Notes to the accounts (unaudited)
| Year ended 31 March 2008 |
Three months ended 30 September | Six months ended 30 September | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2008 | 2007 | 2008 | 2007 | |||||||
| Earnings £m |
Pence per share |
(Loss) earnings per share (diluted) | Earnings £m |
Pence per share |
Earnings £m |
Pence per share |
Earnings £m |
Pence per share |
Earnings £m |
Pence per share |
| 284 | Underlying pre tax profit – inc ome statement | 70 | 67 | 144 | 143 | |||||
| (8) | Tax charge relating to underlying profit | (3) | (3) | (4) | (6) | |||||
| 276 | 53 p | Underlying earnings per share | 67 | 13 p | 64 | 12 p | 140 | 27 p | 137 | 26 p |
| Realisation of cash flow hedges | 9 | |||||||||
| 13 | Tax and other items | 1 | 2 | |||||||
| 289 | 56 p | EPRA earnings per share | 67 | 13 p | 65 | 12 p | 140 | 27 p | 148 | 28 p |
| 1,563 | (330) p | Loss for the period after taxation | (747) | (277) | 54 p | (1,312) | (2) | 0 p | ||
The European Public Real Estate Association (EPRA) issued Best Practices Policy Recommendations in November 2006, which gives guidelines for performance measures. The EPRA earnings measure excludes investment property revaluations and gains on disposals, intangible asset movements and their related taxation.
Underlying earnings consists of the EPRA earnings measure, with additional company adjustments. Adjustments include realisation of cash flow hedges and prior year tax items.
The weighted average number of shares in issue for the six month period was: basic: 509m (three months ended 30 September 2008: 510m; year ended 31 March 2008: 512m; six months ended 30 September 2007: 519m; three months ended 30 September 2007: 516m); diluted for the effect of share options: 511m (three months ended 30 September 2008: 512m; year ended 31 March 2008: 516m; six months ended 30 September 2007: 520m; three months ended 30 September 2007: 517m). Basic earnings per share (undiluted) for the six month period were (258)p (three months ended 30 September 2008: (146)p; year ended 31 March 2008: (305)p; six months ended 30 September 2007: 0p; three months ended 30 September 2007: (54)p). Earnings per share shown in the table above are diluted.
| 31 March 2008 £m |
Net asset value (NAV) | 30 September 2008 £m |
30 September 2007 £m |
30 June 2008 £m |
|---|---|---|---|---|
| 6,790 | Balance sheet net assets | 5,289 | 8,621 | 6,260 |
| 102 | Deferred tax arising on revaluation movements | 63 | 134 | 85 |
| (3) | Mark to market on effective cash flow hedges and related debt adjustments | (2) | (108) | (136) |
| 47 | Dilution effect of share options | 43 | 49 | 43 |
| 6,936 | EPRA NAV | 5,393 | 8,696 | 6,252 |
| 1344 p | EPRA NAV per share | 1043 p | 1682 p | 1212 p |
The EPRA NAV per share excludes the mark to market on effective cash flow hedges and related debt adjustments, deferred taxation on revaluations and is calculated on a fully diluted basis.
At 30 September 2008, the number of shares in issue was: basic: 510m (30 June 2008: 509m; 31 March 2008: 509m; 30 September 2007: 509m); diluted for the effect of share options: 517m (30 June 2008: 516m; 31 March 2008: 516m; 30 September 2007: 517m).
Total return per share of minus 21.1% represents a reduction in EPRA NAV per share of 301p net of dividends paid of 17.5p (being the final two quarters of the 35p full year 2008 dividend, see note 7) in the six months to 30 September 2008. Total return per share for the year ended 31 March 2008 was minus 18.1%.