2015 Annual Results & Report

Welcome to the Capital & Regional Annual Report and Results for 2015

On the 24th February we announced our 2015 annual results together with the £10.5 million acquisition of a further property in Hemel Hempstead and the selection of Barratt London as the preferred development partner for the proposed extension of The Mall, Walthamstow.

See below for more information on our performance during 2015 and use the buttons to download a pdf copies of the Annual Report and results announcement, or view an on-demand version of the webcast. 

2015 Annual Report

Download the Annual Report (pdf, 2mb) 

Use the links above to download the Annual Report materials or scroll down for some of the highlights.

Financial Highlights

Operating Profit 1

£24m

(2014: £19.3m)
2015 £24m
2014 £19.3m

Profit for the Period

£100m

(2014: £72.2m)
2015 £100m
2014 £72.2m

Total Shareholder Return 2

29.8%

(2014: 24.7%)
2015 29.8%
2014 24.7%

Total Dividend per Share

3.12p

(2014: 0.95p)
2015 3.12p
2014 0.95p

NAV per Share

72p

(2014: 60p)
2015 72p
2014 60p

EPRA NAV per Share

£24m

(2014: £19.3m)
2015 £24m
2014 £19.3m

See-through net debt to property value 3/4

41%

(2014: 45%)
2015 41%
2014 45%
  1. As defined in Note 1 to the financial statements.
  2. Change in share price plus dividends paid. 2014 based on weighted average to reflect 351.1 million new shares issued on 14 July 2014.
  3. 2014 is proforma adjusted for £42.1 million of German joint venture net proceeds received in February 2015 and £8.9 million of payments due in respect of Mall performance fee and income due to former unit holders.
  4. See-through net debt divided by property valuation.

 

Operational Highlights

£47.1m

Net Rental Income

72

New Lettings

97.1%

Occupancy Growth

 

  • Continued progress on £65 million Mall Capex plan, including the:
    • £3.2 million redevelopment of Ainsworth Mall in Blackburn, new gym handed over Q1 2016.
    • Refurbishment of Walthamstow completed (£3 million) and Maidstone (£4 million) due to complete in June 2016.
    • New Sports Direct and TK Maxx units open and trading in Walthamstow.
  • Selection of Barratt London as preferred development partner for extension of The Mall, Walthamstow to provide 92,000 sq ft of new retail space and over 400 residential units.
  • £35.5 million acquisition of The Marlowes Centre, Hemel Hempstead completed in February 2016 supplemented by combined £18.3 million purchases of adjacent Edmonds Parade and Fareham House properties to further consolidate dominance of the town centre retail offer.
  • Unsolicited offers received for Buttermarket Centre, Ipswich provide potential for realising significant returns on completion of leisure redevelopment work in summer 2016.

Chairman's statement

John Clare CBE

John Clare CBE

"This level of performance reinforces the Board’s confidence that retailers and leisure operators are responding very positively to the investment being made in our shopping centres, and that this growing programme provides a sound base from which to further grow income and dividend.”

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Chief Executive’s Statement

Hugh Scott-Barrett

Hugh Scott-Barrett

Operationally this has been an important year for Capital & Regional. We have consolidated and grown our portfolio through progress on the delivery of the Capex programme, and our entrepreneurial approach to acquisitions has enabled us to further showcase the depth of our asset management capabilities.”

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Q&A with Mark Bourgeois

It is great to see how our centres continue to deliver such solid performance with high footfall, strong occupancy and positive retailer trading. I was particularly excited by the take up of Click & Collect across the portfolio following the rollout of Collect+ in the first quarter.

Read more

Full 2015 Capreg Annual Results

Full Capreg Annual Report

For more detailed analysis and comment please download the full Annual Report and Accounts for the year ended 30 December 2015.

Download the Annual Report (pdf, 2mb)