Financials
Our high quality properties, balanced portfolio and long lease profile have secured a pre-exceptional total return of 21.3% in the year to March 2007.
(2003 and 2004 are as reported under UK GAAP and have not been restated under IFRS)
Key performance indicators
| Compound average growth rate over: | 1yr | 3yrs | 5yrs |
|---|---|---|---|
| Total return (pre-exceptional) | 21.3% | 24.3% | 18.6% |
| Total shareholder return | 24.3% | 49.4% | 23.7% |
| Earnings per share growth | 22.0% | 7.9% | 7.5% |
|
As at 31 March
|
UK GAAP
|
IFRS
|
|||
|---|---|---|---|---|---|
|
|
2003
|
2004
|
2005
|
2006
|
2007
|
|
Gross rental income (£m) 1
|
552
|
566
|
630
|
751
|
706
|
|
Underlying profit Before Tax (£m) 2
|
147
|
146
|
181
|
228
|
257
|
|
Dividends Per Share (pence)
|
13.4
|
14.5
|
15.7
|
17.0
|
20.4
|
|
Earnings Per Share (pence) 4,5 |
27.1
|
34.5
|
126
|
240
|
470
|
|
Underlying Earnings Per Share (pence) 2,5
|
27.1
|
34.5
|
27
|
36
|
43
|
|
Net Asset Value per share (pence) 5
|
867
|
975
|
1,128
|
1,486
|
1,682
|
|
EPRA NAV / adjusted net assets (£m) 5
|
4,511
|
5,085
|
5,913
|
7,802
|
8,862
|
|
Total Return
|
7.4%
|
13.0%
|
16.4%
|
33.2%
|
14.3%
|
|
Total Return – pre-exceptional
|
7.4%
|
13.0%
|
18.8%
|
34.6%
|
21.3%
|
|
Total properties at valuation 1,3
|
9,646
|
10,639
|
12,507
|
14,414
|
16,903
|
|
Net debt 1
|
4,993
|
5,397
|
6,563
|
6,717
|
7,741
|
1 Including share of funds and joint ventures
2 Underlying profits exclude debt refinancing costs, gains on asset revaluations & disposals and related tax, and othe exceptional items
3 Including surplus over book value of trading and development properties
4 Including exceptional finance costs in 2005 £180m, 2006 £122m and 2007 £305m
5 Diluted