|6 months to 30 June 2023||6 months to 30 June 2022||Change
|Adjusted2 profit before tax (£m)||198||1931||2.6|
|IFRS (loss)/profit before tax (£m)||(33)||1,375||-|
|Adjusted3 earnings per share (pence)||15.9||15.61||1.9|
|IFRS earnings per share (pence)||(1.9)||110.7||-|
|Dividend per share (pence)||8.7||8.1||7.4|
|Total Accounting Return (%)4||(1.1)||11.3||-|
|30 June 2023||31 December 2022||Change
|Assets under Management (£m)||21,024||20,947||-|
|Portfolio valuation (SEGRO share, £m)||18,095||17,925||(1.4)5|
|Adjusted6 7 net asset value per share (pence, diluted)||937||966||(3.0)|
|IFRS net asset value per share (pence, diluted)||913||938||(2.7)|
|Net debt (SEGRO share, £m)||6,078||5,693||-|
|Loan to value ratio including joint ventures at share (per cent)||34||32||-|
1. Adjusted profit before tax and Adjusted earnings per share have been represented to exclude joint venture performance fee income as detailed further in Note 2. The H1 2022 figures have been changed accordingly. The FY 2022 and H1 2023 reported results are not impacted by this change. Further discussion of the sensitivity around the quantum of the performance fee is given in Note 6.
2. A reconciliation between Adjusted profit before tax and IFRS profit before tax is shown in Note 2 to the condensed financial information.
3. A reconciliation between Adjusted earnings per share and IFRS earnings per share is shown in Note 11 to the condensed financial information.
4. Total Accounting Return is calculated based on the opening and closing adjusted NAV per share adding back dividends paid during the period.
5. Percentage valuation movement during the period based on the difference between opening and closing valuations for all properties including buildings under construction and land, adjusting for capital expenditure, acquisitions and disposals.
6. A reconciliation between Adjusted net asset value per share and IFRS net asset value per share is shown in Note 11 to the condensed financial information.
7. Adjusted net asset value is in line with EPRA Net Tangible Assets (NTA) (see Table 5 in the Supplementary Notes for a NAV reconciliation).
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