- Part 3: For the preceding part double click ID:nRSS5689Nb
Profit on disposal of investment properties 107.1 25.6 132.7
Profit on disposal of investments in joint ventures 3.3 - 3.3
Net surplus on revaluation of investment properties 1,767.8 269.1 2,036.9
Release of impairment/(impairment) of trading properties(3) 1.9 (0.3) 1.6
Fair value movement on interest-rate swaps (34.0) (0.8) (34.8)
Fair value movement on foreign exchange swaps (5.1) - (5.1)
Foreign exchange movement on borrowings 4.9 - 4.9
Fair value movement on long-term liabilities (4.4) - (4.4)
Amortisation of bond exchange de-recognition adjustment (21.5) - (21.5)
Impairment of unamortised finance costs (4.5) (1.6) (6.1)
Revaluation of redemption liabilities (8.5) - (8.5)
Net gain on business combination 2.2 - 2.2
Business combination costs (8.8) - (8.8)
Impairment of goodwill (29.7) - (29.7)
Amortisation of intangible asset (1.1) - (1.1)
Adjustment for non-wholly owned subsidiaries(4) 5.5 0.1 5.6
Profit before tax 2,090.7 325.8 2,416.5
3. The net release of impairment of trading properties of £1.6m relates entirely to the London Portfolio with no trading
property impairment recognised in the Retail Portfolio.
4. All items in the segment note are presented on a proportionate basis (see note 1). This adjustment represents the
non-owned element of the Group's subsidiaries which is excluded from the numbers presented in the tables above. Included
within the £5.6m adjustment above is revenue of £3.7m, net surplus on revaluation of investment properties of £2.8m, joint
venture profits in non-wholly owned subsidiaries of £0.1m, less costs of £1.0m.
Year ended 31 March 2014
Retail Portfolio London Portfolio Total
Revenue profit Group(1)£m Joint ventures£m Total£m Group(1)£m Joint ventures£m Total£m Group(2)£m Joint ventures£m Total£m
Rental income 311.9 65.6 377.5 247.3 9.3 256.6 559.2 74.9 634.1
Finance lease interest 1.8 0.2 2.0 8.9 - 8.9 10.7 0.2 10.9
Gross rental income (before rents payable) 313.7 65.8 379.5 256.2 9.3 265.5 569.9 75.1 645.0
Rents payable(3) (9.2) (1.9) (11.1) (2.5) - (2.5) (11.7) (1.9) (13.6)
Gross rental income (after rents payable) 304.5 63.9 368.4 253.7 9.3 263.0 558.2 73.2 631.4
Service charge income 46.1 9.3 55.4 38.4 0.3 38.7 84.5 9.6 94.1
Service charge expense (48.2) (10.6) (58.8) (38.4) (0.3) (38.7) (86.6) (10.9) (97.5)
Net service charge expense (2.1) (1.3) (3.4) - - - (2.1) (1.3) (3.4)
Other property related income 15.6 1.0 16.6 19.8 0.4 20.2 35.4 1.4 36.8
Direct property expenditure (35.5) (9.6) (45.1) (22.3) (3.4) (25.7) (57.8) (13.0) (70.8)
Net rental income 282.5 54.0 336.5 251.2 6.3 257.5 533.7 60.3 594.0
Indirect property expenditure (25.5) (2.3) (27.8) (17.7) (0.6) (18.3) (43.2) (2.9) (46.1)
Depreciation (0.2) - (0.2) (0.9) - (0.9) (1.1) - (1.1)
Segment profit before interest 256.8 51.7 308.5 232.6 5.7 238.3 489.4 57.4 546.8
Joint venture net interest expense - (14.0) (14.0) - (8.7) (8.7) - (22.7) (22.7)
Segment profit 256.8 37.7 294.5 232.6 (3.0) 229.6 489.4 34.7 524.1
Group services - other income 3.6 - 3.6
- expense (40.1) - (40.1)
Interest income 25.2 - 25.2
Interest expense (193.2) - (193.2)
Revenue profit 284.9 34.7 319.6
1. The split of net rental income between the London Portfolio and the Retail Portfolio has been restated by £1.3m since
the prior year to reflect the impact of properties transferred from the London Portfolio to the Retail Portfolio during the
current year.
2. Group income figures shown in this column are included in note 3 and agree to the revenue figure included in the
revenue profit column in the income statement.
3. Included within rents payable is finance lease interest payable of £2.0m and £0.4m for the Retail and London
portfolios, respectively.
Reconciliation of revenue profit to profit before tax Total
Group£m Joint ventures£m Total£m
Revenue profit 284.9 34.7 319.6
Capital and other items
Profit on long-term development contracts - 1.0 1.0
Profit on disposal of trading properties 1.9 0.5 2.4
Profit on disposal of investment properties 15.6 0.4 16.0
Profit on disposal of investments in joint ventures 2.5 - 2.5
Net surplus on revaluation of investment properties 608.5 155.3 763.8
Release of impairment/(impairment) of trading properties(4) 5.3 (0.3) 5.0
Fair value movement on interest-rate swaps 10.4 4.8 15.2
Amortisation of bond exchange de-recognition adjustment (19.6) - (19.6)
Revaluation of redemption liabilities (5.6) - (5.6)
Net gain on business combination 5.0 - 5.0
Joint venture net liabilities adjustment - (0.3) (0.3)
Share of joint venture tax - (1.1) (1.1)
Adjustment for non-wholly owned subsidiaries(5) 4.5 0.5 5.0
Profit before tax 913.4 195.5 1,108.9
4. Of the net release of impairment of trading properties of £5.0m, an impairment of £0.4m relates to the Retail
Portfolio, and a reversal of impairment of £5.4m relates to the London Portfolio.
5. All items in the segment note are presented on a proportionate basis (see note 1). This adjustment represents the
non-owned element of the Group's subsidiaries which is excluded from the numbers presented in the tables above. Included
within the £5.0m adjustment above is revenue of £11.9m, joint venture profits in non-wholly owned subsidiaries of £0.5m,
less a net deficit on revaluation of investment properties of £1.9m, net interest expense of £2.0m and costs of £3.5m.
3. Revenue
All revenue is classified within the 'Revenue profit' column of the income statement, with the exception of proceeds on the
sale of trading properties and income arising on long-term development contracts, which are presented in the 'Capital and
other items' column. Also included in the 'Capital and other items' column is the non-owned element of the Group's
subsidiaries which is excluded from revenue profit.
Group
2015 2014
Revenue Capital and other items Total Revenue Capital and other items Total
profit profit
£m £m £m £m £m £m
Rental income (excluding adjustment for lease incentives) 557.9 2.9 560.8 526.1 9.5 535.6
Adjustment for lease incentives 14.8 0.1 14.9 33.1 0.7 33.8
Rental income 572.7 3.0 575.7 559.2 10.2 569.4
Service charge income 89.7 0.7 90.4 84.5 2.1 86.6
Other property related income 34.4 - 34.4 35.4 (0.6) 34.8
Trading property sales proceeds - 55.5 55.5 - 11.2 11.2
Finance lease interest 10.3 - 10.3 10.7 0.2 10.9
Other income 4.1 - 4.1 3.6 - 3.6
711.2 59.2 770.4 693.4 23.1 716.5
4. Costs
All costs are classified within the 'Revenue profit' column of the income statement, with the exception of the cost of sale
of trading properties, costs arising on long-term development contracts, amortisation of intangible assets and business
combination costs which are presented in the 'Capital and other items' column. Also included in the 'Capital and other
items' column is the non-owned element of the Group's subsidiaries which is excluded from revenue profit.
Group
2015 2014
Revenue Capital and other items Total Revenue Capital and other items Total
profit profit
£m £m £m £m £m £m
Rents payable 11.3 - 11.3 11.7 0.1 11.8
Service charge expense (1) 90.6 0.6 91.2 86.6 2.4 89.0
Direct property expenditure (1) 64.7 0.4 65.1 57.8 0.8 58.6
Indirect property expenditure (1) 92.1 - 92.1 84.4 0.2 84.6
Impairment of long-term development contracts - 11.3 11.3 - - -
Trading property disposals - 25.7 25.7 - 9.3 9.3
Amortisation of intangible asset - 1.1 1.1 - - -
Business combination costs - 8.8 8.8 - - -
258.7 47.9 306.6 240.5 12.8 253.3
1. The table above includes Group employee costs for the year of £67.4m (2014: £63.8m), which has been split into £7.2m
(2014: £7.4m) within service charge expense, £0.4m (2014: £0.2m) within direct property expenditure and £59.8m (2014:
£56.2m) within indirect property expenditure.
5. Net interest expense
Group
2015 2014
£m £m
Interest expense
Bond and debenture debt (169.8) (174.6)
Bank borrowings (29.4) (30.0)
Amortisation of bond exchange de-recognition (21.5) (19.6)
Fair value movement on interest-rate swaps (34.0) -
Fair value movement on foreign exchange swaps (5.1) -
Foreign exchange movement on borrowings 4.9 -
Fair value movement on long-term liabilities (4.4) -
Impairment of unamortised finance costs (4.5) -
Other interest payable (0.6) (1.0)
(264.4) (225.2)
Interest capitalised in relation to properties under development 15.0 8.3
Total interest expense (249.4) (216.9)
Interest income
Short-term deposits 0.1 0.1
Interest received on loan investments 2.3 2.3
Other interest receivable 0.6 1.4
Interest receivable from joint ventures 26.2 21.0
Net pension interest 0.2 0.4
Fair value movement on interest-rate swaps - 12.5
Total interest income 29.4 37.7
Net interest expense (220.0) (179.2)
Included within rents payable (note 2) is finance lease interest payable of £1.6m (2014: £2.4m).
The following table reconciles interest expense and interest income per the Group income statement to interest expense and
interest income included within revenue profit (note 2):
Group
2015 2014
£m £m
Total interest expense (249.4) (216.9)
Amortisation of bond exchange de-recognition adjustment 21.5 19.6
Fair value movement on interest-rate swaps 34.0 -
Fair value movement on foreign exchange swaps 5.1 -
Foreign exchange movement on borrowings (4.9) -
Fair value movement on long-term liabilities 4.4 -
Impairment of unamortised finance costs 4.5 -
Adjustment for non-wholly owned subsidiaries (1) - 4.1
Group interest expense (184.8) (193.2)
Joint venture net interest expense (24.3) (22.7)
Interest expense included in revenue profit (209.1) (215.9)
Total interest income 29.4 37.7
Fair value movement on interest-rate swaps - (10.4)
Adjustment for non-wholly owned subsidiaries (1) - (2.1)
Interest income included in revenue profit 29.4 25.2
1. This represents the non-owned element of the Group's subsidiaries which is excluded from revenue profit.
6. Net assets per share Group
2015 2014
£m £m
Net assets attributable to the owners of the parent 10,606.3 8,418.3
Fair value of interest-rate swaps - Group 37.7 3.7
- Joint ventures 2.1 (0.1)
Deferred tax liability 5.8 -
Goodwill on deferred tax liability (5.8) -
EPRA adjusted net assets 10,646.1 8,421.9
Reverse bond exchange de-recognition adjustment (391.7) (413.2)
Adjusted net assets attributable to the owners of the parent 10,254.4 8,008.7
Reinstate bond exchange de-recognition adjustment 391.7 413.2
Fair value of interest-rate swaps - Group (37.7) (3.7)
- Joint ventures (2.1) 0.1
Deferred tax liability (5.8) -
Excess of fair value of debt over book value (note 14) (1,161.3) (889.1)
EPRA triple net assets 9,439.2 7,529.2
2015 2014
million million
Number of ordinary shares in issue 801.0 799.2
Number of treasury shares (10.5) (10.5)
Number of own shares (1.0) (1.1)
Number of ordinary shares - basic net assets per share 789.5 787.6
Dilutive effect of share options 3.7 3.0
Number of ordinary shares - diluted net assets per share 793.2 790.6
2015 2014
pence pence
Net assets per share 1,343 1,069
Diluted net assets per share 1,337 1,065
Adjusted net assets per share 1,299 1,017
Adjusted diluted net assets per share 1,293 1,013
EPRA measure - adjusted diluted net assets per share 1,342 1,065
- diluted triple net assets per share 1,190 952
Adjusted net assets per share excludes fair value adjustments on financial instruments used for hedging purposes and the
bond exchange de-recognition adjustment as management consider this better represents the expected future cash flows of the
Group. EPRA measures have been included to assist comparison between European property companies. We believe our measure of
adjusted net assets attributable to the owners of the parent is more indicative of underlying performance.
7. Earnings per share
Earnings per share (EPS) is the amount of post-tax profit attributable to each share.
The Group has also chosen to disclose adjusted earnings per share in order to provide an indication of the Group's
underlying business performance. Adjusted earnings per share exclude items of a capital nature and one-off items. We
believe our measure of adjusted diluted earnings per share is more appropriate than the EPRA measure in the context of our
business.
Group
2015 2014
£m £m
Profit for the year attributable to the owners of the parent 2,416.8 1,116.6
Net surplus on revaluation of investment properties (2,036.9) (763.8)
Profit on disposal of investment properties (132.7) (16.0)
Profit on disposal of investments in joint ventures (3.3) (2.5)
Release/(impairment) of trading properties (1.6) (5.0)
Profit on disposal of trading properties (31.5) (2.4)
Fair value movement on interest-rate swaps 34.8 (15.2)
Fair value movement on foreign exchange swaps 5.1 -
Foreign exchange movement on borrowings (4.9) -
Fair value movement on long-term liabilities 4.4 -
Revaluation of redemption liabilities 8.5 5.6
Business combination costs 8.8 -
Net gain on business combination (2.2) (5.0)
Impairment of goodwill 29.7 -
Amortisation of intangible asset 1.1 -
Impairment of unamortised finance costs 6.1 -
Group taxation (0.3) (7.7)
Share of joint venture tax - 0.6
Joint venture net liabilities adjustment(1) - 0.3
Adjustment for non-wholly owned subsidiaries(2) (5.6) (5.0)
EPRA adjusted earnings attributable to the owners of the parent 296.3 300.5
Eliminate:
Impairment/(profit) on long-term development contracts(3) 11.3 (1.0)
Amortisation of bond exchange de-recognition 21.5 19.6
Adjusted earnings attributable to the owners of the parent 329.1 319.1
1. Joint ventures with net liabilities are carried at zero value in the balance sheet where there is no commitment to
fund the deficit.
2. This adjustment represents the non-owned element of the Group's subsidiaries which is excluded from adjusted
earnings.
3. The impairment/(profit) on long-term development contracts has been removed from our adjusted earnings due to the
long-term, capital nature of these programmes.
2015 2014
million million
Weighted average number of ordinary shares 800.9 796.2
Weighted average number of treasury shares (10.5) (10.5)
Weighted average number of own shares (0.8) (1.1)
Weighted average number of ordinary shares - basic earnings per share 789.6 784.6
Dilutive effect of share options 3.5 2.9
Weighted average number of ordinary shares - diluted earnings per share 793.1 787.5
2015 2014
pence pence
Basic earnings per share 306.1 142.3
Diluted earnings per share 304.7 141.8
Adjusted earnings per share 41.7 40.7
Adjusted diluted earnings per share 41.5 40.5
EPRA adjusted earnings per share 37.5 38.3
EPRA adjusted diluted earnings per share 37.4 38.2
8. Dividends
Pence per share Group and Company
2015 2014
Ordinary dividends paid Payment date PID (1) Non-PID (1) Total £m £m
For the year ended 31 March 2013:
Third interim 17 April 2013 7.4 - 7.4 57.8
Final 19 July 2013 7.6 - 7.6 59.4
For the year ended 31 March 2014:
First interim 11 October 2013 7.6 - 7.6 59.6
Second interim 9 January 2014 7.6 - 7.6 59.7
Third interim 11 April 2014 7.6 - 7.6 59.8
Final 22 July 2014 7.9 - 7.9 62.4
For the year ended 31 March 2015:
First interim 10 October 2014 7.9 - 7.9 62.4
Second interim 8 January 2015 6.0 1.9 7.9 62.4
Gross dividends 247.0 236.5
Dividends settled in shares (17.2) (61.1)
Dividends in statement of changes in equity 229.8 175.4
Timing difference relating to payment of withholding tax (0.4) 0.2
Dividends in the statement of cash flows 229.4 175.6
1. The PID/non-PID split relates to cash dividends. All scrip dividends have been non-PID.
A third quarterly interim dividend of 7.9p per ordinary share, or £62.4m in total (2014: 7.6p or £59.8m in total), was paid
on 10 April 2015 as a Property Income Distribution (PID). The Board has recommended a final quarterly dividend for the year
ended 31 March 2015 of 8.15p per ordinary share (2014: 7.9p) to be paid as a PID. This final dividend will result in a
further estimated distribution of £64.4m (2014: £62.4m). Subject to shareholders' approval at the Annual General Meeting,
the final dividend will be paid on 24 July 2015 to shareholders registered at the close of business on 19 June 2015. The
total dividend paid and recommended in respect of the year ended 31 March 2015 is 31.85p (2014: 30.7p).
The Company operated a scrip dividend scheme during part of the year and the scrip dividend amount of £17.2m (2014: £61.1m)
comprised a wholly non-PID distribution. A dividend reinvestment plan (DRIP) was introduced in place of the scrip dividend
scheme and was operated for the first time in respect of last year's final dividend paid on 22 July 2014.
9. Net cash generated from operations
Group Company
2015 2014 2015 2014
Reconciliation of operating profit to net cash generated from operations: £m £m £m £m
Operating profit 2,346.7 1,093.2 22.0 22.0
Adjustments for:
Depreciation 2.1 2.7 - -
Amortisation of intangible asset 1.1 - - -
Impairment of long-term development contracts 11.3 - - -
Profit on disposal of trading properties (29.8) (1.9) - -
Profit on disposal of investment properties (107.1) (15.6) - -
Profit on disposal of investments in joint ventures (3.3) (2.5) - -
Net surplus on revaluation of investment properties (1,770.6) (606.6) - -
Release of impairment of trading properties (1.9) (5.3) - -
Share-based payment charge 6.0 5.5 - -
Defined benefit pension scheme charge 1.1 1.0 - -
455.6 470.5 22.0 22.0
Changes in working capital:
Increase in long-term development contracts (0.6) (1.3) - -
Increase/(decrease) in receivables 5.6 (52.9) - -
(Decrease)/increase in payables and provisions (13.1) 14.3 (22.0) (22.0)
Net cash generated from operations 447.5 430.6 - -
10. Investment properties
Group
2015 2014
£m £m
Net book value at the beginning of the year 9,847.7 9,651.9
Acquisitions 108.9 1.6
Acquired in business combination (note 17) 910.8 -
Capital expenditure: Like-for-like portfolio 72.5 120.0
Development portfolio 203.7 102.0
Capitalised interest 11.4 5.5
Disposals (470.6) (637.3)
Net movement in finance leases (13.6) 3.2
Transfer to trading properties - (5.8)
Transfer to non-current assets held for sale (note 18) (283.4) -
Valuation surplus 1,770.6 606.6
Net book value at the end of the year 12,158.0 9,847.7
The market value of the Group's investment properties, as determined by the Group's external valuers, differs from the net
book value presented in the balance sheet due to the Group presenting lease incentives, tenant finance leases and head
leases separately. The following table reconciles the net book value of the investment properties to the market value.
As at 31 March 2015 As at 31 March 2014
Group Joint ventures (1) Adjustment for proportionate share (2) Combined Portfolio Group Joint Adjustment for proportionate share (2) Combined Portfolio
(excl. joint ventures) (excl. joint ventures) ventures (1)
£m £m £m £m £m £m £m £m
Net book value 12,158.0 1,403.0 (31.8) 13,529.2 9,847.7 1,571.4 (28.7) 11,390.4
Plus: tenant lease incentives 251.0 26.5 (0.2) 277.3 251.9 27.9 (0.2) 279.6
Less: head leases capitalised (16.5) - 0.2 (16.3) (30.1) (3.0) 0.2 (32.9)
Plus: properties treated as finance leases 242.4 - (1.2) 241.2 219.3 4.1 (1.1) 222.3
Market value 12,634.9 1,429.5 (33.0) 14,031.4 10,288.8 1,600.4 (29.8) 11,859.4
1. Refer to note 11 for a breakdown of this amount by entity.
2. This represents the interest in X-Leisure which we do not own, but is consolidated in the Group numbers.
The net book value of leasehold properties where head leases have been capitalised is £911.8m (2014: £925.1m).
Investment properties include capitalised interest of £198.2m (2014: £214.3m). The average rate of interest capitalisation
for the year is 5.0% (2014: 5.0%). The historical cost of investment properties is £7,185.4m (2014: £6,579.6m).
11. Joint arrangements
The Group's joint arrangements are described below:
Joint ventures Percentage owned & Business Year end date(1) Joint venture partners
voting rights segment
Held at 31 March 2015
20 Fenchurch Street Limited Partnership 50.0% London Portfolio 31 March Canary Wharf Group plc
Nova, Victoria (2) 50.0% London Portfolio 31 March Canada Pension Plan Investment Board
Metro Shopping Fund Limited Partnership 50.0% Retail Portfolio 31 March Delancey Real Estate Partners Limited
St. David's Limited Partnership 50.0% Retail Portfolio 31 December Intu Properties plc
Westgate Oxford Alliance Limited Partnership 50.0% Retail Portfolio 31 March The Crown Estate Commissioners
The Oriana Limited Partnership 50.0% London Portfolio 31 March Frogmore Real Estate Partners Limited Partnership
Harvest (3) (4) 50.0% Retail Portfolio 31 March J Sainsbury plc
The Ebbsfleet Limited Partnership (4) 50.0% London Portfolio 31 March Lafarge Cement UK PLC
Millshaw Property Co. Limited (4) 50.0% Retail Portfolio 31 March Evans Property Group Limited
Countryside Land Securities (Springhead) Limited (4) 50.0% London Portfolio 30 September Countryside Properties PLC
West India Quay Unit Trust (4) (5) 50.0% Retail Portfolio 31 December Schroder Exempt Property Unit Trust
Joint operations Ownership interest Business Joint operation partners
segment
Bluewater, Kent 30.0% Retail Portfolio M&G Real Estate and GICLend Lease Retail PartnershipHermes and Aberdeen Asset Management
Disposed of or transferred to investments in subsidiaries in the year ended 31 March 2015
Buchanan Partnership (6) 50.0% Retail Portfolio The Henderson UK Shopping Centre Fund
Princesshay, Exeter (6) 50.0% Retail Portfolio The Crown Estate Commissioners
Bristol Alliance Limited Partnership (7) 50.0% Retail Portfolio Hammerson plc
The Martineau Galleries Limited Partnership (4) 33.3% Retail Portfolio Hammerson plcPearl Group Limited
Thomas More Square, E1 (8) 50.0% London Portfolio The Cadillac Fairview Corporation Limited
Disposed of in the year ended 31 March 2014
The Scottish Retail Property Limited Partnership (4) 50.0% Retail Portfolio The British Land Company PLC
Hungate (York) Regeneration Limited(4) 33.3% Retail Portfolio Crosby Lend Lease PLCEvans Property Group Limited
The Empress State Limited Partnership(4) 50.0% London Portfolio Capital & Counties Properties PLC
1. The year end date shown is the accounting reference date of the joint venture. In all cases the Group's accounting is
performed using financial information for the Group's own reporting period and reporting date.
2. Nova, Victoria includes the Victoria Circle Limited Partnership and Nova Residential Limited Partnership.
3. Harvest includes The Harvest Limited Partnership and Harvest Two Limited Partnership. The Harvest Partnership
disposed of its interests in Salisbury and Hull.
4. Included within Other in subsequent tables.
5. West India Quay Unit Trust is held in the X-Leisure Unit Trust (X-Leisure) in which the Group holds a 95% share.
6. On 31 October 2014, the Group simultaneously disposed of its interest in Princesshay, Exeter and acquired the
remaining 50% interest in the Buchanan Partnership. See note 17.
7. On 30 October 2014, the Group disposed of its interest in the Bristol Alliance Limited Partnership.
8. On 19 November 2014, the Group acquired the remaining 50% interest in Thomas More Square, E1 from the Ontario
Teachers' Pension Plan.
All of the Group's joint arrangements have their principal place of business in the United Kingdom. All of the Group's
joint arrangements own and operate investment property with the exception of The Ebbsfleet Limited Partnership and
Countryside Land Securities (Springhead) Limited, which hold development land as trading properties. The 20 Fenchurch
Street Limited Partnership, Nova, Victoria and The Oriana Limited Partnership are also engaged in the development of
investment properties, with the latter two also developing trading properties. The activities of all the Group's joint
arrangements are therefore strategically important to the business activities of the Group.
All joint ventures are registered in England and Wales with the exception of the Metro Shopping Fund Limited Partnership
and West India Quay Unit Trust which are registered in Jersey.
Year ended 31 March 2015
Joint ventures 20 Fenchurch Street Limited Partnership Nova, Victoria Metro Shopping Fund Limited Partnership Buchanan Partnership(3) St. David's Limited Partnership Westgate Oxford Alliance Partnership Bristol AllianceLimited Partnership(4) The Oriana Limited Partnership Individually material JVs at Other Total
LS's share
Income statement 100% 100% 100% 100% 100% 100% 100% 100% 50% LS share LS share
£m £m £m £m £m £m £m £m £m £m £m
Revenue(1) 37.4 0.2 17.4 11.6 42.8 4.2 25.0 12.4 75.5 8.8 84.3
Gross rental income (after rents payable) 31.0 - 14.0 10.4 33.6 3.2 21.2 12.0 62.7 6.4 69.1
Net rental income/(expense) 28.8 (2.8) 13.0 8.2 27.6 2.8 17.6 11.6 53.4 5.6 59.0
Segment profit/(loss) before interest 27.8 (3.2) 12.2 8.2 26.6 2.2 17.0 11.2 51.0 5.3 56.3
Net interest (expense)/income (27.8) (0.4) (6.2) (4.2) (3.6) 0.2 - (7.2) (24.6) 0.3 (24.3)
Revenue profit - (3.6) 6.0 4.0 23.0 2.4 17.0 4.0 26.4 5.6 32.0
Capital and other items
(Loss)/Profit on disposal of trading properties - - - - (0.2) - - - (0.1) 1.8 1.7
Profit on disposal of investment properties - - - - - 0.2 - 42.4 21.3 4.3 25.6
Impairment of trading properties - - - - - - - - - (0.3) (0.3)
Net surplus on revaluation of investment properties 187.0 80.0 61.8 - 118.4 21.8 - 63.2 266.1 3.0 269.1
Fair value movement on interest-rate swaps - - - - 0.6 - - (2.2) (0.8) - (0.8)
Impairment of unamortised finance costs - - - - - - - (3.3) (1.6) - (1.6)
Adjustment for non-wholly owned - - - - - - - - - 0.1 0.1
subsidiary(2)
Profit before tax 187.0 76.4 67.8 4.0 141.8 24.4 17.0 104.1 311.3 14.5 325.8
Income tax - - - - - - - - - - -
Post-tax profit 187.0 76.4 67.8 4.0 141.8 24.4 17.0 104.1 311.3 14.5 325.8
Other comprehensive income - - (3.4) - - - - - (1.7) - (1.7)
Total comprehensive income 187.0 76.4 64.4 4.0 141.8 24.4 17.0 104.1 309.6 14.5 324.1
50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0% 50.0%
Land Securities' share of total comprehensive income 93.5 38.2 32.2 2.0 70.9 12.2 8.5 52.1 309.6 14.5 324.1
1. Revenue includes gross rental income (before rents payable), service charge income, other property related income,
trading properties disposal proceeds and income from long-term development contracts.
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