We measure our performance through a clear set of KPIs.
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Operating profit before valuation movements and non-recurring items - OPBVM (£m)
OPBVM Is a measure of the profit generated by our key income streams of net rents, profits on sale of property and other income, net of overheads.
OPBVM reached £126.4m in 2012 up by 0.2% from 2011.
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Gross nes asset value per share - NAV (pence)
NAV is based on property assets stated at market value. It is stated after adding back deferred tax on property revaluations and the balance sheet value of derivatives.
NAV increased from 216p to 223p at the 2012 year end primarily as a result of our profit before derivatives and an increase of 3.9% in the market value of our UK properties.
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Triple net asset value per share - NNNAV (pence)
NNNAV is also based on property assets at market value but also includes the contingent tax on this uplift, deferred tax on asset revaluations and the full balance sheet value of derivatives net of deferred tax..
NNNAV increased from 153p to 157p at the 2012 year end as a result of the group’s profit before derivatives and the increase of 3.9% in the market value of our property assets.
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Return on capital employed - ROCE (%)
ROCE measures the overall profit of the business before interest and derivative expense, as a percentage of the opening market value of all property assets and investments in JV’s/ associates.
ROCE was 5.9% in 2012 assisted by the strong trading performance noted in OPBVM.
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Return on shareholder equity - ROSE (%)
ROSE measures the movement in NNNAV in the year plus the dividend relating to the year as a percentage of opening NNNAV.
ROSE was 3.8% in 2012 reflecting the increase in NNNAV from 153p to 157p and also the dividend declared for the year of 1.92p.
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Profit/(loss) before tax - PBT (£m)
PBT whereas OPBVM above measures specific elements of the income statement, PBT includes all items taken through the income statement before tax, including net interest expense.
PBT was a loss of £1.7m in 2012 assisted by the strong trading performance of the business as noted above but is after a charge to income of £31.2m arising from derivatives.
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Sales price above previous year end vacant possession value VPV
VPV we compare actual prices achieved on sales of vacant properties in our UK residential and retirement solutions business to their VPV at the previous year end. This measure shows how prices are moving and the effectiveness of our sales process.
This year we sold un-refurbished properties on average at 3.2% above the 2011 year end VPV, and those with pre-sale refurbishment at 6.1% above the 2011 year end VPV.
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