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2016 Annual Report 2016 Competitive Strengths

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2016 Annual Report 2016 Competitive Strengths Capital & Counties Properties PLC Capital & Counties Properties PLC Annual Report & Accounts Annual Report & Accounts 2016 2016 Competitive strengths CLEAR AND FOCUSED STRATEGY See p.12 DRIVING • Active asset management, strategic investments and selective development LONG-TERM • Driving rental growth and capital value appreciation PRIME ASSETS See p.18 • A focus on prime central London, concentrated VALUE in large estates STRONG CAPITAL STRUCTURE See p.40 CREATION • Conservative leverage and substantial liquidity EXPERIENCED MANAGEMENT See p.56 • Strong track record EFFECTIVE GOVERNANCE See p.58 • Strong commitment to effective corporate governance Capital & Counties Properties PLC (Capco) is one of the largest listed property companies in central London. Our key assets are the Covent Garden and Earls Court estates. We create and grow value through a combination of asset management, strategic investment and selective development. For more information visit: www.capitalandcounties.com In this report 02 About Capco Strategic report 04 Operational highlights 06 Chairman’s statement 08 Chief Executive’s review 12 Business model and strategy 13 Key performance indicators 14 Principal risks and uncertainties Operating review: 18 Portfolio 20 Covent Garden 28 Earls Court Properties 38 Venues 40 Financial review 47 Corporate responsibility North Piazza Covent Garden Governance 56 Board of Directors 58 Corporate governance report 64 Audit Committee report 67 Nomination Committee report 70 Directors’ remuneration report 89 Directors’ report Demolition progress Earls Court, November 2016 Financial statements 91 Directors’ responsibilities 92 Independent auditors’ report 97 Financial statements 103 Notes to the accounts 140 Analysis of property portfolio 142 Consolidated underlying profit statement 143 Financial covenants 144 Historical record 145 Board and advisers 145 Dividends 146 Glossary 148 Shareholder information First units complete Lillie Square, December 2016 Cover image: View of the North Piazza in Covent Garden www.capitalandcounties.com 1 About Capco PROPERTY PORTFOLIO1 Covent Garden Earls Court Properties 1 £2,275 m £1,142 m 2 61% Total property value 31% See page 20 3 £3.7bn 1. ECPL £644m 2. Lillie Square £223m 4 3. Empress State Building £230m 4. Other £45m See page 28 Venues £293m 8% See page 38 1. Market value on Group share basis Royal Opera House Arcade Artist’s impression of improved Covent Garden plans for Empress Place, Earls Court 2 Capco Annual Report & Accounts 2016 BUSINESS MODEL EFFECTIVE Strategic report AND STRATEGY GOVERNANCE Capco is a property company with a strong emphasis on The framework of oversight, controls and reporting provided distinctive place-making. It unlocks, creates and grows by Capco’s governance structure supports the business value to deliver sustainable growth and deliver long-term and allows Capco to operate with transparency to achieve market-leading returns for shareholders. its objectives. BUSINESS MODEL THE BOARD GROUP STRATEGY Remuneration Nomination Audit Committee Committee Committee ESTATE STRATEGIES See page 58 Covent Garden Governance Earls Court Properties Venues See page 12 EXPERIENCED MANAGEMENT FINANCIAL RESULTS Equity attributable EPRA net asset value to owners per share £2.8bn 340p Ian Gary Situl Total return Total dividend per share Financial statements Hawksworth Yardley Jobanputra Capco’s experienced management team leads the Group in delivering its strategy. The Executive Directors aim to deliver strong returns for shareholders and are supported -6% 1.5 p by a senior management team which leads the Group’s business units. The Non-executive Directors bring Total property return Total shareholder return extensive knowledge to the Board’s discussions. See page 56 -2% -32% Property valuation movement Loan to value (LTV) on a like-for-like basis -4% 23% See pages 13 & 40 www.capitalandcounties.com 3 Operational highlights Covent Garden The Wellington Hotel planning permission granted Capco, together with Robert De Niro and BD Hotels, AN ACTIVE YEAR is granted planning approval by Westminster City Council to create a visionary new Covent Garden Covent Garden 83-room luxury boutique hotel RedFarm signs to Russell Street Acclaimed New York Chinese Covent Garden restaurant RedFarm signs to the unit next to Balthazar on Russell Street. The restaurant is to open in 2017 Covent Garden NARS signs lease Luxury beauty brand NARS signs lease on King Street for its first stand-alone boutique, joining Covent Garden’s Covent Garden After Hours Beauty Quarter shopping campaign A four-week late night shopping Covent Garden campaign, which resulted in an increase in footfall and positive sales. The campaign included a series of Petersham Nurseries first anchor events with street food pop-ups and tenant for Floral Court an installation by fashion designer Petersham Nurseries signs to the Floral Jean-Charles de Castelbajac SUSHISAMBA signs to the Court development, taking over 16,000 sq Covent Garden Opera Terrace ft across four units. Petersham Nurseries will create new bespoke retail and dining Progress at Floral Court SUSHISAMBA agrees terms to occupy the Topping out of Floral Court Opera Terrace site in the Market Building, concepts at Covent Garden, adding to the strong dining offer development achieved one of the most prominent dining in August locations in London, set to open in 2017 JANUARY 2016 FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Q1 2017 Earls Court Properties Earls Court Properties Earls Court Properties Project Rooms open to the community New Homes Space opens Earls Court Project Rooms open for New purpose-built engagement facility the first monthly ‘Second Saturdays’ for residents of the West Kensington and ECPL Funding community event Gibbs Green estates opens to provide £150 million HCA loan facility signed information about the Earls to fund infrastructure-related works Court development on ECPL land interests Earls Court Properties Earls Court Properties Lillie Square Garden Collection launches Public consultation for Exhibition Square The launch of the Lillie Square Garden Plans brought forward for the detailed Collection offering duplex homes with design of Exhibition Square – the gateway to exclusive private outdoor spaces designed the Earls Court development from Warwick by Andy Sturgeon Road. Detailed consent achieved in January 2017 4 Capco Annual Report & Accounts 2016 Covent Garden Covent Garden Covent Garden Acquisition of Tower House Hotel Chocolat and Capco purchases Tower House, Atelier Cologne open a substantial corner building in the Market Building at 10 Southampton Street, from The openings from the Derwent London plc for new chocolate store and £67.5 million the premium fragrance brand enhance the retail offer in the Market Building Covent Garden Covent Garden £175 million US Private Placement debt Strategic report Signed agreement with five US New brands join the estate institutional investors for a private US ‘gastro-fast’ restaurant placement of £175 million 10-year and Buns & Buns signs to the Covent Garden Christmas Launch 12-year senior unsecured notes Market Building and outerwear In partnership with the Royal Opera brand K-Way agrees lease for House, Christmas at Covent Garden Covent Garden Henrietta Street, while Tom launches with a public open air Davies and N. Peal sign to the performance on the Piazza from Royal Opera House Arcade the Royal Opera Chorus, followed by excerpts from The Nutcracker Covent Garden performed by artists of the Royal Ballet Covent Garden Joseph Cheaney & Repositioning of the Royal Opera Sons signs lease House Arcade Fine British shoe brand The UK’s leading independent luxury Cheaney signs lease on Luxury beauty offer strengthened in watch retailer The Watch Gallery opens Henrietta Street for a 1,000 sq the Market Building in the Royal Opera House Arcade, joining ft unit, further enhancing the Signings from Tom Ford, DECIEM and Governance Mulberry and Lulu Guinness, to retail offer on the street Giorgio Armani Beauty’s Armani Box introduce luxury accessories to London strengthen the luxury beauty the Arcade for the first time offering on the North side of the Market Building, joining established beauty boutiques from Chanel, Dior and Burberry AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER Q1 2017 Earls Court Properties Earls Court Properties Earls Court Properties Heavy Lifting Crane arrives Financial statements in Earls Court The largest crane ever used in London arrives in Earls Court to remove the First phase of demolition complete portal beams from over the London Demolition of both former Earls Court Underground lines Exhibition Centres to ground level is complete Earls Court Properties Venues Debt facility Lillie Square first completions New £100 million debt facility secured First residents move into their new homes at Lillie Square as the first units complete Earls Court Properties Empress Place consultation London Plan submissions ECPL engaged in public Representations made to the GLA ‘London consultations on proposals Plan’ consultation, highlighting that Earls for 400 new homes at Court can accommodate 10,000 homes Empress Place www.capitalandcounties.com 5 Chairman’s statement Ian Durant, Chairman DRIVING LONG-TERM VALUE CREATION WITH RESPONSIBLE OVERSIGHT OVERVIEW Total return Dividend 2016 was a year of notable political and economic dislocation which has affected the London property market. London remains a very attractive investment market, a desirable retail
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