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Hammerson Plc ANNUAL REVIEW and SUMMARY FINANCIAL

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Hammerson Plc ANNUAL REVIEW and SUMMARY FINANCIAL ANNUAL REVIEW and SUMMARY FINANCIAL STATEMENTS 2003 Hammerson plc Annual Review and Summary Financial Statements 2003 .02 Financial Highlights .04 Business Highlights .06 Board of Directors .08 Chairman’s Statement .12 Business Review .14 Relationships .16 Vision .18 Performance .20 Market Overview .22 Objectives and Strategy .24 Corporate Responsibility .26 Portfolio Review .32 Financial Review .35 Summary Directors’ Report .36 Summary Remuneration Report .37 Auditors’ Report .38 Summary Consolidated Profit and Loss Account Hammerson is a leading .38 Statement of Total Recognised Gains and Losses .38 Reconciliation of Movements in Shareholders’ Funds European property .39 Summary Consolidated Balance Sheet .39 Consolidated Cash Flow Statement company with a portfolio .40 Five Year Financial Summary valued at nearly £4 billion. .41 Shareholder Information .42 Senior Management .43 Principal Group Addresses .44 Glossary of Terms Pages 38 and 39 contain summary financial statements for the year. Financial information relating to any large group is complex and the aim here is to present the key data on Hammerson’s financial performance. All the information has been extracted from the Directors’ Report and Financial Statements. The summary financial statements do not present the detail that is included in the Directors’ Report and Financial Statements and which would permit a comprehensive analysis of Hammerson’s performance. Copies of the Directors’ Report and Financial Statements are available from the Company Secretary, Hammerson plc, 100 Park Lane, London W1K 7AR and are also shown on the group’s website, www.hammerson.co.uk. Hammerson has a reputation for operating well managed properties which provide attractive and efficient environments and meet the changing needs of occupiers and their customers. The group’s high quality portfolio provides around 1,000,000 m2 of retail space and 220,000 m2 of prime offices. Hammerson – a leading force in European real estate. Hammerson’s objective is to achieve attractive returns to shareholders through a strategy of investment and development in a small number of key European property markets. .01 Financial Highlights In 2003, adjusted net asset value per share increased by 6.9% to 803 pence. > Net rental income £189.5m + 7.7% Return on Shareholders’ Equity > Adjusted earnings per share 29.8p + 2.1% 9.3% > Dividend per share 16.83p + 6.5% > Adjusted net asset value per share 803p + 6.9% Adjusted net asset value per share Adjusted earnings per share (pence) (pence) 29.2 29.8 803 751 730 24.3 667 21.6 22.0 583 1999 2000 2001 2002 2003 1999 2000 2001 2002 2003 .02 2003 2002 Financial Highlights £m £m % change Net rental income 189.5 175.9 +7.7 Profit before taxation 67.1 90.9 -26.2 Adjusted profit before taxation (1) 85.9 85.6 +0.4 Property assets 3,956 3,908 +1.2 Shareholders’ funds (4) 2,168 2,038 +6.4 2003 2002 Per Share Data pence pence % change Basic earnings per share 18.3 27.1 -32.5 Adjusted earnings per share (2) 29.8 29.2 +2.1 Dividend per share 16.83 15.8 +6.5 Adjusted net asset value per share (3)/(4) 803 751 +6.9 2003 2002 Return on shareholders’ equity (3) 9.3% 4.3% Gearing (4) 73% 81% Interest cover 1.8x 1.9x Dividend cover 1.8x 1.9x Notes: (1) Excluding exceptional profits and losses. (2) Excluding exceptional profits and losses and deferred tax. (3) Excluding deferred tax. (4) Following the adoption of UITF Abstract 38, “Accounting for ESOP trusts”, comparative figures for 2002 have been restated, the effects of which were to reduce shareholders’ funds by £2.2 million and adjusted net asset value per share by one pence and increase gearing by one percentage point. Portfolio distribution Germany Retail Parks 5% 11% France Offices 29% 32% Shopping UK Centres 66% 57% Total portfolio £3,956m Dividend per share 16.83p + 6.5% .03 Business Highlights Hammerson made further progress, both in the UK and on the continent during 2003. Highlights included securing planning consent for over 75,000 m2 of new retail park space and the continued growth within the UK and French shopping centre portfolios. September saw the opening of Bullring, Birmingham, a major regional shopping centre, where Hammerson was the development manager for The Birmingham Alliance joint venture. .04 Key Events in 2003 February: Hammerson purchased for £17 million an industrial park in Sittingbourne, Kent, where it plans a retail-led redevelopment. The pre-letting of the 75,000 m2 Bishops Square office development in London to Allen & Overy became unconditional following irrevocable planning consent. March: Two London office buildings, Globe House, London WC2, and 16 Old Bailey, London EC4, were sold for a total of £194 million. May: Hammerson exchanged contracts for the sale of 53 quai d’Orsay, Paris 7ème, for £76 million. June: Planning consent was received for a 23,600 m2 retail park on the outskirts of Merthyr Tydfil, Wales. July: Merseyway Shopping Centre, Stockport, was sold for £128 million. August: Hammerson exchanged contracts for the sale of Luisencenter, Darmstadt, for £71 million. September: Bullring in Birmingham, a 110,000 m2 regional shopping centre and Europe’s largest retail-led urban regeneration project, opened. October: Hammerson secured planning consent for St. Oswald’s Retail Park, Gloucester, a proposed retail-led mixed use development on a 21 hectare site close to the city centre. November: Hammerson acquired Drakehouse Retail Park, Sheffield, for £60 million. December: Hammerson exchanged contracts for the sale of its interest in City Center shopping centre in Essen, Germany, for £20 million. In the last 12 months Hammerson has continued to recycle its capital with £556 million raised through disposals and total capital investment of over £440 million. .05 Board of Directors FROM LEFT TO RIGHT P W B COLE G F PIMLOTT J C CLARE R R SPINNEY R J G RICHARDS J A BYWATER D A EDMONDS S R MELLISS R J O BARTON G DEVAUX R R SPINNEY FRICS, CHAIRMAN – Ronald Spinney (62), a Chartered R J G RICHARDS BSC, FRICS, CHIEF EXECUTIVE – John Richards (48), a Surveyor, was appointed Chairman in 1999, having joined Chartered Surveyor, joined the Company in 1981 as a Hammerson as Chief Executive in 1993. He is Chairman of the development surveyor and was appointed a director of the UK Nomination Committee. He is a Crown Estate Commissioner, a business in 1987. He was appointed a director of the Company in director of EPRA, Chairman of Hanover Property Unit Trust 1990. He was responsible for Hammerson’s UK operations from Investment Advisory Committee, a non-executive director of 1993 to 1998 and then took responsibility for the group’s Rentokil Initial plc, Fuller Smith & Turner plc and Homestyle international operations, prior to being appointed Chief Group plc and Chairman of London First Centre. Executive of Hammerson in 1999. He is a director and immediate past President of the British Council of Shopping Centres. G F PIMLOTT MA, DEPUTY CHAIRMAN – Graham Pimlott (54) was appointed non-executive Deputy Chairman in 2000, having been R J O BARTON CA, MBA – John Barton (59) was appointed a non- appointed a non-executive director of Hammerson in 1993. He is executive director of Hammerson in 1998. He is Chairman of the Chairman of the Audit Committee and a member of the Remuneration Committee and a member of the Nomination Remuneration and Nomination Committees. He is a non- Committee. He is Chairman of Wellington Underwriting plc and executive director of Tesco plc and Provident Financial plc and a non-executive director of WH Smith Group plc, Next plc and the Chairman of the Export Credits Guarantee Department. General Insurance Standards Council. .06 J A BYWATER FRICS – John Bywater (56), a Chartered Surveyor, joined G DEVAUX FRICS – Gerard Devaux (55) was appointed an executive Hammerson as an executive director in 1998 having previously director of Hammerson in 1999. He joined the Company in 1986 been a partner of Donaldsons. As Managing Director of the as general manager and a director of the group’s operations in Company’s UK business, he is responsible for the investment France, assuming responsibility for operations in continental portfolio in the UK. In addition, he is responsible for insurance Europe in 1999. He is also a director of the National Council of and Corporate Responsibility throughout the group. Shopping Centres in France. J C CLARE BSC – John Clare (53) was appointed a non-executive D A EDMONDS CBE – David Edmonds (60) was appointed a non- director of Hammerson in 1999. He is a member of the Audit executive director of Hammerson on 8 May 2003. He is a member and Remuneration Committees. He is Chief Executive of Dixons of the Audit Committee. He is a board member of Ofcom, Group plc. Chairman of NHS Direct and a member of the Legal Services Commission. P W B COLE BSC, MRICS – Peter Cole (45), a Chartered Surveyor, joined the Company in 1989 as a senior development surveyor and was S R MELLISS BA, FCA – Simon Melliss (51), a Chartered Accountant, appointed to the board of the Company’s UK business in 1993. He joined the Company in 1991 as group financial controller, having is responsible for developments and acquisitions in the UK and worked in various financial positions for other companies. He was appointed an executive director of Hammerson in 1999. He was appointed Group Finance Director in 1995. He is a member is President-elect of the City Property Association. of the Committee of Management of Hermes Property Unit Trust. On 27 February 2004, Hammerson announced the appointment of two additional non-executive directors.
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