THE UNITE GROUP PLC Annual Report and Accounts 2024 183 3.4a) Net assets and results of the joint ventures continued 2023 USAF LSAV Total £m £m £m Summarised balance sheet Gross MI Share Gross Share Gross Share Investment property 2,940.8 38.7 827.8 1,909.4 954.7 4,850.2 1,821.2 Cash 64.7 0.9 18.2 43.0 21.5 107.7 40.6 Debt (865.0) (11.4) (243.5) (674.0) (337.0) (1,539.0) (591.9) Swap assets 1.4 - 0.4 3.6 1.8 5.0 2.2 Other current assets 12.4 0.2 3.5 (2.8) (1.4) 9.6 2.3 Other current liabilities (92.1) (1.2) (25.8) (56.6) (28.4) (148.7) (55.4) Net assets 2,062.2 27.2 580.6 1,222.6 611.2 3,284.8 1,219.1 Minority interest - (27.2) - - - - (27.2) Swap liabilities (1.4) - (0.4) (3.6) (1.7) (5.0) (2.1) EPRA net assets 2,060.7 - 580.1 1,219.0 609.5 3,279.8 1,189.7 Summarised income statement Rental income 203.4 2.7 57.3 103.6 51.8 307.0 111.8 Other income 0.9 - 0.2 2.0 1.0 2.9 1.2 Total Revenue 204.3 2.7 57.5 105.6 52.8 309.9 113.0 Cost of sales (70.6) (1.5) (19.9) (26.4) (13.2) (97.0) (34.6) Operating expenses (2.4) - (0.6) (1.2) (0.6) (3.6) (1.2) Results from operating activities before (losses)/ gains on property 131.3 1.2 37.0 78.0 39.0 209.3 77.2 Profit/(loss) on disposal of property (13.1) - (3.7) 0.6 0.3 (12.5) (3.4) Net valuation movement 20.3 - 7.4 (59.2) (29.6) (38.9) (22.2) Net financing (costs)/gains (33.5) - (9.5) (30.0) (15.0) (63.5) (24.5) Profit before tax 105.0 1.2 31.2 (10.6) (5.3) 94.4 27.1 Taxation (0.1) - - (0.2) (0.1) (0.3) (0.1) (Loss)/Profit for the year after tax 104.9 1.2 31.2 (10.8) (5.4) 94.1 27.0 Other comprehensive income (2.3) - (0.7) (1.2) (0.6) (3.5) (1.3) Total comprehensive (expense)/income 102.6 1.2 30.5 (12.0) (6.0) 90.6 25.7 Dividends received from the joint ventures during the year 0.8 21.8 5.4 28.0 Net assets and profit/(loss) for the year above include the non-controlling interest, whereas EPRA NTA excludes the non-controlling interest. USAF and LSAV use derivatives to hedge their borrowings. These derivatives are designated in cash flow hedge relationships which are considered to be fully effective. The share of joint venture mark to market movements on hedging instruments is recognised in the Group’s Other Comprehensive Income within the share of joint venture mark to market movements on hedging instruments. The total notional value of borrowings in hedge relationships at 31 December 2024 is £340 million (2023: £415.0 million). See note 4.5 for further details.