Statement of comprehensive income in accordance with INREV valuation principles

As at 31 December

2015

2014

IFRS

Adjustment

INREV

IFRS

Adjustment

INREV

Gross rental income

41,999

-

41,999

37,920

-

37,920

Service charge income

7,814

-

7,814

6,640

-

6,640

Other income

704

-

704

1,805

-

1,805

Revenues

50,517

-

50,517

46,365

-

46,365

Service charge expenses

(10,601)

-

(10,601)

(8,466)

-

(8,466)

Property operating expenses

(13,063)

-

(13,063)

(9,107)

-

(9,107)

(23,664)

-

(23,664)

(17,573)

-

(17,573)

Net rental income

26,853

-

26,853

28,792

-

28,792

Profit (loss) on sales of investment property

535

-

535

-

-

-

Positive fair value adjustment

8,664

-

8,664

1,216

-

1,216

Negative fair value adjustment

(28,798)

(1,468)

(30,266)

(26,891)

7,344

(19,547)

Net valuation gain on investment property

(20,134)

(1,468)

(21,602)

(25,675)

7,344

(18,331)

Administrative expenses

(3,221)

-

(3,221)

(2,526)

(100)

(2,626)

Result before finance expense

4,033

(1,468)

2,565

591

7,244

7,835

Finance income

1

-

1

21

-

21

Net finance expense

1

-

1

21

-

21

Result before tax

4,034

(1,468)

2,566

612

7,244

7,856

Income taxes

-

-

-

-

-

-

Net result

4,034

(1,468)

2,566

612

7,244

7,856

Other comprehensive income for the year

-

-

-

-

-

-

Total comprehensive income for the year

4,034

(1,468)

2,566

612

7,244

7,856

Net result attributable to shareholders

4,034

(1,468)

2,566

612

7,244

7,856

Total comprehensive income attributable to shareholders

4,034

(1,468)

2,566

612

7,244

7,856