REG - Land Sec. Group PLC - Half-yearly results <Origin Href="QuoteRef">LAND.L</Origin> - Part 4
14/11/2017 07:06
- Part 4: For the preceding part double click ID:nRSN3778Wc
1,047 389 733 437 134 1,948 58 2,006
Trade and other payables and provisions (100) (173) (39) (12) (32) (2) (179) (5) (184)
Current liabilities (100) (173) (39) (12) (32) (2) (179) (5) (184)
Non-current financial liabilities - - (142) (16) - (17) (88) - (88)
Non-current liabilities - - (142) (16) - (17) (88) - (88)
Total liabilities (100) (173) (181) (28) (32) (19) (267) (5) (272)
Net assets 1,055 874 208 705 405 115 1,681 53 1,734
Market value of investment properties(2) 1,135 815 379 707 411 93 1,770 42 1,812
Net cash/(debt) 16 43 (166) (12) 10 13 (48) 2 (46)
1. Previously called Metro Shopping Fund Limited Partnership.
2. The difference between the book value and the market value of investment properties is the amount recognised in
respect of lease incentives, head leases capitalised and properties treated as finance leases, where applicable.
Joint ventures 20 Fenchurch Street Limited Partnership Nova, Victoria The Southside Limited Partnership(1) St. David's Limited Partnership Westgate Oxford Alliance Partnership The Oriana Limited Partnership Individually material Other Total
JVs (Group share)
Net investment 50% 50% 50% 50% 50% 50% 50% Group share Group share
£m £m £m £m £m £m £m £m £m
At 1 April 2016 491 414 103 366 126 95 1,595 73 1,668
Total comprehensive (loss)/income (4) 36 2 (1) - - 33 - 33
Cash contributed - - - - 32 - 32 - 32
Loan advances 7 23 - - - - 30 - 30
Loan repayments - - - (7) - - (7) - (7)
Cash distributions - - (2) - - (36) (38) (3) (41)
Disposal of investment - - - - - - - (7) (7)
At 30 September 2016 494 473 103 358 158 59 1,645 63 1,708
Total comprehensive income/(loss) 32 (13) 3 4 10 (1) 35 1 36
Cash contributed - - - - 35 - 35 - 35
Loan advances 1 14 - - - - 15 - 15
Loan repayments - (37) (1) (9) - - (47) - (47)
Other distributions - - - - - - - (12) (12)
Cash distributions - - (1) - - (1) (2) - (2)
Disposal of investment - - - - - - - 1 1
At 31 March 2017 527 437 104 353 203 57 1,681 53 1,734
Total comprehensive income/(loss) 4 9 3 (3) 4 1 18 5 23
Cash contributed - 13 - - 46 - 59 8 67
Cash distributions - (65) (27) (7) - (46) (145) (1) (146)
Disposal of investment (531) - - - - - (531) - (531)
At 30 September 2017 - 394 80 343 253 12 1,082 65 1,147
1. Previously known as Metro Shopping Fund Limited Partnership.
13. Capital structure
30 September 2017 31 March 2017
Group Joint ventures Adjustment for non-wholly owned subsidiaries(1) Combined Group Joint Adjustment for non-wholly owned subsidiaries(1) Combined
ventures
£m £m £m £m £m £m £m £m
Property portfolio
Market value of investment properties 13,042 1,225 (36) 14,231 12,662 1,812 (35) 14,439
Trading properties 111 77 - 188 122 126 - 248
Total property portfolio (a) 13,153 1,302 (36) 14,419 12,784 1,938 (35) 14,687
Net debt
Borrowings 3,138 8 - 3,146 2,949 93 - 3,042
Monies held in restricted accounts and deposits (9) - - (9) (21) - - (21)
Cash and cash equivalents (205) (34) - (239) (30) (49) - (79)
Fair value of interest-rate swaps (3) - - (3) 2 2 - 4
Fair value of foreign exchange swaps 5 - - 5 5 - - 5
Net debt (b) 2,926 (26) - 2,900 2,905 46 - 2,951
Less: Fair value of interest-rate swaps 3 - - 3 (2) (2) - (4)
Reverse bond exchange de-recognition (note 14) 247 - - 247 314 - - 314
Adjusted net debt (c) 3,176 (26) - 3,150 3,217 44 - 3,261
Adjusted total equity
Total equity (d) 10,863 - - 10,863 11,516 - - 11,516
Fair value of interest-rate swaps (3) - - (3) 2 2 - 4
Reverse bond exchange de-recognition (note 14) (247) - - (247) (314) - - (314)
Adjusted total equity (e) 10,613 - - 10,613 11,204 2 - 11,206
Gearing (b/d) 26.9% 26.7% 25.2% 25.6%
Adjusted gearing (c/e) 29.9% 29.7% 28.7% 29.1%
Group LTV (c/a) 24.1% 21.8% 25.2% 22.2%
Security Group LTV 24.5% 28.3%
Weighted average cost of debt 3.8% 3.8% 4.2% 4.2%
1. This represents the interest in X-Leisure which we do not own, but which is consolidated in the Group numbers.
14. Borrowings
30 September 2017 31 March 2017
Secured/ Fixed/ Effective Nominal/ notional value£m Fair Book value£m Nominal/ notional value£m Fair Book value£m
unsecured floating interest rate% value£m value£m
Current borrowings
Sterling
5.253% QAG Bond Secured Fixed 5.3 - - - 18 22 18
Money market funds Unsecured Floating LIBOR + margin 23 23 23 - - -
Commercial paper
Sterling Unsecured Floating LIBOR + margin 5 5 5 3 3 3
Euro Unsecured Floating LIBOR + margin 312 312 312 261 261 261
Swiss Franc Unsecured Floating LIBOR + margin - - - 28 28 28
US Dollar Unsecured Floating LIBOR + margin 9 9 9 94 94 94
Total current borrowings 349 349 349 404 408 404
Non-current borrowings
Sterling
A3 5.425% MTN due 2022 Secured Fixed 5.5 46 52 46 46 53 46
A10 4.875% MTN due 2025 Secured Fixed 5.0 28 33 28 28 34 28
A12 1.974% MTN due 2026 Secured Fixed 2.0 400 404 399 400 411 399
A4 5.391% MTN due 2026 Secured Fixed 5.4 27 33 27 27 33 27
A5 5.391% MTN due 2027 Secured Fixed 5.4 585 727 583 585 749 583
A6 5.376% MTN due 2029 Secured Fixed 5.4 99 126 98 318 420 317
A13 2.399% MTN due 2031 Secured Fixed 2.4 300 305 299 300 314 299
A7 5.396% MTN due 2032 Secured Fixed 5.4 321 428 320 321 441 320
A11 5.125% MTN due 2036 Secured Fixed 5.1 217 292 217 500 689 499
A14 2.625% MTN due 2039 Secured Fixed 2.6 500 498 493 - - -
A15 2.750% MTN due 2059 Secured Fixed 2.8 500 505 495 - - -
Bond exchange de-recognition adjustment (247) (314)
3,023 3,403 2,758 2,525 3,144 2,204
5.253% QAG Bond Secured Fixed 5.3 - - - 255 310 255
Syndicated bank debt Secured Floating LIBOR + margin - - - 55 55 55
Amounts payable under finance leases Unsecured Fixed 5.7 31 46 31 31 42 31
Total non-current borrowings 3,054 3,449 2,789 2,866 3,551 2,545
Total borrowings 3,403 3,798 3,138 3,270 3,959 2,949
Reconciliation of the movement in borrowings Six months ended Year ended
30 September 2017 31 March 2017
£m £m
At the beginning of the period 2,949 2,873
Proceeds from new borrowings 23 361
Repayment of borrowings (151) (391)
Redemption of MTNs (502) (690)
Amortisation of bond exchange de-recognition adjustment on redeemed MTNs 57 30
Redemption of QAG Bond (273) -
Issue of MTNs (net of finance fees) 988 698
Amortisation of bond exchange de-recognition adjustment 10 24
Foreign exchange movement on non-Sterling borrowings 36 23
Other 1 21
At the end of the period 3,138 2,949
Medium term notes
The MTNs are secured on the fixed and floating pool of assets of the Security Group. Debt investors benefit from security
over a pool of investment properties, development properties and the Group's investment in the X-Leisure fund, Westgate
Oxford Alliance Limited Partnership, Nova, Victoria, and St. David's Limited Partnership, in total valued at £13.8bn at 30
September 2017 (31 March 2017: £12.9bn). The secured debt structure has a tiered operating covenant regime which gives the
Group substantial flexibility when the loan-to-value and interest cover in the Security Group are less than 65% and more
than 1.45 times respectively. If these limits are exceeded, the operating environment becomes more restrictive with
provisions to encourage a reduction in gearing. The interest rate of each MTN is fixed until the expected maturity, being
two years before the legal maturity date of the MTN, whereupon the interest rate for the last two years may either become
floating on a LIBOR basis plus an increased margin (relative to that at the time of issue), or subject to a fixed coupon
uplift, depending on the terms and conditions of the specific notes.
The effective interest rate is based on the coupon paid and includes the amortisation of issue costs. The MTNs are listed
on the Irish Stock Exchange and their fair values are based on their respective market prices.
On 22 September 2017, the Group purchased £502m of MTNs for a premium of £171m, with associated costs of £2m. The Group
repurchased £219m of its A6 MTN due in 2029 and £283m of its A11 MTN due in 2036. On the same date, the Group issued a
£500m 2.625% MTN due in 2039 and a £500m 2.750% MTN due in 2059. Costs associated with the issues of the new MTNs of £12m
have been capitalised within non-current borrowings.
MTN purchases Six months ended30 September 2017 Year ended31 March 2017
Purchases£m Premium£m Purchases£m Premium£m
A3 5.425% MTN due 2022 - - 209 29
A10 4.875% MTN due 2025 - - 272 57
A4 5.391% MTN due 2026 - - 184 44
A5 5.391% MTN due 2027 - - 23 6
A7 5.396% MTN due 2032 - - 2 1
A6 5.376% MTN due 2029 219 69 - -
A11 5.125% MTN due 2036 283 102 - -
502 171 690 137
Syndicated and bilateral bank debt Maturity as at Authorised Drawn Undrawn
30 September 2017
30 Sept 31 March 30 Sept 31 March 30 Sept 31 March
2017 2017 2017 2017 2017 2017
£m £m £m £m £m £m
Syndicated debt 2022-23 1,815 1,815 - 55 1,815 1,760
Bilateral debt 2021 125 125 - - 125 125
1,940 1,940 - 55 1,940 1,885
The terms of the Security Group funding arrangements require undrawn facilities to be reserved where syndicated and
bilateral facilities mature within one year, or where commercial paper has been issued. Accordingly, the Group's available
undrawn facilities at 30 September 2017 were £1,610m (31 March 2017: £1,499m), compared with undrawn facilities of £1,940m
(31 March 2017: £1,885m).
All syndicated and bilateral facilities are committed and secured on the assets of the Security Group. In the six month
period ended 30 September 2017, the amounts drawn under the Group's bilateral facilities and syndicated bank debt decreased
by £55m.
Queen Anne's Gate Bond
In two tranches, on 25 April 2017 and 9 May 2017, the Group repurchased the £273m QAG Bond in its entirety for a premium to
nominal value of £61m, with associated costs of £1m.
Fair values
The fair values of any floating rate financial liabilities are assumed to be equal to their nominal value. The fair values
of the MTNs and the QAG Bond fall within Level 1, the syndicated and bilateral facilities, commercial paper, interest-rate
swaps and foreign exchange swaps fall within Level 2, and the amounts payable under finance leases fall within Level 3, as
defined by IFRS 13. The fair value of the amounts payable under finance leases is determined using a discount rate of 3.8%
(31 March 2017: 4.2%).
Bond exchange de-recognition
On 3 November 2004, a debt refinancing was completed resulting in the Group exchanging all of its outstanding bond and
debenture debt for new MTNs with higher nominal values. The new MTNs did not meet the IAS 39 conditions to be considered
substantially different from the debt that they replaced. Consequently, the book value of the new debt is reduced to the
book value of the original debt by the 'bond exchange de-recognition' adjustment which is then amortised to zero over the
life of the new MTNs. The amortisation is included in finance expense in the income statement, as part of the Capital and
other items column.
15. Capital distribution
On 27 September 2017, the Group's shareholders approved a return of capital to shareholders of £475m through the issue of
new B shares, which the Group then redeemed in order to return 60p per ordinary share to shareholders, reducing the Group's
share premium account. The capital distribution was paid on 13 October 2017.
Following the redemption of the B shares, there was a share consolidation in the ratio of 15 ordinary shares for every 16
existing shares. The share consolidation did not result in a change in the carrying value of the Group's share capital, but
reduced the number of ordinary shares in issue to 751,276,560 of which 9,839,179 were held in Treasury at 30 September
2017.
16. Related party transactions
There have been no related party transactions during the period that require disclosure under Section 4.2.8 (R) of the
Disclosure and Transparency Rules or under IAS 34 Interim Financial Reporting.
17. Events after the reporting period
On 13 October 2017, the Group paid the £475m capital distribution (note 15), which was approved by shareholders on 27
September 2017.
Business analysis
Table 15: Alternative performance measures
The Group has applied the European Securities and Markets Authority (ESMA) 'Guidelines on Alternative Performance Measures'
in these half-yearly results. In the context of these results, an alternative performance measure (APM) is a financial
measure of historical or future financial performance, position or cash flows of the Group which is not a measure defined
or specified in IFRS.
The table below summarises the APMs included in these half-yearly results, where the definitions and reconciliations of
these measures can be found, as well where further discussion is included. The definitions of all APMs are included in the
Glossary and further discussion of these measures can be found in the Financial review.
Nearest IFRS measure Reconciliation
Revenue profit Profit before tax Note 3
Adjusted earnings Profit attributable to shareholders Note 4
Adjusted earnings per share Basic earnings per share Note 4
Adjusted diluted earnings per share Diluted earnings per share Note 4
Adjusted net assets Net assets attributable to shareholders Note 4
Adjusted net assets per share Net assets attributable to shareholders Note 4
Adjusted diluted net assets per share Net assets attributable to shareholders Note 4
Total business return n/a Note 4
Combined Portfolio Investment properties Note 10
Adjusted net debt Borrowings Note 13
Group LTV n/a Note 13
Table 16: EPRA performance measures
30 September 2017
Definition for EPRA measure Notes Landsecmeasure EPRAmeasure
Adjusted earnings Recurring earnings from core operational activity(1) 4 £203m £193m
Adjusted earnings per share Adjusted earnings per weighted number of ordinary shares(1) 4 25.7p 24.5p
Adjusted diluted earnings per share Adjusted diluted earnings per weighted number of ordinary 4 25.7p 24.5p
shares(1)
Adjusted net assets Net assets adjusted to exclude fair value movements on interest-rate swaps(2) 4 £10,613m £10,860m
Adjusted diluted net assets per share Adjusted diluted net assets per share(2) 4 1,432p 1,466p
Triple net assets Adjusted net assets amended to include the fair value of financial instruments and debt £10,199m £10,199m
Diluted triple net assets per share Diluted triple net assets per share 1,376p 1,376p
Net initial yield (NIY) Annualised rental income less non-recoverable costs as a % of market value plus assumed purchasers' costs(3) 3.7% 4.2%
Topped-up NIY NIY adjusted for rent free periods(3) 4.3% 4.5%
Voids/vacancy rate ERV of vacant space as a % of ERV of Combined Portfolio excluding the development programme(4) 2.9% 2.8%
Cost ratio Total costs as a percentage of gross rental income (including direct vacancy costs)(5) 18.4% 20.3%
Total costs as a percentage of gross rental income (excluding direct vacancy costs)(5) n/a 17.5%
1. EPRA adjusted earnings and EPRA adjusted earnings per share include the amortisation of bond exchange de-recognition
adjustment of £10m.
2. EPRA adjusted net assets and adjusted diluted net assets per share include the bond exchange de-recognition
adjustment of £247m.
3. Our NIY and Topped-up NIY relate to the Combined Portfolio, excluding properties in the development programme that
have not yet reached practical completion, and are calculated by our external valuer. EPRA NIY and EPRA Topped-up NIY
calculations are consistent with ours, but exclude all developments.
4. Our measure reflects voids in our like-for-like portfolio only. The EPRA measure reflects voids in the Combined
Portfolio excluding only the development programme.
5. The EPRA cost ratio is calculated based on gross rental income after rents payable, whereas our measure is based on
gross rental income before rents payable. We do not calculate a cost ratio excluding direct vacancy costs as we do not
consider this to be helpful.
Table 17: Top 12 occupiers at 30 September 2017
% of Group rent(1)
Deloitte 5.1
Central Government 5.1
Accor 4.9
Mizuho Bank 1.7
Boots 1.5
Sainsbury's 1.2
Taylor Wessing 1.2
M&S 1.1
H&M 1.1
K&L Gates 1.1
Next 1.1
Cineworld 1.1
26.2
1. On a proportionate basis.
Table 18: Development pipeline and trading property development schemes at 30 September 2017
Development pipeline
Developments after practical completion
Nova, Victoria, SW1 Office 50 481,400 53 411 20 Apr 2017 259 259
Retail 79,200 99
Developments approved or in progress
Westgate Oxford Retail 50 800,000 83 240 14 Oct 2017 190 212
Selly Oak, Birmingham Retail 50 190,000 90 12 3 Sep 2018 9 30
Proposed developments
21 Moorfields, EC2 Office 100 564,000 n/a n/a n/a 2021 n/a n/a
Developments let and transferred or sold
The Zig Zag Building, SW1(1) Office 100 192,700 94 n/a(2) 17 Nov 2015 182 182
Retail 38,700 100
20 Eastbourne Terrace, W2 Office 100 92,800 100 n/a(2) 6 May 2016 67 67
Oriana, W1 - Phase II(3) Retail 50 30,700 100 n/a(2) n/a n/a n/a n/a
Oriana, W1 - Phase II(3)
Retail
50
30,700
100
n/a(2)
n/a
n/a
n/a
n/a
1. Includes retail within Kings Gate, SW1.
2. Once properties are transferred from the development pipeline, we do not report on their individual value.
3. This represents the disposal of 28-32 Oxford Street, W1.
Where the property is not 100% owned, floor areas and letting status shown above represent the full scheme whereas all
other figures represent our proportionate share. Letting % is measured by ERV and shows letting status at 30 September
2017. Trading property development schemes are excluded from the development pipeline.
Total development cost
Refer to glossary for definition. Of the properties in the development pipeline at 30 September 2017, the only properties
on which interest was capitalised on the land cost were Westgate Oxford and Nova, Victoria, SW1.
Net income/ERV
Net income/ERV represents headline annual rent on let units plus ERV at 30 September 2017 on unlet units, both after rents
payable.
Trading property development schemes
Kings Gate, SW1 Residential 100 108,600 100 98 Oct 2015 163 163
Nova, Victoria, SW1 Residential 50 166,800 170 89 Apr 2017 146 146
Oriana, W1 - Phase II Residential 50 20,200 18 50 Oct 2017 16 16
Westgate Oxford Residential 50 36,700 59 25 Dec 2017 8 10
Westgate Oxford
Residential
50
36,700
59
25
Dec 2017
8
10
Table 19: Combined Portfolio value by location at 30 September 2017
Shopping centres and shops Retail parks Offices Hotels, leisure, residential Total
& other
% % % % %
Central, inner and outer London 14.2 0.2 43.9 3.8 62.1
South East and East 11.6 3.6 - 3.1 18.3
Midlands - 0.6 - 0.5 1.1
Wales and South West 3.5 0.5 - 0.3 4.3
North, North West, Yorkshire and Humberside 7.8 0.9 0.1 1.6 10.4
Scotland and Northern Ireland 2.8 0.3 - 0.7 3.8
Total 39.9 6.1 44.0 10.0 100.0
% figures calculated by reference to the Combined Portfolio value of £14.2bn.
Table 20: Combined Portfolio performance relative to IPD
Total property returns - period ended 30 September 2017
Landsec IPD (1)
% %
Retail - Shopping centres 1.6 1.4
- Retail parks 4.1 3.7 (2)
Central London shops 1.2 5.8
Central London offices 3.0 3.8
Total 2.5 (3) 5.0
1. IPD Quarterly Universe.
2. IPD Retail Warehouses Quarterly Universe.
3. Includes leisure, hotel portfolio and other.
Table 21: Combined Portfolio analysis
Like-for-like segmental analysis
Market value(1) Valuation Rental income(3) Annualised rental income(4) Annualised netrent(5) Net estimated rental value(6)
movement(2)
30 September 2017 31 March 2017 Surplus/ (deficit) Surplus/ (deficit) 30 September 2017 30 September 2016 30 September 2017 30 September 2017 31 March 2017 30 September 2017 31 March 2017
£m £m £m % £m £m £m £m £m £m £m
Retail Portfolio
Shopping centres and shops 3,635 3,633 (24) (0.7%) 97 95 186 182 178 195 194
Retail parks 861 855 3 0.4% 26 26 52 51 51 52 51
Leisure and hotels 1,371 1,367 (1) (0.1%) 40 43 82 76 79 82 82
Other 18 20 (2) (8.2%) 1 1 1 1 2 2 2
Total Retail Portfolio 5,885 5,875 (24) (0.4%) 164 165 321 310 310 331 329
London Portfolio
West End 2,406 2,436 (35) (1.5%) 53 51 105 106 105 116 117
City 727 726 3 0.4% 15 14 30 32 32 40 40
Mid-town 1,011 1,013 (2) (0.2%) 20 20 40 44 43 49 49
Inner London 324 323 - 0.2% 7 7 14 15 15 17 17
Total London offices 4,468 4,498 (34) (0.8%) 95 92 189 197 195 222 223
Central London shops 1,347 1,335 4 0.3% 20 24 36 36 37 60 60
Other 42 41 (2) (3.7%) 1 1 1 1 1 1 1
Total London Portfolio 5,857 5,874 (32) (0.6%) 116 117 226 234 233 283 284
Like-for-like portfolio(10) 11,742 11,749 (56) (0.5%) 280 282 547 544 543 614 613
Proposed developments(3) 110 73 18 19.4% - - - - - - -
Development programme(11) 663 585 22 3.4% 6 - 19 - (1) 37 35
Completed developments(3) 1,379 1,357 5 0.4% 26 19 55 9 5 63 64
Acquisitions(12) 337 4 (8) (2.2%) 11 - 29 28 - 24 -
Sales(13) - 671 - - 8 18 - - 23 - 31
Combined Portfolio 14,231 14,439 (19) (0.1%) 331 319 650 581 570 738 743
Properties treated as finance leases (4) (5)
Combined Portfolio 14,231 14,439 (19) (0.1%) 327 314
Total portfolio analysis
Market value(1) Valuation Rental income(3) Annualised rental income(4) Annualised netrent(5) Net estimated rental value(6)
movement(2)
30 September 2017 31 March 2017 Surplus/ (deficit) Surplus/ (deficit) 30 September 2017 30 September 2016 30 September 2017 30 September 2017 31 March 2017 30 September 2017 31 March 2017
£m £m £m % £m £m £m £m £m £m £m
Retail Portfolio
Shopping centres and shops 4,206 3,860 (25) (0.6%) 109 96 223 208 179 232 210
Retail parks 873 861 7 0.9% 26 26 52 51 51 53 51
Leisure and hotels 1,377 1,384 (1) (0.1%) 40 50 82 77 80 83 83
Other 18 20 (2) (8.3%) 1 1 1 1 2 2 2
Total Retail Portfolio 6,474 6,125 (21) (0.3%) 176 173 358 337 312 370 346
London Portfolio
West End 3,237 3,247 (25) (0.8%) 66 58 131 110 107 156 156
City 1,338 1,853 26 2.1% 32 33 49 35 53 62 88
Mid-town 1,341 1,336 (1) (0.1%) 27 21 56 43 42 66 67
Inner London 324 323 - 0.2% 7 7 14 15 15 17 17
Total London offices 6,240 6,759 - - 132 119 250 203 217 301 328
Central London shops 1,472 1,514 3 0.2% 22 26 41 40 40 66 68
Other 45 41 (1) (2.3%) 1 1 1 1 1 1 1
Total London Portfolio 7,757 8,314 2 - 155 146 292 244 258 368 397
Combined Portfolio 14,231 14,439 (19) (0.1%) 331 319 650 581 570 738 743
Properties treated as finance leases (4) (5)
Combined Portfolio 14,231 14,439 (19) (0.1%) 327 314
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