Interim Results - Part Two

British Land Co PLC 24 November 2005 The British Land Company PLC PRELIMINARY ANNOUNCEMENT OF FINANCIAL RESULTS For the six month period ended 30 September 2005 Independent review report to The British Land Company PLC Introduction We have been instructed by the company to review the financial information for the six months ended 30 September 2005 which comprises the Consolidated Income Statement, Consolidated Balance Sheet, Consolidated Cash Flow Statement, Consolidated Statement of Recognised Income and Expense, the Reconciliation of Movements in Shareholders' Funds and related notes 1 to 23. We have read the other information contained in the interim report and considered whether it contains any apparent misstatements or material inconsistencies with the financial information. This report is made solely to the company in accordance with Bulletin 1999/4 issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed. Directors' responsibilities The interim report, including the financial information contained therein, is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the interim report in accordance with the Listing Rules of the Financial Services Authority which require that the accounting policies and presentation applied to the interim figures are consistent with those applied in preparing the preceding annual accounts except where any changes, and the reasons for them, are disclosed. International Financial Reporting Standards As disclosed in note 1, the next annual financial statements of the group will be prepared in accordance with International Financial Reporting Standards as adopted for use in the EU. Accordingly, the interim report has been prepared in accordance with the recognition and measurement criteria of IFRS and the disclosure requirements of the Listing Rules. The accounting policies are consistent with those that the directors intend to use in the annual financial statements. There is, however, a possibility that the directors may determine that some changes to these policies are necessary when preparing the full annual financial statements for the first time in accordance with IFRSs as adopted for use in the EU. Review work performed We conducted our review in accordance with the guidance contained in Bulletin 1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical procedures to the financial information and underlying financial data and, based thereon, assessing whether the accounting policies and presentation have been consistently applied unless otherwise disclosed. A review excludes audit procedures such as tests of controls and verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK and Ireland) and therefore provides a lower level of assurance than an audit. Accordingly, we do not express an audit opinion on the financial information. Review conclusion On the basis of our review we are not aware of any material modifications that should be made to the financial information as presented for the six months ended 30 September 2005. Deloitte & Touche LLP Chartered Accountants London Consolidated Income Statement for the six months ended 30 September 2005 Year ended 31 March 2005 2005 2004 Audited Unaudited Unaudited Underlying Capital Underlying Capital pre tax * and JV tax * Total pre tax * and tax * Total Â£m Note Â£m Â£m Â£m Â£m Â£m Â£m 604 Gross rental and related income 3 340 340 278 278 ------ ------ ------ ------ ------ ------ ------ 517 Net rent and related income 305 305 237 237 8 Fees and other income 9 (3) 6 3 3 158 Funds and joint ventures (see also 10 14 66 80 15 68 83 below) (49)Administrative expenses (36) (36) (22) (22) 609 Net valuation gains (includes 5 596 596 306 306 profits on disposals) Net financing costs 28 financing income 35 35 7 7 (354) pre-exceptional financing (225) (225) (168) (168) expenses (180) exceptional item (506) 4 (190) (190) (161) (161) ------ ------ ------ ------ ------ ------ ------ 737 Profit on ordinary activities 102 659 761 72 374 446 before taxation ------ ------ ------ ------ Taxation credit (expense) 46 current (11) (6) (130) deferred (135) (68) (84) 6 (146) (74) ------ ----- ------ 654 Profit for the period after 615 372 taxation ====== ===== ====== Attributable to: ------ ----- ------ 654 Shareholders of the company 615 372 ====== ===== ====== 128.5 p Basic earnings per share 8 118.7p 74.4 p ====== ===== ====== 126.0 p Diluted earnings per share 8 118.3p 71.7 p ====== ===== ====== Share of results of funds and joint ventures 31 Operating profit pre-tax 14 14 15 15 169 Net valuation gains on property and 82 82 90 90 investments (42)Taxation (16) (16) (22) (22) ------ ------ ------ ------ ------ ------ ------ 158 10 14 66 80 15 68 83 ====== ====== ====== ====== ====== ====== ====== * As defined in note 2 Consolidated Balance Sheet as at 30 September 2005 31 March 2005 2005 2004 Audited Unaudited Unaudited Â£m Note Â£m Â£m ASSETS Non-current assets 10,877 Investment properties 9 11,694 9,579 212 Development properties 9 304 196 -------- --------- --------- 11,089 11,998 9,775 Other non-current assets 700 Investments in funds and joint 10 1,185 671 ventures 153 Other investments 13 171 114 Intangible assets 12 72 73 Goodwill 180 -------- --------- --------- 12,015 13,606 10,560 -------- --------- --------- Current assets 36 Trading properties (at cost) 9 44 36 76 Trade and other debtors 14 81 55 151 Cash and short-term deposits 17 144 128 -------- --------- --------- 263 269 219 -------- --------- --------- 12,278 Total assets 13,875 10,779 ======== ========= ========= LIABILITIES Current liabilities (408) Short-term borrowings and overdrafts 17 (282) (153) (351) Trade and other creditors 15 (467) (383) -------- --------- --------- (759) (749) (536) -------- --------- --------- Non-current liabilities (5,754) Debentures and loans 17 (6,657) (4,881) (37) Other non-current liabilities 16 (37) (22) (945) Deferred tax liabilities 18 (1,133) (816) -------- --------- --------- (6,736) (7,827) (5,719) -------- --------- --------- (7,495) Total liabilities (8,576) (6,255) -------- --------- --------- 4,783 Net assets 5,299 4,524 ======== ========= ========= EQUITY 130 Share capital 130 129 1,249 Share premium 1,252 1,249 12 Other reserves 22 (28) 9 3,392 Retained earnings 22 3,945 3,137 -------- --------- --------- 4,783 Total equity attributable to shareholders of the 5,299 4,524 ======== company ========= ========= 1,135 p Adjusted NAV per share: Basic 19 1,263 p 1,065 p ======== ========= ========= 1,128 p Fully 19 1,256 p 1,060 p ======== diluted ========= ========= (The Adjusted Net Asset Value (NAV) per share includes the external valuation surplus on trading and finance lease properties but excludes goodwill, the fair value adjustments for debt and related derivatives and deferred taxation on revaluations and capital allowances.) Approved by the Board on 23 November 2005 Consolidated Statement of Recognised Income and Expense for the six months ended 30 September 2005 Year ended 31 March 2005 2005 2004 Audited Unaudited Unaudited Â£m Â£m Â£m 654 Profit on ordinary activities 615 372 --------- after taxation --------- --------- Exchange movements on translation of foreign subsidiary Valuation movements 12 - on development properties 17 3 (15) - on foreign currency 10 derivatives - on cash flow hedges (10) British Land group (57) (3) 3 share of funds and joint (7) 5 ventures (4) Actuarial gains (losses) on defined benefit pension schemes 6 Tax on items taken directly to 5 (1) --------- equity --------- --------- (8) Net gain (loss) recognised directly in equity (32) 4 Transferred to the income statement 5 - foreign currency derivatives (12) (3) 10 - cash flow hedges 4 5 --------- --------- --------- 15 Transfers (8) 2 --------- --------- --------- 661 Total recognised income and expense for the period 575 378 ========= ========= ========= Reconciliation of movements in shareholders' funds for the six months ended 30 September 2005 Year ended 31 March 2005 2005 2004 Audited Unaudited Unaudited Â£m Note Â£m Â£m Opening equity shareholders' funds 4,669 - as previously reported 4,783 4,669 (568) - effect of adopting IFRS (568) --------- --------- --------- 4,101 Opening equity shareholders' funds as restated 4,783 4,101 102 Shares issued 3 101 (11) Purchase of ESOP shares (9) (8) 7 Adjustment for share and share option awards 4 4 --------- --------- --------- 4,199 4,781 4,198 661 Total recognised income and expense for the period 575 378 (77) Dividend paid in period 7 (57) (52) --------- --------- --------- 4,783 Closing equity shareholders' 5,299 4,524 ========= funds ========= ========= Consolidated Cash Flow Statement for the six months ended 30 September 2005 Year ended 31 March 2005 2005 2004 Audited Unaudited Unaudited Â£m Note Â£m Â£m 480 Cash generated from operations 20 242 230 (351) Interest paid (180) (161) 10 Interest received 6 3 (10) UK Corporation tax paid (4) (5) (4) Foreign tax paid (2) (2) -------- --------- --------- 125 Net cash inflow from operating 62 65 -------- activities --------- --------- Cash flows from investing activities Purchase of investment properties and development (509) expenditure (105) (136) (98) Purchase of investments (97) 81 Sale of investment properties 332 16 4 Sale of investments (23) Investment in and loans to funds and joint (3) (3) ventures 55 Amounts repaid by funds and joint 240 ventures (36) Purchase of subsidiary companies (net of cash (815) acquired) -------- --------- --------- (526) Net cash outflow from investing activities (351) (220) -------- --------- --------- Cash flows from financing activities 1 Issue of ordinary shares 3 1 (11) Purchase of ESOP shares (9) (8) (77) Dividends paid (57) (52) 2,081 Issue of Broadgate Estate securitised debt (1,439) Redemption of Broadgate Funding PLC securitised debt Redemption of 135 Bishopsgate Financing Ltd securitised (138) debt (649) Repayment of debt acquired with subsidiary (403) companies 614 Increase in bank and other 752 176 borrowings -------- --------- --------- 382 Net cash inflow from financing 286 117 -------- activities --------- --------- (19) Net decrease in cash and cash (3) (38) equivalents 166 Cash and cash equivalents at 1 147 166 -------- April 2005 -------- -------- 147 Cash and cash equivalents at 30 September 2005 144 128 ======== ======== ======== Cash and cash equivalents consists of: 151 Cash and short-term deposits 144 128 (4) Overdrafts -------- -------- -------- 147 144 128 ======== ======== ======== Notes to the accounts for the six months ended 30 September 2005 (unaudited) 1. Basis of preparation The financial information contained in this report does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The full accounts for the year ended 31 March 2005, which were prepared under UK GAAP and which received an unqualified report from the auditors, and did not contain a statement under s 237(2) or (3) of the Companies Act 1985, have been filed with the Registrar of Companies. The unaudited financial information contained in this report has been prepared on the basis of accounting policies set out below. Comparatives for the year ended 31 March 2005 contained within this report were published in a press release on 14 July 2005, and further details and reconciliations explaining the transition to IFRS are available on the group's website, www.britishland.com. The interim report was approved by the Board on 23rd November 2005. The financial information presented in this document is unaudited and has been prepared in accordance with International Financial Reporting Standards and International Accounting Standards ('IFRS' or as applicable 'IAS') and interpretations adopted by the International Accounting Standards Board (the 'IASB'). On 19 November 2004, the European Commission endorsed an amended version of IAS 39, "Financial Instruments: Recognition and Measurement" rather than the full version as previously published by the IASB. In accordance with guidance issued by the UK Accounting Standards Board, the full version of IAS 39, as issued by the IASB, has been adopted in the preparation of this financial information. The financial information has been prepared under the historical cost convention, except for the revaluation of investment and development properties, fixed asset investments, certain financial instruments and deferred tax thereon. The principal accounting policies adopted are set out below. Consolidation of subsidiaries, joint ventures and associates The consolidated accounts include the accounts of The British Land Company PLC and all subsidiaries (entities controlled by British Land). Control is assumed where British Land has the power to govern the financial and operating policies of an investee entity so as to gain benefits from its activities. The results of subsidiaries, joint ventures or associates acquired or disposed of during the year are included from the effective date of acquisition or to the effective date of disposal. Accounting practices of subsidiaries, joint ventures or associates which differ from Group accounting policies are adjusted on consolidation. Business combinations are accounted for under the acquisition method. Any excess of the purchase price of business combinations over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax thereon is recognised as goodwill. Any discount received is credited to the income statement in the period of acquisition. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Joint ventures and associates are accounted for under the equity method, whereby the consolidated Balance Sheet incorporates the Group's share of the net assets of its joint ventures and associates. The consolidated income statement incorporates the Group's share of joint venture and associate profits after tax. Their profits include revaluation movements on investment properties. Other investments Other investments are shown at fair value. Any surplus or deficit arising on revaluation is recognised directly in the income statement. Properties Investment properties Investment properties, including freehold and long leasehold properties, are independently valued each year on an open market basis. Any surplus or deficit arising is recognised in the income statement for the period. Development properties Development properties which were not previously investment properties are independently valued each year on an open market basis. A valuation in excess of a property's historical cost is credited directly to equity within the revaluation reserve. Where the value of a property falls below its cost, the surplus or deficit on valuation is recognised in the income statement. Where an investment property is being redeveloped the property is accounted for as if it were an investment property and any movement in valuation is recognised in the income statement. The cost of properties in the course of development includes attributable interest and other associated outgoings. Interest is calculated on the development expenditure by reference to specific borrowings where relevant and otherwise on the average rate applicable to short-term loans. Interest is not capitalised where no development activity is taking place. A property ceases to be treated as a development property on practical completion. Trading properties Trading properties are stated at the lower of cost and net realisable value. Property disposals and transfers Disposals are recognised on completion: profits and losses arising are recognised through the income statement, the profit on disposal is determined as the difference between the sales proceeds and the carrying amount of the asset. Intangible assets Intangible assets, such as customer contracts, acquired through business combinations, are measured initially at fair value and are amortised on a straight line basis over their estimated useful lives, and are subject to regular reviews for impairment. Goodwill Goodwill arising on consolidation represents the excess of the cost of acquisition over the Group's interest in the fair value of the identifiable assets and liabilities of the subsidiary, associate or jointly controlled entity at the time of acquisition. In particular, goodwill arises as a result of deferred tax provisions within the acquired entities' accounts and on fair value adjustments. Goodwill is recognised as an asset and reviewed for impairment at least annually. Any impairment is recognised immediately in the Income statement and is not subsequently reversed. Head leases Where an investment property is held under a head lease it is initially recognised as an asset as the sum of the premium paid on acquisition and the present value of minimum ground rent payments. The corresponding rent liability to the head leaseholder is included in the Balance Sheet as a finance lease obligation. Financial instruments Trade debtors and creditors Trade debtors and creditors are stated at their nominal value. Trade debtors are reduced by appropriate allowances for estimated irrecoverable amounts. Financial Obligations Debt instruments are stated at their net proceeds on issue. Finance charges including premiums payable on settlement or redemption and direct issue costs are spread over the period to redemption, using the effective interest method. Hedging instruments As defined by IAS39, cash flow hedges are carried at fair value in the Balance Sheet. Changes in the fair value of derivatives that are designated and qualify as effective cash flow hedges are recognised directly in the hedging reserve and any ineffective portion is recognised in the income statement. Fair value hedges are carried at fair value in the Balance Sheet. Changes in the fair value of derivatives that are designated and qualify as effective fair value hedges, are recorded in the income statement, along with any changes in the fair value of the hedged item that is attributable to the hedged risk. Any ineffective portion is also recognised in the income statement. The Group's use of financial derivatives is governed by the Group's financing policies, details of which are included in the Financing Policy and Risk Management section of the Annual Report and Accounts. Net rental income Rental income is recognised on an accruals basis, exclusive of service charge recoveries. Rental income from fixed and minimum guaranteed rent reviews is recognised on a straight line basis over the shorter of the entire lease term or the period to the first break option. Where such rental income is recognised ahead of the related cash flow, an adjustment is made to ensure the carrying value of the related property including the accrued rent does not exceed the external valuation. A rent adjustment based on open market estimated rental value is recognised from the rent review date in relation to unsettled rent reviews. Initial direct costs incurred in negotiating and arranging a new lease are amortised on a straight-line basis over the period from the date of lease commencement to the earliest termination date. Where a lease incentive payment does not enhance the property, it is amortised on a straight-line basis over the period from the date of lease commencement to the earliest termination date. Where a rent free period is included in a lease, the rental income forgone is allocated evenly over the period from the date of lease commencement to the earliest termination date. Service charges and other recoveries are credited directly against relevant expenditure. Taxation The tax expense represents the sum of the tax currently arising and deferred tax for the period. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years, most notably revaluation movements, and it further excludes items that are never taxable or deductible. The liability is calculated using tax rates that have been enacted or substantially enacted by the balance sheet date. Deferred tax assets and liabilities arise from differences between the carrying amounts of assets and liabilities in the balance sheet and their tax bases (known as 'temporary differences'), principally due to revaluation movements on properties held for the long term. Deferred tax is provided in respect of all taxable temporary differences at the balance sheet date that may give rise to an obligation to pay more or less tax in the future. Deferred tax is measured on a non-discounted basis. A deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying temporary differences can be deducted. On business combinations, the deferred tax effect of fair value adjustments is incorporated in the consolidated balance sheet. Employee costs Defined benefit pension scheme assets are measured using fair values; pension scheme liabilities are measured using the projected unit credit method and discounted at the rate of return of a high quality corporate bond of equivalent term to the scheme liabilities. The net surplus or deficit is recognised in full in the consolidated balance sheet. Any asset resulting from the calculation is limited to past service costs plus the present value of available refunds and reductions in future contributions to the plan. The current service cost and gains and losses on settlement and curtailments are charged to operating profit. Past service costs are recognised in the income statement if the benefits have vested or, if they have not vested, are amortised on a straight line basis over the period until vesting occurs. Actuarial gains and losses are recognised in full in the period in which they occur and are presented in the statement of recognised income and expense. Contributions to the Group's defined contribution schemes are expensed on the basis of the contracted annual contribution. Share-based incentives The fair value of equity-settled share-based payments to employees is determined at the date of grant and is expensed on a straight-line basis over the vesting period based on the Group's estimate of shares or options that will eventually vest. In the case of options granted, fair value is measured by a Black-Scholes pricing model. IFRS transitional arrangements When preparing the Group's IFRS balance sheet at 1 April 2004, the date of transition, the following material optional exemptions from full retrospective application of IFRS accounting policies have been adopted: (i) Business combinations - the provisions of IFRS 3 'Business combinations' have been applied prospectively from 1 April 2004. The Group has chosen to not restate business combinations that took place before the date of transition; and (ii) Employee benefits - the accumulated actuarial gains and losses in respect of employee defined benefit plans have been recognised in full through reserves. Financial Instruments - the Group has applied IAS 32 'Financial Instruments: Disclosure and Presentation' and IAS 39 'Financial Instruments: Recognition and Measurement' for all periods presented and has therefore not taken advantage of the option that would enable the Group to only apply these standards from 1 April 2005. 2. Underlying results Underlying pre tax profit Underlying profits are profits adjusted in line with the industry proposed earnings measure and adjusted for the exceptional refinancing of Broadgate. The industry proposed adjusted earnings measure excludes gains on property or investment revaluations and disposals and related taxation, intangible asset movements and the capital allowance effects of IAS 12 where applicable. Capital and JV tax Capital and joint venture tax includes intangible asset movements and valuation gains and, where applicable, tax arising in funds and joint ventures. 3. Gross rental and related income Year ended 31 March 2005 2005 2004 Â£m Â£m Â£m 509 Rent receivable 293 241 40 Spreading of tenant incentives / guaranteed 27 11 increases 8 Surrender premiums 7 5 47 Service charge income 13 21 --------- ------- -------- 604 Gross rental and related income 340 278 (44) Service charge expense (9) (19) (43) Property operating expenses (26) (22) --------- ------- -------- 517 Net rent and related income 305 237 ========= ======= ======== The basis of recognising rent receivable in the period has been adjusted to ensure that rent is spread evenly over the year. Previously, a method based on the actual number of days in each billing period led to higher second half profits compared to the first half, due to the varying lengths of English rent quarters. The effect in the current period is Â£6m. As described in note 1, increases arising on rent review are recognised from the rent review date. This has led to additional rent of Â£2m being accrued in the period, but prior periods have not been restated as the effect is not considered material. Net rental income for the half year to 30 September 2005 from properties which were subject to a security interest or held by non recourse companies was Â£198m (Year ended 31 March 2005: Â£374m). 4. Net financing costs Year ended 31 March 2005 2005 2004 Â£m Â£m Â£m Interest payable on: 84 bank loans and overdrafts 59 35 261 other loans 137 130 loans to joint ventures 1 2 obligations under finance leases 1 1 --------------- -------- ------- 347 198 166 (8) Deduct: development cost (4) (2) --------------- element -------- ------- 339 194 164 --------------- -------- ------- Interest receivable on: (10) deposits and securities (4) (3) (3) loans to joint ventures --------------- -------- ------- (13) (4) (3) Other finance (income) costs: Pension scheme: (3) Expected return on pension scheme assets 2 (1) 3 Interest on pension scheme liabilities (2) 1 --------------- -------- ------- Fair value hedges: 7 Valuation movements on fair value debt 17 (7) Valuation movements on fair value derivatives (17) --------------- -------- ------- Foreign currency hedges: Valuation movements on translation of foreign (5) currency 12 3 debt 5 Hedging reserve recycling (12) (3) --------------- -------- ------- 180 Exceptional item - Broadgate securitisation --------------- -------- ------- 506 Net financing 190 161 =============== costs ======== ======= (28) Total financing (35) (7) income 534 Total financing expenses 225 168 --------------- -------- -------- 506 Net financing 190 161 =============== costs ======== ======== On 2 March 2005 the Group incurred an exceptional charge of Â£180m whilst redeeming the securitised debt of Broadgate (Funding) PLC and 135 Bishopsgate Financing Limited. On the same day Broadgate Financing PLC issued Â£2,080m of new securitised debt in respect of the Broadgate Estate (see note 17). The pre tax exceptional item of Â£180m (post tax: Â£126m, after Â£54m tax credit) relates mainly to the difference between the redemption value and the carrying value of the redeemed debt. 5. Net revaluation gains on property and investments Year ended 31 March 2005 2005 2004 Â£m Â£m Â£m 43 Revaluation of investments (note 13) 18 550 Revaluation of properties (note 9) 544 304 16 Gains on property disposals 34 2 -------- ------- -------- 609 596 306 ======== ======= ======== 6. Taxation Year ended 31 March 2005 2005 2004 Â£m Â£m Â£m Tax charge Current tax (3) UK corporation tax (30%) 3 10 2 Foreign tax 9 1 -------- -------- -------- (1) 12 11 (45) Adjustments in respect of prior years (1) (5) -------- -------- -------- (46) Total current tax charge (credit) 11 6 130 Deferred tax on income and revaluations 135 68 -------- -------- -------- 84 Group total taxation (net) 146 74 42 Attributable to joint ventures 16 22 -------- -------- -------- 126 Total 162 96 ======== taxation ======== ======== Tax reconciliation 738 Profit on ordinary activities before taxation 761 446 (158) Less: share of profits of funds and joint (80) (82) -------- ventures -------- -------- 580 Group profit on ordinary activities before 681 364 -------- taxation -------- -------- Tax on group profit on ordinary activities at UK corporation 174 tax rate of 30% (2004 - 30%) 204 109 Effects of: (178) Valuation gains on investment (170) (91) properties (10) Capital allowances (4) (3) 11 Tax losses and other timing (16) (5) differences 2 Expenses not deductible for tax (2) 2 purposes (45) Adjustments in respect of prior (1) (6) -------- years -------- -------- (46) Group current tax charge (credit) 11 6 ======== ======== ======== 7. Interim dividend The proposed interim dividend of 5.2 pence per share (30 September 2004: 4.8 pence per share) was approved by the Board on 23 November 2005 and is payable on 17 February 2006 to shareholders on the register at the close of business on 20 January 2006. As required by IFRS, the dividend has not been included as a liability as at 30 September 2005 as it has not yet been paid. Following approval, the dividend will be recognised as a liability and will be reflected in the Reconciliation of movements in shareholders' funds, which currently shows the 2005 final dividend of Â£57 million, representing 10.9 pence per share, that was paid on 19 August 2005. 8. Basic and diluted earnings per share Basic and diluted earnings per share are calculated on the profit for the period after taxation and on the weighted average number of shares in issue during the period as shown below: Year ended 31 March 2005 2005 2004 ------------------- ------------------ ------------------- Weighted Weighted Weighted average Profit average Profit average Profit number after number after number after of shares taxation of shares taxation of taxation shares m Â£m m Â£m m Â£m Earnings per share 509 654 Basic 518 615 500 372 519 654 Diluted 520 615 519 372 =========== ========= ========== ========= ========= ========== Weighted Weighted Weighted average Profit average Profit average Profit number after number after number after of shares taxation of shares taxation of taxation shares m Â£m m Â£m m Â£m Underlying earnings per share 509 139 Basic 518 80 500 54 519 139 Diluted 520 80 519 54 =========== ========= ========== ========= ========= ========== Underlying profits are profits adjusted in line with the industry proposed earnings measure and for the year ended 31 March 2005 adjusted for the exceptional charge incurred from the Broadgate refinancing. The industry proposed adjusted earnings measure excludes gains on property or investment revaluations and disposals and related taxation and the capital allowance effects of IAS 12 where applicable. Underlying earnings per share is calculated by taking the underlying profit before taxation of Â£102m (31 March 2005: Â£181m; 30 September 2004: Â£72m) and adjusting for related taxation of Â£22m (31 March 2005: Â£42m; 30 September 2004: Â£18m) and excluding tax items related to prior periods. This is a change in methodology from the reported figure in our provisional restated IFRS comparatives published in July 2005 where prior year items were included. 9. Investment, development and trading properties Investment, development and trading properties were valued by external valuers other than where stated on the basis of open market value in accordance with the Appraisal and Valuation Manual published by The Royal Institution of Chartered Surveyors: 31 March 2005 2005 2004 Â£m Â£m Â£m United Kingdom: Knight Frank 11,615 10,802 ATIS REAL 9,547 Weatheralls 282 FPD Savills 294 247 Directors' 167 valuation * 69 Republic of Ireland: Jones Lang 50 LaSalle 1 Netherlands: CB Richard Ellis 1 1 -------- B.V. -------- -------- 11,154 Total Group property portfolio valuation 12,077 9,845 ======== ======== ======== Represented by: 10,877 Investment properties 11,694 9,579 212 Development properties 304 196 36 Trading properties at lower of cost or valuation 44 36 -------- -------- -------- 11,125 Carrying value of properties on balance sheet 12,042 9,811 57 External valuation surplus on trading properties 62 56 (28) Head lease liabilities (27) (22) -------- -------- -------- 11,154 Total Group property portfolio valuation 12,077 9,845 ======== ======== ======== * These properties are under contract for sale. Properties valued at Â£7,363m (31 March 2005: Â£7,052m; 30 September 2004: Â£6,513m) were subject to a security interest and other properties of non- recourse companies amounted to Â£61m (31 March 2005: Â£42m; 30 September 2004: Â£40m). Total property valuations including share of funds and joint ventures 11,154 British Land Group 12,077 9,845 Share of funds and joint ventures 1,321 Investment properties 2,535 1,192 4 Development properties 25 Trading properties at 31 26 cost 8 Finance lease properties 8 8 2 External valuation surplus on trading properties 7 3 4 External valuation surplus on finance lease 4 3 properties (11) Head lease liabilities (11) (11) -------- -------- -------- 1,353 2,574 1,221 -------- -------- -------- 12,507 Total property portfolio valuation 14,651 11,066 ======== ======== ======== 9. Investment, development and trading properties (continued) Long Freehold Leasehold * Total Â£m Â£m Â£m Investment properties (including investment properties being redeveloped) Carrying value at 1 April 2005 10,259 618 10,877 Additions - corporate acquisitions 495 495 - other additions 75 8 83 Disposals (300) (11) (311) Reallocation Transfer from development properties Exchange fluctuations 1 1 Revaluations 471 51 522 Lease incentive and minimum guaranteed rent review debtor movement 27 27 -------- -------- -------- Investment properties - carrying value 30 September 2005 11,028 666 11,694 -------- -------- -------- Development properties Valuation 1 April 2005 212 212 Additions 53 53 Revaluations : included in Income statement 22 22 Revaluations: included in Statement of recognised income and 17 17 expense -------- -------- -------- Valuation 30 September 2005 304 304 -------- -------- -------- Trading properties At lower of cost and net realisable value 30 September 2005 36 8 44 -------- -------- -------- 12,042 External valuation surplus on trading properties 62 Head lease liabilities (27) -------- Total Group property portfolio valuation 12,077 ======== * Includes short leasehold properties (1 April 2005: Â£9m; 30 September 2005: Â£11m). 10. Funds and Joint ventures British Land's summary share of profits of funds and joint ventures Year ended 31 March 2005 2005 2004 Â£m Â£m Â£m 73 Gross rental income 48 36 ======== ======== ======= 68 Net rental income 46 33 (4) Other expenditure (4) (2) 1 Other income 1 (34) Net financing costs (28) (17) -------- -------- -------- 31 Net underlying profit before tax 14 15 169 Net valuation gains on property and 82 90 -------- investments -------- -------- 200 Profit on ordinary activities before 96 105 taxation (42) Taxation (current and deferred) (16) (22) -------- -------- -------- 158 Profit on ordinary activities after 80 83 ======== taxation ======== ======== Summary movement for the period Equity Loans Total Â£m Â£m Â£m At 1 April 2005 660 40 700 Acquired with Pillar Property PLC 675 5 680 Additions 3 3 Disposals (240) (26) (266) Share of profit after taxation 80 80 Distributions and dividends (5) (5) Hedging movements (7) (7) ------- -------- -------- At 30 September 2005 1,163 22 1,185 ======= ======== ======== The Group's share of fund and joint venture external net debt is Â£1,234m (31 March 2005: Â£502m; 30 September 2004: Â£438m). The Group's share of the market value of fund and joint venture debt as at 30 September 2005 was Â£5m more than the Group's share of the book value (31 March 2005: Â£4m; 30 September 2004: Â£4m). The Group's share of fund and joint venture properties as at 30 September 2005 was Â£2,574m (31 March 2005: Â£1,353m; 30 September 2004: Â£1,221m). 10. Funds and Joint ventures (continued) Summary of British Land's share of investments Net British rental Underlying Profit for Gross Gross Net Land income profit the period assets liabilities investment interest Â£m Â£m Â£m Â£m Â£m Â£m Funds (for the 2 month period ended 30 September 2005) City of London Office Unit Trust 35.9% 2 263 (200) 63 (CLOUT) - joint venture Hercules Unit Trust (HUT) 34.6% 7 2 23 958 (382) 576 Pillar Retail Europark Fund (PREF) 36.4% 67 (40) 27 Hercules Income Fund (HIF) 26.1% 2 40 (4) 36 Others 12 (10) 2 -------- --------- --------- ------- -------- -------- 9 2 25 1,340 (636) 704 -------- --------- --------- ------- -------- -------- Joint ventures BL Fraser Limited 50.0% 3 1 8 139 (86) 53 Tesco BL Holdings Limited 50.0% 7 2 17 282 (197) 85 BLT Properties Limited 50.0% 4 1 9 168 (118) 50 The Tesco British Land Property 50.0% 2 1 8 88 (62) 26 Partnership BL Davidson Limited 50.0% 11 4 6 317 (171) 146 The Scottish Retail Property Limited 50.0% 8 3 3 343 (269) 74 Partnership BL Rosemound 50.0% 3 (1) 2 35 (30) 5 BL West (remaining 50% acquired in period - 2 1 2 see note 11) Other joint ventures 47 (5) 42 -------- --------- --------- ------- -------- -------- 40 12 55 1,419 (938) 481 -------- --------- --------- ------- -------- -------- Total share of funds and joint ventures 49 14 80 2,759 (1,574) 1,185 ======== ========= ========= ======= ======== ======== The total investment in joint ventures is Â£544m, comprising Â£63m being CLOUT and its associated ventures (Basinghall Street Unit Trust and Austral House Unit Trust) and Â£481m for other joint ventures. HUT, PREF and HIF are treated as associates. 11. Pillar Balance sheet on acquisition On 28 July 2005 the Group acquired 100% of the issued share capital of Pillar Property PLC. The fair values of the assets and liabilities acquired are detailed below and have been determined on a provisional basis as the Group is currently in the process of finalising the balance sheet as at the date of acquisition. Â£m Properties 311 Investment in funds 680 Fund management contracts - intangible asset 75 Other assets and liabilities (23) Net debt (271) ------- 772 Deferred tax liabilities (62) Goodwill 107 ------- Total consideration 817 ======= 12. Intangible assets Â£m At 1 April 2005 Additions 75 Amortisation (3) -------- At 30 September 2005 72 ======== Intangible assets relates to fund management contracts which are amortised over the expected remaining life of each contract. 13. Other investments Â£m At 1 April 2005 153 Revaluations 18 -------- At 30 September 2005 171 ======== 14. Trade and other debtors 31 March 2005 2005 2004 Â£m Â£m Â£m 39 Trade debtors 52 41 5 Prepayments and accrued income 12 5 22 Corporation tax 10 Interest rate derivatives* 17 9 ------ ------- ------- 76 81 55 ====== ======= ======= 15. Trade and other creditors 31 March 2005 2005 2004 Â£m Â£m Â£m 38 Trade creditors 44 53 28 Amounts owed to joint ventures 29 39 Corporation tax 10 36 13 Other taxation and social security 9 6 212 Accruals and deferred income 283 200 60 Interest rate derivatives* 92 49 ------- -------- -------- 351 467 383 ======= ======== ======== 16. Other non-current liabilities 31 March 2005 2005 2004 Â£m Â£m Â£m 28 Obligations under finance leases 27 22 5 Minority interest 5 4 Retirement benefit obligations 5 -------- -------- -------- 37 37 22 ======== ======== ======== * Includes the fair value adjustments of amounts due with a maturity greater than one year. 17. Net debt 31 March 2005 Footnote 2005 2004 Â£m Â£m Â£m Secured on the assets of the Group 396 Class A4 4.821% Bonds 2036 1.1, 2 396 6.5055% Secured Notes 2038 1.2, 3 97 59 5.920% Secured Notes 2035 1.3 62 58 215 Class C2 5.098% Bonds 2035 1.1, 2 217 365 Class B 4.999% Bonds 2033 1.1, 2 365 174 Class A3 4.851% Bonds 2033 1.1, 2 174 224 Class A1 Floating Rate Bonds 2032 1.1, 2 224 314 Class A2 4.949% Bonds 2031 1.1, 2 311 149 Class D Floating Rate Bonds 2025 1.1, 2 148 20 7.743% Secured Notes 2025 1.4 20 20 234 Class C1 Floating Rate Bonds 2022 1.1, 2 234 5.66% 135 Bishopsgate Securitisation 2018 1.5, 3 2 8.49% 135 Bishopsgate Securitisation 2018 1.5, 3 7 247 8.875% First Mortgage Debenture Bonds 2035 247 247 197 9.375% First Mortgage Debenture Stock 2028 197 197 13 10.5% First Mortgage Debenture Stock 2019/24 13 13 20 11.375% First Mortgage Debenture Stock 2019/ 20 20 24 206 6.75% First Mortgage Debenture Bonds 2020 1.6 206 206 103 6.75% First Mortgage Debenture Bonds 2011 1.6 103 103 45 Bank loan 1.7 44 45 Loan notes 12 -------- -------- -------- 2,981 2,993 1,015 -------- -------- -------- Unsecured 572 Class A1 5.260% Unsecured Notes 2035 1.3 584 568 99 Class B 5.793% Unsecured Notes 2035 1.3 98 99 84 Class C Fixed Rate Unsecured Notes 2035 1.3 86 83 Class C2 6.4515% Unsecured Notes 2032 1.2, 3 74 Class B 6.0875% Unsecured Notes 2031 1.2, 3 220 Class A3 5.7125% Unsecured Notes 2031 1.2, 3 147 Class A2 5.67% Unsecured Notes 2029 1.2, 3 281 212 Class A2 (C) 6.457% Unsecured Notes 2025 1.4 212 212 206 Class B2 6.998% Unsecured Notes 2025 1.4 206 206 21 Class B3 7.243% Unsecured Notes 2025 1.4 21 21 Class A1 Fixed Rate Unsecured Notes 2024 1.2, 3 321 5.66% 135 Bishopsgate Securitisation 2018 1.5, 3 22 8.49% 135 Bishopsgate Securitisation 2018 1.5, 3 87 80 Class A1 6.389% Unsecured Notes 2016 1.4 78 82 80 Class B1 7.017% Unsecured Notes 2016 1.4 76 83 Class C1 6.7446% Unsecured Notes 2014 1.2, 3 140 40 Class A2 5.555% Unsecured Notes 2013 1.3 37 42 -------- -------- -------- 1,394 1,398 2,688 81 6.30% Senior US Dollar Notes 2015 4 87 85 2 10.25% Bonds 2012 2 2 85 7.35% Senior US Dollar Notes 2007 4 90 88 1,619 Bank loans and overdrafts 2,369 1,156 -------- -------- -------- 3,181 3,946 4,019 -------- -------- -------- 6,162 Gross debt 5 6,939 5,034 -------- -------- -------- 60 Interest rate derivatives (liabilities) 92 49 (10) Interest rate derivatives (assets) (17) (9) -------- -------- -------- 6,212 7,014 5,074 (151) Cash and short term deposits 6 (144) (128) -------- -------- -------- 6,061 Net debt 6,870 4,946 ======== ======== ======== 17. Net debt (continued) 31 March 2005 2005 2004 Â£m Â£m Â£m 1 These borrowings are obligations of ring-fenced, special purpose companies, with no recourse to other companies or assets in the Group. 2,071 1.1 Broadgate Financing PLC 2,069 1.2 Broadgate (Funding) PLC 1,280 854 1.3 MSC (Funding) PLC 867 850 619 1.4 BLSSP (Funding) PLC 613 624 1.5 135 Bishopsgate Financing Ltd 118 309 1.6 BL Universal PLC 309 309 45 1.7 BLU Nybil 44 45 Ltd 2 A total of Â£2,080m Bonds were issued by Broadgate Financing PLC on 2 March 2005. 3 All the outstanding Notes of Broadgate (Funding) PLC and external loans of 135 Bishopsgate Financing Ltd were redeemed on 2 March 2005. 4 Principal and interest on these borrowings were fully hedged into Sterling at the time of issue. 5 The principal amount of gross debt at 30 September 2005 was Â£6,957m (31 March 2005: Â£6,209m; 30 September 2004: Â£5,096m). Included in this, the principal amount of secured borrowings and other borrowings of non-recourse companies was Â£4,391m (31 March 2005: Â£4,393m; 30 September 2004: Â£3,742m). 6 Cash and deposits not subject to a security interest amount to Â£38m (31 March 2005: Â£54m; 30 September 2004: Â£42m). Maturity analysis of net debt 31 March 2005 2005 2004 Â£m Â£m Â£m Repayable: 408 within one year and on demand 282 153 ---------- -------- -------- 259 between: one and two years 332 382 1,328 two and five years 2,147 1,023 533 five and ten years 564 539 795 ten and fifteen years 806 546 580 fifteen and twenty years 597 753 948 twenty and twenty five years 976 752 1,001 twenty five and thirty years 1,235 579 310 thirty and thirty five years 307 ---------- -------- -------- 5,754 6,657 4,881 ---------- -------- -------- 6,162 Gross 6,939 5,034 ---------- debt -------- -------- 50 Interest rate 75 40 derivatives (151) Cash and short term deposits (144) (128) ---------- -------- -------- 6,061 Net debt 6,870 4,946 ========== ======== ======== 17. Net debt (continued) Maturity of committed undrawn borrowing facilities 31 March 2005 2005 2004 Â£m Â£m Â£m Expiring: 114 within one year 472 32 95 between: one and two years 20 21 10 two and three years 110 25 442 three and four years 190 286 132 four and five years 279 672 25 over five years -------- -------- --------- 818 Total 1,071 1,036 ======== ======== ========= Interest rate profile - including effect of derivatives 31 March 2005 2005 2004 Â£m Â£m Â£m 5,360 Fixed 5,938 4,054 rate 100 Capped 100 100 rate 601 Variable rate (net of cash) 832 792 -------- -------- --------- 6,061 Net debt 6,870 4,946 ======== ======== ========= Comparison of market values and book values at 30 September 2005 Market Book Value Value Difference Â£m Â£m Â£m Securitisations 3,689 3,549 140 Debentures and unsecured bonds 1,248 965 283 Bank debt and other floating rate debt 2,425 2,425 Cash and short-term (144) (144) deposits -------- -------- --------- 7,218 6,795 423 ======== ======== ========= Other financial (assets) liabilities - interest rate derivative (17) (17) assets - interest rate derivative liabilities 92 92 -------- -------- --------- 75 75 -------- -------- --------- Total 7,293 6,870 423 ======== ======== ========= The differences are shown before any tax relief. 18 Deferred tax liabilities 31 March 2005 2005 2004 Â£m Â£m Â£m 123 Capital allowances 125 106 (29) Other timing differences (34) Intangible assets 21 851 Property and investment 1,021 710 -------- revaluations ---------- ---------- 945 1,133 816 ======== ========== ========== Deferred tax movements 746 Opening position 945 746 130 Charge to income statement 135 69 (Credit) charge to statement of recognised (6) income and expense (5) 1 75 Acquisitions 58 -------- ---------- ---------- 945 Closing position 1,133 816 ======== ========== ========== 19. Net Asset Value per share Adjusted Net Shares Net Assets Assets m Â£m Â£m Net Asset Value (undiluted) Shareholders' funds as shown on balance sheet 519 5,299 5,299 IAS12 capital allowance effects: British Land Group 125 Share of funds and joint ventures 7 --------- 132 Contingent taxes on revaluation gains British Land Group - see note 18 1,042 Share of funds and joint ventures 128 --------- 1,170 Goodwill (180) Fair value adjustments for debt and related derivatives, net of deferred tax British Land Group 51 Share of funds and joint ventures 12 --------- 63 Total external valuation surplus on trading & finance 73 73 lease properties Deferred taxation on external surplus on trading & (20) finance lease properties --------- -------- Net assets attributable to ordinary shares 6,557 5,352 ========= ======== At 30 September 2005 1,263 p 1,031 p ========= ======== At 31 March 2005 1,135 p 932 p --------- -------- At 30 September 2004 1,065 p 882 p --------- -------- Fully diluted Net Asset Value Net assets attributable to ordinary shares 519 6,557 5,352 Adjust to fully diluted on exercise of share options 6 38 38 Net assets attributable to fully diluted ------- --------- -------- ordinary shares 525 6,595 5,390 ======= ========= ======== At 30 September 2005 1,256 p 1,027 p ========= ======== At 31 March 2005 1,128 p 927 p --------- -------- At 30 September 2004 1,060 p 878 p --------- -------- The adjusted NAV includes the external valuation surplus on trading and finance lease properties but excludes goodwill, the fair value adjustments for debt and related derivatives and deferred taxation on revaluations and capital allowances. This is the proposed industry standard, which in this case has been adjusted for goodwill. Reconciliation of adjusted diluted net assets Pence per Â£m share At 31 March 2005 5,913 1,128 Revaluation surpluses 668 127 Underlying profit after tax 80 15 Gains on asset disposals 37 7 Dividends paid (57) (11) Goodwill on acquisition of Pillar (net of deferred (45) (9) tax) Other (1) (1) --------- -------- At 30 September 2005 6,595 1,256 ========= ======== 20. Notes to the cash flow statement Reconciliation of profit on ordinary activities before tax to cash generated from operations Year ended 31 March 2005 2005 2004 Â£m Â£m Â£m 738 Profit on ordinary activities before tax 761 446 1 Depreciation and amortisation 3 1 (2) Negative goodwill Net valuation gains on (609) investment properties and (596) (306) investments Increase in lease incentive and minimum rent guarantee debtor (27) (158) Share of profits after tax of funds and joint (80) (83) ventures 16 Dividends received from funds and joint ventures 5 7 8 Share options, share awards and pension funding 5 4 326 Net financing costs 190 161 180 Exceptional item (as described in note 4) 6 (Increase) decrease in trading properties (7) 6 (37) Decrease (increase) in debtors 27 (12) 11 (Decrease) increase in creditors (39) 6 -------- -------- ------- (258) (519) (216) -------- -------- ------- 480 Cash generated from operations 242 230 ======== ======== ======= 21. Share capital 31 March 2005 2005 2004 m m m Actual shares in issue 488 Opening balance 518 488 30 Conversion of convertible bonds 30 Other issues 1 -------- -------- -------- 518 Closing balance 519 518 -------- -------- -------- Adjustment for fully diluted (NAV basis) Dilution for 6 Share options 6 5 -------- -------- -------- 524 Fully diluted shares 525 523 ======== ======== ======== 509 Weighted average number of shares in issue for 518 500 period Dilution for 9 Convertible bonds to date of 18 conversion 1 Share options 2 1 -------- -------- -------- 519 Fully diluted shares 520 519 ======== ======== ======== 22. Reserves Other Retained Reserves earnings Total Â£m Â£m Â£m At 1 April 12 3,392 3,404 2005 Total recognised income and expense (40) 615 575 Adjustment for share and share option awards 4 4 Purchase of ESOP shares (9) (9) Dividends (57) (57) paid -------- -------- -------- At 30 September 2005 (28) 3,945 3,917 ======== ======== ======== Retained earnings Retained earnings includes revaluation surpluses in the current and prior periods that are recognised as income under IFRS. Other reserves Other reserves comprises the following reserve accounts: (i) Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow and foreign currency hedging instruments. (ii) Translation reserve The translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of foreign operations as well as the translation of the liabilities that hedge the Company's net investment in a foreign subsidiary. (iii) Revaluation reserve The revaluation reserve relates to development properties and other investments. 23. Contingent liabilities Contingent liabilities of the Parent for guarantees to third parties amounted to Â£Nil (31 March 2005: Â£Nil; 30 September 2004: Â£Nil). TPP Investments Limited, a wholly owned ring-fenced special purpose subsidiary, is a partner in The Tesco British Land Property Partnership and, in that capacity, has entered into a secured bank loan under which its liability is limited to Â£44m (31 March 2005: Â£44m; 30 September 2004: Â£44m) and recourse is only to the partnership assets. Table A Summary income statement based on proportional consolidation The following pro forma information does not form part of the consolidated primary statements or the notes thereto. It shows the results of the group, with funds and joint ventures consolidated on a proportional basis. Income statement for the six months ended 30 September 2005 Year ended 31 March 2005 2005 2004 Unaudited Unaudited Unaudited Â£m Â£m Â£m 630 Gross rental and related 375 293 --------- income --------- --------- 585 Net rent and related income 351 270 9 Fees and other income 9 4 (53) Administrative expenses (40) (24) (360) Net financing costs (218) (178) --------- --------- --------- 181 Underlying profit before 102 72 tax 779 Net valuation gains 678 396 Amortisation of intangible (3) asset (180) Exceptional item --------- --------- --------- 780 Profit on ordinary activities 777 468 before tax (42) Tax credit (charge) relating to (22) (18) underlying profit (84) Deferred tax arising on revaluation (140) (78) --------- movements --------- --------- (126) (162) (96) --------- --------- --------- 654 Profit for the period after 615 372 ========= taxation ========= ========= 128.5 p Earnings per share - Basic 118.7 p 74.4 p --------- --------- --------- 126.0 p - Diluted 118.3 p 71.7 p --------- --------- --------- 27.3 p Underlying earnings per - Basic 15.4 p 10.8 p --------- share --------- --------- 26.8 p - Diluted 15.4 p 10.4 p --------- --------- --------- Table B Summary balance sheet based on proportional consolidation The following pro forma information does not form part of the consolidated primary statements or the notes thereto. It shows the results of the group, with funds and joint ventures consolidated on a proportional basis with trading and finance lease properties shown at valuation. Balance sheet as at 30 September 2005 31 March 2005 2005 2004 Unaudited Unaudited Unaudited Â£m Â£m Â£m ASSETS Properties 12,159 Investment properties 14,191 10,738 216 Development properties 304 196 ---------- --------- --------- 12,375 14,495 10,934 Other Non-current assets Intangible assets 153 Other investments 179 114 Intangible assets 72 73 - Goodwill 180 ---------- --------- --------- 12,601 14,926 11,048 Current assets 132 Trading and finance lease 156 132 properties at valuation 114 Trade and other debtors 191 108 207 Cash and short-term deposits 217 182 ---------- --------- --------- 453 564 422 ---------- --------- 13,054 Total assets 15,490 11,470 ========== ========= ========= LIABILITIES Current liabilities (489) Short-term borrowings and (327) (168) overdrafts (424) Trade and other creditors (614) (440) ---------- --------- --------- (913) (941) (608) Non-current liabilities (6,223) Debentures and loans (7,902) (5,355) (9) Other non-current liabilities (11) (1,063) Deferred tax liabilities (1,264) (921) ---------- --------- --------- (7,295) (9,177) (6,276) ---------- --------- --------- (8,208) Total liabilities (10,118) (6,884) ---------- --------- --------- 4,846 Net assets 5,372 4,586 ========== ========= ========= ---------- --------- --------- 4,846 Total equity attributable to shareholders of the 5,372 4,586 ========== company ========= ========= 1,135 p Adjusted NAV per share: - Basic 1,263 p 1,065 p ---------- --------- --------- 1,128 p - Fully diluted 1,256 p 1,060 p ---------- --------- --------- The adjusted NAV includes the external valuation surplus on trading and finance lease properties but excludes goodwill, the fair value adjustments for debt and related derivatives and deferred taxation on revaluations and capital allowances. This is the proposed industry standard, which in this case has been adjusted for goodwill. This information is provided by RNS The company news service from the London Stock Exchange

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