Final Results Part 3.

British Land Co PLC 31 May 2000 PART 3 Consolidated Profit and Loss Account for the year ended 31 March 2000 ==================================== 2000 1999 Revenue Capital Total Revenue Capital Total Note £m £m £m £m £m £m Gross rental income 443.7 443.7 375.6 375.6 - including £34.8m from Meadowhall Shopping Centre Less share of joint ventures 7 (75.4) (75.4) (63.7) (63.7) ------ ------ ------ ------ ------ ------ Gross rental income - Group 1 368.3 368.3 311.9 311.9 ====== ====== ====== ====== ====== ====== Operating profit 1 367.1 367.1 290.9 290.9 - including £25.9m from Meadowhall Shopping Centre Share of operating profits 7 68.9 68.9 64.5 64.5 of joint ventures Disposal of fixed assets 3.3 3.3 0.8 0.8 - including £2.9m from joint ventures, 1999 - £2.4m ------ ------ ------ ------ ------ ------ Profit on ordinary activities 436.0 3.3 439.3 355.4 0.8 356.2 before interest Net interest payable 2 (282.9) (282.9) (232.9) (232.9) Exceptional item 2 (68.0) (68.0) ------ ------ ------ ------ ------ ------ Profit on ordinary activities 153.1 3.3 156.4 122.5 (67.2) 55.3 before taxation Taxation 3 (26.7) (0.9) (27.6) (15.7) 13.1 (2.6) ------ ------ ------ ------ ------ ------ Profit on ordinary activities 126.4 2.4 128.8 106.8 (54.1) 52.7 after taxation Minority interest (0.1) (0.1) (0.5) (0.5) ------ ------ ------ ------ ------ ------ Profit for the financial year 126.3 2.4 128.7 106.3 (54.1) 52.2 Ordinary dividends 4 (56.5) (56.5) (53.4) (53.4) ------ ------ ------ ------ ------ ------ Retained profit (loss) 18 69.8 2.4 72.2 52.9 (54.1) (1.2) transferred to (from) reserves ====== ====== ====== ====== ====== ====== Basic and diluted pre 5 24.4p 0.4p 24.8p 20.6p 20.6p exceptional earnings per share ====== ====== ====== ====== ====== ====== Basic and diluted 5 24.4p 0.4p 24.8p 20.6p (10.5)p 10.1p earnings per share ====== ====== ====== ====== ====== ====== Dividend per share 4 10.9p 10.3p ====== ====== Group Balance Sheet as at 31 March 2000 ======================================= 2000 1999 Note £m £m ------ ------ Fixed assets ------------ Investment properties 6 6,777.8 5,289.5 ------ ------ Investments in joint ventures Share of gross assets 7 1,219.3 1,046.8 Share of gross liabilities 7 (648.5) (451.6) ------ ------ 7 570.8 595.2 Other investments 8 150.4 101.8 ------ ------ 7,499.0 5,986.5 ------ ------ Current assets -------------- Trading properties 6 69.0 147.8 Debtors 9 41.8 33.1 Cash and deposits 118.4 120.2 ------ ------ Total current assets 229.2 301.1 Creditors due within one year 10 (566.0) (435.7) ----------------------------- ------ ------ Net current liabilities (336.8) (134.6) ------ ------ Total assets less current liabilities 7,162.2 5,851.9 Creditors due after one year 11 (3,249.4) (2,271.7) ---------------------------- Convertible bonds 12,13 (463.2) (462.4) ------ ------ 3,449.6 3,117.8 ====== ====== Capital and reserves -------------------- Called up share capital 16 129.5 129.5 Share premium 18 1,104.6 1,104.5 Other reserves 18 (1.2) (7.9) Revaluation reserve 18 1,619.0 1,369.0 Profit and loss account 18 597.7 522.7 ------ ------ Shareholders' funds 3,449.6 3,117.8 ====== ====== Net Asset Value per share 17 694p 630p ====== ====== (The NAV per share includes the external valuation surplus on development and trading properties) Approved by the Board on 30 May 2000 Other Primary Statements for the year ended 31 March 2000 ========================================================= 2000 1999 £m £m ------ ------ Total recognised gains and losses --------------------------------- Profit for the financial year 128.7 52.2 ------ ------ Unrealised surplus on revaluation: - investment properties 220.9 133.1 - joint ventures 37.7 34.1 - other investments 1.3 4.5 - attributable to minority interest 0.8 ------ ------ 259.9 172.5 ------ ------ Exchange movements on net investments (0.4) 1.0 ------ ------ Total recognised gains and losses 388.2 225.7 ====== ====== 2000 1999 £m £m ------ ------ Historical cost profits and losses ---------------------------------- Profit on ordinary activities before taxation 156.4 55.3 Realisation of prior year revaluations 3.3 76.6 ------ ------ Historical cost profit on ordinary activities 159.7 131.9 before taxation ====== ====== Historical cost profit for the year retained 75.5 75.4 after taxation, minority interest and dividends ====== ====== 2000 1999 £m £m ------ ------ Reconciliation of movements in shareholders' funds (excluding valuation surplus on development and trading properties) -------------------------------------------------- Profit for the financial year 128.7 52.2 Ordinary dividends (56.5) (53.4) ------ ------ Retained profit (loss) for the year 72.2 (1.2) Revaluation of investment properties and investments 259.9 172.5 (net of minority interest) Exchange movements on net investments (0.4) 1.0 ------ ------ 331.7 172.3 Shares issued 0.1 13.4 ------ ------ Increase in shareholders' funds 331.8 185.7 Opening shareholders' funds 3,117.8 2,932.1 ------ ------ Closing shareholders' funds 3,449.6 3,117.8 ====== ====== Group Cash Flow Statement for the year ended 31 March 2000 -------------------------------- 2000 1999 Note £m £m ------ ------ Net cash inflow from operating activities 14 432.2 345.1 ----------------------------------------- ------ ------ Dividends received from joint ventures 4.2 -------------------------------------- ------ ------ Returns on investments and servicing of finance ----------------------------------------------- Interest received 38.2 19.0 Interest paid (including derivative close out costs) (302.2) (211.7) Interest paid on finance leases (17.8) Dividends received 1.1 0.6 ------ ------ (280.7) (192.1) ------ ------ Taxation received (paid) 0.3 (1.9) ------------------------ ------ ------ Net cash inflow from operating activities and 151.8 155.3 investments after finance charges and taxation ---------------------------------------------- Capital expenditure and financial investment -------------------------------------------- Purchase of investment properties and plant (203.0) (589.5) Purchase of investments (73.7) (31.0) Sale of investment properties and plant 116.3 219.9 Sale of investments 22.5 44.5 ------ ------ (137.9) (356.1) ------ ------ Acquisitions and disposals -------------------------- Purchase of Meadowhall Shopping Centre 15 (705.0) Cash at bank acquired with 15 9.8 Meadowhall Shopping Centre Purchase of other subsidiary companies (10.7) (231.5) Investment in and loans to joint ventures (95.7) (125.6) Sale of a subsidiary company 6.8 Sale of shares in and loans repaid by joint ventures 175.1 147.3 ------ ------ (626.5) (203.0) ------ ------ Equity dividends paid 14 (92.3) --------------------- ------ ------ Net cash outflow before management of (704.9) (403.8) liquid resources and financing ------------------------------------- Management of liquid resources (25.7) 27.7 (Increase) decrease in term deposits ------------------------------------ Financing --------- Issue of ordinary shares 0.1 Issue of Broadgate securitised debt 1,529.3 Repayment of finance leases (286.4) (Decrease) increase in bank and other borrowings (544.5) 410.7 ------ ------ 698.5 410.7 ------ ------ (Decrease) increase in cash 14 (32.1) 34.6 ====== ====== MORE TO FOLLOW FRCABMBTMMIJMMM

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