Annual Report 2022

STRATEGIC REPORTHAMMERSON AT A GLANCE

Hammersonataglance

Creating exceptionalcitycentre

4

destinationsthatrealisevaluefor 1 3

our stakeholders, connects our4 2 communitiesand deliversa positive impact forgenerations to come.

BIRMINGHAM ESTATE,1Pavilions,

BIRMINGHAMSwords

Managed portfolio

Ownership:50%/100%

Area, m2:

171,800

Union Square,

No. of tenants:

254

Aberdeen

  See story on page 6

LES 3 FONTAINES, 2DUNDRUM2Dublin Central,

CERGY ESTATE, DUBLINDublin

Managed portfolio Managed portfolio

Ownership: 100% Ownership: 50%

Area, m2: 85,100 Area, m2:128,700

No. of tenants:206 No. of tenants: 1526

See story on page 4See story on page 2

Managed portfolio

13

1

Birmingham Estate, Birmingham

2

Bishopsgate Goodsyard, London

Flagship destinations

3

Brent Cross, London

9

4

Bristol Estate, Bristol

5

Centrale and Whitgift, Croydon

6

Eastgate, Leeds

Premium outlets

7

The Oracle, Reading

16

8

8

Union Square, Aberdeen

9

Westquay, Southampton

1

Dublin Central, Dublin

Cities

2

Dundrum Estate, Dublin

1m

3

Ilac Centre, Dublin

4

Pavilions, Swords

m2 of lettable area

1

Italie Deux, Paris

216m

2

Les 3 Fontaines, Cergy

6

3

Les Terrasses du Port, Marseille

4

O'Parinor, Paris

Shopper visits per year

1

Value Retail

100+

1

Bicester Village, Bicester

1

2

Fidenza Village, Milan

Acres of development land

3

3

Ingolstadt Village, Munich

4

4

Kildare Village, Dublin

7

2

5

La Roca Village, Barcelona

5

9

6

Las Rozas Village, Madrid

7

La Vallée Village, Paris

8

8

Maasmechelen Village, Brussels

9

Wertheim Village, Frankfurt

4

9

2

4

7

1

8

The Oracle,

7

Reading

3

1

Les Terrasses du Port,

3

Bristol Estate,

4

Marseille

Bristol

2

3Bicester Village,1

Bicester

5

Our results are evidence of significant strategic, operational and financial progress made against a volatile macroeconomic backdrop

HIGHLIGHTS

INCOME STATEMENT

IFRS loss for the year

Adjusted earnings K A

£(164)m

£105m

2021: £(429)m loss

2021: £66m †

EARNINGS PER SHARE METRICS

Basic EPS

Adjusted EPS A

(3.3)p

2.1p

2021: (8.7)p †

2021: 1.3p †

BALANCE SHEET

Net assets

Net debt K A

£2,586m

£(1,732)m

2021: £2,746m

2021: £(1,799)m †

EPRA METRICS

EPRA NTA A

EPRA NTA per share K A

£2,634m

53p

2021: £2,840m

2021: 64p

CREDIT METRICS

LTV: Fully proportionally

LTV: Headline A

consolidated A

39%

47%

2021: 39% †

2021: 46% †

Liquidity A

£996m

2021: £1,478m †

KKPI  A Alternative Performance Measure

†  2021 income statement figures have been restated to reflect the IFRIC Decision on Concessions and balance sheet figures have been restated to reflect the IFRIC Decision on Deposits with further information on both IFRIC decisions set out in note 1B to the financial statements. Additionally, earnings per share figures have been restated to reflect the adjustment required to incorporate the bonus element of scrip dividends following confirmation of the level of take up.

This report provides alternative performance measures (APMs) which are not defined or specified under the requirements of International Financial Reporting Standards as adopted by the EU. We believe these APMs provide readers with important additional information on our business. Further explanation of the key APMs and why we use them is set out in note 1C to the financial statements with a reconciliation to their IFRS equivalents in note 10. Other APMs are contained in the Additional information section of this Annual Report.

CONTENTS

Strategic Report

  1. Welcome from our Chief Executive
  2. Our Assets and Developments Case study: Dundrum Estate, Dublin Case study: Les 3 Fontaines, Cergy Case study: Birmingham Estate, Birmingham
  1. Chair of the Board's Statement
  1. Chief Executive's Statement
  1. Market Overview
  1. Our Business Model
  1. Our Strategy and KPIs
  1. Our Colleagues
  2. Environmental, Social and Governance (ESG)
  1. Our Stakeholders
  1. Financial Review
  1. Risks and Uncertainties
  1. Viability Statement
  1. Non-financialInformation Statement

Corporate Governance

64 Board of Directors

  1. Corporate Governance Report
  1. Nomination and Governance Committee Report
  1. Audit Committee Report
  1. Directors' Remuneration Report
  1. Directors' Report
  1. Statement of Directors' Responsibilities

Financial Statements

117 Independent Auditor's Report to the members of Hammerson plc

  1. Consolidated Financial Statements
  1. Notes to the Consolidated Financial Statements
  1. Company Financial Statements
  1. Notes to the Company Financial Statements

Other Information

  1. Additional Information
  1. Five Year Record
  2. Shareholder Information
  1. Glossary

STRATEGIC REPORT

WELCOME FROM OUR CHIEF EXECUTIVE

Hammerson plc Annual Report 2022 1

Welcome from our

Chief Executive

Over the last two years, the new management team and I have focused on two key objectives. First, focusing and simplifying the business to stabilise the core income stream and return it to underlying growth.

Second, starting to rebuild value within our existing portfolio and to create optionality on how we unlock the substantial value in our development portfolio.

We are and will continue to be disciplined allocators of capital. We assess and select the best returns for shareholders, mindful of our own cost of capital and all options for capital deployment, including further debt retirement and distributions for shareholders.

Rita-Rose Gagné

Chief Executive

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Hammerson plc published this content on 03 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 April 2023 09:38:10 UTC.