- What are Hammerson's financial objectives?
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Hammerson's principal objective is to add value for shareholders by achieving returns from its property investment and development activities in excess of its cost of capital.
- What is Hammerson's strategy?
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Hammerson's strategy is to focus on regional shopping centres and retail parks in the UK and France and prime offices in central London and central Paris. This strategy is implemented by investment in and management of income-producing properties and by development.
- Is Hammerson considering investment in other property sectors or countries?
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The group is not currently contemplating investing in sectors other than retail and offices. Management continues to evaluate investment in other European countries.
- What is Hammerson's dividend policy?
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Hammerson has a progressive dividend policy. Over the last five years the dividend has increased at an average annual compound rate of 11.5%.
- What is Hammerson's approach to business planning?
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In order to achieve the group's financial objectives, the group prepares an annual business plan. This reflects the Board's view of the appropriate allocation of the portfolio between different markets. It also reflects the individual plans prepared for each of the group's properties.
- How do you manage your operations?
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Hammerson has teams in London and Paris. Each team is made up of professionals with detailed knowledge and experience of the local market. The teams have operational responsibility for their businesses and the implementation of agreed action plans. Decisions regarding major capital investments and property disposals are made by the Board.
- How does the group manage its finances?
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Hammerson has a central treasury department based in London. The department operates as a cost centre rather than a profit centre and there are internal controls to ensure that no transactions can be undertaken on a speculative basis.
The group aims to borrow on an unsecured basis in order to maintain operational flexibility. Financing is arranged to ensure an appropriate maturity profile and maintain short term liquidity.