INTERIM REPORT 2001
Financial highlights
Interim statement
Consolidated profit and loss account
Consolidated balance sheet
Consolidated cash flow statement
Reconciliation of net cash flow to net debt
Reconciliation of operating profit to net cash flow
Analysis of net debt
Notes to the interim financial information
Independent review report
Officers, committees and advisors
Property portfolio analysis
 

Financial highlights
for the six months ended 30th June 2001

 

 
30th June 2001
30th June 2000
31st Dec 2000
 
£ million
£ million
£ million
Profit before tax
4.5 
3.0 
10.0 
Net assets
112.9 
107.7 
109.7 
Net borrowings
(22.7)
(5.9)
(13.2)
Earnings per share (pence)
10.2 
7.9 
  23.1 
Net assets per share (pence)
400 
385 
393 
Dividend per share (pence)
1.5 
1.35 
4.1 

Special dividend per share (pence)
- 
- 
5.0 

Creating the space for a better future

Development Securities PLC is a property development and investment company. Its principal objective is to carry out substantial, complex developments in a risk averse manner with a view to adding maximum value for its shareholders. All of the company’s major development schemes have been forward funded with a number of different institutional partners; such funding, quite apart from the significant reduction of downside risk, enables Development Securities to benefit in a material way from any strong improvement in specific letting markets.

Strategy Focus Teamwork Funding Pipeline
To establish and maintain a soundly based property group with focused expertise in development, which is able to create, manage and benefit from large, complex projects, generating a reliable earnings stream for the benefit of shareholders.

Our skills and resources are primarily focused on the UK market, with particular reference to the Central London and business park work place sectors.

The depth of talent and the weight of experience in our management team is considerable. During their time in the development business each senior member of the team has been at the forefront of many successful and challenging large scale developments.

Relationships with our forward funding partners extend from those in the UK to a range of European, North American and Far Eastern institutions.

The business has a substantial pipeline of development projects, several of which extend, on a phased basis, over a period of many years. This enables us to plan our operations on a more stable basis than would otherwise be the case.