41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 212
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
NOTES TO THE FINANCIAL STATEMENTS continued
Section 3: Asset management continued
3.4 Investments in joint ventures (Group) continued
3.4a) Net assets and results of the joint ventures
The summarised balance sheets and results for the year, and the Group’s share of these joint ventures are as follows:
2022
USAF
£m
Investment property
LSAV
£m
Total
£m
Gross
MI
Share
Gross
Share
Gross
Share
2,888.1
38.0
813.0
1,920.8
960.4
4,808.9
1,811.4
Cash
126.5
1.7
35.6
131.2
65.6
257.7
102.9
Debt
(851.9)
(11.2)
Swap assets/(liabilities)
Other current assets
Other current liabilities
Net assets
Non-controlling interest
Swap (liabilities)/assets
EPRA NTA
Profit for the year
3.2
–
(239.8)
0.9
(770.4)
6.6
126.5
1.7
35.6
16.4
(245.8)
(3.4)
(69.2)
(57.2)
26.8
576.1
2,046.6
–
(26.8)
(3.2)
–
–
(0.9)
1,247.4
–
(6.6)
(385.2)
3.3
8.2
(28.6)
623.7
–
(3.3)
(1,622.3)
9.8
(636.2)
4.2
142.9
45.5
(303.0)
(101.2)
3,294.0
–
(9.8)
1,226.6
(26.8)
(4.2)
2,043.4
–
575.2
1,240.8
620.4
3,284.2
1,195.6
124.2
1.3
26.1
106.0
53.0
230.2
80.4
2021
USAF
£m
Investment property
LSAV
£m
Total
£m
Gross
MI
Share
Gross
Share
Gross
Share
2,867.4
39.3
631.9
1,819.0
909.5
4,686.4
1,580.7
Cash
106.2
1.5
23.4
45.4
22.7
151.6
47.6
Debt
(912.1)
(12.5)
(201.0)
(673.0)
(336.5)
(1,585.1)
(550.0)
Swap assets/(liabilities)
Other current assets
Other current liabilities
Net assets
Non-controlling interest
Swap (liabilities)/assets
EPRA NTA
Profit for the year
0.5
–
0.1
(0.2)
(0.1)
0.3
–
106.6
1.5
23.5
22.0
11.0
128.6
36.0
(211.5)
(3.5)
(46.6)
(40.2)
(20.1)
(251.7)
(70.2)
1,957.1
26.3
431.3
1,173.0
586.5
3,130.1
1,044.1
–
(26.3)
–
–
–
–
(26.3)
(0.5)
–
(0.1)
0.2
0.1
(0.3)
–
1,956.6
–
431.2
1,173.2
586.6
3,129.8
1,017.8
146.9
2.1
34.2
172.2
86.1
319.1
122.4
Net assets and profit/(loss) for the year above include the non-controlling interest, whereas EPRA NTA excludes the noncontrolling interest.
USAF and LSAV use derivatives to hedge their borrowings. These derivatives are designated in cash flow hedge
relationships which are considered to be fully effective. The share of joint venture mark to market movements on hedging
instruments is recognised in the Group’s Other Comprehensive Income within the share of joint venture mark to market
movements on hedging instruments. The total notional value of borrowings in hedge relationships at 31 December 2022
is £415.0 million (2021: £225.0 million). See note 4.5 for further details.
