British Land Annual Report 2004 - Notes to the Financial Statements

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21 Net Asset Value per share

Net Asset Value (undiluted)
		Shares m	31 March 2004 Adjusted Net Assets £m	31 March 2004 Net Assets £m	Shares m	31 March 2003 Adjusted Net Assets Restated £m	31 March 2003 Net Assets Restated £m

Shareholders' funds as shown on Balance Sheet		488.0	4,669.4	4,669.4	488.6	4,123.3	4,123.3
FRS 19 capital allowance effects:
	British Land Group		104.9			90.1
	Share of joint ventures		8.0			9.8

			112.9			99.9
Total external valuation surplus on development and trading properties (note 14)			95.0	95.0		89.3	89.3

Net assets attributable to ordinary shares			4,877.3	4,764.4		4,312.5	4,212.6

Net Asset Value per share (undiluted)			999p	976p		883p	862p


Fully diluted Net Asset Value
Net assets attributable to ordinary shares		488.0	4,877.3	4,764.4	488.6	4,312.5	4,212.6
Adjust to fully diluted on conversion of:
	Share options and share awards	3.3	9.1	9.1	1.5	5.9	5.9
	6% Irredeemable Convertible Bonds	30.0	149.0	149.0	30.0	146.8	146.8

Dilutive effect of share options and conversion of Convertible Bonds		33.3	158.1	158.1	31.5	152.7	152.7
Net assets attributable to fully diluted ordinary shares		521.3	5,035.4	4,922.5	520.1	4,465.2	4,365.3

Fully diluted Net Asset Value per share			966p	944p		859p	839p

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 22) which is not expected to arise.