2011
£m
2010
£m
2009
£m
20081
£m
20072
£m
Income statement



Before exceptional items



Group revenue 701.9 833.4 821.2 818.0 1,641.1
Costs (270.8) (392.5) (326.4) (317.4) (1,046.2)

431.1 440.9 494.8 500.6 594.9
Profit/(loss) on disposal of investment properties 75.7 (32.5) (130.8) 57.3 118.2
Net surplus/(deficit) on revaluation of investment properties 794.1 746.0 (4,113.4) (1,158.4) 1,307.6
Impairment of trading properties (1.4) (10.6) (92.3)
Operating profit/(loss) 1,299.5 1,143.8 (3,841.7) (600.5) 2,020.7
Net interest expense (216.1) (212.1) (332.5) (286.4) (220.9)

1,083.4 931.7 (4,174.2) (886.9) 1,799.8
Share of the profit/(loss) of joint ventures (post-tax) 143.9 137.6 (599.0) (101.1) 81.3
Profit/(loss) before tax 1,227.3 1,069.3 (4,773.2) (988.0) 1,881.1
Income tax 16.8 23.1 (0.5) 15.1 (445.0)
Profit/(loss) after tax 1,244.1 1,092.4 (4,773.7) (972.9) 1,436.1
Exceptional items


Exceptional tax in joint ventures 98.0
Total exceptional items 98.0
Tax on exceptional items 1,994.2
Exceptional items post tax 2,092.2
Profit/(loss) for the financial year from continuing activities 1,244.1 1,092.4 (4,773.7) (972.9) 3,528.3
Discontinued operations (420.9) 142.1
Profit/(loss) for the financial year 1,244.1 1,092.4 (5,194.6) (830.8) 3,528.3
Revaluation surplus/(deficit) for the year


Group 794.1 746.0 (4,113.4) (1,158.4) 1,307.6
Joint ventures 114.7 117.8 (630.3) (134.2) 75.1
Total 908.8 863.8 (4,743.7) (1,292.6) 1,382.7
Revenue profit 274.7 251.8 314.9 284.8 392.2
  1. The results for the year ended 31 March 2008 have been restated, in compliance with IFRS 5, to reclassify the results of Trillium from continuing activities to discontinued operations.
  2. The results from continuing activities for the year ended 31 March 2007 include the results of Trillium which was disposed of in January 2009.
2011
£m
2010
£m
2009
£m
20081
£m
20072
£m
Balance sheet
Investment properties 8,889.0 8,044.3 7,929.4 12,296.7 13,319.3
Operating properties 544.8 551.5
Other property, plant and equipment 11.3 12.8 14.3 73.6 78.2
Net investment in finance leases 116.8 115.4 116.3 333.7 262.4
Loan investments 72.2 84.3 50.0
Goodwill 148.6 129.6
Investment in joint ventures 939.6 787.8 930.8 1,410.6 1,338.8
Investment in associate undertakings 42.9
Investment in Public Private Partnerships 25.4
Pension surplus 8.7 3.0 11.0
Deferred tax assets 1.9 0.9
Trade and other receivables 77.0
Total non-current assets 10,114.6 9,044.6 9,045.7 14,888.2 15,679.8
Trading properties and long-term development contracts 129.3 87.9 94.9 173.0 148.3
Derivative financial instruments 1.0 4.3 14.6
Trade and other receivables 354.3 334.4 392.1 838.0 641.8
Monies held in restricted accounts and deposits 35.1 95.6 29.9
Cash and cash equivalents 37.6 159.4 1,609.1 48.4 52.7
Non-current assets classified as held for sale 664.1 2,420.3
Total current assets 556.3 678.3 2,126.0 1,727.8 3,277.7
Borrowings (33.0) (308.6) (1.1) (794.0) (1,683.2)
Derivative financial instruments (1.1) (112.0) (10.7)
Trade and other payables (423.2) (395.5) (625.8) (927.2) (783.9)
Provisions (7.4) (1.5) (40.9) (19.5)
Current tax liabilities (35.5) (111.0) (161.5) (161.0) (535.8)
Liabilities directly associated with non-current assets classified as held for sale (427.7) (1,601.0)
Total current liabilities (499.1) (817.7) (900.4) (2,361.5) (4,623.4)
Borrowings (3,351.3) (3,209..7) (5,449.5) (4,632.5) (3,472.0)
Derivative financial instruments (2.0)
Pension deficit (6.5) (5.6)
Provisions (36.7) (61.2)
Deferred tax liabilities (1.6) (2.4) (4.0)
Trade and other payables (6.2)
Total non-current liabilities (3,359.5) (3,216.2) (5,451.1) (4,671.6) (3,542.8)
Net assets 6,812.3 5,689.0 4,820.2 9,582.9 10,791.3
Net debt (3,313.6) (3,263.4) (3,923.6) (5,384.5) (5,087.9)
Results per share from continuing activities


Total dividend payable in respect of the financial year (actual) 28.20p 28.00p 56.50p 64.00p 53.00p
Total dividend payable in respect of the financial year (restated)1 n/a n/a 51.70p 57.68p 47.76p
Basic earnings/(loss) per share2,3 162.33p 144.04p (918.04)p (188.43)p 679.04p
Diluted earnings/(loss) per share2,3 162.18p 143.96p (918.04)p (188.43)p 676.29p
Adjusted earnings per share2,3 36.35p 34.10p 62.60p 60.93p 63.51p
Adjusted diluted earnings per share2,3 36.31p 34.08p 62.57p 60.79p 63.26p
Net assets per share2,3 885p 750p 639p 1862p 2076p
Diluted net assets per share2,3 884p 750p 639p 1859p 2070p
Adjusted net assets per share2,3 827p 691p 593p 1765p 1972p
Adjusted diluted net assets per share2,3 826p 691p 593p 1763p 1965p
  1. The restated total dividend payable represents the theoretical dividend per share that would have been paid had the bonus shares inherent in the Rights Issue been in existence at the relevant dividend dates.
  2. The earnings/(loss) per share and the net asset per share for the year ended 31 March 2008 has been adjusted for the bonus element inherent in the Rights Issue that was approved on 9 March 2009 and the reclassification of the Trillium discontinued operations from continuing activities to discontinued operations.
  3. The earnings/(loss) per share and the net asset per share for the year ended 31 March 2007 has been adjusted for the bonus element inherent in the Rights Issue that was approved on 9 March 2009.