Annual Report 2021
Primary Health Properties PLC Annual Report 2021
INVESTING
FOR THE
FUTURE
Strategic report
1 Highlights
2 At a glance
4 Our portfolio
6 Investment case
8 Chairman’s statement
12 Business model
14 Our strategy
16 Key performance indicators
18 Business review
23 Financial review
28 EPRA performance measures
30 Responsible business
50 Risk management and
principal risks
56 Viability statement
Governance
58 Chairman’s introduction
togovernance
60 Board of Directors
64 Senior leadership team
66 Corporate governance report
74 Audit Committee report
79 Nomination Committee
report
81 Remuneration Committee
report
86 Directors’ remuneration
report
100 Directors’ report
104 Directors’ responsibility
statement
Financial statements
105 Independent auditor’s report
114 Group statement of
comprehensive income
115 Group balance sheet
116 Group cash flow statement
117 Group statement of changes
in equity
118 Notes to the financial
statements
146 Company balance sheet
147 Company statement of
changes in equity
148 Notes to the Company
financial statements
Further information
156 Shareholder information
157 Advisers and bankers
158 Glossary of terms
LEADING INVESTOR
INFLEXIBLE, MODERN
PRIMARY HEALTHCARE
ACCOMMODATION
ACROSS THE UK
ANDIRELAND
Discover more at phpgroup.co.uk
Read more about our
responsible business report
at phpgroup.co.uk
Primary Health Properties PLC
Responsible Business Report 2021
Primary Health Properties PLC Annual Report 2021
INVESTING
FOR THE
FUTURE
STRATEGIC REPORT
1Primary Health Properties PLC Annual Report 2021
HIGHLIGHTS
* The IFRS profit after tax per share as set out in the summarised results table on page 24.
∆ Alternative performance measures (“APMs”): Measures with this symbol ∆ are APMs defined in the Glossary section on pages 158 to 160, and presented throughout
this Annual Report. All measures reported on a continuing operations and 52-week comparable basis.
2021 £140.1m
2020 £112.0m
2018 £74.3m
2017 £91.9m
(£71.3m) 2019
IFRS profit/(loss) after tax
£140.1m
+25.1%
2021 10.5p
2020 8.8p
2018 10.5p
2017 15.3p
(6.5p) 2019
IFRS profit/(loss) after
taxpershare*
10.5p
+19.3%
2021 116.7p
2020 112.9p
2018 105.1p
2019 107.9p
2017 100.7p
Adjusted NTA per share
∆
116.7p
+3.4%
2021 6.2p
2020 5.8p
2018 5.2p
2019 5.5p
2017 5.2p
Adjusted earnings per share
∆
6.2p
+6.9%
2021 £136.7m
2020 £131.2m
2018 £76.4m
2019 £115.7m
2017 £71.3m
Net rental income
∆
£136.7m
+4.2%
2021 £2.8bn
2020 £2.6bn
2018 £1.5bn
2019 £2.4bn
2017 £1.4bn
Total property portfolio
£2.8bn
+4.1%
2021 £83.2m
2020 £73.1m
2018 £36.8m
2017 £31.0m
2019 £59.7m
Adjusted earnings
∆
£83.2m
+13.8%
Dividend per share
6.2p
+5.1%
2021 6.2p
2020 5.9p
2018 5.4p
2019 5.6p
2017 5.25p
2021 112.5p
2020 107.5p
2018 102.5p
2019 101.0p
2017 94.7p
IFRS NTA per share
112.5p
+4.7%
2021 2.9%
2020 3.5%
2018 3.9%
2019 3.5%
2017 4.1%
Average cost of debt
2.9%
-60bp
2021 9.5%
2020 7.4%
2017 10.8%
2019 7.7%
2018 8.0%
Total property return
∆
9.5%
+210bp
2021 8.9%
2020 10.1%
2017 16.4%
2019 8.0%
2018 9.7%
Total NTA return
∆
8.9%
-120bp
2 Primary Health Properties PLC Annual Report 2021
AT A GLANCE
WHO WE ARE
We invest in flexible, modern properties for local primary healthcare, let
on long term leases with a property portfolio of 521 assets in the UK and
Ireland valued at £2.8 billion.
Property portfolio
521
(2020: 513)
Property value
£2.8bn
(2020: £2.6bn)