Financial Highlights

2015 2014 2013 2012 2011
£m £m £m £m £m
Income statement
Gross property income 152.0 138.4 131.6 124.8 125.5
Net property and other income 148.6 136.1 124.3 117.0 117.7
Profit on disposal of properties and investments 40.2 30.2 53.5 10.8 36.1
Profit before tax 779.5 753.7 467.9 228.1 233.0
EPRA profit before tax 81.6 62.3 57.8 52.5 52.3
Earnings and dividend per share
EPRA earnings per share (p) 71.34 57.08 53.87 50.36 51.59
IFRS dividend (p) 40.60 37.40 34.50 31.85 29.60
Distribution of years' profit (p) 43.40 39.65 36.50 33.70 31.35
Net asset value
Net assets 3,995.4 3,075.7 2,370.5 1,918.0 1,714.5
Net asset value per share (p) - undiluted 3,528 2,931 2,248 1,824 1,636
EPRA net asset value per share (p) – diluted 3,535 2,908 2,264 1,886 1,701
EPRA triple net asset value per share (p) – diluted 3,463 2,800 2,222 1,764 1,607
EPRA total return (%) 23.0 30.1 21.9 12.7 17.4
Property portfolio
Property portfolio at fair value 4,954.5 4,168.1 3,353.1 2,859.6 2,646.5
Revaluation surplus 651.4 671.9 337.5 175.3 172.1
Cash flow statement
Cash flow1 (43.6) (57.3) (65.9) 1.9 18.4
Net cash inflow from operating activities 76.0 65.6 57.5 52.5 47.2
Acquisitions 246.2 92.4 130.1 99.8 91.6
Capital expenditure on properties 116.4 113.2 108.4 78.6 42.6
Disposals 277.2 114.4 149.7 161.0 131.5
Gearing and debt
Net debt 911.7 1,013.3 949.2 874.8 864.5
NAV gearing (%) 22.8 32.9 40.0 45.6 50.4
Loan-to-value ratio (%) 17.8 24.0 28.0 30.0 32.0
Net interest cover ratio (%) 362 286 279 263 261