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In this section
Based on the Group financial statements for the years ended 31
March
| UK GAAP | IFRS | ||||
|---|---|---|---|---|---|
| 2004 £m |
2005 as restated £m |
2006 £m |
2007 £m |
2008 £m |
|
| Property portfolio | 744.6 | 813.5 | 1,023.7 | 1,333.0 | 1,095.8 |
| Joint ventures | - | 42.6 | 72.4 | 176.0 | 390.6 |
| Loans | (307.6) | (297.6) | (335.7) | (393.3) | (425.3) |
| Other net (liabilities)/assets | 124.2 | (42.5) | (105.7) | (39.7) | (11.7) |
| Net assets | 561.2 | 516.0 | 654.7 | 1076.0 | 1,049.4 |
| Financed by | |||||
| Issued share capital | 101.5 | 20.3 | 20.4 | 22.6 | 22.6 |
| Reserves | 459.7 | 495.7 | 634.3 | 1,053.4 | 1,026.8 |
| Ordinary shareholders' interest | 561.2 | 516.0 | 654.7 | 1,076.0 | 1,049.4 |
| Net assets per share | 276p | 317p | 401p | 594p | 580p |
| Diluted adjusted net assets per share | 280p | 337p | 437p | 594p | 582p |
| 2004 £m |
2005 £m |
2006 £m |
2007 £m |
2008 £m |
|
|---|---|---|---|---|---|
| Rental income | 62.4 | 51.6 | 44.5 | 46.9 | 44.4 |
| Joint venture fee income | – | – | 1.3 | 1.6 | 5.8 |
| Rental and joint venture fee income | 62.4 | 51.6 | 45.8 | 48.5 | 50.2 |
| Property and administration expenses | (9.6) | (13.2) | (15.4) | (18.2) | (19.9) |
| Profit from development management agreements | – | – | – | 5.3 | 7.1 |
| 52.8 | 38.4 | 30.4 | 35.6 | 37.4 | |
| (Loss)/profit on disposal of investment property | – | 10.1 | 14.8 | 11.3 | (5.8) |
| Net valuation (deficit)/gain on property portfolio | – | 48.4 | 171.3 | 266.8 | (2.9) |
| Share of profit/(loss) of joint ventures | – | 9.3 | 16.4 | 45.2 | (1.6) |
| Operating profit (UK GAAP) | 52.8 | ||||
| Loss on sale of investment properties | (2.8) | ||||
| Profit before financing costs | 50.0 | 106.2 | 232.9 | 358.9 | 27.1 |
| Finance income | 5.0 | 2.2 | 0.8 | 0.3 | 0.6 |
| Finance costs | (19.4) | (18.9) | (18.2) | (22.0) | (30.7) |
| Non-recurring items | – | (6.9) | (27.5) | (11.2) | – |
| (Loss)/profit before taxation | 35.6 | 82.6 | 188.0 | 326.0 | (3.0) |
| Taxation | (4.9) | (14.0) | (39.7) | 56.8 | (1.1) |
| (Loss)/profit after taxation | 30.7 | 68.6 | 148.3 | 382.8 | (4.1) |
| Earnings per share - basic | 15.1p | 39.3p | 91.7p | 235.7p | (2.2)p |
| Earnings per share - adjusted | 12.8p | 11.6p | 10.2p | 10.2p | 12.6p |
| Dividend per share | 10.5p | 10.75p | 11.0p | 11.3p | 12.0p |
The information presented for the year to 31 March 2005 has been restated for the introduction of IFRS. Prior to 2005 the information shown above is presented in accordance with UK GAAP and as such is not directly comparable with information presented under IFRS.