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Grosvenor Annual Report and Accounts 2011 Is Complemented by the Grosvenor Environment Be Downloaded Can Documents Both 2011 Grosvenor Annual Report 2011 www.grosvenor.com Limited Group Grosvenor Proprietary assets — direct Proprietary assets — indirect management Fund 01 In this year’s report… User guide 02 Grosvenor Group Limited This PDF allows you to find information and 02 Group structure 04 Financial highlights navigate around this document more easily. 05 Operational highlights 06 Chairman’s statement Guide to buttons 08 Chief Executive’s review 14 Finance Director’s report 18 Group Board of Directors 19 Group Executive Committee Back to user guide Preceding page 20 Proprietary assets – direct 22 Grosvenor Britain & Ireland Glossary Next page 34 Grosvenor Americas 44 Grosvenor Asia Pacific 50 Proprietary assets – indirect Search this PDF Last visited page 52 Indirect investments 58 Fund management Print options 60 Grosvenor Fund Management Links in this PDF 72 Accounts Words and numbers that are underlined are links — 72 A full set of our accounts starts on page 72 clicking on them will take you to further information within the document or to a web page (opens in 129 Offices a new window) if they are a url (e.g www.grosvenor.com). 130 The Grosvenor story The Grosvenor Annual Report and Accounts 2011 is complemented by the Grosvenor Environment Review 2011. Both documents can be downloaded from www.grosvenor.com Front cover 3—10 Grosvenor Crescent, Belgravia, London, England: this is a development of 15 luxury apartments across a Grade II* Listed terrace between Belgrave Square and Hyde Park Corner (see page 27). Back cover Bank of Queensland Centre, Brisbane, Australia: through Grosvenor Fund Management we plan to expand our investment partnerships in Australia, where our proprietary portfolio includes this well known office building which is 100% occupied and achieved a 4.5 star NABERS Energy Rating in 2011. Grosvenor Annual Report 2011 www.grosvenor.com Grosvenor Group Limited Group Grosvenor 02 Grosvenor Group Limited Group structure Group struc Group ture Why has the Group structure changed? As of 1 January 2011, we modified the Group’s structure to reflect more accurately our current areas of activity. Grosvenor Annual Report 2011 www.grosvenor.com Grosvenor Group Limited Group Grosvenor 03 Grosvenor Group Limited Group struc Group ture Trustees of the Grosvenor Estate (Shareholders) Grosvenor is privately owned. The Shareholders are the Trustees of the Grosvenor Estate who hold the shares and assets ‘in trust’ for the benefit of current and future members of the Grosvenor family. There are six Trustees: the Chairman (the 6th Duke of Westminster), the Executive Trustee and four other Trustees. Grosvenor Group Limited The Company established by The Grosvenor Trusts as the holding vehicle for the Grosvenor Estate’s urban real estate interests. The Non–Executive Directors on the Group Board include the Executive Trustee and two other Trustees. Proprietary assets – Proprietary assets – Fund direct indirect management Direct investment in real estate, through Indirect investment in real estate, Our fund management Operating the proprietary capital we allocate to our through the proprietary capital Company, Grosvenor Fund regional Operating Companies. we allocate to co–investments in Management manages capital Grosvenor–managed funds and through various investment vehicles The Non–Executive Directors on the to other indirect investments. on behalf of a number of investors, Operating Company Boards include the of which Grosvenor is one. Group Chief Executive and the Group These investment opportunities are the Finance Director. responsibility of the Holding Company. The Non–Executive Directors on the Grosvenor Fund Management Board Operating Companies Investment areas include the Group Chief Executive Grosvenor Britain & Ireland Investments managed by Grosvenor and the Group Finance Director. Grosvenor Americas Fund Management Areas of activity Grosvenor Asia Pacific Investments in other companies and investments managed by UK third parties USA Continental Europe Asia Pacific Grosvenor Annual Report 2011 www.grosvenor.com Grosvenor Group Limited Group Grosvenor 04 Grosvenor Group Limited Financial highlights See Glossary on back cover flap for definitions. highligh Financial ts Group Shareholders’ funds Revenue profit Total returns (including currency movement) £2,855m £80.8m 9.0% 2010: £2,649m 2010: £64.2m 2010: 10.9% Why we measure Why we measure Why we measure To report the total value of the shareholders’ investment To identify underlying performance, excluding market To show how our property portfolio has performed, in the Group. movements. including both income and capital returns. Comment Comment Comment Shareholders’ funds have recovered to the level prior Revenue profit has increased in each of our proprietary Despite challenging market conditions we have to the global financial crisis. Operating Companies, and is boosted by a strong delivered strong total returns. performance in Sonae Sierra. 3.0 90 20 2.9 2.9 80.8 2.7 60 73.4 2.5 2.6 62.2 64.2 15 2.4 14.4 30 2.0 10 10.9 0 9.0 1.5 5 –30 1.0 0 –60 –2.8 –76.7 –4.1 0 –90 –5 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 By Operating Company Shareholders’ funds* Revenue profit* Total returns* (excluding currency movement) 60 25 59.1 50 20 40 16.4 30 15 16.2 12.8 20 10 10 8.9 12.4 8.0 5 0 –1.6 3.0 –10 0 Grosvenor proprietary assets — direct Grosvenor proprietary assets — direct Grosvenor proprietary assets — direct Grosvenor Britain & Ireland Grosvenor Britain & Ireland Grosvenor Britain & Ireland £1,294.3m £16.4m 16.2% Grosvenor Americas Grosvenor Americas Grosvenor Americas £463.8m £12.8m 8.9% Grosvenor Asia Pacific Grosvenor Asia Pacific Grosvenor Asia Pacific £235.6m £12.4m 8.0% Proprietary assets — indirect Proprietary assets — indirect Proprietary assets — indirect £817.2m £59.1m 3.0% Grosvenor Fund Management Grosvenor Fund Management *Excludes the Holding Company and Grosvenor Fund £13.5m £(1.6)m Management. Total return on property assets is not *Excludes the Holding Company. *Excludes the Holding Company. a relevant measure for Grosvenor Fund Management. Grosvenor Annual Report 2011 www.grosvenor.com Grosvenor Group Limited Group Grosvenor 05 Grosvenor Group Limited Operational highlights See Glossary on back cover flap for definitions. highligh Operational The environment highlights are taken from the Grosvenor Environment Review 2011 which can be downloaded from www.grosvenor.com. ts Group Assets under management Property assets Development exposure £12.5bn £5,840m 15.7% 2010: £10.9bn 2010: £5,460m 2010: 13.8% Why we measure Why we measure Why we measure To monitor the scale of the portfolio of property assets To quantify the Group’s financial investment in property assets. To indicate the level of development activity, expressed that the Group’s management teams are responsible for. as a proportion of total property commitments. Comment Comment Net acquisitions and revaluation growth have increased total Comment A combination of asset purchases and valuation growth property assets by 7%. We are gradually increasing our development activity has boosted assets under management to £12.5bn. to take advantage of new opportunities. 15 7 25 24.5 6 12 12.9 6.2 20 12.4 12.5 6.0 5.8 5 5.5 10.9 5.2 9 10.2 4 15 15.0 15.7 13.0 13.8 6 3 10 2 3 5 1 0 0 0 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Occupancy Like-for-like carbon emissions Water consumption 3 (tCO2e) Like-for-like portfolio (m ) 3 95.0% 23,570 tCO2e 500,657m 3 2010: 93.5% 2010: 25,809 tCO2e 2010: 542,444m Why we measure Why we measure Why we measure To help us increase revenue profit: maximising occupancy To monitor our carbon footprint so we can identify ways To assess our water consumption so we can identify ways in our buildings is a key driver. to improve our environmental performance. to improve our environmental performance. Comment Comment Comment Despite challenging letting markets, our occupancy levels We have reduced carbon across the directly–managed We reduced water consumption across our directly–managed continue to rise. portfolio through increased energy efficiency. portfolio through measures such as using low–flow sanitary ware and improving conservation in landscaped areas. 100 30,000 600,000 95.0 95.0 91.0 91.0 93.5 80 25,000 500,000 542,444 25,809 500,657 23,570 20,000 400,000 60 15,000 300,000 40 10,000 200,000 20 5,000 100,000 0 0 0 2007 2008 2009 2010 2011 2010 2011 2010 2011 Grosvenor Annual Report 2011 www.grosvenor.com Grosvenor Group Limited Group Grosvenor 06 Chairman’s statement Chairman’s statement Chairman ’s statement ’s Lesley Knox The economic and financial climate was again Group Chairman tough in 2011, but Grosvenor has kept its sights firmly fixed on the long term and has performed well. The financial highlights reveal a further increase in Shareholders’ funds and in revenue profit, and our second year of strongly positive returns after the two-year dip of 2008–2009. We also saw improvements in our main measures of operational efficiency. Our continuing financial resilience in the face of uncertainty, as we move into the fifth “An effective Board is valuable year following the global financial crisis, reflects to Grosvenor, providing the determination and patience with which independent views of business opportunities and risks, insights our executive team pursues Grosvenor’s ambition into our markets and challenges – to develop and co-ordinate a successful to our strategies.” internationally diversified property group with a prudent approach to financing growth. Grosvenor Annual Report 2011 www.grosvenor.com Grosvenor Group Limited Group Grosvenor 07 Chairman’s statement Chairman ’s statement ’s Our Shareholders require a level of return consistent The Board’s contribution with relevant benchmarks, an assessment of acceptable An effective Board is valuable to Grosvenor, providing risk and attention to social responsibility.
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