| Print Page |  |  | |
|
PDF of Notes | |
 |
12 Joint ventures’ summary financial statements
All joint ventures are held equally on a 50:50 basis |
BL |
BLT Properties Ltd |
The Tesco British Land Property Partnership |
Tesco BL Holdings Ltd |
BL Davidson Ltd* |
|
|---|---|---|---|---|---|---|
Partners |
House of Fraser plc |
Tesco plc |
Tesco plc |
Tesco plc |
Manny Davidson, his family & family trusts |
|
Date established |
July 1999 |
November 1996 |
February 1998 |
November 1999 |
September 2001 |
|
Accounting year end |
31 January |
31 December |
31 December |
31 December |
31 December |
|
Summarised profit and loss accounts |
£m |
£m |
£m |
£m |
£m |
|
Gross rental income |
14.1 |
15.0 |
7.3 |
23.3 |
28.2 |
|
Net rental income |
13.8 |
15.0 |
6.4 |
22.7 |
23.8 |
|
Other expenditure |
(0.4) |
(0.5) |
(0.3) |
(0.4) |
(2.6) |
|
Profit (loss) on property trading |
(1.2) |
|||||
Operating profit |
13.4 |
14.5 |
6.1 |
22.3 |
20.0 |
|
Disposal of fixed assets |
2.1 |
1.4 |
||||
Net interest |
– External |
(8.8) |
(7.4) |
0.1 |
(14.3) |
(15.3) |
– Shareholders |
(2.9) |
(1.1) |
(0.7) |
|||
Net interest (payable) receivable |
(11.7) |
(8.5) |
0.1 |
(14.3) |
(16.0) |
|
Profit (loss) before tax |
3.8 |
6.0 |
6.2 |
8.0 |
5.4 |
|
Taxation |
(0.3) |
(1.7) |
(3.1) |
(3.2) |
(1.5) |
|
Profit (loss) after tax |
3.5 |
4.3 |
3.1 |
4.8 |
3.9 |
|
Summarised statements of total recognised gains and losses |
||||||
Profit (loss) retained for the year |
3.5 |
4.3 |
3.1 |
4.8 |
3.9 |
|
Unrealised surplus (deficit) on revaluation |
35.5 |
10.5 |
19.4 |
45.4 |
33.2 |
|
Total recognised gains and losses relating to the financial year |
39.0 |
14.8 |
22.5 |
50.2 |
37.1 |
|
Summarised balance sheets |
||||||
Investment properties at valuation |
255.7 |
254.1 |
127.8 |
414.5 |
480.0 |
|
Development and trading properties at cost |
15.7 |
|||||
Total properties |
255.7 |
254.1 |
127.8 |
414.5 |
495.7 |
|
Current assets |
0.3 |
0.2 |
2.5 |
2.5 |
11.4 |
|
Upstream loans to joint venture shareholders |
17.1 |
|||||
Cash and deposits |
5.6 |
7.8 |
6.1 |
11.6 |
18.8 |
|
Gross assets |
261.6 |
279.2 |
136.4 |
428.6 |
525.9 |
|
Current liabilities |
(4.9) |
(6.0) |
(18.5) |
(11.4) |
(56.2) |
|
Bank debt falling due within one year |
(2.0) |
(0.2) |
(10.0) |
(30.5) |
||
Bank debt falling due after one year |
(137.2) |
(184.5) |
(87.1) |
(199.8) |
(103.8) |
|
Debentures |
(123.9) |
|||||
Deferred tax |
(5.2) |
(0.6) |
(1.0) |
(1.5) |
(5.4) |
|
Gross liabilities |
(149.3) |
(191.3) |
(106.6) |
(222.7) |
(319.8) |
|
Net external assets |
112.3 |
87.9 |
29.8 |
205.9 |
206.1 |
|
Represented by: |
||||||
Shareholder loans |
27.1 |
83.5 |
||||
Ordinary shareholders’funds/Partners’capital |
85.2 |
87.9 |
29.8 |
122.4 |
206.1 |
|
Total investment |
112.3 |
87.9 |
29.8 |
205.9 |
206.1 |
|
Capital commitments |
2.2 |
4.2 |
11.2 |
|||
Contingent tax |
18.0 |
23.0 |
3.6 |
21.8 |
55.0 |
|
* British Land’s share of negative goodwill is included in current liabilities and amounts in total to £19.2m (2003: £19.6m).
All joint ventures are held equally on a 50:50 basis |
BL West Companies |
The Scottish Retail Property Limited Partnership |
Other joint* ventures |
British Land share |
2003 Comparative |
|
|---|---|---|---|---|---|---|
Partners |
West LB, Westlmmo, and Provinzial |
Land Securities Group PLC |
||||
Date established |
September 2000 |
March 2004 |
||||
Accounting year end |
31 December |
31March |
||||
Summarised profit and loss accounts |
£m |
£m |
£m |
£m |
£m |
|
Gross rental income |
25.6 |
1.2 |
43.1 |
78.9 |
102.2 |
|
Net rental income |
24.6 |
1.1 |
38.0 |
72.7 |
95.1 |
|
Other expenditure |
(0.5) |
(0.1) |
(1.0) |
(2.9) |
(3.0) |
|
Profit (loss) on property trading |
(3.3) |
(2.3) |
0.2 |
|||
Operating profit |
24.1 |
1.0 |
33.7 |
67.5 |
92.3 |
|
Disposal of fixed assets |
(4.4) |
15.7 |
7.4 |
20.4 |
||
Net interest |
– External |
(18.1) |
(16.2) |
(40.0) |
(56.4) |
|
– Shareholders |
(8.5) |
(6.6) |
(8.9) |
|||
Net interest (payable)
receivable |
(18.1) |
(24.7) |
(46.6) |
(65.3) |
||
Profit (loss) before
tax |
1.6 |
1.0 |
24.7 |
28.3 |
47.4 |
|
Taxation |
(1.8) |
(0.3) |
(6.5) |
(9.2) |
(10.6) |
|
Profit (loss) after tax |
(0.2) |
0.7 |
18.2 |
19.1 |
36.8 |
|
Summarised statements of total recognised gains and losses |
||||||
Profit (loss) retained
for the year |
(0.2) |
0.7 |
18.2 |
19.1 |
36.8 |
|
Unrealised surplus (deficit) on revaluation |
(17.8) |
3.6 |
0.8 |
65.3 |
63.4 |
|
Total recognised gains and losses relating to the financial year |
(18.0) |
4.3 |
19.0 |
84.4 |
100.2 |
|
Summarised balance sheets |
||||||
Investment properties at valuation |
314.0 |
486.8 |
47.7 |
1,190.3 |
1,336.2 |
|
Development and trading properties at cost |
47.2 |
31.5 |
68.6 |
|||
Total properties |
314.0 |
486.8 |
94.9 |
1,221.8 |
1,404.8 |
|
Current assets |
0.4 |
0.2 |
6.1 |
11.8 |
16.2 |
|
Upstream loans to joint venture shareholders |
17.5 |
21.8 |
28.2 |
|||
Cash and deposits |
9.4 |
9.8 |
6.9 |
38.0 |
49.3 |
|
Gross assets |
323.8 |
514.3 |
129.7 |
1,299.8 |
1,470.3 |
|
Current liabilities |
(11.7) |
(10.3) |
(12.8) |
(65.8) |
(81.6) |
|
Bank debt falling due within one year |
(21.4) |
(63.3) |
||||
Bank debt falling due after one year |
(234.6) |
(21.8) |
(484.4) |
(405.2) |
||
Debentures |
(62.0) |
(210.2) |
||||
Deferred tax |
(1.5) |
(0.7) |
(8.0) |
(9.8) |
||
Gross liabilities |
(247.8) |
(10.3) |
(35.3) |
(641.6) |
(770.1) |
|
Net external assets |
76.0 |
504.0 |
94.4 |
658.2 |
700.2 |
|
Represented by: |
||||||
Shareholder loans |
32.6 |
71.6 |
209.0 |
|||
Ordinary shareholders’ funds/Partners’ capital |
76.0 |
504.0 |
61.8 |
586.6 |
491.2 |
|
Total investment |
76.0 |
504.0 |
94.4 |
658.2 |
700.2 |
|
Capital commitments |
8.2 |
12.9 |
17.5 |
|||
Contingent tax |
37.5 |
4.0 |
81.5 |
76.9 |
||
* Other joint ventures includes the following entities: |
Gross
rental income £m |
Operating profit (loss) £m |
Profit (loss) before tax £m |
Bank debt falling due after one year £m |
Net investment £m |
|---|---|---|---|---|---|
BL Universal PLC (pre-acquisition results) |
35.3 |
31.0 |
12.4 |
||
BVP Group (pre-acquisition results) |
2.6 |
2.2 |
0.7 |
||
The Public House Company Ltd |
2.8 |
2.5 |
9.2 |
21.6 |
|
Blythe Valley Innovation Centre Ltd |
0.1 |
0.1 |
(2.1) |
1.3 |
|
BL Rosemound Limited Partnership |
(1.3) |
(1.3) |
(19.7) |
6.9 |
|
The movement for the year: |
Group | Parent |
||
|---|---|---|---|---|
Equity £m |
Loans £m |
Total £m |
£m |
|
At 1 April 2003 |
491.2 |
209.0 |
700.2 |
147.4 |
Additions |
259.1 |
34.1 |
293.2 |
|
Repayment of loans |
(55.6) |
(55.6) |
(67.0) |
|
Share of profit attributable to joint ventures |
19.1 |
19.1 |
||
Dividends from joint ventures |
(154.2) |
(154.2) |
||
Disposals |
(15.0) |
(15.0) |
||
Transfers to subsidiaries |
(78.9) |
(115.9) |
(194.8) |
|
Revaluation |
65.3 |
65.3 |
||
At 31 March 2004 |
586.6 |
71.6 |
658.2 |
80.4 |
The Group’s share of the market value of joint venture debt and derivatives as at 31 March 2004 was £14.9m more than the Group’s share of the book value (2003: £40.6m). The Group’s share of joint venture external net debt as at 31 March 2004 was £529.8m (2003: £632.0m). The amount guaranteed by British Land was £nil (2003: £12.0m).
The historical cost of joint ventures is £376.8m (2003: £484.0m). The amount of £80.4m (2003: £147.4m) includes £63.0m (2003: £130.1m) of loans to joint ventures by the parent. Outline details of the joint ventures are set out on the Property Review.
The Group’s share of joint venture properties as at 31 March 2004 was £1,221.8m (2003: £1,404.8m).
All companies are property investment companies registered in England and Wales unless otherwise stated.
