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	35,662		35,662	37,620		37,620
Service charge income	1,930		1,930	1,982		1,982
Other income	159		159	207		207
Revenues	37,751		37,751	39,809		39,809

Service charge expenses	(2,203)		(2,203)	(2,329)		(2,329)
Property operating expenses	(4,631)		(4,631)	(4,533)		(4,533)
	(6,834)		(6,834)	(6,862)		(6,862)
Net rental income	30,917		30,917	32,947		32,947

Profit (loss) on sales of investment property	(8,356)		(8,356)	694		694

Positive fair value adjustment	32,719		32,719	51,767		51,767
Negative fair value adjustment	(40,846)	1,263	(39,583)	(35,015)	(241)	(35,256)
Net valuation gain (loss) on investment property	(8,127)	1,263	(6,864)	16,752	(241)	16,511

Administrative expenses	(3,254)	(100)	(3,354)	(3,171)	(100)	(3,271)
Result before finance expense	11,180	1,163	12,343	47,222	(341)	46,881

Finance income	5		5	4		4
Net finance expense	5		5	4		4

Result of participation	-		-	-		-

Result before tax	11,185	1,163	12,348	47,226	(341)	46,885
Income taxes	-		-	(77)		(77)
Net result	11,185		12,348	47,149		46,808

Other comprehensive income for the year	-		-	-		-
Total comprehensive income for the year	11,185		12,348	47,149		46,808
	11,185		12,348	47,149		46,808
Net result attributable to shareholders	11,185		12,348	47,149		46,808
Total comprehensive income attributable to shareholders	11,185		12,348	47,149		46,808

Earnings per share (€)
Basic earnings per share	46.76		51.62	203.15		201.68
Diluted earnings per share	46.76		51.62	203.15		201.68

Financial overviews in accordance with INREV valuation principles