Notes to the Financial Statements
3 Pro forma information based on proportional consolidation
The following pro forma information does not form part of the consolidated primary statements or the notes thereto. It shows the results of the Group, with joint ventures consolidated on a proportional basis, with development and trading properties shown at external valuation and lease incentive and rent review debtors reclassified to investment properties, and after adding back the capital allowance effects of FRS 19.
| |
|
2005 |
2004 |
| |
Note |
£m
| £m |
| Profit and loss account |
|
|
|
| for the year ended 31 March 2005 |
|
|
|
| Gross rental income |
|
619.9 |
565.6 |
| |
|
|
|
| Net rental income |
|
571.8 |
523.0 |
| Other income |
|
6.2 |
6.2 |
| Administrative expenses |
|
(51.2) |
(43.6) |
| Earnings before interest and property sales |
|
526.8 |
485.6 |
| Net interest payable |
5 |
(352.0) |
(336.2) |
| Underlying profit before taxation |
|
174.8 |
149.4 |
| Profit on property trading |
|
3.2 |
3.7 |
| Disposal of fixed assets |
4 |
23.8 |
32.9 |
| Exceptional item |
5 |
(180.0) |
|
| Profit on ordinary activities before taxation |
|
21.8 |
186.0 |
| |
|
|
|
| Taxation credit (charge) |
10 |
36.9 |
(14.5) |
| Adjustment for capital allowance effects of FRS 19 |
6 |
17.3 |
9.1 |
| Profit on ordinary activities after taxation |
|
76.0 |
180.6 |
| |
|
|
|
| Ordinary dividends |
11 |
(83.9) |
(70.8) |
| Retained (loss) profit for year |
|
(7.9) |
109.8 |
| |
|
2005 |
2004 |
| |
|
£m |
£m |
| Balance sheet |
|
|
|
| as at 31 March 2005 |
|
|
|
| |
|
|
|
| Assets |
|
|
|
| Total properties at valuation |
12 |
12,506.9 |
10,639.4 |
| Other investments |
15 |
153.1 |
17.2 |
| Negative goodwill |
|
(35.2) |
(33.3) |
| |
|
12,624.8 |
10,623.3 |
| |
|
|
|
| Debtors and prepayments |
|
77.8 |
49.8 |
| Cash and deposits |
|
207.3 |
211.7 |
| |
|
285.1 |
261.5 |
| |
|
|
|
| |
|
|
|
| Creditors due within one year |
|
(877.1) |
(909.7) |
| Total assets less current liabilities |
|
12,032.8 |
9,975.1 |
| Creditors due after one year |
|
(6,258.5) |
(4,952.7) |
| Convertible bonds |
|
|
(149.0) |
| Deferred taxation |
|
(108.3) |
(109.1) |
| Adjustment for capital allowance effects of FRS 19 |
10 |
130.2 |
112.9 |
| Pension (liability) asset |
9 |
(3.0) |
0.1 |
| Net assets |
21 |
5,793.2 |
4,877.3 |
| Equity shareholders’ funds |
|
5,793.2 |
4,877.3 |
