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Half Yearly Report 2008
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Net assets

At 30 September 2008, net assets per share were 1660p, a decrease of 407p over the six months since 31 March 2008.

In common with other property companies, we calculate an adjusted measure of net assets which we believe better reflects the underlying net assets attributable to shareholders. Our adjusted net assets are lower than our reported net assets primarily due to an adjustment to our debt. Under IFRS, we do not show our debt at its nominal value, although we believe it would be more appropriate to do so, and we therefore adjust our net assets accordingly. At 30 September 2008, adjusted diluted net assets per share were 1552p per share, a decrease of 404p or 20.7% from 31 March 2008.

In common with other property companies, we calculate an adjusted measure of net assets which we believe better reflects the underlying net assets attributable to shareholders. Our adjusted net assets are lower than our reported net assets primarily due to an adjustment to our debt. Under IFRS, we do not show our debt at its nominal value, although we believe it would be more appropriate to do so, and we therefore adjust our net assets accordingly. At 30 September 2008, adjusted diluted net assets per share were 1552p per share, a decrease of 404p or 20.7% from 31 March 2008.

Table 8 summarises the main differences between net assets and our adjusted measure together with the key movements over the periods.

Table 8: Net assets

  Six months ended
30 September 2008
£m		 Six months ended
30 September 2007
£m		 Year ended
31 March 2008
£m
Net assets at the beginning of the period 9,582.9 10,791.3 10,791.3
Adjusted earnings 194.3 170.8 381.0
Demerger costs (16.4) – (6.9)
Revaluation (deficits) / surpluses on ongoing and completed development properties (368.3) 182.1 (117.3)
Revaluation deficits on investment properties (excluding Trillium) (1,354.8) (51.3) (1,162.3)
Revaluation deficits on Trillium investment properties (46.0) (8.8) (24.9)
Profits on non-current asset disposals 3.4 71.7 67.8
Goodwill impairment (147.6) – –
Interest charges not included in adjusted earnings (4.7) (7.5) (31.9)
Prior year non-revenue tax adjustments – – 16.2
(Loss) / profit after tax (1,740.1) 357.0 (878.3)
Profit on discontinued operations 14.7 10.0 47.5
Dividends paid (148.8) (159.5) (308.4)
Other reserve movements (4.6) (75.8) (69.2)
Net assets at the end of the period 7,704.1 10,923.0 9,582.9
Mark-to-market on interest rate hedges 12.3 (14.5) 12.7
Debt adjusted to nominal value (505.6) (516.8) (511.5)
Adjusted net assets at the end of the period 7,210.8 10,391.7 9,084.1

To the extent tax is payable, all items are shown post–tax.