Hammerson PLC (DUB:HMSO)

Full Year 2024 Hammerson PLC Earnings Call Transcript

Feb 26, 2025 / 09:00 AM GMT

Release Date Price: £3.3

Transcript

Key Points

Positve

Hammerson PLC (HMSNF) has significantly strengthened its balance sheet, with a Loan-to-Value (LTV) ratio of 30% post-reinvestment.
The company achieved a record year of leasing, signing 262 leases covering 1 million square feet, generating £41 million in rent, up 2% like-for-like.
Footfall increased by 2%, with 170 million visitors, and sales performance was strong, up 5% in the UK and 3% in France.
Operational costs were reduced by 16% year-on-year, surpassing guidance, and adjusted earnings reached £99 million.
Hammerson PLC (HMSNF) has a clear pathway to net zero by 2030, having already reduced carbon emissions by 43% like-for-like.

Negative

Reported Gross Rental Income (GRI) was down £21 million year-on-year due to disposals.
Ireland's valuations were down 13% due to a distressed debt sale interpretation, impacting overall performance.
Like-for-like Net Rental Income (NRI) was flat, with underlying NRI down in Ireland by 6% due to strong comps and over-rented units.
The IFRS loss was £526 million, with £497 million attributable to valuation losses and impairments on value retail.
The company faces challenges in the Irish market, with high occupancy but negative like-for-like changes due to tough comparisons and over-rented units.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

HMSO.L - Hammerson PLC
Full Year 2024 Hammerson PLC Earnings Call
Feb 26, 2025 / 09:00AM GMT

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Presentation
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We have everybody.

Good morning everyone. Thanks for joining us for our full year 2024 results presentation here at our offices in Marble Arch, and welcome to those who are dialing in.

So 2024 has been a very busy and transformative year. Actually it's been busy for the last 4 years, and the key highlights around the delivery are a balance sheet for growth, a strong operational performance, and now a growth agenda. So let's get started.

Following several years of strategic repositioning, selling non-core assets and reinvesting the proceeds to drive revenue in our prime portfolio, our balance sheet now stands as one of the strongest in the sector.

LTV is 30% and that is post the reinvestment in our West

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