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    HBRN   IE00BGHQ1986

HIBERNIA REIT PLC

(HBRN)
  Report
Real-time Quote. Real-time Irish Stock Exchange - 08/05 10:36:37 am
1.302 EUR   +1.56%
02:01aDirectorate change - timing update
DJ
07/29Long-Term Incentive Plan ('LTIP') grant
DJ
07/29Holding(s) in company
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Hibernia REIT plc: Preliminary results for the -9-

05/26/2021 | 02:04am EDT
EPRA Net Disposal Value ("EPRA NDV")             cent  171.2                178.3 
EPRA vacancy rate                                %     8.5%                 6.9% 
Adjusted EPRA vacancy rate                       %     7.3%                 6.9% 

Note: These EPRA measures are APMs. Please see Supplementary Information at the end of this report for further details.

2. Top 10 tenants by contracted rent and percentage of contracted rent roll1

              Top 10 tenants                EURm     %    Sector 
1             HubSpot Ireland Limited       10.5   16%  Technology 
2             OPW                           6.0    9%   State entity 
3             Twitter International Company 5.1    8%   Technology 
4             Zalando                       2.9    4%   Technology 
5             Autodesk Ireland Operations   2.8    4%   Technology 
6             Informatica Ireland EMEA      2.1    3%   Technology 
7             Riot Games                    2.0    3%   Technology 
8             Travelport Digital Limited    1.8    3%   Technology 
9             Deloitte                      1.7    2%   Professional services 
10            BNY Mellon Fund Services      1.6    2%   Banking and capital markets 
              Top 10 tenants                36.5   54% 
              Remaining tenants             30.6   46% 
              Whole portfolio               67.1   100% 

1. Includes net residential rents and excludes income from joint arrangement with Iconic Offices in Clanwilliam Court.

3. Contracted rent by tenant type

Sector                             EURm   % 
Technology                         29.0 43% 
State entities                     9.9  15% 
Insurance & Investment Management  7.1  10% 
Professional services              4.1  6% 
Other                              2.6  4% 
Media                              2.3  3% 
Banking & Capital Markets          1.6  2% 
Aviation                           1.2  2% 
Car Parking                        0.7  1% 
Retail & Leisure                   0.6  1% 
Serviced offices                   0.5  1% 
Energy                             0.2  1% 
Industrial assets                  1.5  2% 
Residential assets                 6.0  9% 
Total                              67.1 100% 

4. In-place office contracted rent and WAULT progression

                                 Mar-19 Movement  Mar-20 Movement  Mar-21 
                                        to Mar-20        to Mar-21 
All office contracted rent1      EUR50.4m +14%      EUR57.7m +3%       EUR59.7m 
In-place office contracted rent1 EUR50.4m +14%      EUR57.7m +1%       EUR58.2m 
In-place office WAULT2           7.5yrs -15%      6.4yrs -13%      5.6yrs 
In-place office vacancy3         12%    -5pp      7%     -         7%4 

1. Excl. arrangement with Iconic Offices at Block 1, Clanwilliam.

2. To earlier of break or expiry.

3. By net lettable office area. Office area only (i.e. excl. retail, basement, gym, Townhall etc.).

4. Excl vacancy in near term development properties - i.e. Marine House and Clanwilliam Court. Including these the vacancy rate would be 9%.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board has carried out a thorough assessment of the principal risks and uncertainties facing the Group, together with the potential impact on the business and the mitigating actions and controls that are in place. In dealing with COVID-19 we have focused not just on the near-term effects, but on the possible long-term impacts. The direct impact of COVID-19 on the Group's business has been relatively modest, the risks it currently presents primarily centre around how quickly economic and property market activity can recover and whether it changes occupier and/or investor behaviour to the detriment of the Group in the longer term. In 2019-20 we identified COVID-19 as an emerging risk: we now see it as an operating risk in all aspects of our business and consider its effects as part of the environment in which we operate.

The principal risks and uncertainties facing the Group are set out below on pages 19 to 23, together with the potential impact and the mitigating actions and controls in place. Further detail on the Group's approach to risk management and mitigation will be included in the 2021 Annual Report, due to be published in June 2021. The main changes to our principal risks since 31 March 2020 are:

Key risks added (excluding amalgamations): ? Uncertain recovery from the COVID-19 pandemic.

Key risks removed (excluding amalgamations): ? COVID-19 pandemic (we now see it as an operating risk in all aspects of our business and therefore do not treat it

as a separate risk). ? Weakening economy. ? Contractor or subcontractor default. ? Poor asset management.

Residual impacts increased: ? Ireland's attractiveness is negatively impacted. ? Failure to motivate and retain team resulting in failure to execute the Group's business plan.

Residual impacts reduced: ? None.

Exposure                                   Key controls and mitigants    Key activities in 2020-21 
R1: Failure to anticipate or react to market trends resulting in inappropriate business strategy 
Failure to anticipate changing trends in 
occupier and investor behaviour, resulting 
in an inappropriate business strategy and 
below target returns.                                                    Regular dialogue with existing/ potential 
                                             ? Close monitoring of       tenants. 
In our view the pandemic has accelerated       trends in the Dublin 
structural changes in the workplace, with      market and other major    Tenant survey undertaken in late 2020 with 
tenants increasingly looking for greater       international cities      positive feedback received and no indication 
flexibility, more collaborative space,       ? Conversations with        of a material reduction in the office space 
better amenities, and stronger wellness        tenants and stakeholders  requirements of our tenants. 
and ESG credentials.                           and annual tenant survey 
                                             ? Regular review of         Staff attended several CPD training seminars 
                                               strategy and risks        and conferences to keep informed about trends 
                                             ? Board and Committee       in the global market. 
Residual risk impact:                          oversight of all 
                                               significant investment    A strategy review was completed by the Board 
High                                           and divestment            in February 2021. 
                                               opportunities 
                                                                         Our Remuneration Policy, reviewed this year, 
                                                                         focuses on near- and longer-term performance 
Risk trend:                                                              measures to align with strategy and has an 
                                                                         increased focus on ESG performance measures. 
Increasing 
 
R2: Uncertain recovery from the COVID-19 pandemic 
                                             ? Active monitoring of 
While the initial indicators are showing a     economic and market 
rapid economic recovery from the pandemic      indicators, and regular   We have been closely monitoring our markets 
as the vaccine roll-out progresses, there      financial forecasting,    and the pace of economic recovery in Ireland 
is no certainty this will continue, and        stress testing and        and internationally. 
new strains of the virus could result in       scenario planning 
further disruption.                          ? Risk appetite limits are  Tenant credit risk assessment is a continuing 
                                               in place for key          focus: both before and during the leasing 
                                               operating indicators.     relationship. The impacts of the 
                                             ? The Group has a talented  macro-economic conditions are a particular 
Residual risk impact:                          and experienced team with focus. 
                                               in-depth knowledge of our 
High                                           market                    Relationships with professional advisers such 
                                             ? The Group has a low       as tax & legal advisors, property 
                                               leverage (LTV of 19.5% at professionals and sustainability experts 
                                               Mar-21) and long office   assist management to monitor market risk and 
Risk trend:                                    WAULT (5.8 years at       international developments. 
                                               Mar-21) 
New risk 
 
R3: Ireland's attractiveness is negatively impacted 
Ireland's economy is highly dependent on 
international trade and foreign direct 
investment. Regulatory or tax changes, 
either domestic or international (e.g. 
BEPS, US tax developments), could result                                 The Group is a member of IIP (Irish 
in Ireland becoming less attractive for                                  Institutional Property) and continues to 
investment versus other jurisdictions.       ? The Group regularly       engage with government agencies and 
This in turn could reduce demand for           reviews and manages its   politicians, to promote the development of a 
Dublin offices from occupiers and              risk profile              stable, competitive real estate sector in 
investors.                                   ? The Group considers a     Ireland. 
                                               variety of scenarios when 
The pandemic will add a considerable           considering its strategic The Group engages with government departments 

(MORE TO FOLLOW) Dow Jones Newswires

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

Stocks mentioned in the article
ChangeLast1st jan.
AUTODESK, INC. -0.68% 326.78 Delayed Quote.7.29%
DJ INDUSTRIAL 0.48% 34963.18 Delayed Quote.14.74%
HIBERNIA REIT PLC 1.56% 1.302 Real-time Quote.11.09%
HUBSPOT, INC. 10.22% 645.99 Delayed Quote.48.82%
ZALANDO SE -5.50% 91.94 Delayed Quote.6.94%
All news about HIBERNIA REIT PLC
02:01aDirectorate change - timing update
DJ
07/29Long-Term Incentive Plan ('LTIP') grant
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07/29Holding(s) in company
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07/27AGM Results Announcement
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07/27HIBERNIA REIT : KPMG Ireland in Talks for Dublin Office Lease Deal
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07/27Harcourt Square news
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07/27Hibernia REIT plc Trading Update
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07/26Directorate change
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07/20Information regarding Annual General Meeting
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07/02Holding(s) in company
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More news
Financials
Sales 2022 64,4 M 76,2 M 76,2 M
Net income 2022 14,9 M 17,6 M 17,6 M
Net Debt 2022 304 M 360 M 360 M
P/E ratio 2022 33,7x
Yield 2022 4,21%
Capitalization 848 M 1 004 M 1 004 M
EV / Sales 2022 17,9x
EV / Sales 2023 20,4x
Nbr of Employees 35
Free-Float 96,8%
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Last Close Price 1,28 €
Average target price 1,35 €
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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 OĺDwyer Secretary, Risk & Compliance Officer
Sector and Competitors