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Operating & Financial Review

Highlights & Introduction

Highlights of the year to 31 March 2005

Net Asset Value per share1 increased by 15.0% to
1111 pence, up 20.8% underlying3,4
Underlying profit before tax up 17.0% to £174.8 million2,3
Underlying earnings per share1 up 9.9% to 34.3 pence2,3

Introduction

British Land has delivered to shareholders exceptional growth and value creation over the year reviewed herein. This stems from the combination of an outstanding portfolio of prime assets and the successful application of intense management activity in leasing, development, asset management and financing.

At the same time, British Land is positioning itself clearly and actively for future success. Our new Chief Executive has led a review of strategy, output of which is being implemented. The portfolio mix is moving to underpin future growth and a significant refinancing has reduced costs and increased flexibility moving forward.

The investment property market has remained strong with growth based on robust fundamentals relative to other asset classes. This looks set to continue, albeit perhaps at a slower pace overall.

 

Net rental income in million pounds (note 5) for the year ended 31 March 2005Underlying profit before tax in million pounds (notes 2,3) for the year ended 31 March 2005

 

Net asset value per share in pence (note 1) as at 31 March 2005Dividends per share in pence for the year ended 31 March 2005

1 adjusted, diluted (notes 6, 21 to the Financial Statements (FS))
2 excludes profits on asset disposals (note 3 FS) for underlying profit before tax
3 before exceptional charge of £180m relating to refinance of Broadgate, net of tax where relevant (note 5 FS)
4 without the removal of Stamp Duty exemption for disadvantaged areas
5 (note 3 FS)
All figures in this Operating and Financial Review include British Land’s share of joint ventures unless stated otherwise.

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