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At Intu We Create Compelling Experiences That Surprise and Delight Our Customers

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At Intu We Create Compelling Experiences That Surprise and Delight Our Customers Intu Properties plc At intu we create compelling experiences that surprise and delight our customers Annual Report 2014 Intu Properties plc Annual Report 2014 We aim to attract people for longer, more often, which helps our retailers flourish What’s inside this report This powers our business, report Strategic creating value for our retailers, our communities and our investors and drives our long-term success Governance Contents Strategic report Corporate responsibility Accounts Overview Better together 48 Independent auditors’ report 88 At a glance 2 Communities and Consolidated income statement 94 2014 highlights 4 economic contribution 49 Consolidated statement Chairman’s statement 6 Environmental efficiency 50 of comprehensive income 95 Relationships 52 Balance sheets 96 Business model and strategy Statements of changes in equity 97 Business model 8 Governance Statements of cash flows 100 Corporate responsibility approach 10 Board of Directors 54 Notes to the accounts 101 Market review 12 Executive management 56 Strategy 14 Governance 57 Other information The Board 58 Investment and development Interview with the Chief Executive 16 Accounts property 151 Strategic review 18 Relations with shareholders 62 Financial covenants 153 Focus on new developments 26 Audit Committee 63 Group including share of joint ventures 155 Top properties 28 Nomination and Review Committee 68 Underlying profit statement 157 Key performance indicators 30 Directors’ remuneration report 71 EPRA performance measures 158 People 32 Directors’ report 84 Financial record 162 Key risks and uncertainties 38 Statement of Directors’ responsibilities 86 Glossary 163 Dividends 165 Financial review Shareholder information 166 Financial review 40 Benefits of scale Carbon reduction award See page 19 See page 51 intugroup.co.uk/ar2014 for more information for more information Other information World class service Our Spanish enterprise See page 37 See page 70 for more information for more information Dining revolution See page 47 for more information 1 Intu Properties plc – Annual Report 2014 intugroup.co.uk Strategic report At a glance Intu owns and manages some of the best shopping centres, in some of the strongest locations, right across the country including nine of the UK’s top 20 Our year in facts and figures January February March Conditional Works commence Construction starts development to refurbish intu on new cinema and agreement for Victoria Centre restaurant quarter intu Broadmarsh and create a new at intu Potteries catering cluster Direct employees September Refurbishment 2,459 of intu Lakeside food court complete 1/2 and almost 89,000 employed in of the UK’s population our centres visit an intu centre each year Carbon reduction since 2011 Over December Announced 30% acquisition of 21m sq. ft. Puerto Venecia, Zaragoza, Spain. of retail, catering and leisure space Planning consent granted for major extension at intu Braehead 2 Intu Properties plc – Annual Report 2014 intugroup.co.uk Strategic report Strategic report Strategic Our values Creative Bold Genuine Asset valuation Governance Super-regional centres Occupancy May 1. intu Trafford Centre (£2,200m) Acquisition of 2. intu Lakeside (£1,255m) intu Merry Hill 3. intu Metrocentre (£928m) and intu Derby 4. intu Braehead (£599m) 5. intu Merry Hill (£435m) 95% Accounts 6. Cribbs Causeway, Bristol (£243m) Town and city centres 7. Manchester Arndale (£430m) 8. intu Derby (£420m) 9. St David’s, Cardiff (£308m) 10. intu Eldon Square (£273m) 11. intu Watford (£335m) 12. intu Victoria Centre (£314m) June Passing rent 13. intu Milton Keynes (£278m) Joint venture 14. intu Chapelfield (£261m) formed with KWAP £401 million 15. intu Bromley (£171m) at intu Uxbridge 16. intu Potteries (£165m) 15 16 14 Other information 13 12 11 10 9 Debt to assets ratio Substantial development pipeline 8 44% 7 Spanish centres Parque Principado (€106m) £1.9 billion Puerto Venecia (€451m)1 £1.3 billion in the UK and £0.6 billion in Spain 1 Acquisition completed January 2015. 3 Intu Properties plc – Annual Report 2014 intugroup.co.uk Strategic report 2014 highlights intu Potteries Net rental income1 2010 £277m 2011 £364m 2012 £363m 2013 £370m 2014 £397m Underlying EPS 201 02 14.0p 20112 15.0p 20122 14.7p 20132 13.7p 2014 13.3p Net rental Underlying Delivering Significant income1 earnings improved returns corporate activity £397m £162m Our focus has been on total property Another year of progress in 2014 2013: £370m 2013: £140m returns and sustainable income — acquired two UK top 20 shopping centres, — property valuations increased intu Merry Hill and intu Derby, along Property Profit for 8.2 per cent (£648 million), with Sprucefield retail park in Northern revaluation the year 1 outperforming the IPD monthly retail Ireland in May 2014 for £855 million surplus index which increased 7.3 per cent £600m — exchanged contracts in December 2014 £648m 2013: £364m — total property return, as calculated by to acquire a top 10 Spanish shopping 2013: £126m IPD, 13.1 per cent (2013 – 7.3 per cent) centre, Puerto Venecia, Zaragoza for €451 million. Acquisition completed — net asset value per share (diluted, in January 2015 Underlying EPS adjusted) of 379 pence, giving a total 13.3p financial return for the year of 17 per — formed a joint venture at intu Uxbridge cent on the pro forma opening net asset introducing an 80 per cent partner for 2013: 13.7p2 value per share of 335 pence £175 million, a small premium to the 1 Including Group share of joint ventures. 2 Adjusted for rights issue bonus factor. December 2013 book value — underlying earnings per share 13.3 Please refer to glossary for definition of terms. pence (H1 6.4 pence; H2 6.9 pence) — debt refinancing activity of (2013 – 13.7 pence) reflecting a £2 billion; weighted average maturity reduction in like-for-like net rental over eight years income of 3.2 per cent in the year — cash and committed facilities of — signed 210 long-term leases for £671 million at 31 December 2014 £34 million new annual rent at an Presentation of information average 5 per cent above previous Amounts are presented including the Group’s passing rent share of joint ventures. Comparative per share information is adjusted for the rights issue bonus factor. See Financial Review, page 40, for details. 4 Intu Properties plc – Annual Report 2014 intugroup.co.uk Strategic report Strategic report Strategic Dividend per share Development momentum 2010 2 13.7p We have maintained the momentum 20112 13.7p of development and investment in 20122 13.7p our centres 20132 13.7p — development pipeline of £1.9 billion, 2014 13.7p £1.3 billion in the UK and £0.6 billion in Spain NAV per share — completed the remodelled food court at intu Lakeside, on site with the leisure 201 02 355p extension at intu Potteries and mall 2 2011 356p refurbishment and catering quarter 20122 357p at intu Victoria Centre 20132 346p Making the brand count — on target to commence a major 2014 379p We are seeing the benefits £110 million extension at intu Watford of our brand and scale in 2015 — active retailers on our transactional Governance website, intu.co.uk, include John Lewis, Dividend Market value Next and Topshop per share of investment — almost 40 per cent year-on-year properties1 increase in website visits in December 13.7p 2014 to nearly three million, with an 2013: 13.7p2 £8,963m active marketing database of almost 2013: £7,624m two million individuals Net external NAV per share — introduced Tell intu and customer debt1 (diluted, adjusted) service measurement, with the average Net Promoter Score increasing in £3,963m 379p the year 2013: £3,698m 2013: 346p2 Debt to assets ratio1 44.2% Accounts 2013: 48.5% 1 Including Group share of joint ventures. 2 Adjusted for rights issue bonus factor. Please refer to glossary for definition of terms. intu Metrocentre Other information 5 Intu Properties plc – Annual Report 2014 intugroup.co.uk Strategic report Chairman’s statement hope that after studying this report 2014 also saw us complete the food court you will be pleased – as I am – at the redevelopment at intu Lakeside and the way the business and the reputation transformation of the malls at intu Eldon of the Group has moved forward Square. In addition, we commenced two Ithrough 2014, positioning ourselves to major catering and leisure projects at intu take full advantage of the recovery in Victoria Centre and intu Potteries and we the economy. have moved the major extension at intu Watford forward to the point where we Overview of 2014 activity intend to commence the development In the course of the year under review, we in 2015. acquired two top UK shopping centres, intu Merry Hill and intu Derby. This takes Our branding, now two years old, is gaining our ownership to nine of the top 20 significant traction, the result of a fruitful shopping centres in the UK. Both of these combination of the customer service in centres have enormous potential and we our centres and our digital platform. In our are already seeing the benefits of our asset centres we introduced Tell intu allowing us management as rental values and market to meet customers’ changing requirements values have increased significantly in our faster. Customer satisfaction has improved eight months of ownership. measurably since its introduction. Digitally, we now have the majority of our major And in Spain, we announced the acquisition retailers on our website, intu.co.uk, with of a top shopping centre, Puerto Venecia the likes of John Lewis, Next and Topshop in Zaragoza, which completed in January added this year. As well as half of the UK’s 2015. This demonstrates the seriousness population visiting an intu centre at some of our intent to grow our business there. point in the year, we now have nearly two The centre will be a model for creating million individuals on our online database.
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