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Adifferent Perspective

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Adifferent Perspective !!" ## $ !!" Introduction Development Securities PLC is a property development and investment company. Its principal objective is to carry out substantial, complex developments in a risk-averse manner with a view to adding maximum value for its shareholders. Financial summary £(65.6)m £161.0m £87.2m Loss before tax Net assets Net borrowings 4.8p 397p 54.1% Annual dividends per share Net assets per share Net gearing (149.2) 08 08 397 08 4.8 07 0.0 07 564 07 7. 2 06 63.4 06 568 06 6.75 05 54.8 05 510 05 6.37 04 54.3 04 472 04 6.0 (Loss)/earnings per share (pence) Net assets per share (pence) Dividends per share (pence) 01 Financial summary 46 Consolidated income statement 02 Chairman’s statement 47 Consolidated balance sheet 04 Strategy 48 Consolidated statement of recognised income and expense 14 Review of operations 48 Consolidated cash flow statement 26 Financial review 49 Notes to the consolidated financial statements 32 Corporate social responsibility 86 Company independent auditors’ report 35 Board of Directors 87 Company balance sheet 36 Report of the Directors 88 Notes to the company financial statements 40 Corporate governance 95 Remuneration report 45 Group independent auditors’ report IBC Financial calendar & advisors 1 Chairman’s statement Development Securities PLC Annual Report 2008 It is with considerable regret that I report a It is self evident that we are closer to the In December 2008, your Company loss before tax of £65.6 million, the first time bottom of the market than we were 12 months acknowledged that these problematic since 1992 that your Company has reported ago, but that is of scant comfort given the trading conditions were likely to continue a significant loss to shareholders. The acceleration in downward market momentum for an extended period and implemented circumstances leading to this result arise from that was witnessed in the final quarter of 2008. a programme of overhead review which a sequence of events that are unprecedented included a voluntary 10.0 per cent reduction In the circumstances that pertain today, your in living memory. As a consequence, in remuneration for the Executive Directors Board feels that it would be appropriate to shareholders’ funds decreased by £67.9 million and a voluntary 7.5 per cent reduction from recommend the payment of a final Ordinary to £161.0 million, equivalent to 397pence per senior members of the management team dividend of 2.4 pence per share for the year, share. This compares to £228.9 million and with effect from January 2009. payable on 6th July 2009 to shareholders 564 pence per share 12 months earlier, with on the register on 12th June 2009. Matching this year’s results thus representing a decline Strategy the interim dividend of 2.4 pence per share, in net worth of some 29.6 per cent. Our traditional three-pronged strategy of which was paid on 28th October 2008, will forward-funding large-scale development Our active development programme achieved bring the total Ordinary dividend for 2008 projects, restricting ourselves to a modest excellent results from the successfully to 4.8 pence per share, a one third reduction level of net gearing and maintaining an completed and let buildings at from the 7.2 pence per share paid in investment portfolio to contribute cash flow PaddingtonCentral and Southampton, but the respect of 2007. to our operational costs, has provided us severe decline of the property markets The reduced final Ordinary share dividend with the resilience necessary to withstand generated valuation decreases totalling £82.0 for 2008 reflects the need for a conservative the initial shocks caused by current economic million across our investment, trading and joint approach to finances. As shareholders and financial events. However, we clearly venture portfolios. The 22.1 per cent decline in will appreciate, our business model does now need to adjust to the realities in which the Investment Property Databank index* not depend on the provision of debt for we find ourselves. (IPD) in 2008, as compared to the fall of 8.4 development finance in respect of our large per cent recorded at the mid point of the year, Our decision in early 2005 to withdraw urban regeneration projects and accordingly reflected the increasing pace of outward yield from commencing new development projects our Balance sheet has been much less shift and rental declines as the year in Central London was appropriate. Perhaps negatively impacted than would otherwise progressed. The dysfunctioning banking unsurprisingly, it is here that we anticipate have been the case. Whilst our strategy markets in the United Kingdom have mirrored the recovery in the next cycle will commence. of maintaining a relatively prudent level of those in most of Europe and North America London’s stature as a pre-eminent net gearing* reflected an awareness of the and have caused a severe credit and liquidity international financial and business centre traditional vulnerability of property values crisis which has impacted most immediately on will mean it is likely that large-scale urban to external factors, it was never in our the real estate sector. For as long as I can regeneration will focus on the main Central contemplation that there could be such recall, and certainly during the last 15 years, London markets and we believe that the a combination of events so as to occasion bank debt has provided the key leverage scale and complexity of such projects will the economic adversity we have witnessed. whereby property investors generated continue to afford us a competitive advantage. One seldom regrets prudence. investment returns. However, the excessive For the opportunities that are likely to leverage provided by the banking and related Accordingly, due to our relatively attractive emerge, we will again partner our skills sectors helped to generate the unsustainable levels of cash liquidity and modest net gearing to institutional equity and we intend to boom of recent years in property values, both we do not envisage the requirement to raise approach the traditional funding partners commercial and residential. The unwinding of additional equity from our shareholders for with whom we have engaged in previous these inflated values was inevitable, but it has the purpose of complying with our banking cycles as well as casting the net wider been the pace and extent of the decline that loan to value covenants. Even after significant in the search for the scale of equity such took even the most cautious of market reductions in shareholder funds, our net that is likely to be needed. participants and commentators by surprise. gearing at 31st December 2008 was 54.1 per cent. Net gearing, excluding £33.2 million of net debt arising from our 2027 Unsecured Subordinated Loan Note facility, was 33.5 per cent. *refer note 1(v) Chairman’s statement One seldom regrets prudence. 2 Our investment strategy for nearly a year negative GDP growth, will mean more and Conclusion now has been to remain firmly on the perhaps extended challenges within the Almost wherever one may look today, sidelines as far as additions to our occupational markets. Indeed, we anticipate confidence has deteriorated markedly, with investment portfolio are concerned. The the occupational markets will continue their cash being the scarcest and most sought widening arbitrage of returns between cash decline through 2009 and 2010 as the after resource. The significant deleveraging and investment property is compelling us recession deepens. process within the UK and global financial cautiously to reassess that posture. systems that is now underway has led us Our ability to intermediate between medium- into this economic recession. There is Mid the red ink, it seems churlish to talk term development opportunities and long-term now every prospect that the recessionary of out-performance, but it is perhaps worth investors will become increasingly relevant. impact on the UK economy will apply further recording that we achieved a superior level As well as our more traditional UK and pressure to our fragile banking system. In of returns from our property investment European development funding partners, turn, we expect the banks to increase the portfolio to those recorded in the overall we are in the early stages of dialogue pressure on the real estate sector to assist market. We recorded a negative 18.7 per with a number of overseas investors that them in the deleveraging process, with the cent IPD Total Portfolio Return* in 2008, might have appetite for appropriately timed result that the financing burden in the compared to the IPD UK Annual Property investment and development risk as well as market generally, for the foreseeable future, Index of a negative 22.1 per cent. exposure to Central London, especially given may remain with shareholders to ensure the recent decline in Sterling alongside the capital adequacy within the sector. In the Outlook significant fall in the property values. From final analysis, the Government is the lender At some stage, the low point in the market a property acquisition point of view, I do not of last resort and it would come as no will be reached. In the likely absence of any anticipate that your Company will remain surprise to see it having further recourse to significant new real estate finance becoming on the sidelines of the market for very much the printing presses, eventually leading the available from the banking sector, it would longer, as pricing of property continues to economy back to an inflationary environment. appear that property values will only be move towards its eventual low point. I believe that, since we have a business underpinned when cash investors, perhaps model that has traditionally faced towards with modest levels of gearing, enter the equity rather than debt, our expertise will market in a meaningful way.
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