Statement of comprehensive income in accordance with INREV valuation principles

All amounts in € thousands unless otherwise stated


As at 31 December			2014			2013
	IFRS	Adjustment	INREV	IFRS	Adjustment	INREV
Gross rental income	37,920		37,920	37,784		37,784
Service charge income	6,640		6,640	8,188		8,188
Other income	1,805		1,805	807		807
Revenues	46,365		46,364	46,779		46,779

Service charge expenses	(8,466)		(8,466)	(9,236)		(9,236)
Property operating expenses	(9,107)		(9,107)	(7,442)		(7,442)
	(17,573)		(17,573)	(16,678)		(16,678)
Net rental income	28,792		28,792	30,101		30,101

Profit (loss) on sales of investment property	-		-	-		-

Positive fair value adjustment	1,216		1,216	3,437		3,437
Negative fair value adjustment	(26,891)	7,344	(19,547)	(32,116)		(32,116)
Net valuation gain on investment property	(25,675)		(18,331)	(28,679)		(28,679)

Administrative expenses	(2,526)	(100)	(2,626)	(2,687)	(100)	(2,787)
Result before finance expense	591	(100)	7,835	(1,265)	(100)	(1,365)

Finance income	21		21	5		5
Net finance expense	21		21	5		5

Result before tax	612		7,856	(1,260)		(1,360)
Income taxes	-		-	-		-
Net result	612		7,856	(1,260)		(1,360)

Other comprehensive income for the year	-		-	-		-
Total comprehensive income for the year	612		7,856	(1,260)		(1,360)
Net result attributable to shareholders	-		-	-		-
Net result attributable to shareholders	-		-	-		-
Total comprehensive income attributable to shareholders	612		7,856	(1,260)		(1,360)

Earnings per share (€)
Basic earnings per share	3.01		38.61	(6.29)		(6.79)
Diluted earnings per share	3.01		38.61	(6.29)		(6.79)

Financial overviews in accordance with INREV valuation principles