Annual Report 2012 - Development Securities PLC

Financial Highlights
Demonstrable operating
progress yet to be realised
within earnings
Net assets
£313.2m
Net assets reduced by £(19.9) million. Total
comprehensive income for the period was a negative
£(15.4) million, including property revaluations of £(4.4)
million, interest rate swap revaluations of £(4.8) million
and an exceptional impairment and provision of £(2.8)
million in respect of the serviced office segment,
together with a dividend paid of £(5.9) milllion.
Net gearing
58.9%
Gearing has increased during the period to a more
efficient level as we have invested the proceeds of
our capital raisings.
Net debt
£152.9m
Weighted average debt maturity of 9.4 years.
£118.8 million of new facilities raised in the period
including £39.7 million raised by joint ventures.
(Loss)/earnings per
share (pence) restated
* Restated following the
Placing and Rights Issue.
Net assets per
share (pence)
Dividend per
share (pence)
12 (10.3) 12 256 12† 5.6
10 1.7 10 272 10 4.8
09 (16.8)* 09 297 09 4.8
08 (134.6)* 08 397 08 4.8
07 0.0* 07 564 07 7.2
† The dividend for the 14-month period
ended 29th February 2012 is equivalent
to the dividend paid for the prior year.
Development Securities PLC / Annual Report 2012 1