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    HBRN   IE00BGHQ1986

HIBERNIA REIT PLC

(HBRN)
  Report
Real-time Quote. Real-time Irish Stock Exchange - 07/23 11:30:02 am
1.29 EUR   +2.06%
07/20Information regarding Annual General Meeting
DJ
07/02Holding(s) in company
DJ
07/02HIBERNIA REIT PLC : Crossing thresholds
CO
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Hibernia REIT plc: Preliminary results for the -16-

05/26/2021 | 02:04am EDT
Profit/(loss) before income tax        56,816     18,229         10,769      (4,495)    (20,456)       60,863 
Income tax                              -          -              -          152        28             180 
Profit for the financial year 
attributable to owners of the parent 
                                       56,816     18,229         10,769      (4,343)    (20,428)       61,043 
Total segment assets                   1,209,584  48,000         159,969     61,868     37,381         1,516,802 
Investment property                    1,196,925  47,999         159,459     60,800      -             1,465,183 4.c  Geographic information 

All of the Group's assets, revenue, and costs are based in the Dublin area, mainly in central Dublin. 4.d Major customers

The Group closely monitors its tenants, and in particular its largest tenants, by contribution to its contracted rent roll. The top 10 tenants are presented below based on contracted rents as at the financial year end. This is concentrated on office tenants as the next largest segment, residential, consists mainly of private individuals and therefore contains no major concentration of credit risk.

The Group's top 10 tenants are as follows, expressed as a percentage of Group contracted rent:

As at 31 March 2021

Tenant                              Business sector                  Contracted rent (EUR'm) 
                                                                                           % 
HubSpot Ireland Limited             Technology                        10.5                 15.4% 
OPW                                 State entity                      6.0                  8.8% 
Twitter International Company       Technology                        5.1                  7.5% 
Zalando                             Technology                        2.9                  4.2% 
Autodesk Ireland Operations         Technology                        2.8                  4.1% 
Informatica Ireland EMEA            Technology                        2.1                  3.1% 
Riot Games                          Technology                        2.0                  2.9% 
Travelport Digital Limited          Technology                        1.8                  2.6% 
Deloitte & Touche                   Professional services             1.7                  2.5% 
BNY Mellon Fund Services (Ireland)  Insurance and investment          1.6                  2.3% 
DAC                                 management 
Top 10 tenants                                                        36.5                 53.4% 
Remaining tenants                                                     31.8                 46.6% 
Whole portfolio                                                       68.3                 100.0% 

1. Contracted rent includes residential rents on a gross basis. As at 31 March 2020

Tenant                              Business sector                  Contracted rent (EUR'm) 
                                                                                           % 
HubSpot Ireland Limited             Technology                       10.5                  15.6% 
OPW                                 State entity                     6.0                   8.9% 
Twitter International Company       Technology                       5.1                   7.6% 
Zalando                             Technology                       2.9                   4.3% 
Autodesk Ireland Operations         Technology                       2.8                   4.2% 
Informatica Ireland EMEA            Technology                       2.1                   3.1% 
Riot Games                          Technology                       2.0                   3.0% 
Electricity Supply Board            State entity                     1.9                   2.8% 
Travelport Digital Limited          Technology                       1.8                   2.7% 
BNY Mellon Fund Services (Ireland)  Insurance and investment         1.6                   2.4% 
DAC                                 management 
Top 10 tenants                                                        36.7                 54.6% 
Remaining tenants                                                     30.4                 45.4% 
Whole portfolio                                                       67.1                 100.0% 5.              Revenue and net rental and related income Accounting policy 

The Group recognises revenue from the following major sources: ? Rental income; ? Service charge income; and ? Other ad-hoc income such as surrender premia and fees from other activities associated with the Group's property

business.

Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts collected on behalf of third parties. The Group recognises revenue when it transfers control of a product or service to a customer.

Rental income

Rental income is the Group's major source of income and arises from properties under operating leases. Rental income, including fixed rental uplifts, is recognised in the consolidated income statement on a straight-line basis over the period of the lease until the next break or expiry. All incentives given to tenants under lease arrangements are recognised as an integral part of the net consideration agreed for the use of the leased asset and are therefore recognised on the same straight-line basis. Contingent rents, being lease payments that are not fixed at the inception of a lease, such as turnover rents, are recorded as income in the period in which they are earned.

Lease modifications, a change in the scope or consideration for the lease, result in the commencement of a new lease and rental income is recognised including any changes to the lease terms, from the date of the modification over the remaining period of the lease.

Service charge income

The Group manages the majority of its multi-let buildings under service contracts. These contracts operate for rolling one-year periods over which the Group provides communal services such as security, cleaning, waste and other occupation services to the tenants in its buildings. The tenants pay a service charge, based on the area they occupy, which is collected in advance based on budgeted costs. This income stream is recognised as revenue in accordance with the policy described under 'Property-related income and expenses' below.

Other income

All other income is recognised in accordance with the following model:

1. Identify the contract with a customer.

2. Identify all the individual performance obligations within the contract.

3. Determine the transaction price.

4. Allocate the price to the performance obligations.

5. Recognise revenue as the performance obligations are fulfilled.

Property-related income and expenses

Property-related income and expenses comprise service charge income (revenue from contracts with customers) and service charge expenses (costs of goods and services) as well as other property expenses. The Group enters into property management arrangements with tenants as part of its activities. These arrangements constitute a separate performance obligation to the obligations under the rental leases. Buildings with multiple tenants share the costs of common areas and pooled services under these arrangements. The Group manages these costs for tenants and earns a management fee for the provision of shared services on a cost-plus basis. As a landlord, costs of vacant areas are absorbed by the Group and included in other property expenses.

The service charge income stream is accounted for as a single performance obligation which is satisfied over time because the tenant simultaneously receives and consumes the benefits of the Group's activities in providing services under the agreement. Service charge income and expenditure is therefore recognised on an input basis. Tenants reimburse expenses in advance based on budgets, with over and under spends reconciled and settled annually. Service charge accounts are maintained for each managed building and the application and management of funds are independently reviewed on the tenants' behalf.

Property operating expenses comprise expenses relating to properties that are not recharged to tenants, i.e. void costs, residential management costs and other related property expenses. Revenue can be analysed as follows:

                                       Financial year ended  Financial year ended 
 
                                        31 March 2021        31 March 2020 
                                        EUR'000                EUR'000 
Gross rental income1                   66,157                  59,937 
Rental incentives                      330                     1,875 
Rental income                          66,487                  61,812 
Revenue from contracts with customers2 6,225                   6,118 
Total revenue                          72,712                  67,930 
  1. Gross rental income includes EUR0.9m relating to variable rents (March 2020: EUR1.1m).  2. Revenue from contracts with customers is service charge income. Net rental and related income 
                              Financial year ended 31 March 2021  Financial year ended 31 March 2020 
                               EUR'000                              EUR'000 
Total revenue                 72,712                             67,930 
Costs of goods and services1  (6,150)                            (6,183) 
Property expenses             (3,256)                            (3,162) 
Net rental and related income 63,306                             58,585  1. Costs of goods and services are service charge expenses. 

Further information on the sources and characteristics of revenue and rental income is provided in note 6.

(MORE TO FOLLOW) Dow Jones Newswires

May 26, 2021 02:03 ET (06:03 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
AUTODESK, INC. 1.34% 312.65 Delayed Quote.2.39%
DJ INDUSTRIAL 0.68% 35061.55 Delayed Quote.13.78%
HIBERNIA REIT PLC 2.06% 1.29 Real-time Quote.11.79%
HUBSPOT, INC. -1.30% 580.34 Delayed Quote.46.39%
ZALANDO SE 0.70% 100.85 Delayed Quote.10.75%
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Financials
Sales 2022 64,4 M 75,7 M 75,7 M
Net income 2022 14,9 M 17,5 M 17,5 M
Net Debt 2022 304 M 357 M 357 M
P/E ratio 2022 33,9x
Yield 2022 4,19%
Capitalization 854 M 1 004 M 1 004 M
EV / Sales 2022 18,0x
EV / Sales 2023 20,5x
Nbr of Employees 35
Free-Float 96,8%
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Number of Analysts 4
Last Close Price 1,29 €
Average target price 1,38 €
Spread / Average Target 7,23%
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Managers and Directors
Kevin Nowlan Chief Executive Officer & Executive Director
Thomas Edwards-Moss Chief Financial Officer & Executive Director
Daniel John Kitchen Independent Non-Executive Chairman
Frank O'Neill Operations Director
Sean O’Dwyer Secretary, Risk & Compliance Officer
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