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Liberty International PLC Annual Report 2006

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Liberty International 2006 PLC Annual report The company’s website, which contains further information, is available at www.liberty-international.co.uk Liberty International PLC Annual report 2006 Front cover Covent Garden Estate, Central London Management structure and advisers Back cover Chapelfield, Norwich Liberty International PLC Property Companies Capital & Counties Sir Donald Gordon, President for Life Capital Shopping Centres Ian Hawksworth, Managing Director Chairman and Executive Directors Kay Chaldecott, Managing Director Bill Black, Executive Director Sir Robert Finch, Chairman Peter Badcock, Director Gary Marcuccilli, Executive Director David Fischel, Chief Executive Richard Cable, Development Director 40 Broadway, London SW1H 0BU Aidan Smith, Finance Director Martin Ellis, Executive Director Telephone 020 7887 7000 01 Introduction* Richard Cable Caroline Kirby, Executive Director Facsimile 020 7887 0000 02 Performance* Kay Chaldecott 40 Broadway, London SW1H 0BU www.capitalandcounties.com 04 Summary of investment and Ian Hawksworth Telephone 020 7887 4220 Business Units development properties* Non-executive Directors Facsimile 020 7887 4225 Andrew Hicks, Capco Covent Garden 07 Chairman’s statement John Abel www.capital-shopping-centres.co.uk Mark Imms, Capco Urban * Robin Buchanan Group Managers Gary Marcuccilli, Capco Central London 12 Operational review Patrick Burgess * Property Management Bill Black, Capco Opportunities 13 Long-term financial record Graeme Gordon (Alternate - Richard Gordon) Jonathan Ainsley, Martin Breeden, Kate Grant, Caroline Vincent, Real Estate Services * Ian Henderson 14 Capital Shopping Centres Philip Wardle Rob Mathieson, Development * Lesley James 18 Capital & Counties Centre Management * Michael Rapp Capital & Counties U.S.A. Inc. Richard Belt, Bob Tingle 21 Development projects of the Rob Rowley Turner Newton, President Development & Construction Liberty International Group* Neil Sachdev 100 The Embarcadero, Suite 200 24 Financial review Rosemary Coles, Robert Danks, San Francisco, California, CA 94105 USA * Company Secretary Charles Forrester, Jane McFarland, Gavin Mitchell 28 Glossary Susan Folger Telephone 001 415 421 5100 Leasing Facsimile 001 415 421 6021 29 Corporate social responsibility* General Corporate Counsel Julie Lawrence 31 Chairman and Executive Directors Hugh Ford General Managers 32 Executive Management and Registered Office Braehead, Renfrew, Glasgow Group Treasury and Accounting 40 Broadway, London SW1H 0BT Non-executive Directors www.braehead.co.uk Mark Kildea, Treasurer Telephone 020 7960 1200 34 Directors’ report Peter Beagley 0141 885 1441 Kate Bowyer, Group Financial Controller Facsimile 020 7960 1333 Simon Atchley, Chief Accountant Chapelfield, Norwich 36 Statement of Directors’ responsibilities Registered Number 37 Independent auditors’ report 3685527 www.chapelfield.co.uk Steve Bunce 01603 753340 Auditors 38 Consolidated income statement for the Website year ended 31 December 2006 www.liberty-international.co.uk The Chimes, Uxbridge PricewaterhouseCoopers LLP 39 Balance sheets as at 31 December 2006 www.thechimes.uk.com Chartered Accountants and Registered Auditors 40 Statements of recognised income Tony Dunn 01895 819400 and expense Eldon Square, Newcastle upon Tyne Solicitors 41 Statements of cash flows www.eldon-square.co.uk Linklaters Tim Lamb 0191 261 1891 42 Principal accounting policies – The Glades, Bromley group and company www.theglades.uk.com 44 Notes to the accounts Howard Oldstein 020 8313 9292 67 Corporate governance The Harlequin, Watford 72 Directors’ remuneration report www.theharlequin.uk.com 77 Five year record 2002 – 2006 Michael Stevens 01923 250292 78 Details of Capital Shopping Centres Lakeside, Thurrock regional shopping centres www.lakeside.uk.com 79 Details of Capital & Counties Steve Chandler 01708 869933 investment properties The Mall at Cribbs Causeway, Bristol 80 Shareholder information www.mallcribbs.com IBC Management structure and advisers Jonathan Edwards 0117 915 5555 Manchester Arndale These sections of the report include items required * www.manchesterarndale.com to be stated in accordance with section 234 ZZB Glen Barkworth 0161 833 9851 of the Companies Act 1985 – Business Review MetroCentre, Gateshead www.metrocentre.uk.com Barry Turnbull 0191 493 0200 The Potteries, Stoke-on-Trent www.potteries.uk.com Cert no. TT-COC-2142 Paul Lancaster 01782 289822 St David's Centre, Cardiff This report is printed on Take 2 Silk paper which is This report includes statements that are forward-looking in produced from 40% de-inked post consumer waste with www.stdavidsshopping.co.uk nature. Forward-looking statements involve known and a further 35% balance being made up of pre-consumer Steven Madeley 029 2039 6041 unknown risks, uncertainties and other factors which may waste recycled fibre. This material is FSC certified fibre. The Victoria Centre, Nottingham cause the actual results, performance or achievements of Printed by CTD Printers, ISO 14001 and FSC certified. www.victoriacentre.uk.com Liberty International PLC to be materially different from any Design and produced by Radley Yeldar (London) Paul Francis 0115 912 1111 future results, performance or achievements expressed or implied by such forward-looking statements. Liberty International Introduction Liberty International is a major UK FTSE 100 listed property company, with shareholders’ funds of £5 billion and property investments of over £8.2 billion, of which UK regional shopping centres amount to over 80 per cent. Liberty International converted into a UK Real Estate Investment Trust (REIT) on 1 January 2007. “2006 was a landmark year in the 26 year history of Liberty International with conversion at the year end into a UK Real Estate Investment Trust (REIT). REIT status brings many advantages including tax transparency for shareholders, significantly increased flexibility for asset management and internationally recognised property holding vehicle. We are delighted to have acquired the iconic seven acre Covent Garden Estate; an estate which not only will provide an excellent showcase to demonstrate our skills in the retail sector but also the opportunity to create a world class mixed-use destination in the heart of London. We have also acquired a 50 per cent interest in the St David’s shopping centre in Cardiff. Our development pipeline amounts to some £1 billion including three top quality regional shopping centre projects in Cardiff, Newcastle and Oxford, with the key anchor tenants already in place. We have maintained virtually full occupancy of 98.6 per cent at our established centres in 2006, while we made good progress with letting the developments which opened in the year, the Northern Extension of Manchester Arndale and Xscape, Braehead. Our adjusted net asset value per share increased to 1327p per share, on the property industry standard measure, after absorbing the REIT conversion charge of £154 million (41p per share) and equivalent to 1425p if adjusted for notional acquisition costs deducted from market values. Our total properties amount to £8.2 billion, the debt to assets ratio has reduced to 36 per cent, diluted net assets have passed the £5 billion mark and we have ended the year with over £830 million of cash and committed bank facilities. We very much look forward to the broader range of opportunities which our new REIT status should bring; we face the future with confidence and with commitment.” Sir Robert Finch, Chairman Liberty International PLC 01 Performance Year ended Year ended 31 December 31 December 2006 2005 Net rental income +13% £341m £300m Profit before tax, valuation and exceptional items +28% £155m £121m Profit before tax +71% £903m £527m Profit for the period attributable to equity shareholders +327% £1,564m £366m Gain on revaluation and sale of investment properties £587m £565m Total properties +16% £8,232m £7,070m Net debt +5% £3,063m £2,913m Net assets (diluted, adjusted*) +20% £5,002m £4,180m Basic earnings per share +303% 462.1p 114.8p Earnings per share (adjusted*) +14% 33.9p 29.8p Dividend per ordinary share +10% 31.0p 28.25p Basic net assets per share +49% 1308p 875p Net assets per share (diluted, adjusted*)** +12% 1327p 1188p Total return* 18% 19% * See Glossary on page 28 for definitions ** Net assets per share (diluted, adjusted) would increase by 98p per share at 31 December 2006 (31 December 2005 – 90p) to 1425p (31 December 2005 – 1278p) if adjusted for notional acquisition costs (see Financial review). 02 Liberty International PLC Performance ,Like-for-like gain on revaluation of investment properties: Year ended Six months 31 December ended 30 June 2006 2006 – UK regional shopping centres +7.9% +2.7% – UK non-shopping centre properties +13.9% +8.9% – USA +5.8% +4.8% , Revaluation gain on UK regional shopping centres: – 66 per cent from yield shift – 34 per cent from underlying rental growth , 98.6 per cent occupancy in established UK regional shopping centres, 97.7 per cent overall including recently completed developments (31 December 2005 – 98.5 per cent) , 8.5 per cent like-for-like net rental income growth in UK regional shopping centres, 3.5 per cent for UK non-shopping centre properties , £740 million property additions including: – Covent Garden Estate £421 million – St David’s, Cardiff (50 per cent) £180 million including St David’s 2 development , £127 million disposals of investment properties at £23 million over 31 December 2005 market values , Substantial progress with £1 billion development programme,
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