Hammerson plc - UNAudited Results for the SIX MONTHS ended 30 june 2012
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Six months ended: |
30 June 2012 |
30 June 2011 |
Change |
Like-for-like change |
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Net rental income |
£141.6m |
£143.9m |
-1.6% |
+2.4% |
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EPRA earnings per share |
10.2p |
9.6p |
+6.3% |
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Interim dividend per share |
7.7p |
7.3p |
+5.5% |
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As at: |
30 June 2012 |
31 December 2011 |
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EPRA net asset value per share |
£5.35 |
£5.30 |
+0.9% |
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Gearing |
50% |
52% |
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STRATEGY HIGHLIGHTS
- Accelerated transformation to focused retail business following agreed disposal of six assets representing 75% of London office portfolio. Disposal proceeds of £518 million, 5% above book value
- Hammerson portfolio now 97% retail
- Additional investment of £100 million in the growing premium designer outlet market through our partner Value Retail
OPERATING HIGHLIGHTS
- Like-for-like net rental income increased by 2.4%
- Group retail occupancy of 97.5% (31 March 2012: 97.0%), exceeding our 97% target
- Long-term retail leases signed 4.6% above ERV (UK +4.7%, France +4.5%)
- Strong financial position with pro forma liquidity of around £1bn, gearing and LTV of 36% and 27% respectively
PORTFOLIO HIGHLIGHTS
- New anchor at Les Terrasses du Port, Marseille. The scheme has been enlarged to accommodate Printemps, one of France's leading department stores, and is now 72% pre-let. The scheme remains scheduled to open in spring 2014
- Heads of Terms now agreed with John Lewis to anchor first phase of Eastgate Quarters, our major retail development in Leeds
- Commenced extension and refurbishment projects at Cramlington, Peterborough, Newcastle
- Sale of 54-60 rue du Faubourg Saint-Honoré for €165 million, realising 75% profit on cost
David Atkins, Chief Executive of Hammerson, said:
"We have created a focused retail business by accelerating our plans to sell the London office assets through a single transformational deal. In addition, we have undertaken some excellent leasing transactions and asset management in the first half, and increased our investment in the designer outlet market. Our strong income focus and strategic positioning are delivering good financial performance and dividend growth against a difficult consumer backdrop. We expect to deliver further growth to shareholders by building scale in our chosen retail sectors through extensions, developments and acquisitions."
