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Five year record

 

Balance sheet

 

 

2017
£m

2018
£m

2019
£m

2020
£m

2021
£m

Property portfolio 2,351.9 2,305.2 2,025.0 1,987.1 1,894.5
Joint ventures 480.8 423.7 511.9 647.0 626.4
Trading property 246.7 19.5 5.6
Loans and borrowings (537.7) (347.1) (296.0) (444.3) (488.6)
Other net (liabilities)/assets 196.7 (34.4) 63.2 13.3 (60.7)
Net assets 2,738.4 2,366.9 2,309.7 2,203.1 1,971.6
Financed by          
Issued share capital 43.0 43.0 41.4 38.7 38.7
Reserves 2,695.4 2,323.9 2,268.3 2,164.4 1,932.9
Total equity 2,738.4 2,366.9 2,309.7 2,203.1 1,971.6
Net assets per share 796p 840p 851p 868p 779p
Net assets per share - EPRA* 799p 845p 853p 868p 779p

Income statement*

 

 

2017
£m

2018
£m

2019
£m

2020
£m

2021
£m

Revenue 122.1 387.2 112.7 102.5 88.5
Cost of sales (45.2) (289.8) (49.7) (27.7) (24.7)
  76.9 97.4 63.0 74.8 63.8
Administration expenses (20.1) (24.1) (25.1) (29.0) (25.2)
Estimated credit loss (0.2) (0.3) (0.3) (0.1) (7.7)
Development management losses  – (0.3) (0.2) (0.1)
Operating profit before deficit from property and results of joint ventures 56.6 73.0 37.3 45.5 30.8
(Deficit)/surplus on investment property (136.9) 35.5 7.3 (52.6) (156.8)
Share of results of joint ventures (57.2) 41.2 10.0 57.9 (76.2)
Operating (loss)/profit (137.5) 149.7 54.6 50.8 (202.2)
Finance income 9.0 9.8 8.3 7.3 8.0
Finance costs (9.2) (11.2) (8.1) (6.5) (7.8)
Fair value movement on convertible bond 10.1 8.5 1.3
Fair value movement on derivatives 38.9 (5.4)  –
Non-recurring items (51.5) (74.7)  –
(Loss)/profit before tax (140.2) 76.7 56.1 51.6 (202.0)
Tax 0.8 (6.4) (6.6) 0.2 0.1
(Loss)/profit for the year (139.4) 70.3 49.5 51.8 (201.9)
           
(Loss)/earnings per share - basic (40.8)p 21.5p 17.9p 20.0p (79.8)p
(Loss)/earnings per share - diluted (40.8)p 18.2p 17.1p 20.0p (79.8)p
EPRA earnings per share - diluted 17.3p 20.4p 19.4p 22.0p 15.8p
Dividend per share 10.1p 11.3p 12.2p 12.6p 12.6p

* The directors have changed the way in which the Group’s performance is presented on the face of the income statement. The underlying results have not been amended and this modified presentation has had no effect on operating profit or profit for the year.

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