2012 Full Year Results

Capital & Regional plc today announces its audited annual results for the year to 30 December 2012.

Progress in execution of strategy

  • Sale of Group's stakes in The Junction Fund and Xscape Braehead and, in early 2013, its interest in the X-Leisure Fund and FIX
  • Purchase of Mall Fund units increased Group share from 18.16% to 20.33%
  • Acquisition of 20% interest in Kingfisher Centre Redditch, in joint venture with Oaktree Capital Partners


  • Robust recurring pre-tax profit up 3.7% to £17.0 million (2011 - £16.4 million).
  • Proforma see-through net debt¹ to property value fell to 55% compared to 65% at 2011 year end
  • Fall in net assets and EPRA net assets per share to 51p and 55p, respectively (2011 - 56p and 63p) primarily as a result of value adjustments and impairment of the German portfolio 4 joint venture


  • Occupancy on a like for like basis in our UK Shopping Centres up to 96.7% from 96.1% notwithstanding significant administrations during the first half of the year
  • Attractive and affordable space supported by 88 new lettings for £5.1 million, 25 renewals for £1.7 million, both at above ERV
  • Significant step forward for asset management and development with key terms agreed to enable the reconfiguration of Waterside Lincoln; Hemel Hempstead redevelopment gaining planning permission and a number of pre-lets finalised; The Hub leisure concept at Redditch gaining momentum

Future priorities

  • Recycle cash from disposals of non-core assets to create shareholder value by strengthening our core UK Shopping Centre business as well as the buyback of shares
  • Resume dividend payments to shareholders to be covered by cash earnings once Mall is in a position to recommence distributions to unit holders
  2012     2011
Recurring pre-tax profit² £17.0m £16.4m
(Loss)/profit for year £(16.0)m £21.1m
NAV per share 51p 56p
EPRA NAV per share 55p 63p
Proforma Group net debt¹ 13% 30%
Proforma see through net debt¹ 55% 65%

¹Adjusted for £30.6 million X-Leisure proceeds received in January 2013.
²As defined in Note 1 to the financial statements.


Commenting on the results, John Clare, Chairman, said "I am pleased to report that the Group has this year both successfully responded to the challenges created by a tough operating environment and made significant progress in the execution of its strategy."

Hugh Scott-Barrett, Chief Executive, added "We have a unique management platform that supports our aim to be a leading investor and property and asset manager of dominant community schemes. Our focus is in shopping centres which have a dominant market share in the communities they serve and which provide attractive and affordable space for retailers."


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