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"value": "A. GENERAL INFORMATION Hammerson plc is a UK public company limited by shares incorporated under the Companies Act and is registered in England and Wales. The address of the Company\u2019s registered office is Marble Arch House, 66 Seymour Street, London W1H 5BX. The Group\u2019s principal activities are as an owner, operator and developer of sustainable prime urban real estate whereby the Group owns and invests in flagship destinations, developments, and premium outlets across the United Kingdom (UK) and Europe. ",
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"value": "A. GENERAL INFORMATION Hammerson plc is a UK public company limited by shares incorporated under the Companies Act and is registered in England and Wales. The address of the Company\u2019s registered office is Marble Arch House, 66 Seymour Street, London W1H 5BX. The Group\u2019s principal activities are as an owner, operator and developer of sustainable prime urban real estate whereby the Group owns and invests in flagship destinations, developments, and premium outlets across the United Kingdom (UK) and Europe. B. BASIS OF PREPARATION AND CONSOLIDATION Basis of preparation The consolidated financial statements have been prepared in accordance with both UK-adopted international accounting standards and International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, (IFRS adopted by the European Union as at 31 December 2020), as well as SAICA Financial Reporting Guides as issued by the Accounting Practices committee and those parts of the Companies Act 2006 as applicable to companies reporting under IFRS. New accounting standards, amendments to standards and IFRIC interpretations which became applicable during the year or have been published but are not yet effective, were either not relevant or had no, or no material impact on the Group\u2019s results or net assets, except for the following IFRIC agenda decisions that were issued during the year which have resulted in accounting policy changes as follows: \u2013 In April 2022, the IFRIC issued an agenda decision in respect of the presentation of \u2018Demand deposits with restrictions on use arising from a contract with a third party\u2019 (the \u2018IFRIC Decision on Deposits\u2019). The conclusions were that restrictions on use which arise from a contract with a third party do not alone change the nature of amounts being classified as cash and cash equivalents. In light of this, a review has been undertaken of amounts disclosed as \u2018restricted monetary assets\u2019. It has been determined that the use of certain tenant deposit and service charge amounts are restricted only by a contract with a third party. As a result, in applying the agenda decision, such amounts for 2021 have been restated to reflect this change with analysis set out in note 16. \u2013 In October 2022, the IFRIC finalised an agenda decision in respect of \u2018Lessor forgiveness of lease payments (IFRS 9 and IFRS 16)\u2019(the \u2018IFRIC Decision on Concessions\u2019). This concluded that where forgiven amounts are already past due and recognised as operating lease receivables, these should be accounted for by charging to the income statement on the date that the legal rights are conceded. Historically, the Group\u2019s treatment of such concessions, which arose as a result of the Covid-19 pandemic, has been to recognise these as lease modifications such that the impact was initially held on the balance sheet and then spread forward into the income statement over the lease term or period to first break. Incentives classified within investment properties resulted in movements in tenant incentives which were recognised with an equal and opposite offset in revaluation losses. As a result of implementing the change, 2021 figures have been restated whereby Reported Group revenue, gross rental income, net rental income and revaluation losses are affected although operating profit and income statement figures below are unaffected. The equivalent Adjusted figures are also affected including those down to Adjusted earnings. More detailed analysis of the financial statement effects are set out in note 6. Where figures have been restated, these are marked \u2020. The financial statements are prepared on the historical cost basis, except that investment properties, other investments and derivative financial instruments are stated at fair value. Other than the effects of the agenda decisions, accounting policies have been applied consistently, however, in order to enhance and aid the users\u2019 understanding, certain figures have been re-presented as described in the applicable parts of the financial statements, together with certain other presentational changes made with the objective of simplification. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power over the investee, is exposed, or has rights, to variable return from its involvement with the investee and has the ability to use its power to affect its returns. The results of subsidiaries, joint ventures or associates are included in the consolidated income statement when control is achieved, which is usually from the effective date of acquisition, or up to the effective date of disposal which is usually on completion of the transaction. All intragroup transactions, balances, income and expenses are eliminated on consolidation. Where necessary, adjustments are made to bring the accounting policies used into line with those used by the Group. Business combinations are accounted for using the acquisition method where any excess of the purchase consideration over the fair value of the assets, liabilities and contingent liabilities acquired and the resulting deferred tax thereon is recognised as goodwill which is then reviewed annually for impairment. Acquisition related costs are expensed. Joint operations, joint ventures and associates The accounting treatment for joint operations, joint ventures and associates requires an assessment to determine the degree of control or influence that the Group may exercise over them and the form of that control. The Group\u2019s interest in joint arrangements is classified as either: \u2013 a joint operation: not operated through an entity but by joint controlling parties which have rights to the assets and obligations for the liabilities; or \u2013 a joint venture: whereby the joint controlling parties have rights to the net assets of the arrangement. The Group\u2019s interests in its joint arrangements are commonly driven by the terms of partnership agreements, which ensure that control is shared between the partners. Associates are those entities over which the Group is in a position to exercise significant influence, but not control or jointly control. The Group\u2019s share of interests in joint operations is proportionally consolidated into the Group financial statements. The results, assets and liabilities of joint ventures and associates are accounted for using the equity method. Investments in joint ventures and associates are carried in the consolidated balance sheet at cost as adjusted for post acquisition changes in the Group\u2019s share of the net assets of the joint venture or associate, less any impairment. Loans to joint ventures and associates are aggregated into the Group\u2019s investment in the consolidated balance sheet. The Group eliminates upstream and downstream transactions with its joint ventures, including interest and management fees. 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued Financing position At 31 December 2022, all borrowings in the Reported Group were unsecured and subject to covenants relating to the Group\u2019s gearing, interest cover, secured borrowings as a proportion of equity shareholders\u2019 funds, and unencumbered asset ratio, the latter covenant only being applicable to the private placement notes. As explained in the Financial Review, there was significant headroom under each of these covenants and the Group also had liquidity of \u00a3996m. This position results in the Group having no unsecured refinancing required until 2025 which is not covered by available cash. The Group also has exposure to secured borrowings in three of its joint ventures (Dundrum, Highcross and O\u2019Parinor) and its associate, Value Retail. These secured facilities are subject to covenants, principally relating to loan to value and interest cover and are non-recourse to the Group. This means that the lenders only have security over the property assets held by the joint venture or Value Retail and the Group is not liable for any repayment shortfall. Also, a covenant breach or acceleration of any of these facilities would not cause a cross-default under any of the Group\u2019s unsecured borrowings or any of the other secured loans. At 31 December 2022 the Group\u2019s share of secured borrowings in its joint ventures was \u00a3392m and in Value Retail, accounted for as an associate, \u00a3762m. The loans secured against Highcross and O\u2019Parinor and three loans held by Value Retail mature over the going concern period. The Group\u2019s share of these loans was \u00a3234m at 31 December 2022. The loan secured against Dundrum, Group\u2019s share \u00a3266m, matures in September 2024, just outside of the going concern period. During 2022, Value Retail successfully raised over \u00a31.0bn by refinancing three secured loans, the largest being a \u00a3693m five year loan secured against Bicester Village which was completed in December 2022. Scenario assumptions Base scenario The going concern scenarios, which exclude disposals and refinancing assumptions, were constructed from the Group\u2019s Business Plan (\u2018the Plan\u2019), which was approved by the Board in December 2022 and took into account the challenges in the market outlook referred to above and risk of recession. Nonetheless, the Plan assumed a stable near term operational performance supported by the Group\u2019s strong leasing pipeline and the recovery in collections and footfall seen over the course of 2022. Recognising the heightened macroeconomic uncertainty and pressures, investment markets were forecast to remain challenging with property values forecast to fall in 2023, before growing in 2024. The assumptions and projections in the Plan have been incorporated into the Base scenario. Severe but plausible scenario In developing the Group\u2019s Severe but plausible scenario the Board has assumed a number of connected adverse impacts to the Group\u2019s operating metrics and valuations which directly effect the Group\u2019s unsecured borrowing covenants. The assumptions in the Severe but plausible scenario, have been determined using available benchmarks and external forecasts, and are based on a more severe economic downturn than anticipated in the Base scenario and include over the going concern period: \u2013 A 5 percentage points increase in forecast vacancy above the Base scenario due to tenant failure and a weaker leasing performance \u2013 A 10% reduction in variable income from turnover rent, car parks and commercialisation relative to the Base scenario associated with lower forecast footfall \u2013 An allowance for increased credit loss provisions from lower collections and tenant failure \u2013 No cash distributions from Value Retail \u2013 Dividends limited to match minimum REIT requirements based on the revised earnings projections in the Severe but plausible scenario Any losses of joint ventures or associates are initially recognised against the equity investment, however, if in excess of the Group\u2019s equity interest, losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the other entity. If the Group\u2019s equity investment is \u00a3nil, the share of losses is recognised against other long term interests or if such interests are not available, losses are simply restricted to leave the Group\u2019s equity investment remaining at \u00a3nil. Distributions and other income received from joint ventures are included within cash flows from operating activities owing to their association with the underlying profits of the joint venture whereas all other cash flows are recognised as investing activities. Distributions reduce the carrying value of the Group\u2019s investments in joint ventures and associates. C. ALTERNATIVE PERFORMANCE MEASURES (APMs) The Group uses a number of performance measures which are non-IFRS. The key measures comprise the following: \u2013 Adjusted measures: Used by the Directors and management to monitor business performance internally and exclude the same items as for EPRA earnings, but also certain cash and non-cash items which they believe are not reflective of the normal day-to-day operating activities of the Group. Furthermore, the Group evaluates the performance of its portfolio by aggregating its share of joint ventures and associates which are under the Group\u2019s management (\u2018Share of Property interests\u2019) on a proportionally consolidated basis including, where applicable, discontinued operations. The Directors believe that disclosing such non-IFRS measures enables a reader to isolate and evaluate the impact of such items on results and allows for a fuller understanding of performance from year to year. Adjusted performance measures may not be directly comparable with other similarly titled measures used by other companies. \u2013 EPRA earnings and EPRA net assets: Calculated in accordance with guidance issued by the European Public Real Estate Association recommended bases. \u2013 Headline earnings: Calculated in accordance with the requirements of the Johannesburg Stock Exchange listing requirements. A reconciliation between reported and the above alternative earnings and net asset measures is set out in note 10. D. GOING CONCERN Introduction The Directors have undertaken a detailed going concern assessment, considering the Group\u2019s principal risks and current and projected financial position over the period to 30 June 2024 (\u2018the going concern period\u2019). This period has been selected as it coincides with the first six monthly covenant test date for the Group\u2019s unsecured borrowing facilities falling due after the minimum 12 months going concern period. The assessment process involved the preparation of two scenarios: a \u2018Base\u2019 scenario and a \u2018Severe but plausible\u2019 scenario. In addition the Directors reviewed covenant reverse stress tests over the going concern period. The two scenarios take account of the latest economic and trading outlook, including geopolitical uncertainty, primarily related to the ongoing war in Ukraine, and the associated economic challenges on both consumers and businesses from high inflation, rising interest rates and supply chain pressures. D. GOING CONCERN continued Scenario assumptions continued \u2013 Reduction in capital expenditure to a total of \u00a3100m over the going concern period \u2013 Weaker investment markets with lower valuations These adverse assumptions, result in forecast net rental income (NRI) over the going concern period being c.70% of 2022 NRI and the Group\u2019s property portfolio reporting a capital return of -13% equivalent to a revaluation loss of almost \u00a3700m. Treatment of private placement notes Due to the forecast valuation reductions in both scenarios, the headroom under the Group\u2019s unencumbered asset ratio covenant is fully eroded by the end of the going concern period in the Base scenario. This covenant is only applicable to the private placement notes which totalled \u00a3191m at 31 December 2022, and for going concern modelling purposes to avoid the risk of breach, both scenarios assume that the notes are fully redeemed in 2023 using existing liquidity. Secured borrowing refinancing risks In relation to the \u00a3234m of secured loans held by two joint ventures and Value Retail which mature over the going concern period, since the year end a receiver was appointed by the lenders on Highcross and refinancing planning or lender discussions are ongoing on the other loans. However, as at the date of this report, no contractual refinancing agreements have been reached. Therefore, for going concern modelling purposes, it has been assumed that the lenders enforce security over these assets with the Group recognising an impairment of its net investment in these assets. Scenario outcomes and reverse stress tests Having prepared the two scenarios on the basis of the assumptions explained above, under both scenarios, the Group is forecast to retain significant liquidity and is able to meet its obligations as they fall due over the course of the going concern period. It is also forecast to remain compliant with all the remaining unsecured debt covenants over the going concern period, with gearing and interest cover being the most critical for the going concern assessment. The key variables impacting these two covenants are valuation movements for the gearing covenant, and changes in net rental income for the interest cover covenant. Net interest cost also impacts the interest cover ratio, however as at 31 December 2022, 84% of the Group\u2019s debt (included in this covenant) is at fixed interest rates, which limits the near term volatility of this element of the covenant. The percentage of fixed debt is forecast to remain broadly unchanged over the going concern period. As at 31 December 2022, the gearing ratio could withstand a reduction in the value of the Group\u2019s property portfolio of 28%, and for the interest cover covenant, a reduction in NRI (relative to 2022 net rental income) of 61%. Given the adverse assumptions adopted in the Severe but plausible scenario, the level of covenant headroom is forecast to diminish over the going concern period such that, at its lowest point, in June 2024, the covenant headroom to further valuation falls is forecast as c. 15% for the gearing covenant and c. 45% for lower net rental income under the interest cover covenant. The Board considers that these levels of valuation and net rental income reductions over the going concern period, which are significantly in excess of those assumed in the Group\u2019s Severe but plausible scenario, are remote. Mitigating actions The successful delivery of the Group\u2019s strategy will continue to strengthen the Group\u2019s financial position. From a going concern perspective, a key element of this is to deliver a resilient and sustainable capital structure, and additional actions which have not been factored into the going concern assessment are: \u2013 The completion of the Group\u2019s disciplined disposals programme of c.\u00a3500m over 2022 and 2023 \u2013 Refinancing of maturing loans in the ordinary course of business, particularly by Value Retail, where following the successful refinancing activities in 2022, their management remain confident of refinancing future maturing loans Conclusion Having undertaken the assessment described above, over the going concern period, under both scenarios the Group is forecast to retain significant liquidity and is able to meet its obligations as they fall due. The Group is also forecast to retain significant headroom under the gearing and interest cover covenants in its unsecured borrowings. This includes the impact of a full impairment of the net investment in relation to secured loans maturing over the going concern period. This outcome demonstrates the Group\u2019s ability to withstand such an adverse outcome, even in the Severe but plausible scenario. The Directors are therefore able to conclude that they have a reasonable expectation that the Group has adequate resources to continue in operational existence and meet its liabilities as they fall due for at least the next 12 months and have accordingly prepared the financial statements on the going concern basis. E. PRINCIPAL ACCOUNTING POLICIES Revenue Revenue comprises gross rental income (consisting of base and turnover rents, income from car parks, lease incentive recognition and other rental income), service charge income, property fee income and joint venture and associate management fees. These income streams are recognised in the period to which they relate as set out below. Rental income from investment property is recognised as revenue on a straight line basis over the lease term. Lease incentives and costs associated with entering into tenant leases are amortised over the lease term as a reduction in rental income. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. On entering into a lease modification any initial direct costs associated with the lease, including surrender premia previously paid, are derecognised through rental expense in the year. Rent reviews are recognised when such reviews have been agreed with tenants. Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example increases arising on rent reviews and turnover rent, are variable consideration and are recorded as income using the most reliable estimates of such consideration in the periods in which they are earned and based on the most reliable estimates of the value of such consideration. 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued Finance costs Net finance costs Net finance costs include interest payable on debt, derivative financial instruments, interest on head leases and other lease obligations, debt and loan facility cancellation costs, net of interest capitalised, interest receivable on funds invested and derivative financial instruments, and changes in the fair value of derivative financial instruments. Capitalisation of interest Interest is capitalised if it is directly attributable to the acquisition, construction or production of development properties or the significant redevelopment of investment properties. Capitalisation commences when the activities to develop the property start on site and continues until the property is substantially ready for its intended use, normally practical completion. Capitalised interest is calculated with reference to the actual rate payable on loans for development purposes or, for that part of the development cost financed out of general funds, at the Group\u2019s weighted average interest rate. Tax Tax exempt status The Company has elected for UK REIT, French SIIC and Irish QIAIF status. To continue to benefit from these tax regimes, the Group is required to comply with certain conditions as outlined in note 8A. Management intends that the Group will continue as a UK REIT, a French SIIC and an Irish QIAIF for the foreseeable future. Current and deferred tax Tax is included in the consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case the related tax is recognised in equity. Current tax is the expected tax payable on the non-tax exempt income for the period, net of allowable expenses and tax deductions, using the tax rate(s) prevailing during the accounting period, together with any adjustment in respect of previous periods. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The following temporary differences are not provided for: \u2013 Goodwill not deductible for tax purposes \u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit \u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the period when the liability is settled or the asset is realised. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Under IFRS 15, the Group\u2019s revenue from contracts with customers includes service charge income, property fee income, car park income and joint venture and associate management fees and is recognised in accordance with the following performance obligations: \u2013 Service charge income, property fee income and joint venture and associate management fees are recognised over the period the respective services are provided \u2013 Car park income is recognised at the point in time when the customer has completed use of their car parking space Retirement benefit costs Defined contribution pension plans The cost of defined contribution schemes is expensed as incurred. The Group has no further payment obligations once the contributions have been paid. Defined benefit pension plans The Group has one funded plan where assets are held in separate trustee administered funds. The Group also provides other unfunded pension benefits to certain members. The Group\u2019s net obligation comprises the amount of future benefit that employees have earned, discounted to determine a present value, less the fair value of the pension plan assets. The cost of providing benefits under defined benefit arrangements are determined separately for each plan using the projected unit credit method, with valuations being carried out by external actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. A net pension asset is only recognised to the extent that it is expected to be recoverable in the future and the asset is limited to the present value of any future refunds from the plan or reduction in future contributions to the plan. In accordance with IFRIC 14, the Group recognises a pension surplus on a defined benefit pension plan if it has a legal right to receive that surplus on winding up. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Share-based payments Equity settled share-based employee remuneration is determined with reference to the fair value (excluding the effect of non-market-based vesting conditions) of the equity instruments at the date of grant and is expensed over the vesting period on a straight line basis. The fair value of share options which are subject only to internal performance criteria or service conditions are measured using input factors including the exercise price, expected volatility, option life and risk-free interest rate. For all schemes, the number of options expected to vest is recalculated at each balance sheet date, based on expectations of leavers prior to vesting. The fair value of the market-based element of the Restricted Share Plan is calculated using the Monte Carlo model which is dependent on factors including the expected volatility, vesting period and risk-free interest rate. E. PRINCIPAL ACCOUNTING POLICIES continued Foreign currency Income statement Transactions in foreign currencies are translated into sterling at exchange rates approximating to the exchange rate ruling at the date of the transaction. The operating income and expenses of foreign operations are translated into sterling at the average exchange rates for the year. Significant transactions, such as property sales, are translated at the foreign exchange rate ruling at the date of each transaction. Transactions with joint ventures including distributions, interest and management fees are eliminated on a proportionate basis. The Group\u2019s financial performance is not materially impacted by seasonality. Balance sheet Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into sterling at the exchange rate ruling at that date and, unless they relate to the hedging of the net investment in foreign operations, differences arising on translation are recognised in the consolidated income statement. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into sterling at the exchange rates ruling at the balance sheet date. Net investment in foreign operations Exchange differences arising from the translation of the net investment in foreign operations are taken to the translation reserve. They are released to the consolidated income statement upon disposal of the foreign operation. Exchange rates The principal foreign currency denominated balances are in euro where the translation exchange rates used are: Consolidated income statement Average rate Year ended 31 December 2022 Year ended 31 December 2021 Quarter 1 \u20ac1.195 \u20ac1.145 Quarter 2 \u20ac1.179 \u20ac1.160 Quarter 3 \u20ac1.168 \u20ac1.169 Quarter 4 \u20ac1.150 \u20ac1.179 Consolidated balance sheet 31 December 2022 31 December 2021 Year end rate \u20ac1.128 \u20ac1.191 Investment properties and trading properties Investment properties are stated at fair value, being market value determined by professionally qualified external valuers, and changes in fair value are included in the consolidated income statement. Accordingly, no depreciation is provided. Expenditure incurred on investment properties is capitalised where it is probable that the future economic benefits associated with the investment property will flow to the entity, and the cost can be reliably measured. This includes the recognition of capitalised tenant incentives, less amortisation and impairment, capitalised interest and other capital expenditure. Investment properties held for future sale are transferred to Trading properties within current assets at the fair value at the date of transfer and subsequently measured at the lower of cost and net realisable value. Interests in leasehold properties The Group owns a number of properties on long leaseholds under operating leases from freeholders or superior leaseholders which are depreciated over the lease term. At the commencement of a lease, the Group recognises lease liabilities for the buildings element of the leasehold, disclosed as obligations under head leases, at the present value of the minimum lease payments to be made over the term of the lease. Payments to the freeholder or superior leaseholder are apportioned between a finance charge and a reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents and variable rents payable which are not dependent on an index, such as rent reviews or those related to rental income, are expensed in the period to which they relate. Where at inception or at some point during the course of the lease, rents are fixed, or are in substance fixed, a right-of- use asset is created and a corresponding liability for the present value of the minimum future lease payments recognised on the balance sheet. Right-of-use assets The Group has leases for each of its offices. Leased assets are capitalised on inception of the lease as right-of-use assets and depreciated over the shorter of the non-cancellable lease period and any extension options that are considered reasonably certain to be taken or the useful life of the asset. A corresponding lease liability, representing the present value of the lease payments is also recognised. The discounted lease liability is calculated where possible using the interest rate implicit in the lease or where this is not attainable the incremental borrowing rate is utilised. The incremental borrowing rate is the rate the Group would have to pay to borrow the funds necessary to obtain a similar asset under similar conditions. The Group calculates the incremental borrowing rate using the risk free rate of the country where the asset is held, adjusted for length of the lease and a risk premium. Lease payments are allocated against the principal and finance cost. Finance costs, representing the unwinding of the discount on the lease liability are expensed to produce a constant periodic rate of interest on the remaining liability. Cloud software license agreements and intangible assets When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service (SaaS) agreement, and where this does not result in the creation of an asset which the Group has control over, such costs are expensed. Licence agreements to use cloud software are treated as service contracts and expensed, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued In addition the Group makes provisions against receivables in the current period in respect of income not yet recognised in the income statement, but instead deferred on the balance sheet to be released to the income statement in a future period, to match the period to which the income relates. Other receivables include loans receivable which are financial assets and are initially measured at fair value, plus acquisition costs, and are subsequently measured at amortised cost, using the effective interest method, less any impairment. Cash and cash equivalents and restricted monetary assets Cash and cash equivalents comprise cash and short term bank deposits with an original maturity of three months or less which are readily accessible. Restricted monetary assets relate to cash balances which legally belong to the Group but which the Group cannot readily access owing to restrictions imposed by law or legislation and include cash and monies held in escrow accounts for a specified purpose. These do not meet the definition of cash and cash equivalents and consequently are presented separately in the consolidated balance sheet. Financial liabilities Financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date. Loans Loans are recognised initially at fair value, after taking account of any discount on issue and attributable transaction costs. Subsequently, loans are held at amortised cost, such that discounts and costs are charged as finance costs to the consolidated income statement over the term of the borrowing at a constant return on the carrying amount of the liability. Trade and other payables Trade payables (excluding derivative financial liabilities) are non-interest bearing and are stated at cost which equates to their fair value. Derivative financial instruments The Group uses derivative financial instruments to economically hedge its exposure to foreign currency movements and interest rate risks. Hedge accounting is applied in respect of net investments in foreign operations and of debt raised in non-functional currencies. Derivative financial instruments are recognised initially at fair value, which equates to cost and subsequently remeasured at fair value, with changes in fair value being included in the consolidated income statement, except where hedge accounting is applied. Derivative financial instruments are presented as current assets or liabilities if they are expected to be settled within 12 months after the end of the reporting period, otherwise they are held as non-current assets or liabilities. The fair value gain or loss on remeasurement of derivative financial instruments and the exchange differences on non-derivative financial instruments that are designated in a net investment hedge are recognised in the net investment hedge reserve in total comprehensive income, to the extent they are effective, and the ineffective portion is recognised in the consolidated income statement within net finance costs. Amounts are reclassified from the net investment hedge reserve to the consolidated income statement when the associated hedged item is disposed of. Software and licenses which are capitalised include costs incurred to acquire the assets as well as any internal infrastructure and design costs incurred in the development of software in order to bring the assets into use. Capitalised software costs include external direct costs of goods and services, as well as directly attributable internal payroll related costs for employees who are associated with the project. Computer software under development is held at cost less any recognised impairment loss. Software is stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided to write off the cost of assets on a straight line basis between three and six years, and is recorded in administration expenses. Plant and equipment Such assets are stated at cost less accumulated depreciation and, where appropriate, provision for impairment in value. Depreciation is charged to the consolidated income statement on a straight line basis over the estimated useful life, generally between three and five years. Other investments Other investments are initially recognised at fair value and subsequently remeasured, with changes recognised in the consolidated income statement. Disposals, discontinued operations and assets held for sale Disposals Properties are treated as disposed when control transfers to the buyer which typically occurs on completion. Gains or losses on the sale of properties are calculated by reference to the carrying value at the end of the previous year, adjusted for subsequent capital expenditure, unless reclassified to assets held for sale prior to disposal. Where a corporate entity, whose primary asset is a property, is disposed, the associated gains or losses on the sale of the entity are disclosed as profit or loss on sale of properties. Discontinued operations and assets held for sale A discontinued operation is a component of the Group which represents a significant separate line of business, either through its activity or geographical area of operation, which has been sold, is held for sale or has been closed. Where at the balance sheet date the sale of a component of the Group, which can include a property, is considered highly probable and is available for immediate sale in its present condition as well as taking into account other required accounting criteria, it is classified as held for sale. Such classification assumes the expectation that the sale will complete within one year from the date of classification. Assets and liabilities held for sale are measured at the lower of carrying amount and fair value less costs to sell. If an investment in a joint venture or associate is reclassified to assets held for sale, equity accounting ceases on the date of reclassification and any subsequent movements in the fair value are recognised as impairment gains or losses, however, the Group includes earnings generated after reclassification to assets held for sale as part of its Adjusted earnings as described in note 10A. Trade and other receivables Trade and other receivables are initially measured at fair value, subsequently measured at amortised cost and, where the effect is material, discounted to reflect the time value of money. Trade and other receivables are shown net of any loss allowance provision. In order to calculate any loss allowance, the Group applies the simplified approach under IFRS 9 to determine the Expected Credit Loss (ECL). E. PRINCIPAL ACCOUNTING POLICIES continued Derivative financial instruments continued The fair value gain or loss on re-measurement of derivative financial instruments that are designated in a cash flow hedge are recognised in the cash flow hedge reserve in total comprehensive income, to the extent they are effective, and the ineffective portion is recognised in the consolidated income statement within net finance costs. Amounts are reclassified from the cash flow hedge reserve to the consolidated income statement when the associated hedged transaction affects the consolidated income statement. In line with the Group\u2019s definition of Borrowings which includes currency swaps, disclosures in the cash flow statement are consistent with this definition. F. SIGNIFICANT JUDGEMENTS AND ESTIMATES The preparation of financial statements requires management to make judgements, estimates and assumptions about the application of its accounting policies which affect the reported amounts of assets, liabilities, income and expenses. Actual amounts and results may differ from those estimates. Judgements and estimates are evaluated regularly and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Any revisions to accounting estimates are recognised in the period in which the estimate is revised. Significant judgements Assets held for sale and discontinued operations 2022 There were no assets qualifying as held for sale nor discontinued operations. 2021 On 14 December 2021, the Group exchanged contracts for the sale of all of its 50% investment in Silverburn whereby completion occurred in March 2022. At the date of exchange, it was concluded that all of the accounting criteria were met to classify this investment as an asset held for sale. Following this reclassification, equity accounting ceased and the asset was subsequently re-measured to \u00a371.4m at 31 December 2021, being the lower of the carrying amount and fair value less costs of disposal. In February and May 2021, the Group sold several UK retail parks forming substantially all of an identifiable segment of the business. As a result of this, the UK retail parks were disclosed as discontinued operations. Residual retained UK retail parks, reclassified as \u2018Developments and other\u2019, formed only a very small proportion of the segment and consequently their retention did not impact the conclusion on the treatment as discontinued. Impairment of non-financial assets and liabilities Most of the Group\u2019s non-financial assets are investment properties and are already carried at their fair value under IAS 40. Investments in joint ventures and associates fall within the scope of IAS 28 and are therefore only assessed for impairment where one or more events cause an indicator of impairment versus the original investment. Joint ventures and associates are accounted for under the equity method, which equates to the Group\u2019s share of the entity\u2019s Net Asset Value (NAV). NAV is based on the fair value of the assets and liabilities where the principal asset, the investment property, is already carried at fair value being the higher of value in use and fair value less cost of disposal and as such, NAV is a reasonable approximation for the recoverable amount of the investment. There are no indicators falling outside of NAV which are considered to be grounds for further impairment review. Significant estimates Property valuations Backdrop The valuation of the Group\u2019s portfolio of properties is the most material area of estimation due to its inherent subjectivity, reliance on assumptions and sensitivity to market fluctuations. The property portfolio is valued by external valuers in accordance with RICS Valuation \u2013 Global Standards and during the year all Covid-19 related assumptions from the valuations were removed. The 31 December 2022 reports include a general commentary on wider issues including uncertainty caused by the war in Ukraine and associated cost, supply chain, rising interest rates and inflationary pressures. Key areas of estimate highlighted included: \u2013 Estimation of market rents based on an increased level of activity \u2013 Consideration of appropriate levels of void costs and rent-free period \u2013 The impact of shortening lease lengths \u2013 The basis of yield assumptions recognising the selective return of investor appetite towards the retail sector Methodology Investment properties, excluding properties held for development, are valued by adopting the \u2018investment method\u2019 of valuation. This approach involves applying capitalisation yields to estimated future rental income streams reflecting contracted income reverting to ERV with appropriate adjustments for income voids arising from vacancies, lease expiries or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be the key inputs to the valuations. Where comparable evidence of yield movement is lacking, valuers are reliant on sentiment or the movement of less comparable assets. Factors that have been taken into account include, but are not limited to, the location and physical attributes of the property, tenure, tenancy details, lease expiry profile, rent collection, local taxes, structural and environmental conditions. With regards to the latter factor, the valuers currently make limited explicit adjustment to their valuations in respect of ESG matters. However, both the Group and the valuers anticipate that ESG will have a greater influence on valuations in the future as investment markets place a greater emphasis on this topic and valuers comply with the RICS Guidance Note Sustainability and ESG in Commercial Property Valuation, which took effect from 31 January 2022. A tailored approach is taken to the valuation of the Group\u2019s development properties due to their unique nature. In the case of on site developments, the approach applied is the \u2018residual method\u2019 of valuation, which is the investment method of valuation as described above with a deduction for all costs necessary to complete the development, together with a further allowance for remaining risk and developers\u2019 profit. Properties held for future development are valued using the highest and best use method, by adopting the higher of the residual method of valuation allowing for all associated risks, and the investment method of valuation for the existing asset. 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued Valuations of the Group\u2019s premium outlets held by Value Retail are calculated on a discounted cash flow basis, utilising key assumptions such as net operating income, exit yield, discount rate and forecast sales density growth. Inputs to the valuations, some of which are \u2018unobservable\u2019 as defined by IFRS 13, include capitalisation yields (nominal equivalent yield) and market rental income (ERV). These are dependent on individual market characteristics. With other factors remaining constant, an increase in rental income would increase valuations, whilst increases in capitalisation yields and discount rates would result in a fall in values and vice versa. However, there are interrelationships between unobservable inputs as they are determined by market conditions. For example, an increase in rents may be offset by an increase in yield, resulting in no net impact on the valuation. A sensitivity analysis, showing the impact on valuations of changes in yields and market rental income is set out in note 12A. Impairment of trade receivables Estimates made in assessing the provisions for impairment of trade (tenant) receivables require consideration of future events which therefore make the provisions inherently subjective. The Group applies the simplified approach under IFRS 9 by adopting a provisioning matrix to determine the Expected Credit Loss (ECL), grouping receivables dependent on risk level. In making these assessments, key factors the Group takes into account include: \u2013 Credit ratings \u2013 Latest information on occupiers\u2019 financial standing including the relative risk of the retail subsector in which they operate \u2013 Historical default rates \u2013 Ageing \u2013 Rent deposits (included as part of payables) \u2013 Guarantees held \u2013 The probability that tenants will serve out the remainder of the contractual terms of their leases In assessing the current year provision, consideration has been given to the outturn of the prior year provision. Specific higher provisioning levels may be applied where information is available which suggests this is required, for instance, if the likelihood of default or tenant failure is deemed to be very high, a full provision is applied. Trade receivables are written off when there is no feasible possibility of recovery and enforcement activity has ceased. Over the course of 2022, conditions affecting collections improved, especially as most of the government restrictions on collections in the UK were lifted in March 2022 and final restrictions were lifted in September 2022. Although restrictions differed in France and Ireland, similar improvements have also been seen. Improved collection rates have resulted in a reduction in gross trade receivables and a reappraisal of provisioning rates. Applying the assessment criteria set out above, the Group has reduced its provisioning rates to reflect the improving trend and the reduction in the loss allowance provision in 2022 relates partly to utilisations of the provision for amounts now written off as well as the reversal of loss allowances brought forward no longer required, reflecting collections and concessions agreed. Some small differences in provision rates across segments exist which reflect the typically experienced local collection rates by age category, however, the effect on overall provisioning rate on the total gross balance by segment is not material. Sensitivities to provisioning rates on trade (tenant) receivables are set out in note 15E. ",
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"fact-607": {
"value": "A. GENERAL INFORMATION Hammerson plc is a UK public company limited by shares incorporated under the Companies Act and is registered in England and Wales. The address of the Company\u2019s registered office is Marble Arch House, 66 Seymour Street, London W1H 5BX. The Group\u2019s principal activities are as an owner, operator and developer of sustainable prime urban real estate whereby the Group owns and invests in flagship destinations, developments, and premium outlets across the United Kingdom (UK) and Europe. B. BASIS OF PREPARATION AND CONSOLIDATION Basis of preparation The consolidated financial statements have been prepared in accordance with both UK-adopted international accounting standards and International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, (IFRS adopted by the European Union as at 31 December 2020), as well as SAICA Financial Reporting Guides as issued by the Accounting Practices committee and those parts of the Companies Act 2006 as applicable to companies reporting under IFRS. New accounting standards, amendments to standards and IFRIC interpretations which became applicable during the year or have been published but are not yet effective, were either not relevant or had no, or no material impact on the Group\u2019s results or net assets, except for the following IFRIC agenda decisions that were issued during the year which have resulted in accounting policy changes as follows: \u2013 In April 2022, the IFRIC issued an agenda decision in respect of the presentation of \u2018Demand deposits with restrictions on use arising from a contract with a third party\u2019 (the \u2018IFRIC Decision on Deposits\u2019). The conclusions were that restrictions on use which arise from a contract with a third party do not alone change the nature of amounts being classified as cash and cash equivalents. In light of this, a review has been undertaken of amounts disclosed as \u2018restricted monetary assets\u2019. It has been determined that the use of certain tenant deposit and service charge amounts are restricted only by a contract with a third party. As a result, in applying the agenda decision, such amounts for 2021 have been restated to reflect this change with analysis set out in note 16. \u2013 In October 2022, the IFRIC finalised an agenda decision in respect of \u2018Lessor forgiveness of lease payments (IFRS 9 and IFRS 16)\u2019(the \u2018IFRIC Decision on Concessions\u2019). This concluded that where forgiven amounts are already past due and recognised as operating lease receivables, these should be accounted for by charging to the income statement on the date that the legal rights are conceded. Historically, the Group\u2019s treatment of such concessions, which arose as a result of the Covid-19 pandemic, has been to recognise these as lease modifications such that the impact was initially held on the balance sheet and then spread forward into the income statement over the lease term or period to first break. Incentives classified within investment properties resulted in movements in tenant incentives which were recognised with an equal and opposite offset in revaluation losses. As a result of implementing the change, 2021 figures have been restated whereby Reported Group revenue, gross rental income, net rental income and revaluation losses are affected although operating profit and income statement figures below are unaffected. The equivalent Adjusted figures are also affected including those down to Adjusted earnings. More detailed analysis of the financial statement effects are set out in note 6. Where figures have been restated, these are marked \u2020. The financial statements are prepared on the historical cost basis, except that investment properties, other investments and derivative financial instruments are stated at fair value. Other than the effects of the agenda decisions, accounting policies have been applied consistently, however, in order to enhance and aid the users\u2019 understanding, certain figures have been re-presented as described in the applicable parts of the financial statements, together with certain other presentational changes made with the objective of simplification. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power over the investee, is exposed, or has rights, to variable return from its involvement with the investee and has the ability to use its power to affect its returns. The results of subsidiaries, joint ventures or associates are included in the consolidated income statement when control is achieved, which is usually from the effective date of acquisition, or up to the effective date of disposal which is usually on completion of the transaction. All intragroup transactions, balances, income and expenses are eliminated on consolidation. Where necessary, adjustments are made to bring the accounting policies used into line with those used by the Group. Business combinations are accounted for using the acquisition method where any excess of the purchase consideration over the fair value of the assets, liabilities and contingent liabilities acquired and the resulting deferred tax thereon is recognised as goodwill which is then reviewed annually for impairment. Acquisition related costs are expensed. Joint operations, joint ventures and associates The accounting treatment for joint operations, joint ventures and associates requires an assessment to determine the degree of control or influence that the Group may exercise over them and the form of that control. The Group\u2019s interest in joint arrangements is classified as either: \u2013 a joint operation: not operated through an entity but by joint controlling parties which have rights to the assets and obligations for the liabilities; or \u2013 a joint venture: whereby the joint controlling parties have rights to the net assets of the arrangement. The Group\u2019s interests in its joint arrangements are commonly driven by the terms of partnership agreements, which ensure that control is shared between the partners. Associates are those entities over which the Group is in a position to exercise significant influence, but not control or jointly control. The Group\u2019s share of interests in joint operations is proportionally consolidated into the Group financial statements. The results, assets and liabilities of joint ventures and associates are accounted for using the equity method. Investments in joint ventures and associates are carried in the consolidated balance sheet at cost as adjusted for post acquisition changes in the Group\u2019s share of the net assets of the joint venture or associate, less any impairment. Loans to joint ventures and associates are aggregated into the Group\u2019s investment in the consolidated balance sheet. The Group eliminates upstream and downstream transactions with its joint ventures, including interest and management fees. 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2022 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued
Financing position
At 31 December 2022, all borrowings in the Reported Group were
unsecured and subject to covenants relating to the Group\u2019s gearing, interest
cover, secured borrowings as a proportion of equity shareholders\u2019 funds,
and unencumbered asset ratio, the latter covenant only being applicable
to the private placement notes. As explained in the Financial Review,
there was significant headroom under each of these covenants and the
Group also had liquidity of \u00a3996m. This position results in the Group having
no unsecured refinancing required until 2025 which is not covered by
available cash.
The Group also has exposure to secured borrowings in three of its joint
ventures (Dundrum, Highcross and O\u2019Parinor) and its associate, Value
Retail. These secured facilities are subject to covenants, principally relating
to loan to value and interest cover and are non-recourse to the Group.
This means that the lenders only have security over the property assets
held by the joint venture or Value Retail and the Group is not liable for any
repayment shortfall. Also, a covenant breach or acceleration of any of these
facilities would not cause a cross-default under any of the Group\u2019s
unsecured borrowings or any of the other secured loans.
At 31 December 2022 the Group\u2019s share of secured borrowings in its joint
ventures was \u00a3392m and in Value Retail, accounted for as an associate,
\u00a3762m. The loans secured against Highcross and O\u2019Parinor and three loans
held by Value Retail mature over the going concern period. The Group\u2019s
share of these loans was \u00a3234m at 31 December 2022. The loan secured
against Dundrum, Group\u2019s share \u00a3266m, matures in September 2024, just
outside of the going concern period. During 2022, Value Retail successfully
raised over \u00a31.0bn by refinancing three secured loans, the largest being a
\u00a3693m five year loan secured against Bicester Village which was completed
in December 2022.
Scenario assumptions
Base scenario
The going concern scenarios, which exclude disposals and refinancing
assumptions, were constructed from the Group\u2019s Business Plan (\u2018the Plan\u2019),
which was approved by the Board in December 2022 and took into account
the challenges in the market outlook referred to above and risk of recession.
Nonetheless, the Plan assumed a stable near term operational performance
supported by the Group\u2019s strong leasing pipeline and the recovery in
collections and footfall seen over the course of 2022. Recognising the
heightened macroeconomic uncertainty and pressures, investment
markets were forecast to remain challenging with property values forecast
to fall in 2023, before growing in 2024. The assumptions and projections
in the Plan have been incorporated into the Base scenario.
Severe but plausible scenario
In developing the Group\u2019s Severe but plausible scenario the Board has
assumed a number of connected adverse impacts to the Group\u2019s operating
metrics and valuations which directly effect the Group\u2019s unsecured
borrowing covenants. The assumptions in the Severe but plausible scenario,
have been determined using available benchmarks and external forecasts,
and are based on a more severe economic downturn than anticipated in the
Base scenario and include over the going concern period:
\u2013 A 5 percentage points increase in forecast vacancy above the Base
scenario due to tenant failure and a weaker leasing performance
\u2013 A 10% reduction in variable income from turnover rent, car parks and
commercialisation relative to the Base scenario associated with lower
forecast footfall
\u2013 An allowance for increased credit loss provisions from lower collections
and tenant failure
\u2013 No cash distributions from Value Retail
\u2013 Dividends limited to match minimum REIT requirements based on the
revised earnings projections in the Severe but plausible scenario
Any losses of joint ventures or associates are initially recognised against
the equity investment, however, if in excess of the Group\u2019s equity interest,
losses are recognised only to the extent that the Group has incurred legal
or constructive obligations or made payments on behalf of the other entity.
If the Group\u2019s equity investment is \u00a3nil, the share of losses is recognised
against other long term interests or if such interests are not available,
losses are simply restricted to leave the Group\u2019s equity investment
remaining at \u00a3nil.
Distributions and other income received from joint ventures are included
within cash flows from operating activities owing to their association with
the underlying profits of the joint venture whereas all other cash flows are
recognised as investing activities. Distributions reduce the carrying value
of the Group\u2019s investments in joint ventures and associates.
C. ALTERNATIVE PERFORMANCE MEASURES (APMs)
The Group uses a number of performance measures which are non-IFRS.
The key measures comprise the following:
\u2013 Adjusted measures: Used by the Directors and management to monitor
business performance internally and exclude the same items as for EPRA
earnings, but also certain cash and non-cash items which they believe are
not reflective of the normal day-to-day operating activities of the Group.
Furthermore, the Group evaluates the performance of its portfolio by
aggregating its share of joint ventures and associates which are under the
Group\u2019s management (\u2018Share of Property interests\u2019) on a proportionally
consolidated basis including, where applicable, discontinued operations.
The Directors believe that disclosing such non-IFRS measures enables
a reader to isolate and evaluate the impact of such items on results and
allows for a fuller understanding of performance from year to year.
Adjusted performance measures may not be directly comparable with
other similarly titled measures used by other companies.
\u2013 EPRA earnings and EPRA net assets: Calculated in accordance with
guidance issued by the European Public Real Estate Association
recommended bases.
\u2013 Headline earnings: Calculated in accordance with the requirements of
the Johannesburg Stock Exchange listing requirements.
A reconciliation between reported and the above alternative earnings and
net asset measures is set out in note 10.
D. GOING CONCERN
Introduction
The Directors have undertaken a detailed going concern assessment,
considering the Group\u2019s principal risks and current and projected financial
position over the period to 30 June 2024 (\u2018the going concern period\u2019).
This period has been selected as it coincides with the first six monthly
covenant test date for the Group\u2019s unsecured borrowing facilities falling
due after the minimum 12 months going concern period. The assessment
process involved the preparation of two scenarios: a \u2018Base\u2019 scenario and a
\u2018Severe but plausible\u2019 scenario. In addition the Directors reviewed covenant
reverse stress tests over the going concern period.
The two scenarios take account of the latest economic and trading outlook,
including geopolitical uncertainty, primarily related to the ongoing war
in Ukraine, and the associated economic challenges on both consumers
and businesses from high inflation, rising interest rates and supply
chain pressures.
D. GOING CONCERN continued Scenario assumptions continued \u2013 Reduction in capital expenditure to a total of \u00a3100m over the going concern period \u2013 Weaker investment markets with lower valuations These adverse assumptions, result in forecast net rental income (NRI) over the going concern period being c.70% of 2022 NRI and the Group\u2019s property portfolio reporting a capital return of -13% equivalent to a revaluation loss of almost \u00a3700m. Treatment of private placement notes Due to the forecast valuation reductions in both scenarios, the headroom under the Group\u2019s unencumbered asset ratio covenant is fully eroded by the end of the going concern period in the Base scenario. This covenant is only applicable to the private placement notes which totalled \u00a3191m at 31 December 2022, and for going concern modelling purposes to avoid the risk of breach, both scenarios assume that the notes are fully redeemed in 2023 using existing liquidity. Secured borrowing refinancing risks In relation to the \u00a3234m of secured loans held by two joint ventures and Value Retail which mature over the going concern period, since the year end a receiver was appointed by the lenders on Highcross and refinancing planning or lender discussions are ongoing on the other loans. However, as at the date of this report, no contractual refinancing agreements have been reached. Therefore, for going concern modelling purposes, it has been assumed that the lenders enforce security over these assets with the Group recognising an impairment of its net investment in these assets. Scenario outcomes and reverse stress tests Having prepared the two scenarios on the basis of the assumptions explained above, under both scenarios, the Group is forecast to retain significant liquidity and is able to meet its obligations as they fall due over the course of the going concern period. It is also forecast to remain compliant with all the remaining unsecured debt covenants over the going concern period, with gearing and interest cover being the most critical for the going concern assessment. The key variables impacting these two covenants are valuation movements for the gearing covenant, and changes in net rental income for the interest cover covenant. Net interest cost also impacts the interest cover ratio, however as at 31 December 2022, 84% of the Group\u2019s debt (included in this covenant) is at fixed interest rates, which limits the near term volatility of this element of the covenant. The percentage of fixed debt is forecast to remain broadly unchanged over the going concern period. As at 31 December 2022, the gearing ratio could withstand a reduction in the value of the Group\u2019s property portfolio of 28%, and for the interest cover covenant, a reduction in NRI (relative to 2022 net rental income) of 61%. Given the adverse assumptions adopted in the Severe but plausible scenario, the level of covenant headroom is forecast to diminish over the going concern period such that, at its lowest point, in June 2024, the covenant headroom to further valuation falls is forecast as c. 15% for the gearing covenant and c. 45% for lower net rental income under the interest cover covenant. The Board considers that these levels of valuation and net rental income reductions over the going concern period, which are significantly in excess of those assumed in the Group\u2019s Severe but plausible scenario, are remote. Mitigating actions The successful delivery of the Group\u2019s strategy will continue to strengthen the Group\u2019s financial position. From a going concern perspective, a key element of this is to deliver a resilient and sustainable capital structure, and additional actions which have not been factored into the going concern assessment are: \u2013 The completion of the Group\u2019s disciplined disposals programme of c.\u00a3500m over 2022 and 2023 \u2013 Refinancing of maturing loans in the ordinary course of business, particularly by Value Retail, where following the successful refinancing activities in 2022, their management remain confident of refinancing future maturing loans Conclusion Having undertaken the assessment described above, over the going concern period, under both scenarios the Group is forecast to retain significant liquidity and is able to meet its obligations as they fall due. The Group is also forecast to retain significant headroom under the gearing and interest cover covenants in its unsecured borrowings. This includes the impact of a full impairment of the net investment in relation to secured loans maturing over the going concern period. This outcome demonstrates the Group\u2019s ability to withstand such an adverse outcome, even in the Severe but plausible scenario. The Directors are therefore able to conclude that they have a reasonable expectation that the Group has adequate resources to continue in operational existence and meet its liabilities as they fall due for at least the next 12 months and have accordingly prepared the financial statements on the going concern basis. E. PRINCIPAL ACCOUNTING POLICIES Revenue Revenue comprises gross rental income (consisting of base and turnover rents, income from car parks, lease incentive recognition and other rental income), service charge income, property fee income and joint venture and associate management fees. These income streams are recognised in the period to which they relate as set out below. Rental income from investment property is recognised as revenue on a straight line basis over the lease term. Lease incentives and costs associated with entering into tenant leases are amortised over the lease term as a reduction in rental income. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. On entering into a lease modification any initial direct costs associated with the lease, including surrender premia previously paid, are derecognised through rental expense in the year. Rent reviews are recognised when such reviews have been agreed with tenants. Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example increases arising on rent reviews and turnover rent, are variable consideration and are recorded as income using the most reliable estimates of such consideration in the periods in which they are earned and based on the most reliable estimates of the value of such consideration. 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued Finance costs Net finance costs Net finance costs include interest payable on debt, derivative financial instruments, interest on head leases and other lease obligations, debt and loan facility cancellation costs, net of interest capitalised, interest receivable on funds invested and derivative financial instruments, and changes in the fair value of derivative financial instruments. Capitalisation of interest Interest is capitalised if it is directly attributable to the acquisition, construction or production of development properties or the significant redevelopment of investment properties. Capitalisation commences when the activities to develop the property start on site and continues until the property is substantially ready for its intended use, normally practical completion. Capitalised interest is calculated with reference to the actual rate payable on loans for development purposes or, for that part of the development cost financed out of general funds, at the Group\u2019s weighted average interest rate. Tax Tax exempt status The Company has elected for UK REIT, French SIIC and Irish QIAIF status. To continue to benefit from these tax regimes, the Group is required to comply with certain conditions as outlined in note 8A. Management intends that the Group will continue as a UK REIT, a French SIIC and an Irish QIAIF for the foreseeable future. Current and deferred tax Tax is included in the consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case the related tax is recognised in equity. Current tax is the expected tax payable on the non-tax exempt income for the period, net of allowable expenses and tax deductions, using the tax rate(s) prevailing during the accounting period, together with any adjustment in respect of previous periods. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The following temporary differences are not provided for: \u2013 Goodwill not deductible for tax purposes \u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit \u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the period when the liability is settled or the asset is realised. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Under IFRS 15, the Group\u2019s revenue from contracts with customers includes service charge income, property fee income, car park income and joint venture and associate management fees and is recognised in accordance with the following performance obligations: \u2013 Service charge income, property fee income and joint venture and associate management fees are recognised over the period the respective services are provided \u2013 Car park income is recognised at the point in time when the customer has completed use of their car parking space Retirement benefit costs Defined contribution pension plans The cost of defined contribution schemes is expensed as incurred. The Group has no further payment obligations once the contributions have been paid. Defined benefit pension plans The Group has one funded plan where assets are held in separate trustee administered funds. The Group also provides other unfunded pension benefits to certain members. The Group\u2019s net obligation comprises the amount of future benefit that employees have earned, discounted to determine a present value, less the fair value of the pension plan assets. The cost of providing benefits under defined benefit arrangements are determined separately for each plan using the projected unit credit method, with valuations being carried out by external actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. A net pension asset is only recognised to the extent that it is expected to be recoverable in the future and the asset is limited to the present value of any future refunds from the plan or reduction in future contributions to the plan. In accordance with IFRIC 14, the Group recognises a pension surplus on a defined benefit pension plan if it has a legal right to receive that surplus on winding up. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Share-based payments Equity settled share-based employee remuneration is determined with reference to the fair value (excluding the effect of non-market-based vesting conditions) of the equity instruments at the date of grant and is expensed over the vesting period on a straight line basis. The fair value of share options which are subject only to internal performance criteria or service conditions are measured using input factors including the exercise price, expected volatility, option life and risk-free interest rate. For all schemes, the number of options expected to vest is recalculated at each balance sheet date, based on expectations of leavers prior to vesting. The fair value of the market-based element of the Restricted Share Plan is calculated using the Monte Carlo model which is dependent on factors including the expected volatility, vesting period and risk-free interest rate. E. PRINCIPAL ACCOUNTING POLICIES continued Foreign currency Income statement Transactions in foreign currencies are translated into sterling at exchange rates approximating to the exchange rate ruling at the date of the transaction. The operating income and expenses of foreign operations are translated into sterling at the average exchange rates for the year. Significant transactions, such as property sales, are translated at the foreign exchange rate ruling at the date of each transaction. Transactions with joint ventures including distributions, interest and management fees are eliminated on a proportionate basis. The Group\u2019s financial performance is not materially impacted by seasonality. Balance sheet Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into sterling at the exchange rate ruling at that date and, unless they relate to the hedging of the net investment in foreign operations, differences arising on translation are recognised in the consolidated income statement. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into sterling at the exchange rates ruling at the balance sheet date. Net investment in foreign operations Exchange differences arising from the translation of the net investment in foreign operations are taken to the translation reserve. They are released to the consolidated income statement upon disposal of the foreign operation. Exchange rates The principal foreign currency denominated balances are in euro where the translation exchange rates used are: Consolidated income statement Average rate Year ended 31 December 2022 Year ended 31 December 2021 Quarter 1 \u20ac1.195 \u20ac1.145 Quarter 2 \u20ac1.179 \u20ac1.160 Quarter 3 \u20ac1.168 \u20ac1.169 Quarter 4 \u20ac1.150 \u20ac1.179 Consolidated balance sheet 31 December 2022 31 December 2021 Year end rate \u20ac1.128 \u20ac1.191 Investment properties and trading properties Investment properties are stated at fair value, being market value determined by professionally qualified external valuers, and changes in fair value are included in the consolidated income statement. Accordingly, no depreciation is provided. Expenditure incurred on investment properties is capitalised where it is probable that the future economic benefits associated with the investment property will flow to the entity, and the cost can be reliably measured. This includes the recognition of capitalised tenant incentives, less amortisation and impairment, capitalised interest and other capital expenditure. Investment properties held for future sale are transferred to Trading properties within current assets at the fair value at the date of transfer and subsequently measured at the lower of cost and net realisable value. Interests in leasehold properties The Group owns a number of properties on long leaseholds under operating leases from freeholders or superior leaseholders which are depreciated over the lease term. At the commencement of a lease, the Group recognises lease liabilities for the buildings element of the leasehold, disclosed as obligations under head leases, at the present value of the minimum lease payments to be made over the term of the lease. Payments to the freeholder or superior leaseholder are apportioned between a finance charge and a reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents and variable rents payable which are not dependent on an index, such as rent reviews or those related to rental income, are expensed in the period to which they relate. Where at inception or at some point during the course of the lease, rents are fixed, or are in substance fixed, a right-of- use asset is created and a corresponding liability for the present value of the minimum future lease payments recognised on the balance sheet. Right-of-use assets The Group has leases for each of its offices. Leased assets are capitalised on inception of the lease as right-of-use assets and depreciated over the shorter of the non-cancellable lease period and any extension options that are considered reasonably certain to be taken or the useful life of the asset. A corresponding lease liability, representing the present value of the lease payments is also recognised. The discounted lease liability is calculated where possible using the interest rate implicit in the lease or where this is not attainable the incremental borrowing rate is utilised. The incremental borrowing rate is the rate the Group would have to pay to borrow the funds necessary to obtain a similar asset under similar conditions. The Group calculates the incremental borrowing rate using the risk free rate of the country where the asset is held, adjusted for length of the lease and a risk premium. Lease payments are allocated against the principal and finance cost. Finance costs, representing the unwinding of the discount on the lease liability are expensed to produce a constant periodic rate of interest on the remaining liability. Cloud software license agreements and intangible assets When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service (SaaS) agreement, and where this does not result in the creation of an asset which the Group has control over, such costs are expensed. Licence agreements to use cloud software are treated as service contracts and expensed, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued In addition the Group makes provisions against receivables in the current period in respect of income not yet recognised in the income statement, but instead deferred on the balance sheet to be released to the income statement in a future period, to match the period to which the income relates. Other receivables include loans receivable which are financial assets and are initially measured at fair value, plus acquisition costs, and are subsequently measured at amortised cost, using the effective interest method, less any impairment. Cash and cash equivalents and restricted monetary assets Cash and cash equivalents comprise cash and short term bank deposits with an original maturity of three months or less which are readily accessible. Restricted monetary assets relate to cash balances which legally belong to the Group but which the Group cannot readily access owing to restrictions imposed by law or legislation and include cash and monies held in escrow accounts for a specified purpose. These do not meet the definition of cash and cash equivalents and consequently are presented separately in the consolidated balance sheet. Financial liabilities Financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date. Loans Loans are recognised initially at fair value, after taking account of any discount on issue and attributable transaction costs. Subsequently, loans are held at amortised cost, such that discounts and costs are charged as finance costs to the consolidated income statement over the term of the borrowing at a constant return on the carrying amount of the liability. Trade and other payables Trade payables (excluding derivative financial liabilities) are non-interest bearing and are stated at cost which equates to their fair value. Derivative financial instruments The Group uses derivative financial instruments to economically hedge its exposure to foreign currency movements and interest rate risks. Hedge accounting is applied in respect of net investments in foreign operations and of debt raised in non-functional currencies. Derivative financial instruments are recognised initially at fair value, which equates to cost and subsequently remeasured at fair value, with changes in fair value being included in the consolidated income statement, except where hedge accounting is applied. Derivative financial instruments are presented as current assets or liabilities if they are expected to be settled within 12 months after the end of the reporting period, otherwise they are held as non-current assets or liabilities. The fair value gain or loss on remeasurement of derivative financial instruments and the exchange differences on non-derivative financial instruments that are designated in a net investment hedge are recognised in the net investment hedge reserve in total comprehensive income, to the extent they are effective, and the ineffective portion is recognised in the consolidated income statement within net finance costs. Amounts are reclassified from the net investment hedge reserve to the consolidated income statement when the associated hedged item is disposed of. Software and licenses which are capitalised include costs incurred to acquire the assets as well as any internal infrastructure and design costs incurred in the development of software in order to bring the assets into use. Capitalised software costs include external direct costs of goods and services, as well as directly attributable internal payroll related costs for employees who are associated with the project. Computer software under development is held at cost less any recognised impairment loss. Software is stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided to write off the cost of assets on a straight line basis between three and six years, and is recorded in administration expenses. Plant and equipment Such assets are stated at cost less accumulated depreciation and, where appropriate, provision for impairment in value. Depreciation is charged to the consolidated income statement on a straight line basis over the estimated useful life, generally between three and five years. Other investments Other investments are initially recognised at fair value and subsequently remeasured, with changes recognised in the consolidated income statement. Disposals, discontinued operations and assets held for sale Disposals Properties are treated as disposed when control transfers to the buyer which typically occurs on completion. Gains or losses on the sale of properties are calculated by reference to the carrying value at the end of the previous year, adjusted for subsequent capital expenditure, unless reclassified to assets held for sale prior to disposal. Where a corporate entity, whose primary asset is a property, is disposed, the associated gains or losses on the sale of the entity are disclosed as profit or loss on sale of properties. Discontinued operations and assets held for sale A discontinued operation is a component of the Group which represents a significant separate line of business, either through its activity or geographical area of operation, which has been sold, is held for sale or has been closed. Where at the balance sheet date the sale of a component of the Group, which can include a property, is considered highly probable and is available for immediate sale in its present condition as well as taking into account other required accounting criteria, it is classified as held for sale. Such classification assumes the expectation that the sale will complete within one year from the date of classification. Assets and liabilities held for sale are measured at the lower of carrying amount and fair value less costs to sell. If an investment in a joint venture or associate is reclassified to assets held for sale, equity accounting ceases on the date of reclassification and any subsequent movements in the fair value are recognised as impairment gains or losses, however, the Group includes earnings generated after reclassification to assets held for sale as part of its Adjusted earnings as described in note 10A. Trade and other receivables Trade and other receivables are initially measured at fair value, subsequently measured at amortised cost and, where the effect is material, discounted to reflect the time value of money. Trade and other receivables are shown net of any loss allowance provision. In order to calculate any loss allowance, the Group applies the simplified approach under IFRS 9 to determine the Expected Credit Loss (ECL). E. PRINCIPAL ACCOUNTING POLICIES continued Derivative financial instruments continued The fair value gain or loss on re-measurement of derivative financial instruments that are designated in a cash flow hedge are recognised in the cash flow hedge reserve in total comprehensive income, to the extent they are effective, and the ineffective portion is recognised in the consolidated income statement within net finance costs. Amounts are reclassified from the cash flow hedge reserve to the consolidated income statement when the associated hedged transaction affects the consolidated income statement. In line with the Group\u2019s definition of Borrowings which includes currency swaps, disclosures in the cash flow statement are consistent with this definition. F. SIGNIFICANT JUDGEMENTS AND ESTIMATES The preparation of financial statements requires management to make judgements, estimates and assumptions about the application of its accounting policies which affect the reported amounts of assets, liabilities, income and expenses. Actual amounts and results may differ from those estimates. Judgements and estimates are evaluated regularly and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Any revisions to accounting estimates are recognised in the period in which the estimate is revised. Significant judgements Assets held for sale and discontinued operations 2022 There were no assets qualifying as held for sale nor discontinued operations. 2021 On 14 December 2021, the Group exchanged contracts for the sale of all of its 50% investment in Silverburn whereby completion occurred in March 2022. At the date of exchange, it was concluded that all of the accounting criteria were met to classify this investment as an asset held for sale. Following this reclassification, equity accounting ceased and the asset was subsequently re-measured to \u00a371.4m at 31 December 2021, being the lower of the carrying amount and fair value less costs of disposal. In February and May 2021, the Group sold several UK retail parks forming substantially all of an identifiable segment of the business. As a result of this, the UK retail parks were disclosed as discontinued operations. Residual retained UK retail parks, reclassified as \u2018Developments and other\u2019, formed only a very small proportion of the segment and consequently their retention did not impact the conclusion on the treatment as discontinued. Impairment of non-financial assets and liabilities Most of the Group\u2019s non-financial assets are investment properties and are already carried at their fair value under IAS 40. Investments in joint ventures and associates fall within the scope of IAS 28 and are therefore only assessed for impairment where one or more events cause an indicator of impairment versus the original investment. Joint ventures and associates are accounted for under the equity method, which equates to the Group\u2019s share of the entity\u2019s Net Asset Value (NAV). NAV is based on the fair value of the assets and liabilities where the principal asset, the investment property, is already carried at fair value being the higher of value in use and fair value less cost of disposal and as such, NAV is a reasonable approximation for the recoverable amount of the investment. There are no indicators falling outside of NAV which are considered to be grounds for further impairment review. Significant estimates Property valuations Backdrop The valuation of the Group\u2019s portfolio of properties is the most material area of estimation due to its inherent subjectivity, reliance on assumptions and sensitivity to market fluctuations. The property portfolio is valued by external valuers in accordance with RICS Valuation \u2013 Global Standards and during the year all Covid-19 related assumptions from the valuations were removed. The 31 December 2022 reports include a general commentary on wider issues including uncertainty caused by the war in Ukraine and associated cost, supply chain, rising interest rates and inflationary pressures. Key areas of estimate highlighted included: \u2013 Estimation of market rents based on an increased level of activity \u2013 Consideration of appropriate levels of void costs and rent-free period \u2013 The impact of shortening lease lengths \u2013 The basis of yield assumptions recognising the selective return of investor appetite towards the retail sector Methodology Investment properties, excluding properties held for development, are valued by adopting the \u2018investment method\u2019 of valuation. This approach involves applying capitalisation yields to estimated future rental income streams reflecting contracted income reverting to ERV with appropriate adjustments for income voids arising from vacancies, lease expiries or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be the key inputs to the valuations. Where comparable evidence of yield movement is lacking, valuers are reliant on sentiment or the movement of less comparable assets. Factors that have been taken into account include, but are not limited to, the location and physical attributes of the property, tenure, tenancy details, lease expiry profile, rent collection, local taxes, structural and environmental conditions. With regards to the latter factor, the valuers currently make limited explicit adjustment to their valuations in respect of ESG matters. However, both the Group and the valuers anticipate that ESG will have a greater influence on valuations in the future as investment markets place a greater emphasis on this topic and valuers comply with the RICS Guidance Note Sustainability and ESG in Commercial Property Valuation, which took effect from 31 January 2022. A tailored approach is taken to the valuation of the Group\u2019s development properties due to their unique nature. In the case of on site developments, the approach applied is the \u2018residual method\u2019 of valuation, which is the investment method of valuation as described above with a deduction for all costs necessary to complete the development, together with a further allowance for remaining risk and developers\u2019 profit. Properties held for future development are valued using the highest and best use method, by adopting the higher of the residual method of valuation allowing for all associated risks, and the investment method of valuation for the existing asset. 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 2. PROFIT/(LOSS) FOR THE YEAR As described in note 3, the Group evaluates the performance of its portfolio by aggregating its share of joint ventures and associates which are under the Group\u2019s management (\u2018Share of Property interests\u2019) on a proportionally consolidated basis and including, where applicable, discontinued operations. Discontinued operations for 2021 comprised UK retail parks. Adjusted earnings, which is also calculated on a proportionally consolidated basis, is the Group\u2019s primary profit measure and this is the basis of information which is reported to the Board. The following table sets out a reconciliation from Reported earnings to Adjusted earnings. 1. BASIS OF PREPARATION, CONSOLIDATION AND PRINCIPAL ACCOUNTING POLICIES continued Valuations of the Group\u2019s premium outlets held by Value Retail are calculated on a discounted cash flow basis, utilising key assumptions such as net operating income, exit yield, discount rate and forecast sales density growth. Inputs to the valuations, some of which are \u2018unobservable\u2019 as defined by IFRS 13, include capitalisation yields (nominal equivalent yield) and market rental income (ERV). These are dependent on individual market characteristics. With other factors remaining constant, an increase in rental income would increase valuations, whilst increases in capitalisation yields and discount rates would result in a fall in values and vice versa. However, there are interrelationships between unobservable inputs as they are determined by market conditions. For example, an increase in rents may be offset by an increase in yield, resulting in no net impact on the valuation. A sensitivity analysis, showing the impact on valuations of changes in yields and market rental income is set out in note 12A. Impairment of trade receivables Estimates made in assessing the provisions for impairment of trade (tenant) receivables require consideration of future events which therefore make the provisions inherently subjective. The Group applies the simplified approach under IFRS 9 by adopting a provisioning matrix to determine the Expected Credit Loss (ECL), grouping receivables dependent on risk level. In making these assessments, key factors the Group takes into account include: \u2013 Credit ratings \u2013 Latest information on occupiers\u2019 financial standing including the relative risk of the retail subsector in which they operate \u2013 Historical default rates \u2013 Ageing \u2013 Rent deposits (included as part of payables) \u2013 Guarantees held \u2013 The probability that tenants will serve out the remainder of the contractual terms of their leases In assessing the current year provision, consideration has been given to the outturn of the prior year provision. Specific higher provisioning levels may be applied where information is available which suggests this is required, for instance, if the likelihood of default or tenant failure is deemed to be very high, a full provision is applied. Trade receivables are written off when there is no feasible possibility of recovery and enforcement activity has ceased. Over the course of 2022, conditions affecting collections improved, especially as most of the government restrictions on collections in the UK were lifted in March 2022 and final restrictions were lifted in September 2022. Although restrictions differed in France and Ireland, similar improvements have also been seen. Improved collection rates have resulted in a reduction in gross trade receivables and a reappraisal of provisioning rates. Applying the assessment criteria set out above, the Group has reduced its provisioning rates to reflect the improving trend and the reduction in the loss allowance provision in 2022 relates partly to utilisations of the provision for amounts now written off as well as the reversal of loss allowances brought forward no longer required, reflecting collections and concessions agreed. Some small differences in provision rates across segments exist which reflect the typically experienced local collection rates by age category, however, the effect on overall provisioning rate on the total gross balance by segment is not material. Sensitivities to provisioning rates on trade (tenant) receivables are set out in note 15E. 2022 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other a \u00a3m Adjusted \u00a3m Revenue 4 131.4 143.6 275.0 \u2013 275.0 Gross rental income b 3A, 4 90.2 125.0 215.2 \u2013 215.2 Service charge income 4 24.2 18.6 42.8 \u2013 42.8 114.4 143.6 258.0 \u2013 258.0 Service charge expenses (27.8) (22.5) (50.3) \u2013 (50.3) Cost of sales 5A (9.3) (21.2) (30.5) (2.4) (32.9) Net rental income 77.3 99.9 177.2 (2.4) 174.8 Gross administration costs 5A (64.6) (0.3) (64.9) 5.1 (59.8) Other income 4 17.0 \u2013 17.0 \u2013 17.0 Net administration expenses (47.6) (0.3) (47.9) 5.1 (42.8) Profit from operating activities 29.7 99.6 129.3 2.7 132.0 Revaluation losses on properties 12 (82.7) (138.3) (221.0) 221.0 \u2013 Disposals and assets held for sale \u2013 Profit/(loss) on sale of properties 9A 0.7 (0.1) 0.6 (0.6) \u2013 \u2013 Recycled exchange gains on disposal of overseas interests \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Impairment on reclassification to assets held for sale \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Income from assets held for sale 9A,10A \u2013 (1.6) (1.6) 1.6 \u2013 Joint venture related \u2013 Impairment of receivables due to the Group \u2013 \u2013 \u2013 \u2013 \u2013 Change in fair value of other investments (0.1) \u2013 (0.1) 0.1 \u2013 Loss on sale of joint ventures and associates \u2013 \u2013 \u2013 \u2013 \u2013 Other net gains/(losses) 0.6 (1.7) (1.1) 1.1 \u2013 Share of results of joint ventures 13B (41.5) 41.5 \u2013 \u2013 \u2013 Impairment of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 Share of results of associates 14B (7.1) 1.8 (5.3) 32.7 27.4 Operating (loss)/profit (101.0) 2.9 (98.1) 257.5 159.4 Net finance costs 7 (63.0) (2.6) (65.6) 11.6 (54.0) (Loss)/profit before tax (164.0) 0.3 (163.7) 269.1 105.4 Tax charge 8A (0.2) (0.3) (0.5) \u2013 (0.5) (Loss)/profit for the year attributable to equity shareholders (164.2) \u2013 (164.2) 269.1 104.9 a Adjusting items, described above as \u2018Capital and other\u2019, are set out in note 10A. b Proportionally consolidated figure includes \u00a313.7m (2021: \u00a38.2m) of contingent rents calculated by reference to tenants\u2019 turnover. 2. PROFIT/(LOSS) FOR THE YEAR continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 2021
Proportionally consolidated
Note
Reported
Group
\u00a3m
Share of
Property
interests
\u00a3m
Discontinued
operations
9B
\u00a3m
Sub-total
before
adjustments
\u00a3m
Capital and
other
a
\u00a3m
Adjusted
\u00a3m
Revenue \u2020 4 137.2 172.8 12.3 322.3 \u2013 322.3
Gross rental income \u2020,b
3A, 4 90.3 149.1 11.0 250.4 \u2013 250.4
Service charge income
4 26.6 23.6 1.3 51.5 \u2013 51.5
\u2020 116.9 172.7 12.3 301.9 \u2013 301.9
Service charge expenses (29.5) (28.3) (2.1) (59.9) \u2013 (59.9)
Cost of sales \u2020
5A (20.2) (38.9) (0.4) (59.5) (8.1) (67.6)
Net rental income \u2020 67.2 105.5 9.8 182.5 (8.1) 174.4
Gross administration costs
5A (79.5) (0.7) (0.1) (80.3) 8.6 (71.7)
Other income
4 20.3 \u2013 \u2013 20.3 \u2013 20.3
Net administration expenses (59.2) (0.7) (0.1) (60.0) 8.6 (51.4)
Profit from operating activities \u2020 8.0 104.8 9.7 122.5 0.5 123.0
Revaluation losses on properties \u2020
12 (169.6) (274.5) \u2013 (444.1) 444.1 \u2013
Disposals and assets held for sale
\u2013 Profit/(loss) on sale of properties \u2020
9A 9.8 (0.9) (29.3) (20.4) 20.4 \u2013
\u2013 Recycled exchange gains on disposal of overseas interests
10A 11.0 \u2013 \u2013 11.0 (11.0) \u2013
\u2013 Impairment on reclassification to assets held for sale (0.9) \u2013 \u2013 (0.9) 0.9 \u2013
\u2013 Income from assets held for sale \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Joint venture related
\u2013 Impairment of receivables due to the Group (0.7) \u2013 \u2013 (0.7) 0.7 \u2013
Change in fair value of other investments 0.4 \u2013 \u2013 0.4 (0.4) \u2013
Loss on sale of joint ventures and associates (0.9) 0.9 \u2013 \u2013 \u2013 \u2013
Other net gains/(losses) 18.7 \u2013 (29.3) (10.6) 10.6 \u2013
Share of results of joint ventures
13B (171.3) 171.3 \u2013 \u2013 \u2013 \u2013
Impairment of joint ventures (11.5) \u2013 \u2013 (11.5) 11.5 \u2013
Share of results of associates
14B 15.6 4.4 \u2013 20.0 (4.1) 15.9
Operating (loss)/profit \u2020 (310.1) 6.0 (19.6) (323.7) 462.6 138.9
Net finance costs
7 (97.9) (5.7) \u2013 (103.6) 31.8 (71.8)
(Loss)/profit before tax \u2020 (408.0) 0.3 (19.6) (427.3) 494.4 67.1
Tax charge
8A (1.3) (0.3) (0.2) (1.8) 0.2 (1.6)
(Loss)/profit after tax \u2020 (409.3) \u2013 (19.8) (429.1) 494.6 65.5
Loss for the year from discontinued operations (19.8) \u2013 19.8 \u2013 \u2013 \u2013
(Loss)/profit for the year attributable to equity
shareholders \u2020 (429.1) \u2013 \u2013 (429.1) 494.6 65.5
Attributable to:
Continuing operations \u2020 (409.3) \u2013 \u2013 (409.3) 466.5 57.2
Discontinued operations \u2020 (19.8) \u2013 \u2013 (19.8) 28.1 8.3
\u2020 (429.1) \u2013 \u2013 (429.1) 494.6 65.5
\u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6.
2. PROFIT/(LOSS) FOR THE YEAR continued
The Group\u2019s reportable segments are determined by the internal performance reported to the Chief Operating Decision Makers which has been determined to be the Chief Executive Officer and the Group Executive Committee (together, the Chief Operating Decision Makers). Such reporting is both by sector and geographic location as these demonstrate different characteristics and risks, are managed by separate teams and are the basis on which resources are allocated. The Group evaluates the performance of its portfolio by aggregating its share of joint ventures and associates which are under the Group\u2019s management (\u2018Share of Property interests\u2019) on a proportionally consolidated line-by-line basis including, where applicable, discontinued operations. The Group does not proportionally consolidate the Group\u2019s investment in Value Retail as this is not under the Group\u2019s management, and instead monitors the performance of this investment separately as its share of results of associates as reported under IFRS. The Group\u2019s activities presented on a proportionally consolidated basis including Share of Property interests are: \u2013 Flagship destinations \u2013 Developments and other \u2013 UK retail parks (to date of disposal in 2021) One of the Group\u2019s primary income measures was amended in the second half of 2021 from Net rental income to Adjusted net rental income which excludes the \u2018change in provision for amounts not yet recognised in the income statement\u2019 as explained in note 10A. Comparative data is for this new measure where the Group\u2019s primary income statement measures are therefore now: \u2013 Gross rental income \u2013 Adjusted net rental income Total assets are not monitored by segment and resource allocation is based on the distribution of property assets between segments. A. INCOME BY SEGMENT Gross rental income Adjusted net rental income 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Flagship destinations UK \u2020 90.5 119.3 74.3 83.6 France \u2020 61.8 54.4 53.8 37.0 Ireland \u2020 37.3 35.6 33.6 28.2 \u2020 189.6 209.3 161.7 148.8 Developments and other \u2020 25.6 30.1 13.1 17.2 Discontinued operations (UK retail parks) \u2020 \u2013 11.0 \u2013 8.4 Managed portfolio \u2013 proportionally consolidated \u2020 215.2 250.4 174.8 174.4 Less Share of Property interests \u2013 continuing operations \u2020 (125.0) (149.1) Less discontinued operations (UK retail parks) \u2020 \u2013 (11.0) Reported Group \u2020 90.2 90.3 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. 3. SEGMENTAL ANALYSIS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 3. SEGMENTAL ANALYSIS continued B. INVESTMENT AND DEVELOPMENT PROPERTY ASSETS BY SEGMENT 2022 2021 Note Property valuation \u00a3m Capital expenditure \u00a3m Revaluation losses \u00a3m Property valuation \u00a3m Capital expenditure \u00a3m Revaluation losses \u00a3m Flagship destinations UK \u2020 871.0 12.8 (90.2) 1,135.3 8.5 (247.5) France \u2020 1,241.0 33.3 (57.2) 989.7 22.7 (61.0) Ireland \u2020 676.4 4.9 (20.1) 659.3 4.4 (56.9) \u2020 2,788.4 51.0 (167.5) 2,784.3 35.6 (365.4) Developments and other \u2020 431.7 21.9 (53.5) 694.4 50.8 (78.7) Discontinued operations (UK retail parks) \u2020 \u2013 \u2013 \u2013 \u2013 0.3 \u2013 Managed portfolio \u2020 3,220.1 72.9 (221.0) 3,478.7 86.7 (444.1) Value Retail 1,887.0 6.6 (60.7) 1,893.5 41.2 (12.0) Group portfolio \u2020 5,107.1 79.5 (281.7) 5,372.2 127.9 (456.1) Less Value Retail (1,887.0) (6.6) 60.7 (1,893.5) (41.2) 12.0 Less Share of Property interests \u2020 a (1,722.9) (35.2) 138.3 (1,813.9) (13.1) 274.5 Less discontinued operations (UK retail parks) \u2020 \u2013 \u2013 \u2013 \u2013 (0.3) \u2013 Less trading properties b (36.2) \u2013 \u2013 (34.3) (6.2) \u2013 Less assets held for sale 9A \u2013 \u2013 \u2013 (69.1) \u2013 \u2013 Reported Group \u2020 1,461.0 37.7 (82.7) 1,561.4 67.1 (169.6) \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. a Property valuation comprises UK: \u00a31,011.6m (2021: \u00a31,121.0m); France: \u00a3166.8m (2021: \u00a3165.9m) and Ireland: \u00a3544.5m (2021: \u00a3527.0m). b In December 2019, the Group exchanged contracts for the forward sale of Italik, subject to completion of the development which was opened in 2021, resulting in the sale becoming unconditional although in accordance with a contractually allowed option and subsequent agreement, the purchaser has deferred completion to 2023. At 31 December 2022, the 75% of Italik contracted for sale was included within trading properties at the agreed sale price less forecast costs to complete. C. ANALYSIS OF NON-CURRENT ASSETS 2022 \u00a3m 2021 \u00a3m UK 1,135.4 1,428.8 Continental Europe * 2,518.0 2,418.2 Ireland 533.4 520.3 4,186.8 4,367.3 * Includes the Group\u2019s associate stake in Value Retail which has interests across Europe, including UK and Ireland. Note 2022 \u00a3m 2021 \u00a3m Base rent 68.2 62.1 Turnover rent 5.5 2.7 Car park income * 10.8 9.6 Lease incentive recognition \u2020 2.7 11.3 Other rental income 3.0 4.6 Gross rental income \u2020 2 90.2 90.3 Service charge income * 24.2 26.6 Other income \u2013 Property fee income * 11.5 13.2 \u2013 Joint venture and associate management fees * 5.5 7.1 17.0 20.3 Revenue \u2013 continuing operations \u2020 131.4 137.2 Revenue \u2013 discontinued operations \u2020 9B \u2013 12.2 \u2020 131.4 149.4 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. * Revenue for those categories marked * amounted to \u00a352.0m (2021: \u00a356.5m) and is recognised under IFRS 15 \u2018Revenue from Contracts with Customers\u2019. All other revenue is recognised in accordance with IFRS 16 \u2018Leases\u2019. 5. COSTS A. PROFIT FROM OPERATING ACTIVITIES IS STATED AFTER CHARGING: Cost of sales Note 2022 \u00a3m 2021 \u00a3m Ground and equity rents payable 0.7 1.1 Inclusive lease costs recovered through rent 3.1 2.7 Other property outgoings \u2020 a 6.4 18.0 Change in provision for amounts not yet recognised in the income statement (0.9) (1.6) \u2020 9.3 20.2 Gross administration costs Note 2022 \u00a3m 2021 \u00a3m Employee costs 5B 42.0 51.4 Depreciation of plant and equipment 1.0 1.1 Depreciation of right-of-use assets 3.1 3.3 Business transformation costs 10A 5.1 8.6 Other corporate costs b 13.4 15.1 64.6 79.5 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. a Includes charges and credits in respect of expected credit losses as set out in note 15D. b Comprises predominantly professional fees (mainly valuation, legal and audit), office rent and software licence fees. 4. REVENUE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 5. COSTS continued B. EMPLOYEE COSTS Note 2022 \u00a3m 2021 \u00a3m Wages and salaries (including bonuses) 31.3 39.5 Social security 5.5 7.1 Other pension costs 3.0 3.0 Share-based remuneration 5D 3.0 3.3 * 42.8 52.9 Capitalised into properties under development (0.8) (1.5) Total 42.0 51.4 * Share-based remuneration comprises the share element of performance related bonuses (where the other element is paid in cash) and longer term share-plans, some of which contain performance conditions and where further information is provided in the Directors\u2019 Remuneration report. C. EMPLOYEE NUMBERS 2022 number 2021 number Average number of employees 370 494 Number of employees whose costs are recharged to tenants, included above 145 195 D. SHARE-BASED PAYMENTS Share-based remuneration charge comprises a number of equity settled share schemes which the Group operates for certain employees of the Group. At 31 December 2022, there were no shares exercisable under any of these schemes (2021: none). Details of each scheme are as follows: Deferred Bonus Share Scheme (DBSS) The DBSS is open to Executive Directors and senior management where a deferred element of their annual performance related incentive plan is settled in shares which are deferred for a period of two years from the date of the award and where the other element of this plan is settled in cash. The share awards are satisfied through the grant of \u00a3nil cost options. 2022 number 2021 number 1 January 714,478 767,558 Granted 2,761,940 117,508 Exercised (714,478) (62,483) Forfeited \u2013 (108,105) 31 December 2,761,940 714,478 Weighted average 2022 2021 Fair value of awards granted 32p 34p Share price at date of exercise 31p 32p Remaining contractual life 1.3 years 0.1 years D. SHARE-BASED PAYMENTS continued Restricted Share Schemes (RSS) and Long Term Incentive Plan (LTIP) The RSS applies to the Executive Directors, through the grant of \u00a3nil cost options, which vest one third each on the third, fourth and fifth anniversaries of the date of the award. There is a vesting performance underpin which is measured at the end of the third anniversary. The RSS superseded the Company\u2019s LTIP in 2019. 2022 number 2021 number 1 January 11,100,742 10,941,218 Granted 5,244,132 4,698,892 Lapsed (768,801) (1,218,572) Forfeited \u2013 (3,320,796) 31 December 15,576,073 11,100,742 Weighted average 2022 2021 Fair value of awards granted 32p 34p Share price at date of exercise n/a n/a Remaining contractual life 2.3 years 3.0 years Restricted Share Plan (RSP) UK eligible employees are granted \u00a3nil cost options which have a vesting period of three years from the date of the award. There are no performance criteria to be satisfied for the awards to vest, the employee only needs to be in employment on the third anniversary from the date of the award. 2022 number 2021 number 1 January 16,570,535 13,772,868 Granted 7,273,007 8,762,770 Exercised (1,210,999) (764,288) Forfeited (4,221,790) (5,200,815) 31 December 18,410,753 16,570,535 Weighted average 2022 2021 Fair value of awards granted 32p 34p Share price at date of exercise 32p 33p Remaining contractual life 1.3 years 1.8 years Other schemes French share scheme Eligible employees in France are granted \u00a3nil cost options which have a vesting period of two years, and a further holding period of two years, from the date of the award. There are no performance conditions to be satisfied for the awards to vest, the employee only needs to be in employment on the second anniversary of the date of the award. Share Incentive Plan (SIP) Eligible UK employees are invited to invest up to \u00a31,800 per annum tax free in SIP partnership shares. As an incentive to participants, the Company will match each partnership share with one matching share. The vesting period is three years from the date of the award. Savings related share option scheme UK eligible employees may participate in this scheme by choosing to enter into one or more contracts for a three or five year term and save up to a total of \u00a3500 per month. At the end of the contract employees may exercise an option to purchase shares in the Company at the option price, which is set at the beginning of the contract at a discount of up to 20% of the prevailing share price at the time the invitation is launched. 5. COSTS continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 5. COSTS continued E. AUDITOR REMUNERATION 2022 \u00a3m 2021 \u00a3m Audit of the Group and Company financial statements 0.9 0.6 Audit of subsidiaries 0.5 0.5 Audit related assurance services, including interim review 0.3 0.2 1.7 1.3 Non-audit services a \u2013 0.1 Total auditor remuneration b 1.7 1.4 a 2021: Related to reporting accountant work in respect of the \u20ac700m bond issue. b Excludes the additional amounts of \u00a30.2m (2021: \u00a30.2m) incurred in respect of the Group\u2019s share of audit services undertaken on behalf of its joint ventures. 6. RESTATEMENT OF 2021 IN RESPECT OF THE IFRIC DECISION ON CONCESSIONS As described in note 1B, the IFRIC Decision on Concessions has resulted in a restatement of 2021 results. IAS 8 \u2018Accounting policies, changes in accounting estimates and errors\u2019 requires that for current and prior periods, to the extent practicable, the amount of adjustment relating to a restatement should be disclosed for each financial line item affected. Whilst those financial line items which have been restated are marked \u2020, owing to the very significant number of line items affected, it has not been considered practicable to disclose the effects for each one because such presentation would become misleading and thus conflict with the objective of financial statements as set out in IAS 1 \u2018Presentation of financial statements\u2019. Accordingly, only the adjustments which affect key financial line items are presented below: A. KEY INCOME STATEMENT ITEMS Reported Group Adjusted As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m Revenue 134.8 2.4 137.2 313.4 8.8 322.2 Gross rental income 87.9 2.4 90.3 241.6 8.8 250.4 Cost of sales (13.7) (6.5) (20.2) (43.4) (24.2) (67.6) Net rental income 71.3 (4.1) 67.2 189.8 (15.4) 174.4 Profit from operating activities 12.1 (4.1) 8.0 138.4 (15.4) 123.0 Revaluation losses on properties (173.7) 4.1 (169.6) \u2013 \u2013 \u2013 Operating (loss)/profit (310.1) \u2013 (310.1) 154.3 (15.4) 138.9 (Loss)/profit for the year attributable to equity shareholders * (429.1) \u2013 (429.1) 80.9 (15.4) 65.5 * EPRA earnings and Headline earnings have been restated by the same amount. B. INCOME ANALYSIS BY SEGMENT Gross rental income Adjusted net rental income As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m Flagship destinations UK 114.3 5.0 119.3 90.1 (6.5) 83.6 France 52.5 1.9 54.4 39.4 (2.4) 37.0 Ireland 34.5 1.1 35.6 32.4 (4.2) 28.2 201.3 8.0 209.3 161.9 (13.1) 148.8 Developments and other 29.6 0.5 30.1 17.5 (0.3) 17.2 Discontinued operations (UK retail parks) 10.7 0.3 11.0 10.4 (2.0) 8.4 Managed portfolio 241.6 8.8 250.4 189.8 (15.4) 174.4 Less Share of Property interests \u2013 continuing operations (143.0) (6.1) (149.1) (109.7) 9.3 (100.4) Less discontinued operations (UK retail parks) (10.7) (0.3) (11.0) (10.4) 2.0 (8.4) 87.9 2.4 90.3 69.7 (4.1) 65.6 C: INCOME ANALYSIS OF JOINT VENTURES AND ASSOCIATES Gross rental income Net rental income As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m Joint ventures 137.2 5.9 143.1 110.0 (9.2) 100.8 Associates 102.5 0.1 102.6 71.5 (0.1) 71.4 D. BALANCE SHEET DISCLOSURES Share of Property interests and discontinued operations Reported Group Investment properties Note As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m Revaluation losses * 3/12 283.8 (9.3) 274.5 (173.7) 4.1 (169.6) Capital expenditure * 3/12 (24.7) 11.3 (13.4) 71.2 (4.1) 67.1 Disposals * 3 2.3 (2.0) 0.3 * Figures for Share of Property interests and discontinued operations are as set out in note 3 and Reported Group figures are set out in note 12 as stated above. E. IMPACT ON 2022 Had the restatement not been applied, the income measures for 2022 set out below would have differed by the following amounts. Amount by which income would have been (lower)/higher Reported Group \u00a3m Adjusted \u00a3m Revenue (2.9) (8.7) Gross rental income (2.9) (8.7) Net rental income 0.5 (1.9) Profit for the year attributable to equity shareholders \u2013 (1.9) 7. NET FINANCE COSTS Note 2022 \u00a3m 2021 \u00a3m Finance income Bank and other interest receivable 26.1 15.1 Finance costs Interest on bank loans and overdrafts (4.6) (5.8) Interest on bonds and related charges (61.4) (62.0) Interest on senior notes and related charges (6.0) (11.4) Interest on obligations under head leases (2.1) (2.2) Interest on other lease obligations (0.1) (0.1) Other interest payable (0.4) (1.2) Gross interest costs (74.6) (82.7) Interest capitalised in respect of properties under development 1.2 5.3 (73.4) (77.4) Debt and loan facility cancellation costs * 10A (1.3) (21.6) Fair value losses on derivatives 10A (14.4) (14.0) (89.1) (113.0) Net finance costs (63.0) (97.9) * Comprising redemption premiums and fees from early repayment of debt or cancellation of facilities. 6. RESTATEMENT OF 2021 IN RESPECT OF THE IFRIC DECISION ON CONCESSIONS continued 7. NET FINANCE COSTS continued Further analysis on a proportionally consolidated basis is set out below: 2022 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other \u00a3m Adjusted \u00a3m Finance income 26.1 \u2013 26.1 \u2013 26.1 Gross interest costs (74.6) (6.7) (81.3) \u2013 (81.3) Interest capitalised in respect of properties under development 1.2 \u2013 1.2 \u2013 1.2 (73.4) (6.7) (80.1) \u2013 (80.1) Debt and loan facility cancellation costs 10A (1.3) \u2013 (1.3) 1.3 \u2013 Fair value (losses)/gains on derivatives 10A (14.4) 4.1 (10.3) 10.3 \u2013 Finance costs (89.1) (2.6) (91.7) 11.6 (80.1) Net finance costs (63.0) (2.6) (65.6) 11.6 (54.0) 2021 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other \u00a3m Adjusted \u00a3m Finance income 15.1 \u2013 15.1 \u2013 15.1 Gross interest costs (82.7) (9.5) (92.2) \u2013 (92.2) Interest capitalised in respect of properties under development 5.3 \u2013 5.3 \u2013 5.3 (77.4) (9.5) (86.9) \u2013 (86.9) Debt and loan facility cancellation costs 10A (21.6) (0.4) (22.0) 22.0 \u2013 Fair value (losses)/gains on derivatives 10A (14.0) 4.2 (9.8) 9.8 \u2013 Finance costs (113.0) (5.7) (118.7) 31.8 (86.9) Net finance costs (97.9) (5.7) (103.6) 31.8 (71.8) 8. TAX CHARGE A. TAX CHARGE Note 2022 \u00a3m 2021 \u00a3m Foreign current tax 0.2 1.3 Tax charge \u2013 continuing operations 0.2 1.3 Tax charge \u2013 discontinued operations * 9B \u2013 0.2 Tax charge \u2013 total 0.2 1.5 * Included within \u2018Capital and other\u2019 in note 2. A. TAX CHARGE continued The Group\u2019s 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\u2019s property income and gains from corporate taxes, provided a number of conditions in relation to the Group\u2019s activities are met. These conditions include, but are not limited to, distributing at least 90% of the Group\u2019s UK tax exempt profits as property income distributions (PID) with equivalent tests of 95% on French tax exempt property profits and 70% of tax exempt property gains. Based on preliminary calculations, the Group has met the REIT and SIIC conditions for 2022. The residual businesses in both the UK and France are subject to corporation tax as normal. The Irish assets are held in a QIAIF which provides similar tax benefits to those of a UK REIT but which subjects dividends and certain excessive interest payments to a 20% withholding tax. The Group is committed to remaining in these tax exempt regimes. The Group operates in a number of jurisdictions and is subject to periodic challenges by local tax authorities on a range of tax matters during its normal course of business. Tax impacts can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group uses in-house expertise when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including tax laws and prior experience. B. TAX CHARGE RECONCILIATION Note 2022 \u00a3m 2021 \u00a3m Loss before tax 2 (163.7) (427.3) Loss after tax of joint ventures 13B 41.5 170.4 Loss/(profit) after tax of associates 14B 7.1 (15.6) Loss on ordinary activities before tax (115.1) (272.5) Tax at the UK corporation tax rate of 19% (2021: 19%) (21.9) (51.8) UK REIT tax exemption 6.2 20.4 French SIIC tax exemption 6.4 8.9 Irish QIAIF tax exemption 1.2 12.5 Losses for the year not utilised 7.1 10.1 Non-deductible and other items 1.2 1.4 Tax charge \u2013 total 0.2 1.5 Tax charge \u2013 continuing operations 0.2 1.3 Tax charge \u2013 discontinued operations \u2013 0.2 Tax charge \u2013 total 0.2 1.5 C. UNRECOGNISED DEFERRED TAX A deferred tax asset is not recognised for UK revenue losses or capital losses where their future utilisation is uncertain. At 31 December 2022, the total of such losses was \u00a3601m (2021: \u00a3599m) and \u00a3650m (2021: \u00a3570m) respectively, and the potential tax effect of these was \u00a3150m (2021: \u00a3150m) and \u00a3162m (2021: \u00a3143m) 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 2022, the total of such gains was \u00a3133m (2021: \u00a3212m) and the potential tax effect before the offset of losses was \u00a333m (2021: \u00a353m). If a UK REIT sells a property within three years of completion of development, the REIT exemption will not apply, however, the Group had no completed properties falling within this timeframe but also has available capital losses to cover taxes arising if the circumstance were to arise. 8. TAX CHARGE continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 A. DISPOSALS AND ASSETS HELD FOR SALE
2022
The profit on sale of properties of \u00a30.7m includes several post completion adjustments arising mainly from historical disposals in prior periods and the
disposal of Victoria, which was sold on 25 February 2022, when the Group exchanged and completed the sale for gross proceeds of \u00a3120m.
In addition, on 15 March 2022, the Group completed the sale of its joint venture investment in Silverburn for gross proceeds of \u00a3140m (the Group\u2019s share
being \u00a370m). The Group had exchanged contracts for this sale on 14 December 2021 such that this investment was classified as assets held for sale at
31 December 2021 at \u00a371.4m, which included investment properties of \u00a369.1m. A \u00a3nil gain/loss on disposal was recognised, however, income generated
during the year of \u00a31.6m has been included in Adjusted earnings as explained further in note 10A.
2021
On 5 February 2021, the Group sold its 41% joint venture interest in Brent South Shopping Park for gross proceeds of \u00a322m which formed part of the UK
retail parks disposals which were sold on 19 May 2021 and are treated as discontinued operations as set out in note 9B below.
On 1 April 2021, the Group sold its 25% interest in Espace Saint-Quentin for gross proceeds of \u20ac31m (\u00a326m) and its 10% interest in Nicetoile for \u20ac25m
(\u00a321m) whereby results are included within Share of Property interests up to the point of disposal.
As described above, the Group exchanged contracts for the sale of its joint venture investment in Silverburn on 14 December 2021 and as a result was
classified as an asset held for sale.
B. DISCONTINUED OPERATIONS
2021
On 19 May 2021, substantially all of the remaining UK retail parks segment was disposed of with the profits and losses arising on these properties being
classified as discontinued operations.
2021
Reported
Group
\u00a3m
Share of
Property
interests
\u00a3m
Proportion-
ally
consolidated
\u00a3m
Revenue \u2020 12.2 0.1 12.3
Gross rental income \u2020 10.9 0.1 11.0
Service charge income 1.3 \u2013 1.3
\u2020 12.2 0.1 12.3
Service charge expenses (2.1) \u2013 (2.1)
Cost of sales \u2020 (0.5) 0.1 (0.4)
Net rental income \u2020 9.6 0.2 9.8
Administration expenses (0.1) \u2013 (0.1)
Profit from operating activities \u2020 9.5 0.2 9.7
(Loss)/profit on sale of properties \u2020 (30.0) 0.7 (29.3)
Share of results of joint ventures 0.9 (0.9) \u2013
Loss before tax (19.6) \u2013 (19.6)
Tax charge (0.2) \u2013 (0.2)
Loss from discontinued operations (19.8) \u2013 (19.8)
\u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in note 1B.
C. CASH FLOWS FROM DISCONTINUED OPERATIONS
2021
\u00a3m
Cash flows from operating activities 7.1
Cash flows from investing activities 347.7
Total cash flows from discontinued operations 354.8
9. DISPOSALS, ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
Headline earnings has been calculated in accordance with the requirements of the Johannesburg Stock Exchange listing requirements. EPRA earnings and EPRA net assets are calculated in accordance with guidance issued by the European Public Real Estate recommended bases. Reconciliations from Reported Group (IFRS) earnings after tax and Net assets attributable to equity shareholders to these measures are set out below. A. ALTERNATIVE EARNINGS MEASURES 2022 \u00a3m 2021 \u00a3m Reported Group Loss after tax \u2013 continuing operations (164.2) (409.3) Loss after tax \u2013 discontinued operations \u2013 (19.8) Loss after tax for the year (164.2) (429.1) Adjustments: Revaluation losses on managed portfolio \u2020 221.0 444.1 Disposals and assets held for sale \u2013 (Profit)/loss on sale of properties \u2020 a (0.6) 20.4 \u2013 Recycled exchange gains on disposal of overseas property interests b \u2013 (11.0) \u2013 Impairment recognised on reclassification to assets held for sale c \u2013 0.9 Joint venture related \u2013 Impairment of investment d \u2013 11.5 \u2013 Impairment of receivables due to the Group d \u2013 0.7 Associates (Value Retail): \u2013 Revaluation losses k 60.7 12.0 \u2013 Deferred tax e, k 0.1 (1.2) \u2013 Change in fair value of financial assets k (0.2) (0.1) Sub-total: Adjustments for Headline earnings \u2020 281.0 477.3 Associates (Value Retail): \u2013 Change in fair value of derivatives f, k (18.1) (9.3) \u2013 Change in fair value of participative loans f, k (9.8) (5.5) Included in Financing: \u2013 Debt and loan facility cancellation costs g 1.3 22.0 \u2013 Change in fair value of derivatives g 10.3 9.8 Change in fair value of other investments h 0.1 (0.4) Tax charge on discontinued operations e \u2013 0.2 Sub-total: Adjustments for EPRA earnings \u2020 264.8 494.1 Included in profit from operating activities: \u2013 Business transformation costs i 5.1 8.6 \u2013 Change in provision for amounts not yet recognised in the income statement j (2.4) (8.1) \u2013 Income from assets held for sale l 1.6 \u2013 Total: Adjustments for Adjusted earnings \u2020 269.1 494.6 Headline earnings \u2020 116.8 48.2 EPRA earnings \u2020 100.6 65.0 Adjusted earnings \u2020 104.9 65.5 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. a Comprises several post completion adjustments on historical disposals in prior periods and the loss on sale of Victoria (2021 comprised the loss on sale of Brent South Shopping Park, the overseas property interests in Espace Saint-Quentin and Nicetoile, the portfolio of seven retail parks and the sale of six other non-core assets). b Exchange gains previously recognised in equity until disposal. c Relates to the sale of Silverburn which completed on 15 March 2022. 10. KEY ALTERNATIVE PERFORMANCE MEASURES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 10. KEY ALTERNATIVE PERFORMANCE MEASURES continued d Impairment of Highcross joint venture: at 31 December 2021, the secured loan within the Highcross joint venture was in breach of its covenants whereby the Directors of the joint venture have been in discussions with the lenders to find a mutually acceptable solution. In the event that agreement is not reached with the lenders, there is a risk that the lenders accelerate the loan repayment, which would precipitate the loan falling due immediately, or the lenders could seek to enforce their rights over the joint venture\u2019s assets. Taking this into account, an impairment review concluded that both the value in use and the fair value less cost of disposal were \u00a3nil. Consequently, both the Group\u2019s investment in the joint venture as well as the Group\u2019s receivable were fully impaired. As set out in note 28, in February 2023, a receiver was appointed by the lenders to administer the asset. e In accordance with EPRA guidance, the tax effects of EPRA adjustments (including those for disposals) are excluded. f Change in fair value of derivatives and participative loans: such items are excluded because they represent gains and losses arising from market rather than settlement revaluation methodologies which differ from the accruals basis upon which all other non-investment property related assets and liabilities are measured. Such a treatment is a form of revaluation gain or loss created by an assumption that the derivatives or loans will be settled before their maturity. Such gains and losses are excluded from Adjusted earnings as they are unrealised and conflict with the commercial reasons for entering into such arrangements and are expected to be held to maturity. g Financing items comprise: 2022 2021 Reported Group \u00a3m Share of Property interests \u00a3m Total \u00a3m Reported Group \u00a3m Share of Property interests \u00a3m Total \u00a3m Fees on cancellation of facilities/redemption premiums and fees from early repayment of debt 1.3 \u2013 1.3 21.6 0.4 22.0 Change in fair value of derivatives f 14.4 (4.1) 10.3 14.0 (4.2) 9.8 15.7 (4.1) 11.6 35.6 (3.8) 31.8 The write off of up-front fees arising on early cancellation or early repayment redemption premiums are considered outside of day-to-day financing activities and are accordingly excluded from Adjusted earnings. h Relates to the fair value movement in a small residual investment. i Business transformation costs comprise: 2022 \u00a3m 2021 \u00a3m Employee severance 3.4 4.2 System related costs 1.7 \u2013 Consultancy costs \u2013 4.4 5.1 8.6 Such costs relate to the strategic and operational review undertaken by the new management team and which is an integral part of the Group\u2019s new strategy announced during 2021. The related costs are incremental and do not form part of underlying trading and comprise mainly employee severance and system based costs associated with digital transformation which do not qualify for capitalisation. Whilst a significant proportion of the expected costs were incurred in 2021 and 2022, further transformation activities will take place in 2023 and beyond. j The Group makes a charge for expected credit losses in accordance with the technical interpretation of IFRS 9 irrespective of whether the income to which the provision relates has been recognised in the income statement or is deferred on the balance sheet. Because of the mismatch this causes between the cost of provision being recognised in one accounting period and the related revenue being recognised in a different accounting period, the adjustment eradicates this distortion. k Adjustments in respect of associates. 2022 \u00a3m 2021 \u00a3m Total in respect of associates (Value Retail) 32.7 (4.1) l Income from assets held for sale relates to the Group\u2019s joint venture investment in Silverburn, which was transferred to assets held for sale as at 31 December 2021 and where the sale completed in March 2022. A \u00a3nil gain/loss was generated on the sale which comprised certain additional costs and accruals of \u00a31.6m which were offset by net income generated in the period up to the point of disposal (after taking account of distributions) of \u00a31.6m. The Group excludes losses on disposal from its EPRA and Adjusted earnings, and because this offset of income generated in the period against the loss causes the income to be excluded, the income is added back as an adjusting item in order to reflect the fact that the property remained under the Group\u2019s ownership and management up until completion of the disposal and is therefore considered to form part of underlying earnings. 10. KEY ALTERNATIVE PERFORMANCE MEASURES continued B. ALTERNATIVE NET ASSET MEASURES The Group uses the EPRA best practice guidelines incorporating three measures of net asset value: EPRA Net Tangible Assets (NTA), Net Reinstatement Value (NRV) and Net Disposal Value (NDV). EPRA NTA is considered to be the most relevant measure for the Group. A reconciliation between IFRS net assets and the three EPRA net asset valuation metrics is set out below. 2022 Reported Group \u00a3m Share of Property interests \u00a3m Value Retail \u00a3m Total \u00a3m Reported balance sheet net assets (equity shareholders\u2019 funds) 2,586.4 \u2013 \u2013 2,586.4 Change in fair value of borrowings a 216.2 (0.7) \u2013 215.5 EPRA NDV 2,801.9 Deduct change in fair value of borrowings a (216.2) 0.7 \u2013 (215.5) Deferred tax \u2013 50% share b 0.2 0.1 99.4 99.7 Fair value of currency swaps as a result of interest rates c (0.9) \u2013 \u2013 (0.9) Fair value of interest rate swaps 2.1 (6.3) (47.3) (51.5) EPRA NTA 2,633.7 Deferred tax \u2013 remaining 50% share b 0.2 \u2013 99.4 99.6 Purchasers\u2019 costs d 330.0 \u2013 \u2013 330.0 EPRA NRV 3,063.3 2021 Reported Group \u00a3m Share of Property interests \u00a3m Value Retail \u00a3m Total \u00a3m Reported balance sheet net assets (equity shareholders\u2019 funds) 2,745.9 \u2013 \u2013 2,745.9 Change in fair value of borrowings a (94.0) (1.4) \u2013 (95.4) EPRA NDV 2,650.5 Deduct change in fair value of borrowings a 94.0 1.4 \u2013 95.4 Deferred tax \u2013 50% share b 0.2 \u2013 94.0 94.2 Fair value of currency swaps as a result of interest rates c 7.5 \u2013 \u2013 7.5 Fair value of interest rate swaps (10.3) 1.6 1.2 (7.5) EPRA NTA 2,840.1 Deferred tax \u2013 remaining 50% share b 0.2 0.1 93.9 94.2 Purchasers\u2019 costs d 346.4 \u2013 \u2013 346.4 EPRA NRV 3,280.7 a Applicable for EPRA NDV calculation only and hence the adjustment is reversed for EPRA NTA and EPRA NRV. b EPRA guidance stipulates exclusion of 50% of deferred tax for EPRA NTA purposes. c Excludes impact of foreign exchange. d Represents property transfer taxes and fees payable should the Group\u2019s entire property portfolio (including Value Retail) be acquired at year end market rates. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 The calculations of the (loss)/earnings per share (EPS) measures set out below are based on profit after tax, Headline profit after tax, EPRA profit after tax and Adjusted profit after tax attributable to owners of the parent and the weighted average number of shares in issue during the year. Headline earnings per share has been calculated in accordance with the requirements of the Johannesburg Stock Exchange listing requirements. EPRA has issued recommended bases for the calculation of certain per share information which includes net asset value per share as well as earnings per share. The calculation of Headline, EPRA and Adjusted earnings which includes a reconciliation to Reported IFRS earnings is set out in note 10A. Basic EPS measures are calculated by dividing the earnings attributable to the equity shareholders of the Company by the weighted average number of shares outstanding during the year. Diluted EPS measures are calculated on the same basis as basic EPS but with a further adjustment to the weighted average number of shares outstanding to assume conversion of all potentially dilutive ordinary shares. Such potentially dilutive ordinary shares comprise share options and awards granted to colleagues where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year and any unvested shares which have met, or are expected to meet, the performance conditions at the end of the year. To the extent that there is no dilution, this arises due to the anti-dilutive effect of all such shares. Net assets per share comprise net assets calculated in accordance with EPRA guidelines, as set out in note 10B, divided by the number of shares in issue. A. NUMBER OF ORDINARY SHARES FOR PER SHARE CALCULATIONS 2022 million 2021 million Shares in issue (for purposes of net asset per share calculations) 5,002.3 4,419.5 Weighted average number of shares for purposes of basic EPS 4,938.9 4,392.9 Adjustment a \u2013 524.6 Weighted average number of shares for purposes of basic and diluted EPS \u2013 Reported Group a, b 4,938.9 4,917.5 Effect of potentially dilutive shares (share options) \u2013 Headline, EPRA and Adjusted 10.3 7.6 Weighted average number of shares for purposes of diluted EPS \u2013 Headline, EPRA and Adjusted a 4,949.2 4,925.1 a 2021 weighted average number of shares have been restated to reflect the adjustment required to incorporate the bonus element of scrip dividends following confirmation of the level of take up. b There were no potentially dilutive ordinary shares for the purposes of calculating EPS for the Reported Group (2021: none) B. (LOSS)/EARNINGS PER SHARE (Loss)/earnings (Loss)/earnings per share Basic Diluted Note 2022 \u00a3m 2021 \u00a3m 2022 pence 2021 pence 2022 pence 2021 pence Continuing operations (164.2) (409.3) (3.3)p (8.3)p (3.3)p (8.3)p Discontinued operations \u2013 (19.8) \u2013 (0.4)p \u2013 (0.4)p Reported Group (164.2) (429.1) (3.3)p (8.7)p (3.3)p (8.7)p Headline \u2020 10A 116.8 48.2 2.4p 1.0p 2.4p 1.0p EPRA \u2020 10A 100.6 65.0 2.0p 1.3p 2.0p 1.3p Adjusted \u2020 10A 104.9 65.5 2.1p 1.3p 2.1p 1.3p \u2020 2021 (loss)/earnings per share figures have been restated to reflect the adjustment described above to the weighted average number of shares. In addition, 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. Previously reported basic and diluted figures were: Reported Group: (9.8)p, Headline: 1.4p, EPRA: 1.8p and Adjusted: 1.8p. C. NET ASSET VALUE PER SHARE Net asset value Net asset value per share Note 2022 \u00a3m 2021 \u00a3m 2022 pence 2021 pence EPRA NDV 10B 2,801.9 2,650.5 56p 60p EPRA NTA 10B 2,633.7 2,840.1 53p 64p EPRA NRV 10B 3,063.3 3,280.7 61p 74p 11. (LOSS)/EARNINGS PER SHARE AND NET ASSET VALUE PER SHARE 2022 2021 Investment properties \u00a3m Trading properties \u00a3m Total \u00a3m Investment properties \u00a3m Trading properties \u00a3m Total \u00a3m At 1 January 1,561.4 34.3 1,595.7 2,152.8 \u2013 2,152.8 Revaluation losses \u2020 (82.7) \u2013 (82.7) (169.6) \u2013 (169.6) Capital expenditure \u2020 37.7 \u2013 37.7 67.1 6.2 73.3 Capitalised interest 1.2 \u2013 1.2 5.3 \u2013 5.3 Disposals (125.3) \u2013 (125.3) (382.2) \u2013 (382.2) Transfer to trading properties * \u2013 \u2013 \u2013 (28.7) 28.7 \u2013 Exchange adjustment 68.7 1.9 70.6 (83.3) (0.6) (83.9) At 31 December 1,461.0 36.2 1,497.2 1,561.4 34.3 1,595.7 \u2020 2021 investment property figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. * Relates to the forward sale of Italik as described in note 3B. 2022 2021 Freehold \u00a3m Long leasehold \u00a3m Total \u00a3m Freehold \u00a3m Long leasehold \u00a3m Total \u00a3m Valuation analysis by tenure 805.3 691.9 1,497.2 889.4 706.3 1,595.7 Properties are stated at fair value, valued by professionally qualified external valuers in accordance with RICS Valuation \u2013 Global Standards as follows: Valuer Properties CBRE UK flagships, Developments and other properties Jones Lang LaSalle (JLL) UK flagships, Developments and other properties, French portfolio Cushman and Wakefield (C&W) Brent Cross, Irish portfolio, Value Retail (not included in the table above) As detailed in note 1F due to the estimation and judgement required in the valuations which are derived from data that is not publicly available, consistent with EPRA\u2019s guidance, these valuations are classified as Level 3 in the IFRS 13 fair value hierarchy. A reconciliation of the Group portfolio valuation to Reported Group is shown in note 3B. A. INVESTMENT PROPERTIES \u2013 SENSITIVITY ANALYSIS ON VALUATIONS Valuation Nominal equivalent yield Estimated rental value (ERV) Proportionally consolidated \u2013 including Value Retail \u00a3m -100bp \u00a3m +100bp \u00a3m +10% \u00a3m -10% \u00a3m Flagship destinations \u2013 UK 871 124 (97) 87 (87) \u2013 France 1,241 309 (206) 124 (124) \u2013 Ireland 676 151 (105) 68 (68) Value Retail * 1,887 307 (213) 186 (186) Group portfolio (excluding Developments and other) 4,675 Developments and other 432 Group portfolio 5,107 * Nominal equivalent yield and ERV are not key observable inputs. Exit yields and net operating income have therefore been used as proxies. Nominal equivalent yield ERV p/m 2 Key unobservable inputs Minimum % Maximum % Average % Minimum \u00a3 Maximum \u00a3 Average \u00a3 Flagship destinations \u2013 UK 7.2 9.5 8.0 191 556 324 \u2013 France 4.7 6.4 5.0 357 547 425 \u2013 Ireland 5.3 6.0 5.5 351 484 456 Value Retail * 5.3 6.5 5.9 900 5,000 2,100 * Nominal equivalent yield and ERV are not key observable inputs for Value Retail. Exit yields and net operating income have therefore been used as proxies. Valuations are performed on a discounted cash flow basis with discount rates used ranging from 8.5% to 11.0% (average of 9.7%). 12. PROPERTIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 B. TENANT INCENTIVES Unamortised tenant incentives are included within capital expenditure and impaired as appropriate whereby the provision is calculated in accordance with the considerations described in note 19D. Reported Group Proportionally consolidated 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Unamortised tenant incentives \u2020 13.2 18.9 29.4 37.0 Provision \u2020 (2.4) (3.9) (5.3) (6.6) \u2020 10.8 15.0 24.1 30.4 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. A 10 percentage point increase in the provision rate would increase the impairment charge and hence reduce Reported earnings and Adjusted earnings by \u00a31.3m and \u00a32.7m, respectively. C. JOINT OPERATIONS Investment properties included a 50% interest in the Ilac Centre and a 50% interest in Pavilions, totalling \u00a3151.4m (2021: \u00a3149.8m). These properties are jointly controlled in co-ownership with Irish Life Assurance plc. 13. INVESTMENT IN JOINT VENTURES The Group\u2019s investments in joint ventures form part of the Share of Property interests to arrive at management\u2019s analysis of the Group on a proportionally consolidated basis as explained in note 3 and set out in note 2. The Group and its partners invest principally by way of equity investment, however, non-equity (loan) balances have been included within non-current other payables as a liability of the joint venture. Joint ventures comprise prime urban real estate consisting of \u2018flagship destinations\u2019 and \u2018developments and other\u2019 properties. A. PERCENTAGE SHARE Joint venture Partner Principal property Share United Kingdom Bishopsgate Goodsyard Regeneration Limited Ballymore Properties Bishopsgate Goodsyard 50% Brent Cross Partnership Aberdeen Standard Investments Brent Cross 41% Bristol Alliance Limited Partnership AXA Real Estate Cabot Circus 50% Croydon Limited Partnership/Whitgift Limited Partnership Unibail-Rodamco-Westfield Centrale/Whitgift 50% Grand Central Limited Partnership CPP Investments Grand Central 50% Highcross Leicester Limited Partnership Asian investor introduced by M&G Real Estate Highcross 50% The Bull Ring Limited Partnership CPP Investments Bullring 50% The Oracle Limited Partnership ADIA The Oracle 50% The West Quay Limited Partnership GIC Westquay 50% Ireland Dundrum Retail Limited Partnership/Dundrum Car Park Limited Partnership Allianz Dundrum 50% France SCI RC Aulnay 1 and SCI RC Aulnay 2 Client of Rockspring Property Investment Managers O\u2019Parinor 25% The results of disposals of interests in joint ventures are included up to the point of disposal except for where such disposals form part of assets held for sale or discontinued operations whereby they are excluded for the whole year. Disposals in the year are set out in note 9A. Figures in the following tables include, where applicable, adjustments to align to the Group\u2019s accounting policies and exclude balances which are eliminated on consolidation. Bishopsgate Goodsyard, Espace Saint-Quentin (up to date of disposal in 2021) and O\u2019Parinor are included in \u2018Other\u2019. 12. PROPERTIES continued B. RESULTS Brent Cross \u00a3m Cabot Circus \u00a3m Gross rental income 28.0 27.8 Net rental income 26.5 23.9 Administration expenses \u2013 \u2013 Profit from operating activities 26.5 23.9 Revaluation losses on properties (35.8) (30.0) Adjustment for income from assets held for sale a \u2013 \u2013 Operating (loss)/profit (9.3) (6.1) Finance income \u2013 \u2013 Finance costs (0.3) (0.5) (Loss)/profit before tax (9.6) (6.6) Tax charge \u2013 \u2013 (Loss)/profit for the year d (9.6) (6.6) Share of distributions received by the Group 11.8 15.8 C. ASSETS AND LIABILITIES Brent Cross \u00a3m Cabot Circus \u00a3m Non-current assets Investment properties 396.6 237.3 Other non-current assets 12.8 13.5 409.4 250.8 Current assets Cash and cash equivalents 13.0 24.1 Other current assets b 4.2 7.1 17.2 31.2 Current liabilities Loans \u2013 secured \u2013 \u2013 Other payables (13.6) (21.3) (13.6) (21.3) Non-current liabilities Loans \u2013 secured \u2013 \u2013 Obligations under head leases (12.8) (14.1) Other payables \u2013 due to Group companies c \u2013 \u2013 \u2013 other parties and deferred tax (0.8) (0.6) (13.6) (14.7) Cumulative losses restricted d \u2013 \u2013 Net assets/(liabilities) c 399.4 246.0 a Comprises income in respect of Silverburn as described in note 10A. b Croydon other current assets include restricted monetary assets of \u00a341.8m (2021: \u00a361.8m) relating to cash held in escrow for specified development costs. c The Group\u2019s long term loan due from Westquay of \u00a3348.2m (2021: \u00a3348.2m) has been impaired by its share of the net liabilities of Westquay of \u00a3201.1m (2021: \u00a3180.8m). The Group\u2019s total loans due from joint ventures set out in notes 19A and 27A are shown net of this impairment. d Following the impairment of Highcross to \u00a3nil in 2021, the Group ceased to equity account for its investment in this joint venture such that although gross balance sheet items on a proportionally consolidated basis remain included in the Group\u2019s figures, it is excluded from all income statement metrics including revaluation losses. The effect of this is that the Group\u2019s share of results is \u00a3nil and the cumulative losses restricted shown on the balance sheet therefore represents the Group\u2019s share of losses which exceed the Group\u2019s investment of \u00a3nil. 13. INVESTMENT IN JOINT VENTURES continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 2022 100% share Bullring \u00a3m Grand Central \u00a3m The Oracle \u00a3m Westquay \u00a3m Croydon \u00a3m Highcross \u00a3m Dundrum \u00a3m Other \u00a3m Total \u00a3m Group share \u00a3m 45.2 9.9 22.1 29.1 14.3 20.6 55.0 21.4 273.4 119.4 37.2 6.4 15.7 24.5 0.5 14.3 48.1 22.6 219.7 95.5 0.1 (0.1) \u2013 \u2013 (0.2) (0.3) (0.4) (0.1) (1.0) (0.3) 37.3 6.3 15.7 24.5 0.3 14.0 47.7 22.5 218.7 95.2 (35.0) (4.6) (44.1) (29.3) (54.2) (52.1) (34.2) (12.5) (331.8) (132.1) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3.2) (3.2) (1.6) 2.3 1.7 (28.4) (4.8) (53.9) (38.1) 13.5 6.8 (116.3) (38.5) 0.3 \u2013 0.1 \u2013 0.2 7.4 \u2013 \u2013 8.0 0.3 \u2013 (0.1) \u2013 (0.2) \u2013 (5.0) (1.9) (5.7) (13.7) (3.0) 2.6 1.6 (28.3) (5.0) (53.7) (35.7) 11.6 1.1 (122.0) (41.2) \u2013 \u2013 \u2013 \u2013 (0.5) \u2013 \u2013 \u2013 (0.5) (0.3) 2.6 1.6 (28.3) (5.0) (54.2) (35.7) 11.6 1.1 (122.5) (41.5) 23.9 \u2013 9.3 \u2013 \u2013 \u2013 2.6 \u2013 63.4 63.4 2022 100% share Bullring \u00a3m Grand Central \u00a3m The Oracle \u00a3m Westquay \u00a3m Croydon \u00a3m Highcross \u00a3m Dundrum \u00a3m Other \u00a3m Total \u00a3m Group share \u00a3m 540.5 78.5 201.1 285.3 108.9 125.7 1,088.9 379.3 3,442.1 1,620.0 2.7 2.6 \u2013 4.2 0.6 6.1 8.9 \u2013 51.4 26.7 543.2 81.1 201.1 289.5 109.5 131.8 1,097.8 379.3 3,493.5 1,646.7 18.0 24.7 11.6 16.5 13.9 22.2 73.3 13.9 231.2 110.9 9.8 19.0 3.6 3.9 65.4 5.0 3.7 19.5 141.2 61.3 27.8 43.7 15.2 20.4 79.3 27.2 77.0 33.4 372.4 172.2 \u2013 \u2013 \u2013 \u2013 \u2013 (158.8) \u2013 (186.4) (345.2) (126.1) (20.9) (7.3) (9.7) (10.9) (16.0) (35.7) (14.9) (11.8) (162.1) (80.7) (20.9) (7.3) (9.7) (10.9) (16.0) (194.5) (14.9) (198.2) (507.3) (206.8) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (530.9) \u2013 (530.9) (265.5) \u2013 (2.8) \u2013 (4.2) \u2013 \u2013 \u2013 \u2013 (33.9) (15.8) \u2013 \u2013 \u2013 (348.2) (25.3) \u2013 (21.3) (45.4) (440.2) \u2013 (1.0) (0.6) (0.7) (348.8) (43.3) (0.2) (22.4) (55.8) (474.2) (6.3) (1.0) (3.4) (0.7) (701.2) (68.6) (0.2) (574.6) (101.2) (1,479.2) (287.6) \u2013 \u2013 \u2013 \u2013 \u2013 35.7 \u2013 \u2013 35.7 17.9 549.1 114.1 205.9 (402.2) 104.2 \u2013 585.3 113.3 1,915.1 1,342.4 B. RESULTS continued Brent Cross \u00a3m Cabot Circus \u00a3m Gross rental income \u2020 28.2 26.0 Net rental income \u2020 24.3 18.6 Administration expenses (0.1) \u2013 Profit from operating activities \u2020 24.2 18.6 Revaluation (losses)/gains on properties \u2020 (78.5) (56.0) Adjustment for income from assets held for sale a \u2013 \u2013 Operating (loss)/profit (54.3) (37.4) Finance income \u2013 \u2013 Finance costs (0.4) (0.8) (Loss)/profit before tax (54.7) (38.2) Tax charge \u2013 \u2013 (Loss)/profit for the year \u2013 continuing operations (54.7) (38.2) Profit for the year \u2013 discontinued operations 2.2 \u2013 (Loss)/profit for the year (52.5) (38.2) Share of distributions received by the Group 12.6 5.0 C. ASSETS AND LIABILITIES continued Brent Cross \u00a3m Cabot Circus \u00a3m Non-current assets Investment properties 431.1 263.5 Other non-current assets 13.1 14.0 444.2 277.5 Current assets Cash and cash equivalents \u2020 16.1 33.4 Other current assets \u2020 4.2 5.6 20.3 39.0 Current liabilities Loans \u2013 secured \u2013 \u2013 Other payables (13.9) (14.8) (13.9) (14.8) Non-current liabilities Loans \u2013 secured \u2013 \u2013 Derivative financial instruments \u2013 \u2013 Obligations under head leases (12.8) (14.1) Other payables \u2013 due to Group companies c \u2013 \u2013 \u2013 other parties and deferred tax (0.5) (0.6) (13.3) (14.7) Net assets/(liabilities) 437.3 287.0 \u2020 2021 income statement figures have been restated to reflect the IFRIC Decision on Concessions and balance sheet figures have been restated to reflect the IFRIC Decision on Deposits where \u00a331.0m and \u00a315.0m on a 100% and Group share basis, respectively, has been reclassified from restricted monetary assets (which formed part of Other current assets) to cash and cash equivalents. Further information on both IFRIC decisions is set out in note 1B. 13. INVESTMENT IN JOINT VENTURES continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 2021 100% share oss \u00a3m Cabot Circus \u00a3m Bullring \u00a3m Grand Central \u00a3m The Oracle \u00a3m Westquay \u00a3m Silverburn \u00a3m Croydon \u00a3m Highcross \u00a3m Dundrum \u00a3m Other \u00a3m Total \u00a3m Group share \u00a3m .2 26.0 40.8 28.1 21.6 24.4 15.7 25.2 18.5 51.5 23.0 303.0 143.1 .3 18.6 30.2 21.9 12.6 16.8 12.1 12.1 11.7 40.1 13.4 213.8 100.8 0.1) \u2013 (0.1) (0.1) \u2013 \u2013 (0.1) (0.2) (0.3) (0.5) (0.1) (1.5) (0.7) .2 18.6 30.1 21.8 12.6 16.8 12.0 11.9 11.4 39.6 13.3 212.3 100.1 .5) (56.0) (78.4) (45.3) (35.6) (19.5) (18.7) (55.5) (75.4) (89.3) 13.0 (539.2) (265.4) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 .3) (37.4) (48.3) (23.5) (23.0) (2.7) (6.7) (43.6) (64.0) (49.7) 26.3 (326.9) (165.3) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6.1 2.4 \u2013 8.5 4.2 0.4) (0.8) \u2013 (0.1) \u2013 (0.4) \u2013 \u2013 (5.0) (11.2) (4.1) (22.0) (9.9) .7) (38.2) (48.3) (23.6) (23.0) (3.1) (6.7) (43.6) (62.9) (58.5) 22.2 (340.4) (171.0) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.6) \u2013 \u2013 \u2013 (0.6) (0.3) 4.7) (38.2) (48.3) (23.6) (23.0) (3.1) (6.7) (44.2) (62.9) (58.5) 22.2 (341.0) (171.3) .2 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.2 0.9 .5) (38.2) (48.3) (23.6) (23.0) (3.1) (6.7) (44.2) (62.9) (58.5) 22.2 (338.8) (170.4) .6 5.0 \u2013 \u2013 6.0 1.7 9.5 \u2013 \u2013 2.8 \u2013 37.6 37.6 2021 100% share oss \u00a3m Cabot Circus \u00a3m Bullring \u00a3m Grand Central \u00a3m The Oracle \u00a3m Westquay \u00a3m Silverburn \u00a3m Croydon \u00a3m Highcross \u00a3m Dundrum \u00a3m Other \u00a3m Total \u00a3m Group share \u00a3m .1 263.5 561.0 88.3 243.3 312.5 \u2013 132.2 176.2 1,054.0 371.9 3,634.0 1,712.2 .1 14.0 2.4 2.7 \u2013 4.2 \u2013 0.4 \u2013 2.4 \u2013 39.2 18.3 .2 277.5 563.4 91.0 243.3 316.7 \u2013 132.6 176.2 1,056.4 371.9 3,673.2 1,730.5 .1 33.4 45.7 25.8 16.2 30.7 \u2013 24.2 14.2 48.9 11.0 266.2 128.7 .2 5.6 9.2 5.1 4.5 4.9 \u2013 89.7 4.3 2.7 11.9 142.1 60.0 .3 39.0 54.9 30.9 20.7 35.6 \u2013 113.9 18.5 51.6 22.9 408.3 188.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (158.6) \u2013 \u2013 (158.6) (79.3) 3.9) (14.8) (20.4) (6,3) (10.3) (12.8) \u2013 (18.4) (11.0) (10.4) (9.9) (128.2) (72.2) .9) (14.8) (20.4) (6.3) (10.3) (12.8) \u2013 (18.4) (169.6) (10.4) (9.9) (286.8) (151.5) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (502.2) (175.7) (677.9) (295.0) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (2.1) \u2013 (3.1) (1.6) .8) (14.1) \u2013 (2.8) \u2013 (4.2) \u2013 \u2013 \u2013 \u2013 \u2013 (33.9) (15.8) \u2013 \u2013 \u2013 \u2013 \u2013 (348.2) \u2013 (24.6) \u2013 (20.2) (43.2) (436.2) \u2013 0.5) (0.6) (0.9) (0.6) (0.7) (348.8) \u2013 (42.0) (1.1) (21.1) (53.0) (469.3) (3.5) .3) (14.7) (0.9) (3.4) (0.7) (701.2) \u2013 (66.6) (2.1) (545.6) (271.9) (1,620.4) (315.9) .3 287.0 597.0 112.2 253.0 (361.7) \u2013 161.5 23.0 552.0 113.0 2,174.3 1,451.8 reflect the netary assets D. RECONCILIATION OF MOVEMENTS IN INVESTMENT IN JOINT VENTURES 2022 \u00a3m 2021 \u00a3m At 1 January 1,451.8 1,813.6 Share of results of joint ventures (41.5) (170.4) Impairment of investment in joint ventures a \u2013 (11.5) Advances 4.0 14.0 Cash distributions (including interest) b (84.0) (38.9) Other receivables (5.3) (4.9) Transfer to assets held for sale \u2013 (72.3) Disposal \u2013 (53.9) Exchange and other movements 17.4 (23.9) At 31 December 1,342.4 1,451.8 a Comprised the full impairment of the Group\u2019s investment in Highcross as described in note 10A. b Comprises distributions of \u00a363.4m (2021: \u00a337.6m) and interest previously accrued of \u00a320.6m (2021: \u00a31.3m). 14. INVESTMENT IN ASSOCIATES A. PERCENTAGE SHARE Principal property 2022 Share 2021 Share Value Retail Various Villages across Europe a 40% 40% Italie Deux Italie Deux, France 25% 25% Nicetoile Nicetoile, France b \u2013 10% a Interest is calculated based on the share of profits to which the Group is entitled and excludes individual interests which are loss making. b The Group disposed of its 10% interest in Nicetoile on 1 April 2021 for \u20ac25m (\u00a321m). Associates comprise prime urban real estate consisting of flagship destinations and premium outlets across Europe. Analysis of the results and assets and liabilities of the Group\u2019s investment in associates is set out below and with the exception of Value Retail, these results form part of the Share of Property interests to arrive at management\u2019s analysis of the Group on a proportionally consolidated basis as explained in note 3 and set out in note 2. B. RESULTS 2022 2021 100% share 100% share Value Retail \u00a3m Italie Deux \u00a3m Total \u00a3m Group share \u00a3m Value Retail \u00a3m Nicetoile \u00a3m Italie Deux \u00a3m Total \u00a3m Group share \u00a3m Gross rental income \u2020 434.1 22.4 456.5 153.6 305.5 3.1 23.0 331.6 102.6 Net rental income \u2020 288.5 17.8 306.3 105.7 204.9 2.7 17.3 224.9 71.4 Administration expenses (144.3) (0.1) (144.4) (48.0) (116.3) \u2013 (0.1) (116.4) (33.8) Profit from operating activities \u2020 144.2 17.7 161.9 57.7 88.6 2.7 17.2 108.5 37.6 Revaluation (losses)/gains on properties \u2020 (98.1) (24.8) (122.9) (66.9) (33.0) 0.2 (35.8) (68.6) (21.1) Operating profit/(loss) 46.1 (7.1) 39.0 (9.2) 55.6 2.9 (18.6) 39.9 16.5 Interest costs (79.6) (0.1) (79.7) (27.7) (55.1) \u2013 \u2013 (55.1) (18.7) Fair value gains on derivatives 57.0 \u2013 57.0 18.1 18.2 \u2013 \u2013 18.2 9.3 Fair value gains on participative loans \u2013 \u2013 \u2013 15.0 \u2013 \u2013 \u2013 \u2013 9.1 Net finance (costs)/income (22.6) (0.1) (22.7) 5.4 (36.9) \u2013 \u2013 (36.9) (0.3) Profit/(loss) before tax 23.5 (7.2) 16.3 (3.8) 18.7 2.9 (18.6) 3.0 16.2 Current tax charge (15.3) \u2013 (15.3) (3.2) (8.5) \u2013 (0.1) (8.6) (1.8) Deferred tax (charge)/credit (8.8) \u2013 (8.8) (0.1) 6.0 \u2013 \u2013 6.0 1.2 (Loss)/profit for the year (0.6) (7.2) (7.8) (7.1) 16.2 2.9 (18.7) 0.4 15.6 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in note 1B. 13. INVESTMENT IN JOINT VENTURES continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 14. INVESTMENT IN ASSOCIATES continued
C. ASSETS AND LIABILITIES
2022 2021
100% share 100% share
Value
Retail
\u00a3m
Italie
Deux
\u00a3m
Total
\u00a3m
Group
share
\u00a3m
Value
Retail
\u00a3m
Italie
Deux
\u00a3m
Total
\u00a3m
Group
share
\u00a3m
Non-current assets
Investment properties 5,151.0 411.6 5,562.6 1,989.9 5,055.6 406.7 5,462.3 1,995.2
Other non-current assets 370.7 \u2013 370.7 114.2 236.6 \u2013 236.6 63.3
5,521.7 411.6 5,933.3 2,104.1 5,292.2 406.7 5,698.9 2,058.5
Current assets
Cash and cash equivalents 288.6 27.4 316.0 93.6 233.6 23.9 257.5 83.0
Other current assets 98.9 11.8 110.7 40.7 70.1 13.1 83.2 32.8
387.5 39.2 426.7 134.3 303.7 37.0 340.7 115.8
Total assets 5,909.2 450.8 6,360.0 2,238.4 5,595.9 443.7 6,039.6 2,174.3
Current liabilities
Loans (314.7) \u2013 (314.7) (108.1) (1,090.1) \u2013 (1,090.1) (465.1)
Other payables (148.4) (17.0) (165.4) (104.6) (121.0) (15.4) (136.4) (92.8)
(463.1) (17.0) (480.1) (212.7) (1,211.1) (15.4) (1,226.5) (557.9)
Non-current liabilities
Loans (1,787.1) \u2013 (1,787.1) (653.6) (934.6) \u2013 (934.6) (292.2)
Participative loan (387.1) \u2013 (387.1) (95.7) (347.8) \u2013 (347.8) (86.0)
Other payables, including deferred tax (650.7) (3.1) (653.8) (185.2) (609.3) (3.3) (612.6) (176.0)
(2,824.9) (3.1) (2,828.0) (934.5) (1,891.7) (3.3) (1,895.0) (554.2)
Total liabilities (3,288.0) (20.1) (3,308.1) (1,147.2) (3,102.8) (18.7) (3,121.5) (1,112.1)
Net assets 2,621.2 430.7 3,051.9 1,091.2 2,493.1 425.0 2,918.1 1,062.2
Reverse participative loans 387.1 \u2013 387.1 205.9 347.8 \u2013 347.8 184.8
3,008.3 430.7 3,439.0 1,297.1 2,840.9 425.0 3,265.9 1,247.0
D. RECONCILIATION OF MOVEMENTS IN INVESTMENT IN ASSOCIATES
2022 2021
Value
Retail
\u00a3m
Italie
Deux
\u00a3m
Total
\u00a3m
Value
Retail
\u00a3m
Nicetoile
\u00a3m
Italie
Deux
\u00a3m
Total
\u00a3m
At 1 January 1,140.8 106.2 1,247.0 1,154.1 23.8 120.5 1,298.4
Share of results of associates (5.3) (1.8) (7.1) 20.0 0.3 (4.7) 15.6
Capital return \u2013 (2.0) (2.0) \u2013 \u2013 (2.0) (2.0)
Distributions (4.4) (0.6) (5.0) (2.4) \u2013 (0.1) (2.5)
Share of other comprehensive gain of associate a 23.3 \u2013 23.3 1.3 \u2013 \u2013 1.3
Disposals \u2013 \u2013 \u2013 \u2013 (23.2) \u2013 (23.2)
Exchange and other movements 35.0 5.9 40.9 (32.2) (0.9) (7.5) (40.6)
At 31 December b 1,189.4 107.7 1,297.1 1,140.8 \u2013 106.2 1,247.0
a Relates to the change in fair value of derivative financial instruments in an effective hedge relationship within Value Retail.
b Includes accumulated impairment to the investment in Value Retail of \u00a394.3m (2021: \u00a394.3m) which was recognised in the year ended 31 December 2020 and
is equivalent to the notional goodwill on this investment.
A. TRADE AND OTHER RECEIVABLES \u2013 NON-CURRENT 2022 \u00a3m 2021 \u00a3m Net pension asset 23C 1.4 16.8 Other receivables 1.8 2.7 3.2 19.5 B. TRADE AND OTHER RECEIVABLES \u2013 CURRENT 2022 \u00a3m 2021 \u00a3m Trade receivables * 23.4 27.5 VAT receivable 16.7 15.7 Balances due from joint venture entities 8.3 7.5 Accrued interest receivable 11.6 11.0 Other receivables 23.9 17.9 Corporation tax 0.1 0.7 Prepayments 1.9 4.5 85.9 84.8 * Credit risk is explained further in note 19D. C. TRADE (TENANT) RECEIVABLES \u2013 AGEING ANALYSIS AND PROVISIONING 2022 2021 Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m Not yet due 3.2 (0.6) 2.6 5.6 (1.9) 3.7 0\u20133 months overdue 4.0 (0.8) 3.2 8.2 (3.6) 4.6 3\u201312 months overdue 8.1 (2.3) 5.8 13.9 (6.3) 7.6 More than 12 months overdue 25.7 (13.9) 11.8 27.2 (15.6) 11.6 41.0 (17.6) 23.4 54.9 (27.4) 27.5 D. ANALYSIS OF MOVEMENTS IN PROVISIONS Loss allowance 2022 \u00a3m 2021 \u00a3m At 1 January 27.4 35.8 Additions to provisions charged to the income statement 4.0 13.5 Disposals * (1.3) (2.1) Release of provisions (10.7) (16.6) Utilisation (2.8) (2.1) Exchange 1.0 (1.1) At 31 December 17.6 27.4 * 2021: Related to UK retail parks. 15. TRADE AND OTHER RECEIVABLES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 15. TRADE AND OTHER RECEIVABLES continued E. TRADE (TENANT) RECEIVABLES \u2013 SEGMENTAL ANALYSIS AND PROVISIONING 2022 2021 Proportionally consolidated Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m UK 29.1 (12.5) 16.6 46.3 (27.2) 19.1 France 40.0 (17.2) 22.8 45.2 (21.7) 23.5 Ireland 5.0 (2.6) 2.4 8.0 (4.4) 3.6 Managed portfolio 74.1 (32.3) 41.8 99.5 (53.3) 46.2 Less Share of Property interests (33.1) 14.7 (18.4) (44.6) 25.9 (18.7) Reported Group 41.0 (17.6) 23.4 54.9 (27.4) 27.5 Provisions against trade receivables includes \u00a30.2m (2021: \u00a31.0m) against receivables whereby the income which has been deferred on the balance sheet. On a proportionally consolidated basis, a further \u00a31.4m (2021: \u00a33.0m) relates to Share of Property interests. The charge made for making these provisions is excluded from Adjusted earnings as described in note 10A. Net trade receivables do not include deposits (which are included in payables), but taken together with VAT, do form part of the assessment of the required provision. A 10 percentage point increase in the provision rate would increase the provision and hence reduce Reported earnings by \u00a32.7m and Adjusted earnings by \u00a32.2m. 16. RESTRICTED MONETARY ASSETS AND CASH AND CASH EQUIVALENTS A. RESTRICTED MONETARY ASSETS 2022 2021 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Cash held in respect of tenants and co-owners \u2020 a 8.6 \u2013 13.7 \u2013 Cash held in escrow b \u2013 21.4 20.0 21.4 8.6 21.4 33.7 21.4 \u2020 2021 current figures have been restated to reflect the IFRIC Decision on Deposits where further information is provided in note 1B. The effect is that \u00a35.4m held by third party managing agents in respect of tenant deposits and service charges have been reclassified to cash and cash equivalents as these amounts are not restricted by law or regulation. The previously reported figure for 2021 was \u00a319.1m. a Comprises amounts held to meet future services charge costs and related expenditure such as marketing expenditure, where local laws or regulations restrict the use of such cash. b Comprises funds held to satisfy potential obligations under indemnities granted in favour of Directors and officers to the extent that such obligations are not already satisfied by the Company or covered by Directors\u2019 and Officers\u2019 liability insurance. The funds will remain in trust until the later of December 2026, or, if there are outstanding claims at that date, the date on which all claims are resolved (2021: the current portion related to a deposit received in respect of the sale of Silverburn prior to completion on 15 March 2022, upon which the amounts were released from escrow). B. CASH AND CASH EQUIVALENTS Cash and cash equivalents includes \u00a34.4m (2021: \u00a35.4m) in respect of cash held by third party managing agents which was previously disclosed as restricted monetary assets as described in notes 16A and 1B and where the previously reported 2021 cash and cash equivalents figure of \u00a3309.7m has been restated. 2022 2021 Note Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Trade payables 22.7 \u2013 17.0 \u2013 Pension liability 23C 0.9 7.8 0.9 9.2 VAT payable 17.8 \u2013 18.8 \u2013 Balances due to joint venture entities 23.1 \u2013 9.3 \u2013 Balances due to co-owners a 8.7 \u2013 13.7 \u2013 Accruals \u2013 interest 37.6 \u2013 38.9 \u2013 \u2013 capital expenditure 14.0 \u2013 14.2 \u2013 \u2013 other 33.6 \u2013 30.7 \u2013 Deferred income 1.1 \u2013 23.5 \u2013 Distributions received in advance from associates (Value Retail) \u2013 18.1 \u2013 21.5 Guarantee and tenant deposits \u2013 11.1 \u2013 9.5 Lease liabilities b 2.7 6.9 2.5 1.5 Other payables 6.1 12.4 9.9 14.9 168.3 56.3 179.4 56.6 a Comprises restricted monetary assets held on behalf of co-owners in order to meet future service charge costs and related expenditure. b Of the non-current portion, \u00a31.8m (2021: \u00a31.2m) is payable between one to two years, \u00a32.4m (2021: \u00a30.3m) from two to five years and \u00a32.7m (2021: \u00a3nil) in more than five years. 17. TRADE AND OTHER PAYABLES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 18. LOANS A. LOAN PROFILE 2022 \u00a3m 2021 \u00a3m Unsecured \u00a3200.0m 7.25% sterling bonds due 2028 199.0 198.8 \u20ac700.0m 1.75% eurobonds due 2027 a 612.3 578.3 \u00a3300.0m 6% sterling bonds due 2026 299.1 298.8 \u00a3350.0m 3.5% sterling bonds due 2025 348.3 347.8 \u20ac235.5m 1.75% eurobonds due 2023 b \u2013 197.4 Bank loans and overdrafts c (3.1) (2.7) Senior notes due 2031 5.1 4.9 Senior notes due 2028 11.3 13.3 Senior notes due 2026 62.0 58.8 Senior notes due 2024 112.4 139.4 d 1,646.4 1,834.8 a Coupon is linked to two sustainability performance targets, both of which will be tested in December 2025 against a 2019 benchmark. If the targets are not met, a total of 75 basis points per annum, representing a cost of \u20ac5.25m, will be payable in addition to the final year\u2019s coupon. The Group has made certain assumptions which support not increasing the effective interest rate, as a result of the possibility of failing to meet the targets. Planned future initiatives which will assist the Group in achieving the targets include the introduction of energy efficient projects, the generation of additional on or offsite energy and driving compliance with relevant energy performance legislation. The Group continues to make steady progress against both targets. b On 16 December 2022, following the exercise of an early redemption option, the Group redeemed all of the \u20ac235.5m 1.75% eurobonds due 2023 using available cash resources. c Debit balance comprises unamortised fees for revolving credit facilities against which no funds had been drawn at the year ends. d Maturity analysis is set out in note 19G. B. UNDRAWN COMMITTED FACILITIES The Group has the following revolving credit facilities (RCF), which are all in sterling unless otherwise indicated, expiring as follows: 2022 \u00a3m 2021 \u00a3m 2017 RCF expiring 2022 \u2013 10.0 2017 RCF expiring 2023 a \u2013 30.0 2016 RCF expiring 2023 a \u2013 420.0 2017 RCF expiring 2024 a \u2013 370.0 2021 RCF expiring 2024/2025 b 150.0 150.0 2021 JPY7.7bn RCF expiring 2025 c 48.9 49.8 2022 RCF expiring 2025 a 463.0 \u2013 d 661.9 1,029.8 a On 29 April 2022, the 2016 RCF expiring 2023 and the unexpired elements of the 2017 RCF expiring in 2023 and 2024 were extinguished and replaced with a new three year \u00a3463m RCF expiring April 2025, but containing two one-year extension options. The existing two facilities were cancelled on 9 May 2022. b Contained two one year extension options whereby during the year, the first of these extension options was exercised such that \u00a3100m was extended to June 2025 with the remaining \u00a350m left to expire at its existing term in June 2024. c Contained two one year extension options whereby during the year, the first of these extension options was exercised such that the full facility was extended to June 2025. d \u00a32.1m (2021: \u00a32.1m) of RCFs have been utilised (although not drawn) to support ancillary facilities leaving \u00a3659.8m (2021: \u00a31,027.7m) available to the Group. C. MATURITY ANALYSIS OF UNDRAWN COMMITTED FACILITIES Expiry 2022 \u00a3m 2021 \u00a3m Within one year \u2013 10.0 Within one to two years 50.0 450.0 Within two to five years 611.9 569.8 661.9 1,029.8 A: FINANCIAL RISK MANAGEMENT AND STRATEGY
The Group\u2019s financial risk management strategy seeks to set financial limits for treasury activity to ensure they are in line with the risk appetite of the Group.
The Group\u2019s activities expose it to certain financial risks comprising liquidity risk, market risk (comprising interest rate and foreign currency risk), credit risk
and capital risk.
The Group\u2019s treasury function, which operates under treasury policies approved by the Board, maintains internal guidelines for interest cover, gearing,
unencumbered assets and other credit ratios and both the current and projected financial position against these guidelines is monitored regularly.
To manage the risks set out above, the Group uses certain derivative financial instruments to mitigate potentially adverse effects on the Group\u2019s financial
performance. Derivative financial instruments are used to manage exposure to fluctuations in foreign currency exchange rates and interest rates but are
not employed for speculative purposes.
Financial instruments are grouped and accounted for as set out in the table below.
2022 2021
Note
Current
\u00a3m
Non-current
\u00a3m
Total
\u00a3m
Current
\u00a3m
Non-current
\u00a3m
Total
\u00a3m
Balances due from joint ventures 13C \u2013 239.1 239.1 \u2013 255.4 255.4
Trade and other receivables a
15A/15B 67.2 1.8 69.0 63.9 2.7 66.6
Restricted monetary assets \u2020
16 8.6 21.4 30.0 33.7 21.4 55.1
Cash and cash equivalents \u2020 218.8 \u2013 218.8 315.1 \u2013 315.1
Assets held for sale a, d \u2013 \u2013 \u2013 4.1 \u2013 4.1
Financial assets at amortised cost 556.9 696.3
Investment in associates: participative loans
14C \u2013 205.9 205.9 \u2013 184.8 184.8
Other investments \u2013 9.8 9.8 \u2013 9.5 9.5
Assets at fair value through profit and loss b 215.7 194.3
Derivative financial instruments \u2013 assets 0.1 7.0 7.1 7.3 18.6 25.9
Derivative financial instruments \u2013 liabilities (16.1) (23.7) (39.8) \u2013 (59.7) (59.7)
Derivatives at fair value through profit and loss c (32.7) (33.8)
Trade and other payables d
17 (148.5) (48.5) (197.0) (136.2) (47.4) (183.6)
Loans
18 \u2013 (1,646.4) (1,646.4) \u2013 (1,834.8) (1,834.8)
Obligations under head leases
20 (0.2) (38.1) (38.3) \u2013 (36.4) (36.4)
Financial liabilities at amortised cost (1,881.7) (2,054.8)
\u2020 2021 figures have been restated to reflect the IFRIC decision on Deposits where further information is provided in notes 1B and 16.
a Excludes net pension asset, VAT, corporation tax and prepayments.
b Gain of \u00a315.0m (2021: \u00a39.5m) recognised in income statement.
c Gain of \u00a315.2m (2021: \u00a343.9m loss) recognised in income statement.
d Excludes pension liabilities, VAT and deferred income.
B. LIQUIDITY RISK
Cash levels are monitored to ensure sufficient resources are available to meet the Group\u2019s operational requirements. Short term money market deposits
are used to manage cash resources to maximise the rate of return, giving due consideration to risk.
Liquidity requirements are met with an appropriate mix of short and longer term debt whereby the Group borrows predominantly on an unsecured basis in
order to maintain operational flexibility at a low operational cost. Loans and facilities are arranged to maintain short term liquidity and ensure an appropriate
maturity profile. Long term debt comprises mainly the Group\u2019s fixed rate unsecured bonds and private placement senior notes. Short term funding is raised
principally through syndicated revolving credit facilities from a range of banks and financial institutions with which the Group maintains strong working
relationships. Analysis of the Group\u2019s loans and facilities together with their maturity is set out in note 18.
19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued C. INTEREST RATE AND CURRENCY RISK Interest rate risk Interest rate swaps are used to manage the interest rate basis of the Group\u2019s debt, allowing changes from fixed to floating rates or vice versa. Clear guidelines exist for the Group\u2019s ratio of fixed to floating debt, interest cover, gearing, unencumbered assets and other credit ratios. The interest rate profile is measured regularly against these guidelines. The Group has interest swap agreements totalling \u00a3300m which mature in February 2024. Interest is paid at a rate linked to SONIA, and received at a fixed rate of 6% per annum. The Group defines Borrowings as loans and currency swaps and excludes the fair value of the interest rate swaps as the fair value crystallises over the life of the instruments rather than at maturity. The Group does not apply hedge accounting to its interest rate swaps. 2022 2021 Interest rate profile Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Borrowings (loans and currency swaps) \u2013 Fixed rate 227.1 \u2013 1,136.9 1,364.0 226.0 \u2013 1,362.9 1,588.9 \u2013 Floating rate (495.9) (4.9) 813.8 313.0 (170.5) (5.2) 465.7 290.0 (268.8) (4.9) 1,950.7 1,677.0 55.5 (5.2) 1,828.6 1,878.9 Offsetting After taking into account the netting impact included within the Group\u2019s International Swap and Derivatives Association (ISDA) agreements with each counterparty (which are enforceable on the occurrence of future credit events such as a default), the net positions, including accrued interest, would be derivative financial assets of \u00a36.2m (2021: \u00a36.3m) and derivative financial liabilities of \u00a329.3m (2021: \u00a329.5m). The combined value of derivative financial instruments was therefore a liability of \u00a323.1m (2021: liability of \u00a323.2m). Currency risk The currency profile of the Group\u2019s loans is as follows: 2022 2021 Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Bonds 846.4 \u2013 612.3 1,458.7 845.4 \u2013 775.7 1,621.1 Bank loans and overdrafts (3.1) \u2013 \u2013 (3.1) (2.7) \u2013 \u2013 (2.7) Senior notes 30.9 63.9 96.0 190.8 30.8 84.8 100.8 216.4 874.2 63.9 708.3 1,646.4 873.5 84.8 876.5 1,834.8 Hedging The Group enters into cash flow hedge and net investment relationships to mitigate its exposure to currency risk. The ratio for hedging instruments designated in both net investment and cash flow hedge relationships was 1:1. Ineffectiveness could be recognised on either hedging relationship due to significant changes in counterparty credit risk or a reduction in the notional amount of the hedged item during the designated hedging period, however, no ineffectiveness was recognised in 2022 or 2021. 2022 2021 Maturity of fair value of currency swaps Current \u00a3m Non-current \u00a3m Total \u00a3m Current \u00a3m Non-current \u00a3m Total \u00a3m Assets \u2013 7.0 7.0 7.3 8.3 15.6 Liabilities (16.1) (21.5) (37.6) \u2013 (59.7) (59.7) (16.1) (14.5) (30.6) 7.3 (51.4) (44.1) Cash flow hedges US dollar loans comprise elements of the Group\u2019s Senior notes as set out above. To manage the impact of foreign exchange movements on these loans, the Group has used derivatives at an average hedged exchange rate of \u00a31 = $1.387 (2021: \u00a31 = $1.439), to swap all the cash flows to either euro or sterling where the sterling element is designated as a cash flow hedge with the critical terms of the loans being the same as the related derivatives. The carrying value of derivatives designated in a cash flow hedge was an asset of \u00a38.3m (2021: \u00a36.7m). This designation allows exchange differences on hedging instruments to be recognised in the cash flow hedge reserve and then recycled to net finance costs in the consolidated income statement, to offset against the exchange differences on US dollar loans also recognised in net finance costs. The cash flow hedge reserve includes a loss of \u00a30.2m (2021: \u00a31.7m gain) in respect of continuing cash flow hedges. The cash flows are expected to occur between 2023 and 2024. C. INTEREST RATE AND CURRENCY RISK continued Net investment hedges To manage the foreign currency exposure on its net investments in euro-denominated entities, the Group has designated all euro loans or synthetic euro loans, including euro-denominated bonds, senior notes and currency swaps, as net investment hedges. This designation allows exchange differences on hedging instruments to be recognised directly in equity which acts as an offset against the exchange differences on net investments in euro-denominated entities which are also recognised in equity. The notional and carrying amount of such euro- denominated liabilities and the average hedged rate is set out below. 2022 2021 Euro notional amount \u20acm Carrying amount \u00a3m Average hedged exchange rate \u20ac Euro notional amount \u20acm Carrying amount \u00a3m Average hedged exchange rate \u20ac Bonds 700.0 612.3 1.163 935.5 775.7 1.189 Senior notes 108.5 96.0 1.152 120.4 100.8 1.152 Cross currency swaps 484.0 22.2 1.194 570.2 45.9 1.352 Foreign exchange swaps 918.0 16.4 1.151 554.6 (7.2) 1.173 Total 2,210.5 746.9 2,180.7 915.2 The euro notional amount represents the amount due at maturity without netting any receivable of different currency under the same instrument. The net investment hedge reserve includes \u00a360.8m (2021: \u00a345.1m) in respect of continuing net investment hedges whereby these are due to mature between 2023 and 2031. Sensitivity analysis Interest risk sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short term fluctuations on the Group\u2019s earnings. Changes in foreign exchange and interest rates may have an impact on consolidated earnings over the longer term. The sensitivity has been calculated by applying the interest rate change to the loans net of their related interest rate swaps. 2022 2021 Change in interest rate Change in interest rate Interest rate sensitivity on earnings + 1% \u00a3m \u2013 1% \u00a3m + 1% \u00a3m \u2013 1% \u00a3m Income statement 6.2 (6.3) 6.4 (6.5) Other comprehensive income \u2013 \u2013 \u2013 \u2013 Currency risk sensitivity analysis The sensitivity of the Group\u2019s financial instruments to changes in exchange rates shows the impact on profit and other comprehensive income of a 10% change in the sterling exchange rate against euro by retranslating the year end euro-denominated financial instruments, taking into account forward foreign exchange contracts. 10% represents management\u2019s assessment of a reasonably possible change in foreign exchange rates over a 12 month period. The analysis does not reflect the exposure and inherent risk during the year. 2022 2021 Change in exchange rate Change in exchange rate Euro currency sensitivity impact on earnings + 10% \u00a3m \u2013 10% \u00a3m + 10% \u00a3m \u2013 10% \u00a3m Income statement (0.4) 0.5 (4.5) 5.5 Other comprehensive income 177.2 (216.6) 165.5 (202.3) The effect on the net gains taken to equity would be more than offset by the effect of exchange rate changes on the euro-denominated assets included in the Group\u2019s financial statements. 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued
D. CREDIT RISK
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss.
The Group\u2019s credit risk arises from trade and other receivables, unamortised tenant incentives, restricted monetary assets, cash and cash
equivalents, balances due from joint ventures and associates, other investments, loans receivable, participative loans to associates and derivative
financial instruments.
Trade (tenant) receivables
The Group\u2019s greatest exposure to credit risk arises principally from trade (tenant) receivables which all have due dates within 12 months. The Group
determines and monitors regularly the level of risk associated with trade receivables and applies the IFRS 9 simplified approach to measuring expected
credit losses applying the methodology, judgements and estimates set out in note 1F and by reference to changes in the levels of default experienced,
tenant credit ratings and wider macroeconomic factors. Analysis of the provision and sensitivities thereon are set out in notes 15D and 15E.
For most trade receivables, the Group obtains security in the form of rental deposits or guarantees which can be called upon if the counterparty is in default.
Both of these serve to limit the potential exposure to credit risk.
Unamortised tenant incentives
Provisioning rates against unamortised tenant incentives are lower than those against trade receivables as the credit risk of tenants not paying rent for
future periods, and hence unamortised tenant incentives not being recovered, is lower than the credit risk on trade receivables currently overdue, including
residual aged amounts still outstanding from the pandemic. The Group determines and monitors regularly the level of risk and assesses impairment of
such balances accordingly and by reference to changes in the levels of default experienced, tenant credit ratings and wider macroeconomic factors. Details
of the provision and sensitivities thereon are set out in note 12B.
Other balances
The credit risk associated with restricted monetary assets, cash and cash equivalents, derivative financial instruments and amounts due from joint
ventures and associates (including loans and participative loans receivable, which are carried at fair value based on the underlying assets) is considered
low, with an assessment of each category set out as follows:
Restricted monetary assets, cash and cash equivalents and derivative financial instruments
Such balances are held with counterparties which are banks that are committed lenders to the Group with high credit ratings assigned by international
credit rating agencies.
Amounts due from joint ventures and associates
Balances due from joint ventures comprise loans from the Group to establish and fund the partnerships which form part of the total investment in joint
ventures. The credit risk of loans due from joint ventures and also associates is monitored by reference to changes in the underlying assets, principally
driven by investment property valuation changes. The most material balance, relating to loans due from Westquay Limited Partnership, is repayable on
demand, although the Group does not expect this loan to be recalled in the foreseeable future. Consequently, the expected credit loss has been calculated
by discounting the outstanding loan balance over the period until it is anticipated that the cash will be realised at the interest rate implicit in the loan.
The resultant expected credit loss was not material to the Group accordingly no loss has been recognised.
Investments
The carrying value of investments in joint ventures and associates equates to the Group\u2019s share of the underlying net assets of the investment. The most
significant component of underlying net assets is investment properties, which are carried at fair value meaning that there is no residual credit risk other
than for at Highcross where in 2021, a breach of secured loan covenants resulted in a full impairment to \u00a3nil of that investment.
Other receivables
Other receivables are grouped based on type, contractual terms, ageing and financial standing of the debtor using the same methodologies and
considerations as for trade receivables. Dependent on the nature of the receivable the credit risk ranges from low to moderate, however, the resulting
provisions are not significant.
E: CAPITAL RISK
The capital structure of the Group comprises of equity and debt, including cash and cash equivalents. The Group\u2019s financing policy is to optimise the
weighted average cost of capital by using an appropriate mix of debt and equity. Further information on loans is provided in note 18 and information on
share capital and reserves is set out in note 21 and the statement of changes in equity. The Group reviews regularly its loan covenant compliance.
F. FINANCIAL INSTRUMENTS HELD AT FAIR VALUE Definitions The Group\u2019s financial instruments are categorised by level of fair value hierarchy prescribed by accounting standards. The different levels are defined as follows: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (actual prices) or indirectly (derived from actual prices) \u2013 Level 3: inputs for the asset or liability that are not based on observable market data (from unobservable inputs) Fair value valuation technique Financial instrument Valuation technique for determining fair value Unsecured bonds Quoted market prices Senior notes Present value of cash flows discounted using prevailing market interest rates Unsecured bank loans and overdrafts Present value of cash flows discounted using prevailing market interest rates Fair value of currency swaps and interest rate swaps Present value of cash flows discounted using prevailing market interest rates Other investments including participative loans to associates Underlying net asset values of the interests in Villages/centre * * Assets of Villages comprise mainly investment properties held at professional valuation. Fair value hierarchy analysis 2022 2021 Hierarchy Carrying amount \u00a3m Fair value \u00a3m Carrying amount \u00a3m Fair value \u00a3m Unsecured bonds Level 1 1,458.7 1,249.5 1,621.1 1,707.0 Senior notes Level 2 190.8 180.7 216.4 221.8 Unsecured bank loans and overdrafts Level 2 (3.1) \u2013 (2.7) \u2013 Fair value of currency swaps Level 2 30.6 30.6 44.1 44.1 Borrowings 1,677.0 1,460.8 1,878.9 1,972.9 Fair value of interest rate swaps Level 2 2.1 2.1 (10.3) (10.3) Participative loans to associates Level 3 205.9 205.9 184.8 184.8 Fair value of other investments Level 3 9.8 9.8 9.5 9.5 Analysis of movements in Level 3 financial instruments 2022 2021 Level 3 financial instruments Participative loans \u00a3m Other investments \u00a3m Total \u00a3m Participative loans \u00a3m Other investments \u00a3m Total \u00a3m At 1 January 184.8 9.5 194.3 189.9 9.7 199.6 Total gains/(losses) in \u2013 share of results of associates 15.0 \u2013 15.0 9.1 \u2013 9.1 \u2013 consolidated income statement \u2013 \u2013 \u2013 \u2013 0.4 0.4 \u2013 other comprehensive income 10.5 0.3 10.8 (11.8) (0.6) (12.4) Other movements \u2013 advances (4.4) \u2013 (4.4) (2.4) \u2013 (2.4) At 31 December 205.9 9.8 215.7 184.8 9.5 194.3 All other factors remaining constant, an increase of 5% in the net asset values of the Villages/centre would increase the carrying amount of the Level 3 financial instruments by \u00a311.3m. Similarly, a decrease of 5% would decrease the carrying amount by \u00a311.3m. The fair values of all other financial assets and liabilities equate to their book values. 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued G. MATURITY ANALYSIS OF FINANCIAL LIABILITIES The remaining contractual non-discounted cash flows for financial liabilities are as follows: 2022 Note Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m Five to 25 years \u00a3m More than 25 years \u00a3m Total \u00a3m Trade and other payables a 148.5 10.2 3.3 35.0 \u2013 197.0 Derivative financial liability cash inflows (13.3) (30.8) (362.3) \u2013 \u2013 (406.4) Derivative financial liability cash outflows 34.7 18.7 380.9 \u2013 \u2013 434.3 Loans b \u2013 112.6 1,332.6 216.4 \u2013 1,661.6 Interest 61.1 59.6 127.2 15.1 \u2013 263.0 Obligations under head leases 20 2.3 2.3 6.8 45.2 69.4 126.0 2021 Note Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m Five to 25 years \u00a3m More than 25 years \u00a3m Total \u00a3m Trade and other payables a 136.2 10.1 4.9 32.4 \u2013 183.6 Derivative financial liability cash inflows (13.2) (13.2) (405.9) \u2013 \u2013 (432.3) Derivative financial liability cash outflows 10.5 10.5 453.4 \u2013 \u2013 474.4 Loans b \u2013 197.7 848.6 805.9 \u2013 1,852.2 Interest 65.1 65.1 162.0 40.2 \u2013 332.4 Obligations under head leases 20 2.1 2.1 6.9 45.7 68.3 125.1 a As defined in note 19A. b Before taking into account unamortised borrowing costs of \u00a315.2m (2021: \u00a317.4m). 20. OBLIGATIONS UNDER HEAD LEASES 2022 2021 Due Minimum lease payments \u00a3m Effect of discounting \u00a3m Present value of minimum lease payments \u00a3m Minimum lease payments \u00a3m Effect of discounting \u00a3m Present value of minimum lease payments \u00a3m Within one year 2.3 (2.1) 0.2 2.1 (2.1) \u2013 Between one and two years 2.3 (2.1) 0.2 2.1 (2.0) 0.1 Between two and five years 6.8 (6.4) 0.4 6.9 (6.5) 0.4 Between five and 25 years 45.2 (40.0) 5.2 45.7 (40.7) 5.0 More than 25 years 69.4 (37.1) 32.3 68.3 (37.4) 30.9 More than one year 123.7 (85.6) 38.1 123.0 (86.6) 36.4 A. SHARE CAPITAL 2022 2021 number \u00a3m number \u00a3m Called up, allotted and fully paid Ordinary shares of 5p each 5,002,265,607 250.1 4,419,457,161 221.0 During the year, 582,808,446 shares were issued in respect of scrip dividends. Share capital includes 7,691,247 shares (2021: 7,691,247 shares) held in treasury and 25,512,208 shares (2021: 2,290,410 shares) held in an employee share trust whereby during the year, purchases of 27,301,546 shares were made with the balance being issued to employees. B. OTHER RESERVES Translation reserve \u00a3m Net investment hedge \u00a3m Cash flow hedge \u00a3m Total other reserves \u00a3m At 1 January 2021 666.0 (519.2) 3.4 150.2 Recycled exchange gain on disposal of overseas property interests (55.2) 44.2 \u2013 (11.0) Foreign exchange translation differences (139.7) \u2013 \u2013 (139.7) Gain on net investment hedge \u2013 112.2 \u2013 112.2 Loss on cash flow hedge \u2013 \u2013 (1.9) (1.9) Loss on cash flow hedge recycled to net finance costs \u2013 \u2013 0.2 0.2 Total comprehensive loss (194.9) 156.4 (1.7) (40.2) At 31 December 2021 471.1 (362.8) 1.7 110.0 Foreign exchange translation differences 130.7 \u2013 \u2013 130.7 Loss on net investment hedge \u2013 (103.4) \u2013 (103.4) Gain on cash flow hedge \u2013 \u2013 6.3 6.3 Gain on cash flow hedge recycled to net finance costs \u2013 \u2013 (8.2) (8.2) Total comprehensive loss 130.7 (103.4) (1.9) 25.4 At 31 December 2022 601.8 (466.2) (0.2) 135.4 The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations and also includes the translation of liabilities that hedge the Company\u2019s net investment in a foreign subsidiary. Hedging reserves comprise cumulative gains and losses representing the effective portion of the cumulative net change in the fair value of cash flow and foreign currency hedging instruments. 21. SHARE CAPITAL AND OTHER RESERVES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 22. DIVIDENDS Cash dividend per share Enhanced scrip alternative per share 2022 \u00a3m 2021 \u00a3m Prior periods 2020 final dividend \u2013 Cash a 0.2p \u2013 11.7 \u2013 Enhanced scrip alternative b 2.0p \u2013 51.0 2021 interim dividend \u2013 Cash 0.2p \u2013 1.3 \u2013 Enhanced scrip alternative b 2.0p \u2013 71.7 2021 final dividend \u2013 Cash a 0.2p 11.8 \u2013 \u2013 Enhanced scrip alternative b 2.0p 51.4 \u2013 2022 interim dividend \u2013 Cash 0.2p 1.4 \u2013 \u2013 Enhanced scrip alternative b 2.0p 75.7 \u2013 140.3 135.7 Cash flow analysis: Cash dividend c 2.6 2.6 Withholding tax: a \u2013 2020 interim dividend \u2013 11.9 \u2013 2020 final dividend \u2013 10.4 \u2013 2021 final dividend 10.6 \u2013 13.2 24.9 Total cash dividends per share in respect of the year 0.2p 0.4p a Dividends paid as a PID are subject to withholding tax which is paid approximately two months after the dividend itself is paid. b Calculated as the market value of shares issued to satisfy the enhanced scrip dividend alternative. c Comprises cash payments after deduction of withholding tax, where applicable. 23. PENSIONS The Group operates a number of defined benefit and defined contribution schemes where the principal scheme is a funded defined benefit scheme (\u2018the Scheme\u2019) where assets are held in a separate trustee administered fund. The Scheme is valued by a qualified actuary at least every three years and contributions are assessed in accordance with the actuary\u2019s advice. Since 31 December 2002, this scheme has been closed to new entrants and on 30 June 2014 was closed to future accrual. As described further in note 23D, on 8 December 2022, the Company and the Scheme\u2019s Trustees entered into a bulk purchase annuity policy (buy-in) in respect of insuring all future payments to existing pensioners of the Scheme. The Group also operates three Unfunded Unapproved Retirement Schemes. Two schemes provide pension benefits to two former Executive Directors, the other meets pension commitment obligations to former US employees. A. DEFINED CONTRIBUTION PENSION SCHEME The charge in respect of the Group\u2019s UK funded defined contribution pension scheme was \u00a33.0m (2021: \u00a33.0m). B. PRINCIPAL ASSUMPTIONS USED FOR THE SCHEME Financial 2022 % 2021 % Discount rate for accrued benefits 4.8 2.0 Inflation (retail price index) 3.2 3.3 Rate of increase in pensions in payment 3.2 3.3 Demographic Years Years Life expectancy from age 60: \u2013 Pensioner aged 60 * 28.7 28.0 \u2013 Non-pensioner currently aged 40 * 30.1 29.5 Weighted average maturity Years Years The Scheme 14.0 18.0 Other schemes Up to 10.8 Up to 11.6 * The Group uses demographic assumptions underlying the most recent formal actuarial valuation of the Scheme as at 31 December 2021. The base mortality assumptions are based on the S3NA tables, with adjustments to reflect the Scheme\u2019s population. Future mortality improvements for 2023 are CMI 2021 projections with a long term rate of improvement of 1.25% p.a. together with weighting parameters \u2018w2020\u2019 and \u2018w2021\u2019 of 10% which adjusts for evidence of negative impacts of non-Covid-19 mortality expected to continue in the future (2021: CMI 2020 projections with a long term rate of improvement of 1.25% p.a. also with just the w2020 weighting parameter of 10%). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 C. DEFINED BENEFIT PENSION SCHEMES \u2013 CHANGES IN PRESENT VALUE
2022 2021
Note
Obligations
\u00a3m
Assets
\u00a3m
Net
\u00a3m
Obligations
\u00a3m
Assets
\u00a3m
Net
\u00a3m
At 1 January (115.9) 122.6 6.7 (132.5) 98.0 (34.5)
Recognised in the consolidated income statement:
\u2013 interest (cost)/income a (2.2) 2.5 0.3 (1.6) 1.3 (0.3)
Recognised in other comprehensive income \u2013 actuarial
(losses)/gains:
\u2013 experience adjustments (7.5) \u2013 (7.5) 2.5 \u2013 2.5
\u2013 changes in financial assumptions 34.4 \u2013 34.4 4.3 \u2013 4.3
\u2013 changes in demographic assumptions 1.7 \u2013 1.7 1.1 \u2013 1.1
\u2013 actual return on plan assets \u2013 (55.3) (55.3) \u2013 11.0 11.0
28.6 (55.3) (26.7) 7.9 11.0 18.9
Employer contributions b \u2013 12.4 12.4 \u2013 21.3 21.3
Benefits paid 7.9 (7.1) 0.8 10.1 (9.0) 1.1
Exchange (losses)/gains (0.8) \u2013 (0.8) 0.2 \u2013 0.2
At 31 December (82.4) 75.1 (7.3) (115.9) 122.6 6.7
Analysed as:
\u2013 Present value of the Scheme c
15A (73.3) 74.7 1.4 (105.8) 122.6 16.8
\u2013 Present value of Unfunded Retirement Schemes
17 (9.1) 0.4 (8.7) (10.1) \u2013 (10.1)
(82.4) 75.1 (7.3) (115.9) 122.6 6.7
a Included in net finance costs.
b Owing to the buy-in described above and in note 23D, the Group does not expect to make contributions to the Scheme in 2023.
c As permitted by IFRIC 14 the Group has recognised the pension surplus on the Scheme as it has a legal right to receive that surplus on winding up.
D. ANALYSIS OF THE SCHEME ASSETS
2022 2021
Note
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Quoted
\u00a3m
Unquoted
\u00a3m
Total
\u00a3m
Diversified Growth Funds a \u2013 \u2013 \u2013 50.5 3.9 54.4
Short dated credit fund a \u2013 \u2013 \u2013 16.7 0.8 17.5
Liability driven investments (LDI) a \u2013 \u2013 \u2013 0.2 48.9 49.1
Cash and other net current assets \u2013 1.4 1.4 \u2013 1.6 1.6
Buy-in insurance policy b \u2013 73.3 73.3 \u2013 \u2013 \u2013
\u2013 74.7 74.7 67.4 55.2 122.6
a For 2021, assets noted are all invested in pooled funds as opposed to equity funds.
b On 8 December 2022, the Company and the Scheme\u2019s Trustees entered into a bulk purchase annuity policy (buy-in) contract with Just Retirement Limited for
a premium of \u00a387.3m in respect of insuring all future payments to existing pensioners of the Scheme at 9 December 2022. The pension buy-in transaction was
funded through the existing investment assets held by the Trustees on behalf of the pension scheme and the impact of this transaction is reflected in the IAS 19
valuation.
E. SENSITIVITY ON PRINCIPAL ASSUMPTIONS USED TO MEASURE THE SCHEME\u2019S LIABILITIES
Positive/(negative) effect
2022
\u00a3m
2021
\u00a3m
Discount rate +0.1% 1.0 1.8
Inflation +0.1% (0.9) (1.7)
Long term improvements in longevity + 1 year (2.4) (5.0)
23. PENSIONS continued
A. ANALYSIS OF ITEMS INCLUDED IN OPERATING CASH FLOWS 2022 \u00a3m 2021 \u00a3m Net movements in working capital and restricted monetary assets Movements in working capital: \u2013 (Increase)/decrease in receivables (6.0) 27.3 \u2013 Decrease in payables (17.4) (6.9) (23.4) 20.4 Decrease/(increase) in restricted monetary assets \u2020 26.0 (16.1) \u2020 2.6 4.3 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Deposits with further information provided in notes 1B and 16. 2022 \u00a3m 2021 \u00a3m Non-cash items Increase in accrued rents receivable \u2020 (3.5) (11.6) Decrease in loss allowance provisions * (2.6) (6.2) Amortisation of lease incentives and other costs 1.2 5.9 Depreciation 4.1 4.4 Other non-cash items including share-based payment charge \u2013 (1.8) \u2020 (0.8) (9.3) \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. * Comprises movement in provisions against trade (tenant) receivables and unamortised tenant incentives. B. ANALYSIS OF MOVEMENTS IN NET DEBT 2022 2021 Cash and cash equivalents \u00a3m Borrowings \u00a3m Net debt \u00a3m Cash and cash equivalents \u00a3m Borrowings \u00a3m Net debt \u00a3m At 1 January \u2020 315.1 (1,878.9) (1,563.8) 417.5 (2,330.0) (1,912.5) Cash flow \u2020 (99.0) 302.4 203.4 (100.3) 332.9 232.6 Change in fair value of currency swaps \u2013 8.4 8.4 \u2013 (14.2) (14.2) Exchange 2.7 (108.9) (106.2) (2.1) 132.4 130.3 At 31 December \u2020 218.8 (1,677.0) (1,458.2) 315.1 (1,878.9) (1,563.8) Amounts in respect of assets held for sale \u2013 \u2013 \u2013 4.6 \u2013 4.6 \u2020 218.8 (1,677.0) (1,458.2) 319.7 (1,878.9) (1,559.2) \u2020 2021 cash and cash equivalents figures have been restated to reflect the issuance during the year of the IFRIC Decision on Deposits with further information provided in notes 1B and 16. 24. NOTES TO THE CASH FLOW STATEMENT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022 A. CONTINGENT LIABILITIES 2022 \u00a3m 2021 \u00a3m The Group excluding joint ventures: \u2013 guarantees given 45 52 \u2013 claims arising in the normal course of business 34 27 Group\u2019s share arising in joint ventures 7 14 86 93 In addition, the Group operates in a number of jurisdictions and is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group addresses this by closely monitoring these potential instances, seeking independent advice and maintaining transparency with the authorities it deals with as and when any enquiries are made. As a result, the Group has identified a potential tax exposure attributable to the ongoing applicability of tax treatments adopted in respect of the Group\u2019s tax structures. The range of potential outcomes is a possible outflow of minimum \u00a3nil and maximum \u00a3145m (2021: minimum \u00a3nil and maximum \u00a3143m). The Directors have not provided for this amount because they do not believe an outflow is probable. B. CAPITAL COMMITMENTS ON INVESTMENT PROPERTIES 2022 \u00a3m 2021 \u00a3m The Group excluding joint ventures \u2013 19 Group\u2019s share arising in joint ventures 52 40 52 59 26. OPERATING LEASES AS A LESSOR The Group leases its investment properties to tenants under operating leases with a weighted average lease term of 3.2 years (2021: 4.0 years). Future minimum rentals receivable under non-cancellable leases 2022 \u00a3m 2021 \u00a3m Within one year 68.8 56.3 Between one and two years 58.9 47.8 Between two and five years 46.9 63.9 More than five years 71.7 141.8 246.3 309.8 25. CONTINGENT LIABILITIES AND COMMITMENTS A. JOINT VENTURES AND ASSOCIATES Transactions between the Group\u2019s subsidiary undertakings, which are related parties, have been eliminated on consolidation and are accordingly not disclosed. Related party transactions with the Group had the following transactions with its joint ventures and associates, which comprise primarily management fees, interest receivable, loan balances and other amounts due. 2022 2021 Note Joint ventures \u00a3m Associates \u00a3m Joint ventures \u00a3m Associates \u00a3m Income statement Management fees 4.9 0.5 10.1 0.7 Net interest receivable 11.0 0.1 1.3 0.1 Share of distributions 13D/14E 63.4 5.0 37.6 2.5 Capital return 14E \u2013 2.0 \u2013 2.0 Balance sheet \u2013 amounts due from/(to) Loans * 13C 239.1 1.8 255.4 1.7 Advances 13D 4.0 \u2013 14.0 \u2013 Participative loans 14C \u2013 205.9 \u2013 184.8 Balances due from joint ventures 15B 8.3 \u2013 7.5 \u2013 Balances due to joint ventures 17 (23.1) \u2013 (9.3) \u2013 Balances due to co-owners 17 (8.7) \u2013 (13.7) \u2013 Distributions received in advance 17 \u2013 (18.1) \u2013 (21.5) * Loans due from associates comprise \u20ac2.0m (\u00a31.8m) (2021: \u20ac2.0m (\u00a31.7m)) due to an intermediate holding company of Value Retail which is secured against a number of Value Retail assets and matures on 30 November 2043. B. KEY MANAGEMENT Full details of the Directors\u2019 emoluments, as required by the Companies Act 2006, are disclosed in the audited sections of the Directors\u2019 Remuneration report on pages 98 to 107. The Company did not grant any credits, advances or guarantees of any kind to its Directors during the current and preceding years. The remuneration of the Directors and other members of the Group Executive Committee (GEC), who are the key management of the Group, is set out below in aggregate. 2022 \u00a3m 2021 \u00a3m Salaries and short term benefits 5.9 6.4 Post employment benefits 0.3 0.5 Share-based payments 2.0 1.5 8.2 8.4 28. POST BALANCE SHEET EVENTS In respect of the Highcross joint venture, on 9 February 2023, it was agreed that it was in the best interests of the lenders in the longer term to appoint a receiver to administer the asset for the benefit of the creditors. 27. RELATED PARTIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued For the year ended 31 December 2022",
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"value": "Basis of preparation The consolidated financial statements have been prepared in accordance with both UK-adopted international accounting standards and International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union, (IFRS adopted by the European Union as at 31 December 2020), as well as SAICA Financial Reporting Guides as issued by the Accounting Practices committee and those parts of the Companies Act 2006 as applicable to companies reporting under IFRS. New accounting standards, amendments to standards and IFRIC interpretations which became applicable during the year or have been published but are not yet effective, were either not relevant or had no, or no material impact on the Group\u2019s results or net assets, except for the following IFRIC agenda decisions that were issued during the year which have resulted in accounting policy changes as follows: \u2013 In April 2022, the IFRIC issued an agenda decision in respect of the presentation of \u2018Demand deposits with restrictions on use arising from a contract with a third party\u2019 (the \u2018IFRIC Decision on Deposits\u2019). The conclusions were that restrictions on use which arise from a contract with a third party do not alone change the nature of amounts being classified as cash and cash equivalents. In light of this, a review has been undertaken of amounts disclosed as \u2018restricted monetary assets\u2019. It has been determined that the use of certain tenant deposit and service charge amounts are restricted only by a contract with a third party. As a result, in applying the agenda decision, such amounts for 2021 have been restated to reflect this change with analysis set out in note 16. \u2013 In October 2022, the IFRIC finalised an agenda decision in respect of \u2018Lessor forgiveness of lease payments (IFRS 9 and IFRS 16)\u2019(the \u2018IFRIC Decision on Concessions\u2019). This concluded that where forgiven amounts are already past due and recognised as operating lease receivables, these should be accounted for by charging to the income statement on the date that the legal rights are conceded. Historically, the Group\u2019s treatment of such concessions, which arose as a result of the Covid-19 pandemic, has been to recognise these as lease modifications such that the impact was initially held on the balance sheet and then spread forward into the income statement over the lease term or period to first break. Incentives classified within investment properties resulted in movements in tenant incentives which were recognised with an equal and opposite offset in revaluation losses. As a result of implementing the change, 2021 figures have been restated whereby Reported Group revenue, gross rental income, net rental income and revaluation losses are affected although operating profit and income statement figures below are unaffected. The equivalent Adjusted figures are also affected including those down to Adjusted earnings. More detailed analysis of the financial statement effects are set out in note 6. Where figures have been restated, these are marked \u2020. The financial statements are prepared on the historical cost basis, except that investment properties, other investments and derivative financial instruments are stated at fair value. Other than the effects of the agenda decisions, accounting policies have been applied consistently, however, in order to enhance and aid the users\u2019 understanding, certain figures have been re-presented as described in the applicable parts of the financial statements, together with certain other presentational changes made with the objective of simplification. ",
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"fact-687": {
"value": "New accounting standards, amendments to standards and IFRIC interpretations which became applicable during the year or have been published but are not yet effective, were either not relevant or had no, or no material impact on the Group\u2019s results or net assets, except for the following IFRIC agenda decisions that were issued during the year which have resulted in accounting policy changes as follows: \u2013 In April 2022, the IFRIC issued an agenda decision in respect of the presentation of \u2018Demand deposits with restrictions on use arising from a contract with a third party\u2019 (the \u2018IFRIC Decision on Deposits\u2019). The conclusions were that restrictions on use which arise from a contract with a third party do not alone change the nature of amounts being classified as cash and cash equivalents. In light of this, a review has been undertaken of amounts disclosed as \u2018restricted monetary assets\u2019. It has been determined that the use of certain tenant deposit and service charge amounts are restricted only by a contract with a third party. As a result, in applying the agenda decision, such amounts for 2021 have been restated to reflect this change with analysis set out in note 16. \u2013 In October 2022, the IFRIC finalised an agenda decision in respect of \u2018Lessor forgiveness of lease payments (IFRS 9 and IFRS 16)\u2019(the \u2018IFRIC Decision on Concessions\u2019). This concluded that where forgiven amounts are already past due and recognised as operating lease receivables, these should be accounted for by charging to the income statement on the date that the legal rights are conceded. Historically, the Group\u2019s treatment of such concessions, which arose as a result of the Covid-19 pandemic, has been to recognise these as lease modifications such that the impact was initially held on the balance sheet and then spread forward into the income statement over the lease term or period to first break. Incentives classified within investment properties resulted in movements in tenant incentives which were recognised with an equal and opposite offset in revaluation losses. As a result of implementing the change, 2021 figures have been restated whereby Reported Group revenue, gross rental income, net rental income and revaluation losses are affected although operating profit and income statement figures below are unaffected. The equivalent Adjusted figures are also affected including those down to Adjusted earnings. More detailed analysis of the financial statement effects are set out in note 6. Where figures have been restated, these are marked \u2020. The financial statements are prepared on the historical cost basis, except that investment properties, other investments and derivative financial instruments are stated at fair value. Other than the effects of the agenda decisions, accounting policies have been applied consistently, however, in order to enhance and aid the users\u2019 understanding, certain figures have been re-presented as described in the applicable parts of the financial statements, together with certain other presentational changes made with the objective of simplification. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-661": {
"value": "New accounting standards, amendments to standards and IFRIC interpretations which became applicable during the year or have been published but are not yet effective, were either not relevant or had no, or no material impact on the Group\u2019s results or net assets, except for the following IFRIC agenda decisions that were issued during the year which have resulted in accounting policy changes as follows: \u2013 In April 2022, the IFRIC issued an agenda decision in respect of the presentation of \u2018Demand deposits with restrictions on use arising from a contract with a third party\u2019 (the \u2018IFRIC Decision on Deposits\u2019). The conclusions were that restrictions on use which arise from a contract with a third party do not alone change the nature of amounts being classified as cash and cash equivalents. In light of this, a review has been undertaken of amounts disclosed as \u2018restricted monetary assets\u2019. It has been determined that the use of certain tenant deposit and service charge amounts are restricted only by a contract with a third party. As a result, in applying the agenda decision, such amounts for 2021 have been restated to reflect this change with analysis set out in note 16. \u2013 In October 2022, the IFRIC finalised an agenda decision in respect of \u2018Lessor forgiveness of lease payments (IFRS 9 and IFRS 16)\u2019(the \u2018IFRIC Decision on Concessions\u2019). This concluded that where forgiven amounts are already past due and recognised as operating lease receivables, these should be accounted for by charging to the income statement on the date that the legal rights are conceded. Historically, the Group\u2019s treatment of such concessions, which arose as a result of the Covid-19 pandemic, has been to recognise these as lease modifications such that the impact was initially held on the balance sheet and then spread forward into the income statement over the lease term or period to first break. Incentives classified within investment properties resulted in movements in tenant incentives which were recognised with an equal and opposite offset in revaluation losses. As a result of implementing the change, 2021 figures have been restated whereby Reported Group revenue, gross rental income, net rental income and revaluation losses are affected although operating profit and income statement figures below are unaffected. The equivalent Adjusted figures are also affected including those down to Adjusted earnings. More detailed analysis of the financial statement effects are set out in note 6. Where figures have been restated, these are marked \u2020. The financial statements are prepared on the historical cost basis, except that investment properties, other investments and derivative financial instruments are stated at fair value. Other than the effects of the agenda decisions, accounting policies have been applied consistently, however, in order to enhance and aid the users\u2019 understanding, certain figures have been re-presented as described in the applicable parts of the financial statements, together with certain other presentational changes made with the objective of simplification. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-611": {
"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power over the investee, is exposed, or has rights, to variable return from its involvement with the investee and has the ability to use its power to affect its returns. The results of subsidiaries, joint ventures or associates are included in the consolidated income statement when control is achieved, which is usually from the effective date of acquisition, or up to the effective date of disposal which is usually on completion of the transaction. All intragroup transactions, balances, income and expenses are eliminated on consolidation. Where necessary, adjustments are made to bring the accounting policies used into line with those used by the Group. Business combinations are accounted for using the acquisition method where any excess of the purchase consideration over the fair value of the assets, liabilities and contingent liabilities acquired and the resulting deferred tax thereon is recognised as goodwill which is then reviewed annually for impairment. Acquisition related costs are expensed. Joint operations, joint ventures and associates The accounting treatment for joint operations, joint ventures and associates requires an assessment to determine the degree of control or influence that the Group may exercise over them and the form of that control. The Group\u2019s interest in joint arrangements is classified as either: \u2013 a joint operation: not operated through an entity but by joint controlling parties which have rights to the assets and obligations for the liabilities; or \u2013 a joint venture: whereby the joint controlling parties have rights to the net assets of the arrangement. The Group\u2019s interests in its joint arrangements are commonly driven by the terms of partnership agreements, which ensure that control is shared between the partners. Associates are those entities over which the Group is in a position to exercise significant influence, but not control or jointly control. The Group\u2019s share of interests in joint operations is proportionally consolidated into the Group financial statements. The results, assets and liabilities of joint ventures and associates are accounted for using the equity method. Investments in joint ventures and associates are carried in the consolidated balance sheet at cost as adjusted for post acquisition changes in the Group\u2019s share of the net assets of the joint venture or associate, less any impairment. Loans to joint ventures and associates are aggregated into the Group\u2019s investment in the consolidated balance sheet. The Group eliminates upstream and downstream transactions with its joint ventures, including interest and management fees. Any losses of joint ventures or associates are initially recognised against the equity investment, however, if in excess of the Group\u2019s equity interest, losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the other entity. If the Group\u2019s equity investment is \u00a3nil, the share of losses is recognised against other long term interests or if such interests are not available, losses are simply restricted to leave the Group\u2019s equity investment remaining at \u00a3nil. Distributions and other income received from joint ventures are included within cash flows from operating activities owing to their association with the underlying profits of the joint venture whereas all other cash flows are recognised as investing activities. Distributions reduce the carrying value of the Group\u2019s investments in joint ventures and associates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-662": {
"value": "Joint operations, joint ventures and associates The accounting treatment for joint operations, joint ventures and associates requires an assessment to determine the degree of control or influence that the Group may exercise over them and the form of that control. The Group\u2019s interest in joint arrangements is classified as either: \u2013 a joint operation: not operated through an entity but by joint controlling parties which have rights to the assets and obligations for the liabilities; or \u2013 a joint venture: whereby the joint controlling parties have rights to the net assets of the arrangement. The Group\u2019s interests in its joint arrangements are commonly driven by the terms of partnership agreements, which ensure that control is shared between the partners. Associates are those entities over which the Group is in a position to exercise significant influence, but not control or jointly control. The Group\u2019s share of interests in joint operations is proportionally consolidated into the Group financial statements. The results, assets and liabilities of joint ventures and associates are accounted for using the equity method. Investments in joint ventures and associates are carried in the consolidated balance sheet at cost as adjusted for post acquisition changes in the Group\u2019s share of the net assets of the joint venture or associate, less any impairment. Loans to joint ventures and associates are aggregated into the Group\u2019s investment in the consolidated balance sheet. The Group eliminates upstream and downstream transactions with its joint ventures, including interest and management fees. Any losses of joint ventures or associates are initially recognised against the equity investment, however, if in excess of the Group\u2019s equity interest, losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the other entity. If the Group\u2019s equity investment is \u00a3nil, the share of losses is recognised against other long term interests or if such interests are not available, losses are simply restricted to leave the Group\u2019s equity investment remaining at \u00a3nil. Distributions and other income received from joint ventures are included within cash flows from operating activities owing to their association with the underlying profits of the joint venture whereas all other cash flows are recognised as investing activities. Distributions reduce the carrying value of the Group\u2019s investments in joint ventures and associates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-612": {
"value": "C. ALTERNATIVE PERFORMANCE MEASURES (APMs) The Group uses a number of performance measures which are non-IFRS. The key measures comprise the following: \u2013 Adjusted measures: Used by the Directors and management to monitor business performance internally and exclude the same items as for EPRA earnings, but also certain cash and non-cash items which they believe are not reflective of the normal day-to-day operating activities of the Group. Furthermore, the Group evaluates the performance of its portfolio by aggregating its share of joint ventures and associates which are under the Group\u2019s management (\u2018Share of Property interests\u2019) on a proportionally consolidated basis including, where applicable, discontinued operations. The Directors believe that disclosing such non-IFRS measures enables a reader to isolate and evaluate the impact of such items on results and allows for a fuller understanding of performance from year to year. Adjusted performance measures may not be directly comparable with other similarly titled measures used by other companies. \u2013 EPRA earnings and EPRA net assets: Calculated in accordance with guidance issued by the European Public Real Estate Association recommended bases. \u2013 Headline earnings: Calculated in accordance with the requirements of the Johannesburg Stock Exchange listing requirements. A reconciliation between reported and the above alternative earnings and net asset measures is set out in note 10. ",
"dimensions": {
"concept": "hammersonplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasuresAPMs",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-613": {
"value": "D. GOING CONCERN Introduction The Directors have undertaken a detailed going concern assessment, considering the Group\u2019s principal risks and current and projected financial position over the period to 30 June 2024 (\u2018the going concern period\u2019). This period has been selected as it coincides with the first six monthly covenant test date for the Group\u2019s unsecured borrowing facilities falling due after the minimum 12 months going concern period. The assessment process involved the preparation of two scenarios: a \u2018Base\u2019 scenario and a \u2018Severe but plausible\u2019 scenario. In addition the Directors reviewed covenant reverse stress tests over the going concern period. The two scenarios take account of the latest economic and trading outlook, including geopolitical uncertainty, primarily related to the ongoing war in Ukraine, and the associated economic challenges on both consumers and businesses from high inflation, rising interest rates and supply chain pressures. Financing position At 31 December 2022, all borrowings in the Reported Group were unsecured and subject to covenants relating to the Group\u2019s gearing, interest cover, secured borrowings as a proportion of equity shareholders\u2019 funds, and unencumbered asset ratio, the latter covenant only being applicable to the private placement notes. As explained in the Financial Review, there was significant headroom under each of these covenants and the Group also had liquidity of \u00a3996m. This position results in the Group having no unsecured refinancing required until 2025 which is not covered by available cash. The Group also has exposure to secured borrowings in three of its joint ventures (Dundrum, Highcross and O\u2019Parinor) and its associate, Value Retail. These secured facilities are subject to covenants, principally relating to loan to value and interest cover and are non-recourse to the Group. This means that the lenders only have security over the property assets held by the joint venture or Value Retail and the Group is not liable for any repayment shortfall. Also, a covenant breach or acceleration of any of these facilities would not cause a cross-default under any of the Group\u2019s unsecured borrowings or any of the other secured loans. At 31 December 2022 the Group\u2019s share of secured borrowings in its joint ventures was \u00a3392m and in Value Retail, accounted for as an associate, \u00a3762m. The loans secured against Highcross and O\u2019Parinor and three loans held by Value Retail mature over the going concern period. The Group\u2019s share of these loans was \u00a3234m at 31 December 2022. The loan secured against Dundrum, Group\u2019s share \u00a3266m, matures in September 2024, just outside of the going concern period. During 2022, Value Retail successfully raised over \u00a31.0bn by refinancing three secured loans, the largest being a \u00a3693m five year loan secured against Bicester Village which was completed in December 2022. Scenario assumptions Base scenario The going concern scenarios, which exclude disposals and refinancing assumptions, were constructed from the Group\u2019s Business Plan (\u2018the Plan\u2019), which was approved by the Board in December 2022 and took into account the challenges in the market outlook referred to above and risk of recession. Nonetheless, the Plan assumed a stable near term operational performance supported by the Group\u2019s strong leasing pipeline and the recovery in collections and footfall seen over the course of 2022. Recognising the heightened macroeconomic uncertainty and pressures, investment markets were forecast to remain challenging with property values forecast to fall in 2023, before growing in 2024. The assumptions and projections in the Plan have been incorporated into the Base scenario. Severe but plausible scenario In developing the Group\u2019s Severe but plausible scenario the Board has assumed a number of connected adverse impacts to the Group\u2019s operating metrics and valuations which directly effect the Group\u2019s unsecured borrowing covenants. The assumptions in the Severe but plausible scenario, have been determined using available benchmarks and external forecasts, and are based on a more severe economic downturn than anticipated in the Base scenario and include over the going concern period: \u2013 A 5 percentage points increase in forecast vacancy above the Base scenario due to tenant failure and a weaker leasing performance \u2013 A 10% reduction in variable income from turnover rent, car parks and commercialisation relative to the Base scenario associated with lower forecast footfall \u2013 An allowance for increased credit loss provisions from lower collections and tenant failure \u2013 No cash distributions from Value Retail \u2013 Dividends limited to match minimum REIT requirements based on the revised earnings projections in the Severe but plausible scenario D. GOING CONCERN continued Scenario assumptions continued \u2013 Reduction in capital expenditure to a total of \u00a3100m over the going concern period \u2013 Weaker investment markets with lower valuations These adverse assumptions, result in forecast net rental income (NRI) over the going concern period being c.70% of 2022 NRI and the Group\u2019s property portfolio reporting a capital return of -13% equivalent to a revaluation loss of almost \u00a3700m. Treatment of private placement notes Due to the forecast valuation reductions in both scenarios, the headroom under the Group\u2019s unencumbered asset ratio covenant is fully eroded by the end of the going concern period in the Base scenario. This covenant is only applicable to the private placement notes which totalled \u00a3191m at 31 December 2022, and for going concern modelling purposes to avoid the risk of breach, both scenarios assume that the notes are fully redeemed in 2023 using existing liquidity. Secured borrowing refinancing risks In relation to the \u00a3234m of secured loans held by two joint ventures and Value Retail which mature over the going concern period, since the year end a receiver was appointed by the lenders on Highcross and refinancing planning or lender discussions are ongoing on the other loans. However, as at the date of this report, no contractual refinancing agreements have been reached. Therefore, for going concern modelling purposes, it has been assumed that the lenders enforce security over these assets with the Group recognising an impairment of its net investment in these assets. Scenario outcomes and reverse stress tests Having prepared the two scenarios on the basis of the assumptions explained above, under both scenarios, the Group is forecast to retain significant liquidity and is able to meet its obligations as they fall due over the course of the going concern period. It is also forecast to remain compliant with all the remaining unsecured debt covenants over the going concern period, with gearing and interest cover being the most critical for the going concern assessment. The key variables impacting these two covenants are valuation movements for the gearing covenant, and changes in net rental income for the interest cover covenant. Net interest cost also impacts the interest cover ratio, however as at 31 December 2022, 84% of the Group\u2019s debt (included in this covenant) is at fixed interest rates, which limits the near term volatility of this element of the covenant. The percentage of fixed debt is forecast to remain broadly unchanged over the going concern period. As at 31 December 2022, the gearing ratio could withstand a reduction in the value of the Group\u2019s property portfolio of 28%, and for the interest cover covenant, a reduction in NRI (relative to 2022 net rental income) of 61%. Given the adverse assumptions adopted in the Severe but plausible scenario, the level of covenant headroom is forecast to diminish over the going concern period such that, at its lowest point, in June 2024, the covenant headroom to further valuation falls is forecast as c. 15% for the gearing covenant and c. 45% for lower net rental income under the interest cover covenant. The Board considers that these levels of valuation and net rental income reductions over the going concern period, which are significantly in excess of those assumed in the Group\u2019s Severe but plausible scenario, are remote. Mitigating actions The successful delivery of the Group\u2019s strategy will continue to strengthen the Group\u2019s financial position. From a going concern perspective, a key element of this is to deliver a resilient and sustainable capital structure, and additional actions which have not been factored into the going concern assessment are: \u2013 The completion of the Group\u2019s disciplined disposals programme of c.\u00a3500m over 2022 and 2023 \u2013 Refinancing of maturing loans in the ordinary course of business, particularly by Value Retail, where following the successful refinancing activities in 2022, their management remain confident of refinancing future maturing loans Conclusion Having undertaken the assessment described above, over the going concern period, under both scenarios the Group is forecast to retain significant liquidity and is able to meet its obligations as they fall due. The Group is also forecast to retain significant headroom under the gearing and interest cover covenants in its unsecured borrowings. This includes the impact of a full impairment of the net investment in relation to secured loans maturing over the going concern period. This outcome demonstrates the Group\u2019s ability to withstand such an adverse outcome, even in the Severe but plausible scenario. The Directors are therefore able to conclude that they have a reasonable expectation that the Group has adequate resources to continue in operational existence and meet its liabilities as they fall due for at least the next 12 months and have accordingly prepared the financial statements on the going concern basis. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-614": {
"value": "Revenue Revenue comprises gross rental income (consisting of base and turnover rents, income from car parks, lease incentive recognition and other rental income), service charge income, property fee income and joint venture and associate management fees. These income streams are recognised in the period to which they relate as set out below. Rental income from investment property is recognised as revenue on a straight line basis over the lease term. Lease incentives and costs associated with entering into tenant leases are amortised over the lease term as a reduction in rental income. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. On entering into a lease modification any initial direct costs associated with the lease, including surrender premia previously paid, are derecognised through rental expense in the year. Rent reviews are recognised when such reviews have been agreed with tenants. Contingent rents, being those lease payments that are not fixed at the inception of a lease, for example increases arising on rent reviews and turnover rent, are variable consideration and are recorded as income using the most reliable estimates of such consideration in the periods in which they are earned and based on the most reliable estimates of the value of such consideration. Under IFRS 15, the Group\u2019s revenue from contracts with customers includes service charge income, property fee income, car park income and joint venture and associate management fees and is recognised in accordance with the following performance obligations: \u2013 Service charge income, property fee income and joint venture and associate management fees are recognised over the period the respective services are provided \u2013 Car park income is recognised at the point in time when the customer has completed use of their car parking space ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-617": {
"value": "Finance costs Net finance costs Net finance costs include interest payable on debt, derivative financial instruments, interest on head leases and other lease obligations, debt and loan facility cancellation costs, net of interest capitalised, interest receivable on funds invested and derivative financial instruments, and changes in the fair value of derivative financial instruments. Capitalisation of interest Interest is capitalised if it is directly attributable to the acquisition, construction or production of development properties or the significant redevelopment of investment properties. Capitalisation commences when the activities to develop the property start on site and continues until the property is substantially ready for its intended use, normally practical completion. Capitalised interest is calculated with reference to the actual rate payable on loans for development purposes or, for that part of the development cost financed out of general funds, at the Group\u2019s weighted average interest rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-663": {
"value": "Finance costs Net finance costs Net finance costs include interest payable on debt, derivative financial instruments, interest on head leases and other lease obligations, debt and loan facility cancellation costs, net of interest capitalised, interest receivable on funds invested and derivative financial instruments, and changes in the fair value of derivative financial instruments. Capitalisation of interest Interest is capitalised if it is directly attributable to the acquisition, construction or production of development properties or the significant redevelopment of investment properties. Capitalisation commences when the activities to develop the property start on site and continues until the property is substantially ready for its intended use, normally practical completion. Capitalised interest is calculated with reference to the actual rate payable on loans for development purposes or, for that part of the development cost financed out of general funds, at the Group\u2019s weighted average interest rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-618": {
"value": "Tax Tax exempt status The Company has elected for UK REIT, French SIIC and Irish QIAIF status. To continue to benefit from these tax regimes, the Group is required to comply with certain conditions as outlined in note 8A. Management intends that the Group will continue as a UK REIT, a French SIIC and an Irish QIAIF for the foreseeable future. Current and deferred tax Tax is included in the consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case the related tax is recognised in equity. Current tax is the expected tax payable on the non-tax exempt income for the period, net of allowable expenses and tax deductions, using the tax rate(s) prevailing during the accounting period, together with any adjustment in respect of previous periods. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The following temporary differences are not provided for: \u2013 Goodwill not deductible for tax purposes \u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit \u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the period when the liability is settled or the asset is realised. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-664": {
"value": "Current and deferred tax Tax is included in the consolidated income statement except to the extent that it relates to items recognised directly in equity, in which case the related tax is recognised in equity. Current tax is the expected tax payable on the non-tax exempt income for the period, net of allowable expenses and tax deductions, using the tax rate(s) prevailing during the accounting period, together with any adjustment in respect of previous periods. Deferred tax is provided using the balance sheet liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. The following temporary differences are not provided for: \u2013 Goodwill not deductible for tax purposes \u2013 The initial recognition of assets or liabilities that affect neither accounting nor taxable profit \u2013 Differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates that are expected to apply in the period when the liability is settled or the asset is realised. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-615": {
"value": "Retirement benefit costs Defined contribution pension plans The cost of defined contribution schemes is expensed as incurred. The Group has no further payment obligations once the contributions have been paid. Defined benefit pension plans The Group has one funded plan where assets are held in separate trustee administered funds. The Group also provides other unfunded pension benefits to certain members. The Group\u2019s net obligation comprises the amount of future benefit that employees have earned, discounted to determine a present value, less the fair value of the pension plan assets. The cost of providing benefits under defined benefit arrangements are determined separately for each plan using the projected unit credit method, with valuations being carried out by external actuaries. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that have terms to maturity approximating to the terms of the related pension obligation. A net pension asset is only recognised to the extent that it is expected to be recoverable in the future and the asset is limited to the present value of any future refunds from the plan or reduction in future contributions to the plan. In accordance with IFRIC 14, the Group recognises a pension surplus on a defined benefit pension plan if it has a legal right to receive that surplus on winding up. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of the plan assets. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-616": {
"value": "Share-based payments Equity settled share-based employee remuneration is determined with reference to the fair value (excluding the effect of non-market-based vesting conditions) of the equity instruments at the date of grant and is expensed over the vesting period on a straight line basis. The fair value of share options which are subject only to internal performance criteria or service conditions are measured using input factors including the exercise price, expected volatility, option life and risk-free interest rate. For all schemes, the number of options expected to vest is recalculated at each balance sheet date, based on expectations of leavers prior to vesting. The fair value of the market-based element of the Restricted Share Plan is calculated using the Monte Carlo model which is dependent on factors including the expected volatility, vesting period and risk-free interest rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-619": {
"value": "Foreign currency Income statement Transactions in foreign currencies are translated into sterling at exchange rates approximating to the exchange rate ruling at the date of the transaction. The operating income and expenses of foreign operations are translated into sterling at the average exchange rates for the year. Significant transactions, such as property sales, are translated at the foreign exchange rate ruling at the date of each transaction. Transactions with joint ventures including distributions, interest and management fees are eliminated on a proportionate basis. The Group\u2019s financial performance is not materially impacted by seasonality. Balance sheet Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated into sterling at the exchange rate ruling at that date and, unless they relate to the hedging of the net investment in foreign operations, differences arising on translation are recognised in the consolidated income statement. The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on consolidation, are translated into sterling at the exchange rates ruling at the balance sheet date. Net investment in foreign operations Exchange differences arising from the translation of the net investment in foreign operations are taken to the translation reserve. They are released to the consolidated income statement upon disposal of the foreign operation. Exchange rates The principal foreign currency denominated balances are in euro where the translation exchange rates used are: Consolidated income statement Average rate Year ended 31 December 2022 Year ended 31 December 2021 Quarter 1 \u20ac1.195 \u20ac1.145 Quarter 2 \u20ac1.179 \u20ac1.160 Quarter 3 \u20ac1.168 \u20ac1.169 Quarter 4 \u20ac1.150 \u20ac1.179 Consolidated balance sheet 31 December 2022 31 December 2021 Year end rate \u20ac1.128 \u20ac1.191 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-620": {
"value": "Investment properties and trading properties Investment properties are stated at fair value, being market value determined by professionally qualified external valuers, and changes in fair value are included in the consolidated income statement. Accordingly, no depreciation is provided. Expenditure incurred on investment properties is capitalised where it is probable that the future economic benefits associated with the investment property will flow to the entity, and the cost can be reliably measured. This includes the recognition of capitalised tenant incentives, less amortisation and impairment, capitalised interest and other capital expenditure. Investment properties held for future sale are transferred to Trading properties within current assets at the fair value at the date of transfer and subsequently measured at the lower of cost and net realisable value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-621": {
"value": "Interests in leasehold properties The Group owns a number of properties on long leaseholds under operating leases from freeholders or superior leaseholders which are depreciated over the lease term. At the commencement of a lease, the Group recognises lease liabilities for the buildings element of the leasehold, disclosed as obligations under head leases, at the present value of the minimum lease payments to be made over the term of the lease. Payments to the freeholder or superior leaseholder are apportioned between a finance charge and a reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents and variable rents payable which are not dependent on an index, such as rent reviews or those related to rental income, are expensed in the period to which they relate. Where at inception or at some point during the course of the lease, rents are fixed, or are in substance fixed, a right-of- use asset is created and a corresponding liability for the present value of the minimum future lease payments recognised on the balance sheet. Right-of-use assets The Group has leases for each of its offices. Leased assets are capitalised on inception of the lease as right-of-use assets and depreciated over the shorter of the non-cancellable lease period and any extension options that are considered reasonably certain to be taken or the useful life of the asset. A corresponding lease liability, representing the present value of the lease payments is also recognised. The discounted lease liability is calculated where possible using the interest rate implicit in the lease or where this is not attainable the incremental borrowing rate is utilised. The incremental borrowing rate is the rate the Group would have to pay to borrow the funds necessary to obtain a similar asset under similar conditions. The Group calculates the incremental borrowing rate using the risk free rate of the country where the asset is held, adjusted for length of the lease and a risk premium. Lease payments are allocated against the principal and finance cost. Finance costs, representing the unwinding of the discount on the lease liability are expensed to produce a constant periodic rate of interest on the remaining liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-665": {
"value": "Interests in leasehold properties The Group owns a number of properties on long leaseholds under operating leases from freeholders or superior leaseholders which are depreciated over the lease term. At the commencement of a lease, the Group recognises lease liabilities for the buildings element of the leasehold, disclosed as obligations under head leases, at the present value of the minimum lease payments to be made over the term of the lease. Payments to the freeholder or superior leaseholder are apportioned between a finance charge and a reduction of the outstanding liability. The finance charge is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Contingent rents and variable rents payable which are not dependent on an index, such as rent reviews or those related to rental income, are expensed in the period to which they relate. Where at inception or at some point during the course of the lease, rents are fixed, or are in substance fixed, a right-of- use asset is created and a corresponding liability for the present value of the minimum future lease payments recognised on the balance sheet. ",
"dimensions": {
"concept": "hammersonplc:DescriptionOfAccountingPolicyForInterestsInLeaseholdProperties",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-666": {
"value": "Right-of-use assets The Group has leases for each of its offices. Leased assets are capitalised on inception of the lease as right-of-use assets and depreciated over the shorter of the non-cancellable lease period and any extension options that are considered reasonably certain to be taken or the useful life of the asset. A corresponding lease liability, representing the present value of the lease payments is also recognised. The discounted lease liability is calculated where possible using the interest rate implicit in the lease or where this is not attainable the incremental borrowing rate is utilised. The incremental borrowing rate is the rate the Group would have to pay to borrow the funds necessary to obtain a similar asset under similar conditions. The Group calculates the incremental borrowing rate using the risk free rate of the country where the asset is held, adjusted for length of the lease and a risk premium. Lease payments are allocated against the principal and finance cost. Finance costs, representing the unwinding of the discount on the lease liability are expensed to produce a constant periodic rate of interest on the remaining liability. ",
"dimensions": {
"concept": "hammersonplc:DescriptionOfAccountingPolicyForRightOfUseAssets",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-622": {
"value": "Cloud software license agreements and intangible assets When the Group incurs configuration and customisation costs as part of a cloud-based software-as-a-service (SaaS) agreement, and where this does not result in the creation of an asset which the Group has control over, such costs are expensed. Licence agreements to use cloud software are treated as service contracts and expensed, unless the Group has both a contractual right to take possession of the software at any time without significant penalty, and the ability to run the software independently of the host vendor. In such cases the licence agreement is capitalised as software within intangible assets. Software and licenses which are capitalised include costs incurred to acquire the assets as well as any internal infrastructure and design costs incurred in the development of software in order to bring the assets into use. Capitalised software costs include external direct costs of goods and services, as well as directly attributable internal payroll related costs for employees who are associated with the project. Computer software under development is held at cost less any recognised impairment loss. Software is stated at cost less accumulated amortisation and, where appropriate, provision for impairment in value or estimated loss on disposal. Amortisation is provided to write off the cost of assets on a straight line basis between three and six years, and is recorded in administration expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-627": {
"value": "Cash and cash equivalents and restricted monetary assets Cash and cash equivalents comprise cash and short term bank deposits with an original maturity of three months or less which are readily accessible. Restricted monetary assets relate to cash balances which legally belong to the Group but which the Group cannot readily access owing to restrictions imposed by law or legislation and include cash and monies held in escrow accounts for a specified purpose. These do not meet the definition of cash and cash equivalents and consequently are presented separately in the consolidated balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-628": {
"value": "Financial liabilities Financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-629": {
"value": "Loans Loans are recognised initially at fair value, after taking account of any discount on issue and attributable transaction costs. Subsequently, loans are held at amortised cost, such that discounts and costs are charged as finance costs to the consolidated income statement over the term of the borrowing at a constant return on the carrying amount of the liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-630": {
"value": "Trade and other payables Trade payables (excluding derivative financial liabilities) are non-interest bearing and are stated at cost which equates to their fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-631": {
"value": "Derivative financial instruments The Group uses derivative financial instruments to economically hedge its exposure to foreign currency movements and interest rate risks. Hedge accounting is applied in respect of net investments in foreign operations and of debt raised in non-functional currencies. Derivative financial instruments are recognised initially at fair value, which equates to cost and subsequently remeasured at fair value, with changes in fair value being included in the consolidated income statement, except where hedge accounting is applied. Derivative financial instruments are presented as current assets or liabilities if they are expected to be settled within 12 months after the end of the reporting period, otherwise they are held as non-current assets or liabilities. The fair value gain or loss on remeasurement of derivative financial instruments and the exchange differences on non-derivative financial instruments that are designated in a net investment hedge are recognised in the net investment hedge reserve in total comprehensive income, to the extent they are effective, and the ineffective portion is recognised in the consolidated income statement within net finance costs. Amounts are reclassified from the net investment hedge reserve to the consolidated income statement when the associated hedged item is disposed of. Derivative financial instruments continued The fair value gain or loss on re-measurement of derivative financial instruments that are designated in a cash flow hedge are recognised in the cash flow hedge reserve in total comprehensive income, to the extent they are effective, and the ineffective portion is recognised in the consolidated income statement within net finance costs. Amounts are reclassified from the cash flow hedge reserve to the consolidated income statement when the associated hedged transaction affects the consolidated income statement. In line with the Group\u2019s definition of Borrowings which includes currency swaps, disclosures in the cash flow statement are consistent with this definition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-623": {
"value": "Plant and equipment Such assets are stated at cost less accumulated depreciation and, where appropriate, provision for impairment in value. Depreciation is charged to the consolidated income statement on a straight line basis over the estimated useful life, generally between three and five years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-624": {
"value": "Other investments Other investments are initially recognised at fair value and subsequently remeasured, with changes recognised in the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-625": {
"value": "Disposals, discontinued operations and assets held for sale Disposals Properties are treated as disposed when control transfers to the buyer which typically occurs on completion. Gains or losses on the sale of properties are calculated by reference to the carrying value at the end of the previous year, adjusted for subsequent capital expenditure, unless reclassified to assets held for sale prior to disposal. Where a corporate entity, whose primary asset is a property, is disposed, the associated gains or losses on the sale of the entity are disclosed as profit or loss on sale of properties. Discontinued operations and assets held for sale A discontinued operation is a component of the Group which represents a significant separate line of business, either through its activity or geographical area of operation, which has been sold, is held for sale or has been closed. Where at the balance sheet date the sale of a component of the Group, which can include a property, is considered highly probable and is available for immediate sale in its present condition as well as taking into account other required accounting criteria, it is classified as held for sale. Such classification assumes the expectation that the sale will complete within one year from the date of classification. Assets and liabilities held for sale are measured at the lower of carrying amount and fair value less costs to sell. If an investment in a joint venture or associate is reclassified to assets held for sale, equity accounting ceases on the date of reclassification and any subsequent movements in the fair value are recognised as impairment gains or losses, however, the Group includes earnings generated after reclassification to assets held for sale as part of its Adjusted earnings as described in note 10A. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-667": {
"value": "Discontinued operations and assets held for sale A discontinued operation is a component of the Group which represents a significant separate line of business, either through its activity or geographical area of operation, which has been sold, is held for sale or has been closed. Where at the balance sheet date the sale of a component of the Group, which can include a property, is considered highly probable and is available for immediate sale in its present condition as well as taking into account other required accounting criteria, it is classified as held for sale. Such classification assumes the expectation that the sale will complete within one year from the date of classification. Assets and liabilities held for sale are measured at the lower of carrying amount and fair value less costs to sell. If an investment in a joint venture or associate is reclassified to assets held for sale, equity accounting ceases on the date of reclassification and any subsequent movements in the fair value are recognised as impairment gains or losses, however, the Group includes earnings generated after reclassification to assets held for sale as part of its Adjusted earnings as described in note 10A. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-626": {
"value": "Trade and other receivables Trade and other receivables are initially measured at fair value, subsequently measured at amortised cost and, where the effect is material, discounted to reflect the time value of money. Trade and other receivables are shown net of any loss allowance provision. In order to calculate any loss allowance, the Group applies the simplified approach under IFRS 9 to determine the Expected Credit Loss (ECL). In addition the Group makes provisions against receivables in the current period in respect of income not yet recognised in the income statement, but instead deferred on the balance sheet to be released to the income statement in a future period, to match the period to which the income relates. Other receivables include loans receivable which are financial assets and are initially measured at fair value, plus acquisition costs, and are subsequently measured at amortised cost, using the effective interest method, less any impairment",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-632": {
"value": "F. SIGNIFICANT JUDGEMENTS AND ESTIMATES The preparation of financial statements requires management to make judgements, estimates and assumptions about the application of its accounting policies which affect the reported amounts of assets, liabilities, income and expenses. Actual amounts and results may differ from those estimates. Judgements and estimates are evaluated regularly and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Any revisions to accounting estimates are recognised in the period in which the estimate is revised. Significant judgements Assets held for sale and discontinued operations 2022 There were no assets qualifying as held for sale nor discontinued operations. 2021 On 14 December 2021, the Group exchanged contracts for the sale of all of its 50% investment in Silverburn whereby completion occurred in March 2022. At the date of exchange, it was concluded that all of the accounting criteria were met to classify this investment as an asset held for sale. Following this reclassification, equity accounting ceased and the asset was subsequently re-measured to \u00a371.4m at 31 December 2021, being the lower of the carrying amount and fair value less costs of disposal. In February and May 2021, the Group sold several UK retail parks forming substantially all of an identifiable segment of the business. As a result of this, the UK retail parks were disclosed as discontinued operations. Residual retained UK retail parks, reclassified as \u2018Developments and other\u2019, formed only a very small proportion of the segment and consequently their retention did not impact the conclusion on the treatment as discontinued. Impairment of non-financial assets and liabilities Most of the Group\u2019s non-financial assets are investment properties and are already carried at their fair value under IAS 40. Investments in joint ventures and associates fall within the scope of IAS 28 and are therefore only assessed for impairment where one or more events cause an indicator of impairment versus the original investment. Joint ventures and associates are accounted for under the equity method, which equates to the Group\u2019s share of the entity\u2019s Net Asset Value (NAV). NAV is based on the fair value of the assets and liabilities where the principal asset, the investment property, is already carried at fair value being the higher of value in use and fair value less cost of disposal and as such, NAV is a reasonable approximation for the recoverable amount of the investment. There are no indicators falling outside of NAV which are considered to be grounds for further impairment review. Significant estimates Property valuations Backdrop The valuation of the Group\u2019s portfolio of properties is the most material area of estimation due to its inherent subjectivity, reliance on assumptions and sensitivity to market fluctuations. The property portfolio is valued by external valuers in accordance with RICS Valuation \u2013 Global Standards and during the year all Covid-19 related assumptions from the valuations were removed. The 31 December 2022 reports include a general commentary on wider issues including uncertainty caused by the war in Ukraine and associated cost, supply chain, rising interest rates and inflationary pressures. Key areas of estimate highlighted included: \u2013 Estimation of market rents based on an increased level of activity \u2013 Consideration of appropriate levels of void costs and rent-free period \u2013 The impact of shortening lease lengths \u2013 The basis of yield assumptions recognising the selective return of investor appetite towards the retail sector Methodology Investment properties, excluding properties held for development, are valued by adopting the \u2018investment method\u2019 of valuation. This approach involves applying capitalisation yields to estimated future rental income streams reflecting contracted income reverting to ERV with appropriate adjustments for income voids arising from vacancies, lease expiries or rent-free periods. These capitalisation yields and future income streams are derived from comparable property and leasing transactions and are considered to be the key inputs to the valuations. Where comparable evidence of yield movement is lacking, valuers are reliant on sentiment or the movement of less comparable assets. Factors that have been taken into account include, but are not limited to, the location and physical attributes of the property, tenure, tenancy details, lease expiry profile, rent collection, local taxes, structural and environmental conditions. With regards to the latter factor, the valuers currently make limited explicit adjustment to their valuations in respect of ESG matters. However, both the Group and the valuers anticipate that ESG will have a greater influence on valuations in the future as investment markets place a greater emphasis on this topic and valuers comply with the RICS Guidance Note Sustainability and ESG in Commercial Property Valuation, which took effect from 31 January 2022. A tailored approach is taken to the valuation of the Group\u2019s development properties due to their unique nature. In the case of on site developments, the approach applied is the \u2018residual method\u2019 of valuation, which is the investment method of valuation as described above with a deduction for all costs necessary to complete the development, together with a further allowance for remaining risk and developers\u2019 profit. Properties held for future development are valued using the highest and best use method, by adopting the higher of the residual method of valuation allowing for all associated risks, and the investment method of valuation for the existing asset. Valuations of the Group\u2019s premium outlets held by Value Retail are calculated on a discounted cash flow basis, utilising key assumptions such as net operating income, exit yield, discount rate and forecast sales density growth. Inputs to the valuations, some of which are \u2018unobservable\u2019 as defined by IFRS 13, include capitalisation yields (nominal equivalent yield) and market rental income (ERV). These are dependent on individual market characteristics. With other factors remaining constant, an increase in rental income would increase valuations, whilst increases in capitalisation yields and discount rates would result in a fall in values and vice versa. However, there are interrelationships between unobservable inputs as they are determined by market conditions. For example, an increase in rents may be offset by an increase in yield, resulting in no net impact on the valuation. A sensitivity analysis, showing the impact on valuations of changes in yields and market rental income is set out in note 12A. Impairment of trade receivables Estimates made in assessing the provisions for impairment of trade (tenant) receivables require consideration of future events which therefore make the provisions inherently subjective. The Group applies the simplified approach under IFRS 9 by adopting a provisioning matrix to determine the Expected Credit Loss (ECL), grouping receivables dependent on risk level. In making these assessments, key factors the Group takes into account include: \u2013 Credit ratings \u2013 Latest information on occupiers\u2019 financial standing including the relative risk of the retail subsector in which they operate \u2013 Historical default rates \u2013 Ageing \u2013 Rent deposits (included as part of payables) \u2013 Guarantees held \u2013 The probability that tenants will serve out the remainder of the contractual terms of their leases In assessing the current year provision, consideration has been given to the outturn of the prior year provision. Specific higher provisioning levels may be applied where information is available which suggests this is required, for instance, if the likelihood of default or tenant failure is deemed to be very high, a full provision is applied. Trade receivables are written off when there is no feasible possibility of recovery and enforcement activity has ceased. Over the course of 2022, conditions affecting collections improved, especially as most of the government restrictions on collections in the UK were lifted in March 2022 and final restrictions were lifted in September 2022. Although restrictions differed in France and Ireland, similar improvements have also been seen. Improved collection rates have resulted in a reduction in gross trade receivables and a reappraisal of provisioning rates. Applying the assessment criteria set out above, the Group has reduced its provisioning rates to reflect the improving trend and the reduction in the loss allowance provision in 2022 relates partly to utilisations of the provision for amounts now written off as well as the reversal of loss allowances brought forward no longer required, reflecting collections and concessions agreed. Some small differences in provision rates across segments exist which reflect the typically experienced local collection rates by age category, however, the effect on overall provisioning rate on the total gross balance by segment is not material. Sensitivities to provisioning rates on trade (tenant) receivables are set out in note 15E. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-633": {
"value": "2. PROFIT/(LOSS) FOR THE YEAR As described in note 3, the Group evaluates the performance of its portfolio by aggregating its share of joint ventures and associates which are under the Group\u2019s management (\u2018Share of Property interests\u2019) on a proportionally consolidated basis and including, where applicable, discontinued operations. Discontinued operations for 2021 comprised UK retail parks. Adjusted earnings, which is also calculated on a proportionally consolidated basis, is the Group\u2019s primary profit measure and this is the basis of information which is reported to the Board. The following table sets out a reconciliation from Reported earnings to Adjusted earnings. 2022 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other a \u00a3m Adjusted \u00a3m Revenue 4 131.4 143.6 275.0 \u2013 275.0 Gross rental income b 3A, 4 90.2 125.0 215.2 \u2013 215.2 Service charge income 4 24.2 18.6 42.8 \u2013 42.8 114.4 143.6 258.0 \u2013 258.0 Service charge expenses (27.8) (22.5) (50.3) \u2013 (50.3) Cost of sales 5A (9.3) (21.2) (30.5) (2.4) (32.9) Net rental income 77.3 99.9 177.2 (2.4) 174.8 Gross administration costs 5A (64.6) (0.3) (64.9) 5.1 (59.8) Other income 4 17.0 \u2013 17.0 \u2013 17.0 Net administration expenses (47.6) (0.3) (47.9) 5.1 (42.8) Profit from operating activities 29.7 99.6 129.3 2.7 132.0 Revaluation losses on properties 12 (82.7) (138.3) (221.0) 221.0 \u2013 Disposals and assets held for sale \u2013 Profit/(loss) on sale of properties 9A 0.7 (0.1) 0.6 (0.6) \u2013 \u2013 Recycled exchange gains on disposal of overseas interests \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Impairment on reclassification to assets held for sale \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Income from assets held for sale 9A,10A \u2013 (1.6) (1.6) 1.6 \u2013 Joint venture related \u2013 Impairment of receivables due to the Group \u2013 \u2013 \u2013 \u2013 \u2013 Change in fair value of other investments (0.1) \u2013 (0.1) 0.1 \u2013 Loss on sale of joint ventures and associates \u2013 \u2013 \u2013 \u2013 \u2013 Other net gains/(losses) 0.6 (1.7) (1.1) 1.1 \u2013 Share of results of joint ventures 13B (41.5) 41.5 \u2013 \u2013 \u2013 Impairment of joint venture \u2013 \u2013 \u2013 \u2013 \u2013 Share of results of associates 14B (7.1) 1.8 (5.3) 32.7 27.4 Operating (loss)/profit (101.0) 2.9 (98.1) 257.5 159.4 Net finance costs 7 (63.0) (2.6) (65.6) 11.6 (54.0) (Loss)/profit before tax (164.0) 0.3 (163.7) 269.1 105.4 Tax charge 8A (0.2) (0.3) (0.5) \u2013 (0.5) (Loss)/profit for the year attributable to equity shareholders (164.2) \u2013 (164.2) 269.1 104.9 a Adjusting items, described above as \u2018Capital and other\u2019, are set out in note 10A. b Proportionally consolidated figure includes \u00a313.7m (2021: \u00a38.2m) of contingent rents calculated by reference to tenants\u2019 turnover. 2. PROFIT/(LOSS) FOR THE YEAR continued 2021 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Discontinued operations 9B \u00a3m Sub-total before adjustments \u00a3m Capital and other a \u00a3m Adjusted \u00a3m Revenue \u2020 4 137.2 172.8 12.3 322.3 \u2013 322.3 Gross rental income \u2020,b 3A, 4 90.3 149.1 11.0 250.4 \u2013 250.4 Service charge income 4 26.6 23.6 1.3 51.5 \u2013 51.5 \u2020 116.9 172.7 12.3 301.9 \u2013 301.9 Service charge expenses (29.5) (28.3) (2.1) (59.9) \u2013 (59.9) Cost of sales \u2020 5A (20.2) (38.9) (0.4) (59.5) (8.1) (67.6) Net rental income \u2020 67.2 105.5 9.8 182.5 (8.1) 174.4 Gross administration costs 5A (79.5) (0.7) (0.1) (80.3) 8.6 (71.7) Other income 4 20.3 \u2013 \u2013 20.3 \u2013 20.3 Net administration expenses (59.2) (0.7) (0.1) (60.0) 8.6 (51.4) Profit from operating activities \u2020 8.0 104.8 9.7 122.5 0.5 123.0 Revaluation losses on properties \u2020 12 (169.6) (274.5) \u2013 (444.1) 444.1 \u2013 Disposals and assets held for sale \u2013 Profit/(loss) on sale of properties \u2020 9A 9.8 (0.9) (29.3) (20.4) 20.4 \u2013 \u2013 Recycled exchange gains on disposal of overseas interests 10A 11.0 \u2013 \u2013 11.0 (11.0) \u2013 \u2013 Impairment on reclassification to assets held for sale (0.9) \u2013 \u2013 (0.9) 0.9 \u2013 \u2013 Income from assets held for sale \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Joint venture related \u2013 Impairment of receivables due to the Group (0.7) \u2013 \u2013 (0.7) 0.7 \u2013 Change in fair value of other investments 0.4 \u2013 \u2013 0.4 (0.4) \u2013 Loss on sale of joint ventures and associates (0.9) 0.9 \u2013 \u2013 \u2013 \u2013 Other net gains/(losses) 18.7 \u2013 (29.3) (10.6) 10.6 \u2013 Share of results of joint ventures 13B (171.3) 171.3 \u2013 \u2013 \u2013 \u2013 Impairment of joint ventures (11.5) \u2013 \u2013 (11.5) 11.5 \u2013 Share of results of associates 14B 15.6 4.4 \u2013 20.0 (4.1) 15.9 Operating (loss)/profit \u2020 (310.1) 6.0 (19.6) (323.7) 462.6 138.9 Net finance costs 7 (97.9) (5.7) \u2013 (103.6) 31.8 (71.8) (Loss)/profit before tax \u2020 (408.0) 0.3 (19.6) (427.3) 494.4 67.1 Tax charge 8A (1.3) (0.3) (0.2) (1.8) 0.2 (1.6) (Loss)/profit after tax \u2020 (409.3) \u2013 (19.8) (429.1) 494.6 65.5 Loss for the year from discontinued operations (19.8) \u2013 19.8 \u2013 \u2013 \u2013 (Loss)/profit for the year attributable to equity shareholders \u2020 (429.1) \u2013 \u2013 (429.1) 494.6 65.5 Attributable to: Continuing operations \u2020 (409.3) \u2013 \u2013 (409.3) 466.5 57.2 Discontinued operations \u2020 (19.8) \u2013 \u2013 (19.8) 28.1 8.3 \u2020 (429.1) \u2013 \u2013 (429.1) 494.6 65.5 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. 2. PROFIT/(LOSS) FOR THE YEAR continued ",
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"fact-634": {
"value": "The Group\u2019s reportable segments are determined by the internal performance reported to the Chief Operating Decision Makers which has been determined to be the Chief Executive Officer and the Group Executive Committee (together, the Chief Operating Decision Makers). Such reporting is both by sector and geographic location as these demonstrate different characteristics and risks, are managed by separate teams and are the basis on which resources are allocated. The Group evaluates the performance of its portfolio by aggregating its share of joint ventures and associates which are under the Group\u2019s management (\u2018Share of Property interests\u2019) on a proportionally consolidated line-by-line basis including, where applicable, discontinued operations. The Group does not proportionally consolidate the Group\u2019s investment in Value Retail as this is not under the Group\u2019s management, and instead monitors the performance of this investment separately as its share of results of associates as reported under IFRS. The Group\u2019s activities presented on a proportionally consolidated basis including Share of Property interests are: \u2013 Flagship destinations \u2013 Developments and other \u2013 UK retail parks (to date of disposal in 2021) One of the Group\u2019s primary income measures was amended in the second half of 2021 from Net rental income to Adjusted net rental income which excludes the \u2018change in provision for amounts not yet recognised in the income statement\u2019 as explained in note 10A. Comparative data is for this new measure where the Group\u2019s primary income statement measures are therefore now: \u2013 Gross rental income \u2013 Adjusted net rental income Total assets are not monitored by segment and resource allocation is based on the distribution of property assets between segments. A. INCOME BY SEGMENT Gross rental income Adjusted net rental income 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Flagship destinations UK \u2020 90.5 119.3 74.3 83.6 France \u2020 61.8 54.4 53.8 37.0 Ireland \u2020 37.3 35.6 33.6 28.2 \u2020 189.6 209.3 161.7 148.8 Developments and other \u2020 25.6 30.1 13.1 17.2 Discontinued operations (UK retail parks) \u2020 \u2013 11.0 \u2013 8.4 Managed portfolio \u2013 proportionally consolidated \u2020 215.2 250.4 174.8 174.4 Less Share of Property interests \u2013 continuing operations \u2020 (125.0) (149.1) Less discontinued operations (UK retail parks) \u2020 \u2013 (11.0) Reported Group \u2020 90.2 90.3 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. 3. SEGMENTAL ANALYSIS 3. SEGMENTAL ANALYSIS continued B. INVESTMENT AND DEVELOPMENT PROPERTY ASSETS BY SEGMENT 2022 2021 Note Property valuation \u00a3m Capital expenditure \u00a3m Revaluation losses \u00a3m Property valuation \u00a3m Capital expenditure \u00a3m Revaluation losses \u00a3m Flagship destinations UK \u2020 871.0 12.8 (90.2) 1,135.3 8.5 (247.5) France \u2020 1,241.0 33.3 (57.2) 989.7 22.7 (61.0) Ireland \u2020 676.4 4.9 (20.1) 659.3 4.4 (56.9) \u2020 2,788.4 51.0 (167.5) 2,784.3 35.6 (365.4) Developments and other \u2020 431.7 21.9 (53.5) 694.4 50.8 (78.7) Discontinued operations (UK retail parks) \u2020 \u2013 \u2013 \u2013 \u2013 0.3 \u2013 Managed portfolio \u2020 3,220.1 72.9 (221.0) 3,478.7 86.7 (444.1) Value Retail 1,887.0 6.6 (60.7) 1,893.5 41.2 (12.0) Group portfolio \u2020 5,107.1 79.5 (281.7) 5,372.2 127.9 (456.1) Less Value Retail (1,887.0) (6.6) 60.7 (1,893.5) (41.2) 12.0 Less Share of Property interests \u2020 a (1,722.9) (35.2) 138.3 (1,813.9) (13.1) 274.5 Less discontinued operations (UK retail parks) \u2020 \u2013 \u2013 \u2013 \u2013 (0.3) \u2013 Less trading properties b (36.2) \u2013 \u2013 (34.3) (6.2) \u2013 Less assets held for sale 9A \u2013 \u2013 \u2013 (69.1) \u2013 \u2013 Reported Group \u2020 1,461.0 37.7 (82.7) 1,561.4 67.1 (169.6) \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. a Property valuation comprises UK: \u00a31,011.6m (2021: \u00a31,121.0m); France: \u00a3166.8m (2021: \u00a3165.9m) and Ireland: \u00a3544.5m (2021: \u00a3527.0m). b In December 2019, the Group exchanged contracts for the forward sale of Italik, subject to completion of the development which was opened in 2021, resulting in the sale becoming unconditional although in accordance with a contractually allowed option and subsequent agreement, the purchaser has deferred completion to 2023. At 31 December 2022, the 75% of Italik contracted for sale was included within trading properties at the agreed sale price less forecast costs to complete. C. ANALYSIS OF NON-CURRENT ASSETS 2022 \u00a3m 2021 \u00a3m UK 1,135.4 1,428.8 Continental Europe * 2,518.0 2,418.2 Ireland 533.4 520.3 4,186.8 4,367.3 * Includes the Group\u2019s associate stake in Value Retail which has interests across Europe, including UK and Ireland.",
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"fact-635": {
"value": " Note 2022 \u00a3m 2021 \u00a3m Base rent 68.2 62.1 Turnover rent 5.5 2.7 Car park income * 10.8 9.6 Lease incentive recognition \u2020 2.7 11.3 Other rental income 3.0 4.6 Gross rental income \u2020 2 90.2 90.3 Service charge income * 24.2 26.6 Other income \u2013 Property fee income * 11.5 13.2 \u2013 Joint venture and associate management fees * 5.5 7.1 17.0 20.3 Revenue \u2013 continuing operations \u2020 131.4 137.2 Revenue \u2013 discontinued operations \u2020 9B \u2013 12.2 \u2020 131.4 149.4 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. * Revenue for those categories marked * amounted to \u00a352.0m (2021: \u00a356.5m) and is recognised under IFRS 15 \u2018Revenue from Contracts with Customers\u2019. All other revenue is recognised in accordance with IFRS 16 \u2018Leases\u2019. 4. REVENUE ",
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"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-668": {
"value": "5. COSTS A. PROFIT FROM OPERATING ACTIVITIES IS STATED AFTER CHARGING: Cost of sales Note 2022 \u00a3m 2021 \u00a3m Ground and equity rents payable 0.7 1.1 Inclusive lease costs recovered through rent 3.1 2.7 Other property outgoings \u2020 a 6.4 18.0 Change in provision for amounts not yet recognised in the income statement (0.9) (1.6) \u2020 9.3 20.2 Gross administration costs Note 2022 \u00a3m 2021 \u00a3m Employee costs 5B 42.0 51.4 Depreciation of plant and equipment 1.0 1.1 Depreciation of right-of-use assets 3.1 3.3 Business transformation costs 10A 5.1 8.6 Other corporate costs b 13.4 15.1 64.6 79.5 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. a Includes charges and credits in respect of expected credit losses as set out in note 15D. b Comprises predominantly professional fees (mainly valuation, legal and audit), office rent and software licence fees. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-688": {
"value": "5. COSTS A. PROFIT FROM OPERATING ACTIVITIES IS STATED AFTER CHARGING: Cost of sales Note 2022 \u00a3m 2021 \u00a3m Ground and equity rents payable 0.7 1.1 Inclusive lease costs recovered through rent 3.1 2.7 Other property outgoings \u2020 a 6.4 18.0 Change in provision for amounts not yet recognised in the income statement (0.9) (1.6) \u2020 9.3 20.2 Gross administration costs Note 2022 \u00a3m 2021 \u00a3m Employee costs 5B 42.0 51.4 Depreciation of plant and equipment 1.0 1.1 Depreciation of right-of-use assets 3.1 3.3 Business transformation costs 10A 5.1 8.6 Other corporate costs b 13.4 15.1 64.6 79.5 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. a Includes charges and credits in respect of expected credit losses as set out in note 15D. b Comprises predominantly professional fees (mainly valuation, legal and audit), office rent and software licence fees. ",
"dimensions": {
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"entity": "scheme:213800G1C9KKVVDN1A60",
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"fact-636": {
"value": "5. COSTS A. PROFIT FROM OPERATING ACTIVITIES IS STATED AFTER CHARGING: Cost of sales Note 2022 \u00a3m 2021 \u00a3m Ground and equity rents payable 0.7 1.1 Inclusive lease costs recovered through rent 3.1 2.7 Other property outgoings \u2020 a 6.4 18.0 Change in provision for amounts not yet recognised in the income statement (0.9) (1.6) \u2020 9.3 20.2 Gross administration costs Note 2022 \u00a3m 2021 \u00a3m Employee costs 5B 42.0 51.4 Depreciation of plant and equipment 1.0 1.1 Depreciation of right-of-use assets 3.1 3.3 Business transformation costs 10A 5.1 8.6 Other corporate costs b 13.4 15.1 64.6 79.5 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. a Includes charges and credits in respect of expected credit losses as set out in note 15D. b Comprises predominantly professional fees (mainly valuation, legal and audit), office rent and software licence fees. 5. COSTS continued B. EMPLOYEE COSTS Note 2022 \u00a3m 2021 \u00a3m Wages and salaries (including bonuses) 31.3 39.5 Social security 5.5 7.1 Other pension costs 3.0 3.0 Share-based remuneration 5D 3.0 3.3 * 42.8 52.9 Capitalised into properties under development (0.8) (1.5) Total 42.0 51.4 * Share-based remuneration comprises the share element of performance related bonuses (where the other element is paid in cash) and longer term share-plans, some of which contain performance conditions and where further information is provided in the Directors\u2019 Remuneration report. C. EMPLOYEE NUMBERS 2022 number 2021 number Average number of employees 370 494 Number of employees whose costs are recharged to tenants, included above 145 195 D. SHARE-BASED PAYMENTS Share-based remuneration charge comprises a number of equity settled share schemes which the Group operates for certain employees of the Group. At 31 December 2022, there were no shares exercisable under any of these schemes (2021: none). Details of each scheme are as follows: Deferred Bonus Share Scheme (DBSS) The DBSS is open to Executive Directors and senior management where a deferred element of their annual performance related incentive plan is settled in shares which are deferred for a period of two years from the date of the award and where the other element of this plan is settled in cash. The share awards are satisfied through the grant of \u00a3nil cost options. 2022 number 2021 number 1 January 714,478 767,558 Granted 2,761,940 117,508 Exercised (714,478) (62,483) Forfeited \u2013 (108,105) 31 December 2,761,940 714,478 Weighted average 2022 2021 Fair value of awards granted 32p 34p Share price at date of exercise 31p 32p Remaining contractual life 1.3 years 0.1 years D. SHARE-BASED PAYMENTS continued Restricted Share Schemes (RSS) and Long Term Incentive Plan (LTIP) The RSS applies to the Executive Directors, through the grant of \u00a3nil cost options, which vest one third each on the third, fourth and fifth anniversaries of the date of the award. There is a vesting performance underpin which is measured at the end of the third anniversary. The RSS superseded the Company\u2019s LTIP in 2019. 2022 number 2021 number 1 January 11,100,742 10,941,218 Granted 5,244,132 4,698,892 Lapsed (768,801) (1,218,572) Forfeited \u2013 (3,320,796) 31 December 15,576,073 11,100,742 Weighted average 2022 2021 Fair value of awards granted 32p 34p Share price at date of exercise n/a n/a Remaining contractual life 2.3 years 3.0 years Restricted Share Plan (RSP) UK eligible employees are granted \u00a3nil cost options which have a vesting period of three years from the date of the award. There are no performance criteria to be satisfied for the awards to vest, the employee only needs to be in employment on the third anniversary from the date of the award. 2022 number 2021 number 1 January 16,570,535 13,772,868 Granted 7,273,007 8,762,770 Exercised (1,210,999) (764,288) Forfeited (4,221,790) (5,200,815) 31 December 18,410,753 16,570,535 Weighted average 2022 2021 Fair value of awards granted 32p 34p Share price at date of exercise 32p 33p Remaining contractual life 1.3 years 1.8 years Other schemes French share scheme Eligible employees in France are granted \u00a3nil cost options which have a vesting period of two years, and a further holding period of two years, from the date of the award. There are no performance conditions to be satisfied for the awards to vest, the employee only needs to be in employment on the second anniversary of the date of the award. Share Incentive Plan (SIP) Eligible UK employees are invited to invest up to \u00a31,800 per annum tax free in SIP partnership shares. As an incentive to participants, the Company will match each partnership share with one matching share. The vesting period is three years from the date of the award. Savings related share option scheme UK eligible employees may participate in this scheme by choosing to enter into one or more contracts for a three or five year term and save up to a total of \u00a3500 per month. At the end of the contract employees may exercise an option to purchase shares in the Company at the option price, which is set at the beginning of the contract at a discount of up to 20% of the prevailing share price at the time the invitation is launched. 5. COSTS continued 5. COSTS continued E. AUDITOR REMUNERATION 2022 \u00a3m 2021 \u00a3m Audit of the Group and Company financial statements 0.9 0.6 Audit of subsidiaries 0.5 0.5 Audit related assurance services, including interim review 0.3 0.2 1.7 1.3 Non-audit services a \u2013 0.1 Total auditor remuneration b 1.7 1.4 a 2021: Related to reporting accountant work in respect of the \u20ac700m bond issue. b Excludes the additional amounts of \u00a30.2m (2021: \u00a30.2m) incurred in respect of the Group\u2019s share of audit services undertaken on behalf of its joint ventures. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-669": {
"value": "B. EMPLOYEE COSTS Note 2022 \u00a3m 2021 \u00a3m Wages and salaries (including bonuses) 31.3 39.5 Social security 5.5 7.1 Other pension costs 3.0 3.0 Share-based remuneration 5D 3.0 3.3 * 42.8 52.9 Capitalised into properties under development (0.8) (1.5) Total 42.0 51.4 * Share-based remuneration comprises the share element of performance related bonuses (where the other element is paid in cash) and longer term share-plans, some of which contain performance conditions and where further information is provided in the Directors\u2019 Remuneration report. C. EMPLOYEE NUMBERS 2022 number 2021 number Average number of employees 370 494 Number of employees whose costs are recharged to tenants, included above 145 195 ",
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"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-670": {
"value": "D. SHARE-BASED PAYMENTS Share-based remuneration charge comprises a number of equity settled share schemes which the Group operates for certain employees of the Group. At 31 December 2022, there were no shares exercisable under any of these schemes (2021: none). Details of each scheme are as follows: Deferred Bonus Share Scheme (DBSS) The DBSS is open to Executive Directors and senior management where a deferred element of their annual performance related incentive plan is settled in shares which are deferred for a period of two years from the date of the award and where the other element of this plan is settled in cash. The share awards are satisfied through the grant of \u00a3nil cost options. 2022 number 2021 number 1 January 714,478 767,558 Granted 2,761,940 117,508 Exercised (714,478) (62,483) Forfeited \u2013 (108,105) 31 December 2,761,940 714,478 Weighted average 2022 2021 Fair value of awards granted 32p 34p Share price at date of exercise 31p 32p Remaining contractual life 1.3 years 0.1 years D. SHARE-BASED PAYMENTS continued Restricted Share Schemes (RSS) and Long Term Incentive Plan (LTIP) The RSS applies to the Executive Directors, through the grant of \u00a3nil cost options, which vest one third each on the third, fourth and fifth anniversaries of the date of the award. There is a vesting performance underpin which is measured at the end of the third anniversary. The RSS superseded the Company\u2019s LTIP in 2019. 2022 number 2021 number 1 January 11,100,742 10,941,218 Granted 5,244,132 4,698,892 Lapsed (768,801) (1,218,572) Forfeited \u2013 (3,320,796) 31 December 15,576,073 11,100,742 Weighted average 2022 2021 Fair value of awards granted 32p 34p Share price at date of exercise n/a n/a Remaining contractual life 2.3 years 3.0 years Restricted Share Plan (RSP) UK eligible employees are granted \u00a3nil cost options which have a vesting period of three years from the date of the award. There are no performance criteria to be satisfied for the awards to vest, the employee only needs to be in employment on the third anniversary from the date of the award. 2022 number 2021 number 1 January 16,570,535 13,772,868 Granted 7,273,007 8,762,770 Exercised (1,210,999) (764,288) Forfeited (4,221,790) (5,200,815) 31 December 18,410,753 16,570,535 Weighted average 2022 2021 Fair value of awards granted 32p 34p Share price at date of exercise 32p 33p Remaining contractual life 1.3 years 1.8 years Other schemes French share scheme Eligible employees in France are granted \u00a3nil cost options which have a vesting period of two years, and a further holding period of two years, from the date of the award. There are no performance conditions to be satisfied for the awards to vest, the employee only needs to be in employment on the second anniversary of the date of the award. Share Incentive Plan (SIP) Eligible UK employees are invited to invest up to \u00a31,800 per annum tax free in SIP partnership shares. As an incentive to participants, the Company will match each partnership share with one matching share. The vesting period is three years from the date of the award. Savings related share option scheme UK eligible employees may participate in this scheme by choosing to enter into one or more contracts for a three or five year term and save up to a total of \u00a3500 per month. At the end of the contract employees may exercise an option to purchase shares in the Company at the option price, which is set at the beginning of the contract at a discount of up to 20% of the prevailing share price at the time the invitation is launched. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-671": {
"value": "E. AUDITOR REMUNERATION 2022 \u00a3m 2021 \u00a3m Audit of the Group and Company financial statements 0.9 0.6 Audit of subsidiaries 0.5 0.5 Audit related assurance services, including interim review 0.3 0.2 1.7 1.3 Non-audit services a \u2013 0.1 Total auditor remuneration b 1.7 1.4 a 2021: Related to reporting accountant work in respect of the \u20ac700m bond issue. b Excludes the additional amounts of \u00a30.2m (2021: \u00a30.2m) incurred in respect of the Group\u2019s share of audit services undertaken on behalf of its joint ventures. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-637": {
"value": "6. RESTATEMENT OF 2021 IN RESPECT OF THE IFRIC DECISION ON CONCESSIONS As described in note 1B, the IFRIC Decision on Concessions has resulted in a restatement of 2021 results. IAS 8 \u2018Accounting policies, changes in accounting estimates and errors\u2019 requires that for current and prior periods, to the extent practicable, the amount of adjustment relating to a restatement should be disclosed for each financial line item affected. Whilst those financial line items which have been restated are marked \u2020, owing to the very significant number of line items affected, it has not been considered practicable to disclose the effects for each one because such presentation would become misleading and thus conflict with the objective of financial statements as set out in IAS 1 \u2018Presentation of financial statements\u2019. Accordingly, only the adjustments which affect key financial line items are presented below: A. KEY INCOME STATEMENT ITEMS Reported Group Adjusted As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m Revenue 134.8 2.4 137.2 313.4 8.8 322.2 Gross rental income 87.9 2.4 90.3 241.6 8.8 250.4 Cost of sales (13.7) (6.5) (20.2) (43.4) (24.2) (67.6) Net rental income 71.3 (4.1) 67.2 189.8 (15.4) 174.4 Profit from operating activities 12.1 (4.1) 8.0 138.4 (15.4) 123.0 Revaluation losses on properties (173.7) 4.1 (169.6) \u2013 \u2013 \u2013 Operating (loss)/profit (310.1) \u2013 (310.1) 154.3 (15.4) 138.9 (Loss)/profit for the year attributable to equity shareholders * (429.1) \u2013 (429.1) 80.9 (15.4) 65.5 * EPRA earnings and Headline earnings have been restated by the same amount. B. INCOME ANALYSIS BY SEGMENT Gross rental income Adjusted net rental income As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m Flagship destinations UK 114.3 5.0 119.3 90.1 (6.5) 83.6 France 52.5 1.9 54.4 39.4 (2.4) 37.0 Ireland 34.5 1.1 35.6 32.4 (4.2) 28.2 201.3 8.0 209.3 161.9 (13.1) 148.8 Developments and other 29.6 0.5 30.1 17.5 (0.3) 17.2 Discontinued operations (UK retail parks) 10.7 0.3 11.0 10.4 (2.0) 8.4 Managed portfolio 241.6 8.8 250.4 189.8 (15.4) 174.4 Less Share of Property interests \u2013 continuing operations (143.0) (6.1) (149.1) (109.7) 9.3 (100.4) Less discontinued operations (UK retail parks) (10.7) (0.3) (11.0) (10.4) 2.0 (8.4) 87.9 2.4 90.3 69.7 (4.1) 65.6 C: INCOME ANALYSIS OF JOINT VENTURES AND ASSOCIATES Gross rental income Net rental income As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m Joint ventures 137.2 5.9 143.1 110.0 (9.2) 100.8 Associates 102.5 0.1 102.6 71.5 (0.1) 71.4 D. BALANCE SHEET DISCLOSURES Share of Property interests and discontinued operations Reported Group Investment properties Note As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m As originally reported \u00a3m Adjustment \u00a3m As restated \u00a3m Revaluation losses * 3/12 283.8 (9.3) 274.5 (173.7) 4.1 (169.6) Capital expenditure * 3/12 (24.7) 11.3 (13.4) 71.2 (4.1) 67.1 Disposals * 3 2.3 (2.0) 0.3 * Figures for Share of Property interests and discontinued operations are as set out in note 3 and Reported Group figures are set out in note 12 as stated above. E. IMPACT ON 2022 Had the restatement not been applied, the income measures for 2022 set out below would have differed by the following amounts. Amount by which income would have been (lower)/higher Reported Group \u00a3m Adjusted \u00a3m Revenue (2.9) (8.7) Gross rental income (2.9) (8.7) Net rental income 0.5 (1.9) Profit for the year attributable to equity shareholders \u2013 (1.9) 6. RESTATEMENT OF 2021 IN RESPECT OF THE IFRIC DECISION ON CONCESSIONS continued ",
"dimensions": {
"concept": "hammersonplc:DisclosureOfRestatementOf2021InRespectOfTheIFRICDecisionOnConcessions",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-638": {
"value": "7. NET FINANCE COSTS Note 2022 \u00a3m 2021 \u00a3m Finance income Bank and other interest receivable 26.1 15.1 Finance costs Interest on bank loans and overdrafts (4.6) (5.8) Interest on bonds and related charges (61.4) (62.0) Interest on senior notes and related charges (6.0) (11.4) Interest on obligations under head leases (2.1) (2.2) Interest on other lease obligations (0.1) (0.1) Other interest payable (0.4) (1.2) Gross interest costs (74.6) (82.7) Interest capitalised in respect of properties under development 1.2 5.3 (73.4) (77.4) Debt and loan facility cancellation costs * 10A (1.3) (21.6) Fair value losses on derivatives 10A (14.4) (14.0) (89.1) (113.0) Net finance costs (63.0) (97.9) * Comprising redemption premiums and fees from early repayment of debt or cancellation of facilities. 7. NET FINANCE COSTS continued Further analysis on a proportionally consolidated basis is set out below: 2022 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other \u00a3m Adjusted \u00a3m Finance income 26.1 \u2013 26.1 \u2013 26.1 Gross interest costs (74.6) (6.7) (81.3) \u2013 (81.3) Interest capitalised in respect of properties under development 1.2 \u2013 1.2 \u2013 1.2 (73.4) (6.7) (80.1) \u2013 (80.1) Debt and loan facility cancellation costs 10A (1.3) \u2013 (1.3) 1.3 \u2013 Fair value (losses)/gains on derivatives 10A (14.4) 4.1 (10.3) 10.3 \u2013 Finance costs (89.1) (2.6) (91.7) 11.6 (80.1) Net finance costs (63.0) (2.6) (65.6) 11.6 (54.0) 2021 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other \u00a3m Adjusted \u00a3m Finance income 15.1 \u2013 15.1 \u2013 15.1 Gross interest costs (82.7) (9.5) (92.2) \u2013 (92.2) Interest capitalised in respect of properties under development 5.3 \u2013 5.3 \u2013 5.3 (77.4) (9.5) (86.9) \u2013 (86.9) Debt and loan facility cancellation costs 10A (21.6) (0.4) (22.0) 22.0 \u2013 Fair value (losses)/gains on derivatives 10A (14.0) 4.2 (9.8) 9.8 \u2013 Finance costs (113.0) (5.7) (118.7) 31.8 (86.9) Net finance costs (97.9) (5.7) (103.6) 31.8 (71.8) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-689": {
"value": "7. NET FINANCE COSTS Note 2022 \u00a3m 2021 \u00a3m Finance income Bank and other interest receivable 26.1 15.1 Finance costs Interest on bank loans and overdrafts (4.6) (5.8) Interest on bonds and related charges (61.4) (62.0) Interest on senior notes and related charges (6.0) (11.4) Interest on obligations under head leases (2.1) (2.2) Interest on other lease obligations (0.1) (0.1) Other interest payable (0.4) (1.2) Gross interest costs (74.6) (82.7) Interest capitalised in respect of properties under development 1.2 5.3 (73.4) (77.4) Debt and loan facility cancellation costs * 10A (1.3) (21.6) Fair value losses on derivatives 10A (14.4) (14.0) (89.1) (113.0) Net finance costs (63.0) (97.9) * Comprising redemption premiums and fees from early repayment of debt or cancellation of facilities. 7. NET FINANCE COSTS continued Further analysis on a proportionally consolidated basis is set out below: 2022 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other \u00a3m Adjusted \u00a3m Finance income 26.1 \u2013 26.1 \u2013 26.1 Gross interest costs (74.6) (6.7) (81.3) \u2013 (81.3) Interest capitalised in respect of properties under development 1.2 \u2013 1.2 \u2013 1.2 (73.4) (6.7) (80.1) \u2013 (80.1) Debt and loan facility cancellation costs 10A (1.3) \u2013 (1.3) 1.3 \u2013 Fair value (losses)/gains on derivatives 10A (14.4) 4.1 (10.3) 10.3 \u2013 Finance costs (89.1) (2.6) (91.7) 11.6 (80.1) Net finance costs (63.0) (2.6) (65.6) 11.6 (54.0) 2021 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other \u00a3m Adjusted \u00a3m Finance income 15.1 \u2013 15.1 \u2013 15.1 Gross interest costs (82.7) (9.5) (92.2) \u2013 (92.2) Interest capitalised in respect of properties under development 5.3 \u2013 5.3 \u2013 5.3 (77.4) (9.5) (86.9) \u2013 (86.9) Debt and loan facility cancellation costs 10A (21.6) (0.4) (22.0) 22.0 \u2013 Fair value (losses)/gains on derivatives 10A (14.0) 4.2 (9.8) 9.8 \u2013 Finance costs (113.0) (5.7) (118.7) 31.8 (86.9) Net finance costs (97.9) (5.7) (103.6) 31.8 (71.8) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-672": {
"value": "7. NET FINANCE COSTS Note 2022 \u00a3m 2021 \u00a3m Finance income Bank and other interest receivable 26.1 15.1 Finance costs Interest on bank loans and overdrafts (4.6) (5.8) Interest on bonds and related charges (61.4) (62.0) Interest on senior notes and related charges (6.0) (11.4) Interest on obligations under head leases (2.1) (2.2) Interest on other lease obligations (0.1) (0.1) Other interest payable (0.4) (1.2) Gross interest costs (74.6) (82.7) Interest capitalised in respect of properties under development 1.2 5.3 (73.4) (77.4) Debt and loan facility cancellation costs * 10A (1.3) (21.6) Fair value losses on derivatives 10A (14.4) (14.0) (89.1) (113.0) Net finance costs (63.0) (97.9) * Comprising redemption premiums and fees from early repayment of debt or cancellation of facilities. 7. NET FINANCE COSTS continued Further analysis on a proportionally consolidated basis is set out below: 2022 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other \u00a3m Adjusted \u00a3m Finance income 26.1 \u2013 26.1 \u2013 26.1 Gross interest costs (74.6) (6.7) (81.3) \u2013 (81.3) Interest capitalised in respect of properties under development 1.2 \u2013 1.2 \u2013 1.2 (73.4) (6.7) (80.1) \u2013 (80.1) Debt and loan facility cancellation costs 10A (1.3) \u2013 (1.3) 1.3 \u2013 Fair value (losses)/gains on derivatives 10A (14.4) 4.1 (10.3) 10.3 \u2013 Finance costs (89.1) (2.6) (91.7) 11.6 (80.1) Net finance costs (63.0) (2.6) (65.6) 11.6 (54.0) 2021 Proportionally consolidated Note Reported Group \u00a3m Share of Property interests \u00a3m Sub-total before adjustments \u00a3m Capital and other \u00a3m Adjusted \u00a3m Finance income 15.1 \u2013 15.1 \u2013 15.1 Gross interest costs (82.7) (9.5) (92.2) \u2013 (92.2) Interest capitalised in respect of properties under development 5.3 \u2013 5.3 \u2013 5.3 (77.4) (9.5) (86.9) \u2013 (86.9) Debt and loan facility cancellation costs 10A (21.6) (0.4) (22.0) 22.0 \u2013 Fair value (losses)/gains on derivatives 10A (14.0) 4.2 (9.8) 9.8 \u2013 Finance costs (113.0) (5.7) (118.7) 31.8 (86.9) Net finance costs (97.9) (5.7) (103.6) 31.8 (71.8) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-639": {
"value": "8. TAX CHARGE A. TAX CHARGE Note 2022 \u00a3m 2021 \u00a3m Foreign current tax 0.2 1.3 Tax charge \u2013 continuing operations 0.2 1.3 Tax charge \u2013 discontinued operations * 9B \u2013 0.2 Tax charge \u2013 total 0.2 1.5 * Included within \u2018Capital and other\u2019 in note 2. A. TAX CHARGE continued The Group\u2019s 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\u2019s property income and gains from corporate taxes, provided a number of conditions in relation to the Group\u2019s activities are met. These conditions include, but are not limited to, distributing at least 90% of the Group\u2019s UK tax exempt profits as property income distributions (PID) with equivalent tests of 95% on French tax exempt property profits and 70% of tax exempt property gains. Based on preliminary calculations, the Group has met the REIT and SIIC conditions for 2022. The residual businesses in both the UK and France are subject to corporation tax as normal. The Irish assets are held in a QIAIF which provides similar tax benefits to those of a UK REIT but which subjects dividends and certain excessive interest payments to a 20% withholding tax. The Group is committed to remaining in these tax exempt regimes. The Group operates in a number of jurisdictions and is subject to periodic challenges by local tax authorities on a range of tax matters during its normal course of business. Tax impacts can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group uses in-house expertise when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The Group believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including tax laws and prior experience. B. TAX CHARGE RECONCILIATION Note 2022 \u00a3m 2021 \u00a3m Loss before tax 2 (163.7) (427.3) Loss after tax of joint ventures 13B 41.5 170.4 Loss/(profit) after tax of associates 14B 7.1 (15.6) Loss on ordinary activities before tax (115.1) (272.5) Tax at the UK corporation tax rate of 19% (2021: 19%) (21.9) (51.8) UK REIT tax exemption 6.2 20.4 French SIIC tax exemption 6.4 8.9 Irish QIAIF tax exemption 1.2 12.5 Losses for the year not utilised 7.1 10.1 Non-deductible and other items 1.2 1.4 Tax charge \u2013 total 0.2 1.5 Tax charge \u2013 continuing operations 0.2 1.3 Tax charge \u2013 discontinued operations \u2013 0.2 Tax charge \u2013 total 0.2 1.5 C. UNRECOGNISED DEFERRED TAX A deferred tax asset is not recognised for UK revenue losses or capital losses where their future utilisation is uncertain. At 31 December 2022, the total of such losses was \u00a3601m (2021: \u00a3599m) and \u00a3650m (2021: \u00a3570m) respectively, and the potential tax effect of these was \u00a3150m (2021: \u00a3150m) and \u00a3162m (2021: \u00a3143m) 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 2022, the total of such gains was \u00a3133m (2021: \u00a3212m) and the potential tax effect before the offset of losses was \u00a333m (2021: \u00a353m). If a UK REIT sells a property within three years of completion of development, the REIT exemption will not apply, however, the Group had no completed properties falling within this timeframe but also has available capital losses to cover taxes arising if the circumstance were to arise. 8. TAX CHARGE continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-673": {
"value": "C. UNRECOGNISED DEFERRED TAX A deferred tax asset is not recognised for UK revenue losses or capital losses where their future utilisation is uncertain. At 31 December 2022, the total of such losses was \u00a3601m (2021: \u00a3599m) and \u00a3650m (2021: \u00a3570m) respectively, and the potential tax effect of these was \u00a3150m (2021: \u00a3150m) and \u00a3162m (2021: \u00a3143m) 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 2022, the total of such gains was \u00a3133m (2021: \u00a3212m) and the potential tax effect before the offset of losses was \u00a333m (2021: \u00a353m). If a UK REIT sells a property within three years of completion of development, the REIT exemption will not apply, however, the Group had no completed properties falling within this timeframe but also has available capital losses to cover taxes arising if the circumstance were to arise. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-640": {
"value": "A. DISPOSALS AND ASSETS HELD FOR SALE 2022 The profit on sale of properties of \u00a30.7m includes several post completion adjustments arising mainly from historical disposals in prior periods and the disposal of Victoria, which was sold on 25 February 2022, when the Group exchanged and completed the sale for gross proceeds of \u00a3120m. In addition, on 15 March 2022, the Group completed the sale of its joint venture investment in Silverburn for gross proceeds of \u00a3140m (the Group\u2019s share being \u00a370m). The Group had exchanged contracts for this sale on 14 December 2021 such that this investment was classified as assets held for sale at 31 December 2021 at \u00a371.4m, which included investment properties of \u00a369.1m. A \u00a3nil gain/loss on disposal was recognised, however, income generated during the year of \u00a31.6m has been included in Adjusted earnings as explained further in note 10A. 2021 On 5 February 2021, the Group sold its 41% joint venture interest in Brent South Shopping Park for gross proceeds of \u00a322m which formed part of the UK retail parks disposals which were sold on 19 May 2021 and are treated as discontinued operations as set out in note 9B below. On 1 April 2021, the Group sold its 25% interest in Espace Saint-Quentin for gross proceeds of \u20ac31m (\u00a326m) and its 10% interest in Nicetoile for \u20ac25m (\u00a321m) whereby results are included within Share of Property interests up to the point of disposal. As described above, the Group exchanged contracts for the sale of its joint venture investment in Silverburn on 14 December 2021 and as a result was classified as an asset held for sale. B. DISCONTINUED OPERATIONS 2021 On 19 May 2021, substantially all of the remaining UK retail parks segment was disposed of with the profits and losses arising on these properties being classified as discontinued operations. 2021 Reported Group \u00a3m Share of Property interests \u00a3m Proportion- ally consolidated \u00a3m Revenue \u2020 12.2 0.1 12.3 Gross rental income \u2020 10.9 0.1 11.0 Service charge income 1.3 \u2013 1.3 \u2020 12.2 0.1 12.3 Service charge expenses (2.1) \u2013 (2.1) Cost of sales \u2020 (0.5) 0.1 (0.4) Net rental income \u2020 9.6 0.2 9.8 Administration expenses (0.1) \u2013 (0.1) Profit from operating activities \u2020 9.5 0.2 9.7 (Loss)/profit on sale of properties \u2020 (30.0) 0.7 (29.3) Share of results of joint ventures 0.9 (0.9) \u2013 Loss before tax (19.6) \u2013 (19.6) Tax charge (0.2) \u2013 (0.2) Loss from discontinued operations (19.8) \u2013 (19.8) \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in note 1B. C. CASH FLOWS FROM DISCONTINUED OPERATIONS 2021 \u00a3m Cash flows from operating activities 7.1 Cash flows from investing activities 347.7 Total cash flows from discontinued operations 354.8 9. DISPOSALS, ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-674": {
"value": "A. DISPOSALS AND ASSETS HELD FOR SALE 2022 The profit on sale of properties of \u00a30.7m includes several post completion adjustments arising mainly from historical disposals in prior periods and the disposal of Victoria, which was sold on 25 February 2022, when the Group exchanged and completed the sale for gross proceeds of \u00a3120m. In addition, on 15 March 2022, the Group completed the sale of its joint venture investment in Silverburn for gross proceeds of \u00a3140m (the Group\u2019s share being \u00a370m). The Group had exchanged contracts for this sale on 14 December 2021 such that this investment was classified as assets held for sale at 31 December 2021 at \u00a371.4m, which included investment properties of \u00a369.1m. A \u00a3nil gain/loss on disposal was recognised, however, income generated during the year of \u00a31.6m has been included in Adjusted earnings as explained further in note 10A. 2021 On 5 February 2021, the Group sold its 41% joint venture interest in Brent South Shopping Park for gross proceeds of \u00a322m which formed part of the UK retail parks disposals which were sold on 19 May 2021 and are treated as discontinued operations as set out in note 9B below. On 1 April 2021, the Group sold its 25% interest in Espace Saint-Quentin for gross proceeds of \u20ac31m (\u00a326m) and its 10% interest in Nicetoile for \u20ac25m (\u00a321m) whereby results are included within Share of Property interests up to the point of disposal. As described above, the Group exchanged contracts for the sale of its joint venture investment in Silverburn on 14 December 2021 and as a result was classified as an asset held for sale. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-690": {
"value": "B. DISCONTINUED OPERATIONS 2021 On 19 May 2021, substantially all of the remaining UK retail parks segment was disposed of with the profits and losses arising on these properties being classified as discontinued operations. 2021 Reported Group \u00a3m Share of Property interests \u00a3m Proportion- ally consolidated \u00a3m Revenue \u2020 12.2 0.1 12.3 Gross rental income \u2020 10.9 0.1 11.0 Service charge income 1.3 \u2013 1.3 \u2020 12.2 0.1 12.3 Service charge expenses (2.1) \u2013 (2.1) Cost of sales \u2020 (0.5) 0.1 (0.4) Net rental income \u2020 9.6 0.2 9.8 Administration expenses (0.1) \u2013 (0.1) Profit from operating activities \u2020 9.5 0.2 9.7 (Loss)/profit on sale of properties \u2020 (30.0) 0.7 (29.3) Share of results of joint ventures 0.9 (0.9) \u2013 Loss before tax (19.6) \u2013 (19.6) Tax charge (0.2) \u2013 (0.2) Loss from discontinued operations (19.8) \u2013 (19.8) \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in note 1B. C. CASH FLOWS FROM DISCONTINUED OPERATIONS 2021 \u00a3m Cash flows from operating activities 7.1 Cash flows from investing activities 347.7 Total cash flows from discontinued operations 354.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-641": {
"value": "Headline earnings has been calculated in accordance with the requirements of the Johannesburg Stock Exchange listing requirements. EPRA earnings and EPRA net assets are calculated in accordance with guidance issued by the European Public Real Estate recommended bases. Reconciliations from Reported Group (IFRS) earnings after tax and Net assets attributable to equity shareholders to these measures are set out below. A. ALTERNATIVE EARNINGS MEASURES 2022 \u00a3m 2021 \u00a3m Reported Group Loss after tax \u2013 continuing operations (164.2) (409.3) Loss after tax \u2013 discontinued operations \u2013 (19.8) Loss after tax for the year (164.2) (429.1) Adjustments: Revaluation losses on managed portfolio \u2020 221.0 444.1 Disposals and assets held for sale \u2013 (Profit)/loss on sale of properties \u2020 a (0.6) 20.4 \u2013 Recycled exchange gains on disposal of overseas property interests b \u2013 (11.0) \u2013 Impairment recognised on reclassification to assets held for sale c \u2013 0.9 Joint venture related \u2013 Impairment of investment d \u2013 11.5 \u2013 Impairment of receivables due to the Group d \u2013 0.7 Associates (Value Retail): \u2013 Revaluation losses k 60.7 12.0 \u2013 Deferred tax e, k 0.1 (1.2) \u2013 Change in fair value of financial assets k (0.2) (0.1) Sub-total: Adjustments for Headline earnings \u2020 281.0 477.3 Associates (Value Retail): \u2013 Change in fair value of derivatives f, k (18.1) (9.3) \u2013 Change in fair value of participative loans f, k (9.8) (5.5) Included in Financing: \u2013 Debt and loan facility cancellation costs g 1.3 22.0 \u2013 Change in fair value of derivatives g 10.3 9.8 Change in fair value of other investments h 0.1 (0.4) Tax charge on discontinued operations e \u2013 0.2 Sub-total: Adjustments for EPRA earnings \u2020 264.8 494.1 Included in profit from operating activities: \u2013 Business transformation costs i 5.1 8.6 \u2013 Change in provision for amounts not yet recognised in the income statement j (2.4) (8.1) \u2013 Income from assets held for sale l 1.6 \u2013 Total: Adjustments for Adjusted earnings \u2020 269.1 494.6 Headline earnings \u2020 116.8 48.2 EPRA earnings \u2020 100.6 65.0 Adjusted earnings \u2020 104.9 65.5 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. a Comprises several post completion adjustments on historical disposals in prior periods and the loss on sale of Victoria (2021 comprised the loss on sale of Brent South Shopping Park, the overseas property interests in Espace Saint-Quentin and Nicetoile, the portfolio of seven retail parks and the sale of six other non-core assets). b Exchange gains previously recognised in equity until disposal. c Relates to the sale of Silverburn which completed on 15 March 2022. 10. KEY ALTERNATIVE PERFORMANCE MEASURES 10. KEY ALTERNATIVE PERFORMANCE MEASURES continued d Impairment of Highcross joint venture: at 31 December 2021, the secured loan within the Highcross joint venture was in breach of its covenants whereby the Directors of the joint venture have been in discussions with the lenders to find a mutually acceptable solution. In the event that agreement is not reached with the lenders, there is a risk that the lenders accelerate the loan repayment, which would precipitate the loan falling due immediately, or the lenders could seek to enforce their rights over the joint venture\u2019s assets. Taking this into account, an impairment review concluded that both the value in use and the fair value less cost of disposal were \u00a3nil. Consequently, both the Group\u2019s investment in the joint venture as well as the Group\u2019s receivable were fully impaired. As set out in note 28, in February 2023, a receiver was appointed by the lenders to administer the asset. e In accordance with EPRA guidance, the tax effects of EPRA adjustments (including those for disposals) are excluded. f Change in fair value of derivatives and participative loans: such items are excluded because they represent gains and losses arising from market rather than settlement revaluation methodologies which differ from the accruals basis upon which all other non-investment property related assets and liabilities are measured. Such a treatment is a form of revaluation gain or loss created by an assumption that the derivatives or loans will be settled before their maturity. Such gains and losses are excluded from Adjusted earnings as they are unrealised and conflict with the commercial reasons for entering into such arrangements and are expected to be held to maturity. g Financing items comprise: 2022 2021 Reported Group \u00a3m Share of Property interests \u00a3m Total \u00a3m Reported Group \u00a3m Share of Property interests \u00a3m Total \u00a3m Fees on cancellation of facilities/redemption premiums and fees from early repayment of debt 1.3 \u2013 1.3 21.6 0.4 22.0 Change in fair value of derivatives f 14.4 (4.1) 10.3 14.0 (4.2) 9.8 15.7 (4.1) 11.6 35.6 (3.8) 31.8 The write off of up-front fees arising on early cancellation or early repayment redemption premiums are considered outside of day-to-day financing activities and are accordingly excluded from Adjusted earnings. h Relates to the fair value movement in a small residual investment. i Business transformation costs comprise: 2022 \u00a3m 2021 \u00a3m Employee severance 3.4 4.2 System related costs 1.7 \u2013 Consultancy costs \u2013 4.4 5.1 8.6 Such costs relate to the strategic and operational review undertaken by the new management team and which is an integral part of the Group\u2019s new strategy announced during 2021. The related costs are incremental and do not form part of underlying trading and comprise mainly employee severance and system based costs associated with digital transformation which do not qualify for capitalisation. Whilst a significant proportion of the expected costs were incurred in 2021 and 2022, further transformation activities will take place in 2023 and beyond. j The Group makes a charge for expected credit losses in accordance with the technical interpretation of IFRS 9 irrespective of whether the income to which the provision relates has been recognised in the income statement or is deferred on the balance sheet. Because of the mismatch this causes between the cost of provision being recognised in one accounting period and the related revenue being recognised in a different accounting period, the adjustment eradicates this distortion. k Adjustments in respect of associates. 2022 \u00a3m 2021 \u00a3m Total in respect of associates (Value Retail) 32.7 (4.1) l Income from assets held for sale relates to the Group\u2019s joint venture investment in Silverburn, which was transferred to assets held for sale as at 31 December 2021 and where the sale completed in March 2022. A \u00a3nil gain/loss was generated on the sale which comprised certain additional costs and accruals of \u00a31.6m which were offset by net income generated in the period up to the point of disposal (after taking account of distributions) of \u00a31.6m. The Group excludes losses on disposal from its EPRA and Adjusted earnings, and because this offset of income generated in the period against the loss causes the income to be excluded, the income is added back as an adjusting item in order to reflect the fact that the property remained under the Group\u2019s ownership and management up until completion of the disposal and is therefore considered to form part of underlying earnings. 10. KEY ALTERNATIVE PERFORMANCE MEASURES continued B. ALTERNATIVE NET ASSET MEASURES The Group uses the EPRA best practice guidelines incorporating three measures of net asset value: EPRA Net Tangible Assets (NTA), Net Reinstatement Value (NRV) and Net Disposal Value (NDV). EPRA NTA is considered to be the most relevant measure for the Group. A reconciliation between IFRS net assets and the three EPRA net asset valuation metrics is set out below. 2022 Reported Group \u00a3m Share of Property interests \u00a3m Value Retail \u00a3m Total \u00a3m Reported balance sheet net assets (equity shareholders\u2019 funds) 2,586.4 \u2013 \u2013 2,586.4 Change in fair value of borrowings a 216.2 (0.7) \u2013 215.5 EPRA NDV 2,801.9 Deduct change in fair value of borrowings a (216.2) 0.7 \u2013 (215.5) Deferred tax \u2013 50% share b 0.2 0.1 99.4 99.7 Fair value of currency swaps as a result of interest rates c (0.9) \u2013 \u2013 (0.9) Fair value of interest rate swaps 2.1 (6.3) (47.3) (51.5) EPRA NTA 2,633.7 Deferred tax \u2013 remaining 50% share b 0.2 \u2013 99.4 99.6 Purchasers\u2019 costs d 330.0 \u2013 \u2013 330.0 EPRA NRV 3,063.3 2021 Reported Group \u00a3m Share of Property interests \u00a3m Value Retail \u00a3m Total \u00a3m Reported balance sheet net assets (equity shareholders\u2019 funds) 2,745.9 \u2013 \u2013 2,745.9 Change in fair value of borrowings a (94.0) (1.4) \u2013 (95.4) EPRA NDV 2,650.5 Deduct change in fair value of borrowings a 94.0 1.4 \u2013 95.4 Deferred tax \u2013 50% share b 0.2 \u2013 94.0 94.2 Fair value of currency swaps as a result of interest rates c 7.5 \u2013 \u2013 7.5 Fair value of interest rate swaps (10.3) 1.6 1.2 (7.5) EPRA NTA 2,840.1 Deferred tax \u2013 remaining 50% share b 0.2 0.1 93.9 94.2 Purchasers\u2019 costs d 346.4 \u2013 \u2013 346.4 EPRA NRV 3,280.7 a Applicable for EPRA NDV calculation only and hence the adjustment is reversed for EPRA NTA and EPRA NRV. b EPRA guidance stipulates exclusion of 50% of deferred tax for EPRA NTA purposes. c Excludes impact of foreign exchange. d Represents property transfer taxes and fees payable should the Group\u2019s entire property portfolio (including Value Retail) be acquired at year end market rates. ",
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"value": "The calculations of the (loss)/earnings per share (EPS) measures set out below are based on profit after tax, Headline profit after tax, EPRA profit after tax and Adjusted profit after tax attributable to owners of the parent and the weighted average number of shares in issue during the year. Headline earnings per share has been calculated in accordance with the requirements of the Johannesburg Stock Exchange listing requirements. EPRA has issued recommended bases for the calculation of certain per share information which includes net asset value per share as well as earnings per share. The calculation of Headline, EPRA and Adjusted earnings which includes a reconciliation to Reported IFRS earnings is set out in note 10A. Basic EPS measures are calculated by dividing the earnings attributable to the equity shareholders of the Company by the weighted average number of shares outstanding during the year. Diluted EPS measures are calculated on the same basis as basic EPS but with a further adjustment to the weighted average number of shares outstanding to assume conversion of all potentially dilutive ordinary shares. Such potentially dilutive ordinary shares comprise share options and awards granted to colleagues where the exercise price is less than the average market price of the Company\u2019s ordinary shares during the year and any unvested shares which have met, or are expected to meet, the performance conditions at the end of the year. To the extent that there is no dilution, this arises due to the anti-dilutive effect of all such shares. Net assets per share comprise net assets calculated in accordance with EPRA guidelines, as set out in note 10B, divided by the number of shares in issue. A. NUMBER OF ORDINARY SHARES FOR PER SHARE CALCULATIONS 2022 million 2021 million Shares in issue (for purposes of net asset per share calculations) 5,002.3 4,419.5 Weighted average number of shares for purposes of basic EPS 4,938.9 4,392.9 Adjustment a \u2013 524.6 Weighted average number of shares for purposes of basic and diluted EPS \u2013 Reported Group a, b 4,938.9 4,917.5 Effect of potentially dilutive shares (share options) \u2013 Headline, EPRA and Adjusted 10.3 7.6 Weighted average number of shares for purposes of diluted EPS \u2013 Headline, EPRA and Adjusted a 4,949.2 4,925.1 a 2021 weighted average number of shares have been restated to reflect the adjustment required to incorporate the bonus element of scrip dividends following confirmation of the level of take up. b There were no potentially dilutive ordinary shares for the purposes of calculating EPS for the Reported Group (2021: none) B. (LOSS)/EARNINGS PER SHARE (Loss)/earnings (Loss)/earnings per share Basic Diluted Note 2022 \u00a3m 2021 \u00a3m 2022 pence 2021 pence 2022 pence 2021 pence Continuing operations (164.2) (409.3) (3.3)p (8.3)p (3.3)p (8.3)p Discontinued operations \u2013 (19.8) \u2013 (0.4)p \u2013 (0.4)p Reported Group (164.2) (429.1) (3.3)p (8.7)p (3.3)p (8.7)p Headline \u2020 10A 116.8 48.2 2.4p 1.0p 2.4p 1.0p EPRA \u2020 10A 100.6 65.0 2.0p 1.3p 2.0p 1.3p Adjusted \u2020 10A 104.9 65.5 2.1p 1.3p 2.1p 1.3p \u2020 2021 (loss)/earnings per share figures have been restated to reflect the adjustment described above to the weighted average number of shares. In addition, 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. Previously reported basic and diluted figures were: Reported Group: (9.8)p, Headline: 1.4p, EPRA: 1.8p and Adjusted: 1.8p. 11. (LOSS)/EARNINGS PER SHARE AND NET ASSET VALUE PER SHARE ",
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"fact-675": {
"value": "C. NET ASSET VALUE PER SHARE Net asset value Net asset value per share Note 2022 \u00a3m 2021 \u00a3m 2022 pence 2021 pence EPRA NDV 10B 2,801.9 2,650.5 56p 60p EPRA NTA 10B 2,633.7 2,840.1 53p 64p EPRA NRV 10B 3,063.3 3,280.7 61p 74p ",
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"fact-643": {
"value": "2022 2021 Investment properties \u00a3m Trading properties \u00a3m Total \u00a3m Investment properties \u00a3m Trading properties \u00a3m Total \u00a3m At 1 January 1,561.4 34.3 1,595.7 2,152.8 \u2013 2,152.8 Revaluation losses \u2020 (82.7) \u2013 (82.7) (169.6) \u2013 (169.6) Capital expenditure \u2020 37.7 \u2013 37.7 67.1 6.2 73.3 Capitalised interest 1.2 \u2013 1.2 5.3 \u2013 5.3 Disposals (125.3) \u2013 (125.3) (382.2) \u2013 (382.2) Transfer to trading properties * \u2013 \u2013 \u2013 (28.7) 28.7 \u2013 Exchange adjustment 68.7 1.9 70.6 (83.3) (0.6) (83.9) At 31 December 1,461.0 36.2 1,497.2 1,561.4 34.3 1,595.7 \u2020 2021 investment property figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. * Relates to the forward sale of Italik as described in note 3B. 2022 2021 Freehold \u00a3m Long leasehold \u00a3m Total \u00a3m Freehold \u00a3m Long leasehold \u00a3m Total \u00a3m Valuation analysis by tenure 805.3 691.9 1,497.2 889.4 706.3 1,595.7 Properties are stated at fair value, valued by professionally qualified external valuers in accordance with RICS Valuation \u2013 Global Standards as follows: Valuer Properties CBRE UK flagships, Developments and other properties Jones Lang LaSalle (JLL) UK flagships, Developments and other properties, French portfolio Cushman and Wakefield (C&W) Brent Cross, Irish portfolio, Value Retail (not included in the table above) As detailed in note 1F due to the estimation and judgement required in the valuations which are derived from data that is not publicly available, consistent with EPRA\u2019s guidance, these valuations are classified as Level 3 in the IFRS 13 fair value hierarchy. A reconciliation of the Group portfolio valuation to Reported Group is shown in note 3B. A. INVESTMENT PROPERTIES \u2013 SENSITIVITY ANALYSIS ON VALUATIONS Valuation Nominal equivalent yield Estimated rental value (ERV) Proportionally consolidated \u2013 including Value Retail \u00a3m -100bp \u00a3m +100bp \u00a3m +10% \u00a3m -10% \u00a3m Flagship destinations \u2013 UK 871 124 (97) 87 (87) \u2013 France 1,241 309 (206) 124 (124) \u2013 Ireland 676 151 (105) 68 (68) Value Retail * 1,887 307 (213) 186 (186) Group portfolio (excluding Developments and other) 4,675 Developments and other 432 Group portfolio 5,107 * Nominal equivalent yield and ERV are not key observable inputs. Exit yields and net operating income have therefore been used as proxies. Nominal equivalent yield ERV p/m 2 Key unobservable inputs Minimum % Maximum % Average % Minimum \u00a3 Maximum \u00a3 Average \u00a3 Flagship destinations \u2013 UK 7.2 9.5 8.0 191 556 324 \u2013 France 4.7 6.4 5.0 357 547 425 \u2013 Ireland 5.3 6.0 5.5 351 484 456 Value Retail * 5.3 6.5 5.9 900 5,000 2,100 * Nominal equivalent yield and ERV are not key observable inputs for Value Retail. Exit yields and net operating income have therefore been used as proxies. Valuations are performed on a discounted cash flow basis with discount rates used ranging from 8.5% to 11.0% (average of 9.7%). 12. PROPERTIES B. TENANT INCENTIVES
Unamortised tenant incentives are included within capital expenditure and impaired as appropriate whereby the provision is calculated in accordance with
the considerations described in note 19D.
Reported Group
Proportionally
consolidated
2022
\u00a3m
2021
\u00a3m
2022
\u00a3m
2021
\u00a3m
Unamortised tenant incentives \u2020 13.2 18.9 29.4 37.0
Provision \u2020 (2.4) (3.9) (5.3) (6.6)
\u2020 10.8 15.0 24.1 30.4
\u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6.
A 10 percentage point increase in the provision rate would increase the impairment charge and hence reduce Reported earnings and Adjusted earnings by
\u00a31.3m and \u00a32.7m, respectively.
C. JOINT OPERATIONS
Investment properties included a 50% interest in the Ilac Centre and a 50% interest in Pavilions, totalling \u00a3151.4m (2021: \u00a3149.8m). These properties
are jointly controlled in co-ownership with Irish Life Assurance plc.
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"fact-644": {
"value": "13. INVESTMENT IN JOINT VENTURES
The Group\u2019s investments in joint ventures form part of the Share of Property interests to arrive at management\u2019s analysis of the Group on a proportionally
consolidated basis as explained in note 3 and set out in note 2.
The Group and its partners invest principally by way of equity investment, however, non-equity (loan) balances have been included within non-current
other payables as a liability of the joint venture. Joint ventures comprise prime urban real estate consisting of \u2018flagship destinations\u2019 and \u2018developments and
other\u2019 properties.
A. PERCENTAGE SHARE
Joint venture Partner Principal property Share
United Kingdom
Bishopsgate Goodsyard Regeneration Limited Ballymore Properties Bishopsgate Goodsyard 50%
Brent Cross Partnership Aberdeen Standard Investments Brent Cross 41%
Bristol Alliance Limited Partnership AXA Real Estate Cabot Circus 50%
Croydon Limited Partnership/Whitgift Limited Partnership Unibail-Rodamco-Westfield Centrale/Whitgift 50%
Grand Central Limited Partnership CPP Investments Grand Central 50%
Highcross Leicester Limited Partnership Asian investor introduced by M&G Real Estate Highcross 50%
The Bull Ring Limited Partnership CPP Investments Bullring 50%
The Oracle Limited Partnership ADIA The Oracle 50%
The West Quay Limited Partnership GIC Westquay 50%
Ireland
Dundrum Retail Limited Partnership/Dundrum Car Park
Limited Partnership
Allianz Dundrum 50%
France
SCI RC Aulnay 1 and SCI RC Aulnay 2 Client of Rockspring Property Investment Managers O\u2019Parinor 25%
The results of disposals of interests in joint ventures are included up to the point of disposal except for where such disposals form part of assets held for sale
or discontinued operations whereby they are excluded for the whole year. Disposals in the year are set out in note 9A.
Figures in the following tables include, where applicable, adjustments to align to the Group\u2019s accounting policies and exclude balances which are
eliminated on consolidation. Bishopsgate Goodsyard, Espace Saint-Quentin (up to date of disposal in 2021) and O\u2019Parinor are included in \u2018Other\u2019.
B. RESULTS Brent Cross \u00a3m Cabot Circus \u00a3m Gross rental income 28.0 27.8 Net rental income 26.5 23.9 Administration expenses \u2013 \u2013 Profit from operating activities 26.5 23.9 Revaluation losses on properties (35.8) (30.0) Adjustment for income from assets held for sale a \u2013 \u2013 Operating (loss)/profit (9.3) (6.1) Finance income \u2013 \u2013 Finance costs (0.3) (0.5) (Loss)/profit before tax (9.6) (6.6) Tax charge \u2013 \u2013 (Loss)/profit for the year d (9.6) (6.6) Share of distributions received by the Group 11.8 15.8 C. ASSETS AND LIABILITIES Brent Cross \u00a3m Cabot Circus \u00a3m Non-current assets Investment properties 396.6 237.3 Other non-current assets 12.8 13.5 409.4 250.8 Current assets Cash and cash equivalents 13.0 24.1 Other current assets b 4.2 7.1 17.2 31.2 Current liabilities Loans \u2013 secured \u2013 \u2013 Other payables (13.6) (21.3) (13.6) (21.3) Non-current liabilities Loans \u2013 secured \u2013 \u2013 Obligations under head leases (12.8) (14.1) Other payables \u2013 due to Group companies c \u2013 \u2013 \u2013 other parties and deferred tax (0.8) (0.6) (13.6) (14.7) Cumulative losses restricted d \u2013 \u2013 Net assets/(liabilities) c 399.4 246.0 a Comprises income in respect of Silverburn as described in note 10A. b Croydon other current assets include restricted monetary assets of \u00a341.8m (2021: \u00a361.8m) relating to cash held in escrow for specified development costs. c The Group\u2019s long term loan due from Westquay of \u00a3348.2m (2021: \u00a3348.2m) has been impaired by its share of the net liabilities of Westquay of \u00a3201.1m (2021: \u00a3180.8m). The Group\u2019s total loans due from joint ventures set out in notes 19A and 27A are shown net of this impairment. d Following the impairment of Highcross to \u00a3nil in 2021, the Group ceased to equity account for its investment in this joint venture such that although gross balance sheet items on a proportionally consolidated basis remain included in the Group\u2019s figures, it is excluded from all income statement metrics including revaluation losses. The effect of this is that the Group\u2019s share of results is \u00a3nil and the cumulative losses restricted shown on the balance sheet therefore represents the Group\u2019s share of losses which exceed the Group\u2019s investment of \u00a3nil. 13. INVESTMENT IN JOINT VENTURES continued 2022
100% share
Brent Cross
\u00a3m
Cabot Circus
\u00a3m
Bullring
\u00a3m
Grand
Central
\u00a3m
The Oracle
\u00a3m
Westquay
\u00a3m
Croydon
\u00a3m
Highcross
\u00a3m
Dundrum
\u00a3m
Other
\u00a3m
Total
\u00a3m
Group share
\u00a3m
Gross rental income 28.0 27.8 45.2 9.9 22.1 29.1 14.3 20.6 55.0 21.4 273.4 119.4
Net rental income 26.5 23.9 37.2 6.4 15.7 24.5 0.5 14.3 48.1 22.6 219.7 95.5
Administration expenses \u2013 \u2013 0.1 (0.1) \u2013 \u2013 (0.2) (0.3) (0.4) (0.1) (1.0) (0.3)
Profit from operating activities 26.5 23.9 37.3 6.3 15.7 24.5 0.3 14.0 47.7 22.5 218.7 95.2
Revaluation losses on properties (35.8) (30.0) (35.0) (4.6) (44.1) (29.3) (54.2) (52.1) (34.2) (12.5) (331.8) (132.1)
Adjustment for income from assets held for sale a \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3.2) (3.2) (1.6)
Operating (loss)/profit (9.3) (6.1) 2.3 1.7 (28.4) (4.8) (53.9) (38.1) 13.5 6.8 (116.3) (38.5)
Finance income \u2013 \u2013 0.3 \u2013 0.1 \u2013 0.2 7.4 \u2013 \u2013 8.0 0.3
Finance costs (0.3) (0.5) \u2013 (0.1) \u2013 (0.2) \u2013 (5.0) (1.9) (5.7) (13.7) (3.0)
(Loss)/profit before tax (9.6) (6.6) 2.6 1.6 (28.3) (5.0) (53.7) (35.7) 11.6 1.1 (122.0) (41.2)
Tax charge \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.5) \u2013 \u2013 \u2013 (0.5) (0.3)
(Loss)/profit for the year d (9.6) (6.6) 2.6 1.6 (28.3) (5.0) (54.2) (35.7) 11.6 1.1 (122.5) (41.5)
Share of distributions received by the Group 11.8 15.8 23.9 \u2013 9.3 \u2013 \u2013 \u2013 2.6 \u2013 63.4 63.4
C. ASSETS AND LIABILITIES
2022
100% share
Brent Cross
\u00a3m
Cabot Circus
\u00a3m
Bullring
\u00a3m
Grand
Central
\u00a3m
The Oracle
\u00a3m
Westquay
\u00a3m
Croydon
\u00a3m
Highcross
\u00a3m
Dundrum
\u00a3m
Other
\u00a3m
Total
\u00a3m
Group share
\u00a3m
Non-current assets
Investment properties 396.6 237.3
540.5 78.5 201.1 285.3 108.9 125.7 1,088.9 379.3 3,442.1 1,620.0
Other non-current assets 12.8 13.5 2.7 2.6 \u2013 4.2 0.6 6.1 8.9 \u2013 51.4 26.7
409.4 250.8 543.2 81.1 201.1 289.5 109.5 131.8 1,097.8 379.3 3,493.5 1,646.7
Current assets
Cash and cash equivalents 13.0 24.1
18.0 24.7 11.6 16.5 13.9 22.2 73.3 13.9 231.2 110.9
Other current assets b 4.2 7.1 9.8 19.0 3.6 3.9 65.4 5.0 3.7 19.5 141.2 61.3
17.2 31.2 27.8 43.7 15.2 20.4 79.3 27.2 77.0 33.4 372.4 172.2
Current liabilities
Loans \u2013 secured \u2013 \u2013
\u2013 \u2013 \u2013 \u2013 \u2013 (158.8) \u2013 (186.4) (345.2) (126.1)
Other payables (13.6) (21.3) (20.9) (7.3) (9.7) (10.9) (16.0) (35.7) (14.9) (11.8) (162.1) (80.7)
(13.6) (21.3) (20.9) (7.3) (9.7) (10.9) (16.0) (194.5) (14.9) (198.2) (507.3) (206.8)
Non-current liabilities
Loans \u2013 secured \u2013 \u2013
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (530.9) \u2013 (530.9) (265.5)
Obligations under head leases (12.8) (14.1) \u2013 (2.8) \u2013 (4.2) \u2013 \u2013 \u2013 \u2013 (33.9) (15.8)
Other payables \u2013 due to Group companies c \u2013 \u2013 \u2013 \u2013 \u2013 (348.2) (25.3) \u2013 (21.3) (45.4) (440.2) \u2013
\u2013 other parties and deferred tax (0.8) (0.6) (1.0) (0.6) (0.7) (348.8) (43.3) (0.2) (22.4) (55.8) (474.2) (6.3)
(13.6) (14.7) (1.0) (3.4) (0.7) (701.2) (68.6) (0.2) (574.6) (101.2) (1,479.2) (287.6)
Cumulative losses restricted d \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 35.7 \u2013 \u2013 35.7 17.9
Net assets/(liabilities) c 399.4 246.0 549.1 114.1 205.9 (402.2) 104.2 \u2013 585.3 113.3 1,915.1 1,342.4
B. RESULTS continued Brent Cross \u00a3m Cabot Circus \u00a3m Gross rental income \u2020 28.2 26.0 Net rental income \u2020 24.3 18.6 Administration expenses (0.1) \u2013 Profit from operating activities \u2020 24.2 18.6 Revaluation (losses)/gains on properties \u2020 (78.5) (56.0) Adjustment for income from assets held for sale a \u2013 \u2013 Operating (loss)/profit (54.3) (37.4) Finance income \u2013 \u2013 Finance costs (0.4) (0.8) (Loss)/profit before tax (54.7) (38.2) Tax charge \u2013 \u2013 (Loss)/profit for the year \u2013 continuing operations (54.7) (38.2) Profit for the year \u2013 discontinued operations 2.2 \u2013 (Loss)/profit for the year (52.5) (38.2) Share of distributions received by the Group 12.6 5.0 C. ASSETS AND LIABILITIES continued Brent Cross \u00a3m Cabot Circus \u00a3m Non-current assets Investment properties 431.1 263.5 Other non-current assets 13.1 14.0 444.2 277.5 Current assets Cash and cash equivalents \u2020 16.1 33.4 Other current assets \u2020 4.2 5.6 20.3 39.0 Current liabilities Loans \u2013 secured \u2013 \u2013 Other payables (13.9) (14.8) (13.9) (14.8) Non-current liabilities Loans \u2013 secured \u2013 \u2013 Derivative financial instruments \u2013 \u2013 Obligations under head leases (12.8) (14.1) Other payables \u2013 due to Group companies c \u2013 \u2013 \u2013 other parties and deferred tax (0.5) (0.6) (13.3) (14.7) Net assets/(liabilities) 437.3 287.0 \u2020 2021 income statement figures have been restated to reflect the IFRIC Decision on Concessions and balance sheet figures have been restated to reflect the IFRIC Decision on Deposits where \u00a331.0m and \u00a315.0m on a 100% and Group share basis, respectively, has been reclassified from restricted monetary assets (which formed part of Other current assets) to cash and cash equivalents. Further information on both IFRIC decisions is set out in note 1B. 13. INVESTMENT IN JOINT VENTURES continued 2021
100% share
Brent Cross
\u00a3m
Cabot Circus
\u00a3m
Bullring
\u00a3m
Grand
Central
\u00a3m
The Oracle
\u00a3m
Westquay
\u00a3m
Silverburn
\u00a3m
Croydon
\u00a3m
Highcross
\u00a3m
Dundrum
\u00a3m
Other
\u00a3m
Total
\u00a3m
Group share
\u00a3m
Gross rental income \u2020 28.2 26.0 40.8 28.1 21.6 24.4 15.7 25.2 18.5 51.5 23.0 303.0 143.1
Net rental income \u2020 24.3 18.6 30.2 21.9 12.6 16.8 12.1 12.1 11.7 40.1 13.4 213.8 100.8
Administration expenses (0.1) \u2013 (0.1) (0.1) \u2013 \u2013 (0.1) (0.2) (0.3) (0.5) (0.1) (1.5) (0.7)
Profit from operating activities \u2020 24.2 18.6 30.1 21.8 12.6 16.8 12.0 11.9 11.4 39.6 13.3 212.3 100.1
Revaluation (losses)/gains on properties \u2020 (78.5) (56.0) (78.4) (45.3) (35.6) (19.5) (18.7) (55.5) (75.4) (89.3) 13.0 (539.2) (265.4)
Adjustment for income from assets held for sale a \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
Operating (loss)/profit (54.3) (37.4) (48.3) (23.5) (23.0) (2.7) (6.7) (43.6) (64.0) (49.7) 26.3 (326.9) (165.3)
Finance income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 6.1 2.4 \u2013 8.5 4.2
Finance costs (0.4) (0.8) \u2013 (0.1) \u2013 (0.4) \u2013 \u2013 (5.0) (11.2) (4.1) (22.0) (9.9)
(Loss)/profit before tax (54.7) (38.2) (48.3) (23.6) (23.0) (3.1) (6.7) (43.6) (62.9) (58.5) 22.2 (340.4) (171.0)
Tax charge \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (0.6) \u2013 \u2013 \u2013 (0.6) (0.3)
(Loss)/profit for the year \u2013 continuing operations (54.7) (38.2) (48.3) (23.6) (23.0) (3.1) (6.7) (44.2) (62.9) (58.5) 22.2 (341.0) (171.3)
Profit for the year \u2013 discontinued operations 2.2 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2.2 0.9
(Loss)/profit for the year (52.5) (38.2) (48.3) (23.6) (23.0) (3.1) (6.7) (44.2) (62.9) (58.5) 22.2 (338.8) (170.4)
Share of distributions received by the Group 12.6 5.0 \u2013 \u2013 6.0 1.7 9.5 \u2013 \u2013 2.8 \u2013 37.6 37.6
C. ASSETS AND LIABILITIES continued
2021
100% share
Brent Cross
\u00a3m
Cabot Circus
\u00a3m
Bullring
\u00a3m
Grand
Central
\u00a3m
The Oracle
\u00a3m
Westquay
\u00a3m
Silverburn
\u00a3m
Croydon
\u00a3m
Highcross
\u00a3m
Dundrum
\u00a3m
Other
\u00a3m
Total
\u00a3m
Group share
\u00a3m
Non-current assets
Investment properties 431.1 263.5
561.0 88.3 243.3 312.5 \u2013 132.2 176.2 1,054.0 371.9 3,634.0 1,712.2
Other non-current assets 13.1 14.0 2.4 2.7 \u2013 4.2 \u2013 0.4 \u2013 2.4 \u2013 39.2 18.3
444.2 277.5 563.4 91.0 243.3 316.7 \u2013 132.6 176.2 1,056.4 371.9 3,673.2 1,730.5
Current assets
Cash and cash equivalents \u2020 16.1 33.4
45.7 25.8 16.2 30.7 \u2013 24.2 14.2 48.9 11.0 266.2 128.7
Other current assets \u2020 4.2 5.6 9.2 5.1 4.5 4.9 \u2013 89.7 4.3 2.7 11.9 142.1 60.0
20.3 39.0 54.9 30.9 20.7 35.6 \u2013 113.9 18.5 51.6 22.9 408.3 188.7
Current liabilities
Loans \u2013 secured \u2013 \u2013
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (158.6) \u2013 \u2013 (158.6) (79.3)
Other payables (13.9) (14.8) (20.4) (6,3) (10.3) (12.8) \u2013 (18.4) (11.0) (10.4) (9.9) (128.2) (72.2)
(13.9) (14.8) (20.4) (6.3) (10.3) (12.8) \u2013 (18.4) (169.6) (10.4) (9.9) (286.8) (151.5)
Non-current liabilities
Loans \u2013 secured \u2013 \u2013
\u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (502.2) (175.7) (677.9) (295.0)
Derivative financial instruments \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1.0) (2.1) \u2013 (3.1) (1.6)
Obligations under head leases (12.8) (14.1) \u2013 (2.8) \u2013 (4.2) \u2013 \u2013 \u2013 \u2013 \u2013 (33.9) (15.8)
Other payables \u2013 due to Group companies c \u2013 \u2013 \u2013 \u2013 \u2013 (348.2) \u2013 (24.6) \u2013 (20.2) (43.2) (436.2) \u2013
\u2013 other parties and deferred tax (0.5) (0.6) (0.9) (0.6) (0.7) (348.8) \u2013 (42.0) (1.1) (21.1) (53.0) (469.3) (3.5)
(13.3) (14.7) (0.9) (3.4) (0.7) (701.2) \u2013 (66.6) (2.1) (545.6) (271.9) (1,620.4) (315.9)
Net assets/(liabilities) 437.3 287.0 597.0 112.2 253.0 (361.7) \u2013 161.5 23.0 552.0 113.0 2,174.3 1,451.8
D. RECONCILIATION OF MOVEMENTS IN INVESTMENT IN JOINT VENTURES 2022 \u00a3m 2021 \u00a3m At 1 January 1,451.8 1,813.6 Share of results of joint ventures (41.5) (170.4) Impairment of investment in joint ventures a \u2013 (11.5) Advances 4.0 14.0 Cash distributions (including interest) b (84.0) (38.9) Other receivables (5.3) (4.9) Transfer to assets held for sale \u2013 (72.3) Disposal \u2013 (53.9) Exchange and other movements 17.4 (23.9) At 31 December 1,342.4 1,451.8 a Comprised the full impairment of the Group\u2019s investment in Highcross as described in note 10A. b Comprises distributions of \u00a363.4m (2021: \u00a337.6m) and interest previously accrued of \u00a320.6m (2021: \u00a31.3m). 13. INVESTMENT IN JOINT VENTURES continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-645": {
"value": "14. INVESTMENT IN ASSOCIATES A. PERCENTAGE SHARE Principal property 2022 Share 2021 Share Value Retail Various Villages across Europe a 40% 40% Italie Deux Italie Deux, France 25% 25% Nicetoile Nicetoile, France b \u2013 10% a Interest is calculated based on the share of profits to which the Group is entitled and excludes individual interests which are loss making. b The Group disposed of its 10% interest in Nicetoile on 1 April 2021 for \u20ac25m (\u00a321m). Associates comprise prime urban real estate consisting of flagship destinations and premium outlets across Europe. Analysis of the results and assets and liabilities of the Group\u2019s investment in associates is set out below and with the exception of Value Retail, these results form part of the Share of Property interests to arrive at management\u2019s analysis of the Group on a proportionally consolidated basis as explained in note 3 and set out in note 2. B. RESULTS 2022 2021 100% share 100% share Value Retail \u00a3m Italie Deux \u00a3m Total \u00a3m Group share \u00a3m Value Retail \u00a3m Nicetoile \u00a3m Italie Deux \u00a3m Total \u00a3m Group share \u00a3m Gross rental income \u2020 434.1 22.4 456.5 153.6 305.5 3.1 23.0 331.6 102.6 Net rental income \u2020 288.5 17.8 306.3 105.7 204.9 2.7 17.3 224.9 71.4 Administration expenses (144.3) (0.1) (144.4) (48.0) (116.3) \u2013 (0.1) (116.4) (33.8) Profit from operating activities \u2020 144.2 17.7 161.9 57.7 88.6 2.7 17.2 108.5 37.6 Revaluation (losses)/gains on properties \u2020 (98.1) (24.8) (122.9) (66.9) (33.0) 0.2 (35.8) (68.6) (21.1) Operating profit/(loss) 46.1 (7.1) 39.0 (9.2) 55.6 2.9 (18.6) 39.9 16.5 Interest costs (79.6) (0.1) (79.7) (27.7) (55.1) \u2013 \u2013 (55.1) (18.7) Fair value gains on derivatives 57.0 \u2013 57.0 18.1 18.2 \u2013 \u2013 18.2 9.3 Fair value gains on participative loans \u2013 \u2013 \u2013 15.0 \u2013 \u2013 \u2013 \u2013 9.1 Net finance (costs)/income (22.6) (0.1) (22.7) 5.4 (36.9) \u2013 \u2013 (36.9) (0.3) Profit/(loss) before tax 23.5 (7.2) 16.3 (3.8) 18.7 2.9 (18.6) 3.0 16.2 Current tax charge (15.3) \u2013 (15.3) (3.2) (8.5) \u2013 (0.1) (8.6) (1.8) Deferred tax (charge)/credit (8.8) \u2013 (8.8) (0.1) 6.0 \u2013 \u2013 6.0 1.2 (Loss)/profit for the year (0.6) (7.2) (7.8) (7.1) 16.2 2.9 (18.7) 0.4 15.6 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in note 1B. 14. INVESTMENT IN ASSOCIATES continued C. ASSETS AND LIABILITIES 2022 2021 100% share 100% share Value Retail \u00a3m Italie Deux \u00a3m Total \u00a3m Group share \u00a3m Value Retail \u00a3m Italie Deux \u00a3m Total \u00a3m Group share \u00a3m Non-current assets Investment properties 5,151.0 411.6 5,562.6 1,989.9 5,055.6 406.7 5,462.3 1,995.2 Other non-current assets 370.7 \u2013 370.7 114.2 236.6 \u2013 236.6 63.3 5,521.7 411.6 5,933.3 2,104.1 5,292.2 406.7 5,698.9 2,058.5 Current assets Cash and cash equivalents 288.6 27.4 316.0 93.6 233.6 23.9 257.5 83.0 Other current assets 98.9 11.8 110.7 40.7 70.1 13.1 83.2 32.8 387.5 39.2 426.7 134.3 303.7 37.0 340.7 115.8 Total assets 5,909.2 450.8 6,360.0 2,238.4 5,595.9 443.7 6,039.6 2,174.3 Current liabilities Loans (314.7) \u2013 (314.7) (108.1) (1,090.1) \u2013 (1,090.1) (465.1) Other payables (148.4) (17.0) (165.4) (104.6) (121.0) (15.4) (136.4) (92.8) (463.1) (17.0) (480.1) (212.7) (1,211.1) (15.4) (1,226.5) (557.9) Non-current liabilities Loans (1,787.1) \u2013 (1,787.1) (653.6) (934.6) \u2013 (934.6) (292.2) Participative loan (387.1) \u2013 (387.1) (95.7) (347.8) \u2013 (347.8) (86.0) Other payables, including deferred tax (650.7) (3.1) (653.8) (185.2) (609.3) (3.3) (612.6) (176.0) (2,824.9) (3.1) (2,828.0) (934.5) (1,891.7) (3.3) (1,895.0) (554.2) Total liabilities (3,288.0) (20.1) (3,308.1) (1,147.2) (3,102.8) (18.7) (3,121.5) (1,112.1) Net assets 2,621.2 430.7 3,051.9 1,091.2 2,493.1 425.0 2,918.1 1,062.2 Reverse participative loans 387.1 \u2013 387.1 205.9 347.8 \u2013 347.8 184.8 3,008.3 430.7 3,439.0 1,297.1 2,840.9 425.0 3,265.9 1,247.0 D. RECONCILIATION OF MOVEMENTS IN INVESTMENT IN ASSOCIATES 2022 2021 Value Retail \u00a3m Italie Deux \u00a3m Total \u00a3m Value Retail \u00a3m Nicetoile \u00a3m Italie Deux \u00a3m Total \u00a3m At 1 January 1,140.8 106.2 1,247.0 1,154.1 23.8 120.5 1,298.4 Share of results of associates (5.3) (1.8) (7.1) 20.0 0.3 (4.7) 15.6 Capital return \u2013 (2.0) (2.0) \u2013 \u2013 (2.0) (2.0) Distributions (4.4) (0.6) (5.0) (2.4) \u2013 (0.1) (2.5) Share of other comprehensive gain of associate a 23.3 \u2013 23.3 1.3 \u2013 \u2013 1.3 Disposals \u2013 \u2013 \u2013 \u2013 (23.2) \u2013 (23.2) Exchange and other movements 35.0 5.9 40.9 (32.2) (0.9) (7.5) (40.6) At 31 December b 1,189.4 107.7 1,297.1 1,140.8 \u2013 106.2 1,247.0 a Relates to the change in fair value of derivative financial instruments in an effective hedge relationship within Value Retail. b Includes accumulated impairment to the investment in Value Retail of \u00a394.3m (2021: \u00a394.3m) which was recognised in the year ended 31 December 2020 and is equivalent to the notional goodwill on this investment. ",
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"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-646": {
"value": "A. TRADE AND OTHER RECEIVABLES \u2013 NON-CURRENT 2022 \u00a3m 2021 \u00a3m Net pension asset 23C 1.4 16.8 Other receivables 1.8 2.7 3.2 19.5 B. TRADE AND OTHER RECEIVABLES \u2013 CURRENT 2022 \u00a3m 2021 \u00a3m Trade receivables * 23.4 27.5 VAT receivable 16.7 15.7 Balances due from joint venture entities 8.3 7.5 Accrued interest receivable 11.6 11.0 Other receivables 23.9 17.9 Corporation tax 0.1 0.7 Prepayments 1.9 4.5 85.9 84.8 * Credit risk is explained further in note 19D. C. TRADE (TENANT) RECEIVABLES \u2013 AGEING ANALYSIS AND PROVISIONING 2022 2021 Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m Not yet due 3.2 (0.6) 2.6 5.6 (1.9) 3.7 0\u20133 months overdue 4.0 (0.8) 3.2 8.2 (3.6) 4.6 3\u201312 months overdue 8.1 (2.3) 5.8 13.9 (6.3) 7.6 More than 12 months overdue 25.7 (13.9) 11.8 27.2 (15.6) 11.6 41.0 (17.6) 23.4 54.9 (27.4) 27.5 D. ANALYSIS OF MOVEMENTS IN PROVISIONS Loss allowance 2022 \u00a3m 2021 \u00a3m At 1 January 27.4 35.8 Additions to provisions charged to the income statement 4.0 13.5 Disposals * (1.3) (2.1) Release of provisions (10.7) (16.6) Utilisation (2.8) (2.1) Exchange 1.0 (1.1) At 31 December 17.6 27.4 * 2021: Related to UK retail parks. 15. TRADE AND OTHER RECEIVABLES 15. TRADE AND OTHER RECEIVABLES continued E. TRADE (TENANT) RECEIVABLES \u2013 SEGMENTAL ANALYSIS AND PROVISIONING 2022 2021 Proportionally consolidated Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m UK 29.1 (12.5) 16.6 46.3 (27.2) 19.1 France 40.0 (17.2) 22.8 45.2 (21.7) 23.5 Ireland 5.0 (2.6) 2.4 8.0 (4.4) 3.6 Managed portfolio 74.1 (32.3) 41.8 99.5 (53.3) 46.2 Less Share of Property interests (33.1) 14.7 (18.4) (44.6) 25.9 (18.7) Reported Group 41.0 (17.6) 23.4 54.9 (27.4) 27.5 Provisions against trade receivables includes \u00a30.2m (2021: \u00a31.0m) against receivables whereby the income which has been deferred on the balance sheet. On a proportionally consolidated basis, a further \u00a31.4m (2021: \u00a33.0m) relates to Share of Property interests. The charge made for making these provisions is excluded from Adjusted earnings as described in note 10A. Net trade receivables do not include deposits (which are included in payables), but taken together with VAT, do form part of the assessment of the required provision. A 10 percentage point increase in the provision rate would increase the provision and hence reduce Reported earnings by \u00a32.7m and Adjusted earnings by \u00a32.2m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-676": {
"value": "C. TRADE (TENANT) RECEIVABLES \u2013 AGEING ANALYSIS AND PROVISIONING 2022 2021 Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m Not yet due 3.2 (0.6) 2.6 5.6 (1.9) 3.7 0\u20133 months overdue 4.0 (0.8) 3.2 8.2 (3.6) 4.6 3\u201312 months overdue 8.1 (2.3) 5.8 13.9 (6.3) 7.6 More than 12 months overdue 25.7 (13.9) 11.8 27.2 (15.6) 11.6 41.0 (17.6) 23.4 54.9 (27.4) 27.5 D. ANALYSIS OF MOVEMENTS IN PROVISIONS Loss allowance 2022 \u00a3m 2021 \u00a3m At 1 January 27.4 35.8 Additions to provisions charged to the income statement 4.0 13.5 Disposals * (1.3) (2.1) Release of provisions (10.7) (16.6) Utilisation (2.8) (2.1) Exchange 1.0 (1.1) At 31 December 17.6 27.4 * 2021: Related to UK retail parks. E. TRADE (TENANT) RECEIVABLES \u2013 SEGMENTAL ANALYSIS AND PROVISIONING 2022 2021 Proportionally consolidated Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m Gross trade receivables \u00a3m Provision \u00a3m Net trade receivables \u00a3m UK 29.1 (12.5) 16.6 46.3 (27.2) 19.1 France 40.0 (17.2) 22.8 45.2 (21.7) 23.5 Ireland 5.0 (2.6) 2.4 8.0 (4.4) 3.6 Managed portfolio 74.1 (32.3) 41.8 99.5 (53.3) 46.2 Less Share of Property interests (33.1) 14.7 (18.4) (44.6) 25.9 (18.7) Reported Group 41.0 (17.6) 23.4 54.9 (27.4) 27.5 Provisions against trade receivables includes \u00a30.2m (2021: \u00a31.0m) against receivables whereby the income which has been deferred on the balance sheet. On a proportionally consolidated basis, a further \u00a31.4m (2021: \u00a33.0m) relates to Share of Property interests. The charge made for making these provisions is excluded from Adjusted earnings as described in note 10A. Net trade receivables do not include deposits (which are included in payables), but taken together with VAT, do form part of the assessment of the required provision. A 10 percentage point increase in the provision rate would increase the provision and hence reduce Reported earnings by \u00a32.7m and Adjusted earnings by \u00a32.2m. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-647": {
"value": "16. RESTRICTED MONETARY ASSETS AND CASH AND CASH EQUIVALENTS A. RESTRICTED MONETARY ASSETS 2022 2021 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Cash held in respect of tenants and co-owners \u2020 a 8.6 \u2013 13.7 \u2013 Cash held in escrow b \u2013 21.4 20.0 21.4 8.6 21.4 33.7 21.4 \u2020 2021 current figures have been restated to reflect the IFRIC Decision on Deposits where further information is provided in note 1B. The effect is that \u00a35.4m held by third party managing agents in respect of tenant deposits and service charges have been reclassified to cash and cash equivalents as these amounts are not restricted by law or regulation. The previously reported figure for 2021 was \u00a319.1m. a Comprises amounts held to meet future services charge costs and related expenditure such as marketing expenditure, where local laws or regulations restrict the use of such cash. b Comprises funds held to satisfy potential obligations under indemnities granted in favour of Directors and officers to the extent that such obligations are not already satisfied by the Company or covered by Directors\u2019 and Officers\u2019 liability insurance. The funds will remain in trust until the later of December 2026, or, if there are outstanding claims at that date, the date on which all claims are resolved (2021: the current portion related to a deposit received in respect of the sale of Silverburn prior to completion on 15 March 2022, upon which the amounts were released from escrow). B. CASH AND CASH EQUIVALENTS Cash and cash equivalents includes \u00a34.4m (2021: \u00a35.4m) in respect of cash held by third party managing agents which was previously disclosed as restricted monetary assets as described in notes 16A and 1B and where the previously reported 2021 cash and cash equivalents figure of \u00a3309.7m has been restated. ",
"dimensions": {
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"fact-677": {
"value": "16. RESTRICTED MONETARY ASSETS AND CASH AND CASH EQUIVALENTS A. RESTRICTED MONETARY ASSETS 2022 2021 Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Cash held in respect of tenants and co-owners \u2020 a 8.6 \u2013 13.7 \u2013 Cash held in escrow b \u2013 21.4 20.0 21.4 8.6 21.4 33.7 21.4 \u2020 2021 current figures have been restated to reflect the IFRIC Decision on Deposits where further information is provided in note 1B. The effect is that \u00a35.4m held by third party managing agents in respect of tenant deposits and service charges have been reclassified to cash and cash equivalents as these amounts are not restricted by law or regulation. The previously reported figure for 2021 was \u00a319.1m. a Comprises amounts held to meet future services charge costs and related expenditure such as marketing expenditure, where local laws or regulations restrict the use of such cash. b Comprises funds held to satisfy potential obligations under indemnities granted in favour of Directors and officers to the extent that such obligations are not already satisfied by the Company or covered by Directors\u2019 and Officers\u2019 liability insurance. The funds will remain in trust until the later of December 2026, or, if there are outstanding claims at that date, the date on which all claims are resolved (2021: the current portion related to a deposit received in respect of the sale of Silverburn prior to completion on 15 March 2022, upon which the amounts were released from escrow). B. CASH AND CASH EQUIVALENTS Cash and cash equivalents includes \u00a34.4m (2021: \u00a35.4m) in respect of cash held by third party managing agents which was previously disclosed as restricted monetary assets as described in notes 16A and 1B and where the previously reported 2021 cash and cash equivalents figure of \u00a3309.7m has been restated. ",
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"fact-648": {
"value": "2022 2021 Note Current \u00a3m Non-current \u00a3m Current \u00a3m Non-current \u00a3m Trade payables 22.7 \u2013 17.0 \u2013 Pension liability 23C 0.9 7.8 0.9 9.2 VAT payable 17.8 \u2013 18.8 \u2013 Balances due to joint venture entities 23.1 \u2013 9.3 \u2013 Balances due to co-owners a 8.7 \u2013 13.7 \u2013 Accruals \u2013 interest 37.6 \u2013 38.9 \u2013 \u2013 capital expenditure 14.0 \u2013 14.2 \u2013 \u2013 other 33.6 \u2013 30.7 \u2013 Deferred income 1.1 \u2013 23.5 \u2013 Distributions received in advance from associates (Value Retail) \u2013 18.1 \u2013 21.5 Guarantee and tenant deposits \u2013 11.1 \u2013 9.5 Lease liabilities b 2.7 6.9 2.5 1.5 Other payables 6.1 12.4 9.9 14.9 168.3 56.3 179.4 56.6 a Comprises restricted monetary assets held on behalf of co-owners in order to meet future service charge costs and related expenditure. b Of the non-current portion, \u00a31.8m (2021: \u00a31.2m) is payable between one to two years, \u00a32.4m (2021: \u00a30.3m) from two to five years and \u00a32.7m (2021: \u00a3nil) in more than five years. 17. TRADE AND OTHER PAYABLES ",
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"value": "18. LOANS A. LOAN PROFILE 2022 \u00a3m 2021 \u00a3m Unsecured \u00a3200.0m 7.25% sterling bonds due 2028 199.0 198.8 \u20ac700.0m 1.75% eurobonds due 2027 a 612.3 578.3 \u00a3300.0m 6% sterling bonds due 2026 299.1 298.8 \u00a3350.0m 3.5% sterling bonds due 2025 348.3 347.8 \u20ac235.5m 1.75% eurobonds due 2023 b \u2013 197.4 Bank loans and overdrafts c (3.1) (2.7) Senior notes due 2031 5.1 4.9 Senior notes due 2028 11.3 13.3 Senior notes due 2026 62.0 58.8 Senior notes due 2024 112.4 139.4 d 1,646.4 1,834.8 a Coupon is linked to two sustainability performance targets, both of which will be tested in December 2025 against a 2019 benchmark. If the targets are not met, a total of 75 basis points per annum, representing a cost of \u20ac5.25m, will be payable in addition to the final year\u2019s coupon. The Group has made certain assumptions which support not increasing the effective interest rate, as a result of the possibility of failing to meet the targets. Planned future initiatives which will assist the Group in achieving the targets include the introduction of energy efficient projects, the generation of additional on or offsite energy and driving compliance with relevant energy performance legislation. The Group continues to make steady progress against both targets. b On 16 December 2022, following the exercise of an early redemption option, the Group redeemed all of the \u20ac235.5m 1.75% eurobonds due 2023 using available cash resources. c Debit balance comprises unamortised fees for revolving credit facilities against which no funds had been drawn at the year ends. d Maturity analysis is set out in note 19G. B. UNDRAWN COMMITTED FACILITIES The Group has the following revolving credit facilities (RCF), which are all in sterling unless otherwise indicated, expiring as follows: 2022 \u00a3m 2021 \u00a3m 2017 RCF expiring 2022 \u2013 10.0 2017 RCF expiring 2023 a \u2013 30.0 2016 RCF expiring 2023 a \u2013 420.0 2017 RCF expiring 2024 a \u2013 370.0 2021 RCF expiring 2024/2025 b 150.0 150.0 2021 JPY7.7bn RCF expiring 2025 c 48.9 49.8 2022 RCF expiring 2025 a 463.0 \u2013 d 661.9 1,029.8 a On 29 April 2022, the 2016 RCF expiring 2023 and the unexpired elements of the 2017 RCF expiring in 2023 and 2024 were extinguished and replaced with a new three year \u00a3463m RCF expiring April 2025, but containing two one-year extension options. The existing two facilities were cancelled on 9 May 2022. b Contained two one year extension options whereby during the year, the first of these extension options was exercised such that \u00a3100m was extended to June 2025 with the remaining \u00a350m left to expire at its existing term in June 2024. c Contained two one year extension options whereby during the year, the first of these extension options was exercised such that the full facility was extended to June 2025. d \u00a32.1m (2021: \u00a32.1m) of RCFs have been utilised (although not drawn) to support ancillary facilities leaving \u00a3659.8m (2021: \u00a31,027.7m) available to the Group. C. MATURITY ANALYSIS OF UNDRAWN COMMITTED FACILITIES Expiry 2022 \u00a3m 2021 \u00a3m Within one year \u2013 10.0 Within one to two years 50.0 450.0 Within two to five years 611.9 569.8 661.9 1,029.8 ",
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"value": "A: FINANCIAL RISK MANAGEMENT AND STRATEGY The Group\u2019s financial risk management strategy seeks to set financial limits for treasury activity to ensure they are in line with the risk appetite of the Group. The Group\u2019s activities expose it to certain financial risks comprising liquidity risk, market risk (comprising interest rate and foreign currency risk), credit risk and capital risk. The Group\u2019s treasury function, which operates under treasury policies approved by the Board, maintains internal guidelines for interest cover, gearing, unencumbered assets and other credit ratios and both the current and projected financial position against these guidelines is monitored regularly. To manage the risks set out above, the Group uses certain derivative financial instruments to mitigate potentially adverse effects on the Group\u2019s financial performance. Derivative financial instruments are used to manage exposure to fluctuations in foreign currency exchange rates and interest rates but are not employed for speculative purposes. Financial instruments are grouped and accounted for as set out in the table below. 2022 2021 Note Current \u00a3m Non-current \u00a3m Total \u00a3m Current \u00a3m Non-current \u00a3m Total \u00a3m Balances due from joint ventures 13C \u2013 239.1 239.1 \u2013 255.4 255.4 Trade and other receivables a 15A/15B 67.2 1.8 69.0 63.9 2.7 66.6 Restricted monetary assets \u2020 16 8.6 21.4 30.0 33.7 21.4 55.1 Cash and cash equivalents \u2020 218.8 \u2013 218.8 315.1 \u2013 315.1 Assets held for sale a, d \u2013 \u2013 \u2013 4.1 \u2013 4.1 Financial assets at amortised cost 556.9 696.3 Investment in associates: participative loans 14C \u2013 205.9 205.9 \u2013 184.8 184.8 Other investments \u2013 9.8 9.8 \u2013 9.5 9.5 Assets at fair value through profit and loss b 215.7 194.3 Derivative financial instruments \u2013 assets 0.1 7.0 7.1 7.3 18.6 25.9 Derivative financial instruments \u2013 liabilities (16.1) (23.7) (39.8) \u2013 (59.7) (59.7) Derivatives at fair value through profit and loss c (32.7) (33.8) Trade and other payables d 17 (148.5) (48.5) (197.0) (136.2) (47.4) (183.6) Loans 18 \u2013 (1,646.4) (1,646.4) \u2013 (1,834.8) (1,834.8) Obligations under head leases 20 (0.2) (38.1) (38.3) \u2013 (36.4) (36.4) Financial liabilities at amortised cost (1,881.7) (2,054.8) \u2020 2021 figures have been restated to reflect the IFRIC decision on Deposits where further information is provided in notes 1B and 16. a Excludes net pension asset, VAT, corporation tax and prepayments. b Gain of \u00a315.0m (2021: \u00a39.5m) recognised in income statement. c Gain of \u00a315.2m (2021: \u00a343.9m loss) recognised in income statement. d Excludes pension liabilities, VAT and deferred income. B. LIQUIDITY RISK Cash levels are monitored to ensure sufficient resources are available to meet the Group\u2019s operational requirements. Short term money market deposits are used to manage cash resources to maximise the rate of return, giving due consideration to risk. Liquidity requirements are met with an appropriate mix of short and longer term debt whereby the Group borrows predominantly on an unsecured basis in order to maintain operational flexibility at a low operational cost. Loans and facilities are arranged to maintain short term liquidity and ensure an appropriate maturity profile. Long term debt comprises mainly the Group\u2019s fixed rate unsecured bonds and private placement senior notes. Short term funding is raised principally through syndicated revolving credit facilities from a range of banks and financial institutions with which the Group maintains strong working relationships. Analysis of the Group\u2019s loans and facilities together with their maturity is set out in note 18. 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued C. INTEREST RATE AND CURRENCY RISK Interest rate risk Interest rate swaps are used to manage the interest rate basis of the Group\u2019s debt, allowing changes from fixed to floating rates or vice versa. Clear guidelines exist for the Group\u2019s ratio of fixed to floating debt, interest cover, gearing, unencumbered assets and other credit ratios. The interest rate profile is measured regularly against these guidelines. The Group has interest swap agreements totalling \u00a3300m which mature in February 2024. Interest is paid at a rate linked to SONIA, and received at a fixed rate of 6% per annum. The Group defines Borrowings as loans and currency swaps and excludes the fair value of the interest rate swaps as the fair value crystallises over the life of the instruments rather than at maturity. The Group does not apply hedge accounting to its interest rate swaps. 2022 2021 Interest rate profile Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Borrowings (loans and currency swaps) \u2013 Fixed rate 227.1 \u2013 1,136.9 1,364.0 226.0 \u2013 1,362.9 1,588.9 \u2013 Floating rate (495.9) (4.9) 813.8 313.0 (170.5) (5.2) 465.7 290.0 (268.8) (4.9) 1,950.7 1,677.0 55.5 (5.2) 1,828.6 1,878.9 Offsetting After taking into account the netting impact included within the Group\u2019s International Swap and Derivatives Association (ISDA) agreements with each counterparty (which are enforceable on the occurrence of future credit events such as a default), the net positions, including accrued interest, would be derivative financial assets of \u00a36.2m (2021: \u00a36.3m) and derivative financial liabilities of \u00a329.3m (2021: \u00a329.5m). The combined value of derivative financial instruments was therefore a liability of \u00a323.1m (2021: liability of \u00a323.2m). Currency risk The currency profile of the Group\u2019s loans is as follows: 2022 2021 Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Bonds 846.4 \u2013 612.3 1,458.7 845.4 \u2013 775.7 1,621.1 Bank loans and overdrafts (3.1) \u2013 \u2013 (3.1) (2.7) \u2013 \u2013 (2.7) Senior notes 30.9 63.9 96.0 190.8 30.8 84.8 100.8 216.4 874.2 63.9 708.3 1,646.4 873.5 84.8 876.5 1,834.8 Hedging The Group enters into cash flow hedge and net investment relationships to mitigate its exposure to currency risk. The ratio for hedging instruments designated in both net investment and cash flow hedge relationships was 1:1. Ineffectiveness could be recognised on either hedging relationship due to significant changes in counterparty credit risk or a reduction in the notional amount of the hedged item during the designated hedging period, however, no ineffectiveness was recognised in 2022 or 2021. 2022 2021 Maturity of fair value of currency swaps Current \u00a3m Non-current \u00a3m Total \u00a3m Current \u00a3m Non-current \u00a3m Total \u00a3m Assets \u2013 7.0 7.0 7.3 8.3 15.6 Liabilities (16.1) (21.5) (37.6) \u2013 (59.7) (59.7) (16.1) (14.5) (30.6) 7.3 (51.4) (44.1) Cash flow hedges US dollar loans comprise elements of the Group\u2019s Senior notes as set out above. To manage the impact of foreign exchange movements on these loans, the Group has used derivatives at an average hedged exchange rate of \u00a31 = $1.387 (2021: \u00a31 = $1.439), to swap all the cash flows to either euro or sterling where the sterling element is designated as a cash flow hedge with the critical terms of the loans being the same as the related derivatives. The carrying value of derivatives designated in a cash flow hedge was an asset of \u00a38.3m (2021: \u00a36.7m). This designation allows exchange differences on hedging instruments to be recognised in the cash flow hedge reserve and then recycled to net finance costs in the consolidated income statement, to offset against the exchange differences on US dollar loans also recognised in net finance costs. The cash flow hedge reserve includes a loss of \u00a30.2m (2021: \u00a31.7m gain) in respect of continuing cash flow hedges. The cash flows are expected to occur between 2023 and 2024. C. INTEREST RATE AND CURRENCY RISK continued Net investment hedges To manage the foreign currency exposure on its net investments in euro-denominated entities, the Group has designated all euro loans or synthetic euro loans, including euro-denominated bonds, senior notes and currency swaps, as net investment hedges. This designation allows exchange differences on hedging instruments to be recognised directly in equity which acts as an offset against the exchange differences on net investments in euro-denominated entities which are also recognised in equity. The notional and carrying amount of such euro- denominated liabilities and the average hedged rate is set out below. 2022 2021 Euro notional amount \u20acm Carrying amount \u00a3m Average hedged exchange rate \u20ac Euro notional amount \u20acm Carrying amount \u00a3m Average hedged exchange rate \u20ac Bonds 700.0 612.3 1.163 935.5 775.7 1.189 Senior notes 108.5 96.0 1.152 120.4 100.8 1.152 Cross currency swaps 484.0 22.2 1.194 570.2 45.9 1.352 Foreign exchange swaps 918.0 16.4 1.151 554.6 (7.2) 1.173 Total 2,210.5 746.9 2,180.7 915.2 The euro notional amount represents the amount due at maturity without netting any receivable of different currency under the same instrument. The net investment hedge reserve includes \u00a360.8m (2021: \u00a345.1m) in respect of continuing net investment hedges whereby these are due to mature between 2023 and 2031. Sensitivity analysis Interest risk sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short term fluctuations on the Group\u2019s earnings. Changes in foreign exchange and interest rates may have an impact on consolidated earnings over the longer term. The sensitivity has been calculated by applying the interest rate change to the loans net of their related interest rate swaps. 2022 2021 Change in interest rate Change in interest rate Interest rate sensitivity on earnings + 1% \u00a3m \u2013 1% \u00a3m + 1% \u00a3m \u2013 1% \u00a3m Income statement 6.2 (6.3) 6.4 (6.5) Other comprehensive income \u2013 \u2013 \u2013 \u2013 Currency risk sensitivity analysis The sensitivity of the Group\u2019s financial instruments to changes in exchange rates shows the impact on profit and other comprehensive income of a 10% change in the sterling exchange rate against euro by retranslating the year end euro-denominated financial instruments, taking into account forward foreign exchange contracts. 10% represents management\u2019s assessment of a reasonably possible change in foreign exchange rates over a 12 month period. The analysis does not reflect the exposure and inherent risk during the year. 2022 2021 Change in exchange rate Change in exchange rate Euro currency sensitivity impact on earnings + 10% \u00a3m \u2013 10% \u00a3m + 10% \u00a3m \u2013 10% \u00a3m Income statement (0.4) 0.5 (4.5) 5.5 Other comprehensive income 177.2 (216.6) 165.5 (202.3) The effect on the net gains taken to equity would be more than offset by the effect of exchange rate changes on the euro-denominated assets included in the Group\u2019s financial statements. 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued D. CREDIT RISK Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss. The Group\u2019s credit risk arises from trade and other receivables, unamortised tenant incentives, restricted monetary assets, cash and cash equivalents, balances due from joint ventures and associates, other investments, loans receivable, participative loans to associates and derivative financial instruments. Trade (tenant) receivables The Group\u2019s greatest exposure to credit risk arises principally from trade (tenant) receivables which all have due dates within 12 months. The Group determines and monitors regularly the level of risk associated with trade receivables and applies the IFRS 9 simplified approach to measuring expected credit losses applying the methodology, judgements and estimates set out in note 1F and by reference to changes in the levels of default experienced, tenant credit ratings and wider macroeconomic factors. Analysis of the provision and sensitivities thereon are set out in notes 15D and 15E. For most trade receivables, the Group obtains security in the form of rental deposits or guarantees which can be called upon if the counterparty is in default. Both of these serve to limit the potential exposure to credit risk. Unamortised tenant incentives Provisioning rates against unamortised tenant incentives are lower than those against trade receivables as the credit risk of tenants not paying rent for future periods, and hence unamortised tenant incentives not being recovered, is lower than the credit risk on trade receivables currently overdue, including residual aged amounts still outstanding from the pandemic. The Group determines and monitors regularly the level of risk and assesses impairment of such balances accordingly and by reference to changes in the levels of default experienced, tenant credit ratings and wider macroeconomic factors. Details of the provision and sensitivities thereon are set out in note 12B. Other balances The credit risk associated with restricted monetary assets, cash and cash equivalents, derivative financial instruments and amounts due from joint ventures and associates (including loans and participative loans receivable, which are carried at fair value based on the underlying assets) is considered low, with an assessment of each category set out as follows: Restricted monetary assets, cash and cash equivalents and derivative financial instruments Such balances are held with counterparties which are banks that are committed lenders to the Group with high credit ratings assigned by international credit rating agencies. Amounts due from joint ventures and associates Balances due from joint ventures comprise loans from the Group to establish and fund the partnerships which form part of the total investment in joint ventures. The credit risk of loans due from joint ventures and also associates is monitored by reference to changes in the underlying assets, principally driven by investment property valuation changes. The most material balance, relating to loans due from Westquay Limited Partnership, is repayable on demand, although the Group does not expect this loan to be recalled in the foreseeable future. Consequently, the expected credit loss has been calculated by discounting the outstanding loan balance over the period until it is anticipated that the cash will be realised at the interest rate implicit in the loan. The resultant expected credit loss was not material to the Group accordingly no loss has been recognised. Investments The carrying value of investments in joint ventures and associates equates to the Group\u2019s share of the underlying net assets of the investment. The most significant component of underlying net assets is investment properties, which are carried at fair value meaning that there is no residual credit risk other than for at Highcross where in 2021, a breach of secured loan covenants resulted in a full impairment to \u00a3nil of that investment. Other receivables Other receivables are grouped based on type, contractual terms, ageing and financial standing of the debtor using the same methodologies and considerations as for trade receivables. Dependent on the nature of the receivable the credit risk ranges from low to moderate, however, the resulting provisions are not significant. E: CAPITAL RISK The capital structure of the Group comprises of equity and debt, including cash and cash equivalents. The Group\u2019s financing policy is to optimise the weighted average cost of capital by using an appropriate mix of debt and equity. Further information on loans is provided in note 18 and information on share capital and reserves is set out in note 21 and the statement of changes in equity. The Group reviews regularly its loan covenant compliance. F. FINANCIAL INSTRUMENTS HELD AT FAIR VALUE Definitions The Group\u2019s financial instruments are categorised by level of fair value hierarchy prescribed by accounting standards. The different levels are defined as follows: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (actual prices) or indirectly (derived from actual prices) \u2013 Level 3: inputs for the asset or liability that are not based on observable market data (from unobservable inputs) Fair value valuation technique Financial instrument Valuation technique for determining fair value Unsecured bonds Quoted market prices Senior notes Present value of cash flows discounted using prevailing market interest rates Unsecured bank loans and overdrafts Present value of cash flows discounted using prevailing market interest rates Fair value of currency swaps and interest rate swaps Present value of cash flows discounted using prevailing market interest rates Other investments including participative loans to associates Underlying net asset values of the interests in Villages/centre * * Assets of Villages comprise mainly investment properties held at professional valuation. Fair value hierarchy analysis 2022 2021 Hierarchy Carrying amount \u00a3m Fair value \u00a3m Carrying amount \u00a3m Fair value \u00a3m Unsecured bonds Level 1 1,458.7 1,249.5 1,621.1 1,707.0 Senior notes Level 2 190.8 180.7 216.4 221.8 Unsecured bank loans and overdrafts Level 2 (3.1) \u2013 (2.7) \u2013 Fair value of currency swaps Level 2 30.6 30.6 44.1 44.1 Borrowings 1,677.0 1,460.8 1,878.9 1,972.9 Fair value of interest rate swaps Level 2 2.1 2.1 (10.3) (10.3) Participative loans to associates Level 3 205.9 205.9 184.8 184.8 Fair value of other investments Level 3 9.8 9.8 9.5 9.5 Analysis of movements in Level 3 financial instruments 2022 2021 Level 3 financial instruments Participative loans \u00a3m Other investments \u00a3m Total \u00a3m Participative loans \u00a3m Other investments \u00a3m Total \u00a3m At 1 January 184.8 9.5 194.3 189.9 9.7 199.6 Total gains/(losses) in \u2013 share of results of associates 15.0 \u2013 15.0 9.1 \u2013 9.1 \u2013 consolidated income statement \u2013 \u2013 \u2013 \u2013 0.4 0.4 \u2013 other comprehensive income 10.5 0.3 10.8 (11.8) (0.6) (12.4) Other movements \u2013 advances (4.4) \u2013 (4.4) (2.4) \u2013 (2.4) At 31 December 205.9 9.8 215.7 184.8 9.5 194.3 All other factors remaining constant, an increase of 5% in the net asset values of the Villages/centre would increase the carrying amount of the Level 3 financial instruments by \u00a311.3m. Similarly, a decrease of 5% would decrease the carrying amount by \u00a311.3m. The fair values of all other financial assets and liabilities equate to their book values. 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued G. MATURITY ANALYSIS OF FINANCIAL LIABILITIES The remaining contractual non-discounted cash flows for financial liabilities are as follows: 2022 Note Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m Five to 25 years \u00a3m More than 25 years \u00a3m Total \u00a3m Trade and other payables a 148.5 10.2 3.3 35.0 \u2013 197.0 Derivative financial liability cash inflows (13.3) (30.8) (362.3) \u2013 \u2013 (406.4) Derivative financial liability cash outflows 34.7 18.7 380.9 \u2013 \u2013 434.3 Loans b \u2013 112.6 1,332.6 216.4 \u2013 1,661.6 Interest 61.1 59.6 127.2 15.1 \u2013 263.0 Obligations under head leases 20 2.3 2.3 6.8 45.2 69.4 126.0 2021 Note Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m Five to 25 years \u00a3m More than 25 years \u00a3m Total \u00a3m Trade and other payables a 136.2 10.1 4.9 32.4 \u2013 183.6 Derivative financial liability cash inflows (13.2) (13.2) (405.9) \u2013 \u2013 (432.3) Derivative financial liability cash outflows 10.5 10.5 453.4 \u2013 \u2013 474.4 Loans b \u2013 197.7 848.6 805.9 \u2013 1,852.2 Interest 65.1 65.1 162.0 40.2 \u2013 332.4 Obligations under head leases 20 2.1 2.1 6.9 45.7 68.3 125.1 a As defined in note 19A. b Before taking into account unamortised borrowing costs of \u00a315.2m (2021: \u00a317.4m). 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},
"fact-678": {
"value": "A: FINANCIAL RISK MANAGEMENT AND STRATEGY The Group\u2019s financial risk management strategy seeks to set financial limits for treasury activity to ensure they are in line with the risk appetite of the Group. The Group\u2019s activities expose it to certain financial risks comprising liquidity risk, market risk (comprising interest rate and foreign currency risk), credit risk and capital risk. The Group\u2019s treasury function, which operates under treasury policies approved by the Board, maintains internal guidelines for interest cover, gearing, unencumbered assets and other credit ratios and both the current and projected financial position against these guidelines is monitored regularly. To manage the risks set out above, the Group uses certain derivative financial instruments to mitigate potentially adverse effects on the Group\u2019s financial performance. Derivative financial instruments are used to manage exposure to fluctuations in foreign currency exchange rates and interest rates but are not employed for speculative purposes. Financial instruments are grouped and accounted for as set out in the table below. 2022 2021 Note Current \u00a3m Non-current \u00a3m Total \u00a3m Current \u00a3m Non-current \u00a3m Total \u00a3m Balances due from joint ventures 13C \u2013 239.1 239.1 \u2013 255.4 255.4 Trade and other receivables a 15A/15B 67.2 1.8 69.0 63.9 2.7 66.6 Restricted monetary assets \u2020 16 8.6 21.4 30.0 33.7 21.4 55.1 Cash and cash equivalents \u2020 218.8 \u2013 218.8 315.1 \u2013 315.1 Assets held for sale a, d \u2013 \u2013 \u2013 4.1 \u2013 4.1 Financial assets at amortised cost 556.9 696.3 Investment in associates: participative loans 14C \u2013 205.9 205.9 \u2013 184.8 184.8 Other investments \u2013 9.8 9.8 \u2013 9.5 9.5 Assets at fair value through profit and loss b 215.7 194.3 Derivative financial instruments \u2013 assets 0.1 7.0 7.1 7.3 18.6 25.9 Derivative financial instruments \u2013 liabilities (16.1) (23.7) (39.8) \u2013 (59.7) (59.7) Derivatives at fair value through profit and loss c (32.7) (33.8) Trade and other payables d 17 (148.5) (48.5) (197.0) (136.2) (47.4) (183.6) Loans 18 \u2013 (1,646.4) (1,646.4) \u2013 (1,834.8) (1,834.8) Obligations under head leases 20 (0.2) (38.1) (38.3) \u2013 (36.4) (36.4) Financial liabilities at amortised cost (1,881.7) (2,054.8) \u2020 2021 figures have been restated to reflect the IFRIC decision on Deposits where further information is provided in notes 1B and 16. a Excludes net pension asset, VAT, corporation tax and prepayments. b Gain of \u00a315.0m (2021: \u00a39.5m) recognised in income statement. c Gain of \u00a315.2m (2021: \u00a343.9m loss) recognised in income statement. d Excludes pension liabilities, VAT and deferred income. B. LIQUIDITY RISK Cash levels are monitored to ensure sufficient resources are available to meet the Group\u2019s operational requirements. Short term money market deposits are used to manage cash resources to maximise the rate of return, giving due consideration to risk. Liquidity requirements are met with an appropriate mix of short and longer term debt whereby the Group borrows predominantly on an unsecured basis in order to maintain operational flexibility at a low operational cost. Loans and facilities are arranged to maintain short term liquidity and ensure an appropriate maturity profile. Long term debt comprises mainly the Group\u2019s fixed rate unsecured bonds and private placement senior notes. Short term funding is raised principally through syndicated revolving credit facilities from a range of banks and financial institutions with which the Group maintains strong working relationships. Analysis of the Group\u2019s loans and facilities together with their maturity is set out in note 18. 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued C. INTEREST RATE AND CURRENCY RISK Interest rate risk Interest rate swaps are used to manage the interest rate basis of the Group\u2019s debt, allowing changes from fixed to floating rates or vice versa. Clear guidelines exist for the Group\u2019s ratio of fixed to floating debt, interest cover, gearing, unencumbered assets and other credit ratios. The interest rate profile is measured regularly against these guidelines. The Group has interest swap agreements totalling \u00a3300m which mature in February 2024. Interest is paid at a rate linked to SONIA, and received at a fixed rate of 6% per annum. The Group defines Borrowings as loans and currency swaps and excludes the fair value of the interest rate swaps as the fair value crystallises over the life of the instruments rather than at maturity. The Group does not apply hedge accounting to its interest rate swaps. 2022 2021 Interest rate profile Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Borrowings (loans and currency swaps) \u2013 Fixed rate 227.1 \u2013 1,136.9 1,364.0 226.0 \u2013 1,362.9 1,588.9 \u2013 Floating rate (495.9) (4.9) 813.8 313.0 (170.5) (5.2) 465.7 290.0 (268.8) (4.9) 1,950.7 1,677.0 55.5 (5.2) 1,828.6 1,878.9 Offsetting After taking into account the netting impact included within the Group\u2019s International Swap and Derivatives Association (ISDA) agreements with each counterparty (which are enforceable on the occurrence of future credit events such as a default), the net positions, including accrued interest, would be derivative financial assets of \u00a36.2m (2021: \u00a36.3m) and derivative financial liabilities of \u00a329.3m (2021: \u00a329.5m). The combined value of derivative financial instruments was therefore a liability of \u00a323.1m (2021: liability of \u00a323.2m). Currency risk The currency profile of the Group\u2019s loans is as follows: 2022 2021 Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Bonds 846.4 \u2013 612.3 1,458.7 845.4 \u2013 775.7 1,621.1 Bank loans and overdrafts (3.1) \u2013 \u2013 (3.1) (2.7) \u2013 \u2013 (2.7) Senior notes 30.9 63.9 96.0 190.8 30.8 84.8 100.8 216.4 874.2 63.9 708.3 1,646.4 873.5 84.8 876.5 1,834.8 Hedging The Group enters into cash flow hedge and net investment relationships to mitigate its exposure to currency risk. The ratio for hedging instruments designated in both net investment and cash flow hedge relationships was 1:1. Ineffectiveness could be recognised on either hedging relationship due to significant changes in counterparty credit risk or a reduction in the notional amount of the hedged item during the designated hedging period, however, no ineffectiveness was recognised in 2022 or 2021. 2022 2021 Maturity of fair value of currency swaps Current \u00a3m Non-current \u00a3m Total \u00a3m Current \u00a3m Non-current \u00a3m Total \u00a3m Assets \u2013 7.0 7.0 7.3 8.3 15.6 Liabilities (16.1) (21.5) (37.6) \u2013 (59.7) (59.7) (16.1) (14.5) (30.6) 7.3 (51.4) (44.1) Cash flow hedges US dollar loans comprise elements of the Group\u2019s Senior notes as set out above. To manage the impact of foreign exchange movements on these loans, the Group has used derivatives at an average hedged exchange rate of \u00a31 = $1.387 (2021: \u00a31 = $1.439), to swap all the cash flows to either euro or sterling where the sterling element is designated as a cash flow hedge with the critical terms of the loans being the same as the related derivatives. The carrying value of derivatives designated in a cash flow hedge was an asset of \u00a38.3m (2021: \u00a36.7m). This designation allows exchange differences on hedging instruments to be recognised in the cash flow hedge reserve and then recycled to net finance costs in the consolidated income statement, to offset against the exchange differences on US dollar loans also recognised in net finance costs. The cash flow hedge reserve includes a loss of \u00a30.2m (2021: \u00a31.7m gain) in respect of continuing cash flow hedges. The cash flows are expected to occur between 2023 and 2024. C. INTEREST RATE AND CURRENCY RISK continued Net investment hedges To manage the foreign currency exposure on its net investments in euro-denominated entities, the Group has designated all euro loans or synthetic euro loans, including euro-denominated bonds, senior notes and currency swaps, as net investment hedges. This designation allows exchange differences on hedging instruments to be recognised directly in equity which acts as an offset against the exchange differences on net investments in euro-denominated entities which are also recognised in equity. The notional and carrying amount of such euro- denominated liabilities and the average hedged rate is set out below. 2022 2021 Euro notional amount \u20acm Carrying amount \u00a3m Average hedged exchange rate \u20ac Euro notional amount \u20acm Carrying amount \u00a3m Average hedged exchange rate \u20ac Bonds 700.0 612.3 1.163 935.5 775.7 1.189 Senior notes 108.5 96.0 1.152 120.4 100.8 1.152 Cross currency swaps 484.0 22.2 1.194 570.2 45.9 1.352 Foreign exchange swaps 918.0 16.4 1.151 554.6 (7.2) 1.173 Total 2,210.5 746.9 2,180.7 915.2 The euro notional amount represents the amount due at maturity without netting any receivable of different currency under the same instrument. The net investment hedge reserve includes \u00a360.8m (2021: \u00a345.1m) in respect of continuing net investment hedges whereby these are due to mature between 2023 and 2031. Sensitivity analysis Interest risk sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short term fluctuations on the Group\u2019s earnings. Changes in foreign exchange and interest rates may have an impact on consolidated earnings over the longer term. The sensitivity has been calculated by applying the interest rate change to the loans net of their related interest rate swaps. 2022 2021 Change in interest rate Change in interest rate Interest rate sensitivity on earnings + 1% \u00a3m \u2013 1% \u00a3m + 1% \u00a3m \u2013 1% \u00a3m Income statement 6.2 (6.3) 6.4 (6.5) Other comprehensive income \u2013 \u2013 \u2013 \u2013 Currency risk sensitivity analysis The sensitivity of the Group\u2019s financial instruments to changes in exchange rates shows the impact on profit and other comprehensive income of a 10% change in the sterling exchange rate against euro by retranslating the year end euro-denominated financial instruments, taking into account forward foreign exchange contracts. 10% represents management\u2019s assessment of a reasonably possible change in foreign exchange rates over a 12 month period. The analysis does not reflect the exposure and inherent risk during the year. 2022 2021 Change in exchange rate Change in exchange rate Euro currency sensitivity impact on earnings + 10% \u00a3m \u2013 10% \u00a3m + 10% \u00a3m \u2013 10% \u00a3m Income statement (0.4) 0.5 (4.5) 5.5 Other comprehensive income 177.2 (216.6) 165.5 (202.3) The effect on the net gains taken to equity would be more than offset by the effect of exchange rate changes on the euro-denominated assets included in the Group\u2019s financial statements. 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued D. CREDIT RISK Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss. The Group\u2019s credit risk arises from trade and other receivables, unamortised tenant incentives, restricted monetary assets, cash and cash equivalents, balances due from joint ventures and associates, other investments, loans receivable, participative loans to associates and derivative financial instruments. Trade (tenant) receivables The Group\u2019s greatest exposure to credit risk arises principally from trade (tenant) receivables which all have due dates within 12 months. The Group determines and monitors regularly the level of risk associated with trade receivables and applies the IFRS 9 simplified approach to measuring expected credit losses applying the methodology, judgements and estimates set out in note 1F and by reference to changes in the levels of default experienced, tenant credit ratings and wider macroeconomic factors. Analysis of the provision and sensitivities thereon are set out in notes 15D and 15E. For most trade receivables, the Group obtains security in the form of rental deposits or guarantees which can be called upon if the counterparty is in default. Both of these serve to limit the potential exposure to credit risk. Unamortised tenant incentives Provisioning rates against unamortised tenant incentives are lower than those against trade receivables as the credit risk of tenants not paying rent for future periods, and hence unamortised tenant incentives not being recovered, is lower than the credit risk on trade receivables currently overdue, including residual aged amounts still outstanding from the pandemic. The Group determines and monitors regularly the level of risk and assesses impairment of such balances accordingly and by reference to changes in the levels of default experienced, tenant credit ratings and wider macroeconomic factors. Details of the provision and sensitivities thereon are set out in note 12B. Other balances The credit risk associated with restricted monetary assets, cash and cash equivalents, derivative financial instruments and amounts due from joint ventures and associates (including loans and participative loans receivable, which are carried at fair value based on the underlying assets) is considered low, with an assessment of each category set out as follows: Restricted monetary assets, cash and cash equivalents and derivative financial instruments Such balances are held with counterparties which are banks that are committed lenders to the Group with high credit ratings assigned by international credit rating agencies. Amounts due from joint ventures and associates Balances due from joint ventures comprise loans from the Group to establish and fund the partnerships which form part of the total investment in joint ventures. The credit risk of loans due from joint ventures and also associates is monitored by reference to changes in the underlying assets, principally driven by investment property valuation changes. The most material balance, relating to loans due from Westquay Limited Partnership, is repayable on demand, although the Group does not expect this loan to be recalled in the foreseeable future. Consequently, the expected credit loss has been calculated by discounting the outstanding loan balance over the period until it is anticipated that the cash will be realised at the interest rate implicit in the loan. The resultant expected credit loss was not material to the Group accordingly no loss has been recognised. Investments The carrying value of investments in joint ventures and associates equates to the Group\u2019s share of the underlying net assets of the investment. The most significant component of underlying net assets is investment properties, which are carried at fair value meaning that there is no residual credit risk other than for at Highcross where in 2021, a breach of secured loan covenants resulted in a full impairment to \u00a3nil of that investment. Other receivables Other receivables are grouped based on type, contractual terms, ageing and financial standing of the debtor using the same methodologies and considerations as for trade receivables. Dependent on the nature of the receivable the credit risk ranges from low to moderate, however, the resulting provisions are not significant. E: CAPITAL RISK The capital structure of the Group comprises of equity and debt, including cash and cash equivalents. The Group\u2019s financing policy is to optimise the weighted average cost of capital by using an appropriate mix of debt and equity. Further information on loans is provided in note 18 and information on share capital and reserves is set out in note 21 and the statement of changes in equity. The Group reviews regularly its loan covenant compliance. F. FINANCIAL INSTRUMENTS HELD AT FAIR VALUE Definitions The Group\u2019s financial instruments are categorised by level of fair value hierarchy prescribed by accounting standards. The different levels are defined as follows: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (actual prices) or indirectly (derived from actual prices) \u2013 Level 3: inputs for the asset or liability that are not based on observable market data (from unobservable inputs) Fair value valuation technique Financial instrument Valuation technique for determining fair value Unsecured bonds Quoted market prices Senior notes Present value of cash flows discounted using prevailing market interest rates Unsecured bank loans and overdrafts Present value of cash flows discounted using prevailing market interest rates Fair value of currency swaps and interest rate swaps Present value of cash flows discounted using prevailing market interest rates Other investments including participative loans to associates Underlying net asset values of the interests in Villages/centre * * Assets of Villages comprise mainly investment properties held at professional valuation. Fair value hierarchy analysis 2022 2021 Hierarchy Carrying amount \u00a3m Fair value \u00a3m Carrying amount \u00a3m Fair value \u00a3m Unsecured bonds Level 1 1,458.7 1,249.5 1,621.1 1,707.0 Senior notes Level 2 190.8 180.7 216.4 221.8 Unsecured bank loans and overdrafts Level 2 (3.1) \u2013 (2.7) \u2013 Fair value of currency swaps Level 2 30.6 30.6 44.1 44.1 Borrowings 1,677.0 1,460.8 1,878.9 1,972.9 Fair value of interest rate swaps Level 2 2.1 2.1 (10.3) (10.3) Participative loans to associates Level 3 205.9 205.9 184.8 184.8 Fair value of other investments Level 3 9.8 9.8 9.5 9.5 Analysis of movements in Level 3 financial instruments 2022 2021 Level 3 financial instruments Participative loans \u00a3m Other investments \u00a3m Total \u00a3m Participative loans \u00a3m Other investments \u00a3m Total \u00a3m At 1 January 184.8 9.5 194.3 189.9 9.7 199.6 Total gains/(losses) in \u2013 share of results of associates 15.0 \u2013 15.0 9.1 \u2013 9.1 \u2013 consolidated income statement \u2013 \u2013 \u2013 \u2013 0.4 0.4 \u2013 other comprehensive income 10.5 0.3 10.8 (11.8) (0.6) (12.4) Other movements \u2013 advances (4.4) \u2013 (4.4) (2.4) \u2013 (2.4) At 31 December 205.9 9.8 215.7 184.8 9.5 194.3 All other factors remaining constant, an increase of 5% in the net asset values of the Villages/centre would increase the carrying amount of the Level 3 financial instruments by \u00a311.3m. Similarly, a decrease of 5% would decrease the carrying amount by \u00a311.3m. The fair values of all other financial assets and liabilities equate to their book values. 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT continued G. MATURITY ANALYSIS OF FINANCIAL LIABILITIES The remaining contractual non-discounted cash flows for financial liabilities are as follows: 2022 Note Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m Five to 25 years \u00a3m More than 25 years \u00a3m Total \u00a3m Trade and other payables a 148.5 10.2 3.3 35.0 \u2013 197.0 Derivative financial liability cash inflows (13.3) (30.8) (362.3) \u2013 \u2013 (406.4) Derivative financial liability cash outflows 34.7 18.7 380.9 \u2013 \u2013 434.3 Loans b \u2013 112.6 1,332.6 216.4 \u2013 1,661.6 Interest 61.1 59.6 127.2 15.1 \u2013 263.0 Obligations under head leases 20 2.3 2.3 6.8 45.2 69.4 126.0 2021 Note Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m Five to 25 years \u00a3m More than 25 years \u00a3m Total \u00a3m Trade and other payables a 136.2 10.1 4.9 32.4 \u2013 183.6 Derivative financial liability cash inflows (13.2) (13.2) (405.9) \u2013 \u2013 (432.3) Derivative financial liability cash outflows 10.5 10.5 453.4 \u2013 \u2013 474.4 Loans b \u2013 197.7 848.6 805.9 \u2013 1,852.2 Interest 65.1 65.1 162.0 40.2 \u2013 332.4 Obligations under head leases 20 2.1 2.1 6.9 45.7 68.3 125.1 a As defined in note 19A. b Before taking into account unamortised borrowing costs of \u00a315.2m (2021: \u00a317.4m). ",
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"fact-691": {
"value": "B. LIQUIDITY RISK Cash levels are monitored to ensure sufficient resources are available to meet the Group\u2019s operational requirements. Short term money market deposits are used to manage cash resources to maximise the rate of return, giving due consideration to risk. Liquidity requirements are met with an appropriate mix of short and longer term debt whereby the Group borrows predominantly on an unsecured basis in order to maintain operational flexibility at a low operational cost. Loans and facilities are arranged to maintain short term liquidity and ensure an appropriate maturity profile. Long term debt comprises mainly the Group\u2019s fixed rate unsecured bonds and private placement senior notes. Short term funding is raised principally through syndicated revolving credit facilities from a range of banks and financial institutions with which the Group maintains strong working relationships. Analysis of the Group\u2019s loans and facilities together with their maturity is set out in note 18. ",
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"fact-692": {
"value": "C. INTEREST RATE AND CURRENCY RISK Interest rate risk Interest rate swaps are used to manage the interest rate basis of the Group\u2019s debt, allowing changes from fixed to floating rates or vice versa. Clear guidelines exist for the Group\u2019s ratio of fixed to floating debt, interest cover, gearing, unencumbered assets and other credit ratios. The interest rate profile is measured regularly against these guidelines. The Group has interest swap agreements totalling \u00a3300m which mature in February 2024. Interest is paid at a rate linked to SONIA, and received at a fixed rate of 6% per annum. The Group defines Borrowings as loans and currency swaps and excludes the fair value of the interest rate swaps as the fair value crystallises over the life of the instruments rather than at maturity. The Group does not apply hedge accounting to its interest rate swaps. 2022 2021 Interest rate profile Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Borrowings (loans and currency swaps) \u2013 Fixed rate 227.1 \u2013 1,136.9 1,364.0 226.0 \u2013 1,362.9 1,588.9 \u2013 Floating rate (495.9) (4.9) 813.8 313.0 (170.5) (5.2) 465.7 290.0 (268.8) (4.9) 1,950.7 1,677.0 55.5 (5.2) 1,828.6 1,878.9 Offsetting After taking into account the netting impact included within the Group\u2019s International Swap and Derivatives Association (ISDA) agreements with each counterparty (which are enforceable on the occurrence of future credit events such as a default), the net positions, including accrued interest, would be derivative financial assets of \u00a36.2m (2021: \u00a36.3m) and derivative financial liabilities of \u00a329.3m (2021: \u00a329.5m). The combined value of derivative financial instruments was therefore a liability of \u00a323.1m (2021: liability of \u00a323.2m). Currency risk The currency profile of the Group\u2019s loans is as follows: 2022 2021 Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Sterling \u00a3m US Dollar \u00a3m Euro \u00a3m Total \u00a3m Bonds 846.4 \u2013 612.3 1,458.7 845.4 \u2013 775.7 1,621.1 Bank loans and overdrafts (3.1) \u2013 \u2013 (3.1) (2.7) \u2013 \u2013 (2.7) Senior notes 30.9 63.9 96.0 190.8 30.8 84.8 100.8 216.4 874.2 63.9 708.3 1,646.4 873.5 84.8 876.5 1,834.8 Hedging The Group enters into cash flow hedge and net investment relationships to mitigate its exposure to currency risk. The ratio for hedging instruments designated in both net investment and cash flow hedge relationships was 1:1. Ineffectiveness could be recognised on either hedging relationship due to significant changes in counterparty credit risk or a reduction in the notional amount of the hedged item during the designated hedging period, however, no ineffectiveness was recognised in 2022 or 2021. 2022 2021 Maturity of fair value of currency swaps Current \u00a3m Non-current \u00a3m Total \u00a3m Current \u00a3m Non-current \u00a3m Total \u00a3m Assets \u2013 7.0 7.0 7.3 8.3 15.6 Liabilities (16.1) (21.5) (37.6) \u2013 (59.7) (59.7) (16.1) (14.5) (30.6) 7.3 (51.4) (44.1) Cash flow hedges US dollar loans comprise elements of the Group\u2019s Senior notes as set out above. To manage the impact of foreign exchange movements on these loans, the Group has used derivatives at an average hedged exchange rate of \u00a31 = $1.387 (2021: \u00a31 = $1.439), to swap all the cash flows to either euro or sterling where the sterling element is designated as a cash flow hedge with the critical terms of the loans being the same as the related derivatives. The carrying value of derivatives designated in a cash flow hedge was an asset of \u00a38.3m (2021: \u00a36.7m). This designation allows exchange differences on hedging instruments to be recognised in the cash flow hedge reserve and then recycled to net finance costs in the consolidated income statement, to offset against the exchange differences on US dollar loans also recognised in net finance costs. The cash flow hedge reserve includes a loss of \u00a30.2m (2021: \u00a31.7m gain) in respect of continuing cash flow hedges. The cash flows are expected to occur between 2023 and 2024. C. INTEREST RATE AND CURRENCY RISK continued Net investment hedges To manage the foreign currency exposure on its net investments in euro-denominated entities, the Group has designated all euro loans or synthetic euro loans, including euro-denominated bonds, senior notes and currency swaps, as net investment hedges. This designation allows exchange differences on hedging instruments to be recognised directly in equity which acts as an offset against the exchange differences on net investments in euro-denominated entities which are also recognised in equity. The notional and carrying amount of such euro- denominated liabilities and the average hedged rate is set out below. 2022 2021 Euro notional amount \u20acm Carrying amount \u00a3m Average hedged exchange rate \u20ac Euro notional amount \u20acm Carrying amount \u00a3m Average hedged exchange rate \u20ac Bonds 700.0 612.3 1.163 935.5 775.7 1.189 Senior notes 108.5 96.0 1.152 120.4 100.8 1.152 Cross currency swaps 484.0 22.2 1.194 570.2 45.9 1.352 Foreign exchange swaps 918.0 16.4 1.151 554.6 (7.2) 1.173 Total 2,210.5 746.9 2,180.7 915.2 The euro notional amount represents the amount due at maturity without netting any receivable of different currency under the same instrument. The net investment hedge reserve includes \u00a360.8m (2021: \u00a345.1m) in respect of continuing net investment hedges whereby these are due to mature between 2023 and 2031. Sensitivity analysis Interest risk sensitivity analysis In managing interest rate and currency risks, the Group aims to reduce the impact of short term fluctuations on the Group\u2019s earnings. Changes in foreign exchange and interest rates may have an impact on consolidated earnings over the longer term. The sensitivity has been calculated by applying the interest rate change to the loans net of their related interest rate swaps. 2022 2021 Change in interest rate Change in interest rate Interest rate sensitivity on earnings + 1% \u00a3m \u2013 1% \u00a3m + 1% \u00a3m \u2013 1% \u00a3m Income statement 6.2 (6.3) 6.4 (6.5) Other comprehensive income \u2013 \u2013 \u2013 \u2013 Currency risk sensitivity analysis The sensitivity of the Group\u2019s financial instruments to changes in exchange rates shows the impact on profit and other comprehensive income of a 10% change in the sterling exchange rate against euro by retranslating the year end euro-denominated financial instruments, taking into account forward foreign exchange contracts. 10% represents management\u2019s assessment of a reasonably possible change in foreign exchange rates over a 12 month period. The analysis does not reflect the exposure and inherent risk during the year. 2022 2021 Change in exchange rate Change in exchange rate Euro currency sensitivity impact on earnings + 10% \u00a3m \u2013 10% \u00a3m + 10% \u00a3m \u2013 10% \u00a3m Income statement (0.4) 0.5 (4.5) 5.5 Other comprehensive income 177.2 (216.6) 165.5 (202.3) The effect on the net gains taken to equity would be more than offset by the effect of exchange rate changes on the euro-denominated assets included in the Group\u2019s financial statements. ",
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},
"fact-693": {
"value": "D. CREDIT RISK Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss. The Group\u2019s credit risk arises from trade and other receivables, unamortised tenant incentives, restricted monetary assets, cash and cash equivalents, balances due from joint ventures and associates, other investments, loans receivable, participative loans to associates and derivative financial instruments. Trade (tenant) receivables The Group\u2019s greatest exposure to credit risk arises principally from trade (tenant) receivables which all have due dates within 12 months. The Group determines and monitors regularly the level of risk associated with trade receivables and applies the IFRS 9 simplified approach to measuring expected credit losses applying the methodology, judgements and estimates set out in note 1F and by reference to changes in the levels of default experienced, tenant credit ratings and wider macroeconomic factors. Analysis of the provision and sensitivities thereon are set out in notes 15D and 15E. For most trade receivables, the Group obtains security in the form of rental deposits or guarantees which can be called upon if the counterparty is in default. Both of these serve to limit the potential exposure to credit risk. Unamortised tenant incentives Provisioning rates against unamortised tenant incentives are lower than those against trade receivables as the credit risk of tenants not paying rent for future periods, and hence unamortised tenant incentives not being recovered, is lower than the credit risk on trade receivables currently overdue, including residual aged amounts still outstanding from the pandemic. The Group determines and monitors regularly the level of risk and assesses impairment of such balances accordingly and by reference to changes in the levels of default experienced, tenant credit ratings and wider macroeconomic factors. Details of the provision and sensitivities thereon are set out in note 12B. Other balances The credit risk associated with restricted monetary assets, cash and cash equivalents, derivative financial instruments and amounts due from joint ventures and associates (including loans and participative loans receivable, which are carried at fair value based on the underlying assets) is considered low, with an assessment of each category set out as follows: Restricted monetary assets, cash and cash equivalents and derivative financial instruments Such balances are held with counterparties which are banks that are committed lenders to the Group with high credit ratings assigned by international credit rating agencies. Amounts due from joint ventures and associates Balances due from joint ventures comprise loans from the Group to establish and fund the partnerships which form part of the total investment in joint ventures. The credit risk of loans due from joint ventures and also associates is monitored by reference to changes in the underlying assets, principally driven by investment property valuation changes. The most material balance, relating to loans due from Westquay Limited Partnership, is repayable on demand, although the Group does not expect this loan to be recalled in the foreseeable future. Consequently, the expected credit loss has been calculated by discounting the outstanding loan balance over the period until it is anticipated that the cash will be realised at the interest rate implicit in the loan. The resultant expected credit loss was not material to the Group accordingly no loss has been recognised. Investments The carrying value of investments in joint ventures and associates equates to the Group\u2019s share of the underlying net assets of the investment. The most significant component of underlying net assets is investment properties, which are carried at fair value meaning that there is no residual credit risk other than for at Highcross where in 2021, a breach of secured loan covenants resulted in a full impairment to \u00a3nil of that investment. Other receivables Other receivables are grouped based on type, contractual terms, ageing and financial standing of the debtor using the same methodologies and considerations as for trade receivables. Dependent on the nature of the receivable the credit risk ranges from low to moderate, however, the resulting provisions are not significant. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-694": {
"value": "E: CAPITAL RISK The capital structure of the Group comprises of equity and debt, including cash and cash equivalents. The Group\u2019s financing policy is to optimise the weighted average cost of capital by using an appropriate mix of debt and equity. Further information on loans is provided in note 18 and information on share capital and reserves is set out in note 21 and the statement of changes in equity. The Group reviews regularly its loan covenant compliance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-695": {
"value": "F. FINANCIAL INSTRUMENTS HELD AT FAIR VALUE Definitions The Group\u2019s financial instruments are categorised by level of fair value hierarchy prescribed by accounting standards. The different levels are defined as follows: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (actual prices) or indirectly (derived from actual prices) \u2013 Level 3: inputs for the asset or liability that are not based on observable market data (from unobservable inputs) Fair value valuation technique Financial instrument Valuation technique for determining fair value Unsecured bonds Quoted market prices Senior notes Present value of cash flows discounted using prevailing market interest rates Unsecured bank loans and overdrafts Present value of cash flows discounted using prevailing market interest rates Fair value of currency swaps and interest rate swaps Present value of cash flows discounted using prevailing market interest rates Other investments including participative loans to associates Underlying net asset values of the interests in Villages/centre * * Assets of Villages comprise mainly investment properties held at professional valuation. Fair value hierarchy analysis 2022 2021 Hierarchy Carrying amount \u00a3m Fair value \u00a3m Carrying amount \u00a3m Fair value \u00a3m Unsecured bonds Level 1 1,458.7 1,249.5 1,621.1 1,707.0 Senior notes Level 2 190.8 180.7 216.4 221.8 Unsecured bank loans and overdrafts Level 2 (3.1) \u2013 (2.7) \u2013 Fair value of currency swaps Level 2 30.6 30.6 44.1 44.1 Borrowings 1,677.0 1,460.8 1,878.9 1,972.9 Fair value of interest rate swaps Level 2 2.1 2.1 (10.3) (10.3) Participative loans to associates Level 3 205.9 205.9 184.8 184.8 Fair value of other investments Level 3 9.8 9.8 9.5 9.5 Analysis of movements in Level 3 financial instruments 2022 2021 Level 3 financial instruments Participative loans \u00a3m Other investments \u00a3m Total \u00a3m Participative loans \u00a3m Other investments \u00a3m Total \u00a3m At 1 January 184.8 9.5 194.3 189.9 9.7 199.6 Total gains/(losses) in \u2013 share of results of associates 15.0 \u2013 15.0 9.1 \u2013 9.1 \u2013 consolidated income statement \u2013 \u2013 \u2013 \u2013 0.4 0.4 \u2013 other comprehensive income 10.5 0.3 10.8 (11.8) (0.6) (12.4) Other movements \u2013 advances (4.4) \u2013 (4.4) (2.4) \u2013 (2.4) At 31 December 205.9 9.8 215.7 184.8 9.5 194.3 All other factors remaining constant, an increase of 5% in the net asset values of the Villages/centre would increase the carrying amount of the Level 3 financial instruments by \u00a311.3m. Similarly, a decrease of 5% would decrease the carrying amount by \u00a311.3m. The fair values of all other financial assets and liabilities equate to their book values. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-696": {
"value": "G. MATURITY ANALYSIS OF FINANCIAL LIABILITIES The remaining contractual non-discounted cash flows for financial liabilities are as follows: 2022 Note Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m Five to 25 years \u00a3m More than 25 years \u00a3m Total \u00a3m Trade and other payables a 148.5 10.2 3.3 35.0 \u2013 197.0 Derivative financial liability cash inflows (13.3) (30.8) (362.3) \u2013 \u2013 (406.4) Derivative financial liability cash outflows 34.7 18.7 380.9 \u2013 \u2013 434.3 Loans b \u2013 112.6 1,332.6 216.4 \u2013 1,661.6 Interest 61.1 59.6 127.2 15.1 \u2013 263.0 Obligations under head leases 20 2.3 2.3 6.8 45.2 69.4 126.0 2021 Note Less than one year \u00a3m One to two years \u00a3m Two to five years \u00a3m Five to 25 years \u00a3m More than 25 years \u00a3m Total \u00a3m Trade and other payables a 136.2 10.1 4.9 32.4 \u2013 183.6 Derivative financial liability cash inflows (13.2) (13.2) (405.9) \u2013 \u2013 (432.3) Derivative financial liability cash outflows 10.5 10.5 453.4 \u2013 \u2013 474.4 Loans b \u2013 197.7 848.6 805.9 \u2013 1,852.2 Interest 65.1 65.1 162.0 40.2 \u2013 332.4 Obligations under head leases 20 2.1 2.1 6.9 45.7 68.3 125.1 a As defined in note 19A. b Before taking into account unamortised borrowing costs of \u00a315.2m (2021: \u00a317.4m). ",
"dimensions": {
"concept": "ifrs-full:MaturityAnalysisForDerivativeFinancialLiabilities",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-651": {
"value": "20. OBLIGATIONS UNDER HEAD LEASES 2022 2021 Due Minimum lease payments \u00a3m Effect of discounting \u00a3m Present value of minimum lease payments \u00a3m Minimum lease payments \u00a3m Effect of discounting \u00a3m Present value of minimum lease payments \u00a3m Within one year 2.3 (2.1) 0.2 2.1 (2.1) \u2013 Between one and two years 2.3 (2.1) 0.2 2.1 (2.0) 0.1 Between two and five years 6.8 (6.4) 0.4 6.9 (6.5) 0.4 Between five and 25 years 45.2 (40.0) 5.2 45.7 (40.7) 5.0 More than 25 years 69.4 (37.1) 32.3 68.3 (37.4) 30.9 More than one year 123.7 (85.6) 38.1 123.0 (86.6) 36.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-679": {
"value": "A. SHARE CAPITAL 2022 2021 number \u00a3m number \u00a3m Called up, allotted and fully paid Ordinary shares of 5p each 5,002,265,607 250.1 4,419,457,161 221.0 During the year, 582,808,446 shares were issued in respect of scrip dividends. Share capital includes 7,691,247 shares (2021: 7,691,247 shares) held in treasury and 25,512,208 shares (2021: 2,290,410 shares) held in an employee share trust whereby during the year, purchases of 27,301,546 shares were made with the balance being issued to employees. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-652": {
"value": "A. SHARE CAPITAL 2022 2021 number \u00a3m number \u00a3m Called up, allotted and fully paid Ordinary shares of 5p each 5,002,265,607 250.1 4,419,457,161 221.0 During the year, 582,808,446 shares were issued in respect of scrip dividends. Share capital includes 7,691,247 shares (2021: 7,691,247 shares) held in treasury and 25,512,208 shares (2021: 2,290,410 shares) held in an employee share trust whereby during the year, purchases of 27,301,546 shares were made with the balance being issued to employees. B. OTHER RESERVES Translation reserve \u00a3m Net investment hedge \u00a3m Cash flow hedge \u00a3m Total other reserves \u00a3m At 1 January 2021 666.0 (519.2) 3.4 150.2 Recycled exchange gain on disposal of overseas property interests (55.2) 44.2 \u2013 (11.0) Foreign exchange translation differences (139.7) \u2013 \u2013 (139.7) Gain on net investment hedge \u2013 112.2 \u2013 112.2 Loss on cash flow hedge \u2013 \u2013 (1.9) (1.9) Loss on cash flow hedge recycled to net finance costs \u2013 \u2013 0.2 0.2 Total comprehensive loss (194.9) 156.4 (1.7) (40.2) At 31 December 2021 471.1 (362.8) 1.7 110.0 Foreign exchange translation differences 130.7 \u2013 \u2013 130.7 Loss on net investment hedge \u2013 (103.4) \u2013 (103.4) Gain on cash flow hedge \u2013 \u2013 6.3 6.3 Gain on cash flow hedge recycled to net finance costs \u2013 \u2013 (8.2) (8.2) Total comprehensive loss 130.7 (103.4) (1.9) 25.4 At 31 December 2022 601.8 (466.2) (0.2) 135.4 The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations and also includes the translation of liabilities that hedge the Company\u2019s net investment in a foreign subsidiary. Hedging reserves comprise cumulative gains and losses representing the effective portion of the cumulative net change in the fair value of cash flow and foreign currency hedging instruments. 21. SHARE CAPITAL AND OTHER RESERVES ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-680": {
"value": "B. OTHER RESERVES Translation reserve \u00a3m Net investment hedge \u00a3m Cash flow hedge \u00a3m Total other reserves \u00a3m At 1 January 2021 666.0 (519.2) 3.4 150.2 Recycled exchange gain on disposal of overseas property interests (55.2) 44.2 \u2013 (11.0) Foreign exchange translation differences (139.7) \u2013 \u2013 (139.7) Gain on net investment hedge \u2013 112.2 \u2013 112.2 Loss on cash flow hedge \u2013 \u2013 (1.9) (1.9) Loss on cash flow hedge recycled to net finance costs \u2013 \u2013 0.2 0.2 Total comprehensive loss (194.9) 156.4 (1.7) (40.2) At 31 December 2021 471.1 (362.8) 1.7 110.0 Foreign exchange translation differences 130.7 \u2013 \u2013 130.7 Loss on net investment hedge \u2013 (103.4) \u2013 (103.4) Gain on cash flow hedge \u2013 \u2013 6.3 6.3 Gain on cash flow hedge recycled to net finance costs \u2013 \u2013 (8.2) (8.2) Total comprehensive loss 130.7 (103.4) (1.9) 25.4 At 31 December 2022 601.8 (466.2) (0.2) 135.4 The translation reserve comprises foreign exchange differences arising from the translation of the financial statements of foreign operations and also includes the translation of liabilities that hedge the Company\u2019s net investment in a foreign subsidiary. Hedging reserves comprise cumulative gains and losses representing the effective portion of the cumulative net change in the fair value of cash flow and foreign currency hedging instruments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-653": {
"value": "22. DIVIDENDS Cash dividend per share Enhanced scrip alternative per share 2022 \u00a3m 2021 \u00a3m Prior periods 2020 final dividend \u2013 Cash a 0.2p \u2013 11.7 \u2013 Enhanced scrip alternative b 2.0p \u2013 51.0 2021 interim dividend \u2013 Cash 0.2p \u2013 1.3 \u2013 Enhanced scrip alternative b 2.0p \u2013 71.7 2021 final dividend \u2013 Cash a 0.2p 11.8 \u2013 \u2013 Enhanced scrip alternative b 2.0p 51.4 \u2013 2022 interim dividend \u2013 Cash 0.2p 1.4 \u2013 \u2013 Enhanced scrip alternative b 2.0p 75.7 \u2013 140.3 135.7 Cash flow analysis: Cash dividend c 2.6 2.6 Withholding tax: a \u2013 2020 interim dividend \u2013 11.9 \u2013 2020 final dividend \u2013 10.4 \u2013 2021 final dividend 10.6 \u2013 13.2 24.9 Total cash dividends per share in respect of the year 0.2p 0.4p a Dividends paid as a PID are subject to withholding tax which is paid approximately two months after the dividend itself is paid. b Calculated as the market value of shares issued to satisfy the enhanced scrip dividend alternative. c Comprises cash payments after deduction of withholding tax, where applicable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-654": {
"value": "23. PENSIONS The Group operates a number of defined benefit and defined contribution schemes where the principal scheme is a funded defined benefit scheme (\u2018the Scheme\u2019) where assets are held in a separate trustee administered fund. The Scheme is valued by a qualified actuary at least every three years and contributions are assessed in accordance with the actuary\u2019s advice. Since 31 December 2002, this scheme has been closed to new entrants and on 30 June 2014 was closed to future accrual. As described further in note 23D, on 8 December 2022, the Company and the Scheme\u2019s Trustees entered into a bulk purchase annuity policy (buy-in) in respect of insuring all future payments to existing pensioners of the Scheme. The Group also operates three Unfunded Unapproved Retirement Schemes. Two schemes provide pension benefits to two former Executive Directors, the other meets pension commitment obligations to former US employees. A. DEFINED CONTRIBUTION PENSION SCHEME The charge in respect of the Group\u2019s UK funded defined contribution pension scheme was \u00a33.0m (2021: \u00a33.0m). B. PRINCIPAL ASSUMPTIONS USED FOR THE SCHEME Financial 2022 % 2021 % Discount rate for accrued benefits 4.8 2.0 Inflation (retail price index) 3.2 3.3 Rate of increase in pensions in payment 3.2 3.3 Demographic Years Years Life expectancy from age 60: \u2013 Pensioner aged 60 * 28.7 28.0 \u2013 Non-pensioner currently aged 40 * 30.1 29.5 Weighted average maturity Years Years The Scheme 14.0 18.0 Other schemes Up to 10.8 Up to 11.6 * The Group uses demographic assumptions underlying the most recent formal actuarial valuation of the Scheme as at 31 December 2021. The base mortality assumptions are based on the S3NA tables, with adjustments to reflect the Scheme\u2019s population. Future mortality improvements for 2023 are CMI 2021 projections with a long term rate of improvement of 1.25% p.a. together with weighting parameters \u2018w2020\u2019 and \u2018w2021\u2019 of 10% which adjusts for evidence of negative impacts of non-Covid-19 mortality expected to continue in the future (2021: CMI 2020 projections with a long term rate of improvement of 1.25% p.a. also with just the w2020 weighting parameter of 10%). C. DEFINED BENEFIT PENSION SCHEMES \u2013 CHANGES IN PRESENT VALUE 2022 2021 Note Obligations \u00a3m Assets \u00a3m Net \u00a3m Obligations \u00a3m Assets \u00a3m Net \u00a3m At 1 January (115.9) 122.6 6.7 (132.5) 98.0 (34.5) Recognised in the consolidated income statement: \u2013 interest (cost)/income a (2.2) 2.5 0.3 (1.6) 1.3 (0.3) Recognised in other comprehensive income \u2013 actuarial (losses)/gains: \u2013 experience adjustments (7.5) \u2013 (7.5) 2.5 \u2013 2.5 \u2013 changes in financial assumptions 34.4 \u2013 34.4 4.3 \u2013 4.3 \u2013 changes in demographic assumptions 1.7 \u2013 1.7 1.1 \u2013 1.1 \u2013 actual return on plan assets \u2013 (55.3) (55.3) \u2013 11.0 11.0 28.6 (55.3) (26.7) 7.9 11.0 18.9 Employer contributions b \u2013 12.4 12.4 \u2013 21.3 21.3 Benefits paid 7.9 (7.1) 0.8 10.1 (9.0) 1.1 Exchange (losses)/gains (0.8) \u2013 (0.8) 0.2 \u2013 0.2 At 31 December (82.4) 75.1 (7.3) (115.9) 122.6 6.7 Analysed as: \u2013 Present value of the Scheme c 15A (73.3) 74.7 1.4 (105.8) 122.6 16.8 \u2013 Present value of Unfunded Retirement Schemes 17 (9.1) 0.4 (8.7) (10.1) \u2013 (10.1) (82.4) 75.1 (7.3) (115.9) 122.6 6.7 a Included in net finance costs. b Owing to the buy-in described above and in note 23D, the Group does not expect to make contributions to the Scheme in 2023. c As permitted by IFRIC 14 the Group has recognised the pension surplus on the Scheme as it has a legal right to receive that surplus on winding up. D. ANALYSIS OF THE SCHEME ASSETS 2022 2021 Note Quoted \u00a3m Unquoted \u00a3m Total \u00a3m Quoted \u00a3m Unquoted \u00a3m Total \u00a3m Diversified Growth Funds a \u2013 \u2013 \u2013 50.5 3.9 54.4 Short dated credit fund a \u2013 \u2013 \u2013 16.7 0.8 17.5 Liability driven investments (LDI) a \u2013 \u2013 \u2013 0.2 48.9 49.1 Cash and other net current assets \u2013 1.4 1.4 \u2013 1.6 1.6 Buy-in insurance policy b \u2013 73.3 73.3 \u2013 \u2013 \u2013 \u2013 74.7 74.7 67.4 55.2 122.6 a For 2021, assets noted are all invested in pooled funds as opposed to equity funds. b On 8 December 2022, the Company and the Scheme\u2019s Trustees entered into a bulk purchase annuity policy (buy-in) contract with Just Retirement Limited for a premium of \u00a387.3m in respect of insuring all future payments to existing pensioners of the Scheme at 9 December 2022. The pension buy-in transaction was funded through the existing investment assets held by the Trustees on behalf of the pension scheme and the impact of this transaction is reflected in the IAS 19 valuation. E. SENSITIVITY ON PRINCIPAL ASSUMPTIONS USED TO MEASURE THE SCHEME\u2019S LIABILITIES Positive/(negative) effect 2022 \u00a3m 2021 \u00a3m Discount rate +0.1% 1.0 1.8 Inflation +0.1% (0.9) (1.7) Long term improvements in longevity + 1 year (2.4) (5.0) 23. PENSIONS continued ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-681": {
"value": "A. DEFINED CONTRIBUTION PENSION SCHEME The charge in respect of the Group\u2019s UK funded defined contribution pension scheme was \u00a33.0m (2021: \u00a33.0m). ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-682": {
"value": "B. PRINCIPAL ASSUMPTIONS USED FOR THE SCHEME Financial 2022 % 2021 % Discount rate for accrued benefits 4.8 2.0 Inflation (retail price index) 3.2 3.3 Rate of increase in pensions in payment 3.2 3.3 Demographic Years Years Life expectancy from age 60: \u2013 Pensioner aged 60 * 28.7 28.0 \u2013 Non-pensioner currently aged 40 * 30.1 29.5 Weighted average maturity Years Years The Scheme 14.0 18.0 Other schemes Up to 10.8 Up to 11.6 * The Group uses demographic assumptions underlying the most recent formal actuarial valuation of the Scheme as at 31 December 2021. The base mortality assumptions are based on the S3NA tables, with adjustments to reflect the Scheme\u2019s population. Future mortality improvements for 2023 are CMI 2021 projections with a long term rate of improvement of 1.25% p.a. together with weighting parameters \u2018w2020\u2019 and \u2018w2021\u2019 of 10% which adjusts for evidence of negative impacts of non-Covid-19 mortality expected to continue in the future (2021: CMI 2020 projections with a long term rate of improvement of 1.25% p.a. also with just the w2020 weighting parameter of 10%). C. DEFINED BENEFIT PENSION SCHEMES \u2013 CHANGES IN PRESENT VALUE 2022 2021 Note Obligations \u00a3m Assets \u00a3m Net \u00a3m Obligations \u00a3m Assets \u00a3m Net \u00a3m At 1 January (115.9) 122.6 6.7 (132.5) 98.0 (34.5) Recognised in the consolidated income statement: \u2013 interest (cost)/income a (2.2) 2.5 0.3 (1.6) 1.3 (0.3) Recognised in other comprehensive income \u2013 actuarial (losses)/gains: \u2013 experience adjustments (7.5) \u2013 (7.5) 2.5 \u2013 2.5 \u2013 changes in financial assumptions 34.4 \u2013 34.4 4.3 \u2013 4.3 \u2013 changes in demographic assumptions 1.7 \u2013 1.7 1.1 \u2013 1.1 \u2013 actual return on plan assets \u2013 (55.3) (55.3) \u2013 11.0 11.0 28.6 (55.3) (26.7) 7.9 11.0 18.9 Employer contributions b \u2013 12.4 12.4 \u2013 21.3 21.3 Benefits paid 7.9 (7.1) 0.8 10.1 (9.0) 1.1 Exchange (losses)/gains (0.8) \u2013 (0.8) 0.2 \u2013 0.2 At 31 December (82.4) 75.1 (7.3) (115.9) 122.6 6.7 Analysed as: \u2013 Present value of the Scheme c 15A (73.3) 74.7 1.4 (105.8) 122.6 16.8 \u2013 Present value of Unfunded Retirement Schemes 17 (9.1) 0.4 (8.7) (10.1) \u2013 (10.1) (82.4) 75.1 (7.3) (115.9) 122.6 6.7 a Included in net finance costs. b Owing to the buy-in described above and in note 23D, the Group does not expect to make contributions to the Scheme in 2023. c As permitted by IFRIC 14 the Group has recognised the pension surplus on the Scheme as it has a legal right to receive that surplus on winding up. D. ANALYSIS OF THE SCHEME ASSETS 2022 2021 Note Quoted \u00a3m Unquoted \u00a3m Total \u00a3m Quoted \u00a3m Unquoted \u00a3m Total \u00a3m Diversified Growth Funds a \u2013 \u2013 \u2013 50.5 3.9 54.4 Short dated credit fund a \u2013 \u2013 \u2013 16.7 0.8 17.5 Liability driven investments (LDI) a \u2013 \u2013 \u2013 0.2 48.9 49.1 Cash and other net current assets \u2013 1.4 1.4 \u2013 1.6 1.6 Buy-in insurance policy b \u2013 73.3 73.3 \u2013 \u2013 \u2013 \u2013 74.7 74.7 67.4 55.2 122.6 a For 2021, assets noted are all invested in pooled funds as opposed to equity funds. b On 8 December 2022, the Company and the Scheme\u2019s Trustees entered into a bulk purchase annuity policy (buy-in) contract with Just Retirement Limited for a premium of \u00a387.3m in respect of insuring all future payments to existing pensioners of the Scheme at 9 December 2022. The pension buy-in transaction was funded through the existing investment assets held by the Trustees on behalf of the pension scheme and the impact of this transaction is reflected in the IAS 19 valuation. E. SENSITIVITY ON PRINCIPAL ASSUMPTIONS USED TO MEASURE THE SCHEME\u2019S LIABILITIES Positive/(negative) effect 2022 \u00a3m 2021 \u00a3m Discount rate +0.1% 1.0 1.8 Inflation +0.1% (0.9) (1.7) Long term improvements in longevity + 1 year (2.4) (5.0) ",
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"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-655": {
"value": "A. ANALYSIS OF ITEMS INCLUDED IN OPERATING CASH FLOWS 2022 \u00a3m 2021 \u00a3m Net movements in working capital and restricted monetary assets Movements in working capital: \u2013 (Increase)/decrease in receivables (6.0) 27.3 \u2013 Decrease in payables (17.4) (6.9) (23.4) 20.4 Decrease/(increase) in restricted monetary assets \u2020 26.0 (16.1) \u2020 2.6 4.3 \u2020 2021 figures have been restated to reflect the IFRIC Decision on Deposits with further information provided in notes 1B and 16. 2022 \u00a3m 2021 \u00a3m Non-cash items Increase in accrued rents receivable \u2020 (3.5) (11.6) Decrease in loss allowance provisions * (2.6) (6.2) Amortisation of lease incentives and other costs 1.2 5.9 Depreciation 4.1 4.4 Other non-cash items including share-based payment charge \u2013 (1.8) \u2020 (0.8) (9.3) \u2020 2021 figures have been restated to reflect the IFRIC Decision on Concessions with further information provided in notes 1B and 6. * Comprises movement in provisions against trade (tenant) receivables and unamortised tenant incentives. B. ANALYSIS OF MOVEMENTS IN NET DEBT 2022 2021 Cash and cash equivalents \u00a3m Borrowings \u00a3m Net debt \u00a3m Cash and cash equivalents \u00a3m Borrowings \u00a3m Net debt \u00a3m At 1 January \u2020 315.1 (1,878.9) (1,563.8) 417.5 (2,330.0) (1,912.5) Cash flow \u2020 (99.0) 302.4 203.4 (100.3) 332.9 232.6 Change in fair value of currency swaps \u2013 8.4 8.4 \u2013 (14.2) (14.2) Exchange 2.7 (108.9) (106.2) (2.1) 132.4 130.3 At 31 December \u2020 218.8 (1,677.0) (1,458.2) 315.1 (1,878.9) (1,563.8) Amounts in respect of assets held for sale \u2013 \u2013 \u2013 4.6 \u2013 4.6 \u2020 218.8 (1,677.0) (1,458.2) 319.7 (1,878.9) (1,559.2) \u2020 2021 cash and cash equivalents figures have been restated to reflect the issuance during the year of the IFRIC Decision on Deposits with further information provided in notes 1B and 16. 24. NOTES TO THE CASH FLOW STATEMENT ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-683": {
"value": "A. CONTINGENT LIABILITIES 2022 \u00a3m 2021 \u00a3m The Group excluding joint ventures: \u2013 guarantees given 45 52 \u2013 claims arising in the normal course of business 34 27 Group\u2019s share arising in joint ventures 7 14 86 93 In addition, the Group operates in a number of jurisdictions and is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group addresses this by closely monitoring these potential instances, seeking independent advice and maintaining transparency with the authorities it deals with as and when any enquiries are made. As a result, the Group has identified a potential tax exposure attributable to the ongoing applicability of tax treatments adopted in respect of the Group\u2019s tax structures. The range of potential outcomes is a possible outflow of minimum \u00a3nil and maximum \u00a3145m (2021: minimum \u00a3nil and maximum \u00a3143m). The Directors have not provided for this amount because they do not believe an outflow is probable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-656": {
"value": "A. CONTINGENT LIABILITIES 2022 \u00a3m 2021 \u00a3m The Group excluding joint ventures: \u2013 guarantees given 45 52 \u2013 claims arising in the normal course of business 34 27 Group\u2019s share arising in joint ventures 7 14 86 93 In addition, the Group operates in a number of jurisdictions and is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group addresses this by closely monitoring these potential instances, seeking independent advice and maintaining transparency with the authorities it deals with as and when any enquiries are made. As a result, the Group has identified a potential tax exposure attributable to the ongoing applicability of tax treatments adopted in respect of the Group\u2019s tax structures. The range of potential outcomes is a possible outflow of minimum \u00a3nil and maximum \u00a3145m (2021: minimum \u00a3nil and maximum \u00a3143m). The Directors have not provided for this amount because they do not believe an outflow is probable. B. CAPITAL COMMITMENTS ON INVESTMENT PROPERTIES 2022 \u00a3m 2021 \u00a3m The Group excluding joint ventures \u2013 19 Group\u2019s share arising in joint ventures 52 40 52 59 25. CONTINGENT LIABILITIES AND COMMITMENTS ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-684": {
"value": "B. CAPITAL COMMITMENTS ON INVESTMENT PROPERTIES 2022 \u00a3m 2021 \u00a3m The Group excluding joint ventures \u2013 19 Group\u2019s share arising in joint ventures 52 40 52 59 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-657": {
"value": "26. OPERATING LEASES AS A LESSOR The Group leases its investment properties to tenants under operating leases with a weighted average lease term of 3.2 years (2021: 4.0 years). Future minimum rentals receivable under non-cancellable leases 2022 \u00a3m 2021 \u00a3m Within one year 68.8 56.3 Between one and two years 58.9 47.8 Between two and five years 46.9 63.9 More than five years 71.7 141.8 246.3 309.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-685": {
"value": "A. JOINT VENTURES AND ASSOCIATES Transactions between the Group\u2019s subsidiary undertakings, which are related parties, have been eliminated on consolidation and are accordingly not disclosed. Related party transactions with the Group had the following transactions with its joint ventures and associates, which comprise primarily management fees, interest receivable, loan balances and other amounts due. 2022 2021 Note Joint ventures \u00a3m Associates \u00a3m Joint ventures \u00a3m Associates \u00a3m Income statement Management fees 4.9 0.5 10.1 0.7 Net interest receivable 11.0 0.1 1.3 0.1 Share of distributions 13D/14E 63.4 5.0 37.6 2.5 Capital return 14E \u2013 2.0 \u2013 2.0 Balance sheet \u2013 amounts due from/(to) Loans * 13C 239.1 1.8 255.4 1.7 Advances 13D 4.0 \u2013 14.0 \u2013 Participative loans 14C \u2013 205.9 \u2013 184.8 Balances due from joint ventures 15B 8.3 \u2013 7.5 \u2013 Balances due to joint ventures 17 (23.1) \u2013 (9.3) \u2013 Balances due to co-owners 17 (8.7) \u2013 (13.7) \u2013 Distributions received in advance 17 \u2013 (18.1) \u2013 (21.5) * Loans due from associates comprise \u20ac2.0m (\u00a31.8m) (2021: \u20ac2.0m (\u00a31.7m)) due to an intermediate holding company of Value Retail which is secured against a number of Value Retail assets and matures on 30 November 2043. ",
"dimensions": {
"concept": "hammersonplc:DisclosureOfJointVenturesAndAssociates",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-658": {
"value": "A. JOINT VENTURES AND ASSOCIATES Transactions between the Group\u2019s subsidiary undertakings, which are related parties, have been eliminated on consolidation and are accordingly not disclosed. Related party transactions with the Group had the following transactions with its joint ventures and associates, which comprise primarily management fees, interest receivable, loan balances and other amounts due. 2022 2021 Note Joint ventures \u00a3m Associates \u00a3m Joint ventures \u00a3m Associates \u00a3m Income statement Management fees 4.9 0.5 10.1 0.7 Net interest receivable 11.0 0.1 1.3 0.1 Share of distributions 13D/14E 63.4 5.0 37.6 2.5 Capital return 14E \u2013 2.0 \u2013 2.0 Balance sheet \u2013 amounts due from/(to) Loans * 13C 239.1 1.8 255.4 1.7 Advances 13D 4.0 \u2013 14.0 \u2013 Participative loans 14C \u2013 205.9 \u2013 184.8 Balances due from joint ventures 15B 8.3 \u2013 7.5 \u2013 Balances due to joint ventures 17 (23.1) \u2013 (9.3) \u2013 Balances due to co-owners 17 (8.7) \u2013 (13.7) \u2013 Distributions received in advance 17 \u2013 (18.1) \u2013 (21.5) * Loans due from associates comprise \u20ac2.0m (\u00a31.8m) (2021: \u20ac2.0m (\u00a31.7m)) due to an intermediate holding company of Value Retail which is secured against a number of Value Retail assets and matures on 30 November 2043. B. KEY MANAGEMENT Full details of the Directors\u2019 emoluments, as required by the Companies Act 2006, are disclosed in the audited sections of the Directors\u2019 Remuneration report on pages 98 to 107. The Company did not grant any credits, advances or guarantees of any kind to its Directors during the current and preceding years. The remuneration of the Directors and other members of the Group Executive Committee (GEC), who are the key management of the Group, is set out below in aggregate. 2022 \u00a3m 2021 \u00a3m Salaries and short term benefits 5.9 6.4 Post employment benefits 0.3 0.5 Share-based payments 2.0 1.5 8.2 8.4 27. RELATED PARTIES ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-686": {
"value": "B. KEY MANAGEMENT Full details of the Directors\u2019 emoluments, as required by the Companies Act 2006, are disclosed in the audited sections of the Directors\u2019 Remuneration report on pages 98 to 107. The Company did not grant any credits, advances or guarantees of any kind to its Directors during the current and preceding years. The remuneration of the Directors and other members of the Group Executive Committee (GEC), who are the key management of the Group, is set out below in aggregate. 2022 \u00a3m 2021 \u00a3m Salaries and short term benefits 5.9 6.4 Post employment benefits 0.3 0.5 Share-based payments 2.0 1.5 8.2 8.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-659": {
"value": "28. POST BALANCE SHEET EVENTS In respect of the Highcross joint venture, on 9 February 2023, it was agreed that it was in the best interests of the lenders in the longer term to appoint a receiver to administer the asset for the benefit of the creditors. ",
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"language": "en",
"entity": "scheme:213800G1C9KKVVDN1A60",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}