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Land Securities
Annual Report 2008

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Five year summary

  2008
IFRS
£m		 2007
IFRS
£m		 2006
IFRS
£m		 2005
IFRS
£m		 2004
UK GAAP
£m
Income statement
Before exceptional items		          
Group revenue 1,561.2 1,641.1 1,828.7 1,627.1 1,285.8
Costs (958.6) (1,046.2) (1,267.8) (1,134.7) (821.1)
  602.6 594.9 560.9 492.4 464.7
Profit on disposal of non-current asset properties 75.4 118.2 74.5 112.0 52.0
Net (deficit)/surplus on revaluation of investment properties (1,170.3) 1,307.6 1,579.5 827.9 –
Operating (loss)/profit (492.3) 2,020.7 2,214.9 1,432.3 516.7
Net interest expense (295.0) (220.9) (194.5) (189.0) (174.4)
  (787.3) 1,799.8 2,020.4 1,243.3 342.3
Share of the (loss)/profit of joint ventures and associates (post-tax) (101.5) 81.3 110.3 141.5 17.7
(Loss)/profit before tax (888.8) 1,881.1 2,130.7 1,384.8 360.0
Income tax credit/(expense) 10.5 (445.0) (593.3) (265.8) (71.7)
(Loss)/profit after tax (878.3) 1,436.1 1,537.4 1,119.0 288.3
Exceptional items          
Goodwill impairment – – (64.5) (12.7) –
Profit on disposal of joint venture (Telereal) – – 293.0 – –
Debt restructuring costs – – – (64.6) –
Exceptional tax in joint ventures – 98.0 – – –
Total exceptional items – 98.0 228.5 (77.3) –
Tax on exceptional items – 1,994.2 (90.0) 19.2 –
Exceptional items post tax – 2,092.2 138.5 (58.1) –
(Loss)/profit for the financial year (878.3) 3,528.3 1,675.9 1,060.9 288.3
Revaluation (deficit)/surplus for the year          
Group (1,170.3) 1,307.6 1,579.5 827.9 400.7
Joint ventures (134.2) 75.1 105.5 69.5 6.2
Total (1,304.5) 1,382.7 1,685.0 434.9 897.4 406.9
Revenue profit (old definition) 392.2 420.1 401.3 309.2
Less: trading properties (11.1) (13.6) (21.7) (27.9) (7.3)
Less: long-term contracts (2.0) (14.3) (21.9) (11.6) –
Revenue profit (new definition) 379.1 392.2 391.3 361.8 301.9
Balance sheet          
Investment properties 12,296.7 13,319.3 11,467.6 8,240.1 7,880.9
Operating properties 544.8 551.5 536.1 546.3 769.2
Net investment in finance leases 333.7 262.4 233.9 163.4 –
Goodwill 148.6 129.6 34.3 34.3 34.3
Investment in joint ventures, associates and Public Private Partnerships 1,478.9 1,338.8 829.5 854.9 204.2
Other property, plant and equipment 73.6 78.2 73.6 57.9 51.0
Total non-current assets 14,876.3 15,679.8 13,175.0 9,896.9 8,939.6
Trading properties and long-term development contracts 173.0 148.3 255.9 164.0 85.0
Cash and cash equivalents less short-term borrowings, overdrafts and derivative financial instruments (752.0) (1,615.9) (148.0) (45.8) (439.9)
Other current assets and liabilities (250.2) (677.9) (218.6) (101.6) (365.3)
Non-current assets classified as held for sale (net) 236.4 819.3 – – –
Total current assets and liabilities (592.8) (1,326.2) (110.7) 16.6 (720.2)
Provisions (77.6) (80.7) (58.2) (42.0) (11.7)
Borrowings (4,632.5) (3,472.0) (3,537.9) (2,392.3) (1,995.9)
Pension benefits assets/(liabilities) 11.0 (5.6) (6.5) (10.9) –
Deferred tax liabilities (1.5) (4.0) (1,967.8) (1,418.0) (173.3)
Total non-current liabilities (4,700.6) (3,562.3) (5,570.4) (3,863.2) (2,180.9)
Net assets 9,582.9 10,791.3 7,493.9 6,050.3 6,038.5
Net debt (5,384.5) (5,087.9) (3,685.9) (2,438.1) (2,435.8)
Results per share          
Total dividend per share (all amounts represent the interim dividend paid and final proposed dividend) 64.00p 53.00p 46.70p 43.25p 37.10p
Basic (loss)/earnings per share (188.80p) 753.59p 357.95p 227.32p 61.84p
Diluted (loss)/earnings per share (188.80p) 750.54p 356.50p 226.45p 61.76p
Adjusted earnings per share 81.90p 70.48p 70.76p 67.13p 47.86p
Adjusted diluted earnings per share 81.71p 70.20p 70.47p 66.87p 47.80p
Net assets per share 2067p 2304p 1597p 1293p 1294p
Diluted net assets per share 2064p 2297p 1590p 1289p 1293p
Adjusted net assets per share 1959p 2188p 1920p 1493p 1333p
Adjusted diluted net assets per share 1956p 2181p 1912p 1488p 1331p