Five year summary
| 2009 £m |
20081 £m |
2007 £m |
2006 £m |
2005 £m |
|
| Income statement | |||||
| Before exceptional items | |||||
| Group revenue | 821.2 | 818.0 | 1,641.1 | 1,828.7 | 1,627.1 |
| Costs | (418.7) | (317.4) | (1,046.2) | (1,267.8) | (1,134.7) |
| 402.5 | 500.6 | 594.9 | 560.9 | 492.4 | |
| Loss/(profit) on disposal of non-current asset properties | (130.8) | 57.3 | 118.2 | 74.5 | 112.0 |
| Net (deficit)/surplus on revaluation of investment properties | (4,113.4) | (1,158.4) | 1,307.6 | 1,579.5 | 827.9 |
| Operating (loss)/profit | (3,841.7) | (600.5) | 2,020.7 | 2,214.9 | 1,432.3 |
| Net interest expense | (332.5) | (286.4) | (220.9) | (194.5) | (189.0) |
| (4,174.2) | (886.9) | 1,799.8 | 2,020.4 | 1,243.3 | |
| Share of the (loss)/profit of joint ventures and associates (post-tax) | (599.0) | (101.1) | 81.3 | 110.3 | 141.5 |
| (Loss)/profit before tax | (4,773.2) | (988.0) | 1,881.1 | 2,130.7 | 1,384.8 |
| Income tax | (0.5) | 15.1 | (445.0) | (593.3) | (265.8) |
| (Loss)/profit after tax | (4,773.7) | (972.9) | 1,436.1 | 1,537.4 | 1,119.0 |
| Exceptional items | |||||
| Goodwill impairment | – | – | – | (64.5) | (12.7) |
| Profit on disposal of joint venture (Telereal) | – | – | – | 293.0 | – |
| Debt restructuring costs | – | – | – | – | (64.6) |
| Exceptional tax in joint ventures | – | – | 98.0 | – | – |
| Total exceptional items | – | – | 98.0 | 228.5 | (77.3) |
| Tax on exceptional items | – | – | 1,994.2 | (90.0) | 19.2 |
| Exceptional items post tax | – | – | 2,092.2 | 138.5 | (58.1) |
| (Loss)/profit for the financial year from continuing activities | (4,773.7) | (972.9) | 3,528.3 | 1,675.9 | 1,060.9 |
| Discontinued operations | (420.9) | 142.1 | – | – | – |
| (Loss)/profit for the financial year | (5,194.6) | (830.8) | 3,528.3 | 1,675.9 | 1,060.9 |
| Revaluation (deficit)/surplus for the year | |||||
| Group | (4,113.4) | (1,158.4) | 1,307.6 | 1,579.5 | 827.9 |
| Joint ventures | (630.3) | (134.2) | 75.1 | 105.5 | 69.5 |
| Total | (4,743.7) | (1,292.6) | 1,382.7 | 1,685.0 | 897.4 |
| Revenue profit | 314.9 | 284.8 | 392.2 | 391.3 | 361.8 |
| Balance sheet | |||||
| Investment properties | 7,929.4 | 12,296.7 | 13,319.3 | 11,467.6 | 8,240.1 |
| Operating properties | – | 544.8 | 551.5 | 536.1 | 546.3 |
| Net investment in finance leases | 116.3 | 333.7 | 262.4 | 233.9 | 163.4 |
| Goodwill | – | 148.6 | 129.6 | 34.3 | 34.3 |
| Investment in joint ventures, associates, Public Private Partnerships and loans | 980.8 | 1,478.9 | 1,338.8 | 829.5 | 854.9 |
| Other property, plant and equipment | 14.3 | 73.6 | 78.2 | 73.6 | 57.9 |
| Net pension benefit assets | 3.0 | 11.0 | – | – | – |
| Deferred tax assets | 1.9 | 0.9 | – | – | – |
| Total non-current assets | 9,045.7 | 14,888.2 | 15,679.8 | 13,175.0 | 9,896.9 |
| Trading properties and long-term development contracts | 94.9 | 173.0 | 148.3 | 255.9 | 164.0 |
| Cash, cash equivalents, short-term borrowings, overdrafts and derivative financial instruments | 1,525.9 | (752.0) | (1,615.9) | (148.0) | (45.8) |
| Other current assets and liabilities | (395.2) | (250.2) | (677.9) | (218.6) | (101.6) |
| Non-current assets classified as held for sale (net) | – | 236.4 | 819.3 | – | – |
| Total current assets and liabilities | 1,225.6 | (592.8) | (1,326.2) | (110.7) | 16.6 |
| Provisions | – | (77.6) | (80.7) | (58.2) | (42.0) |
| Borrowings | (5,449.5) | (4,632.5) | (3,472.0) | (3,537.9) | (2,392.3) |
| Net pension benefits obligation | – | – | (5.6) | (6.5) | (10.9) |
| Deferred tax liabilities | (1.6) | (2.4) | (4.0) | (1,967.8) | (1,418.0) |
| Total non-current liabilities | (5,451.1) | (4,712.5) | (3,562.3) | (5,570.4) | (3,863.2) |
| Net assets | 4,820.2 | 9,582.9 | 10,791.3 | 7,493.9 | 6,050.3 |
| Net debt | (3,923.6) | (5,384.5) | (5,087.9) | (3,685.9) | (2,438.1) |
| Results per share from continuing activities | |||||
| Total dividend payable in respect of the financial year (actual) | 56.50p | 64.00p | 53.00p | 46.70p | 43.25p |
| Total dividend payable in respect of the financial year (restated)4 | 51.61p | 57.68p | 47.76p | 42.08p | 38.97p |
| Basic (loss)/earnings per share2,3 | (918.04)p | (188.43)p | 679.04p | 322.54p | 204.83p |
| Diluted (loss)/earnings per share2,3 | (918.04)p | (188.43)p | 676.29p | 321.23p | 204.05p |
| Adjusted earnings per share2,3 | 62.60p | 60.93p | 63.51p | 63.76p | 60.49p |
| Adjusted diluted earnings per share2,3 | 62.57p | 60.79p | 63.26p | 63.50p | 60.25p |
| Net assets per share2,3 | 639p | 1862p | 2076p | 1439p | 1165p |
| Diluted net assets per share2,3 | 639p | 1859p | 2070p | 1433p | 1161p |
| Adjusted net assets per share2,3 | 593p | 1765p | 1972p | 1730p | 1345p |
| Adjusted diluted net assets per share2,3 | 593p | 1763p | 1965p | 1723p | 1341p |
- The income statement and earnings per share figures for the year ended 31 March 2008 have been restated, in compliance with IFRS5, to reclassify the results of Trillium from continuing activities to discontinued operations.
- The (loss)/earnings per share and the net asset per share for the year 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 (loss)/earnings 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.