Annual Report 2012 - Development Securities PLC

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Financial Statements continued Notes to the Consolidated Financial Statements continued For the 14-month period ended 29th February 2012 8 Dividends 82 Development Securities PLC / Annual Report 2012 14-month period ended 29th February 2012 £’000 Year ended 31st December 2010 £’000 Declared and paid during the period Equity dividends on Ordinary shares: Final dividend for 2010: 2.40 pence per share (2009: 2.40 pence per share) 2,937 1,974 Interim dividend for 2012: 2.40 pence per share (2010: 2.40 pence per share) 2,937 1,974 5,874 3,948 Proposed for approval by shareholders at the Annual General Meeting Final dividend for 2012: 3.20 pence per share (2010: 2.40 pence per share) 3,915 2,937 Subject to approval by shareholders, the final dividend was approved by the Board on 30th April 2012 and has not been included as a liability or deducted from retained profits as at 29th February 2012. The final dividend is payable on 26th October 2012 to ordinary shareholders on the register at the close of business on 28th September 2012 and will be recognised in the year ending 28th February 2013. 9 (Loss)/earnings per share and net assets per share Basic (loss)/earnings per share amounts are calculated by dividing (loss)/profit for the period attributable to equity shareholders of the Parent by the weighted average number of Ordinary shares outstanding during the period. Diluted (loss)/earnings per share amounts are calculated by dividing the (loss)/profit attributable to equity shareholders of the Parent by the weighted average number of Ordinary shares outstanding during the period plus the weighted average number of Ordinary shares that would be issued on the conversion of all the dilutive potential Ordinary shares into Ordinary shares. Basic net assets per share amounts are calculated by dividing net assets by the number of Ordinary shares in issue at the period-end. Diluted net assets per share amounts are calculated by dividing net assets by the number of Ordinary shares in issue at the period-end plus the number of Ordinary shares that would be issued on the conversion of all the dilutive potential Ordinary shares into Ordinary shares. Management has chosen to disclose the European Public Real Estate (EPRA) adjusted net assets per share and earnings per share from continuing activities in order to provide an indication of the Group’s underlying business performance and to assist comparison between European property companies. EPRA loss is the (loss)/profit after taxation excluding investment property revaluations, (losses)/gains on disposals of investment and trading properties, impairment of development and trading properties and mark-to-market adjustments on interest rate swaps. EPRA net assets are the Balance Sheet net assets excluding mark-to-market adjustments on financial instruments used for hedging purposes and deferred taxation on revaluations and is calculated on a fully diluted basis. EPRA triple net assets is the EPRA NAV adjusted to reflect the fair value of debt and derivatives and to include deferred taxation on revaluations. The calculation of basic and diluted (loss)/earnings per share and EPRA loss per share is based on the following data: 14-month period ended 29th February 2012 £’000 Year ended 31st December 2010 £’000 (Loss)/profit (Loss)/profit for the purpose of basic and diluted (loss)/earnings per share (12,592) 1,678 Revaluation deficit/(surplus) (including share of joint venture revaluation surplus) 4,226 (12,063) Gain on disposal of investment properties (211) (313) Gain on disposal of trading properties (3,835) (1,133) Impairment of development and trading properties 1,776 — Mark-to-market adjustment on interest rate swaps (including share of joint venture mark-to-market adjustment) 624 151 EPRA adjusted loss from continuing activities attributable to owners of the Company (10,012) (11,680)
14-month period ended 29th February 2012 ’000 Financial Statements Year ended 31st December 2010 ’000 Number of shares Weighted average number of Ordinary shares for the purpose of (loss)/earnings per share 122,352 98,970 Effect of dilutive potential Ordinary shares: Share options 42 1 Weighted average number of Ordinary shares for the purpose of diluted (loss)/earnings per share 122,394 98,971 Basic (loss)/earnings per share (pence) (10.3)p 1.7p Diluted (loss)/earnings per share (pence) (10.3)p 1.7p EPRA adjusted loss per share (pence) (8.2)p (11.8)p EPRA adjusted diluted loss per share (pence) (8.2)p (11.8)p Net assets per share and diluted net assets per share have been calculated as follows: Net assets £’000 14-month period ended 29th February 2012 Year ended 31st December 2010 No. of shares ’000 Net assets per share pence Net assets £’000 No. of shares ’000 Net assets per share pence Basic net assets per share attributable to the owners 311,334 122,352 254 333,107 122,352 272 Cumulative mark-to-market adjustment on interest rate swaps 9,196 4,303 EPRA adjusted net assets per share 320,530 122,352 262 337,410 122,352 276 Cumulative mark-to-market adjustment on interest rate swaps (9,196) (4,303) Fair value of debt 6,495 7,455 EPRA adjusted triple net assets per share 317,829 122,352 260 340,562 122,352 278 Effect of dilutive potential Ordinary shares 1,535 572 — 1,518 448 — Diluted net assets per share 312,869 122,924 254 334,625 122,800 272 EPRA diluted net assets per share 322,065 122,924 262 338,928 122,800 276 EPRA diluted triple net assets per share 319,364 122,924 260 342,080 122,800 278 Basic net assets per share based on total net assets 313,242 122,352 256 333,107 122,352 272 10 Investment properties Freehold £’000 Long leasehold £’000 At valuation 1st January 2010 178,761 2,275 181,036 Additions: — acquisitions 30,027 — 30,027 — capital expenditure 4,097 — 4,097 Disposals (24,187) (505) (24,692) Surplus/(deficit) on revaluation 9,084 (315) 8,769 At valuation 31st December 2010 197,782 1,455 199,237 Additions: — acquisitions 12,100 8,107 20,207 — capital expenditure 3,163 — 3,163 Transfer from development properties 20,029 — 20,029 Disposals (51) — (51) Deficit on revaluation (4,139) (547) (4,686) At valuation 29th February 2012 228,884 9,015 237,899 Direct costs of £3,710,000 (31st December 2010: £3,682,000) arose as a result of ownership of investment properties. Weeke Local Centre, Winchester, a property previously constructed by the Group has been transferred from Development and trading assets. It is the Group's intention to hold the asset for income and long-term capital appreciation. At 29th February 2012, the valuation of Weeke Local Centre, Winchester increased by £1,040,000. Total £’000 Development Securities PLC / Annual Report 2012 83
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Developing value Annual Report 2012
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Financial Highlights Demonstrable o
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annualreport2012. developmentsecuri
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From left to right: Michael Marx Ch
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Operating Review Developing value T
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Westminster Palace Gardens, London
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Development Securities PLC / Annual
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Bexleyheath, Kent A prominent retai
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Development Securities PLC / Annual
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328 Sandbanks Road, Dorset A single
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Development and trading assets Watf
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Investment assets Property Manchest
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Bannerbrook Coventry Braehead Glasg
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Page 49 and 50: details of the share option schemes
Page 51 and 52: The Directors have no present inten
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Page 55 and 56: Company. V M Mitchell chaired a mee
Page 57 and 58: Internal control The Directors ackn
Page 59 and 60: Remuneration Report Dear Shareholde
Page 61 and 62: ) Annual bonus The non-pensionable
Page 63 and 64: In addition, the Committee must be
Page 65 and 66: l) Retirement benefits Qualifying m
Page 67 and 68: Financial Statements Group Independ
Page 69 and 70: Consolidated Balance Sheet As at 29
Page 71 and 72: Consolidated Cash Flow Statement Fo
Page 73 and 74: staff to manage the property (over
Page 75 and 76: g) Intangible assets (i) Goodwill G
Page 77 and 78: Available-for-sale financial assets
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Page 81 and 82: Investment £’000 Development and
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Page 87 and 88: 12 Intangible assets Financial Stat
Page 89 and 90: The Group’s share of assets and l
Page 91 and 92: Financial Statements In July 2011,
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Page 95 and 96: Available-for-sale financial assets
Page 97 and 98: £38,000,000 variable rate loan £2
Page 99 and 100: Liquidity risk A review of the Grou
Page 101 and 102: Financial Statements 19 Deferred in
Page 103 and 104: Share-based payments The following
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Page 109 and 110: Company Balance Sheet As at 29th Fe
Page 111 and 112: No expense is recognised for awards
Page 113 and 114: 35 Financial assets Financial State
Page 115 and 116: Financial Statements Any options gr
Page 117 and 118: Financial Calendar and Advisors Fin
Page 120: Development Securities PLC Portland
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Annual Report 2012 - Development Securities PLC

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