Five year summary
| 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 |
- 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.
- 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.
- 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.
- 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.
- 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.
