Operating segments Segment revenues and results Information reported to the Group's Directors for the purposes of resource allocation and assessment of segment performance is focused on the Group's level of investment in property assets and the related net rental income according to geographic location. The Group's reportable segments under IFRS 8 are therefore determined by geographic location. The following is an analysis of the Group's revenue and results by reportable segment: 2011 2010 Revenue Result Revenue Result £'000 £'000 £'000 £'000 2,177 1,931 2,874 2,608 Belgium 1,288 1,197 1,566 1,020 France 45,145 36,250 34,606 26,495 Germany 10,769 9,686 9,947 8,331 Netherlands 5,235 3,379 18,012 6,007 UK 63,792 51,088 67,827 45,816 5,337 - Other operating income (11,483) (9,564) Administrative expenses* Negative goodwill recognised on acquisition of - 11,532 subsidiaries (627) (2,724) Costs relating to acquisition of subsidiaries (12,110) (756) Administrative expenses (net) 2,741 588 Share of results of associate Operating profit before (losses)/gains on investment 47,056 45,648 properties (Losses)/gains on investment properties by segment: (4,420) (2,699) Belgium 78 (642) France 6,171 11,316 Germany (9,289) (23,186) Netherlands 2,033 2,330 UK (19,324) 1,016 Total (losses)/gains on investment properties 2,978 2,722 Profit on disposal of investment properties (16,602) 3,994 30,454 49,642 Operating profit - 1,184 Profit on sale of available for sale investment (2,901) - Impairment of available for sale investment Fair value gains/(losses) on foreign currency derivatives 1,344 (2,306) Loss on sale of foreign currency options (915) - (19,093) (15,337) Net finance costs* 8,889 33,183 Profit before tax * Administrative expenses and net finance costs are substantially managed as central costs and are therefore not allocated to segments.
Operating segments Segment revenues and results Information reported to the Group's Directors for the purposes of resource allocation and assessment of segment performance is focused on the Group's level of investment in property assets and the related net rental income according to geographic location. The Group's reportable segments under IFRS 8 are therefore determined by geographic location. The following is an analysis of the Group's revenue and results by reportable segment: 2011 2010 Revenue £'000 Result £'000 Revenue £'000 Result £'000 Belgium 2,177 1,931 2,874 2,608 France 1,288 1,197 1,566 1,020 Germany 45,145 36,250 34,606 26,495 Netherlands 9,947 8,331 10,769 9,686 UK 5,235 3,379 18,012 6,007 63,792 51,088 67,827 45,816 Other operating income 5,337 - Administrative expenses* (11,483) (9,564) Negative goodwill recognised on acquisition of subsidiaries - 11,532 Costs relating to acquisition of subsidiaries (627) (2,724) Administrative expenses (net) (12,110) (756) Share of results of associate 2,741 588 Operating profit before (losses)/gains on investment properties 47,056 45,648 (Losses)/gains on investment properties by segment: Belgium (4,420) (2,699) France 78 (642) Germany 6,171 11,316 Netherlands (23,186) (9,289) UK 2,033 2,330 Total (losses)/gains on investment properties (19,324) 1,016 Profit on disposal of investment properties 2,722 2,978 (16,602) 3,994 Operating profit 30,454 49,642 Profit on sale of available for sale investment - 1,184 Impairment of available for sale investment (2,901) - Fair value gains/(losses) on foreign currency derivatives 1,344 (2,306) Loss on sale of foreign currency options (915) - Net finance costs* (19,093) (15,337) Profit before tax 8,889 33,183 * Administrative expenses and net finance costs are substantially managed as central costs and are therefore not allocated to segments.
Full%20Year%20Results%202011.docx