Five year record
Balance sheet
| UK GAAP | IFRS | |||||||
|---|---|---|---|---|---|---|---|---|
| 2003 £m |
2004 £m |
2004 £m |
2005 £m |
2006 £m |
2007 £m |
|||
| Investment properties | ||||||||
| UK shopping centres | 3,760.3 | 4,362.9 | 4,349.0 | 5,839.0 | 6,542.8 | 6,466.0 | ||
| Other | 864.9 | 950.0 | 948.6 | 1,098.8 | 1,644.3 | 2,156.8 | ||
| 4,625.2 | 5,312.9 | 5,297.6 | 6,937.8 | 8,187.1 | 8,622.8 | |||
| Other assets less current liabilities | 366.3 | 381.2 | 451.6 | (66.1) | 193.4 | 46.2 | ||
| Total assets less current liabilities | 4,991.5 | 5,694.1 | 5,749.2 | 6,871.7 | 8,380.5 | 8,669.0 | ||
| Long-term debt | (1,814.4) | (2,118.8) | (2,268.0) | (2,970.2) | (3,493.7) | (3,773.7) | ||
| Convertible bonds | (233.9) | (235.4) | (220.9) | (105.4) | (108.7) | (111.3) | ||
| Provisions for liabilities and charges | (83.8) | (95.9) | (726.1) | (863.0) | (45.7) | (75.1) | ||
| Total shareholders’ funds including minority interests | 2,859.4 | 3,244.0 | 2,534.2 | 2,933.1 | 4,732.4 | 4,708.9 | ||
Profit and loss account
| UK GAAP | IFRS | |||||||
|---|---|---|---|---|---|---|---|---|
| 2003 £m |
2004 £m |
2004 £m |
2005 £m |
2006 £m |
2007 £m |
|||
| UK shopping centres | 175.9 | 181.2 | 187.4 | 235.6 | 272.0 | 288.8 | ||
| Other commercial properties | 61.4 | 64.0 | 68.9 | 64.5 | 68.6 | 75.4 | ||
| Exhibition | – | – | – | – | – | 10.1 | ||
| Net rental income | 237.3 | 245.2 | 256.3 | 300.1 | 340.6 | 374.3 | ||
| Property trading | 4.5 | 9.9 | 6.2 | 11.6 | 32.8 | 2.9 | ||
| Other income | 10.8 | 8.9 | 8.9 | 2.6 | 2.0 | (0.9) | ||
| Administrative expenses | (24.8) | (26.5) | (27.2) | (29.2) | (34.2) | (45.2) | ||
| Share of operating profit of joint ventures | 8.1 | 7.7 | – | – | – | – | ||
| Operating profit | 235.9 | 245.2 | 244.2 | 285.1 | 341.2 | 331.1 | ||
| Net interest payable | (131.7) | (129.5) | (137.2) | (164.2) | (186.1) | (200.5) | ||
| Profit before taxation, valuation and exceptional items | 104.2 | 115.7 | 107.0 | 120.9 | 155.1 | 130.6 | ||
| Gains on revaluations and sale of investment properties | – | – | 357.3 | 565.5 | 586.5 | (279.1) | ||
| Exceptional profits | 5.8 | 42.6 | 32.2 | (13.7) | (2.0) | (3.3) | ||
| Change in fair value of derivative financial instruments | – | – | (41.4) | (145.8) | 163.5 | 27.0 | ||
| Profit on ordinary activities before taxation | 110.0 | 158.3 | 455.1 | 526.9 | 903.1 | (124.8) | ||
| Profit for the financial year | ||||||||
| attributable to shareholders after taxation and minority interests | 80.6 | 124.6 | 332.1 | 366.3 | 1,564.1 | (105.0) | ||
| Ordinary dividends | (77.7) | (84.0) | (81.1) | (86.3) | (97.4) | (122.1) | ||
| Transfers to retained profit | 2.9 | 40.6 | 251.0 | 280.0 | 1,466.7 | (227.1) | ||
Per share information
| UK GAAP | IFRS | |||||||
|---|---|---|---|---|---|---|---|---|
| 2003 £m |
2004 £m |
2004 £m |
2005 £m |
2006 £m |
2007 £m |
|||
| Earnings per share before exceptional items (adjusted) | 27.45p | 29.02p | 27.1p | 29.8p | 33.9p | 36.0p | ||
| Earnings per share (basic) (includes exceptional items) | 26.25p | 39.32p | 104.8p | 114.8p | 462.1p | (29.0)p | ||
| Dividends per share | 25.00p | 26.50p | 26.50p | 28.25p | 31.00p | 34.10p | ||
| Net assets per share (diluted, adjusted) | 906p | 1017p | 1025p | 1188p | 1327p | 1264p | ||
| Ordinary shares in issue | 316.6m | 317.3m | 317.3m | 335.4m | 361.7m | 361.5m | ||
| Ordinary shares in issue (diluted) | 351.7m | 352.1m | 352.1m | 352.0m | 377.1m | 376.4m | ||