|
| 2 Operating profit |
|
|
| |
2003 |
2002 |
| |
£m |
£m |
|
| Gross rental income |
449.4 |
415.3 |
| Rents payable |
(2.1) |
(3.6) |
| Other property outgoings |
(29.1) |
(25.1) |
|
|
| Net rental income |
418.2 |
386.6 |
| Profit on property trading (see below) |
0.6 |
6.8 |
| Other income |
4.2 |
9.5 |
| Administrative expenses |
(42.6) |
(39.3) |
|
| Operating profit |
380.4 |
363.6 |
|
| |
|
|
| Profit on property trading |
|
|
| Sale proceeds |
2.1 |
16.2 |
| Cost of sales |
(1.5) |
(9.4) |
|
| Profit on property trading |
0.6 |
6.8 |
|
| |
| Turnover |
|
|
| Rental income and profits are derived from the Group’s
continuing operations, which are predominantly in the United Kingdom.
The Group has only one significant class of business. |
| |
|
|
| In arriving at the operating profit the following items have
been included: |
|
|
| Amortisation and depreciation |
0.6 |
1.3 |
| Auditors’ remuneration† |
0.8 |
0.8 |
| Auditors’ remuneration for other services* |
2.5 |
2.5 |
|
| † Auditors’ remuneration comprised:
Deloitte & Touche £0.6m (2002: £nil); Arthur Andersen £nil (2002:
0.6m); Other auditors £0.2m (2002: £0.2m). Audit fees in relation
to the Company were £0.4m (Arthur Andersen 2002: £0.4m). |
| * Payments to group auditors for further
assurance services comprised: Deloitte & Touche £0.2m (2002: £nil);
Arthur Andersen £nil (2002: £0.4m). Payment to group auditors for
taxation services comprised: Deloitte & Touche £0.8m (2002: £nil)
and Arthur Andersen £0.2m (2002: £1.3m). Payments to Arthur Andersen
for loan staff were £0.1m (2002: £0.1m). Payments to Other auditors
comprised: IT related services £0.3m (2002: £0.2m) and taxation services
£0.9m (2002: £0.5m). |
|
