Five year record

 

Balance Sheet

 

  2013
£m
2014
£m
2015
£m
2016
£m
2017
£m
Property portfolio 1,899.5 1,972.7 2,348.2 2,932.1 2,351.9
Joint ventures 348.3 524.8 636.7 543.4 480.8
Trading property  -  93.3 115.9 172.4 246.7
Loans and borrowings (666.0) (623.5) (638.5) (600.2) (537.7)
Other net (liabilities)/assets (44.1) (35.4) (71.4) (135.5) 196.7
Net assets 1,537.7 1,931.9 2,390.9 2,912.2 2,738.4
Financed by          
Issued share capital 43.0 43.0 43.0 43.0 43.0
Reserves 1,494.7 1,888.9 2,347.9 2,869.2 2,695.4
Total equity 1,537.7 1,931.9 2,390.9 2,912.2 2,738.4
Net assets per share* 451p 564p 847p 847p 796p
Net assets per share - EPRA* 446p 709p 847p 847p 799p

Income statement

 

 

  2013
£m
2014
£m
2015
£m
2016
£m
2017
£m
Net rental income 57.1 67.7 66.0 75.5 80.2
Joint venture fee income 6.1 6.9 4.2 4.1 4.1
Rental and joint venture fee income 63.2 76.6 70.2 79.6 84.3
Property and administration expenses (29.3) (32.3) (27.8) (32.6) (27.4)
Trading property - cost of sales   - (1.6) (4.8) (0.6) (0.3)
Development management profits   -   - 1.7 4.0   -
  33.9 42.7 39.3 50.4 56.6
Surplus/(deficit) on investment property 99.0 325.6 380.6 422.2 (136.9)
Share of results of joint ventures 61.2 105.6 84.7 66.8 (57.2)
Loss on disposal of joint ventures (0.5)   -   -   -   -
Operating profit/(loss) 193.6 473.9 504.6 539.4 (137.5)
Finance income 8.4 9.9 11.8 7.8 9.0
Finance costs (27.3) (26.5) (17.7) (14.8) (9.2)
Fair value movement on convertible bond - (11.3) (21.7) 13.5 10.1
Fair value movement on derivatives 5.9 (23.8) 30.4 9.2 38.9
Non-recurring items   -   -   -   - (51.5)
Profit/(loss) before tax 180.6 422.2 507.4 555.1 (140.2)
Tax   -   - 0.8 1.1 0.8
Profit/(loss) for the year 180.6 422.2 508.2 556.2 (139.4)
Earnings/(loss) per share - basic 56.3p 123.4p 148.3p 162.2p (40.8)p
Earnings/(loss) per share - diluted 56.3p 122.5p 147.4p 161.9p (40.8)p
EPRA earnings per share - diluted 6.9p 11.0p 12.7p 13.5p 17.3p
Dividend per share 8.6p 8.8p 9.0p 9.2p 10.1p