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Changes to reviewed provisional condensed consolidated financial results announcement
DIPULA INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2005/013963/06)
JSE share code: DIA ISIN: ZAE000158317
JSE share code: DIB ISIN: ZAE000158325
(Approved as a REIT by the JSE)
(“Dipula” or “the company” or “the group”)
CHANGES TO REVIEWED PROVISIONAL CONDENSED CONSOLIDATED FINANCIAL RESULTS ANNOUNCEMENT
Linked unitholders are referred to the announcement released on SENS on 23 December 2014 and are advised that
Dipula’s integrated annual report which was dispatched to linked unitholders on Friday, 19 December 2014 contained
certain modifications to the reviewed provisional condensed consolidated results for the year ended 31 August 2014
(“reviewed results”), which were published on Wednesday, 12 November 2014.
RECLASSIFICATIONS IN THE COMPARATIVE STATEMENT OF COMPREHENSIVE INCOME AND
STATEMENT OF CASH FLOWS
Following guidance given by the JSE in terms of their proactive monitoring of financial statements process, the group
has reclassified the following items in the 2013 statement of comprehensive income and statement of cash flows:
(a) Previously, the group accounted for antecedent interest, which arises when the group issues units between
distribution dates at a market price that includes accrued interest, by recognising this as interest income in the
statement of comprehensive income, which is then matched to the interest expense when the group pays its next
debenture distribution. Following reviews of the annual financial statements of property companies by the JSE and the
Financial Reporting Investigation Panel, it was noted that this accounting treatment is incorrect, in that the antecedent
interest should be added to the debenture’s initial carrying amount, and this liability reduced when the cash flows of
the debenture interest are made on the next distribution date.
The change in this accounting treatment has no impact on profit or loss, but results in both interest received and
debenture interest being reduced by R13,567 million.
(b) Previously, the company recognised the amortisation of debenture premium as a component of net finance
income/(charges) line in the statement of comprehensive income. Following the review of the annual financial
statements of certain property companies by the JSE and the Financial Reporting Investigation Panel, it was noted that
this disclosure is incorrect, as the measurement of debentures and amortisation of debenture premium should result in
a single amount being disclosed as the interest expense on the debentures, as the application of the effective interest
rate method requires this calculation to include premiums and discounts and would therefore not result in separate
disclosure items for debenture interest and debenture amortisation.
The change in this accounting treatment has no impact on profit or loss, but results in both the amortisation of
debenture premium and debenture interest paid being reduced by R7,146 million in the comparative statement of
comprehensive income.
These changes are highlighted in the table below:
Integrated Annual
Reviewed results Report
Reviewed Audited Audited Audited Variance Variance
Year Year Year Year Year Year
ended ended ended ended ended ended
31 August 31 August 31 August 31 August 31 August 31 August
2014 2013 2014 2013 2014 2013
R'000 R'000 R'000 R'000 R'000 R'000
STATEMENT OF COMPREHENSIVE
INCOME
Profit from operations 450 726 430 153 450 726 430 153 - -
Net Interest (113 931) (68 243) (117 911) (75 389) 3 980 7 146
Interest paid (121 888) (80 863) (121 888) (80 863)
Amortisation of debenture premium 3 980 7 146 - - 3 980 7 146
Interest received 3 977 5 474 3 977 5 474 - -
Profit before debenture interest and
taxation 336 795 361 910 332 815 354 764 3 980 7 146
Debenture interest (248 741) (201 649) (244 761) (194 503) (3 980) (7 146)
Debenture interest payable to linked
unitholders (249 121) (215 216) (249 121) (215 216) - -
Add: Amortisation of debenture
premium - - 3 980 7 146 (3 980) (7 146)
Add: Antecedent interest portion 380 13 567 380 13 567 - -
Profit before taxation 88 054 160 261 88 054 160 261 - -
EARNINGS PER SHARE
Basic earnings per A-linked unit (cents) 116.10 156.44 114.62 153.80 1.48 2.64
Basic earnings per B-linked unit (cents) 101.53 140.37 100.44 137.73 1.09 2.64
Headline earnings per A-linked unit
(cents) 93.40 90.23 92.07 87.59 1.33 2.64
Headline earnings per B-linked unit
(cents) 79.13 74.16 77.89 71.54 1.24 2.62
RECLASSIFICATION OF ITEMS IN THE STATEMENT OF FINANCIAL POSITION
A misallocation was identified in finalising trade and other receivables and trade and other payables and, though insignificant, was
corrected in the table below:
STATEMENT OF FINANCIALPOSITION
Trade and other receivables 68 142 33 983 70 575 33 983 (2 433) -
Trade and other payables (85 880) (56 793) (88 313) (56 793) 2 433 -
28 January 2015
Sponsor
Java Capital
Date: 28/01/2015 10:32:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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information disseminated through SENS.
