Derwent London plc (DLN) 2013年年度报告「LSE」.pdf

1、REPORT&ACCOUNTS 2013DERWENT LONDON PLC OVERVIEW What we do 6Key achievements 8Our portfolio 10Financial highlights 14Chairmans statement 16STRATEGIC REPORT Our business model and strategy 24Risk management 28Measuring our performance 33Our market 38Valuation 40Investment activity 42Portfolio managem

2、ent 44Projects 49Development pipeline 54Sustainability 58Finance review 62GOVERNANCEChairmans letter on corporate governance 74Board of Directors 75Statement of Directors responsibilities 77Directors report 78Letter from the Chairman of the Remuneration Committee 90Report of the Remuneration Committ

3、ee 92Letter from the Chairman of the Nominations Committee 110Report of the Nominations Committee 110Letter from the Chairman of the Risk Committee 111Report of the Risk Committee 111Letter from the Chairman of the Audit Committee 112Report of the Audit Committee 113Independent Auditors report 115FI

4、NANCIAL STATEMENTSGroup income statement 122Group statement of comprehensive income 122Balance sheets 123Statements of changes in equity 124Cash flow statements 125Notes to the financial statements 126Five-year summary 163Principal properties 164List of definitions 166Images and front cover:1-2 Step

5、hen Street W1Derwent London owns and manages a 5.7millionsq ft(530,000m2)portfolio of commercial realestate located predominantly in central London.This makes us the largest London-focused real estate investment trust(REIT).Our experienced team has a track record of creating value through the proper

6、ty cycle by regenerating our buildings via development or refurbishment,effective asset management and capital recycling.We typically acquire properties off-market with low capital values and modest rents in improving locations,most of which are either in the West End or the Tech Belt.We capitalise