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CAPITAL & REGIONAL PLC - Full Year Results to 30 December 2018

Release Date: 14/03/2019 09:00
Code(s): CRP     PDF:  
Wrap Text
Full Year Results to 30 December 2018

CAPITAL & REGIONAL PLC 
(Incorporated in the United Kingdom)
(UK Company number 01399411)
LSE share code: CAL JSE share code: CRP
ISIN: GB0001741544 
("Capital & Regional", or the "Group" or the "Company")

14 March 2019

Full Year Results to 30 December 2018 

Capital & Regional plc (LSE: CAL), the UK focused REIT with a portfolio of dominant in-town community
shopping centres, today announces its full year results to 30 December 2018

Lawrence Hutchings, Chief Executive, said: "These operational results support the new strategy we
launched just over a year ago that is focused on responding to the structural changes currently underway in the retail
sector. The assets where we are most advanced in delivering our strategy have performed very strongly
even in a challenging UK macro environment. This is evidenced by our footfall figures and our new lettings
and renewals which have on average been secured at premiums to both previous rents and ERV, while
remaining at rent levels that are cost effective for occupiers.

"We have seen an increase in the pace of the structural change that is underway in the retail sector and this
requires us to continue our focus on the repositioning and remerchandising of our assets whilst investing in
our internalised management platform to ensure that we have the rights skills and culture to respond to the changes
in the sector.

"I remain confident that our strategy will realise the potential of our existing portfolio, which is underpinned by 
its bias towards high population growth areas in London and proximity to busy transport hubs. We continue
to believe that the intersection of where product meets people remains of critical importance to brands and
retailers and that our centres have a vital role to play as distribution platforms for goods and services."

HIGHLIGHTS:

Adjusted Profit growth delivered against challenging market conditions

-   Like-for-like(2) Net Rental Income flat despite 20 CVAs and retailer restructurings which
    impacted 2018 NRI by approximately GBP1.5 million, or 2.9%
-   Adjusted Profit(1) up 4.8% to GBP30.5 million (December 2017: GBP29.1 million); Adjusted Earnings
    per Share(1) up 3.2% to 4.23p (December 2017: 4.10p)
-   IFRS Loss for the period of GBP25.6 million due to a fall in property valuations (December 2017:
    Profit of GBP22.4 million) driven by negative sentiment towards our regional retail assets which
    did not offset the positive valuation gains across our London portfolio
-   Cost efficiencies delivered annual savings of GBP1.5 million in 2018 and total savings of
    GBP2.7 million from 2016, equating to c.25% of 2016 gross central costs
-   A reduced final dividend of 0.60 pence per share (December 2017: 1.91p) preserving cash 
    to fund capex investment and mitigate leverage while maintaining the Group's REIT distribution requirements

Community shopping centre strategy delivering as expected

-   Like-for-like(2) footfall growth of 1.2% with 78.8 million shopper visits in 2018, once again
    significantly outperforming the national index which was down by 3.5%
-   87 new lettings and renewals achieved at an average 3.1%(3) premium to previous rents and
    a 1.5%(3) premium to ERV
-   Letting activity maintained a strong occupancy rate of 97%. (December 2017: 97.3%)
-   GBP18.5 million of capex investment deployed delivering the remerchandising strategy. Key
    projects including Luton office refurbishment and delivery of flagship Ilford family precinct
-   25 year lease signed in February 2019 with Empire for new nine screen, state of the art
    cinema in Hemel Hempstead, anchoring transformation of its leisure offering and facilitating
    an investment of over GBP15 million in next two years

Long-term diversified debt structure at competitive pricing

  -   Group cost of debt of 3.27% with average debt maturity of 6.3 years(4)
  -   Basic and EPRA NAV per share, at 60p and 59p respectively (December 2017: both 67p),
      impacted by fall in property valuations at our regional assets
  -   Net LTV increased to 48% (December 2017: 46%)
  -   Restructured Group Revolving Credit Facility and Hemel Hempstead loan agreement to
      improve headroom

                                                                                                  2018        2017                         
Net Rental Income                                                                             GBP51.9m    GBP51.6m   +GBP0.3m      +0.6%   
Adjusted Profit(1)                                                                            GBP30.5m    GBP29.1m   +GBP1.4m      +4.8%   
Adjusted Earnings per share(1)                                                                   4.23p       4.10p     +0.13p      +3.2%   
IFRS (Loss)/Profit for 2018                                                                 GBP(25.6)m    GBP22.4m                         
Total dividend per share                                                                         2.42p       3.64p     -1.22p     -33.5%  
Net Asset Value (NAV) per share                                                                    60p         67p        -7p       -11%   
EPRA NAV per share                                                                                 59p         67p        -8p       -12%   
Group net debt                                                                               GBP411.1m   GBP404.0m   +GBP7.1m      +1.8%   
Net debt to property value                                                                         48%         46%          -              

Use of Alternative Performance Measures (APMs)

Throughout the results statement we use a range of financial and non-financial measures to assess our performance. A
number of the financial measures, including Adjusted Profit, Adjusted Earnings per share and the industry best practice
EPRA (European Public Real Estate Association) performance measures are not defined under IFRS, so they are termed
APMs. Management use these measures to monitor the Group's financial performance alongside IFRS measures because
they help illustrate the underlying performance and position of the Group. All APMs are defined in the Glossary and further
detail on their use is provided within the Financial Review.

Notes

All metrics are for the wholly-owned portfolio unless otherwise stated.

(1) Adjusted Profit and Adjusted Earnings per share are as defined in the Glossary. Adjusted Profit incorporates profits from operating
    activities and excludes revaluation of properties and financial instruments, gains or losses on disposal, exceptional items and other
    defined terms. A reconciliation to the equivalent EPRA and statutory measures is provided in Note 5 to the financial statements.
(2) Like-for-like excludes the impact of property purchases and sales on year-to-year comparatives.
(3) For lettings and renewals (excluding development deals) with a term of five years or longer and which did not include a turnover element.
(4) As at 30 December 2018, assuming exercise of all extension options.

For further information:

 Capital & Regional:                                                      Tel: +44 (0)20 7932 8000
 Lawrence Hutchings, Chief Executive
 Stuart Wetherly, Group Finance Director

 FTI Consulting:                                                          Tel: +44 (0)20 3727 1000
 Richard Sunderland                                                       Email: capreg@fticonsulting.com
 Claire Turvey

Notes to editors:

About Capital & Regional plc

Capital & Regional is a UK focused retail property REIT specialising in shopping centres that dominate their
catchment, serving the non-discretionary and value orientated needs of their local communities. It has a strong
track record of delivering value enhancing retail and leisure asset management opportunities across a
c.GBP0.9 billion portfolio of tailored in-town shopping centres. Capital & Regional is listed on the main market of
the London Stock Exchange and has a secondary listing on the Johannesburg Stock Exchange.

Capital & Regional owns seven shopping centres in Blackburn, Hemel Hempstead, Ilford, Luton, Maidstone,
Walthamstow and Wood Green. Capital & Regional manages these assets through its in-house expert property
and asset management platform.

For further information see www.capreg.com.

Forward-looking statements

This document contains certain statements that are neither reported 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
in or implied by these statements. Many of these risks and uncertainties relate to factors that are beyond the Group's ability to control or
estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of
government regulators and other risk factors such as the Group's ability to continue to obtain financing to meet its liquidity needs, changes
in the political, social and regulatory framework in which the Group operates or in economic or technological trends or conditions, including
inflation and consumer confidence, on a global, regional or national basis. Readers are cautioned not to place undue reliance on these
forward-looking statements, which apply only as of the date of this document. The Group does not undertake any obligation to publicly
release any revisions to these forward-looking statements to reflect events or circumstances after the date of this document. Information
contained in this document relating to the Group should not be relied upon as a guide to future performance.

Chairman's statement

I am pleased to report an increase of 4.8 per cent in Adjusted Profit to GBP30.5 million from GBP29.1 million. This
increase in underlying profitability has been achieved notwithstanding the headwinds from both structural
change in the retail sector and weakening consumer sentiment. It is a strong endorsement of the strategy that
the Company has been pursuing and is underpinned by robust operating and financial key performance
indicators. Footfall continues to grow, outperforming the relevant national index, whilst net rental income has
proven to be very resilient, in spite of a steady flow of retailer failures, reflecting the affordability and appeal of
our assets to retailers and our team's asset management expertise.

While our operating metrics were positive, the impact of lower property valuations largely driven by negative
sentiment towards regional retail assets, partially offset by positive valuation gains achieved across our London
portfolio, led to a loss for the year of GBP25.6 million (December 2017: profit of GBP22.4 million).

Strategy

Market conditions in the retail sector have provided a uniquely challenging backdrop to the implementation of
group strategy. The asset management team has energetically focused on the repositioning of the Company's
convenience based community shopping centre portfolio, leading to tangible improvements in performance at
those centres where the process is most advanced. Considerable progress has been made on the
remerchandising of schemes with a focus on those occupiers which directly respond to the needs of the local
community, embrace omni-channel retailing, or those that are most resilient to the continuing growth in online
shopping. The Group has not been immune to CVAs and retailer restructurings with 20 of these impacting NRI
by approximately GBP1.5 million (2.9%) over the whole year. However, our rebased rents, which average GBP15 per
sq. ft., in combination with capital values below replacement cost, do give us flexibility in diversifying our tenant
base.

Our ability to invest in accretive capital expenditure initiatives has been critical to achieving these outcomes.
During the course of the year we have invested GBP18.5 million in asset management initiatives including the
refurbishment of the previously vacant Arndale House office space in Luton, the delivery of the new Family
Zone in Ilford; providing a new facade at the Fareham House high street block in Hemel Hempstead and
upgrading guest facilities at Hemel Hempstead, Ilford and Wood Green. There is a pipeline of very exciting
initiatives across the portfolio but with particular focus on Hemel Hempstead, Ilford and Walthamstow. The
Board takes a very active role in reviewing these projects. Its aim is to ensure that the Company engages
openly and transparently with all stakeholders in the development and roll out of the plans. It also aims to
ensure that the speed of investment is carefully balanced with the need for prudent balance sheet management.

Responsible Business

Our commitment to running our business responsibly underpins the way we operate and is an integral part of
who we are and what we do. In 2018, we retained our ROSPA Gold Award for the 12th consecutive year and
continue to focus efforts to reduce energy and water consumption and increase waste diversion recycling
across our centres. 

Community engagement remains at the heart of our business. In 2018, through C&R Cares, GBP340,000 was
raised for local charities chosen by our staff and our centres supported events throughout the year that
encouraged inclusivity and openness including Purple Tuesday, a national campaign to provide an accessible
shopping day, established to recognise the importance and needs of disabled consumers and promote
inclusive shopping.

C&R is one of the headline sponsors for London's Borough of Culture in 2019. Waltham Forest is the first ever
London Borough of Culture, giving the local community the chance to experience world-class cultural
experiences on their doorstep.

Dividend

The Board is recommending a final dividend of 0.60 pence per share taking the full year dividend to 2.42 pence 
per share.  This represents a decrease of 33.5 per cent over the 2017 full year dividend of 3.64 per share.

The Company has been actively exploring financing options to underpin its capex plans.  The Board has concluded 
that adjusting the dividend and agreeing a new capex facility for the Hemel Hempstead loan to support the cinema 
development along with increased headroom on the rebased Revolving Credit Facility is the best option for the 
company at this point in time given current uncertainties in occupational and investment markets.  The cash preserved 
will assist in mitigating leverage and maintain investment in the Company's capital expenditure initiatives, which 
in the longer-term are expected to support earnings growth. 

The proposed dividend, together with the interim dividend paid in October 2018, substantially fulfils the Group's UK REIT 
obligations for the 2018 Financial Year.  Dividends for the short to medium-term are expected to be set at around the same 
level (2.42 pence per share per annum), subject to material retailer administrations and the Board's intention to meet its 
minimum REIT distribution requirements. 

People & Culture

Ensuring our people are supported, motivated and engaged is key to our success. In 2018, we achieved a
93% participation rate in our C&R Pulse Staff Engagement survey and the feedback received scored strongly
against external benchmarks and previous survey responses. During visits to our centres and support office,
C&R's culture of innovation and agility, where we act as one team and are held accountable is clearly evident
in the way the teams work and support each other. I would like to thank all our staff for their hard work and
dedication during what has been an exciting but demanding year for the business.

Board

Guillaume Poitrinal stepped down as a Non-Executive Director in October 2018. His knowledge of the retail
sector has been hugely valuable in shaping the Board's discussions over the last two years and I would like to
thank him for his contribution.

I would also like to thank Charles Staveley, who stepped down as an executive director in August 2018 after
10 years as Group Finance Director. Charles played a key role in the restructuring and reshaping of C&R over
this period.

Stuart Wetherly was appointed as Group Finance Director on 11 March 2019. Having spent much of his career
at Capital & Regional, Stuart is more than qualified for this role and is deeply familiar with our operations and
strategy. He is uniquely placed to help the Board and management carry the Company forward and we are
pleased to be able to formalise his role.

I agreed to take on the role of Non-Executive Chairman from June 2017 to ensure continuity at a time of
significant change for the Board and the transition to Lawrence Hutchings as Chief Executive. Now that this
transition is complete, I have decided it is time to seek my successor. A recruitment process, led by our Senior
Independent Director Tony Hales, will begin following the Annual General Meeting in May 2019 and I will step
down in due course, once my successor is appointed.

Hugh Scott-Barrett
Chairman

Chief Executive's Statement

2018 marked my first full year in the business and proved to be a challenging one for the global equities
markets, the UK, and physical retailing, where we continue to see an unprecedented rate of change driven by
both cyclical pressures and the ongoing evolution of retailing. Evolution in retailing isn't a new phenomenon.
In the 27 years that I have been in this industry it has never stood still, the growth then decline of the department
store, the advent of out of town superstores or "category killers" and their impact on many high streets and
town centres, the rise of speciality store retailing and now online shopping are just some of the changes that
have impacted the industry during that time. Change is a constant and success is defined by those companies
best able to decipher and/or predict then respond and adapt to these changes. Being able to separate hype
from reality and focussing on what can be controlled is a key part of this process.

One of the many things that attracted me to C&R, and back to the UK, is the belief that C&R is well positioned
to capitalise on the changes taking place in our industry. These changes are not confined just to retailing and
retail led destinations. The UK is a world leader in the adoption of digital media and technology take up,
including online shopping. The vast majority of retailers whom we meet reaffirm our view of the importance of
store based retailing, that the intersection of where product meets people is as important as it ever has been,
and our communities speak of the role community retail has in positively changing people's lives, from the
everyday to their aspirations for the future.

Ownership of UK community retail is fragmented and we continue to believe that there are opportunities and
benefits in the aggregation and consolidation of the ownership and management of these venues. We start
from a strong position as our community shopping centres are located in some of the highest growth areas in
the UK, with over 50% of our gross asset value in greater London and with a focus on non-discretionary, needs
based retail and services where the nature of the goods or economics impede online penetration. The quality
of our underlying real estate creates a platform for greater density through mixed use developments,
transforming these locations into exciting and compelling places where people live, work and stay.

In a dynamic environment like retailing our scale has advantages as it enables us to be agile and respond
more quickly to the changes we see taking place around us. We are committed to our internal management
platform and in investing in retaining, growing and recruiting specialist skills in all aspects of repositioning and
operating our properties, which we believe drives future returns. We believe that, as the cyclical pressures
abate coupled with an understanding of the continued critical role that physical stores have in the sale and
distribution of goods and services, our assets and management expertise will afford C&R an exciting
opportunity as a potential consolidator of UK community and mixed use retail assets in the UK.

Notwithstanding the opportunities that will arise from further changes in retailing our immediate focus is on
improving the relevance, performance and value of our existing assets and this is where our comprehensive
masterplan approach to asset repositioning is delivering results. Our focus needs to be on the continued
delivery of these repositioning and remerchandising masterplans through ongoing investment in our capex
programme, to ensure that our assets meet the expectations and needs of our communities.

2018 Results

Our 2018 results illustrate the quality of our underlying real estate and the skill and expertise of our dedicated
team who are driven by our objective to create vibrant trading and meeting places. Their success is evidenced
by the industry leading growth in our footfall performance which supports continued leasing momentum. We
have also made positive progress in redefining our culture and delivering operational efficiencies. A key part
of this has been our move to a decentralised structure designed to provide greater levels of input and
empowerment to our onsite teams who are best placed to direct how we tailor our customer proposition for the
local communities that we serve.

The roll out of our capex programme continued during 2018 with GBP18.5 million invested across our portfolio,
including our flagship family precinct in Ilford, which has delivered impressive footfall and leasing results. We
have identified over 30 potential projects representing around GBP80 million through our asset masterplans.
These are in addition to the residential, hotel and other development opportunities that exist above or adjacent
to our centres, which we continue to progress in dialogue with local councils and potential specialist
development partners.

Our plans are consistent with central government planning policy, which supports the town centre first strategy,
and councils' local area strategic development plans. We recognise the importance of being a good neighbour
and our responsibility to work in partnership with the communities in which we operate. It is hugely important
to us that our local communities benefit from our presence both economically and socially and we strive to
communicate effectively with local stakeholders based on the specific needs of each community.

Outlook

Our operational performance has remained robust throughout a challenging year in the retail market which has been driven 
predominantly by the accelerated pace of structural change and exacerbated by Brexit uncertainty.  These headwinds present 
some constraints and the need to be selective on the investment of capex.  We are also seeing the ongoing polarisation in 
retail venues, and the need for retailers to improve profitability and enable greater levels of investment in their customer 
proposition, both physical and online.

However, despite these headwinds, I remain confident that our strategy will realise the potential of our existing portfolio, 
which is underpinned by its bias towards high population growth areas in London and proximity to busy transport hubs.  We continue 
to believe that the intersection of where product meets people remains of critical importance to brands and retailers and 
that our centres have a vital role to play as distribution platforms for goods and services.

Finally I would like to acknowledge the hard work and dedication of our teams in each of our centres and at
our support office in London. Thank you for your hard work, support, feedback and inspiration.

Lawrence Hutchings
Chief Executive

Operating review

Consistent with the community shopping centre strategy we launched in December 2017, our key focus
remains the ongoing remerchandising and repositioning of our centres to reflect the changing requirements
our communities, guests and retail customers have in relation to physical retail destinations. This includes
increasing the amount of floor space we have in non-discretionary, needs-based retail and services where
consumers prefer or need physical interaction with goods and services providers.

In addition, we are actively involved in unlocking the latent value of our real estate in the middle of town centres,
with access to transport connections and complementary uses and, in the case of the London portfolio, are
able to increase the density of our sites through the addition of residential, hotel, offices and other uses that
enhance our communities and generate value for our stakeholders.

Key to this is our masterplanning and leasing activities which drive our remerchandising and repositioning and
generate improvements in our customer proposition and income.

Affordability and occupancy cost driving successful new lettings, renewals and rent reviews

There were 87 new lettings and renewals in the period at a combined average premium of 3.1%(1) to previous
passing rent and a 1.5%(1) premium to ERV.

                                                                                                                              Year ended   
New Lettings                                                                                                            30 December 2018   
Number of new lettings                                                                                                                42   
Rent from new lettings (GBPm)                                                                                                    GBP2.9m   
Comparison to ERV(1) (%)                                                                                                           +0.9%   
Renewals settled                                                                                                                           
Renewals settled                                                                                                                      45   
Revised rent (GBPm)                                                                                                              GBP2.6m   
Comparison to ERV(1) (%)                                                                                                           +2.0%   
Combined new lettings and renewals                                                                                                         
Comparison to previous rent(1)                                                                                                     +3.1%   
Comparison to ERV(1)                                                                                                               +1.5%   
Rent reviews                                                                                                                               
Reviews settled                                                                                                                       21   
Revised passing rent (GBPm)                                                                                                      GBP2.7m   
Uplift to previous rent (%)                                                                                                        +0.7%   

(1) For lettings and renewals (excluding development deals and leases impacted by CVA's) with a term of five years or 
    longer and which did not include a turnover element.

Our affordable rents, which average GBP15 per sq. ft. across the portfolio, and lower occupancy costs, mean our assets
remain attractive to existing and new occupiers alike. Highlights of letting activity across the portfolio in 2018
include:

At Luton, the Luton Borough Council (LBC) has leased 52,000 sq. ft. of previously vacant office space following a GBP5.2 million 
refurbishment. The Council has taken a ten year lease for four out of the five floors located above the shopping centre. 
Superdry and Lovissa have also taken new retail units.

At Blackburn, Smiggle opened in the scheme while Holland & Barratt and local independent jeweller, Peter
Jackson, upsized their units. We have also signed new lettings with KFC in Maidstone, Blackburn and Luton,
with Muffin Break in Maidstone and Bodycare in Blackburn.

At Walthamstow, lettings were made to Pret and 3G, and River Island renewed its lease.

In Ilford, Body Shop renewed its lease and Costa Coffee and Kidz Zone relocated their stores to the new
Family Zone / Kids Play area.

In January 2019, M&S announced the closure of its store in our Luton Mall, the only full line M&S store
remaining in our portfolio. While M&S has eight years remaining on the lease, we are advancing plans for the
unit having previously demonstrated our ability to remerchandise former department store space with the BHS
units.

In February 2019 key new lettings were secured with Empire for a new nine screen cinema to anchor the leisure 
hub at Hemel Hempstead and The Entertainer which has exchanged on a new lease at Ilford in the Family Zone area 
for a unit that has been vacant for a number of years, again reflecting the positive impact our investment in 
community facilities is having at our centres.    

Operational performance

There were 78.8 million visits to our centres during 2018.

Footfall in 2018 increased by 1.2% on a like-for-like basis across the wholly-owned portfolio, a significant
outperformance of the national index which declined by 3.5%. Footfall performance was strongest at centres
where we are furthest advanced in delivering our strategy, most notably in Ilford and Walthamstow.

Car park income increased to GBP10.7 million, an improvement of 2.3% on a like-for-like basis.

Click and collect transaction volumes continued to grow, increasing by 29% on the prior year, further reinforcing
the strength of our locations in the omnichannel shopping experience and cost effective last mile fulfilment.

Insolvencies

There were 35 units impacted by administrations or Company Voluntary Arrangements (CVAs) in 2018
resulting in a loss of GBP1.5 million in NRI in 2018. The pro-rata full year impact, prior to mitigation or re-letting
any closed units, would be approximately double. Of the 18 units that closed in 2018 seven have
subsequently been re-let on a temporary or permanent basis.

Rental income and occupancy

                                                                                                     30 December 2018   30 December 2017   
Contracted rent (GBPm)                                                                                           63.4               64.1   
Passing rent (GBPm)                                                                                              60.7               61.0   
Occupancy (%)                                                                                                    97.0               97.3   

Contracted and passing rent showed small declines of GBP0.7 million (1.1%) and GBP0.3 million (0.5%) respectively
demonstrating the resilience of the portfolio in the face of CVAs and insolvencies.

At 30 December 2018, there was GBP2.7 million of contracted rent where the tenant is in a rent free period, of
which GBP1.9 million will convert to passing rent in 2019. Occupancy remained strong at 97.0%.

Capital expenditure

During 2018, we invested GBP18.5 million of capital expenditure across our portfolio, enabling us to progress our
asset masterplans and repositioning projects consistent with our strategy. A number of major projects were
progressed or completed:

   - Completion of GBP5.2 million office fit-out at Arndale House, Luton (GBP4.3 million spend in 2018)
   - Hemel Hempstead - obtaining planning permission for the cinema development (GBP0.4 million) and
     completing the installation of a new facade for the Fareham House high street block (GBP0.6 million)
   - Delivery of new Family Zone at Ilford (GBP1.7 million in 2018)
   - Walthamstow planning consent obtained in July 2018 for approximately 500 new homes and 80,000 sq. ft. 
     of new retail and leisure space incorporating a dedicated new tube entrance within the scheme (GBP1.1 million spend in 2018)
   - New guest facilities at Hemel Hempstead, Ilford, Wood Green (GBP2.1 million in total in 2018)

We maintain strategic masterplans for each asset which are updated on an ongoing basis. In total we have
over 30 individual projects identified for potential implementation over the next three to five years, totalling over
GBP80 million which we believe will deliver in aggregate an income return of at least 8%.

Our investment in new and additional team members in leasing and development has improved our ability to
deliver the masterplans at a faster rate with greater efficiency whilst improving the quality of product supported
through the engagement of best in class consultants.

We expect to deploy capex at a typical rate of approximately GBP15-25 million per annum. The depth of
opportunities across the portfolio enables us to focus investment on those with the strongest impact and
thereby provides flexibility, allowing us to respond dynamically to changes in circumstance.

The most significant investment for 2019 is planned for Hemel Hempstead with the introduction of a new Family
Zone and general ambience improvements in the first half of 2019, as well as a leisure hub anchored by a new
Empire Cinema being developed over 2019 and 2020. In total more than GBP15 million is scheduled to be
invested on the asset across the next two years.

Other assets and operations

The Kingfisher Centre, Redditch (C&R net investment GBP0.8 million at 30 December 2018)

The property was valued at GBP118.6 million at 30 December 2018. A restructuring of the debt on the asset was
agreed in December 2018 and completed in early March 2019 reducing C&R's percentage holding to 12%.
The combined net impact of this, distributions received and the revaluation loss for the year reduced C&R's
net interest at 30 December 2018 to GBP0.8 million.

Snozone

Snozone produced a robust trading performance in 2018 with revenue up 1% (GBP10.4 million) and profit of GBP1.5
million in line with the previously record levels of 2017, despite adverse weather impacting the peak Q1 trading
quarter.

The Snozone business provides C&R with in-house operational leisure expertise. This is utilised across the
shopping centre portfolio to assist with ongoing leisure operations and new opportunities. The Snozone
management team also provide a platform to grow revenues with possible consolidation opportunities in the
fragmented market for snow sports or other similar leisure operations.

Financial review
                                                                                                             2018       2017      Change
 Profitability
 Statutory Revenue                                                                                       GBP91.0m   GBP89.2m       +2.0%
 Net Rental Income(1)                                                                                    GBP51.9m   GBP51.6m       +0.6%
 Adjusted Profit(2)                                                                                      GBP30.5m   GBP29.1m       +4.8%
 Adjusted Earnings per share(2)                                                                             4.23p      4.10p       +3.2%
 IFRS (Loss)/Profit for 2018                                                                           GBP(25.6)m   GBP22.4m
 EPRA cost ratio (excluding vacancy costs)                                                                  25.1%      25.9%      -80bps
 Net Administrative Expenses to Gross Rent                                                                  10.7%      12.7%     -200bps
 Investment returns
 Net Asset Value (NAV) per share                                                                              60p        67p         -7p
 EPRA NAV per share                                                                                           59p        67p         -8p
 Dividend per share                                                                                         2.42p      3.64p      -33.5%
 Dividend pay-out                                                                                           57.2%      88.8%
 Return on equity                                                                                          (5.3)%       4.7%
 Financing
 Group net debt                                                                                         GBP411.1m  GBP404.0m    +GBP7.1m
 Group net debt to property value                                                                             48%        46%       +2pps
 Average debt maturity(3)                                                                               6.3 years  7.3 years  -1.0 years
 Cost of debt(4)                                                                                            3.27%     3.25%      +0.2bps

(1) Wholly-owned assets.
(2) Adjusted Profit and Adjusted Earnings per share are as defined in the Glossary and Note 1 to the Financial Statements. 
    A reconciliation to the statutory
    result is provided further below. EPRA figures and a reconciliation to EPRA EPS are shown in Note 5 to the Financial Statements.
(3) Assuming exercise of all extension options.
(4) Assuming all loans fully drawn.

Use of Alternative Performance Measures (APMs)

Throughout the results statement we use a range of financial and non-financial measures to assess our performance. The
significant measures are as follows:

Alternative performance           Rationale
measure used
Adjusted Profit                   Adjusted Profit is used as it is considered by management to provide the best
                                  indication of the extent to which dividend payments are supported by underlying
                                  profits as it seeks to exclude items that are either non-cash movements or items
                                  that are one-off or do not relate to the Group's recurring operating performance.

                                  Adjusted Profit excludes revaluation of properties, profit or loss on disposal of
                                  properties or investments, gains or losses on financial instruments, non-cash
                                  charges in respect of share-based payments and exceptional and/or one-off items.

                                  The key differences from EPRA earnings, an industry standard comparable
                                  measure, relates to the exclusion of non-cash charges in respect of share-based
                                  payments and adjustments in respect of exceptional items such as restructuring
                                  costs where EPRA is prescriptive.

                                  Adjusted Earnings per share is Adjusted Profit divided by the weighted average
                                  number of shares in issue during the year excluding own shares held.

                                  A reconciliation of Adjusted Profit to the equivalent EPRA and statutory measures
                                  is provided in Note 5 to the condensed financial statements.

Like-for-like amounts             Like-for-like amounts are presented as they measure operating performance
                                  adjusted to remove the impact of properties that were only owned for part of the
                                  relevant periods.

                                  For the purposes of comparison of capital values, this will also include assets
                                  owned at the previous period end but not necessarily throughout the prior period.

Net Rent or Net Rental Income     Net Rental Income is rental income from properties, less property and
(NRI)                             management costs (excluding performance fees). It is a standard industry
                                  measure. A reconciliation to statutory turnover is provided in Note 3 to the
                                  condensed financial statements.

Profitability                                                                                            
     
Amounts in GBPm                                                                      Year to 30 December 2018   Year to 30 December 2017   
Net rental income (Wholly-owned assets)                                                                  51.9                       51.6   
Net interest                                                                                           (18.9)                     (18.7)   
Central operating costs net of external fees                                                            (4.3)                      (5.9)   
Kingfisher Redditch                                                                                       0.4                        0.7   
Snozone profit (indoor ski operation)                                                                     1.5                        1.5   
Tax charge                                                                                              (0.1)                      (0.1)   
Adjusted Profit                                                                                          30.5                       29.1   
Adjusted Earnings per share (pence)(1)                                                                   4.23                       4.10   
Reconciliation of Adjusted Profit to statutory result                                                                                      
Adjusted Profit                                                                                          30.5                       29.1   
Property revaluation (including Deferred Tax)                                                          (52.5)                      (6.3)   
Loss on disposal of Ipswich(2)                                                                          (3.8)                          -   
Gain on financial instruments                                                                             2.6                        1.1   
Refinancing costs                                                                                           -                      (0.5)   
Other items(3)                                                                                          (2.4)                      (1.0)   
IFRS (Loss)/profit for 2018                                                                            (25.6)                       22.4   

(1) EPRA figures and a reconciliation to EPRA EPS are shown in Note 5 to the Financial Statements.
(2) Represents a write down on the 2017 Ipswich disposal following the final true-up of deferred consideration after the 
    end of the two year earn out window.
(3) Includes GBP0.7 million for the non-cash accounting charge in respect of share-based payments (2017: GBP0.9 million).

Adjusted Profit - 2018: GBP30.5 million (2017: GBP29.1 million)

Adjusted Profit and Adjusted Earnings per share showed increases of 4.8% and 3.2% respectively, reflecting
growth in NRI and a GBP1.6 million reduction in net central operating costs, driven by cost initiatives.

NRI from wholly-owned assets increased by GBP0.3 million or 0.5%. This included the full period benefit of
GBP4.7 million of NRI from The Exchange Ilford, which was acquired on 8 March 2017, without which NRI was
the same as the prior year. Net interest (see table further below) increased by GBP0.2 million compared to the
prior year period due to the full year impact of the Ilford acquisition.

Net central operating costs improved by GBP1.6 million compared to 2017 as a result of the Group's cost
improvement plan which has now delivered a saving of GBP2.7 million since 2016, equivalent to approximately
25% of 2016 gross central costs.

The contribution from Redditch fell from GBP0.7 million to GBP0.4 million due to lower NRI and a higher interest
charge following the refinancing in July 2017. A restructuring of the Joint Venture was agreed in December
2018 and completed in early March 2019 that has diluted the Group's interest from 20% to 12%. As a result
of this the Group's share of profit will no longer be equity accounted for and income only recognised as
distributions are received.

IFRS (Loss)/profit for the period - 2018: Loss of GBP25.6 million (2017: Profit of GBP22.4 million)

Including the Group's share of Redditch the loss on revaluation of investment properties for the year was GBP52.5
million (2017: GBP6.3 million) and this was the key component driving a loss for the period of GBP25.6 million. A
breakdown of valuations by property is provided in the Net Asset Value section below.

The loss on disposal of GBP3.8 million represents a write down on the 2017 Ipswich disposal following the final
true-up of deferred consideration after the end of the two year earn out window.

Net interest

Amounts in GBPm                                                                      Year to 30 December 2018   Year to 30 December 2017   
Net Interest on loans                                                                                    14.4                       14.0   
Amortisation of refinancing costs                                                                         0.9                        1.0   
Notional interest charge on head leases(1)                                                                3.4                        3.4   
                                                                                                         18.7                       18.4   
Central                                                                                                   0.2                        0.3   
Net Group interest                                                                                       18.9                       18.7   

(1) Notional interest charge with offsetting opposite and materially equal credit within other property operating expenses.

Net Asset Value
The valuation of the wholly-owned portfolio at 30 December 2018 was GBP855.2 million, reflecting a net initial
yield of 6.23%.

Values of the Group's London assets increased over the year, driven primarily by income growth in
Walthamstow following on from the remerchandising of the previous BHS unit into a new Lidl, gym, restaurant
and Pret store, supported by continued strong investment demand and underpinned by alternative use values.

The Group's assets outside of London were significantly impacted by negative sentiment towards retail assets
with the headline valuation of the Group's three South East assets declining by 10.1% and Blackburn falling
by over 20%.

As a result, NAV decreased to GBP433.0 million and EPRA NAV at GBP431.7 million (December 2017: GBP481.4 million
and GBP482.6 million), respectively, reflecting the net impact of the fall in valuations (in the table below) and
capital expenditure of GBP18.5 million. On a per share basis Basic NAV fell by 7p to 60p and EPRA NAV fell by
8p to 59p from the 2017 equivalents.

Property portfolio valuation

Property at independent valuation                                                              30 December 2018         30 December 2017
                                                                                                     GBPm   NIY %          GBPm    NIY %
London                                                                                                        
Ilford                                                                                               86.2   5.69%          82.4    6.54%   
Walthamstow                                                                                         124.6   5.01%         107.7    5.25%   
Wood Green                                                                                          238.3   5.12%         231.2    5.25% 
                                                                                                    449.1   5.20%         421.3    5.51%
South East                                                                                                                                 
Hemel Hempstead                                                                                      44.9   7.35%          54.0    6.88%   
Luton                                                                                               195.4   7.01%         214.0    6.35%   
Maidstone                                                                                            69.0   7.74%          76.0    6.70% 
                                                                                                    309.3   7.23%         344.0    6.51%
Regional                                                                                                      
Blackburn                                                                                            96.8   7.70%         121.3    6.65%   
Wholly-owned portfolio                                                                              855.2   6.23%         886.6    6.06%   


Financing

The Group's debt facilities are outlined in the table below. The fall in valuations has resulted in net debt to value
increasing to 48%.

Details on these covenants are provided in the "covenant information" section within this announcement.  The Group was 
compliant with them at 30 December 2018 and throughout the year.  

                                                                                          Average                               Duration
                                                      Net     Loan to      Net debt      interest   Fixed     Duration to           with
                              Debt(1)  Cash(2)       debt    value(3)   to value(3)          rate             loan expiry     extensions   
                                                                                                                 
30 December 2018                 GBPm     GBPm       GBPm           %             %             %       %           Years          Years   
Four Mall assets                265.0    (9.3)      255.7         50%           48%          3.33     100             6.9            7.6   
Hemel                            26.9    (1.7)       25.2         60%           56%          3.32     100             4.1            4.1   
Ilford                           39.0    (2.3)       36.7         45%           43%          2.76     100             5.2            5.2   
Luton                           107.5    (5.2)      102.3         55%           52%          3.14     100             5.0            5.0   
Group RCF                           -    (8.8)      (8.8)           -             -          3.87       -             3.1            3.1   
On balance sheet debt           438.4   (27.3)      411.1         51%           48%          3.27      94             5.9            6.3   

(1) Excluding unamortised issue costs.
(2) Excluding cash beneficially owned by tenants.
(3) Debt and net debt divided by investment property at valuation.

After C&R's year end, in early March 2019, the Group agreed a combined restructuring of its Hemel Hempstead loan and Revolving Credit 
Facility (RCF).  Part of the RCF has been replaced with a GBP7 million capex facility on Hemel Hempstead that will help to part fund the 
development of the cinema and related leisure works.  The facility has effectively been reset on a development basis with income and 
Loan to Value (LTV) covenants relaxed or waived for the next two years.  The RCF has rebased to a GBP15 million facility with improved 
headroom on both Total Net Worth and LTV covenants.

Going Concern

Under the UK Corporate Governance Code, the Board needs to report as to whether the business is a going
concern. In considering this requirement, the Directors have taken into account the following:

- The Group's latest rolling forecast, in particular the cash flows, borrowings and undrawn facilities;
- The headroom under the Group's financial covenants;
- Options for recycling capital and/or alternative means of additional financing for funding new
  investments; and
- The principal Group risks that could impact on the Group's liquidity and solvency over the next 12
  months and/or threaten the Group's business model and capital adequacy.

The Group's risks and risk management processes are set out on the following pages.

Having due regard to these matters and after making appropriate enquiries, the Directors have a reasonable
expectation that the Group has adequate resources to continue in operational existence for the foreseeable
future. Therefore, the Board continues to adopt the going concern basis in preparing the financial statements.

South African secondary listing

The Company maintains a primary listing on the London Stock Exchange and a secondary listing on the
Johannesburg Stock Exchange (JSE) in South Africa. At 30 December 2018, 64,420,122 of the Company's
shares were held on the JSE register representing 8.87% of the total shares in issue.

Dividend

The Board is proposing a final dividend of 0.60 pence per share, taking the full-year dividend to 2.42 pence 
per share, representing a 33.5 per cent decrease from 2017.  As noted the Board has decided to reduce the final 
dividend from the 2017 equivalent in order to preserve cash to assist with funding the Group's ongoing capex programme.

The key dates proposed in relation to the payment of the 2018 final dividend are:

   -     Confirmation of ZAR equivalent dividend and PID percentage         Tuesday, 26 March 2019
   -     Last day to trade on Johannesburg Stock Exchange (JSE)             Tuesday, 2 April 2019
   -     Shares trade ex-dividend on the JSE                                Wednesday, 3 April 2019
   -     Shares trade ex-dividend on the London Stock Exchange (LSE)        Thursday, 4 April 2019
   -     Record date for LSE and JSE                                        Friday, 5 April 2019
   -     Annual General Meeting                                             Thursday, 16 May 2019
   -     Dividend payment date                                              Thursday, 23 May 2019

The amount to be paid as a property income distribution (PID) will be confirmed in the announcement to be 
released on Tuesday, 26 March 2019.  If a scrip dividend alternative is offered, subject to the requisite 
regulatory approvals, the deadline for submission of valid election forms will be Friday, 5 April 2019.  
South African shareholders are advised that the final dividend will be regarded as a foreign dividend.  
Further details relating to withholding tax for shareholders on the South African register will be provided 
within the announcement detailing the currency conversion rate on Tuesday, 26 March 2019.  Share certificates 
on the South African register may not be dematerialised or rematerialised between Wednesday, 3 April 2019 and 
Friday, 5 April 2019, both dates inclusive.  Transfers between the UK and South African registers may not take 
place between Tuesday, 26 March 2019 and Friday, 5 April 2019, both dates inclusive. 

Stuart Wetherly
Group Finance Director

Managing Risk

Risk management process

There are a number of risks and uncertainties which could have a material impact on the Group's future
performance and could cause results to differ significantly from expectations.

Ahead of every half year and year end the Group undertakes a comprehensive risk and controls review
involving interviews with relevant management teams. The output of this process is an updated risk map and
internal control matrix for each component of the business which is then aggregated into a Group risk map and
matrix which is reviewed by executive management, the Audit Committee and the Board and forms the basis
for the disclosures made below. This process clearly outlines the principal risks, considers their potential
impact on the business, the likelihood of them occurring and the actions being taken to manage, and the
individual(s) responsible for managing, those risks to the desired level.

This risk matrix is also used in performing our annual assessment of the material financial, operational and
compliance controls that mitigate the key risks identified. Each control is assessed or tested for evidence of
its effectiveness. The review concluded that all such material controls were operating effectively during 2018.

Principal risks at 30 December 2018

Following the risk reviews carried out as at 30 June 2018 and 30 December 2018, the identified risk 'Internet
Risk' has been broadened to 'Structural Changes in Retail' to reflect the full range of challenges to the industry.
It was concluded that this risk has increased in both significance and likelihood, reflecting the restructuring
and CVA activity in the last 12 months and continued pressure on retailers' store portfolios and impact of the
internet and other changes. Management also concluded that Property Investment Market risks and Property
Valuation risks had likewise increased, the latter reflecting the potential for a wider range of valuation
outcomes due to the continued low level of transactional evidence.

Otherwise it was concluded that the nature of the Group's risks had not significantly changed, although the
ongoing economic and political uncertainty in the UK, most prominently due to ongoing Brexit negotiations,
continues to impact some of the wider market risks that the Group is subject to.

The risks noted do not comprise all those potentially faced by the Group and are not intended to be presented
in any order of priority. Additional risks and uncertainties currently unknown to the Group, or which the Group
currently deems immaterial, may also have an adverse effect on the financial condition or business of the Group
in the future. These issues are kept under constant review to allow the Group to react in an appropriate and
timely manner to help mitigate the impact of such risks.

Risk                             Impact                               Mitigation

Property risks

Property investment market risks
- Weakening economic              - Small changes in property         - Monitoring of indicators of market
  conditions and poor               market yields can have a            direction and forward planning of
  sentiment in commercial real      significant effect on valuation     investment decisions
  estate markets could lead to    - Impact of leverage could          - Review of debt levels and
  low investor demand and an        magnify the effect on the           consideration of strategies to
  adverse movement in               Group's net assets                  reduce if relevant
  valuation

Impact of the economic environment
- Tenant insolvency or distress   - Tenant failures and reduced       - Large, diversified tenant base
- Prolonged downturn in tenant      tenant demand could               - Review of tenant covenants before
  demand and pressure on rent       adversely affect rental income,     new leases signed
  levels                            lease incentive, void costs,      - Long-term leases and active credit
                                    cash and ultimately property        control process
                                    valuation                         - Good relationships with, and active
                                                                        management of, tenants
                                                                      - Void management though
                                                                        temporary lettings and other
                                                                        mitigation strategies
Valuation risk
- Lack of relevant transactional  - Property valuations               - Use of experienced, external
  evidence                          increasingly subjective and         valuers who understand the
                                    open to a wider range of            specific properties
                                    possible outcomes                 - Use of more than one valuer
                                                                      - Valuations reviewed by internal
                                                                        valuation experts and key
                                                                        assumptions challenged
Threat from structural changes in retail
- The trend towards online        - Changes in consumer               - Strong location and dominance of
  shopping, multi-channel           shopping habits towards online      shopping centres (portfolio is
  retailing, and increased          purchasing and delivery may         weighted to London and South
  spending on leisure may           reduce footfall and therefore       East England)
  adversely impact consumer         potentially reduce tenant         - Strength of the community
  footfall in shopping centres      demand and the levels of rents      shopping experience with tailored
                                    which can be achieved               relevance to the local community
                                  - An increased use of CVAs by       - Concentration on convenience and
                                    retailers as a means of             value offer which is less impacted
                                    restructuring and cost              by online presence
                                    reduction                         - Increasing provision of "Click &
                                                                        Collect" within our centres
                                                                      - Digital marketing initiatives
                                                                      - Monitoring of footfall for evidence
                                                                        of negative trends
                                                                      - Monitoring of retail trends and
                                                                        shopping behaviour
Concentration and scale risk
- By having a less diversified    - Tenant failures could have a      - Regular monitoring of retail
  portfolio the business is more    greater impact on rental            environment and performance of
  exposed to specific tenants or    income                              key tenants
  types of tenant                 - Reduced purchasing power          - Maintaining flexibility in operating
                                    could impact the ability to drive   platform
                                    economies of scale and the        - Further diversification considered
                                    feasibility of certain investment   through acquisitions or joint
                                    decisions regarding the             ventures
                                    operating platform



Competition risk

- The threat to the Group's       - Competing schemes may             - Monitoring of new planning
  property assets of competing      reduce footfall and reduce          proposals
  in town and out of town retail    tenant demand for space and       - Close relationships with local
  and leisure schemes               the levels of rents which can       councils and willingness to support
                                    be achieved                         town centres
                                                                      - Continued investment in schemes
                                                                        to ensure relevance to the local
                                                                        community
                                                                      - Investment in traditional and digital
                                                                        marketing
Business disruption from a major incident
- Major incident takes place      - Financial loss if unable to trade - Trained operational personnel at all
                                    or impacts upon shopper             sites and documented major
                                    footfall                            incident procedures
                                                                      - Updated operational procedures
                                                                        reflecting current threats and major
                                                                        incident testing run
                                                                      - Regular liaison with the police
                                                                      - Key IT applications hosted offsite
                                                                      - Insurance maintained
Development risk
- Delays or other issues may      - May lead to increased cost        - Approval process for new
  occur to capital expenditure      and reputational damage             developments and staged
  and development projects        - Planned value may not be            execution to key milestones
                                    realised                          - Use of experienced project co-
                                                                        ordinators and external consultants
                                                                        with regular monitoring and
                                                                        Executive Committee oversight
Funding and treasury risks
Liquidity, funding and covenant compliance risk
- Inability to fund the business  - Inability to meet financial       - Ensuring that there are
  or to refinance existing debt     obligations when due                significant undrawn facilities
  on economic terms when          - Limitation on financial and       - Efficient treasury management
  needed                            operational flexibility             and forecasting with regular
- Breach of any loan covenants    - Cost of financing could be          reporting to the Board
  causing default on debt and       prohibitive                       - Option of asset sales if
  possible accelerated maturity   - Unremedied breaches can             necessary
                                    trigger demand for immediate      - Regular monitoring and
                                    repayment of loan                   projections of liquidity, gearing
                                                                        and covenant compliance
                                                                      - Review of future cash flows and
                                                                        predicted valuations to ensure
                                                                        sufficient headroom
Interest rate exposure risks
- Exposure to rising or falling   - If interest rates rise and are    - Regular monitoring of the
  interest rates                    unhedged, the cost of debt          performance of derivative
                                    facilities can rise and ICR         contracts and corrective action
                                    covenants could be broken           taken where necessary
                                  - Hedging transactions used by      - Use of alternative hedges such
                                    the Group to minimise interest      as caps
                                    rate risk may limit gains, result
                                    in losses or have other
                                    adverse consequences

Property acquisition/disposal strategy
-  Exposure to risks around           - Overpayment may result in         - Regular monitoring of the
   overpayment for acquisitions         acquisitions not delivering         property market and the use of
-  Portfolio not effectively            forecast returns                    professional advisers
   managed through the                - The Group may not be able to      - Impact of cycle reflected in
   investment cycle, with sales         take advantage of investment        business planning
   and de-leveraging at the             opportunities as they arise
   appropriate time                   - Covenants may move
                                        adversely when cycle changes
Reputational risk
- Adverse events or publicity,        - Negatively impact investor        - Close Board/Management
  including social media, may           market perception                   oversight of major issues and
  lead to reputational damage         - May reduce shopper footfall         decision making
                                        and demand from tenants for       - Effective pre-planning of
                                        space                               announcements and applications
                                                                          - Monitoring of public opinion
                                                                            through focus groups and review
                                                                            of press and social media
                                                                          - Use of PR advisers and Media
                                                                            training for Management
Tax risks
- Exposure to non-compliance          - Tax related liabilities and other - Monitoring of REIT compliance
  with the REIT regime and              losses could arise                - Expert advice taken on tax positions
  changes in the form or                                                    and other regulations
  interpretation of tax                                                   - Maintenance of a regular dialogue
  legislation                                                               with the tax authorities
- Potential exposure to tax
  liabilities in respect of historic
  transactions undertaken

Regulation risks
- Exposure to changes in              - Failure to comply could result    - Training to keep Management
  existing or forthcoming               in financial penalties, loss of     aware of regulatory changes
  property or corporate                 business or credibility           - Expert advice taken on complex
  regulation                                                                regulatory matters

Loss of key management
- Dependence of the business          - Loss of key individuals or an     - Key management are paid market
  on the skills of a small              inability to attract new            salaries and competitive incentive
  number of key individuals             employees with the                  packages
                                        appropriate expertise could       - New LTIP awards made in 2018
                                        reduce effectiveness              - Succession planning for key
                                                                            positions
Historic transactions
-  Historic sales have included       - Warranty and indemnity            - Use of professional advisers to
   vendor warranties and                related liabilities and other       achieve properly negotiated
   indemnities and as such, the         losses could arise                  agreements in terms of scope,
   Group has potential exposure                                             extent of financial liability and
   to future claims from the                                                time frame
   purchaser                                                              - Monitoring of ongoing exposures

Unaudited preliminary consolidated income statement
For the year to 30 December 2018
                                                                                                                           2018     2017
                                                                                                                  Note     GBPm     GBPm   
Revenue                                                                                                              3     91.0     89.2   
Cost of sales                                                                                                            (34.9)   (33.5)   
Gross profit                                                                                                               56.1     55.7   
Administrative costs                                                                                                      (9.2)   (10.2)   
Share of loss in associates                                                                                         7a    (4.6)    (2.0)   
Loss on revaluation of investment properties                                                                             (47.5)    (3.8)   
Other gains and losses                                                                                                    (4.5)      0.3   
(Loss)/profit on ordinary activities before financing                                                                     (9.7)     40.0   
Finance income                                                                                                              3.1      1.2   
Finance costs                                                                                                            (18.9)   (18.8)   
(Loss)/profit before tax                                                                                                 (25.5)     22.4   
Tax charge                                                                                                          4a    (0.1)        -   
(Loss)/profit for the year                                                                                          2a   (25.6)     22.4   
All results derive from continuing operations.                                                                                             
Basic earnings per share                                                                                            5a   (3.5)p     3.2p   
Diluted earnings per share                                                                                          5a   (3.5)p     3.1p   
EPRA basic earnings per share                                                                                       5a     4.0p     3.9p   
EPRA diluted earnings per share                                                                                     5a     4.0p     3.9p   


Unaudited preliminary consolidated statement of comprehensive income
For the year to 30 December 2018

                                                                                                                             2018   2017   
                                                                                                                             GBPm   GBPm   
(Loss)/profit for the year                                                                                                 (25.6)   22.4   
Other comprehensive income:                                                                                                                
Items that may be reclassified subsequently to profit or loss:                                                                             
Exchange differences on translation of foreign operations                                                                       -      -   
Gain on a hedge of a net investment taken to equity                                                                             -      -   
Total items that may be reclassified subsequently to profit or loss                                                             -      -   
Total comprehensive (expense)/income for the year                                                                          (25.6)   22.4   

There are no items in other comprehensive income that may not be reclassified to the income statement.

Loss for the year and total comprehensive expense are all attributable to equity holders of the parent.

The EPRA alternative performance measures used throughout this report are industry best practice performance measures established
by the European Public Real Estate Association. They are defined in the Glossary to these financial statements. EPRA Earnings and
EPRA EPS are shown in Note 5 to these financial statements. EPRA net assets and EPRA triple net assets are shown in Note 11 to
these financial statements.

Unaudited preliminary consolidated balance sheet
At 30 December 2018
                                                                                                                        2018        2017
                                                                                                            Note        GBPm        GBPm   
Non-current assets                                                                                                                         
Investment properties                                                                                          6       898.2       930.6   
Plant and equipment                                                                                                      2.0         1.8   
Fixed asset investments                                                                                                  2.8         2.1   
Receivables                                                                                                             16.5        14.2   
Investment in associates                                                                                      7b           -         7.4   
Total non-current assets                                                                                               919.5       956.1   
Current assets                                                                                                                             
Receivables                                                                                                             15.3        21.6   
Cash and cash equivalents                                                                                      8        32.0        30.2   
Total current assets                                                                                                    47.3        51.8   
Total assets                                                                                                  2b       966.8     1,007.9   
Current liabilities                                                                                                                        
Trade and other payables                                                                                              (37.1)      (39.0)   
Total current liabilities                                                                                             (37.1)      (39.0)   
Net current assets                                                                                                      10.2        12.8   
Non-current liabilities                                                                                                                    
Bank loans                                                                                                     9     (432.9)     (422.2)   
Other payables                                                                                                         (2.2)       (3.6)   
Obligations under finance leases                                                                                      (61.6)      (61.7)   
Total non-current liabilities                                                                                        (496.7)     (487.5)   
Total liabilities                                                                                             2b     (533.8)     (526.5)   
Net assets                                                                                                             433.0       481.4   
Equity                                                                                                                                     
Share capital                                                                                                            7.3         7.2   
Share premium                                                                                                          166.5       163.3   
Merger reserve                                                                                                          60.3        60.3   
Capital redemption reserve                                                                                               4.4         4.4   
Own shares reserve                                                                                                         -       (0.1)   
Retained earnings                                                                                                      194.5       246.3   
Equity shareholders' funds                                                                                             433.0       481.4   
Basic net assets per share                                                                                    11     GBP0.60     GBP0.67   
EPRA triple net assets per share                                                                              11     GBP0.59     GBP0.66   
EPRA net assets per share                                                                                     11     GBP0.59     GBP0.67   


Unaudited preliminary consolidated statement of changes in equity
For the year to 30 December 2018

                                                                                                  Capital        Own                       
                                                                 Share      Share     Merger   redemption     shares   Retained    Total    
                                                               capital premium(1) reserve(2)   reserve(1) reserve(3)   earnings   equity
                                                                  GBPm       GBPm       GBPm         GBPm       GBPm       GBPm     GBPm
Balance at 30 December 2016                                        7.0      158.2       60.3          4.4      (0.4)      248.1    477.6    
Profit for the year                                                  -          -          -            -          -       22.4     22.4   
Other comprehensive loss for the year                                -          -          -            -          -          -        -   
Total comprehensive income for the year                              -          -          -            -          -       22.4     22.4   
Credit to equity for equity-settled share-based
payments                                                             -          -          -            -          -        0.9      0.9   
Dividends paid, net of scrip                                         -          -          -            -          -     (19.5)   (19.5)   
Shares issued, net of costs                                        0.2        5.1          -            -          -      (5.3)        -   
Other movements                                                      -          -          -            -        0.3      (0.3)        -   
Balance at 30 December 2017                                        7.2      163.3       60.3          4.4      (0.1)      246.3    481.4   
Loss for the year                                                    -          -          -            -          -     (25.6)   (25.6)   
Other comprehensive income for the year                              -          -          -            -          -          -        -   
Total comprehensive income for the year                              -          -          -            -          -     (25.6)   (25.6)   
Credit to equity for equity-settled share-based
payments                                                             -          -          -            -          -        0.7      0.7   
Dividends paid, net of scrip                                         -          -          -            -          -     (23.5)   (23.5)   
Shares issued, net of costs                                        0.1        3.2          -            -          -      (3.3)        -   
Other movements                                                      -          -          -            -        0.1      (0.1)        -   
Balance at 30 December 2018                                        7.3      166.5       60.3          4.4          -      194.5    433.0   

Notes:
(1) These reserves are not distributable.
(2) The merger reserve of GBP60.3 million arose on the Group's capital raising in 2009 which was structured so as to allow the Company to claim
    merger relief under section 612 of the Companies Act 2006 on the issue of ordinary shares. The merger reserve is available for distribution to
    shareholders.
(3) Own shares relate to shares purchased out of distributable profits and therefore reduce reserves available for distribution.

Unaudited preliminary consolidated cash flow statement
For the year to 30 December 2018

                                                                                                                          2018      2017   
                                                                                                                 Note     GBPm      GBPm   
Operating activities                                                                                                                       
Net cash from operations                                                                                           10     46.7      43.0   
Distributions received from fixed asset investments including German B-note                                                0.8       0.7   
Interest paid                                                                                                           (14.5)    (14.6)   
Interest received                                                                                                          0.1       0.1   
Cash flows from operating activities                                                                                      33.1      29.2   
Investing activities                                                                                                                       
Distributions received from associates                                                                             7b      1.2       4.5   
Acquisition of The Exchange, Ilford                                                                                          -    (79.0)   
Disposal of Buttermarket, Ipswich                                                                                          0.3       9.8   
Purchase of plant and equipment                                                                                          (0.5)     (0.6)   
Capital expenditure on investment properties                                                                            (18.6)    (16.9)   
Cash flows from investing activities                                                                                    (17.6)    (82.2)   
Financing activities                                                                                                                       
Dividends paid, net of scrip                                                                                            (23.6)    (19.1)   
Bank loans drawn down                                                                                                     10.0     401.5   
Bank loans repaid                                                                                                            -   (334.6)   
Loan arrangement costs                                                                                                   (0.1)    (13.7)   
Cash flows from financing activities                                                                                    (13.7)      34.1   
Net increase/(decrease) in cash and cash equivalents                                                                       1.8    (18.9)   
Cash and cash equivalents at the beginning of the year                                                                    30.2      49.1   
Cash and cash equivalents at the end of the year                                                                    8     32.0      30.2   

Notes to the unaudited preliminary financial statements
For the year to 30 December 2018

1 Significant Accounting Policies

General information
Capital & Regional plc is a company domiciled and incorporated in the United Kingdom under the Companies Act 2006. The financial
information set out in the announcement does not constitute the Company's statutory financial statements for the years ended
30 December 2018 or 2017. The financial information for the year ended 30 December 2017 is derived from the statutory accounts for
that year which have been delivered to the Registrar of Companies. The auditor reported on those accounts: their report was
unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498(2) or (3) of the
Companies Act 2006. The audit of the statutory accounts for the year ended 30 December 2018 is not yet complete. These accounts
will be finalised on the basis of the financial information presented by the directors in this preliminary announcement and will be
delivered to the Registrar of Companies following the Company's Annual General Meeting.

Basis of accounting
These unaudited preliminary consolidated annual financial statements of C&R are prepared in accordance with International Financial
Reporting Standards (IFRSs as adopted by the European Union.

While the financial information included in this preliminary announcement has been prepared in accordance with the recognition and
measurement criteria of IFRSs, this announcement does not itself contain sufficient information to comply with IFRSs. The Company
expects to publish full financial statements that comply with IFRSs in April 2019.

Accounting developments and changes

The accounting policies used in these financial statements are consistent with those applied in the last annual financial statements, as
amended where relevant to reflect the adoption of new standards, amendments and interpretations which became effective during the
year. These amendments have not had an impact on the financial statements.

Going concern
The financial statements have been prepared on the going concern basis. Details on going concern are provided within the Financial
Review.

Operating segments
The Group's reportable segments under IFRS 8 are Wholly-owned assets, Other UK Shopping Centres, Snozone and Group/Central.
Wholly-owned assets consists of the shopping centres at Blackburn, Hemel Hempstead, Ilford (from acquisition on 8 March 2017),
Luton, Maidstone, Walthamstow and Wood Green. Other UK Shopping Centres consists of the Group's interest in Kingfisher Limited
Partnership (Redditch). Group/Central includes management fee income, Group overheads incurred by CRPM, C&R and other
subsidiaries and the interest expense on the Group's central borrowing facility.

Wholly-owned assets and Other UK Shopping Centres derive their revenue from the rental of investment properties. The Snozone and
Group/Central segments derive their revenue from the operation of indoor ski slopes and the management of property respectively. The
split of revenue between these classifications satisfies the requirement of IFRS 8 to report revenues from different products and
services. Depreciation and charges in respect of share-based payments represent the only significant non-cash expenses.

The Group's interests in the assets, liabilities and profit or loss of its associates and joint ventures are proportionately consolidated and
are also shown on a see-through basis as this is how they are reported to the Board of Directors. There are no differences between the
measurements of the segments' assets, liabilities and profit or loss as they are reported to the Board of Directors and their presentation
under the Group's accounting policies.

Adjusted Profit
Adjusted Profit is the total of Contribution from wholly-owned assets and the Group's joint ventures and associates, the profit from
Snozone and property management fees less central costs (including interest, excluding non-cash charges in respect of share-based
payments) after tax. Adjusted Profit excludes revaluation of properties, profit or loss on disposal of properties or investments, gains or
losses on financial instruments and exceptional one-off items. Results from Discontinued Operations are included up until the point of
disposal or reclassification as held for sale. Further detail on the use of Adjusted Profit and other Alternative Performance Measures is
provided within the Financial Review.

A reconciliation of Adjusted Profit to the statutory result is provided in Note 2a and, on a per share basis, in Note 5, where EPRA
earnings figures are also provided.

2a Operating segments

                                                            UK Shopping Centres

                                                          Wholly-owned                     Other UK                     Group/
                                                                assets          Shopping Centres(1)   Snozone          Central     Total
Year to 30 December 2018                       Note               GBPm                         GBPm      GBPm             GBPm      GBPm   
Rental income from external sources              2b               65.0                          2.2         -                -      67.2   
Property and void costs                                         (13.1)                        (0.7)         -                -    (13.8)   
Net rental income                                                 51.9                          1.5         -                -      53.4   
Net interest expense                                            (18.7)                        (1.1)         -            (0.2)    (20.0)   
Snozone income/Management fees(2)                2b                  -                            -      10.4              2.3      12.7   
Management expenses                                                  -                            -     (8.7)            (6.1)    (14.8)   
Investment income                                                    -                            -         -              0.4       0.4   
Depreciation                                                         -                            -     (0.2)            (0.1)     (0.3)   
Variable overhead (excluding non-cash items)                         -                            -         -            (0.8)     (0.8)   
Tax charge                                                           -                            -         -            (0.1)     (0.1)   
Adjusted Profit                                                   33.2                          0.4       1.5            (4.6)      30.5   
Revaluation of properties                                       (47.5)                        (5.0)         -                -    (52.5)   
Loss on disposal of Ipswich                                          -                            -         -            (3.8)     (3.8)   
Gain on financial instruments                                      2.6                            -         -                -       2.6   
Share-based payments                                                 -                            -         -            (0.7)     (0.7)   
Other items                                                      (0.2)                        (0.8)         -            (0.7)     (1.7)   
(Loss)/profit                                                   (11.9)                        (5.4)       1.5            (9.8)    (25.6)   
Total assets                                     2b              951.0                         14.8       5.1              9.9     980.8   
Total liabilities                                2b            (526.0)                       (14.0)     (3.0)            (4.8)   (547.8)   
Net assets                                                       425.0                          0.8       2.1              5.1     433.0   

(1)Comprises Kingfisher Redditch. For further information see Note 7.
(2)Asset management fees of GBP3.7 million charged from the Group's CRPM entity to wholly-owned assets have been excluded from the table above.

                                                                  UK Shopping Centres

                                                                Wholly-owned                     Other UK               Group/
                                                                      assets          Shopping Centres(1)   Snozone    Central     Total 
Year to 30 December 2017                       Note                     GBPm                         GBPm      GBPm       GBPm      GBPm   
Rental income from external sources              2b                     63.9                          2.3         -          -      66.2   
Property and void costs                                               (12.3)                        (0.7)         -          -    (13.0)   
Net rental income                                                       51.6                          1.6         -          -      53.2   
Net interest expense                                                  (18.4)                        (0.9)         -      (0.3)    (19.6)   
Snozone income/Management fees(2)                2b                        -                            -      10.4        2.2      12.6   
Management expenses                                                        -                            -     (8.8)      (6.8)    (15.6)   
Investment income                                                          -                            -         -        0.4       0.4   
Depreciation                                                               -                            -     (0.1)      (0.1)     (0.2)   
Variable overhead (excluding non-cash items)                               -                            -         -      (1.6)     (1.6)   
Tax charge                                                                 -                        (0.1)         -          -     (0.1)   
Adjusted Profit                                                         33.2                          0.6       1.5      (6.2)      29.1   
Revaluation of properties                                              (3.8)                        (2.5)         -          -     (6.3)   
Gain on financial instruments                                            0.7                          0.4         -          -       1.1   
Refinancing costs                                                          -                        (0.5)         -          -     (0.5)   
Share-based payments                                                       -                            -         -      (0.9)     (0.9)   
Other items                                                                -                            -         -      (0.1)     (0.1)   
Profit/(loss)                                                           30.1                        (2.0)       1.5      (7.2)      22.4   
Total assets                                     2b                    984.1                         30.9       4.4       12.0   1,031.4   
Total liabilities                                2b                  (518.7)                       (23.5)     (2.2)      (5.6)   (550.0)   
Net assets                                                             465.4                          7.4       2.2        6.4     481.4   

(1) Comprises Kingfisher Redditch. For further information see Note 7.
(2) Asset management fees of GBP3.6 million charged from the Group's CRPM entity to wholly-owned assets have been excluded from the table above.

2b Reconciliations of reportable revenue, assets and liabilities                                           Year to               Year to   
                                                                                                       30 December           30 December   
                                                                                                              2018                  2017   
Revenue                                                                                   Note                GBPm                  GBPm   
Rental income from external sources                                                         2a                67.2                  66.2   
Service charge income                                                                                         14.7                  14.1   
Management fees                                                                             2a                 2.3                   2.2   
Snozone income                                                                              2a                10.4                  10.4   
Revenue for reportable segments                                                                               94.6                  92.9   
Elimination of inter-segment revenue                                                                         (1.4)                 (1.4)   
Rental income earned by associates and joint ventures                                       2a               (2.2)                 (2.3)   
Revenue per consolidated income statement                                                    3                91.0                  89.2   

All revenue in the current and prior years was attributable to activities within the UK.                                             
                                                                                                              2018                  2017   
Assets                                                                                    Note                GBPm                  GBPm   
Wholly-owned assets                                                                                          951.0                 984.1   
Other UK Shopping Centres                                                                                     14.8                  30.9   
Snozone                                                                                                        5.1                   4.4   
Group/Central                                                                                                  9.9                  12.0   
Total assets of reportable segments                                                         2a               980.8               1,031.4   
Adjustment for fixed asset investments                                                                      (14.0)                (23.5)   
Group assets                                                                                                 966.8               1,007.9   
Liabilities                                                                                                                                
Wholly-owned assets                                                                                        (526.0)               (518.7)   
Other UK Shopping Centres                                                                                   (14.0)                (23.5)   
Snozone                                                                                                      (3.0)                 (2.2)   
Group/Central                                                                                                (4.8)                 (5.6)   
Total liabilities of reportable segments                                                    2a             (547.8)               (550.0)   
Adjustment for fixed asset investments                                                                        14.0                  23.5   
Group liabilities                                                                                          (533.8)               (526.5)   
Net assets by country                                                                                                                      
UK                                                                                                           433.0                 481.3   
Germany                                                                                                          -                   0.1   
Group net assets                                                                                             433.0                 481.4   

3 Revenue
                                                                                                          Year to                Year to
                                                                                                       30 December           30 December
                                                                                                              2018                  2017   
                                                                                          Note                GBPm                  GBPm   
Gross rental income                                                                                           51.7                  51.2   
Ancillary income                                                                                              13.3                  12.7   
                                                                                            2a                65.0                  63.9   
Service charge income                                                                       2b                14.7                  14.1   
External management fees                                                                                       0.9                   0.8   
Snozone income                                                                              2a                10.4                  10.4   
Revenue per consolidated income statement                                                   2b                91.0                  89.2   

External management fees represent revenue earned by the Group's wholly-owned Capital & Regional Property Management Limited
subsidiary.

4 Tax                                                              
 
4a Tax charge                                                       
                                                                                                                   Year to       Year to   
                                                                                                               30 December   30 December   
                                                                                                                      2018          2017   
                                                                                                                      GBPm          GBPm   
Current tax                                                                                                                                
UK corporation tax                                                                                                       -             -   
Adjustments in respect of prior years                                                                                    -             -   
Total current tax credit                                                                                                 -             -   
Deferred tax                                                                                                                               
Adjustments in respect of prior years                                                                                (0.1)             -   
Total deferred tax                                                                                                   (0.1)             -   
Total tax charge                                                                                                     (0.1)             -   


GBPnil (2017: GBPnil) of the tax charge relates to items included in other comprehensive income.

4b Tax charge reconciliation
                                                                                                                   Year to       Year to
                                                                                                               30 December   30 December   
                                                                                                                      2018          2017   
                                                                                                        Note          GBPm          GBPm   
(Loss)/profit before tax on continuing operations                                                                   (25.5)          22.4   
(Loss)/profit multiplied by the UK corporation tax rate of 19% (2017: 19.25%)                                        (4.9)           4.3   
REIT exempt income and gains                                                                                           3.1         (4.0)   
Non-allowable expenses and non-taxable items                                                                           1.7         (0.4)   
Excess tax losses                                                                                                      0.1           0.1   
Adjustments in respect of prior years                                                                                  0.1             -   
Total tax charge                                                                                          4a           0.1             -   


4c Deferred tax

The UK corporation tax main rate was reduced to 19% with effect from 1 April 2017. A further reduction in the rate of corporation tax to
17% from 1 April 2020 was substantively enacted in Finance Act 2016. Consequently the UK corporation tax rate at which the deferred
tax is booked in the financial statements is 17% (2017: 17%).

The Group has recognised a deferred tax asset of GBPnil million (2017: GBP0.1 million). No deferred tax asset has been recognised in respect
of temporary differences arising from investments or investments in associates or in joint ventures in the current or prior years as it is
not certain that a deduction will be available when the asset crystallises.

The Group has GBP18.7 million (2017: GBP12.3 million) of unused revenue tax losses, all of which are in the UK. No deferred tax asset has
been recognised in respect of these losses due to the unpredictability of future profit streams and other reasons which may restrict the
utilisation of the losses (2017: GBPnil). The Group has unused capital losses of GBP24.9 million (2017: GBP25.1 million) that are available for
offset against future gains but similarly no deferred tax has been recognised in respect of these losses owing to the unpredictability of
future capital gains and other reasons which may restrict the utilisation of the losses. The losses do not have an expiry date.

4d REIT compliance

The Group converted to a group REIT on 31 December 2014. As a result, the Group no longer pays UK corporation tax on the profits
and gains from qualifying rental business in the UK provided it meets certain conditions. Non-qualifying profits and gains of the Group
continue to be subject to corporation tax as normal. In order to achieve and retain group REIT status, several entrance tests had to be
met and certain ongoing criteria must be maintained. The main criteria are as follows:

            - at the start of each accounting year, the value of the assets of the property rental business plus cash must be at least
              75% of the total value of the Group's assets;
            - at least 75% of the Group's total profits must arise from the property rental business; and
            - at least 90% of the Group's UK property rental profits as calculated under tax rules must be distributed.

The Directors intend that the Group should continue as a group REIT for the foreseeable future, with the result that deferred tax is no
longer recognised on temporary differences relating to the property rental business.

5 Earnings per share

The European Public Real Estate Association ("EPRA") has issued recommendations for the calculation of earnings per share
information as shown in the following tables:

5a Earnings per share calculation

                                                        Year to 30 December 2018                     Year to 30 December 2017
                                                                                    Adjusted                                    Adjusted
                                                 Note        Loss          EPRA       Profit       Profit           EPRA          Profit
Profit (GBPm)                                                                                                                               
(Loss)/profit for the year                                 (25.6)        (25.6)       (25.6)         22.4           22.4            22.4   
Revaluation loss on investment                                                                                                             
properties (net of tax)                            5b           -          52.5         52.5            -            6.3             6.3   
Loss on disposal of Ipswich (net of tax)           5b           -           3.8          3.8            -              -               -   
Changes in fair value of financial
instruments                                        5b           -         (2.6)        (2.6)            -          (1.1)           (1.1)   
Refinancing costs                                  2a           -             -            -            -            0.5             0.5   
Share-based payments                               2a           -             -          0.7            -              -             0.9   
Other items                                                     -           0.6          1.7            -          (0.3)             0.1   
(Loss)/profit (GBPm)                                       (25.6)          28.7         30.5         22.4           27.8            29.1   
Earnings per share (pence)                                  (3.5)           4.0          4.2          3.2            3.9             4.1   
Diluted earnings per share (pence)                          (3.5)           4.0          4.2          3.1            3.9             4.1   


None of the current or prior year earnings related to discontinued operations (2017: none).

Weighted average number of shares                                                                Year to 30 December             Year to
(m)                                                                                                             2018    30 December 2017
Ordinary shares in issue                                                                                       721.9               709.2
Own shares held                                                                                                (0.5)               (0.2)
Basic                                                                                                          721.4               709.0
Dilutive contingently issuable shares
and share options                                                                                                4.6                 6.8
Diluted                                                                                                        726.0               715.8

At the end of the year, the Group had 8,162,625 (2017: 12,128,362) share options and contingently issuable shares granted under
share-based payment schemes that could potentially dilute earnings per share in the future, but which have not been included in the
calculation because they are not dilutive or the conditions for vesting have not been met.

5b Reconciliation of earnings figures included in earnings per share calculations

                                                      Year to 30 December 2018                                Year to 30 December 2017
                                                                   Loss           Movement                           Loss       Movement
                                                         on disposal of      in fair value                 on disposal of  in fair value   
                                       Revaluation           investment       of financial   Revaluation       investment   of financial   
                                         movements           properties        instruments     movements       properties    instruments   
                                Note          GBPm                 GBPm               GBPm          GBPm             GBPm           GBPm   
Wholly-owned                                (47.5)                    -                2.6         (3.8)                -            0.7   
Associates                        7c         (5.0)                    -                  -         (2.5)                -            0.4   
Joint ventures                                   -                (3.8)                  -             -                -              -   
Tax effect                                       -                    -                  -             -                -              -   
Total                             5a        (52.5)                (3.8)                2.6         (6.3)                -            1.1   


5c Headline earnings per share

Headline earnings per share has been calculated and presented as required by the JSE Listings Requirements

                                                                                     Year to 30 December 2018   Year to 30 December 2017

                                                                                           Basic      Diluted          Basic     Diluted
Profit (GBPm)
(Loss)/profit for the year                                                                (25.6)       (25.6)           22.4        22.4
Revaluation loss on investment properties
(including tax)                                                                             52.5         52.5            6.3         6.3
Loss on disposal of Ipswich (net of tax)                                                     3.8          3.8              -           -
Other items                                                                                (0.2)        (0.2)          (0.3)       (0.3)
Headline earnings                                                                           30.5         30.5           28.4        28.4


Weighted average number of shares (m)
Ordinary shares in issue                                                                   721.9        721.9          709.2       709.2
Own shares held                                                                            (0.5)        (0.5)          (0.2)       (0.2)
Dilutive contingently issuable shares and share options                                        -          4.6              -         6.8
                                                                                           721.4        726.0          709.0       715.8
Headline Earnings per share (pence)
Basic/Diluted                                                                                4.2          4.2            4.0         4.0

6 Investment properties   
                                                                   
6a Wholly-owned properties                                                                   
                                                                                                        Freehold    Leasehold      Total   
                                                                                                      investment   investment   property   
                                                                                                      properties   properties     assets   
                                                                                                            GBPm         GBPm       GBPm   
Cost or valuation                                                                                                                          
At 30 December 2016                                                                                        357.9        480.6      838.5   
Acquired (The Exchange, Ilford)                                                                             79.0            -       79.0   
Capital expenditure (excluding capital contributions)                                                        4.3         12.3       16.6   
Valuation deficit                                                                                          (3.8)          0.3      (3.5)   
At 30 December 2017                                                                                        437.4        493.2      930.6   
Capital expenditure (excluding capital contributions)                                                        8.8          6.1       14.9   
Valuation deficit(1)                                                                                      (14.1)       (33.2)     (47.3)   
At 30 December 2018                                                                                        432.1        466.1      898.2   

(1)  GBP47.5 million per Note 2a includes letting fee amortisation adjustment of GBP0.2 million (2017: GBP0.3 million).

6b Property assets summary

                                                                                      30 December 2018                30 December 2017
                                                                                    100%     Group share           100%      Group share
                                                                                      GBPm             GBPm        GBPm             GBPm
Wholly-owned
Investment properties at fair value                                                  855.2            855.2       886.6            886.6   
Head leases treated as finance leases on investment properties                        61.3             61.3        61.3             61.3   
Unamortised tenant incentives on investment properties                              (18.3)           (18.3)      (17.3)           (17.3)   
IFRS Property Value                                                                  898.2            898.2       930.6            930.6   
Associates(1)
Investment properties at fair value                                                      -                -       142.9             28.6   
Unamortised tenant incentives on investment properties                                   -                -       (4.5)            (0.9)   
IFRS Property Value                                                                      -                -       138.4             27.7   
See-through property valuation                                                       855.2            855.2     1,029.5            915.2   
See-through IFRS Property Value                                                      898.2            898.2     1,069.0            958.3   

(1) The Group's interest in the Kingfisher Limited Partnership has been reclassified to a fixed asset investment as at 30 December 2018
as set out in Note 7b.

6c Valuations

External valuations at 30 December 2018 were carried out on all of the gross property assets detailed in the table above. The Group's
share of the total investment properties at fair value was GBP878.9 million (2017: GBP915.2 million of GBP1,029.5 million).

The valuations were carried out by independent qualified professional valuers from CBRE Limited and Knight Frank LLP in accordance
with RICS standards. These valuers are not connected with the Group and their fees are charged on a fixed basis that is not dependent
on the outcome of the valuations.

7 Investment in associates

7a Share of results

                                                                                                                   Year to       Year to
                                                                                                               30 December   30 December   
                                                                                                                      2018          2017   
                                                                                                        Note          GBPm          GBPm   
Share of results of associates                                                                            7c         (4.6)         (2.0)   
                                                                                                                     (4.6)         (2.0)   

7b Investment in associates                                                                                                                
                                                                                                               30 December   30 December   
                                                                                                                      2018          2017   
                                                                                                        Note          GBPm          GBPm   
At the start of the year                                                                                               7.4          13.9   
Share of results of associates                                                                            7c         (4.6)         (2.0)   
Dividends and capital distributions received                                                                         (1.2)         (4.5)   
Impairment                                                                                                           (0.8)             -   
Reclassification to Fixed asset investments                                                                          (0.8)             -   
At the end of the year                                                                                    7c             -           7.4   

The Group's only significant associate during 2017 and 2018 was the Kingfisher Limited Partnership in which the Group is in partnership
with funds under the management of Oaktree Capital Management LP. The Kingfisher Limited Partnership owns The Kingfisher
Shopping Centre in Redditch. The Group has previously accounted for its interest as an associate on the basis it held a 20% share and
exercised significant influence through its representation on the General Partner board and through acting as the property and asset
manager. An agreement to restructure the Kingfisher holding was in place at 30 December 2018 and formally completed on 8 March
2019. As a result of this the Group's equity holding was diluted to 12% and while the Group continues to act as property and asset
manager it no longer has representation on the General Partner board. We consider that we did not exercise significant influence at
year end and reflecting this the Group's remaining interest in the Kingfisher Limited Partnership has been reclassified to a Fixed Asset
Investment as at 30 December 2018 at a carrying value of GBP0.8 million.

7c Analysis of investment in associates
                                                                                                        Year to 30            Year to 30
                                                                                                          December              December
                                                                                                           2018(1)               2017(1)   
                                                                                                             Total                 Total   
                                                                                                              GBPm                  GBPm   
Income statement (100%)                                                                                                                    
Revenue - gross rent                                                                                          10.8                  11.3   
Property and management expenses                                                                             (2.4)                 (2.7)   
Void costs                                                                                                   (1.0)                 (1.1)   
Net rent                                                                                                       7.4                   7.5   
Net interest payable                                                                                         (5.7)                 (4.1)   
Contribution                                                                                                   1.7                   3.4   
Revaluation of investment properties                                                                        (24.7)                (12.4)   
Fair value of interest rate swaps                                                                                -                   1.9   
Refinancing costs                                                                                                -                 (2.5)   
Loss before tax                                                                                             (23.0)                 (9.6)   
Tax                                                                                                            0.2                 (0.2)   
Loss after tax                                                                                              (22.8)                 (9.8)   
Balance sheet (100%)                                                                                                                       
Investment properties                                                                                            -                 138.4   
Other assets                                                                                                     -                  16.1   
Current liabilities                                                                                              -                 (6.3)   
Non-current liabilities                                                                                          -               (111.3)   
Net assets (100%)                                                                                                -                  36.9   
Income statement (Group share)                                                                                                             
Revenue - gross rent                                                                                           2.2                   2.3   
Property and management expenses                                                                             (0.5)                 (0.5)   
Void costs                                                                                                   (0.2)                 (0.2)   
Net rent                                                                                                       1.5                   1.6   
Net interest payable                                                                                         (1.1)                 (0.9)   
Contribution                                                                                                   0.4                   0.7   
Revaluation of investment properties                                                                         (5.0)                 (2.5)   
Fair value of interest rate swaps                                                                                -                   0.4   
Refinancing costs                                                                                                -                 (0.5)   
Loss before tax                                                                                              (4.6)                 (1.9)   
Tax                                                                                                              -                 (0.1)   
Loss after tax                                                                                               (4.6)                 (2.0)   
Balance sheet (Group share)                                                                                                                
Investment properties                                                                                            -                  27.7   
Other assets                                                                                                     -                   3.3   
Current liabilities                                                                                              -                 (1.3)   
Non-current liabilities                                                                                          -                (22.3)   
Net assets (Group share)                                                                                         -                   7.4   

(1) Comprised Kingfisher Redditch.                                                  


8 Cash and cash equivalents                                                                                                
                                                                                                               30 December   30 December   
                                                                                                                      2018          2017   
                                                                                                                      GBPm          GBPm   
Cash at bank and in hand                                                                                              27.3          24.4   
Security deposits held in rent accounts                                                                                0.6           0.8   
Other restricted balances                                                                                              4.1           5.0   
                                                                                                                      32.0          30.2   


Cash at bank and in hand include amounts subject to a charge against various borrowings and may therefore not be immediately available
for general use by the Group. All of the above amounts at 30 December 2018 were held in Sterling other than GBP0.2 million which was held in
Euros (30 December 2017: GBP0.9 million).

9 Bank loans

The Group's borrowings are arranged to ensure an appropriate maturity profile and to maintain short-term liquidity. There were no
defaults or other breaches of financial covenants that were not waived under any of the Group borrowings during the current year or the
preceding year.

                                                                                                               30 December   30 December   
                                                                                                                      2018          2017   
Borrowings at amortised cost                                                                                          GBPm          GBPm   
Secured                                                                                                                                    
Fixed and swapped bank loans                                                                                         438.4         428.4   
Variable rate bank loans                                                                                                 -             -   
Total borrowings before costs                                                                                        438.4         428.4   
Unamortised issue costs                                                                                              (5.5)         (6.2)   
Total borrowings after costs                                                                                         432.9         422.2   
Analysis of total borrowings after costs                                                                                                   
Current                                                                                                                  -             -   
Non-current                                                                                                          432.9         422.2   
Total borrowings after costs                                                                                         432.9         422.2   

During the period GBP10 million was drawn on the GBP100 million bank facility with The Royal Bank of Scotland plc to fund capital
expenditure. This facility and a GBP165 million loan with Teachers Insurance and Annuity Association of America are secured on the four
assets at Blackburn, Maidstone, Walthamstow and Wood Green.

10 Reconciliation of net cash from operations

                                                                                                                   Year to       Year to   
                                                                                                               30 December   30 December   
                                                                                                                      2018          2017   
                                                                                                        Note          GBPm          GBPm   
(Loss)/profit for the year                                                                                          (25.7)          22.4   
Adjusted for:                                                                                                                              
Income tax charge                                                                                         4a           0.1             -   
Finance income                                                                                                       (3.1)         (1.2)   
Finance expense                                                                                                       18.9          18.8   
Finance lease costs (head lease)                                                                                     (3.4)         (3.4)   
Loss on revaluation of wholly-owned properties                                                                        47.5           3.8   
Share of loss in associates                                                                               7a           4.6           2.0   
Depreciation of other fixed assets                                                                                     0.3           0.2   
Other gains and losses                                                                                                 4.5         (0.3)   
Decrease/(increase) in receivables                                                                                     2.3         (3.6)   
(Decrease)/increase in payables                                                                                      (0.1)           3.4   
Non-cash movement relating to share-based payments                                                                     0.8           0.9   
Net cash from operations                                                                                              46.7          43.0

11 Net assets per share

EPRA has issued recommended bases for the calculation of certain net assets per share information as shown in the following table:

                                                                                                                             30 December
                                                                                         30 December 2018                           2017  
                                                                           Net assets         Number of      Net assets       Net assets   
                                                                                 GBPm        shares (m) per share (GBP)  per share (GBP)   
Basic net assets                                                                433.0             726.4            0.60             0.67   
Own shares held                                                                                   (0.5)                                   
Dilutive contingently issuable shares and share options                                             4.6                                   
Fair value of fixed rate loans (net of tax)                                       0.5                                                     
EPRA triple net assets                                                          433.5             730.5            0.59             0.66   
Exclude fair value of fixed rate loans (net of tax)                             (0.5)                                                     
Exclude fair value of see-through interest rate derivatives                     (1.3)                                                     
Exclude deferred tax on unrealised gains and capital
allowances                                                                          -                                                     
EPRA net assets                                                                 431.7             730.5            0.59             0.67   


12 Return on equity                                                                                            30 December   30 December   
                                                                                                                      2018          2017   
                                                                                                                      GBPm          GBPm   
Total comprehensive income attributable to equity shareholders                                                      (25.6)          22.4   
Opening equity shareholders' funds plus time weighted additions                                                      482.9         480.1   
Return on equity                                                                                                    (5.3)%          4.7%   

13 Dividends
The dividends shown below are gross of any take-up of script offer
                                                                                                                   Year to       Year to   
                                                                                                               30 December   30 December   
                                                                                                                      2018          2017   
                                                                                                                      GBPm          GBPm   
Final dividend per share paid for year ended 30 December 2016 of 1.77p                                                   -          12.4   
Interim dividend per share paid for year ended 30 December 2017 of 1.73p                                                 -          12.4   
Final dividend per share for year ended 30 December 2017 of 1.91p                                                     13.7             -   
Interim dividend per share paid for year ended 30 December 2018 of 1.82p                                              13.1             -   
Amounts recognised as distributions to equity holders in the year                                                     26.8          24.8   
Proposed final dividend per share for year ended 30 December 2018 of 0.60p(1)                                          4.4             -   

(1) In line with the requirements of IAS 10 - "Events after the Reporting Period", this dividend has not been included as a liability in these
financial statements.

Covenant information (Unaudited)
Wholly-owned assets

                                Borrowings             Covenant(1)   30 December   Future changes                   
Core revolving credit facility        GBPm                                  2018                                    
Net Assets                               -    No less than GBP250m     GBP433.0m                                    
Gearing                                      No greater than 1.6:1         1.0:1                                    
Historic interest cover                          No less than 200%          369%                                    
Four Mall assets                                                                                                    
Loan to value(2)                     265.0     No greater than 70%           50%                                    
Historic interest cover                          No less than 175%          298%                                    
A projected interest cover test also applies at a covenant level of no less than 150%

Luton                                                                                                               
Loan to value(2)                     107.5     No greater than 70%           55%   Covenant 65% from January 2022   
Debt yield                                         No less than 8%         10.3%                                    
Historic interest cover                          No less than 250%          353%                                    
A projected interest cover test also applies at a covenant level of no less than 200%

Hemel Hempstead                                                                                                    
Loan to Gross
Development value(2,3)                26.9     No greater than 60%           43%                                    
Debt to net rent                              No greater than 10:1         8.3:1   Covenant 9:1 from April 2019     
Historic interest cover                          No less than 200%          373%                                    

Ilford                                                                                                              
Loan to value(2)                      39.0     No greater than 70%           45%                                    
Historic interest cover                          No less than 225%          384%                                    
A projected interest cover test also applies at a covenant level of no less than 225%

(1) Covenants quoted are the default covenant levels. The facilities typically also have cash trap mechanisms.
(2) Calculated as specified in loan agreement based on 30 December 2018 valuation. Actual bank covenant based on bank valuation updated periodically.
(3) Based on loan with GBP7 million development facility completed on 13 March 2019. Covenant assessed on current loan drawn to projected 
    Gross Development Value of scheme with leisure development.

Glossary of terms

Adjusted Profit is the total of Contribution from wholly-owned assets and
the Group's joint ventures and associates, the profit from Snozone and
property management fees less central costs (including interest but
excluding non-cash charges in respect of share-based payments) after tax.
Adjusted Profit excludes revaluation of properties, profit or loss on disposal
of properties or investments, gains or losses on financial instruments and
exceptional one-off items. Results from Discontinued Operations are
included up until the point of disposal or reclassification as held for sale.

Adjusted Earnings per share is Adjusted Profit divided by the weighted
average number of shares in issue during the year excluding own shares
held.

C&R is Capital & Regional plc, also referred to as the Group or the
Company.

C&R Trade index is an internal retail tracker using data from approximately
300 retail units across C&R's shopping centre portfolio.

CRPM is Capital & Regional Property Management Limited, a subsidiary of
Capital & Regional plc, which earns management and performance fees
from the Mall assets and certain associates and joint ventures of the Group.

Contracted rent is passing rent and the first rent reserved under a lease or
unconditional agreement for lease but which is not yet payable by a tenant.

Contribution is net rent less net interest, including unhedged foreign
exchange movements.

Capital return is the change in market value during the year for properties
held at the balance sheet date, after taking account of capital expenditure
calculated on a time weighted basis.

Debt is borrowings, excluding unamortised issue costs.

EPRA earnings per share (EPS) is the profit / (loss) after tax excluding
gains on asset disposals and revaluations, movements in the fair value of
financial instruments, intangible asset movements and the capital
allowance effects of IAS 12 "Income Taxes" where applicable, less tax
arising on these items, divided by the weighted average number of shares
in issue during the year excluding own shares held.

EPRA net assets per share include the dilutive effect of share-based
payments but ignore the fair value of derivatives, any deferred tax
provisions on unrealised gains and capital allowances, any adjustment to
the fair value of borrowings net of tax and any surplus on the fair value of
trading properties.

EPRA triple net assets per share include the dilutive effect of share-
based payments and adjust all items to market value, including trading
properties and fixed rate debt.

Estimated rental value (ERV) is the Group's external valuers' opinion as
to the open market rent which, on the date of valuation, could reasonably
be expected to be obtained on a new letting or rent review of a unit or
property.

ERV growth is the total growth in ERV on properties owned throughout the
year including growth due to development.

Gearing is the Group's debt as a percentage of net assets. See through
gearing includes the Group's share of non-recourse debt in associates and
joint ventures.

Interest cover is the ratio of Adjusted Profit (before interest, tax,
depreciation and amortisation) to the interest charge (excluding
amortisation of finance costs and notional interest on head leases).

Like-for-like figures, unless otherwise stated, exclude the impact of
property purchases and sales on year to year comparatives.

Loan to value (LTV) is the ratio of debt excluding fair value adjustments for
debt and derivatives, to the Market value of properties.

Market value is an opinion of the best price at which the sale of an interest
in a property would complete unconditionally for cash consideration on the
date of valuation as determined by the Group's external or internal valuers. 
In accordance with usual practice, the valuers report valuations net, after
the deduction of the prospective purchaser's costs, including stamp duty,
agent and legal fees.

Net Administrative Expenses to Gross Rent is the ratio of
Administrative Expenses net of external fee income to Gross Rental
income including the Group's share of Joint Ventures and Associates.

Net assets per share (NAV) are shareholders' funds divided by the
number of shares held by shareholders at the year end, excluding own
shares held.

Net initial yield (NIY) is the annualised current rent, net of revenue
costs, topped-up for contractual uplifts, expressed as a percentage of
the capital valuation, after adding notional purchaser's costs.

Net debt to property value is debt less cash and cash equivalents
divided by the property value.

Net interest is the Group's share, on a see-through basis, of the
interest payable less interest receivable of the Group and its
associates and joint ventures.

Net rent or Net rental income (NRI) is the Group's share of the rental
income, less property and management costs (excluding performance
fees) of the Group.

Nominal equivalent yield is a weighted average of the net initial yield
and reversionary yield and represents the return a property will
produce based upon the timing of the income received, assuming rent
is received annually in arrears on gross values including the
prospective purchaser's costs.

Occupancy cost ratio is the proportion of a retailer's sales compared
with the total cost of occupation being: rent, business rates, service
charge and insurance. Retailer sales are based on estimates by third
party consultants which are periodically updated and indexed using
relevant data from the C&R Trade Index.

Occupancy rate is the ERV of occupied properties expressed as a
percentage of the total ERV of the portfolio, excluding development
voids.

Passing rent is gross rent currently payable by tenants including car
park profit but excluding income from non-trading administrations and
any assumed uplift from outstanding rent reviews.

Rent to sales ratio is Contracted rent excluding car park income,
ancillary income and anchor stores expressed as a percentage of net
sales.

REIT - Real Estate Investment Trust.

Return on equity is the total return, including revaluation gains and
losses, divided by opening equity plus time weighted additions to and
reductions in share capital, excluding share options exercised.

Reversionary percentage is the percentage by which the ERV
exceeds the passing rent.

Reversionary yield is the anticipated yield to which the net initial yield
will rise once the rent reaches the ERV.

Temporary lettings are those lettings for one year or less.

Total property return incorporates net rental income and capital
return expressed as a percentage of the capital value employed
(opening market value plus capital expenditure) calculated on a time
weighted basis.

Total return is the Group's total recognised income or expense for the
year as set out in the consolidated statement of comprehensive
income expressed as a percentage of opening equity shareholders'
funds.

Total shareholder return (TSR) is a performance measure of the
Group's share price over time. It is calculated as the share price
movement from the beginning of the year to the end of the year plus
dividends paid, divided by share price at the beginning of the year.

Variable overhead includes discretionary bonuses and the costs of
awards to Directors and employees made under the 2008 LTIP and
other share schemes which are spread over the performance period.

Wholly-owned assets portfolio information (Unaudited)
At 30 December 2018

Physical data
Number of properties                                                                                7
Number of lettable units                                                                          760
Size (sq ft - million)                                                                            3.5


Valuation data
Properties at independent valuation (GBPm)                                                      855.2
Adjustments for head leases and tenant incentives (GBPm)                                         43.0
Properties as shown in the financial statements (GBPm)                                          898.2
Revaluation loss in the year (GBPm)                                                              47.5
Initial yield                                                                                    6.2%
Equivalent yield                                                                                 6.6%
Reversion                                                                                       10.7%
Loan to value ratio                                                                               51%
Net debt to value ratio                                                                           48%


Lease length (years)
Weighted average lease length to break                                                             6.5
Weighted average lease length to expiry                                                            7.8


Passing rent (GBPm) of leases expiring in:
2018                                                                                              6.7
2019                                                                                              5.9
2020-2022                                                                                        15.9


ERV (GBPm) of leases expiring in:
2018                                                                                              8.0
2019                                                                                              6.3
2020-2022                                                                                        16.5


Passing rent (GBPm) subject to review in:
2018                                                                                              3.2
2019                                                                                              4.5
2020-2022                                                                                         8.7


ERV (GBPm) of passing rent subject to review in:
2018                                                                                              3.1
2019                                                                                              4.6
2020-2022                                                                                        10.3


Rental Data
Contracted rent at year end (GBPm)                                                               63.4
Passing rent at year end (GBPm)                                                                  60.7
ERV at year end (GBPm per annum)                                                                 67.3
ERV movement (like-for-like)                                                                    -1.8%
Occupancy                                                                                       97.0%

EPRA performance measures (Unaudited)
As at 30 December 2018

                                                                               Note     2018     2017   
EPRA earnings (GBPm)                                                             5a     28.7     27.8   
EPRA earnings per share (diluted)                                                5a     4.0p     3.9p   
EPRA net assets (GBPm)                                                           11    431.7    482.6   
EPRA net assets per share                                                        11      59p      67p   
EPRA triple net assets (GBPm)                                                    11    433.5    479.8   
EPRA triple net assets per share                                                 11      59p      66p   
EPRA vacancy rate (UK portfolio only)                                                   2.4%     2.8%   

EPRA net initial yield and EPRA topped-up net initial yield                                             
                                                                                        2018     2017   
                                                                                        GBPm     GBPm   
Investment property - wholly-owned                                                     855.2    886.6   
Investment property - Kingfisher, Redditch                                              23.7     28.6   
Less developments                                                                          -        -   
Completed property portfolio                                                           878.9    915.2   
Allowance for capital costs                                                            (6.2)      8.0   
Allowance for estimated purchasers' costs                                               57.9     60.2   
Grossed up completed property portfolio valuation                                      930.6    983.4   
Annualised cash passing rental income                                                   66.7     67.0   
Property outgoings                                                                    (11.9)   (13.1)   
Annualised net rents                                                                    54.8     53.9   
Add: notional rent expiration of rent free periods or other lease incentives             2.1      3.6   
Topped up annualised rent                                                               56.9     57.5   
EPRA net initial yield                                                                  5.9%     5.5%   
EPRA topped-up net initial yield                                                        6.1%     5.8%   

EPRA Cost ratios                                                                                        
                                                                                        2018     2017   
                                                                                        GBPm     GBPm   
Cost of sales (adjusted for IFRS head lease differential)                               35.4     33.9   
Administrative costs                                                                     9.2     10.2   
Service charge income                                                                 (14.7)   (14.1)   
Management fees                                                                        (0.9)    (0.8)   
Snozone (indoor ski operation) costs                                                   (8.9)    (8.9)   
Share of joint venture & associate expenses                                              0.7      0.7   
Less inclusive lease costs recovered through rent                                      (2.5)    (2.1)   
EPRA costs (including direct vacancy costs)                                             18.3     18.9   
Direct vacancy costs                                                                   (2.8)    (3.1)   
EPRA costs (excluding direct vacancy costs)                                             15.5     15.8   
Gross rental income                                                                     65.0     63.9   
Less ground rent costs                                                                 (2.9)    (3.0)   
Share of joint venture & associate gross rental income less ground rent costs            2.2      2.3   
Less inclusive lease costs recovered through rent                                      (2.5)    (2.1)   
Gross rental income                                                                     61.8     61.1   
EPRA cost ratio (including direct vacancy costs)                                       29.6%    30.9%   
EPRA cost ratio (excluding vacancy costs)                                              25.1%    25.9%   

Sponsor: Java Capital 




Date: 14/03/2019 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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