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Five Year Financial Summary

INCOME STATEMENTS

         
  2016 £M
2015 £M AS RESTATED* 2014 £M AS RESTATED* 2013 £M AS RESTATED* 2012 £M
Rents receivable 98.4 91.8 85.3 77.6 75.4
Recoverable property expenses 7.8 6.9 5.9 5.5 5.5
  106.2 98.7 91.2 83.1 80.9
Property outgoings (14.3) (13.0) (11.2) (9.7) (9.2)
Recoverable property expenses (7.8) (6.9) (5.9) (5.5) (5.5)
Net property income 84.1 78.8 74.1 67.9 66.2
Administrative expenses (14.1) (14.0) (13.8) (11.2) (9.7)
  70.0 64.8 60.3 56.7 56.5
Profit on disposal of properties - - - - 1.6
Net surplus on revaluation of investment properties 108.3 432.0 394.0 161.3 84.2
Operating profit 178.3 496.8 454.3 218.0 142.3
Net finance costs (33.6) (30.7) (29.5) (28.3) (28.3)
Recognition of fair value of Debenture Stock (29.2) - - - -
Change in fair value of derivative financial instruments (34.9) (28.5) (12.0) 37.0 (28.2)
Share of post-tax profit from joint venture 18.5 29.7 27.6 12.6 7.2
Profit before taxation 99.1 467.3 440.4 239.3 93.0
Taxation charge - - - - -
Profit after taxation 99.1 467.3 440.4 239.3 93.0
Adjust for:          
Profit on disposal of properties - - - - (1.6)
Investment property valuation movements – wholly-owned portfolio (108.3) (432.0) (394.0) (161.3) (84.2)
Investment property valuation movements – joint venture (11.3) (34.6) (32.4) (13.0) (6.0)
Movement in fair value of derivative financial instruments 34.9 28.5 12.0 -37.0 28.2
Recognition of fair value of Debenture Stock 29.2 - - - -
Deferred tax on property valuations and capital allowances – joint venture (4.6) 6.9 6.6 2.2 1.2
EPRA earnings 39.0 36.1 32.6 30.2 30.6
Basic EPS 35.6p 168.0p 165.2p 95.0p 37.1p
EPRA EPS 14.0p 13.0p 12.2p 12.0p 12.2p
Total dividends per ordinary share declared in respect of the financial year 14.7p 13.75p 13.10p 12.50p 12.00p

* Restated for the change in accounting policy for the Longmartin joint venture. The Longmartin joint venture was previously accounted for using proportional consolidation under IAS 31 Interests in Joint Ventures. IFRS 11 Joint Arrangements has superseded IAS 31, which precludes the use of proportional consolidation, with equity accounting being the only permitted option.

NET ASSETS          


2016 £M 2015 £M AS RESTATED* 2014 £M AS RESTATED* 2013 £M AS RESTATED* 2012 £M
Investment properties          
At 1 October 2,908 2,425.5 1,901.4 1,692.7 1,552.3
Acquisitions 62.7 25.8 105.7 27.9 44
Refurbishment and other capital expenditure 32.6 24.7 24.4 19.5 13.2
Disposals - - - - (1.0)
Net gain on revaluation 108.3 432 394 161.3 84.2
At 30 September – book value 3,111.6 2,908 2,425.5 1,901.4 1,692.7
Investment in joint venture 146.4 129.6 101.5 76.6 72.3
Other assets 5.1 5.2 1.6 0.6 0.6
Lease incentives 12 11.5 3.1 7.6 6.3
  3,275.1 3,054.3 2,531.7 1,986.2 1,771.9
Net current liabilities (104.8) (9.4) (13.4) (14) (22.9)
  3,170.3 3,044.9 2,518.3 1,972.2 1,749
Borrowings (669.1) (640.3) (553.7) (545.7) (496.8)
Derivative financial instruments (114.1) (79.2) (78.8) (95.8) (132.8)
Net assets 2,387.1 2,325.4 1,885.8 1,330.7 1,119.4
Derivative financial instruments 76.1 79.2 78.8 95.8 132.8
Deferred tax on property valuations and capital allowances – joint venture 18 22.6 15.7 9.1 6.9
Additional equity if all vested share options were exercised 0.5 0.4 0.4 0.2 1.1
EPRA net assets 2,481.7 2,427.6 1,980.7 1,435.8 1,260.2
Diluted net asset value £8.54 £8.32 £6.79 £5.26 £4.43
EPRA net asset value £8.88 £8.69 £7.13 £5.67 £4.98
Mid-market price of an ordinary share at 30 September £9.7 £9.17 £6.82 £5.9 £5.28

* Restated for the change in accounting policy for the Longmartin joint venture. The Longmartin joint venture was previously accounted for using proportional consolidation under IAS 31 Interests in Joint Ventures. IFRS 11 Joint Arrangements has superseded IAS 31, which precludes the use of proportional consolidation, with equity accounting being the only permitted option.

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