Final Results - Part 4

British Land Co PLC
30 May 2001

PART 4

14       Net debt (continued)

                                                           2001          2000
                                                             £m            £m
                                                         ------        ------
Secured on the assets of the Group
----------------------------------

6.5055% Notes 2038+                                        97.6          97.5
8.875% First Mortgage Debenture Stock 2035                246.5         246.5
9.375% First Mortgage Debenture Stock 2028                197.1         197.1
10.5% First Mortgage Debenture Stock 2019/24               12.6          12.6
11.375% First Mortgage Debenture Stock 2019/24             20.4          20.4
5.66% 135 Bishopsgate Securitisation 2018+                  1.8          27.9
8.49% 135 Bishopsgate Securitisation 2018+                  7.1         106.8
                                                         ------        ------
                                                          583.1         708.8
                                                         ------        ------

Unsecured

Class C2 6.4515% Notes 2032+                               73.2          73.1
Class B 6.0875% Notes 2031+                               219.6         219.4
Class A3 5.7125% Notes 2031+                              146.4         146.3
Class A2 5.67% Notes 2029+                                295.7         299.5
Class A1 Fixed Rate Notes 2024+                           317.2         316.9
8.875% Bonds 2023*                                        147.6         147.6
5.66% 135 Bishopsgate Securitisation 2018+                 25.2
8.49% 135 Bishopsgate Securitisation 2018+                 97.2
12.5% Bonds 2016*                                         150.0         150.0
Class C1 6.7446% Notes 2014+                              170.8         170.7
Class D Fixed / Floating Rate Notes 2014+                 127.4         155.1
10.25% Bonds 2012                                           1.7           1.7
7.35% Senior US Dollar Notes 2007**                        97.8          97.8
8.5% Loan Stock 2000/05                                                   3.5
Bank loans and overdrafts                                 894.2         927.1
                                                         ------        ------
                                                        2,764.0       2,708.7
                                                         ------        ------
Convertible Bonds

6% Subordinated Irredeemable Convertible Bonds (note 15)  146.6         146.6
6.5% Convertible Bonds 2007 (note 15)                     317.3         316.6
                                                         ------        ------
                                                          463.9         463.2
                                                         ------        ------

Gross debt                                              3,811.0       3,880.7
Cash and deposits                                         (94.2)       (118.4)
                                                         ------        ------
Net debt                                                3,716.8       3,762.3
                                                         ======        ======

+ These borrowings are obligations of ringfenced, default remote, special
purpose companies, with no recourse to other companies or assets in the Group.
*  These bonds were repurchased on 1 May 2001 (note 4).
** These borrowings have been hedged in Sterling since the date of issue.

15 Convertible Bonds

6% Subordinated Irredeemable Convertible Bonds

The £150 million 6% Subordinated Irredeemable Convertible Bonds carry a
Bondholder conversion right exercisable at any time into Ordinary Shares of
the Company at 500p (2000 - 500p) per share. The Company has the right to
redeem, at its discretion, the Bonds at par if after 9th April 2001 the
average ordinary share price attains 130% of the conversion price for a 30 day
period and after 9th April 2008 without conditions. The Company has the right
to redeem the remaining Bonds where 75% of the Bonds have been converted or
purchased or cancelled. If the Company elects to redeem the Bonds, Bondholders
have the right to convert into the underlying Ordinary Shares. The Company has
an option to exchange the Bonds for 6% Convertible Preference Shares with the
same conversion terms. The Company has a further option to exchange the
preference shares back to convertible bonds after these preference shares have
been in issue for six months.  On conversion of the entire issue into Ordinary
Shares of the Company 30.0 million Ordinary Shares would be issued.

6.5% Convertible Bonds 2007

The £323 million 6.5% Convertible Bonds 2007 carry a Bondholder right of
conversion, exercisable at any time, into Ordinary Shares of the company at
672p (2000 - 672p) per share. The Company has the right to redeem, at its
discretion, all or part of the Bonds at par on or after 17 June 2002. The
Company has the right to redeem the remaining Bonds where 75% of the Bonds
have been converted or purchased or cancelled. If the Company elects to redeem
the Bonds, Bondholders have the right to elect for conversion into the
underlying Ordinary Shares.  On conversion of the entire issue into Ordinary
Shares of the Company 48.1 million Ordinary Shares would be issued.


16       Notes to the cash flow statement

Reconciliation of operating profit to net cash inflow from 
operating activities

                                                             2001        2000
                                                               £m          £m
                                                           ------      ------
Operating profit                                            372.5       367.1
Dividends received                                           (6.8)       (1.1)
Depreciation                                                  0.6         0.4
Decrease in trading properties                               15.7        78.8
Increase in debtors                                         (23.6)       (5.4)
Increase (decrease) in creditors                             26.4        (7.6)
                                                           ------      ------
Net cash inflow from operating activities                   384.8       432.2
                                                           ======      ======

Analysis of Group net debt

                                             Cash       Non cash
                                  2000       flow       movements        2001
                                    £m         £m              £m          £m
                               -------    -------       ---------    --------
Cash at bank                     (54.4)      25.2                       (29.2)
Overdraft                          6.1       (0.1)                        6.0
                               -------    -------       ---------    --------
Net cash per cash flow statement (48.3)      25.1                       (23.2)
Term debt                      3,411.4      (78.0)            7.7     3,341.1
Convertible Bonds                463.2                        0.7       463.9
Term deposits                    (64.0)      (1.0)                      (65.0)
                               -------    -------       ---------    --------
Group net debt                 3,762.3      (53.9)            8.4     3,716.8
                               =======    =======       =========    ========

Reconciliation of net cash flow to movement in Group net debt

                                                             2001        2000
                                                               £m          £m
                                                         --------    --------
Brought forward                                           3,762.3     2,708.2
                                                         --------    --------
Movement in net debt in the year
       Decrease in cash                                      25.1        32.1
       Cash (outflow) inflow from movement in debt          (78.0)      698.4
       Cash outflow in term deposits                         (1.0)      (25.7)
                                                         --------    --------
Changes resulting from cash flows                           (53.9)      704.8
Term debt acquired with Meadowhall Shopping Centre                      448.7
Changes resulting from non cash flows                         8.4       (99.4)
                                                         --------    --------
                                                            (45.5)    1,054.1
                                                         --------    --------
Carried forward                                           3,716.8     3,762.3
                                                         ========    ========

Equity dividends paid

Following the abolition of Advance Corporation Tax on 5 April 1999, dividends
were paid on 6 April 1999 relating to the years ended 31 March 1998 and 1999.

The final dividend for the year ended 31 March 2000 was paid on 25 August
2000.

The interim dividend for the year ended 31 March 2001 was paid on 20 February
2001.


17       Share  capital

                                                              Ordinary shares
                                                                  of 25p each
                                                              ---------------
Authorised 1 April 2000 and 31 March 2001                         799,200,000
                                                              ===============
                                              £m
                                          ------
Issued and fully paid 1 April 2000          129.5                 518,003,924
Issues                                        0.1                     224,508
                                          ------              ---------------
Issued and fully paid 31 March 2001         129.6                 518,228,432
                                          =======             ===============

18       Net Asset Value per share

                                          2001                2000
                                                Net                  Net
                                   Shares    Assets    Shares     Assets
                                        m        £m         m         £m
                                   ------    ------    ------     ------
Net Asset Value (undiluted)

Shareholders' funds as shown 
on balance sheet                    518.2   4,005.0     518.0    3,449.6
                                   ======              ======

External valuation surplus 
on development and trading properties         149.4                143.9
                                             ------               ------
Net assets attributable to ordinary shares  4,154.4              3,593.5
                                             ======               ======

Net Asset Value per share (undiluted)           802p                 694p
                                             ======               ======

Fully diluted Net Asset Value

Net assets attributable to 
ordinary shares                     518.2   4,154.4     518.0    3,593.5

Adjust to fully diluted on 
conversion of: 
  6% Irredeemable Convertible Bonds  30.0     146.6      30.0      146.6
  6.5% Convertible Bonds 2007        48.1     317.3      48.1      316.6
                                   ------    ------    ------     ------
Net assets attributable to 
fully diluted ordinary shares       596.3   4,618.3     596.1    4,056.7
                                   ======    ======    ======     ======

Fully diluted Net Asset 
Value per share                                 774p                 681p
                                             ======               ======

The NAV includes the surplus of the external property valuation over the book
value of both development and trading properties. Such properties are included
in the balance sheet at the lower of cost and net realisable value.

19       Reserves

                                                             Profit
                          Share     Other   Revaluation    and loss  
                        premium  reserves       reserve     account     Total
                             £m        £m            £m          £m        £m
                        -------  --------    ----------   ---------  --------
At 1 April 2000         1,104.6      (1.2)      1,619.0       597.7   3,320.1
Issues                      0.7                                           0.7
Retained profit                                                15.7      15.7
Realisation of prior 
year revaluations                                 (66.5)       66.5       0.0
Current year revaluation                          539.6                 539.6
Exchange movements on
   net investments                   (0.7)                               (0.7)
                        -------  --------    ----------   ---------  --------
At 31 March 2001        1,105.3      (1.9)      2,092.1       679.9   3,875.4
                        =======  ========    ==========   =========  ========

The cumulative amount of goodwill written off against other reserves of the
Group is £14.6m (2000 - £14.6m).

20       Capital commitments

                                                               2001      2000
                                                                 £m        £m
                                                             ------    ------
Contracted (including share of joint ventures - note 9)       425.0     239.6
                                                             ======    ======

21       Contingent liabilities

It is estimated that, in the event of the realisation of all investment
properties and fixed asset investments at book value, the liability for tax,
after capital losses and available reliefs at 31 March 2001 would be in the
region of £590m and at the total value of investment, development and trading
properties as shown in note 8, £630m (2000 - £468m and £509m respectively).

Contingent liabilities of the Parent for guarantees to third parties amounted
to £33.0m (2000 - £33.0m)

22       Basis of preparation

The financial information is prepared on the basis of the accounting policies
set out in the Group's statutory accounts for the year ended 31 March 2000,
consistently applied in all material respects. 

The Directors of The British Land Company PLC are responsible in accordance
with the Listing Rules of the Financial Services Authority and applicable
United Kingdom accounting standards for preparing and issuing this preliminary
announcement which was approved on 29 May 2001.

The financial information is extracted from the Group's full financial
statements for the year ended 31 March 2001. The financial information is
prepared on the basis of the accounting policies set out in the Group's full
financial statements for the year ended 31 March 2001, which are consistent in
all material respects with the policies applied in the Group's full financial
statements for the year ended 31 March 2000.

The financial information is abridged and does not constitute statutory
accounts for the years ended 31 March 2000 and 31 March 2001. Full financial
statements for the year ended 31 March 2000 (which received an unqualified
audit report) have been filed with the Registrar of Companies.  Full financial
statements for the year ended 31 March 2001 will be dispatched to shareholders
and placed before the Annual General Meeting on 13 July 2001.