Net assets
‹ BackTable 5 summarises the main differences between net assets and our adjusted measure together with the key movements over the periods.
Table 5: Net assets
| Six months ended 30 September 2007 £m | Six months ended 30 September 2006 £m | Year ended 31 March 2007 £m | |
| Adjusted net assets at the end of the period | 10,391.7 | 9,982.7 | 10,248.6 |
| Net assets at the beginning of the period | 10,791.3 | 7,493.9 | 7,493.9 |
| Adjusted earnings | 170.8 | 154.7 | 330.0 |
| Revaluation surpluses on ongoing and completed development properties * | 174.2 | 188.1 | 331.4 |
| Revaluation (deficits) / surpluses on investment properties (excluding Trillium) * | (43.4) | 485.3 | 710.1 |
| Revaluation (deficits) / surpluses on Trillium investment properties * | (8.8) | 0.2 | (10.1) |
| Profits on non-current asset disposal * | 81.7 | 47.7 | 105.2 |
| Interest charges not included in adjusted earnings * | (7.5) | (6.1) | (13.0) |
| Tax (charges) / credits not included in adjusted earnings | – | (10.1) | 2,074.7 |
| Profit after tax | 367.0 | 859.8 | 3,528.3 |
| Dividends paid | (159.5) | (133.8) | (223.0) |
| Other reserve movements | (75.8) | (28.2) | (7.9) |
| Net assets at the end of the period | 10,923.0 | 8,191.7 | 10,791.3 |
| Deferred tax on investment properties | – | 151.5 | – |
| Deferred tax on net revaluation surpluses | – | 2,007.7 | – |
| Mark-to-market on interest rate hedges | (14.5) | 1.1 | (23.6) |
| Debt adjusted to nominal value | (516.8) | (369.3) | (519.1) |
* These amounts are post-tax.
© 2007 Land Securities Group