REG - Land Sec. Group PLC - Preliminary Results to 31 March 2016 <Origin Href="QuoteRef">LAND.L</Origin> - Part 6
17/05/2016 07:06
- Part 6: For the preceding part double click ID:nRSQ4006Ye
Combined Portfolio 8.7 8.9
1. Mean is the rent weighted average of the unexpired lease term across all leases (excluding short-term leases). Term
is defined as the earlier of tenant break or expiry.
Table 19: Development pipeline financial summary
Cumulative movements on the development programme to 31 March 2016 Total scheme details(1)
Market value at start of scheme Capital expenditure incurred to date Capitalised interest to date Valuation surplus/(deficit) Disposals, SIC15 rent Market value at 31 March 2016 Estimated total capital expenditure(3) Estimated total capitalised interest Estimated total development cost(4) Net Income/ ERV(5) Valuation surplus/ (deficit) for the year ended 31 March 2016(2)
to date(2) and other adjustments
£m £m £m £m £m £m £m £m £m £m £m
Developments let and transferred or sold
Shopping centres and shops - - - - - - - - - - -
Retail parks - - - - - - - - - - -
London Portfolio 110.6 287.3 17.2 524.7 46.6 986.4 287.3 17.2 415.1 41.1 110.1
110.6 287.3 17.2 524.7 46.6 986.4 287.3 17.2 415.1 41.1 110.1
Developments after practical completion, approved or in progress
Shopping centres and shops 30.0 43.8 3.1 21.9 1.6 100.4 178.5 11.4 219.9 13.9 11.0
Retail parks - - - - - - - - - - -
London Portfolio 348.7 574.9 49.3 810.7 (86.5) 1,697.1 551.4 52.3 952.4 87.7 242.0
378.7 618.7 52.4 832.6 (84.9) 1,797.5 729.9 63.7 1,172.3 101.6 253.0
Movement on proposed developments for the year ended 31 March 2016
Proposed developments
Shopping centres and shops - - - - - - - - - - -
Retail parks 2.5 1.3 - (0.2) (0.1) 3.5 45.3 0.9 49.7 2.5 (0.2)
London Portfolio - - - - - - - - - - -
2.5 1.3 - (0.2) (0.1) 3.5 45.3 0.9 49.7 2.5 (0.2)
1. Total scheme details exclude properties sold in the year.
2. Includes profit realised on the disposal of investment properties and any surplus or deficit on investment properties
transferred to trading.
3. For proposed development properties the estimated total capital expenditure represents the outstanding costs required
to complete the scheme as at 31 March 2016.
4. Includes the property at its market value at the start of the financial year in which the property was added to the
development programme together with estimated capitalised interest. For proposed development properties, the market value
of the property at 31 March 2016 is included in the estimated total cost. Estimated total development cost includes the
cost of residential properties in the development programme (£11.0m for the Retail Portfolio). Estimated costs for proposed
schemes could still be subject to material change prior to final approval.
5. Net headline annual rent on let units plus net ERV at 31 March 2016 on unlet units.
Table 20: Reconciliation of segment reporting to statutory reporting
The table below reconciles the Group's income statement to the segment note (note 2 to the financial statements). The
Group's income statement is prepared using the equity accounting method for joint ventures and includes 100% of the results
of the Group's non-wholly owned subsidiaries. In contrast, the segment note is prepared on a proportionately consolidated
basis and excludes the non-wholly owned share of the Group's subsidiaries. This is consistent with the financial
information reviewed by management.
Year ended 31 March 2016
Group income statement£m Joint Proportionate share of Total£m Revenue Capital and other items£m
ventures(1)£m earnings(2)£m profit£m
Rental income 603.4 49.5 (2.6) 650.3 650.3 -
Finance lease interest 10.2 - - 10.2 10.2 -
Gross rental income (before rents payable) 613.6 49.5 (2.6) 660.5 660.5 -
Rents payable (10.7) (1.1) - (11.8) (11.8) -
Gross rental income (after rents payable) 602.9 48.4 (2.6) 648.7 648.7 -
Service charge income 94.1 8.5 (0.6) 102.0 102.0 -
Service charge expense (96.4) (9.8) 0.5 (105.7) (105.7) -
Net service charge expense (2.3) (1.3) (0.1) (3.7) (3.7) -
Other property related income 36.2 1.7 - 37.9 37.9 -
Direct property expenditure (72.3) (7.2) 0.3 (79.2) (79.2) -
Net rental income 564.5 41.6 (2.4) 603.7 603.7 -
Indirect expenses (80.1) (1.9) - (82.0) (82.0) -
Other income 3.7 - - 3.7 3.7 -
488.1 39.7 (2.4) 525.4 525.4 -
Impairment of long-term development contracts (0.1) 0.1 - - - -
Profit on disposal of trading properties 40.7 - - 40.7 - 40.7
Profit on disposal of investment properties 75.1 3.6 - 78.7 - 78.7
Net surplus on revaluation of investment properties 738.4 171.5 (2.5) 907.4 - 907.4
Movement in impairment of trading properties 11.5 4.4 - 15.9 - 15.9
Amortisation of intangible asset (1.5) - - (1.5) - (1.5)
Head office relocation (5.6) - - (5.6) - (5.6)
Operating profit 1,346.6 219.3 (4.9) 1,561.0 525.4 1,035.6
Interest income 35.1 - - 35.1 35.1 -
Interest expense (239.0) (20.1) - (259.1) (198.4) (60.7)
Impairment of goodwill (0.9) - - (0.9) - (0.9)
Revaluation of redemption liabilities (4.6) - 4.9 0.3 - 0.3
Joint venture taxation - (0.8) - (0.8) - (0.8)
Share of post-tax profit from joint ventures 198.4 (198.4) - - - -
Profit before tax 1,335.6 - - 1,335.6 362.1 973.5
Income tax 2.4 - - 2.4 - 2.4
Profit for the year 1,338.0 - - 1,338.0 362.1 975.9
1. Reallocation of the share of post-tax profit from joint ventures reported in the Group income statement to the
individual line items reported in the segment note.
2. Removal of the non-wholly owned share of results of the Group's subsidiaries. The non-wholly owned subsidiaries are
consolidated at 100% in the Group's income statement, but only the Group's share is included in revenue profit reported in
the segment note.
Table 21: Acquisitions and disposals
Year ended 31 March 2016
Group (excl. joint ventures)£m Joint ventures£m Adjustment for proportionate share£m Consolidation adjustments(1)£m Combined Portfolio£m
Investment properties
Net book value at the beginning of the year 12,158.0 1,403.0 (31.8) - 13,529.2
Acquisitions 156.9 24.7 - (58.2) 123.4
Capital expenditure 194.8 117.3 (0.1) - 312.0
Capitalised interest 9.2 12.8 - - 22.0
Disposals (899.6) (99.4) 0.8 58.2 (940.0)
Valuation surplus 738.4 171.5 (2.5) - 907.4
Net book value at the end of the year 12,357.7 1,629.9 (33.6) - 13,954.0
Profit on disposal 75.1 3.6 - - 78.7
Disposal of asset held for sale (283.4) - - - (283.4)
Trading properties
Net book value at the beginning of the year 222.3 114.9 - - 337.2
Acquisitions - - - - -
Capital expenditure 27.0 33.6 - - 60.6
Capitalised interest 2.3 4.2 - - 6.5
Disposals (139.7) - - - (139.7)
Movement in impairment 11.5 4.4 - - 15.9
Net book value at the end of the year 123.4 157.1 - - 280.5
Profit on disposal 40.7 - - - 40.7
Acquisitions, development and refurbishment expenditure £m
Acquisitions of investment property 123.4
Capital expenditure - investment property 312.0
Capital expenditures - trading property 60.6
Acquisitions, development and refurbishment expenditure 496.0
Disposals £m
Net book value - investment property disposals 940.0
Net book value - trading property disposals 139.7
Profit on disposal - investment property 78.7
Profit on disposal - trading property 40.7
Disposal of non-current asset held for sale 283.4
Other 10.6
Total disposal proceeds 1,493.1
1. Consolidation adjustments relate to the acquisition by the Group of its partners' interests in certain assets held in
joint ventures.
Investor information
1. Group website: www.landsecurities.com
The Group's half-yearly and annual reports to shareholders and results announcements and presentations are available to
view and download from the website. The website also provides details of the current Land Securities share price, the
latest news about the Group, its properties and operations, and details of future events and how to obtain further
information.
2. Registrar: Equiniti Group PLC
Enquiries concerning shareholdings, dividends and changes in personal details should be referred to the Company's
registrar, Equiniti Group PLC (Equiniti), in the first instance. They can be contacted using the details below:
Telephone:
· Tel: 0371 384 2128
· +44 121 415 7049 (from outside the UK)
· Lines are open from 08:30 to 17:30, Monday to Friday, excluding UK public holidays
Correspondence address:
Equiniti Group PLC
Aspect House
Spenser Road
Lancing
West Sussex
BN99 6DA
Information on how to manage your shareholding can be found at https://help.shareview.co.uk. If you are not able to find
the answer to your question within the general Help information page, a personal enquiry can be sent directly through
Equiniti's secure e-form on their website. Please note that you will be asked to provide your name, address, shareholder
reference number and a valid e-mail address. Alternatively, shareholders can view and manage their shareholding through the
Land Securities share portal which is hosted by Equiniti - simply visit https://portfolio.shareview.co.uk and follow the
registration instructions.
3. Shareholder enquiries
If you have an enquiry about the Company's business or about something affecting you as a shareholder (other than queries
which are dealt with by the Registrar), please email Investor Relations (see details in 8. below).
4. Share dealing services: www.shareview.co.uk
The Company's shares can be traded through most banks, building societies and stockbrokers. They can also be traded through
Equiniti. To use their service, shareholders should contact Equiniti: 0345 603 7037 from the UK. Lines are open Monday to
Friday 08:30 to17:30, excluding UK public holidays.
5. 2015/16 final dividend
The Board has recommended a final dividend for the year ended 31 March 2016 of 10.55p per ordinary share to be paid as a
Property Income Distribution (PID). Subject to shareholders' approval at the Annual General Meeting, the final dividend
will be paid on 28 July 2016 to shareholders registered at the close of business on 24 June 2016. The total dividend paid
and recommended in respect of the year ended 31 March 2016 is 35.0p (2015: 31.85p).The first quarterly dividend for the
year ended 31 March 2017 will be 8.95p per ordinary share. It will be paid entirely as a PID on 7 October 2016 to
shareholders on the register at the close of business on 9 September 2016.
6. Dividend related services
· Dividend payments to UK shareholders - Dividend Mandates
Land Securities recommends that dividends are paid directly into a nominated bank or building society account through the
Bankers Automated Clearing System (BACS). This service provides cleared funds on the dividend payment date, is more secure
than sending a cheque by post and avoids the inconvenience of paying each dividend by cheque. This arrangement is only
available in respect of dividends paid in sterling.
· Dividend payments to overseas shareholders - International Payment Service
For international shareholders who would prefer to receive payment of their dividends in local currency and directly into
their local bank account, an Overseas Payment Service (OPS) is available. This can be more convenient and effective than
otherwise receiving dividend payments by sterling cheque or into a UK bank account.
The OPS service is available from Equiniti who, in partnership with Citibank, may be able to convert sterling dividends
into your local currency at competitive rates and either arrange for those funds to be sent to you by currency draft or
credited to your bank account directly.
· Dividend Reinvestment Plan (DRIP)
A DRIP is available from Equiniti. This facility provides an opportunity by which shareholders can conveniently and easily
increase their holding in the Company by using their cash dividends to buy more shares. Participation in the DRIP will mean
that your dividend payments will be reinvested in Land Securities shares and these will be purchased on your behalf in the
market on, or as soon as practical after, the dividend payment date.
You may only participate in the DRIP if you are resident in the European Economic Area, Channel Islands or Isle of Man.
For further information (including terms and conditions) and to register for any of these dividend-related services, simply
visit www.shareview.co.uk.
7. Financial reporting calendar 2016/17
2016
Annual Report and AGM Notice mailed to shareholders 17 June
Annual General Meeting 21 July
Half-yearly results announcement 15 November
2017
Financial year end 31 March
Preliminary results announcement 16 May*
* Provisional date only
8. Investor relations enquiries
For investor relations enquiries, please contact Edward Thacker, Head of Investor Relations at Land Securities by telephone
on +44 (0)20 7413 9000 or by email at investor.relations@landsecurities.com.
Glossary
Adjusted earnings per share (Adjusted EPS)
Earnings per share based on revenue profit after related tax.
Adjusted net asset value (Adjusted NAV) per share
NAV per share adjusted to remove the effect of the de-recognition of the 2004 bond exchange and cumulative fair value
movements on interest-rate swaps and similar instruments.
Adjusted net debt
Net debt excluding cumulative fair value movements on interest-rate swaps, the adjustment arising from the de-recognition
of the bond exchange and amounts payable under finance leases. It generally includes the net debt of subsidiaries and joint
ventures on a proportionate basis.
Book value
The amount at which assets and liabilities are reported in the financial statements.
BREEAM
Building Research Establishment's Environmental Assessment Method.
Combined Portfolio
The Combined Portfolio comprises the investment properties of the Group's subsidiaries, on a proportionately consolidated
basis when not wholly owned, together with our share of investment properties held in our joint ventures. Unless stated
otherwise, references are to the Combined Portfolio when the investment property business is discussed.
Completed developments
Completed developments consist of those properties previously included in the development programme, which have been
transferred from the development programme since 1 April 2014.
Development pipeline
The development programme together with proposed developments.
Development programme
The development programme consists of committed developments (Board approved projects with the building contract let),
authorised developments (Board approved), projects under construction and developments which have reached practical
completion within the last two years but are not yet 95% let.
Diluted figures
Reported results adjusted to include the effects of potentially dilutive shares issuable under employee share schemes.
Dividend Reinvestment Plan (DRIP)
The DRIP provides shareholders with the opportunity to use cash dividends received to purchase additional ordinary shares
in the Company immediately after the relevant dividend payment date. Full details appear on the Company's website.
Earnings per share (EPS)
Profit after taxation attributable to owners of the parent divided by the weighted average number of ordinary shares in
issue during the period.
EPRA
European Public Real Estate Association.
EPRA net initial yield
EPRA net initial yield is defined within EPRA's Best Practice Recommendations as the annualised rental income based on the
cash rents passing at the balance sheet date, less non-recoverable property operating expenses, divided by the gross market
value of the property. It is consistent with the net initial yield calculated by the Group's external valuers.
Equivalent yield
Calculated by the Group's external valuers, equivalent yield is the internal rate of return from an investment property,
based on the gross outlays for the purchase of a property (including purchase costs), reflecting reversions to current
market rent and such items as voids and non-recoverable expenditure but ignoring future changes in capital value. The
calculation assumes rent is received annually in arrears.
ERV - Gross estimated rental value
The estimated market rental value of lettable space as determined biannually by the Group's external valuers. For
investment properties in the development programme, which have not yet reached practical completion, the ERV represents
management's view of market rents.
Fair value movement
An accounting adjustment to change the book value of an asset or liability to its market value (see also mark-to-market
adjustment).
Finance lease
A lease that transfers substantially all the risks and rewards of ownership from the lessor to the lessee.
Gearing
Total borrowings, including bank overdrafts, less short-term deposits, corporate bonds and cash, at book value, plus
cumulative fair value movements on financial derivatives as a percentage of total equity. For adjusted gearing, see note
13.
Gross market value
Market value plus assumed usual purchaser's costs at the reporting date.
Head lease
A lease under which the Group holds an investment property.
Interest Cover Ratio (ICR)
A calculation of a company's ability to meet its interest payments on outstanding debt. It is calculated using revenue
profit before interest, divided by net interest (excluding the mark-to-market movement on interest-rate swaps, foreign
exchange swaps, bond exchange de-recognition, capitalised interest and interest on the pension scheme assets and
liabilities). The calculation excludes joint ventures.
Interest-rate swap
A financial instrument where two parties agree to exchange an interest rate obligation for a predetermined amount of time.
These are generally used by the Group to convert floating-rate debt or investments to fixed rates.
Investment portfolio
The investment portfolio comprises the investment properties of the Group's subsidiaries, on a proportionately consolidated
basis where not wholly owned.
Joint venture
An entity in which the Group holds an interest and is jointly controlled by the Group and one or more partners under a
contractual arrangement. Decisions on financial and operating policies essential to the operation, performance and
financial position of the venture require each partner's consent.
Lease incentives
Any incentive offered to occupiers to enter into a lease. Typically the incentive will be an initial rent-free period, or a
cash contribution to fit-out or similar costs. For accounting purposes the value of the incentive is spread over the
non-cancellable life of the lease.
LIBOR
The London Interbank Offered Rate, the interest rate charged by one bank to another for lending money, often used as a
reference rate in bank facilities.
Like-for-like portfolio
The like-for-like portfolio includes all properties which have been in the portfolio since 1 April 2014, but excluding
those which are acquired, sold or included in the development pipeline at any time since that date.
Like-for-like managed properties
Properties in the like-for-like portfolio other than those in our joint ventures which we do not manage operationally.
Loan-to-value (LTV)
Group LTV is the ratio of adjusted net debt, including subsidiaries and joint ventures, to the sum of the market value of
investment properties and the book value of trading properties of the Group, its subsidiaries and joint ventures, all on a
proportionate basis, expressed as a percentage. For the Security Group, LTV is the ratio of net debt lent to the Security
Group divided by the value of secured assets.
Market value
Market value is determined by the Group's external valuers, in accordance with the RICS Valuation Standards, as an opinion
of the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing
seller in an arm's-length transaction after proper marketing.
Mark-to-market adjustment
An accounting adjustment to change the book value of an asset or liability to its market value (see also fair value
movement).
Net asset value (NAV) per share
Equity attributable to owners of the parent divided by the number of ordinary shares in issue at the period end.
Net initial yield
Net initial yield is a calculation by the Group's external valuers of the yield that would be received by a purchaser,
based on the Estimated Net Rental Income expressed as a percentage of the acquisition cost, being the market value plus
assumed usual purchasers' costs at the reporting date. The calculation is in line with EPRA guidance. Estimated Net Rental
Income is determined by the valuer and is based on the passing cash rent less ground rent at the balance sheet date,
estimated non-recoverable outgoings and void costs including service charges, insurance costs and void rates.
Net rental income
Net rental income is the net operational income arising from properties, on an accruals basis, including rental income,
finance lease interest, rents payable, service charge income and expense, other property related income, direct property
expenditure and bad debts. Net rental income is presented on a proportionate basis.
Outline planning consent
This gives consent in principle for a development, and covers matters such as use and building mass. Full details of the
development scheme must be provided in an application for 'reserved matters approval', including detailed layout, scale,
appearance, access and landscaping, before a project can proceed. An outline planning permission will lapse if the
submission of 'reserved matters' has not been made within three years, or if it has not been implemented within three years
or within two years of the final approval of 'reserved matters', unless otherwise expressly stated within conditions
attached to the permission itself or, for any permissions granted on or before 1 October 2009, a successful application has
been made to extend the time within which 'reserved matters' application can be submitted, or the overall limit for
commencement of development.
Over-rented
Space where the passing rent is above the ERV.
Passing cash rent
The estimated annual rent receivable as at the reporting date which includes estimates of turnover rent and estimates of
rent to be agreed in respect of outstanding rent review or lease renewal negotiations. Passing cash rent may be more or
less than the ERV (see over-rented, reversionary and ERV). Passing cash rent excludes annual rent receivable from units in
administration save to the extent that rents are expected to be received. Void units and units that are in a rent-free
period at the reporting date are deemed to have no passing cash rent. Although temporary lets of less than 12 months are
treated as void, income from temporary lets is included in passing cash rents.
Pre-let
A lease signed with an occupier prior to completion of a development.
Pre-development properties
Pre-development properties are those properties within the like-for-like portfolio which are being managed to align vacant
possession within a three year horizon with a view to redevelopment.
Property Income Distribution (PID)
A PID is a distribution by a REIT to its shareholders paid out of qualifying profits. A REIT is required to distribute at
least 90% of its qualifying profits as a PID to its shareholders.
Proposed developments
Proposed developments are properties which have not yet received final Board approval or are still subject to main planning
conditions being satisfied, but which are more likely to proceed than not.
Qualifying activities/Qualifying assets
The ownership (activity) of property (assets) which is held to earn rental income and qualifies for tax-exempt treatment
(income and capital gains) under UK REIT legislation.
Real Estate Investment Trust (REIT)
A REIT must be a publicly quoted company with at least three-quarters of its profits and assets derived from a qualifying
property rental business. Income and capital gains from the property rental business are exempt from tax but the REIT is
required to distribute at least 90% of those profits to shareholders. Corporation tax is payable on non-qualifying
activities in the normal way.
Rental value change
Increase or decrease in the current rental value, as determined by the Group's external valuers, over the reporting period
on a like-for-like basis.
Rental income
Rental income is as reported in the income statement, on an accruals basis, and adjusted for the spreading of lease
incentives over the term certain of the lease in accordance with SIC 15. It is stated gross, prior to the deduction of
ground rents and without deduction for operational outgoings on car park and commercialisation activities.
Return on average capital employed
Group profit before interest, plus joint venture profit before interest, divided by the average capital employed (defined
as shareholders' funds plus adjusted net debt).
Return on average equity
Group profit before tax plus joint venture tax divided by the average equity shareholders' funds.
Revenue profit
Profit before tax, excluding profits on the sale of non-current assets and trading properties, profits on long-term
development contracts, valuation movements, fair value movements on interest-rate swaps and similar instruments used for
hedging purposes, the adjustment to interest payable resulting from the amortisation of the bond exchange de-recognition
adjustment, debt restructuring charges, and any other items of an exceptional nature.
Reversionary or under-rented
Space where the passing rent is below the ERV.
Reversionary yield
The anticipated yield to which the initial yield will rise (or fall) once the rent reaches the ERV.
Scrip dividend
A scrip dividend is when shareholders are offered the opportunity to receive dividends in the form of shares instead of
cash.
Security Group
Security Group is the principal funding vehicle for Land Securities and properties held in the Security Group are mortgaged
for the benefit of lenders. It has the flexibility to raise a variety of different forms of finance.
Temporary lettings
Lettings for a period of one year or less. These are included within voids.
Topped-up net initial yield
Topped-up net initial yield is a calculation by the Group's external valuers. It is calculated by making an adjustment to
net initial yield in respect of the annualised cash rent foregone through unexpired rent-free periods and other lease
incentives. The calculation is consistent with EPRA guidance.
Total business return
Dividend paid per share, plus the change in adjusted diluted net asset value per share, divided by the adjusted diluted net
asset value per share at the beginning of the year.
Total cost ratio
Total cost ratio represents all costs included within revenue profit, other than rents payable and financing costs,
expressed as a percentage of gross rental income before rents payable.
Total development cost (TDC)
Total development cost refers to the book value of the site at the commencement of the project, the estimated capital
expenditure required to develop the scheme from the start of the financial year in which the property is added to our
development programme, together with capitalised interest, being the Group's borrowing costs associated with direct
expenditure on the property under development. Interest is also capitalised on the purchase cost of land or property where
it is acquired specifically for redevelopment. The TDC for trading property development schemes excludes any estimated tax
on disposal.
Total property return
Valuation movement, profit/loss on property sales and net rental income in respect of investment properties expressed as a
percentage of opening book value, together with the time weighted value for capital expenditure incurred during the current
year, on the combined property portfolio.
Total Shareholder Return (TSR)
The growth in value of a shareholding over a specified period, assuming that dividends are reinvested to purchase
additional units of the stock.
Trading properties
Properties held for trading purposes and shown as current assets in the balance sheet.
Turnover rent
Rental income which is related to an occupier's turnover.
Voids
Voids are expressed as a percentage of ERV and represent all unlet space, including voids where refurbishment work is being
carried out and voids in respect of pre-development properties. Temporary lettings for a period of one year or less are
also treated as voids.
Weighted average cost of capital (WACC)
Weighted average cost of debt and notional cost of equity, used as a benchmark to assess investment returns.
Weighted average unexpired lease term
The weighted average of the unexpired term of all leases other than short-term lettings such as car parks and advertising
hoardings, temporary lettings of less than one year, residential leases and long ground leases.
Yield shift
A movement (negative or positive) in the equivalent yield of a property asset.
Zone A
A means of analysing and comparing the rental value of retail space by dividing it into zones parallel with the main
frontage. The most valuable zone, Zone A, is at the front of the unit. Each successive zone is valued at half the rate of
the zone in front of it.
This information is provided by RNS
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