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Notes to the Financial Statements
18 Net Asset Value per share
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|
31 March
|
|
|
31 March
|
|
| |
|
2003
|
31 March
|
|
2002
|
31 March
|
| |
|
Adjusted
|
2003
|
|
Adjusted
|
2002
|
| |
Shares
|
Net Assets
|
Net Assets
|
Shares
|
Net Assets
|
Net Assets
|
| |
m
|
£m
|
£m
|
m
|
£m
|
£m
|
|
| Net Asset Value (undiluted) |
|
|
|
|
|
|
| Shareholders’ funds as shown on |
|
|
|
|
|
|
| balance sheet |
488.6
|
4,129.3
|
4,129.3
|
518.4
|
4,107.9
|
4,107.9
|
| FRS 19 capital allowance effects: |
|
|
|
|
|
|
| British Land Group |
|
90.1
|
|
|
86.4
|
|
| share of joint ventures |
|
9.8
|
|
|
12.4
|
|
| |
|
| |
|
99.9
|
|
|
98.8
|
|
| Total external valuation surplus on |
|
|
|
|
|
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| development and trading properties (note 11) |
|
89.3
|
89.3
|
|
114.1
|
114.1
|
|
| Net assets attributable to ordinary shares |
|
4,318.5
|
4,218.6
|
|
4,320.8
|
4,222.0
|
|
| Net Asset Value per share (undiluted) |
|
884p
|
863p
|
|
833p
|
814p
|
|
| |
| Fully diluted Net Asset Value |
|
|
|
|
|
|
| Net assets attributable to ordinary shares |
488.6
|
4,318.5
|
4,218.6
|
518.4
|
4,320.8
|
4,222.0
|
| Dilutive effect of share options and |
|
|
|
|
|
|
|
conversion
of Convertible Bonds
|
31.5
|
152.7
|
152.7
|
78.1
|
469.7
|
469.7
|
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|
| Net assets attributable to fully diluted |
|
|
|
|
|
|
|
ordinary shares
|
520.1
|
4,471.2
|
4,371.3
|
596.5
|
4,790.5
|
4,691.7
|
|
| Fully diluted Net Asset Value per share |
|
860p
|
840p
|
|
803p
|
787p
|
|
The adjusted NAV includes the surplus of the external
valuation over the book value of both development and trading properties
after adding back the FRS 19 deferred tax capital allowance provision (as
described in note 17) which is not expected to
arise.
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