Consolidated statement of profit or loss
for the year ended 31 March 2021

Group  31 March 
2021 
Rm
 
31 March 
2020 
Rm 
Property revenue  3 117  3 446 
Straight-line rental income accrual  (67) 55 
Gross property revenue  3 050  3 501 
Property expenses  (1 203) (1 144)
Expected credit loss (ECL): tenant receivables  (51) 15 
Net profit from property operations  1 796  2 372 
Corporate and administrative expenses  (286) (279)
Total investment and other income  318  422 
Fair value movement on non-designated portion of CCIRS  (32) 113 
Profit before finance costs  1 796  2 628 
Finance costs  (707) (615)
Profit after finance costs  1 089  2 013 
Profit/(loss) on sale of investment property  (9)
Loss on sale of equity-accounted associate  (32) – 
Fair value gain/(loss) on financial instruments  233  (744)
Impairments  (13) (30)
Foreign exchange gain/(loss) on GBP loans  (65)
Profit before changes in fair value of investment property  1 288  1 165 
Fair value adjustments:  (847) (1 291)
Gross change in fair value of investment property  (920) (1 243)
Change in fair value of right-of-use asset 
Straight-line rental income adjustment  67  (55)
Profit/(loss) before equity-accounted investment  441  (126)
Share of income from associate  18  127 
Share of loss from joint venture  (1) – 
Profit before taxation  458 
Taxation  (40) (40)
Profit/(loss) for the year  418  (39)
Attributable to owners of the parent  584  (103)
Attributable to non-controlling interest  (166) 64