• Consolidated Income Statement
• Consolidated Balance Sheet
• Consolidated Statement of Changes in Equity
• Consolidated Cash Flow Statement
• Notes to the accounts
• Detailed Consolidated Income Statement
• Company Balance Sheet
• Notes to the Company accounts
• Report of the Auditors
• Financial Calendar
• Shareholder Information
• Ten Year Record
• Sponsorship

Financial Statements

Detailed Consolidated Income Statement

for the year ended 31 March 2006

			Six months ended 30 September 2005			Three months ended 31 December 2005			Three months ended 31 March 2006
	Note	Year ended 31 March 2005 £m	Underlying pre-tax* £m	Capital tax and other £m		Underlying pre-tax* £m	Capital tax and other £m		Underlying pre-tax* £m	Capital tax and other £m		Year ended 31 March 2006 £m
Gross rental and related income	3	604	340			180			170			690
Net rental and related income		517	305			147			137			589
Fees and other income	4	8	9			25			16			50
Amortisation of intangible asset	13			(3)			(3)			(4)		(10)
Funds and Joint Ventures (see also below)	12	158	14	66		11	129		14	77		311
Administrative expenses		(49)	(36)			(18)			(27)			(81)
Net valuation gains (includes profits on disposals)	6	610		596			420			446		1,462
Goodwill impairment	13									(240)		(240)
Net financing costs
– financing income		28	35			26			(11)			50
– financing expenses		(354)	(225)			(120)			(74)			(419)
– refinancing charges		(180)							(122)			(122)
	7	(506)	(190)			(94)			(207)			(491)
Profit on ordinary activities before taxation		738	102	659		71	546		(67)	279		1,590
Taxation credit (expense)
– current		46		(11)			3			1		(7)
– deferred		(130)		(135)			(112)			(87)		(334)
	10	(84)		(146)			(109)			(86)		(341)
Profit for the period after taxation attributable to shareholders of the Company		654		615			508			126		1,249
Earnings per share: underlying*	2	27p		15p			12p			9p		36p
Share of results of funds and joint ventures
Operating profit pre-tax		31	14			11			14			39
Net valuation gains on property and investments		169		82			184			112		378
Current tax		(10)		(4)			(4)			(1)		(9)
Deferred tax		(32)		(12)			(51)			(34)		(97)
	12	158	14	66		11	129		14	77		311

* As defined in note 2