REG - Hammerson PLC - Final Results <Origin Href="QuoteRef">HMSO.L</Origin> - Part 4
15/02/2016 07:11
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proportionally consolidated
basis (see note 3) and these are therefore not included in the Group's share of Property interests. The Group's
proportionally consolidated profit for the year in column C is then allocated between 'Adjusted' and 'Capital and other'
for the purposes of calculating figures in accordance with EPRA best practice.
2015
Proportionally consolidated
Notes Reported Share of Property interests Proportionally consolidated Adjusted Capital
Group £m £m £m and other
£m £m
Notes A B C D D
Gross rental incomeE 3A 236.0 130.4 366.4 366.4 -
Ground and equity rents payable (1.3) (2.4) (3.7) (3.7) -
Gross rental income, after rents payable 234.7 128.0 362.7 362.7 -
Service charge income 41.4 21.7 63.1 63.1 -
Service charge expenses (49.8) (26.6) (76.4) (76.4) -
Net service charge expenses (8.4) (4.9) (13.3) (13.3) -
Other property outgoings (17.5) (13.3) (30.8) (30.8) -
Property outgoings (25.9) (18.2) (44.1) (44.1) -
Net rental income 3A 208.8 109.8 318.6 318.6 -
Management fees receivable/(payable) 6.1 (0.1) 6.0 6.0 -
Employee and corporate costs (48.1) (0.2) (48.3) (48.3) -
Administration expenses (42.0) (0.3) (42.3) (42.3) -
Operating profit before other net gains/(losses) and share of results of joint ventures and associates 166.8 109.5 276.3 276.3 -
Gain on the sale of properties 14.9 - 14.9 - 14.9
Investment costs written off (1.4) - (1.4) - (1.4)
Revaluation gains on properties 245.1 122.4 367.5 - 367.5
Other net gains 258.6 122.4 381.0 - 381.0
Share of results of joint ventures 9A, 9B 246.8 (233.7) 13.1 6.1 7.0
Share of results of associates 10A, 10B 160.6 (1.3) 159.3 17.1 142.2
Operating profit 832.8 (3.1) 829.7 299.5 530.2
Net finance (costs)/income 4 (101.2) 3.1 (98.1) (84.1) (14.0)
Profit before tax 731.6 - 731.6 215.4 516.2
Current tax charge 5A (1.6) - (1.6) (1.6) -
Profit for the year 730.0 - 730.0 213.8 516.2
Non-controlling interests (3.2) - (3.2) (2.9) (0.3)
Profit for the year attributable to equity shareholders 7A 726.8 - 726.8 210.9 515.9
Notes
A Reported Group results as shown in the consolidated income statement on page 27.
B Property interests reflect the Group's share of results of Property joint ventures as shown in note 9A and Nicetoile
included within note 10A.
C Aggregated results on a proportionally consolidated basis showing Reported Group together with share of Property
interests.
D Aggregated results on a proportionally consolidated basis allocated between 'Adjusted' and 'Capital and other' for the
purposes of calculating adjusted earnings per share as shown in note 7A.
E Included in gross rental income on a proportionally consolidated basis is £6.6 million (2014: £6.9 million) of
contingent rents calculated by reference to tenants' turnover.
2014
Proportionally consolidated
Notes Reported Share of Property interests Total Adjusted Capital
Group £m £m £m and other
£m £m
Notes (see page 34) A B C D D
Gross rental incomeE 3A 206.5 137.6 344.1 344.1 -
Ground and equity rents payable (0.6) (1.3) (1.9) (1.9) -
Gross rental income, after rents payable 205.9 136.3 342.2 342.2 -
Service charge income 34.6 25.1 59.7 59.7 -
Service charge expenses (40.0) (30.1) (70.1) (70.1) -
Net service charge expenses (5.4) (5.0) (10.4) (10.4) -
Other property outgoings (12.4) (13.8) (26.2) (26.2) -
Property outgoings (17.8) (18.8) (36.6) (36.6) -
Net rental income 3A 188.1 117.5 305.6 305.6 -
Management fees receivable/(payable) 6.3 (0.7) 5.6 5.6 -
Employee and corporate costs (48.9) (0.2) (49.1) (49.1) -
Net one-off restructuring costs (3.0) - (3.0) - (3.0)
Administration expenses (45.6) (0.9) (46.5) (43.5) (3.0)
Operating profit before other net gains/(losses) and share of results of joint ventures and associates 142.5 116.6 259.1 262.1 (3.0)
Profit on the sale of properties 0.6 - 0.6 - 0.6
Loss on the sale of joint ventures (4.0) - (4.0) - (4.0)
Joint venture formation costs written off (3.1) - (3.1) - (3.1)
Revaluation gains on properties 271.2 165.6 436.8 - 436.8
Other net gains 264.7 165.6 430.3 - 430.3
Share of results of joint ventures 9A, 9B 279.0 (280.1) (1.1) 0.9 (2.0)
Share of results of associates 10A, 10B 109.9 - 109.9 16.0 93.9
Operating profit 796.1 2.1 798.2 279.0 519.2
Net finance (costs)/income 4 (93.0) (2.1) (95.1) (100.1) 5.0
Profit before tax 703.1 - 703.1 178.9 524.2
Current tax charge 5A (0.9) - (0.9) (0.9) -
Deferred tax charge 5A (0.1) - (0.1) - (0.1)
Profit for the year 702.1 - 702.1 178.0 524.1
Non-controlling interests (3.0) - (3.0) (3.7) 0.7
Profit for the year attributable to equity shareholders 7A 699.1 - 699.1 174.3 524.8
3: Segmental analysis
The factors used to determine the Group's reportable segments are the geographic locations, UK and France, and sectors in
which it operates, which are generally managed by separate teams and are the basis on which performance is assessed and
resources allocated. Gross rental income represents the Group's revenue from its tenants and customers. Net rental income
is the principal profit measure used to determine the performance of each sector. Total assets are not monitored by segment
and resource allocation is based on the distribution of property assets between segments.
As stated in the Financial Review on page 15, management reviews the business principally on a proportionally consolidated
basis, except for its interests in premium outlets held through its investments in Value Retail and VIA Outlets, where the
Group has less day-to-day involvement in the financial performance and which have different operational characteristics
compared with the Group's property portfolio. The segmental analysis has been prepared on the basis that management uses to
review the business, rather than on a statutory basis. Property interests represent the Group's non-wholly owned properties
which management proportionally consolidate when reviewing the performance of the business. For reconciliation purposes the
Reported Group figures, being wholly-owned properties, are shown in the following tables.
During the year, the Group acquired an interest in a loan portfolio secured on retail properties located in Ireland in a
50% joint venture. The loans did not generate any rental income in 2015, and at the balance sheet date the loan portfolio
was included within current receivables on a proportionally consolidated basis, and is therefore not included in notes 3A
and 3B. Note 3C includes the Group's investment in the new Irish joint venture at 31 December 2015.
A: Revenue and profit by segment
2015 2014
Gross rental Net rental Non-cash Gross rental Net rental Non-cash
income income items income income items
£m £m within net £m £m within net
rental income rental income
£m £m
United Kingdom
Shopping centres 162.0 138.8 (3.8) 149.4 127.9 (4.2)
Retail parks 86.2 82.0 - 86.2 83.0 1.1
Other 13.8 9.6 - 14.5 11.3 (0.1)
Total 262.0 230.4 (3.8) 250.1 222.2 (3.2)
France 95.9 83.0 2.0 91.8 82.4 2.5
Total investment portfolio 357.9 313.4 (1.8) 341.9 304.6 (0.7)
Developments 8.5 5.2 - 2.2 1.0 -
Total property portfolio 366.4 318.6 (1.8) 344.1 305.6 (0.7)
Less share of Property interests (130.4) (109.8) 0.9 (137.6) (117.5) 2.3
Reported Group 236.0 208.8 (0.9) 206.5 188.1 1.6
The non-cash items included within net rental income relate to the amortisation of lease incentives and other costs and
movements in accrued rents receivable.
B: Investment and development property assets by segment
2015 2014
Property Capital Revaluation Property Capital Revaluation
valuation expenditure gains valuation expenditure gains
£m £m £m £m £m £m
United Kingdom
Shopping centres 3,064.9 10.7 194.9 2,863.9 201.5 237.4
Retail parks 1,656.0 54.2 19.0 1,644.1 43.7 134.9
Other 160.3 23.5 1.4 192.7 6.9 5.1
Total 4,881.2 88.4 215.3 4,700.7 252.1 377.4
France 1,860.5 54.8 116.6 1,797.7 223.9 41.1
Total investment portfolio 6,741.7 143.2 331.9 6,498.4 476.0 418.5
Developments 388.8 169.8 35.6 208.1 90.3 18.3
Total property portfolio 7,130.5 313.0 367.5 6,706.5 566.3 436.8
Less share of Property interests (2,478.4) (95.1) (122.4) (2,279.2) (40.1) (165.6)
Reported Group 4,652.1 217.9 245.1 4,427.3 526.2 271.2
C: Analysis of non-current assets employed
Non-current assets employed
2015 2014
£m £m
United Kingdom 5,283.9 4,895.0
Continental Europe 2,792.9 2,621.5
Ireland 693.5 -
8,770.3 7,516.5
Included in the table above are investments in joint ventures of £3,213.6 million (2014: £2,341.5 million), which are
further analysed in note 9 on pages 41 to 46. The Group's share of the property valuations held within Property joint
interests of £2,478.4 million (2014: £2,279.2 million) has been included in note 3B, of which £2,304.7 million (2014:
£2,134.9 million) relates to the United Kingdom and £173.7 million (2014:
£144.3 million) relates to Continental Europe.
4: Net finance costs
2015 2014
£m £m
Interest on bank loans and overdrafts 10.6 9.5
Interest on other borrowings 93.2 103.3
Interest on obligations under finance leases 1.8 1.1
Other interest payable 1.6 1.3
Gross interest costs 107.2 115.2
Less: Interest capitalised (5.3) (8.8)
Finance costs 101.9 106.4
Debt and loan facility cancellation costs 13.9 8.7
Change in fair value of derivatives 1.1 (13.1)
Finance income (15.7) (9.0)
101.2 93.0
5: Tax
A: Tax charge
2015 2014
£m £m
UK current tax - 0.1
Foreign current tax 1.6 0.8
Current tax charge 1.6 0.9
Deferred tax charge - 0.1
Tax charge 1.6 1.0
The Group's tax charge remains low because it has tax exempt status in its principal operating countries. In the UK, the
Group has been a REIT since 2007 and a SIIC in France since 2004. These tax regimes exempt the Group's property income and
gains from corporate taxes provided a number of conditions in relation to the Group's activities are met, including, but
not limited to, distributing at least 90% of the Group's UK tax exempt profit as property income distributions. The Group
continues to meet these conditions.
B: Tax charge reconciliation
Notes 2015 2014
£m £m
Profit before tax 2 731.6 703.1
Less: Profit after tax of joint ventures 9A (246.8) (279.0)
Less: Profit after tax of associates 10A (160.6) (109.9)
Profit on ordinary activities before tax 324.2 314.2
Profit multiplied by the UK corporation tax rate of 20.25% (2014: 21.5%) 65.7 67.6
UK REIT tax exemption (31.2) (42.8)
French SIIC tax exemption (33.1) (24.0)
Non-deductible and other items 0.2 0.2
Tax charge 1.6 1.0
C: Unrecognised deferred tax
A deferred tax asset is not recognised for UK revenue tax losses and UK capital losses where their future utilisation is
uncertain. At 31 December 2015, the total of such losses was £315 million (2014: £320 million) and £480 million (2014: £450
million) respectively, and the potential tax effect of these was £57 million (2014: £64 million) and £86 million (2014: £90
million) respectively.
Deferred tax is not provided on potential gains on investments in subsidiaries and joint ventures when the Group can
control whether gains crystallise and it is probable that gains will not arise in the foreseeable future. At 31 December
2015 the total of such gains was £290 million (2014: £250 million) and the potential tax effect before the offset of losses
was £52 million (2014: £50 million).
If a UK REIT sells a property within three years of completion of development, the REIT exemption will not apply. There
were no such properties at 31 December 2015 or 2014.
6: Dividends
The proposed final dividend of 12.8 pence per share was recommended by the Board on 12 February 2016 and, subject to
approval by shareholders, is payable on 29 April 2016 to shareholders on the register at the close of business on 18 March
2016. 6.4 pence per share will be paid as a PID, net of withholding tax at the basic rate (currently 20%) if applicable,
and 6.4 pence per share will be paid as a normal dividend. The Company will be offering a scrip dividend alternative and
for shareholders who elect to receive this, the dividend will be treated entirely as a normal dividend. The aggregate
amount of the 2015 final dividend is £100.4 million. This assumes no shareholders elect to receive the scrip dividend
alternative and has been calculated using the total number of eligible shares outstanding at 31 December 2015.
The interim dividend of 9.5 pence per share was paid on 1 October 2015 as a PID, net of withholding tax where appropriate.
The total dividend for the year ended 31 December 2015 would be 22.3 pence per share (2014: 20.4 pence per share).
PID Non-PID Total Equity Equity
pence pence pence dividends dividends
per share per share per share 2015 2014
£m £m
Current year
2015 final dividend 6.41 6.4 12.8 - -
2015 interim dividend 9.5 - 9.5 74.4 -
15.9 6.4 22.3
Prior years
2014 final dividend 2.0 9.6 11.6 90.8 -
2014 interim dividend 8.8 - 8.8 - 62.7
10.8 9.6 20.4
2013 final dividend 76.8
Dividends as reported in the consolidated statement of changes in equity 165.2 139.5
2013 interim dividend withholding tax (paid January 2014) - 9.4
2014 interim dividend withholding tax (paid January 2015) 9.8 (9.8)
2015 interim dividend withholding tax (paid January 2016) (11.2) -
Dividends paid as reported in the consolidated cash flow statement 163.8 139.1
Note
1. If shareholders elect to receive the scrip alternative, this element of the dividend will cease to qualify as a PID.
7: Earnings per share and net asset value per share
The European Public Real Estate Association (EPRA) has issued recommended bases for the calculation of certain per share
information and these are included in the following tables A and B. Commentary on earnings and net asset value per share is
provided in the Financial Review on pages 15 to 22.
A: Earnings per share
The calculations for earnings per share use the weighted average number of shares, which excludes those shares held in the
Hammerson Employee Share Ownership Plan, which are treated as cancelled.
2015 2014
Notes Earnings Shares Pence Earnings Shares Pence
£m million per share £m million per share
Basic 2 726.8 783.6 92.8 699.1 730.6 95.7
Dilutive share schemes - 1.1 (0.2) - 0.2 -
Diluted 726.8 784.7 92.6 699.1 730.8 95.7
Adjustments:
Revaluation gains on properties: Reported Group 2 (245.1) (31.2) (271.2) (37.1)
Property interests 2 (122.4) (15.6) (165.6) (22.7)
(367.5) (46.8) (436.8) (59.8)
(Gain)/Loss on sale of Reported Group
properties and joint Gain on sale of properties 2 (14.9) (1.9) (0.6) (0.1)
venture interests: Loss on sale of joint ventures 2 - - 4.0 0.6
(14.9) (1.9) 3.4 0.5
Debt and loan facility cancellation costs: Reported Group 4 13.9 1.8 8.7 1.2
Change in fair value of derivatives: Reported Group 4 1.1 0.1 (13.1) (1.8)
Property interests 9B (1.0) (0.1) (0.6) (0.1)
0.1 - (13.7) (1.9)
Other adjustments: Reported Group
Investment costs written off 2 1.4 0.2 - -
Joint venture formation costs written off 2 - - 3.1 0.4
Deferred tax 2 - - 0.1 -
Non-controlling interests 2 0.3 - (0.7) (0.1)
1.7 0.2 2.5 0.3
Premium outlets*: Revaluation gains on properties 9B, 10B (174.1) (22.2) (109.8) (15.0)
Deferred tax 9B, 10B 27.6 3.5 12.3 1.6
Other adjustments 9B, 10B (0.6) (0.1) 5.6 0.8
(147.1) (18.8) (91.9) (12.6)
Total adjustments (513.8) (65.5) (527.8) (72.3)
EPRA 213.0 784.7 27.1 171.3 730.8 23.4
Net one-off restructuring charge: Reported Group 2 - - 3.0 0.5
Other adjustments: Premium outlets* 9B (2.1) (0.2) - -
Adjusted 210.9 784.7 26.9 174.3 730.8 23.9
* Adjustments in respect of Premium outlets include VIA Outlets (note 9B) and Value Retail (note 10B).
B: Net asset value per share
2015 2014
Notes Equity Shares Net asset Equity Shares Net asset
shareholders' million value shareholders' million value
funds per share funds per share
£m £ £m £
Basic 5,517.3 784.4 7.03 4,973.7 784.3 6.34
Company's own shares held in Employee Share Ownership Plan - (0.6) n/a - (1.2) n/a
Dilutive share schemes 1.1 1.0 n/a 1.9 0.4 n/a
Diluted 5,518.4 784.8 7.03 4,975.6 783.5 6.35
Fair value adjustment to borrowings:
- Reported Group 17 (225.4) (0.29) (306.0) (0.39)
- Property interests (0.1) - (0.3) -
(225.5) (0.29) (306.3) (0.39)
EPRA triple net 5,292.9 6.74 4,669.3 5.96
Fair value adjustment to borrowings 225.5 0.29 306.3 0.39
Deferred tax 0.5 - 0.5 -
Fair value of derivatives
- Reported Group 17 (13.8) (0.02) (15.0) (0.02)
- Property interests 0.9 - 1.9 -
(12.9) (0.02) (13.1) (0.02)
Premium outlets*
- Fair value of derivatives 9C, 10D 3.1 - 1.2 -
- Deferred tax 9C, 10D 113.6 0.14 84.8 0.11
- Goodwill as a result of deferred tax 9C, 10D (50.0) (0.05) (50.1) (0.06)
66.7 0.09 35.9 0.05
EPRA 5,572.7 784.8 7.10 4,998.9 783.5 6.38
* Adjustments in respect of Premium outlets include VIA Outlets (note 9C) and Value Retail (note 10D).
8: Investment and development properties
2015 2014
Investment properties Valuation Development properties Valuation Total Investment properties Valuation Development properties Valuation Total
£m £m Valuation £m £m Valuation
£m £m
Balance at 1 January 4,273.2 154.1 4,427.3 2,988.7 459.1 3,447.8
Exchange adjustment (82.9) (1.7) (84.6) (72.1) (27.1) (99.2)
Additions
- capital expenditure 73.3 100.9 174.2 70.0 153.5 223.5
- asset acquisitions 35.2 8.5 43.7 302.7 - 302.7
108.5 109.4 217.9 372.7 153.5 526.2
Transfer from investment in joint ventures 11.0 - 11.0 279.1 - 279.1
Disposals (169.5) (0.5) (170.0) (6.6) - (6.6)
Transfers 59.7 (59.7) - 453.4 (453.4) -
Capitalised interest 0.4 5.0 5.4 0.5 8.3 8.8
Revaluation 218.5 26.6 245.1 257.5 13.7 271.2
Balance at 31 December 4,418.9 233.2 4,652.1 4,273.2 154.1 4,427.3
Properties are stated at fair value as at 31 December 2015, valued by professionally qualified external valuers. DTZ
Debenham Tie Leung Limited, Chartered Surveyors have valued the Group's properties, excluding those held by the Group's
premium outlet investments which have been valued by Cushman & Wakefield LLP, Chartered Surveyors. All valuations have been
prepared in accordance with the RICS Valuation - Professional Standards 2014. Valuation fees are based on a fixed amount
agreed between the Group and the valuers and are independent of the portfolio value.
The total amount of interest included in development properties at 31 December 2015 was £4.9 million (2014: £2.4 million).
Capitalised interest is calculated using the cost of secured debt or the Group's average cost of borrowings, as
appropriate, and the effective rate applied in 2015 was 3.8% (2014: 4.7%). At 31 December 2014 the historic cost of
investment and development properties was £3,830.0 million (2014: £3,930.1 million).
At 31 December 2015, the investment properties shown above included Monument Mall, Newcastle where a sale contract for a
total value of
£75 million had been exchanged in December 2015 and which completed in January 2016. In addition, a sale contract was
exchanged in January 2016 for the sale of Villebon 2, Paris for a value of £117 million, with completion expected in March
2016.
On 11 February 2016 the Group completed the purchase of Grand Central, Birmingham for £350 million and entered into a new
joint venture agreement with CPPIB who will acquire a 50% interest in the property for £175 million, subject to regulatory
approval.
2015 2014
£m £m
Capital commitments 107.7 196.1
9: Investment in joint ventures
As at 31 December 2015, the Group had investments in a number of jointly controlled property and corporate interests which
have been equity accounted. As explained in note 3, management reviews the business principally on a proportionally
consolidated basis, except for its premium outlet investments. The Group's total proportional share of joint ventures is
split between Property joint ventures, being joint ventures which are proportionally consolidated, and VIA outlets, a
premium outlets investment, which is not proportionally consolidated. The Group's significant joint venture interests are
set out in the table below.
Partner Principal property1 Group share
%
United Kingdom
Bishopsgate Goodsyard Regeneration Limited Ballymore Properties The Goodsyard 50
Brent Cross Shopping Centre/ Brent South Shopping Park Standard Life Brent Cross 41.2/40.6
Bristol Alliance Limited Partnership AXA Real Estate Cabot Circus 50
Croydon Limited Partnership/Whitgift Limited Partnership Westfield Centrale/Whitgift 50
Retail Property Holdings Limited CPPIB Silverburn 50
The Bull Ring Limited Partnership TH Real Estate, CPPIB Bullring 50
The Oracle Limited Partnership ADIA The Oracle 50
VIA Limited Partnership APG, Meyer Bergman, Value Retail European outlet centres 47
West Quay Limited Partnership GIC WestQuay 50
Ireland
Triskelion Property Holding Designated Activity Company Allianz Irish loan portfolio 50
France
SCI ESQ Allianz Espace Saint Quentin 25
SCI RC Aulnay 1 and SCI RC Aulnay 2 Client of Rockspring Property Investment Managers O'Parinor 25
1. The names of the principal property operated by each partnership have been used in the summary income statements and
balance sheets in note 9A.
In March 2015, the Group acquired an additional 66.7% stake in The Martineau Galleries Limited Partnership, increasing the
Group's interest in the partnership to 100%. The revaluation gains during the year up to the date the Group acquired the
additional stake in this entity totalled
£2.2 million, and has been treated as a property revaluation gain in the summarised income statement in note 9A.
In October 2015, the Group acquired an interest in a loan portfolio secured on retail properties located in Dublin, Ireland
in a 50% joint venture for £690.2 million. The Irish loan portfolio held by the joint venture consists primarily of
interest-bearing loans of £1,363.6 million and is included within other current assets in note 9A. It is anticipated that
these loans will be converted into owned property assets in 2016. See page 6 of the Business Review for further details.
The summarised income statements and balance sheets in note 9A show 100% of the results, assets and liabilities of joint
ventures, and where necessary have been restated to the Group's accounting policies and exclude all balances which are
eliminated on consolidation.
A. Summary financial statements of joint ventures
Share of results of joint ventures for the year ended 31 December 2015
See page 44 for notes. Brent Cross Cabot Circus Bullring The Oracle WestQuay Silverburn Centrale/Whitgift
£m £m £m £m £m £m £m
Ownership (%) 41.2/40.6 50 50 50 50 50 50
Gross rental income 47.6 37.9 56.6 32.3 30.7 22.6 23.9
Net rental income 44.1 32.5 49.6 26.1 25.0 20.2 14.9
Administration expenses - - (0.1) - - (0.1) -
Operating profit before other net gains/(losses) 44.1 32.5 49.5 26.1 25.0 20.1 14.9
Loss on sale of properties - - - - - - -
Revaluation gains/(losses) on properties (6.1) 43.3 107.2 41.9 20.1 (10.4) 2.0
Operating profit 38.0 75.8 156.7 68.0 45.1 9.7 16.9
Change in fair value of derivatives - - - - - - -
Translation movement on intragroup funding loan - - - - - - -
Other finance income/(costs) - (0.8) - (0.1) (0.4) - -
Net finance income/(costs) - (0.8) - (0.1) (0.4) - -
Profit before tax 38.0 75.0 156.7 67.9 44.7 9.7 16.9
Current tax charge - - - - - - -
Deferred tax charge - - - - - - -
Profit for the year 38.0 75.0 156.7 67.9 44.7 9.7 16.9
Hammerson share of profit for the year 15.6 37.5 78.3 34.0 22.4 4.8 8.4
Hammerson share of distributions payable - 19.2 20.3 3.0 0.2 - -
Share of assets and liabilities of joint ventures as at 31 December 2015
Brent Cross Cabot Circus Bullring The Oracle WestQuay Silverburn Centrale/Whitgift
£m £m £m £m £m £m £m
Non-current assets
Investment and development properties 980.8 618.0 1,201.8 658.8 555.4 372.0 291.2
Goodwill - - - - - - -
Interests in leasehold properties - 14.6 - - 4.2 - -
980.8 632.6 1,201.8 658.8 559.6 372.0 291.2
Current assets
Other current assets 13.7 5.8 11.4 4.3 6.0 6.2 4.7
Cash and deposits 0.7 2.2 9.2 9.5 12.0 10.4 13.6
14.4 8.0 20.6 13.8 18.0 16.6 18.3
Current liabilities
Other payables (21.7) (13.3) (19.7) (241.4) (10.7) (9.2) (24.9)
Borrowings - secured - - - - - - -
(21.7) (13.3) (19.7) (241.4) (10.7) (9.2) (24.9)
Non-current liabilities
Borrowings - secured - - - - - - -
Obligations under finance leases - (14.6) - - (4.2) - -
Other payables (1.0) (0.3) (1.3) (0.6) (597.5) (194.8) (223.2)
Deferred tax - - - (0.1) - - -
(1.0) (14.9) (1.3) (0.7) (601.7) (194.8) (223.2)
Net assets/(liabilities) 972.5 612.4 1,201.4 430.5 (34.8) 184.6 61.4
395.6 395.6 600.7
Hammerson share of net assets/(liabilities) 395.6 306.2 600.7 215.2 (17.4) 92.3 30.7
Balance due to Hammerson1 - - - 115.6 298.4 97.4 111.6
Total investment in joint ventures1 395.6 306.2 600.7 330.8 281.0 189.7 142.3
Share of results of joint ventures for the year ended 31 December 2015
Hammerson share
Irish loan O'Parinor Other Total Property joint VIA Outlets Total
portfolio £m £m 2015 ventures £m 2015
£m £m £m £m
Ownership (%) 50 25 n/a 47
Gross rental income - 17.3 41.6 310.5 129.2 13.7 142.9
Net rental income - 15.0 31.6 259.0 108.8
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