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HAMMERSON PLC - Significant improvement in collection rates

Release Date: 20/10/2021 08:00
Code(s): HMN     PDF:  
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Significant improvement in collection rates

Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO    JSE share code: HMN
ISIN: GB00BK7YQK64
(“Hammerson” or “the Company”)


20 October 2021


Significant improvement in collection rates


Since our half year results on 5 August, occupiers have been able to operate in all territories with
minimal COVID-related restrictions.(1)

Overall, footfall in all territories now stands at c.15-20% below 2019 levels, although some centres in
the UK exceeded 2019 comparable levels around the key August bank holiday weekend and have
continued to perform strongly since. The trend of high conversion rates and larger basket sizes has
continued, with UK sales in our destinations in line with 2019 in August and September, and around
4% lower in France.

Rent collection rates have improved with 70% of group billable rent collected for Q4 to date,
significantly ahead of any quarter since Q1 2020 at the same point in time(2). As with Q3, the UK
continues to be the strongest performer, with 74% of rent collected, Ireland stands at 71%, with
France at 65%.

FY 2020 collections now stand at 94% and FY 2021 YTD at 78%.

We remain focused on collecting arrears. We do not anticipate granting future concessions and all
avenues to collect rents due are being pursued.

                    Total            Total        Total Due      Total          Total         Collected
    Period        Demanded           Waived,
                                                     (£m)       Collected     Outstanding      of due %
                    (£m)(3)          Written Off
                                     and Not Yet                               (£m)                (£m)
                                     Due

                                                (£m)

   FY 2020                  254                   30                224               210                  14   94

       H1 21                114                   16                 98               77                   21   79

    Q3 21                   50                    1                  49               40                    9   82

    Q4 21                   41                    3                  38               27                   11   70

 FY 2021 YTD                205                   20                185               144                  41   78


Footnotes:
   (1)     The sanitary pass scheme in France impacted footfall and sales through part of August and September.
   (2)     Previous quarters: Q3 21 47%, Q2 21 40%, Q1 21 41%, and Q4 20 41% at Q+14
   (3)    Excludes Value Retail




Ends

Hammerson has its primary listing on the London Stock Exchange and secondary inward listings on the
Johannesburg Stock Exchange and Euronext Dublin.

Sponsor: Investec Bank Limited

Investor Contact

Josh Warren, Hammerson, Director of Strategy and Investor Relations
Tel: +44 20 7887 1053
josh.warren@hammerson.com


Press Contacts
Hammerson
Catrin Sharp, Head of Corporate Communications
Tel: +44 20 7887 1063
catrin.sharp@hammerson.com
FTI Consulting (for Hammerson)
Dido Laurimore
Tel: +44 20 3727 1000/ 0780 1654424
dido.laurimore@fticonsulting.com



Notes to editors

Hammerson

Hammerson creates vibrant, continually evolving spaces, in and around thriving European cities, with a
focus on flagship retail destinations and premium outlets. As at 30 June 2021, our portfolio of high-
quality venues had a value of £5.5 billion and included 19 flagship destinations in thriving cities and
investments in premium outlet villages through our partnership with Value Retail. Key retail venues
include Bullring & Grand Central, Birmingham, Bicester Village, Oxfordshire, Dundrum Town Centre,
Dublin, and Les Terrasses du Port, Marseille.

Date: 20-10-2021 08:00:00
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