| |
10 Year Record
| |
2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
| Summarised profit and loss accounts |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
£m |
|
| Gross rental income |
449.4 |
415.3 |
390.1 |
368.3 |
311.9 |
286.8 |
299.8 |
239.8 |
191.2 |
155.1 |
|
| Net rental income |
418.2 |
386.6 |
371.8 |
347.5 |
296.5 |
266.4 |
277.0 |
220.9 |
173.9 |
139.4 |
| Other income (expenditure) |
(37.8) |
(23.0) |
2.0 |
19.6 |
(5.6) |
2.2 |
(6.8) |
(13.5) |
(12.4) |
(4.3) |
|
| Operating profit |
380.4 |
363.6 |
373.8 |
367.1 |
290.9 |
268.6 |
270.2 |
207.4 |
161.5 |
135.1 |
| Share of operating profits of joint ventures |
92.3 |
88.6 |
76.5 |
68.9 |
64.5 |
51.2 |
6.8 |
(3.4) |
|
|
| Disposal of fixed assets |
26.1 |
37.0 |
32.1 |
3.3 |
0.8 |
24.9 |
1.6 |
4.0 |
(1.2) |
1.9 |
| Net interest payable – c |
(326.4) |
(317.9) |
(394.9) |
(282.9) |
(300.9) |
(217.5) |
(187.4) |
(145.9) |
(111.2) |
(83.1) |
|
| Profit on ordinary activities before taxation |
172.4 |
171.3 |
87.5 |
156.4 |
55.3 |
127.2 |
91.2 |
62.1 |
49.1 |
53.9 |
| Taxation |
(33.1) |
(11.9) |
(26.3) |
(27.6) |
(2.6) |
(19.6) |
(15.2) |
(10.9) |
(14.6) |
(12.2) |
|
| Profit on ordinary activities after taxation |
139.3 |
159.4 |
61.2 |
128.8 |
52.7 |
107.6 |
76.0 |
51.2 |
34.5 |
41.7 |
| Minority interest |
|
|
|
(0.1) |
(0.5) |
(0.3) |
(0.2) |
(0.2) |
|
|
|
| Profit for the financial year |
139.3 |
159.4 |
61.2 |
128.7 |
52.2 |
107.3 |
75.8 |
51.0 |
34.5 |
41.7 |
| Preference dividend |
|
|
|
|
|
(3.9) |
(7.7) |
(7.7) |
(8.0) |
(8.0) |
| Ordinary dividends |
(65.9) |
(64.3) |
(59.6) |
(56.5) |
(53.4) |
(50.5) |
(41.5) |
(36.8) |
(28.2) |
(22.8) |
|
| Retained profit for the year |
73.4 |
95.1 |
1.6 |
72.2 |
(1.2) |
52.9 |
26.6 |
6.5 |
(1.7) |
10.9 |
|
| Summarised cash flow statements |
|
|
|
|
|
|
|
|
|
|
|
| Net cash inflow from operating activities |
373.6 |
382.4 |
380.3 |
432.2 |
345.1 |
307.8 |
259.3 |
204.1 |
167.1 |
138.4 |
| Cash inflow (outflow) from dividends, interest and taxation |
(278.6) |
(283.6) |
(351.0) |
(280.4) |
(189.8) |
(192.5) |
(184.5) |
(191.7) |
(140.7) |
(116.6) |
| Cash inflow (outflow) from capital expenditure, investments,
acquisitions and disposals |
(270.6) |
(152.8) |
81.7 |
(764.4) |
(559.1) |
(229.8) |
(183.0) |
(352.6) |
(694.5) |
(162.3) |
| Equity dividends paid |
(65.1) |
(60.6) |
(57.5) |
(92.3) |
|
(44.7) |
(37.4) |
(32.1) |
|
|
| Cash inflow (outflow) from management of liquid resources
and financing |
266.5 |
107.5 |
(78.6) |
672.8 |
438.4 |
152.0 |
168.6 |
304.6 |
560.5 |
305.4 |
|
| Increase (decrease) in cash |
25.8 |
(7.1) |
(25.1) |
(32.1) |
34.6 |
(7.2) |
23.0 |
(67.7) |
(107.6) |
164.9 |
|
| Summarised balance sheets |
|
|
|
|
|
|
|
|
|
|
|
| Investment properties |
8,085.2 |
7,528.3 |
7,145.9 |
6,777.8 |
5,289.5 |
4,604.4 |
4,142.7 |
3,992.0 |
2,651.4 |
1,981.7 |
| Investments in joint ventures |
700.2 |
727.2 |
704.2 |
570.8 |
595.2 |
564.7 |
297.6 |
69.6 |
166.8 |
131.3 |
| Other investments |
17.4 |
12.4 |
73.7 |
150.4 |
101.8 |
68.3 |
20.9 |
2.2 |
1.7 |
1.4 |
|
| Fixed assets |
8,802.8 |
8,267.9 |
7,923.8 |
7,499.0 |
5,986.5 |
5,237.4 |
4,461.2 |
4,063.8 |
2,819.9 |
2,114.4 |
| Current assets |
241.5 |
459.5 |
295.8 |
229.2 |
301.1 |
344.3 |
337.8 |
369.8 |
421.2 |
460.8 |
| Creditors due within one year |
(555.9) |
(769.5) |
(706.0) |
(566.0) |
(435.7) |
(310.4) |
(232.1) |
(432.0) |
(469.8) |
(207.2) |
|
| Total assets less current liabilities |
8,488.4 |
7,957.9 |
7,513.6 |
7,162.2 |
5,851.9 |
5,271.3 |
4,566.9 |
4,001.6 |
2,771.3 |
2,368.0 |
| Creditors due after one year |
(4,119.6) |
(3,613.7) |
(3,057.3) |
(3,249.4) |
(2,271.7) |
(1,877.6) |
(2,083.2) |
(1,986.5) |
(1,045.5) |
(914.5) |
| Convertible Bonds |
(146.8) |
(146.7) |
(463.9) |
(463.2) |
(462.4) |
(461.6) |
(146.4) |
(146.3) |
(146.3) |
(146.2) |
| Provisions for liabilities and charges |
(92.7) |
(89.6) |
(77.9) |
|
|
|
|
|
|
|
|
| |
4,129.3 |
4,107.9 |
3,914.5 |
3,449.6 |
3,117.8 |
2,932.1 |
2,337.3 |
1,868.8 |
1,579.5 |
1,307.3 |
|
| Represented by: |
|
|
|
|
|
|
|
|
|
|
| Called up share capital |
122.1 |
129.6 |
129.6 |
129.5 |
129.5 |
128.9 |
118.9 |
107.9 |
92.1 |
75.5 |
| Reserves |
4,007.2 |
3,978.3 |
3,784.9 |
3,320.1 |
2,988.3 |
2,803.2 |
2,218.4 |
1,760.9 |
1,487.4 |
1,231.8 |
|
| Shareholders’ funds |
4,129.3 |
4,107.9 |
3,914.5 |
3,449.6 |
3,117.8 |
2,932.1 |
2,337.3 |
1,868.8 |
1,579.5 |
1,307.3 |
|
| |
| |
p |
p |
p |
p |
p |
p |
p |
p |
p |
p |
|
| Earnings per share a,c |
27.2 |
30.8 |
11.8 |
24.8 |
10.1 |
21.2 |
15.7 |
11.2 |
8.4 |
11.5 |
| Dividends per share |
13.4 |
12.4 |
11.5 |
10.9 |
10.3 |
9.8 |
9.0 |
8.6 |
8.1 |
7.5 |
| Net assets per share a,b |
884 |
833 |
802 |
694 |
630 |
592 |
487 |
426 |
416 |
413 |
| Diluted net assets per share a,b |
860 |
803 |
774 |
681 |
625 |
592 |
478 |
424 |
415 |
411 |
| |
a Including surplus over book value of trading and
development properties.
b Adjusted for the placing of 42.8m shares in March 1997, the placing and
open offer of 61.6m shares in November 1995, the open offer of 61.3m shares
in March 1995 and the rights issue of 55.1m shares in June 1993.
c Including exceptional finance costs in 2001 of £83.6 million and
1999 of £68.0 million.
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