Financial Performance
Financial Summary
| IFRS* | UK GAAP | |||||
|---|---|---|---|---|---|---|
| 2007 £m | 2006 £m | 2005 £m | 2004 £m | 2004 £m | 2003 £m | |
| Gross property income | 111.7 | 51.3 | 49.5 | 52.1 | 49.9 | 47.9 |
| Recurring net property income 1 | 101.8 | 46.4 | 46.6 | 48.0 | 44.8 | 41.5 |
| Recurring profit before tax 2 | 38.0 | 16.4 | 16.7 | 18.3 | 16.4 | 16.2 |
| Profit on disposal of properties and investments | 130.8 | 2.9 | 9.6 | 24.9 | 6.4 | 1.6 |
| (Loss)/profit before tax | (99.8) | 242.8 | 150.4 | 91.1 | 22.8 | 17.1 |
| Net assets | 1,841.9 | 783.4 | 606.2 | 495.5 | 554.7 | 477.6 |
| Investment property valuation | 2,671.7 | 1,282 | 1,009.8 | 906.2 | 924.8 | 812.1 |
| Revaluation surplus/(deficit) | 90.3 | 223.2 | 124.1 | 46.4 | 66.9 | (39.6) |
| Net debt | 782.8 | 349.8 | 303.9 | 341.5 | 319.3 | 301.8 |
| Cash flow | 84.4 | (59.4) | 34.5 | (17.9) | (17.9) | (5.0) |
| Net cash inflow/(outflow) from operating activities | 28.4 | (5.6) | 13.7 | 12.9 | 12.9 | 11.7 |
| Acquisitions | 140.7 | 48.9 | 40.3 | 88.7 | 88.7 | 59.1 |
| Capital expenditure on properties | 68.3 | 18.9 | 26.7 | 26.1 | 26.1 | 24.0 |
| Disposals | 352.4 | 31.2 | 97.8 | 76.9 | 76.9 | 76.5 |
| Recurring earnings per share (p) 3 | 35.14 | 27.44 | 26.23 | 29.91 | 23.51 | 26.62 |
| Dividend per share (p) | 18.025 | 13.95 | 12.83 | 11.70 | 12.50 | 11.40 |
| Adjusted net asset value per share (p) 4 | 1,801 | 1,770 | 1,335 | 1,074 | 1,068 | 920 |
| Net asset value per share (p) | 1,770 | 1,460 | 1,134 | 930 | 1,041 | 898 |
| Total return (%) | 2.8 | 33.6 | 25.5 | 17.2 | 17.4 | (5.2) |
| Gearing | ||||||
| Balance sheet (%) | 42.5 | 44.7 | 50.1 | 68.9 | 57.6 | 63.2 |
| Profit and loss | 1.81 | 1.85 | 1.85 | 1.76 | 1.87 | 1.96 |
* The figures for 2004 to 2007 above have been prepared under IFRS and therefore are not directly comparable with the prior year UK GAAP figures for 2003 and 2004.
- Excludes development income.
- Excludes development income, exceptional items, goodwill impairment, the revaluation movement on investment properties and financial instruments and the profit on disposal of properties and investments.
- As 2, together with the related tax effects and is stated after deduction for the minority interest share.
- Excludes the deferred tax on the revaluation surplus, the post tax fair value of derivative financial instruments and the fair value adjustment to the secured bonds and in 2006 and prior deferred tax in respect of capital allowances claimed.