| |
Shares m |
Adjusted Net Assets £m |
Net Assets £m |
|---|---|---|---|
| Net Asset Value (undiluted) | |||
| Shareholders' funds as shown on Balance Sheet | 518.2 | 5,265.0 | 5,265.0 |
| FRS 19 capital allowance effects: | |||
| British Land Group | 106.4 | ||
| Share of joint ventures | 7.2 | ||
| 113.6 | |||
| Total external valuation surplus on development and trading properties (note 7) | 82.9 | 82.9 | |
| Net assets attributable to ordinary shares | 5,461.5 | 5,347.9 | |
| At 30 September 2004 | 1054p | 1032p | |
| At 31 March 2004 | 999p | 976p | |
| At 30 September 2003 - as restated | 893p | 873p | |
| Fully diluted Net Asset Value | |||
| Net assets attributable to ordinary shares | 518.2 | 5,461.5 | 5,347.9 |
| Adjust to fully diluted on exercise of Share options | 4.8 | 23.2 | 23.2 |
| Net assets attributable to fully diluted ordinary shares | 523.0 | 5,484.7 | 5,371.1 |
| At 30 September 2004 | 1049p | 1027p | |
| At 31 March 2004 | 966p | 944p | |
| At 30 September 2003 - as restated | 869p | 849p | |
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 14) which is not expected to arise.
