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2014 ANNUAL REPORT Contents

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2014 ANNUAL REPORT Contents 2014 ANNUAL REPORT Contents Strategic Report 4 Highlights 6 Chairman’s Review 9 Joint Chief Executives’ Review and Finance Report 21 Principal Risks and Uncertainties 23 Corporate and Social Responsibility Financial Statements 26 Consolidated Income Statement 27 Consolidated Statement of Comprehensive Income 28 Balance Sheets 30 Statements of Changes in Equity 32 Cash Flow Statements 33 Notes to the Financial Statements 71 Directors’ Biographies 75 Of cers and Advisors 76 Directors’ Report 81 Statement of Directors’ Responsibilities 82 Independent Auditor’s Report Corporate Governance 94 Chairman’s Corporate Governance Statement 95 Corporate Governance Framework 97 Report of the Audit Committee 101 Report of the Nomination Committee 102 Report of the Remuneration Committee 115 Financial Calendar ANNUAL REPORT AND ACCOUNTS 2014 1 Who we are Hansteen Holdings PLC is a leading owner and asset manager of a very diverse portfolio of European industrial property, mainly located in Germany, the UK and the Netherlands. We look for investments that are priced attractively and which will create a sustainable and high-yielding industrial property portfolio. There are few equivalent platforms to Hansteen’s in the high-yielding property sector. The combination of a large high-yielding portfolio with opportunities to add value and an improving investment market means that the Group looks forward to the future with con dence. HANSTEEN HOLDINGS PLC 2 Our Milestones 2009 2010 2011 July March March Share issue raises gross Hans te en acq ui res Ge rm an Ha ns te en b ec om es a m em be r pr oceeds of £200.8 million in in dustri al p ro pe rt y po rtfolio fo r of t he FTSE 250 and the successful p laci ng and o pe n €330 million EPRA Ind ex offer April May August Hansteen returns to the UK Hansteen announces the Launch of the Hansteen UK with acquisition of Kilmartin successful raising of £146.5 Industrial Property Unit Trust portfolio for £80.4 million million, net of expenses with ve institutional investo rs October December October The addition of two No n- Hansteen acquires the Ha ns te en m ov es f ro m AI M to Executive Directors and property assets from the the Of ci al L is t and be co me s Fi na nc e Direct or str en gt he ns Spencer Gr ou p of c om pa ni es a RE IT th e Boar d fo r £1 50 m il lion December Ha nsteen a cquires Salt ley Bu siness P ar k and Tr eforest In du st ri al E st at e ANNUAL REPORT AND ACCOUNTS 2014 3 2014 2012 2013 February Hansteen acquires £42.3 June May million portfolio for HPUT II Fu ll m anagem ent plat fo rm La un ch o f Ha ns te en U K established in UK, G er ma ny Indu st rial P ro pe rt y Unit Tru st Hansteen renances and Bene lu x II in pa rtnershi p with Avi va German portfolio with Investors Real Estat e Mu lt i- new €343 million ve-year December Managers facilities Hansteen’s p ro pe rt y po rtfolio under management exceeds July £1 billion Hansteen issues €100 millio n June senior , un se cu re d Co nv er tible Hansteen buys £78 million Bo nd s du e 20 18 Hansteen acquires and sells £5 1 mi ll io n Netherlands portfolio August for €106 million Ha ns te en a cq ui re s 27 .5 % st ak e in £ 46 0 mi ll io n As ht en ne I nd us tr ia l Fu nd a nd October be co me s ne w As se t Ma na ge r to t he F un d Hansteen sells HPUT for £146.1 million December Hansteen’s p ro pe rt y po rt fo li o un de r ma na ge me nt e xc ee ds December £1 .5 b il li on Hansteen acquires 9 properties in Germany for €56.6 million HANSTEEN HOLDINGS PLC 4 Financial Highlights financial higlights Financial Highlights + 100.9% + 4.0% IFRS prot before tax increased Diluted EPRA earnings per share by 100.9% to £131.2 million increased by 4.0% to 5.2p (FY 2013: £65.3 million) (FY 2013: 5.0p) + 22.3% + 4.2% Normalised Income Pro t increased Full year dividend increased by 22.3% to £48.2 million by 4.2% to 5.0p per share (FY 2013: £39.4 million) (2013: 4.8p per share) + 41.0% + 3p Normalised Total Pro t increased Special dividend of 3p per share by 41.0% to £65.3 million (FY 2013: £46.3 million) + 14.5% + 12.1% Normalised Income Pro t per share, EPRA NAV per share increased increased by 14.5% to 7.1p by 12.1% to 102p (FY 2013: 6.2p) (31 December 2013: 91p) + 41.1% Net debt to property value ratio of 41.1% (31 December 2013: 49.3%) See note 6 of the nancial statements for a reconciliation of Normalised Income Prot and Normalised Total Prot to the IFRS measure of prot before tax. ANNUAL REPORT AND ACCOUNTS 2014 5 Operational Highlights Operational Highlights Sales £315.3 million Debt refinancing 3.8% pa £315.3 million of sales with a total Completion of the German debt prot of £26.1 million over 31 December re nancing with banks new to Hansteen 2013 valuation and £47.7 million over gross at an all-in average cost of 3.8% per annum acquisition cost Property valuations + 9.2% Purchases £267.7 million Property valuation increase across £267.7 million of properties acquired the total portfolio of 9.2% (£135.8 million) at an average yield of 9.8% and a vacancy of 16.0% Occupancy improvement + 29.2% Like-for-like occupancy Increased AIF stake of 9.2% improvement of 195,000 sq m or 29.2% Acquisition of a further 9.2% stake of vacancy at the start of the year in the Ashtenne Industrial Fund (‘AIF’) for £26 million increasing ownership to Rent roll + £1.7 million pa 36.7% - increased to 40.8% post year Like-for-like rent roll improvement end with acquisition of additional 4.1% of £1.7 million per annum for £11.0 million Netherlands acquisitions Placing £46.3 million €106.0 million Placing of 44,834,877 shares 41 estates acquired in the Netherlands to raise £46.3 million for €106.0 million Operational Highlights relate to property, owned and managed, of Hansteen and its associated funds. HANSTEEN HOLDINGS PLC 6 Chairman’s Review Chairman’s Review I am pleased to present the results for the year ended 31 December 2014 and the Company’s Strategic Report. Hansteen’s aim is to provide investors with consistent, high and realised returns from predominantly industrial property. 2014 has been a year in which all elements of our business model have excelled and I am delighted to report record results in terms of prots and value growth, reected in an increased interim dividend together with a special dividend. RESULTS DIVIDEND Normalised Total Pro t for the year to 31 Hansteen has paid a covered dividend every December 2014 increased by 41.0% to £65.3 year since the rst dividend distribution in million (2013: £46.3 million). Normalised 2006 and during that period, it has increased Income Pro t, which excludes pro ts or losses by 66.7%. Our dividend policy is designed from the sale of properties (essentially the to re ect the high income generated by the repeatable earnings of the business), increased business and we remain committed to a by 22.3% to £48.2 million (2013: £39.4 million). prudently progressive dividend policy. The Normalised Income Pro t per share increased Board already increased the interim dividend by 14.5% to 7.1p (2012: 6.2p). Had it not been paid on 20 November 2014 by 5.3% to 2.0p per for the fall in the value of the Euro compared share (November 2013: 1.9p per share) and will with 31 December 2013, Normalised Total Pro t pay the second ongoing dividend, increased for 2014 would have been £1.9 million higher. by 3.4% to 3.0p per share (May 2013: 2.9p) bringing the total dividend for the year to 5.0p, Basic earnings per share were 17.6p (2013: a 4.2% increase on 2013. 9.1p) and diluted EPRA earnings per share were £65.3m 5.2p (2013: 5.0p). Pro t before tax increased by Normalised Total 100.9% to £131.2 million (2013: £65.3 million). In 2014, Hansteen took advantage of a strong Profit increased by The Group’s EPRA Net Asset Value was 102p investment market to sell £315.3 million 41.0% per share (2013: 91p), an increase of 12.1% of property from the owned or co-owned despite the adverse currency movement. portfolio, crystallising pro ts of £26.1 million over the 31 December 2013 valuation and £47.7 million over gross acquisition cost. The Board ANNUAL REPORT AND ACCOUNTS 2014 7 Chairman’s Review proposes to re ect this success in the payment Continental Europe. We work hard at creating of a special dividend of 3.0p per share, which the right relationships with our stakeholders so will be paid in addition to the ‘ongoing’ interim that we are in the prime position to act when dividend also of 3.0p per share.
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