Development Securities PLC - U and I Group PLC · 29/4/2015 · Analysis of gross debt (excluding...

Development Securities PLC

PRELIMINARY

RESULTS FOR

YEAR ENDED 28

FEBRUARY 2015

2015 PRELIMINARY RESULTS 2

CONTENTS

Overview and highlights Slide 3-5

Financial results Slides 6-11

Operating review Slides 12-27

– Overview

– Investment portfolio

– Development and trading portfolio

Case studies Slides 28 - 38

Outlook Slides 39-40

Appendices Slides 41-63

OVERVIEW AND HIGHLIGHTS / FINANCIAL RESULTS / OPERATING REVIEW / SUMMARY / APPENDICES


OVERVIEW AND

HIGHLIGHTS

• Featured property:

• Property name

• Description



A STEP CHANGE IN PERFORMANCE

– Record-level headline profit before tax - £45.4m* (2014: £19.5m)

– Record level development and trading gains – 69% increase to £45.7m (2014: £27.0m)

– Good visibility on future gains

– Continued NAV growth - 8.4% increase** in adjusted EPRA NAV per share

‒ £10.0m special dividend – paid out of strong cash flows

– Cathedral acquisition already adding value

– Management succession and shareholder alignment – strong leadership for the future

*Before exceptional items of £10.6m including termination costs of cross currency swap (£7.9m) and acquisition costs of Cathedral Group (£2.7m)

**7.7% growth before payment of special dividend and after restructure of Euro loan notes, cancelling previous mark to market swap deficit



A STEP CHANGE IN PROFITABILITY

Expectations of gains to be realised across current portfolio


*Existing projects only

28.1 27.0

45.7

54.2 53.4

61.1

5.9 6.8

17.4

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018

£’m

Realised gains Expected gains* Dividend

£26.3m

£50.4m £53.0m

Previous guidance

£42.8m

10.0

7.4

Special dividend


FINANCIAL

RESULTS


• Property name

• Description



STRONG PERFORMANCE

28th Feb 2015 28th Feb 2014 Change in year

Headline profit before tax £45.4m* £19.5m 133%

EPRA Net Asset Value (NAV) pre-

special dividend

£355.6m £320.7m** 10.9%

EPRA NAV per share pre-special

dividend

284p 262p** 8.4%

EPRA Earnings per share 23.9p 7.8p 206.4%

Development and trading profits £45.7m £27.0m 69.3%

Final dividend 3.5p 3.2p 9.4%

Special dividend 8.0p - -

Balance sheet gearing 36.3% 48.0%

*Before exceptional items of £10.6m including termination costs of cross currency swap (£7.9m) and acquisition costs of Cathedral Group (£2.7m)

**Restated after restructure of Euro loan notes, cancelling previous mark to market swap deficit



MOVEMENT IN EPRA NAV PER SHARE

THROUGH THE PERIOD


276

14

9

3

6

8 2 1

11

9

37

262

220

230

240

250

260

270

280

290

300

310

320

pence


DEBT FINANCING

28 Feb 2015

£’m

28 Feb 2014

£’m

Gross debt 205.0 221.1

Cash (79.3) (67.3)

Net debt 125.7 153.8

Gearing 36.3% 48.0%

Share of net debt in joint ventures 46.8 28.1

Net debt including joint ventures 172.5 181.9

Gearing including joint ventures 49.8% 56.8%

Analysis of gross debt (excluding JVs)

Fixed rate 44.6% 43.5%

Capped / SWAP 31.0% 42.2%

Floating rate 24.4% 14.3%

Weighted average interest rate 5.4% 5.8%

Weighted average maturity 5.4 years 6.8 years



ORDINARY

DIVIDENDS

DEVELOPMENT

AND TRADING

GAINS

NET FREE

CASH FLOW

CASH

PROFIT

NET

FINANCE

COST OVERHEAD

SHORTFALL

CORPORATION

TAX

REINVESTMENT

IN PROJECTS

CAPITAL

RETURN

HOW OUR CASH FLOW WORKS



FINANCIAL HIGHLIGHTS

‒ Step change in level of performance

‒ Significant increase in dividends from strong cash flow

‒ Strong financial position:

‒ Efficiency of balance sheet improved ‒ £0.8m p.a. of finance cost savings from restructure of Euro loan notes

‒ Focus on capital discipline ‒ Capacity for recurring capital distributions from strong cash flow

‒ £185.4m of new debt facilities secured in the year - Strong capital partner relationships

‒ Balance Sheet gearing modest at 36.3% (excluding JVs)



OPERATING REVIEW


• 399 Edgware Road

• Project forward funded and under construction



A BALANCED APPROACH

INVESTMENT

PORTFOLIO

DEVELOPMENT AND

TRADING PORTFOLIO

FY’15 KPIs*

– £45.7m of realised

gains

– 8 projects on site

– 6 new projects acquired

FY’15 KPIs*

– £13.8m rental income

– 12.2% valuation gain (inc JVs)

– £60.8m of disposals

– £65.7m of acquisitions

Objectives

– Recurring income stream

– Contributes to NAV growth

Key value drivers

– Lease re-structures

– Improve tenant mix and

rental tone

– Asset management including

development

Objective

– Generate short to medium-

term profit realisation

Key value drivers

– Land improvement profit

– Development profit

– Arbitrage/mispricing

INVESTMENT

PORTFOLIO

42% of

Book Value

£211m

capital value

DEVELOPMENT

AND TRADING

PORTFOLIO

58% of

Book Value

£291m

capital value

*All since 1st March 2014 to date



INVESTMENT

PORTFOLIO

Featured property:

Chippenham Shopping

Centre

Acquired in September

2014 as part of ongoing

capital recycling within

portfolio



INVESTMENT PORTFOLIO AT A GLANCE

NUMBER OF ASSETS

21 Feb 2014: 24

SIZE OF PORTFOLIO

£203.3m Feb 2014: £202.1m

INITIAL YIELD

6.87% Feb 2014: 7.21%

VALUATION INCREASE (inc JVs)

£11.2m Feb 2014: £4.8m

CONTRACTED RENTAL INCOME

£13.77m Feb 2014: £14.1m

ESTIMATED RENTAL VALUE

£15.0m Feb 2014: £14.9m

VOID RATE

4.97% Feb 2014: 6.27%


EQUIVALENT YIELD

7.42% Feb 2014: 7.48%

NUMBER OF ASSETS

21 Feb 2014: 24


INVESTMENT PORTFOLIO STRATEGY

‒ Focus on assets with:

‒ Core defensive income

‒ High yields

‒ Value enhancement potential

‒ Majority of assets are convenience retail destinations (73%) with a food store anchor to drive footfall or leisure assets (11%)

‒ Size of portfolio is appropriate to contribute to wider returns target for the company and support business overheads

‒ 3-5 year business plan for each asset maintains investment discipline and allows capital recycling

Top 5 occupiers as at 28th Feb 2015

Annual rent

£m

% of

contracted rent

1 Waitrose 1.5 11.1%

2 Matalan 0.7 5.2%

3 J Sainsbury 0.5 3.6%

4 Sports Direct 0.3 2.5%

5 Wilkinson 0.3 2.1%



DISPOSAL

COLSTON TOWER

‒ Iconic office tower in central Bristol

‒ Held for 3.5 years

‒ 54,900 sq. ft. of lettings completed in period

‒ Rental tone increased from £9psf to £14psf

‒ 34% valuation growth during ownership (net of capex)

‒ 18.5% IRR

Key stats

Purchase price £7.6m

Date acquired 2011

Purchase yield 10.08%

Sale price £11.3m

Exit yield 8.25%



ACQUISITION

KILLINGWORTH SHOPPING CENTRE

‒ Principal retail provision in Killingworth, a commuter suburb of

Newcastle

‒ Morrisons anchor foodstore (outside of ownership)

‒ Key tenants: Matalan, Wilkinson, Poundworld

‒ Asset management plans underway to drive value: ‒ Lease re-structures

‒ Deliver additional retail space to broaden offer

‒ Increase dwell time

Key stats

Purchase price £19.2m

Dev Secs’ share 100%

NIY 8.27%

Occupancy rate 100%

WAULT (to tenant

break) 5.1 years

Projected 1 yr cash

on equity return 9.43%



DEVELOPMENT

AND TRADING

PORTFOLIO

Featured property:

Telegraph Works,

Greenwich

£10.2m of profit realised

during the year



DEVELOPMENT AND TRADING

HOW WE CREATE VALUE



DEVELOPMENT AND TRADING PORTFOLIO

OVERVIEW

Development and

Trading Portfolio

Mixed-use

Regeneration

Projects

Trading Assets

‒ Clear areas of focus: ‒ Sector

‒ Geography

‒ Planning gain is key value driver

‒ Equity light model with high upside

potential

‒ Projects de-risked via phased delivery +

forward funding/pre-sales/pre-lets

‒ Target 2.0x – 5.0x equity multiple

‒ Good buying opportunities available +

terms of trade in our favour

‒ Short-term project delivery + profit flow

‒ Planning gain often key

‒ Target IRR of 30% and 1.5x equity

multiple and above



CLEAR GEOGRAPHIC FOCUS

LONDON CITY REGION

London City Region

‒ Greater/suburban London focus (outside of Underground Zone 1)

‒ 90km radius of London – current population of 20 million

‒ Locations served by and directly accessible to the capital in 1 hour by public transport

‒ Deep labour pools and strength of demand are key


Development and trading portfolio by WIP

Greater London (44.2%)

South East (16.4%)

Republic of Ireland (15.2%)

North West (6.2%)

Other (18.0%)



LONDON CITY REGION




MANCHESTER/DUBLIN

Manchester City Region

‒ UK’s ‘second’ city

‒ Strong leadership and devolved powers

‒ Dev Secs has track record and strong local relationships

‒ 4 live projects

Dublin City Region

‒ Competitive advantage:

‒ Lack of ‘legacy’ debt issues

‒ Early mover advantage

‒ Market returning to growth and liquidity

‒ Positive business environment and growing investor and occupier demand

‒ Natural balance sheet hedge with Euro loan notes

‒ 7 real estate opportunities secured to date



MIXED-USE REGENERATION STRATEGY

Regeneration projects:

‒ Continued opportunity + competitive advantage

‒ Planning gain is key

PPP projects:

‒ Partnerships with local authorities and public bodies

‒ 40% of land in UK owned by councils

‒ Placemaking is key

‒ Current project pipeline totals £1.6bn GDV

Office-led development:

‒ Equity light

‒ Focus: transport-connected locations outside of Central London ‘core’

‒ Long-track record & deep expertise

FY’15 KPIs*

‒ 10 planning consents secured ‒ 7 planning applications

submitted ‒ £246m of funding secured to

enable project delivery ‒ 8 projects under construction


*All since 1st March 2014 to date


RECORD LEVEL DEVELOPMENT AND TRADING

PROFITS

28th Feb 2015

Realised profits (£’m)

Telegraph Works, Greenwich 10.2

10 Hammersmith Grove 6.7

North London office portfolio 6.3

399 Edgware Road 4.4

Romford 3.8

Sevenoaks 3.1

12 Hammersmith Grove 2.7

The Old Vinyl Factory 1.5

Other (NB: includes PM fees, Deeley Freed

partnership and rental income) 7.0

Gross profit £45.7 m



OUTLOOK FOR FY16 – MAIN CONTRIBUTORS

TO DEVELOPMENT AND TRADING GAINS

Project Dev Secs’

share

Dev Secs’ equity

exposure (as at 28th Feb

2015)

Status Anticipated

profit

Profit trigger

399 Edgware Road 100% £5.5m Under construction £8m Development profit upon practical

completion of food store and retail

elements

Dublin

1) Percy Place

2) Charlemont Clinic

3) Robswall, Malahide

100% £13.0m 1) Under construction

2) In planning

3) Marketing for private sale

of residential units

£8m 1) Profit from private sale of apartments

and sale of retail/office space to fund

2) Land improvement profit from sale of

consented site

3) Profit from sale of all residential units

Wind farms 100% £3.5m In planning £4m Land improvement profit from sale of

consented sites

Wick Lane Wharf 35% £0m Marketing for private sale of

residential units

£4m Profit from sale of all residential units and

promoted interest

The Deptford Project

100%

£6.2m Under construction £3m

Completion of pre-sold development

Brentwood 100%

£3.7m Planning secured £3m Land improvement profit from sale of site

Cross Quarter, Abbey

Wood

100%

£2.4m

Under construction £3m

Development profit upon practical

completion of foodstore + land

improvement profit from sale of remaining

land

Hale Barns 100% £3.8m Under construction £2m Development profit upon practical

completion of retail element and sale of

residential units

Norwich 100% £4.1m £2m

Land improvement profit from sale of land

Other £17m

Total £54m



CASE STUDIES


• 399 Edgware Road

• Project forward funded and under construction



DEVELOPMENT AND TRADING – HOW WE

CREATE VALUE



TRADING PORTFOLIO

NORTH LONDON OFFICE PORTFOLIO


PUBLIC PRIVATE PARTNERSHIP MODEL




CREATE VALUE



PUBLIC PRIVATE PARTNERSHIP

THE DEPTFORD PROJECT


PUBLIC PRIVATE PARTNERSHIP

THE DEPTFORD PROJECT



CREATE VALUE



MIXED-USE REGENERATION

399 EDGWARE ROAD


MIXED-USE REGENERATION

399 EDGWARE ROAD


OFFICE-LED DEVELOPMENT

10/12 HAMMERSMITH GROVE


SUMMARY


• Property name

• Description



A STEP CHANGE FOR DEVELOPMENT

SECURITIES

‒ Record level results and a step change in performance

‒ Business positioned for growth and a sustained, high level of returns

‒ A clear strategic focus for the business

‒ Balance sheet efficiency improved with focus on a disciplined capital structure

‒ Commitment to recurring capital distributions from strong cash flow

‒ Senior management deepened, aligned with shareholder interests and incentivised to maximise total returns



APPENDICES


• Property name

• Description



APPENDIX 1:

MANAGEMENT

TEAM



MANAGEMENT TEAM

Michael Marx

Chief Executive

(Standing down at 14th July 2015 AGM)

Richard Upton

Executive Director

(To be appointed Deputy CEO at 14th July AGM)

Marcus Shepherd

Finance Director

Matthew Weiner

Executive Director

(To be appointed CEO at 14th July 2015 AGM)



APPENDIX 2:

FINANCIAL SLIDES



NET DEBT, NET ASSETS AND GEARING


304.5 306.7 312.6

320.3

335.5 346.4

147.1 146.8 143.0 153.8 150.7

125.7

0

10

20

30

40

50

60

70

80

90

100

0

50

100

150

200

250

300

350

Aug 12 Feb 13 Aug 13 Feb 14 Aug 14 Feb-15

% £’m

Net assets (LHS) Net debt (LHS) Gearing excl JVs (RHS)


DEBT MATURITY PROFILE


20

29

72.7

14.1

5.3

32.9 34.1

0

10

20

30

40

50

60

70

£’m

Drawn (Investment) Drawn (Development) Other


CONTRIBUTION TO NAV GROWTH

£’m

Cash-related in the

year

£’m

Non cash-related in the

year

£’m

Net assets attributable to shareholders at 28 Feb 2014 320.2

Contribution from investment property 13.9 13.9

Property revaluations 11.2 11.2

Contribution from development and trading portfolio 45.7 45.7

Operating costs (17.9) (17.9)

Cathedral acquisition costs (2.7) (2.7)

Net interest costs (11.8) (11.8)

Share issue 6.2 6.2

Swap revaluations 0.1 0.1

Foreign currency movements 2.3 2.3

Other (0.6) (0.6)

Taxation (3.2) (3.2)

Dividends (17.0) (17.0)

Non controlling interest (0.7) (0.7)

Sub-total 25.5 8 17.5

Net assets attributable to shareholders at 28 Feb 2015 345.7



APPENDIX 3:

INVESTMENT STATS



INVESTMENT PROPERTY PORTFOLIO

CONTRIBUTION (INCLUDES SHARE OF JVS)

28th Feb 2015

£m

28th Feb 2014

£m

Revenue 12.9 15.1

Direct costs (2.7) (2.7)

10.2 12.4

Gains on disposals 3.8 0.5

Asset management fees and joint venture net income

(0.1)

1.0

Contribution prior to revaluation 13.9 13.9

Revaluation gain/(loss)

- Direct

- Share of JV

7.6

3.4

3.1

1.7

Contribution 24.9 18.7



INVESTMENT PORTFOLIO ANALYSIS

Sector

Capital value

(£m)

% of portfolio by

capital value

Void rates

(%)

Net initial yield

(%)

Weighted

average lease

length

(years)

London/SE

weighting

(%)

Valuation

movement** (%)

Foodstore anchored

(Waitrose and Sainsbury’s) 73.6 39.2 0.95 6.3 12.1 26.4 2.1

Foodstore anchored (outside DS

ownership) 63.3 33.8 9.02 7.4 5.5 7.2 4.7

Other Retail 20.4 10.9 0.43 8.8 6.0 0.0 (2.2)

Commercial 0.7 0.4 0.00 13.0 2.3 0.0 0.0

Mixed-use 8.6 4.6 3.23 8.4 4.2 0.0 5.2

Leisure 21.0 11.2 12.05 5.4 25.8 7.4 8.4

Total 187.6 100.0 4.97 6.9 10.4 40.9 3.3

*Analysis covers core investment assets – direct investment portfolio excluding developable land and site assembly

**On a like for like basis



CAPITAL RECYCLING - DISPOSALS

Colston Tower Portfolio of investment

assets

Winchester

shopping centre

Eltham

Purchase price £7.6m n/a £18.2m £4.7m

Date acquired 2011 Various 2006 2009

Purchase yield 10.08% n/a 8.11% 8.75%

Sale price £11.3m £20.9m £22.9m £5.7m

Exit yield 8.25% 7.49% 4.86% 6.99%



CAPITAL RECYCLING: ACQUISITIONS

World of Golf, Sidcup Chill Factore, Trafford Killingworth Shopping

Centre, Newcastle

Borough Parade,

Chippenham

Price £2.3m £15.5m £19.2m £16.3m

Dev Secs share 100% 80% 100% 100%

NIY 7.25% 9.9% 8.27% 7.02%

Occupancy rate 100% 94% 100% 98.8%

Top tenants Ashtour (sub-let to American

Golf)

Snow & Rock, Evans Cycles,

JD Wetherspoon, Nando’s

Matalan, Wilkinson,

Poundworld, Card Factory

Waitrose, New Look, Argos,

JD Wetherspoon

WAULT (to tenant

break) 19.5 years 5.2 years 5.1 years 6.0 years

Projected 1 yr cash

on equity return 7.6% 18.0% 9.4% 8.5%

Acquisition

rationale • Stable, long-term income

stream

• Longer-term development

potential

• Value-add potential from

operating side of business

• Foodstore anchor (outside

of ownership)

• Principal retail destination

for town

• Stable long-term income

and occupier base

• Affluent catchment and

principal retail destination

for town

• Strong foodstore anchor

• Stable income and

occupier base



INVESTMENT PORTFOLIO ANALYSIS*

57.2% 21.8%

15.5%

3.9% 1.6%

Gross rental income - tenant profile

PLC/nationals

Local traders

Regional multiples

FTSE 100

Government

30.8%

41.5%

10.5%

3.2% 14.0%

Gross rental income - lease term profile

0 - <5 years

5 - <10 years

10 - <15 years

15 - <20 years

20 years +

81.90%

9.10%

4.70% 3.80% 0.5%

Capital value - sector analysis

Retail

Mixed

Office

Residential

Industrial

*covers core direct investment portfolio

36.2

21.5

12.1

9.6

5.9

4.8

4.4 3.6

1.9

Location of assets by capital value (%)

South East

South West

North West

North East

Wales

London

Midlands

Northern Ireland

Scotland



APPENDIX 4:

CASE STUDIES



TRADING CASE STUDY

North London office portfolio

Acquisition ‒ Portfolio of five office buildings acquired for £17.5m

Finance

‒ Three year debt facility secured against acquisition and planning costs Planning

‒ Permitted development rights secured for residential conversion of three

properties

Disposal

‒ Properties sold individually to various private investors

Outcomes

‒ Total project profit of £6.3m

‒ IRR of over 200% and 1.9x equity multiple



PUBLIC PRIVATE PARTNERSHIP CASE STUDY

Deptford Project

Land ‒ 2-acre site adjacent to Deptford railway station ‒ Partnership with freeholder, Lewisham Council Planning – Planning consent secured for:

‒ 132 residential units

‒ 11,000 sq. ft. of commercial and retail space

‒ New public realm

Funding ‒ £25.1m bank facility secured to finance construction costs

‒ 121 residential units pre-sold to IPG, de-risking the project

‒ Agreement for lease exchanged with Peabody to manage 8 affordable units

Delivery – Cathedral manages construction and delivery of residential units Outcomes – Profit share with Lewisham council upon practical completion – target profit

on cost of in excess of 15%

– Commercial and retail space to be retained as investment



MIXED-USE REGENERATION CASE STUDY

399 Edgware road

Planning

– Planning consent secured for:

– 81,000 sq. ft. food store

– 183 residential units

– 50,000 sq. ft. restaurant and retail space

Funding

– Foodstore pre-let to Morrisons and forward funded

by clients of Aberdeen Asset Management

– Residential quarter funded by L&Q

Delivery

– Development Securities manages construction of development and

residential sales process

– Fixed price contracts for build out of residential and foodstore elements

Outcomes

– Land improvement profit + profit share upon completion

of food store and residential units



OFFICE DEVELOPMENT CASE STUDY

10 Hammersmith Grove

Land ‒ Land deal with freeholder TfL – deferred payment in exchange for profit

share upon delivery of project ‒ Element of fixed land price just £11 psf vs £820 psf capital value ‒ Minimal equity requirement – c.£5m

Planning

‒ Planning consent secured for two-phase office development of 280,000

sq. ft.

‒ 10 Hammersmith Grove = 110,000 sq. ft. grade A office building

Funding

‒ £50m forward funding secured from Aberdeen Asset Management for

construction of building

Delivery

‒ Development Securities manages construction and letting of the building

Outcomes

‒ Total development profit of £6.7m

‒ Capital values 39% ahead of pro-forma

‒ Average rental values 25% ahead of previous Hammersmith benchmark



APPENDIX 5:

OUR MARKET



SECONDARY TRADES TO CONTINUE

Vendor Closed sales (€m)

1 IBRC 18,704

2 NAMA 10,101

3 Royal Bank of Scotland 9,612

4 Catalunya Banc 6400

5 Lloyds Banking Group 5,842

6 Hypothekenbank Frankfurt 4,400

7 National Australia Bank 2,391

8 Nationwide 2,152

9 UKAR 2,000

10 Bankia 1,660

Top 10 vendors 2014

Source: Cushman and Wakefield Corporate Finance



GREAT WALL OF MONEY

145

47 45

29

24

0

20

40

60

80

100

120

140

160

United States United Kingdom China Japan Germany

$’bn

Source: DTZ


Estimated capital targeting commercial real estate in top five markets


LENDING TO COMMERCIAL PROPERTY

Source: Capital Economics


-8

-6

-4

-2

0

2

4

6

8

10

12

14

4

5

6

7

8

9

10

11

12

13

1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015

Lending to property as a % of total loan book (LHS)

Net lending to property, £bn per quarter (RHS)


YIELD SPREAD STILL WIDE

0

20

40

60

80

100

120

140

160

0

20

40

60

80

100

120

140

160

2007 2008 2009 2010 2011 2012 2013 2014

Prime - secondary yield spread (Bps)

Source: Capital Economics



DISCLAIMER

This presentation has been prepared by Development Securities PLC (the “Company”). No representation or warranty (express or implied) of any

nature is given nor is any responsibility or liability of any kind accepted by the Company or any of its directors, officers, employees, advisers,

representatives or other agents, with respect to the truthfulness, completeness or accuracy of any information, projection, representation or warranty

(expressed or implied), omissions, errors or misstatements in this presentation, or any other written or oral statement provided.

In particular, no responsibility or liability is or will be accepted and no representation or warranty is or is authorised to be given as to the accuracy,

reliability or reasonableness of any forward-looking statement, including any future projections, management targets, estimates or assessments of

future prospects contained in this presentation, or of any assumption or estimate on the basis of which they have been given (which may be subject

to significant business, economic or competitive uncertainties and contingencies beyond the control of the management of the Company). Any such

forward-looking statements have not been independently audited, examined or otherwise reviewed or verified.

All views expressed in this presentation are based on financial, economic, market and other conditions prevailing as of the date of this presentation.

The Company does not undertake to provide access to any additional information or to update any future projections, management targets,

estimates or assessment of future prospects or any other forward-looking statements to reflect events that occur or circumstances that arise after

the date of this presentation, or to correct any inaccuracies in this presentation which may become apparent. Past performance is not indicative of

future results and forward-looking statements are not guarantees of future performance.

This presentation is for information purposes only and does not constitute an offering document or an offer of transferable securities to the public in

the UK. This presentation is not intended to provide the basis for any credit or other evaluation of any securities of the Company and should not be

considered as a recommendation that any investor should subscribe for, dispose of or purchase any such securities or enter into any other

transaction with the Company or any other person. The merits and suitability of any investment action in relation to securities should be considered

carefully and involve, among other things, an assessment of the legal, tax, accounting, regulatory, financial, credit and other related aspects of such

securities.

This presentation is being communicated or distributed within the UK only to persons to whom it may lawfully be communicated, and has not been

approved for the purposes of section 21 of the Financial Services and Markets Act 2000. It may not be reproduced (in whole or in part), distributed or

transmitted to any other person without the prior written consent of the Company. In particular this presentation is not intended for distribution to, or

use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation. Any recipients

of this presentation outside the UK should inform themselves of and observe any applicable legal or regulatory requirements in their jurisdiction, and

are treated as having represented that they are able to receive this presentation without contravention of any law or regulation in the jurisdiction in

which they reside or conduct business.

Date post:	24-Aug-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

Development Securities PLC - U and I Group PLC · 29/4/2015 · Analysis of gross debt (excluding...

Documents