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Five Year Financial Summary

INCOME STATEMENTS

         
  2018
£M
2017
£M
2016 £M
2015 £M AS RESTATED* 2014 £M
Rents receivable 112.8 103.4 98.4 91.8 85.3
Recoverable property expenses 9.3 8.1 7.8 6.9 5.9
  122.1 111.5 106.2 98.7 91.2
Property outgoings (19.0) (15.1) (14.3) (13.0) (11.2)
Recoverable property expenses (9.3) (8.1) (7.8) (6.9) (5.9)
Net property income 28.3 88.3 84.1 78.8 74.1
Administrative expenses (13.7) (14.1) (14.1) (14.0) (13.8)
  80.1 74.2 70.0 64.8 60.3
Profit on disposal of properties 4.6 1.1 - - -
Net surplus on revaluation of investment properties 123.1 230.6 108.3 432.0 394.0
Operating profit 207.8 305.9 178.3 496.8 454.3
Net finance costs (31.2) (32.7) (33.6) (30.7) (29.5)
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)
Share of post-tax profit from joint venture (1.1) 6.4 18.5 29.7 27.6
Profit before taxation 175.5 301.6 99.1 467.3 440.4
Taxation charge - - - - -
Profit after taxation 175.5 301.6 99.1 467.3 440.4
Adjust for:          
Profit on disposal of properties (4.6) (1.1) - - -
Investment property valuation movements – wholly-owned portfolio (123.1) (230.6) (108.3) (432.0) (394.0)
Investment property valuation movements – joint venture 5.0 (2.6) (11.3) (34.6) (32.4)
Movement in fair value of derivative financial instruments - (22.0) 34.9 28.5 12.0
Recognition of fair value of Debenture Stock - - 29.2 - -
Deferred tax on property valuations and capital allowances – joint venture (1.1) (0.1) (4.6) 6.9 6.6
EPRA earnings 51.7 45.2 39.0 36.1 32.6
Basic EPS 58.1 108.1p 35.6p 168.0p 165.2p
EPRA EPS 17.1 16.2p 14.0p 13.0p 12.2p
Total dividends per ordinary share declared in respect of the financial year 16.8 16.0p 14.7p 13.75p 13.10p

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 IFRS 11 Joint Arrangements has superseded IAS 31, which precludes the use of proportional consolidation, with equity accounting being the only permitted option.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


2018
£M
2017
£M
2016 £M 2015 £M AS RESTATED* 2014 £M
Investment properties          
At 1 October 3,407.3 3,111.6 2,908.0 2,425.5 1,901.4
Acquisitions 167.8 37.1 62.7 25.8 105.7
Refurbishment and other capital expenditure 25.3 40.3 32.6 24.7 24.4
Disposals (8.7) (12.3) - - -
Net gain on revaluation 123.1 230.6 108.3 432.0 394.0
At 30 September – book value 3,714.8 3,407.3 3,111.6 2,908.0 2,425.5
Investment in joint venture 143.9 148.0 146.4 129.6 101.5
Other assets 5.0 4.9 5.1 5.2 3.1
Lease incentives 12.2 11.6 12.0 11.5 9.1
  3,875.9 3,571.8 3,275.1 3,054.3 2,539.2
Net current liabilities  105.7 23.9 (104.8) (9.4) (13.5)
  3,981.6 3,595.7 3,170.3 3,044.9 2,525.7
Borrowings (948.6) (948.8) (669.1) (640.3) (553.7)
Derivative financial instruments - - (114.1) (79.2) (78.8)
Net assets 3,033.0 2,646.9 2,387.1 2,525.7 1,893.2
Derivative financial instruments - - 76.1 79.2 78.8
Deferred tax on property valuations and capital allowances – joint venture 16.7 17.9 18.0 22.6 15.7
Additional equity if all vested share options were exercised 0.5 0.5 0.5 0.4 0.4
EPRA net assets 3,050.2 2,665.3 2,481.7 2,427.6 1,988.1
Diluted net asset value £9.86 £9.46 £8.54 £8.32 £6.79
EPRA net asset value £9.91 £9.52 £8.88 £8.69 £7.13
Mid-market price of an ordinary share at 30 September £9.06 £10.16 £9.7 £9.17 £6.82

* 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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