Sharenet Sites 
Sharenet Sites
COVID-19 update
CAPITAL & REGIONAL PLC
(Incorporated in the United Kingdom)
(UK company number 01399411)
LSE share code: CAL JSE share code: CRP
LEI: 21380097W74N9OYF5Z25
ISIN: GB00BL6XZ716
(“Capital & Regional” or “the Company” or “the Group”)
COVID-19 UPDATE
Capital & Regional provides an update on the impact of the COVID-19 pandemic, the management actions being
undertaken and the resources that are available to support the business during this evolving situation.
Our overriding priority during this time is the health, safety and protection of our colleagues, guests and customers
and, since the outbreak of the virus, we have been following the latest official government guidelines and advice
across our portfolio.
Trading
• All seven of the Company’s community shopping centres currently remain open to provide essential
services during this unprecedented situation. Approximately 23% of our occupiers by contracted rent
remain trading.
• Of the rent for the second quarter of the year that was due on 25 March 2020 we have received or expect to
imminently receive approximately 50%, compared to a typical collection rate of at least 80% at the
equivalent time.
• We are in active discussions with all our retailer customers on the outstanding rents appreciating these are
challenging times. With our larger chain store and multiple unit retailers we are in dialogue to understand
and assess the impact that the relief measures announced by the government could potentially have on their
businesses and anticipate further collections as we work through these discussions. We are likewise
engaging with our smaller independent retailers as to how we are best able to offer support, sensitive
particularly to the impact that the current situation is having on them.
• In line with government guidance our Snozone operation closed its two indoor ski slope sites on Friday 20
March 2020 and management are taking actions to minimise costs while the business is not trading.
• It is too early to quantify the overall impact of COVID-19 on the Group's operations. While there will
clearly be a significant level of disruption, the Group’s focus on non-discretionary goods and services will
help mitigate this and provides a sound base for the business when conditions allow a return to a more
normalised trading environment.
Liquidity
• A significant part of the Company’s focus for the immediate future is on maintaining liquidity during the
current period of disruption.
• As at close of business on 25 March 2020 the Group had total cash on balance sheet of over £90 million,
which is equivalent to more than one year’s gross revenue. In addition, the group has an undrawn
revolving credit facility of £15 million available until January 2022. The earliest maturity on any of the
Group’s other loan facilities is February 2023.
• The Group’s four asset backed loan facilities each have covenants in respect of minimum interest cover
ratios, both projected and historic, that are tested quarterly. At the most recent test date, in January 2020,
headroom on the respective covenants was a minimum of 37% of the respective annual income, most
facilities were in the range of 37% to 45%.
• To further improve cash flow the Company has suspended all non-committed capital expenditure projects
which could preserve over £10 million over the next 12 months.
31 March 2020
This announcement contains Inside Information. The person responsible for arranging the release of this
announcement is Stuart Wetherly, Company Secretary of Capital & Regional plc.
For further information:
Capital & Regional plc 020 7932 8000
Lawrence Hutchings
Stuart Wetherly
JSE sponsor
Java Capital
Notes to editors:
About Capital & Regional
Capital & Regional is a UK focused specialist property REIT with a strong track record of delivering
significant value enhancing retail and leisure asset management opportunities across its portfolio of in-
town, dominant community shopping centres.
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
Date: 31-03-2020 08:00:00
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