Financial Statements
Ten Year Record
The table below summarises the last 10 years’ results, cash flows and balance sheets. Figures for 2008, 2007, 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. FRS 21 became effective in 2006 under UK GAAP 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 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Income |
2008 £m |
2007 £m |
2006 £m |
2005 £m5 |
2004 £m |
2003 £m |
2002 £m |
2001 £m |
2000 £m |
1999 £m |
|
| Gross rental income1 | 709 | 706 | 751 | 630 | 566 | 552 | 514 | 476 | 444 | 376 | |
| Net rental income | 667 | 661 | 701 | 585 | 523 | 514 | 477 | 452 | 419 | 357 | |
| Fees and other income | 40 | 50 | 50 | 9 | 6 | 3 | 10 | 13 | 5 | 5 | |
| Interest expense (net) | (350) | (370) | (436) | (360) | (336) | (326) | (318) | (312) | (283) | (233) | |
| Administrative expense | (73) | (84) | (87) | (53) | (44) | (44) | (41) | (32) | (29) | (20) | |
| Underlying profit | 284 | 257 | 228 | 181 | 149 | 147 | 128 | 121 | 112 | 109 | |
| Exceptional costs (not included in underlying profit)4 | (305) | (122) | (180) | (84) | (68) | ||||||
| Dividends paid | 161 | 91 | 84 | 77 | 67 | 65 | 61 | 57 | 92 | ||
| Summarised balance sheets | |||||||||||
| Total properties at valuation1, 3 | 13,471 | 16,903 | 14,414 | 12,507 | 10,639 | 9,646 | 9,300 | 8,860 | 8,210 | 6,628 | |
| Net debt | (6,413) | (7,741) | (6,684) | (6,538) | (5,397) | (4,993) | (4,632) | (4,453) | (4,369) | (3,122) | |
| Other assets and liabilities1 | (122) | (300) | 72 | (56) | (157) | (142) | 167 | 251 | 255 | 255 | |
| EPRA NAV/Fully diluted adjusted net assets | 6,936 | 8,862 | 7,802 | 5,913 | 5,085 | 4,511 | 4,835 | 4,658 | 4,096 | 3,761 | |
| Cash flow movement - Group only7 | |||||||||||
| Cash generated from operations | 477 | 479 | 455 | 464 | 381 | 374 | 382 | 380 | 432 | 345 | |
| Cash outflow from dividends, interest and taxation | (295) | (275) | (359) | (339) | (218) | (279) | (283) | (351) | (280) | (190) | |
| Cash inflow (outflow) from capital expenditure, investments, acquisitions and disposals |
857 | (39) | 994 | (526) | (186) | (271) | (153) | 82 | (765) | (559) | |
| Equity dividends paid |
(161) | (91) | (84) | (77) | (67) | (65) | (61) | (57) | (92) | ||
| Cash (outflow) inflow from management of liquid resources and financing |
(830) | (11) | (1,025) | 459 | 137 | 267 | 108 | (79) | 673 | 439 | |
| Increase (decrease) in cash6 | 48 | 63 | (19) | (19) | 47 | 26 | (7) | (25) | (32) | 35 | |
| Capital returns | |||||||||||
| Growth in net assets2 | (21.6%) | 13.6% | 31.9% | 15.5% | 12.7% | (6.7%) | 3.8% | 13.7% | 8.9% | 6.0% | |
| Total return4 | (18.1%) | 14.3% | 33.2% | 16.4% | 13.0% | 7.4% | 4.2% | 14.1% | 9.4% | 6.0% | |
| Total return - pre-exceptional | (18.1%) | 21.3% | 34.6% | 18.8% | 13.0% | 7.4% | 4.2% | 15.6% | 9.4% | 7.4% | |
| Per share information | |||||||||||
| Net asset value per share | 1344p | 1682p | 1486p | 1128p | 975p | 867p | 811p | 781p | 687p | 631p | |
Memorandum  Dividends declared in the year |
35.0p | 20.4p | 17.0p | 15.7p | 14.5p | 13.4p | 12.4p | 11.5p | 10.9p | 10.3p | |
| Dividends paid in the year |
32.3p | 17.4p | 16.1p | 14.9p | 13.7p | 12.7p | 11.7p | 11.1p | 20.4p | ||
| Diluted earnings Underlying earnings per share |
53p | 43p | 36p | 27p | 34.5p | 27.1p | 30.2p | 26.3p | 24.8p | 20.6p | |
| (Loss) earnings per share4 |
(303)p | 470p | 227p | 126p | 34.5p | 27.1p | 30.2p | 13.8p | 24.8p | 10.9p | |
1 Including share of funds and joint ventures.
2 Represents movement in diluted EPRA NAV, for 2007, 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, 2006 £122m and 2007 £305m.
5 Restated for IFRS. The UK GAAP accounts shows gross rental income of £620m and underlying profit of £175m.
6 Represents movement in cash and cash equivalents under IFRS and movements in cash under UK GAAP.
7 Cash Flow Statement now presented under the direct method, with 2007 re-presented as a comparative. The change
to presentation in the primary statement does not affect the comparability of values in the Ten Year Record.
