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In this section
Based on the Group financial statements for the years ended 31 March
| IFRS | |||||
|---|---|---|---|---|---|
| 2007
£m |
2008 £m |
2009 £m |
2010 £m |
2011 £m |
|
| Property portfolio | 1,333.0 | 1,095.8 | 803.2 | 774.9 | 1,049.5 |
| Joint ventures | 176.0 | 390.6 | 183.2 | 332.4 | 449.8 |
| Loans and borrowings | (393.3) | (425.3) | (378.3) | (278.1) | (352.1) |
| Other net (liabilities)/assets | (39.7) | (11.7) | (39.5) | 47.7 | (34.5) |
| Net assets | 1076.0 | 1,049.4 | 568.6 | 876.7 | 1,112.7 |
| Financed by | |||||
| Issued share capital | 22.6 | 22.6 | 22.6 | 39.1 | 39.1 |
| Reserves | 1,053.4 | 1,026.8 | 546.0 | 837.6 | 1,073.6 |
| Total equity | 1,076.0 | 1,049.4 | 568.6 | 876.7 | 1,112.7 |
| Net assets per share* | 443p | 433p | 234p | 280p | 356p |
| Net assets per share - EPRA* | 443p | 434p | 245p | 283p | 360p |
| 2007 £m |
2008 £m |
2009 £m |
2010 £m |
2011 £m |
|
|---|---|---|---|---|---|
| Net rental income | 46.9 | 44.4 | 42.4 | 45.7 | 63.7 |
| Joint venture fee income | 1.6 | 5.8 | 4.7 | 3.0 | 4.1 |
| Rental and joint venture fee income | 48.5 | 50.2 | 47.1 | 48.7 | 67.8 |
| Property and administration expenses | (18.2) | (19.9) | (17.6) | (16.6) | (21.3) |
| Development management profits | 5.3 | 7.1 | 4.0 | 0.1 | – |
| 35.6 | 37.4 | 33.5 | 32.2 | 46.5 | |
| Surplus/(deficit) on investment property | 278.1 | (8.7) | (315.5) | 89.8 | 131.3 |
| Share of results of joint ventures | 45.2 | (1.6) | (131.5) | 59.0 | 97.9 |
| Operating profit/(loss) | 358.9 | 27.1 | (413.5) | 181.0 | 275.7 |
| Finance income | 0.3 | 0.6 | 0.3 | 0.4 | 2.2 |
| Finance costs | (22.0) | (30.7) | (22.9) | (13.2) | (13.8) |
| Non-recurring items | (11.2) | – | (0.1) | (11.6) | (3.1) |
| Profit/(loss) before tax | 326.0 | (3.0) | (436.2) | 156.6 | 261.0 |
| Tax | 56.8 | (1.1) | 0.1 | (0.2) | (0.9) |
| Profit/(loss) for the year | 382.8 | (4.1) | (436.1) | 156.4 | 260.1 |
| Earnings per share - basic* | 175.9p | (1.6)p | (180.0)p | 55.5p | 83.8p |
| Earnings per share - EPRA* | 7.6p | 9.4p | 9.1p | 10.0p | 16.0p |
| Dividend per share* | 8.4p | 8.9p | 9.0p | 8.0p | 8.2p |
*Restated for the rights issue May 2009.