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Key financial facts and figures

  6 months
to 31/3/18
12 months
to 30/9/17
12 months
to 30/9/16
12 months
to 30/9/15
Key financial figures        
Portfolio value (£bn)¹ 3.86 3.64 3.35
3.1
Net property income (£m) 46.2 88.3 84.1 78.8
EPRA earnings (£m)3 25.0 45.2 39.0
36.1
Per share data (pence)        
EPRA diluted NAV per share3 983 952 888 869
EPRA earnings per share3 8.4 16.2 14.0
13.0
Dividends per share 8.3 16.0 14.7
13.7
Performance        
Property capital value return1,2 3.0% 7.0% 4.0% 18%
EPRA NAV return 4.1% +8.9% +3.8%
23.8%
Total shareholder return 9.1% 6.5% +8.0%
36.7%
  1. Including our 50% share of the Longmartin joint venture
  2. Like-for-like
  3. Adjusted in accordance with the EPRA Best Practice Recommendations
INCOME STATEMENTS

         
  2017
£M
2016 £M
2015 £M AS RESTATED* 2014 £M AS RESTATED* 2013 £M
Rents receivable 103.4 98.4 91.8 85.3 77.6
Recoverable property expenses 8.1 7.8 6.9 5.9 5.5
  111.5 106.2 98.7 91.2 83.1
Property outgoings (15.1) (14.3) (13.0) (11.2) (9.7)
Recoverable property expenses (8.1) (7.8) (6.9) (5.9) (5.5)
Net property income 88.3 84.1 78.8 74.1 67.9
Administrative expenses (14.1) (14.1) (14.0) (13.8) (11.2)
  74.2 70.0 64.8 60.3 56.7
Profit on disposal of properties 1.1 - - - -
Net surplus on revaluation of investment properties 230.6 108.3 432.0 394.0 161.3
Operating profit 305.9 178.3 496.8 454.3 218.0
Net finance costs (32.7) (33.6) (30.7) (29.5) (28.3)
Recognition of fair value of Debenture Stock - (29.2) - - -
Change in fair value of derivative financial instruments 22.0 (34.9) (28.5) (12.0) 37.0
Share of post-tax profit from joint venture 6.4 18.5 29.7 27.6 12.6
Profit before taxation 301.6 99.1 467.3 440.4 239.3
Taxation charge - - - - -
Profit after taxation 301.6 99.1 467.3 440.4 239.3
Adjust for:          
Profit on disposal of properties (1.1) - - - -
Investment property valuation movements – wholly-owned portfolio (230.6) (108.3) (432.0) (394.0) (161.3)
Investment property valuation movements – joint venture (2.6) (11.3) (34.6) (32.4) (13.0)
Movement in fair value of derivative financial instruments (22.0) 34.9 28.5 12.0 (37.0)
Recognition of fair value of Debenture Stock - 29.2 - - -
Deferred tax on property valuations and capital allowances – joint venture (0.1) (4.6) 6.9 6.6 2.2
EPRA earnings 45.2 39.0 36.1 32.6 30.2
Basic EPS 108.1p 35.6p 168.0p 165.2p 95.0p
EPRA EPS 16.2p 14.0p 13.0p 12.2p 12.0p
Total dividends per ordinary share declared in respect of the financial year 16.0p 14.7p 13.75p 13.10p 12.50p

* 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          


2017
£M
2016 £M 2015 £M AS RESTATED* 2014 £M AS RESTATED* 2013 £M
Investment properties          
At 1 October 3,111.6 2,908.0 2,425.5 1,901.4 1,692.7
Acquisitions 37.1 62.7 25.8 105.7 27.9
Refurbishment and other capital expenditure 40.3 32.6 24.7 24.4 19.5
Disposals (12.3) - - - -
Net gain on revaluation 230.6 108.3 432.0 394.0 161.3
At 30 September – book value 3,407.3 3,111.6 2,908.0 2,425.5 1,901.4
Investment in joint venture 148.0 146.4 129.6 101.5 76.6
Other assets 4.9 5.1 5.2 3.1 0.6
Lease incentives 11.6 12.0 11.5 9.1 7.6
  3,571.8 3,275.1 3,054.3 2,539.2 1,986.2
Net current liabilities 23.9 (104.8) (9.4) (13.5) (14.0)
  3,595.7 3,170.3 3,044.9 2,525.7 1,972.2
Borrowings (948.8) (669.1) (640.3) (553.7) (545.7)
Derivative financial instruments - (114.1) (79.2) (78.8) (95.8)
Net assets 2,646.9 2,387.1 2,525.7 1,893.2 1,330.7
Derivative financial instruments - 76.1 79.2 78.8 95.8
Deferred tax on property valuations and capital allowances – joint venture 17.9 18.0 22.6 15.7 9.1
Additional equity if all vested share options were exercised 0.5 0.5 0.4 0.4 0.2
EPRA net assets 2,665.3 2,481.7 2,427.6 1,988.1 1,435.8
Diluted net asset value £9.46 £8.54 £8.32 £6.79 £5.26
EPRA net asset value £9.52 £8.88 £8.69 £7.13 £5.67
Mid-market price of an ordinary share at 30 September £10.16 £9.7 £9.17 £6.82 £5.9

* 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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