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Land Securities
Annual Report 2008

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Balance sheets

at 31 March 2008

    Group Company
  notes 2008

£m		 2007

£m		 2008

£m		 2007
(restated)
£m
Non-current assets          
Investment properties 13 12,296.7 13,319.3 – –
Operating properties 13 544.8 551.5 – –
Other property, plant and equipment 13 73.6 78.2 – –
  13 12,915.1 13,949.0 – –
Net investment in finance leases 14 333.7 262.4 – –
Goodwill 15 148.6 129.6    
Investments in subsidiary undertakings 16 – – 5,054.6 5,049.6
Investments in Public Private Partnerships 17 25.4 – – –
Investment in an associate undertaking 18 42.9 – – –
Investments in joint ventures 19 1,410.6 1,338.8 – –
Net pension benefit assets 28 11.0 – – –
Total non-current assets – 14,887.3 15,679.8 5,054.6 5,049.6
Current assets – – – – –
Trading properties and long-term development contracts 20 173.0 148.3 – –
Derivative financial instruments 27 4.3 14.6 – –
Trade and other receivables 21 838.0 641.8 386.2 5.5
Cash and cash equivalents 22 48.4 52.7 69.5 5.0
Total current assets (excluding non-current assets classified as held for sale) – 1,063.7 857.4 455.7 10.5
Non-current assets classified as held for sale 23 664.1 2,420.3 – –
Total current assets – 1,727.8 3,277.7 455.7 10.5
Total assets – 16,615.1 18,957.5 5,510.3 5,060.1
Current liabilities – – – – –
Short-term borrowings and overdrafts 24 (794.0) (1,683.2) – (61.9)
Derivative financial instruments 27 (10.7) – – –
Trade and other payables 25 (927.2) (783.9) (874.7) (50.8)
Provisions 26 (40.9) (19.5) – –
Current tax liabilities – (161.0) (535.8) (2.4) (0.7)
Total current liabilities (excluding liabilities directly associated with non-current assets classified as held for sale) – (1,933.8) (3,022.4) (877.1) (113.4)
Liabilities directly associated with non-current assets classified as held for sale 23 (427.7) (1,601.0) – –
Total current liabilities – (2,361.5) (4,623.4) (877.1) (113.4)
Non-current liabilities – – – – –
Provisions 26 (36.7) (61.2) – –
Borrowings 27 (4,632.5) (3,472.0) – –
Net pension benefit obligations 28 – (5.6) – –
Deferred tax liabilities 29 (1.5) (4.0) – –
Total non-current liabilities – (4,670.7) (3,542.8) – –
Total liabilities – (7,032.2) (8,166.2) (877.1) (113.4)
Net assets – 9,582.9 10,791.3 4,633.2 4,946.7
Equity – – – – –
Ordinary shares 31,33 47.1 47.0 47.1 47.0
Own shares 33 (22.3) (14.5) – –
Share-based payments 33 11.3 7.9 17.5 12.5
Share premium 33 56.6 51.5 56.6 51.5
Capital redemption reserve 33 30.5 30.5 30.5 30.5
Merger reserve 33 – – 373.6 373.6
Retained earnings 33 9,459.7 10,668.9 4,107.9 4,431.6
Total shareholders’ equity – 9,582.9 10,791.3 4,633.2 4,946.7

The financial statements on this website were approved by the Board of Directors on 13 May 2008 and were signed on its behalf by:

  • FW Salway MF Greenslade
  • Directors