Final Results Cont.

London & Assoc Properties PLC 12 March 2001 Preliminary Announcement for the year ended 31 December 2000 Consolidated profit and loss account for the year ended 31 December 2000 2000 1999 £000 £000 Revenue Notes Property: Income 8,816 7,911 Ground rents (423) (406) Direct property (918) (901) expenses Attributable (1,458) (1,330) overheads 6,017 5,274 Listed investments: Investment sales 721 619 Cost of sales (517) (381) 204 (238) Dividends 97 113 receivable Less - (13) (12) attributable overheads 288 339 Operating profit 6,305 5,613 Share of operating profit 157 1 of associate Share of operating profit 132 113 of joint venture 6,594 5,727 Interest 63 48 receivable Interest payable (4,499) (3,665) Profit (Loss) on sale of 1 14 (10) fixed assets Profit on ordinary 2,172 2,100 activities before taxation Taxation on profit on 2 334 531 ordinary activities Profit on ordinary 1,838 1,569 activities after taxation Dividend 932 840 Retained profit 3 906 729 for the year Earnings per share Basic 4 2.39 p 2.06p Fully diluted 4 2.29 p 1.98p Dividend per share 5 1.20 p 1.10p The revenue and operating profit derives from continuing operations in the United Kingdom Consolidated statement of total recognised gains and losses for the year ended 31 December 2000 2000 1999 £000 £000 Profit for the 1,838 1,569 financial year Currency translation difference on foreign (35) (2) currency net investments of associate Increase on revaluation of investment properties:- Company 2,160 3,130 Associate and 307 406 joint venture Total gains and losses recognised 4,270 5,103 in the year Consolidated Balance sheet at 31 December 2000 2000 1999 £000 £000 Fixed Assets Tangible assets 100,121 96,273 Investments 3,568 3,294 103,689 99,567 Current assets Debtors 1,809 1,485 Investments at 2,405 2,451 cost (Market value £3,278,000 (1999:£3,773,000)) Bank balances 493 1,085 4,707 5,021 Creditors Amounts falling due within (11,579) (11,121) one year Net current (6,872) (6,100) liabilities Total assets less current 96,817 93,467 liabilities Creditors Amounts falling due after (47,838) (48,121) more than one year Provision for liabilities (110) (94) and charges Net assets 48,869 45,252 Capital and reserves Share capital 7,761 7,638 Share premium 4,068 3,912 account Capital 15 15 redemption reserve Revaluation 25,658 23,211 reserve Other reserves 429 429 Retained earnings 10,938 10,047 Shareholders' 48,869 45,252 funds Net assets per Basic 64.09 p 60.98 Diluted 60.50 p 57.57 *Including current asset investments at market value. Reconciliation of movement in shareholders' funds for the year ended 31 December 2000 2000 1999 £000 £000 Profit for the 1,838 1,569 financial year Dividend (932) (840) Retained profit 906 729 for the year Currency translation difference on foreign (35) (2) currency net investments Unrealised changes on revaluation of 2,467 3,536 investment properties Shares issued 123 59 Share premium account 156 103 movements 3,617 4,425 Shareholders' funds at 1 45,252 40,827 January 2000 Shareholders' funds at 31 48,869 45,252 December 2000 Consolidated cash flow statement for the year ended 31 December 2000 2000 1999 £000 £000 £000 £000 Net cash inflow from 6,349 6,636 operating activities Returns on investments and servicing of finance Interest received 52 44 Interest paid (4,367) (3,559) Net cash outflow from returns on investments and servicing of (4,315) (3,515) finance Taxation Corporation tax (647) (111) Capital expenditure and financial investment Redemption of fixed asset 9 - investment Sale of properties 20 391 Sale of office equipment 15 - and motor cars Purchase of (1,805) (17,640) properties Purchase of office (114) (44) equipment and motor cars Net cash inflow (outflow) for capital (1,875) (17,293) expenditure and financial investment Equity dividends (557) (591) paid Net cash inflow (outflow) before use of (1,045) (14,874) liquid resources and financing Net cash (outflow) inflow from management of liquid resources Drawdown of short term loan from 95 - joint venture Financing Issue expenses (5) (5) Drawdown of bank - 14,000 loan Repayment of medium term (200) - bank loan Net cash (outflow) inflow (205) 13,995 from financing Increase (decrease) in cash (1,155) (879) in the period Reconciliation of net cash flow to movement in net debt for the year ended 31 December 2000 Increase (decrease) in cash (1,155) (879) in the period Net cash outflow (inflow) from 200 (14,000) movement in debt (955) (14,879) Other movements on current asset (46) 29 investments Movement in net debt in the (1,001) (14,850) period Net debt at 1 (48,736) (33,886) January 2000 Net debt at 31 (49,737) (48,736) December 2000 Reconciliation of operating profit to net cash inflow from operating activities 2000 1999 £000 £000 Operating profit 6,305 5,613 Depreciation 93 107 charges (Profit) on (9) - disposal of fixed assets Dividend from associated 44 48 company (Increase) in (333) (182) debtors Increase 203 1,079 (decrease) in creditors Decrease (increase) in current 46 (29) asset investments 6,349 6,636 Analysis of net debt At 1 Cash Other At 31 January December 2000 flow movements 2000 £000 £000 £000 £000 Bank balances in 1,085 (592) 493 hand Bank overdrafts (3,572) (563) (4,135) Debt due within (200) 200 (300) (300) one year Debt due after (48,500) 300 (48,200) one year Current asset 2,451 (46) 2,405 investments (48,736) (955) (46) (49,737) Notes 2000 1999 1 Profit (loss) on sale of £000 £000 fixed assets Freehold property 20 17 Associate - (6) (27) investment 14 (10) 2 Taxation 2000 1999 £000 £000 Based on the results of the year: Corporation Tax at 30 per cent 397 496 (1999: 30 per cent) Tax attributable to franked - 22 investment income Deferred taxation 16 (17) Adjustment in respect of (116) - previous years 297 501 Associate 28 26 Joint venture 9 4 334 531 The tax charge for both 2000 and 1999 has been reduced due to the effect of accelerated capital allowances. 3 Profit attributable to London & Associated 2000 1999 Properties PLC £000 £000 Dealt with in the financial statements of: London & Associated 895 892 Properties PLC Associate (17) (179) Joint venture 28 16 906 729 4 Earnings per share The earnings per share have been calculated as follows: Earnings Shares in issue Earnings per share 2000 1999 2000 1999 2000 1999 £000 £000 000 000 Pence Pence Group profit on 1,838 1,569 ordinary activities after tax Weighted average 76,953 76,060 share capital for period Basic earnings 1,838 1,569 76,953 76,060 2.39 2.06 per share Adjustments: Conversion of 43 43 4,640 4,640 convertible debenture stock Share options 25 25 1,767 1,777 Fully diluted 1,906 1,637 83,360 82,477 2.29 1.98 earnings per share 5 Dividend The proposed final dividend of 1.20p will be paid on 13 July 2001 to shareholders registered at the close of business on 9 March 2001. 6 The figures for the year ended 31 December 1999 are based on the audited accounts for that year, The statutory accounts for the year ended 31st December 2000 have been completed and an unqualified opinion has been issued. The preliminary announcement has been prepared on the basis of the accounting policies set out in the company's published accounts for the year ended 31 December 1999. The figures in the preliminary announcement are an extract and do not constitute statutory accounts within the meaning of the companies Act 1985. This preliminary statement was approved by the board on 12 March 2001.

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London & Associated Properties (LAS)
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