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Half Yearly Report 2008
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Balance sheet

Unaudited consolidated balance sheet at 30 September 2008

  Notes 30 September
2008
£m 		30 September
2007
£m
31 March
2008
£m
Non–current assets        
Investment properties 9 10,834.7 13,879.4 12,296.7
Operating properties 9 521.0 536.0 544.8
Other property, plant and equipment 9 69.3 75.0 73.6
  9 11,425.0 14,490.4 12,915.1
Net investment in finance leases 10 351.4 296.2 333.7
Investments in Public Private Partnership contracts   8.2 21.0 25.4
Goodwill   – 129.6 148.6
Investment in an associate undertaking   42.0 – 42.9
Investments in joint ventures 11 1,320.6 1,361.2 1,410.6
Net pension benefit assets 14 3.4 – 11.0
Total non–current assets   13,150.6 16,298.4 14,887.3
Current assets        
Trading properties and long–term development contracts   183.1 175.2 173.0
Derivative financial instruments 13 – 11.5 4.3
Trade and other receivables   567.6 635.7 838.0
Cash and cash equivalents   35.4 31.4 48.4
Total current assets (excluding non–current assets classified as held for sale)   786.1 853.8 1,063.7
Non–current assets classified as held for sale 12 283.5 2,568.9 664.1
Total current assets   1,069.6 3,422.7 1,727.8
Total assets   14,220.2 19,721.1 16,615.1
Current liabilities        
Short–term borrowings and overdrafts   (96.5) (1,258.7) (794.0)
Derivative financial instruments 13 (7.9) – (10.7)
Trade and other payables   (907.4) (956.1) (927.2)
Provisions   (43.3) (39.2) (40.9)
Current tax liabilities   (161.0) (187.4) (161.0)
Total current liabilities (excluding liabilities directly associated with non–current assets classified as held for sale)   (1,216.1) (2,441.4) (1,933.8)
Liabilities directly associated with non–current assets classified as held for sale 12 (117.6) (1,655.9) (427.7)
Total current liabilities   (1,333.7) (4,097.3) (2,361.5)
Non–current liabilities        
Provisions   (40.9) (41.7) (36.7)
Borrowings 13 (5,140.4) (4,648.6) (4,632.5)
Net pension benefit obligations 14 – (6.2) –
Deferred tax liabilities 15 (1.1) (4.3) (1.5)
Total non–current liabilities   (5,182.4) (4,700.8) (4,670.7)
Total liabilities   (6,516.1) (8,798.1) (7,032.2)
Net assets   7,704.1 10,923.0 9,582.9
Equity        
Ordinary shares 16 47.1 47.1 47.1
Own shares 16 (18.0) (22.0) (22.3)
Share–based payments 16 11.4 8.3 11.3
Share premium 16 58.3 52.9 56.6
Capital redemption reserve 16 30.5 30.5 30.5
Retained earnings 16 7,574.8 10,806.2 9,459.7
Total shareholders’ equity   7,704.1 10,923.0 9,582.9

The financial statements on pages 40 to 64 were approved by the Board of Directors on 12 November 2008 and were signed on its behalf by:

  • FW Salway MF Greenslade
  • Directors