Due to the number of accounting adjustments that have resulted from changes to accounting standards in the past, the directors of Oryx Properties Limited (“Oryx”) have pleasure in presenting a traditional income statement and balance sheet. This is for the benefit of users who wish to analyse the Oryx financials in a more user friendly format.
The following balance sheet and income statement are therefore unaudited and are provided as additional information, in a format better suited to user analysis. They are identical to the audited financials with the following exceptions:
1)
2)
3)
4)
Removal of the effects of straight lining of rentals
IFRS requires rentals to be recognised on a straight line basis over the period of the lease. This means that all escalations are taken into account upfront and smoothed over the period of the lease. In the audited financials this results in an increase to rentals in the first half of the lease and a decrease in the second half. The increase is recognised in the income statement as rental and in the balance sheet as a non-current receivable. There is a corresponding decrease in the revaluation of the investment properties. In the IFRS financials, the effects of straight lining of rentals are then moved to non-distributable reserves.
All straight lining adjustments have been removed in the traditional balance sheet and income statement as presented herein.
Removal of the provision for deferred taxation on revaluations
IFRS requires deferred taxation to be raised on the revaluation of land on the basis of the tax consequences that would follow from recovery of the carrying amount of that asset through sale and on buildings at the corporate tax rate. However, there is no capital gains tax in Namibia, and the deferred taxation on revaluations of both land and buildings has therefore been removed in the financials which follow.
Removal of the derivative
The derivative relates to a put and call option which Bank Windhoek had on the building it leased from Oryx. IFRS required that this option be revalued each year with the gain or loss taken to the income statement. In the IFRS financial statements this is then moved to non-distributable reserves. The derivative has been removed from the traditional financials as it does not affect distributions.
Removal of the effects of reclassifying and amortising debenture premium
IFRS requires that amounts that were classified as share premium are now allocated to debenture premium and reflected as a long-term liability. This amount is required to be amortised over the minimum contractual period of the debentures, being the remaining period of 25 years from December 2002. As the amount is not a liability, and is legally classified as share premium, the traditional financials have classified these amounts back to share premium and have removed the amortisation thereof.
A reconciliation back to the audited IFRS financials is presented below both the income statement and balance sheet.

2
ASSETS
Non-current assets
Investment properties
Property and equipment
Deferred expenses
Current assets
Investment property held for sale
Trade and other receivables
Taxation receivable
Cash and cash equivalents
TOTAL ASSETS
EQUITY AND LIABILITIES
Capital and reserves
Share capital
Share premium
Non-distributable reserves
Per IFRS
Deferred taxation on revaluations
Derivative revaluation
Accumulated amortisation on debenture premium
Distributable reserves
Non-current liabilities
Debentures
Long-term borrowings
Deferred taxation
Current liabilities
Trade and other payables
Deferred income
Linked unitholders for distribution
TOTAL EQUITY AND LIABILITIES
Reconciliation of equity
Equity per traditional balance sheet above
Less:
Deferred tax on revaluations
Reclassification of share premium to debenture premium
Revaluation of put option
Add back:
Amortisation of debenture premium
EQUITY PER AUDITED IFRS BALANCE SHEET
Notes*
5
6
8
12.1
12.2
13
5
9.1
9.2
10
11
13
27
14
Group
2008 2007
N$'000 N$'000
715 894 699
58 95
2 581 2
718 533 701
1 335 27
3 680 5
- 109
17 123 22
22 138 33
740 671 735
550 550
60 803 60
251 223 237
196 614 180
61 525 60
1 271
(6 916)
881
(4 139)
783
313 457 299
247 137
140 000
8 438
395 575
247 137
150 732
9 009
406 878
5 122 3 334
1 463 1 332
25 054 23
31 639 28
740 671 735 198
313 457
(61 525)
(60 803)
-
299 977
(60 473)
(60 803)
(1 271)
6 916 4 139
198 045 181

REVENUE
Rental
Rental expense
NET RENTAL INCOME
Investment income
Other income
Other expenses
OPERATING PROFIT BEFORE FINANCE COSTS
Less: Finance costs
OPERATING PROFIT BEFORE TAXATION
Deferred taxation
SA normal taxation
DISTRIBUTABLE EARNINGS
Debenture interest
UNDISTRIBUTED INCOME
Capital profits
Profit on sale of investment properties
Changes in fair value of investment properties
NET PROFIT FOR THE YEAR
WEIGHTED EARNINGS PER LINKED UNIT (CENTS)
Reconciliation to IFRS income statement:
Net profit per traditional income statement above
Add back:
Rental straight lining
Amortisation of debenture premium
Less:
Revaluation straight lining adjustment
Fair value adjustment on derivative
Deferred taxation on revaluations
NET PROFIT PER AUDITED IFRS INCOME STATEMENT
Notes*
15
16
17
18
22
24.1
5
Group
2008 2007
N$'000 N$'000
84 267
(15 599)
2
(5 322)
64 345
(15 412)
76 379
(12 924)
68 668 63 455
997 1
-
(4 230)
60 882
(15 104)
48 933
(21)
45 778
(158)
48 912 45
(48 849)
63
20 860
8 036
(18)
(45 496)
106
73 048
-
12 824 73
20 923 73 154
126,76 227,64
20 923
4 177
2 777
73 154
4 848
2 251
(4 177)
1 271
(3 298)
(4 848)
2 178
(21 698)
21 673 55
Notes*: Users are referred to the notes as included in the 2008 Annual Report
A n n u a l R e p o r t 2 0 0 8 3

Managed by Oryx Management Services a subsidiary of
61 Independence Avenue, Windhoek
Tel: +264 61 278 100 Fax: +264 61 278 120 www.oryx.com.na email:oryx@oryx.com.na