Income statement metrics Year to 31 December 2015 Year to 31 December 2014 Change per cent
Adjusted1 profit before tax (£m) 138.6 129.7 6.9
IFRS profit before tax (£m) 686.5 654.4 4.9
Adjusted2 earnings per share (pence) 18.4 17.2 7.0
IFRS basic and diluted earnings per share (pence) 91.7 92.0 (0.3)
Dividend per share (pence) 15.6 15.1 3.3
Balance sheet metrics 31 December 2015 31 December 2014 Change per cent
Portfolio valuation (SEGRO share, £m) 5,773 4,801 11.75
EPRA3 4 net asset value per share (pence) 463 384 20.6
IFRS net asset value per share (pence) 468 390 20.0
Group net borrowings (£m) 1,807 1,679 7.6
Loan to value ratio including joint ventures at share (pro forma) (per cent)6 38 (34) 40

1 A reconciliation between Adjusted profit before tax and IFRS profit before tax is shown in Note 2 to the consolidated financial statements.
2 A reconciliation between Adjusted earnings per share and IFRS earnings per share is shown in Note 11 to the consolidated financial statements.
3 A reconciliation between EPRA net asset value per share and IFRS net asset value per share is shown in Note 11 to the consolidated financial statements.
4 Calculations for EPRA performance measures are shown in the Supplementary Notes to the consolidated financial statements.
5 Percentage valuation movement during the period based on the difference between opening and closing valuations for completed properties, adjusting for capital expenditure, acquisitions and disposals.
6 LTV ratio at 31 December 2014 stated net of £110 million deferred consideration receivable in relation to the creation of the SEGRO European Logistics Partnership joint venture. Pro forma LTV ratio at 31 December 2015 adjusted for proceeds received post year-end from the sale of the Bath Road office portfolio completed in January 2016.