Land Securities Group PLC Announces Annual Results for the Year Ended 31 March 2014
2014年5月15日 - 3:00PM
Marketwired
Land Securities Group PLC Announces Annual Results for the Year
Ended 31 March 2014
LONDON, UNITED KINGDOM--(Marketwired - May 15, 2014) - Land
Securities Group PLC (LSE: LAND) (PINKSHEETS: LSGOF)
Forward-looking statements
These Annual Results, our Annual Report and the Land Securities
website may contain certain "forward-looking statements" with
respect to the Land Securities Group PLC and the Group's financial
condition, results of its operations and business, and certain of
Land Securities Group PLC's and the Group's plans, strategy,
objectives, goals and expectations with respect to these items and
the economies and markets in which Land Securities Group
operates.
Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as
"anticipates", "aims", "due", "could", "may", "should", "will",
"would", "expects", "believes", "intends", "plans", "targets",
"goal" or "estimates" or, in each case, their negative or other
variations or comparable terminology. Forward-looking statements
are not guarantees of future performance. By their very nature
forward-looking statements are inherently unpredictable,
speculative and involve risk and uncertainty because they relate to
events and depend on circumstances that will occur in the future.
Many of these assumptions, risks and uncertainties relate to
factors that are beyond the Group's ability to control or estimate
precisely. There are a number of such factors that could cause
actual results and developments to differ materially from those
expressed or implied by these forward-looking statements. These
factors include, but are not limited to, changes in the economies
and markets in which the Group operates; changes in the legal,
regulatory and competition frameworks in which the Group operates;
changes in the markets from which the Group raises finance; the
impact of legal or other proceedings against or which affect the
Group; changes in accounting practices and interpretation of
accounting standards under IFRS, and changes in interest and
exchange rates.
Any written or verbal forward-looking statements, made in these
Annual Results, our Annual Report, or the Land Securities website
or made subsequently, which are attributable to Land Securities
Group PLC or any other member of the Group or persons acting on
their behalf are expressly qualified in their entirety by the
factors referred to above. Each forward-looking statement speaks
only as of the date it is made. Except as required by its legal or
statutory obligations, Land Securities Group PLC does not intend to
update any forward-looking statements.
Annual results for the year ended 31 March 2014
"Land Securities is reaping the reward of its bold strategy to
develop early and speculatively in central London. Our buildings
are coming to the London market in the right locations, when
competition is low and occupiers are actively planning to move.
This strategy, together with a resurgent London market, has led to
significant valuation gains, while our near fully-let retail
portfolio has delivered strong cash flow and increased revenue
profit.
"20 Fenchurch Street, one of our most financially successful
developments yet, has so far delivered a valuation surplus of
£137.2m. The combination of location, timing, form and function
mean the building is now 87% let with an average lease length of 17
years. The solar glare issue last summer illustrates the risk
associated with development but we now have planning permission for
an external solution which we will commence fitting this month.
Further west, at the emerging Crossrail/Thameslink hub, since the
year end we have pre-let the entirety of 2 New Ludgate to Mizuho
Group on a 20 year lease.
"Our balance sheet discipline is also making the business
stronger. Development expenditure and acquisitions have been funded
by recycling capital from sales. As a result, the increase in
valuation of our portfolio coupled with more recent sales has
reduced our loan-to-value ratio further, to 32.5%.
"In London, our building programme will continue apace as we
seek to maximise the benefits from favourable market conditions,
though any additional commitments in the near term will require
pre-lets. We expect to see a shortage of Grade A space until at
least late 2016. The market balance beyond that will depend on the
general development response to improving market conditions.
"In retail, economic growth has returned and we are now seeing a
real rise in wages which is welcome news for retailers, but rental
growth will be limited to the best locations. Our strategy is to
ensure we have the right properties in the right locations and to
anticipate and accommodate retail trends. Unless we see buying
opportunities that satisfy these requirements, our focus will
remain on developing retail assets which fit this strategy and
selling assets that do not.
"Overall, market conditions for property are positive and Land
Securities is well positioned. Our strategy is clear, our people
focused, our activity relentless and our business stronger. I am
confident of continued good performance." said Land Securities'
Chief Executive Robert Noel.
Results summary
|
|
31 March 2014 |
|
31 March 2013 |
|
Change |
Valuation surplus (1) |
|
£763.8m |
|
£217.5m |
|
Up 7.1% |
Basic NAV per share |
|
1,069p |
|
959p |
|
Up 11.5% |
Adjusted diluted NAV per share (2) |
|
1,013p |
|
903p |
|
Up 12.2% |
Group LTV ratio (1) |
|
32.5% |
|
36.9% |
|
|
Profit before tax |
|
£1,108.9m |
|
£533.0m |
|
|
Revenue profit (1) |
|
£319.6m |
|
£290.7m |
|
Up 9.9% |
Basic EPS |
|
142.3p |
|
68.4p |
|
|
Adjusted diluted EPS |
|
40.5p |
|
36.8p |
|
Up 10.1% |
Dividend |
|
30.7p |
|
29.8p |
|
Up 3.0% |
1. Including our proportionate share of subsidiaries and
joint ventures. The % change for the valuation surplus represents
the valuation movement as a percentage of the market value of the
combined portfolio at the beginning of the year. 2. Our key
valuation measure.
A year of action....
- £26.6m of development lettings
- £23.6m of investment lettings
- Sales(1) of £920.4m
- Acquisitions of £209.9m including X-Leisure
- Development and refurbishment expenditure(1) of £366.6m
- Further developments committed with total development costs of
£551.0m
....delivering results
- Ungeared total property return 12.8%, underperforming the IPD
Quarterly Universe at 13.6%
- Total business return (dividends and adjusted diluted NAV
growth) of 15.5%
- Combined portfolio valued at £11.86bn, with a valuation surplus
of 7.1%
- Valuation surplus on properties in the development programme of
22.3%
- Revenue profit £319.6m, up 9.9%
- Profit before tax £1,108.9m, up from £533.0m
- Voids in the like-for-like portfolio up from 2.0% to 2.1%
Strong financial structure
- Group LTV ratio at 32.5%, based on adjusted net debt of
£3.9bn
- Weighted average maturity of debt at 9.3 years
- Weighted average cost of debt at 5.0%
- Cash and available facilities of £1.1bn
- Recommended increase in final dividend to 7.9p (from 7.6p)
1. Includes trading properties.
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