41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 236
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
NOTES TO THE FINANCIAL STATEMENTS continued
Section 8: Alternative performance measures continued
Reconciliation: IFRS profit before tax to EPRA earnings and adjusted earnings
Note
IFRS profit before tax
2022
£m
2021
£m
358.0
343.1
(205.6)
Net valuation (gains)/losses on investment property (owned)
2.2b
(145.0)
Property disposals (owned)
2.2b
16.5
12.3
Net valuation losses on investment property (leased)
2.2b
9.3
11.1
Amortisation of fair value of debt recognised on acquisition
2.2b
(4.3)
(4.3)
Changes in valuation of interest rate swaps
2.2b
(70.7)
(10.9)
Swap cancellation fair value settlements and loan break costs
2.2b
Non-controlling interest, tax and other items
–
(1.9)
EPRA earnings
Net LSAV performance fee
Abortive costs
Adjusted earnings
4.2
2.1
161.9
152.0
–
(41.9)
1.5
–
163.4
110.1
2022
2021
Adjusted EPS yield
Adjusted earnings (A)
40.9p
27.6p
EPRA NTA at 1 January (B)
882p
818p
Adjusted EPS yield (A/B)
4.6%
3.4%
Total accounting return
Note
2022
2021
Opening EPRA NTA (A)
2.3d
882.2p
818.0p
Closing EPRA NTA
2.3d
926.8p
882.2p
44.6p
64.2p
15.6p
12.8p
Movement
H1 dividend paid
4.9
H2 dividend paid
4.9
Total movement in NTA (B)
Total accounting return (B/A)
11.0p
6.5p
71.2p
83.5p
8.1%
10.2%
