Financial Statements
Ten Year Record
The table below summarises the last ten years' results, cash flows and balance sheets. Figures for 2006 and 2005 are prepared under IFRS. Figures for 2004 and earlier years are the UK GAAP comparatives adjusted to show gross rental income on a proportional basis. FRS21 became effective in 2006 under UKGAAP and has been applied retrospectively to 2004 and earlier years. This standard requires proposed dividends not approved by the balance sheet date to be excluded from the balance sheet.
| IFRS | UK GAAP | ||||||||||
| Revenue and capital returns | 2006 £m |
2005 £m5 |
2004 £m |
2003 £m |
2002 £m |
2001 £m |
2000 £m |
1999 £m |
1998 £m |
1997 £m |
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross rental income1 | 751 | 630 | 566 | 552 | 514 | 476 | 444 | 376 | 351 | 320 | |
| Underlying profit | 228 | 181 | 149 | 147 | 128 | 121 | 112 | 109 | 82 | 80 | |
| Dividends paid | 84 | 77 | 67 | 65 | 61 | 58 | 54 | 51 | 45 | 37 | |
| Growth in net assets2 | 31.9% | 15.5% | 12.7% | (6.7%) | 3.8% | 13.7% | 8.9% | 6.0% | 36.3% | 22.8% | |
| Total return | 33.2% | 16.4% | 13.0% | 7.4% | 4.2% | 14.1% | 9.4% | 6.0% | 24.2% | 13.3% | |
| Total return – pre exceptional | 34.6% | 18.8% | 13.0% | 7.4% | 4.2% | 15.6% | 9.4% | 7.4% | 24.2% | 13.3% | |
| Summarised cash flow statements | |||||||||||
| Net cash inflow from operating activities | 455 | 464 | 381 | 374 | 382 | 380 | 432 | 345 | 308 | 259 | |
| Cash outflow from dividends, interest and taxation | (359) | (339) | (218) | (279) | (283) | (351) | (280) | (190) | (192) | (185) | |
| Cash inflow (outflow) from capital expenditure, investments, acquisitions and disposals | 994 | (526) | (186) | (271) | (153) | 82 | (765) | (559) | (230) | (183) | |
| Equity dividends paid | (84) | (77) | (67) | (65) | (61) | (57) | (92) | (45) | (37) | ||
| Cash inflow (outflow) from management of liquid resources and financing | (1,025) | 459 | 137 | 267 | 108 | (79) | 673 | 439 | 152 | 169 | |
| Increase (decrease) in cash6 | (19) | (19) | 47 | 26 | (7) | (25) | (32) | 35 | (7) | 23 | |
| Summarised balance sheets | |||||||||||
| Total properties at valuation1,3 | 14,414 | 12,507 | 10,639 | 9,646 | 9,300 | 8,860 | 8,210 | 6,628 | 5,828 | 5,087 | |
| Net debt1 | (6,717) | (6,563) | (5,397) | (4,993) | (4,632) | (4,453) | (4,369) | (3,122) | (2,618) | (2,684) | |
| Other assets & liabilities1 | 105 | (31) | (157) | (142) | 167 | 251 | 255 | 255 | 338 | 200 | |
| EPRA NAV/Fully diluted adjusted net assets | 7,802 | 5,913 | 5,085 | 4,511 | 4,835 | 4,658 | 4,096 | 3,761 | 3,548 | 2,603 | |
| Net asset value per share | 1486p | 1128p | 975p | 867p | 811p | 781p | 687p | 631p | 598p | 483p | |
| Memorandum | |||||||||||
| – Dividends declared in the year | 17.0p | 15.7p | 14.5p | 13.4p | 12.4p | 11.5p | 10.9p | 10.3p | 9.8p | 9.0p | |
| – Dividends paid in the year | 16.1p | 14.9p | 13.7p | 12.7p | 11.7p | 11.1p | 10.5p | 10.0p | 9.2p | 8.7p | |
| Earnings per share – IFRS underlying7 | 36p | 27p | |||||||||
| Earnings per share (pre-exceptional) – UK GAAP 7 | 34.5p | 27.1p | 30.2p | 26.3p | 24.8p | 20.6p | 21.4p | 16.4p | |||
| Earnings per share – IFRS 4,7 | 240p | 126p | |||||||||
| Earnings per share – UK GAAP 4,7 | 34.5p | 27.1p | 30.2p | 11.8p | 24.8p | 10.1p | 21.4p | 16.4p | |||
1 Including share of funds and joint ventures.
2 Represents movement in diluted EPRA NAV, for 2006, and adjusted diluted net assets pre 2006.
3 Including surplus over book value of trading and development properties.
4 Including exceptional finance costs in 1999 £68m, 2001 £84m, 2005 £180m and 2006 £122m.
5 Restated for IFRS. The UK GAAP accounts shows gross rental income of £547m and underlying profit of £175m.
6 Represents movement in cash and cash equivalents under IFRS and movements in cash under UK GAAP.
7 Diluted earnings per share.
