2014 Highlights
Positive valuation performance
- 25 per cent increase in EPRA adjusted, diluted NAV to 311 pence per share (2013: 249 pence)
- 22 per cent (like-for-like) increase in total property value to £3.0 billion (2013: £2.3 billion)
- 25 per cent total return in the year
- Proposed final 2014 dividend of 1.0 pence per share giving a full-year dividend of 1.5 pence per share
Strong leasing and investment activity at Covent Garden
- Total property value of £1.6 billion up 25 per cent (like-for-like) (2013: £1.2 billion)
- Strong growth in ERV, up 14 per cent (like-for-like) to £75 million
- ERV guidance increased to £100 million by December 2017
- New leases and renewals 12 per cent above December 2013 ERV
- Acquisitions totalling £167 million enhancing presence on the estate
Further milestones achieved and pricing evidence established at Earls Court Properties
- Earls Court interests valued at £1.2 billion, up 18 per cent (like-for-like) (2013: £0.9 billion)
- Earls Court Partnership Limited, the investment vehicle with TfL in relation to EC1 & EC2, established (Capco share 63 per cent)
- Demolition of EC1 & EC2 underway
- Detailed planning consent granted for Earls Court Village and residential consent granted for the Empress State Building
- Positive pricing evidence established following successful sales of Phase 1 at Lillie Square
- Acquisitions totalling £51 million consolidating ownership around the Masterplan area
Positive progress at Venues
- EBITDA of £11.1 million, up 7 per cent (2013: £10.4 million)
- Strong property valuation of £211 million, up 28 per cent (like-for-like) (2013: £161 million)
- Successful transition of shows to Olympia London with over 80 per cent of Earls Court's 2014 bookings transferred
Robust and flexible financial position
- Group loan-to-value 12 per cent (2013: 15 per cent)
- Cash and available facilities of £655 million
- 9.99 per cent capital raise generating £258 million to accelerate value creation
- Predominantly unsecured debt model for Covent Garden following new £665 million revolving debt facility and successful £150 million US Private Placement
