FINANCIAL SUMMARY

Income statement metrics                   31 December 2016  31 December 2015 Change per cent
Adjusted1 profit before tax (£m)   154.5 138.6 11.5
IFRS profit before tax (£m)   426.4 686.5 (37.9)
Adjusted2 earnings per share (pence, basic)   19.7 18.4 7.1
IFRS earnings per share (pence, basic)   53.9 91.7 (41.2)
Dividend per share (pence)   16.4 15.6 5.1
Balance sheet metrics 31 December 2016 31 December 2015 Change per cent
Portfolio valuation (SEGRO share, £m) 6,345 5,773 4.85
EPRA3 4 net asset value per share (pence, diluted) 500 463 8.0
IFRS net asset value per share (pence, diluted) 502 468 7.3
Group net borrowings (£m) 1,598 1,807 (11.6)
Loan to value ratio including joint ventures at share (per cent)6 33 38

1 A reconciliation between Adjusted profit before tax and IFRS profit before tax is shown in Note 2 to the condensed financial statements.
2 A reconciliation between Adjusted earnings per share and IFRS earnings per share is shown in Note 11 to the condensed financial statements.
3 A reconciliation between EPRA NAV per share and IFRS net asset value per share is shown in Note 11 to the condensed financial statements.
4 Calculations for EPRA performance measures are shown in the Supplementary Notes to the condensed financial statements.
5 Percentage valuation movement during the period based on the difference between opening and closing valuations for the portfolio as a whole (comprising completed properties, buildings under construction and land), adjusting for capital expenditure, acquisitions and disposals.