Create reportclose
Print sectionclose

Open the PDF file and print from your browser.

Downloadsclose

To save select 'Save file' when prompted.

Comparison of Key Figuresclose
 
Site feedbackclose

Summary income statement and balance sheet based on proportional consolidation

The following pro-forma information is unaudited and does not form part of the consolidated financial statements or the associated notes. They present the results of the Group, with the Group’s share of joint ventures and associates proportionately consolidated on a line-by-line basis.

 

Consolidated income statement

Year ended 31/03/09 Year ended 31/03/08
Group
(excl. JVs)
£m

JVs
£m

Total
£m
Group
(excl. JVs)
£m

JVs
£m

Total
£m
Revenue 821.2 103.3 924.5 818.0 111.6 929.6
Costs (326.4) (37.3) (363.7) (317.4) (47.3) (364.7)
494.8 66.0 560.8 500.6 64.3 564.9
(Loss)/profit on disposal of non-current properties (130.8) 2.9 (127.9) 57.3 (7.1) 50.2
Impairment of trading properties (92.3) (12.3 (104.6)
Net deficit on revaluation of investment properties (4,113.4) (630.3) (4,743.7) (1,158.4) (134.2) (1,292.6)
Operating loss (3,841.7) (573.7) (4,415.4) (600.5) (77.0) (677.5)
Net interest expense (332.5) (41.7) (374.2) (286.4) (21.0) (307.4)
Loss before tax (4,174.2) (615.4) (4,789.6) (886.9) (98.0) (984.9)
Income tax (expense)/credit (0.5) (1.3) (1.8) 15.1 (3.1) 12.0
(4,174.7) (616.7) (4,791.4) (871.8) (101.1) (972.9)
Adjustment due to net liabilities 17.7 17.7
Loss for the year from continuing activities (4,174.7) (599.0) (4,773.7) (871.8) (101.1) (972.9)
Back to top
 
 
 

Consolidated balance sheet

At 31/03/09 At 31/03/08
Group
£m
JVs
£m
Total
£m
Group
£m
JVs
£m
Total
£m
Investment properties 7,929.4 1,208.0 9,137.4 12,296.7 1,579.0 13,875.7
Other tangible fixed assets 14.3 14.3 618.4 618.4
7,943.7 1,208.0 9,151.7 12,915.1 1,579.0 14,494.1
Net debt (3,923.6) (459.4) (4,383.0) (5,384.5) (253.5) (5,638.0)
Investments in joint ventures* 930.8 (930.8) 1,410.6 (1,410.6)
Other net assets (130.7) 182.2 51.5 641.7 85.1 726.8
Unadjusted net assets 4,820.2 4,820.2 9,582.9 9,582.9
Minority interest 3.3 3.3
EPRA adjustments 150.2 150.2 12.7 12.7
EPRA adjusted net assets 4,973.7 4,973.7 9,595.6 9,595.6
Reverse bond exchange de-recognition adjustment (499.8) (499.8) (511.5) (511.5)
Adjusted net assets attributable to equity shareholders 4,473.9 4,473.9 9,084.1 9,084.1
Gearing 81.4% 90.9% 56.2% 58.8%
Adjusted gearing (excluding JVs) 96.4% 64.9%
Adjusted gearing (including JVs) 105.9% 67.6%

*Excludes investments in associates of £nil (31 March 2008: £68.3m)

Back to top
 
 
 

Reconciliation of net book value of the investment properties to the market value

At 31/03/09 At 31/03/08
Group
(excl. JVs)
£m

JVs
£m

Total
£m
Group
(excl. JVs)
£m

JVs
£m

Total
£m
Net book value 7,929.4 1,208.0 9,137.4 12,296.7 1,579.0 13,875.7
Plus: amount included in prepayments in respect of lease incentives 189.3 31.6 220.9 180.6 6.6 187.2
Less: head leases capitalised (57.9) (4.9) (62.8) (67.3) (4.4) (71.7)
Plus: properties treated as finance leases 104.7 6.8 111.5 149.2 8.7 157.9
Market value 8,165.5 1,241.5 9,407.0 12,559.2 1,589.9 14,149.1
Back to top
 
 
 

Combined portfolio reconciliation

Retail
Portfolio
£m
London
Portfolio
£m

Other
£m

31/03/09
£m
Retail
Portfolio
£m
London
Portfolio
£m

Other
£m

31/03/08
£m
Income statement – gross rental income reconciliation
Combined portfolio 374.5 306.1 46.8 727.4 373.5 282.1 57.5 713.1
Central London shops (excluding Metro Shopping Fund LP) (42.8) 42.8 (45.4) 45.4
Inner London offices in Metro Shopping Fund LP 0.8 (0.8) 0.8 (0.8)
Rest of UK offices 1.5 0.2 (1.7) 2.3 (2.3)
Other 40.6 4.5 (45.1) 39.4 15.8 (55.2)
374.6 352.8 727.4 370.6 342.5 713.1
Less finance lease adjustment (2.7) (5.3) (8.0) (2.9) (5.9) (8.8)
Total rental income for combined portfolio 371.9 347.5 719.4 367.7 336.6 704.3
Open market value reconciliation
Combined portfolio 4,687.3 3,969.0 750.7 9,407.0 6,851.9 6,124.0 1,046.7 14,022.6
Central London shops (excluding Metro Shopping Fund LP) (939.2) 939.2 (1,008.0) 1,008.0
Inner London offices in Metro Shopping Fund LP 9.8 (9.8) 18.0 (18.0)
Rest of UK offices 51.1 (51.1) 79.6 (79.6)
Other 508.6 191.0 (699.6) 731.8 235.3 (967.1)
Per business unit 4,317.6 5,089.4 9,407.0 6,673.3 7,349.3 14,022.6
Gross estimated rental value reconciliation
Combined portfolio 455.5 325.6 53.6 834.7 451.6 431.6 63.5 946.7
Central London shops (excluding Metro Shopping Fund LP) (85.7) 85.7 (70.1) 70.1
Inner London offices in Metro Shopping Fund LP 0.9 (0.9) 1.0 (1.0)
Rest of UK offices 5.0 5.0 5.7 (5.7)
Other 40.1 8.5 (48.6) 46.3 11.5 (57.8)
Per business unit 415.8 418.9 834.7 434.5 512.2 946.7
Back to top
 
 
 

Development pipeline financial summary

Cumulative movements on the development programme to 31/03/09 Total scheme details


Market value
at start
of scheme
£m

Capital
expenditure
incurred
to date
£m


Capitalised
interest
to date
£m

Revaluation
(deficit)/
surplus
to date1
£m

Disposals,
SIC 15 rent
and other
adjustments
£m


Market
value at
31/03/09
£m

Estimated
total
capital
expenditure4
£m

Estimated
total
capitalised
interest
£m

Estimated
total
cost less
residential2
£m


Net
income/
ERV3
£m
Valuation
deficit
for year
ended/
31/03/09 1
£m
Development programme
transferred or sold
Retail warehouses 11.9 6.7 0.1 (6.7) 0.2 12.2 6.7 0.1 18.7 1.1 (4.6)
London Portfolio 16.0 152.0 10.6 55.7 2.2 236.5 157.1 10.6 183.7 16.7 (24.9)
27.9 158.7 10.7 49.0 2.4 248.7 163.8 10.7 202.4 17.8 (29.5)
Development programme completed,
approved or in progress
Shopping centres and shops 52.5 622.2 38.3 (315.9) 5.5 402.6 752.6 43.7 811.7 44.4 (289.9)
London Portfolio 441.7 564.5 52.7 (321.3) 67.4 805.0 1,019.6 103.8 1,456.5 95.2 (453.7)
494.2 1,186.7 91.0 (637.2) 72.9 1,207.6 1,772.2 147.5 2,268.2 139.6 (743.6)
Movement on proposed developments for the year ended 31/03/09
Proposed developments
Shopping centres and shops 207.0 36.2 11.6 (161.8) (8.0) 85.0 260.1 30.1 375.2 27.5 (161.8)
London Portfolio 426.8 46.9 2.4 (228.2) 28.9 276.8 1,181.2 158.5 1,165.0 97.8 (228.2)
633.8 83.1 14.0 (390.0) 20.9 361.8 1,441.3 188.6 1,540.2 125.3 (390.0)

Notes:

  1. Includes profit realised on the disposal of property.
  2. Includes the property at the market valuation at the start of the financial year in which the property was added to the Development Programme together with estimated capitalised interest. For Proposed Development properties, the market value of the property at 31 March 2009 is included in the estimated total cost. Estimated total cost is stated net of the cost of residential properties for Shopping Centres and shops of £37.1m for developments in progress. The London Portfolio development programme and proposed developments are stated net of the cost of residential properties of £108.6m and £451.5m respectively. Allowances for rent-free periods are excluded from cost.
  3. Net headline annual rental payable on let units plus net ERV at 31 March 2009 on unlet units.
  4. For Proposed Development properties the estimated total capital expenditure represents the outstanding costs required to complete the scheme as at 31 March 2009.
Back to top