Final Results - Part 3
British Land Co PLC
30 May 2001
PART 3
CONSOLIDATED PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED 31 MARCH 2001
-------------------------------------------------------------------
Note 2001 2000
£m £m
--- ---
Gross rental income 472.9 443.7
Less share of joint ventures 9 (84.8) (75.4)
------ ------
Gross rental income - Group 388.1 368.3
====== ======
Operating profit 1 372.5 367.1
Share of operating profits
of joint ventures 9 75.8 68.9
Disposal of fixed assets
- including amounts from
joint ventures (note 9) 2 32.1 3.3
------ ------
Profit on ordinary
activities before interest 480.4 439.3
====== ======
Net interest payable
(before exceptional item) 3 (311.3) (282.9)
Exceptional item 4 (83.6)
------ ------
Profit on ordinary
activities before taxation 85.5 156.4
Taxation 5 (10.2) (27.6)
------ ------
Profit on ordinary
activities after taxation 75.3 128.8
Minority interest (0.1)
------ ------
Profit for the financial year 75.3 128.7
Ordinary dividends 6 (59.6) (56.5)
------ ------
Retained profit for
the financial year 15.7 72.2
====== ======
Basic and diluted pre
exceptional earnings
per share 7 28.7p 24.8p
====== ======
Basic and diluted
earnings per share 7 14.5p 24.8p
====== ======
Dividend per share 6 11.5p 10.9p
====== ======
GROUP BALANCE SHEET AS AT 31 MARCH 2001
---------------------------------------
2001 2000
Note £m £m
------ ------
Fixed assets
Investment properties 8 7,150.4 6,777.8
------- -------
Investments in joint ventures
Share of gross assets 9 1,579.9 1,219.3
Share of gross liabilities 9 (867.2) (648.5)
------ ------
712.7 570.8
------ ------
Other investments 10 73.7 150.4
------ ------
7,936.8 7,499.0
======= =======
Current assets
---------------
Trading properties 8 53.3 69.0
Debtors 11 142.5 41.8
Cash and deposits 94.2 118.4
------ ------
Total current assets 290.0 229.2
Creditors due within one year 12 (700.6) (566.0)
------ ------
Net current liabilities (410.6) (336.8)
------ ------
Total assets less current liabilities 7,526.2 7,162.2
Creditors due after one year 13 (3,057.3) (3,249.4)
Convertible bonds 14 (463.9) (463.2)
------ ------
4,005.0 3,449.6
====== ======
Capital and reserves
Called up share capital 17 129.6 129.5
Share premium 19 1,105.3 1,104.6
Other reserves 19 (1.9) (1.2)
Revaluation reserve 19 2,092.1 1,619.0
Profit and loss account 19 679.9 597.7
------ ------
Shareholders' funds 4,005.0 3,449.6
====== ======
Net Asset Value per share 18 802p 694p
(The NAV per share includes the external valuation
surplus on development and trading properties)
Approved by the Board on 29 May 2001
OTHER PRIMARY STATEMENTS FOR YEAR ENDED 31 MARCH 2001
-----------------------------------------------------
Note 2001 2000
£m £m
--- ---
Total recognised gains and losses
Profit for the financial year 75.3 128.7
------ ------
Unrealised surplus on revaluation:
- investment properties 528.4 220.9
- joint ventures 5.6 37.7
- other investments 5.6 1.3
------ ------
539.6 259.9
------ ------
Exchange movements on net investments (0.7) (0.4)
------ ------
Total recognised gains and losses 614.2 388.2
====== ======
Note 2001 2000
£m £m
--- ---
Historical cost profits and losses
Profit on ordinary activities before taxation 85.5 156.4
Realisation of prior year revaluations 66.5 3.3
------ ------
Historical cost profit on ordinary
activities before taxation 152.0 159.7
====== ======
Historical cost profit for the year
retained after taxation,
minority interest and dividends 82.2 75.5
====== ======
Note 2001 2000
£m £m
--- ---
Reconciliation of movements in shareholders'
funds(excluding valuation surplus on
development and trading properties)
Profit for the financial year 75.3 128.7
Ordinary dividends (59.6) (56.5)
------ ------
Retained profit for the year 15.7 72.2
Revaluation of investment properties and investments 539.6 259.9
Exchange movements on net investments (0.7) (0.4)
------ ------
554.6 331.7
Shares issued 0.8 0.1
------ ------
Increase in shareholders' funds 555.4 331.8
Opening shareholders' funds 3,449.6 3,117.8
------ ------
Closing shareholders' funds 4,005.0 3,449.6
====== ======
GROUP CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2001
----------------------------------------------------------
Note 2001 2000
£m £m
--- ---
Net cash inflow from
operating activities 16 384.8 432.2
------ ------
Dividends received from joint ventures 0.8
------ ------
Returns on investments and servicing of finance
Interest received 10.2 38.2
Interest paid (342.7) (302.2)
Interest paid on finance leases (17.8)
Dividends received 6.8 1.1
------ ------
(325.7) (280.7)
------ ------
Taxation (paid) received (26.1) 0.3
------ -------
Net cash inflow from operating
activities and investments after
finance charges and taxation 33.8 151.8
Capital expenditure and financial investment
- Purchase of investment properties (231.8) (203.0)
- Purchase of investments (9.8) (73.7)
- Sale of investment properties 403.6 116.3
- Sale of investments 47.1 22.5
------ ------
209.1 (137.9)
------ ------
Acquisitions and disposals
- Purchase of Meadowhall Shopping Centre (8.0) (705.0)
- Cash at bank acquired with Meadowhall Shopping Centre 9.8
- Purchase of other subsidiary companies (10.7)
- Investment in and loans to joint ventures (134.7) (95.7)
- Sale of shares in and loans repaid by joint ventures 10.8 175.1
------ ------
(131.9) (626.5)
------ ------
Equity dividends paid 16 (57.5) (92.3)
------ ------
Net cash inflow (outflow) before
management of liquid resources
and financing 53.5 (704.9)
Management of liquid resources
- Increase in term deposits (1.0) (25.7)
------ ------
Financing
- Issue of ordinary shares 0.4 0.1
- Issue of Broadgate securitised debt 1,529.3
- Repayment of finance leases (286.4)
- Decrease in bank and other borrowings (78.0) (544.5)
------ -------
(77.6) 698.5
------ -------
Decrease in cash 16 (25.1) (32.1)
====== ======
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2001
------------------------------------------------------------------
2001 2000
1 Operating Profit £m £m
--- ---
Gross rental income 388.1 368.3
Rents payable (1.8) (2.1)
Other property outgoings (15.8) (18.7)
------ ------
Net rental income 370.5 347.5
Profit on property trading (see below) 3.1 41.0
Other income (see below) 27.5 5.3
Administrative expenses (28.6) (26.7)
------ ------
Operating profit 372.5 367.1
====== =======
Profit on property trading
Sale proceeds 22.1 124.0
Cost of sales (19.0) (83.0)
------ ------
Profit on property trading 3.1 41.0
====== =======
On 5 June 2000, the Group entered into a conditional agreement to acquire a
29.7% stake in Liberty International PLC from Standard Bank of South Africa
and related parties. Subsequently, Liberty International agreed to pay
Standard Bank a higher price for the shares and Standard Bank bought out the
Group's rights on a pre-agreed formula, resulting in a capital profit of £15.3
million net of costs. These amounts are included within Other income.
2 Profit on the disposal of fixed assets
The profit for the year includes £14.6m arising on the disposal of Selfridges
shares.
3 Net interest payable
Note 2001 2000
£m £m
--- ---
British Land Group
Payable on : bank loans and overdrafts 52.9 41.5
other loans 222.4 214.5
finance leases 15.3
------ ------
275.3 271.3
Deduct : development cost element (4.0) (1.4)
------ ------
271.3 269.9
Receivable on : deposits and securities (5.7) (20.6)
loans to joint ventures (16.0) (15.3)
------ ------
Total British Land Group 249.6 234.0
------ ------
Share of joint ventures
Interest payable on shareholder loans 16.0 15.3
Other interest payable (net) 45.7 33.6
------ ------
Total share of joint ventures 61.7 48.9
------ ------
Net interest payable 311.3 282.9
====== ======
4 Exceptional item
On 30 March 2001 the Company announced the decision to offer to repurchase the
£150m 12.5% Bonds 2016 and the £150m 8.875% Bonds 2023. The repurchase was
completed on 1 May 2001. Inclusive of costs, the pre-tax exceptional charge
was £83.6m (post tax charge: £74.6m). The premium paid to repurchase the
bonds was partially offset by a profit of £20.3m on the close out of
derivative contracts associated with the Bonds.
5 Taxation
Note 2001 2000
£m £m
--- ---
U.K. corporation tax 20.4 21.8
Deferred tax (8.6) 6.2
Foreign tax 1.4 2.3
Attributable to joint ventures 4.3 5.0
Prior years adjustment - ACT (6.0)
Prior years adjustment - Corporation Tax (1.3) (7.7)
------ ------
Total taxation (effective tax rate - 11.9%, 2000 - 17.6%) 10.2 27.6
====== ======
The availability of capital allowances and prior year items reduces the
effective tax rate.
6 Ordinary dividends
2001 2000 2001 2000
pence pence £m £m
----- ----- ----- -----
Interim (paid 20 February 2001) 3.60 3.40 18.7 17.6
Proposed final 7.90 7.50 40.9 38.9
----- ----- ----- -----
Total for year 11.50 10.90 59.6 56.5
===== ===== ===== =====
The final dividend of 7.90p will be paid on 24 August 2001 to shareholders on
the register at the close of business on 13 July 2001. The ex-dividend date is
11 July 2001.
7 Basic and diluted earnings per share
Basic and diluted earnings per share are based on the profit attributable to
ordinary shareholders and on the weighted average of 518.1 million shares in
issue (2000 - 518.0 million). Earnings per share on a pre-exceptional basis
are calculated by excluding the post tax effect of the exceptional item
(£74.6m) described in Note 4.
8 Investment, development and trading properties
Investment, development and trading properties were valued by external valuers
on the basis of open market value in accordance with the Appraisal and
Valuation Manual published by The Royal Institution of Chartered Surveyors.
£m
-------
On an open market basis - External valuations:
United Kingdom : Weatherall Green & Smith 7,221.2
Republic of Ireland :Jones Lang LaSalle 111.7
Netherlands : CB Richard Ellis B.V. 1.1
-------
Total investment, development and trading properties 7,334.0
=======
Leasehold
Freehold Long Short Total
£m £m £m £m
------- ------- ------- -------
Investment and development properties
Valuation and cost 1 April 2000 6,548.2 229.6 6,777.8
Additions 244.4 0.9 245.3
Disposals (348.6) (56.4) (405.0)
Reallocations (8.6) 8.6 0.0
Exchange fluctuations 3.9 3.9
Revaluation 526.6 1.8 528.4
------- ------- ------- -------
Valuation and cost 31 March 2001 6,965.9 184.5 0.0 7,150.4
======= ======= ======= =======
Trading properties
At lower of cost and net realisable value
31 March 2001 48.9 2.2 2.2 53.3
======= ======= ======= =======
External valuation surplus on development and trading properties 130.3
-------
Total investment, development and trading properties 7,334.0
=======
External valuation surplus on development and trading properties
£m
-------
Development and trading properties 130.3
Share of joint ventures 19.1
-------
149.4
=======
9 Joint ventures
The Public BL BL Rank BL BLT Tesco
House Universal Properties Fraser Properties BL
Company Ltd PLC Ltd Ltd Ltd Holdings Ltd
---------- ---------- ---------- ------ ---------- ----------
All joint ventures are held equally on a 50:50 basis
Date established
Apr 1995 Feb 1997 Aug 1997 Jul 1999 Nov 1996 Nov 1999
Accounting year end
31 March 31 March 31 Dec 27 Jan 20 Dec 20 Dec
Summarised profit and loss accounts
£m £m £m £m £m £m
---------- ---------- ---------- ------ ---------- ----------
Gross rental
income 19.2 63.9 11.9 12.9 14.3 19.9
========== ========== ========== ====== ========== ==========
Net rental
income 18.8 57.3 11.7 12.7 14.3 19.5
Other expenditure (0.2) (2.2) (1.7) (0.3) (0.3) (0.4)
---------- ---------- ---------- ------ ---------- ----------
Operating profit 18.6 55.1 10.0 12.4 14.0 19.1
---------- ---------- ---------- ------ ---------- ----------
Net interest
- external (13.0) (31.7) (6.9) (8.9) (10.2) (14.7)
- shareholders (20.0) (4.6) (2.6) (1.5) (3.3)
---------- ---------- ---------- ------ ---------- ----------
Net interest (payable)
receivable (13.0) (51.7) (11.5) (11.5) (11.7) (18.0)
---------- ---------- ---------- ------ ---------- ----------
Revenue
Profit (loss) 5.6 3.4 (1.5) 0.9 2.3 1.1
Disposal of
fixed assets 1.3 4.9 0.7
---------- ---------- ---------- ------ ---------- ----------
Profit (loss)
before tax 6.9 8.3 (0.8) 0.9 2.3 1.1
Tax (0.4) (2.3) (1.2)
---------- ---------- ---------- ------ ---------- ----------
Profit (loss)
after tax 6.5 6.0 (0.8) 0.9 1.1 1.1
========== ========== ========== ====== ========== ==========
Summarised statements of recognised gains and losses
Profit (loss) retained
for the year 6.5 6.0 (0.8) 0.9 1.1 1.1
Unrealised surplus
(deficit) on
revaluation 14.2 (33.7) (2.7) 0.5 (2.6) 21.3
---------- ---------- ---------- ------ ---------- ----------
Total return 20.7 (27.7) (3.5) 1.4 (1.5) 22.4
========== ========== ========== ====== ========== ==========
Summarised balance sheets
Investment properties
at valuation 230.5 997.3 150.3 201.2 219.4 317.9
Development properties
at cost
---------- ---------- ---------- ------ ---------- ----------
Total properties 230.5 997.3 150.3 201.2 219.4 317.9
Current assets 22.5 52.8 4.7 7.6 10.9 4.6
---------- ---------- ---------- ------ ---------- ----------
Gross assets 253.0 1,050.1 155.0 208.8 230.3 322.5
---------- ---------- ---------- ------ ---------- ----------
Current
liabilities (8.7) (86.7) (5.9) (10.5) (13.8) (8.4)
Bank debt falling
due within one year(5.0)
Bank debt falling due
after one year (130.6) (170.6) (102.7)(138.9) (134.5) (209.2)
Debentures (294.9)
---------- ---------- ---------- ------ ---------- ----------
Gross liabilities(144.3) (552.2) (108.6)(149.4) (148.3) (217.6)
---------- ---------- ---------- ------ ---------- ----------
Net external
assets 108.7 497.9 46.4 59.4 82.0 104.9
========== ========== ========== ====== ========== ==========
Represented by:
Shareholder loans 2.2 263.4 44.4 53.2 18.3 80.6
Ordinary shareholders'
funds / Partners'
capital 106.5 234.5 2.0 6.2 63.7 24.3
---------- ---------- ---------- ------ ---------- ----------
Total investment 108.7 497.9 46.4 59.4 82.0 104.9
========== ========== ========== ====== ========== ==========
Capital commitments 10.4 21.0
========== ========== ========== ====== ========== ==========
Contingent
liabilities 5.0 44.5 0.0 0.9 4.5 1.8
========== ========== ========== ====== ========== ==========
The Group's share of the market value of the debt and derivatives as at 31
March 2001 was £18.4 million more than the Group's share of the book value.
All companies are property investment companies registered in England and
Wales unless otherwise stated.
9 Joint ventures (continued)
London Cherrywood Other British
BL and Henley Properties Ltd Joint Land
West Holdings Ltd (Rep of Ireland) Ventures Share
--------- ------------ -------------- -------- --------
All joint ventures are held equally on a 50:50 basis
Date established Sep 2000 Dec 2000 April 1999
Accounting year end 31 Dec 31 March 31 Dec
(Unaudited)
Summarised profit and
loss accounts £m £m £m £m £m
--------- ------------ -------------- -------- --------
Gross rental income 6.3 2.6 0.3 18.3 84.8
========= ============ ============== ======== ========
Net rental income 5.9 2.0 0.1 15.4
Other expenditure (0.2) (0.2) (0.1) (0.6)
--------- ------------ -------------- --------
Operating profit 5.7 1.8 0.0 14.8 75.8
--------- ------------ -------------- -------- ========
Net interest
- external (4.8) (2.1) (0.1) 1.0 (45.7)
- shareholders (16.0)
--------- ------------ -------------- -------- --------
Net interest
(payable) receivable (4.8) (2.1) (0.1) 1.0 (61.7)
--------- ------------ -------------- -------- ========
Revenue profit (loss) 0.9 (0.3) (0.1) 15.8 14.1
Disposal of fixed assets 0.6 3.7
--------- ------------ -------------- -------- ========
Profit (loss)
before tax 0.9 (0.3) (0.1) 16.4 17.8
========
Tax (0.2) (4.5) (4.3)
--------- ------------ -------------- -------- ========
Profit (loss)
after tax 0.7 (0.3) (0.1) 11.9
========= ============ ============== ========
Summarised statements of recognised gains and losses
Profit (loss) retained
for the year 0.7 (0.3) (0.1) 11.9
Unrealised surplus
(deficit) on
revaluation 10.7 17.9 0.6 (10.2) 8.0
--------- ------------ -------------- -------- ========
Total return 11.4 17.6 0.5 1.7
========= ============ ============== ========
Summarised balance sheets
Investment properties
at valuation 361.0 170.0 218.5
Development properties
at cost 0.6 75.0 71.8
--------- ------------ -------------- --------
Total properties 361.0 170.6 75.0 290.3 1,506.8
========
Current assets 17.8 3.8 1.8 19.8
--------- ------------ -------------- --------
Gross assets 378.8 174.4 76.8 310.1 1,579.9
--------- ------------ -------------- -------- ========
Current liabilities (11.1) (6.8) (14.7) (4.0)
Bank debt falling due
within one year
Bank debt falling due
after one year (263.8) (113.6)
Debentures
--------- ------------ -------------- --------
Gross liabilities (274.9) (120.4) (14.7) (4.0) (867.2)
--------- ------------ -------------- -------- ========
Net external assets 103.9 54.0 62.1 306.1 712.7
========= ============ ============== ======== ========
Represented by:
Shareholder loans 26.4 31.2 124.1 321.9
Ordinary shareholders'
funds / Partners'
capital 103.9 27.6 30.9 182.0 390.8
--------- ------------ -------------- -------- --------
Total investment 103.9 54.0 62.1 306.1 712.7
========= ============ ============== ======== ========
Capital commitments 0.1 69.2 50.4
========= ============ ============== ======== ========
Contingent liabilities 2.5 15.1 0.5 5.2 40.0
========= ============ ============== ======== ========
The Group's share of the market value of the debt and derivatives as at 31
March 2001 was £18.4 million more than the Group's share of the book value.
All companies are property investment companies registered in England and
Wales unless otherwise stated.
9 Joint ventures (continued)
The movement for the year
Equity Loans Total
£m £m £m
------ ------ ------
At 1 April 2000 321.1 249.7 570.8
Additions 55.5 82.2 137.7
Repayment of loans (10.0) (10.0)
Share of profit attributable to
joint ventures (net of dividend) 12.6 12.6
Disposals (4.0) (4.0)
Revaluation 5.6 5.6
------ ------ ------
At 31 March 2001 390.8 321.9 712.7
====== ====== ======
10 Other investments
£m
------
At 1 April 2000 150.4
Additions 15.8
Disposals (98.1)
Revaluations 5.6
------
At 31 March 2001 73.7
======
For the year ended 31 March 2001 dividends and interest from other investments
amounted to £7.9m (2000 - £4.5m).
11 Debtors
2001 2000
£m £m
------ ------
Trade debtors 97.1 29.9
Amounts owed by joint ventures 20.0 8.8
Prepayments and accrued income 25.4 3.1
------ ------
142.5 41.8
====== ======
12 Creditors due within one year
2001 2000
£m £m
------ ------
Debentures and loans (note 14) 35.8 37.3
Overdrafts (note 14) 6.0 6.1
Bank loans (note 14) 248.0 124.7
Trade creditors 57.1 64.0
Corporation tax 31.3 52.0
Other taxation and social security 12.7 4.2
Accruals and deferred income 268.8 238.8
Proposed final dividend 40.9 38.9
------ ------
700.6 566.0
====== ======
13 Creditors due after one year
2001 2000
£m £m
------ ------
Debentures and loans (note 14) 2,417.1 2,453.1
Bank loans (note 14) 640.2 796.3
------ ------
3,057.3 3,249.4
====== ======
14 Net debt
2001 2000
£m £m
------ ------
Maturity analysis of net debt
Repayable:
within one year and on demand 289.8 168.1
between:
one and two years 283.1 245.8
two and five years 509.4 615.8
five and ten years 637.3 712.9
ten and fifteen years 381.0 237.2
fifteen and twenty years 197.6 352.9
twenty and twenty five years 382.2 370.4
twenty five and thirty years 555.9 489.6
thirty and thirty five years 428.1 272.7
thirty five and forty years 268.7
Irredeemable 146.6 146.6
------ ------
Gross debt 3,811.0 3,880.7
Less cash and deposits (94.2) (118.4)
------ ------
Net debt 3,716.8 3,762.3
====== ======
Net debt comprises:
2001 2000
£m £m
------ ------
Creditors due within one year (note 12)
Debentures and loans 35.8 37.3
Overdraft 6.0 6.1
Bank loans 248.0 124.7
------ ------
289.8 168.1
------ ------
Creditors due after one year (note 13)
Debentures and loans 2,417.1 2,453.1
Bank loans 640.2 796.3
------ ------
3,057.3 3,249.4
------ ------
Debt before convertible bonds 3,347.1 3,417.5
Convertible bonds 463.9 463.2
------ ------
Gross debt 3,811.0 3,880.7
------ ------
Cash (29.2) (54.4)
Term deposits (65.0) (64.0)
------ ------
Total cash and deposits (94.2) (118.4)
------ ------
Net debt 3,716.8 3,762.3
====== ======
14 Net debt (continued)
2001 2000
£m £m
------ ------
Maturity of committed undrawn borrowing facilities
Expiring:
Within one year 239.5 318.5
between: one and two years 219.5 228.0
two and three years 81.8 215.4
three and four years 252.5 47.7
four and five years 360.0 317.3
over five years 75.4 115.0
------ ------
Total 1,228.7 1,241.9
====== ======
Interest rate profile - including effect of derivatives
2001 2000
£m £m
------ ------
Fixed rate 3,095.1 3,207.0
Capped rate 200.0 150.0
Variable rate (net of cash) 421.7 405.3
------ ------
Net debt 3,716.8 3,762.3
====== ======
All the above debt is effectively Sterling except for £160.2m (2000 - £148.5m)
of Euro debt of which £108.4m (2000 - £125.8m) is fixed and the balance
floating. At 31 March 2001 the weighted average interest rate of the Sterling
fixed rate debt is 7.13% (reduced to 6.87% following the buyback of the two
unsecured bonds). The weighted average period for which the rate is fixed is
22.7 years (decreased to 21.6 years following the buyback of the two unsecured
bonds). The Irredeemable Convertible is treated as having a life of 100 years
for this calculation. The weighted average interest rate of the Euro fixed
rate debt is 4.14% and the weighted average period for which the rate is fixed
is 2.7 years. The floating rate debt is set for periods of the Company's
choosing at the relevant LIBOR (or in the case of Euro debt EURIBOR) rate.
Comparison of market values and book values at 31 March 2001
2001
Market Book
Value Value Difference
£m £m £m
------ ------ ---------
Fixed rate debt
Securitised debt 1,658.0 1,579.2 78.8
Unsecured bonds (2016 and 2023) 407.1 401.5 5.6
Other fixed rate debt 698.4 576.1 122.3
Convertible debt 492.5 463.9 28.6
Bank debt (net) 800.0 800.0
Derivatives (23.6) (20.3) (3.3)
------ ------ ---------
Total* 4,032.4 3,800.4 232.0
====== ====== =========
* This includes the accrual of £83.6m for the premium payable (net of the
profit on the close out of associated derivatives of £20.3m) on the repurchase
of the unsecured bonds (£150m 12.5% Bonds 2016 and the £150m 8.875% Bonds
2023) which has been included in the accounts for the year to 31 March 2001
(see note 4).
The market value and difference are shown before any tax relief. The
difference between book value and market value on the convertibles arises
principally from the British Land share price.
In accordance with Accounting Standards the book value of debt is par value
net of amortised issue costs. The valuations of the Broadgate Notes have been
undertaken by Morgan Stanley. The valuations of 135 Bishopsgate
Securitisations 2018 have been undertaken by The Royal Bank of Scotland. The
valuations of other fixed rate debt and convertible debt have been undertaken
by UBS Warburg. The bank debt has been valued assuming the bank debt could be
renegotiated at contracted margins. The derivatives have been valued by the
independent treasury advisor Record Treasury Management.
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