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Results  
2003
£m
  
2002
£m
  
Property assets  
2,472
  
2,485
  
Shareholders’ funds  
1,848
  
1,753
  
Gross rental income  
144.4
  
146.2
  
Total operating profit  
85.3
  
91.6
  
Revenue profit (see page 61)  
54.2
  
53.5
  
Profit before tax  
91.7
      
60.8
  
 
Statistics
5 Year
Average
   
2003
  
2002
  
Weighted average cost of capital
9.3%
   
8.5%
  
8.7%
  
Total return on property assets
9.8%
    
7.5%
  
5.4%
  
Gearing
35.1%
    
26.2%
  
34.5%
  
Interest cover
1.6
    
1.4
  
1.5
  
Enterprise value added

£28.3m

    
(£29.8m)
  
(£59.1m)
  
   
 
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© Grosvenor 2003