2007   2006
  Notes £’000 £’000 £’000 £’000
Non-current assets          
Property, plant and equipment          
– Operating properties 10(a) 2,360   8,090  
– Other plant and equipment 10(b) 2,372   3,618  
Investment properties 11 154,811   139,461  
Financial assets 16(a) 16,540   5,881  
Investments in associates 12(a) 842   673  
Investments in joint ventures 12(b) 8,379   20,464  
Trade and other receivables 14(a) 653   1,468  
Deferred tax assets 17 4,997   6,215  
      190,954   185,870
           
Investment property – held for sale 11(c)     5,299
Investment in joint venture – held for sale 12(b)   654  
           
Current assets          
Inventory – developments and trading properties 13 155,544   74,663  
Financial assets 16(a) 12,734    
Trade and other receivables 14(b) 16,597   10,014  
Cash and short-term deposits 20(b) 73,135   88,536  
      258,010   173,213
Total assets     449,618   364,382
           
Current liabilities          
Trade and other payables 15(a) (62,925)   (16,747)  
Financial liabilities 16(b) (853)   (15,515)  
      (63,778)   (32,262)
Non-current liabilities          
Financial liabilities 16(b) (143,796)   (87,419)  
Deferred tax liabilities 17 (11,697)   (12,233)  
Provisions 15(b) (1,431)   (1,055)  
      (156,924)   (100,707)
Total liabilities     (220,702)   (132,969)
Net assets     228,916   231,413
Capital and reserves          
Share capital 18   20,283   20,356
Share premium 19   109,801   108,850
Revaluation reserve 19   1,081   853
Other reserves 19   47,596   45,793
Retained earnings 19   50,155   55,561
Total equity     228,916   231,413
           
Basic net assets per share 9   564p   568p
Diluted net assets per share 9   563p   565p

Approved and authorised for issue by the Board of Directors on 8th April 2008 and signed on its behalf by
M H Marx
Director

Copyright © 2008 Development Securities plc

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