Consolidated Profit and Loss Account

for the year ended 31 March 2004

Consolidated Profit and Loss Account for the year ended 31 March 2004	Note	2004 £m	2003 Restated† £m

Gross rental income		565.6	551.6
Less share of joint ventures	12	(78.9)	(102.2)

Gross rental income – Group	3	486.7	449.4

Operating profit	3	421.8	382.0
Share of operating profits of joint ventures	12	67.5	92.3
Disposal of fixed assets – including amounts from joint ventures (note 12 )	5	32.9	26.1

Profit on ordinary activities before interest		522.2	500.4
Net interest payable – including amounts from joint ventures (note 12 )	4	(336.2)	(326.1)

Profit on ordinary activities before taxation		186.0	174.3

Taxation	7	(14.5)	(33.7)

Profit on ordinary activities after taxation		171.5	140.6

Ordinary dividend	6	(70.8)	(65.9)

Retained profit for the year	25	100.7	74.7

Earnings per share

– Basic	8	35.1p	27.4p
– Diluted	8	34.5p	27.1p

Adjusted earnings per share*
– Basic	8	37.0p	27.6p
– Diluted	8	36.3p	27.3p

Dividend per share	6	14.5p	13.4p

The results stated above relate to the continuing activities of the Group. * Adjusted to exclude the capital allowance effects of FRS 19. † Restated as in note 2.