2022年结果
Our 2022 Interim Results were announced on Thursday 11th August.
View the website, Press Release or Presentation using the links below. The an on-demand version of the results webcast will be available on the link below shortly after the live version completes.
在强大的运营绩效和成功的债务重组计划之后，股息支付的恢复
Capital & Regional (LSE: CAL), the UK focused REIT with a portfolio of dominant in-town community shopping centres, announces its half year results to 30 June 2022.
Lawrence Hutchings, Chief Executive, comments:
“我们的团队在推动出色的运营绩效和盈利能力以及在我们去年11月完成的购物中心债务设施和资本筹集的重组方面都具有六个月的生产力六个月。188竞猜比分布莱克本（Blackburn）销售上述账面价值的结合，完成了2100万英镑的沃尔瑟姆斯托（Walthamstow）住宅处置，将伊尔福德（Ilford）的租约确保了伊尔福德（Ilford）的NHS和TK MAXX，这使我们的贷款修正案获得了积极的贷款修正案，并以我们的hemel hemel hempstead债务获得了折扣，并得到新的债务机构的支持，使公司稳固地展望未来。这些举措不仅将我们的投资组合重新调整为我们的伦敦和SEESES，而且还使我们能够将债金博宝188APP务进一步降低到可持续水平，而净LTV的净LTV从一年前的72％则大幅提高到40％。
“尽管上半场表现使我们感到鼓舞，但我们知道当前的经济环境和通货膨胀压力。但是，我们采取的行动以及我们位置良好的，负担得起的基于需求的社区购物中心，加上防御性的平均收益和稳定价值，在过去的12个月中的第三次估值证明了这一点，使我们保持良好随着我们继续投资于我们的必要性和方便社区战略和客户主张，可以承受这些周期性压力。
We have outperformed in occupancy and leasing, with lettings achieved at strong average premiums to passing rent and ERV which have helped drive a near doubling of Adjusted Profit. Furthermore, rent collection has returned to pre-Covid levels. Reflecting this and the Board’s confidence in the Company’s future prospects, we are pleased to confirm the resumption of dividend payments with a proposed interim dividend of 2.5p per share. Finally, I would like to thank our teams and stakeholders for their hard work and support over the last 18 months as we have worked tirelessly to return the company to stability.”
弹性操作绩效
- 55new lettings and renewals achieved during the year at a combined average premium of 34.1% to previous rent3 and 17.8% to ERV3。完成的两个主要新租赁包括与NHS为新的社区医疗中心的25年租赁协议以及在Ilford的TK Maxx的升级和搬迁。
- 入住率已提高到93.7％（2021年12月：92.7％； 2021年6月：89.7％）。
- 在六个月内，有2900万购物者访问，H1 2021的脚步涨幅为58％。
- 租金收集与历史悠久的前水平相符，迄今为止收集了97.3％的收集。
- Snozone的Ebitda1在80万英镑（2021年：80万英镑）的一年中，包括250万英镑的业务连续性保险收入），随着年的进展，交易的改善。
重新调整、重组和资本重组188竞猜比分
- The combined impact of transactional activity has reduced the Group’s Net Loan to Value ratio from 49% at 30 December 2021 and 30 June 2022 (and 72% at 30 June 2021) to 40% on a proforma basis, adjusting for the Walthamstow residential and Blackburn sale proceeds received post the period end.
- 债务成熟度为4。1年，平均债务成本为3.54％，固定98％。
- In August 2022, the £40 million disposal of The Mall, Blackburn completed at a c. 5% premium to the December 2021 valuation.
- In May 2022, the Group secured ownership of the Marlowes centre in Hemel Hempstead when it completed the buyback of the loan facility held against the asset for £11.8 million, representing a discount of 51%, which also increased Group Net Asset Value by approximately £12.3 million.
- Signed package of amendments to the £39 million Ilford loan in May 2022, facilitating the investment of approximately £10 million for the creation of the new community healthcare centre and anchor unit for TK Maxx.
- 拟议处置大多数或该集团在购物中心的全部投资，卢顿仍在进行中，预计将在接下来的几个月中得出结论。该集团对卢顿的投资现已被解散，导致资产价值增加680万英镑。
- 2022年7月，该小组在其位于沃尔瑟姆斯托（Walthamstow）的17号和中央社区购物中心（Long Harbour）的17和中央社区购物中心（Central Community Shopping Center）以2165万英镑的价格出售了土地开发土地。该开发项目的第一阶段将创建495个建筑物，以在两个住宅塔楼租用住宅公寓。
提高盈利能力支持股息的恢复
- 净租金收入1(NRI) on Investment Assets increased 23% to £12.2 million (June 2021: £9.9 million) driven by improved occupancy and rent collection. Statutory revenue was £28.4 million (June 2021: £27.4 million).
- The improvement in NRI flowed through to Adjusted Profit1,2它增加了87％，达到580万英镑（2021年6月：310万英镑2）。
- 25% growth in Adjusted earnings per share to 3.5p (June 2021: 2.8p).
- IFRS的利润为2680万英镑（2021年6月：亏损4,130万英镑），主要是由于调整后的利润为580万英镑，重新价值120万英镑和1230万英镑和680万英镑从折扣购买中获得Hemel Hempstead债务设施和卢顿分别对统一的持续化。
- 在2022年上半年，投资资产的房地产估值增长了1.7％，达到年底的3.585亿英镑（2021年12月30日：3.524亿英镑）。
- 每股净资产价值和每股EPRA NTA分别增加到118p和116p（2021：102p和102p）。
- Reflecting the stabilisation of operating markets post Covid-19 and continued stabilisation of our valuations, together with the substantial progress made in reducing debt, the Group is resuming dividend payments. Proposed Interim dividend of 2.5 pence per share.
| 。 | 6 months to 2022年6月 |
6 months to 2021年6月 |
年 2021年12月 |
|---|---|---|---|
| 收入2 | £28.4m | 2740万英镑 | 5620万英镑 |
| 净租金收入 | 1,220万英镑 | 990万英镑 | £21.5m |
| Adjusted Profit1 2 | £5.8m | 310万英镑 | £8.1m |
| Adjusted Earnings per share1 2 | 3.5p | 2.8p | 6.8p |
| IFRS Loss for the period | £26.8m | £(41.3)m | £(26.4)m |
| 每股基本收入 | 16.2p | （36.9）P | （22.0）P |
| 每股股息5 | 2.5p | - | - |
| Net Asset Value | 1.953亿英镑 | £126.7m | £168.4m |
| 每股净资产价值（NAV）2 | 118p | 113p | 102p |
| EPRA NTA per share2 | 116p | 117p | 102p |
| 集体净债务4 | 1.365亿英镑 | 3.480亿英镑 | £185.3m |
| Net debt to property value4 | 40％ | 72% | 49％ |
Notes
1-调整后的利润，调整后的每股收益，净租金收入，净债务和新的Snozone EBITDA度量标准在词汇表中定义。调整后的利润纳入了运营活动中的利润，不包括财产和金融工具，处置的损益或其他非运营项目的重估。凝结财务报表的注6中提供了与等效EPRA和法定措施的对帐。
2-2021 Revenue has been restated to remove Luton given its reclassification as a Discontinued Operation. Adjusted Profit for the six months to June 2021 has been restated to reflect the introduction of the Snozone EBITDA performance measure during 2021.
3-For lettings and renewals (excluding development deals and CVA variations) with a term of 5 years or longer which do not include turnover rent or service charge restrictions.
4-On a proforma basis, adjusted for the Walthamstow residential land and Blackburn disposal proceeds which were received post 30 June 2022. Net debt to property value was 49% at 30 June 2022 on an unadjusted basis.
5-代表宣布后期结束的股息，但与所讨论的期间有关。
使用替代性能度量（APM）
Throughout the results statement we use a range of financial and non-financial measures to assess our performance. A number of the financial measures, including Net Rental Income, Adjusted Profit, Adjusted Earnings per share, Net Debt and the industry best practice EPRA (European Public Real Estate Association) performance measures are not defined under IFRS, so they are termed APMs. APMs are not considered superior to the relevant IFRS measures, rather Management use them alongside IFRS measures to monitor the Group’s financial performance because they help illustrate the trading performance and position of the Group. All APMs are defined in the Glossary and further detail on their use is provided within the Financial Review.