1. Performance measures
Year ended
31 March 2008 |
|
Three months ended
30 June 2008 |
Three months ended
30 June 2007 |
Earnings
£m |
Pence per
share |
(Loss) earnings per share (diluted) |
Earnings
£m |
Pence per
share |
Earnings
£m |
Pence per
share |
| 284 |
|
Underlying pre tax profit - income statement |
74 |
|
76 |
|
| (8) |
|
Tax charge relating to underlying profit |
(1) |
|
(3) |
|
| 276 |
53 p |
Underlying earnings per share |
73 |
14 p |
73 |
14 p |
| |
|
Exceptional item net of tax |
|
|
|
|
| |
|
Refinancing charges and realisation of cash flow hedges |
|
|
9 |
|
| 13 |
|
Tax and other items |
|
|
1 |
|
| 289 |
56 p |
EPRA earnings per share |
73 |
14 p |
83 |
16 p |
| (1,563) |
(303) p |
(Loss) profit for the period after taxation |
(565) |
(111) p |
275 |
53 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 and the REIT conversion charge.
Underlying earnings consists of the EPRA earnings measure, with additional company adjustments. Adjustments include reversal of refinancing charges, realisation of cash flow hedges and prior year tax items.
The weighted average number of shares in issue for the three month period was: basic: 509m (30 June 2007: 521m; 31 March 2008: 512m); diluted for the effect of share options: 511m (30 June 2007: 523m; 31 March 2008: 516m).
Basic earnings per share (undiluted) for the period were (111)p (30 June 2007: 53p; 31 March 2008: (305)p). Earnings per share shown in the table above are diluted.
31 March
2008
£m |
Net asset value (NAV) |
30 June
2008
£m |
30 June
2007
£m |
| 6,790 |
Balance sheet net assets |
6,260 |
9,134 |
| 102 |
Deferred tax arising on revaluation movements |
85 |
149 |
| (3) |
Mark to market on effective cash flow hedges and related debt adjustments |
(136) |
(214) |
| 47 |
Dilution effect of share options |
43 |
50 |
| 6,936 |
EPRA NAV |
6,252 |
9,119 |
| 1344 p |
EPRA NAV per share |
1212 p |
1730p |
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 June 2008, the number of shares in issue was: basic: 509m (30 June 2007: 522m; 31 March 2008: 509m); diluted for the effect of share options: 516m (30 June 2007: 527m; 31 March 2008: 516m).
Total return per share of minus 9.2% represents a reduction in EPRA NAV per share of 132p net of dividends paid of 8.75p (see note 7) in the three months to 30 June 2008. Total return per share for the year ended 31 March 2008
was minus 18.1%.
