Emira Property Fund
JSE:EMI
Income Statement
Earnings Waterfall
Emira Property Fund
Income Statement
Emira Property Fund
| Dec-2005 | Jun-2006 | Dec-2006 | Jun-2007 | Dec-2007 | Jun-2008 | Dec-2008 | Jun-2009 | Dec-2009 | Jun-2010 | Dec-2010 | Jun-2011 | Dec-2011 | Jun-2012 | Dec-2012 | Jun-2013 | Dec-2013 | Jun-2014 | Dec-2014 | Jun-2015 | Dec-2015 | Jun-2016 | Dec-2016 | Jun-2017 | Dec-2017 | Jun-2018 | Dec-2018 | Jun-2019 | Dec-2019 | Jun-2020 | Dec-2020 | Jun-2021 | Dec-2021 | Jun-2022 | Dec-2022 | Mar-2023 | Sep-2023 | Mar-2024 | Sep-2024 | Mar-2025 | Sep-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
52
|
0
|
35
|
66
|
56
|
116
|
125
|
137
|
148
|
154
|
162
|
176
|
184
|
189
|
220
|
245
|
244
|
260
|
340
|
396
|
392
|
401
|
402
|
405
|
409
|
418
|
442
|
433
|
410
|
400
|
392
|
398
|
393
|
397
|
444
|
0
|
0
|
5
|
0
|
0
|
0
|
|
| Revenue |
421
N/A
|
452
+7%
|
490
+8%
|
631
+29%
|
836
+32%
|
944
+13%
|
1 016
+8%
|
1 083
+7%
|
1 136
+5%
|
1 162
+2%
|
1 187
+2%
|
1 224
+3%
|
1 251
+2%
|
1 253
+0%
|
1 275
+2%
|
1 342
+5%
|
1 425
+6%
|
1 476
+4%
|
1 600
+8%
|
1 812
+13%
|
1 826
+1%
|
1 797
-2%
|
1 796
0%
|
1 721
-4%
|
1 698
-1%
|
1 772
+4%
|
1 795
+1%
|
1 687
-6%
|
1 579
-6%
|
1 501
-5%
|
1 471
-2%
|
1 476
+0%
|
1 458
-1%
|
1 457
0%
|
1 575
+8%
|
1 296
-18%
|
2 240
+73%
|
1 893
-15%
|
1 877
-1%
|
1 691
-10%
|
1 486
-12%
|
|
| Gross Profit | ||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(127)
|
(138)
|
(148)
|
(178)
|
(235)
|
(272)
|
(310)
|
(351)
|
(374)
|
(392)
|
(426)
|
(444)
|
(469)
|
(475)
|
(471)
|
(501)
|
(533)
|
(559)
|
(572)
|
(582)
|
(618)
|
(638)
|
(650)
|
(677)
|
(640)
|
(648)
|
(666)
|
(641)
|
(618)
|
(652)
|
(689)
|
(662)
|
(680)
|
(691)
|
(718)
|
(592)
|
(1 026)
|
(881)
|
(868)
|
(813)
|
(740)
|
|
| Gross Profit |
295
N/A
|
314
+7%
|
342
+9%
|
453
+32%
|
601
+33%
|
673
+12%
|
706
+5%
|
732
+4%
|
762
+4%
|
770
+1%
|
761
-1%
|
780
+2%
|
782
+0%
|
778
0%
|
804
+3%
|
841
+5%
|
892
+6%
|
917
+3%
|
1 027
+12%
|
1 230
+20%
|
1 208
-2%
|
1 159
-4%
|
1 146
-1%
|
1 044
-9%
|
1 059
+1%
|
1 124
+6%
|
1 128
+0%
|
1 046
-7%
|
961
-8%
|
849
-12%
|
782
-8%
|
814
+4%
|
778
-4%
|
766
-1%
|
857
+12%
|
704
-18%
|
1 215
+73%
|
1 013
-17%
|
1 009
0%
|
878
-13%
|
746
-15%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(33)
|
(38)
|
(63)
|
(81)
|
(89)
|
(86)
|
(75)
|
(82)
|
(267)
|
(89)
|
(84)
|
(75)
|
(73)
|
(78)
|
(111)
|
(111)
|
(80)
|
(80)
|
(125)
|
(132)
|
(99)
|
(99)
|
(111)
|
(118)
|
(116)
|
(121)
|
(126)
|
(140)
|
(138)
|
(117)
|
(100)
|
(93)
|
(92)
|
(93)
|
(110)
|
(99)
|
(165)
|
(124)
|
(134)
|
(140)
|
(126)
|
|
| Selling, General & Administrative |
(26)
|
(29)
|
(32)
|
(45)
|
(61)
|
(66)
|
(67)
|
(71)
|
(76)
|
(79)
|
(76)
|
(65)
|
(62)
|
(67)
|
(70)
|
(71)
|
(67)
|
(68)
|
(82)
|
(86)
|
(81)
|
(85)
|
(94)
|
(92)
|
(90)
|
(103)
|
(114)
|
(128)
|
(128)
|
(117)
|
(106)
|
(93)
|
(92)
|
(93)
|
(102)
|
(91)
|
(151)
|
(118)
|
(113)
|
(113)
|
(116)
|
|
| Depreciation & Amortization |
(7)
|
(8)
|
(8)
|
(10)
|
(13)
|
(10)
|
(8)
|
(11)
|
(11)
|
(10)
|
(8)
|
(10)
|
(11)
|
(11)
|
(11)
|
(12)
|
(13)
|
(12)
|
(10)
|
(9)
|
(13)
|
(15)
|
(12)
|
(11)
|
(10)
|
(10)
|
(11)
|
(11)
|
(10)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Other Operating Expenses |
(1)
|
(1)
|
(23)
|
(27)
|
(15)
|
(10)
|
0
|
0
|
(180)
|
0
|
0
|
0
|
0
|
0
|
(29)
|
(29)
|
0
|
0
|
(34)
|
(37)
|
(5)
|
0
|
(5)
|
(14)
|
(16)
|
(8)
|
(2)
|
(1)
|
(1)
|
0
|
6
|
0
|
0
|
0
|
(8)
|
(8)
|
(14)
|
(6)
|
(20)
|
(27)
|
(10)
|
|
| Operating Income |
261
N/A
|
277
+6%
|
280
+1%
|
372
+33%
|
512
+38%
|
586
+15%
|
631
+8%
|
650
+3%
|
496
-24%
|
681
+37%
|
677
-1%
|
704
+4%
|
709
+1%
|
701
-1%
|
694
-1%
|
730
+5%
|
812
+11%
|
837
+3%
|
902
+8%
|
1 098
+22%
|
1 109
+1%
|
1 060
-4%
|
1 035
-2%
|
927
-10%
|
942
+2%
|
1 003
+6%
|
1 002
0%
|
906
-10%
|
823
-9%
|
732
-11%
|
682
-7%
|
722
+6%
|
686
-5%
|
673
-2%
|
747
+11%
|
605
-19%
|
1 050
+74%
|
889
-15%
|
876
-2%
|
738
-16%
|
620
-16%
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
218
|
632
|
871
|
1 487
|
1 520
|
23
|
(428)
|
(391)
|
(193)
|
(169)
|
65
|
(19)
|
(182)
|
16
|
345
|
505
|
325
|
347
|
890
|
817
|
360
|
(420)
|
(558)
|
(199)
|
(136)
|
(146)
|
(179)
|
16
|
(12)
|
(1 408)
|
(1 737)
|
(237)
|
114
|
354
|
447
|
85
|
20
|
(50)
|
1 062
|
1 730
|
880
|
|
| Non-Reccuring Items |
0
|
0
|
(68)
|
(396)
|
(328)
|
0
|
0
|
0
|
0
|
0
|
(125)
|
(125)
|
(68)
|
(68)
|
0
|
0
|
0
|
(2)
|
0
|
(7)
|
(7)
|
0
|
0
|
0
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(34)
|
(34)
|
(22)
|
(22)
|
0
|
0
|
0
|
0
|
|
| Total Other Income |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(15)
|
(15)
|
0
|
0
|
(37)
|
(36)
|
(41)
|
(52)
|
(25)
|
(25)
|
(21)
|
65
|
166
|
(100)
|
(299)
|
(52)
|
(32)
|
(23)
|
|
| Pre-Tax Income |
480
N/A
|
908
+89%
|
1 083
+19%
|
1 463
+35%
|
1 703
+16%
|
609
-64%
|
203
-67%
|
259
+27%
|
303
+17%
|
512
+69%
|
617
+21%
|
560
-9%
|
458
-18%
|
648
+41%
|
1 039
+60%
|
1 235
+19%
|
1 137
-8%
|
1 182
+4%
|
1 792
+52%
|
1 908
+6%
|
1 462
-23%
|
640
-56%
|
477
-25%
|
713
+49%
|
791
+11%
|
856
+8%
|
823
-4%
|
885
+8%
|
775
-12%
|
(717)
N/A
|
(1 107)
-54%
|
460
N/A
|
774
+68%
|
972
+25%
|
1 225
+26%
|
834
-32%
|
948
+14%
|
540
-43%
|
1 885
+249%
|
2 437
+29%
|
1 477
-39%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
0
|
0
|
0
|
(117)
|
(164)
|
(54)
|
11
|
65
|
56
|
3
|
(13)
|
(18)
|
(11)
|
(69)
|
(84)
|
201
|
221
|
15
|
11
|
(2)
|
(2)
|
(0)
|
0
|
(0)
|
(2)
|
(8)
|
(2)
|
1
|
(1)
|
(14)
|
(18)
|
5
|
4
|
(2)
|
2
|
2
|
2
|
(15)
|
(76)
|
(63)
|
(84)
|
|
| Income from Continuing Operations |
480
|
908
|
1 083
|
1 347
|
1 539
|
555
|
214
|
323
|
359
|
515
|
604
|
542
|
448
|
579
|
954
|
1 436
|
1 358
|
1 198
|
1 803
|
1 906
|
1 461
|
640
|
477
|
712
|
789
|
849
|
821
|
887
|
774
|
(731)
|
(1 125)
|
464
|
778
|
970
|
1 227
|
836
|
950
|
525
|
1 809
|
2 374
|
1 392
|
|
| Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
2
|
6
|
6
|
4
|
(2)
|
(3)
|
4
|
2
|
0
|
0
|
0
|
0
|
(0)
|
(2)
|
(4)
|
(3)
|
(3)
|
(1)
|
3
|
1
|
(1)
|
(4)
|
(11)
|
(40)
|
(29)
|
6
|
6
|
0
|
|
| Net Income (Common) |
480
N/A
|
908
+89%
|
1 083
+19%
|
1 347
+24%
|
1 538
+14%
|
555
-64%
|
218
-61%
|
323
+49%
|
359
+11%
|
515
+43%
|
604
+17%
|
542
-10%
|
448
-17%
|
581
+30%
|
960
+65%
|
1 441
+50%
|
1 362
-6%
|
1 195
-12%
|
1 801
+51%
|
1 910
+6%
|
1 462
-23%
|
640
-56%
|
477
-25%
|
712
+49%
|
790
+11%
|
848
+7%
|
819
-3%
|
883
+8%
|
771
-13%
|
(734)
N/A
|
(1 125)
-53%
|
467
N/A
|
779
+67%
|
969
+24%
|
1 224
+26%
|
826
-33%
|
910
+10%
|
496
-45%
|
1 816
+266%
|
2 379
+31%
|
1 393
-41%
|
|
| EPS (Diluted) |
1.68
N/A
|
3.17
+89%
|
3.79
+20%
|
3.63
-4%
|
3.14
-13%
|
1.13
-64%
|
0.44
-61%
|
0.66
+50%
|
0.73
+11%
|
1.05
+44%
|
1.22
+16%
|
1.07
-12%
|
0.88
-18%
|
1.15
+31%
|
1.92
+67%
|
2.89
+51%
|
2.75
-5%
|
2.44
-11%
|
3.55
+45%
|
3.76
+6%
|
2.86
-24%
|
1.25
-56%
|
0.95
-24%
|
1.43
+51%
|
1.56
+9%
|
1.66
+6%
|
1.6
-4%
|
1.75
+9%
|
1.55
-11%
|
-1.48
N/A
|
-2.31
-56%
|
0.95
N/A
|
1.58
+66%
|
1.98
+25%
|
2.52
+27%
|
1.69
-33%
|
1.87
+11%
|
1.01
-46%
|
3.7
+266%
|
4.88
+32%
|
2.93
-40%
|
|