Income statement metrics 6 months to 30 June 2015 6 months to 30 June 2014 Change per cent
Adjusted profit before tax(£m) 69.2 66.7 +3.7
IFRS profit before tax (£m) 330.0 226.5 +45.7
Adjusted earnings per share(pence) 9.2 8.9 +3.4
IFRS basic and diluted earnings per share (pence) 44.4 29.4 +51.0
Interim dividend per share (pence) 5.0 4.9 +2.0
Balance sheet metrics 30 June 2015 31 December 2014 Change per cent
Portfolio valuation (SEGRO share, £m) 5,165 4,801 +5.85
EPRA34 net asset value per share (pence) 416 384 +8.3
IFRS net asset value per share (pence) 424 390 +8.7
Group net borrowings (£m) 1,777 1,679 +5.8
Loan to value ratio (including joint ventures at share)(per cent) 39 40 -

1 A reconciliation between Adjusted profit before tax and IFRS profit before tax is shown in note 2 to the condensed financial information.
2 A reconciliation between Adjusted earnings per share and IFRS earnings per share is shown in note 11(i) to the condensed financial information.
3 A reconciliation between EPRA net asset value per share and IFRS net asset value per share is shown in note 11(ii) to the condensed financial information.
4 Calculations for EPRA performance measures are shown in the supplementary notes to the condensed financial information.
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 stated net of £110 million deferred consideration receivable in relation to the creation of the SEGRO European Logistics Partnership joint venture.