Shopping centre owner Hammerson has been accused of understating its true debt position through creative accounting.
Hammerson has kept its headline loan-to-value (LTV) — the ratio of its debts to its assets — below its self-imposed 40% limit by accounting for its retail outlets business, which includes the popular Bicester Village, in a way that is the most flattering, rather than most appropriate, according to Barclays analyst Paul May.
The company said its accounting was transparent and it disclosed its LTV using both calculations.
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https://www.thetimes.co.uk/past-six-days/2018-12-16/business/hammerson-accused-of-masking-debts-v99w73lsr
