Half-yearly Report

FOR IMMEDIATE RELEASE 26 August 2010 LONDON& ASSOCIATED PROPERTIES PLC: HALF YEARLY RESULTS TO 30 JUNE 2010 London & Associated Properties is a fully listed UK shopping centre and Central London retail property specialist. HIGHLIGHTS Positive first half performance as rental income for the period rises to Â£8.6 million - annualised rent roll now stands at Â£16.4 million Under EPRA net assets are Â£72.2 million - 88.2p per share (fully diluted) Portfolio value at balance sheet date of Â£210.5 million Average unexpired leases are eight years - 68% of income generated from leases with in excess of five years to run Completed 12 month extension to revolving credit facility to September 2012. RCF reduced to Â£60 million from Â£90 million with LTV covenant increased to 80% from 70%. LAP remains loan covenant compliant Since balance sheet date agreed sale of Antiquarius for Â£17.8 million against book value of Â£17.0 million Interim cash dividend of 0.75p per share to be paid on 21 January 2010 "I feel we have a strong core portfolio of properties that are proving resilient to the UK's wider problems. I therefore look forward to the future with reasonable confidence." Michael Heller, Chairman -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 I am pleased to report on a positive performance during the first 6 months of 2010. Once again we have managed to grow our rental income notwithstanding the difficult economic environment. This increased to Â£8.6 million for the period compared to Â£8.5 million for the first six months last year. We have carried out lettings worth an annualised Â£0.5 million per annum, of which three units at King Edward Square, Windsor contribute Â£0.3 million per annum. Our rent roll on an annualised basis now stands at Â£16.4million. At the same time, our net rental income has grown by Â£0.5 million per annum. This was due to lower expenses across a number of our properties and particular improvements at Orchard Square, Sheffield and Antiquarius in London where comprehensive redevelopments have now been completed. We also carried out a significant number of lettings in previously vacant units at our Markets in Brixton, London. Since the balance sheet date, we have exchanged contracts to sell Antiquarius for Â£17.8 million. This compares favourably with the book value of Â£17.0 million at the 2009 year end. We will use Â£12.75 million of the proceeds to pay down our revolving credit facility, with the balance being added to cash reserves. This brings the total amount received from disposals to Â£21.9 million over the last 12 months and to Â£82.2 million over the last three years. Following completion of the Antiquarius disposal, we will be obliged to pay down some of our interest rate swaps. The cost to LAP of doing this cannot be precisely quantified at this stage as the value of the swaps fluctuates with the interest rate market. However, during the first 6 months, we spent Â£1 million breaking a nominal Â£6.8 million of interest rate swaps because we were over-hedged. The immediate cash saving in interest payments is some Â£0.5 million per annum. Our interest rate swaps had an adverse effect on our net assets as at 30 June 2010. Although our net assets were Â£53.3 million, this figure includes a liability of Â£14.8 million for marking to market our interest rate swaps. This is a non-cash item but we are required to report this under the IFRS accounting standard. Since we use our swaps to regulate cash flow and do not trade them, we believe it is more appropriate to report our net asset values under the EPRA accounting standard which does not take into the accounts interest rate derivatives or deferred tax. Under EPRA, our net assets are Â£72.2 million. As at 30 June 2010, our property portfolio was Â£210.5 million based on 31 December 2009 valuations although, following the sale of Antiquarius, our portfolio will stand at Â£193 million. Total Group assets including those of Bisichi Mining PLC and Dragon Retail Properties, our joint venture with Bisichi, total Â£235.5 million. We have again experienced very limited tenant failure over the last six months, and voids account for just 2% of our portfolio. Cash collection also remains robust, with 95% of monies due received within two weeks of the quarter day. This strong cash recovery is in part due the fact that approximately three quarters of our tenants are national multiples. Additionally a significant portion of our income derives from car parks and successful markets where we continue to experience very few bad debts. By value, 68% of our income at 30 June 2010 had more than five years to run, while the average unexpired lease term (not including the car parks or markets) is nearly eight years. This gives us a good level of security of income. I am pleased to report that LAP remains covenant compliant with all of its loans. In the first half of the year, we completed a 12 month extension to the term of our revolving credit facility (RCF) with the Royal Bank of Scotland. This now expires in September 2012. We agreed at the same time to increase the margin payable from 0.9% to 1.5% with a further increase to 2% in September 2010, while the loan to value covenant has been increased from 70% to 80%. We have reduced the available amount of the RCF to Â£60 million from Â£90 million, of which Â£45.1 million will be drawn following completion of the Antiquarius disposal. All our debt is long term with the exception of our overdrafts, and most is hedged at rates between 4.69% and 4.76%, the remainder at fixed rates. We also had Â£6.2 million cash in the bank at 30 June 2010. Our main properties continue to perform well. At Windsor, we remain effectively fully let. Consequently the only letting activity has followed on from one of our tenants seeking to surrender its unit. The lack of available units in this successful shopping centre resulted in strong interest for this unit from potential tenants. The unit is now under offer to a national retailer at a record rent for the Centre and at a significantly higher figure than previously received on this unit. Orchard Square, our second largest asset, is also fully let. We are proposing to pay an interim cash dividend of 0.75p on 21 January 2011 to those shareholders on the register at 24 December 2010. This is at the same level as this stage in 2008 and 2009. We expect that the Government's current economic policy and the uncertain international conditions will affect consumer confidence. Naturally this will have an affect on the broader retail property market. However, I feel that we have a strong core portfolio of properties that are proving resilient to the United Kingdom's wider problems. I therefore look forward to the future with reasonable confidence. Michael Heller John Heller Chairman Chief Executive 26 August 2010 Consolidated income statement for the six months ended 30 June 2010 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2010 2009 2009 (unaudited) (unaudited) (audited) Notes Â£'000 Â£'000 Â£'000 Gross rental income Group and share of joint ventures 8,571 8,523 17,067 Less: joint ventures - share of rental income (258) (255) (519) Revenue 8,313 8,268 16,548 Direct property expenses (970) (1,237) (2,166) Overheads (1,601) (1,826) (4,865) Property overheads (2,571) (3,063) (7,031) Net rental income 1 5,742 5,205 9,517 Listed investments held for trading 1 3 26 148 Profit on sale of investment properties - - 14 Net increase on revaluation of investment properties - - 9,422 Net (decrease)/increase in value of investments held for trading (18) 59 178 Operating profit 1 5,727 5,290 19,279 Share of loss of joint ventures after tax (7) (40) (276) Share of (loss)/profit of associate after tax (69) 1,330 1,485 Profit before interest and taxation 5,651 6,580 20,488 Interest rate derivatives 6 (8,481) 14,362 13,269 Interest rate derivatives break costs 6 (1,000) - - Finance income 2 40 56 90 Finance expenses 2 (6,018) (6,287) (12,440) (Loss)/profit before taxation (9,808) 14,711 21,407 Income tax 3 3,920 (3,569) (2,355) (Loss)/profit for the period attributable to the equity shareholders of the company (5,888) 11,142 19,052 Basic (loss)/ earnings per share 4 (7.23)p 14.40p 24.32p Diluted (loss)/ earnings per share 4 (7.23)p 14.40p 24.32p 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 2010 30 June 2010 30 June 2009 31 December 2009 per per per income income income statement statement statement Cash Non-cash Cash Non-cash Cash Non-cash items Â£ items (unaudited) items Â£ items (unaudited) items items (audited) '000 Â£'000 Â£'000 '000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Net rental income 5,742 - 5,742 5,205 - 5,205 9,517 - 9,517 Income and gains on investments held for trading 3 - 3 26 - 26 148 - 148 Profit on sale of investment properties - - - - - - 14 - 14 Net change of revaluation of investment properties - - - - - - - 9,422 9,422 Net (decrease)/ increase in value of investments held for trading - (18) (18) - 59 59 - 178 178 Operating profit / (loss) 5,745 (18) 5,727 5,231 59 5,290 9,679 9,600 19,279 Share of joint ventures and associates 44 (120) (76) - 1,290 1,290 273 936 1,209 Interest rate derivatives - (8,481) (8,481) - 14,362 14,362 - 13,269 13,269 Net interest (5,978) - (5,978) (6,231) - (6,231) (12,350) - (12,350) (Loss) / profit before taxation and exceptional items (189) (8,619) (8,808) (1,000) 15,711 14,711 (2,398) 23,805 21,407 Interest rate derivatives break costs (1,000) - (1,000) - - - - - - (Loss) / profit before taxation (1,189) (8,619) (9,808) (1,000) 15,711 14,711 (2,398) 23,805 21,407 Consolidated statement of comprehensive income for the six months ended 30 June 2010 30 June 30 June 31 December 2010 2009 2009 (unaudited) (unaudited) (audited) Â£'000 Â£'000 Â£'000 (Loss)/profit for the period (5,888) 11,142 19,052 Other comprehensive income Currency translation in associate 105 109 220 Other comprehensive income for the period 105 109 220 Total comprehensive income for the period attributable to owners of the parent (5,783) 11,251 19,272 Consolidated balance sheet at 30 June 2010 30 June 30 June 31 December 2010 2009 2009 (unaudited) (unaudited) (audited) Notes Â£'000 Â£'000 Â£'000 Non-current assets Market value of properties attributable to group 210,442 219,676 213,624 Present value of head leases 29,480 28,550 29,485 Property 5 239,922 248,226 243,109 Plant and equipment 711 825 816 Investments in joint ventures 1,389 1,753 1,396 Investments in associated company 7,908 8,055 8,044 Held to maturity investments 1,985 1,805 1,805 251,915 260,664 255,170 Current assets Trade and other receivables 4,927 4,330 3,976 Financial assets-investments held for trading 696 1,025 702 Cash and cash equivalents 6,214 6,457 8,655 11,837 11,812 13,333 Total assets 263,752 272,476 268,503 Current liabilities Trade and other payables (10,489) (10,444) (11,427) Financial liabilities -borrowings (6,802) (7,521) (7,216) Current tax liabilities (741) (2,538) (741) (18,032) (20,503) (19,384) Non-current liabilities Financial liabilities -borrowings (145,522) (160,482) (147,788) Interest rate derivatives 6 (14,828) (5,254) (6,347) Present value of head leases on properties (29,480) (28,550) (29,485) Deferred tax (2,586) (6,218) (6,395) (192,416) (200,504) (190,015) Total liabilities (210,448) (221,007) (209,399) Net assets 53,304 51,469 59,104 Equity attributable to equity shareholders of the company Share capital 8,392 8,232 8,392 Share premium account 5,042 5,236 5,042 Translation reserve in associate (179) (395) (284) Capital redemption reserve 47 47 47 Retained earnings (excluding treasury shares) 42,270 43,118 50,465 Treasury shares (2,268) (4,769) (4,558) Retained earnings 40,002 38,349 45,907 Total shareholders' equity 53,304 51,469 59,104 Net assets per share 7 65.17p 66.13p 74.22p Diluted net assets per share 7 65.15p 66.11p 74.19p Consolidated statement of changes in shareholders' equity for the six months ended 30 June 2010 Retained Earnings Retained Capital Earnings Share Share Translation redemption Treasury ex: treasury Total capital premium reserve reserve Shares shares equity Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Â£'000 Balance at 1 January 2009 8,232 5,236 (504) 47 (6,237) 33,532 40,306 Profit for the period - - - - - 11,142 11,142 Other comprehensive income: Currency translation in associate - - 109 - - - 109 Total other comprehensive income - - 109 - - - 109 Total comprehensive income - - 109 - - 11,142 11,251 Transactions with owners: Equity share options in associate - - - - - 49 49 Disposal of own shares - - - - 1,468 - 1,468 Loss on disposal of own shares - - - - - (1,032) (1,032) Dividends paid - - - - - (573) (573) Transactions with owners - - - - 1,468 (1,556) (88) Balance at 30 June 2009 (unaudited) 8,232 5,236 (395) 47 (4,769) 43,118 51,469 Balance at 1 January 2009 8,232 5,236 (504) 47 (6,237) 33,532 40,306 Profit for the year - - - - - 19,052 19,052 Other comprehensive income: Currency translation in associate - - 220 - - - 220 Total other comprehensive income - - 220 - - - 220 Total comprehensive income - - 220 - - 19,052 19,272 Transactions with owners: Equity share options in associate - - - - - (76) (76) Issue of own shares and expenses 160 (194) - - - - (34) Disposal of own shares - - - - 521 - 521 Loss on disposal of own shares - - - - 1,158 (1,158) - Dividends paid - - - - - (885) (885) Transactions with owners 160 (194) - - 1,679 (2,119) (474) Balance at 31 December 2009 (audited) 8,392 5,042 (284) 47 (4,558) 50,465 59,104 Balance at 1 January 2010 8,392 5,042 (284) 47 (4,558) 50,465 59,104 Loss for the period - - - - - (5,888) (5,888) Other comprehensive income: Currency translation in associate - - 105 - - - 105 Total other comprehensive income - - 105 - - - 105 Total comprehensive income - - 105 - - (5,888) (5,783) Transactions with owners: Equity share options in associate - - - - - - - Issue of own shares and expenses - - - - - - - Disposal of own shares - - - - 907 - 907 Loss on transfer of own shares - - - - 1,383 (1,383) - Dividends paid - - - - - (924) (924) Transactions with owners - - - - 2,290 (2,307) (17) Balance at 30 June 2010 (unaudited) 8,392 5,042 (179) 47 (2,268) 42,270 53,304 All of the above are attributable to the owners of the parent. Consolidated cash flow statement for the six months ended 30 June 2010 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2010 2009 2009 (unaudited) (unaudited) (audited) Â£'000 Â£'000 Â£'000 Operating activities Profit before interest and taxation 5,651 6,580 20,488 Depreciation 105 103 210 Profit on disposal of non-current assets (8) (2) (3) Profit on sale of investment properties - - (14) Net decrease on revaluation of investment properties - - (9,422) Share of loss/(profit) of joint ventures and associate after tax 76 (1,290) (1,209) Net decrease /(increase) in value of investments held for trading 18 (59) (178) (Increase)/decrease in net current assets (1,755) 747 2,303 Cash generated from operations 4,087 6,079 12,175 Income tax repaid/(paid) 111 (36) (444) Cash inflows from operating activitiIn 4,198 6,043 11,731 Investing activities Investment in loan stock in joint venture (180) - - Property acquisitions and improvements (714) (1,405) (3,763) Sale of properties 3,736 - 17,805 Purchase of office equipment and motor cars (76) (11) (133) Sale of office equipment and motor cars 84 2 27 Interest received 40 56 90 Dividends received 44 - 273 Cash inflows/(outflows) from investing activities 2,934 (1,358) 14,299 Financing activities Issue expenses - - (34) Sale of treasury shares 907 436 521 Equity dividends paid (597) (573) (885) Interest paid (7,144) (6,301) (12,132) Debt repaid to Dragon - (225) (225) Repayment of medium term bank loan (2,325) - (12,750) Cash outflows from financing activities (9,159) (6,663) (25,505) Net (decrease)/increase in cash and cash equivalents (2,027) (1,978) 525 Cash and cash equivalents at beginning of period 1,439 914 914 Cash and cash equivalents at end of period (588) (1,064) 1,439 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 2010 2009 2009 (unaudited) (unaudited) (audited) Â£'000 Â£'000 Â£'000 Cash and cash equivalents 6,214 6,457 8,655 Bank overdraft (6,802) (7,521) (7,216) Cash and cash equivalents at end of period (588) (1,064) 1,439 Â£0.6 million of cash deposits at 31 December 2009 was charged as security to Axa Annuity Company. This was released in 2010. Notes to the half year report for the six months ended 30 June 2010 1. Segmental analysis 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2010 2009 2009 (unaudited) (unaudited) (audited) Â£'000 Â£'000 Â£'000 Net rental income (property) 5,742 5,205 9,517 Other income (listed investments) 3 26 148 Segment result Property 5,742 5,205 18,953 Listed investments (15) 85 326 5,727 5,290 19,279 Operating profit/(loss) Property 5,742 5,205 18,953 Listed investments (15) 85 326 5,727 5,290 19,279 2. Finance costs 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2010 2009 2009 (unaudited) (unaudited) (audited) Â£'000 Â£'000 Â£'000 Finance income 40 56 90 Finance expenses: Interest on bank loans and overdrafts (982) (1,865) (3,013) Other loans (1,052) (1,052) (2,108) Interest on derivatives adjustment (2,886) (2,373) (5,338) Interest on obligations under finance leases (1,067) (997) (1,981) Other interest (31) - - Total borrowing costs (6,018) (6,287) (12,440) 3. Income tax 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2010 2009 2009 (unaudited) (unaudited) (audited) Â£'000 Â£'000 Â£'000 Current tax (111) 160 (1,232) Deferred tax (3,809) 3,409 3,587 (3,920) 3,569 2,355 Notes to the half year report continued 4. (Loss)/earnings per share 6 months 6 months Year ended ended ended 30 June 30 June 31 December 2010 2009 2009 (unaudited) (unaudited) (audited) Group (loss)/profit after tax (Â£'000) (5,888) 11,142 19,052 Weighted average number of shares in issue for the period ('000) 81,478 77,386 78,345 Basic (loss) /earnings per share (7.23)p 14.40p 24.32p Diluted number of shares in issue ('000) 81,478 77,386 78,345 Fully diluted (loss)/earnings per share (7.23)p 14.40p 24.32p 5. Property Properties at 30 June 2010 are included at valuation as at 31 December 2009, plus additions, less disposals in the period. During the six months ended 30 June 2010 the group had property additions of Â£ 0.5 million (30 June 2009: Â£1.1 million, 31 December 2009: Â£3.5 million). Properties with a carrying value of Â£3.7 million were sold during the six months ended 30 June 2010 (30 June 2009: Â£Nil, 31 December 2009: Â£17.8 million). 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 18 year interest rate, which was 3.86 per cent at 30 June 2010 against the rate payable under the specific hedge. This has given a liability at 30 June 2010 of Â£14,828,000 as shown in the balance sheet. The banks own initial quotations at 30 June 2010 to close each of the hedges were Â£27,144,000. The company reduced the total amount hedged by Â£6,800,000 in the six months to bring it nearer into line with the actual borrowings outstanding. The cost of this reduction was Â£1,000,000 and it has been taken to the income statement for the period. 7. Net assets per share 30 June 30 June 31 December 2010 2009 2009 (unaudited) (unaudited) (audited) Shares in issue ('000) 81,786 77,825 79,629 Net assets per balance sheet (Â£'000) 53,304 51,469 59,104 Basic net assets per share 65.17p 66.13p 74.22p Shares in issue diluted by outstanding share options ('000) 81,856 77,895 79,699 Net assets after issue of share options (Â£'000) 53,332 51,497 59,132 Fully diluted net assets per share 65.15p 66.11p 74.19p 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 2009. The group received management fees of Â£150,000 (30 June 2009: Â£125,000, 31 December 2009: Â£300,000) from Bisichi Mining PLC, an associated company. During the period the group paid Â£180,000 for Analytical Ventures Limited's (a joint venture) loan stock at par; increasing the loan stock held to Â£1,980,000 at 30 June 2010. 9. Capital commitments The group had contractual capital commitments of Â£Nil as at 30 June 2010 (30 June 2009: Â£1.3 million, 31 December 2009: Â£0.5 million). Notes to the half year report continued 10. Dividends and capitalisation issue The interim dividend payable on 21 January 2011 of 0.75p per share (30 June 2009: 0.75p per share) would amount to Â£626k (30 June 2009: Â£597k). The final dividend in respect of 2009 of 0.40p per share, amounting to Â£327k, was paid on 2 July 2010. As the 2009 final dividend was approved by the shareholders at the Annual General Meeting held on 7 June 2010, it is included as a liability in these interim financial statements. In addition, 1,620,682 new ordinary shares (capitalisation issue in lieu of additional 2009 dividend and equivalent to an aggregate value equal to 0.80p for each ordinary share), was issued to shareholders on 2 July 2010 and are admitted to the Official List and trading on the London Stock Exchange. The new ordinary shares rank pari passu with the existing ordinary shares. 11. Risks and Uncertainties The group's principal risks and uncertainties are reported on page 22 in the 2009 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 end) and the valuation of interest rate derivatives. 12. 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 2009 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 2010 as were used for the year ended 31 December 2009. 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. 13. Board approval The half year results were approved by the Board of London & Associated Properties PLC on 26 August 2010. 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 26 August 2010 Michael Heller Robert Corry Director Director Directors and advisors Directors Executive directors * Michael A Heller MA FCA (Chairman) John A Heller LLB MBA (Chief Executive) Robert J Corry BA FCA (Finance Director) Michael C Stevens FCA Non-executive directors â€ Howard D Goldring BSC (ECON) ACA #â€ Clive A Parritt FCA CF FIIA * Member of the nomination committee # Senior independent director â€ Member of the audit, remuneration and nomination committees. Secretary & registered office Michael C Stevens FCA Carlton House, 22a St James's Square, London SW1Y 4JH Director of property Mike J Dignan FRICS Registrars & transfer office Capita Registrars Northern House, Woodsome Park Fenay Bridge, Huddersfield, W. Yorkshire HD8 OLA 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

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