THE UNITE GROUP PLC Annual Report and Accounts 2024 182 FINANCIAL STATEMENTS 3.4a) Net assets and results of the joint ventures The summarised balance sheets and results for the year, and the Group’s share of these joint ventures are as follows: 2024 USAF LSAV Total £m £m £m Summarised balance sheet Gross MI Share Gross Share Gross Share Investment property 2,847.3 - 829.6 1,993.8 996.9 4,841.1 1,826.5 Cash 241.6 - 70.4 40.0 20.0 281.6 90.4 Borrowings Non-Current (937.3) - (273.1) (276.0) (138.0) (1,213.3) (411.1) Borrowings Current - - - (400.0) (200.0) (400.0) (200.0) Swap assets - - - - - - - Other current assets 7.9 - 2.3 22.8 11.4 30.7 13.7 Other current liabilities (85.7) - (25.0) (47.8) (23.9) (133.5) (48.9) Net assets 2,073.8 - 604.2 1,332.8 666.4 3,406.6 1,270.6 Minority interest - - - - - - - Swap liabilities - - - - - - - EPRA net assets 2,073.8 - 604.2 1,332.8 666.4 3,406.6 1,270.6 Summarised income statement Rental income 207.5 - 58.8 112.2 56.1 319.7 114.9 Other income 0.7 - 0.2 1.8 0.9 2.5 1.1 Total Revenue 208.2 - 59.0 114.0 57.0 322.2 116.0 Cost of sales (73.1) - (20.7) (28.0) (14.0) (101.1) (34.7) Operating expenses (2.6) - (0.7) (1.4) (0.7) (4.0) (1.4) Results from operating activities before (losses)/ gains on property 132.5 - 37.6 84.6 42.3 217.1 79.9 Profit/(loss) on disposal of property (8.5) - (2.4) - - (8.5) (2.4) Net valuation movement 81.4 - 26.2 81.5 40.8 162.9 67.0 Net financing (costs)/gains (40.5) - (11.5) (33.6) (16.8) (74.1) (28.3) Profit before tax 164.9 - 49.9 132.5 66.3 297.4 116.2 Taxation (0.1) - - (0.6) (0.3) (0.7) (0.3) Profit for the year after tax 164.8 - 49.9 131.9 66.0 296.7 115.9 Other comprehensive income (0.7) - (0.3) (3.6) (2.0) (4.3) (2.3) Total comprehensive (expense)/income 164.1 - 47.6 128.3 64.0 292.4 113.6 Dividends received from the joint ventures during the year 13.8 13.8 27.6 * Investment property includes assets classified as held for sale in the IFRS balance sheet. NOTES TO THE FINANCIAL STATEMENTS continued