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Grosvenor Annual Report and Accounts 2009 7663 R&A Covers.Qxd 4/12/10 4:09 PM Page 9 7663 R&A Covers.qxd 4/12/10 3:45 PM Page 3 Living cities www.grosvenor.com Grosvenor Annual Report and Accounts 2009 7663 R&A Covers.qxd 4/12/10 4:09 PM Page 9 Grosvenor Annual Report 2009 The Grosvenor story www.grosvenor.com Mayfair, London THE GROSVENOR ‘Mayfair’, the northern part of this land, took its name from the fair held here in May until well into the 19th century. In 1720 the family began developing the land STORY into a fashionable residential area, centred on Grosvenor Square. The area’s character continued to evolve through subsequent redevelopment: in the 19th century, shops and, later, embassies and diplomatic residences moved in; during the 20th century it saw the westerly migration of office users from the war-damaged City of London. Today almost the whole of Mayfair, which now contains a cosmopolitan mix of commercial and residential property, is included in a statutory Conservation Area. The family and the land The Grosvenor family history stretches back almost a thousand years, to the time of William the Conqueror. However, the origins of the property business lie in the land in London which came into the family in 1677 with Above the marriage of Mary Davies and Sir Thomas Grosvenor: Grosvenor Square, Mayfair, in 1753 500 acres of swamp, pasture and orchards to the west of the City, of which 300 acres remain with the family today as Grosvenor’s London estate. 1720s 1677 1820s Belgravia, London ‘Belgravia’, which lies south west of Mayfair, was originally part of the ‘Five Fields’: open land between Hyde Park and the Thames. The end of the Napoleonic Wars, and the conversion of nearby Buckingham House into a palace for George IV, prompted the Grosvenors to develop it. In the 1820s the family’s surveyor, together with master builder Thomas Cubitt, oversaw the creation of an elegant estate in the classic Regency style of squares, streets and crescents overlooking private gardens. The vast majority of Cubitt’s work survives and almost the whole of Belgravia is included in a statutory Conservation Area, now encompassing housing, commercial and institutional headquarters, retail and, on the periphery, modern offices. Above Sir Thomas Grosvenor and Mary Davies Right Map of the land (black), the greater part of which came into the Grosvenor family in 1677, as subsequently developed (red) Above Belgrave Square, Belgravia, in 1827 7663 R&A Covers.qxd 4/12/10 3:46 PM Page 10 Left Ownership The opening of Grosvenor’s first Grosvenor remains privately owned. The Shareholders — international development, at the Trustees — represent the legal entities through which Annacis Island, Vancouver, 1955 shares and assets are held ‘in trust’ for the benefit of current and future members of the Grosvenor family. The family is headed by the 6th Duke of Westminster, who is Chairman of the Trustees. Further information on the Grosvenor family is available at www.grosvenorestate.com. International expansion During the second half of the 20th century, Grosvenor began to apply its estate management skills of investment, development and asset management elsewhere in the UK. The business expanded, successively, into the Americas (from the 1950s), Australia (from the 1960s), Asia Pacific (from the early 1990s) and Continental Europe (later that decade). Many projects were undertaken in partnership with other companies, leading Grosvenor gradually into fund management. Above Family portraits in the reception at The Grosvenor office, London 1950s 2010 ST OUR SEYM N ST E OXFORD W D B ATER R O BAYSW N D T S S R T IT E U G D E N N O T C S T PICCADILLY SQ LY DIL 2000 CA IC P P A R HYDE PARK K L S A T N JA E M E L S AL Corporate structure ’S M S LL T PA LY In April 2000, Grosvenor adopted its present IL AD CC corporate structure of a Group with regional PI businesses and published its first full Annual Report & Accounts. Our international fund GREEN PARK D R N G O R management business was formalised in 2005. T O P S M V O E B R N U Today we have 17 offices in 11 countries and B O CK R IN P GH assets in a total of 17 countries. L AM GA TE T ORIA S Further information on the Group is available PONT ST VICTORIA VICT S at www.grosvenor.com. L O A N E S T V AU XH AL L B RI AY DG D W E R ICK RD GS RW B IN WA EL K RD GR ICO A IML VE P RD CH EL D S R EA L B A R IT ID SP G O E H R L D YA O R RIVER THAMES Above The Grosvenor office, 70 Grosvenor Street, Above Mayfair,London Outline of Grosvenor’s London estate today 7663 R&A Covers.qxd 4/12/10 3:45 PM Page 4 QUICK GLANCE Highlights The Grosvenor story For our financial and operational For background on Grosvenor highlights see pages 2 to 5 and our history see the front cover flap Group structure Glossary For a summary of For an explanation of the the Group operating terms we use in this document structure see pages 6 to 7 see the back cover flap The Chief Executive Online version For Mark Preston’s review All parts of the Annual Report and see pages 10 to 13 Accounts can be downloaded from www.grosvenor.com CONTENTS The Grosvenor story Front cover flap Highlights 02 Financial highlights 04 Operational highlights 06 Group structure Grosvenor 2009 08 Chairman’s statement Reports on the Group–wide picture 10 Chief Executive’s review 14 Finance Director’s report 18 Group Board of Directors Investment and development 20 Britain & Ireland Reviews for our five regional 32 Americas investment and development 42 Continental Europe 48 Australia businesses 54 Asia Pacific Fund management 60 Fund Management The review for our international fund management business The environment 70 The environment A review of environmental management activities Accounts Directors’ reports and financial statements. 73 Corporate governance 84 Balance sheets 75 Remuneration report 85 Consolidated statement 76 Directors’ report of cash flows 80 Statement of Directors’ 86 Notes to the financial statements responsibilities 124 Consolidated income statement 80 Corporate advisers and bankers presented in US Dollars 81 Independent auditors’ report to the 125 Consolidated balance sheet members of Grosvenor Group Limited presented in US Dollars 82 Consolidated income statement 126 Consolidated income statement 83 Consolidated statement presented in Euros of comprehensive income 127 Consolidated balance sheet 83 Consolidated statement of changes presented in Euros in equity 128 Five–year summary Offices and Glossary Back cover flap Front cover The Westminster Terrace, Hong Kong Back cover 400 George Street, Brisbane, Australia Highlights Grosvenor Annual Report 2009 Introduction 01 www.grosvenor.com Grosvenor is a privately owned property group active in some of the world’s most dynamic cities. We recognise that our future success is tied to sustainable growth of the cities in which we have a presence. We have a vested interest in the future shape of the urban landscape and aim to help create and manage attractive and vibrant cities in which people choose to live and work. Grosvenor Annual Report 2009 Financial highlights 02 www.grosvenor.com FINANCIAL An overview of our key performance figures HIGHLIGHTS for this financial year. There is a glossary on the back cover flap. £318.1m Gross rents (including share of joint ventures) 2008 £277.3m (see Accounts Note 4) £62.2m Revenue profit 2008 (£76.7m) loss (see Accounts Note 4) £(235.8)m Loss before tax 2008 (£593.9m) loss £5,222m Property assets 2008 £6,173m (see Accounts Note 18) £2,543m Net asset value 2008 £2,837m £2,387m Shareholders’ funds 2008 £2,650m –2.8% Total return on property assets (including currency movements) 2008 –4.1% £964m Financial capacity 2008 £523m Highlights Grosvenor Annual Report 2009 Financial highlights 03 www.grosvenor.com Shareholders’ funds* Revenue profit £m* Total returns % (excluding currency movements) by Operating Company by Operating Company by Operating Company 40 20 33.6 20 10 12.8 18.9 15.3 13.3 1.8 0 0 –3.1 –3.6 –8.9 -4.1 -2.3 –20 –10 –14.4 –40 –20 Britain & Ireland Britain & Ireland Britain & Ireland £1,063.5m 46.5% £13.3m 1.8% Americas Americas Americas £466.8m 20.4% £18.9m -14.4% Continental Europe Continental Europe Continental Europe £405.4m 17.8% £33.6m –3.1% Australia Australia Australia £163.4m 7.2% £15.3m –3.6% Asia Pacific Asia Pacific Asia Pacific £159.5m 7.0% –£8.9m 12.8% Fund Management Fund Management Group £24.0m 1.1% -£4.1m –2.3% *Excludes the Holding Company. *Excludes the Holding Company. Total return on property assets is not a relevant measure for Grosvenor Fund Management. Shareholders’ funds £bn Revenue profit £m Total returns % (including currency movements) 3.0 90 20 2.9 60 73.4 2.5 2.7 62.2 15 15.5 2.4 2.4 46.6 15.1 30 14.4 2.0 2.1 10 0 1.5 –30 5 1.0 –60 (76.7) 0 0.5 –90 –2.8 (107.9) –4.1 0 –120 -5 05 06 07 08 09 05 06 07 08 09 05 06 07 08 09 Grosvenor Annual Report 2009 Operational highlights 04 www.grosvenor.com OPERATIONAL An overview of our key operational figures HIGHLIGHTS for this financial year.
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