Derwent London Plc · LSE:DLN
Derwent London — H1 2011 Earnings Presentation
76 slides from Derwent London's earnings presentation, 2011
Slide 1: Derwent London plc Interim Results 2011
Derwent London plc Interim Results 2011
Slide 2: Contents
Contents Page Highlights 3 Results and financial review 5 Valuation and portfolio analysis 17 Portfolio activity 24 Market summary 33 Projects 37 Outlook 51 Appendices 53 Disclaimer 76 Presentation: John Burns, Damian Wisniewski, Simon Silver, Paul Williams, Nigel George, David Silverman 2
Slide 3: Highlights
‘ Highlights DERWENBON John Burns
Slide 4: Highlights
Highlights »» Strong performance across the business »» Robust balance sheet - recycling capital and bond issue »» Continued successful letting activity »» Good progress on the development pipeline 4
Slide 5: Results and financial review
Results and financial review Damian Wisniewski 5
Slide 6: Headline numbers
Headline numbers Jun 2011 Dec 2010 Jun 2010 Total portfolio at fair value £2,600.2m £2,426.1m £2,150.2m EPRA net asset value per share1 1,621p 1,474p 1,356p Gross property income £62.5m £119.4m £57.4m EPRA profit before tax2 £26.6m £55.2m £26.3m Underlying profit before tax2,3 £25.0m £53.7m £25.6m E
Slide 7: Group balance sheet
Group balance sheet Jun 2011 Dec 2010 Jun 2010 £m £m £m Investment property1 2,496.5 2,373.3 2,105.0 Owner-occupied property1 16.4 15.2 14.0 Other non-current assets 61.1 56.4 49.2 2,574.0 2,444.9 2,168.2 Non-current assets held for sale 45.4 - - Trading properties - - 1.0 Other current assets and l
Slide 8: Group balance sheet
Group balance sheet »» Shareholders’ funds up by 11.2% >> To £1.61bn from £1.45bn »» Net debt increased Debt, net assets and gearing >> To £904.5m from £887.8m 1,750 100 Net debt Net assets Balance sheet gearing LTV ratio >> £28.0m (net) invested in the portfolio 1,611 1,500 80 »» LTV and balance sh
Slide 9: Group income statement
Group income statement Half year ended Half year ended Jun 2011 Jun 2010 £m £m Gross property income 62.5 57.4 Other income 1.0 1.1 Property outgoings (7.1) (4.7) Property outgoings Rates credits 1.4 (5.7) 1.1 (3.6) Net property income 57.8 54.9 Admin expenses (11.0) (10.0) Total administrative expe
Slide 10: Underlying and EPRA profit before tax
Underlying and EPRA profit before tax Gross Other Property Admin Net Capitalised Share of Underlying Rates Forex on EPRA property income expenditure expenses finance interest joint ventures’ profit credits intercompany profit income / ground costs results before tax 1 loan before tax rent 5.1 (0.1)
Slide 11: Group income statement
Group income statement H1 2011 H1 2010 £m £m Rental income 60.0 55.6 Surrender premiums received 0.4 0.3 SIC15 lease incentives 2.1 1.5 62.5 57.4 »» Gross property income in H1 2011 increased by £5.1m compared to H1 2010 H1 2011 Property acquisitions include £4.5m from Central Cross £m Lettings and
Slide 12: Group income statement
Group income statement H1 2011 H1 2010 “Recurring” property outgoings increased by £1.4m £m £m mainly due to void costs at the Angel Building Property outgoings 6.5 5.1 £1.3m surrender premium paid at 210 Old Street Surrender premiums paid 2.0 0.1 Dilapidation receipts (1.4) (0.5) Dilapidation recei
Slide 13: Cashflow
Cashflow »» Increase in net debt >> By £16.7m to £904.5m »» Net cashflow movement in investment property portfolio H1 2011 H1 2010 £m £m Acquisitions (91.3) (1.3) Capex (15.7) (29.6) (107.0) (30.9) Disposal proceeds 79.0 0.3 (28.0) (30.6) »» Disposal proceeds of c. £48m in H2 2011 to date »» Forecas
Slide 14: Convertible bonds
Convertible bonds »» £175m 2.75% unsecured convertible bonds repayable July 2016 >> Launched May 2011 and issued June 2011 »» Initial conversion price £22.22; 30% premium to reference share price of £17.09 Income statement presentation 2011 2012 £m £m Interest payable 2.8 4.8 Discount amortisation 1
Slide 15: Debt facilities, covenants and gearing
Debt facilities, covenants and gearing Jun 2011 Dec 2010 Jun 2010 Gearing LTV ratio 34.2% 35.7% 33.8% Balance sheet 54.4% 59.4% 55.1% Interest cover ratio 312% 328% 320% Interest cover ratio - excluding capitalised interest 302% 328% 320% Total facilities £1,310m £1,135m £1,145m Unutilised committed
Slide 16: Liability risk management
Liability risk management Jun 2011 Dec 2010 Proportion of drawn facilities at fixed rates or hedged 94% 70% Weighted average length of swaps 5.7 years 6.1 years Spot weighted average cost of drawn facilities1 4.66% 4.34% Spot weighted average cost of drawn facilities2 4.90% 4.34% Hedging profile Mat
Slide 17: Valuation and portfolio analysis
Valuation and portfolio analysis Nigel George 17
Slide 18: Valuation
Valuation »» Strong underlying valuation growth >> 5.1% in H1 2011 >> 5.9% if completed H1 2011 disposals included »» Total property return >> 7.9% in H1 2011 H1 Portfolio valuation »» Development properties valued at £132.3m valuation movement £m % >> 18.8% underlying capital growth in H1 2011 West
Slide 19: Valuation movement (%)
Valuation »» Outperformance against IPD Central London Office Index1 >> IPD capital growth 4.6% >> IPD total return 7.2% »» Average capital values remain low Valuation performance >> Portfolio £478 psf 20 >> West End Central £578 psf 15 15.7 16.6 Valuation movement (%) 10 8.3 5 5.1 4.6 1.4 0 -3.3 -3
Slide 20: Yields and income
Yields and income »» EPRA yields1 >> Net initial 4.3% >> ‘Topped-up’ net initial 5.2% Yield movement profile »» True equivalent yield 5.65% 7.5 15bp >> Tightened by 12bp in H1 2011 7.0 97bp »» Strong reversionary element at £46.6m True equivalent yield (%) 6.5 83bp >> £18.9m via contracted uplifts 6
Slide 21: Rental value
Rental value »» Rental growth trend continued in H1 2011 >> Underlying 4.0% (H2 2010: 2.8%) »» 9.7% rental growth in last 18 months >> 17.9% fall in previous cycle Rental value growth 10 »» Low average office rents 8 Half-yearly rental value growth (%) 8.1 >> West End £27.16 psf 6 4 4.6 >> Central L
Slide 22: Vacancy rates
Vacancy rates »» Vacancy rate1 by rental value 4.0% at June 2011 >> Decreased from 5.9% at December 2010 »» Post half year lettings and space under offer will reduce the vacancy rate to 1.1% Vacancy rates >> Mainly due to lettings at Angel Building 8 »» Current on site projects of 307,000 sq ft 2 7
Slide 23: Lease expiries and breaks
Lease expiries and breaks »» Strong record of tenant retention »» 2011 expiries/breaks >> Exposure of £10.8m pa equating to 9% of rental income Lease expiry and break analysis1 >> £ 4.8m pa related to identified projects 100 11 6 16 16 >> Mainly Riverwalk House SW1 and Percentage of income (%) 17 17
Slide 24: Portfolio activity
Portfolio activity John Burns 24
Slide 25: Lettings
Lettings »» 51 H1 lettings, totalling 264,800 sq ft at £8.5m pa >> Previous income of £2.9m pa at December 2010 >> £7.0m pa of open-market lettings >> £1.5m pa of short-term lettings at our future development properties »» Open-market lettings in H1 >> 9.6% above December 2010 ERV »» Activity post h
Slide 26: Activity H1 2011
Activity H1 2011 Holden House W1 Tenant: Envy Post Production Rent: £0.3m pa - £40 psf Area: 7,100 sq ft 1 Maple Place W1 Angel Building EC1 Tenant: Keyhaven Capital Four lettings Rent: £0.5m pa - £41 psf 12 Fitzroy Street W1 Rent: £1.6m pa Area: 11,500 sq ft Tenant: Efficient Frontier Office rent:
Slide 27: Letting analysis 2011
Letting analysis 2011 »» Positive signs Tenant movement >> 76% of lettings were to occupiers seeking expansion space 20% >> Only 4% contraction »» Active portfolio asset management 4% Expansion >> 18% of lettings from tenants within the portfolio Contraction Similar 76% 27
Slide 28: Tenant movement
Tenant movement »» Our brand attracts tenants from their traditional locations 1 2 Sage Pay Secure payment service Expedia NG Bailey NG Bailey Efficient Frontier Online travel Engineering Docklands Engineering Marketing Keyhaven Capital Financial 1 Angel Building 2 Maple+Fitzroy 28
Slide 29: Angel Building EC1
Angel Building EC1 »» 95% let within 10 months »» Rental income when fully let £10.5m Cancer Research UK Expedia Moved from Covent Garden NG Bailey Moved from 5 buildings in Holborn Area: 81,300 sq ft Moved from Docklands Area: 125,500 sq ft Rent: £3.3m pa - £40/£42.50 psf and Paddington Rent: £5.0m
Slide 30: Disposals
Disposals »» Disposals 2011 to date - gross proceeds £127.2m >> Opportunistic Covent Garden Estate WC2 »» H1 completions - gross proceeds Five buildings: 71,900 sq ft £79.0m Gross proceeds: £68.0m 79-89 Pentonville Road N1 Income: £2.5m pa >> 38% above December 2010 Warehouse building: 35,600 sq ft
Slide 31: Disposals
Disposals »» H2 completions - gross proceeds Victory House W1 £48.2m Pre-sale of refurbishment project 48,000 sq ft mixed-use building 18-30 Leonard Street EC2 >> 34% above December 2010 1 Cleared site with planning permission Sold to UCLH Charity valuation Gross proceeds: £37.2m 35,000 sq ft reside
Slide 32: Acquisitions
Acquisitions »» £87.5m1 of acquisitions in H1 2011 1 Page Street SW1 »» Off-market transactions 118,000 sq ft vacant building Network Building W12 £45.0m before costs 64,000 sq ft corner building »» Refurbishment opportunities Capital value: £380 psf Derwent owned freehold Major refurbishment now on
Slide 33: Market summary
‘ Market summary Poy ile Bums —
Slide 34: West End demand
West End demand H1 2011 Outlook West End take-up 6 Take-up 5 »» Take-up of 2.3m sq ft in H1 2011 Take-up (million sq ft) Annual average 4 >> 9% above long-term average >> Third consecutive half year of above average take-up 3 »» Key note for Derwent..... 2 >> Strong demand from the technology and me
Slide 35: West End supply
West End supply H1 2011 Outlook West End development pipeline Vacancy rate 2.5 12.5 Completed Under construction or proposed Vacancy rate 2.0 10.0 »» A supply-demand imbalance Floor area (million sq ft) Vacancy rate (%) >> Vacancy rate of 3.8% - below average 1.5 7.5 >> Limited development pipeline
Slide 36: Central London investment market
Central London investment market H1 2011 Outlook Rental values Central London office investment 18 Yields Value of investment transactions (£bn) 16 14 »» London - a strong international investment market 12 >> H1 transactions £4.5bn - in line with the long-term Average average 10 >> Low level of dis
Slide 37: Projects
‘ Projects DERWENT Simon Silver
Slide 38: Key points
Key points »» 2011 programme >> 450,0001 sq ft - project capex of c. £71m >> 355,0001 sq ft on site at June 2011 - five schemes >> 95,000 sq ft commencing in H2 2011 - two schemes »» Planning decisions awaited in H2 2011 on projects totalling 784,000 sq ft >> 80 Charlotte Street W1 >> City Road Esta
Slide 39: Projects on site
Projects on site 1 Page Street SW1 118,000 sq ft offices Delivery: 2012 Rental value: c. £47.50 psf Capex: c. £18m 2-14 Pentonville Road N1 55,000 sq ft offices Delivery: 2012 Rental value: c. £35 psf Capex: c. £11m Woodbridge House EC1 85,000 sq ft offices Delivery: 2012 Rental value: c. £40 psf Ca
Slide 40: 1 Page Street SW1
1 Page Street SW1 »» Acquired March 2011 »» Comprehensive refurbishment >> 118,000 sq ft offices >> Striking new entrance lobby >> Generous ceiling heights >> Ground and lower ground interconnectivity >> New garden to rear 40
Slide 41: 1 Page Street SW1
1 Page Street SW1 »» Timing >> Delivery 2012 »» Rental value >> c. £47.50 psf >> c. £4.9m pa »» Capex >> c. £18m 41
Slide 42: Projects update - 80 Charlotte Street W1
Projects update - 80 Charlotte Street W1 »» Planning application ‘called in’ for determination by the Mayor of London >> Decision expected September 2011 >> 320,000 sq ft offices >> 47,0001 sq ft residential >> Creation of a new park »» Timing >> Delivery end 2015 »» Rental value >> c. £55 psf »» Ca
Slide 43: Projects update - Riverwalk House SW1
Projects update - Riverwalk House SW1 »» Planning submission Q3 2011 >> 148,000 sq ft residential / retail >> comprising c. 120 units »» In advanced negotiations to sell the site >> Conditional on planning >> Profit overage provision 43
Slide 44: Projects update - 1 Oxford Street W1
Projects update - 1 Oxford Street W1 »» Derwent has the option to acquire the site upon completion of Crossrail works - c. 2017 »» Masterplan finalised >> Planning submission H2 2011 »» Proposed new development over Crossrail station >> 277,000 sq ft - offices, retail and theatre >> New public space
Slide 45: Projects update - 1 Oxford Street W1
Projects update - 1 Oxford Street W1 Soho Square Oxford Street Charing Cross Road 45
Slide 46: Projects update
Projects update 132-142 Hampstead Road NW1 233,000 sq ft offices, 32,000 sq ft residential Planning permission granted Delivery: 2014 40 Chancery Lane WC2 Capex: c. £87m 100,000 sq ft offices Planning permission granted Delivery: 2014 Capex: c. £41m 46
Slide 47: Projects update
Projects update City Road Estate EC1 285,000 sq ft offices Planning decision awaited Vacant possession from 2012 Turnmill EC1 Capex: c. £105m 70,000 sq ft offices Planning decision awaited Delivery: 2014 Capex: c. £27m 47
Slide 48: Projects update - Grosvenor Place SW1
Projects update - Grosvenor Place SW1 »» Existing buildings 168,000 sq ft »» Potential for major mixed use development »» 1.5 acre site »» Negotiations progressing with Grosvenor Estate, the freeholder »» Possession from 2014 48
Slide 49: Awards
Awards »» Angel Building EC1 >> Shortlisted for the prestigious RIBA Stirling Prize >> RIBA London Award 2011 >> BCO Refurbished / Recycled Workplace Award 2011 >> New London Architecture Award 2011 »» Fitzroy+Maple W1 >> RIBA London Award 2011 >> New London Architecture Award 2011 49
Slide 50: Projects summary
Projects summary »» Continue to advance our product - design, sustainability and efficiency »» Current and H2 projects totalling 450,000 sq ft »» Progressing a number of major planning applications »» 435,000 sq ft of schemes for 2012 »» Additional projects of 1.7m sq ft earmarked for 2013 onwards 5
Slide 51: Outlook
‘ Outlook DERWENT ON John Burns
Slide 52: Outlook
Outlook »» Central London is the preferred location for investors »» Our product is in demand »» A flexible pipeline of projects »» Strong financial position for acquisitions »» Mindful of the wider economic concerns 52
Slide 53: Appendices
ee ; Appendices DERWENE on
Slide 54: Appendices
Appendices 1. Net asset value per share 55 12. Portfolio statistics by village 66 2. Group income statement 56 13. Annualised contracted rental income 67 3. Like-for-like rental income 57 14. Rent banding and tenant profile 68 4. Debt facilities 58 15. Lease expiry profile and lease length 69 5. Net
Slide 55: Appendix 1 - Net asset value per share
Appendix 1 - Net asset value per share Jun 2011 Dec 2010 Basic Diluted Basic Diluted £m p p £m p p Net assets attributable to equity shareholders 1,611.1 1,588 1,577 1,448.8 1,432 1,422 Fair value of secured bonds 6.7 2.7 Fair value of unsecured bonds (7.6) - EPRA NNNAV 1,610.2 1,587 1,576 1,451.5 1
Slide 56: Appendix 2 - Group income statement
Appendix 2 - Group income statement Half year Year Half year ended ended ended Jun 2011 Dec 2010 Jun 2010 £m £m £m Profit before tax (IFRS) 173.3 352.8 214.1 Revaluation surplus (117.3) (298.1) (197.5) Joint venture revaluation surplus (0.3) (0.9) (0.7) Profit on disposal of properties (21.5) (0.9)
Slide 57: Appendix 3 - Like-for-like rental income
Appendix 3 - Like-for-like rental income Like-for-like Properties increase owned Against Against throughout the Development H1 2010 H2 2010 period Acquisitions Disposals property Total % % £m £m £m £m £m H1 2011 Rental income 2.4 2.2 50.2 4.9 1.4 5.6 62.1 Property expenditure (3.4) (0.2) - (1.5) (5.
Slide 58: Appendix 4 - Debt facilities
Appendix 4 - Debt facilities Nominal Maturity £m £m 6.5% secured bonds 175.0 March 2026 2.75% unsecured bonds 175.0 July 2016 Floating rate guaranteed unsecured loan notes 1.1 June 2012 Overdraft 10.0 On demand Committed bank facilities Term1 28.0 June 2018 Term/revolving credit 90.0 December 2017 R
Slide 59: Appendix 5 - Net debt
Appendix 5 - Net debt Jun Dec Jun 2011 2010 2010 £m £m £m £m £m £m Overdraft 7.5 5.6 2.7 Financial liabilities - due within 1 year 32.5 - - Financial liabilities - due after more than 1 year 871.8 889.4 749.9 Acquired fair value of secured bonds less amortisation (17.6) (17.9) (18.2) Unamortised loa
Slide 60: Appendix 6 - Valuation performance by village
Appendix 6 - Valuation performance by village Valuation Valuation Valuation Weighting movement movement Jun 2011 Jun 2011 H1 20111 H1 20112,3 £m % % £m West End Fitzrovia4 970.3 37 4.7 43.5 Victoria 363.9 14 4.2 12.6 Belgravia 132.9 5 0.2 0.3 Baker Street/Marylebone 123.5 5 7.5 8.6 Soho/Covent Garde
Slide 61: Appendix 7 - Valuation drivers and rental value growth
Appendix 7 - Valuation drivers and rental value growth Drivers of valuation movement Other Improvement in rental values Yield movement Jun-111 -6 70 36 Dec-10 1 28 42 30 Jun-10 1 1 22 77 -20 0 20 40 60 80 100 Contribution to valuation movement (%) Rental value growth H1 2010 H2 2010 2010 H1 2011 % %
Slide 62: Appendix 8 - Valuation yields
Appendix 8 - Valuation yields Yields 10 Pre-EPRA EPRA 9 8 Yield (%) 7 6 5 4 Initial yield True equivalent yield Reversionary yield 3 Jun-01 Jun-02 Jun-03 Jun-04 Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Initial yields True equivalent yields ‘Topped-up’ H1 Net initial net initial movement yiel
Slide 63: Appendix 9 - Portfolio reversion
Appendix 9 - Portfolio reversion Rental Rental uplift per annum £m £m Contracted rental income, net of ground rents 111.1 Contractual rental uplifts across the portfolio 18.9 Vacant space - available to occupy1 6.2 Vacant space - current schemes1 10.9 Vacant space - held for schemes1 6.6 Anticipated
Slide 64: Appendix 10 - Vacant accommodation at half year
Appendix 10 - Vacant accommodation at half year Floor Rental value area per annum Comment ‘000 sq ft £m Available to occupy Angel Building EC1 95 3.9 81,300 sq ft let to Expedia / 1,200 sq ft under offer Tea Building E1 20 0.5 10,700 sq ft let / 4,100 sq ft under offer 55-65 North Wharf Road W2 18 0
Slide 65: Appendix 11 - Portfolio summary
Appendix 11 - Portfolio summary Net Rent review/ contracted Average Vacant space lease renewal Total Estimated Valuation rental income rental income rental value reversion reversion rental value £m £m pa £ psf £m pa £m pa £m pa £m pa West End Central 1,793.9 75.8 29.36 13.5 13.6 27.1 102.9 Borders 2
Slide 66: Appendix 12 - Portfolio statistics by village
Appendix 12 - Portfolio statistics by village Vacant Net Average Vacant Rent review/ Estimated Floor floor contracted rental space lease renewal Total rental Valuation Weighting area area rental income income rental value reversion reversion value £m % sq ft ‘000 sq ft ‘000 £m pa £ psf £m pa £m pa £
Slide 67: Appendix 13 - Annualised contracted rental income
Appendix 13 - Annualised contracted rental income »» Annualised contracted rental income at 30 June 2011 >> Includes: Reconciliation of contracted income Dec 10 to Jun 11 >> Annualised rents under leases 120 >> Excludes: Contracted income (£m pa) 115 (2.7) >> Rental movements on outstanding rent rev
Slide 68: Appendix 14 - Rent banding and tenant profile
Appendix 14 - Rent banding and tenant profile Central London office rent banding1 Profile of tenants’ business sector1 £50 - £60 psf £60+ psf Media, TV, marketing Other 4% £0 - £20 psf and advertising 3% 12% 13% 29% Financial 6% £40 - £50 psf Government and 25% public admin £20 - £30 psf 4% 20% Reta
Slide 69: Appendix 15 - Lease expiry profile and lease length
Appendix 15 - Lease expiry profile and lease length Expiries and breaks as percentage of portfolio income1 West City H2 End Borders 2011 2012 2013 2014 2015 Total Expiries 4 1 5 3 9 4 4 25 Single breaks 1 1 2 5 6 7 1 21 Rolling breaks 1 2 3 2 - - - 5 6 4 10 10 15 11 5 51 Profile of rental income exp
Slide 70: Appendix - Central London office supply & demand
Appendix 16 - Central London office supply & demand 6 12 4 10 Rental growth (quarter-on-quarter %) 2 0 8 Vacancy rate (%) -2 6 -4 -6 4 -8 2 -10 IPD rental growth CBRE vacancy rate -12 0 Q1 01 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Source: IPD / CB Richard Ellis 70
Slide 71: Appendix - Central London office vacancy
Appendix 17 - Central London office vacancy 18 West End 16 City Central London 14 West End average City average 12 Vacancy rate (%) 10 8 6 4 2 0 Q1 01 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 Source: CB Richard Ellis 71
Slide 72: Appendix - Central London office rental growth
Appendix 18 - Central London office rental growth 40 30 Prime office rental growth (% pa) 20 10 0 Q1 01 Q1 02 Q1 03 Q1 04 Q1 05 Q1 06 Q1 07 Q1 08 Q1 09 Q1 10 Q1 11 -10 -20 West End -30 City Central London -40 Source: CB Richard Ellis 72
Slide 73: Appendix 19 - Projects summary 2011 to 2012
Appendix 19 - Projects summary 2011 to 2012 Pre scheme Proposed 2011 2012 2013+ Total area area capex1 capex1 capex1,2 capex1 ‘000 sq ft ‘000 sq ft £m £m £m £m On site at June 2011 Victory House W13 48 48 5.1 - - 5.1 1 Page Street SW1 118 118 3.6 13.9 0.7 18.2 2-14 Pentonville Road N1 45 55 4.1 6.5
Slide 74: Appendix 20 - Projects summary 2013+
Appendix 20 - Projects summary 2013+ Pre scheme Proposed Vacant area area possession Comment ‘000 sq ft ‘000 sq ft year 2013 onwards City Road Estate EC1 124 285 2012 Planning application submitted 80 Charlotte Street W1 233 367 2013 Planning application submitted Balmoral Grove Buildings N1 49 163
Slide 75: Appendix 21 - Management structure - executive team
Appendix 21 - management structure - executive team John Burns Chief Executive Simon Silver Property Director - Head of Regeneration Damian Wisniewski Finance Director Nigel George Property Director Paul Williams Property Director David Silverman Property Director Tim Kite Company Secretary Richard
Slide 76: Disclaimer
Disclaimer This presentation has been prepared by Derwent London 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, represent