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IASB Accounting Interpretation and Impact of 2022 Half-Year Income

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Published: 2023-07-05 09:00:33 ET
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Hammerson plc
(Incorporated in England and Wales)
(Company number 360632)
LSE and Euronext Dublin share code: HMSO     JSE share code: HMN
ISIN: GB00BK7YQK64
(“Hammerson” or “the Company”)

IASB Accounting Interpretation and Impact of 2022 Half-Year Income
5 July 2023

Consistent with the Group’s restatement of the 2021 comparative in its audited full
year 2022 financial statements, the Group sets out the corresponding restatement
for half year 2022 comparatives.

In October 2022, the IASB IFRS interpretations committee finalised an agenda
decision in respect of 'Lessor forgiveness of lease payments (IFRS 9 and IFRS 16)'.

This stipulates that losses which were incurred on granting rent concessions, which for
the Group occurred during the Covid-19 pandemic, should be charged to the
income statement in the year they are granted.

In its 2022 half year financial statements, the Group's treatment of Covid-related
concessions, consistent with certain other companies within the sector, had 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.

The impact to be reflected in the forthcoming 2023 half year results is that 2022 half
year figures have also been restated as set out below:


                                                    As
                                                    originally
                                                    reported Changes       Restated
                                                    £m         £m          £m


Gross rental income                                 103.8      3.6          107.4
Adjusted Net rental income                          86.5       (2.7)         83.8
Adjusted earnings                                   51.1       (2.7)         48.4

There are no other material changes to the Group's income, net assets, or cash
flows.

The Group will present 2022 and 2023 figures on this basis at the forthcoming 2023
half year results on 27 July 2023.

Full details of the Company's half year results presentation, including joining
instructions to the virtual analysts briefing, will be available on our website
(https://www.hammerson.com/investors/financial-calendar) in due course.
The latest company-compiled consensus for 2023 can be found on our website:
https://www.hammerson.com/investors/consensus

For further information contact:
Josh Warren
Director of Strategy, Commercial Finance and Investor Relations
Tel: 020 7887 1053

Hammerson has its primary listing on the London Stock Exchange and secondary
inward listings on the Johannesburg Stock Exchange and Euronext Dublin.


Sponsor: Investec Bank Limited