Consolidated profit and loss account


(€ million)	Note		2008		2007*

Gross rental income	2		364.7		318.5

Service charges		-52.5		-57.4
Service charges recovered from tenants		44.2		50.9
Net service charges			-8.3		-6.5

Property operating expenses	3		-38.7		-33.1

Net rental income			317.7		278.9

Proceeds from sales of investment property		114.8		63.6
Carrying amount of investment property sold		-117.6		-55.0
Result on sales of investment property			-2.8		8.6

Valuation gains		38.0		523.3
Valuation losses		-374.6		-14.6
Net valuation gain on investment property	10		-336.6		508.7

Administrative expenses	4		-30.2		-27.0

Other income	5	0.1		–
Other expenses	6	-13.4		-0.6
Net other income			-13.3		-0.6

Result before finance expense			-65.2		768.6

Finance expense		-147.6		-114.2
Finance income		20.4		15.4
Net finance expense	7		-127.2		-98.8

Share of result of associates	12		-81.4		91.1

Result before tax			-273.8		760.9

Current tax	8	-1.8		-1.8
Deferred tax	8, 16	23.5		-30.4
Tax			21.7		-32.2

Net result from continuing operations			-252.1		728.7

Net result from discontinued operations	9		12.5		72.8

Net result			-239.6		801.5

Earnings per share (€):
- earnings per share from continuing operations	20		-3.81		11.00
- earnings per share from discontinued operations	20		-3.62		12.10
- diluted earnings per share	20		-3.62		12.10

* The comparative figures for 2007 have been adjusted, see note.

The net result is 100% attributable to shareholders of the parent company.

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