41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 192
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
NOTES TO THE FINANCIAL STATEMENTS continued
Section 2: Results for the year continued
2.2 Earnings continued
2.2b) IFRS reconciliation to EPRA earnings and adjusted earnings
EPRA earnings excludes movements relating to changes in values of investment properties (owned, leased and under
development), profits/losses from the disposal of properties and swap/debt break costs which are included in the profit reported
under IFRS. EPRA earnings and adjusted earnings reconcile to the profit attributable to owners of the parent company as follows:
Note
Profit attributable to owners of the parent company
Net valuation (gains)/losses on investment property (owned)
3.1
Property disposals (owned)
Net valuation losses on investment property (leased)
3.1
Amortisation of fair value of debt recognised on acquisition
Share of joint venture (gains)/losses on investment property
3.4b
Share of joint venture property disposals
3.4b
Swap cancellation fair value settlements and loan break costs
4.3
Mark to market changes on interest rate swaps
4.3
2.5d
2.2a
Net LSAV performance fee
2.4
Abortive costs
Adjusted earnings
*
355.1
342.4
(112.7)
(116.9)
15.6
12.0
9.3
11.1
(4.3)
(4.3)
(32.3)
(88.7)
0.3
–
Non-controlling interest share of reconciling items*
EPRA earnings
2021
£m
0.9
Current tax relating to property disposals
Deferred tax
2022
£m
2.2a
4.2
(70.7)
(10.9)
(0.2)
1.1
0.7
0.3
0.5
1.4
161.9
152.0
–
(41.9)
1.5
–
163.4
110.1
The non-controlling interest, arises as a result of the Company not owning 100% of the share capital of one of its subsidiaries, USAF
(Feeder) Guernsey Limited. More detail is provided in note 3.4.
2.2c) Earnings per share
Basic EPS calculation is based on the earnings attributable to the equity shareholders of The Unite Group PLC and the
weighted average number of shares which have been in issue during the year. Basic EPS is adjusted in line with EPRA
guidelines in order to allow users to compare the business performance of the Group with other listed real estate
companies in a consistent manner and to reflect how the business is managed on a day-to-day basis.
The calculations of basic and EPRA EPS and adjusted EPS for the year ended 31 December 2022 and 2021 are as follows:
2022
£m
2021
£m
2022
pps
2021
pps
Basic
355.1
342.4
88.9p
85.9p
Diluted
355.1
342.4
88.7p
85.7p
2.2b
161.9
152.0
40.5p
38.1p
40.5p
38.0p
2.2b
163.4
110.1
40.9p
27.6p
40.8p
27.6p
2022
2021
399,581
398,742
Note
Earnings
EPRA
Diluted EPRA
Adjusted
Diluted adjusted
Weighted average number of shares (thousands)
Basic
Dilutive potential ordinary shares (share options)
Diluted
584
829
400,165
399,571
Movements in the weighted average number of shares have resulted from the issue of shares arising from the employee
share-based payment schemes and the scrip dividend.
In 2022, there were 19,015 options excluded from the potential dilutive shares that did not affect the diluted weighted
average number of shares (2021: none).
