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Land Securities
Annual Report 2008

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Income statement

for the year ended 31 March 2008

Group 2008 2007
  Notes Before
exceptional
items
£m		 Exceptional
items
£m		 Total
£m		 Before
exceptional
items
£m		 Exceptional
items
£m		 Total
£m
Group revenue* 4 1,561.2 – 1,561.2 1,641.1 – 1,641.1
Costs 4 (958.6) – (958.6) (1,046.2) – (1,046.2)
    602.6 – 602.6 594.9 – 594.9
Profit on disposal of non-current properties 4 75.4 – 75.4 118.2 – 118.2
Net (deficit)/surplus on revaluation of investment properties 4 (1,170.3) – (1,170.3) 1,307.6 – 1,307.6
Operating (loss)/profit   (492.3) – (492.3) 2,020.7 – 2,020.7
Interest expense 6 (324.4) – (324.4) (257.3) – (257.3)
Interest income 6 29.4 – 29.4 36.4 – 36.4
    (787.3) – (787.3) 1,799.8 – 1,799.8
Share of the loss of an associate undertaking (post-tax) 18 (0.5) – (0.5) – – –
Share of the (loss)/profit of joint ventures (post-tax) 19 (101.0) – (101.0) 81.3 98.0 179.3
(Loss)/profit before tax 4 (888.8) – (888.8) 1,881.1 98.0 1,979.1
Income tax credit/(expense) 9 10.5 – 10.5 (445.0) 1,994.2 1,549.2
(Loss)/profit for the financial year from continuing activities 23 (878.3) – (878.3) 1,436.1 2,092.2 3,528.3
Discontinued operations   47.5 – 47.5 – – –
(Loss)/profit for the financial year attributable to equity shareholders 33 (830.8) – (830.8) 1,436.1 2,092.2 3,528.3
(Loss)/earnings per share              
Basic (loss)/earnings per share** 11     (188.80p)     753.59p
Diluted (loss)/earnings per share** 11     (188.80p)     750.54p

*Group revenue excludes the share of joint ventures’ income of £111.6m (2007: £81.6m) (see note 19).

**adjusted earnings per share is given in note 11.