British Land Half Year Report

Contents:

Front cover |
Financial summary |
Chairman's Statement |
Portfolio Valuation |
Property sectoral outlook |
Financing and Cash Flow |
Financial results |
Principal Risks and Uncertainties for the remaining six months of the financial year |
Consolidated Income Statement |
Consolidated Balance Sheet |
Consolidated Statement of Recognised Income and Expense |
Consolidated Cash Flow Statement |
Consolidated Income Statement |
Notes to the accounts (unaudited) |
Independent Review Report To The British Land Company Plc |

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Current page: 20
Current chapter: Consolidated Statement of Recognised Income and Expense

Consolidated Statement of Recognised Income and Expense

for the period ended 30 September 2008

Year ended 31 March 2008 Audited £m		Note	Three months ended 30 September		Six months ended 30 September
Year ended 31 March 2008 Audited £m		Note	2008 Unaudited £m	2007 Unaudited £m	2008 Unaudited £m	2007 Unaudited £m
(1,563)	Loss profit for the period after taxation		(747)	(277)	(1,312)	(2)
	Valuation movements
57	- on development properties	2		34	(44)	94
3	- on owner-occupied property	2	(2)	7	(3)	7
(70)	- on other investments	2	(56)		(73)	(30)
(10)			(58)	41	(120)	71
	Loss gains on cash flow hedges
(53)	- Group		(99)	(83)	16	20
(20)	– Funds and joint ventures		(24)	(16)	1	(4)
(10)	Actuarial gain on pension scheme		(1)		(1)
25	Tax on items taken directly to equity		12	(9)	18	2
(68)	Net (loss) gain recognised directly in equity		(170)	(67)	(86)	89
	Transferred to the income statement (cash flow hedges)
1	- foreign currency derivatives		(9)	1	(9)	2
(28)	- interest rate derivatives		(4)	(7)	(11)	(11)
(27)			(13)	(6)	(20)	(9)
(1,658)	Total recognised income and expense for the period		(930)	(350)	(1,418)	78

Reconciliation of Movements in Shareholders' Funds

Year ended 31 March 2008 Audited £m		Three months ended 30 September		Six months ended 30 September
Year ended 31 March 2008 Audited £m		2008 Unaudited £m	2007 Unaudited £m	2008 Unaudited £m	2007 Unaudited £m
	Capital items
7	- Shares issued	1	1	2	3
(151)	- Purchase of own shares		(125)		(137)
11	- Adjustment for share and share option awards	2	4	4	7
(166)	- Dividends paid in the period	(44)	(43)	(89)	(77)
(299)		(41)	(163)	(83)	(204)
(1,658)	Total recognised income and expense for the period	(930)	(350)	(1,418)	78
(1,957)	Movement in shareholders' funds for the period	(971)	(513)	(1,501)	(126)
8,747	Opening equity shareholders' funds	6,260	9,134	6,790	8,747
6,790	Closing equity shareholders' funds	5,289	8,621	5,289	8,621

Go to the next page: 21 (chapter: Consolidated Cash Flow Statement)

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