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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 | 0.00 | 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 2021
LONDON & ASSOCIATED PROPERTIES PLC
HALF YEAR RESULTS TO 30 JUNE 2021
London & Associated Properties PLC ("LAP" or "the Group") is a main market
listed property investment group that specialises in industrial and community
retail.
It also holds a substantial stake in the main market listed Bisichi PLC which
operates coal mines in South Africa and owns UK property investments.
HIGHLIGHTS
* Net assets attributable to shareholders are £29.2 million (December 2020: £
29.9 million).
* Losses before tax of £0.9 million (June 2020: £2.9 million).
* Radcliffe retail property sold for £1.8 million (£1.65 million book value
December 2020), with ongoing property management role.
* Good progress on recovery of tenant arrears now that COVID lockdown
restrictions have been lifted:
+ Second quarter rents received: 83% (June 2020: 82%)
+ Third quarter rents received to date: 70% (June 2020: 55%)
* Total property portfolio seeing improved performance with Group occupancy
levels of 95.4% by rental income (June 2020: 92.0%).
* JV development in West Ealing, with Metroprop Real Estate Limited:
+ Planning approval documents being finalised following agreed consent
for 56 flats.
"While this has been a difficult period, we are beginning to see the light at
the end of the tunnel. As we have stated rent collection is improving strongly
and we are making real progress in diversifying our portfolio into non-retail
areas. At the same time great strides have been made, and are continuing to be
made, in reducing our cost base and returning to profitability. We believe the
actions we have taken place LAP in the right position to take full advantage of
improved market conditions as the economy strengthens. Therefore, we view the
future with increasing confidence."
-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 2021
Half year review
Our report for the six months to 30 June 2021 covers a period of significant
disruption for many of our tenants' businesses with a gradual return to more
normal activity. Despite the extension of Government's moratorium on enforcing
commercial rent payments, we are pleased to report rent collections from our
more community-orientated tenants reached 83% for the March quarter and for
the June quarter, to date, we have collected 70% even though a number of
tenants continue to pay monthly by agreement.
Revenue from property activities showed a modest increase in the period (£
0.3m), although the increase in Bisichi mining revenue (£9.3m) accounted for
most of the growth in Group revenue for this period. The Bisichi position is
discussed separately below, after a review of the core property business.
Group losses before tax at £0.9 million are an improvement on 2020 (Losses of £
2.9 million) and we continue with our efforts to improve performance.
Since reopening after lockdown all tenants apart from one are paying rent and
making progress on any arrears that have accumulated. We are in the process of
taking legal action against the non-paying tenant.
Of the current 4.6% of vacancies by rental income, one unit in Runcorn has now
been refurbished and is currently being marketed while another unit in
Sheffield is planned to be part of future development activities. These two
units comprise 2.9% of the total vacancies.
At Orchard Square, Sheffield our development activities are progressing well.
Construction of the food court, Sheffield Plate, is complete. Demand for units
from street food operators has been strong, with the opening scheduled for
September. This development will be managed by Market Asset Management, one of
the UK's foremost operators of food halls and will further position the
property as a mixed-use asset.
We have seen a small number of tenants go through administration or insolvency
during the period, but in all cases we have relet the units at similar rents to
the same brands, as they have come out of administration or restructuring.
We continue to progress our overhead cutting initiatives which commenced two
years ago. These are now providing positive cashflow and profitability
outcomes. As our central London office lease nears its end, we are looking to
reduce our cost base even further by operating from offices more suitable to
our restructured core activities.
During the period, we sold our retail property in Radcliffe for £1.8 million to
the council, against a December 2020 book value of £1.65 million. We are
continuing to manage the property, for a fixed fee over the next two years, as
we support the council with its regeneration of the town centre. £1.0 million
of the proceeds remain charged against a property loan facility.
In August, contracts were exchanged for the unconditional £2.35 million sale of
a large industrial unit in Runcorn against a December 2020 valuation of £2.5
million. This uncharged property was purchased for £1.6 million in 2018, with £
0.1 million net being spent on refurbishment.
The proceeds from these sales will be reinvested into the business to continue
our portfolio diversification strategy and we are examining suitable investment
opportunities.
As opportunities arise, we will dispose of other properties that do not meet
our core investment criteria. We are in discussions with interested parties on
a number of retail properties which will allow us to further move our portfolio
away from this sector.
At West Ealing, we are finalising the planning approval documents following
planning consent obtained in November 2020 for the development of 56 flats and
ground floor retail.
Within the next 12 months the 25-year £10 million, 8.109% Aviva debenture will
be refinanced. We are making preparations for this event which will provide us
with an opportunity to reduce our interest costs and further improve
profitability and cashflow.
During the period an extension of the Dragon Retail Properties loan with
Santander to October 2021 was secured. Santander offered terms for a further
loan and we are exploring available options for the refinancing.
Bisichi PLC, which is 42% owned, has seen an improvement in global economic
activity in the first half of 2021. During the period, this improvement had a
significant impact on demand for coal in the international market. In the first
six months of 2021, the average weekly price of Free on Board (FOB) coal from
Richard Bay Coal Terminal (API4 price) averaged US$97, compared to $67 in the
first six months of 2020, when demand for coal was particularly impacted by the
outbreak of Covid-19. This has had a positive impact on the Bisichi operations,
particularly the South African coal mining and processing operations. As a
result, in the six months ended 30 June 2021, Bisichi made a loss before tax of
£0.5 million (2020: loss of £1.9 million) from revenue of £23.6 million (2020:
£14.3 million).
Bisichi's results would have been even better if they had not encountered
difficult mining conditions at Black Wattle, the South African mining
operation, which impacted adversely coal production during the period.
Nonetheless, the mine achieved production of 553,000 metric tonnes compared to
580,000 metric tonnes in the first half of 2020. Black Wattle's operating costs
during the period were also impacted by the difficult mining conditions, as
well as the higher overall cost of mining of the remaining reserves at Black
Wattle's current mining area. This mainly accounts for the increase in
Bisichi's operating costs during the reported period.
Despite lower output from Black Wattle, at Sisonke Coal Processing, the South
African coal processing operation, Bisichi was able to take advantage of the
improved coal price by reducing stockpiles of coal that had built up during the
economic downturn of 2020. The overall increase in revenue and earnings during
the first half of the year is attributable mainly to the coal processing
operations.
Looking forward, Bisichi's overall mining production in the second half of 2021
is expected to remain at similar levels to the first half of the year. However,
plans are in place to move into a new mining area at Black Wattle by the end of
2021, where mining conditions and production are expected to improve. In the
interim, Bisichi will look to keep costs as low as possible while developing
new opportunities for Sisonke Coal Processing, to take advantage of the
improved coal market conditions seen in 2021 to date. In addition, Bisichi
continues to work closely with their BEE partner in South Africa, to seek
further opportunities to extend the life of the existing mining operations or
to develop new independent mining operations in South Africa.
We are not paying a dividend for the half year. Our strategy is to maximise
income over the medium term by moving the emphasis away from retail, replacing
high cost finance and judicious cost cutting. This is beginning to show results
and our dividend policy will reflect this, once our cash has been reinvested
and our income has returned to previous levels.
While this has been a difficult period, we are beginning to see the light at
the end of the tunnel. As we have stated, rent collection is improving strongly
and we are making real progress in diversifying our portfolio into non-retail
areas. At the same time great strides have been made, and are continuing to be
made, in reducing our cost base and returning to profitability. We believe the
actions we have taken place LAP in the right position to take full advantage of
improved market conditions as the economy strengthens. Therefore, we view the
future with increasing confidence.
Sir Michael
Heller
John Heller
Chairman
Chief Executive
31 August 2021
Consolidated income statement
for the six months ended 30 June 2021
6 months 6 months Year
ended ended ended
30 June 30 June 31
December
2021 2020 2020
(unaudited) (unaudited) (audited)
Notes
£'000 £'000 £'000
Group revenue 1 26,518 16,917 35,018
Operating costs (26,587) (18,164) (39,942)
Operating loss 1 (69) (1,247) (4,924)
Finance income 2 12 24 30
Finance expenses 2 (1,403) (1,389) (2,869)
Result before valuation and other movements (1,460) (2,612) (7,763)
Non-cash changes in valuation of assets and
liabilities and other movements
Exchange gains - - 39
Decrease in value of investment properties - - (2,269)
Increase in value of other investments - - 67
Increase/(decrease) in value of trading 376 (261) (20)
investments
Adjustment to interest rate derivative 60 - (200)
Gains on sale of investment properties 121 - -
Result including revaluation and other movements (903) (2,873) (10,146)
Loss for the period before taxation 1 (903) (2,873) (10,146)
Income tax (charge)/credit 3 (129) 807 1,086
Loss for the period (1,032) (2,066) (9,060)
Attributable to:
Equity holders of the Company (660) (1,096) (6,704)
Non-controlling interest (372) (970) (2,356)
Loss for the period (1,032) (2,066) (9,060)
Loss per share - basic and diluted 4 (0.77)p (1.28)p (7.86)p
Consolidated statement of comprehensive income
for the six months ended 30 June 2021
30 June 30 June 31
December
2021 2020 2020
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Loss for the period (1,032) (2,066) (9,060)
Other comprehensive income:
Items that may be subsequently recycled to the income
statement:
Exchange differences on translation of foreign 6 (467) (464)
operations
Other comprehensive income/(expense) for the period, 6 (467) (464)
net of tax
Total comprehensive expense for the period, net of (1,026) (2,533) (9,524)
tax
Attributable to:
Equity shareholders (608) (490) (6,866)
Non-controlling interest (418) (2,043) (2,658)
(1,026) (2,533) (9,524)
Consolidated balance sheet
at 30 June 2021
30 June 30 June 31 December
2021 2020 2020
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Non-current assets
Market value of properties attributable 40,970 44,580 42,640
to Group
Right of use assets 3,249 4,066 3,344
Property 5 44,219 48,646 45,984
Mining reserves, plant and equipment 10,366 8,904 10,986
Other investments at fair value 2,721 449 1,746
Deferred tax - 779 -
57,306 58,778 58,716
Current assets
Inventories - mining 2,592 4,552 3,445
Inventories - property 5 25,366 26,915 25,013
Trade and other receivables 10,035 9,033 8,190
Investments in listed securities at fair 923 926 833
value
Cash and cash equivalents 8,299 9,554 7,194
47,215 50,980 44,675
Total assets 104,521 109,758 103,391
Current liabilities
Trade and other payables (19,708) (14,323) (16,133)
Borrowings (9,568) (9,739) (10,274)
Lease liabilities (432) (402) (514)
Current tax liabilities (1) (317) (209)
(29,709) (24,781) (27,130)
Non-current liabilities
Borrowings (30,926) (31,907) (30,853)
Interest rate derivatives (140) - (200)
Lease liabilities (3,665) (3,733) (3,865)
Provisions (1,461) (1,359) (1,442)
Deferred tax liabilities (193) (1,441) (355)
(36,385) (38,440) (36,715)
Total liabilities (66,094) (63,221) (63,845)
Net assets 38,427 46,537 39,546
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 PLC) (1,031) (1,034) (1,030)
Capital redemption reserve 47 47 47
Retained earnings 16,907 23,175 17,567
(excluding treasury shares)
Treasury shares (144) (144) (144)
Retained earnings 16,763 23,031 17,423
Total equity attributable to equity 29,199 35,464 29,860
shareholders
Non - controlling interest 9,228 11,073 9,686
Total equity 38,427 46,537 39,546
Net assets per share 6 34.22 41.56 34.99
Diluted net assets per share 6 34.22 41.56 34.99
Consolidated statement of changes in shareholders' equity
for the six months ended 30 June 2021
Share Share Capital Treasury Retained Total Total
capital premium Translation redemption shares earnings excluding equity
£'000 £'000 reserves reserve £'000 excluding Non- Non-controlling £'000
£'000 £'000 treasury Controlling Interests
shares Interests £'000
£'000 £'000
Balance at 1 January 8,554 4,866 (868) 47 (144) 24,271 36,726 12,407 49,133
2020
Loss for the period - - - - - (1,096) (1,096) (970) (2,066)
Other comprehensive
income:
Currency translation - - (166) - - - (166) (301) (467)
Total other - - (166) - - - (166) (301) (467)
comprehensive income
Total comprehensive - - (166) - - (1,096) (1,262) (1,271) (2,533)
expense
Transactions with
owners:
Dividends - - - - - - - - (63) (63)
non-controlling
Interests
Transactions with - - - - - - - (63) (63)
owners
Balance at 30 June 8,554 4,866 (1,034) 47 (144) 23,175 35,464 11,073 46,537
2020 (unaudited)
8,554 4,866 (1,034) 47 (144) 23,175 35,464 11,073 46,537
Balance at 1 January 8,554 4,866 (868) 47 (144) 24,271 36,726 12,407 49,133
2020
Loss for the year - - - - - (6,704) (6,704) (2,356) (9,060)
Other comprehensive
income:
Currency translation - - (162) - - - (162) (302) (464)
Total other - - (162) - - - (162) (302) (464)
comprehensive
expense
Total comprehensive - - (162) - - (6,704) (6,866) (2,658) (9,524)
expense
Transaction with
owners:
Dividends - - - - - - - - (63) (63)
non-controlling
Interests
Transactions with - - - - - - - (63) (63)
owners
Balance at 31 8,554 4,866 (1,030) 47 (144) 17,567 29,860 9,686 39,546
December 2020
(audited)
Consolidated statement of changes in shareholders' equity - continued
for the six months ended 30 June 2021
Share Share Capital Treasury Retained Total Total
capital premium Translation redemption shares earnings excluding equity
£'000 £'000 reserves reserve £'000 excluding Non- Non-controlling £'000
£'000 £'000 treasury Controlling Interests
shares Interests £'000
£'000 £'000
8,554 4,866 (1,030) 47 (144) 17,567 29,860 9,686 39,546
Balance at 1
January 2021
Loss for the - - - - - (660) (660) (372) (1,032)
period
Other
comprehensive
income:
Currency - - (1) - - - (1) 4 3
translation
Total other - - (1) - - - (661) 4 3
comprehensive
income
Total - - (1) - - (660) (661) (368) (1,029)
comprehensive
expense
Transactions with
owners:
Dividends - - - - - - - - (90) (90
non-controlling
interests
Transactions with - - - - - - - (90) (90)
owners
Balance at 30 June 8,554 4,866 (1,031) 47 (144) 16,907 29,199 9,228 38,427
2021 (unaudited)
Consolidated cash flow statement
for the six months ended 30 June 2021
6 months 6 months Year
ended ended ended
30 June 30 June 31
December
2021 2020 2020
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Loss for the year before taxation (903) (2,873) (10,146)
Finance income (12) (24) (30)
Finance expense 1,403 1,388 2,869
Decrease in value of investment properties - - 2,269
Write off investments in joint venture - - (47)
Adjustment to interest rate derivative (60) - 200
Depreciation 1,457 1,488 2,455
Profit on sale of investment properties (121) - -
Exchange adjustments 9 206 (39)
Change in inventories 538 (2,589) 1,173
Development expenditure on inventories - (398)
Change in receivables (1,305) (377) (380)
Change in payables 2,224 2,297 3,717
Cash generated from operations 3,230 (484) 1,643
Income tax paid (211) (72) (198)
Cash inflows/(outflows) from operating activities 3,019 (556) 1,445
Investing activities
Acquisition of investment properties, mining reserves, plant and equipment (706) (1,849) (3,515)
Sale of investment properties 1,791 - -
Disposal of other investments - - 253
Acquisition of other investments (689) (230) (1,379)
Interest 12 24 30
received
Cash inflows/(outflows) from investing activities 408 (2,055) (4,611)
Financing activities
Interest (1,379) (1,401) (2,675)
paid
Interest on obligation under finance leases (16) (19) (178)
Receipt of bank loan - Bisichi PLC 130 126 61
Repayment of bank loan - Bisichi PLC (272) (144) (200)
Receipt of bank loan - London & Associated Properties PLC 352 40 105
Repayment of bank loan - London & Associated Properties PLC (88) (158) (169)
Repayment of lease liability (132) (101) (231)
Equity dividends paid - non-controlling interests - (63) (63)
Cash outflows from financing activities (1,405) (1,720) (3,350)
Consolidated cash flow statement - continued
for the six months ended 30 June 2021
6 months 6 months Year
ended ended ended
30 June 30 June 31
December
2021 2020 2020
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net increase/(decrease) in cash and cash equivalents 2,022 (4,331) (6,516)
Cash and cash equivalents at beginning of period 2,348 8,691 8,691
Exchange adjustment (40) 481 173
Cash and cash equivalents at end of period 4,330 4,841 2,348
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) 8,299 9,554 7,194
Bank overdrafts (3,969) (4,713) (4,846)
Cash and cash equivalents at end of period 4,330 4,841 2,348
Notes to the half year report
for the six months ended 30 June
2021
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue
LAP
- - Rental Income 2,372 2,205 4,377
- - Service charge income 411 348 795
- - Management income from 9 21 18
third parties
Bisichi
- - Rental Income 497 503 919
- - Service charge income 79 32 156
- - Mining 23,045 13,729 28,624
- Dragon
- - Rental Income 82 79 108
- - Service charge income 23 - 21
26,518 16,917 35,018
Operating (loss)/profit
LAP 397 92 (1,877)
Bisichi (517) (1,399) (3,139)
Dragon 51 60 92
(69) (1,247) (4,924)
(Loss)/profit before taxation
LAP (409) (967) (4,956)
Bisichi (524) (1,950) (4,944)
Dragon 30 44 (246)
(903) (2,873) (10,146)
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Finance income 12 24 30
Finance expenses:
Interest on bank loans and overdrafts (947) (855) (1,615)
Other loans (430) (430) (968)
Interest on obligations under finance (26) (104) (286)
leases
Total finance expenses (1,403) (1,389) (2,869)
(1,391) (1,365) (2,839)
Notes to the half year report - continued
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2021 2020 2020
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Current tax (14) 6 32
Deferred tax 143 (813) (1,118)
129 (807) (1,086)
6 months 6 months Year
4. Earnings per share
ended ended ended
30 June 30 June 31 December
2021 2020 2020
(unaudited) (unaudited) (audited)
Loss attributable to equity shareholders (660) (1,096) (6,704)
after tax (£'000)
Weighted average number of shares in issue 85,326 85,322 85,325
for the period ('000)
Basic earnings per share (0.77)p (1.28)p (7.86)p
Diluted number of shares in issue ('000) 85,326 85,322 85,325
Diluted earnings per share (0.77)p (1.28)p (7.86)p
5. Properties
Investment properties are held a fair value at each reporting period.
During the period one property was sold for a gross sales value of £1.8
million. This property was valued at £1.65 million at 31 December 2020 and
after costs there was a profit on sale of £0.1 million.
Management evaluate on an ongoing basis the impact of Covid-19 and the current
economic performance of the UK property market on the future performance of the
group's existing UK property portfolio. The Board considers the final impact of
Covid-19 on the investment properties to remain uncertain. However, the
Directors have placed a valuation on the properties which is not materially
different to the value as at 31 December 2020. Therefore, no change in fair
value of investment properties has been made during the period. Investment
properties are therefore included at a Director's valuation which is considered
to be the fair value as at 30 June 2021. Please refer to page 43 of the 2020
Annual report and Accounts for details on the valuation of investment and
inventory properties as at 31 December 2020.
6. Net assets per share 30 June 30 June 31 December
2021 2020 2020
(unaudited) (unaudited) (audited)
Shares in issue ('000) 85,326 85,322 85,325
Net assets attributable to equity 29,199 35,464 29,860
shareholders (£'000)
Basic net assets per share 34.22p 41.56p 34.99p
Shares in issue diluted by outstanding share 85,326 85,322 85,325
options ('000)
Net assets after issue of share options (£ 29,199 35,464 29,860
'000)
Fully diluted net assets per share 34.22p 41.56p 34.99p
Notes to the half year report - continued
7. 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 2020.
8. Dividends
There is no interim dividend payable for the period (30 June 2020: Nil).
There is no final dividend payable in respect of 2020.
9. Risks and uncertainties
The group's principal risks and uncertainties are reported on pages 10 and 11
in the 2020 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)..
For Bisichi PLC, the largest area of estimation 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).
Property, plant and equipment representing Bisichi's mining assets in South
Africa are reviewed for impairment where there is evidence of a material
impairment. The impairment test indicated significant headroom as at 31
December 2020 and no impairment was considered appropriate. Although the final
impact of Covid-19 remains uncertain, the directors of Bisichi have assessed
the expected range of impact of the Covid-19 pandemic on its impairment model
using similar key assumptions and estimates as outlined on page 60 of the 2020
Annual report and Accounts, and no impairment was considered appropriate as at
30 June 2021.
Other areas of estimation and uncertainly are referred to in the Group's annual
financial statements. There have been no significant changes to the basis of
accounting of key estimates and judgements as disclosed in the annual report as
at 31 December 2020.
10. 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 2020 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' and in conformity
with the requirements of the Companies Act 2006 applicable to companies
reporting under IFRS 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 and in conformity with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS. the company has applied UK-adopted IAS and at the date of application, both UK-adopted IAS and EU-adopted IFRS are the same. The same accounting policies are used for the six months ended 30 June 2021 as were used for the year ended 31 December 2020. As stated in the 2020 Annual Report in the group accounting policies, Bisichi 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. The interim financial statements have been prepared on the going concern basis. Although the final impact of Covid-19 on both our UK and South African operations remains uncertain and an estimate of the overall financial effect cannot be made, the Directors have assessed the range of expected impact of the pandemic on its cashflow forecasts. The forecasts demonstrate that the group has adequate resources to continue in operational existence for the foreseeable future and is well placed to manage its business risks. 11. Board approval The half year results were approved by the Board of London & Associated Properties PLC on 31 August 2021. 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 7 and 8 of the 2020 Annual Report & Accounts. We do not assume any obligation to update the forward-looking statements contained in this report. Signed on behalf of the Board on 31 August 2021 Sir Michael Heller Jonathan Mintz Director Director Directors and advisors Directors Executive directors * Sir Michael Heller MA FCA (Chairman) John A Heller LLB MBA (Chief Executive) Jonathan Mintz FCA (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 Jonathan Mintz FCA 24 Bruton Place, London W1J 6NE Registrars & transfer office Link Group Shareholder Services 10th Floor Central Square 29 Wellington Street Leeds LS1 4DL UK Telephone: 0371 664 0300 International Telephone: +44 371 664 0300 (Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 09:00 - 17:30, Monday to Friday excluding public holidays in England and Wales) Website: www.linkgroup.com E-mail: shareholderenquiries@linkgroup.co.uk Company registration number 341829 (England and Wales) Website www.lap.co.uk E-mail admin@lap.co.uk END
(END) Dow Jones Newswires
August 31, 2021 02:40 ET (06:40 GMT)
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