Hammerson plc · LSE:HMSO
Hammerson — Non-Deal Roadshow (March 2018)
79 slides from Hammerson's roadshow presentation, March 2018
Slide 1: Investor briefing: South Africa roadshow
Investor briefing: South Africa roadshow March 2018
Slide 2: Agenda
Agenda 01 2017 highlights: Not all retail is equal 02 Acquisition of intu: Setting the new benchmark for European retail destinations 03 Our portfolio highlights 04 2017 financial performance 05 Transaction update 2
Slide 3: 2017 highlights: Not all retail is equal
2017 highlights: Not all retail is equal
Slide 4: Strong financial returns driven by record occupier demand in 2017
Strong financial returns driven by record occupier demand in 2017 Not all retail is equal Another year of strong growth EPS +6.5% DPS +6.3% NAVPS +5.0% Preferred position with shoppers and retailers Record volume of new leasing, +34% Bicester Village Highest occupancy for 17 years Strong footfall ou
Slide 5: Impressive volume of new leasing across the group
Impressive volume of new leasing across the group with strong start in 2018 Hammerson new leasing volume 2016, 2017, 2018 (£m) (1) Cumulative 2016 Cumulative 2017 Cumulative 2018 35 2017: +34% 30 25 20 15 10 5 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (1) Portfolio leasing on a proportionall
Slide 6: Delivering sector leading income-focused returns
Delivering sector leading income-focused returns EPS (pence) DPS (pence) NAVPS (pence) +6.5% +6.3% +5.0% 35 30 800 750 776 30 31.1 25 25.5 700 25 20 650 20 15 600 15 550 10 10 500 5 5 450 0 0 400 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017 CAGR +8.3% CAG
Slide 7: Market trends drive our clear, focused strategy
Market trends drive our clear, focused strategy Focus on growing consumer Create differentiated destinations Promote financial efficiency and markets partnerships Dundrum, Dublin Les Terrasses du Port, Marseille Bicester Village, UK The acquisition of intu enhances strategic growth 7
Slide 8: Acquisition of intu: Setting the new benchmark for European retail destinations
Acquisition of intu: Setting the new benchmark for European retail destinations
Slide 9: The UK is a fundamentally strong economy with a resilient consumer environment
The UK is a fundamentally strong economy with a resilient consumer environment Strong underlying fundamentals Retail and consumer resilience Real GDP(1) Rebased Sustainable Current retail and Brexit headlines disguise strong 125 Growth Rate 2.7% underlying fundamentals 120 1.8% 115 110 Full employme
Slide 10: Leading UK position combined with higher growth European portfolio
Leading UK position combined with higher growth European portfolio Ownership of 19 of the UK’s top 30 shopping centres Rank Centre Location Ownership Rank Centre Location Ownership 1 Westfield London London 16 intu Merry Hill Merry Hill 100% 2 Bluewater Greenhithe 17 The Centre: Milton Keynes Milton
Slide 11: Combined business delivers a stronger growth profile
Combined business delivers a stronger growth profile Standalone 2017 portfolio split 2021+ illustrative portfolio split (GAV, £bn)(1,2,3) (GAV, £bn) (2,3,4) c. £22bn c.£3.0bn Premium outlets (5% growth) c.£1.4bn Ireland (5% growth) c.£1.0bn c.£1.3bn c.82% higher- c.£1.8 bn growth Spain (5% growth) s
Slide 12: intu acquisition increases the proportion of high-quality UK shopping centres
intu acquisition increases the proportion of high-quality UK shopping centres in the combined portfolio Proportion of UK market (grey) and combined portfolio (blue/orange) per quality banding, by floorspace (1) 45% UK shopping centre market Hammerson UK shopping centres intu UK shopping centres Prop
Slide 13: Hammerson and intu's combination will support the UK retailer community
Hammerson and intu’s combination will support the UK retailer community Opportunity to drive occupier demand Attractive combined retail footprint Superior combined resources and expertise improving brand mix Specialist Enhanced Procurement & in intu centers F&B team digital & events cost efficiencie
Slide 14: Retailer rotation provides positive opportunities
Retailer rotation provides positive opportunities Less than 1% negative impact on income from tenants in administration, even at the peak in 2012 UK retail market administrations (no. of stores) and Hammerson impact on income (%) 4,500 10% 4,000 3,500 8% Handmade Burger Brent Cross UK market adminis
Slide 15: Our Product Experience Framework
Our Product Experience Framework Iconic destinations Retail specialism Our Product Experience Built environment Optimal retail mix Framework is embedded Placemaking Fresh concepts Seamless technology Innovative retail technology across everything we do Flexible construction Operational efficiency pr
Slide 16: Superior asset management value creation: Dundrum case study
Dundrum: Level 1 Superior asset management value 1 creation: Dundrum case study 1. Settled all outstanding rent reviews in 2017 2. Created more MSU space to meet demand from Dundrum: Level 2 existing retailers to upsize (e.g. Penney’s, BT2, H&M, 2 Next and River Island) 3 3. Develop tenant mix strat
Slide 17: Dundrum case study (cont'd)
Superior asset management value creation: Dundrum case study (cont’d) Uplift in Dundrum ERV since ownership (EURm) (¹) Key ERV growth drivers 100 Tenant clustering ‒ Providing the right space for the right tenant +19% ‒ Aligning F&B offering with profile of the 90 Optimising Food shopping centre c.€
Slide 18: Focusing on experience with a dynamic programme of events
Focusing on experience with a dynamic programme of events SKATE, Westquay Wimbledon screens at the Footfall +10% Esplanade, Westquay 46,000 visitors Footfall +3.5% Social media reach of Social media reach of 270,000 733,000 people Garden of Pure Viva Las Riverside, Oracle Imagination, Dundrum Footfa
Slide 19: Commercial benefits of the merger with intu
Commercial benefits of the merger with intu Cost:income ratio reduced and further potential following acquisition Corporate synergies of c.£25m p.a.(5) 2017 cost:income ratios 30% 26.5% (1) (2) 24.2% 22.8% 23.1% 22.6% (3) 21.6% (5) 19.4% 17.7% 20% 11.9% 10.9% 10.0% 11.3% 10.7% 9.7% 10% 14.6% 13.3% 1
Slide 20: EPS growth track record and future trends
EPS growth track record and future trends Drivers of EPS growth 2012-2017 Likely future trends, post intu acquisition 2012 20.9p LfL NRI +13% Positive - Operational efficiencies Developments +18% Positive – Pipeline projects Premium outlets +17% Positive – Secular growth Net acquisitions +13% Negati
Slide 21: Our portfolio
Our portfolio
Slide 22: UK shopping centres
Bullring, Birmingham UK shopping centres
Slide 23: Rental levels are firm and retailers are investing in their stores
Rental levels are firm and retailers are investing in their stores UK shopping centres 2017 Retailers are investing in store fits Leasing vs. ERV (%) +8 ERV growth (%) +0.9 LfL NRI (%) +1.8 Instore retail sales (%) −2.7 Leasing activity (%) +49 UK shopping centre tenant incentive packages (1) Penhal
Slide 24: Our insights into consumer trends drive our leasing strategy
Our insights into consumer trends drive our leasing strategy Hammerson UK shopping centre leasing growth and instore sales growth(1) 8.0% Leisure 6.0% Change in share of leasing, by ERV (2015 -17) Ath-leisure Aspirational fashion 4.0% Consumer brands Fast fashion Convenient services Personal luxurie
Slide 25: Apparel is a dynamic category; we are tilting our mix
Apparel is a dynamic category; we are tilting our mix towards the winning brands Apparel is lower as a proportion of New brands are replacing old: Evolving consumer preferences total leasing inform our leasing strategy UK shopping centre leasing (£m) (1) UK shopping centre apparel leasing (£m) 2015
Slide 26: Healthy sales for F&B in our centres
Healthy sales for F&B in our centres but a mixed picture for mid-market casual dining operators ‘Grab & Go’ and coffee Mid-market casual dining Aspirational dining Performing well A mixed picture Performing well Offers value for money and efficient Important to differentiate offer in a crowded marke
Slide 27: Progressing with key development projects
Progressing with key development projects Brent Cross Croydon 2017 milestones 2017 milestones Detailed reserved matters planning application Resolution to grant outline planning consent approved October 2017 secured October 2017 Confirmation of CPO received December 2017 Scheme approved by GLA Agree
Slide 28: Retail parks
Elliott’s Field, Phase 2, Rugby Retail parks
Slide 29: Profitable new developments and supportive leasing trends
Profitable new developments and supportive leasing trends UK retail parks 2017 Adding attractive high-yield space Leasing activity (%) +29 Total £105m 8% YoC Leasing vs. ERV (%) +11 Elliott’s Field, Phase 2, Rugby ERV growth (%) −0.1 Completed LfL NRI (%) −2.5 Fife Central, Kirkcaldy LfL NRI (adj fo
Slide 30: Ireland
POCO store launch, Dundrum, Dublin Ireland
Slide 31: Confident consumer backdrop supports continued strong ERV growth
Confident consumer backdrop supports continued strong ERV growth Hammerson Ireland portfolio 2017 Uplift in Dundrum ERV since ownership (2) Leasing vs. ERV (%) +10 ERV growth (%) +2.7 c.€90m LfL NRI (%) +7.4 +13% Consumer confidence at record high (1) €9m Consumer Sentiment Monthly Index 120 €65m 10
Slide 32: Delivering value-add asset management initiatives
Delivering value-add asset management initiatives On track with Ireland strategy 2. Value-add asset management initiatives 1. Short term: rent reviews, leasing and Fallon & Byrne Food commercialisation Hall Best-practice customer experience initiatives 10,000 sq. ft. speciality New brands introduced
Slide 33: Portfolio review: France
Les Terrasses du Port, Marseille Portfolio review: France
Slide 34: Growing consumer confidence translating into sales and footfall outperformance
Growing consumer confidence translating into sales and footfall outperformance Consumer confidence index (1) 110 100 90 80 70 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Les Terrasses du Port, Marseille Retail leasing index (ILC) (%) Hammerson France portfolio 2017 3.5 Leas
Slide 35: Refining our portfolio into leading centres
Refining our portfolio into leading centres 2017 capital recycling in France: £295m Investing to enhance leading assets Largest three assets now 86% of portfolio (1) Les Terrasses du Port, Marseille Consistently strong sales growth +9% Growth outperformance from largest three assets New brands inclu
Slide 36: Progressing with key development projects
Progressing with key development projects Les 3 Fontaines, Cergy Italie Deux, Paris Co-ownership agreement, building permit and Project to enhance tenant mix and F&B offer Size retail consent obtained Size at central Paris scheme 6,400m2 Acquired adjacent centre, Cergy 3 33,000m2 Obtained planning c
Slide 37: Portfolio review: Premium outlets
Bicester Village, UK Portfolio review: Premium outlets
Slide 38: A strong performance and profitable investments
A strong performance and profitable investments Value Retail VIA Outlets Recent key investments Hammerson share (GAV, £bn) 1.6 0.6 Sales growth YoY (%) (1) +8 +13 Value Retail LP acquisition £76m investment Sales density growth YoY (%) (2) +5 +9 Economic interest in Bicester Village increased to 50%
Slide 39: Global tourism continues as a growth driver
Global tourism continues as a growth driver 2017 European tax refunded sales by nationality (1) YoY growth (%) (1) Greater China +16 19% South and East Asia +17 1% Gulf/Middle East -2 3% 48% 5% Russia +28 India +38 10% USA +22 14% Other (2) +10 Total +14 (1) Source: Global Blue, (Value Retail Villag
Slide 40: Premium outlets offer attractive yields and higher growth
Premium outlets offer attractive yields and higher growth NOI yield and ERV growth of selected premium outlets (1) 10% 9% 8% Zürich Dec 2017 NOI yield (%) 7% Madrid Paris Bicester 6% Frankfurt 5% Porto Amsterdam Barcelona 4% 3% 2% 1% 0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 2017 ERV growth (%) (1) Data as
Slide 41: Financial results
Financial results
Slide 42: Headline results
Headline results Income statement 31 December 2017 31 December 2016 Change Net rental income (£m) (1) 370.4 346.5 +6.9% Adjusted profit (£m) 246.3 230.7 +6.8% Adjusted EPS (p) 31.1 29.2 +6.5% Total dividend (p) 25.5 24.0 +6.3% Balance sheet Portfolio value (£m) (2) 10,560 9,971 +2.2%(3) EPRA NAVPS (
Slide 43: LfL NRI growth
LfL NRI growth 2017 NRI growth by sector (1) UK shopping centres LFL NRI LFL NRI growth (%) 2017 2016 UK shopping centres +1.8 Net rents, commercialisation 2.3% 2.0% and other Car parks (business rates) −0.5% 0.4% UK retail parks −2.5 Total 1.8% 2.4% France +2.6 EPRA LfL NRI +1.0 UK retail parks LFL
Slide 44: Strong uplift in profit
Strong uplift in profit 2017 adjusted profit movement (£m) 270 +6.8% 260 4.5 (2.0) (10.9) 6.4 250 7.6 7.3 246.3 240 2.7 230 230.7 220 210 200 2016 LFL NRI Net Premium Developments Tax, MI & Net Net 2017 acquisitions (1) outlets & Other FX Admin Interest (1) (1) Includes change in Ireland income from
Slide 45: Income growth driving valuation
Income growth driving valuation 2017 Drivers of underlying valuation change Value at capital return (1) 31 December 2017 (2) (%) Yield shift (%) Income (%) Other (%)(4) (£m) UK shopping centres +0.7 +0.2 +1.1 −0.6 3,528 UK retail parks −2.9 −2.8 −0.1 0.0 1,270 UK other (3) +3.8 +1.2 +1.3 +1.3 422 Fr
Slide 46: Financing ratios underpin our balance sheet strength
Financing ratios underpin our balance sheet strength Financing policy 31 December 2017 31 December 2016 Net debt - £3,501m £3,413m Gearing <85% 58% 59% Loan to value <40% 36% 36% Cash and undrawn facilities - £958m £592m Weighted average cost of debt - 2.9% 3.1% Interest cover >2.0x 3.4x 3.5x Net de
Slide 47: Capital recycling and funding flexibility
Capital recycling and funding flexibility Deleverage through disposals ahead of phased development and reinvestment (£m) 2500 Disposals Capex 2000 £2.0bn +£2.0bn Hammerson and Combined group intu total disposals disposals in short- 1500 medium term £1.3bn 1000 Combined group medium term capex (1) 50
Slide 48: Transaction update
Transaction update 48
Slide 49: Creates a pan-European leading portfolio of high-quality retail and leisure property
Creates a pan-European leading portfolio of high-quality retail and leisure property Top-three pan-European retail focused REIT with total GAV of £21 billion (1) Increased exposure to higher-growth destination shopping centres A leading portfolio Better aligned to meet the needs of retailers in a mu
Slide 50: intu acquisition allows for agile capital recycling into higher-growth segments
intu acquisition allows for agile capital recycling into higher-growth segments Top-3 European retail platform 2018 combined portfolio split 2021+ illustrative portfolio split £21 billion GAV (1) (GAV, £bn) (1,2) (£bn) (2,3) £820 million NRI (2) Higher-growth Higher-growth segments segments £2bn dis
Slide 51: Advancing the intu acquisition
Advancing the intu acquisition Q1 2018 Q2 2018 Q3 2018 Q4 2018 Shareholder meetings Shareholder Year-end company Publish documentation and shareholder accounts approval process documents EGM Combined accounts + shareholder docs Preparatory merger work and planning Competition Pre-notification engage
Slide 52: Questions
Westquay, Southampton Questions 52
Slide 53: Disclaimer
This presentation contains certain statements that are neither financial results nor other historical information. These statements are forward-looking in nature and are subject to risks and uncertainties. Actual future results may differ materially from those expressed or implied by these statement
Slide 54: Appendices
Appendices
Slide 55: £10.6 billion leading pan-European retail platform
£10.6 billion leading 57 European pan-European retail shopping platform (1) destinations 14 Countries 7% 21% 33% Top 3 Market position in all chosen sectors 12% 9% 18% 43% non-UK assets 2.3m UK shopping centres - £3.5bn sq m retail space France - £1.9bn Ireland - £1.0bn 440m visitors UK retail parks
Slide 56: Examples of our Product Experience Framework in action
Examples of our Product Experience Framework in action Iconic destinations Retail specialism Experience led Customer first Victoria Gate awarded Best Delivered 20 new brands in Christmas light switch on at Cabot drove a 10.6% increase Nearly 450k downloads of the Shopping Centre at the MIPIM 2017 ac
Slide 57: Consistency through a framework approach
Consistency through a framework approach Product Experience Framework - 2017 Toilets Wayfinding Seating Handsfree Click & Play 9 Interactive Style Chatbot upgrade shopping Collect hoardings Seeker Brent Cross Bullring Cabot Circus Centrale Highcross Oracle Silverburn Union Square Victoria Leeds West
Slide 58: High-quality retail destinations are increasingly valuable in a multichannel landscape
High-quality retail destinations are increasingly valuable in a multichannel landscape Shoppers are shifting towards large retail destinations and online UK catchment spend market-share split (%) (1) 2015 2017 70% -2% 60% 50% 40% 30% +2% +6% 20% 10% 0% Hammerson UK shopping Rest ofOther retailretail
Slide 59: Store productivity is more than just in-store sales
Store productivity is more than just in-store sales Representation of a retailers’ store productivity 1. Click & collect and online transactions originated in-store (1) +10−14% 2. Retail ‘halo’ effect (2) In-store sales 12 3 +5−7% 3. Retail logistics support (Collect+) (3) Retailers are focused on t
Slide 60: Click & collect and online transactions originated in-store
Click & collect and online transactions originated in-store account for a third of all online sales, growing rapidly 2017: Online sales generated by a store, 2020: Online sales generated by a store, add 10% to in-store sales (1) add 14% to in-store sales (1) Store originated Store originated Online
Slide 61: Premium outlets portfolio
Premium outlets portfolio Value Retail Villages VIA Outlets centres Bicester Village, Oxford Batavia Stad Amsterdam Fashion Outlet GLA: 28,000m2 GLA: 31,900m2 Boutiques: 157 Units: 119 La Roca Village, Barcelona Fashion Arena Prague Outlet GLA: 23,500m2 GLA: 24,000m2 Boutiques: 136 Units: 99 Las Roz
Slide 62: Hammerson's total investment in Value Retail
Hammerson’s total investment in Value Retail (1) Holding companies 25% Hammerson €2m shareholder loan equity Las Rozas La Vallée Maasmechelen Wertheim Ingolstadt Kildare Bicester Village La Roca Village Village Fidenza Village Village Village Village Village Village 36 26 23 14 14 23 33 2 28 50 39 3
Slide 63: 2017 operational statistics
2017 operational statistics UK shopping France Sales UK France centres densities(4) £/ft2 £/ft2 Sales (1) –2.7% 0.1% 2017 240 – 490 395 – 620 Footfall (2) 0.4% 1.6% 2016 250 – 515 350 – 715 Rent:sales (3) 13.3% 11.0% 2015 250 – 520 355 – 725 OCR (3) 21.7% 13.8% Occupancy (%) UK shopping UK retail Fr
Slide 64: 2017 portfolio leasing overview
2017 portfolio leasing overview Leasing vs previous Leasing vs ERV (%) ERV growth New rent secured passing (%) (%) from leasing (£m) UK shopping centres +6 +8 +0.9 13.4 UK retail parks +9 +11 –0.1 6.3 France +8 +5 +0.9 9.8 Ireland +4 +10 +2.7 1.9 Group +7 +8 +0.9 33.3(1) (1) Including Ireland and UK
Slide 65: 2017 valuation data
2017 valuation data UK shopping UK retail France Ireland UK other Total centres parks interests portfolio True equivalent yield (%) 31 Dec 2017 5.1 6.2 4.4 4.4 7.2 5.0 31 Dec 2016 5.1 6.1 4.4 4.3 7.4 5.1 ERV (£m) 31 Dec 2017 186.7 75.4 91.7 43.3 14.1 411.2 31 Dec 2016 186.8 77.1 107.9 34.8 13.4 420.
Slide 66: 2017 components of valuation change
2017 components of valuation change Components of valuation change in 2017, total portfolio (£m) 300 282 250 246 225 198 200 150 100 50 37 36 37 24 27 24 7 6 2 6 3 4 6 3 8 0 -1 -2 -11 -20 -19 -32 -27 -50 -41 -44 -100 UK shopping UK retail parks France Ireland Developments and Premium outlets Total P
Slide 67: Local Data Company: property scoring methodology
Local Data Company: property scoring methodology Each location is scored according to 12 criteria: 1 Catchment size, based on drive time 2 Catchment spending power 3 Competing centres analysis 4 Department stores 5 Cinemas 6 Presence of ‘minor anchor’ retailers 7 Opening of new ‘minor anchor’ stores
Slide 68: Successful track-record of capital recycling
Successful track-record of capital recycling through varied conditions to a breadth of buyers Hammerson annual disposal proceeds (£m) Split of Hammerson’s disposals by category of acquirer (2015-2017) 700 £1.2bn 5% 8% 600 33% 13% 500 400 17% 300 24% 200 European institutions 100 Private equity 0 Glo
Slide 69: Breadth of buyers for prime European assets
Breadth of buyers for prime European assets Hammerson disposals 2015 – 2018 YTD Date Buyer Net proceeds £m Drakehouse retail park, Sheffield Mar-15 90 North (private equity) 61 Bercy 2, Paris Oct-15 Tikehau (Institution) 47 Grand Maine, Angers Oct-15 French Institution 46 Monument Mall, Newcastle Ja
Slide 70: Hammerson and intu capex 2018-2020
Hammerson and intu capex 2018-2020 Hammerson (£m) 2018 2019 2020 Major London developments (Brent Cross, Croydon) 97 104 107 France – extensions (Cergy, Italie Deux) 105 81 61 Retail parks 48 34 9 Highcross reconfiguration, Leicester 14 2 0 Total Hammerson 264 221 176 intu (£m) (1) 2018 2019 2020 in
Slide 71: On-site developments
On-site developments Scheme (1) Lettable Expected Value Estimated Estimated Let (5) area m2 completion 31 Dec 2017 cost to annual % £m(2) complete(3) income(4) £m £m Parc Tawe, Swansea 21,400 Q1 2018 n/a 3 2 91 Orchard Centre, Didcot 8,700 Q1 2018 29 12 3 62 Les 3 Fontaines, Paris extension 33,000 Q
Slide 72: Development pipeline opportunities
Development pipeline opportunities Scheme Scheme area (m2) • Extension and refurbishment of Brent Cross, forming part of wider Brent Cross Cricklewood regeneration plans, totalling 175,000m2 of retail, catering and leisure. Brent Cross extension 90,000 • Reserved matters planning application approve
Slide 73: UK shopping centre investment
UK shopping centre investment Hammerson UK shopping centre cash flow statement 2017 2016 2015 £m £m £m Gross rental income 180.2 174.2 162.0 Service charge income 35.4 34.0 28.7 Total income 215.6 208.2 190.7 B Service charge expenses (excl. investment) −31.5 −32.9 −25.3 Other property expenses (Ham
Slide 74: LTV methodology
31 Dec 2017 Reported (£m) Fully proportionally Net debt consolidated (£m) Group 3,501 3,501 LTV VIA Outlets - 174 methodology Value Retail - 512 Loan 3,501 4,187 Property values Group 8,326 8,326 VIA Outlets - 600 Value Retail - 1,634 Less minority interest (14) (14) VIA Outlets net assets 361 - Val
Slide 75: Continuing to take advantage of refinancing opportunities
Continuing to Debt maturity profile 31 December 2017 (£m) take advantage 1000 of refinancing 900 opportunities 800 700 600 500 400 300 Revolving credit facilities Private placement 200 Sterling bonds 100 Euro bonds 0 Secured debt 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
Slide 76: Tenants in administration
Tenants in administration 31 December 2017 % of passing rents 50 units in administration 0.9 9 units unoccupied 0.1 30 June 2017 42 units in administration 0.8 8 units unoccupied 0.1 31 December 2016 44 units in administration 0.7 9 units unoccupied 0.1 Appendices 76
Slide 77: Our new Positive Places objective
Our new Positive Places objective is for Hammerson to be Net Positive for carbon, Carbon Resource Use water, resource use and socio-economic impacts Net Positive for carbon means Net Positive for resource use means waste avoided, recycled by 2030 carbon emissions or re-used exceeds materials used av
Slide 78: Steps to becoming Net Positive
Steps to becoming Net Positive 2015 27,000 tonnes CO2e 2016 539,082 m3 water 18,243 tonnes waste 24,000 tonnes CO2e 2017 not recycled or reused 511,888 m3 water 17,293 tonnes waste Deliver carbon neutral 2018 – 2020 not recycled or reused development at Rugby 40,000 FTE jobs Install 3 further solar
Slide 79: Our 2017 sustainability highlights
Our 2017 sustainability highlights Delivered the world’s first BREEAM Outstanding, carbon neutral retail park at Elliott’s Field, Rugby Developed the second zero energy Costa Coffee EcoPod at Parc Tawe, Swansea Managed exposure to Mimimum Energy Efficiency Standards (MEES) risk out of the UK portfol