41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 196
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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
2.3 Net assets continued
2.3c) Reconciliation to IFRS
To determine EPRA NTA, net assets reported under IFRS are amended to exclude the fair value of financial instruments,
associated tax and the carrying value of intangibles.
To determine EPRA NRV, net assets reported under IFRS are amended to exclude the fair value of financial instruments,
associated tax and real estate transfer tax.
To determine EPRA NDV, net assets reported under IFRS are amended to exclude the fair value of financial instruments,
but include the fair value of fixed interest rate debt and the carrying value of intangibles.
The net assets reported under IFRS reconcile to EPRA NTA, NRV and NDV as follows:
2022
Net assets reported under IFRS
Mark to market interest rate swaps
Unamortised swap gain
Mark to market of fixed rate debt
Unamortised fair value of debt recognised on acquisition
Current tax
Intangibles per IFRS balance sheet
Real estate transfer tax
NTA
£m
NRV
£m
NDV
£m
3,792.1
3,792.1
3,792.1
(77.4)
(77.4)
(1.4)
(1.4)
–
(1.4)
–
–
154.7
19.5
19.5
19.5
0.7
0.7
–
–
–
(18.3)
–
300.7
–
3,715.2
4,034.2
3,964.9
NTA
£m
NRV
£m
NDV
£m
3,527.8
3,527.8
3,527.8
Mark to market interest rate swaps
(2.4)
(2.4)
–
Unamortised swap gain
(1.5)
(1.5)
(1.5)
–
–
(50.4)
23.7
23.7
23.8
0.7
0.7
–
(16.1)
–
–
–
277.5
–
3,532.2
3,825.8
3,499.7
EPRA reporting measure
2021
Net assets reported under IFRS
Mark to market of fixed rate debt
Unamortised fair value of debt recognised on acquisition
Current tax
Intangibles per IFRS balance sheet
Real estate transfer tax
EPRA reporting measure
