Our results for the year show growth in net rental income, underlying earnings, property valuation and net asset value:
net rental income increased by 8 per cent, due to a return to like-for-like growth of 1.8 per cent and the full-year impact of acquisitions
property revaluation surplus of £351 million represents a like-for-like increase in capital values of 4.0 per cent in the year, outperforming the IPD monthly retail index which increased by 2.8 per cent
profit for the year of £518 million included £351 million property revaluation surplus (2014: £600 million included £648 million property revaluation surplus)
underlying earnings per share increased by 7 per cent to 14.2 pence (2014: 13.3 pence)
net asset value per share (diluted, adjusted) increased to 404 pence, an increase of 25 pence, delivering a total financial return in the year of 10 per cent including dividend
debt to assets ratio improved to 43.1 per cent and on a pro forma basis to 41.0 per cent, after the disposal of the Equity One investment in January 2016
cash and available facilities of £588 million at 31 December 2015 with a further £202 million received from the disposal of Equity One shares in January 2016
The Directors of intu properties plc have proposed a final dividend per ordinary share (ISIN GB0006834344) of 9.1 pence (2014: 9.1 pence) to bring the total dividend per ordinary share for the year to 13.7 pence (2014: 13.7 pence as adjusted by the rights issue bonus factor). A scrip dividend alternative may be offered.
The dividend may be partly paid as a Property Income Distribution ('PID') and partly paid as a non-PID. The PID element will be subject to deduction of a 20 per cent withholding tax unless exemptions apply (please refer to the PID special note below). Any non-PID element will be treated as an ordinary UK company dividend. For South African shareholders, non-PID cash dividends may be subject to deduction of South African Dividends Tax at 15 per cent.
The following are the salient dates for the payment of the proposed final dividend.
Tuesday 29 March 2016
Sterling/Rand exchange rate struck
Wednesday 30 March 2016
Sterling/Rand exchange rate and dividend amount in South African currency announced
Monday 11 April 2016
Ordinary shares listed ex-dividend on the Johannesburg Stock Exchange
Thursday 14 April 2016
Ordinary shares listed ex-dividend on the London Stock Exchange
Friday 15 April 2016
Record date for 2015 final dividend in London and Johannesburg
Thursday 26 May 2016
Dividend payment date for shareholders