Half-yearly Report
29/08/2013 07:05
FOR IMMEDIATE RELEASE
29 August 2013
LONDON & ASSOCIATED PROPERTIES PLC:
HALF YEARLY RESULTS TO 30 JUNE 2013
London & Associated Properties plc ("LAP" or the "Company") is a fully listed
UK shopping centre and Central London retail property specialist.
HIGHLIGHTS
* IFRS pre-tax profits increased to 10.2 million compared to a 0.1 million
loss at 30 June 2012
* Net assets rise by 39% to 54.7 million against comparative period and by 18%
against 2012 year end
* Under EPRA net assets increased over 12% to 76.0 million from 67.6 million
a year, equating to 90.5p per share up from 80.4p per share
* Rental income further improves to 7.8 million compared to 7.7 million last
year
* Voids continue to be minimal - only 1.6% of rental income
* Weighted average unexpired lease term at 8.3 years
* Sale of two properties for 9.48 million completed since period end
"Against a backdrop of the continuing challenging retail climate, we are
pleased to report that our rental income improved to 7.8 million from 7.7
million in the first half of 2012. This is testament both to the quality of
our retail assets and our intensive management of them."
Michael Heller,Chairman, and John Heller, Chief Executive.
-more-
Contact:
London & Associated Properties PLC Tel: 020 7415 5000
John Heller, Chief Executive or
Robert Corry, Finance Director
Baron Phillips Associates Tel: 020 7920 3161
Baron Phillips
HALF YEAR REVIEW
There has been a significant improvement in LAP's results for the six months to
30 June 2013: under IFRS, group profit was 10.2 million compared with a loss
of 0.1 million over the same period last year. These numbers have been
bolstered by an improvement in the mark-to-market of our long dated swaps.
This has resulted in a 9.9 million credit to the income statement during the
period. Net assets under IFRS have increased by 18% to 54.7 million compared
with 46.5 million at the 31 December 2012 and by almost 40% against the 39.3
million at 30 June 2012. Using the EPRA accounting methodology, net assets
increased by more than 12% to 76.0 million compared to 67.6 million 12 months
ago. This equates to 90.1p per share (2012: 80.4p per share) using the EPRA
accounting methodology.
Against a backdrop of the continuing challenging retail climate, we are pleased
to report that our rental income improved to 7.8 million from 7.7 million in
the first half of 2012. This is testament both to the quality of our retail
assets and our intensive management of them.
Voids are still minimal, representing less than 2% (2012: 2%) of rental
income. The one significant tenant failure that we suffered over the period
was of a retailer that not only continues to trade but is investing in our
store, as we will report in more detail below.
Our weighted average unexpired lease term (WAULT) continues to be resilient at
8.3 years. Further, if those tenants who have already served notice to renew
their leases were included, the WAULT increases to 8.5 years.
In July 2013, we completed the disposal of two retail units to the same buyer
for 9.48 million. These were our property in Chesterfield (majority let to
Primark) and the unit on Peascod Street, Windsor that we recently created for
Superdry. We have used part of the proceeds to reduce our costs of capital
through the repayment of two debentures. The first was for 5 million at 11.3%
due to expire this year, while the second was for 1.7 million at 8.67% due to
expire in 2016. The annual saving in interest is 712,000 while the properties
produced annualised rents of 707,000. Our average annualised rate of interest
is now 6.27% (2012: 6.48%).
Overall our properties continue to trade well. King Edward Court, Windsor,
remains well let, and we have completed lettings during 2013 that have
maintained our rental levels per square foot. Windsor is one of the few places
in the UK where rents have remained strong throughout the recession. Our most
recent letting was to Clintons Cards at a stepped rent to 92,000 per annum,
averaging 86,000 per annum, compared to the previous rent there of 78,500 per
annum.
There are two vacant units in Windsor, one resulting from tenant failure and
one that we developed last year. Both are now under offer to multiple
retailers at levels which support the rental tone of the centre.
At Orchard Square, Sheffield, we suffered our most significant tenant failure
when Republic went into administration. However, the unit continues to trade
following Republic's acquisition by Sports Direct from the administrators, and
has now been rebranded as USC. Sports Direct has invested in the fabric of the
store, and we are confident that rental levels, which are now based on store
turnover, will be similar to the level previously received.
Notwithstanding USC's occupation of the unit, we have received interest from a
number of national retailers in this space. It is notable that interest in the
store came before the announcement in August that the agreement between
Sheffield City Council and developers for the Sevenstone retail quarter was
being abandoned. This is consistent with our view that our shops in Sheffield
would remain the prime fashion stores for the City.
The rest of our shops at Orchard Square remain fully occupied and those tenants
whose leases are reaching expiry have all served notice to renew them.
Our markets in Brixton continue to receive favourable press, and are often
quoted as being one of the great success stories of modern retailing. The
waiting list for retailers to secure a unit in the market shows no sign of
abating which will impact positively on rental income there over the medium
term.
At Kings Square, West Bromwich, the local authority has commenced its major
investment into the landscaping of the town centre. This will particularly
benefit our property since much of the focus of this project is in improving
the pedestrian access from the new Sandwell College into the town centre, which
directs pedestrians through the rear of our shopping centre.
The remainder of our portfolio continues to trade in line with expectations.
We are in the final stages of renegotiating our loan renewal with Royal Bank of
Scotland. There are no other loans due to expire within the next 12 months,
and we remain within all our banking covenants.
We are in the process of winding up Analytical Ventures, our joint venture with
HBOS, as it has come to the end of its five year life. Although originally
conceived as a vehicle to acquire retail property from motivated sellers, it
only ever acquired a single property in Halifax. We have now exchanged
contracts to sell this property for 8.1 million.
At Langney Shopping Centre, Eastbourne, which we own in joint venture with
Columbus Capital Management, the shopping centre suffered a major roof collapse
during inclement weather shortly before Christmas. The centre has been
repaired and is now open once again for trading. Additionally, we are pleased
to report that we have secured planning consent for a 40,000 square feet
extension to the eastern end of the shopping centre. Our letting agents are
currently negotiating with retailers to pre-let the proposed retail space, and
interest to date has been encouraging.
London and Associated Management Services Limited ("LAMS"), our asset
management subsidiary, continues to generate significant fee income for the
group. Working closely with insolvency practitioners from Deloitte, we have
managed the Agora portfolio on behalf of Lloyds Banking Group throughout the
year to date. Although the assets are challenging, we have achieved
considerable success and have sold the first of the shopping centres for a sum
in excess of valuation. LAMS' fees for this work have been added to our cash
reserves. We are looking for further opportunities to use our asset management
expertise.
We would also like to welcome Robin Priest to the Board. As shareholders will
have read in our earlier announcement, Robin brings a wealth of real estate
expertise to LAP, and we all look forward to working with him.
While market conditions remain difficult we believe the company is well placed
to take full advantage of the upturn. We do not propose to pay an interim
dividend as we wish to continue to conserve our cash resources. We would
finally like to thank all of the directors, staff and advisers who have
contributed to our progress in these challenging times.
Sir Michael Heller John Heller
Chairman Chief Executive
28 August 2013
Consolidated income statement
for the six months ended 30 June 2013
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
Notes '000 '000 '000
Gross rental income
Group and share of joint ventures 7,808 7,702 15,827
Surrenders - - (23)
Less: joint ventures - share of rental income (309) (325) (638)
Revenue 7,499 7,377 15,166
Direct property expenses (616) (598) (1,351)
Overheads (1,306) (1,553) (2,514)
Property overheads (1,922) (2,151) (3,865)
Net rental income 1 5,577 5,226 11,301
Listed investments held for trading 1 1 102 97
Operating profit before financing charges 5,578 5,328 11,398
Finance income 2 28 13 47
Finance expenses 2 (5,748) (5,663) (11,344)
Operating (loss)/profit after financing charges (142) (322) 101
Revaluation and other movements, associate
and joint ventures
Net increase on revaluation of investment properties - - 10,692
Net increase/(decrease)
in value of investments held for trading 3 (1) 4
Share of profit/(loss) of joint ventures after tax 29 75 (634)
Share of profit of associate after tax 447 482 545
Adjustment to the net present value
of interest rate derivatives 6 9,891 (294) (3,085)
Profit /(loss)including revaluation
and other movements 10,228 (60) 7,623
Income tax 3 (1,932) 72 (354)
Profit for the period attributable
to the owners of the parent 8,296 12 7,269
Basic earnings per share 4 9.85p 0.01p 8.65p
Diluted earnings per share 4 9.85p 0.01p 8.65p
The above revenue and operating result relate to continuing operations in the United Kingdom.
Consolidated income statement analysis
for the six months ended 30 June 2013
30 June 2013 30 June 2012 31 December 2012
per per per
income income income
statement statement statement
Cash Non-cash Cash Non-cash Cash Non-cash
items items (unaudited) items items (unaudited) items items (audited)
'000 '000 '000 '000 '000 '000 '000 '000 '000
Net rental
income 5,577 - 5,577 5,226 - 5,226 11,301 - 11,301
Income and
gains on
investments
held for
trading 1 - 1 102 - 102 97 - 97
Net change
of
revaluation
of
investment
properties - - - - - - - 10,692 10,692
Net
increase/
(decrease)
in value of
investments
held for
trading - 3 3 - (1) (1) - 4 4
Operating
profit/
(loss) 5,578 3 5,581 5,328 (1) 5,327 11,398 10,696 22,094
Share of
joint
ventures
and
associates 44 432 476 75 482 557 241 (330) (89)
Interest
rate
derivatives
(valuation
movements) - 9,891 9,891 - (294) (294) - (3,085) (3,085)
Net
interest (5,720) - (5,720) (5,650) - (5,650) (11,297) - (11,297)
(Loss)/
profit
before
taxation (98) 10,326 10,228 (247) 187 (60) 342 7,281 7,623
Consolidated statement of comprehensive income
for the six months ended 30 June 2013
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
'000 '000 '000
Profit for the period 8,296 12 7,269
Other comprehensive income:
Currency translation in associate (136) (28) (122)
Other comprehensive income for the period net of tax (136) (28) (122)
Total comprehensive income for the period attributable
to owners of the parent 8,160 (16) 7,147
Consolidated balance sheet
at 30 June 2013
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
Notes '000 '000 '000
Non-current assets
Market value of properties attributable to Group 205,421 194,492 205,412
Present value of head leases 28,655 28,659 28,657
Property 5 234,076 223,151 234,069
Plant and equipment 238 334 260
Investments in joint ventures 1,396 2,080 1,337
Investments in associated company 7,418 7,294 7,271
Held to maturity investments 1,939 1,912 1,913
Deferred tax 1,392 3,746 3,324
246,459 238,517 248,174
Current assets
Trade and other receivables 4,763 5,080 4,656
Financial assets - investments held for trading 23 14 20
Cash and cash equivalents 8,325 8,617 8,303
13,111 13,711 12,979
Total assets 259,570 252,228 261,153
Current liabilities
Trade and other payables (12,745) (13,175) (12,514)
Financial liabilities - borrowings (52,609) (48,007) (52,666)
(65,354) (61,182) (65,180)
Non-current liabilities
Financial liabilities - borrowings (86,825) (91,958) (86,924)
Interest rate derivatives 6 (24,044) (31,144) (33,935)
Present value of head leases on properties (28,655) (28,659) (28,657)
(139,524) (151,761) (149,516)
Total liabilities (204,878) (212,943) (214,696)
Net assets 54,692 39,285 46,457
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 in associate (474) (244) (338)
Capital redemption reserve 47 47 47
Retained earnings (excluding treasury shares) 42,858 27,483 34,749
Treasury shares (1,159) (1,421) (1,421)
Retained earnings 41,699 26,062 33,328
Total shareholders' equity 54,692 39,285 46,457
Net assets per share 7 64.89p 46.77p 55.30p
Diluted net assets per share 7 64.87p 46.76p 55.29p
Consolidated statement of changes in shareholders' equity
for the six months ended 30 June 2013
Retained Earnings
Retained
Capital Earnings
Share Share Translation redemption Treasury ex: treasury Total
capital premium reserve reserve Shares shares equity
'000 '000 '000 '000 '000 '000 '000
Balance at 1 January 2012 8,554 4,866 (216) 47 (1,421) 28,099 39,929
Profit for the period - - - - - 12 12
Other comprehensive income:
Currency translation
in associate - - (28) - - - (28)
Total other comprehensive
income - - (28) - - - (28)
Total comprehensive income - - (28) - - 12 (16)
Transactions with owners:
Equity share options
in associate - - - - - 2 2
Dividends paid - - - - - (630) (630)
Transactions with owners - - - - - (628) (628)
Balance at 30 June 2012
(unaudited) 8,554 4,866 (244) 47 (1,421) 27,483 39,285
Balance at 1 January 2012 8,554 4,866 (216) 47 (1,421) 28,099 39,929
Profit for the year - - - - - 7,269 7,269
Other comprehensive income:
Currency translation
in associate - - (122) - - - (122)
Total other comprehensive
income - - (122) - - - (122)
Total comprehensive income - - (122) - - 7,269 7,147
Transactions with owners:
Equity share options
in associate - - - - - 11 11
Dividends paid - - - - - (630) (630)
Transactions with owners - - - - - (619) (619)
Balance at 31 December 2012
(audited) 8,554 4,866 (338) 47 (1,421) 34,749 46,457
Balance at 1 January 2013 8,554 4,866 (338) 47 (1,421) 34,749 46,457
Profit for the period - - - - - 8,296 8,296
Other comprehensive income:
Currency translation
in associate - - (136) - - - (136)
Total other
comprehensive income - - (136) - - - (136)
Total comprehensive
income - - (136) - - 8,296 8,160
Transactions with owners:
Equity share options
in associate - - - - - 13 13
Disposal of own shares - - - - 62 - 62
Loss on disposal
of own shares - - - - 200 (200) -
Transactions with owners - - - - 262 (187) 75
Balance at 30 June 2013
(unaudited) 8,554 4,866 (474) 47 (1,159) 42,858 54,692
All of the above are attributable to the owners of the parent.
Consolidated cash flow statement
for the six months ended 30 June 2013
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
'000 '000 '000
Operating activities
Operating profit before financing charges 5,578 5,328 11,398
Depreciation 30 93 188
Profit on disposal of non-current assets (6) (120) (121)
Decrease in net current assets 165 1,104 1,257
Cash generated from operations 5,767 6,405 12,722
Income tax - - -
Cash inflows from operating activities 5,767 6,405 12,722
Investing activities
(Investment)/repayment of loan stock in joint ventures (26) 86 85
Investment in shares in joint ventures (32) - -
Property acquisitions and improvements (9) (844) (1,115)
Purchase of office equipment and motor vehicles (29) (16) (37)
Sale of office equipment and motor vehicles 27 158 194
Interest received 28 13 47
Dividends received from associate and joint ventures 44 75 242
Cash inflows/(outflows) from investing activities 3 (528) (584)
Financing activities
Sale of treasury shares 62 - -
Equity dividends paid - (630) (630)
Interest paid (4,753) (4,688) (9,514)
Interest paid on obligation under finance leases (859) (156) (1,477)
Short term loan from joint ventures - 2,000 2,000
Repayment of medium term bank loan (122) (117) (236)
Cash outflows from financing activities (5,672) (3,591) (9,857)
Net increase in cash and cash equivalents 98 2,286 2,281
Cash and cash equivalents at beginning of period 5,028 2,747 2,747
Cash and cash equivalents at end of period 5,126 5,033 5,028
Cash and cash equivalents
For the purpose of the cash flow statement, cash and cash equivalents comprise
the following balance sheet amounts:
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
'000 '000 '000
Cash and cash equivalents 8,325 8,617 8,303
Bank overdraft (3,199) (3,584) (3,275)
Cash and cash equivalents at end of period 5,126 5,033 5,028
Notes to the half year report
for the six months ended 30 June 2013
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
'000 '000 '000
Net rental income 5,577 5,226 11,301
Other income (listed investments) 1 102 97
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
'000 '000 '000
Finance income 28 13 47
Finance expenses:
Interest on bank loans and overdrafts (1,068) (1,412) (2,574)
Other loans (1,120) (1,052) (2,206)
Interest on derivatives adjustment (2,517) (2,204) (4,647)
Interest on obligations under finance leases (1,043) (995) (1,917)
Total finance expenses (5,748) (5,663) (11,344)
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
'000 '000 '000
Current tax - - -
Deferred tax 1,932 (72) 354
1,932 (72) 354
4. Earnings per share 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
Group profit after tax ('000) 8,296 12 7,269
Weighted average number of shares in
issue for the period ('000) 84,247 84,004 84,004
Basic earnings per share 9.85p 0.01p 8.65p
Diluted number of shares in issue ('000) 84,247 84,004 84,004
Fully diluted earnings per share 9.85p 0.01p 8.65p
5. Property
Properties at 30 June 2013 are included at valuation as at 31 December 2012,
plus additions in the period.
During the six months ended 30 June 2013 the group had property additions of
0.009 million (30 June 2012: 0.744 million,
31 December 2012: 0.972 million).
No properties were sold during the six months ended 30 June 2013 (carrying
value of properties sold at 30 June 2012: Nil, 31 December 2012: Nil).
Since 30 June 2013, the sale of the property in Chesterfield and a shop unit in
Windsor were completed for 9.475 million, the year-end valuation.
6. Interest rate derivatives
The directors have estimated the financial effect of the fair value to the
business of the hedging instruments. This has been calculated as the Net
Present Value of the difference between the 15 year interest rate, which was
3.02 per cent at 30 June 2013 against the rate payable under the specific
hedge. This has given a liability at 30 June 2013 of 24,044,000 as shown in
the balance sheet. The banks own initial quotations at 30 June 2013 to close
each of the hedges were 29,159,000.
Under IAS 39 the hedges are not deemed to be eligible for hedge accounting and
any movement in the value of the hedges is charged directly to the consolidated
income statement. The banks have an option to cancel the hedges in November
2014 and January 2015. The cost to the group to cancel the options before
November 2014 and January 2015 has been attributed a cost by the bank of
830,000. It is not the intention of the Directors to exit these instruments
and this cost has not been recognised.
7. Net assets per share 30 June 30 June 31 December
2013 2012 2012
(unaudited) (unaudited) (audited)
Shares in issue ('000) 84,288 84,004 84,004
Net assets per balance sheet ('000) 54,692 39,285 46,457
Basic net assets per share 64.89p 46.77p 55.30p
Shares in issue diluted by outstanding share options ('000) 84,358 84,074 84,074
Net assets after issue of share options ('000) 54,720 39,313 46,485
Fully diluted net assets per share 64.87p 46.76p 55.29p
8. Debentures
The group has agreed a restructuring of the 5 million First Mortgage Debenture
Stock 2018, with repayments of 1 million during 2016 and 2017 and the
remaining 3 million repayable in 2018.
Since 30 June 2013 the group has repaid early the 5 million First Mortgage
Debenture Stock 2013 and 1.7 million First Mortgage Debenture Stock 2016.
9. 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 2012.
The group has management fees receivable of 68,750 (30 June 2012: 103,125, 31
December 2012: 172,000) from Bisichi Mining PLC, an associated company.
During the period the group paid 26,000, for Analytical Ventures Limited's (a
joint venture) loan stock at par; increasing the loan stock held to 1,934,000
at 30 June 2013.
The group, during the period, paid 65,000 under an unsecured loan agreement to
Langney Shopping Centre Unit Trust (a joint venture) and since 30 June 2013 a
further 118,750. Interest is receivable at a rate of 12.5 per cent per annum.
Since 30 June 2013 the Simon Heller Charitable Settlement has place on deposit
with LAP 700,000 at an interest rate of 9 per cent per annum refundable on
demand.
10. Capital and other commitments
The group has capital commitments of Nil as at 30 June 2013 (30 June 2012:
0.2 million, 31 December 2012: Nil).
The group had a commitment to lend a further 58,125 under a loan agreement
with Langney Shopping Centre Unit Trust.
11. Dividends
There is no interim dividend payable for the period (30 June 2012: Nil).
12. Risks and Uncertainties
The group's principal risks and uncertainties are reported on page 20 in the
2012 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.
13. 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 2012 are based upon the latest statutory accounts, which have
been delivered to the Registrar of Companies; the report of the auditor's 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
Services 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 2013 as were used
for the year ended 31 December 2012.
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.
14. Board approval
The half year results were approved by the Board of London & Associated
Properties PLC on 28 August 2013.
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.
Signed on behalf of the Board on 28 August 2013
Sir Michael Heller Robert Corry
Director Director
Directors and advisors
Directors
Executive directors
* Sir Michael Heller MA FCA (Chairman)
John A Heller LLB MBA (Chief Executive)
Robert J Corry BA FCA (Finance Director)
Non-executive directors
? Howard D Goldring BSC (ECON) ACA
#?Clive A Parritt FCA CF FIIA
Robin A Priest
* Member of the nomination committee
# Senior independent director
? Member of the audit, remuneration and nomination committees.
Secretary & registered office
Heather A Curtis ACIS
24 Bruton Place,
London W1J 6NE
Director of property
Mike J Dignan FRICS
Registrars & transfer office
Capita Registrars
Shareholder Services
The Registry, 34 Beckenham Road
Beckenham, Kent BR3 4TU
Telephone 0871 664 0300
(Calls cost 10p per minute + network extras)
or +44 208 639 3399 for overseas callers
Website: www.capitaregistrars.com
E-mail: ssd@capitaregistrars.com
Company registration number
341829 (England and Wales)
Website
www.lap.co.uk
E-mail
admin@lap.co.uk
END