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Group balance sheet

For the year ended 31 March 2008

  Notes 2008
£m
2007
£m
Non-current assets      
Investment property 8 1,073.3 1,314.3
Development property, plant and equipment 9 24.4 20.9
Investment in joint ventures 10 390.6 176.0
Deferred tax 16 0.8
Pension asset 24 2.2
    1,490.5 1,512.0
       
Current assets      
Trade and other receivables 11 22.2 22.2
Income tax receivable   0.4
Cash and cash equivalents   0.7 4.2
    23.3 26.4
Total assets   1,513.8 1,538.4
       
Current liabilities      
Trade and other payables 12 26.6 30.7
Income tax payable   28.2
Interest-bearing loans and borrowings 13 2.9
    26.6 61.8
       
Non-current liabilities      
Interest-bearing loans and borrowings 13 429.3 390.4
Obligations under finance leases 15 8.5 10.0
Pension liability 24 0.2
    437.8 400.6
Total liabilities   464.4 462.4
Net assets   1,049.4 1,076.0
       
Equity      
Share capital 17 22.6 22.6
Share premium account 18 68.2 68.2
Hedging reserve 19 (3.8) 0.5
Capital redemption reserve 19 16.4 16.4
Revaluation reserve 19 1.3 1.5
Retained earnings 19 944.9 967.7
Investment in own shares 20 (0.3) (1.0)
Shareholders’ funds   1,049.3 1,075.9
Minority interest   0.1 0.1
Total equity   1,049.4 1,076.0
       
Net assets per share 7 580p 594p
       
Adjusted net assets per share 7 582p 594p

Approved by the Board on 21 May 2008 and signed on its behalf by

Toby Courtauld

Toby Courtauld
Chief Executive

Timon Drakesmith

Timon Drakesmith
Finance Director

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