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% |
- Including our 50% share of the Longmartin joint venture
- Like-for-like
- 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.