Notes to the accounts
1 Segmental reporting
(a) Business segments
For management purposes the group is organised into operating divisions, of which the two largest are UK shopping centres and other commercial properties.
| 2007 | |||||
|---|---|---|---|---|---|
| UK shopping centres £m |
Other commercial properties £m |
Exhibition £m |
Other activities £m |
Group Total £m |
|
| Revenue | 424.8 | 126.3 | 24.7 | (1.2) | 574.6 |
| Rent receivable | 334.8 | 98.8 | 24.7 | – | 458.3 |
| Service charge income | 57.6 | 9.3 | – | – | 66.9 |
| Other income | 19.3 | 2.2 | – | – | 21.5 |
| 411.7 | 110.3 | 24.7 | – | 546.7 | |
| Rent payable | (22.3) | (3.1) | – | – | (25.4) |
| Service charge and other non-recoverable costs | (100.6) | (31.8) | (14.6) | – | (147.0) |
| Net rental income | 288.8 | 75.4 | 10.1 | – | 374.3 |
| Property trading profits | 1.5 | 1.4 | – | – | 2.9 |
| Other income | – | 0.3 | – | (1.2) | (0.9) |
| (Deficit)/gain on revaluation and sale of investment and development property | (284.5) | 0.6 | 4.8 | – | (279.1) |
| Segment result | 5.8 | 77.7 | 14.9 | (1.2) | 97.2 |
| Unallocated administration costs | (45.2) | ||||
| Operating profit | 52.0 | ||||
| Total assets | 6,692.0 | 1,905.5 | 417.9 | 157.1 | 9,172.5 |
| Total liabilities | (3,108.6) | (1,106.5) | (282.5) | 34.0 | (4,463.6) |
| Net assets | 3,583.4 | 799.0 | 135.4 | 191.1 | 4,708.9 |
| Other segment items: | |||||
| Capital expenditure | 226.8 | 458.4 | 376.6 | – | 1,061.8 |
| Depreciation/amortisation | – | 0.3 | – | – | 0.3 |
| 2006 | |||||
|---|---|---|---|---|---|
| UK shopping centres £m |
Other commercial properties £m |
Exhibition £m |
Other activities £m |
Group Total £m |
|
| Revenue | 421.1 | 139.2 | – | 2.5 | 562.8 |
| Rent receivable | 320.4 | 79.8 | – | – | 400.2 |
| Service charge income | 51.6 | 15.6 | – | – | 67.2 |
| Other income | 15.9 | 9.8 | – | – | 25.7 |
| 387.9 | 105.2 | – | – | 493.1 | |
| Rent payable | (23.2) | (3.8) | – | – | (27.0) |
| Service charge and other non-recoverable costs | (92.7) | (32.8) | – | – | (125.5) |
| Net rental income | 272.0 | 68.6 | – | – | 340.6 |
| Property trading profits/(losses) | (0.8) | 32.6 | – | 1.0 | 32.8 |
| Other income | – | 0.5 | – | 1.5 | 2.0 |
| Gain on revaluation and sale of investment and development property | 470.7 | 115.8 | – | – | 586.5 |
| Segment result | 741.9 | 217.5 | – | 2.5 | 961.9 |
| Unallocated administration costs | (34.2) | ||||
| Operating profit | 927.7 | ||||
| Total assets | 6,782.3 | 1,736.0 | – | 231.9 | 8,750.2 |
| Total liabilities | (3,179.4) | (930.1) | – | 91.7 | (4,017.8) |
| Net assets | 3,602.9 | 805.9 | – | 323.6 | 4,732.4 |
| Other segment items: | |||||
| Capital expenditure | 251.9 | 487.3 | – | – | 739.2 |
| Depreciation/amortisation | – | 0.2 | – | – | 0.2 |
| (b) Geographical segments | Revenue | Total assets |
Capital expenditure |
|||
|---|---|---|---|---|---|---|
| 2007 £m |
2006 £m |
2007 £m |
2006 £m |
2007 £m |
2006 £m |
|
| United Kingdom | 534.0 | 510.9 | 8,756.4 | 8,360.4 | 1,049.5 | 735.1 |
| United States | 40.6 | 51.9 | 416.1 | 389.8 | 12.3 | 4.1 |
| 574.6 | 562.8 | 9,172.5 | 8,750.2 | 1,061.8 | 739.2 | |