Five year summary
| 2011 £m | 2010 £m | 2009 £m | 2008(1) £m | 2007(2) £m |
|
|---|---|---|---|---|---|
| Income statement | |||||
| Before exceptional items | |||||
| Group revenue | 701.9 | 833.4 | 821.2 | 818.0 | 1,641.1 |
| Costs | (270.8) | (392.5) | (326.4) | (317.4) | (1,046.2) |
| 431.1 | 440.9 | 494.8 | 500.6 | 594.9 | |
| Profit/(loss) on disposal of non-current asset properties | 75.7 | (32.5) | (130.8) | 57.3 | 118.2 |
| Net surplus/(deficit) on revaluation of investment properties | 794.1 | 746.0 | (4,113.4) | (1,158.4) | 1,307.6 |
| Impairment of trading properties | (1.4) | (10.6) | (92.3) | – | – |
| Operating profit/(loss) | 1,299.5 | 1,143.8 | (3,841.7) | (600.5) | 2,020.7 |
| Net interest expense | (216.1) | (212.1) | (332.5) | (286.4) | (220.9) |
| 1,083.4 | 931.7 | (4,174.2) | (886.9) | 1,799.8 | |
| Share of the profit/(loss) of joint ventures (post-tax) | 143.9 | 137.6 | (599.0) | (101.1) | 81.3 |
| Profit/(loss) before tax | 1,227.3 | 1,069.3 | (4,773.2) | (988.0) | 1,881.1 |
| Income tax | 16.8 | 23.1 | (0.5) | 15.1 | (445.0) |
| Profit/(loss) after tax | 1,244.1 | 1,092.4 | (4,773.7) | (972.9) | 1,436.1 |
| Exceptional items | |||||
| Exceptional tax in joint ventures | – | – | – | – | 98.0 |
| Total exceptional items | – | – | – | – | 98.0 |
| Tax on exceptional items | – | – | – | – | 1,994.2 |
| Exceptional items post tax | – | – | – | – | 2,092.2 |
| Profit/(loss) for the financial year from continuing activities | 1,244.1 | 1,092.4 | (4,773.7) | (972.9) | 3,528.3 |
| Discontinued operations | – | – | (420.9) | 142.1 | – |
| Profit/(loss) for the financial year | 1,244.1 | 1,092.4 | (5,194.6) | (830.8) | 3,528.3 |
| Revaluation surplus/(deficit) for the year: | |||||
| Group | 794.1 | 746.0 | (4,113.4) | (1,158.4) | 1,307.6 |
| Joint ventures | 114.7 | 117.8 | (630.3) | (134.2) | 75.1 |
| Total | 908.8 | 863.8 | (4,743.7) | (1,292.6) | 1,382.7 |
| Revenue profit | 274.7 | 251.8 | 314.9 | 284.8 | 392.2 |
|
Balance sheet |
|||||
| Investment properties | 8,889.0 | 8,044.3 | 7,929.4 | 12,296.7 | 13,319.3 |
| Operating properties | – | – | – | 544.8 | 551.5 |
| Other property, plant and equipment | 11.3 | 12.8 | 14.3 | 73.6 | 78.2 |
| Net investment in finance leases | 116.9 | 115.4 | 116.3 | 333.7 | 262.4 |
| Loan investments | 72.2 | 84.3 | 50.0 | – | – |
| Goodwill | – | – | – | 148.6 | 129.6 |
| Investment in joint ventures | 939.6 | 787.8 | 930.8 | 1,410.6 | 1,338.8 |
| Investment in associate undertakings | – | – | – | 42.9 | – |
| Investment in Public Private Partnerships | – | – | – | 25.4 | – |
| Net pension benefit assets | 8.7 | – | 3.0 | 11.0 | – |
| Deferred tax assets | – | – | 1.9 | 0.9 | – |
| Trade and other receivables | 77.0 | – | – | – | – |
| Total non-current assets |
10,114.6 |
9,044.6 | 9,045.7 | 14,888.2 | 15,679.8 |
| Trading properties and long-term development contracts | 129.3 | 87.9 | 94.9 | 173.0 | 148.3 |
| Derivative financial instruments | – | 1.0 | – | 4.3 | 14.6 |
| Trade and other receivables | 354.3 | 334.4 | 392.1 | 838.0 | 641.8 |
| Monies held in restricted accounts and deposits | 35.1 | 95.6 | 29.9 | – | – |
| Cash and cash equivalents | 37.6 | 159.4 | 1,609.1 | 48.4 | 52.7 |
| Non-current assets classified as held for sale | – | – | – | 664.1 | 2,420.3 |
| Total current assets | 556.3 | 678.3 | 2,126.0 | 1,727.8 | 3,277.7 |
| Borrowings |
(33.0) |
(308.6) | (1.1) | (794.0) | (1,683.2) |
| Derivative financial instruments | – | (1.1) | (112.0) | (10.7) | – |
| Trade and other payables | (423.2) | (395.5) | (625.8) | (927.2) | (783.9) |
| Provisions | (7.4) | (1.5) | – | (40.9) | (19.5) |
| Current tax liabilities | (35.5) | (111.0) | (161.5) | (161.0) | (535.8) |
| Liabilities directly associated with non-current assets classified as held for sale | – | – | – | (427.7) | (1,601.0) |
| Total current liabilities | (499.1) | (817.7) | (900.4) | (2,361.5) | (4,623.4) |
| Borrowings | (3,351.3) | (3,209.7) | (5,449.5) | (4,632.5) | (3,472.0) |
| Derivative financial instruments | (2.0) | – | – | – | – |
| Pension deficit | – | (6.5) | – | – | (5.6) |
| Provisions | – | – | – | (36.7) | (61.2) |
| Deferred tax liabilities | – | – | (1.6) | (2.4) | (4.0) |
| Trade and other payables | (6.2) | – | – | – | – |
| Total non-current liabilities | (3,359.5) | (3,216.2) | (5,451.1) | (4,671.6) | (3,542.8) |
| Net assets | 6,812.3 | 5,689.0 | 4,820.2 | 9,582.9 | 10,791.3 |
| Net debt | (3,316.6) | (3,263.4) | (3,923.6) | (5,384.5) | (5,087.9) |
| Results per share from continuing activities | |||||
| Total dividend payable in respect of the financial year (actual) | 28.20 p |
28.00 p |
56.50 p |
64.00 p |
53.00 p |
| Total dividend payable in respect of the financial year (restated)1 | n/a | n/a | 51.70 p |
57.68 p |
47.76 p |
| Basic earnings/(loss) per share2,3 | 162.33 p |
144.04 p |
(918.04) p |
(188.43) p |
679.04 p |
| Diluted earnings/(loss) per share2,3 | 162.18 p |
143.96 p |
(918.04) p |
(188.43) p |
676.29 p |
| Adjusted earnings per share2,3 | 36.35 p |
34.01 p |
62.60 p |
60.93 p |
63.51 p |
| Adjusted diluted earnings per share2,3 | 36.31 p |
34.08 p |
62.57 p |
60.79 p |
63.26 p |
| Net assets per share2,3 | 885 p |
750 p |
639 p |
1862 p |
2076 p |
| Diluted net assets per share2,3 | 884 p |
750 p |
639 p |
1859 p |
2070 p |
| Adjusted net assets per share2,3 | 827 p |
691 p |
593 p |
1765 p |
1972 p |
| Adjusted diluted net assets per share2,3 | 826 p |
691 p |
593 p |
1763 p |
1965 p |
- 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.
- The earnings/(loss) per share and the net asset per share for the year ended 31 March 2008 has 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 earnings/(loss) per share and the net asset per share for the year ended 31 March 2007 has been adjusted for the bonus element inherent in the Rights Issue that was approved on 9 March 2009.
Related Documents
