2010
£m
2009
£m
20081
£m
20072
£m
20062
£m
Income statement
Before exceptional items
Group revenue 833.4 821.2 818.0 1,641.1 1,828.7
Costs (392.5) (418.7) (317.4) (1,046.2) (1,267.8)
440.9 402.5 500.6 594.9 560.9
Loss/(profit) on disposal of non-current asset properties (32.5) (130.8) 57.3 118.2 74.5
Net surplus/(deficit) on revaluation of investment properties 746.0 (4,113.4) (1,158.4) 1,307.6 1,579.5
Impairment of trading properties (10.6) (93.2)
Operating profit/(loss) 1,143.8 (3,841.7) (600.5) 2,020.7 2,214.9
Net interest expense (212.1) (332.5) (286.4) (220.9) (194.5)
931.7 (4,174.2) (886.9) 1,799.8 2,020.4
Share of the profit/(loss) of joint ventures and associates (post-tax) 137.6 (599.0) (101.1) 81.3 110.3
Profit/(loss) before tax 1,069.3 (4,773.2) (988.0) 1,881.1 2,130.7
Income tax 23.1 (0.5) 15.1 (445.0) (593.3)
Profit/(loss) after tax 1,092.4 (4,773.7) (972.9) 1,436.1 1,537.4
Exceptional items
Goodwill impairment (64.5)
Profit on disposal of joint venture (Telereal) 293.0
Exceptional tax in joint ventures 98.0
Total exceptional items 98.0 228.5
Tax on exceptional items 1,994.2 (90.0)
Exceptional items post tax 2,092.2 138.5
Profit/(loss) for the financial year from continuing activities 1,092.4 (4,773.7) (972.9) 3,528.3 1,675.9
Discontinued operations (420.9) 142.1
Profit/(loss) for the financial year 1,092.4 (5,194.6) (830.8) 3,528.3 1,675.9
Revaluation surplus/(deficit) for the year
Group 746.0 (4,113.4) (1,158.4) 1,307.6 1,579.5
Joint ventures 117.8 (630.3) (134.2) 75.1 105.5
Total 863.8 (4,743.7) (1,292.6) 1,382.7 1,685.0
Revenue profit 251.8 314.9 284.8 392.2 391.3
Balance sheet
Investment properties 8,044.3 7,929.4 12,296.7 13,319.3 11,467.6
Operating properties 544.8 551.5 536.1
Net investment in finance leases 115.4 116.3 333.7 262.4 233.9
Goodwill 148.6 129.6 34.3
Investment in joint ventures, associates, Public Private Partnerships and loans 872.1 980.8 1,478.9 1,338.8 829.5
Other property, plant and equipment 12.8 14.3 73.6 78.2 73.6
Net pension benefit assets 3.0 11.0
Deferred tax assets 1.9 0.9
Total non-current assets 9,044.6 9,045.7 14,888.2 15,679.8 13,175.0
Trading properties and long-term development contracts 87.9 94.9 173.0 148.3 255.9
Cash, cash equivalents, short-term borrowings, overdrafts and derivative financial instruments (53.7) 1,525.9 (752.0) (1,615.9) (148.0)
Other current assets and liabilities (172.1) (395.2) (250.2) (677.9) (218.6)
Non-current assets classified as held for sale (net) 236.4 819.3
Total current assets and liabilities (137.9) 1,225.6 (592.8) (1,326.2) (110.7)
Provisions (1.5) (77.6) (80.7) (58.2)
Borrowings (3,209.7) (5,449.5) (4,632.5) (3,472.0) (3,537.9)
Net pension benefits obligation (6.5) (5.6) (6.5)
Deferred tax liabilities (1.6) (2.4) (4.0) (1,967.8)
Total non-current liabilities (3,217.7) (5,451.1) (4,712.5) (3,562.3) (5,570.4)
Net assets 5,689.0 4,820.2 9,582.9 10,791.3 7,493.9
Net debt (3,263.4) (3,923.6) (5,384.5) (5,087.9) (3,685.9)
Results per share from continuing activities
Total dividend payable in respect of the financial year (actual) 28.00p 56.50p 64.00p 53.00p 46.70p
Total dividend payable in respect of the financial year (restated)5 n/a 51.61p 57.68p 47.76p 42.08p
Basic earnings/(loss) per share3,4 144.04p (918.04)p (188.43)p 679.04p 322.54p
Diluted earnings/(loss) per share3,4 143.96p (918.04)p (188.43)p 676.29p 321.23p
Adjusted earnings per share3,4 34.10p 62.60p 60.93p 63.51p 63.76p
Adjusted diluted earnings per share3,4 34.08p 62.57p 60.79p 63.26p 63.50p
Net assets per share3,4 750p 639p 1862p 2076p 1439p
Diluted net assets per share3,4 750p 639p 1859p 2070p 1433p
Adjusted net assets per share3,4 691p 593p 1765p 1972p 1730p
Adjusted diluted net assets per share3,4 691p 593p 1763p 1965p 1723p
  1. The results for the year ended 31 March 2008 have been restated, in compliance with IFRS 5, to reclassify the results of Trillium from continuing activities to discontinued operations.
  2. The results from continuing activities for the year ended 31 March 2007 and 31 March 2006 include the results of Trillium which was disposed of in January 2009.
  3. The earnings/(loss) per share and the net asset per share for the years ended 31 March 2007, 31 March 2006 and 31 March 2005 have been adjusted for the bonus element inherent in the Rights Issue that was approved on 9 March 2009.
  4. The earnings/(loss) per share and the net asset per share for the year ended 31 March 2008 have been adjusted for the bonus element inherent in the Rights Issue that was approved on 9 March 2009 and the reclassification of the Trillium discontinued operations from continuing activities to discontinued operations.
  5. The restated total dividend payable represents the theoretical dividend per share that would have been paid had the bonus shares inherent in the Rights Issue been in existence at the relevant dividend dates.