TIDM85QT
RNS Number : 2541H
Broadgate Financing PLC
27 November 2015
The Interim Management Report and Accounts for the six months
ended 30 September 2015, attached below in accordance with DTR
6.3.5, has been submitted to the Financial Conduct Authority
through the National Storage Mechanism and will shortly be
available for inspection at http://www.morningstar.co.uk/uk/NSM
The Interim Management Report & Accounts are also available
at
http://www.britishland.com/investors/strategic-partnerships/disclaimer/broadgate-financing-plc.aspx
BROADGATE FINANCING PLC
COMPANY NO: 5316365
INTERIM MANAGEMENT REPORT
for the six months ended 30 September 2015
The directors submit their Interim Management Report and
Accounts for the six months ended 30 September 2015.
Principal activities
Broadgate Financing PLC ("the company") is a wholly owned
subsidiary of Broadgate Property Holdings Limited and operates as a
constituent of the Broadgate REIT Limited group of companies ("the
group"). Broadgate REIT Limited operates as a joint venture between
Euro Bluebell LLP, an affiliate of GIC, Singapore's sovereign
wealth fund, and BL Bluebutton 2014 Limited, a wholly owned
subsidiary of The British Land Company PLC. The company's principal
activity is to provide funding to fellow subsidiaries of Broadgate
Property Holdings Limited.
Business review
As shown in the company's profit and loss account, the company's
profit before tax has remained broadly consistent with the prior
half year.
At 30 September 2015, taking into account the effect of
derivatives, interest payable on the external bonds remains 100%
fixed. Derivatives are not used speculatively and accordingly
valuation movements are taken through the hedging and translation
reserve. The profit and loss account reserves position is
GBP389,439 at 30 September 2015.
No dividends were paid by the Company in the 6 months ended 30
September 2015 (30 Sep 2014: GBPnil).
The balance sheet shows that the company has net liabilities of
GBP53.4m at 30 September 2015. Net liabilities have decreased since
31 March 2015, predominantly as a result of derivative valuation
movements.
During the half-yearly review, the Company transitioned from UK
GAAP to FRS 101 - Reduced Disclosure Framework and has taken
advantage of disclosure exemptions allowed under this framework.
The company's parent undertaking, Broadgate REIT Limited, was
notified and did not object to the use of EU-adopted IFR disclosure
exemptions. Following transition, no comparative figures were
identified to be restated.
Risk and Uncertainties
The company is part of a large property investment group. As
such, the underlying risks for this company are those of the
property investment group. The key risks of this group are the
performance of the properties, tenant defaults and the credit risk
of counterparties for any large cash deposits within the
securitisation upon which the company is dependent for receipt of
principal and interest, and the strength of the derivative
counterparty upon which the company is dependent for fixing its
interest rate exposure. These risks are mitigated by the preference
for tenants with strong covenants on long leases and by using
highly rated counterparties and monitoring those ratings.
Responsibility Statement
(a) the condensed set of financial statements has been prepared
in accordance with pronouncements on interim reporting issued by
the Accounting Standards Board; and
(b) the interim management report includes a fair review of the
information required by Section DTR 4.2.7R (indication of important
events during the first six months and description of principal
risks and uncertainties for the remaining six months of the year)
of the Disclosure and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
By order of the Board
H Shah, Director
Independent review report to Broadgate Financing PLC
for the six months ended 30 September 2015
Report on the interim management report and accounts
Our conclusion
We have reviewed Broadgate Financing PLC's interim management
report and accounts (the "interim financial statements") in the
half-yearly financial report of Broadgate Financing PLC for the 6
month period ended 30 September 2015. Based on our review, nothing
has come to our attention that causes us to believe that the
interim financial statements are not prepared, in all material
respects, in accordance with FRS 104 "Interim Financial Reporting"
issued by the Financial Reporting Council and the Disclosure Rules
and Transparency Rules of the United Kingdom's Financial Conduct
Authority.
What we have reviewed
The interim financial statements comprise:
-- the condensed statement of financial position as at 30 September 2015;
-- the condensed income statement and statement of comprehensive
income for the period then ended;
-- the statement of changes in equity for the period then ended; and
-- the explanatory notes to the interim financial statements.
The interim financial statements included in the half-yearly
financial report have been prepared in accordance with FRS 104
"Interim Financial Reporting" issued by the Financial Reporting
Council and the Disclosure Rules and Transparency Rules of the
United Kingdom's Financial Conduct Authority.
As disclosed in note 1 to the interim financial statements, the
financial reporting framework that has been applied in the
preparation of the full annual financial statements of the Company
is applicable law and United Kingdom Accounting Standards (UK
Generally Accepted Accounting Practice), including FRS 101 "Reduced
disclosure framework - Disclosure exemptions from EU-adopted IFRS
for qualifying entities".
Responsibilities for the interim financial statements and the
review
Our responsibilities and those of the directors
The half-yearly financial report, including the interim
financial statements, is the responsibility of, and has been
approved by, the directors. The directors are responsible for
preparing the half-yearly financial report in accordance with the
Disclosure Rules and Transparency Rules of the United Kingdom's
Financial Conduct Authority.
Our responsibility is to express a conclusion on the interim
financial statements in the half-yearly financial report based on
our review. This report, including the conclusion, has been
prepared for and only for the company for the purpose of complying
with the Disclosure Rules and Transparency Rules of the United
Kingdom's Financial Conduct Authority and for no other purpose. We
do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is
shown or into whose hands it may come save where expressly agreed
by our prior consent in writing.
What a review of interim financial statements involves
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 interim financial information
consists of making enquiries, 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.
We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent
misstatements or material inconsistencies with the information in
the interim financial statements.
PricewaterhouseCoopers LLP
Chartered Accountants
London
27 November 2015
CONDENSED INCOME STATEMENT
for the six months ended 30 September 2015
Note Six months Six months
ended ended
30 September 30 September
2015 2014
Unaudited Unaudited
GBP GBP
Administrative expenses (501) (501)
Operating loss (501) (501)
Interest receivable
Group 2 43,587,461 44,919,575
External 2 431,362 523,278
Interest payable
Group 2 (74,993) (42,878)
External 2 (43,940,954) (45,396,885)
Profit on ordinary activities before
taxation 2,376 2,589
Taxation - (544)
Profit for the financial period 2,376 2,045
============= =============
All results are derived from continuing operations within the
United Kingdom. The company has only one significant class of
business, that of to provide funding to fellow subsidiaries of
Broadgate Property Holdings Limited in the United Kingdom.
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
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