Financial Statements

Consolidated Income Statement

For the year ended 31 March 2007

		2007			2006^†
	Note	Underlying pre tax* £m	Capital and other £m	Total £m	Underlying pre tax* £m	Capital and other £m	Total £m
Gross rental and related income	3	649		649	690		690
Net rental and related income	3	561		561	589		589
Fees and other income	4	50	33	83	50		50
Amortisation of intangible asset	12		(15)	(15)		(10)	(10)
Funds and joint ventures (see also below)	11	37	422	459	39	272	311
Administrative expenses		(78)	(13)	(91)	(81)		(81)
Net valuation gains (includes profits on disposals)	6		1,167	1,167		1,370	1,370
Goodwill impairment	12		(106)	(106)		(240)	(240)
Net financing costs
– financing income		41		41	50		50
– financing charges		(354)		(354)	(419)		(419)
– refinancing charges			(305)	(305)		(122)	(122)
	7	(313)	(305)	(618)	(369)	(122)	(491)
Profit on ordinary activities before taxation		257	1,183	1,440	228	1,270	1,498
Taxation
– REIT conversion charge				(277)
– current tax income (expense)				1			(7)
– deferred tax income (expense)				1,289			(307)
	16			1,013			(314)

Profit for the year after taxation attributable to shareholders of the Company				2,453			1,184
Earnings per share
– basic	2			472p			228p
– diluted	2			470p			227p
Share of results of funds and joint ventures
Underlying profit pre tax		37		37	39		39
Net valuation gains (includes profits on disposals)			257	257		378	378
Goodwill impairment			(5)	(5)
REIT conversion charge			(48)	(48)
Current tax			(19)	(19)		(9)	(9)
Deferred tax			237	237		(97)	(97)
	11	37	422	459	39	272	311

† Restated as described in note 1.
* As defined in note 2.

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