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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| London & Associated Properties Plc | LSE:LAS | London | Ordinary Share | GB0005234223 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 9.50 | 8.00 | 11.00 | 9.50 | 9.50 | 9.50 | 26,783 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Real Estate Agents & Mgrs | 100.24M | 2.7M | 0.0317 | 3.00 | 8.11M |
Hot Features
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TIDMLAS
FOR IMMEDIATE RELEASE
31 August 2017
LONDON & ASSOCIATED PROPERTIES PLC
HALF YEAR RESULTS TO 30 JUNE 2017
London & Associated Properties PLC is a main market listed group which invests
in UK shopping centres and retail property whilst also managing property assets
for institutional clients.
It holds a substantial investment in Bisichi Mining PLC (main market listed)
which operates coal mines in South Africa and owns UK property investments.
HIGHLIGHTS
* Group operating profit increased to GBP1.961 million to June 2017 from GBP1.615
million to June 2016
* Group net assets attributable to equity shareholders of GBP38.01 million at
30 June 2017 compared to GBP38.24 million at 31 December 2016
* Property income of LAP increased to GBP3.136 million for the six months to 30
June 2017 compared to GBP3.040 million for the six months to 30 June 2016
* Savings of GBP0.095 million in LAP direct property expenses to June 2017
* LAP and Bisichi properties continue to perform well
* Bisichi Mining PLC achieved earnings before interest, tax, depreciation and
amortisation of GBP1.4 million (2016 GBP1.0 million)
* Physical demand for Bisichi coal remains strong and international and South
African coal prices have remained stable
* "The Brexit referendum followed by the General Election have made a
difficult environment even more uncertain. However, we have positioned our
property portfolio to meet the market challenges and remain confident about
the future" commented on interim results, Sir Michael Heller, Chairman and
John Heller, Chief Executive
-more-
Contact:
London & Associated Properties PLC Tel: 020
7415 5000
John Heller, Chief Executive
Baron Phillips Associates Tel:
07767 444193
Baron Phillips
Half year results for the period ended
30 June 2017
Half year review
We are pleased to report on a half-year of progress for London & Associated
Properties PLC group ("Group"). The results of Bisichi Mining PLC ("Bisichi"),
of which we own 41.5%, are included as though it was a subsidiary, in
accordance with IFRS 10.
The United Kingdom trading environment continues to be difficult. The combined
uncertainties caused by Brexit followed by the General Election and the
resultant minority Conservative government have led to retailers and other
participants in the commercial property world adopting a very cautious
approach.
Operating profit before tax increased by GBP0.346 million (to GBP1.961 million from
GBP1.615 million). This improvement is attributable to increased property income
(GBP0.117 million) supported by cost reductions and better mining profits. A
favourable movement in the valuation of interest rate derivatives (GBP0.656
million), although having no impact on cash flow, was a significant contributor
to the overall increase of GBP0.906 million in profit before tax.
Group net assets attributable to equity shareholders are lower at GBP38.01
million at 30 June 2017 compared to GBP38.89 million a year previously and GBP38.24
million at 31 December 2016. This variation from group net assets arises
because the profits attributable to minority interests are excluded when
calculating net assets attributable to equity shareholders in London &
Associated Properties PLC ("LAP").
LAP activities
We are pleased to report that property income in LAP increased to GBP3.136
million for the six months to June 2017 compared to GBP3.040 million in the same
period in 2016. This increase is the result of a number of lettings across our
portfolio, particularly at Kings Square in West Bromwich. This performance
reflects our long-held view that our portfolio of retail properties continues
to be relevant in the digital shopping age. Our strategy has been to retain
only those properties that are either: part of a large shopping environment,
such as a city centre; or that offer a more exciting and social experience,
such as our markets in Brixton; or are convenience shops in accessible High
Streets where shoppers can easily make frequent trips for "top-up" items.
We have made savings of GBP0.095 million in direct property expenses, although
these were offset by increases in some exceptional overhead costs, including an
interim property revaluation for one of our lenders, legal fees relating to
charging a property to a different lender and litigation expenses in relation
to ongoing cases against two of our tenants.
We are endeavouring to reduce interest costs and on 2nd June we repaid GBP750,000
of debenture stock carrying a legacy coupon of 11.6%. The final GBP3 million of
this debenture stock matures in August 2018. We are in the process of
refinancing this debt and expect to make significant savings compared to the
11.6% that we are currently paying.
Performance of LAP properties
At Orchard Square, Sheffield, we have completed several lettings and the Centre
remains almost fully let. Furthermore, we continue to renew leases to existing
tenants at estimated rental value. For example, the Perfume Shop will continue
to occupy a prime unit on Fargate, Sheffield that we built for it in 2008.
Currently, we have one retail unit and one office suite that are available and
have held talks with potential tenants on both of these spaces.
Our two markets in Brixton continue to trade well and grow. We have a
disagreement with our tenant, Market Village, over whether two heads of
expenditure are deductible under the terms of the leases that we have with it.
This is due to be decided at Court later this year. However, the performance
of this asset continues to be strong and is unaffected by this dispute.
Our smaller asset in Brixton remains an exciting opportunity. Shareholders
will recall that we obtained planning consent to convert the upper floors to
residential units in 2015, although this consent was subsequently questioned at
judicial review and quashed as Lambeth Council chose not to defend itself. We
have now agreed a 20 year lease with a major cocktail bar chain at over double
the rent paid by the existing occupier. We remain in the process of obtaining
vacant possession and are confident of success in due course.
All the malls at Kings Square, our shopping centre in West Bromwich, have now
been fully let for the first time in many years. There remains a single unit
outside the main building on which the tenant has exercised its break clause.
This unit previously operated as a bookmaker and is adjacent to West Bromwich's
large and busy bus terminus so we do not expect re-letting to be difficult.
West Bromwich has also benefited from a significant drop in rateable values
following the government revaluation in April 2017. We expect these savings to
accrue to the tenants over the short to medium term, but we should then benefit
from higher rents as the overall cost of occupation reduces.
Our joint venture with Oaktree Capital Management has had a successful first
half of 2017. The three shopping centres it owns have performed well,
particularly at the Vancouver Centre in King's Lynn, where we obtained planning
consent for a 32,790 square feet building on the site of a former Beales
department store and we are about to commence construction.
The largest unit within this building has been pre-let to H&M. The project
should take 12 months to complete.
Bisichi
For the half year to 30 June 2017, Bisichi Mining PLC, of which LAP owns 41.5%,
achieved earnings before interest, tax, depreciation and amortisation of GBP1.4
million (2016: GBP1.0 million).
Production at Black Wattle, Bisichi's directly owned coal mining asset in South
Africa, was impacted by higher than expected seasonal rains, as well as ongoing
stone contamination issues at the opencast areas. Overall, the mine achieved
total production of 582,000 metric tonnes (2016: 795,000 metric tonnes) in the
six months. Although this was an improvement on the 466,000 metric tonnes
achieved in the second half of last year, management has planned for further
progress to be made in developing the opencast areas and increasing production
in the second half of this year.
The majority of new infrastructure improvements to the coal washing plant are
completed.
In terms of markets, the demand for Bisichi's coal remained strong and
international and domestic coal prices have continued to remain stable for most
of the first half of 2017. The increase in Bisichi revenue compared to the
same period in 2016 is attributable mainly to the appreciation of the Rand
against UK sterling, as well as improved coal prices. In turn, the increase in
Bisichi operating costs compared to the same period in 2016 is mainly
attributable to the appreciation of the Rand against UK sterling, as well as
increased mining costs at new opencast mining areas.
Bisichi's UK retail property portfolio, which is managed by LAP, also continues
to perform well.
Outlook
These results reflect the hard work of all the LAP directors, employees and
advisors in challenging times. The Brexit referendum and General Election have
made a difficult environment even more uncertain. However, we have positioned
our property portfolio to meet the market challenges, and remain confident
about the future.
The Board is not proposing a half year dividend (2016: nil).
Sir Michael Heller John
Heller
Chairman
Chief Executive
30 August 2017
Consolidated income statement
for the six months ended 30 June 2017
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
Notes
GBP'000 GBP'000 GBP'000
Group revenue 1 20,237 14,319 29,704
Operating costs (18,276) (12,707) (26,860)
Income from listed investments held for trading - 3 2
Operating profit 1 1,961 1,615 2,846
Finance income 2 61 65 144
Finance expenses 2 (2,177) (2,099) (4,292)
Result before valuation and other movements (155) (419) (1,302)
Non-cash changes in valuation of assets and
liabilities and other movements
Increase in value of investment properties - - 532
(Decrease)/increase in trading investments (1) 2 1
Increase in value of other investments - 11 12
Adjustment to interest rate derivatives 179 (477) (217)
Result including revaluation and other movements 23 (883) (974)
Profit/(loss) for the period before taxation 1 23 (883) (974)
Income tax charge 3 (7) (366) (1,175)
Profit/(loss) for the period 16 (1,249) (2,149)
Attributable to:
Equity holders of the Company (104) (1,327) (2,357)
Non-controlling interest 120 78 208
Profit/(loss) for the period 16 (1,249) (2,149)
Loss per share attributable to equity 4 (0.12)p (1.56)p (2.77)p
shareholders - basic and diluted
Consolidated statement of comprehensive income
for the six months ended 30 June 2017
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Profit/(loss) for the period 16 (1,249) (2,149)
Other comprehensive income:
Items that may be subsequently recycled to the income
statement:
Exchange differences on translation of foreign 7 491 1,106
operations
Transfer of gain/(loss) on available for sale 28 63 193
investments
Taxation (3) (13) (13)
Other comprehensive income for the period, net of tax 32 541 1,286
Total comprehensive income/(expense) for the period, 48 (708) (863)
net of tax
Attributable to:
Equity shareholders (91) (1,126) (1,864)
Non-controlling interest 139 418 1,001
48 (708) (863)
Consolidated balance sheet
at 30 June 2017
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
Notes GBP'000 GBP'000 GBP'000
Non-current assets
Market value of properties attributable 105,100 104,496 105,080
to Group
Present value of head leases 4,763 4,772 4,767
Property 5 109,863 109,268 109,847
Mining reserves, plant and equipment 8,949 6,478 8,653
Investments in joint ventures 455 325 455
Loan to joint venture 1,398 1,105 1,350
Held to maturity investments 1,748 1,874 1,874
Other investments 46 28 32
Deferred tax 1,139 2,027 1,134
123,598 121,105 123,345
Current assets
Inventories 842 2,117 1,721
Trade and other receivables 6,352 7,262 7,061
Interest rate derivatives 6 2 4 4
Corporation tax recoverable - - 32
Available for sale investments 779 654 781
Investments held for trading 18 22 19
Cash and cash equivalents 5,329 7,123 6,265
13,322 17,182 15,883
Total assets 136,920 138,287 139,228
Current liabilities
Trade and other payables (14,268) (12,407) (12,942)
Borrowings (806) (2,981) (4,108)
Current tax liabilities (117) (145) (21)
(15,191) (15,533) (17,071)
Non-current liabilities
Borrowings (64,544) (65,104) (64,401)
Interest rate derivatives 6 (612) (1,053) (793)
Present value of head leases on (4,763) (4,772) (4,767)
properties
Provisions (1,283) (1,028) (1,236)
Deferred tax liabilities (2,239) (2,155) (2,329)
(73,441) (74,112) (73,526)
Total liabilities (88,632) (89,645) (90,597)
Net assets 48,288 48,642 48,631
Equity attributable to the owners of the
parent
Share capital 8,554 8,554 8,554
Share premium account 4,866 4,866 4,866
Translation reserve (Bisichi Mining PLC) (725) (962) (728)
Capital redemption reserve 47 47 47
Retained earnings 25,413 26,681 25,648
(excluding treasury shares)
Treasury shares (145) (294) (145)
Retained earnings 25,268 26,387 25,503
Total equity attributable to equity 38,010 38,892 38,242
shareholders
Non - controlling interest 10,278 9,750 10,389
Total equity 48,288 48,642 48,631
Net assets per share attributable to 7 44.55p 45.70p 44.83p
equity shareholders
Diluted net assets per share attributable 7 44.55p 45.70p 44.83p
to equity shareholders
Consolidated statement of changes in shareholders' equity
for the six months ended 30 June 2017
Retained Total
earnings excluding
Capital excluding Non- Non-controlling
Share Share Translation redemption Treasury treasury Controlling Interests Total
capital premium reserves reserve shares shares Interests GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January 8,554 4,866 (1,145) 47 (482) 28,238 40,078 9,574 49,652
2016
(Loss)/profit for - - - - - (1,327) (1,327) 78 (1,249)
the period
Other comprehensive
income:
Currency translation - - 183 - - - 183 308 491
Gain on available
for sale - - - - - 18 18 32 50
investments (net of
tax)
Total other - - 183 - - 18 201 340 541
comprehensive income
Total comprehensive
income/(expense) - - 183 - - (1,309) (1,126) 418 (708)
Transactions with
owners: - - - - - 6 6 8 14
Share options charge
Dividends - equity - - - - - (136) (136) - (136)
holders
Dividends -
non-controlling - - - - - - - (250) (250)
Interests
Disposal of own - - - - 70 - 70 - 70
shares
Loss on transfer of - - - - 118 (118) - - -
own shares
Transactions with - - - - 188 (248) (60) (242) (302)
owners
Balance at 30 June
2016 (unaudited) 8,554 4,866 (962) 47 (294) 26,681 38,892 9,750 48,642
Balance at 1 January 8,554 4,866 (1,145) 47 (482) 28,238 40,078 9,574 49,652
2016
(Loss/profit for - - - - - (2,357) (2,357) 208 (2,149)
year
Other comprehensive
income:
Currency translation - - 417 - - - 417 689 1,106
Gain on available - - - - -
for sale 76 76 104 180
investments (net of
tax)
Total other - - 417 - - 76 493 793 1,286
comprehensive income
Total comprehensive - - 417 - - (2,281) (1,864) 1,001 (863)
income/(expense)
Transaction with
owners:
Share options charge - - - - - 45 45 64 109
Dividends - equity - - - - - (136) (136) - (136)
holders
Dividends -
non-controlling - - - - - - - (250) (250)
Interests
Disposal of own - - - - 119 - 119 - 119
shares
Loss on transfer of - - - - 218 (218) - - -
own shares
Transactions with - - - - 337 (309) 28 (186) (158)
owners
Balance at 31
December 2016 8,554 4,866 (728) 47 (145) 25,648 38,242 10,389 48,631
(audited)
Consolidated statement of changes in shareholders' equity - continued
for the six months ended 30 June 2017
Retained Total
earnings excluding
Capital excluding Non- Non-controlling
Share Share Translation redemption Treasury treasury Controlling Interests Total
capital premium reserves reserve shares shares Interests GBP'000 equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 8,554 4,866 (728) 47 (145) 25,648 38,242 10,389 48,631
January 2017
Profit/(loss) for - - - - - (104) (104) 120 16
the period
Other
comprehensive
income:
Currency - - 3 - - - 3 4 7
translation
Gain on available
for sale - - - - - 10 10 15 25
investments (net
of tax)
Total other
comprehensive - - 3 - - 10 13 19 32
income
Total
comprehensive - - 3 - - (94) (91) 139 48
income/(expense)
Transactions with
owners:
Dividends - equity - - - - - (141) (141) - (141)
holders
Dividends -
non-controlling - - - - - - - (250) (250)
interests
Transactions with - - - - - (141) (141) (250) (391)
owners
Balance at 30 June
2017 (unaudited) 8,554 4,866 (725) 47 (145) 25,413 38,010 10,278 48,288
Consolidated cash flow statement
for the six months ended 30 June 2017
6 months 6 months Year
ended ended ended
30 June 30 June 31
December
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Operating activities
Profit/(loss) for the year before taxation 23 (883) (974)
Finance income (61) (65) (144)
Finance expense 2,177 2,099 4,292
(Increase)/decrease in value of investment properties - - (532)
(Increase)/decrease) in trading investments 1 (2) (1)
(Increase)/decrease in value of other investments - (11) (12)
Adjustment to interest rate derivative (179) 477 217
Depreciation 962 751 1,818
Profit on disposal of non-current assets (3) (18) (32)
Share based payment expense - 14 109
Gain on investment held for trading - - 4
Exchange adjustments 28 - (449)
Change in inventories 881 (824) (258)
Change in receivables - 688 (586) 468
continuing operations
Change in receivables - - 424 -
discontinued operations
Change in payables 970 792 1,080
Cash generated from operations 5,487 2,168 5,586
Income tax paid 23 27 (57)
Cash inflows from operating activities 5,510 2,195 5,529
Investing activities
Disposal of shares and loans held to maturity 126 121 121
Disposal of assets held for sale - 2,335 2,275
Share of profit in joint ventures (assets held for sale) - 95 60
Acquisition of investment properties, mining reserves, plant and (1,282) (898) (3,022)
equipment
Sale of investment properties, plant and equipment - continuing 36 18 32
operations
Residual receipt from Windsor Shopping Centre disposal - - - 414
discontinued operations
Interest 228 99 133
received
Cash (outflows)/inflows from investing activities (892) 1,770 13
Financing activities
Sale of treasury shares - 70 119
Interest (2,056) (1,962) (3,943)
paid
Interest on obligation under finance leases (96) (71) (216)
Repayment of debenture stocks (750) - -
Receipt of bank loan - Bisichi Mining PLC 11 16 37
Repayment of bank loan - Bisichi Mining PLC (58) (79) (131)
Receipt of bank loan - Dragon Retail Properties Ltd - 17 -
Equity dividends paid - - (136)
Equity dividends paid - non-controlling interests (63) (63) (250)
Cash outflows from financing activities (3,012) (2,072) (4,520)
Consolidated cash flow statement - continued
for the six months ended 30 June 2017
6 months 6 months Year
ended ended ended
30 June 30 June 31
December
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Net increase in cash and cash equivalents 1,606 1,893 1,022
Cash and cash equivalents at beginning of period 2,931 2,575 2,575
Exchange adjustment (2) (318) (666)
Cash and cash equivalents at end of period 4,535 4,150 2,931
The cash flows above relate to continuing and discontinued operations.
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise
the following balance sheet amounts:
Cash and cash equivalents (before bank overdrafts) 5,329 7,123 6,265
Bank overdrafts (794) (2,973) (3,334)
Cash and cash equivalents at end of period 4,535 4,150 2,931
GBP30,000 cash deposits at 30 June 2017 were charged as security to debenture
stocks.
Notes to the half year report
for the six months ended 30 June 2017
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Revenue
LAP
- Rental Income 3,136 3,040 6,241
- Management income from third parties 286 264 501
Bisichi
- Rental Income 558 530 1,060
- Mining 16,174 10,395 21,731
Dragon
- Rental Income 83 90 171
20,237 14,319 29,704
Operating profit
LAP 1,400 1,253 2,625
Bisichi 500 298 181
Dragon 61 64 40
1,961 1,615 2,846
Profit/(loss) before taxation
LAP (237) (1,057) (1,150)
Bisichi 221 142 216
Dragon 39 32 (40)
23 (883) (974)
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Finance income 61 65 144
Finance expenses:
Interest on bank loans and overdrafts (1,109) (1,131) (2,243)
Other loans (726) (659) (1,420)
Unwinding of discount (Bisichi Mining PLC) (48) (38) (78)
Interest on derivatives (166) (145) (302)
Interest on obligations under finance leases (128) (126) (249)
Total finance expenses (2,177) (2,099) (4,292)
(2,116) (2,034) (4,148)
Notes to the half year report - continued
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
GBP'000 GBP'000 GBP'000
Current tax 108 141 73
Deferred tax (101) 225 1,102
7 366 1,175
6 months 6 months Year
4. Earnings per share
ended ended ended
30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
Group loss after tax attributable to owners (104) (1,327) (2,357)
of the parent (GBP'000)
Weighted average number of shares in issue 85,322 85,053 85,107
for the period ('000)
Basic earnings per share (0.12)p (1.56)p (2.77)p
Diluted number of shares in issue ('000) 85,322 85,053 85,107
Diluted earnings per share (0.12)p (1.56)p (2.77)p
5. Property
Properties at 30 June 2017 are included at valuation as at 31 December 2016,
plus additions in the period at cost.
During the six months ended 30 June 2017 the group had GBP0.02 million property
additions (30 June 2016: GBP0.1 million, 31 December 2016: GBP0.16 million).
No properties were sold during the six months ended 30 June 2017 (carrying
value of properties sold at 30 June 2016: GBPNil, 31 December 2016: GBPNil).
6. Interest rate derivatives
At 30 June 2017 the fair value liability was GBP612,000 as valued by the hedge
provider (30 June 2016: GBP1,053,000, 31 December 2016: GBP793,000).
At 30 June 2017 the fair value asset was GBP2,000 as valued by the hedge provider
(30 June 2016: GBP4,000, 31 December 2016: GBP4,000).
Under IFRS 13 the hedges are not deemed to be eligible for hedge accounting and
any movement in the value of the hedge is charged directly to the consolidated
income statement.
Notes to the half year report - continued
7. Net assets per share 30 June 30 June 31 December
2017 2016 2016
(unaudited) (unaudited) (audited)
Shares in issue ('000) 85,322 85,094 85,322
Net assets per balance sheet (GBP'000) 38,010 38,892 38,242
Basic net assets per share 44.55p 45.70p 44.83p
Shares in issue diluted by outstanding share 85,322 85,094 85,322
options ('000)
Net assets after issue of share options (GBP 38,010 38,892 38,242
'000)
Fully diluted net assets per share 44.55p 45.70p 44.83p
8. Related party transactions
The related parties and the nature of costs recharged are as disclosed in the
group's annual financial statements for the year ended 31 December 2016.
9. Dividends
There is no interim dividend payable for the period (30 June 2016: Nil).
The final dividend in respect of 2016 of 0.165p per share, amounting to GBP
141,000, is payable on 15 September 2017. As the 2016 final dividend was
approved by the shareholders at the Annual General Meeting held on 6 June 2017,
it is included as a liability in these interim financial statements.
10. Risks and uncertainties
The group's principal risks and uncertainties are reported on pages 22 and 24
in the 2016 Annual Report. They have been reviewed by the Directors and remain
unchanged for the current period.
The largest area of estimation and uncertainty in the interim financial
statements is in respect of the valuation of investment properties (which are
not revalued at the half year) and the valuation of interest rate derivatives.
For our subsidiary, Bisichi Mining PLC, it also relates to currency movements
and coal mining activities in South Africa, including depreciation, impairment
and the provision for rehabilitation (relating to environmental rehabilitation
of mining areas).
Notes to the half year report - continued
11. Financial information
The above financial information does not constitute statutory accounts within
the meaning of section 434 of the Companies Act 2006. The figures for the year
ended 31 December 2016 are based upon the latest statutory accounts, which have
been delivered to the Registrar of Companies; the report of the auditor on
those accounts was unqualified and did not contain a statement under Section
498(2) or (3) of the Companies Act 2006. As required by the Disclosure and Transparency Rules of the UK's Financial Conduct Authority, the interim financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) and in accordance with both IAS 34 'Interim Financial Reporting' as adopted by the European Union and the disclosure requirements of the Listing Rules. The half year results have not been audited or subject to review by the company's auditor. The annual financial statements of London & Associated Properties PLC are prepared in accordance with IFRS as adopted by the European Union. The same accounting policies are used for the six months ended 30 June 2017 as were used for the year ended 31 December 2016. As stated in the 2016 Annual Report in the group accounting policies, Bisichi Mining PLC and Dragon Retail Properties Limited are consolidated with LAP, as required by IFRS 10. The assessment of new standards, amendments and interpretations issued but not effective, is that these are not anticipated to have a material impact on the financial statements. There is no material seasonal impact on the group's financial performance. Taxes on income in the interim periods are accrued using tax rates expected to be applicable to total annual earnings. The interim financial statements have been prepared on the going concern basis as the Directors are satisfied the group has adequate resources to continue in operational existence for the foreseeable future. 12. Board approval The half year results were approved by the Board of London & Associated Properties PLC on 30 August 2017. Directors' responsibility statement The Directors confirm that to the best of their knowledge: (a) the condensed set of financial statements have been prepared in accordance with applicable accounting standards and IAS 34 Interim Financial Reporting as adopted by the EU; (b) the interim management report includes a fair review of the information required by: (1) DTR 4.2.7R of the Disclosure and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements ; and a description of the principal risks and uncertainties for the remaining six months of the year; and (2) DTR 4.2.8R of the Disclosure and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so. This report contains forward-looking statements. These statements are based on current estimates and projections of management and currently available information. Future statements are not guarantees of the future developments and results outlined therein. Rather, future developments and results are dependent on a number of factors; they involve various risks and uncertainties and are based upon assumptions that may not prove to be accurate. Risks and uncertainties identified by the Group are set out on pages 22 and 24 of the 2016 Annual Report. We do not assume any obligation to update the forward-looking statements contained in this report. Signed on behalf of the Board on 30 August 2017 Sir Michael Heller Anil Thapar Director Director Directors and advisors Directors Executive directors * Sir Michael Heller MA FCA (Chairman) John A Heller LLB MBA (Chief Executive) Anil K Thapar FCCA (Finance Director) Non-executive directors ? Howard D Goldring BSC (ECON) ACA #?Clive A Parritt FCA CF FIIA Robin Priest MA * Member of the nomination committee # Senior independent director ? Member of the audit, remuneration and nomination committees. Secretary & registered office Anil K Thapar FCCA 24 Bruton Place, London W1J 6NE Registrars & transfer office Capita Asset Services The Registry, 34 Beckenham Road Beckenham, Kent BR3 4TU UK Telephone: 0871 664 0300 (Calls cost 12p per minute + network extras, lines are open Mon-Fri 9.00am to 5.30pm) International Telephone: +44 208 639 3399 (Calls outside the United Kingdom will be charged at applicable international rate) Website: www.capitaassetservices.com E-mail: shareholderenquiries@capita.co.uk Company registration number 341829 (England and Wales) Website www.lap.co.uk E-mail admin@lap.co.uk END
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August 31, 2017 05:20 ET (09:20 GMT)
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