Group balance sheet

At 31 March 2010

Notes 2010
£m
2009
£m
Non-current assets
Investment property 8 774.9 780.4
Development property, plant and equipment 9 1.2 24.4
Investment in joint ventures 10 332.4 183.2
Pension asset 21 0.6
1,108.5 988.6
Current assets
Trade and other receivables 11 32.8 5.5
Corporation tax receivable 0.8 0.8
Cash and cash equivalents 45.7 7.3
79.3 13.6
Total assets 1,187.8 1,002.2
Current liabilities
Trade and other payables 12 30.6 28.3
30.6 28.3
Non-current liabilities
Interest-bearing loans and borrowings 13 278.3 396.8
Obligations under finance leases 15 2.0 8.5
Pension liability 21 0.2
280.5 405.3
Total liabilities 311.1 433.6
Net assets 876.7 568.6
Equity
Share capital 16 39.1 22.6
Share premium account 218.1 68.2
Hedging reserve (4.6) (16.4)
Capital redemption reserve 16.4 16.4
Retained earnings 608.0 478.0
Investment in own shares 17 (0.3) (0.2)
Total equity 876.7 568.6
Net assets per share 7 280p 234p*
Adjusted net assets per share 7 283p 245p*

*Restated for the Rights Issue see note 7 .

Approved by the Board on 20 May 2010 and signed on its behalf by

Toby Courtauld
Chief Executive
Timon Drakesmith
Finance Director


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