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
Financial
- 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
Operational
- 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."