Annual report
2022
Capital & Counties
Properties PLC
Capital & Counties Properties PLC (Capco) is one of the largest listed property companies in central London. Our key asset is the landmark Covent Garden estate. We create and grow value through a combination
of creative asset management and strategic investment.
Strategic Report
Who we are | 2 |
Our competitive strengths | 6 |
Our estate | 8 |
Operational highlights | 10 |
Chief Executive's review | 12 |
Purpose, business model and | |
strategy | 18 |
Our values | 19 |
Key performance indicators | 20 |
Stakeholder engagement | 22 |
Companies Act 2006 - S172(1) | |
statement | 26 |
Operating review | 28 |
Principal risks and uncertainties | 43 |
Financial review | 52 |
Responsibility | 63 |
Governance
At a glance | 84 |
Corporate governance report | 86 |
Board leadership and company | |
purpose | 88 |
Division of responsibilities | 94 |
Nomination Committee report | 96 |
Audit Committee report | 99 |
Board ESC Committee report | 103 |
Directors' Remuneration Report | 105 |
Directors' report | 128 |
Financial Statements
Directors' responsibilities | 131 |
Independent auditors' report | 132 |
Financial statements | 141 |
Notes to the accounts | 145 |
Other information | 201 |
Board and advisers | 211 |
Dividends | 212 |
Glossary | 213 |
Shareholder information | 217 |
A leading London property company
www.capitalandcounties.com 1
Strategic Report
Who we are
A prime central
London
REIT
About us
A prime central London REIT driving long-term value creation centred around our landmark Covent Garden estate.
Our purpose
Our purpose is to invest in and create world- class places, focusing on central London. Using our vision, long-term approach and responsible stewardship, we deliver economic and social value and generate benefits for our stakeholders.
Our values
Collegiate, supportive and inclusive
Environmentally and socially responsible
High performance and entrepreneurial
Innovative and creative
Professional: We act with integrity and hold ourselves to the highest standards
2 | Capco Annual Report 2022 | www.capitalandcounties.com | 3 |
Strategic Report
Who we are continued
Portfolio valuation
£2.2bn¹
Covent Garden
£1,742m 80%
About Capco
2022 financial results
2.2p
Underlying earnings per share
2.5p1
Dividend per share
182.1p
EPRA net tangible assets per share
2.8%
Total property return
1. Including distributions of Shaftesbury dividend received in February 2023.
Financial strength
Covent Garden portfolio
Lettable space
1.1m sq ft
- buildings
- units
Covent Garden |
Portfolio valuation |
£1.7bn |
% of portfolio |
Shaftesbury Investment
£357m 16%
Lillie Square2
£79m 4%
See pages 28 to 42 for our operating review
£1.6bn
Group net assets
£622m
Group net debt
£366m
Covent Garden net debt
£423m
Access to liquidity
28%
Group net debt to gross assets
21%
Covent Garden loan to value
Sector | Sq ft | by value |
0.4m | 48% | |
Retail | ||
Food & | 0.2m | 26% |
beverage | ||
Office 0.2m 16%
Residential 0.2m1 7%
Leisure 0.1m 3%
- Includes Capco's property interests and its investment in Shaftesbury shares.
- Includes Capco's interests in the Lillie Square joint venture and properties in the adjacent area.
See page 20 to 21 and 201 where we discuss our alternative performance measures.
See page 52 to 62 for the financial review.
1. Residential includes units sold on long lease interest covering approximately 159,000 square feet.
4 | Capco Annual Report 2022 | www.capitalandcounties.com | 5 |
Strategic Report
Our competitive strengths
Our competitive
strengths
Prime assets
A focus on prime central London, centred around the landmark Covent Garden estate in the heart of London's West End.
For more on our assets, see page 8.
Experienced leadership
Experienced management team with a strong track record of leading the Group in delivering its strategy.
For more on our leadership, see page 88.
Strong capital structure
Resilient and flexible financing, characterised by low leverage and high liquidity, together with a disciplined approach to capital allocation.
For more on our capital structure, see page 59.
Sustainable approach
Delivering positive environmental and social outcomes that enhance value for our stakeholders.
For more on our sustainability, see page 63.
Effective governance
The framework of oversight, controls and reporting provided by Capco's governance structure supports the business and allows Capco to operate with transparency to achieve its objectives.
For more on our governance, see page 84.
Dynamic, inclusive culture
High-performance, inclusive and entrepreneurial culture and values, reflective of our business strategy where innovation and creativity are promoted across the business.
For more on our culture, see pages 79 and 92.
6 | Capco Annual Report 2022 | www.capitalandcounties.com | 7 |
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Capital & Counties Properties plc published this content on 03 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 March 2023 10:08:10 UTC.