Key Financial Data

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Key Financial Data

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(£m) Statutory
balance
sheet
Adjustments to
market value,
deferred tax
and derivatives
Gross NAV
balance
sheet
Deferred and
contingent tax
Derivatives Triple NAV
balance
sheet
Investment property 354.1 - 354.1 - - 354.1
CHARM 96.3 - 96.3 - - 96.3
Trading stock 949.6 433.0 1,382.6 - - 1,382.6
JV/Associates 145.9 1.3 147.2 (3.5) (0.4) 143.3
Cash 90.3 - 90.3 - - 90.3
Deferred tax 20.1 (18.3) 1.8 - 20.9 22.7
Assets held for sale 9.9 - 9.9 - - 9.9
Other assets 45.1 11.5 56.6 - - 56.6
Total assets 1,711.3 427.5 2,138.8 (3.5) 20.5 2,155.8
External debt (1,049.0) - (1,049.0) - (13.0) (1,062.0)
Derivatives (91.1) 91.1 - - (91.1) (91.1)
Deferred tax (25.7) 23.9 (1.8) (110.0) - (111.8)
Other liabilities (80.0) - (80.0) - - (80.0)
Total liabilities (1,245,8) 115.0 (1,130.8) (110.0) (104.1) (1,344.9)
Net assets 465.5 542.5 1,008.0 (113.5) (83.6) 810.9
(£m) Statutory
balance
sheet
Adjustments to
market value,
deferred tax
and derivatives
Gross NAV
balance
sheet
Deferred and
contingent tax
Derivatives Triple NAV
balance
sheet
Investment property 525.9 - 525.9 - - 525.9
CHARM 99.0 - 99.0 - - 99.0
Trading stock 1,023.4 364.0 1,387.4 - - 1,387.4
JV/Associates 60.4 (1.3) 59.1 - (2.8) 56.3
Cash 73.3 - 73.3 - - 73.3
Deferred tax 44.5 (40.2) 4.3 - 46.1 50.4
Assets held for sale 222.1 - 222.1 - - 222.1
Other assets 41.7 6.3 48.0 - - 48.0
Total assets 2,090.3 328.8 2,419.1 - 43.3 2,462.4
External debt (1,267.4) - (1,267.4) - - (1,267.4)
Derivatives (145.4) 145.4 - - (171.2) (171.2)
Deferred tax (37.8) 37.2 (0.6) (120.0) - (120.6)
Liabilities held for sale (129.7) 4.8 (124.9) - (4.8) (129.7)
Other liabilities (119.1) 21.7 (97.4) - (21.7) (119.1)
Total liabilities (1,699.4) 209.1 (1,490.3) (120.0) (197.7) (1,808.0)
Net assets 390.9 537.9 928.8 (120.0) (154.4) 654.4
For the year ended 30 September 2013 Notes 2013
£m
2012
£m
Group revenue 3,4 283.2 311.4
Net rental income 5 48.5 62.8
Profit on disposal of trading property 6 75.5 74.0
Administrative expenses 8 (33.6) (31.0)
Other income 9 12.9 11.0
Other expenses 10 (6.3) (3.4)
Goodwill impairment   (4.7)
Profit on disposal of investment property 7 1.8 3.0
Income from financial interest in property assets 16 6.1 7.7
Profit on acquisition of equity in associate   2.1
Loss on disposal of subsidiary   (2.3)
Write back/(down) of inventories to net realisable value   0.7 (0.1)
Operating profit before net valuation gains on investment property   100.7 124.0
Net valuation gains on investment property 7 2.9 2.1
Write down of investment property in disposal group   (6.9)
Operating profit after net valuation gains and write downs on investment property   103.6 119.2
Change in fair value of derivatives 21 7.9 (31.2)
Finance costs   (73.3) (95.3)
Finance income   17.3 2.1
Share of profit of associates after tax 14 1.0 4.5
Share of profit/(loss) of joint ventures after tax 15 7.8 (1.0)
Profit/(loss) before tax   64.3 (1.7)
Tax (charge)/credit for the year 19 (10.7) 2.1
Profit for the year attributable to the owners of the company   53.6 0.4
Basic earnings per share 11 13.1p 0.1p
Diluted earnings per share 11 12.8p 0.1p

All of the above results relate to continuing operations.

As at 30 September 2013 Notes 2013
£m
2012
£m
ASSETS      
Non-current assets      
Investment property 13 354.1 525.9
Property, plant and equipment   0.6 0.8
Investment in associates 14 88.2 41.2
Investment in joint ventures 15 57.7 19.2
Financial interest in property assets 16 96.3 99.0
Deferred tax assets 19 20.1 44.5
Intangible assets   1.4 5.3
    618.4 735.9
Current assets      
Inventories – trading property   949.6 1,023.4
Trade and other receivables 17 43.1 35.6
Cash and cash equivalents   90.3 73.3
Assets classified as held-for-sale   9.9 222.1
    1,092.9 1,354.4
Total assets   1,711.3 2,090.3
LIABILITIES      
Non-current liabilities      
Interest-bearing loans and borrowings 18 1,006.6 1,240.1
Retirement benefits   4.1 5.8
Provisions for other liabilities and charges   0.4 0.5
Deferred tax liabilities 19 25.7 37.8
    1,036.8 1,284.2
Current liabilities      
Interest-bearing loans and borrowings 18 42.4 27.3
Trade and other payables 20 58.7 88.4
Provisions for other liabilities and charges   2.9
Current tax liabilities 19 13.9 24.4
Derivative financial instruments 21 91.1 145.4
Liabilities associated with assets held-for-sale   129.7
    209.0 415.2
Total liabilities   1,245.8 1,699.4
Net assets   465.5 390.9
       
EQUITY      
Capital and reserves attributable to the owners of the company      
Issued share capital   20.8 20.8
Share premium   109.8 109.8
Merger reserve   20.1 20.1
Capital redemption reserve   0.3 0.3
Cash flow hedge reserve   (5.5) (24.5)
Equity component of convertible bond   5.0 5.0
Available-for-sale reserve   3.8 3.9
Retained earnings   311.1 255.4
Equity attributable to the owners of the company   465.4 390.8
Non-controlling interests   0.1 0.1
Total equity   465.5 390.9
(£m) Statutory
balance
sheet
Adjustments to
market value,
deferred tax
and derivatives
Gross NAV
balance
sheet
Deferred and
contingent tax
Derivatives Triple NAV
balance
sheet
Investment property 819.9 - 819.9 - - 819.9
CHARM 102.3 - 102.3 - - 102.3
Trading stock 1,105.1 344.0 1,449.1 - - 1,449.1
JV/Associates 58.5 0.4 58.9 - (4.6) 54.3
Cash 90.9 - 90.9 - - 90.9
Deferred tax 42.7 (39.7) 3.0 - 43.2 46.2
Other assets 24.8 6.4 31.2 - - 31.2
Total assets 2,244.2 311.1 2,555.3 - 38.6 2,593.9
External debt (1,544.7) - (1,544.7) - - (1,544.7)
Derivatives (154.3) 154.3 - - (168.2) (168.2)
Deferred tax (47.7) 47.2 (0.5) (132.2) - (132.7)
Other liabilities (110.1) - (110.1) - - (110.1)
Total liabilities (1,856.8) 201.5 (1,655.3) (132.2) (168.2) (1,955.7)
Net assets 387.4 512.6 900.0 (132.2) (129.6) 638.2
(£m) Statutory
balance
sheet
Adjustments to
market value,
deferred tax
and derivatives
Gross NAV
balance
sheet
Deferred and
contingent tax
Derivatives Triple NAV
balance
sheet
Investment property 634.7 - 634.7 - - 634.7
CHARM 103.9 - 103.9 - - 103.9
Trading stock 1,056.4 331.5 1,387.9 - - 1,387.9
JV/Associates 119.7 2.8 122.5 - (7.0) 115.5
Cash 94.6 - 94.6 - - 94.6
Deferred tax 38.4 (36.5) 1.9 - 40.0 41.9
Other assets 24.7 6.6 31.3 - - 31.3
Total assets 2,072.4 304.4 2376.8 - 33.0 2,409.8
External debt (1,445.7) - (1,445.7) - - (1,445.7)
Derivatives (128.3) 128.3 - - (141.1) (141.1)
Deferred Tax (56.9) 53.8 (3.1) (142.1) - (145.2)
Other liabilities (96.2) - (96.2) - - (96.2)
Total liabilities (1,727.1) 182.1 (1,545.0) (142.1) (141.1) (1,828.2)
Net assets 345.3 486.5 831.8 (142.1) (108.1) 581.6
For the year ended 30 September 2013 Notes 2013
£m
2012
£m
Cash flow from operating activities      
Profit for the year   53.6 0.4
Depreciation   0.2 0.4
Goodwill impairment   4.7
Write down of investment property in disposal group   6.9
Net valuation gains on investment property 13 (2.9) (2.1)
Net finance costs   56.0 93.2
Loss on disposal of subsidiary   2.3
Share of profit of associates and joint ventures 14,15 (8.8) (3.5)
Profit on disposal of investment property 7 (1.8) (3.0)
Profit on acquisition of equity in associate   (2.1)
Share-based payment charge   2.3 2.1
Change in fair value of derivatives   (7.9) 31.2
Interest income from financial interest in property assets 16 (6.1) (7.7)
Taxation 19 10.7 (2.1)
Operating profit before changes in working capital   100.2 115.8
Increase in trade and other receivables   (7.6) (13.5)
Decrease in trade and other payables   (3.5) (3.8)
Decrease in provisions for liabilities and charges   (0.8) (0.1)
Decrease in trading property   73.8 78.3
Cash generated from operations   162.1 176.7
Interest paid   (60.3) (78.1)
Taxation paid 19 (16.4) (12.0)
Payments to defined benefit pension scheme   (1.1) (1.0)
Net cash inflow from operating activities   84.3 85.6
Cash flow from investing activities      
Proceeds from sale of investment property 7 219.9 48.3
Proceeds from financial interest in property assets 16 8.5 10.6
Proceeds from sale of subsidiary   45.0 3.5
Interest received   0.5 0.7
Distributions received 14, 15 1.4
Investment in associates and joint ventures 14, 15 (57.8) (0.5)
Acquisition of investment property 18 (4.3) (5.5)
Acquisition of property, plant and equipment and intangible assets   (0.9)
Net cash inflow from investing activities   212.3 57.1
Cash flows from financing activities      
Proceeds from SAYE options   0.4
Purchase of own shares   (3.0) (0.5)
Proceeds from new borrowings   150.1 79.0
Payment of loan costs   (10.5)
Settlement of derivative contracts   (39.3) (1.2)
Repayment of borrowings   (380.0) (215.5)
Dividends paid 12 (8.0) (7.6)
Net cash outflow from financing activities   (280.2) (155.9)
Net increase/(decrease) in cash and cash equivalents   16.4 (13.2)
Cash and cash equivalents at the beginning of the year   73.3 90.9
Net exchange movements on cash and cash equivalents   0.6 (1.8)
Total cash and cash equivalents at the end of the year   90.3 75.9
Cash held in assets classified as held-for-sale at the end of the year   (2.6)
Cash and cash equivalents at the end of the year   90.3 73.3

The results for the years ended 30 September 2012 and 2013 respectively have been affected by valuation movements and non-recurring items. The table below provides further analysis of the consolidated income statement showing the results of trading activities separately from these other items.

  2013 2012
  Trading
£m
Valuation
£m
Non-
recurring
£m
Total
£m
Trading
£m
Valuation
£m
Non-
recurring
£m
Total
£m
Group revenue 283.2 283.2 311.4 311.4
Net rental income 48.5 48.5 63.5 (0.7) 62.8
Profit on disposal of trading property 75.5 75.5 74.0 74.0
Administrative expenses (33.6) (33.6) (31.0) (31.0)
Other income 12.9 12.9 11.0 11.0
Other expenses (3.6) (2.7) (6.3) (1.8) (1.6) (3.4)
Goodwill impairment (4.7) (4.7)
Profit on disposal of investment
property
1.8 1.8 3.0 3.0
Income from financial interest in
property assets
6.1 6.1 7.7 7.7
Profit on acquisition of equity in
associate
2.1 2.1
Loss on disposal of subsidiary (2.3) (2.3)
Write back/(down) of inventories
to net realisable value
0.7 0.7 (0.1) (0.1)
Operating profit before net valuation
gains on investment property
107.6 (4.0) (2.9) 100.7 126.4 (0.1) (2.3) 124.0
Net valuation gains
on investment property
2.9 2.9 2.1 2.1
Write down of investment property
in disposal group
(6.9) (6.9)
Operating profit after net valuation
gains on investment property
107.6 (1.1) (2.9) 103.6 126.4 2.0 (9.2) 119.2
Change in fair value of derivatives 21.6 (13.7) 7.9 (31.2) (31.2)
Finance costs (73.3) (73.3) (92.8) (2.5) (95.3)
Finance income 2.0 15.3 17.3 2.1 2.1
Share of profit of associates after tax 0.7 4.9 (4.6) 1.0 (0.1) 4.6 4.5
Share of profit/(loss) of joint ventures
after tax
7.8 7.8 (1.0) (1.0)
Profit/(loss) before tax 37.0 33.2 (5.9) 64.3 34.6 (24.6) (11.7) (1.7)

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