Profit before property writedowns, investments gains and tax
2.9
9.7
Provisions against trading and development stock
(14.9)
(10.0)
Gains on sale and revaluation of investment properties
7.5
8.2
Impairment of available-for-sale assets
(1.8)
-
(Loss)/profit before tax
(6.3)
7.9
pence
pence
Basic (loss)/earnings per share
(3.6)
9.1
Diluted (loss)/earnings per share
(3.6)
9.1
Diluted EPRA loss per share
3
(6.4)
(0.1)
Dividends per share paid in year
4
2.00
7.25
Diluted EPRA net assets per share
5
253
272
Adjusted diluted net assets per share
6
225
241
£m
£m
Value of investment portfolio
271.9
219.9
Trading and development stock at directors’ value
7
180.0
215.5
Group’s share of property portfolio held in joint ventures
80.3
59.1
532.2
494.5
Net borrowings
206.1
203.0
Group’s share of net borrowings of joint ventures
35.2
25.8
241.3
228.8
Net assets
255.4
242.6
Ratio of net borrowings to value of property portfolio
8
45.3%
46.3%
Net gearing
81%
84%
Notes:
Includes Group’s share of net rental income in joint ventures of £3.6m (2010: £0.7m)
The Group’s share of the results of entities controlled equally by the Group and its joint venture partners.
Calculated in accordance with IAS 33 and the best practice recommendations of the European Public Real Estate Association (“EPRA”) (see note 8 of the Preliminary Announcement).
Excludes the final dividend of 3.15p per share payable, if approved, in July 2011.
Calculated in accordance with the best practice recommendations of EPRA (see note 22).
As per 4, but excluding the adjustment for the fair value of development stock.
Includes the trading and development stock surplus of £32m (2010: £33m).
Includes Group’s share of property portfolio and net borrowings in joint venture.
