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The Intu Difference

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The Intu Difference The intu difference intu properties plc Annual report 2015 Welcome to our annual report 2015 At intu we are passionate about providing people with their perfect shopping experience. We create compelling experiences that surprise and delight our customers. And it’s this that powers our business, creating value for our retailers, our communities and our investors and drives our long-term success. Go online intugroup.co.uk/ar2015 intugroup.co.uk Contents 1 Overview Key highlights of 2015 2 The intu Top properties – our portfolio at a glance 4 difference Strategic report Chairman’s statement 6 page 13 Interview with the Chief Executive 8 Our growth story 10 Investment case 12 The intu difference What drives our success 15 Understanding our market 16 with our Optimising asset performance 19 Chief Executive UK development momentum 20 Making the brand count 23 David Fischel Seizing the growth opportunity in Spain 24 page 8 A national company with a local face 27 Our business model 28 Relationships 30 Strategy overview 32 Key performance indicators 34 intu Potteries case study 36 Principal risks and uncertainties 37 Operating review 40 Financial review 46 Corporate responsibility 52 Our people 56 Governance Corporate Chairman’s introduction 58 Board of Directors 60 responsibility Executive Committee 62 page 52 Our growth story The Board 63 Relations with shareholders 69 page 10 Focus on risk 70 Audit Committee 72 Nomination and Review Committee 76 How have we performed in the year? Directors’ remuneration report 78 Directors’ report 92 Statement of Directors’ responsibilities 94 Accounts Independent auditors’ report 96 Consolidated income statement 102 Consolidated statement of comprehensive income 103 Balance sheets 104 Statements of changes in equity 105 Statements of cash flows 108 Financial review Notes to the accounts 109 page 46 Operating review Other information Investment and development property 160 page 40 Financial covenants 162 Financial information including share of joint ventures 164 Underlying profit statement 167 EPRA performance measures 168 Financial record 172 Glossary 173 Read more content in the Read more content at Dividends 175 annual report intugroup.co.uk Shareholder information 176 2 intu properties plc Annual report 2015 Key highlights of 2015 Key financial highlights1 Net rental income2 Underlying earnings Our results for the year show growth in net rental income, underlying earnings, property valuation £428m £187m and net asset value: (2014: £397m) (2014: £162m) — net rental income increased by 8 per cent, due to a return to like-for-like growth of 1.8 per cent and the 2 full-year impact of acquisitions Property revaluation surplus Profit for the year — property revaluation surplus of £351 million represents a like-for-like increase in capital values of 4.0 per cent in the year, outperforming the IPD monthly retail index £351m £518m which increased by 2.8 per cent (2014: £648m) (2014: £600m) — profit for the year of £518 million included £351 million property revaluation surplus (2014: £600 million included £648 million property revaluation surplus) Underlying EPS Dividend per share — underlying earnings per share increased by 7 per cent to 14.2 pence (2014: 13.3 pence) — net asset value per share (diluted, adjusted) increased 14.2p 13.7p to 404 pence, an increase of 25 pence, delivering a total (2014: 13.3p) (2014: 13.7p) financial return in the year of 10 per cent including dividend — debt to assets ratio improved to 43.1 per cent and on a pro forma basis to 41.0 per cent, after the disposal Market value of Net external debt2 of the Equity One investment in January 2016 investment properties2 — cash and available facilities of £588 million at 31 December 2015 with a further £202 million £4,139m received from the disposal of Equity One shares £9,602m (2014: £3,963m) in January 2016 (2014: £8,963m) NAV per share (diluted, adjusted) Debt to assets ratio2 3 1 Please refer to glossary for definition of terms. 2 Including Group’s share of joint ventures. 404p 43.1% 3 Pro forma of 41.0 per cent after cash realised from disposal of Equity One investment in January 2016. (2014: 379p) (2014: 44.2%) Presentation of information Amounts are presented including the Group’s share of joint ventures. See financial review, page 46, for details intugroup.co.uk Overview 3 Key highlights of 2015 Optimising asset UK development Making the Seizing the growth performance momentum brand count opportunity in Spain Our focus is to deliver By extending and enhancing We aim to leverage the Our Spanish strategy attractive long-term total our existing locations we aim strength of our brand is to create a business property returns from strong, to deliver superior returns to create compelling of national scale through stable income streams and experiences that acquisitions and capital appreciation deliver results development projects — increased like-for-like net — completed the £42 million — over 24 million website — completed the €451 million rental income by 1.8 per cent mall refreshment and visits in 2015, a year-on-year acquisition of Puerto Venecia, in the year, a return to growth, restaurant quarter at intu increase of over 30 per cent Zaragoza and brought in reflecting the benefits of Victoria Centre and the £19 — delivered strong metrics on CPPIB as our 50 per cent active asset management million leisure extension at marketing campaigns from an joint venture partner over the last few years intu Potteries, generating active marketing database of — introduced the intu brand — signed 261 long-term leases a combined £3.6 million of over two million subscribers to Spain, rebranding Parque new annual rent for £46 million new annual — continued improvement Principado, Oviedo, as rent at an average 10 per cent — on site with three restaurant in net promoter score, up intu Asturias above previous passing rent projects costing £30 million 20 per cent year-on-year, — delivered positive operating — increased occupancy to 96 per (intu share) at intu Eldon and driving dwell times metrics from these two Square (20 units), intu cent from strong levels of new — delivered nationwide, top-10 centres with footfall Metrocentre (11 units) and lettings (December 2014: immersive multichannel and sales up 3 per cent and intu Bromley (five units). All 95 per cent) events with global brands, 10 per cent respectively, are due to complete in 2016 — increased retailer sales such as MasterCard and both outperforming the and are substantially let by 2 per cent and footfall 20th Century Fox Spanish benchmarks remained robust across — on site with the £178 million — exercised option to take the portfolio leisure and retail extension ownership of development of intu Watford anchored by site and furthered tenant Cineworld and Debenhams demand for the planned — due to commence shopping resort development, redevelopment of intu intu Costa del Sol, near Broadmarsh and the leisure Málaga. We anticipate being extension at intu Lakeside on site before the end of 2016 in 2016 4 intu properties plc Annual report 2015 Top properties Our portfolio at a glance intu owns and manages some of the best shopping centres, in some of the strongest locations, across the UK and in Spain, including nine of the UK’s top 20 intu Asturias intu Trafford Centre intu Derby intu Lakeside intu Metrocentre intu Victoria Centre intu Merry Hill intugroup.co.uk Overview 5 Portfolio at a glance 18 ** 1 16 17 Super-regional centres In-town centres 15 14 13 63% 34% 12 1. intu Trafford Centre (£2,305m) 7. intu Derby (£447m) 11 Asset valuation 2. intu Lakeside (£1,334m) 8. Manchester Arndale (£445m) at 31 December 2015 3. intu Metrocentre (£952m) 9. St David’s Cardiff (£369m) 10 2 * 4. intu Braehead (£586m) 10. intu Victoria Centre (£356m) 9 £9.6bn 5. intu Merry Hill (£448m) 11. intu Watford (£336m) 6. Cribbs Causeway, Bristol (£245m) 12. intu Eldon Square (£300m) 8 (2014: £9.0bn) 13. intu Milton Keynes (£280m) 7 3 Spanish centres 14. intu Chapelfield (£273m) 6 15. intu Potteries (£175m) 5 4 3% 16. intu Bromley (£174m) 17. Puerto Venecia, Zaragoza (£166m) * Including Group share of joint ventures. 18. intu Asturias (£89m) ** Other properties <£100 million (£323m). Size Annual Headline Market (sq ft % Number property rent ABC1 value 000) ownership of stores income ITZA customers Key tenants Super-regional centres intu Trafford Centre £2,305m 1,973 100% 234 £87.8m £425 67% Debenhams, Topshop, Selfridges, John Lewis, Next, Apple, Ted Baker, Victoria’s Secret, Odeon, Legoland Discovery Centre, H&M, Hamleys, Marks & Spencer, Zara, Sea Life intu Lakeside £1,334m 1,435 100% 248 £59.2m £350 67% House of Fraser, Debenhams, Marks & Spencer, Topshop, Zara, Primark, Forever 21, Vue, Hamleys, Victoria’s Secret intu Metrocentre £952m 2,085 90% 342 £48.2m £300 57% House of Fraser, Marks & Spencer, Debenhams, Apple, H&M, Topshop, Zara, Primark, River Island, Odeon intu Braehead £586m 1,127 100% 121 £26.2m £2501 58% Marks & Spencer, Primark, Apple, Next, H&M, Topshop, Hollister, Superdry, Sainsbury’s, David’s Bridal intu Merry Hill £448m 1,671 50% 213 £22.5m £180 46% Marks & Spencer, Debenhams, Bhs, Primark, Sainsbury’s, Next, Topshop, Asda, Boots, H&M, Odeon Cribbs Causeway £245m 1,075 33% 153 £11.7m £305 73% John Lewis, Marks & Spencer, Apple, Next, Topshop, Timberland, Jigsaw, Hobbs, Hugo Boss, H&M In-town centres intu Derby £447m 1,300 100% 181 £30.6m £125 54% Marks & Spencer, Debenhams, Sainsbury’s, Next, Boots, Topshop, Cinema de Lux, Zara, H&M Manchester Arndale £445m 1,600 48% 249 £21.9m £275 57% Harvey Nichols,
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