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Five Year Financial Summary

INCOME STATEMENTS

         
  2019
£M
2018
£M
2017
£M
2016 £M
2015 £M
Rental income 117.3 112.8 103.4 98.4 91.8
Service charge income 9.6 9.3 8.1 7.8 6.9
  126.9 122.1 111.5 106.2 98.7
Property outgoings (19.3) (19.0) (15.1) (14.3) (13.0)
Service charge expenses (9.6) (9.3) (8.1) (7.8) (6.9)
Net property income 98.0 28.3 88.3 84.1 78.8
Administrative expenses (15.2) (13.7) (14.1) (14.1) (14.0)
  82.8 80.1 74.2 70.0 64.8
Profit on disposal of properties 2.8 4.6 1.1 - -
Net revaluation (deficit)/surplus on investment properties (15.3) 123.1 230.6 108.3 432.0
Operating profit 70.3 207.8 305.9 178.3 496.8
Net finance costs (30.5) (31.2) (32.7) (33.6) (30.7)
Recognition of fair value of Debenture Stock - - - (29.2) -
Change in fair value of derivative financial instruments - - 22.0 (34.9) (28.5)
Share of post-tax profit from joint venture (13.8) (1.1) 6.4 18.5 29.7
Profit before tax 26.0 175.5 301.6 99.1 467.3
Tax charge for the year - - - - -
Profit after tax 26.0 175.5 301.6 99.1 467.3
Adjust for:          
Profit on disposal of properties (2.8) (4.6) (1.1) - -
Investment property valuation movements – wholly-owned portfolio 15.3 (123.1) (230.6) (108.3) (432.0)
Investment property valuation movements – joint venture 19.2 5.0 (2.6) (11.3) (34.6)
Movement in fair value of derivative financial instruments - - (22.0) 34.9 28.5
Recognition of fair value of Debenture Stock - - - 29.2 -
Deferred tax on property valuations and capital allowances – joint venture (3.1) (1.1) (0.1) (4.6) 6.9
EPRA earnings 54.6 51.7 45.2 39.0 36.1
Basic EPS 8.5p 58.1 108.1p 35.6p 168.0p
EPRA EPS 17.8p 17.1 16.2p 14.0p 13.0p
Total dividends per ordinary share declared in respect of the financial year 17.7p 16.8 16.0p 14.7p 13.75p

* 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 IFRS 11 Joint Arrangements has superseded IAS 31, which precludes the use of proportional consolidation, with equity accounting being the only permitted option.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          


2019
£M
2018
£M
2017
£M
2016 £M 2015 £M
Investment properties          
At 1 October 3,714.8 3,407.3 3,111.6 2,908.0 2,425.5
Acquisitions 47.0 167.8 37.1 62.7 25.8
Refurbishment and other capital expenditure 30.9 25.3 40.3 32.6 24.7
Disposals (11.5) (8.7) (12.3) - -
Net revaluation (deficit)/surplus on investment properties (15.3) 123.1 230.6 108.3 432.0
At 30 September – book value 3,765.9 3,714.8 3,407.3 3,111.6 2,908.0
Investment in joint venture 127.6 143.9 148.0 146.4 129.6
Other assets 5.1 5.0 4.9 5.1 5.2
Lease incentives 13.1 12.2 11.6 12.0 11.5
  3,911.7 3,875.9 3,571.8 3,275.1 3,054.3
Net current liabilities 45.3  105.7 23.9 (104.8) (9.4)
  3,957.0 3,981.6 3,595.7 3,170.3 3,044.9
Borrowings (949.8) (948.6) (948.8) (669.1) (640.3)
Derivative financial instruments - - - (114.1) (79.2)
Net assets 3,007.2 3,033.0 2,646.9 2,387.1 2,525.7
Derivative financial instruments - - - 76.1 79.2
Deferred tax on property valuations and capital allowances – joint venture 13.6 16.7 17.9 18.0 22.6
Additional equity if all vested share options were exercised 0.5 0.5 0.5 0.5 0.4
EPRA net assets 3,021.3 3,050.2 2,665.3 2,481.7 2,427.6
Diluted net asset value 9.77 £9.86 £9.46 £8.54 £8.32
EPRA net asset value 9.82 £9.91 £9.52 £8.88 £8.69
Mid-market price of an ordinary share at 30 September 9.09 £9.06 £10.16 £9.7 £9.17

* 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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