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2021 Half-Year Results 5 August 2021

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2021 Half-Year Results 5 August 2021 2021 half-year results 5 August 2021 1 The Oracle, Reading Agenda Overview Financial results Strategy update Q&A 2 Overview Progress against FY20 priorities Balance sheet Strategy Operational Strengthened capital structure Update on portfolio & organisational reviews Rent collection improving(1) £403m of disposals, including French presented today: FY20 now at 90% minority stakes Simplify organisation by more efficient HY 21 at 71% Issue of €700m 1.75% sustainability- structures and platform linked bond Footfall c.80% pre-Covid levels Redeemed €500m 2022 bond & 53% New leadership: of 2023 €500m bond CFO with experience in transformation Leasing volumes improving (+£5.4m on H1 £297m of private placement notes & technology 20, £+1.4m on H1 19)(2) repaid Expertise in repositioning of assets and Right categories and structures £415m RCF maturing 2022 refinanced development to £200m of facilities maturing 2026 Strong pipeline Net debt reduced from £2.2bn to £1.9bn No significant unsecured maturities until 2025 1 Rent collection was FY20 89%, HY 21 68% as at 9 July 2021 3 2 Flagships only Half-year results Westquay, Southampton 2021 half-year financial results H1 headline results 30 June 2021 30 June 2020 Change Income statement Adjusted net rental income (£m)(1) (2) 87.2 94.4 (8%) LFL NRI (£m) 67.70 67.60 0.1% Premium outlets earnings (£m)(3) (2.0) (7.4) 73% Adjusted earnings (£m) 20.1 17.7 14% IFRS loss (£m)(4) (375.5) (1,088.4) 65% 30 June 2021 31 Dec 2020 Change Balance sheet Managed portfolio value (£m)(1) 3,596 4,414 (19%) Value Retail net asset value (£m) 1,130 1,154 (2%) Net debt (£m)(1) (1,879) (2,234) 16% Value Retail value (£m) 1,902 1,924 (1%) Value Retail net debt (£m) (690) (689) 0% EPRA NTAPS (p) 69 82 (16%) 1 Figures on a proportionally consolidated basis excluding Value Retail. 2 Calculated on an adjusted basis to exclude the change in the provision for amounts not yet recognised in the income statement 5 3 30 June 2020 includes VIA Outlets earnings of £5.6m which was disposed of on 31 October 2020 4 Includes revaluation deficit on Group portfolio including Premium Outlets of £361.2m (30 June 2020: £939.6m) 2021 half-year financial results Adjusted earnings walk slide 41 H1 2021 Adjusted earnings walk (£m)(1) Surrender premiums 11.3 20.0 Provisions 6.2 Tenant failure, 18.0 leasing, and void (9.2) costs 16.0 Concessions (6.6) Variable income 14.0 (1.6) 11.3 7.8 and other 12.0 LFL NRI 0.1 10.0 20.1 17.7 8.0 5.0 6.0 4.0 8.3 8.8 2.8 2.0 4.9 1.3 0.0 0.4 0.1 (2) (3) H1Jun 2020 Disposals Other NRI D&O insurance Other net FX & tax LFL NRI Net interest Value Retail H1 20212021 admin 1 At constant FX 2 Disposals include VIA H120 earnings of £5.6m and year on year change in NRI for H121 disposals 6 3 Other NRI reflects year-on-year non-LFL changes in NRI on Les 3 Fontaines, Cergy, which is undergoing a major extension, and assets classified as Developments and UK Other portfolio 2021 half-year financial results Premium outlets earnings walk slides 56-60 H1 2021 Premium outlets earnings walk (£m)(1) 5.0 (2.0) 3.0 5.6 1.3 1.0 2.7 -1.0 (2.0) (0.3) -3.0 1.3 (13.0) -5.0 2.7 -7.0 2.5 -9.0 -11.0 4.8 -13.0 VIA Outlets Value Retail GRI Property operating Net administration Interest Tax Value Retail H1 2020 H1 2020 costs costs H1 2021 Premium outlets H1 2020 -£7.4m 1 At constant FX 7 2021 half-year financial results NTAPS walk H1 2021 EPRA NTAPS walk (pence) 90 80 9 70 3 1 60 50 40 82 69 30 20 10 0 (1) Dec 2020 Revaluation deficit Scrip dividend Loss on disposal Jun 2021 EPRA NTA EPRA NTA 1 On a proportionally consolidated basis including Value Retail 8 2021 half-year financial results Rent collection performance(1) slides 42-43 Total Demanded Total Waived, Total Due Total Collected Total Outstanding Collected of due in Quarter Written Off and as at 30th July Not Yet Due £m £m £m £m £m % FY20 261 28 233 210 23 90% Q1 21 58 13 45 36 9 79% Q2 21 54 - 54 34 20 64% H1 21 112 13 99 70 29 71% Q3 21 43(2) 2 41 27 14 65% 2021 YTD 155 15 140 97 43 69% Collections: • Key priority to maximise income and collection rates in H2 2021, good progress made since 9 July • Trade receivables reduced in the UK as restrictions are lifted and concessions agreed, France and Ireland lagging at balance sheet date • Extension of moratorium on rental collection ‘inexplicable’ Level of provisioning marginally increased from FY20: • Maintain a prudent provisioning approach, and limitations on collection powers in UK. • Provisions for arrears at 30 June 2021 £77m, 67% (31 Dec 20: £80m, 64%) • Provisions for tenant incentives at 30 June 2021 £55m, 24% (31 Dec 20: £68m, 22%) 1 Excludes Value Retail 2 Decline in total demanded in Q3 predominantly reflects disposal of retail parks portfolio to Brookfield completed on 19 May 2021 9 2021 half-year financial results Portfolio valuation summary(1) Sector Value H1 2021 ERV & other Yield Peak to ERV Yield shift Yield range 30 June capital impact impact date decline from 30 June 2021 return decline(2) from peak(3) 2021(3) £m peak(2) Managed portfolio UK 1,320 (13.4%) (6.7%) (6.7%) (60%) (29%) +294bp 6.8% - 9.5% France(4) 1,023 (4.2%) (2.0%) (2.2%) (25%) (4%) +59bp 4.6% - 6.3% Ireland 679 (6.6%) (0.3%) (6.3%) (28%) (14%) +91bp 5.2% - 5.7% Total flagships 3,022 (8.9%) (3.7%) (5.2%) Developments & UK Other 574 (9.5%) (9.1%) (0.4%) UK RPs - (8.8%) (8.8%) - Managed portfolio 3,596 (9.0%) (4.6%) (4.4%) Value Retail 1,902 (0.4%) (0.4%) - (7%) slide 47-48 Total 5,498 (6.4%) (3.4%) (3.0%) 1 At Hammerson share, translated at 30 June 2021 FX rate 10 2 Like-for-like cumulative capital return since peak values (December 2017 – UK & France, December 2018 – Ireland, December 2019 – Value Retail) 3 Nominal equivalent yield 4 France includes Italik which has been reclassified to Trading properties as at 30 June 2021 2021 half-year financial results Net debt analysis Net debt analysis (£m)(1) 2,400 2,300 Adj. operating profit 62 Working capital (14) 2,200 changes Cash generated from 2,100 48 operations 396 2,000 1,900 50 2,234 1,800 77 103 48 1,700 13 1,879 1,600 1,829 1,500 1,400 (5) NetNet debtdebt Disposals(2) Exchange and other Cash generated from Dividends Interest Capital expenditure NetNet debtdebt 11 Jan Jan 2021 flows (3) operations (4) 3031 Jun Dec 20212020 1 On a proportionally consolidated basis, excluding Value Retail 11 2 Reflects net proceeds from the sale of eight retail parks portfolio, Espace St. Quentin and Nicetoile 3 Includes favourable foreign exchange translation of £80m 4 Includes withholding tax of £12m in relation to the 2020 interim dividend 5 Interest includes redemption costs of £14m and purchase of interest rate swap for £21m 2021 half-year financial results Debt maturity profile Debt maturity profile - pro forma (£m)(1) (2) Refinancing achieved Euro bonds 1,200 Sterling • €700m 1.75% 6 year sustainability-linked bond bonds 1.8% avg 4.7% avg coupon • 2022 bonds repaid (62% in H1, 38% on 8th July, €500m total) coupon • 2023 Euro bonds (53% repaid in H1, €265m) New RCF(3) 1,000 Private Secured debt placement 2.1% avg • £415m 2022 RCF refinanced (with two new facilities totalling £200m 3+1+1 year RCF) 2.4% avg coupon coupon • Private placement notes due in June 2021 (£113m) repaid on maturity and 46% (£184m) of notes prepaid at par 800 Revolving credit facilities floating rate • O’Parinor JV debt (€55m at 25% share) refinanced with new €53m loan on 6th July 600 Liquidity position (£m) 400 £m RCF – fully undrawn 1,030 Cash 587 200 Total liquidity 30 June 2021 1,617 July refinancing(2) (165) 0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Pro forma liquidity 1,452 1 Proportionally consolidated debt, excluding Value Retail. Interest rates are on a weighted average basis, post hedging derivatives 2 Pro-forma for final €190m repayment of 2022 Euro Bonds and refinancing and €2m partial repayment of O’Parinor JV debt in July 2021 12 3 New 3+1+1 year RCF shown at current maturity, with options to extend, subject to lender consent, to 2026 2021 half-year financial results Balance sheet metrics slide 50 30 June 2021 31 Dec 2020 Net debt £1,879m £2,234m Value Retail net debt £690m0 £689m0 Group debt Headroom Internal 30 June 2021 31 Dec 2020 covenants guidelines Gearing(1) <150%/175% 28% valuation decline <85% 68% 70% Unencumbered Asset Ratio(2) >1.5x 18% valuation decline >1.75x 1.83x 1.89x Interest cover(3) >1.25x 40% NRI decline >2.00x 2.08x 1.81x LTV – incl. Value Retail net asset value(4) no covenants IG rating 40% 40% LTV – fully proportionally consolidated(5) no covenants IG rating 47% 46% Net debt/EBITDA(6) no covenants IG rating 15.1x 14.1x 1 Covenant within the Group’s unsecured bank facilities, bonds and private placement notes 2 2021 Covenant within the Group’s unsecured private placement notes only.
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