Great Portland Estates
Annual Report 2008
Group income statement
For the year ended 31 March 2008
| Notes | 2008 £ m |
2007 £ m |
||
|---|---|---|---|---|
| Rental income | 2 | 44.4 | 46.9 | |
| Joint venture fee income | 10 | 5.8 | 1.6 | |
| Rental and joint venture fee income | 50.2 | 48.5 | ||
| Service charge income | 5.1 | 6.2 | ||
| Service charge expenses | (6.0) | (7.9) | ||
| (0.9) | (1.7) | |||
| Other property expenses | (4.8) | (2.3) | ||
| Net rental and related income | 44.5 | 44.5 | ||
| Administration expenses | 3 | (14.2) | (14.2) | |
| Development management revenue | 35.4 | 23.6 | ||
| Development management costs | (28.3) | (18.3) | ||
| 7.1 | 5.3 | |||
| Operating profit before (deficit)/gains on investment property and results of joint ventures | 37.4 | 35.6 | ||
| (Deficit)/gain from investment property | 8 | (8.7) | 278.1 | |
| Share of results of joint ventures | 10 | (1.6) | 45.2 | |
| Operating profit before financing costs | 27.1 | 358.9 | ||
| Finance income | 4 | 0.6 | 0.3 | |
| Finance costs | 5 | (30.7) | (22.0) | |
| Premium on redemption of interest-bearing loans and borrowings | – | (11.2) | ||
| (Loss)/profit before tax | (3.0) | 326.0 | ||
| Tax | 6 | (1.1) | 56.8 | |
| (Loss)/profit for the year | 19 | (4.1) | 382.8 | |
Basic (loss)/earnings per share |
7 | (2.2)p | 235.7p | |
Diluted (loss)/earnings per share |
7 | (2.2)p | 214.3p | |
Adjusted earnings per share |
7 | 12.6p | 10.2p |
All results are derived from continuing operations.
| 2008 £m |
2007 £m |
|||
|---|---|---|---|---|
| Total operating profit before (deficit)/gain on investment property | ||||
| Operating profit before gain on investment property and results of joint ventures | 37.4 | 35.6 | ||
| Share of results of joint ventures | 10 | 16.1 | 3.1 | |
| Total operating profit before (deficit)/gain on investment property | 53.5 | 38.7 |