Income statement metrics 6 months to 30 June 2016 6 months to 30 June 2015 Change per cent
Adjusted1 profit before tax (£m) 74.2 69.2 7.2
IFRS profit before tax (£m) 200.7 330.0 (39.2)
Adjusted earnings per share (pence) 9.8 9.2 6.5
IFRS basic earnings per share (pence) 25.9 44.4 (41.7)
Dividend per share (pence) 5.2 5.0 4.0
Balance sheet metrics 30 June 2016 31 December 2015 Change per cent
Portfolio valuation (SEGRO share, £m) 5,911 5,773 1.55
EPRA34 net asset value per share (pence, diluted) 475 463 2.6
IFRS net asset value per share (pence, diluted) 483 468 3.2
Group net borrowings (£m) 1,707 1,807 (5.5)
Loan to value ratio including joint ventures at share (per cent) 36 38 -

A reconciliation between Adjusted profit before tax and IFRS profit before tax is shown in Note 2 to the condensed financial information.
A reconciliation between Adjusted earnings per share and IFRS earnings per share is shown in Note 11 to the condensed financial information.
A reconciliation between EPRA net asset value per share and IFRS net asset value per share is shown in Note 11 to the condensed financial information.
Calculations for EPRA performance measures are shown in the Supplementary Notes to the condensed financial information.
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.