British Land Interim Report
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Consolidated Income Statement
for the period ended 30 September 2007
Year ended
31 March 2007
Audited |
|
|
Six months ended
30 September 2007
Unaudited |
Six months ended
30 September 2006
Unaudited |
Underlying
pre tax*
£m |
Capital
and other
£m |
Audited
Total
£m |
|
Note |
Underlying
pre tax*
£m |
Capital
and other
£m |
Total
£m |
Underlying
pre tax*
£m |
Capital
and other
£m |
Total
£m |
| 649 |
|
649 |
Gross rental and related income |
2 |
326 |
|
326 |
315 |
|
315 |
| 561 |
|
561 |
Net rental and related income |
2 |
282 |
|
282 |
274 |
|
274 |
| 50 |
33 |
83 |
Fees and other income |
2 |
29 |
30 |
59 |
33 |
|
33 |
| |
(15) |
(15) |
Amortisation of intangible assets |
|
|
(5) |
(5) |
|
(8) |
(8) |
| 37 |
422 |
459 |
Funds and joint ventures (see also below) |
|
19 |
(52) |
(33) |
22 |
133 |
155 |
| (78) |
(13) |
(91) |
Administrative expenses |
|
(38) |
|
(38) |
(42) |
|
(42) |
| |
1,167 |
1,167 |
Net valuation movement and gains on disposal |
2 |
|
(151) |
(151) |
|
643 |
643 |
| |
(106) |
(106) |
Goodwill impairment |
|
|
|
|
|
|
|
| |
|
|
Net financing costs |
|
|
|
|
|
|
|
| 41 |
|
41 |
financing income |
|
15 |
|
15 |
46 |
|
46 |
| (354) |
|
(354)
|
financing charges |
|
(164) |
|
(164) |
(203) |
|
(203) |
| |
(305) |
(305) |
refinancing charges |
|
|
|
|
|
(228) |
(228) |
| (313) |
(305) |
(618) |
|
|
(149) |
|
(149) |
(157) |
(228) |
(385) |
| 257 |
1,183 |
1,440 |
Profit (loss) on ordinary activities before taxation |
|
143 |
(178) |
(35) |
130 |
540 |
670 |
| |
|
|
Taxation |
|
|
|
|
|
|
|
| |
|
(277) |
REIT conversion charge |
|
|
|
|
|
|
|
| |
|
1 |
current tax (expense) income |
|
|
|
(1) |
|
|
(6) |
| |
|
1,289 |
deferred tax income (expense) |
|
|
|
34 |
|
|
(86) |
| |
|
1,013 |
|
2 |
|
|
33 |
|
|
(92) |
| |
|
2,453 |
(Loss) profit for the period after taxation attributable to shareholders of the Company |
|
|
|
(2) |
|
|
578 |
| |
|
472 p |
Earnings per share: basic |
1 |
|
|
0 p |
|
|
111 p |
| |
|
470 p |
diluted |
1 |
|
|
0 p |
|
|
111 p |
| |
|
|
|
|
|
|
|
|
|
|
| |
|
|
Share of results of funds and joint ventures |
|
|
|
|
|
|
|
| 37 |
|
37 |
Underlying profit before taxation |
|
19 |
|
19 |
22 |
|
22 |
| |
257 |
257 |
Net valuation movement and gains on disposal |
|
|
(56) |
(56) |
|
167 |
167 |
| |
|
|
Realisation of cash flow hedges (on property disposals) |
|
|
9 |
9 |
|
|
|
| |
(5) |
(5) |
Goodwill impairment |
|
|
(2) |
(2) |
|
(2) |
(2) |
| |
(48) |
(48) |
REIT conversion charge |
|
|
|
|
|
|
|
| |
(19) |
(19) |
Current tax |
|
|
(3) |
(3) |
|
(2) |
(2) |
| |
237 |
237 |
Deferred tax |
|
|
|
|
|
(30) |
(30) |
| 37 |
422 |
459 |
|
|
19 |
(52) |
(33) |
22 |
133 |
155 |
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