| Summarised profit and loss accounts | 2005 £m |
2004 £m |
2003 £m |
2002 £m |
2001 £m |
2000 £m |
1999 £m |
1998 £m |
1997 £m |
1996 £m |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross rental income | 619.9 | 486.7 | 449.4 | 415.3 | 390.1 | 368.3 | 311.9 | 286.8 | 299.8 | 239.8 |
| Net rental income | 504.3 | 450.3 | 418.6 | 386.6 | 371.8 | 347.5 | 296.5 | 266.4 | 277.0 | 220.9 |
| Other income (expenditure) | (42.0) | (28.5) | (36.6) | (23.0) | 2.0 | 19.6 | (5.6) | 2.2 | (6.8) | (13.5) |
| Operating profit | 462.3 | 421.8 | 382.0 | 363.6 | 373.8 | 367.1 | 290.9 | 268.6 | 270.2 | 207.4 |
| Share of operating profits of joint ventures | 67.7 | 67.5 | 92.3 | 88.6 | 76.5 | 68.9 | 64.5 | 51.2 | 6.8 | (3.4) |
| Disposal of fixed assets | 23.8 | 32.9 | 26.1 | 37.0 | 32.1 | 3.3 | 0.8 | 24.9 | 1.6 | 4.0 |
| Net interest payable | (532.0) | (336.2) | (326.1) | (317.9) | (394.9) | (282.9) | (300.9) | (217.5) | (187.4) | (145.9) |
| Profit on ordinary activities before taxation | 21.8 | 186.0 | 174.3 | 171.3 | 87.5 | 156.4 | 55.3 | 127.2 | 91.2 | 62.1 |
| Taxation | 36.9 | (14.5) | (33.7) | (11.9) | (26.3) | (27.6) | (2.6) | (19.6) | (15.2) | (10.9) |
| Profit on ordinary activities after taxation | 58.7 | 171.5 | 140.6 | 159.4 | 61.2 | 128.8 | 52.7 | 107.6 | 76.0 | 51.2 |
| Minority interest | (0.1) | (0.5) | (0.3) | (0.2) | (0.2) | |||||
| Profit for the financial year | 58.7 | 171.5 | 140.6 | 159.4 | 61.2 | 128.7 | 52.2 | 107.3 | 75.8 | 51.0 |
| Preference dividend | (3.9) | (7.7) | (7.7) | |||||||
| Ordinary dividends | (83.9) | (70.8) | (65.9) | (64.3) | (59.6) | (56.5) | (53.4) | (50.5) | (41.5) | (36.8) |
| Retained (loss) profit for the year | (25.2) | 100.7 | 74.7 | 95.1 | 1.6 | 72.2 | (1.2) | 52.9 | 26.6 | 6.5 |
| Summarised cash flow statements | ||||||||||
| Net cash inflow from operating activities | 462.2 | 381.4 | 373.6 | 382.4 | 380.3 | 432.2 | 345.1 | 307.8 | 259.3 | 204.1 |
| Cash inflow (outflow) from dividends, interest and taxation | (337.0) | (218.3) | (278.6) | (283.6) | (351.0) | (280.4) | (189.8) | (192.5) | (184.5) | (191.7) |
| Cash inflow (outflow) from capital expenditure, investments, acquisitions and disposals | (526.5) | (185.6) | (270.6) | (152.8) | 81.7 | (764.4) | (559.1) | (229.8) | (183.0) | (352.6) |
| Equity dividends paid | (76.6) | (67.0) | (65.1) | (60.6) | (57.5) | (92.3) | (44.7) | (37.4) | (32.1) | |
| Cash inflow (outflow) from management of liquid resources and financing | 440.0 | 136.5 | 266.5 | 107.5 | (78.6) | 672.8 | 438.4 | 152.0 | 168.6 | 304.6 |
| Increase (decrease) in cash | (37.9) | 47.0 | 25.8 | (7.1) | (25.1) | (32.1) | 34.6 | (7.2) | 23.0 | (67.7) |
| Summarised balance sheets | ||||||||||
| Investment properties | 10,981.8 | 9,251.2 | 8,085.2 | 7,528.3 | 7,145.9 | 6,777.8 | 5,289.5 | 4,604.4 | 4,142.7 | 3,992.0 |
| Investments in joint ventures | 804.0 | 658.2 | 700.2 | 727.2 | 704.2 | 570.8 | 595.2 | 564.7 | 297.6 | 69.6 |
| Other investments | 135.0 | 3.1 | 17.4 | 12.4 | 73.7 | 150.4 | 101.8 | 68.3 | 20.9 | 2.2 |
| Fixed assets | 11,920.8 | 9,912.5 | 8,802.8 | 8,267.9 | 7,923.8 | 7,499.0 | 5,986.5 | 5,237.4 | 4,461.2 | 4,063.8 |
| Current assets | 308.1 | 283.1 | 241.5 | 459.5 | 295.8 | 229.2 | 301.1 | 344.3 | 337.8 | 369.8 |
| Creditors due within one year | (756.6) | (869.9) | (555.9) | (769.5) | (706.0) | (566.0) | (435.7) | (310.4) | (232.1) | (432.0) |
| Total assets less current liabilities | 11,472.3 | 9,325.7 | 8,488.4 | 7,957.9 | 7,513.6 | 7,162.2 | 5,851.9 | 5,271.3 | 4,566.9 | 4,001.6 |
| Creditors due after one year | (5,788.7) | (4,406.3) | (4,119.6) | (3,613.7) | (3,057.3) | (3,249.4) | (2,271.7) | (1,877.6) | (2,083.2) | (1,986.5) |
| Convertible Bonds | (149.0) | (146.8) | (146.7) | (463.9) | (463.2) | (462.4) | (461.6) | (146.4) | (146.3) | |
| Provisions for liabilities and charges | (101.3) | (101.1) | (92.7) | (89.6) | (77.9) | |||||
| Pension asset (liability) | (3.0) | 0.1 | (6.0) | |||||||
| 5,579.3 | 4,669.4 | 4,123.3 | 4,107.9 | 3,914.5 | 3,449.6 | 3,117.8 | 2,932.1 | 2,337.3 | 1,868.8 | |
| Represented by: | ||||||||||
| Called up share capital | 129.6 | 122.0 | 122.1 | 129.6 | 129.6 | 129.5 | 129.5 | 128.9 | 118.9 | 107.9 |
| Reserves | 5,449.7 | 4,547.4 | 4,001.2 | 3,978.3 | 3,784.9 | 3,320.1 | 2,988.3 | 2,803.2 | 2,218.4 | 1,760.9 |
| Shareholders funds | 5,579.3 | 4,669.4 | 4,123.3 | 4,107.9 | 3,914.5 | 3,449.6 | 3,117.8 | 2,932.1 | 2,337.3 | 1,868.8 |
| p | p | p | p | p | p | p | p | p | p | |
| Earnings per share (pre-exceptional)* | 46.9 | 35.1 | 27.4 | 30.8 | 26.0 | 24.8 | 20.6 | 21.2 | 15.7 | 11.2 |
| Earnings per share* | 11.5 | 35.1 | 27.4 | 30.8 | 11.8 | 24.8 | 10.1 | 21.2 | 15.7 | 11.2 |
| Dividends per share | 15.7 | 14.5 | 13.4 | 12.4 | 11.5 | 10.9 | 10.3 | 9.8 | 9.0 | 8.6 |
| Net assets per share* | 1118 | 999 | 883 | 833 | 802 | 694 | 630 | 592 | 487 | 426 |
| Diluted net assets per share* | 1111 | 966 | 859 | 803 | 774 | 681 | 625 | 592 | 478 | 424 |
* Including surplus over book value of trading and development properties.
Adjusted for the placing of 42.8m shares in March 1997, the placing and open offer of 61.6m shares in November 1995 and the open offer of 61.3m shares in March 1995.
Including exceptional finance costs in 2001
of £83.6 million, 1999 of £68.0 million and 2005 of £180.0m.
Pension costs for 2003 to 2005 accounted for in accordance with FRS 17, 2002
and earlier years in accordance with SSAP 24.