| 31 March 2005 | 31 March 2004 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares m |
Adjusted Net Assets£m |
Net Assets £m |
Shares m |
Adjusted Net Assets £m |
Net Assets £m |
||||
| Net Asset Value (undiluted) | |||||||||
| Shareholders' funds as shown on balance | 518.3 | 5,579.3 | 5,579.3 | 488.0 | 4,669.4 | 4,669.4 | |||
| sheet | |||||||||
| FRS 19 capital allowance effects: | |||||||||
| British Land Group | 123.2 | 104.9 | |||||||
| Share of joint ventures | 7.0 | 8.0 | |||||||
| 130.2 | 112.9 | ||||||||
| Total external valuation surplus on | 83.7 | 83.7 | 95.0 | 95.0 | |||||
| development and trading properties (note 12) |
|||||||||
| Net assets attributable to ordinary shares | 5,793.2 | 5,663.0 | 4,877.3 | 4,764.4 | |||||
| Net Asset Value per share (undiluted) | 1118p | 1093p | 999p | 976p | |||||
| Fully diluted Net Asset Value | |||||||||
| Net assets attributable to ordinary shares | 518.3 | 5,793.2 | 5,663.0 | 488.0 | 4,877.3 | 4,764.4 | |||
| Adjust to fully diluted on conversion of: | |||||||||
| 6% Subordinated Irredeemable | |||||||||
| Convertible Bonds | 30.0 | 149.0 | 149.0 | ||||||
| Share options and share awards | 5.7 | 30.4 | 30.4 | 3.3 | 9.1 | 9.1 | |||
| Dilutive effect of share options and | |||||||||
| conversion of Convertible Bonds | 5.7 | 30.4 | 30.4 | 33.3 | 158.1 | 158.1 | |||
| Net assets attributable to fully | |||||||||
| diluted ordinary shares | 524.0 | 5,823.6 | 5,693.4 | 521.3 | 5,035.4 | 4,922.5 | |||
| Fully diluted Net Asset Value per share | 1111p | 1087p | 966p | 944p | |||||
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 22) which is not expected to arise.