|
15 Net Asset Value per share
| |
|
Adjusted |
|
| |
Shares |
Net Assets |
Net Assets |
| |
m |
£m |
£m |
|
| Net Asset Value (undiluted) |
|
|
|
| Shareholders’ funds as shown on Balance Sheet |
487.6 |
4,195.2 |
4,195.2 |
| FRS 19 capital allowance effects: |
|
|
|
| British Land Group |
|
91.3 |
|
| Share of joint ventures |
|
10.1 |
|
 |
|
| |
|
101.4 |
|
| Total external valuation surplus on development and trading properties
(note 7) |
|
65.7 |
65.7 |
|
| Net assets attributable to ordinary shares |
|
4,362.3 |
4,260.9 |
|
| At 30 September 2003 |
|
895p |
874p |
|
| At 31 March 2003 |
|
884p |
863p |
|
| At 30 September 2002 |
|
842p |
822p |
|
| |
| Fully diluted Net Asset Value |
|
|
|
| Net assets attributable to ordinary shares |
487.6 |
4,362.3 |
4,260.9 |
| Adjust to fully diluted on conversion of: |
|
|
|
| Share options |
1.5 |
5.8 |
5.8 |
| 6% Irredeemable Convertible Bonds |
30.0 |
146.9 |
146.9 |
|
|
| Net assets attributable to fully diluted ordinary shares |
519.1 |
4,515.0 |
4,413.6 |
|
| At 30 September 2003 |
|
870p |
850p |
|
| At 31 March 2003 |
|
860p |
840p |
|
| At 30 September 2002 |
|
822p |
804p |
|
The adjusted NAV includes the surplus before tax of the external valuation over the book value of both development and trading
properties and after adding back the FRS 19 deferred tax capital allowance provision (as described in note 13) which is not
expected to arise.
Back to Top 
|
