Shaftesbury AR 2017 LR
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STRATEGIC REPORT ANNUAL REVIEW <strong>Shaftesbury</strong> Annual Report <strong>2017</strong><br />
Financial<br />
results<br />
REPORTED RESULTS<br />
NET ASSET VALUE PER SH<strong>AR</strong>E 1<br />
£9.49<br />
+10.7%<br />
NET PROPERTY INCOME<br />
£88.3m<br />
+5.0%<br />
BASIC EPS<br />
EPRA RESULTS 1<br />
EPRA NAV<br />
£9.52<br />
+7.2%<br />
NAV RETURN<br />
+8.9%<br />
EPRA E<strong>AR</strong>NINGS<br />
This year’s results show further<br />
growth in income, earnings and<br />
dividends, resulting from continued<br />
crystallisation of our portfolio’s<br />
reversionary potential and the<br />
benefit of lower financing costs.<br />
Net asset value growth was driven<br />
by a strong portfolio valuation<br />
performance.<br />
Presentation of financial information<br />
Our property portfolio is a combination of properties which are<br />
wholly owned by the Group and a 50% share of property held in<br />
joint venture.<br />
The financial statements, prepared under IFRS, includes the Group’s<br />
interest in its joint venture as one-line items in the Income Statement<br />
and Balance Sheet. The analysis below is based on the IFRS financial<br />
statements.<br />
Internally, management consider the valuation of properties and our<br />
debt position on a proportionally consolidated basis, including our<br />
50% share of the joint venture. Consequently, the analysis of the<br />
valuation on pages 36 to 38 and the finance review on pages 56 to 57<br />
are presented on this proportionally consolidated basis.<br />
We consider that this presentation better explains to stakeholders the<br />
Group’s activities and financial position. Measures presented on a<br />
proportional consolidation basis are alternative performance measures<br />
as they are not defined under IFRS. Further details are set out on<br />
page 140.<br />
108.1p<br />
+203.7%<br />
DIVIDENDS PER SH<strong>AR</strong>E<br />
16.0p<br />
+8.8%<br />
£45.2m<br />
+15.9%<br />
EPRA EPS<br />
16.2p<br />
+15.7%<br />
Income statement<br />
<strong>2017</strong><br />
£M<br />
2016<br />
£M<br />
Net property income 88.3 84.1<br />
Administrative expenses (14.1) (14.1)<br />
Valuation gains 2 231.7 108.3<br />
Operating profit 305.9 178.3<br />
Net finance costs (32.7) (33.6)<br />
Debt and interest rate swaps fair value movements 3 22.0 (64.1)<br />
Share of Longmartin post-tax results 6.4 18.5<br />
Profit before tax 301.6 99.1<br />
Tax - -<br />
Reported earnings for the year 301.6 99.1<br />
Basic earnings per share 108.1 35.6p<br />
50<br />
See Alternative Performance Measures on page 140
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