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How to Use Template Cabot Circus, Bristol 2018 half-year results and strategy update 24 July 2018 Today’s agenda Market and strategy update 01 David Atkins – CEO 2018 half-year results 02 Timon Drakesmith – CFO; Managing Director, Premium Outlets Conclusion and Q&A 03 David Atkins – CEO 2 Dynamic destinations where people, brands and partners thrive More focused portfolio Step change in tenant mix Reprioritising use of capital Enhancing future returns Optimised Operational Capital portfolio excellence efficiency 3 IMAGE TBC Invest £120m in asset differentiation and Agenda to boost returns customer experience Devoting more resource to Reprioritise meet increased consumer investments demand for thrilling events Optimised Operational Capital and sophisticated digital portfolio excellence efficiency Proactive ahead of the Higher growth Reprioritise investments Act ahead of the market & reduce costs Focus on flagship market + reduce costs destinations and Premium Outlets Focus on flagship retail destinations and Premium Exit retail parks Step change retailer Implement £300m 1 Outlets 5 line-up 8 share buyback Exit retail parks 1 Accelerate disposals: Devoting more resource to 2 £1.1bn over two years Deleverage to experience-enhancing 2 6 9 mid-30s% LTV events and digital Increased geographical 3 diversification Progress Reduce costs by at Defer Brent Cross 3 City Quarters concept Progress 7 least £7m p.a. 10 development 4 City Quarters concept 4 Westquay, Southampton Market backdrop 5 Market backdrop Unusually turbulent period in UK retail Economy Consumer Retail Disruption over Brexit and Consumer confidence in line Cost pressures currently economic uncertainty with long run average heightened UK GDP growth, historic and forecast (%) (1) GFK consumer confidence index National living wage 6 10 4 0 (10) 2 (20) 0 Business rates (30) -2 (40) -4 Jul-14 Jun-12 Jun-17 Jan-12 Jan-17 Apr-13 Feb-14 Apr-18 Oct-15 Sep-13 -6 Dec-14 Currency movements Aug-16 Mar-16 Nov-12 Nov-17 May-15 2000 2002 2004 2006 2008 2010 2012 2014 2016 2020f 2022f 2024f 2026f 2028f 2018f Record levels of consumer debt Low unemployment and falling Shifting spending patterns Increased store closures and inflation still supportive CVAs UK unemployment rate (%) (2) UK retailer administrations (number of stores)(5) Growing 10 Online 4,000 (3) spend on 8 penetration leisure (4) 3,000 6 2,000 4 17% +30% 2 1,000 0 2012 2013 2014 2015 2016 2017 2018 0 Q1 Q1 Q1 Q1 Q1 Q1 Q1 2010 2011 2012 2013 2014 2015 2016 2017 2018 (YTD) 1 Source: Oxford Economics 6 2 Source: International Labour Organisation 3 Source: GlobalData (Verdict) 4 Source: Oxford Economics (rate of increase in spend on leisure relative to total consumer spend) 5 Source: Centre for Retail Research (as at June 2018); proforma annual run-rate indicated Market backdrop Currency pressure More stable backdrop in European markets 52% Continental Europe, Ireland and Premium Outlets France (1) Ireland (2) Premium Outlets (3) Confidence in line with average Rising consumer confidence Growing EU tourism from Asia Consumer confidence index Consumer confidence index Number of tourists, (million) 110 120 350 105 100 100 300 95 80 250 90 60 200 85 80 40 150 75 20 100 70 0 50 Jan-09 Jan-11 Jan-13 Jan-15 Jan-17 Jan-07 0 Sep-07 Sep-09 Sep-11 Sep-13 Sep-15 Sep-17 May-10 May-12 May-14 May-16 May-18 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 May-08 1995 2000 2005 2010 2011 2012 2013 2014 2015 2016 2017 Solid retail sales growth Strong retail sales growth Compelling returns France retail sales growth, % Ireland retail sales growth, % 8 8 6 6 Market rental growth (2017) 4 4 2 2 9.9% 0 0 Jul-16 Jul-17 Jul 2016 Jul 2017 Jan-16 Jan-17 Jan-18 Apr-16 Apr-17 Apr-18 Oct-16 Oct-17 Jan 2016 Jan 2017 Jan 2018 Apr 2016 Apr 2017 Apr 2018 Oct 2016 Oct 2017 H1 2018 retail sales +3.6% 2018 YTD retail sales +4.5% 2017 sales density growth +6.4% 1 Source: INSEE (consumer confidence shows long-run average), (retail sales volume growth YoY, ex autos) 7 2 Source: ESRI (Ireland), ICSO (retail sales volume growth YoY, ex motor vehicles) Q1 2018 latest available 3 Source: UNWTO; Cushman & Wakefield Victoria, Leeds Key trends: the future of retail space 8 Key trends Urban locations enjoy tailwinds Proportion of population living in urban catchments in Europe (%) (1) 2015 2030 120 +4.6% +3.7% +4.0% +3.7% +1.7% +3.6% +4.7% +4.2% Large cities are 100 positively associated with: 80 Income growth Productivity 60 Transport and digital infrastructure 40 Technological adoption 20 0 Netherlands United France Spain Germany EuropeEurope Italy Ireland Kingdom By 2030, 573m people will be living in cities in Europe, representing 78% 1 Source: United Nations 9 Key trends Physical retail property remains core Total UK retail sales growth by channel, 2016 – 2021F (£bn) (1) Store differentiation £250 +£19.7bn growth £19bn growth by channel, 2016-2021F Discovery £200 £192bn £6.0bn £173bn Store-driven online sales £150 £7.7bn £6.0bn Online In-store Experience £100 In-store sales £50 Store-driven online sales Online Service £0 2016 2021F 1 Source: GlobalData (Verdict) 10 Key trends Patterns in consumer demand will inform future category mix Online sales share by category (%) (1) Store-driven online sales Food & beverage <1% Health & beauty 4% More DIY 3% resilient to online Homewares 5% Furniture & floorcoverings 5% Clothing & footwear 15% Showrooming Sports & toys 28% in action Electricals 35% Entertainment (Music, video & books) 10% 0% 10% 20% 30% 40% 50% 60% 70% 2016 2021 1 Source: GlobalData (Verdict) 11 Key trends Large, flagship destinations outperform Change in number of units at large vs other shopping centres (% change 2015-2018) (1) Flagship centres Other shopping centres (2) Leisure (3) Food & beverage Homewares & DIY OverallOverall 12 6 Electricals & entertainment Clothing & footwear Department stores -10 0 10 20 30 40 50 60 70 1 Change May 2015 to May 2018. Based on GlobalData (Verdict) classification of 20 UK supermalls, defined as a large centre that is over 92,900m2 and usually has 12 annual footfall over 20 million. Includes 5 Hammerson properties. Source: GOAD, GlobalData (Verdict) Key trends Consumers want a ‘big day out’ Distribution of shopping missions to large shopping centres (%) (1) 30 25 20 15 10 5 0 Big day out Routine Killing time Quick-drop in Catering-led Browsing Grocery shopping trip shopping Average spend £179 £38 £38 £80 £33 £57 £50 Change 2014-2016 +4% -3% -4% -2% +5% 0% 0% 1 Source: CACI Shopper Dimensions 13 Key trends Premium Outlets are positioned to outperform Inbound tourist visits to Europe by source Global personal luxury goods off-price outlets market (1) sales (€bn) (2) Share of CAGR 45 2017 sales 2014-17 +7.5% CAGR 40 China 48% +16% 35 S.E. Asia 14% +14% Gulf region 10% +7% 30 Russia 5% −10% 25 India 3% +39% 20 £39bn US 1% +25% 15 £31bn Other 19% +12% 10 5 0 2017 2020f 1 Source: Global Blue – Value Retail. Regions ordered by size of total number of visitors to Europe. 14 2 Source: Bain luxury goods study Conclusions from our analysis 1 2 3 Urban locations Physical retail Consumer demand enjoy tailwinds remains core patterns inform future tenant mix Update text? 4 5 6 Large, flagship Consumers want Premium Outlets destinations ‘big day out’ outperform outperform 15 BarberBarber, LinkStreet Birmingham Optimised portfolio 16 Optimised portfolio Dynamic destinations Illustrative portfolio mix (2020+) Flagship retail destinations Premium Outlets Developments and City Quarters 17 Optimised portfolio Defining our flagship retail destinations Characteristics of our winning Characteristics of our flagship retail destinations destinations Urban Bucket 1&2 >1.5m catchment combined Historical financial performance Catchment Ave 1.5m+ Footfall Ave 18m+ F&B % vs. Portfolio +45% Consumer Flagship retail Current group Ave destinations portfolio Scale % vs. +50% >18m footfall average Portfolio Ave LfL NRI growth 2.6% 2.2% p.a. (%) (2) Brands ERV growth Characteristics of our 1.6% 1.3% p.a. (%) (2) flagship destinations +45% more space allocated to F&B (1) 5-year IRR (%) (2) 9.2% 6.6% Scale of asset +50% larger than average (1) 1(1) OperationalAverage across metrics assets, of flagshipover 3 year assets period, relative Jan to 2014current – portfolioDec 2017 average 18 2(2) AverageJan 2012 across – Dec assets, 2017 over 5 year period, Jan 2012 – Dec 2017 Check footnotes Optimised portfolio Reshaping through increased disposals Portfolio reshaping Hammerson annual disposal proceeds (£m) 800 £1.1bn 700 Focus on flagship destinations and Premium £600m Outlets target 600 £500m target 500 400 Exit retail parks portfolio £415m 300 £300m YTD 200 Accelerate disposals: 100 £1.1bn over 2018/19 0 3 year average 2018f 2019f 19 Optimised portfolio Capitalise on Premium Outlets’ winning format Value creation (£m) Hammerson’s Premium Outlets IRR partnership model 1,600 26% 1,400 Cooperation 1,200 Shared expertise in management, leasing, marketing and financing 1,000 800 Alignment 600 Strategic partnership on key growth initiatives, acquisitions and extensions 400 200 Influence and preference 0 Governance rooted in multi-decade relationship PremiumPremium Capital DividendsIncome Valuation PremiumPremium and trust with reciprocal contractual rights Outletsoutlets NAV invested distributionpaid uplift Outletsoutlets NAV DecNAV 2011 2011 NAVJun 20182017 20 Optimised portfolio Additional Premium Outlet investment opportunities 1 Acquisitions in VIA Outlets 2 VIA Outlets major reconfigurations Strategic acquisitions of Value 3 Retail ownership stakes
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