Performance overview

Pre-tax loss

£4,773.2m

This reflects the impact of economic conditions on the property market, and the unprecedented fall in values in our sector over 12 months.

Notes

To put this fall in property values in perspective, during the downturn period between 1990 and 1993 values fell 27% over three years; in 2008/09 values fell 34.2% in 12 months.

Total dividend

56.6p

We reset the fourth quarter’s dividend payment in line with the current economic and market environment, rebasing it at a robust and sustainable level.

Revenue profit

£314.9m

The increase is a result of the lower interest charges. See the financial review for more information.

Chart 1

Land Securities performance versus IPD – ungeared total property return (%)

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Chart 2

Dividends and adjusted diluted earnings per share (p)

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Notes

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 per share for the years ended 31 March 2008, 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 per share for 2005 to 2007 includes the operating results of Trillium. 2008 and 2009 exclude the operating results of Trillium as these have been reclassified as discontinued operations.

Chart 3

Revenue profit (£m)

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Notes

Revenue profit is our measure of the underlying pre-tax profit of the Group. This is one of the measures we use within the Company to assess our performance. You’ll find a full definition of revenue profit in the glossary.

Chart 4

Combined portfolio value (£bn)

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Chart 5

Five year cumulative valuation surplus/deficit (£m)

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Notes

To put this fall in property values in perspective, during the downturn period between 1990 and 1993 values fell 27% over three years; in 2008/09 values fell 34.2% in 12 months.

Chart 6

Net assets per share (p)¹

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Notes

The net assets per share for the years ended 31 March 2008, 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.

Objective	Metric	Progress
To create sustainable long-term earnings growth for shareholders	Sustained real growth in adjusted earnings per share to be at least 3% per annum over rolling three-year periods Annual revenue profit to exceed budget target	Normalised adjusted earnings per share growth over three years to 31 March 2009 exceeded RPI by 7.0% per annum Annual revenue profit for continuing operations up 10.6% on prior year, and within 0.1% of budget target
To maximise the returns from the investment portfolio	IPD outperformance in each core sector	Outperformed IPD sector benchmarks by 2.0% for our London Portfolio, but underperformed by 4.7% on our Retail Portfolio
To manage our balance sheet effectively	Sell £1.16bn of assets	Achieved £1.125bn of disposals including sale of Trillium Notes
To complete and let our development programme	£31m of development lettings and £11m of pre-construction lettings to be completed Developments to be completed on budget and on time	Developments completed in the year were, on average, 72% let by year end £11m of development lettings achieved All major construction schemes completed within budget and on time, subject to a 10 day delay on one project. Projects at 10 Eastbourne Terrace, W2; Dashwood House, EC2; Cabot Circus, Bristol; and The Elements, Livingston
Ensure high levels of customer satisfaction	Overall customer satisfaction in Retail and London businesses to exceed targets Read more	Exceeded targets for shopping centres (score of 4.2 out of 5.0, compared to target of 4.0), and on target for London offices (score of 3.8 out of 5.0, compared to a target of 3.8)
Attract, develop, retain and motivate high-performance teams and individuals Notes	Employee engagement to exceed ETS industry benchmark	Exceeded with grand mean score of 3.06 (classified as excellent by our external survey provider) compared to 3.03 in prior year On a benchmark basis our score was 2.98 against 2.90

Performance overview

Pre-tax loss

Total dividend

Revenue profit

Land Securities performance versus IPD – ungeared total property return (%)

Dividends and adjusted diluted earnings per share (p)

Revenue profit (£m)

Combined portfolio value (£bn)

Five year cumulative valuation surplus/deficit (£m)

Net assets per share (p)1

Objective

Metric

Progress

Net assets per share (p)¹