PCTN PICTON PROPERTY INCOME LD ORD NPV

PICTON PROP Currency GBX Premium Equity Closed Ended Investment Funds

Income Statement (£ m)	31-Mar-12	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Continuing Operations
Revenue	n/a	n/a	n/a	n/a	n/a
Operating Profit/(Loss)	n/a	n/a	n/a	n/a	n/a
Net Interest	n/a	n/a	n/a	n/a	n/a
Profit Before Tax	n/a	n/a	n/a	n/a	n/a
Profit After Tax	14.24	14.24	11.96	17.90	18.50
Discontinued Operations
Profit After Tax	n/a	n/a	n/a	n/a	n/a
PROFIT FOR THE PERIOD	14.24	14.24	11.96	17.90	18.50
Attributable to:
Minority Interests	n/a	n/a	n/a	n/a	n/a
Equity Holders of Parent Company	14.24	14.24	11.96	17.90	18.50

Continuing EPS
Earnings per Share - Basic	4.10p	4.20p	3.60p	5.40p	5.58p
Earnings per Share - Diluted	4.10p	4.20p	3.60p	5.40p	5.58p
Earnings per Share - Adjusted	4.10p	4.20p	3.60p	5.40p	5.58p
Continuing and Discontinued EPS
Earnings per Share - Basic	n/a	n/a	n/a	n/a	n/a
Earnings per Share - Diluted	n/a	n/a	n/a	n/a	n/a
Earnings per Share - Adjusted	n/a	n/a	n/a	n/a	n/a

Dividend per Share	5.00p	4.00p	3.00p	5.69p	6.25p

Balance Sheet (£ m)	31-Mar-12	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Assets
Non-Current Assets
Property, Plant & Equipment	n/a	n/a	n/a	n/a	n/a
Intangible Assets	n/a	n/a	n/a	n/a	n/a
Investment Properties	n/a	n/a	n/a	n/a	n/a
Investments	0.00	0.00	0.00	0.00	0.00
Other Financial Assets	n/a	n/a	n/a	n/a	n/a
Other Non-Current Assets	411.86	424.26	352.60	436.01	633.21
	411.86	424.26	352.60	436.01	633.21
Current Assets
Inventories	n/a	n/a	n/a	n/a	n/a
Trade & Other Receivables	6.62	7.59	8.81	8.49	6.02
Cash at Bank & in Hand	31.12	34.84	50.57	20.08	51.15
Current Asset Investments	0.00	0.00	0.00	0.00	0.00
Other Current Assets	n/a	n/a	n/a	n/a	n/a
	37.74	42.43	59.38	28.57	57.17

Total Assets	449.60	466.69	411.98	464.58	690.37

Liabilities
Current Liabilities
Borrowings	n/a	n/a	n/a	n/a	n/a
Other Current Liabilities	n/a	n/a	n/a	n/a	n/a
	251.765	14.120	13.562	13.210	17.496

Net Current Assets	-214.03	28.31	45.82	15.36	39.67

Non-Current Liabilities
Borrowings	n/a	n/a	n/a	n/a	n/a
Provisions	n/a	n/a	n/a	n/a	n/a
Other Non-Current Liabilities	n/a	n/a	n/a	n/a	n/a
	1.73	245.68	217.36	241.06	303.36

Other Liabilities	n/a	n/a	n/a	n/a	n/a
Total Liabilities	253.49	259.80	230.92	254.27	320.86

Net Assets	196.11	206.89	181.06	210.31	369.52

Capital & Reserves
Share Capital	196.11	206.89	181.06	210.31	369.52
Share Premium Account	n/a	n/a	n/a	n/a	n/a
Other Reserves	n/a	n/a	n/a	n/a	n/a
Retained Earnings	n/a	n/a	n/a	n/a	n/a
Shareholders Funds	196.11	206.89	181.06	210.31	369.52

Minority Interests/Other Equity	n/a	n/a	n/a	n/a	n/a
Total Equity	196.11	206.89	181.06	210.31	369.52

Ratios - based on IFRS	31-Mar-12	31-Dec-10	31-Dec-09	31-Dec-08	31-Dec-07
Continuing Operations
PE Ratio - Adjusted	10.06	n/a	n/a	n/a	n/a
PEG - Adjusted	-4.23	n/a	n/a	n/a	n/a
Earnings per Share Growth - Adjusted	-2.38%	16.67%	-33.33%	-3.23%	n/a
Dividend Cover	0.82	1.05	1.20	0.95	0.89
Revenue Per Share	n/a	n/a	n/a	n/a	n/a
Pre-Tax Profit per Share	n/a	n/a	n/a	n/a	n/a
Operating Margin	n/a	n/a	n/a	n/a	n/a
Return on Capital Employed	n/a	n/a	n/a	n/a	n/a

Continuing & Discontinued Operations
Dividend Yield	12.12%	n/a	n/a	n/a	n/a
Dividend per Share Growth	25.00%	33.33%	-47.27%	-8.98%	n/a
Net Asset Value per Share (exc. Intangibles)	79.94p	59.91p	54.80p	63.65p	111.84p
Net Gearing	n/a	n/a	n/a	n/a	n/a

Data is provided by Morningstar

PICTON PROP - Fundamentals