Land Securities Group PLC: Half-year Report 2016
(firmenpresse) - LONDON, UNITED KINGDOM -- (Marketwired) -- 11/15/16 -- Land Securities Group PLC (LSE: LAND) (OTCQX: LSGOF)
These half-yearly results, the latest Annual Report and the Land Securities'' website may contain certain "forward-looking statements" with respect to Land Securities Group PLC (the Company) and the Group''s financial condition, results of its operations and business, and certain plans, strategy, objectives, goals and expectations with respect to these items and the economies and markets in which the Group operates.
Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as "anticipates", "aims", "due", "could", "may", "should", "expects", "believes", "intends", "plans", "targets", "goal" or "estimates" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements are not guarantees of future performance. By their very nature forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. Many of these assumptions, risks and uncertainties relate to factors that are beyond the Group''s ability to control or estimate precisely. There are a number of such factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to, changes in the economies and markets in which the Group operates; changes in the legal, regulatory and competition frameworks in which the Group operates; changes in the markets from which the Group raises finance; the impact of legal or other proceedings against or which affect the Group; changes in accounting practices and interpretation of accounting standards under IFRSs, and changes in interest and exchange rates.
Any forward-looking statements, made in these half-yearly results, the latest Annual Report or the Land Securities'' website, or made subsequently, which are attributable to the Company or any other member of the Group, or persons acting on their behalf, are expressly qualified in their entirety by the factors referred to above. Each forward-looking statement speaks only as of the date it is made. Except as required by its legal or statutory obligations, the Company does not intend to update any forward-looking statements.
Nothing contained in these half-yearly results, the latest Annual Report or the Land Securities website should be construed as a profit forecast or an invitation to deal in the securities of the Company.
"Land Securities has produced a resilient performance against the backdrop of current market uncertainty thanks to the actions we''ve taken to transform our portfolio and reduce gearing over the last few years.
"Our strong leasing performance and lower interest costs have contributed to a 4.5% rise in revenue profit despite the significant disposals made in the second half of last year. While valuations across our markets are under pressure, leading to a 1.8% reduction in our adjusted diluted net assets per share to 1,408p, our portfolio has outperformed its market sectors," said Chief Executive Robert Noel.
"In London, we''ve entered the final phase of our £ 2.4 billion development programme. In the City and mid-town, all schemes are now complete and fully let. In Victoria, SW1, our transformation of the area into a vibrant destination is now clear to see, with Nova due to complete in the new year.
"In Retail, we''ve reinvested the proceeds from the sale of our secondary assets into dominant destinations that attract retailers and deliver the experience consumers want. At our latest destination, Westgate Oxford, we have a fabulous line-up of retailers and restaurants and the scheme is on target for opening this time next year.
"We''ve followed a clear strategy to transform the quality of our business. And now, with historically low levels of speculative development and conservative financial gearing, we''re well-placed to take advantage of any opportunities that may lie ahead."
£ 15.0m of investment lettings
£ 6.9m of development lettings
Acquisitions, development and refurbishment expenditure(1) of £ 194.0m
Disposals(1) of £ 90.9m
Supported a further 114 people from disadvantaged backgrounds into jobs through our Community Employment Programme
Ungeared total property return(1) of 0.5% (IPD Quarterly Universe 0.2%)
Total business return(2)(3) of -0.5%
Combined Portfolio(3) valued at £ 14.4bn, with a valuation deficit(3) of 1.8%
Voids(1) in the like-for-like portfolio: 2.9% (31 March 2016: 2.4%)
Group LTV ratio(3) at 22.6%, based on adjusted net debt(3) of £ 3.3bn
Weighted average maturity of debt at 9.0 years
Weighted average cost of debt at 4.7%
Cash and available facilities of £ 1.5bn
First half dividend of 17.9p, up 9.8%
1 & 2 New Ludgate, EC4 now fully let
20 Eastbourne Terrace, W2 now completed and 90% let
1 New Street Square, EC4 now completed and fully let
Nova, Victoria, SW1, due to complete in the new year, now 41% pre-let or in solicitors'' hands
Westgate Oxford due to open in October 2017, now 64% pre-let or in solicitors'' hands
1.2m sq ft future London pipeline including 21 Moorfields, EC2; Nova East, SW1; 1 Sherwood Street, W1; and our Southwark estate, SE1
Achieved Carbon Disclosure Project 2016 climate change leadership score of A-
Winner of 2016 Better Society Award for National Commitment to the Community
Shortlisted for Energy Efficient Partnership of the Year at the Energy Awards 2016
All measures above are presented on a proportionate basis, as explained in the notes to the financial statements included within the half-yearly results.
To view the full announcement, please click on the following link.
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Datum: 15.11.2016 - 01:00 Uhr
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