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Intu Properties Plc Annual Report 2013

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Intu Properties Plc Annual Report 2013 Intu Properties plc 40 Broadway, London SW1H 0BT Intu Properties Intu plc Delivering change Delivering great experiences Annual Report 2013 Report Annual Annual Report 2013 intugroup.co.uk WorldReginfo - e4552c24-32df-4cd7-9bae-037710100961 Passionate about providing people with the perfect shopping experience, we help retailers flourish. Creating compelling experiences that surprise and delight our customers, we aim to attract more people, from further, for longer, more often. It’s this that powers our business creating value for our retailers, our communities and our investors driving our long-term success. Contents Strategic report Governance Overview Board of Directors 66 At a glance 02 Executive management 68 What we’ve done 04 Chairman’s introduction 69 2013 Highlights 06 Corporate governance report 70 Chairman’s statement 08 Directors’ remuneration report 82 Governance and Directors’ report 100 remuneration review 11 Statement of Directors’ Business model and strategy responsibilities 102 Business model 14 Strategy 16 Accounts Chief Executive’s review 18 Independent auditors’ report 104 Top properties 34 Consolidated income statement 107 Key performance indicators 36 Consolidated statement of comprehensive income 108 ry.com Key risks and uncertainties 38 Balance sheets 109 Our people 40 Statements of changes in equity 110 Financial review intu investor centre 2013 Financial review 48 Statements of cash flows 113 intugroup.co.uk/ar2013 Corporate responsibility Notes to the accounts 114 Yeldar Radley This report contains ‘forward-looking statements’ regarding the belief or current expectations of Intu Properties plc, its Directors and other members of its senior Better together 56 Other information management about Intu Properties plc’s businesses, financial performance and results of operations. These forward-looking statements are not guarantees of future Communities and performance. Rather, they are based on current views and assumptions and involve known and unknown risks, uncertainties and other factors, many of which are Investment and development economic contribution 59 outside the control of Intu Properties plc and are difficult to predict, that may cause actual results, performance or developments to differ materially from any future property 154 Environmental efficiency 60 results, performance or developments expressed or implied by the forward-looking statements. These forward-looking statements speak only as at the date of this Financial covenants 156 report. Except as required by applicable law, Intu Properties plc makes no representation or warranty in relation to them and expressly disclaims any obligation to Relationships 62 Underlying profit statement 158 update or revise any forward-looking statements contained herein to reflect any change in Intu Properties plc’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. EPRA performance measures 159 Financial record 163 Any information contained in this report on the price at which shares or other securities in Intu Properties plc have been bought or sold in the past, or on the yield on Management structure 164 Designed and produced by such shares or other securities, should not be relied upon as a guide to future performance. Glossary 165 Dividends 167 Shareholder information 168 Intu Properties plc – Annual Report 2013 intugroup.co.uk WorldReginfo - e4552c24-32df-4cd7-9bae-037710100961 01 What’s inside this report Overview report Strategic Page 02 Governance Business model and strategy Page 12 Financial Corporate review responsibility Page Page 46 54 Accounts Governance Page information Other 64 Intu Properties plc – Annual Report 2013 intugroup.co.uk WorldReginfo - e4552c24-32df-4cd7-9bae-037710100961 02 Strategic report Overview At a glance Intu owns and operates some of the best shopping centres, in some of the strongest locations, right across the country including 10 of the UK’s top 25 Free Wi-Fi ENTERTAINMENT DINING 4 8 3 1 6 14 10 12 RETAIL 11 7 9 2 5 13 15 Super-regional centres (65%) 1 intu Trafford Centre 2 intu Lakeside Occupancy Passing rent Direct employees 3 intu Metrocentre 4 intu Braehead 5 Cribbs Causeway, Bristol Town and city centres (35%) 95% £368m 2,027 6 Manchester Arndale 7 St David’s, Cardiff And over 80,000 8 intu Eldon Square employed in our centres 9 intu Watford 10 intu Victoria Centre 11 Midsummer Place 12 intu Chapelfield 13 intu Uxbridge 14 intu Potteries 15 intu Bromley See page 34 For more information Over RETAIL DINING AssetAsset valuation valuation 10 of UK’s 2/3 ENTERTAINMENT 14 15 1 13 18m sq. ft. 12 of the UK’s population 11 top 25 live within a 45 minute of retail, catering 10 shopping centres drive time of one of and leisure space 9 our centres 8 £7.6bn 2 7 6 5 3 4 ● Super-regional centres (65%) 1 intu Traord Centre (£1,900 million) Intu Properties plc – Annual Report 2013 intugroup.co.uk 2 intu Lakeside (£1,125 million) WorldReginfo - e4552c24-32df-4cd7-9bae-037710100961 3 intu Metrocentre (£885 million) 4 intu Braehead (£602 million) 5 Cribbs Causeway, Bristol (£242 million) RETAIL DINING ENTERTAINMENT ● Town and city centres (35%) 6 Manchester Arndale (£399 million) 7 St David’s, Cardi (£272 million) 8 intu Eldon Square (£250 million) 9 intu Watford (£323 million) 10 intu Victoria Centre (£306 million) 11 Midsummer Place (£251 million) 12 intu Chapelfield (£246 million) 13 intu Uxbridge (£214 million) 14 intu Potteries (£163 million) 15 intu Bromley (£159 million) Overview Strategic report 20 years of measured growth (sq. ft., millions) development pipeline development organic Substantial 1994 4.6 10 years over £1.2 bn customer visitsyear a 350m Our centres attract some 1995 6.4 1996 6.7 1997 6.7 1998 6.7 1999 7.8 2000 7.8 2001 8.3 2002 8.1 2003 8.1 2004 8.3 Debt assets to ratio 48.5% since 2011 18% reduction Carbon 2005 11.1 2006 12.4 2007 12.7 2008 13.0 2009 14.0 2010 14.1 2011 16.6 2012 16.6 2013 18.2 * Includes £300m convertible bond Genuine Bold Creative Our values Net rental income (£m) 200 400 600 800 1,000 1,200 Debt maturity profile (£m) 1994 40 wealth of of wealth a combines supported by the Board, Our senior management team, Management and Board to operations of the Group. of operations day-to-day the and aims strategic our 1995 51 For more information more For See page 66 oversee 2014 1996 80 147 1997 94 1998 104 2015 23 knowledge 1999 115 the implementation of the implementation 2000 136 2016 595 2001 147 2002 161 2017 2003 176 343 Intu Properties plc 2004 181 and 2018 2005 236 675* 2006 272 experience 2019– 2007 289 1,077 2023 –Annual Report 2013 2008 281 2009 267 2024– 2028 723 intugroup.co.uk 2010 277 2011 364 03 2029+ 2012 363 343 2013 370 Strategic report Strategic Other information Other Accounts WorldReginfo - e4552c24-32df-4cd7-9bae-037710100961 Governance 04 Strategic report Overview What we’ve done April June February World Class Service training starts intu launched First National Elephant Parade tour starts Running from June to 2014 March Acquired Charter Place, Watford SeaLife Centre opens at intu Trafford Centre Acquired Midsummer Place Awarded BitC CR Index Gold Award Hello! magazine brand partnership launched £800m bond launched with innovative secured debt structure First UK Centre to offer 4G Click and collect live in centres Free Wi-Fi roll-out starts Centres rebranding starts Running from March to 2014 Running from April to August Intu Properties plc – Annual Report 2013 intugroup.co.uk WorldReginfo - e4552c24-32df-4cd7-9bae-037710100961 05 Strategic report Overview July November 21 September Issued £485m 10 year bond secured on intu Metrocentre report Strategic intu Retail Services staffbrought in-house August Cineworld secured as leisure anchor at intu Potteries Governance Planning applications submitted December for Charter Place, Watford and intu Lakeside leisure development Planning permission granted for intu Victoria Centre catering cluster Accounts intu Eldon Square catering cluster gets go ahead October intu Lakeside food court remodelling starts #twishlist elves national digital brand campaign And lots more information Other to come… See pages 30 to 33 For more information Acquired Parque Principado, Spain Intu Properties plc – Annual Report 2013 intugroup.co.uk WorldReginfo - e4552c24-32df-4cd7-9bae-037710100961 06 Strategic report Overview 2013 Highlights Net rental income Underlying earnings Net rental income 2013 £370m 2012 £363m 2011 £364m 2010 £277m £370m £140m Underlying EPS 2012: £363m 2012: £138m 2013 15.0p 2012 16.1p 2011 16.5p 2010 15.4p Property revaluation surplus Profit for the year Dividend per share 2013 15.0p 2012 15.0p 2011 15.0p 2010 15.0p £126m £364m 2012: £41m 2012: £159m NAV per share 2013 380p 2012 392p 2011 391p Underlying EPS Dividend per share 2010 390p 15.0p 15.0p 2012: 16.1p 2012: 15.0p Market value of Net external debt investment properties £7,624m £3,698m 2012: £7,073m 2012: £3,504m NAV per share (diluted, adjusted) Debt to assets ratio 380p 48.5% 2012: 392p 2012: 49.5% Please refer to glossary for definition of terms Intu Properties plc – Annual Report 2013 intugroup.co.uk WorldReginfo - e4552c24-32df-4cd7-9bae-037710100961 07 Strategic report Overview Robust asset management approach, focused on medium-term total property return report Strategic — high occupancy at 95 per cent — signed 201 long-term leases for £42 million new annual rent at an average four per cent above previous passing rent — encouraging tenant investment in stores – £70 million in 2013 Financial
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