Cash flow Hammerson plc London S.E.

Equities

HMSO

GB00BK7YQK64

Commercial REITs

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Jun. 05	Kempen Upgrades Hammerson to Buy, Boosts PT	MT
Jun. 04	RBC cuts MJ Gleeson; UBS cuts IG Group	AN

4f3b9626bdce25402102c1e080.Wb-5QBvBsZIzp1u3tHssB1XVcy4aVeBLPhujdwo1Soo.bsz3DnGn19xH1TyPzANjVRG8B2pNJIgTb0vzI2ZBL7sf3N80drD7_FLSHg

Published financial data: HAMMERSON PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Rental Revenues	132M	87.9M	90.2M	92.8M	81.8M
Property Management Fee	23.7M	20.3M	17M	14.9M	10.7M
Other Revenues, Total	99.3M	167M	181M	134M	108M
Total Revenues	254M	275M	288M	241M	201M
Property Expenses	80.4M	44.8M	37.1M	43.8M	49.5M
Selling General & Admin Expenses, Total	68.6M	70.9M	59.5M	51.1M	43.5M
Other Operating Expenses	4.2M	-900K	-	-	500K
Total Operating Expenses	153M	115M	96.6M	94.9M	93.5M
Operating Income (REIT / Utility Template)	101M	160M	191M	146M	107M
Interest Expense, Total	-95.5M	-77.4M	-73.4M	-72M	-68.7M
Interest and Investment Income	9.6M	15.1M	26.1M	30.9M	41.1M
Net Interest Expenses	-85.9M	-62.3M	-47.3M	-41.1M	-27.6M
Currency Exchange Gains (Loss)	5.2M	11M	-	20.1M	9.9M
Other Non Operating Income (Expenses)	13.7M	-14M	-14.4M	5M	-26.7M
EBT, Excl. Unusual Items	34.3M	94.8M	130M	130M	62.8M
Restructuring Charges	-	-8.6M	-5.1M	-13.2M	-4.9M
Total Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) on Sale of Investments	-1.21B	-308M	-205M	-124M	-70.4M
Gain (Loss) on Sale of Assets	-69.8M	8.9M	700K	1.3M	-9.2M
Asset Writedown	-494M	-174M	-82.7M	-45.2M	-20.6M
Other Unusual Items	1.2M	-21.6M	-1.3M	-	-
EBT, Incl. Unusual Items	-1.73B	-408M	-164M	-50.7M	-42.3M
Income Tax Expense	500K	1.3M	200K	700K	2.5M
Earnings From Continuing Operations	-1.73B	-409M	-164M	-51.4M	-44.8M
Earnings Of Discontinued Operations	-	-19.8M	-	-	-482M
Net Income to Company	-1.73B	-429M	-164M	-51.4M	-526M
Minority Interest	100K	-	-	-	-
Net Income - (IS)	-1.73B	-429M	-164M	-51.4M	-526M
Net Income to Common Incl Extra Items	-1.73B	-429M	-164M	-51.4M	-526M
Net Income to Common Excl. Extra Items	-1.73B	-409M	-164M	-51.4M	-44.8M
Per Share Items
Net EPS - Basic	-7.69	-0.98	-0.33	-0.1	-1.06
Basic EPS - Continuing Operations	-7.69	-0.93	-0.33	-0.1	-0.09
Basic Weighted Average Shares Outstanding	226M	439M	494M	497M	497M
Net EPS - Diluted	-7.69	-0.98	-0.33	-0.1	-1.06
Diluted EPS - Continuing Operations	-7.69	-0.93	-0.33	-0.1	-0.09
Diluted Weighted Average Shares Outstanding	226M	439M	494M	497M	497M
Normalized Basic EPS	0.1	0.13	0.16	0.16	0.08
Normalized Diluted EPS	0.1	0.13	0.16	0.16	0.08
Dividend Per Share	0.04	0.04	0.02	0.15	0.16
Payout Ratio	-0.77	-5.8	-8.04	-58.17	-14.55
Supplemental Items
EBITDA	103M	161M	192M	147M	109M
EBITA	101M	160M	191M	146M	107M
EBIT	101M	160M	191M	146M	107M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	-0.03	-0.32	-0.12	-1.38	-5.91
Current Domestic Taxes	100K	-	-	-	2.4M
Current Foreign Taxes	400K	1.3M	200K	700K	100K
Total Current Taxes	500K	1.3M	200K	700K	2.5M
Normalized Net Income	21.54M	59.25M	81.06M	81.5M	39.25M
Interest Capitalized	5M	5.3M	1.2M	-	-
Interest on Long-Term Debt	100M	76.9M	70M	66.8M	68.7M
Non-Cash Pension Expense	700K	300K	-300K	1M	800K
Supplemental Operating Expense Items
General and Administrative Expenses	68.6M	70.9M	59.5M	51.1M	43.5M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	2.2M	3.3M	3M	3.6M	4.3M
Total Stock-Based Compensation	2.2M	3.3M	3M	3.6M	4.3M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Net Property Plant And Equipment	2.2B	1.6B	1.51B	1.43B	1.53B
Total Real Estate Assets	2.2B	1.6B	1.51B	1.43B	1.53B
Cash And Equivalents	410M	310M	219M	472M	738M
Accounts Receivable, Total	47M	27.5M	23.4M	27.6M	33.4M
Other Receivables	52.2M	52.8M	60.6M	43.3M	47.7M
Investment In Debt and Equity Securities	9.7M	19.8M	9.8M	8.8M	9.2M
Restricted Cash	28.3M	39.1M	8.6M	2.2M	-
Other Current Assets, Total	15.8M	118M	38.2M	8.4M	8.7M
Trading Asset Securities, Total	-	-	-	-	-
Other Long-Term Assets, Total	3.14B	2.75B	2.67B	2.33B	1.11B
Total Assets	5.91B	4.91B	4.54B	4.33B	3.48B
Liabilities
Current Portion of Long-Term Debt	117M	-	16.1M	111M	338M
Current Portion of Leases	3.2M	2.5M	2.9M	1.3M	500K
Long-Term Debt	2.23B	1.89B	1.67B	1.53B	1.14B
Long-Term Leases	45.4M	37.9M	45M	40M	46.8M
Accounts Payable, Total	19.2M	17M	22.7M	14.3M	16.5M
Accrued Expenses, Total	77.3M	81.7M	89.9M	74.9M	50.6M
Current Income Taxes Payable	1.3M	600K	500K	300K	2.8M
Unearned Revenue, Current	10.2M	23.5M	1.1M	3.1M	4M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	95.1M	54.7M	51.9M	36.3M	37.8M
Pension & Other Post Retirement Benefits	33.6M	9.2M	7.8M	7.3M	7.2M
Deferred Tax Liability Non-Current	400K	400K	400K	400K	400K
Other Non Current Liabilities	66M	45.9M	41.6M	45.5M	14.4M
Total Liabilities	2.7B	2.17B	1.95B	1.87B	1.66B
Common Stock, Total	203M	221M	250M	250M	24.6M
Additional Paid In Capital	1.61B	1.59B	1.56B	1.56B	-
Retained Earnings	663M	244M	646M	550M	1.49B
Treasury Stock	-400K	-3.5M	-8.8M	-6.4M	-7.7M
Comprehensive Income and Other	731M	692M	135M	106M	317M
Total Common Equity	3.21B	2.75B	2.59B	2.46B	1.82B
Minority Interest	100K	100K	-	-	-
Total Equity	3.21B	2.75B	2.59B	2.46B	1.82B
Total Liabilities And Equity	5.91B	4.91B	4.54B	4.33B	3.48B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	406M	441M	497M	498M	490M
ECS Total Common Shares Outstanding	406M	441M	497M	498M	490M
Book Value / Share	7.91	6.23	5.21	4.95	3.71
Tangible Book Value	3.21B	2.75B	2.59B	2.46B	1.82B
Tangible Book Value Per Share	7.91	6.23	5.21	4.95	3.71
Total Debt	2.39B	1.93B	1.73B	1.68B	1.52B
Net Debt	1.98B	1.63B	1.52B	1.21B	784M
Debt Equivalent of Unfunded Proj. Benefit Obligation	34.5M	-6.7M	7.3M	8.3M	8.2M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	100K	100K	-	-	-
Equity Method Investments, Total	3.11B	2.7B	2.64B	2.31B	1.09B
Account Code - Inventory Valuation	3	3	3	3	3
Full Time Employees	518	426	320	164	125
Accumulated Allowance for Doubtful Accounts (Supple)	35.8M	27.4M	17.6M	14M	13.3M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	-1.73B	-429M	-164M	-51.4M	-526M
Depreciation, Depletion & Amortization	4.9M	4.4M	4.1M	3M	1.4M
Total Depreciation, Depletion & Amortization	4.9M	4.4M	4.1M	3M	1.4M
Amortization of Deferred Charges, Total	17.2M	4.4M	1.2M	600K	200K
(Income) Loss On Equity Investments - (CF)	15.6M	45.7M	95.5M	57.6M	48.1M
Stock-Based Compensation (CF)	2.2M	3.3M	-	1.4M	3.3M
Provision and Write-off of Bad Debts	25.2M	-100K	-2.6M	1M	2.9M
Change in Accounts Receivable	-44.9M	32.7M	-6M	8.8M	-20.3M
Change in Other Net Operating Assets (Collected)	-42.7M	-34.8M	8.6M	-13.5M	13.7M
Other Operating Activities	1.67B	295M	133M	30.8M	482M
Net Cash From Discontinued Operations	-	8.5M	-	-	-
Cash from Operations	-82.4M	-70.3M	69.6M	38.3M	4.5M
Acquisition of Real Estate Assets, Total	-68.3M	-76.9M	-36.4M	-18.7M	-154M
Sale of Real Estate Assets, Total	56.4M	355M	124M	49M	117M
Net Sale / Acquisition of Real Estate Assets	-11.9M	278M	87.6M	30.3M	-37.1M
Investment in Marketable and Equity Securities, Total	265M	57.8M	66.5M	231M	512M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	-	-	-	-	-
Cash from Investing	253M	336M	154M	261M	475M
Long-Term Debt Issued, Total	75M	596M	-	96M	395M
Total Debt Issued	75M	596M	-	96M	395M
Long-Term Debt Repaid, Total	-386M	-929M	-302M	-111M	-500M
Total Debt Repaid	-386M	-929M	-302M	-111M	-500M
Issuance of Common Stock	557M	100K	100K	-	-
Repurchase of Common Stock	-200K	-3.5M	-6.7M	-	-24.3M
Common Dividends Paid	-13.4M	-24.9M	-13.2M	-29.9M	-76.6M
Common & Preferred Stock Dividends Paid	-13.4M	-24.9M	-13.2M	-29.9M	-76.6M
Other Financing Activities, Total	-24.9M	-2.5M	-500K	-	-6M
Cash from Financing	208M	-364M	-323M	-45M	-212M
Foreign Exchange Rate Adjustments	1.5M	-2.1M	2.7M	-1.1M	-2.1M
Miscellaneous Cash Flow Adjustments	1.6M	4.6M	-	-	-
Net Change in Cash	381M	-95.2M	-96.3M	254M	266M
Supplemental Items
Cash Interest Paid	102M	101M	69.1M	80.8M	86.5M
Cash Income Tax Paid (Refund)	800K	2M	-300K	900K	-200K
Net Debt Issued / Repaid	-311M	-333M	-302M	-15.1M	-105M
Levered Free Cash Flow	442M	-76.51M	171M	65.8M	4.46M
Unlevered Free Cash Flow	501M	-28.14M	217M	111M	47.4M
Change In Net Working Capital	-432M	119M	-89.3M	-12.1M	25.5M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	0.96	1.85	2.53	2.06	1.72
Return on Total Capital	1	1.95	2.66	2.16	1.79
Return On Equity %	-45.74	-13.75	-6.16	-2.04	-2.09
Return on Common Equity	-45.74	-13.75	-6.16	-2.04	-2.09
Margin Analysis
Gross Profit Margin %	68.41	83.7	87.12	81.85	75.34
SG&A Margin	26.95	25.79	20.66	21.18	21.67
EBITDA Margin %	40.35	58.64	66.81	60.92	54.11
EBITA Margin %	39.8	58.24	66.46	60.67	53.41
EBIT Margin %	39.8	58.24	66.46	60.67	53.41
Income From Continuing Operations Margin %	-681.69	-148.89	-57.01	-21.3	-22.32
Net Income Margin %	-681.65	-156.09	-57.01	-21.3	-262.23
Net Avail. For Common Margin %	-681.65	-148.89	-57.01	-21.3	-22.32
Normalized Net Income Margin	8.46	21.55	28.15	33.78	19.56
Levered Free Cash Flow Margin	173.53	-27.83	59.5	27.27	2.22
Unlevered Free Cash Flow Margin	196.98	-10.24	75.43	45.92	23.62
Asset Turnover
Asset Turnover	0.04	0.05	0.06	0.05	0.05
Fixed Assets Turnover	0.12	0.14	0.19	0.16	0.14
Receivables Turnover (Average Receivables)	3.92	2.9	4.21	4.22	3.03
Short Term Liquidity
Current Ratio	1.71	3.04	1.89	2.3	1.84
Quick Ratio	1.57	2.17	1.64	2.25	1.82
Operating Cash Flow to Current Liabilities	-0.25	-0.39	0.38	0.16	0.01
Days Sales Outstanding (Average Receivables)	93.27	125.66	86.65	86.42	120.68
Average Days Payable Outstanding	73.52	147.47	195.29	154.17	113.87
Long Term Solvency
Total Debt/Equity	74.61	70.46	67.05	68.35	83.55
Total Debt / Total Capital	42.73	41.34	40.14	40.6	45.52
LT Debt/Equity	70.86	70.37	66.31	63.79	64.97
Long-Term Debt / Total Capital	40.58	41.28	39.7	37.89	35.4
Total Liabilities / Total Assets	45.67	44.12	42.99	43.1	47.62
EBIT / Interest Expense	1.06	2.07	2.61	2.03	1.56
EBITDA / Interest Expense	1.11	2.13	2.66	2.08	1.58
(EBITDA - Capex) / Interest Expense	0.92	1.85	2.66	2.08	1.58
Total Debt / EBITDA	22.55	11.76	8.87	11.27	14.01
Net Debt / EBITDA	18.69	9.88	7.75	8.1	7.22
Total Debt / (EBITDA - Capex)	27.3	13.49	8.87	11.27	14.01
Net Debt / (EBITDA - Capex)	22.63	11.33	7.75	8.1	7.22
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-40.59	25.01	3.93	-16.22	-8.27
Gross Profit, 1 Yr. Growth %	-52.38	47.12	10.33	-21.28	-13.6
EBITDA, 1 Yr. Growth %	-65.16	84.23	22.63	-23.6	-14.42
EBITA, 1 Yr. Growth %	-65.45	85.95	22.85	-23.51	-13.48
EBIT, 1 Yr. Growth %	-65.45	85.95	22.85	-23.51	-13.48
Earnings From Cont. Operations, 1 Yr. Growth %	122.08	-76.43	-59.88	-68.7	-32.33
Net Income, 1 Yr. Growth %	122.07	-75.27	-61.73	-68.7	923.93
Diluted EPS Before Extra, 1 Yr. Growth %	-84.94	-85.09	-60.06	-68.9	-32.27
Normalized Net Income, 1 Yr. Growth %	-85.16	392.21	43.31	0.54	-41.8
Net Property, Plant and Equip., 1 Yr. Growth %	2.52	-27.31	-5.85	-4.79	6.7
Accounts Receivable, 1 Yr. Growth %	46.42	-41.49	-14.91	17.95	21.01
Total Assets, 1 Yr. Growth %	-19.26	-16.8	-7.68	-4.6	-19.67
Common Equity, 1 Yr. Growth %	-26.69	-14.43	-5.81	-4.79	-26.05
Tangible Book Value, 1 Yr. Growth %	-26.69	-14.43	-5.81	-4.79	-26.05
Cash From Operations, 1 Yr. Growth %	-149.31	-14.68	-74.67	-44.97	-88.25
Capital Expenditures, 1 Yr. Growth %	-53.4	14.05	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	-218.94	-117.71	-434.67	-61.6	-91.37
Unlevered Free Cash Flow, 1 Yr. Growth %	-263.16	-105.72	-7.79K	-48.99	-51
Dividend Per Share, 1 Yr. Growth %	-99.28	0	-50	650	4.2
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-19.24	-19.89	14.44	-6.68	-16.52
Gross Profit, 2 Yr. CAGR %	-27.37	-20.67	26.66	-6.81	-22.37
EBITDA, 2 Yr. CAGR %	-37.53	-26.05	48.29	-3.21	-24.87
EBITA, 2 Yr. CAGR %	-37.78	-26.11	49.1	-3.06	-25.16
EBIT, 2 Yr. CAGR %	-37.78	-26.11	49.1	-3.06	-25.16
Earnings From Cont. Operations, 2 Yr. CAGR %	214.77	-27.62	-69.25	-64.56	-47.77
Net Income, 2 Yr. CAGR %	154.38	-25.89	-69.23	-65.39	79.03
Diluted EPS Before Extra, 2 Yr. CAGR %	-16.8	-86.49	-76.94	-64.76	-47.91
Normalized Net Income, 2 Yr. CAGR %	-52.9	-36.1	159.5	20.04	-30.42
Net Property, Plant and Equip., 2 Yr. CAGR %	-24.64	-13.67	-17.27	-5.32	0.79
Accounts Receivable, 2 Yr. CAGR %	3.71	-7.44	-29.44	0.18	19.47
Total Assets, 2 Yr. CAGR %	-18.64	-18.04	-12.36	-6.15	-12.46
Common Equity, 2 Yr. CAGR %	-23.15	-20.79	-10.22	-5.3	-16.09
Tangible Book Value, 2 Yr. CAGR %	-23.15	-20.79	-10.22	-5.3	-16.09
Cash From Operations, 2 Yr. CAGR %	-15.17	-35.14	-8.09	-62.67	-74.57
Capital Expenditures, 2 Yr. CAGR %	-44.61	-27.1	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	322.52	-54.61	-37.03	13.36	-83.86
Unlevered Free Cash Flow, 2 Yr. CAGR %	132.35	-69.74	-33.54	526.27	-53.29
Dividend Per Share, 2 Yr. CAGR %	-94.44	-91.51	-29.29	93.65	179.55
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-19.03	-11.02	-12.4	3.14	-10.19
Gross Profit, 3 Yr. CAGR %	-24.67	-11.33	-11.79	8.09	-12.72
EBITDA, 3 Yr. CAGR %	-32.59	-15.08	-13.26	18.88	-11.54
EBITA, 3 Yr. CAGR %	-32.75	-15.11	-13.25	19.36	-11.72
EBIT, 3 Yr. CAGR %	-32.75	-15.11	-13.25	19.36	-11.72
Earnings From Cont. Operations, 3 Yr. CAGR %	61.53	32.71	-40.54	-69.07	-52.17
Net Income, 3 Yr. CAGR %	64.69	16.97	-40.54	-69.06	7.04
Diluted EPS Before Extra, 3 Yr. CAGR %	-31.99	-56.23	-81.33	-74.52	-52.32
Normalized Net Income, 3 Yr. CAGR %	-43.72	-15.18	-17.64	89.18	-11.47
Net Property, Plant and Equip., 3 Yr. CAGR %	-22.51	-25.54	-11.14	-13.31	-1.48
Accounts Receivable, 3 Yr. CAGR %	-3.5	-14.31	-10	-16.26	6.69
Total Assets, 3 Yr. CAGR %	-15.75	-18.03	-14.72	-9.85	-10.9
Common Equity, 3 Yr. CAGR %	-18.94	-20.34	-16.08	-8.44	-12.79
Tangible Book Value, 3 Yr. CAGR %	-18.94	-20.34	-16.08	-8.44	-12.79
Cash From Operations, 3 Yr. CAGR %	-16.06	-15.01	-25.32	-22.54	-74.61
Capital Expenditures, 3 Yr. CAGR %	-34.78	-29.53	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	151.46	45.7	-22.72	-46.6	-55.66
Unlevered Free Cash Flow, 3 Yr. CAGR %	67.81	-32.83	-10.91	-39.15	156.01
Dividend Per Share, 3 Yr. CAGR %	-85.36	-85.44	-84.67	55.36	57.51
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-8.43	-9.8	-9.69	-9.16	-14.07
Gross Profit, 5 Yr. CAGR %	-11.82	-9.9	-9.24	-9.76	-16.19
EBITDA, 5 Yr. CAGR %	-18.19	-13.63	-10.51	-11	-18.1
EBITA, 5 Yr. CAGR %	-18.31	-13.64	-10.49	-10.97	-18.23
EBIT, 5 Yr. CAGR %	-18.31	-13.64	-10.49	-10.97	-18.23
Earnings From Cont. Operations, 5 Yr. CAGR %	18.9	4.99	-16.79	-21.74	-43.54
Net Income, 5 Yr. CAGR %	19.01	6.22	-15.82	-28.13	-7.6
Diluted EPS Before Extra, 5 Yr. CAGR %	-30.17	-45.87	-57.67	-60.76	-71.86
Normalized Net Income, 5 Yr. CAGR %	-28.63	-15.13	-7.67	-3.44	-23.01
Net Property, Plant and Equip., 5 Yr. CAGR %	-14.05	-19.75	-20.45	-18.03	-6.55
Accounts Receivable, 5 Yr. CAGR %	0.13	-12.1	-14.86	-8.78	0.8
Total Assets, 5 Yr. CAGR %	-8	-12.88	-14.41	-13.47	-13.83
Common Equity, 5 Yr. CAGR %	-10.27	-13.82	-15.56	-14.64	-16.09
Tangible Book Value, 5 Yr. CAGR %	-10.27	-13.82	-15.56	-14.64	-16.09
Cash From Operations, 5 Yr. CAGR %	-13.61	-17.13	-12.96	-19.67	-51.47
Capital Expenditures, 5 Yr. CAGR %	-16.32	-17.5	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	52.48	-14.68	43.9	21.61	-58.7
Unlevered Free Cash Flow, 5 Yr. CAGR %	33.72	-35.13	15.41	3.6	-31.19
Dividend Per Share, 5 Yr. CAGR %	-67.57	-68.04	-72.52	-59	-51.03