1st Quarter Results

RNS Number : 4857Q

British Land Co PLC

04 August 2010

 



THE BRITISH LAND COMPANY PLC

FIRST QUARTER RESULTS FOR THE THREE MONTHS TO 30 JUNE 2010

Good progress in the first quarter

·      Underlying profit before tax¹ of £64 million, 3.2% ahead of Q4 2009/10 

·      Net Asset Value¹ per share up 2.2% to 515 pence: IFRS Net Assets £4.3 billion

·      Rate of portfolio valuation growth slowed as expected to 1.4%

·      ERV growth of 0.7% driven by Offices +2.4% with Retail -0.2%

·      Q1 dividend maintained at 6.5 pence

Occupancy increased to 97.8% benefiting from further London office leasing activity and resilience within our retail portfolio

·      Office occupancy up 4.0% to 96.6%: over 210,000 sq ft of new office lettings agreed or under offer since March

·      Retail occupancy remains high at 98.6%: around 765,000 sq ft of retail lettings and rent reviews

Progressing over 600,000 sq ft of developments in the West End

·      On site at NEQ, Regent's Place with 500,000 sq ft scheduled for delivery in 2013

·      139,000 sq ft building at 2-14 Baker Street on schedule to complete in early 2013

Agreement for leases with UBS to develop 700,000 sq ft building at Broadgate (post Q1)

·      Significant commitment from UBS to Broadgate and the City

·      18.2 year average lease at starting rent of £54.50 per sq ft with annual RPI increases

	Q1 2010	Q4 2009	Q1 2009
Net Asset Value1 per share	515p	504p	361p
Underlying profit before tax1	£64m	£62m	£63m
IFRS profit/(loss) before tax	£171m	£630m	£(275)m
Underlying diluted EPS1	7.1p	7.0p	7.2p
Basic EPS	19.8p	72.8p	(32.1)p
Dividends per share	6.5p	6.5p	6.5p

¹ see Note 1 to the accounts  

Chris Grigg, Chief Executive comments: "We have performed well in what has been an important quarter for British Land.  Reaching agreement with UBS to develop and occupy a new 700,000 sq ft building is a major step in our investment programme to ensure Broadgate remains the City's premier office location.  In addition, we continued to successfully let recently developed office space with around 800,000 sq ft of prime London office lettings in the last 6 months and rental levels significantly higher now than a year ago.

As suggested at the time of our full year results, valuations have risen more slowly in this quarter, reflecting in part a more uncertain economic outlook.  While we remain cautious about the near-term outlook, our prime real estate, underpinned by good tenant credit quality and high occupancy, is expected to perform well and we remain confident about the long-term prospects for the business."

Investor Conference Call

British Land will host a conference call at 9.00 am today, 4 August 2010.  The details for the conference call are as follows:

UK Toll Free number:                 0800 028 1243

UK number:                               [phone]

Title:                                         British Land Q1 2010/11 Results

Passcode:                                 5014997

Replay number:                         [phone]

Passcode:                                 5014997#

British Land contacts:

Sally Jones	(Investors)	0207 467 2942
Pip Wood	(Media)	0207 467 2838

Finsbury contacts (media):

Guy Lamming/Gordon Simpson

0207 251 3801

Forward-Looking Statements

This report contains certain "forward-looking" statements reflecting current views on our markets, activities and prospects. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes or results expressed or implied by such forward-looking statements. Any forward-looking statements made by or on behalf of British Land speak only as of the date they are made and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. British Land does not undertake to update forward-looking statements to reflect any changes in British Land's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

Notes to Editors:

British Land is one of the UK's largest Real Estate Investment Trusts with total assets, owned or under management, valued at £13.7 billion (British Land share £8.7 billion), as at 30 June 2010. The hallmark of the business is a focus on customers, based on a portfolio in prime locations in the UK and more recently in Western Europe. Active management of these assets, purchases and sales and new development activity, tailor the property holdings to meet the needs of occupiers.

The portfolio, focused on the out-of-town retail and London office sectors, has among the highest occupancy rates and lease lengths of the major UK REITs at 98% and 13 years respectively. Retail assets account for 65% of the portfolio, some 85% of which is located at prime out-of-town sites. Central London offices comprise 32% of the portfolio. New office and retail developments complement these holdings.

CHIEF EXECUTIVE'S FIRST QUARTER REVIEW

British Land continued to make good progress in the first quarter.  This reflects the high quality of our portfolio, the strength of our asset management skills and our focus on sectors of the property market underpinned by good underlying demand.

The excellent progress made on office lettings and development has been the highlight of the new year.  We are particularly pleased to have signed an agreement for leases with UBS to build them a 700,000 sq ft building at Broadgate, in partnership with Blackstone.  Following continued successful letting of new space, the 1 million sq ft of office developments completed last year are nearly fully let, at rental levels significantly ahead of last year's lows. 

Following the sharp rises of the previous six months, UK property market values rose only modestly in the quarter as expected.  There were some signs of increased caution both as the Government confirmed significant cuts to UK public spending and concern about sovereign and bank debt in Europe returned.  

Underlying profit before tax in the quarter was ahead at £64 million with like-for-like income up 1.9% year-on-year.  As at 30 June 2010, the value of our portfolio rose by 1.4% on the prior quarter at £8.7 billion: growth was stronger in London Offices up 2.4% with Retail ahead by 0.9%.  Net asset value per share rose by 2.2% from 504 pence to 515 pence over the same period.  The quarterly dividend is being maintained at 6.5 pence, as signalled at the full year.

The Group's occupancy rate increased by 1.2% to 97.8% with around 400,000 sq ft of new lettings signed or put under offer since March.  In July, we also agreed a pre-let agreement on 700,000 sq ft of office development space.  In total rental agreements signed or in solicitors' hands since the beginning of the first quarter amount to around £30 million (British Land share) of annualised rent.

In Offices, the shortage of available Grade A space in London continued to drive rental growth in both the City and West End with rental values up 2.4% over the 3 months.  We agreed or placed under offer 210,000 sq ft of new office lettings above ERV, with a further 110,000 sq ft of lease extensions at 155 Bishopsgate.  Of the developments completed last year, Ropemaker Place is almost fully let and 10 and 20 Triton Street at our Regent's Place estate are 94% let or under offer. Our overall office occupancy increased from 92.6% to 96.6%.

In Retail, while rental activity was slower as occupiers became more cautious about the outlook for consumer spending, we continued to benefit from good demand from retailers for space in the right locations.  We completed over 250,000 sq ft of new lettings and lease renewals during the quarter with our occupancy rate remaining high at 98.6%.  ERV performance across the portfolio was in line with Q4 (down slightly 0.2%).

With returns expected to benefit from a continued shortage of Grade A office space, we announced our decision in May to commit £500 million to 1.3 million sq ft of development in the City and West End for delivery to the market during 2013 and 2014.

In the City, our Broadgate JV has signed an agreement for leases with UBS to build a 700,000 sq ft building, which secures their position as a key anchor tenant on the Estate.  The lease is at an initial rent of £54.50 per sq ft with RPI linked annual increases thereafter over an average lease length of 18.2 years.  Vacant possession has been secured and subject to planning we expect to be on site during 2011.  We are also in discussions with potential partners for the development of a 610,000 sq ft landmark building in Leadenhall Street, EC3.

In the West End, we are on site at NEQ, the final phase of the development of our Regent's Place estate with the 500,000 sq ft of office and residential scheduled for completion in 2013.  At Baker Street, we expect to start construction of the 139,000 sq ft building later this year.

We continued to screen investment opportunities but quality assets at the right price remained scarce.  During the quarter, we completed a £74 million (gross) asset swap with Sainsbury's improving the capital and income growth prospects of the joint venture.  We are now seeing more properties come to the market and remain optimistic that we will be able to make attractive, value creating investments as the market restructures.

The Group's financial position is strong with £8.7 billion of property with leases averaging 12.5 years remaining, valued at 6.0% net equivalent yield.  Our LTV at the end of the quarter was 46%.  Our net debt of £4.2 billion has 11 years on average to maturity and we have £2.9 billion of undrawn facilities with which to fund our investment programme through development activity and acquisitions.  Cash flow in the quarter benefited from strong inflows from our funds and joint ventures.

Outlook

Investment for prime office and retail properties remains strong.  However, following the sharp recovery in the previous six months, the growth in values across the market slowed during the quarter.

Rental growth in the London office market has been good in the last six months and we expect this trend to continue albeit at a more modest rate with lower levels of activity in the near term. Further pressure on rental levels in retail is forecast, but we remain of the view that the best locations, where our portfolio is focused, will significantly outperform secondary locations where the supply/demand tension remains weak.

Overall, risks to the global economy seem to have increased in recent months and we remain alert to the potential impact of the fiscal measures needed to address budget deficits not only in the UK, but across Europe. While we would not be immune from any material reduction in consumer spending and business confidence, our prime real estate, underpinned by good tenant credit quality and high occupancy, is expected to perform well.

Chris Grigg

Chief Executive

BUSINESS REVIEW

In the first quarter, our portfolio continued to benefit from the continuing polarisation of retailers towards key trading locations and a further strengthening in occupier demand for modern, well-located London office accommodation.  This is despite signs of caution from occupiers following the coalition Government's first budget.

We are confident in our portfolio's enduring occupier appeal and strong income profile characterised by high occupancy, long leases and prime properties.  Our overall occupancy rate increased by 1.2% to 97.8% reflecting further successful letting of recently developed office space in Central London.

High occupancy & long leases	Retail	Offices	Total
Occupancy rate1	98.6%	96.6%	97.8%
Average lease length (to first break)	13.9 years	9.3 years	12.5 years
% of contracted rent subject to lease break or expiry over the next 3 years	5%	13%	8%

Data includes Group's share of properties in Funds & Joint Ventures

¹ underlying occupancy including accommodation under offer or subject to asset management

PORTFOLIO VALUATION

Following the sharp price rises between September 2009 and March 2010, UK property market value growth slowed over the last quarter, as expected.  After an increase of 16% in the previous two quarters, the value of our property portfolio grew by 1.4% in the first quarter.  As at 30 June 2010, total properties owned or under management were valued at £13.7 billion, of which British Land's share was £8.7 billion. 

Valuation by sector	Group £m	Funds/JVs £m1	Total £m	Portfolio %	Change %2
Retail:
Retail warehouses	1,686	988	2,674	30.8	0.6
Superstores	169	1,145	1,314	15.2	0.8
Shopping centres	204	1,003	1,207	13.9	1.7
Department stores3	437	-	437	5.0	0.1
All retail	2,496	3,136	5,632	64.9	0.9
Offices4:
City	508	1,272	1,780	20.5	2.2
West End	1,030	-	1,030	11.9	2.7
Provincial	29	7	36	0.4	6.8
All offices	1,567	1,279	2,846	32.8	2.4
Other	191	13	204	2.3	1.4
Total	4,254	4,428	8,682	100.0	1.4

¹ Group's share of properties in Funds and Joint Ventures

² valuation movement during the period (after taking account of capital expenditure) of properties held at the balance

  sheet date, including developments (classified by end use) and purchases

³ includes High Street: total value £20 million (0.2% of Portfolio), 0.5% increase for the 3 months

⁴ includes Developments: total value £237 million (2.7% of Portfolio), 1.0% increase for the 3 months

The valuation uplift was driven by a combination of inward net initial yield shift of 6 bps, ERV growth of 0.7% and recent letting activity.  London offices (up 2.4% overall) were the main driver of rental value growth with both City (up 2.1%) and the West End (up 3.0%). 

While rental values within our retail portfolio were down 0.2% overall, this all related to Shopping Centres (down 0.9%) with all other sectors virtually unchanged since March 2010.

Portfolio yields & ERV Growth (excluding developments)	Annualised rent £m1	Net reversion (5 years) £m2	Top-up initial yield, %3	Net equivalent yield, %4,5	Net initial yield compression bps5 (3 months)	ERV Growth, %5,6 (3 months)
Retail:
Retail warehouses	159	15	6.3	6.0	2	0.1
Superstores	72	1	5.4	5.2	4	-
Shopping centres	78	9	6.7	6.2	20	(0.9)
Department stores7	27	4	6.9	6.7	2	-
All retail	336	29	6.2	5.9	6	(0.2)
Offices:
City	87	21	7.1	6.0	3	2.1
West End	45	12	5.9	5.7	8	3.0
All offices	132	33	6.7	5.9	5	2.4
Other	16	3	9.5	9.7	17	0.1
Total	484	65	6.4	6.0	6	0.7

Data includes Group's share of properties in Funds & Joint Ventures

¹ gross rents plus, where rent reviews are outstanding, any increases to ERV (as determined by external valuers), less

  any ground rents payable under head leases

² includes rent reviews and lease break/expiry and letting of vacant space at current ERV (as determined by external

  valuers) within 5 years, plus expiry of rent free periods 

³ gross yield to British Land (without notional purchaser's costs), adding back rent frees and contracted rental uplifts

⁴ after notional purchaser's costs

⁵ excluding Europe

⁶ like for like (as calculated by IPD)

⁷ includes High Street

RETAIL PERFORMANCE

In a more cautious retail environment, our portfolio continued to demonstrate its resilience and the benefits of our customer-led strategy to focus on prime retail locations offering flexible formats with the capacity to adapt to the changing needs of retailers. Our occupancy rate remained high at 98.6%, a modest 0.3% reduction over the quarter as a number of units previously in administration were taken back for re-letting. This decline was offset by a further reduction in occupiers in administration from 0.6% to just 0.2% of retail rent. 

In total, lettings and rent reviews agreed in the first quarter added £1.1 million of new retail rent.  We completed over 250,000 sq ft of new lettings and lease renewals in the quarter at an average lease length of 9 years to first break.  Over 175,000 sq ft (70%) of lettings were agreed with a lease term in excess of 5 years.  The weighted average lease length of the retail portfolio is unchanged at 13.9 years to first break.

In addition, we settled 515,000 sq ft of rent reviews generating an increase on the previous passing rent of 14%.  Retail Warehouses and Superstores contributed the majority of the rental increase with rent reviews capturing uplifts of 20% and 12% respectively.

In June, we completed a £74 million (gross) property exchange within our Sainsbury's superstore joint venture.  Through the joint venture, we swapped four Sainsbury's superstores for two larger superstores in Hoddesdon and Durham which are expected to generate better real estate growth prospects.  Both superstores, totalling 170,000 sq ft, are leased to Sainsbury's for 30 years with 5-year upward-only rent reviews.

OFFICE PERFORMANCE

In Offices, the shortage of available Grade A space in London continued to drive rental growth in both the City and West End.  We continued to increase occupancy within our office portfolio with good leasing activity reflecting the quality and attraction of our modern office space to today's occupiers.  Our office occupancy rate at 30 June 2010 was 96.6%, up from 92.6% in the prior quarter with the average lease length at 9.3 years.

We agreed or placed under offer over 210,000 sq ft of new lettings ahead of March ERV. The Bank of Nova Scotia took 39,000 sq ft at 201 Bishopsgate leaving the building 97% let. In the West End, we let a further 19,000 sq ft at 20 Triton Street to Dimensional Fund Advisors. A further 120,000 sq ft is currently under offer, which, when completed would leave 20 Triton Street 93% let.

At 155 Bishopsgate, we have extended leases on 110,000 sq ft with Barings and AXA by a further 6 years term certain to 2025 with agreed stepped rental increases up to the 2019 rent review.  At Regent's Place, NW1, we have settled rent reviews on over 50,000 sq ft at 350 Euston Road realising an average uplift of 7% compared with the previous rent.

We are progressing with our 1.3 million sq ft of committed developments in the City and West End, announced in May with half of the development space now pre-let.

In late July, the joint venture between British Land and Blackstone signed an agreement for leases with UBS to develop a 700,000 sq ft building on the site of 4 and 6 Broadgate, which UBS will occupy in its entirety.  The initial rent is £54.50 per sq ft with annual increases in line with RPI (subject to a range of 0-4% per annum).  The average lease length is 18.2 years to first break.  Subject to securing planning consent, construction work is anticipated to begin in mid-2011 to allow for completion in the second half of 2014.

In the West End, we are on site at NEQ, the final phase of the development of our Regent's Place estate, with the 500,000 sq ft office and residential scheme scheduled for completion in 2013.

At 2-14 Baker Street, we expect to start construction of the 139,000 office building later this year. As part of the re-development of these offices, we will be undertaking a major refurbishment of 95-99 Baker Street to provide 19,000 sq ft of residential accommodation.  We anticipate delivering the residential in early 2012, followed by the offices in early 2013.

We are in discussions with third party investors regarding the development of a 610,000 sq ft office building on the site of 122 Leadenhall Street, EC3.

FINANCIAL REVIEW

Income Statement (data presented on a proportionally consolidated basis - Table A)

3 months to 30 June	2010			2009
	Group	Funds & JVs	Prop Consol	Group	Funds & JVs	Prop Consol
	£m	£m	£m	£m	£m	£m
Gross rental income	64	71	135	103	45	148
Property outgoings	(3)	(4)	(7)	(2)	(3)	(5)
Net rental income	61	67	128	101	42	143
Other income	3	1	4	4		4
Funds & JVs underlying profit	31			16
Administrative expenses	(13)	(2)	(15)	(16)	(2)	(18)
Underlying profit before interest and tax			117			129
Net financing costs	(18)	(35)	(53)	(42)	(24)	(66)
Funds & JVs underlying profit		31			16
Group Underlying Profit	64		64	63		63

Gross rental income at £135 million was 8.8% lower than the June 2009 quarter principally due to the asset disposals undertaken by the Group over the past year, marginally offset by new investments.  In the retained portfolio, new lettings and rent reviews (net of determinations and expiries) have generated £4 million of increased income. 

Property outgoings were higher than in the June 2009 results, which benefitted from a £5 million credit risk provision release.  Property outgoings represented 5.2% of gross rental income, compared with 6.8% for the prior year (excluding the credit risk provision release).  This improvement reflects the higher occupancy levels, particularly in the office portfolio.

Administrative expenses at £15 million were £3 million or 16.7% lower than the comparative quarter.

Underlying profit before interest and tax at £117 million was 9.3% below the prior year period, or 5.6% after adjusting for the prior period credit provision release.  The reduction reflects the changes made to the portfolio in prior periods, offset by the rental income and reduced void costs due to the successful letting of office developments.  Underlying profit before interest and tax represented 87% of gross rental income, in line with the prior year period.

Net financing costs for the quarter at £53 million are 20% lower, reflecting a reduction of £0.7 billion in net debt following property disposals, although marginally offset by subsequent acquisitions.  Interest cover has increased from 2.0 times to 2.2 times against the first quarter of 2009.

This income and expenditure resulted in an underlying profit before tax for the quarter of £64 million, 1.6% higher than the corresponding period last year.

Underlying earnings per share has been increased to 7.1 pence, resulting in the dividend declared for the period of 6.5 pence being covered 1.1 times (June 2009: 1.1 times).

Balance Sheet

	As at 30 June 2010			As at 31 March 2010
	Group	Funds & JVs	Prop Consol	Group	Funds & JVs	Prop Consol
	£m	£m	£m	£m	£m	£m
Properties at valuation	4,254	4,428	8,682	4,152	4,387	8,539
Investment in Funds & JVs	1,620			1,594
Other non-current assets	267	(105)	162	271	(105)	166
	6,141	4,323	8,844	6,017	4,282	8,705
Other net current liabilities	(201)	(44)	(245)	(189)	(24)	(213)
Net debt	(1,551)	(2,656)	(4,207)	(1,550)	(2,660)	(4,210)
Other non-current liabilities	(67)	(3)	(70)	(70)	(4)	(74)
Funds & JVs net assets		1,620			1,594
IFRS net assets	4,322		4,322	4,208		4,208
EPRA adjustments	239		239	199		199
EPRA net assets	4,561		4,561	4,407		4,407
EPRA NAV per share	515p		515p	504p		504p

EPRA net assets at 30 June 2010 were £4.6 billion, or 515 pence per share, an increase of 2.2% against 31 March 2010.  This was driven by the increase in property valuations as well as the retained underlying profits (net of dividends paid) in the period.

Net debt started and finished the quarter at £4.2 billion (including share of Funds and Joint Ventures). 

Our financing structure remains robust, with significant flexibility. The proportionally consolidated Loan to Value at 30 June 2010 is 46% (March 2010: 47%).  The Group continues to retain some £2.9 billion of committed undrawn facilities, of which £1.6 billion have a maturity of more than 3 years, providing substantial additional liquidity at an average cost of 47 bps over LIBOR.

Financing statistics	Group	Group and share of Funds & Joint Ventures
Net debt	£1,551m	£4,207m3
Weighted average debt maturity	12.3 years	11.0 years
Weighted average interest rate	5.3%	5.2%
Interest cover1	2.8 times	2.2 times
Loan to value2	24%	46%

¹ Underlying profit before interest and tax / net interest

² debt to property and investments

³EPRA net debt £4,052 million - see Table A

Cash Flow

Net cash inflow from operations for the first quarter 2010 was £59 million, an improvement of £11 million on the comparative quarter in the prior year.  This improvement is mainly due to an increase in operating cash flows received from funds and joint ventures in the quarter.

Dividend

The first quarter dividend of 6.5 pence per share, totalling £57 million, is payable on 12 November 2010 to shareholders on the register at close of business on 8 October. 

Having regard to share price volatility the Board has decided to bring the timing of announcing the availability of the scrip alternative each quarter closer to the date of the dividend and will now confirm its intentions, via the Regulatory News Service and on its website (www.britishland.com),  no later than 48 hours before the relevant ex-dividend date.  In addition the scrip enhancement factor of 5% will no longer be offered.  In view of its interaction with a scrip issue, the Board expects to announce the split between PID and non-PID income at that time.

Consolidated Income Statement for the three month period ended 30 June 2010
Year ended 31 March 2010							Three months ended 30 June 2010				Three months ended 30 June 2009
Audited							Unaudited				Unaudited
Underlying		Capital					Underlying	Capital			Underlying		Capital
pre tax*		and other	Total				pre tax*	and other		Total	pre tax*		and other		Total
£m		£m	£m			Note	£m	£m		£m	£m		£m		£m
394			394		Gross rental and related income	2	71			71	120				120
337			337		Net rental and related income	2	61			61	101				101
13			13		Fees and other income	2	3			3	4				4
		(15)	(15)		Amortisation of intangible assets			(4)		(4)			(4)		(4)
81		398	479		Funds and joint ventures (see also below)		31	54		85	16		(116)		(100)
(55)			(55)		Administrative expenses		(13)			(13)	(16)				(16)
		496	496		Net valuation movement (includes profits & losses on disposals)	2		57		57			(218)		(218)
					Net financing costs
30			30		- financing income		11			11	17				17
(157)			(157)		- financing charges		(29)			(29)	(59)				(59)
(127)			(127)				(18)			(18)	(42)				(42)
249		879	1,128		Profit (loss) on ordinary activities before taxation		64	107		171	63		(338)		(275)
					Taxation
		24	24		- current tax (expense) income	2		(1)		(1)			1		1
		(12)	(12)		- deferred tax income (expense)	2		2		2			1		1
		12	12			2		1		1			2		2
			1,140		Profit (loss) for the period after taxation attributable to shareholders of the Company					172					(273)
			133.0p		Earnings (loss) per share: basic	1				19.8p					(32.1)p
			132.6p		diluted	1				19.7p					(32.0)p
					Share of results of funds and joint ventures
81			81		Underlying profit before taxation		31			31	16				16
		412	412		Net valuation movement (includes profits & losses on disposals)			56		56			(114)		(114)
		(9)	(9)		Non-recurring items
		(5)	(5)		Current tax expense			(1)		(1)			(3)		(3)
					Deferred tax (expense) income			(1)		(1)			1		1
81		398	479			4	31	54		85	16		(116)		(100)
* As defined in note 1

Consolidated Balance Sheet as at 30 June 2010
31 March				30 June		30 June
2010				2010		2009
Audited				Unaudited		Unaudited
£m			Note	£m		£m
		Assets
		Non-current assets
4,126		Investment and development properties	3	4,226		5,509
33		Owner-occupied property	3	35		27
4,159				4,261		5,536
		Other non-current assets
1,594		Investments in funds and joint ventures	4	1,620		871
261		Other investments	5	261		44
10		Intangible assets		6		21
6,024				6,148		6,472
		Current assets
105		Debtors		104		82
195		Liquid investments	6	200
74		Cash and short-term deposits	6	66		647
374				370		729
6,398		Total assets		6,518		7,201
		Liabilities
		Current liabilities
(139)		Short-term borrowings and overdrafts	6	(135)		(56)
(332)		Creditors		(353)		(474)
(471)				(488)		(530)
		Non-current liabilities
(1,642)		Debentures and loans	6	(1,634)		(3,640)
(30)		Other non-current liabilities		(28)		(43)
(47)		Deferred tax liabilities		(46)		(34)
(1,719)				(1,708)		(3,717)
(2,190)		Total liabilities		(2,196)		(4,247)
4,208		Net assets		4,322		2,954
		Equity
220		Share capital		221		217
1,241		Share premium		1,240		1,244
(90)		Other reserves		(117)		(80)
2,837		Retained earnings		2,978		1,573
		Total equity attributable to shareholders
4,208		of the Company		4,322		2,954
504	p	EPRA NAV per share*	1	515	p	361	p
* As defined in note 1

Consolidated Statement of Comprehensive Income
for the three month period ended 30 June 2010
	Year ended							Three months ended		Three months ended
	31 March							30 June		30 June
	2010							2010		2009
	Audited							Unaudited		Unaudited
	£m						Note	£m		£m
	1,140		Profit (loss) for the period after taxation					172		(273)
			Other comprehensive income:
			Valuation movements on other investments				2			6
										6
			(Losses) gains on cash flow hedges
	(6)		- Group					(13)		23
	(10)		- Funds and joint ventures					(18)		16
			Transferred (from) to the income statement
			(cash flow hedges)
	6		- foreign currency derivatives					(1)		14
	23		- interest rate derivatives					2		7
	29							1		21
	(1)		Exchange differences on translation of foreign operations					3		(1)
	(2)		Actuarial loss on pension scheme
	10		Other comprehensive (loss) income for the period					(27)		65
	1,150		Total comprehensive income (loss) for the period					145		(208)
Consolidated Statement of Cash Flows
for the three month period ended 30 June 2010
Year						Three months			Three months
ended						ended			ended
31 March						30 June			30 June
2010						2010			2009
Audited						Unaudited			Unaudited
£m				Note		£m			£m
317		Rental income received from tenants				56			93
15		Fees and other income received				2			10
(84)		Operating expenses paid to suppliers and employees				(20)			(29)
248		Cash generated from operations				38			74
(179)		Interest paid				(10)			(37)
9		Interest received				1			2
(3)		UK corporation tax paid							(1)
61		Distributions received from funds and joint ventures		7		30			10
136		Net cash inflow from operating activities				59			48
		Cash flows from investing activities
(75)		Purchase of investment properties				(29)
(173)		Development and other capital expenditure				(17)			(52)
279		Sale of investment properties				2			152
6		REIT conversion charge paid
(43)		Purchase of investments
13		Sale of investments
(4)		Indirect taxes in respect of investing activities				2			(3)
		Deferred consideration received				13
31		Establishment of Broadgate Joint Venture
(26)		Investment in Shopping Centres Joint Venture with Tesco
(56)		Investment in and loans to funds and joint ventures				(2)			(24)
7		Capital distributions received from funds and joint ventures
(41)		Net cash (outflow) inflow from investing activities				(31)			73
		Cash flows from financing activities
(154)		Dividends paid				(32)			(42)
(20)		Movement in other financial liabilities				(2)			(5)
(266)		Establishment of Broadgate Joint Venture - cash collateral
(200)		Increase in liquid investments
1		Increase (decrease) in bank and other borrowings				(1)			(50)
(639)		Net cash outflow from financing activities				(35)			(97)
(544)		Net (decrease) increase in cash and cash equivalents				(7)			24
616		Opening cash and cash equivalents				72			616
72		Closing cash and cash equivalents				65			640
		Cash and cash equivalents consists of:
74		Cash and short-term deposits				66			647
(2)		Overdrafts				(1)			(7)
72						65			640

Consolidated Statement of Changes in Equity
for the three month period ended 30 June 2010
			Hedging &
	Share	Share	translation	Revaluation	Retained
	capital *	premium	reserve	reserve	earnings	Total
	£m	£m	£m	£m	£m	£m
Three month movements in Equity
Balance at 1 April 2010	220	1,241	(38)	(52)	2,837	4,208
Total comprehensive income for the period			(12)	(15)	172	145
Adjustment for share and share option awards					1	1
Dividends payable in the three month period					(56)	(56)
Adjustment for scrip dividend element	1	(1)			24	24
Balance at 30 June 2010	221	1,240	(50)	(67)	2,978	4,322
Balance at 1 April 2009	217	1,244	(98)	(41)	1,887	3,209
Total comprehensive income for the period			44	15	(267)	(208)
Adjustment for share and share option awards					1	1
Dividends payable in the three month period					(48)	(48)
Balance at 30 June 2009	217	1,244	(54)	(26)	1,573	2,954
Prior year movements in Equity
Balance at 1 April 2009	217	1,244	(98)	(41)	1,887	3,209
Total comprehensive income for the period			60	(11)	1,101	1,150
Share issues	3	(3)
Adjustment for share and share option awards					1	1
Dividends payable in the year					(215)	(215)
Adjustment for scrip dividend element					63	63
Balance at 31 March 2010	220	1,241	(38)	(52)	2,837	4,208
* See note 12 for a summary of the number of shares in issue

Notes to the accounts (unaudited)
1.     Performance measures
Year ended			Three months ended		Three months ended
31 March 2010			30 June 2010		30 June 2009
Earnings	Pence per share	Earnings (loss) per share (diluted)	Earnings	Pence per share	Earnings	Pence per share
£m			£m		£m
249		Underlying pre tax profit - income statement	64		63
(5)		Tax charge relating to underlying profit	(2)		(2)
244	28.4p	Underlying earnings per share	62	7.1p	61	7.2p
(9)		Non-recurring items
235	27.3p	EPRA earnings per share	62	7.1p	61	7.2p
1,140	132.6p	Profit (loss) for the period after taxation	172	19.7p	(273)	(32.0)p
The European Public Real Estate Association (EPRA) issued Best Practices Recommendations in July 2009, which gives guidelines for performance measures.  The EPRA earnings measure excludes investment property revaluations and gains or losses on disposals,
Underlying earnings consists of the EPRA earnings measure, with additional company adjustments.  Adjustments include realisation of cash flow hedges.
The weighted average number of shares in issue for the three month period was: basic: 869m (year ended 31 March 2010: 857m; three months ended 30 June 2009: 850m); diluted for the effect of share options: 873m (year ended 31 March 2010: 860m; three months ended 30 June 2009: 852m).  Basic undiluted earnings per share for the three month period was 19.8p (year ended 31 March 2010: 133.0p; three months ended 30 June 2009: 32.1p loss). Earnings per share shown in the table above are diluted.
31 March					30 June	30 June
2010		Net asset value (NAV)			2010	2009
£m					£m	£m
4,208		Balance sheet net assets			4,322	2,954
43		Deferred tax arising on revaluation movements			42	25
126		Mark to market on effective cash flow hedges and related debt adjustments			152	100
30		Dilution effect of share options			45	2
4,407		EPRA NAV			4,561	3,081
504p		EPRA NAV per share			515p	361p
The EPRA NAV per share excludes the mark to market on effective cash flow hedges and related debt adjustments, deferred taxation on revaluations and is calculated on a fully diluted basis.
At 30 June 2010, the number of shares in issue was: basic: 872m (31 March 2010: 866m; 30 June 2009 restated: 850m); diluted for the effect of share options: 886m (31 March 2010: 875m; 30 June 2009 restated: 854m).
Total return per share for the three months ended 30 June 2010 of 3.5% includes dividends paid of 6.5p (see note 8) in addition to the increase in EPRA NAV of 11p. Total return per share for the year ended 31 March 2010 was 33.5%.

2.     Income statement notes
			Three months	Three months
Year ended			ended	ended
31 March			30 June	30 June
2010			2010	2009
£m			£m	£m
	Gross and net rental income
319	Rent receivable		57	96
23	Spreading of tenant incentives and guaranteed rent increases		7	7
342	Gross rental income		64	103
52	Service charge income		7	17
394	Gross rental and related income		71	120
(52)	Service charge expenses		(7)	(17)
(5)	Property operating expenses		(3)	(2)
337	Net rental and related income		61	101
	Fees and other income
7	Performance & management fees (from funds and joint ventures)		3	3
6	Other fees and commission			1
13			3	4
	Net revaluation movements on property and investments
	Income statement
530	Revaluation of properties		53	(211)
(18)	Result on property disposals		(1)	(7)
(12)	Revaluation of investments
(4)	Other revaluation movements		5
496			57	(218)
412	Share of profits (losses) of funds and joint ventures (note 4)		56	(114)
908			113	(332)
	Consolidated statement of comprehensive income
	Revaluation of investments			6
908			113	(326)
	Tax income (expense)
(2)	Current tax:	UK corporation tax (28%)	(1)	(1)
		Foreign tax
(2)			(1)	(1)
26	Adjustments in respect of prior periods			2
24	Total current tax income (expense)		(1)	1
(12)	Deferred tax on revaluations		2	1
12	Group total taxation (net)		1	2
(5)	Attributable to funds and joint ventures		(2)	(2)
7	Total taxation		(1)
Tax expense attributable to underlying profits for the three months ended 30 June 2010 was £2m (year ended 31 March 2010: £5m; three months ended 30 June 2009: £2m).

3.     Property
Total property interests are £8,682m at 30 June 2010 comprising properties held by the Group of £4,254m, share of properties held by funds of £840m and share of properties held by joint ventures of £3,588m. Properties were valued on the basis of market value, supported by market evidence, in accordance with the Appraisal and Valuation Standards published by The Royal Institution of Chartered Surveyors.
31 March						30 June	30 June
2010						2010	2009
£m						£m	£m
4,126		Investment properties				4,226	5,333
		Development properties					176
4,126		Investment and development properties				4,226	5,509
33		Owner-occupied property				35	27
4,159		Carrying value of properties on balance sheet				4,261	5,536
(7)		Head lease liabilities				(7)	(14)
4,152		Total British Land Group property portfolio valuation				4,254	5,522
At 30 June 2010 Group properties valued at £2,688m were subject to a security interest (31 March 2010: £2,659m; 30 June 2009: £3,630m) and other properties of non-recourse companies amounted to £nil (31 March 2010: £nil; 30 June 2009: £nil).
In adopting the revisions to IAS 16 Property, Plant & Equipment and IAS 40 Investment Property, development properties are now classified within investment properties.
4.     Funds and joint ventures
Summary of British Land's share of investments in funds and joint ventures at 30 June 2010
				Underlying
				profit
				(three	Net	Gross	Gross
				months)	Investment	assets	liabilities
				£m	£m	£m	£m
Share of funds				7	463	981	(518)
Share of joint ventures				24	1,157	3,771	(2,614)
Total				31	1,620	4,752	(3,132)
At 30 June 2010 the investment in Joint Ventures included within the total net investment in Funds and Joint Ventures was £1,169m (31 March 2010: £1,149m; 30 June 2009: £553m).
Amounts owed to joint ventures at 30 June 2010 were £36m (31 March 2010: £40m; 30 June 2009: £33m).
British Land's share of the results of funds and joint ventures
						Three months	Three months
Year ended						ended	ended
31 March						30 June	30 June
2010						2010	2009
£m						£m	£m
238		Gross rental income				71	45
208		Net rental and related income				67	42
(8)		Other income and expenditure				(1)	(2)
(119)		Net financing costs				(35)	(24)
81		Underlying profit before taxation				31	16
412		Net valuation and disposal movements				56	(114)
(9)		Non-recurring items - debt break costs
484		Profit (loss) on ordinary activities before taxation				87	(98)
(5)		Current tax				(1)	(3)
		Deferred tax				(1)	1
479		Profit (loss) on ordinary activities after taxation				85	(100)
All joint ventures are non-recourse to the Group. Where a joint venture has net liabilities, as required under IFRS, the Group does not account for its share of the deficit in its total share of joint venture results.
5.     Other investments
Other investments include the £209m secured commercial loan to the Bluebutton Properties joint venture (31 March 2010: £209m; 30 June 2009: £nil) and the investment in the HUT convertible bond of £43m (31 March 2010: £43m; 30 June 2009: £nil).

6.     Net Debt
31 March		30 June	30 June
2010		2010	2009
£m		£m	£m
	Securitisations		1,980
1,165	Debentures	1,165	1,168
156	Bank loans and overdrafts	143	96
460	Other bonds and loan notes	461	452
1,781	Gross debt	1,769	3,696
49	Interest rate and currency derivative liabilities	64	64
(11)	Interest rate and currency derivative assets	(16)
1,819		1,817	3,760
(195)	Liquid investments	(200)
(74)	Cash and short-term deposits	(66)	(647)
1,550	Net debt	1,551	3,113
Gross debt includes £135m due within one year at 30 June 2010 (31 March 2010: £139m; 30 June 2009: £56m).
Undrawn committed bank facilities at 30 June 2010 amounted to £2,876m.
The two financial covenants applicable to the Group unsecured debt are:
Net Borrowings not to exceed 175% of Adjusted Capital and Reserves.
At 30 June 2010 the ratio is 36%:
i. Net Borrowings are £1,747m, being the principal amount of gross debt of £1,754m plus amounts owed to joint ventures of £36m and TPP Investments Ltd of £23m (see note 10), less the cash and short-term deposits of £66m; and
ii. Adjusted Capital and Reserves are £4,876m, being share capital and reserves of £4,322m (see Consolidated Statement of Changes in Equity), adjusted for £42m of deferred tax (see note 1), £360m exceptional refinancing charges (see below) and £152m mark to market on interest rate swaps (see note 1); and
Net Unsecured Borrowings not to exceed 70% of Unencumbered Assets.
At 30 June 2010 the ratio is 13%:
i. Net Unsecured Borrowings are £316m, being the principal amount of gross   debt of £1,754m plus amounts owed to joint ventures of £36m less cash and deposits not subject to a security interest of £59m less the principal amount of secured and non-recourse borrowings of £1,415m; and
ii. Unencumbered Assets are £2,478m being properties of £4,254m (see note 3) plus investments in funds and joint ventures of £1,620m (see note 4), other investments of £461m (see balance sheet: liquid investments of £200m and other investments of £261m) less investments in joint ventures of £1,169m (see note 4) and encumbered assets of £2,688m (see note 3).
In calculating Adjusted Capital and Reserves for the purpose of the unsecured debt financial covenants, there is an adjustment of £360m to reflect the cumulative net amortised exceptional items relating to the refinancings in the years ending 31 March 2005, 2006 and 2007.
The Group Loan to Value ratio at 30 June is 24%, being gross debt of £1,769m less cash, short-term deposits and liquid investments of £266m, divided by total Group property of £4,254m (see note 3) plus investments in Funds and Joint Ventures of £1,620m (balance sheet) and other investments of £261m (balance sheet).
7.     Operating cash flows of funds and joint ventures
Year		Three months	Three months
ended		ended	ended
31 March		30 June	30 June
2010		2010	2009
£m		£m	£m
215	Rental income received from tenants	66	46
	Fees and other income received	1
(22)	Operating expenses paid to suppliers and employees	(8)	(9)
193	Cash generated from operations	59	37
(111)	Interest paid	(37)	(24)
(4)	UK corporation tax paid	(1)	(1)
78	Cash inflow from operating activities	21	12
	Cash inflow from operating activities deployed as:
17	Surplus cash (distributed by) retained within funds and joint ventures	(9)	2
61	Total distributed to British Land	30	10
78		21	12

8.     Dividends
The first quarter dividend of 6.5 pence per share, totalling £57 million, is payable on 12 November 2010 to shareholders on the register at close of business on 8 October 2010.
Having regard to share price volatility the Board has decided to bring the timing of announcing the availability of the scrip alternative each quarter closer to the date of the dividend and will now confirm its intentions, via the Regulatory News Service and on its website (www.britishland.com),  no later than 48 hours before the relevant ex-dividend date.  In addition the scrip enhancement factor of 5% will no longer be offered.  In view of its interaction with a scrip issue, the Board expects to announce the split between PID and non-PID income at that time.
The 2010 final dividend of 6.5 pence per share, totalling £57m, is payable on 13 August 2010.
In respect of the 2010 third quarter dividend of 6.5 pence per share, totalling £56m, 44% of shareholders opted for the enhanced scrip alternative in lieu of £24m in cash dividends. The remaining cash element of £32m was paid on 14 May 2010.
The Consolidated Statement of Changes in Equity shows dividends paid in the period of £56m being the third quarter 2010 dividend disclosed above.
9.     Segment information
The Group allocates resources to investment and asset management according to the sectors it expects to perform over the medium term. Its two principal sectors are currently offices and retail. The relevant revenue, net rental income, assets and capital expenditure, being the measure of profit or loss and total assets used by the management of the business, are set out below:
	Offices		Retail		Other		Total
	2010	2009	2010	2009	2010	2009	2010	2009
	£m	£m	£m	£m	£m	£m	£m	£m
Three months ended 30 June
Revenue	24	67	44	51	6	6	74	124
Net rental income	17	52	39	46	5	3	61	101
Segment assets	1,892	3,356	3,773	2,874	853	971	6,518	7,201
Capital expenditure	36	61	3	2		1	39	64
Revenue is derived from the rental of buildings, fund management and performance fees and investments. Corporate costs, including administrative and interest expenses, are not allocated to the segments shown, therefore a sectoral profit or loss is not disclosed. Segment assets include the Group's investment in funds and joint ventures. No customer exceeds 10% of the Group's revenues.
10.     Contingent liabilities
TPP Investments Limited, a wholly owned ring-fenced special purpose subsidiary, is a partner in The Tesco British Land Property Partnership and, in that capacity, has entered into a secured bank loan under which its liability is limited to £23m (31 March 2010: £23m, 30 June 2009: £23m) and recourse is only to the partnership assets.
11.     Related party transactions
Details of transactions with funds and joint ventures including debt guarantees by the Company are given in notes 2 and 10. Amounts owed to joint ventures are detailed in note 4.
There have been no material changes in the related party transactions described in the last annual report.

12.     Note to the Consolidated Statement of Changes in Equity
At 30 June 2010, of the issued 25p ordinary shares, 2m were held in the ESOP Trust (31 March 2010: 2m; 30 June 2009: 2m), 11m were held as Treasury shares (31 March 2010: 11m; 30 June 2009: 11m) and 872m shares were in free issue (31 March 2010: 866m; 30 June 2009: 850m). All shares are fully paid.
13.     Basis of preparation
The financial information for the year ended 31 March 2010 does not constitute statutory accounts as defined in section 435 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditors' report on those accounts was not qualified, did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying the report, and did not contain statements under section 498(2) or (3) of the Companies Act 2006.
The financial information included in this announcement has been prepared on a going concern basis using accounting policies consistent with International Financial Reporting Standards (IFRS) and in accordance with IAS 34 'Interim Financial Reporting'. The same accounting policies, estimates, presentation and methods of computation are followed in the quarterly report as applied in the Group's latest annual audited financial statements. The current period financial information presented in this document is unaudited.
The Group's business activities, financial position, cash flows, liquidity position and financing structure are discussed on pages 3 to 10. The Directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
The interim financial information was approved by the Board on 3 August 2010.

Table A
Summary income statement based on proportional consolidation
for the period ended 30 June 2010
The following pro forma information is unaudited and does not form part of the consolidated primary statements or the notes thereto.  It presents the results of the Group, with its share of the results of funds and joint ventures included on a line by line, i.e. proportional basis.  The underlying profit before taxation and total profit after taxation are the same as presented in the consolidated income statement.
Year		Three months	Three months
ended		ended	ended
31 March		30 June	30 June
2010		2010	2009
£m		£m	£m
561	Gross rental income	135	148
545	Net rental income	128	143
15	Fees and other income	4	4
(65)	Administrative expenses	(15)	(18)
(246)	Net interest costs	(53)	(66)
249	Underlying profit before taxation	64	63
908	Net valuation movement (includes profits and losses on disposal)	113	(332)
(9)	Realisation of cash flow hedges/non-recurring items
(15)	Amortisation of intangible assets	(4)	(4)
	Profit (loss) on ordinary activities
1,133	before taxation	173	(273)
(5)	Tax charge relating to underlying profit	(2)	(2)
(12)	Deferred tax	1	2
24	Other taxation
1,140	Profit (loss) for the period after taxation	172	(273)
28.4p	Underlying earnings per share - diluted basis	7.1p	7.2p
The underlying earnings per share is calculated on underlying profit before taxation of £64m, tax attributable to underlying profits of £2m and 873m shares on a diluted basis, for the three months ended 30 June 2010.

Table A (continued)
Summary balance sheet based on proportional consolidation
as at 30 June 2010
The following pro forma information is unaudited and does not form part of the consolidated primary statements or the notes thereto.  It presents the composition of the EPRA net assets of the Group, with its share of the net assets of funds and joint ventures included on a line by line, i.e. proportional basis and assuming full dilution.
31 March		30 June	30 June
2010		2010	2009
£m		£m	£m
5,602	Retail properties	5,632	4,646
2,736	Office properties	2,846	3,353
201	Other properties	204	179
8,539	Total properties	8,682	8,178
156	Other investments	156	44
10	Intangible assets	6	21
(217)	Other net liabilities	(231)	(387)
(4,081)	Net debt	(4,052)	(4,775)
4,407	EPRA NAV (note 1)	4,561	3,081
504p	EPRA NAV per share (note 1)	515p	361p
	Total property valuations including share of funds and joint ventures
4,152	British Land Group	4,254	5,522
	Share of funds and joint ventures
4,395	Investment properties	4,436	2,590
	Development properties		75
(8)	Head lease liabilities	(8)	(9)
4,387		4,428	2,656
8,539	Total property portfolio valuation	8,682	8,178
	Calculation of EPRA NNNAV per share
4,407	EPRA NAV	4,561	3,081
(43)	Deferred tax arising on revaluation movements	(42)	(25)
(129)	Mark to market on effective cash flow hedges and related debt adjustments	(155)	(100)
285	Mark to market on debt	175	1,120
4,520	EPRA NNNAV	4,539	4,076
517p	EPRA NNNAV per share	512p	477p
EPRA NNNAV is the EPRA NAV adjusted to reflect the fair value of the debt and derivatives and to include the deferred taxation on revaluations.

INDEPENDENT REVIEW REPORT TO THE BRITISH LAND COMPANY PLC
We have been engaged by the company to review the condensed set of financial statements in the quarterly financial report for the three months ended 30 June 2010 which comprises the Consolidated Income Statement, the Consolidated Balance Sheet, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Cash flows and the related notes 1 to 13. We have read the other information contained in the quarterly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board.  Our work has been undertaken so that we might state to the company those matters we are required to state to them in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The quarterly financial report is the responsibility of, and has been approved by, the directors.  The directors are responsible for preparing the quarterly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
As disclosed in note 13, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union.  The condensed set of financial statements included in this quarterly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the quarterly financial report based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of quarterly financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the quarterly financial report for the three months ended 30 June 2010 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
Deloitte LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom
3 August 2010

 

END

 

 

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