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Development Securities PLC Annual Report 2006

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Development Securities PLC Annual Report 2006 Development Securities PLC Annual Report 2006 1 Financial highlights Development Securities PLC Annual Report 2006 Financial highlights £23.6m 6.75p 63.4p Profit after tax Annual dividends per share Earnings per share £231.4m £14.4m 568p Net assets Net borrowings Net assets per share Net assets per share Earnings per share Dividends per share 06 568* 06 63.4* 06 6.75* 05 510* 05 54.8* 05 6.37* 04 472* 04 54.3* 04 6.0* 03 444 03 4.2 03 5.4 02 423 02 26.9 02 5.0 01 423 01 24.0 01 4.5 Contents 02 Chairman’s statement 04 Our strategy 12 Review of operations 18 Property investment portfolio 22 Sustainability report 24 Board of Directors 26 Report of the Directors 28 Corporate governance 32 Contents of the financial statements 68 Remuneration report 76 Financial calendar and advisors *stated in accordance with IFRS 2 Chairman’s statement Development Securities PLC Annual Report 2006 Chairman’s statement I am pleased to report another very for other potential property acquisitions. The growing size and strength of our satisfactory year for your Company, We were pleased with the strength of support balance sheet, recently augmented by the resulting in a significant uplift in demonstrated by both existing and new £23.1 million share placing, supports our shareholder funds. shareholders for this successful placing. adjusted business model, whereby we now consider it appropriate to secure direct An increased contribution from our development Strategy ownership of land for development. Our recent activities, coupled with a strong performance Shareholders will be aware that the strategic £33.5 million acquisition of Curzon Park, in from our property investment portfolio enables focus of our development activities over the equal partnership with Grainger PLC, is a me to report a profit after tax of £23.6 million last two years has been suburban London case in point. We also plan to take an equity and earnings of 63.4 pence per share, and the main provincial UK cities, rather than interest in Beadon Road, Hammersmith. compared to £20.1 million and 54.8 pence Central London. The City of London property Acquiring land is relatively straightforward and per share for the previous year. market remains innately volatile, due to the can now be achieved within the constraints of dominance of its financial services sector our enlarged capital structure. However, Shareholder funds increased for the eleventh and, together with the West End market, the subsequent development is much more successive year, reaching £231.4 million, is always likely to become one of the most capital intensive. Therefore, we will continue equivalent to 568 pence per share. This competitive in any development cycle upturn. to seek leading financial institutions as equity compares to £187.5 million and 510 pence For some time now, we have believed that partners, either in an individual phase or per share 12 months earlier. a more attractive risk/return ratio would be possibly through the entire project, thus available elsewhere. Indeed, 2006 was a maintaining our risk-averse approach. In light of this strong performance, the year of considerable progress in pursuit of Board has recommended the payment of our chosen strategy, with project ‘wins’ in For a sixth successive year, I am pleased to a final Ordinary dividend for the year of Birmingham, Hammersmith, Southampton report an excellent level of returns from our 4.50 pence per share, payable on 6th July and significant advances at recently acquired property investment portfolio, generated by 2007 to shareholders on the register on sites in North London, Huyton and Manchester. Matthew Weiner and his team. In 2006, your 8th June 2007. This brings the total Ordinary Company achieved an 18.5 per cent IPD dividend coupon for the year to 6.75 pence We continue to search out developments we Total Portfolio Return* which compares per share, an advance of six per cent over believe will give us a competitive advantage, favourably to the average market return of the previous year. due to the scale and complexity of urban 18.1 per cent. In broad terms, six per cent regeneration, for which your Company has came from the rental income of the properties The increased strength of our balance sheet considerable proven expertise. It is likely that themselves and the balance from realised and of course reflects the £23.1 million Ordinary large-scale, multi-phase projects, such as unrealised surpluses over existing book values. share placing in November 2006, when Curzon Park in Birmingham, will be delivered 3.7 million shares were issued at a price over more than one economic cycle. This During the year, we realised gains from of 625 pence per share. As shareholders will offer good visibility to our future activity properties where we felt medium-term rental will be aware, the proceeds of the placing and, we hope, potential profitability over the growth prospects were limited. However, were principally utilised to acquire a 10-acre medium term. Our development portfolio reinvestment of these proceeds proved more development site in Birmingham, thus allowing now comprises a number of similar projects, challenging than ever due to the seemingly your Company to conserve its cash resources further underpinning what we believe to be relentless weight of money seeking similar a sustainable business model. *Refer note 1(p) 3 Chairman’s statement Development Securities PLC Annual Report 2006 We continue to search out developments which we believe will provide us with a competitive advantage due to the scale and complexity that urban regeneration often entails and for which your Company has considerable proven expertise Roy Dantzic, Chairman assets. As a result, allocation of our In this regard, your Company will pursue two financial performance exceeding even that resources into the investment property tactical options. First, we believe our resources of 2005. We do not yet discern any credible portfolio fell below target levels. Income will be more efficiently employed by continuing or significant threats to the property sector as returns in the cash market now approach to focus on urban development opportunities an asset class, unless values are driven still those available in the direct real estate in suburban London and the main UK higher in 2007, which would make us more market. In order to justify the risk inherent in provincial cities, where our brand strength apprehensive. Global growth may slow property ownership, it is important that asset and reputation continue to grow. Second, marginally in 2007, but this might be of benefit, value grows through significant property- we remain keen to expand our regional allowing interest rates generally to fall slightly related initiatives. We have never believed joint venture relationships with those whose as any perceived inflationary threats recede. market momentum to be the sole justification expertise best complements our own. In for property investment. some instances, our partners will be of equal Given the structure and timing of our financial strength; in others we may take the development activity, we may well have Outlook financial lead while the appropriate regional to wait until 2008 for the next meaningful Whilst we long ago gave up predicting an specialist heads the development project. contribution to our financial results. We will end to the current investment market boom, We look forward to establishing more such endeavour to extend our pipeline of projects we find it difficult to believe that the total relationships in the near and medium term. in the medium term. Our financial resources investment returns of recent years will be remain available to support any new sustainable in 2007. However, we will Board composition opportunities that we consider will provide continue to seek superior performance As previously reported, Bill Grant retired from the returns we seek. through active management both of our the Board in May 2006. Earlier this month, existing portfolio and of acquisitions. Paul Willis stood down as a member of It remains for me to thank all of our Directors, our Board for family reasons. We wish him management and staff for their valued At such points in the property cycle superior well for the future. After four years as your contributions to our performance to date. returns may be more readily obtained in Chairman, I shall not be seeking re-election at Their professionalism and reputations have the development arena. This is increasingly this year’s Annual General Meeting. I shall be been an undoubted important feature of our understood by our traditional institutional succeeded by David Jenkins, who joined the success so far. Long may it continue. development and joint venture partners, banks Board in February. David retired three years and by those with adequate financial and ago as a senior audit partner of Deloitte & I am certain we have the executive and professional resources to compete alongside Touche LLP where he specialised in the management teams to meet the challenges us. The strength of the current development property sector for most of his career. I have that lie ahead. cycle will benefit from continuing employment no doubt that he will make a significant growth, a benign economic outlook and contribution to the Company's further progress. declining office vacancy rates. Prospects for the medium term encourage us to further Conclusion Roy Dantzic expand our project portfolio, which presently The strength of the property investment Chairman has a completed investment value in excess market and the returns now emerging from 30th March 2007 of £1 billion. our development portfolio resulted in our 2006 4 Our strategy Development Securities PLC Annual Report 2006 Balance and diversity The emphasis on measured risk is at the heart of our management philosophy Development Securities is one of the Forward-funding downturn.
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