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Income tax

ORIANA GP LIMITED - Company Information

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Registered number: 06371951

ORIANA GP LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

ORIANA GP LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2019

The directors of Oriana GP Limited (the 'Company') present their report and the audited financial statements for the year ended 31 March 2019.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the audited financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare audited financial statements for each financial year. Under that law the directors have elected to prepare the audited financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the audited financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these audited financial statements, the directors are required to:

∙select suitable accounting policies and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the audited financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the audited financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Change of immediate parent company

12 April 2018, FREP 21 Limited sold its 50% shareholding in Oriana GP Limited to Land Securities Management Limited, resulting in Land Securities Management Limited's total shareholding in Oriana GP Limited being 100%, assuming control of Oriana GP Limited from that date on.

Principal activity, review of the business and future developments

The Company acted as General Partner for The Oriana Limited Partnership up until its dissolution on 28 March 2019. On this date, the Company assumed the remaining assets and liabilities of The Oriana Limited Partnership immediately prior to its dissolution. See note 8 for further details. When the remaining assets and liabilities are settled, the Company is expected to become dormant.

Results for the year and dividend

The results are set out in the Statement of Comprehensive Income on page 5.
The directors do not recommend the payment of a dividend for the year ended 31 March 2019 (2018: £Nil).

Directors

The directors who held office during the year and up to the date of this report unless otherwise stated were:

Land Securities Management Services Limited (appointed 9 May 2018)

LS Director Limited (appointed 9 May 2018)

M R Worthington

P B Bray (resigned 12 April 2018)

J P White (resigned 12 April 2018)

T K Allibone (resigned 12 April 2018)

N K Bates (resigned 9 May 2018)

M C Geddes (resigned 9 May 2018)

Indemnity

The Company has made qualifying third party indemnity provisions for the benefit of the respective directors which were in place throughout the year and which remain in place at the date of this report.

Small companies exemption

The Directors' Report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Page 1

ORIANA GP LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2019

Strategic report

The Company has taken advantage of the exemption under s414B of the Companies Act 2006 not to prepare a Strategic Report.

Statement of disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

	Registered Office
	100 Victoria Street
	London
	SW1E 5JL

This report was approved by the Board and signed on its behalf.

L Miller, for and on behalf of LS Company Secretaries Limited
Company Secretary

Date: 6 December 2019

Registered and domiciled in England and Wales

Registered number: 06371951

Page 2

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIANA GP LIMITED

Opinion

We have audited the financial statements of Oriana GP Limited (the 'Company') for the year ended 31 March 2019 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes 1 to 14, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 ‘Reduced Disclosure Framework’.

In our opinion, the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2019 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report below. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

∙the directors’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of the other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the directors' report has been prepared in accordance with applicable legal requirements.

Page 3

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ORIANA GP LIMITED (CONTINUED)

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to take advantage of the small companies exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Claire Johnson (Senior statutory auditor)

For and on behalf of

Ernst & Young LLP, Statutory Auditor

London

Date: 10 December 2019

Page 4

ORIANA GP LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2019


	2019	2018
Notes	£000	£000


Revenue	4	-	1
Gross profit		-	1
Management and administrative expenses	5	-	(2)
Operating loss		-	(1)
Taxation	6	-	-
Loss for the financial year		-	(1)

Other comprehensive income:
Transfer of assets from other investments	8	394	-

Total comprehensive income/(loss) for the year		394	(1)

All amounts are derived from continuing activities.

Page 5

ORIANA GP LIMITED

REGISTERED NUMBER: 06371951

BALANCE SHEET

AS AT 31 MARCH 2019

	2019	2018
Notes	£000	£000


Non-current assets
Investment in subsidiary undertakings	7	-	-
Other investments	8	-	-
		-	-
Current assets
Trade and other receivables	9	2	-
Amounts due from Group undertakings	10	847	-
		849	-
Current liabilities
Trade and other payables	11	(474)	-
Amounts owed to related parties	12	-	(19)
		(474)	(19)
Net assets/(liabilities)		375	(19)

Capital and reserves
Share capital	13	1	1
Retained earnings/(loss)		374	(20)
Total equity		375	(19)

The financial statements on pages 5 to 13 were approved by the Board of Directors and were signed on its behalf by:

M R Wood, for and on behalf of LS Director Limited

Date: 6 December 2019

Page 6

ORIANA GP LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2019

		Capital reserve	Retained (loss)/earnings	Total equity
	£000	£000	£000	£000
At 1 April 2017	1	7	(26)	(18)

Total comprehensive loss for the financial year	-	-	(1)	(1)
Transfer capital contribution to retained loss	-	(7)	7	-

At 31 March 2018	1	-	(20)	(19)

Total comprehensive income for the financial year	-	-	394	394
At 31 March 2019	1	-	374	375

Page 7

ORIANA GP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.Accounting policies

1.1

Basis of preparation

The financial statements have been prepared on a going concern basis and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' ('FRS 101') and the Companies Act 2006. The financial statements are prepared under the historical cost convention.

During the year, the Company changed its reporting framework from International Financial Reporting Standards ('IFRS') the Financial Reporting Framework applicable in the EU to Financial Reporting Standard 101 ('Reduced Disclosure Framework') ('FRS 101'). There are no associated material implications of this change and therefore no third balance sheet has been presented.

Oriana GP Limited (the ‘Company’) is a private company limited by shares and is incorporated, domiciled and registered in England and Wales (Registered number: 06371951). The nature of the Company’s operations is set out in the Directors' Report on page 1. The results of the Company are included in the consolidated financial statements of Land Securities Group PLC which are available from the Company's registered office at 100 Victoria Street, London, SW1E 5JL.

The accounting policies which follow set out those policies which apply in preparing the financial statements for the year ended 31 March 2019. The financial statements are prepared in Pounds Sterling (£) and are rounded to the nearest thousand pounds (£000).

1.2

Group accounts

The financial statements present information about the Company as an individual undertaking and not about its group. The Company has not prepared group accounts as it is exempt from the requirement to do so by section 400 of the Companies Act 2006 as it is a subsidiary of Land Securities Group PLC, a Company incorporated in England and Wales whose consolidated financial statements are publicly available.

1.3

Financial reporting standard 101 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraph 79(a)(iv) of IAS 1;

- paragraph 73(e) of IAS 16 Property, Plant and Equipment;

- paragraph 118(e) of IAS 38 Intangible Assets;

- paragraphs 76 and 79(d) of IAS 40 Investment Property; and

∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

∙the requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

The equivalent disclosures relating to IFRS 7, IFRS 13 & IAS 36 are included in the consolidated financial statements of Land Securities Group PLC, in which the entity is consolidated.

1.4

Investment in subsidiary undertakings

Investments in subsidiary undertakings are stated at cost in the Company’s Balance Sheet, less any provision for impairment in value.

1.5

Other investments

Other investments are financial assets held at fair value. Changes to fair value are recorded within other comprehensive income.

1.6

Provisions

A provision is recognised in the Balance Sheet when the Company has a constructive or legal obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation. Where relevant, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

1.7

Revenue

Revenue is derived from the Company's share of profits from The Oriana Limited Partnership and is recognised when the rights to receive profits is established.

1.8

Expenses

Management and administrative expenditure is expensed as incurred.

Page 8

ORIANA GP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

1.Accounting policies (continued)

1.9

Impairment

The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. An impairment loss is recognised in the Statement of Comprehensive Income whenever the carrying amount of an asset exceeds its recoverable amount.

The recoverable amount of an asset is the greater of its fair value less costs to sell and its value in use. The value in use is determined as the net present value of the future cash flows expected to be derived from the asset, discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount after the reversal does not exceed the amount that would have been determined, net of applicable depreciation, if no impairment loss had been recognised.

1.10

Income taxation

Income tax on the profit or loss for the year comprises current. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years.

1.11

Amounts due from Group undertakings

Amounts due from Group undertakings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts due from Group undertakings are stated at amortised cost and, where relevant, adjusted for the time value of money. The Company assesses on a forward-looking basis, the expected credit losses associated with its amounts due from Group undertakings. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. If collection is expected in more than one year, the balance is presented within non-current assets.

In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty, which is a fellow subsidiary undertaking of Land Securities Group PLC.

1.12

Amounts owed to related parties

Amounts owed to related parties are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, amounts owed to related parties are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the Statement of Comprehensive Income over the period of the loan, using the effective interest method.

1.13

Trade and other payables

Trade and other payables with no stated interest rate and payable within one year are recorded at transaction price. Trade and other payables after one year are discounted based on the amortised cost method using the effective interest rate.

1.14

Dividends

Final dividend distributions to the Company’s shareholders are recognised as a liability in the Company’s financial statements in the period in which the dividends are approved by the Company’s shareholders. Interim dividends are recognised when paid.

2.	Changes in accounting policies and standards

The accounting policies used in these financial statements are consistent with those applied in the last annual financial statements, as amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective in the year, the impact of which is outlined below.

Changes in accounting policy

The Company has adopted IFRS 9 Financial Instruments on 1 April 2018. While some accounting policies have been amended on adoption of the standard, there have been no adjustments to the Company’s Statement of Comprehensive Income or Balance Sheet. The new accounting policies are set out in notes 1.5 and 1.11.

The Company has adopted IFRS 15 Revenue from Contracts with Customers on 1 April 2018. The Company has elected to apply the standard on a full retrospective basis as permitted by IFRS 15. There have been no adjustments to the Company’s Statement of Comprehensive Income or Balance Sheet.

Amendments to IFRS

A number of new standards, amendments to standards and interpretations have been issued but are not yet effective for the Company. The most significant of these is IFRS 16 Leases (effective for the Company from 1 April 2019). Based on the impact assessment carried out, there are no changes expected as a result of the adoption of this standard. There will be no net impact on profit attributable to shareholders or the Company’s Balance Sheet.

Page 9

ORIANA GP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

3.	Significant accounting judgements and estimates

The Company’s significant accounting policies are stated in note 1 above. Not all of these significant accounting policies require

management to make difficult, subjective or complex judgements or estimates. The following is intended to provide an understanding of the policies that management consider critical because of the level of complexity, judgement or estimation involved in their application and their impact on the financial statements. These judgements involve assumptions or estimates in respect of future events. Actual results may differ from these estimates.

Estimates

Amounts due from Group undertakings

The Company is required to judge when there is sufficient objective evidence to require the impairment of amounts due from Group undertakings. It does this by assessing on a forward-looking basis, the expected credit losses associated with its amounts due from Group undertakings. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the amounts due. In determining the expected credit losses, the Company takes into account any future expectations of likely default events based on the level of capitalisation of the counterparty, which is a fellow subsidiary undertaking of Land Securities Group PLC.

4.	Revenue
		2019	2018
		£000	£000


Share of profit from The Oriana Limited Partnership, excluding gains and losses	-	1
Total revenue	-	1

5.	Management and administrative expenses

(a) Management services

The Company had no employees during the year (2018: None). Management services were provided to the Company throughout the year by Land Securities Properties Limited, a fellow group undertaking, charges for which amount to £Nil (2018: £Nil).

(b) Directors’ remuneration

The Group directors' emoluments are borne by Land Securities Properties Limited. The directors of the Company received no emoluments from Land Securities Properties Limited for their services to the Company (2018: £Nil).

In the year ended 31 March 2019 the Group auditor’s remuneration for the year is borne by Land Securities Properties Limited. The proportion of the remuneration which relates to the Company amounts to £2,000 (2018: £Nil). No non-audit services were provided to the Company during the year (2018: £Nil). In the prior year, the Company incurred the auditor's remuneration amounting to £2,000 directly.


Income tax on loss for the year	-	-

Total income tax charge in the Statement of Comprehensive Income	-	-

Page 10

ORIANA GP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

6.Income tax (continued)

Profit/(loss) before tax

(1)


	Total tax charge for the year	-	-

Land Securities Group PLC is a Real Estate Investment Trust (REIT). As a result the Company does not pay UK corporation tax on the profits and gains from qualifying rental business in the UK provided it meets certain conditions. Non-qualifying profits and gains of the Company continue to be subject to corporation tax as normal.

7.	Investment in subsidiary undertakings
		2019	2018
		£000	£000

	At the beginning of the year	-	-
	At 31 March	-	-

The subsidiary undertakings of the Company as at 31 March 2019 are:

Name	Class of shares	Percentage of share capital owned	Principal country of incorporation	Nature of business
Oriana Nominee No. 1 Limited	£1 Ordinary shares	100%	England	Dormant
Oriana Nominee No. 2 Limited	£1 Ordinary shares	100%	England	Dormant

All subsidiary undertakings are registered at 100 Victoria Street, London, SW1E 5JL.

8.	Other investments
		2019	2018
		£000	£000

	At the beginning of the year	-	-
	At 31 March	-	-

The Company owned a 0.1% share of The Oriana Limited Partnership up to its dissolution on 28 March 2019. Immediately prior to its dissolution, The Oriana Limited Partnership distributed an amount of £864,000 to the Company. Concurrently, the Company assumed responsibility for the remaining assets and liabilities of The Oriana Limited Partnership, represented by capital accruals of £472,000 (note 11) and social security, VAT and other taxes of £2,000 (note 9). The resulting net distribution received, amounting to £394,000 has been credited to other comprehensive income in the Statement of Comprehensive Income for the year.

Page 11

ORIANA GP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

9.	Trade and other receivables
		2019	2018
		£000	£000


Social security, VAT and other taxes	2	-
Total trade and other receivables	2	-

10.	Amounts due from Group undertakings
		2019	2018
		£000	£000


Amounts due from Group undertakings - fellow subsidiary	847	-
Total amounts due from Group undertakings	847	-

The unsecured amounts due from Group undertakings are interest free, repayable on demand with no fixed repayment date.

11.	Trade and other payables
		2019	2018
		£000	£000


Capital payables	472	-
Accruals	2	-
Total trade and other payables	474	-

Capital payables represent amounts due under contracts to purchase properties, which were unconditionally exchanged at the year- end or for work completed on investment properties but not paid for at the year-end.

12.	Amounts owed to related parties
		2019	2018
		£000	£000


Amounts owed to The Oriana Limited Partnership	-	7
Amounts owed to Land Securities Properties Limited	-	12
Total amounts owed to related parties	-	19

The amounts owed to related parties were interest free and were repaid in the year.

13.	Share capital

	Authorised and issued		Allotted and fully paid
	2019	2018	2019	2018
	Number	Number	£000	£000

Ordinary shares of £1.00 each	1,000	1,000	1	1
	1,000	1,000	1	1

Page 12

ORIANA GP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

14.	Parent Company

The Company was jointly owned up to 12 April 2018, when FREP 21 Limited sold its 50% shareholding in the Company to Land Securities Management Limited. From that date on, the immediate parent company has been Land Securities Management Limited.

The ultimate parent company and controlling party at 31 March 2019 was Land Securities Group PLC, which is registered in England and Wales. This is the largest parent company of the Group to consolidate these financial statements.

Consolidated financial statements for the year ended 31 March 2019 for Land Securities Group PLC can be obtained from the Company Secretary, 100 Victoria Street, London, SW1E 5JL. This is the largest and smallest Group to include these accounts in its

consolidated financial statements.

15.	Parent company

Page 13