Post on 17-Mar-2020
Transforming - Regenerating - Revitalising
2016 PRELIMINARY RESULTS6 MARCH 2017
Transforming - Regenerating - Revitalising
BUSINESS AND FINANCIAL OVERVIEW
Delivering market leading NAV
growth
In 2016 EPRA NAV grew by
13.3%. Over last 3 years,
EPRA NAV CAGR of 14.0%
TRACK RECORD
Growing income base to
deliver resilience through
property cycles
Profit from operations
increased by 6.7% in 2016
INCOME
Proven and robust strategy
with confidence in the future
Dividend increased by 10% -
momentum positive into the
new year
STRATEGY
Market fundamentals in the
regions remain strong
Houses are well priced with
good demand. Limited
supply of logistics space
MARKETS
Experienced, capable and
stable management team in
place
Significant and diverse local
market experience
TEAM
Further sites identified to build
and diversify our strategic land
bank
Four options signed and four
opportunities in negotiation
OPPORTUNITIES
Confidence in the future
Stro
ng fin
ancia
l perfo
rmance
Sound foundations
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Transforming - Regenerating - Revitalising
2016 ACHIEVEMENTS
STRONG FINANCIAL PERFORMANCE
Revaluation gains of nearly £35m helped drive EPRA NAV growth of 13.3% to 119.8p per share
Financing extended by £10m to £75m and one year, to give headroom and drive income growth
CONTINUED SALES OUTPERFORMANCE
Profit on sale of c.£9m achieved including landmark sale at Logistics North to Lidl UK for £22.5m
c.£60m sales equally weighted across residential/agricultural and commercial uses with limited
impact from Brexit
GOOD PLANNING PROGRESS
Planning applications submitted for 1,200 plots and over 1.9m sq ft of commercial space; decisions
expected in 2017
Four Planning Promotion Agreements (PPAs)1 signed, potentially delivering c.500 housing plots –
bringing the total number of potential housing plots being promoted through PPAs to c.1,100
ACQUISITIONS MADE TO IMPROVE INCOME WITH MORE TO REPLENISH THE PORTFOLIO
Over £31m invested in six acquisitions, strengthening income and geographic presence
Four options signed and four further opportunities in negotiation to ensure pipeline of strategic land
Notes: 1 PPAs are agreements with land owners whereby Harworth incurs the cost and risk of promoting the land through planning.
If successful, Harworth shares some of the value gain, after cost recovery, when the land is sold
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Transforming - Regenerating - Revitalising
VISION, STRATEGY AND BUSINESS MODEL
We want to be the UK’s leading
developer of brownfield land and
regeneration partner of choice
We will accomplish this by:
1. Progressively expanding our geographical reach into all regions of the UK that have
strong and stable markets, with initial focus on core regions and adjacent areas
2. Maintaining our focus on residential, commercial and energy occupiers to underpin our
site specific masterplans
3. Building and improving the quality of recurring income, to cover overheads (including
strategic land promotion), interest and ultimately tax and dividends
4. Exploring a range of deal structures when acquiring new sites, to provide visibility and
to optimise equity returns
5. Carefully selecting sites on a targeted basis, whilst delivering direct commercial
development and value add initiatives to provide attractive equity returns
- 4 -
Masterplanning
and market
knowledge
Remediation
& restoration
specialists
Capital
Uplift/NAV+
Development /
Infrastructure
management
Diverse and
extensive
landbank Hold -
recurring
income
Realisation of
Capital
Acquisitions
Capital Growth Income Generation
Rein
vestm
en
t o
f cap
ital
Asset
management
Transforming - Regenerating - Revitalising
OUR REGIONAL MARKETS PROVIDE CLEAR OPPORTUNITIES
RESIDENTIAL
National housing under-supply is driving
consistently strong demand for land
Presumption remains in favour of
residential development on brownfield land
Government stimulus measures for
purchasers remain in place, as confirmed
in recent Housing White Paper
INDUSTRIAL & LOGISTICS
Demand for well-connected industrial and
logistics space remains strong driven by
the rise of e-tailing – with agents
continuing to highlight the sector as the
most attractive of the commercial real
estate sectors
Supply of units continues to be squeezed
across all regions
Source: BNP Paribas, 2017
Source: Tackling the undersupply of Housing (House of Commons Briefing), 19 January 2017
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Housing Under Supply
Logistics Supply by Region
Transforming - Regenerating - Revitalising
SIGNIFICANT LATENT VALUE: LAND PIPELINE
RESIDENTIAL PIPELINE: PLOT NUMBERS COMMERCIAL PIPELINE: MILLION SQ. FT
• Mixture of deals pursued post-planning. Residential deals include serviced plot sales (with or without ground
rent), whilst commercial deals encompass plot sales, pre-lets, forward funding and direct development
• We maintain the flexibility to respond to market conditions and ensure deals are mindful of customer
requirements, funding/covenants, and risks and returns
• Land sold for 619 new housing plots and over 500,000 sq. ft of commercial space in 2016
• Freehold ownership of land comprising 9,529 consented housing plots and 9.95m sq. ft of commercial
space as at 31 December 2016
• Applications currently in the planning system for 1,200 housing plots and 1.9m sq. ft of commercial space,
with further applications to be made in 2017
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NOTE: Planning pipeline numbers include sites where we have signed PPAs and where we have taken overages
Transforming - Regenerating - Revitalising
NET ASSET VALUE GROWTH
NAV at 31 December 2016 was 114.6p (£334.9m) a 12.5% increase from 2015 101.9p (£297.7m)
EPRA NAV at 31 December 2016 was 119.8p (£350.1m) a 13.3% increase from 2015 105.8p (£309.1m)
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101.9p
114.6p
3.9p
0.8p
14.9p
0.8p 0.1p 0.7p
1.3p
5.2p
90.0p
95.0p
100.0p
105.0p
110.0p
115.0p
120.0p
Opening NAV/EPRA NAV
Profit fromOperations
Value Gains Interest Pension Dividends Tax / Swap movement Closing NAV/EPRA NAV
119.8p
105.8p
Transforming - Regenerating - Revitalising
Twelve months to 31 December (£’m) 2016 2015
Profit on
disposal
Revaluation gains1
Total TotalManagement Market2
Major Developments
Healthy profit on disposal from Lidl UK at Logistics
North. Improved masterplan and tenant interest at
Wheatley Hall Road, new option agreement at
Chatterley Valley, and cost savings at Harworth and
Flass Lane
6.8 8.7 3.4 18.9 21.0
Strategic Land
Signing of S106 and collaboration agreement at
Coalville. Planning submitted at Thoresby
0.7 10.8 1.3 12.8 4.7
Business Space
Completion of pre-let and speculative development at
Gateway 36. Improved lettings at other sites
0.1 5.7 0.9 6.7 6.9
Natural Resources
New lettings, particularly at Meriden0.0 4.0 1.2 5.2 5.4
Agricultural Land
Reduced land values predominately on former surface
mine sites
1.2 0.0 (1.1) 0.1 2.4
Total 8.8 29.2 5.7 43.7 40.4
VALUE GAINS – REVALUATION GAINS AND PROFIT ON DISPOSAL
Notes: 1 Prepared in conjunction with our advisers, BNP Paribas and Savills.2 Market element of revaluation gains includes the effect of 2016 stamp duty changes, forecast to have impacted values across the portfolio by £2.9m
As per our business model and highlighted above, the majority of our value gains come from management actions
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Transforming - Regenerating - Revitalising
INCOME STATEMENT
Twelve months to 31 December
(£’000)
20151
Total
Capital
Growth
Income
Generation
Central
overheads
2016
Total
Revenue (rent, royalty and operations) 16,737 16,307 17,386 - 33,693
Cost of sales (7,856) (15,966) (5,056) - (21,022)
Overheads (6,804) (1,765) (2,079) (6,613) (10,457)
Profit from operations 2,077 (1,424) 10,251 (6,613) 2,214
Valuation gain 28,890 24,180 10,703 - 34,883
Profit from disposals 11,505 7,472 1,319 - 8,791
Pension credit / (charge) 129 - - (87) (87)
Operating profit before exceptionals 42,601 30,228 22,273 (6,700) 45,801
Exceptional items (465) 7
Interest (2,956) (2,341)
Profit before tax 39,180 43,467
Tax (3,508) (3,566)
Profit after tax 35,672 39,901
Earnings per share 12.21p 13.65p
Dividend per share 0.68p 0.74p
Revenue and
cost of sales
2016 distorted
by M&G build
costs
Tax
Existing tax
losses being
utilised so only
deferred tax
on valuation
gains being
provided
Dividend
2016 £2.2m –
10% growth
on 2015
annualised
dividend of
£2.0m
A
B
C
A
B
CNotes: 1 2015 figures are on an underlying basis, reflecting purchase of Harworth Estates, share consolidation and pro forma dividend. A reconciliation is
included in the 2016 preliminary results announcement
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Transforming - Regenerating - Revitalising
INCOME GENERATION: STRATEGY, PROGRESS AND TRENDS• The strategy remains to grow and improve the quality of recurring income to cover overheads (including strategic
land promotion) and interest, and ultimately cover tax and dividends
Progress in 2016 Trend
Major Developments
Construction of two M&G forward funded units at
Logistics North completed in December 2016. First
unit let to Whistl in January 2017
More development management
deals are being pursued but
occur infrequently
Business Space
Portfolio WAULT of 7.5 years (2015: 8.3 years).
108 leasehold occupiers with 87% of space let.
Good progress with acquisitions, new lettings,
rent increases and regears leading to a profit
from operations increase of £1.6m
Portfolio is actively asset
managed to optimise net rental
income
Future potential to churn mature
assets
Natural Resources
144.5MW of low carbon energy tenants installed
(net 19MW added in 2016)
1,997 acres of agricultural land, with minimal
upside potential, disposed of above book value
Tipping at 5 sites and planning progressing for a
further site. Demolition at 2 sites ongoing
Further energy opportunities
are becoming available to
increase income
Agricultural rent will decrease
as portfolio is sold
We aim to maintain recycling
and tipping incomes
Operations
Coal fines contracts with Drax and Ratcliffe secured
to replace Rugeley contract which ended in 2016
Forecast to decline: stock, costs
and remediation being managed
Revenue from Income streams
£.0m
£5.0m
£10.0m
£15.0m
£20.0m
£25.0m
£30.0m
£35.0m
2015 2016
Operations Natural Resources
Business Parks Major Developments
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Transforming - Regenerating - Revitalising
CASH FLOW
Aim to balance cash flows
Infrastructure spend and investment in acquisitions are essentially funded by disposals
Infrastructure spend is assessed against, and matched with, the quantum and timing of expected disposals
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Transforming - Regenerating - Revitalising
FINANCING
Policy of prudent gearing
As at 31 December 2016, gross Loan To Value
(LTV) 13.1% and net LTV 9.9%
Harworth recognises the risk should operational
and financial gearing be combined and thus capital
growth sites are deliberately not geared. If gearing
is just assessed against the value of business
space and natural resources properties this
equates to a gross LTV of 41.6% and net LTV of
31.3%
Higher gearing levels are not easily supported by
the business’ activities
Prudent gearing provides headroom and flexibility
Due to the seasonality of the business, year end
net debt is usually the lowest point as sales are
weighted towards the year end. During the year,
net debt can increase by over £20m as
infrastructure spend is made in advance of sales
Prudent gearing gives the ability to transact quickly,
which is often a source of competitive advantage
Position as at 31 December 2016 £’000
Drawn bank borrowings – RBS RCF (37,991)
Infrastructure loans (14,487)
Gross interest bearing debt (52,478)
Cash and cash equivalents 13,007
Net debt (39,471)
Investment Properties (including JVs, assets
held for sale, overages and owner occupied)
400,252
Net Loan/Value 9.9%
Net Assets 334,923
Net Debt/Net Assets 11.8%
Interest Cover 2.83x
(Using HEPGL profits as per RBS RCF)
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Transforming - Regenerating - Revitalising
OUR PORTFOLIO: HOW WE CREATE AND ADD VALUE
Acquisition &
Land Assembly
Masterplanning
Planning Approval
Value Engineering &
Land Remediation
Infrastructure Development
Plot Sale / Build Out
Ind
ica
tive
Va
lue
Ad
d
Asset Management
Acquisitions Strategic Land Major Projects Income
Time
Competitive advantage
comes from our ability to
add value through
management actions
rather than reliance on
market movements
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£400.3m
Transforming - Regenerating - Revitalising
ACQUISITIONS: STRATEGY AND PROCESS
Opportunities for value growth
Opportunities identified
Optimum deal structure identified
Execution:
Harworth can transact quickly and offer clean exits
49%
43%
8%
27%
14%
54%
5%
Development
Agreements and
Options
PPAsCorporate
acquisitions
Conditional and
Unconditional
Freehold
Acquisitions
Due Diligence:
Pricing discipline is key
Breakdown of deal structures (by volume of transactions): 2014-2016
Off-market direct
approaches to
landowners
Soft marketing
by agents
Open market advertising
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Transforming - Regenerating - Revitalising
ACQUISITIONS: STRONG PROGRESS MADE IN 2016
6 NEW ACQUISITIONS (£31.6m)
244 acres
3.54m1 commercial sq. ft either built or consented
£2m of new income secured
4 NEW PLANNING PROMOTION AGREEMENTS
67 acres
494 potential residential plots
Brings total plots under PPAs to 1,144
MARCH
Gateway 45, Leeds
JUNE
Market Warsop, Mansfield
DECEMBER
Preston and Chorley, Lancashire
Purchase of 50% of Aire Valley LLP (JV
vehicle for Gateway 45) for £8.5m
Planning application submitted for
Harworth’s first PPA
Purchase of two multi-let Business Parks
for £17.9m
Serviced development plots to be
offered for commercial
leasehold/freehold
Planning promotion income to be
received once first housing plot sale
has completed
Asset management opportunities
identified, including re-gear of leases
Since restarting acquisitions at the end of 2014, these acquisitions have outperformed hurdle rate
Notes: 1 freehold commercial sq. ft purchased in 2016 includes 50% of Gateway 45’s 2.644m sq ft scheme, due to 50% ownership
Asset management potential
Planning / development opportunities
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Transforming - Regenerating - Revitalising
ACQUISITIONS: PIPELINE OF SIGNED OPTIONS
1 RESIDENTIAL
Garden village
site, Derbyshire
90 acres
675 houses
Encompasses former surface mine, coking works and agricultural land
Fixed price option taken
Option land equates to 21% of development area. Scheme envisaged
as 3,500 home garden village
Further land assembly required to optimise opportunity
Opportunity to deliver serviced land sales from 2022
RESIDENTIAL
St Helens,
Merseyside
60 acres900 houses
Cleared brownfield development site
Fixed price option taken
Outline planning permission in place
Application made for grant funding for enabling infrastructure
Opportunity to deliver serviced land sales from 2018, with strong
existing interest from housebuilders and PRS operators
COMMERCIAL
Chatterley
Valley, Stoke
24 acres436,000 sq. ft
Site is adjacent to existing Harworth land ownership (82 acres)
Option signed at discount to open market value
Overall site sits within Government Enterprise Zone and has planning
consent for 860,000 sq ft of commercial space
Opportunity for direct development and higher value roadside uses
COMMERCIAL
Bewshill Farm,
Bolton
12 acres150,000 sq. ft
Existing farm located adjacent to Harworth’s Logistics North site
Option signed at discount to open market value
Potential opportunity to deliver direct development space as part of
Logistics North use existing access
Currently allocated as Green Belt but a logical infill plot
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Transforming - Regenerating - Revitalising
BUSINESS AND FINANCIAL OVERVIEW
- 17 -
Delivering market leading NAV
growth
In 2016 EPRA NAV grew by
13.3%. Over last 3 years,
EPRA NAV CAGR of 14.0%
TRACK RECORD
Growing income base to
deliver resilience through
property cycles
Profit from operations
increased by 6.7% in 2016
INCOME
Proven and robust strategy
with confidence in the future
Dividend increased by 10% -
momentum positive in to the
new year
STRATEGY
Market fundamentals in the
regions remain strong
Houses are well priced with
good demand. Limited
supply of logistics space
MARKETS
Experienced, capable and
stable management team in
place
Significant and diverse local
market experience
TEAM
Further sites identified to build
and diversify our strategic land
bank
Four options signed and four
opportunities in negotiation
OPPORTUNITIES
Confidence in the future
Stro
ng fin
ancia
l perfo
rmance
Sound foundations
Transforming - Regenerating - Revitalising
APPENDICES
6 MARCH 2017
A brief history 19 Investment properties – Movement 23
Case study: Logistics North, Bolton 20 Investment properties – Portfolio detail 24
Case study: Thoresby Colliery, Nottinghamshire 21 Valuation methodology 25
Acquisitions: additional opportunities being
explored
22 Summary of financing facilities 26
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Transforming - Regenerating - Revitalising
A BRIEF HISTORY
2012-2014 2015 onwards
Harworth Estates was
24.9% owned by CfR plc
Re-launched as Harworth
Group plc
• In December 2012, after a complex
restructuring, UK Coal changed its
name to Coalfield Resources plc (CfR)
owning 24.9% of Harworth Estates
• Remaining 75.1% was owned by the
pension trustees but in July 2013, the
holding was transferred to the Pension
Protection Fund (PPF)
• In November 2014, CfR agreed to
buy the PPF’s 75.1% holding in
Harworth Estates
• In February 2015, Harworth Estates
agreed a new 5 year £65m RCF with
RBS
• On 24 March 2015, CfR:
Raised £116m through a share
placing. This cash and issued
shares were used to acquire the
PPF’s shareholding in Harworth
Estates. PPF became a 25%
shareholder
Renames itself as Harworth
Group plc
2004-2012
Property division within
UK Coal plc
Property sales used to
fund mining activities
Property sales used to
pay down bank debt
Acquisitions central to
replenishing portfolio
• In 1994, RJB Mining (founded in
1974) bought British Coal’s core
activities.
• Having changed its name in 2001,
UK Coal established a property division
in 2004, which was to become Harworth
Estates
• In 2010, Owen Michaelson joined UK
Coal to head up Harworth Estates
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Transforming - Regenerating - Revitalising
CASE STUDY: LOGISTICS NORTH, BOLTON
FEBRUARY 2015 FEBRUARY 2017
Infrastructure / Plot sale + build out
• Outline consent for 4m sq. ft of commercial space
• Infrastructure works completed to open up the site’s first
phase, utilising an £10m GMIF loan
• Aldi signed as anchor occupier for 600,000 sq. ft regional
distribution centre and HQ
• No units constructed or completed
• MBDA, Joy Global, Lidl, Exeter Property Group, M&G Real
Estate (Whistl) all confirmed as owners/occupiers
• Over 2m sq. ft of space either built or committed
• Phase 2 infrastructure works now substantially complete to
open up the remainder of the site
• Plan for speculative development of smaller units
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Transforming - Regenerating - Revitalising
CASE STUDY: THORESBY, NOTTINGHAMSHIRE
Planning application submitted in December 2016 for:
• 800 plots on former pit yard site
• 250,000 sq. ft of commercial development
• Restoration of former spoil heap into Country Park to
provide leisure facilities
• Determination expected in Q2 2017
500 acres at heart of Sherwood Forest in
Nottinghamshire:
• Former Colliery closed in July 2015
• Site safety and demolition works undertaken
• Draft allocation within emerging Newark & Sherwood Local
Plan for residential and supporting uses
• Site is at start of ‘value-add’ process
Masterplanning / planning approval
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PRESENT SITE PROPOSED DEVELOPMENT
Transforming - Regenerating - Revitalising
ACQUISITIONS: ADDITIONAL OPPORTUNITIES BEING EXPLORED
FURTHER
RESIDENTIAL
SITES
Terms agreed with the landowner for an option agreement at agricultural
value plus claw back on planning on a 263 acre strategic logistics and
residential development site located on a key motorway junction that could
deliver c.2m sq. ft of commercial space and 500 new homes
Due diligence and negotiations currently underway on a 500 acre major
residential development site with potential to deliver over 4,000 new homes.
The development offers value added initiatives through remediation,
enabling infrastructure and serviced plot sales
FURTHER
COMMERCIAL
SITES
Terms agreed with a landowner for a land drawdown development
agreement for a 75 acre major logistics development site, well located in
Yorkshire
Terms agreed with the landowner for an option agreement to acquire whole
site at a discount to market value for a 29 acre major logistics development
site adjacent to a major motorway junction in the North West
Advanced negotiations with the landowner for an unconditional purchase of
40 acres adjacent to an existing Harworth site
GOVERNMENT
& CORPORATE
ESTATES
Currently in discussions with three power station operators regarding four
sites
Harworth in a strong position to benefit from anticipated opportunities from
Ministry of Defence, Ministry of Justice and Network Rail
Also in discussions with a utility company regarding its surplus estate
PLANNING
PROMOTION
AGREEMENTS
Offers accepted across four PPA sites potentially delivering over 600
dwellings
Terms out on a further three PPA sites potentially delivering over 1,000
dwellings
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Transforming - Regenerating - Revitalising
INVESTMENT PROPERTIES – MOVEMENT(INCLUDES JOINT VENTURES, AVAILABLE FOR SALE, OVERAGES AND OWNER OCCUPIED ASSETS)
- 23 -
£400.3m
Transforming - Regenerating - Revitalising
INVESTMENT PROPERTIES – PORTFOLIO DETAIL
TOP 10 SITES
Site Location AcresHouse plots Employment space
Consented Sold/Built Consented Built
Waverley & AMP Yorkshire 587 3,890 740/600 2.1m sq. ft 1.2m sq. ft
Rossington Yorkshire 344 1,200 170/35 0.1m sq. ft 0 sq. ft
Logistics North North West 763 4.0m sq. ft 2.0m sq. ft
Lounge Midlands 103 0.8m sq. ft 0 sq. ft
Prince of Wales Yorkshire 303 917 315/150 0.3m sq. ft 0 sq. ft
Harworth Midlands 173 996 118/90 0.8m sq. ft 0 sq. ft
Coalville Midlands 200 1,100 0
Asfordby Midlands 133 0.3m sq. ft 0.3m sq. ft
Gateway 36 Yorkshire 430 0.2m sq. ft 0.2m sq. ft
Sherburn RFT Yorkshire 279 0.3m sq. ft 0.3m sq. ft
TOTAL 3,315 8,103 1,158/699 8.9m sq. ft 4.0m sq. ft
Ownership BreakdownAcres
31-Dec-14
Acres
31-Dec-15
Acres
31-Dec-16
Sites
31-Dec-14
Sites
31-Dec-15
Sites
31-Dec-16
Freehold land 21,104 19,428 17,491 153 107 103
Leasehold land 1,236 176 176 5 4 3
Commercial Clawbacks 3,975 3,975 3,975 33 33 33
Joint Venture Sites 219 178 334 4 2 3
Sub Total 26,534 23,758 21,977 195 146 143
Mineral Rights 726 726 726 12 12 12
Third Party Agreements 0 0 159 0 0 6
Options (Third Party Land) 2,042 1,258 2,213 3 2 4
Total 29,302 25,742 25,075 210 160 165
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Transforming - Regenerating - Revitalising
VALUATION METHODOLOGY
• Portfolio is valued twice yearly. Formal year end valuation by BNP
Paribas and Savills, and half year valuation by management with
review by BNP Paribas and Savills
• Valuation is property by property on the basis of Market Value
(RICS Red Book definition) given the highest and best use of the
portfolio
• Valuation techniques for the broad categories of the portfolio are:
1. Business Space – Market comparison with direct reference to
observable market evidence; rental values, yields and capital
values adjusted for quality of the properties, covenant profile of
the tenants and the volatility of cash flows
2. Development sites – Residual development appraisals, a
form of discounted cash flow which estimates the current site
value from future cash flows measured by observable current
land and/or completed built development values and estimated
developments costs and returns
3. Strategic land – Discounted cash flows, measured by current
land values adjusted to reflect the quality of the development
opportunity, potential development costs and likelihood of
planning consent Construction of Helix at Gateway 36
Lakeside view of Waverley
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Transforming - Regenerating - Revitalising
SUMMARY OF FINANCING FACILITIES
The table below summarises Harworth’s drawn facilities as at 31 December 2016
Weighted average cost of debt of 2.9% (using 31 December 2016 balances and rates) with a 0.8% non-
utilisation fee on undrawn RBS amounts
£30m fixed at 2.955% all-in rate until June 2020
Lender Associated siteAmount drawn
(£’k)Interest rate End date
HCA Waverley 11,6512.2% plus EU
Reference RateFebruary 2022
JESSICA Gateway 36 2,3282.2% plus EU
Reference Rate
April 2018 but with an ability to extend if
development not let
Leeds LEP Prince of Wales 813 2.49% December 2018
JESSICAAdvanced
Manufacturing Park720
2.2% plus EU
Reference Rate
December 2018 but with an ability to extend if
development not let
HCA Village farm, Murton 118 4%20 business days from the sale of last plot or
June 2017
Infrastructure loans total 15,631
RBS RCFAll sites.
Floating debenture37,991
ICE Libor rate
plus 2%February 2021
Capitalised fees (1,144)
Total gross borrowings 52,478
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Transforming - Regenerating - Revitalising
For the purpose of the following disclaimer, reference to this
‘presentation’ shall be deemed to include reference to the presentation
slides, the presenters’ speeches, the question and answer session and
any other related verbal or written communication.
This presentation, which has been issued by Harworth Group plc
("Harworth"), comprises slides for a presentation in relation to
Harworth's results for the financial year ending 31 December 2016 and
is solely for use at such presentation. This presentation is confidential
and may not be reproduced, redistributed or passed directly or
indirectly to any person or published in whole or in part for any purpose.
This presentation includes forward-looking statements with respect to
the business, performance and financial condition of Harworth. By their
nature, these statements may involve uncertainty given future events
and circumstances which are beyond Harworth's control, including
amongst other things, fluctuations in the property market for the price of
land, the timing effect and other uncertainties of future acquisitions, the
effect of tax and other legislation or regulations in the United Kingdom,
all or any of which can cause results and developments to differ
materially from those anticipated. Further details of certain risks and
uncertainties will be set out in Harworth's annual report for 2016 when
published. Any forward-looking statements reflect knowledge and
information available at the date of preparation of these slides. Nothing
in this presentation should be construed as a profit forecast. Harworth
gives no undertaking to update these forward-looking statements.
Actual results may differ materially from those expressed in forward-
looking statements. As such, you are cautioned not to put undue
reliance on any forward-looking statements. No investment advice is
being given in this presentation. No representation, warranty or
undertaking is given by, or on behalf of, Harworth or any of its directors,
officers, employees and advisers that Harworth will achieve any results
set out in such statement or as to the accuracy, completeness or
reasonableness of any projections, targets, estimates, forecast
statements, beliefs, opinions or information contained in or given during
this presentation and no liability is accepted or incurred by any of them
for or in respect of the same, provided that nothing in this paragraph
shall exclude liability for any representations or warranty made
fraudulently.
In making this presentation available, Harworth makes no
recommendation to buy, sell or otherwise deal in shares in Harworth or
in any other securities or investments whatsoever, and you should
neither rely nor act upon, directly or indirectly, any of the information
contained in this presentation in respect of any such investment activity.
Past performance is no guide to future performance. If you are
considering engaging in investment activity, you should seek
appropriate independent financial advice and make your own
assessment.
By accepting these presentation slides, you agree to be bound by the
above conditions and limitations.
This presentation does not constitute or form part of any offer or
invitation to sell, or any solicitation of any offer to purchase, any shares
in Harworth or any other securities, nor shall it or any part of it, nor the
fact of its distribution form the basis of, or be relied upon in connection
with, any contract or investment decision related thereof.
The financial results contained within this presentation are extracted
from the Harworth preliminary results announcement for the financial
year ended 31 December 2016.
PwC, as auditors, has confirmed its agreement to the release of these
results.
DISCLAIMER
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