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Five Year Financial Summary

INCOME STATEMENTS

         
  2020
£M
2019
£M
2018
£M
2017
£M
2016 £M
Rental income 114.4 117.3 112.8 103.4 98.4
Service charge income 10.1 9.6 9.3 8.1 7.8
Revenue 124.5 126.9 122.1 111.5 106.2
Expected credit losses (13.0) - - - -
Impairment charges (8.9) - - - -
Property outgoings (18.2) (19.3) (19.0) (15.1) (14.3)
Service charge expenses (10.1) (9.6) (9.3) (8.1) (7.8)
Net property income 74.3 98.0 28.3 88.3 84.1
Administrative expenses (14.4) (15.2) (13.7) (14.1) (14.1)
Total 59.9 82.8 80.1 74.2 70.0
Profit on disposal of properties 0.3 2.8 4.6 1.1 -
Net revaluation (deficit)/surplus on investment properties (698.5) (15.3) 123.1 230.6 108.3
Operating profit (638.3) 70.3 207.8 305.9 178.3
Net finance costs (31.8) (30.5) (31.2) (32.7) (33.6)
Recognition of fair value of Debenture Stock - - - - (29.2)
Change in fair value of derivative financial instruments - - - 22.0 (34.9)
Share of post-tax (loss)/profit from joint venture (29.4) (13.8) (1.1) 6.4 18.5
(Loss)/Profit before tax (699.5) 26.0 175.5 301.6 99.1
Tax charge for the year - - - - -
(Loss)/Profit after tax - 26.0 175.5 301.6 99.1
Adjust for:          
Profit on disposal of properties (0.3) (2.8) (4.6) (1.1) -
Investment property valuation movements – wholly-owned portfolio 698.5 15.3 (123.1) (230.6) (108.3)
Investment property valuation movements – joint venture 35.8 19.2 5.0 (2.6) (11.3)
Movement in fair value of derivative financial instruments - - - (22.0) 34.9
Recognition of fair value of Debenture Stock - - - - 29.2
Deferred tax on property valuations and capital allowances – joint venture (5.1) (3.1) (1.1) (0.1) (4.6)
EPRA earnings 29.4 54.6 51.7 45.2 39.0
Basic EPS (227.5) 8.5p 58.1 108.1p 35.6p
EPRA EPS (9.6) 17.8p 17.1 16.2p 14.0p
Total dividends per ordinary share declared in respect of the financial year - 17.7p 16.8 16.0p 14.7p

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 IFRS 11 Joint Arrangements has superseded IAS 31, which precludes the use of proportional consolidation, with equity accounting being the only permitted option.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


2020
£M
2019
£M
2018
£M
2017
£M
2016 £M
Investment properties          
At 1 October 3,765.9 3,714.8 3,407.3 3,111.6 2,908.0
Acquisitions 13.3 47.0 167.8 37.1 62.7
Refurbishment and other capital expenditure 34.8 30.9 25.3 40.3 32.6
Disposals - (11.5) (8.7) (12.3) -
Net revaluation (deficit)/surplus on investment properties (698.5) (15.3) 123.1 230.6 108.3
At 30 September – book value 3,115.5 3,765.9 3,714.8 3,407.3 3,111.6
Investment in joint venture 96.8 127.6 143.9 148.0 146.4
Other assets 4.9 5.1 5.0 4.9 5.1
Lease incentives 16.3 13.1 12.2 11.6 12.0
TOTAL 3,233.5 3,911.7 3,875.9 3,571.8 3,275.1
Net current assets/(liabilities) 98.1 45.3  105.7 23.9 (104.8)
Sub total 3,331.6 3,957.0 3,981.6 3,595.7 3,170.3
Borrowings (1051.0) (949.8) (948.6) (948.8) (669.1)
Derivative financial instruments - - - - (114.1)
Net assets 2,280.6 3,007.2 3,033.0 2,646.9 2,387.1
Derivative financial instruments - - - - 76.1
Deferred tax on property valuations and capital allowances – joint venture 8.5 13.6 16.7 17.9 18.0
Additional equity if all vested share options were exercised 0.7 0.5 0.5 0.5 0.5
EPRA net assets 2,289.8 3,021.3 3,050.2 2,665.3 2,481.7
Diluted net asset value 7.41 9.77 £9.86 £9.46 £8.54
EPRA net asset value 7.43 9.82 £9.91 £9.52 £8.88
Mid-market price of an ordinary share at 30 September 4.97 9.09 £9.06 £10.16 £9.7

* 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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