Five year record

 

Balance Sheet

 

  2014
£m
2015
£m
2016
£m
2017
£m

2018
£m

Property portfolio 1,972.7 2,348.2 2,932.1 2,351.9 2,305.2
Joint ventures 524.8 636.7 543.4 480.8  423.7
Trading property 93.3 115.9 172.4 246.7  19.5
Loans and borrowings (623.5) (638.5) (600.2) (537.7)  (347.1)
Other net (liabilities)/assets (35.4) (71.4) (135.5) 196.7  (34.4)
Net assets 1,931.9 2,390.9 2,912.2 2,738.4  2,366.9
Financed by          
Issued share capital 43.0 43.0 43.0 43.0  43.0
Reserves 1,888.9 2,347.9 2,869.2 2,695.4  2,323.9
Total equity 1,931.9 2,390.9 2,912.2 2,738.4  2,366.9
Net assets per share* 564p 847p 847p 796p  840p
Net assets per share - EPRA* 709p 847p 847p 799p  845p

Income statement

 

 

  2014
£m
2015
£m
2016
£m
2017
£m
2018
£m
Net rental income 67.7 66.0 75.5 80.2  92.0
Joint venture fee income 6.9 4.2 4.1 4.1 5.2
Rental and joint venture fee income 76.6 70.2 79.6 84.3 97.2
Property and administration expenses (32.3) (27.8) (32.6) (27.4) (35.4)
Trading property - cost of sales (1.6) (4.8) (0.6) (0.3) 11.6
Development management profits   - 1.7 4.0   - (0.4)
  42.7 39.3 50.4 56.6 73.0
Surplus/(deficit) on investment property 325.6 380.6 422.2 (136.9) 35.5
Share of results of joint ventures 105.6 84.7 66.8 (57.2) 41.2
Loss on disposal of joint ventures   -   -   -   -  
Operating profit/(loss) 473.9 504.6 539.4 (137.5) 149.7
Finance income 9.9 11.8 7.8 9.0 9.8
Finance costs (26.5) (17.7) (14.8) (9.2) (11.2)
Fair value movement on convertible bond (11.3) (21.7) 13.5 10.1 8.5
Fair value movement on derivatives (23.8) 30.4 9.2 38.9 (5.4)
Non-recurring items   -   -   - (51.5) (74.7)
Profit/(loss) before tax 422.2 507.4 555.1 (140.2) 76.7
Tax   - 0.8 1.1 0.8 (6.4)
Profit/(loss) for the year 422.2 508.2 556.2 (139.4) 70.3
Earnings/(loss) per share - basic 123.4p 148.3p 162.2p (40.8)p 21.5p
Earnings/(loss) per share - diluted 122.5p 147.4p 161.9p (40.8)p 18.2p
EPRA earnings per share - diluted 11.0p 12.7p 13.5p 17.3p 20.4p
Dividend per share 8.8p 9.0p 9.2p 10.1p 11.3p