REG-London & Associated Properties Plc: Half-year Report
31/08/2022 07:45
FOR IMMEDIATE RELEASE
31 August 2022
LONDON & ASSOCIATED PROPERTIES PLC
HALF YEAR RESULTS TO 30 June 2022
London & Associated Properties PLC (“LAP” or the “Group”) is a main
market listed property investment group that specialises in industrial and
essential retail property. 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 – * Increase by 17% to £34.2
million (£29.7 million December 2021)
* Now 40.04p per share (December 2021 34.78p per share)
* Exceptional results from Bisichi add £4.7 million to value of LAP’s
investment
* Property changes move business further away from traditional retail – *
West Bromwich retail centre sold on 29 July 2022 for December valuation of
£4.75 million
* Rugeley retail arcade sold at book value for £0.5 million
* Industrial portfolio in Warrington acquired for £2.37 million
* Following planning approval for 56 flats at JV development in West Ealing we
are progressing the development design work
* Property portfolio seeing continued strong performance with Group occupancy
levels of 97.6% by rental income (June 2021: 95.4%).
* Re-financing in August 2022 replaces 25-year £10 million debenture and
10-year £3.5 million bank loan with new £13.6 million 5-year facility.
“We are pleased to report on the six months to 30 June 2022, during which we
made significant progress within LAP. We sold a number of ex-growth
properties including Kings Square, West Bromwich, our last remaining covered
shopping centre, and Brewery Street Arcade in Rugeley. These properties did
not meet our criteria and banks have demonstrated consistently that they are
not prepared to lend at commercially acceptable rates on assets of this
type. Following these disposals, our portfolio is much more readily fundable
and well positioned to maintain and grow future income. Future acquisitions
will follow this strategy. We also refinanced a large portion of the
existing portfolio.”
-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 2022
Half year review
We are pleased to report on the six months to 30 June 2022, during which we
made significant progress within LAP. We sold a number of ex-growth
properties including Kings Square, West Bromwich, our last remaining covered
shopping centre, and Brewery Street Arcade in Rugeley. These properties did
not meet our criteria and banks have demonstrated consistently that they are
not prepared to lend at commercially acceptable rates on assets of this
type. Following these disposals, our portfolio is much more readily fundable
and well positioned to maintain and grow future income. Future acquisitions
will follow this strategy. We also refinanced a large portion of the
existing portfolio.
Consolidated Group revenue increased by 82% to £48.1 million from £26.5
million in the same period last year. Revenue from mining (£44.8 million
versus £23.0 million) is discussed further in commentary about Bisichi below.
Revenue from property activities fell slightly to £3.3 million (2021: £3.5
million), as a consequence of lower income during periods between property
disposals and subsequent acquisitions.
Group profits attributable to shareholders were £4.3 million (2021: losses of
£0.7 million) with £4.8 million profit from Bisichi offset by a small loss
in LAP as the company transitions its property portfolio and returns to
profitability.
Of the current 2.4% of vacancies by rental income, 1.4% is accounted for by
one unit in Sheffield which is being held vacant to enable future development
activity.
At Orchard Square, Sheffield we continue to reposition the asset from a
retail-led site towards a more mixed-use and food-focused venue. We have
completed a letting to an independent pizza and cocktails chain of restaurants
replacing a mid-market fashion outlet and are in detailed negotiations with a
number of similar operators to enhance the offer at the centre. Elsewhere, we
have agreed with Sheffield Council grants for upgrading the public areas and
residential development, with lawyers now instructed by both sides.
We continue to cut overheads which is providing positive cashflow and
profitability. We have relocated our central London offices to a more modern
and cost-efficient space.
During the period, we sold our Rugeley arcade for the December 2021 book value
of £0.5 million. The reinvestment of this cash has also had a positive effect
on cashflow.
During the period we acquired an industrial portfolio in Warrington for £2.37
million from free cash. We believe the portfolio offers good prospects for
rental growth, together with a number of value enhancing asset management
opportunities.
In June we announced the sale of Kings Square, West Bromwich, our last
remaining covered shopping centre, to the local council for the December 2021
book value of £4.75 million. The proceeds of this sale, which completed in
July, were placed on deposit with funder Aviva and released following the
refinancing in August and will be used to make further acquisitions of
properties that support our ongoing strategy.
As opportunities arise, we will sell other properties that do not meet our
core investment criteria. We are in discussions with interested parties on a
number of retail properties enabling us to move our portfolio further away
from this sector.
At our development site in West Ealing, we continue to explore options to
realise the value from the planning consent for 56 flats we obtained in 2021.
These options include marketing the consented land for sale which we have
explored. However, the well-publicised inflation in building costs experienced
across the development industry has proved a stumbling block to obtaining the
value we seek as purchasers were understandably conservative. Therefore we
continue to progress the development, including working up detailed design
drawings and negotiating with potential contractors. A final decision on
whether to we will develop this asset ourselves or sell it has yet to be
taken.
The 25-year £10 million, 8.109% Aviva debenture was refinanced in August
together with the 10-year £3.5 million Metro Bank loan. These loans have been
replaced by a new 5-year loan with QIB (UK) plc for £13.6 million. This will
generate an initial net operating cashflow improvement of £0.2m per annum.
Security for the new loan comprises the properties held as security by Aviva
and Metro and two uncharged properties, with an initial LTV of 56%. £5.6
million of free cash was released back to the company as a result of this
transaction, which will be reinvested in our portfolio diversification
programme and we are examining suitable investment opportunities.
During the period an extension of the Dragon Retail Properties loan with
Santander to October 2022 was secured. We have received an offer for longer
term finance for this property and are progressing this. This property
continues to produce strong net cash flow.
We have exercised the option to extend the £13.2 million loan with Phoenix
CRE S.à.r.l, secured on our Sheffield property, to September 2023, while we
complete the latest stage of development activity.
Bisichi PLC, which is 42% owned, has seen strong performance from Sisonke Coal
Processing, its South African coal processing operation which benefited from
significantly higher prices of Free on Board (FOB) coal from Richards Bay Coal
Terminal (API4 price). During the period, the weekly API4 price averaged
US$277 compared to US$97 in the first half of 2021 and US$151 in the second
half the year. Despite constraints largely beyond Bisichi’s control in
transporting coal for export on the South African rail network, it was able to
take advantage of the improved international coal price by increasing export
sales during the first half of the year to 177,000 metric tonnes, compared to
171,000 metric tonnes in the first half of 2021 and 320,000 metric tonnes
overall in 2022.
Bisichi’s results would have been even better if it had not encountered
operational delays that impacted the transition into new mining areas at Black
Wattle, which in turn adversely impacted coal production. During the period
the mine achieved production of 301,000 metric tonnes compared to 553,000
metric tonnes in the first half of 2021. Bisichi is pleased to report that
these delays have now been addressed successfully and in July the transition
into the new mining areas was completed. Consequently, Bisichi expects mining
production to recover in the second half of the year to the levels seen in
2021. The increases evident on the balance sheet in mining reserves, plant and
equipment is mainly attributable to the costs of completing the development of
these new mining areas which will be mined throughout the remainder of 2022
and 2023.
Despite the lower coal production from Black Wattle, at Sisonke Coal
Processing Bisichi was able to maintain its overall levels of coal processed.
During the period Bisichi sold 614,000 metric tonnes (2021: 731,000 metric
tonnes) and reported £44.7million in mining revenue (2021: £23.0million)
with the higher prices achievable for coal offsetting the lower overall
quantity of coal sold.
Looking forward into the second half of 2022, Bisichi is already beginning to
see the benefits from mining new areas at Black Wattle. This is mainly due to
the higher quality coal being mined which is currently in high demand in both
export and domestic markets. As a result, Bisichi is pleased to report that,
in the second half of the year to date, it has achieved significant
improvements in prices for coal in the domestic market. In the export market,
the API4 price continues to remain at levels similar to the first half of 2022
and exports for the year to date are in line with the average export tonnages
achieved in 2021. However, looking beyond the year to date, uncertainties
remain. These are particularly with regard to the sustainability of the higher
coal prices in both our markets, as well as the impact of continued
constraints in transporting coal for export on the South African rail network.
LAP has made significant progress during the period. The Board of LAP bases
its decisions on dividend payments on the results and financial position of
the Group’s property activities and accordingly has decided not to declare a
dividend for the half year. Once our cash has been reinvested and property
income has returned to previous levels, our dividend policy will reflect this.
Sir Michael
Heller
John Heller
Chairman
Chief Executive
31 August 2022
Consolidated income statement
for the six months ended 30 June 2022
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
Notes £’000 £’000 £’000
Group revenue 1 48,076 26,518 56,477
Operating costs (26,236) (26,587) (53,457)
Operating profit/(loss) 1 21,840 (69) 3,020
Finance income 2 40 12 34
Finance expenses 2 (1,470) (1,403) (2,543)
Result before valuation and other movements 20,410 (1,460) 511
Non–cash changes in valuation of assets and liabilities and other movements
Exchange losses - - (121)
Decrease in value of investment properties (200) - (111)
Loss on disposal of fixed assets - - (133)
Increase in value of trading investments 49 376 812
Adjustment to interest rate derivative 70 60 130
Profits on disposal of investment properties - 121 436
Result including revaluation and other movements 20,329 (903) 1,524
Profit/(loss) for the period before taxation 1 20,329 (903) 1,524
Income tax charge 3 (5,646) (129) (698)
Profit/(loss) for the period 14,683 (1,032) 826
Attributable to:
Equity holders of the Company 4,293 (660) (152)
Non–controlling interest 10,390 (372) 978
Profit/(loss) for the period 14,683 (1,032) 826
Profit/(loss) per share – basic and diluted 4 5.03p (0.77)p (0.18)p
Consolidated statement of comprehensive income
for the six months ended 30 June 2022
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £’000
Profit/(loss) for the period 14,683 (1,032) 826
Other comprehensive income:
Items that may be subsequently recycled to the income statement:
Exchange differences on translation of foreign operations 565 6 (63)
Other comprehensive income/(expense) for the period, net of tax 565 6 (63)
Total comprehensive income /(expense) for the period, net of tax 15,248 (1,026) 763
Attributable to:
Equity shareholders 4,496 (608) (177)
Non–controlling interest 10,752 (418) 940
15,248 (1,026) 763
Consolidated balance sheet
at 30 June 2022
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
Notes £'000 £'000 £'000
Non–current assets
Market value of properties attributable to Group 35,725 40,970 37,945
Present value of head leases 3,221 3,249 3,221
Property 5 38,946 44,219 41,166
Mining reserves, property, plant and equipment 15,100 10,366 9,917
Other investments at fair value through profit and loss (“FVPL”) 6,418 2,721 3,631
60,464 57,306 54,714
Current assets
Inventories – Property 5 25,493 25,366 25,213
Inventories – Mining 4,189 2,592 1,253
Assets held for sale 4,550 - 504
Trade and other receivables 10,604 10,035 9,917
Corporation tax recoverable - - 19
Investments in listed securities held at FVPL 1,209 923 685
Cash and cash equivalents 7,816 8,299 8,518
53,861 47,215 46,109
Total assets 114,325 104,521 100,823
Current liabilities
Trade and other payables (13,546) (19,708) (15,197)
Borrowings (36,151) (9,568) (31,405)
Lease liabilities (201) (432) (513)
Interest rate derivatives - - (70)
Current tax liabilities (1,657) (1) (726)
(51,555) (29,709) (47,911)
Non–current liabilities
Borrowings (3,932) (30,926) (7,259)
Interest rate derivatives - (140) -
Lease liabilities (3,866) (3,665) (3,734)
Provisions (1,609) (1,461) (1,391)
Deferred tax liabilities (57) (193) (309)
(9,464) (36,385) (12,693)
Total liabilities (61,019) (66,094) (60,604)
Net assets 53,306 38,427 40,219
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) (851) (1,031) (1,055)
Capital redemption reserve 47 47 47
Retained earnings (excluding treasury shares) 21,708 16,907 17,415
Treasury shares (144) (144) (144)
Retained earnings 21,464 16,763 17,271
Total equity attributable to equity shareholders 34,180 29,199 29,683
Non – controlling interest 19,126 9,228 10,536
Total equity 53,306 38,427 40,219
Net assets per share attributable to equity shareholders 6 40.04p 34.22p 34.78p
Consolidated statement of changes in shareholders’ equity
for the six months ended 30 June 2022
Share capital £’000 Share premium £’000 Translation reserves £’000 Capital redemption reserve £’000 Treasury shares £’000 Retained earnings excluding treasury shares £’000 Total excluding Non– Controlling Interests £’000 Non–controlling Interests £’000 Total equity £’000
Balance at 1 January 2021 8,554 4,866 (1,030) 47 (144) 17,567 29,860 9,686 39,546
Loss for the period - - - - - (660) (660) (372) (1,032)
Other comprehensive income:
Currency translation - - (1) - - - (1) 4 3
Total other comprehensive (expense)/income - - (1) - - - (1) 4 3
Total comprehensive expense - - (1) - - (660) (661) (368) (1,029)
Transactions with owners:
Dividends – non–controlling Interests - - - - - - - (90) (90)
Transactions with owners - - - - - - - (90) (90)
Balance at 30 June 2021 (unaudited) 8,554 4,866 (1,031) 47 (144) 16,907 29,199 9,228 38,427
Balance at 1 January 2021 8,554 4,866 (1,030) 47 (144) 17,567 29,860 9,686 39,546
(Loss)/profit for the year - - - - - (152) (152) 978 826
Other comprehensive income:
Currency translation - - (25) - - - (25) (38) (63)
Total other comprehensive expense - - (25) - - - (25) (38) (63)
Total comprehensive expense - - (25) - - (152) (177) 940 763
Transaction with owners:
Dividends – non–controlling Interests - - - - - - - (90) (90)
Transactions with owners (90) (90)
Balance at 31 December 2021 (audited) 8,554 4,866 (1,055) 47 (144) 17,415 29,683 10,536 40,219
Consolidated statement of changes in shareholders’ equity - continued
for the six months ended 30 June 2022
Share capital £’000 Share premium £’000 Translation reserves £’000 Capital redemption reserve £’000 Treasury shares £’000 Retained earnings excluding treasury shares £’000 Total excluding Non– Controlling Interests £’000 Non–controlling Interests £’000 Total equity £’000
Balance at 1 January 2022 8,554 4,866 (1,055) 47 (144) 17,415 29,683 10,536 40,219
Profit for the period - - - - - 4,293 4,293 10,390 14,683
Other comprehensive income: - - - - - - - - -
Currency translation - - 204 - - - 204 362 566
Total other comprehensive income - - 204 - - - 204 362 566
Total comprehensive income - - 204 - - 4,293 4,497 10,752 15,249
Transactions with owners:
Dividends – non-controlling interests - - - - - - - (2,162) (2,162)
Transactions with owners - - - - - - - (2,162) (2,162)
Balance at 30 June 2022 (unaudited) 8,554 4,866 (851) 47 (144) 21,708 34,180 19,126 53,306
Consolidated cash flow statement
for the six months ended 30 June 2022
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Operating activities
Profit/(loss) for the year before taxation 20,329 (903) 1,524
Finance income (40) (12) (34)
Finance expense 1,470 1,403 2,543
Decrease in value of investment properties - - 111
Increase in value of trading investments - - (812)
Expenditure on trading property (260) - -
Adjustment to interest rate derivative (70) (60) (130)
Profit on sale of investment properties - - (436)
Depreciation 884 1,457 2,815
Profit on disposal of non-current assets 200 - 133
Sale of inventory – property (net of costs) - (121) -
Exchange adjustments 37 9 121
Change in inventories (2,803) 538 2,921
Development expenditure on inventories - - (1,016)
Change in receivables 766 (1,305) (1,813)
Change in payables (2,813) 2,224 (107)
Cash generated from operations 17,700 3,230 5,820
Income tax paid (5,554) (211) (216)
Cash inflows from operating activities 12,146 3,019 5,604
Investing activities
Disposal of assets held for sale 504 - -
Acquisition of investment properties, mining reserves, plant and equipment (7,994) (706) (1,871)
Sale of investment properties - 1,791 4,219
Disposal of other investments - - 705
Acquisition of other investments (3,262) (689) (1,630)
Interest received 40 12 34
Cash (outflows)/inflows from investing activities (10,712) 408 1,457
Financing activities
Interest paid (1,468) (1,379) (2,621)
Interest on obligation under finance leases (17) (16) (199)
Receipt of bank loan – Bisichi PLC 48 130 46
Repayment of bank loan – Bisichi PLC (150) (262) (317)
Repayment of bank loan – Dragon Retail Properties Ltd (10) (10) (21)
Receipt of bank loan – London & Associated Properties PLC 220 352 522
Repayment of bank loan – London & Associated Properties PLC (188) (88) (606)
Repayment of lease liability (126) (132) (235)
Lease assignment costs paid - - (101)
Equity dividends paid – non–controlling interests (1,787) - -
Cash outflows from financing activities (3,478) (1,405) (3,532)
Consolidated cash flow statement - continued
for the six months ended 30 June 2022
6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Net (decrease)/increase in cash and cash equivalents (2,044) 2,022 3,529
Cash and cash equivalents at beginning of period 5,982 2,348 2,348
Exchange adjustment (51) (40) 105
Cash and cash equivalents at end of period 3,887 4,330 5,982
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) 7,816 8,299 8,518
Bank overdrafts (3,929) (3,969) (2,536)
Cash and cash equivalents at end of period 3,887 4,330 5,982
Notes to the half year report
for the six months ended 30 June 2022
1. Segmental analysis 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Revenue
LAP
- Rental income 2,092 2,372 5,024
- Service charge income 471 411 852
- Management income from third parties 9 9 18
Bisichi
- Rental income 543 576 904
- Service charge income - - 130
- Mining 44,837 23,045 49,401
Dragon - Rental income 123 105 125
- Service charge income 1 - 23
48,076 26,518 56,477
Operating profit/(loss)
LAP 208 397 311
Bisichi 21,544 (517) 2,621
Dragon 88 51 88
21,840 (69) 3,020
(Loss)/profit before taxation
LAP (986) (409) (1,273)
Bisichi 21,249 (524) 2,790
Dragon 66 30 7
20,329 (903) 1,524
2. Finance costs 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Finance income 40 12 34
Finance expenses:
Interest on bank loans and overdrafts (925) (947) (1,345)
Other loans (430) (430) (1,121)
Interest on obligations under finance leases (115) (26) (77)
Total finance expenses (1,470) (1,403) (2,543)
(1,430) (1,391) (2,509)
Notes to the half year report – continued
3. Income tax 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
£'000 £'000 £'000
Current tax 6,115 (14) 731
Deferred tax (469) 143 (33)
5,646 129 698
4. Earnings per share 6 months 6 months Year
ended ended ended
30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
Profit/(loss) attributable to equity shareholders after tax (£’000) 4,293 (660) (152)
Weighted average number of shares in issue for the period ('000) 85,326 85,326 85,326
Basic earnings per share 5.03p (0.77)p (0.18)p
Diluted number of shares in issue ('000) 85,326 85,326 85,326
Diluted earnings per share 5.03p (0.77)p (0.18)p
5. Properties
Investment properties are held a fair value at each reporting period.
During the period one property was sold, generating net sales proceeds of
£0.504 million. This property was valued at £0.504 million at 31 December
2021 and disclosed as an asset held for sale. There was no profit on sale in
the period.
During the period one property was purchased for £2.37 million, excluding
costs, being an industrial portfolio in Warrington.
Subsequent to the period end, on 29 July 2022, a retail property in West
Bromwich was sold, generating net sale proceeds of £4.55 million. This
property was revalued to the net sales proceeds achieved, generating a
£200,000 downwards revaluation of the property in the period. The property
was transferred to assets held for sale at 30 June 2022.
Other than as discussed above, the Directors have placed a valuation on the
properties which is not materially different to the value as at 31 December
2021. Investment properties are therefore included at a directors’ valuation
which is considered to be the fair value as at 30 June 2022. Please refer to
page 44 of the 2021 Annual report and Accounts for details on the valuation of
investment and inventory properties as at 31 December 2021.
6. Net assets per share 30 June 30 June 31 December
2022 2021 2021
(unaudited) (unaudited) (audited)
Shares in issue ('000) 85,326 85,326 85,326
Net assets attributable to equity shareholders (£'000) 34,165 29,199 29,683
Basic net assets per share 40.04p 34.22p 34.78p
Shares in issue diluted by outstanding share options ('000) 85,326 85,326 85,326
Net assets after issue of share options (£'000) 34,165 29,199 29,683
Fully diluted net assets per share 40.04p 34.22p 34.78p
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 2021.
8. Dividends
There is no interim dividend payable for the period (30 June 2021: Nil).
There is no final dividend payable in respect of 2021.
9. Risks and uncertainties
The group’s principal risks and uncertainties are reported on pages 10 and
11 in the 2021 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 2021 and no impairment was considered appropriate.
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 2021.
10. Subsequent Events
On 29 July 2022 the group sold its interest in a retail property in West
Bromwich for gross sales proceeds of £4.75 million.
On 25 August 2022, the group repaid its 25-year £10 million debenture with
Aviva at 8.109%, as it fell due, and a loan with Metro Bank, with a remaining
balance of £3.5 million at BoE base rate plus 2.95%, and executed a 5-year
£13.6 million floating rate loan with QIB (UK) PLC at BoE base rate plus
3.95%, secured against its investment properties.
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 2021 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 2022 as were used for the year ended
31 December 2021.
As stated in the 2021 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.
12. Board approval
The half year results were approved by the Board of London & Associated
Properties PLC on 30 August
2022.
Directors' responsibility statement
The Directors confirm that to the best of their knowledge:
(a) the condensed consolidated interim financial statements have been prepared
in accordance with (i) UK-adopted International Accounting Standard 34,
Interim Financial Reporting, (ii) International Accounting Standard 34,
Interim Financial Reporting, as published by the International Accounting
Standards Board (IASB) and (iii) International Accounting Standard 34, Interim
Financial Reporting, as adopted pursuant to Regulation (EC) No 1606/2002 as it
applies in the European Union (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 2021
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 2022
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
12 Little Portland Street
London W1W 8BJ
Registrars & transfer office
Link Group Shareholder Services
The Registry, 10th Floor Central Square 29 Wellington Street Leeds LS1 4DL
UK Telephone: 0871 664 0300 (Calls cost 12p per minute plus network access charges; lines are open Monday to Friday between 9.00am and 5.30pm) International Telephone: +44 371 664 0300 (Calls outside the United Kingdom will be charged at applicable international rate) Lines are open between 9.00am and 5.30pm, Monday to Friday, excluding public holidays in England and Wales. Website: www.linkassetservices.com E-mail: enquiries@linkgroup.co.uk
Company registration number
341829 (England and Wales)
Website
www.lap.co.uk
E-mail
admin@lap.co.uk
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