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 funds and joint ventures consolidated on a proportional basis with trading and finance lease properties shown at valuation.
Balance sheet as at 30 September 2005
| 31 March† 2005 £m |
|
2005 Unaudited £m |
2004 Unaudited £m |
|---|---|---|---|
| Assets | |||
| Non-current assets | |||
| 12,159 | Investment properties | 14,191 | 10,738 |
| 216 | Development properties | 304 | 196 |
| 12,375 | 14,495 | 10,934 | |
| Other non-current assets | |||
| Intangible assets | |||
| 153 | Other investments | 179 | 114 |
| Intangible assets | 72 | ||
| 73 | Goodwill | 180 | |
| 12,601 | 14,926 | 11,048 | |
| Current assets | |||
| 132 | Trading and finance lease properties at valuation | 156 | 132 |
| 114 | Trade and other debtors | 191 | 108 |
| 207 | Cash and short-term deposits | 217 | 182 |
| 453 | 564 | 422 | |
| 13,054 | Total assets | 15,490 | 11,470 |
| Liabilities | |||
| Current liabilities | |||
| (489) | Short-term borrowings and overdrafts | (327) | (168) |
| (424) | Trade and other creditors | (614) | (440) |
| (913) | (941) | (608) | |
| Non-current liabilities | |||
| (6,223) | Debentures and loans | (7,902) | (5,355) |
| (9) | Othernon-current liabilities | (11) | |
| (1,063) | Deferred tax liabilities | (1,264) | (921) |
| (7,295) | (9,177) | (6,276) | |
| (8,208) | Total liabilities | (10,118) | (6,884) |
| 4,846 | Net assets | 5,372 | 4,586 |
| 4,846 | Total equity attributable to shareholders ofthe Company | 5,372 | 4,586 |
| 1,135p | Adjusted NAV per share – Basic | 1,263p | 1,065p |
| 1,128p | – Fully diluted | 1,256p | 1,060p |
- † Unaudited, restated under IFRS
The adjusted NAV includes the external valuation surplus on trading and finance lease properties but excludes goodwill, the fair value adjustments for debt and related derivatives and deferred taxation on revaluations and capital allowances. This is the proposed industry standard, which in this case has been adjusted for all goodwill.
