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View Annual Report Annual ReportAnnual 2007 Great Portland Estates Portland Great Unlocking potential Unlocking Great Portland Estates Annual Report 2007 Fax: 020 7016 5500 Fax: www.gpe.co.uk Tel: 020 7647 3000 Tel: London W1G 0PW 33 Cavendish Square 33 Cavendish Great Portland Estates Portland Great Great Portland Estates Annual Report 2007 2 Annual review Financial calendar and shareholders’ information 01 Business overview 02 Our strategy 2007 03 Our performance Ex-dividend date for 2006/2007 final dividend 30 May 04 Financial highlights Registration qualifying date for 2006/2007 final dividend 1 June 05 Chairman’s statement Annual General Meeting 5 July 2006/2007 final dividend payable 11 July 06 Featured properties Announcement of 2007/2008 interim results (provisional) 13 November 16 Our market Ex-dividend date for 2007/2008 interim dividend (provisional) 21 November 18 Our business Registration qualifying date for 2007/2008 interim dividend (provisional) 23 November 26 Our financial position 2008 30 Risk management 2007/2008 interim dividend payable (provisional) 3 January 31 Corporate responsibility Announcement of 2007/2008 full year results (provisional) 21 May 35 Portfolio statistics Note: provisional dates will be confirmed in the 2007/2008 Interim report. 36 Major properties Shareholder enquiries Low cost dealing service Company secretary All enquiries relating to holdings of This service provides both existing and Desna Martin, BCom CA(Aust) ACIS Governance shares, bonds or debentures in Great prospective shareholders with a simple, Registered office 38 Directors Portland Estates, including notification postal, low-cost method of buying and of change of address, queries regarding selling Great Portland Estates shares. 33 Cavendish Square 40 Report of the directors dividend/interest payments or the loss For further information, or a dealing London W1G 0PW 42 Corporate governance of a certificate, should be addressed to form, contact: Tel: 020 7647 3000 Fax: 020 7016 5500 45 Directors’ remuneration report the Company’s registrars: JP Morgan Cazenove Capita Registrars 20 Moorgate Registered Number: 596137 50 Statement of directors’ responsibilities The Registry London EC2R 6DA 34 Beckenham Road Tel: 020 7155 5155 Financials Beckenham Kent BR3 4TU Website 52 Group income statement Tel: 020 8639 2000 The Company has a corporate website, 53 Group balance sheet which holds, amongst other 54 Group statement of cash flows Payment of dividends information, a copy of our latest annual If you would like your dividends/interest report and accounts, a list of properties 55 Group statement of recognised income and expense paid directly into your bank or building held by the Group and copies of all 55 Group reconciliation of other movements in equity society account you should write to press announcements released over the 56 Notes forming part of the Group financial statements Capita Registrars including details of last 12 months. The site can be found your nominated account. Although this on www.gpe.co.uk 70 Independent auditors’ report for the Group will enable your dividend/interest to be 72 Company balance sheet – UK GAAP paid directly into your account, your tax 73 Notes forming part of the Company financial statements voucher will still be sent to your registered address. 75 Independent auditors’ report for the Company 76 Analysis of ordinary shareholdings 77 Glossary 78 Notice of meeting 80 Five year record IBC Financial calendar and shareholders’ information www.gpe.co.uk Designed and produced by The document is printed on Era Silk, which ISO 14001 – A pattern of control for an Radley Yeldar (London) www.ry.com is produced from 50% genuine waste environmental management system against pulp, the balance being ECF pulp from which an organisation can be credited by a TD who are FSC and Printed by C well-managed/certified forests. The paper third party. ISO 14001 certified. Front cover image: is also FSC certified and manufactured New reception at the redeveloped 180 Great Portland Street, W1 at an ISO 14001 accredited mill. FSC – Forest Stewardship Council. The CO emissions produced from the production and distribution of our 2 This ensures there is an audited chain of custody Annual Report have been neutralised through forestry projects in the UK. from the tree in the well-managed forest through to the finished document in the printing factory. CarbonNeutral® publication Great Portland Estates Annual Report 2007 01 Great Portland Estates is a central London property investment and development company owning over £1.5 billion of real estate. We aim to deliver superior returns to shareholders through active asset management, the application of our development skills to create value and the maximising of equity returns through efficient structuring and flexible financing. Our business mix Our locations 7% 22% 11% 78% 82% Office – £1,195.6m Retail – £340.0m West End – £1,259.0m City – £169.1m Southwark – £107.5m Financial highlights – year to 31 March 2007 Portfolio value including share of JVs Adjusted net assets per share2 £1,535.6m 594p +24.8%1 +35.9% Profit before taxation Adjusted earnings per share2 £326.0m 10.2p +73.4% +0% Notes 1. On a like-for-like basis. 2. EPRA adjustments on a diluted basis – see note 7 on pages 60 and 61. 02 Great Portland Estates Annual Report 2007 Our strategy Great Portland Estates has a clear and straightforward strategy – we have made excellent progress against our specific objectives. 1) Develop Strategic priority Progress in 2007 – Deliver near-term programme on time and budget. – Bond Street House and Sackville Street, W1 completed, generating – Bring forward existing medium-term projects. an average profit on cost of 103.7%. – Add to medium and long-term pipeline. – Practical completion achieved at 180 Great Portland Street and Margaret Street totalling 125,000 sq ft. – Two further near-term schemes of 197,000 sq ft started at 60 Great Portland Street and Wells & More. – Planning permission for a total of 1.1 million sq ft achieved since March 2006. – Future pipeline grown significantly post year end through the creation of our new £460 million joint venture, Great Capital Partnership. See Development on pages 20 to 21. 2) Recycle capital Strategic priority Progress in 2007 Buy properties – Purchases totalling £240.5 million (£66.0 million in joint ventures). – With low relative rents. – Another joint venture established post year end giving the Group – With angles to exploit. £298 million of new “raw material” to manage. – To grow medium-term development programme. – £57.8 million of net value created by acquisitions on a total outlay of £240.5 million over an average hold period of only six months. Sell properties – Seven properties sold for £203.1 million generating a £15.0 million – With historically high capital values. net profit, 12.4% ahead of March 2006 values. – With limited further angles. – Where capturing rental growth will be difficult. See Investment management on pages 22 to 24 and Joint ventures on page 25. 3) Asset Manage Strategic priority Progress in 2007 – Execute individual property strategies. – 181,400 sq ft of space let generating new rents of £8.4 million – Create value through asset repositioning. per annum, 12.1% ahead of March 2006 rental values. – Numerous refurbishments helped push Group rental values up by 17.1% on a like-for-like basis. – Portfolio 26.8% reversionary at the year end. See Asset management on pages 24 to 25. Great Portland Estates Annual Report 2007 03 Our performance The success of the Group in meeting its strategic objectives is judged by its performance against independent benchmarks using four key performance indicators; Total Shareholder Return; NAV per share growth; Total Property Return and Return on Capital Employed. Total Shareholder Return (TSR)* Adjusted NAV per share growth* %1007020 30 40 50 60 %1004020 30 61.8 35.9 2007 2007 Benchmark 22.9 Benchmark 7.6 53.9 29.7 2006 2006 Benchmark 49.5 Benchmark 6.8 The measure Benchmark and commentary The measure Benchmark and commentary TSR is the growth in ordinary share TSR of the Group of 61.8% is Growth in equity shareholders’ funds We compare the growth in NAV per price as quoted on the London Stock benchmarked against the TSR of the divided by the number of diluted share with the increase in the retail Exchange plus dividends per share FTSE 350 Real Estate Index of 22.9% ordinary shares at the balance sheet price index (RPI) plus a hurdle of up to received for the period expressed as as this is the most relevant group of date adjusted to exclude deferred tax 12% over a three year period. On an a percentage of the share price at the comparable companies. The Group’s on capital allowances and property annualised basis this translates into a beginning of the period. This is the TSR also outperformed the wider revaluations. This is the traditional benchmark of 7.6% for 2007 and 6.8% most direct way of measuring the stock market index of FTSE 250 industry measure of the success in for 2006. The Group’s NAV per share increase in shareholder value during companies by 40.3 percentage points. creating value at a balance sheet level growth has exceeded this benchmark the year. because it captures changes in the by a very significant amount although valuation of the portfolio and the effect the target is long term in its nature of the capital structure of the Group. and it will be more difficult to attain at low points of the property cycle. Portfolio Total Property Return (TPR)* Return on Capital Employed (ROCE)* %1004020 30 %1004020 30 33.2 33.9 2007 2007 Benchmark 24.9 Benchmark 6.8 29.7 28.9 2006 2006 Benchmark 24.8 Benchmark 6.5 The measure Benchmark and commentary The measure Benchmark and commentary TPR is calculated from capital growth The Group’s portfolio TPR is compared ROCE is measured as reported profit The ROCE is best compared against in the portfolio plus net rental income to a universe of over £25 billion of before financing costs plus revaluation the Group’s weighted average cost of derived from holding these properties similar assets included in the IPD surplus on development property capital which we calculate at 6.8% at plus profit on sale of disposals Central London index.
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