British Land Company PLC – Annual report – 31 March 2025
Industry: real estate
16 Net debt (extract)
Loan to value (LTV)
LTV is the ratio of principal amount of gross debt less cash, short term deposits and liquid investments to the aggregate value of properties and investments, excluding non-controlling interests. EPRA LTV has been disclosed in Table E.
1. Cash and short term deposits exclude tenant deposits of £36m (2023/24: £30m).
2. The £14m (2023/24: £17m) difference between other investments and plant, property and equipment per the consolidated balance sheet totalling £64m (2023/24: £73m) relates to a right-of-use asset recognised under a lease which is classified as property, plant and equipment which is not included within total assets for the purposes of the LTV calculation.
3. Cash and short term deposits exclude tenant deposits of £64m (2023/24: £57m).
Net Debt to EBITDA
Net Debt to EBITDA is the ratio of principal amount of gross debt less cash, short term deposits and liquid investments to earnings before interest, tax, depreciation and amortisation (EBITDA).
The Group ratio excludes joint venture borrowings and includes distributions and other receivables from joint ventures.
1. Cash and short term deposits exclude tenant deposits of £36m (2023/24: £30m).
2. Underlying Profit due to joint ventures of £90m (2023/24: £100m) (consolidated income statement). 3. Includes distributions and other receivables from joint ventures of £72m (2023/24 £77m) (consolidated statement of cash flows) and fees and other income received from joint ventures of £12m (2023/24: £11m).
4. Cash and short term deposits exclude tenant deposits of £64m (2023/24: £57m).
British Land Unsecured Financial Covenants
The two financial covenants applicable to the Group unsecured debt are shown below:
In calculating Adjusted Capital and Reserves for the purpose of the unsecured debt financial covenants, there is an adjustment of £107m (2023/24: £147m) to reflect the cumulative net amortised exceptional items relating to the refinancings in the years ended 31 March 2005, 2006 and 2007.
1. Cash and short term deposits exclude tenant deposits of £36m (2023/24: £30m).
2. The £14m (2023/24: £17m) difference between other investments and plant, property and equipment per the balance sheet totalling £64m (2023/24: £73m) relates to a right-of-use asset recognised under a lease which is classified as property, plant and equipment which is not included within unencumbered assets for the purposes of the covenant calculation.
Accounts examples 