independentklion.blogg.se - Hammerspoon press key

(a) These half-year 2022 results include discussion of alternative performance measures which include those described as Adjusted, EPRA and Headline as well as constant currency (where current period exchange rates are applied to the prior period's results). Both the cash dividend and the enhanced scrip dividend alternative will be paid as a non-Property Income Distribution ("Non-PID") and treated as an ordinary UK company dividend. This is currently expected to be the last enhanced scrip dividend alternative for the purpose of discharging the Company's remaining SIIC obligation of approximately €57m arising from the profit on disposal of 75% of Italie Deux in 2019. Subject to shareholder approval, the Board intends to provide an enhanced scrip dividend alternative of 2.0 pence per share. The Board has declared an interim cash dividend of 0.2 pence per share. Footfall and brand sales recovery continues at Value Retail, spend per visit +7% above 2019 levels.Improved rent collection: FY21 now at 94% H1 22 92% Q3 22 84%.Flagship occupancy for managed portfolio stable at 95%, up 2% pts year-on-year.More than half of deals to non-fashion in H1 22 68% since H1 21.£10.5m leasing deals concluded in H1 22, with headline leasing 31% above previous passing, net effective rent +1% vs ERV.Sales approaching 2019 levels overall, and ahead of 2019 levels in Q2.Footfall strengthening to end Q2 at 90% of 2019 levels.

Headline LTV 37% (FY21: 39%), fully proportionally consolidated (FPC) LTV 45% (FY21: 47%).

No Group debt maturities not covered by current cash holdings until 2025.

Total liquidity of £1.2bn including undrawn committed facilities, and £0.5bn of cash.

EPRA NTA increased by £34m to £2,874m (FY21: £2,840m), EPRA NTA per share –2p to 62p reflecting scrip.Completed £194m of disposals and anticipate delivering a further c.£300m by end of 2023.

Group portfolio value of £5.3bn, yields stable total return 2.1% (H1 21: –4.7%).

Adjusted earnings per share up 0.7p to 1.1p (H1 21: 0.4p – restated (note (b)) Basic earnings per share of 1.1p (H1 21: (8.2)p loss per share - restated (note (b)).

a strong year-on-year contribution from Value Retail (+£16m).

net finance costs 25% lower year-on-year and.

gross administration costs reduced 20%, 2023 cost reduction target (vs 2019) delivered 18 months early.

stronger LFL GRI (+16%) and LFL NRI (+48%).

Adjusted earnings up 154% to £51m (H1 21: £20m) reflecting:.

Summary Financial and Operating Performance: We have identified a number of levers within our control to continue to create value. We are conscious of the potentially volatile environment ahead and remain focussed on delivering our strategy. We are a better, more resilient, and financially secure business as a result of the actions taken since the beginning of 2021. We have also continued to make progress on our pre-development pipeline, with key milestones in the first half met that enable further options for value creation. We have strengthened our tenant profile, we have a strong and diversified leasing pipeline for the second half, and robust occupancy levels across our destinations. We saw a good leasing performance now ahead of previous passing rent and marginally ahead of ERV. Portfolio values were broadly stable in the half and we have a solid balance sheet.įootfall, sales, occupancy and collections are recovering and now close to 2019 levels. We completed £194m of disposals, reducing net debt by 6%.

Adjusted earnings were up 154% to £51m reflecting a 48% increase in like-for-like net rental income, lower administration and finance costs, and a strong contribution from Value Retail. “We continued to make good strategic, financial and operational progress in the first half. Rita-Rose Gagné, Chief Executive of Hammerson, said: HAMMERSON plc – UNAUDITED HALF-YEAR 2022 RESULTSįocused on execution, delivering tangible results