
(16,1) |
|
Reclassifications |
9,0 |
(9,0) |
– |
|
Transfer from owner-occupied |
12,0 |
– |
12,0 |
| |
At 30 June 2007 |
516,2 |
9,4 |
525,6 |
| |
Details in respect of the headlease investment property are set out in a register which may be inspected at the Company's
registered office.
The fair value of the investment properties at 30 June 2007 has been arrived at on the basis of a valuation carried out by Murray
& Roberts Properties Group, a related party, on an open market basis.
The headlease investment property forms part of the Group's headlease and other property activities and cannot be realised until
the headleases are settled (Refer note 17, Obligations under finance headleases).
The property rental income earned by the Group from its investment property, all of which is leased out under operating
leases, amounted to R163,5 million (2006: R143,7 million). Direct operating expenses arising on the investment property in the
period amounted to R127 million (2006: R93,0 million). Profit on disposal of investment property amounted to R15,7 million
(2006: R3,8 million). |
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