SA Corporate Real Estate Fund Managers (Pty) Ltd
JSE:SAC
Income Statement
Earnings Waterfall
SA Corporate Real Estate Fund Managers (Pty) Ltd
Revenue
|
2.5B
ZAR
|
Operating Expenses
|
-1.3B
ZAR
|
Operating Income
|
1.2B
ZAR
|
Other Expenses
|
31.9m
ZAR
|
Net Income
|
1.2B
ZAR
|
Income Statement
SA Corporate Real Estate Fund Managers (Pty) Ltd
Jul-2004 | Jan-2005 | Jul-2005 | Jan-2006 | Jul-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 | Jun-2023 | Dec-2023 | ||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue | ||||||||||||||||||||||||||||||||||||||||
Revenue |
257
N/A
|
271
+5%
|
245
-9%
|
259
+6%
|
291
+13%
|
278
-5%
|
754
+172%
|
950
+26%
|
1 081
+14%
|
1 182
+9%
|
1 152
-3%
|
1 187
+3%
|
1 257
+6%
|
1 280
+2%
|
1 300
+2%
|
1 286
-1%
|
1 260
-2%
|
1 222
-3%
|
1 207
-1%
|
1 296
+7%
|
1 439
+11%
|
1 563
+9%
|
1 638
+5%
|
1 776
+8%
|
1 881
+6%
|
2 040
+8%
|
2 225
+9%
|
2 362
+6%
|
2 414
+2%
|
2 368
-2%
|
2 367
0%
|
2 262
-4%
|
2 114
-7%
|
2 173
+3%
|
2 442
+12%
|
2 287
-6%
|
2 042
-11%
|
2 181
+7%
|
2 480
+14%
|
|
Gross Profit | ||||||||||||||||||||||||||||||||||||||||
Cost of Revenue |
(66)
|
(63)
|
(36)
|
(33)
|
(51)
|
(60)
|
(167)
|
(219)
|
(251)
|
(285)
|
(351)
|
(393)
|
(392)
|
(413)
|
(432)
|
(440)
|
(443)
|
(432)
|
(442)
|
(455)
|
(494)
|
(530)
|
(558)
|
(593)
|
(615)
|
(649)
|
(711)
|
(777)
|
(833)
|
(868)
|
(910)
|
0
|
(864)
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Gross Profit |
191
N/A
|
208
+9%
|
209
+1%
|
225
+8%
|
240
+7%
|
218
-10%
|
588
+170%
|
731
+24%
|
830
+14%
|
897
+8%
|
800
-11%
|
794
-1%
|
865
+9%
|
868
+0%
|
868
+0%
|
846
-3%
|
817
-3%
|
790
-3%
|
765
-3%
|
841
+10%
|
945
+12%
|
1 033
+9%
|
1 080
+5%
|
1 183
+10%
|
1 266
+7%
|
1 391
+10%
|
1 514
+9%
|
1 584
+5%
|
1 582
0%
|
1 500
-5%
|
1 457
-3%
|
0
N/A
|
1 250
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
0
N/A
|
|
Operating Income | ||||||||||||||||||||||||||||||||||||||||
Operating Expenses |
(20)
|
(22)
|
(9)
|
(11)
|
(22)
|
(23)
|
(43)
|
(52)
|
(79)
|
(85)
|
(49)
|
(38)
|
(58)
|
(54)
|
(51)
|
(51)
|
(55)
|
(62)
|
(56)
|
(51)
|
28
|
(72)
|
(59)
|
(63)
|
(64)
|
(69)
|
(68)
|
(118)
|
(76)
|
(25)
|
(73)
|
(1 033)
|
(218)
|
(1 090)
|
(1 002)
|
(968)
|
(1 006)
|
(1 046)
|
(1 303)
|
|
Selling, General & Administrative |
(9)
|
(12)
|
(9)
|
(11)
|
(17)
|
(15)
|
(60)
|
(67)
|
(45)
|
(43)
|
(45)
|
(52)
|
(58)
|
(54)
|
(51)
|
(51)
|
(55)
|
(62)
|
(56)
|
(50)
|
(53)
|
(38)
|
(58)
|
(77)
|
(61)
|
(66)
|
(64)
|
(68)
|
(70)
|
(61)
|
(60)
|
0
|
(194)
|
(21)
|
(1 041)
|
(1 032)
|
(23)
|
(16)
|
(20)
|
|
Depreciation & Amortization |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(3)
|
(4)
|
(6)
|
(6)
|
(8)
|
(12)
|
0
|
(24)
|
0
|
(12)
|
0
|
0
|
0
|
0
|
|
Other Operating Expenses |
(11)
|
(10)
|
(0)
|
(0)
|
(5)
|
(8)
|
17
|
16
|
(35)
|
(42)
|
(4)
|
13
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
81
|
(33)
|
(0)
|
15
|
0
|
0
|
0
|
(44)
|
0
|
44
|
0
|
(1 033)
|
0
|
(1 069)
|
51
|
64
|
(983)
|
(1 030)
|
(1 283)
|
|
Operating Income |
171
N/A
|
186
+9%
|
200
+8%
|
214
+7%
|
219
+2%
|
194
-11%
|
545
+180%
|
680
+25%
|
751
+11%
|
813
+8%
|
752
-8%
|
756
+1%
|
807
+7%
|
814
+1%
|
817
+0%
|
794
-3%
|
763
-4%
|
728
-5%
|
710
-3%
|
791
+11%
|
973
+23%
|
961
-1%
|
1 021
+6%
|
1 120
+10%
|
1 203
+7%
|
1 322
+10%
|
1 446
+9%
|
1 466
+1%
|
1 506
+3%
|
1 475
-2%
|
1 385
-6%
|
1 228
-11%
|
1 032
-16%
|
1 083
+5%
|
1 440
+33%
|
1 320
-8%
|
1 037
-21%
|
1 135
+9%
|
1 177
+4%
|
|
Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||
Interest Income Expense |
(8)
|
(9)
|
(15)
|
(20)
|
66
|
290
|
666
|
(84)
|
(117)
|
(155)
|
(167)
|
(165)
|
(197)
|
(178)
|
(162)
|
(203)
|
(189)
|
142
|
301
|
192
|
179
|
73
|
374
|
486
|
1 278
|
1 276
|
84
|
(21)
|
(678)
|
(1 055)
|
(1 138)
|
(2 442)
|
(2 524)
|
(1 182)
|
(794)
|
(343)
|
(33)
|
(331)
|
(64)
|
|
Non-Reccuring Items |
63
|
125
|
372
|
374
|
116
|
(1)
|
(5)
|
146
|
(1 229)
|
(1 260)
|
(506)
|
(565)
|
291
|
298
|
(240)
|
(365)
|
222
|
269
|
(11)
|
9
|
0
|
81
|
18
|
30
|
0
|
0
|
0
|
0
|
0
|
2
|
0
|
(3)
|
1
|
(2)
|
(19)
|
(39)
|
(133)
|
(113)
|
0
|
|
Gain/Loss on Disposition of Assets |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total Other Income |
0
|
(3)
|
(2)
|
(12)
|
(3)
|
(15)
|
(39)
|
421
|
(6)
|
(45)
|
(7)
|
(11)
|
(26)
|
(29)
|
(29)
|
(8)
|
(8)
|
0
|
13
|
(185)
|
(185)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(19)
|
(48)
|
(30)
|
103
|
|
Pre-Tax Income |
227
N/A
|
299
+32%
|
556
+86%
|
556
N/A
|
397
-29%
|
468
+18%
|
1 166
+149%
|
1 162
0%
|
(600)
N/A
|
(646)
-8%
|
72
N/A
|
15
-79%
|
875
+5 582%
|
905
+3%
|
387
-57%
|
218
-44%
|
787
+262%
|
1 139
+45%
|
1 013
-11%
|
806
-20%
|
967
+20%
|
1 114
+15%
|
1 414
+27%
|
1 635
+16%
|
2 481
+52%
|
2 598
+5%
|
1 530
-41%
|
1 446
-5%
|
828
-43%
|
422
-49%
|
247
-41%
|
(1 216)
N/A
|
(1 491)
-23%
|
(101)
+93%
|
627
N/A
|
919
+47%
|
823
-10%
|
660
-20%
|
1 217
+84%
|
|
Net Income | ||||||||||||||||||||||||||||||||||||||||
Tax Provision |
0
|
(1)
|
(11)
|
(12)
|
2
|
(28)
|
(78)
|
(43)
|
78
|
82
|
74
|
62
|
(23)
|
(36)
|
28
|
27
|
(50)
|
113
|
147
|
0
|
(0)
|
6
|
0
|
(8)
|
(1)
|
(9)
|
(4)
|
7
|
2
|
4
|
6
|
(0)
|
(2)
|
(5)
|
(6)
|
(2)
|
(4)
|
(5)
|
(8)
|
|
Income from Continuing Operations |
227
|
298
|
545
|
544
|
399
|
440
|
1 089
|
1 119
|
(523)
|
(564)
|
146
|
77
|
852
|
869
|
415
|
245
|
737
|
1 252
|
1 159
|
806
|
967
|
1 121
|
1 414
|
1 628
|
2 480
|
2 589
|
1 526
|
1 453
|
830
|
426
|
253
|
(1 216)
|
(1 494)
|
(106)
|
621
|
917
|
819
|
655
|
1 209
|
|
Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(0)
|
18
|
0
|
(17)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Net Income (Common) |
227
N/A
|
298
+31%
|
545
+83%
|
544
0%
|
399
-27%
|
440
+10%
|
1 089
+147%
|
1 119
+3%
|
(523)
N/A
|
(564)
-8%
|
146
N/A
|
77
-47%
|
852
+1 007%
|
869
+2%
|
415
-52%
|
245
-41%
|
737
+201%
|
1 252
+70%
|
1 159
-7%
|
806
-30%
|
967
+20%
|
1 121
+16%
|
1 414
+26%
|
1 628
+15%
|
2 480
+52%
|
2 589
+4%
|
1 526
-41%
|
1 453
-5%
|
848
-42%
|
426
-50%
|
236
-45%
|
(1 216)
N/A
|
(1 494)
-23%
|
(106)
+93%
|
621
N/A
|
917
+48%
|
819
-11%
|
655
-20%
|
1 209
+85%
|
|
EPS (Diluted) |
0.32
N/A
|
0.41
+28%
|
0.75
+83%
|
0.74
-1%
|
0.54
-27%
|
0.42
-22%
|
0.57
+36%
|
0.52
-9%
|
-0.25
N/A
|
-0.27
-8%
|
0.07
N/A
|
0.04
-43%
|
0.41
+925%
|
0.42
+2%
|
0.2
-52%
|
0.12
-40%
|
0.36
+200%
|
0.62
+72%
|
0.58
-6%
|
0.41
-29%
|
0.48
+17%
|
0.56
+17%
|
0.7
+25%
|
0.71
+1%
|
1.07
+51%
|
1.09
+2%
|
0.62
-43%
|
0.57
-8%
|
0.34
-40%
|
0.17
-50%
|
0.09
-47%
|
-0.48
N/A
|
-0.59
-23%
|
-0.04
+93%
|
0.25
N/A
|
0.36
+44%
|
0.33
-8%
|
0.26
-21%
|
0.49
+88%
|