Derwent London Plc · LSE:DLN
Derwent London — FY2009 Earnings Presentation
78 slides from Derwent London's earnings presentation, 2010
Slide 1: Derwent London plc Results 2009
Derwent London plc Results 2009
Slide 2: Contents
Contents Page Highlights 02 Results review 04 Valuation and statistics 16 Portfolio management 24 Market summary 30 Projects 34 Outlook 54 Appendices 56 Disclaimer 76 Presentation: John Burns, Damian Wisniewski, Simon Silver, Paul Williams, Nigel George, David Silverman
Slide 3: Highlights
Highlights John Burns
Slide 4: Highlights
Highlights • Strong recurring profits • Excellent letting progress • Successful disposals • Sound financing - no rights issue undertaken • Improving investment market and rental trend • Regeneration programme accelerating Highlights 0
Slide 5: Results review
Results review Damian Wisniewski
Slide 6: Headline numbers
Headline numbers Dec Dec 2009 2008 % change Total portfolio at fair value £1,918.4m £2,108.0m (9.0%) Adjusted net asset value per share 1,168p 1,226p (4.7%) Gross property income £123.8m £119.0m 4.0% Recurring profit before tax (unadjusted)1 £60.2m £23.3m 158.4% Recurring profit before tax (adjusted
Slide 7: Group balance sheet
Group balance sheet Dec June Dec 2009 2009 2008 £m £m £m Investment property 1,888.6 1,718.9 2,068.1 Other non-current assets 47.5 39.5 38.8 1,936.1 1,758.4 2,106.9 Non-current assets held for re-sale - 110.2 17.5 Trading properties 1.0 7.5 7.5 Other current assets and liabilities (14.2) (11.9) (9.1
Slide 8: Group balance sheet
Group balance sheet • Adjusted net asset value per share of 1,168p down 4.7% from December 2008 but up 17.6% from Debt, net assets and gearing 993p at 30 June 2009 2,000 100 Net Debt Net Assets Balance sheet gearing Property gearing • Reconciliation of net asset value per share is 1,650 80 shown in
Slide 9: Group income statement
Group income statement Year ended Year ended Dec 2009 Dec 2008 £m £m Gross property income 123.8 119.0 Other income 1.5 0.9 Property outgoings (10.5) (14.6) 114.8 105.3 Development income - 0.5 Reverse surrender premium - (8.3) Trading stock write-down - (2.0) Net property income 114.8 95.5 Administ
Slide 10: Adjusted recurring profit before tax
Adjusted recurring profit before tax Adjusted recurring profit before tax 140 123.8 1.5 (13.3) 120 0.0 (20.0) 100 (37.0) 80 £m 3.6 (1.6) 2.8 60.2 60 0.4 55.4 0.0 40 20 0 Gross Other Property Trading Admin Net Joint Adjusted Reverse Forex on Cash-settled Rates Recurring Results review property income
Slide 11: Group income statement
Group income statement • 2009 was a very strong year for group recurring profit due mainly to robust net property income and low floating rate finance costs • Main reasons: • New lettings and rent reviews (+£13.7m) • Net impact of acquisitions/disposals (-£4.4m) “Strong upward trend • Voids (-£4.5m)
Slide 12: Group income statement
Group income statement • Share of results of joint ventures includes £1.3m (2008: £1.3m) of revaluation deficit • Fair value movement of derivatives in 2009 was a gain of £3.9m against a loss of £28.1m in 2008 • Tax credit in 2009 of £9.4m (2008: £9.3m credit) due largely to utilisation of prior yea
Slide 13: Cashflow
Cashflow Cashflow summary 350 2009 2008 300 250 200 150 £m 100 50 0 Cash Proceeds Development Property Property Admin Net Taxation Other Dividends Movement Increase received from income expenses additions expenses interest paid in bank in cash (50) from tenants disposals paid debt (100) Results revi
Slide 14: Cashflow
Cashflow • Strong property income and disposals programme in 2009 enabled £104.8m of funds to be invested into the portfolio at the same time as a reduction in bank loans of £134.0m • 2008 cashflow showed an increase in bank debt of £86.2m due mainly to lower sales proceeds of £72.6m and the payment
Slide 15: Debt facilities, utilisation, covenants and gearings
Debt facilities, utilisation, covenants and gearings Dec Dec 2009 2008 Gearing LTV 36.4% 39.7% Balance sheet 62.2% 71.2% Interest cover 330.0% 247.1% Total facilities £1,145m £1,145m Unutilised committed facilities £425m £291m Unutilised facilities drawable £353m £289m Uncharged properties £338m >£4
Slide 16: Liability risk management
Liability risk management Hedging profile at 31 December 2009 • 82% of drawn facilities were either at fixed rates or hedged at 31 December 2009 (2008: 66%) Capped 1% Fixed • Maturity profile of fixed and hedged debt is shown in the 26% bar chart Swaps 55% Floating 18% • Spot weighted average cost o
Slide 17: Valuation and statistics
Valuation and statistics Nigel George
Slide 18: Valuation
Valuation H1 H2 Full year Portfolio valuation valuation valuation valuation1 movement2 movement2 movement2 £m % % % Core portfolio 1,750.6 -11.8 9.4 -3.4 Development properties3 167.8 -17.8 14.0 -2.3 Investment portfolio 1,918.4 -12.3 9.8 -3.3 • Development properties - strong H2 performance • Compl
Slide 19: Valuation
Valuation Valuation movement Rental growth H1 H2 2009 H1 H2 2009 % % % % % % West End -12.7 10.9 -2.8 -13.2 -1.8 -14.8 City Borders -11.8 7.3 -5.3 -7.2 -6.3 -13.0 Central London -12.5 10.1 -3.3 -11.8 -2.9 -14.3 Provincial -7.3 5.1 -2.5 -3.5 -2.5 -5.9 Underlying -12.3 9.8 -3.3 -11.4 -2.9 -14.0 • Sent
Slide 20: Yields
Yields • Initial yield of 6.0% Portfolio yields • 80 bp decrease in H2 10 Initial yield True equivalent yield Reversionary yield 9 8 • Reversionary yield of 6.7% • 70 bp yield spread Yield (%) 7 • Reversion concentrated in the West End 6 5 4 • Portfolio true equivalent yield of 6.44% • Tightened by
Slide 21: Estimated rental values
Estimated rental values West End office rental value movements • Mid-market rental focus 45 10 • 78% of West End portfolio in £30-£50 psf Percentage of total Dec 09 ERV rental value band 40 ERV movement Dec 08 to Dec 09 5 Weighting by rental value (%) Rental value movement (%) ERV movement Dec 07 to
Slide 22: Rental income profile
Rental income profile Core properties1 Angel Building Total Rental Rental Rental Rental Rental Rental uplift per annum uplift per annum uplift per annum Yield2 £m £m £m £m £m £m % Contracted rental income, net of ground rents 110.7 4.2 114.9 6.0 Letting vacant accommodation - available 3 4.7 - 4.7 6
Slide 23: Vacancy levels
Vacancy levels • Vacant space available for letting Five year vacancy trend • 3.6% of portfolio rental value 10 • 3.8% of portfolio floor area 9 8 Vacancy rate (%) 7 6 • Fall in vacancy rate, even after completion of 5 1 Charlotte Building project 4 • 47,000 sq ft, £1.9m rental value 3 • Strong lett
Slide 24: Lease expiries and breaks
Lease expiries and breaks • 2009 breaks/expiries Expiry and break analysis • Exposure of £12.1m • 9.5% of rental income 16% • 66% retained, 18% re-let, 16% vacant • Average time to re-let - 3 months • A quarter of the balance let or under offer post year end 18% 66% • 2010 breaks/expiries • Exposure
Slide 25: Portfolio management
Portfolio management John Burns
Slide 26: Key points
Key points • Our well-designed, affordable product aimed at the 2009 letting activity mid rental market £30-£50 psf 10 2 9 8 H1 2009 H2 2009 • 101 lettings at £9.3m pa - 339,000 sq ft 7 • £6.6m of ‘new income’ Income (£m pa) 6 • 67 ‘standard’ lettings at £7.3m pa (£30 psf) 1 5 • 34 short-term lettin
Slide 27: Lettings
Lettings Charlotte Building W1 1 Grosvenor Place SW1 • 13,100 sq ft £45/£43.50 psf (£0.6m pa) • 8,800 sq ft £46 psf (£0.4m pa) • 31,100 sq ft • 24,300 sq ft £47 psf £17.50 psf Portfolio management (£1.5m pa) (£0.4m pa) Qube W1 “Derwent London provided an excellent product in a very convenient locati
Slide 28: Post year end lettings
Post year end lettings • Tenant demand remains active • 46,800 sq ft of lettings since year end • 13 transactions - £1.4m pa • Charlotte Building W1 • Converse (Nike) • 14,900 sq ft • £0.7m pa - £44 psf • Brandopus • 5,000 sq ft • £0.2m pa - £43.75 psf Portfolio management • 46,500 sq ft under offer
Slide 29: Rates revaluation
Rates revaluation Rating valuation comparison • New rating valuation will take effect 1 April 2010 45 • Impact will be phased in over next 2-3 years 1 2 2009 2010 40 38 35 • Hardest hit locations - high rental areas Rates payable (£psf) 30 25 • Mayfair/St James’s 82% 20 22 • Belgravia/Knightsbridge
Slide 30: Activity
Activity Arup Phase I W1 The Rotunda • 2009 disposals • Net proceeds £208.3m1 • H1 £39.1m, H2 £169.2m • Took advantage of improving market in H2 • Income £14.2m pa – disposal yield 6.8% • 4.4%2 below December 2008 book value • 50 properties sold • Mature assets • Arup Phase I, 13 Fitzroy Street W1 •
Slide 31: Market summary
Market summary John Burns
Slide 32: Our market - West End office occupational market - take-up
Our market - West End office occupational market - take-up West End take-up 6 5 Take-up (million sq ft) Average 4 3 2 1 0 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 Source: CB Richard Ellis Market Derwent London Market outlook Take-up in 2009 of 3.1m sq ft A productive twelve months Improving
Slide 33: Our market - West End office occupational market - supply
Our market - West End office occupational market - supply West End development pipeline 2.5 12.5 Under construction / proposed Completed Vacancy Rate 2.0 10.0 Floor area (million sq ft) Vacancy rate (%) 1.5 7.5 1.0 5.0 0.5 2.5 0.0 0.0 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009
Slide 34: Our market - central London investment summary
Our market - central London investment summary Central London investment transactions 6 Total Value of investment transactions (£bn) 4 quarter average 5 4 3 2 1 0 Q4 00 Q4 01 Q4 02 Q4 03 Q4 04 Q4 05 Q4 06 Q4 07 Q4 08 Q4 09 Source: CB Richard Ellis Market Derwent London Market outlook £7.0bn of trans
Slide 35: Projects
Projects — © = ep) c fe) £ ep)
Slide 36: Key points
Key points • Completions and on site 2009 • 132,000 sq ft of developments completed • Schemes 2010-2011 • Continually upgrading of the portfolio • The White Collar Factory • The next chapter for Derwent London space • Major pipeline Projects 34 Angel Building EC1 - proposed atrium
Slide 37: Completions 2009
Completions 2009 Charlotte Building W1 Arup Phase III W1 Projects • Completed October 2009 • Completed December 2009 • 47,000 sq ft • 85,000 sq ft 35 • 84% let • 100% let - Arup
Slide 38: On site - Angel Building, St John Street EC1
On site - Angel Building, 407 St John Street EC1 • Elegant 263,000 sq ft office scheme • Completion summer 2010. On budget and programme • 53% pre-let to Cancer Research UK - £5.6m pa • 123,500 sq ft remaining • Upper floors with expansive terraces www.angelbuilding.com Projects 36
Slide 39: Schemes 2010-2011
Schemes 2010-2011 Area ‘000 sq ft • Continual upgrading of the portfolio Refurbishments West End central Victory House, 163-170 Tottenham Court Road W1 42 • Refurbishments • 194,000 sq ft Asta House, 53-65 Whitfield Street W1 30 • Year end annualised income £3.5m Maple Place/Fitzroy Street W1 20 • C
Slide 40: Schemes 2010-2011 - Victory House, Tottenham Court Road W1
Schemes 2010-2011 - Victory House, Tottenham Court Road W1 • 42,000 sq ft comprehensive office and residential refurbishment • Ten new apartments on fifth and sixth floors • Office rental values - £40 psf Key facts Start on site H1 2010 Completion H1 2011 Proposed area 42,000 sq ft Capex £10m Projec
Slide 41: Schemes 2010-2011
Schemes 2010-2011 Asta House W1 Maple Place/Fitzroy Street W1 • 30,000 sq ft • 20,000 sq ft • On site - completion H2 2010 • On site - completion H2 2010 Projects • 42% pre-let to Make Architects • Opportunity for enhancing mews • Rental value £32/£35 psf • Rental value £37.50 psf 39
Slide 42: Schemes 2010-2011
Schemes 2010-2011 33 George Street W1 9-10 Rathbone Place W1 • 14,000 sq ft • 12,000 sq ft • Works commence H2 2010 • On site - completion H2 2010 Projects • Single floor with private entrance • Adjacent to Charlotte Building 40 • Rental value £45 psf • Rental value £30 psf
Slide 43: Schemes 2010-2011 - 2/14 Pentonville Road N1
Schemes 2010-2011 - 2/14 Pentonville Road N1 • Refurbishment of two adjoining office buildings • Potential to infill and gain floor area - a 25% increase • Planning application summer 2010 • Opposite Angel Building Before.... • Rental value £35/£37.50 psf Key facts Start on site H1 2011 Completion H
Slide 44: Clerkenwell Road EC1
63 Clerkenwell Road EC1 • Striking new development - 76,000 sq ft office and retail • 69% floor area increase • November 2009 - planning refused • May 2010 - planning appeal decision Key facts Start on site H1 2011 Completion H1 2013 Proposed area 76,000 sq ft Capex £28m Projects 42
Slide 45: The White Collar Factory
The White Collar Factory • A further evolution to the Derwent London model • A new intelligent, low energy, user friendly office design for the future • New sustainable approach to office development - simplifying servicing parameters • More cost effective solution • Location driven suited to Derwen
Slide 46: The White Collar Factory
The White Collar Factory • The office environment - a fresh approach Underfloor heating from the slab Power and Data in the floor Stale warm air out Cooling from the slab Taller Ceilings 3.5m 4m Fresh, filtered air in Projects Part Section through the building facade 44 “Distinctively Derwent” Boiler H
Slide 47: Major pipeline - 132/142 Hampstead Road NW1
Major pipeline - 132/142 Hampstead Road NW1 • An opportunity for the White Collar Factory approach • Proposal for the regeneration and extension of existing buildings Ro York W Rd d ma ery a Brew Ro nW St Blundell n ay de • Planning application summer 2010 ay Road m d Ca Roa ord Off Caledonian e Aga
Slide 48: Major pipeline - 132/142 Hampstead Road NW1
Major pipeline - 132/142 Hampstead Road NW1 • Create an office hub adjacent to Euston station • Exciting office spaces with volume • New top floor with views over the West End Key facts Start on site H2 2011 Completion 2013 Proposed area 280,000 sq ft Capex £63m Projects 46
Slide 49: Major pipeline - City Road Estate EC1
Major pipeline - City Road Estate EC1 • Currently arranged as six multi-let office buildings • A prominent location - gateway to City • Planning application autumn 2010 • Architects - AHMM Nile S treet Haber dashe r Street St Britan Pitfield Street try s Ve nia W oad Chart Street R Hoxton Sq alk Eas
Slide 50: Major pipeline - City Road Estate EC1
Major pipeline - City Road Estate EC1 • White Collar Factory approach an option • Mixture of office, residential and retail • 15-storey new offices (210,000 sq ft) • Low rise - blend of refurbished and new (85,000 sq ft) • Creating a new public square Key facts Start on site 2012 Completion 2014 Pro
Slide 51: Major pipeline - Charlotte Street W1
Major pipeline - 80 Charlotte Street W1 • Adopt a more conventional office approach • Island site in heart of Fitzrovia • 1.4 acres • Collection of 1930s-1960s buildings around a central courtyard • Office led scheme with opportunity to enhance ground floor frontage and identity on e Ro ad yleb Mar
Slide 52: Major pipeline - Charlotte Street W1
Major pipeline - 80 Charlotte Street W1 • A major West End regeneration project Key facts Start on site 2013 Completion 2015 • Create new core in the central courtyard Proposed area 300,000 sq ft • Similar to Johnson Building/Angel Building projects Projects 50
Slide 53: Major pipeline - other projects
Major pipeline - other projects • New developments on the horizon...... 40 Chancery Lane WC2 • 98,000 sq ft 55-65 North Wharf Road W2 • Possession 2012 • 316,000 sq ft • Possession 2012/14 • 270,000 sq ft • Possession 2014/16 • 200,000 sq ft • Crossrail over site development 1 Grosvenor Place SW1 Pr
Slide 54: Project pipeline - summary
Project pipeline - summary • A track record of delivering the next generation of office space for central London • Strong flexible pipeline over next ten years • Not dependant on acquisitions • 50% of portfolio remains unworked Projects 52 Angel Building EC1 - spectacular roof terraces
Slide 55: Outlook
Outlook John Burns
Slide 56: Outlook
Outlook • Build on the success of 2009 • London economy improving • Our product in demand • Stepping up refurbishment/development programme • Ready to acquire Outlook 54
Slide 57: Appendices
Appendices
Slide 58: Appendices
Appendices Page Page 1. Net asset value per share 57 11. Rent banding and tenant profile 67 2. Group income statement 58 12. Top tenants 68 3. Debt facilities 59 13. Lease expiry profile and lease length 69 4. Net debt 60 14. Central London office vacancy rates 70 5. Valuation performance by village
Slide 59: Appendix - net asset value per share
Appendix 1 - net asset value per share Dec 2009 June 2009 Dec 2008 £m p £m p £m p Net assets attributable to equity shareholders 1,127.2 1,117 952.7 945 1,179.6 1,170 Deferred tax on revaluation surplus 7.8 7.3 8.4 Fair value of derivatives 23.4 20.4 26.9 Fair value adjustment to bond on acquisition
Slide 60: Appendix - group income statement
Appendix 2 - group income statement • Reconciliation of IFRS loss before tax to recurring profit before tax Year Year ended ended Dec 2009 Dec 2008 £m £m Loss before tax (IFRS) (34.9) (606.5) Revaluation deficit 81.1 602.1 Joint venture revaluation deficit 1.3 1.3 Loss/(profit) on disposal of proper
Slide 61: Appendix - debt facilities
Appendix 3 - debt facilities Nominal Maturity £m £m 6.5% secured bond 175.0 March 2026 Floating rate guaranteed unsecured loan note 1.4 February 2012 Committed bank facilities Term1 28.0 June 2018 Term/revolving credit 125.0 April 2014 Revolving credit 100.0 November 2013 Revolving credit 100.0 Apri
Slide 62: Appendix - net debt
Appendix 4 - net debt Dec June Dec 2009 2009 2008 £m £m £m £m £m £m Current liability bank loans - - 103.0 Financial liabilities 736.5 854.0 769.3 Acquired fair value of bond less amortisation (18.6) (19.0) (19.3) Leasehold liabilities (7.4) (8.6) (8.6) Drawn loan facilities >1 year 710.5 826.4 741.
Slide 63: Appendix - valuation performance by village
Appendix 5 - valuation performance by village Valuation Valuation movement movement Valuation Weighting 20091 20092,3 Comment £m % % £m West End Noho 158.8 8 7.0 10.4 Charlotte Building completion Victoria 250.1 13 5.8 13.7 Yield movement at Horseferry, Greencoat Fitzrovia/Euston 469.7 25 -0.2 -1.1
Slide 64: Appendix - valuation yields and drivers
Appendix 6 - valuation yields and drivers Initial Reversionary Yield Drivers of valuation movement yield1 yield1 spread % % % Rental value growth Dec-09 2 Asset management -33 31 102 West End 5.7 6.5 0.8 Yield shift City Borders 7.2 7.4 0.2 Jun-09 2 -18 -97 15 Central London 6.0 6.7 0.7 2 Provincial
Slide 65: Appendix - portfolio summary
Appendix 7 - portfolio summary Net Vacant Rent review contracted floor area and lease Total Estimated rental income Average rental value reversions reversion rental value Valuation per annum rental income per annum per annum per annum per annum £m £m £psf £m £m £m £m West End Central 1,299.1 73.0 27
Slide 66: Appendix - portfolio statistics by village
Appendix 8 - portfolio statistics by village Vacant Net Average Vacant Rent review/ Estimated Floor floor contracted rental accommodation lease renewal Total rental Valuation Weighting area area rental income income rental value reversion reversion value £m % sq ft 000’s sq ft 000’s £m pa £psf £m pa
Slide 67: Appendix - annualised contracted rental income
Appendix 9 - annualised contracted rental income Annualised contracted rental income at Reconciliation of contracted income Dec 08 to Dec 09 31 December 2009 130 126.4 13.8 125 Contracted income (£m) • Includes 120 2.2 1 • Annualised rents under committed leases 1.5 1.9 • Pre-letting income 115 0.5
Slide 68: Appendix - vacant accommodation at year end
Appendix 10 - vacant accommodation at year end Floor Rental area per annum Comment ‘000 sq ft £m Available Charlotte Building W1 27 1.2 20,000 sq ft let since year end Strathkelvin Scotland 50 0.7 20,000 sq ft under offer 4 Grosvenor Place SW1 13 0.6 7,500 sq ft under offer City Road Estate EC1 22 0
Slide 69: Appendix - rent banding and tenant profile
Appendix 11 - rent banding and tenant profile Office rent banding Profile of tenants' business sectors £60+ psf £50-£60 psf £0-£20 psf Other 4% 5% 14% 10% Government and public administration Professional and 7% business services £40-£50 psf 30% 17% Financial £20-£30 psf 7% 19% Retail head offices,
Slide 70: Appendix - top tenants
Appendix 12 - top tenants Net Net Average income1 income rental income Key expiry dates % £m £psf Government 7.5 8.7 19.65 2011 (£3.3m), 2017 (0.7m), 2021 (£1.5m), 2022 (£0.9m) Arup 6.4 7.3 38.61 2033 (£6.2m) Burberry 4.6 5.2 32.26 All 2033 with break in 2023 Saatchi & Saatchi 3.7 4.3 25.76 All 2013
Slide 71: Appendix - lease expiry profile and lease length
Appendix 13 - lease expiry profile and lease length Percentage of portfolio income1 West City West City End Borders 2010 End Borders 2011 2012 2013 2014 Total Expiries2 3 1 4 5 1 6 2 9 4 25 Angel expiry 3 4 - 4 - - - - - - 4 Single breaks 1 1 2 2 2 4 3 4 4 17 Rolling breaks 3 2 5 1 - 1 - - - 6 Holdi
Slide 72: Appendix - central London office vacancy rates
Appendix 14 - central London office vacancy rates Central London office vacancy rates 18 Central London 16 City West End 14 City average Vacancy rate (%) 12 West End average 10 8 6 4 2 Appendices 0 Q4 00 Q4 01 Q4 02 Q4 03 Q4 04 Q4 05 Q4 06 Q4 07 Q4 08 Q4 09 Source: CB Richard Ellis 70
Slide 73: Appendix - central London office rental growth
Appendix 15 - central London office rental growth Prime office rental growth 40 30 20 Rental growth (% pa) 10 0 Q4 00 Q4 01 Q4 02 Q4 03 Q4 04 Q4 05 Q4 06 Q4 07 Q4 08 Q4 09 -10 -20 -30 Central London Appendices City -40 West End Source: CB Richard Ellis 71
Slide 74: Appendix - capital expenditure
Appendix 16 - capital expenditure Actual 2009 Budget 2010 Budget 2011 Budget 2012+1 £m £m £m £m Current developments Angel Building EC1 42.4 31.1 1.2 - 7-8 Rathbone Place W1 1.4 1.5 - - Charlotte Building W1 7.5 1.0 - - Arup Phase III W1 13.4 0.3 - - 64.7 33.9 1.2 - Current refurbishments Tea Buildi
Slide 75: Appendix - planning consents
Appendix 17 - planning consents Current Current Existing Area Consented Property1 income income area uplift area Comment £m pa £psf 000’s sq ft % 000’s sq ft Planning consent for 35,000 sq ft of residential (47 units) and 20,000 sq ft of Leonard Street offices n/a n/a n/a n/a 55 Planning consent gra
Slide 76: Appendix - appraisal studies
Appendix 18 - appraisal studies Current Current Existing Potential Potential Existing Proposed income income area area uplift area Comment £m pa £psf 000’s sq ft % 000’s sq ft A key ownership in the heart of our Fitzrovia estate, with the Charlotte Street potential for major regeneration project. 4.
Slide 77: Appendix - management structure - executive team
Appendix 19 - management structure - executive team • John Burns Chief Executive • Simon Silver Head of Development • Damian Wisniewski Finance Director • Nigel George Director • Paul Williams Director • David Silverman Director • Tim Kite Company Secretary • Russell Durling Group Surveyor • Gary Pr
Slide 78: Disclaimer
Disclaimer This presentation includes statements that are forward-looking in nature. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Derwent London plc to be materially different from any f