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fy_income_statement

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					Income statement
                                                                2011                            2010
                                         Underlying   Capital           Underlying   Capital    Total
                                                  1                              1
                                           pre-tax and other              pre-tax and other       £m
                                                £m       £m     Total          £m       £m
Gross rental and related income                298               298          394                394
Net rental and related income                  255               255          337                337
Fees and other income                            15                15           13                 13
Amortisation of intangible assets                       (10)     (10)                  (15)      (15)
Joint ventures and funds (see also
below)                                         117       264     381            81      398      479
Administrative expenses                        (61)              (61)         (55)               (55)
Net valuation movement (includes
result on disposals)                                     321     321                    496      496
Net financing costs:
– financing income                               29         3      32           30                 30
– financing charges                            (99)       (4)   (103)        (157)              (157)
                                               (70)       (1)    (71)        (127)              (127)
Profit on ordinary activities before
taxation                                       256       574     830          249       879     1,128
Taxation:
– current tax (expense) income                            (2)     (2)                     24       24
– deferred tax income (expense)                           12      12                    (12)     (12)
                                                          10      10                      12       12
Profit for the year after taxation
attributable to shareholders of the
Company                                                          840                            1,140
Earnings per share:
– basic                                                         95.7p                          133.0p
– diluted                                                       95.7p                          132.6p

Share of results of joint ventures and
funds
Underlying profit before taxation              117               117           81                 81
Net valuation movement (includes
result on disposals)                                     270     270                    412      412
Non-recurring items                                                                      (9)      (9)
Current tax expense                                       (3)     (3)                    (5)      (5)
Deferred tax income                                       (3)     (3)
                                               117       264     381           81       398      479


1
    As defined in note 2

				
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