British Land's share of profits of joint ventures

Year ended
31 March
2004
£m		   2004
£m		 2003
£m
19.1 Profit on ordinary activities after taxation 15.7 11.0
78.9 Gross rental income 35.9 44.0
72.7 Net rental income 33.2 41.6
(2.3) Profit (loss) on property trading 1.8 (0.9)
(2.9) Other expenditure (1.2) (1.6)
67.5 Operating profit 33.8 39.1
7.4 Disposal of fixed assets 3.0 3.4
74.9 Profit on ordinary activities before interest 36.8 42.5
(40.0) Net interest payable to third parties (17.5) (22.2)
(6.6) Interest payable to British Land (0.3) (4.5)
(46.6) Net interest payable (note 2) (17.8) (26.7)
28.3 Profit on ordinary activities before taxation 19.0 15.8
(9.2) Taxation (3.3) (4.8)

The amounts relating to captions shown in bold are recognised at the relevant point in the Consolidated Profit and Loss Account.

The movement for the period:

 
 		 Equity
£m		 Loans
£m		 Total
£m
At 30 September 2004 681.8 74.6 756.4
At 1 April 2004 586.6 71.6 658.2
Additions   3.0 3.0
Share of profit after taxation attributable to joint ventures 15.7   15.7
Dividends received from joint ventures (6.8)   (6.8)
Revaluations 86.3   86.3

Summary of British Land's share in joint ventures

 
 
Joint Venture		  
 
Partner		 Operating
profits
£m		 Gross
assets
£m		 Gross
liabilities
£m		 Net
investment
£m
Total   33.8 1,320.9 (564.5) 756.4
BL Fraser Limited House of Fraser PLC 3.1 131.7 (74.9) 56.8
Tesco BL Holdings Limited Tesco plc 5.7 228.5 (112.9) 115.6
BLT Properties Limited Tesco plc 3.6 148.7 (96.3) 52.4
The Tesco British Land Property Partnership Tesco plc 1.7 75.2 (53.6) 21.6
BL Davidson Limited* Manny Davidson, his family and family trusts 8.0 295.2 (146.6) 148.6
BL West WestLB, WestImmo and Provinzial 4.7 97.2 (57.4) 39.8
The Scottish Retail Property Limited Partnership Land Securities Group PLC 6.6 280.0 (9.6) 270.4
Other joint ventures   0.4 64.4 (13.2) 51.2

  • * The Group's share of negative goodwill is included in gross liabilities and as at 30 September 2004 was £18.3 million (31 March 2004: £19.2 million; 30 September 2003: £19.6 million).

    The Group's share of joint venture external net debt is £435.1 million (31 March 2004: £529.8 million; 30 September 2003: £634.7 million).

    The Group's share of the market value of joint venture debt and derivatives as at 30 September 2004 was £10.8 million more than the Group's share of the book value (31 March 2004: £14.9 million; 30 September 2003: £30.2 million).

    The Group's share of joint venture properties as at 30 September 2004 was £1,216.6 million (31 March 2004: £1,221.8 million; 30 September 2003: £1,364.9 million).

    The Group's share of joint venture contingent tax is included in note 4.