British Land's summary share of profits of funds and joint ventures
| Year ended 31 March 2005 £m |
2005 £m |
2004 £m |
|
|---|---|---|---|
| 73 | Gross rental income | 48 | 36 |
| 68 | Net rental income | 46 | 33 |
| (4) | Other expenditure | (4) | (2) |
| 1 | Other income | 1 | |
| (34) | Net financing costs | (28) | (17) |
| 31 | Net underlying profit before tax | 14 | 15 |
| 169 | Net valuation gains on property and investments | 82 | 90 |
| 200 | Profit on ordinary activities before taxation | 96 | 105 |
| (42) | Taxation (current and deferred) | (16) | (22) |
| 158 | Profit on ordinary activities after taxation | 80 | 83 |
| Summary movement for the period | Equity £m |
Loans £m |
Total £m |
|---|---|---|---|
| At 1 April 2005 | 660 | 40 | 700 |
| Acquired with Pillar Property PLC | 675 | 5 | 680 |
| Additions | 3 | 3 | |
| Disposals including repayment of capital and loans | (240) | (26) | (266) |
| Share of profit after taxation | 80 | 80 | |
| Distributions and dividends | (5) | (5) | |
| Hedging movements | (7) | (7) | |
| At 30 September 2005 | 1,163 | 22 | 1,185 |
The Group's share of fund and joint venture external net debt is £1,234 million (31 March 2005:
The Group's share of the market value of fund and joint venture debt as at 30 September 2005 was
The Group's share of fund and joint venture properties as at 30 September 2005 was £2,574 million
| Summary of British Land's share of investments |
British Land interest |
Net rental income £m |
Underlying profit £m |
Profit for the period £m |
Gross assets £m |
Gross liabilities £m |
Net investment £m |
|---|---|---|---|---|---|---|---|
| Funds (for the two month period ended 30 September 2005) | |||||||
| City of London Office Unit Trust(CLOUT) | 35.9% | 2 | 263 | (200) | 63 | ||
| Hercules Unit Trust(HUT) | 34.6% | 7 | 2 | 23 | 958 | (382) | 576 |
| Pillar Retail Europark Fund (PREF) | 36.4% | 67 | (40) | 27 | |||
| Hercules Income Fund (HIF) | 26.1% | 2 | 40 | (4) | 36 | ||
| Others | 12 | (10) | 2 | ||||
| 9 | 2 | 25 | 1,340 | (636) | 704 | ||
| Joint ventures | |||||||
| BL Fraser Limited | 50.0% | 3 | 1 | 8 | 139 | (86) | 53 |
| Tesco BL Holdings Limited | 50.0% | 7 | 2 | 17 | 282 | (197) | 85 |
| BLT Properties Limited | 50.0% | 4 | 1 | 9 | 168 | (118) | 50 |
| The Tesco British Land Property Partnership | 50.0% | 2 | 1 | 8 | 88 | (62) | 26 |
| BL Davidson Limited | 50.0% | 11 | 4 | 6 | 317 | (171) | 146 |
| The Scottish Retail Property Limited Partnership | 50.0% | 8 | 3 | 3 | 343 | (269) | 74 |
| BL Rosemound | 50.0% | 3 | (1) | 2 | 35 | (30) | 5 |
| BL West (remaining 50% acquired in period) | 2 | 1 | 2 | ||||
| Other joint ventures | 47 | (5) | 42 | ||||
| 40 | 12 | 55 | 1,419 | (938) | 481 | ||
| Total share of funds and joint ventures | 49 | 14 | 80 | 2,759 | (1,574) | 1,185 |
The total investment in joint ventures is £544 million, comprising £63 million being CLOUT and its associated ventures (Basinghall Street Unit Trust and Austral House Unit Trust) and £481 million for other joint ventures.
HUT, PREF and HIF are treated as associates.
