Principal Risks and Uncertainties for the remaining six months of the financial year
The most significant risks to British Land’s business relate to either property or financing.
Over the remaining six months of this financial year, the most significant risk within the former category is the future value to be placed on property assets in a climate of uncertainty among investors. These conditions have affected our valuation at the half year, and the prevailing investment market sentiment will impact the independent valuer’s assessment of our property portfolio (upwards or downwards) and our resultant net asset value for the third quarter and full year accordingly. The high quality of British Land’s portfolio and the continuing tenant demand for our product should help to mitigate any further downward movement.
Financing within British Land is not considered a risk or uncertainty with substantial liquidity available under committed facilities, borrowings 100% fixed and a weighted average debt expiry of 12.7 years.
Responsibility Statement
We confirm that to the best of our knowledge:
- the condensed set of financial statements has been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting”; and
- the interim management report includes a fair review of the information required by Sections DTR 4.2.7R and DTR 4.2.8R of the Disclosure and Transparency Rules of the United Kingdom’s Financial Services Authority.
By order of the Board
Graham Roberts
Finance Director
