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British Land Annual Report and Accounts 2009

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British Land Annual Report and Accounts 2009 The British Land Company PLC Annual Report & Accounts 2009 Taking care of business Annual Report & Accounts 2009 WorldReginfo - e7194cc3-b45a-4267-ad65-7fe393cfc19f Contents Overview Governance 1 Foreword 54 Valuation Report 2 Corporate Strategy 56 Directors and Officers Financial Summary 57 Corporate Governance 3 At a Glance 62 Remuneration Report 6 Chairman’s Statement 72 Report of the Directors 8 Chief Executive’s Report Financial Statements Business Review 74 Consolidated Income Statement 12 British Land’s Activity in 2008/9 75 Consolidated Balance Sheet 13 Sector and Asset Selection 76 Consolidated Statement of 15 Asset Management Recognised Income and Expense 18 Development 77 Consolidated Cash Flow Statement 22 Portfolio Valuation 78 Notes to the Accounts 24 Property Sectoral Outlook 79 Performance Measures Retail Sector 81 Staff Costs 26 Office Sector 83 Property 30 Financial Performance 84 Funds and Joint Ventures 33 Financing and Cash Flow 87 Net Debt Financing Policy 91 Dividend 36 Key Performance Indicators 95 Report of the Auditors Risk Management 96 Table A – Summary Income Statement 38 Partnerships and Balance Sheet based on 40 People Proportional Consolidation Corporate Responsibility 98 Company Balance Sheet and Notes Head Office and Registered Office Business Review 101 Ten Year Record York House Directors’ Responsibility Statement 45 Seymour Street Other Information London W1H 7LX Portfolio Description Telephone +44 (0)20 7486 4466 102 Financial Calendar Fax +44 (0)20 7935 5552 42 Out-of-Town Retail 103 Shareholder Information www.britishland.com Retail Warehouses 104 Glossary of Terms [email protected] 43 Superstores 44 Meadowhall Designed by CDT Design 45 In-Town Retail Theme photography by Alan Thornton 46 London Offices Portraits by Ben Rice Broadgate Copywriting by Tim Shackleton 48 Regent’s Place Printed by Fulmar Colour 50 Developments Cover and pages 1–56: printed on HannoArt Silk, pages 57–104: printed on Challenger Offset, both comprise fibres sourced from well-managed forests, (incorporating FSC certified fibre) and bleached without the use of chlorine. The production mill for this paper operates to EMAS, ISO 14001 environmental and ISO 9001 quality standards. Cover: 201 Bishopsgate and Broadgate Tower. We work closely with our architects to ensure our development projects are well designed and as efficient as possible, and we take care to maintain them in optimum condition. WorldReginfo - e7194cc3-b45a-4267-ad65-7fe393cfc19f Foreword The British Land Company PLC 1 Building Fundamentals Looking after our properties and actively managing our business through the real estate market cycles, we are responding to our customers to provide an environment in which modern business can thrive. WorldReginfo - e7194cc3-b45a-4267-ad65-7fe393cfc19f 2 The British Land Company PLC Corporate Strategy British Land seeks to achieve superior long-term growth in shareholder value by: focusing on customer needs in prime assets with enduring occupier appeal; creating and acquiring exceptional investments with strong income cash flow from long lease profiles, and good growth potential; enhancing property returns through activist asset management – buying, managing and selling well; maximising risk-adjusted returns through optimal financing and partnership with others; and taking on challenges arising in the property market and seizing opportunities where we see value. Financial Summary Gross Rental Income1 Dividends per Share up 3% £650 million 29.8 pence Underlying Profit before Tax2 NAV per Share2 down 64% £268 million (2007/8: £284 million) 398 pence Underlying Earnings per Share4 NNNAV3 per Share down 57% 41 pence (2007/8: 44 pence) 508 pence maintained at 2007/8 level reflecting valuation reduction excluding Songbird dividend and Rights Issue IFRS Loss after Tax4 Like-for-like growth in Rental Income £3,881 million 2.7% Year to 31 March 2009 All per share data movement for the year based on March 2008 as adjusted for the March 2009 Rights Issue – see note 2 on page 79 1 Includes share of Funds and Joint Ventures, Table A on page 96 2 See note 2 on page 79 3 See Table A on page 97 4 Including valuation movements taken to the income statement WorldReginfo - e7194cc3-b45a-4267-ad65-7fe393cfc19f The British Land Company PLC 3 British Land at a Glance Prime Property Portfolio £8.6 billion 56% Retail 42% Offices (82% Out-of-Town) (100% London) Continued reshaping of portfolio • Retail Warehouses 23% City • £1.9 billion of property sales in the year 27% • Properties owned or managed £12.3 billion Superstores 12% West End 9% Meadowhall Development 7% 6% Europe Other In-Town 4% 2% Retail 10% Income Longevity and Security Only 6% of rent subject to break/expiry over next 3 years (IPD benchmark 18%) • High occupancy, portfolio 96% let1 10 • 13 years average lease length remaining 9 to first break, 15 years to expiry 8 • Only 6% of rent up for renewal before 7 March 2012 6 V 98% of rent subject to upwards only ER • 5 rent reviews/fixed uplifts % of 4 • Broad diversity of customers and industries 3 2 1 0 2010 2011 2012 BL IPD Balance Sheet Strength £5.6 billion gross borrowings – 70% non-recourse2 • £740 million proceeds from Rights Issue 2 Non-Recourse • 12.7 years average debt maturity Non-Recourse JVs and Funds Securitisations £1.9bn • Debt at 5.3% pa2 £2.0bn • Substantial undrawn bank facilities available Unsecured Debt £0.3bn Secured Debentures and Loans £1.4bn 1 Includes accommodation subject to asset management initiatives and under offer 2 Includes share of Funds and Joint Ventures WorldReginfo - e7194cc3-b45a-4267-ad65-7fe393cfc19f Swings and roundabouts Our trimmed portfolio, based on prime properties with enduring customer appeal, positions us well. Prime is where the grass is greenest. WorldReginfo - e7194cc3-b45a-4267-ad65-7fe393cfc19f WorldReginfo - e7194cc3-b45a-4267-ad65-7fe393cfc19f 6 Chairman’s Statement The British Land Company PLC Markets Chairman’s Statement The extreme financial market stress of the last 12 months continues to pose challenges to all businesses. The world banking crisis is We are well focused on the unprecedented in scale and complexity, and the efforts of governments, central banks and regulators to support financial opportunities we now expect systems have only recently begun to take effect. to unfold. In the meantime we have felt the impact of a global recession. The effect on the so called real economy has yet to be fully felt, as consumers and businesses adjust their activities to mitigate both operational and financial risk. After a slow start, the response by governments to the slowing world economy has been massive – its benefits will, of course, take time to flow through. Schemes to restore banks’ ability to lend are significant; it is confidence in the ongoing availability of debt rather than its overall cost that is holding back activity, so it is very important that banks are restored to full operation. We have also yet to see how the financial stimuli employed, including interest rate reductions, will affect personal and corporate behaviour. Given the powerful opposing forces in the markets, the range of possible outcomes for the world and UK economy is certainly wide. Against this background, the real estate investment market behaved no differently than other financial markets. The turmoil dramatically hit valuations and introduced significant operational issues, not least reduced liquidity for transactions. Initially values fell indiscriminately across the board, as in other markets. The repricing was inevitably approximate and had less to do with changes in income security and longevity and more to do with the comparative pricing of alternative investments in a capital constrained environment. As market uncertainty lifts over the coming months, property specific valuations will become based once more on observable evidence, particularly as regards the sustainability of income. Prime property, whilst not immune, is the place to be. Secondary property has further to go as income risk becomes more readily quantifiable. WorldReginfo - e7194cc3-b45a-4267-ad65-7fe393cfc19f Chairman’s Statement The British Land Company PLC 7 In these circumstances our actions have been decisive, looking to raising is valued and important to the Board, and we acknowledge secure the Company’s position and preserve its options. We followed the confidence bestowed in us. Whilst caution remains our master, basic disciplines: in the overall market conditions, caution dictated we are well focused on the opportunities we now expect to unfold. that we should be net sellers and that we should revisit capital expenditure projects. People We had a number of significant changes to the Board this year. Four decisions defined the year: first, the landmark sale of the Sir David Michels stood down as a non-executive director at last year’s Willis building for £400 million in June, reducing debt with a view Annual General Meeting; we thank him warmly for his important to redeploying capital later for greater growth. Next we deferred contribution over the five years with us. We are pleased to welcome construction of 122 Leadenhall Street, reflecting heightened Aubrey Adams and John Gildersleeve, exceptional additions to our construction and letting risk. Thirdly, in February we sold half our Board, who joined as non-executive directors in September 2008. interest in Meadowhall, realising our long held ambition to lighten our Due to the demands of other business commitments, Kate Swann weighting to this high quality steady performer, whilst simultaneously has decided not to put herself forward for re-election as a non- removing £1 billion of debt from our balance sheet. Finally we raised executive director at this year’s Annual General Meeting on £740 million from shareholders in a pre-emptive Rights Issue: an 10 July 2009. We will be sorry to see her leave and thank her for insurance policy in an uncertain world which preserves our options her valuable contribution. as we look to capitalise on market opportunities.
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