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Where Morehappens Where more happens Annual Report 2015 HAMMERSON PLC ANNUAL REPORT 2015 We are Hammerson At Hammerson, we create destinations that excite shoppers, attract and support retailers, reward investors and serve communities; destinations where more happens. CONTENTS STRATEGIC REPORT FINANCIAL STATEMENTS Highlights 01 Directors’ responsibilities 113 Our business at a glance 02 Independent Auditor’s report 114 Our business model 04 Primary financial statements 118 Our business model in action 06 Notes to the accounts 124 In conversation with David Atkins, Company primary statements 158 Chief Executive 08 Notes to the Company accounts 160 Our market 14 OTHER INFORMATION Key performance indicators 18 Business review 22 Additional disclosures 166 Sustainability review 43 Ten-year financial summary 173 Our people 49 Summary of Directors’ remuneration policy 174 Financial review 53 Shareholder information 178 Principal risks and uncertainties 62 Glossary 181 CORPORATE GOVERNANCE Index 183 REPORT Chairman’s letter 68 In conversation with the Board 70 Your Board’s year 74 Nomination Committee report 78 Visit our website www.hammerson.com Audit Committee report 80 for more information about us and our Directors’ Remuneration report 84 business Compliance with the UK Follow us on twitter Corporate Governance Code 102 @hammersonplc Directors’ biographies 108 Directors’ report 110 Watch us on youtube Search hammerson Cover image: Taurus Geodessica installation Follow us on LinkedIn by Joshua Harker at Bullring September 2015 Search hammerson HAMMERSON PLC ANNUAL REPORT 2015 HIGHLIGHTS 2015 overview REPORT STRATEGIC – Significant acquisition Profit for the year GOVERNANCE CORPORATE in Ireland £727 million – Four developments (+4%) 2 completed of 64,900m 2014: £699 million Adjusted earnings per share – £360 million of disposals FINANCIAL STATEMENTS – 400 lettings totalling 26.9p (+13%) 2 136,000m 2014: 23.9p Dividend per share Portfolio value(1) 22.3p (+9%) INFORMATION OTHER £9.1 billion 2014: 20.4p +17% Shareholders’ equity 6% £5,517 million 8% (+11%) 34% 2014: £4,974 million 14% EPRA NAV per share £7.10 (+11%) 20% 2014: £6.38 18% Total property return UK shopping centres Premium outlets UK retail parks Ireland (loans) 12.4% France Developments and other 2014: 13.6% (1) As at 31 December 2015, including cost of Irish loan portfolio. HAMMERSON.COM 1 OUR BUSINESS AT A GLANCE 57 places where more happens We are an owner, manager and developer of retail destinations in Europe. Our portfolio includes investments in prime shopping centres in the UK and France, convenient retail parks in the UK and premium outlets across Europe. 21 shopping centres 21 retail parks 15 premium outlets 2.2 million m2 lettable area 4,500 tenants Les Terrasses du Port, Marseille 2 HAMMERSON PLC ANNUAL REPORT 2015 AT A GLANCE REPORT STRATEGIC AT REPORT STRATEGIC CORPORATE GOVERNANCE CORPORATE FINANCIAL STATEMENTS OTHER INFORMATION OTHER UK SHOPPING UK RETAIL PARKS FRANCE PREMIUM OUTLETS CENTRES SHOPPING VALUE RETAIL VIA OUTLETS Brent Cross, London Abbey Retail Park, Belfast Manor Walks, CENTRES Abbotsinch Retail Park, Cramlington Bicester Village, London Alcochete, Lisbon Bullring, Birmingham Espace St Quentin, St Paisley Parc Tawe, Swansea Fidenza Village, Milan Batavia Stad, Amsterdam Cabot Circus, Bristol Quentin-en-Yvelines Battery Retail Park, Ravenhead Retail Park, Ingolstadt Village, Fashion Arena, Prague Centrale, Croydon Italie Deux, Paris Birmingham St Helens Munich Festival Park, Majorca* Grand Central, Le Jeu de Paume, Brent South Shopping St Oswald’s Retail Park, Kildare Village, Dublin Birmingham * Beauvais Kungsbacka, Gothenburg Park, London Gloucester La Roca Village, Highcross, Leicester Les Trois Fontaines, Landquart, Zurich Central Retail Park, Telford Forge Shopping Barcelona Silverburn, Glasgow Cergy Pontoise Falkirk Park, Telford La Vallée Village, Paris The Oracle, Reading Les Terrasses du Port, Cleveland Retail Park, The Orchard Centre, Las Rozas Village, Madrid Union Square, Aberdeen Middlesbrough Didcot Marseille Nicetoile, Nice Maasmechelen Village, Victoria Quarter, Leeds Cyfarthfa Retail Park, Thurrock Shopping Park, Brussels O’Parinor, Paris WestQuay, Southampton Merthyr Tydfil Thurrock Wertheim Village, Place des Halles, Dallow Road, Luton Westmorland Retail Park, Frankfurt Elliott’s Field, Rugby Cramlington Strasbourg Fife Central Retail Park, Westwood & Westwood Saint Sébastien, Nancy Kirkcaldy Gateway Retail Parks, SQY Ouest, St Imperial Retail Park, Thanet Quentin-en-Yvelines Bristol Wrekin Retail Park, Villebon 2, Paris** Telford * Acquired in 2016 ** Contracts exchanged for sale in January 2016 Note: Properties underlying Irish loans are not shown (which include Dundrum Town Centre, Dublin; Swords Pavilions, Dublin; and The Ilac Centre, Dublin) HAMMERSON.COM 3 OUR BUSINESS MODEL How we create value Our mission At Hammerson our mission is to create desirability for our consumers and commercial partners. We own, operate and develop retail destinations that interact seamlessly with digital and bring together the very best retail, leisure and entertainment brands. We seek to deliver value for all our stakeholders, and to create a positive and sustainable impact for generations to come. Key resources A clear operational model The success of our business depends on The key actions that we undertake a number of principal inputs. towards achieving our strategic objectives to create value. HIGH-QUALITY PROPERTY ASSET MANAGEMENT High-quality property in prime locations We skilfully manage our portfolio in a sustainable across selected European retail markets way to generate income growth and to attract tenants and shoppers TALENTED PEOPLE Skilful and motivated people and teams united INVESTMENT MANAGEMENT around a clear set of values We employ market expertise to recycle our portfolio. Taking advantage of acquisition opportunities which RETAIL INSIGHT enhance the quality of our portfolio and future Deep retail knowledge captured through returns and disposing of assets at the right time long-standing commercial relationships, data insight and consumer research DEVELOPING VENUES We have a proven track record in creating FINANCIAL CAPITAL sustainable retail and leisure destinations which Dependable access to, and continued anticipate future consumer needs and ensure that trust of, international capital markets retailers will thrive for years to come FINANCIAL EFFICIENCY We manage and control our costs, both operational and financial, and optimise the capital base to support the delivery of our strategy + See pages 6 - 7 for our Strategic Priorities under each of these areas, and the progress achieved in 2015 4 HAMMERSON PLC ANNUAL REPORT 2015 STRATEGIC REPORT STRATEGIC BUSINESS MODEL REPORT STRATEGIC CORPORATE GOVERNANCE CORPORATE Uniquely differentiated by our To deliver value for Product Experience Framework our stakeholders Our Product Experience Framework is embedded By successfully employing our FINANCIAL STATEMENTS across everything we do, providing a unique point business model we aim to deliver of differentiation. We constantly challenge ourselves a positive result for all our to apply best practice in retail design and digital stakeholder groups. solutions, customer engagement and sustainability. ICONIC DESTINATIONS FINANCIAL RETURNS… We create outstanding architecture to enhance locations. We place our For shareholders centres at the heart of local communities, connected by seamless technology and transportation links DESTINATIONS… INFORMATION OTHER BEST AT RETAIL For retailers and shoppers We deliver the optimal retail mix, consistently refreshed and showcasing new concepts ECONOMIC AND SOCIAL BENEFITS… CONVENIENT & EASY For our people and communities We make shopping simple and stress-free, with enhanced customer facilities and services such as click & collect, encouraging regular shopper visits INTERACTIVE & ENGAGING Our outstanding customer service and leading digital infrastructure drive engagement and loyalty, and encourage shoppers to spend longer at our destinations ENTERTAINING & EXCITING We constantly evaluate and refresh our food and leisure offers, and provide a local and national calendar of events to surprise and delight our customers, and keep them coming back POSITIVE PLACES We create destinations that deliver positive impacts economically, socially and environmentally See pages 6 - 7 for how the Product Experience + + See the Chief Executive’s letter on pages Framework guides our Strategic Priorities and the Chief 8 - 13 for how we have delivered value for Executive’s letter pages 8 - 13 for examples of how the our stakeholders in 2015 Framework has been put into action in 2015 HAMMERSON.COM 5 OUR BUSINESS MODEL IN ACTION We successfully implemented our business model in 2015 to deliver progress against our strategic priorities Strategic priorities Progress in 2015 Focus in 2016 ASSET MANAGEMENT – Deploy the Product Experience Framework across the Group – 400 lettings totalling 136,000m2 across the portfolio – Evaluate opportunities to introduce existing international – Introduce the latest retail and leisure brands and new store – New flagship stores for international brands like Victoria’s Secret, brands across the rest of the Hammerson portfolio concepts to the portfolio Apple, H&M and Polo Ralph Lauren – Continue to reinvigorate the tenant mix in France – Remerchandise retail parks with updated homeware and – 25 new retailers in French portfolio, of which four are firsts – Capitalise on strong occupier demand at retail
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