Climate Change Data

Environmental Metrics

ESG Focus Areas

• Health and Safety
• Environmental Issues
• Community Engagement and Charitable Involvement

Environmental Achievements

• Installed LED energy efficient lighting at the fisheries complex
• Plans to introduce metered power and water at the fisheries complex together with further installations of LED lighting during 2018/19
• Sutton Harbour is equipped to manage accidental fuel spills to minimise pollution of land and sea
• The Marina at Sutton Harbour is equipped with black water tanks to facilitate the discharge of foul water and recycling sorting waste bins

Social Achievements

• Supports city based arts, sports, community and tourist initiatives
• Liaises with Destination Plymouth, Plymouth City Centre Company, Plymouth City Council and other relevant public agencies and associations
• Supported Young Enterprise and the Junior Leaders Field Gun Crew competition
• Undertaken extensive public consultation exercises which have led to the reshaping and design of many successful quality regeneration projects surrounding the historic waterfront

Governance Achievements

• Maintains a register of risks which is reviewed regularly by the Board
• Has a formal schedule of matters specifically reserved to it for decision
• Has established and maintains internal control systems

Climate Goals & Targets

Environmental Challenges

• Availability of adequate borrowing and other funding facilities
• Obtaining viable planning permissions
• Risk of loss of revenue and vacant properties should tenants’ businesses fail
• Dependency on a limited number of skilled personnel in key positions
• Closure of Plymouth City Airport has been opposed by some local interest groups
• Schemes for other sites proposed by the Group have met with some opposition
• The pedestrian swing bridge over the lock structure is currently out of service

Mitigation Strategies

• The Group’s current banking facilities to a maximum of £25m expire in March 2021
• The Group prepares comprehensive representations and applications with supporting reports where required
• The Group has a diverse tenant base encompassing national and independent occupiers to avoid high exposure to any single party
• Recruitment for a new Chief Executive is in progress
• The Group takes independent professional advice to ensure decision and actions are justifiable on relevant facts
• The Group meets with stakeholder groups and undertakes public consultation when appropriate
• Regular public announcements are made to update the public about access

Supply Chain Management

Responsible Procurement

• An excellent Health and Safety management record is a key criterion in the selection of contractors.

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Third-party Assurance: Nexia Smith & Williamson

Environmental Metrics

ESG Focus Areas

• Health and Safety
• Environmental Issues
• Community Engagement

Environmental Achievements

• Installed LED energy efficient lighting at the car parks and fisheries
• Equipped Sutton Harbour to manage accidental fuel spills
• Marina at Sutton Harbour equipped with black water tanks and recycling waste bins

Social Achievements

• Company supports various community and tourist initiatives
• Company is a member of the Mayflower 400 Founders club
• Company has a long established commitment to the community and its neighbourhood
• Undertakes extensive public consultation

Governance Achievements

• Excellent Health and Safety management record with no enforcement notices and no prosecutions
• Independent audit of the Sutton Harbour Safety Management System is carried out annually

Climate Goals & Targets

Environmental Challenges

• Poorer level of fish stocks in local waters
• Closure of Plymouth City Airport
• Obtaining viable planning permissions
• Risk of tenant failure
• Dependence on a limited number of skilled personnel
• Potential value impairment of assets
• Opposition from local interest groups to some schemes
• Additional management and financial pressures from regulatory and legislative environment
• Reliability of lock operations and integrity of lock structure
• Potential for major pollution incident
• Potential for failure of plant and equipment at the fishmarket

Mitigation Strategies

• Focused marketing of vacant property, resulting in increased occupancy rate
• Renewed car parks contract with a third party specialist management company on improved terms
• Working towards options to maximise value from the former airport site through development of a masterplan
• Preparing comprehensive representations and applications with supporting reports for planning permissions
• Undertaking public consultation
• Maintaining a diverse tenant base
• Ensuring adequate staff with necessary skills and experience; competitive remuneration packages; using external consultants
• Regular external valuations of assets and value appraisals on inventory
• Taking independent professional advice
• Meeting with stakeholder groups and undertaking public consultation
• Taking external advice to remain compliant
• Daily checks and failsafe systems for lock controls
• Emergency procedures in place to contain and clear spillages
• Regular review of infrastructure condition to plan maintenance and replacement

Supply Chain Management

Responsible Procurement

• Excellent Health and Safety management record a key criterion in contractor selection

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS

Third-party Assurance: Nexia Smith & Williamson

Environmental Metrics

ESG Focus Areas

• Health and Safety
• Environmental Issues
• Community Engagement

Environmental Achievements

• Working to reduce carbon footprint by minimizing energy use and cutting out energy waste
• Minimizing waste and recycling as much as feasible
• Meeting and exceeding environmental legislative requirements
• Using sound procedures to avert water pollution in Sutton Harbour
• Reviewing purchasing requirements and practices to make environmentally sound purchasing decisions and increase local purchasing
• Tackling issues that arise from car travel by introducing ways of reducing the impact of travel to work and business mileage

Social Achievements

• Commitment to paying at least the living wage
• Annual appraisals for all employees
• Sponsoring essential qualifications and continuing professional development
• Monthly function meetings with a Director present
• Supporting various community and tourist initiatives
• Membership in the Mayflower 400 Founders club
• Extensive public consultation for regeneration projects
• Supporting local charities and other community initiatives

Governance Achievements

• Adoption of the QCA Corporate Compliance Code
• Regular review of risk register by the Board
• Active dialogue with major institutional investors
• Annual invitation to shareholders for an open day
• Opportunity for shareholders to ask questions at the Annual General Meeting
• Regular presentations by Senior Managers at Board Meetings
• Annual appraisals of employees against specific targets and conduct standards

Climate Goals & Targets

Environmental Challenges

• Availability of adequate borrowing and other funding facilities
• Compliance with bank terms and covenants
• Interest rate rises
• Impact of negative publicity
• Loss of business due to Covid-19 pandemic restrictions
• Uncertainty and volatility caused by the Covid-19 pandemic affecting property valuations

Mitigation Strategies

• New 4-year bank facility
• Regular dialogue with bankers
• Review of interest rates and exposure; potential LIBOR swap agreements
• Advice of public relations specialists
• Consultation with key stakeholders
• Additional funding secured to support operations
• Equipment for offsite working
• Safeguarding precautions in place
• Contact with employees and customers
• Plan to re-commence operations as restrictions are removed
• Bankers agreed to suspend loan to property valuation covenant testing

Supply Chain Management

Responsible Procurement

• Excellent Health and Safety management record as a key criterion in contractor selection
• Reviewing purchasing requirements and practices to make environmentally sound purchasing decisions and increase local purchasing

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: QCA Corporate Compliance Code

Third-party Assurance: PKF Francis Clark

Environmental Metrics

ESG Focus Areas

• Health and Safety
• Environmental Issues
• Community Engagement

Environmental Achievements

• Use and operate sound procedures to avert water pollution in Sutton Harbour.
• Tackle the issues that arise from car travel by introducing ways of reducing the impact of travel to work and business mileage.
• Review its purchasing requirements and practices also whenever possible to do so make environmentally sound purchasing decisions and increase local purchasing.

Social Achievements

• Good health and safety record with no enforcement notices and no prosecutions for breaches of Health and Safety legislation.
• Supports various community and tourist initiatives.
• Member of the Mayflower 400 Founders club.
• Assisting the City’s hosting of the UK leg of the internationally acclaimed Sail GP race.
• Undertaken extensive public consultation which has led to the reshaping and design of many successful quality regeneration projects surrounding the historic harbour.
• Supports local charities and other community initiatives.
• Pays the living wage as recommended by the Living Wage Foundation.

Governance Achievements

• Maintained an active dialogue with major institutional investors.
• Annually invites shareholders to an open day.
• Welcomes the participation of shareholders at the Annual General Meeting.
• Regularly invited Senior Managers to present at Board Meetings.

Climate Goals & Targets

Environmental Challenges

• Covid-19 pandemic impact on car parking revenues, Plymouth Fisheries throughput, and visitor bookings.
• Business failure of Edinburgh Woollen Mill.
• Delays in construction projects due to Covid-19.
• Weaker trading at Plymouth Fisheries due to Covid-19, Brexit, local competition, and declining local fleet.
• Uncertainty about the impact on Net Realisable Value of the planning process (Plymouth and South West Devon Joint Local Plan 2017-2034) and the outcome of a Government Report about the future of Plymouth City Airport.

Mitigation Strategies

• Daily management meetings to address urgent matters and focus on strategic actions.
• Regular communication with tenants facing rent payment difficulties.
• Lobbying Government for grant support (unsuccessful).
• Continuation of work to prepare new planning permissions.
• Except for very short Furlough periods for five employees and the redundancy of two others, all staff were paid in full although pay was frozen for a year.
• Improved telephony, marketing, and software solutions to improve efficiency and facilitate home-working.
• Secured additional £2m Covid support facility with National Westminster Bank plc until May 2022.
• Intends to make an open offer for new equity capital to fund Harbour Arch Quay development and other strategic initiatives.
• Working closely with Plymouth City Council and other stakeholders on a plan to stimulate Fisheries-related activity.

Supply Chain Management

Responsible Procurement

• Review its purchasing requirements and practices also whenever possible to do so make environmentally sound purchasing decisions and increase local purchasing.

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental
• Social
• Community Engagement
• Health and Safety

Environmental Achievements

• Reduced carbon footprint by minimizing energy use and cutting out energy waste
• Minimized waste and recycled as much as feasible
• Reviewed purchasing requirements and practices to make environmentally sound purchasing decisions and increase local purchasing

Social Achievements

• Maintained a good health and safety record with no enforcement notices and no prosecutions for breaches of Health and Safety legislation
• Paid at least the living wage as recommended by the Living Wage Foundation to its employees
• Supported various community and tourist initiatives
• Undertook extensive public consultation which has led to the reshaping and design of many successful quality regeneration projects surrounding the historic harbour
• Supported local charities and other community initiatives

Governance Achievements

• Maintained an active dialogue with major institutional investors and invited shareholders to open days
• Maintained an active relationship with Plymouth City Council, the Local Planning Authority, the Environment Agency and other public agencies
• Undertook open public consultation in relation to proposed applications to the Local Planning authority
• Established a communications forum to meet with the local fishing industry on a quarterly basis
• Undertook surveys of marina customer satisfaction annually

Climate Goals & Targets

Environmental Challenges

• Availability of adequate borrowing and other funding facilities
• Compliance with bank terms and covenants
• Interest rate rises
• Impact of negative publicity about the Group, its operations or stakeholders
• Risk of materials cost rises and ultimate disposal of apartments to allow repayment of development loans
• Rising fuel prices making it increasingly difficult for fishers to make profitable trips to sea
• Ongoing weaker level of trading at Plymouth Fisheries
• Environment Agency’s six-month programme to replace the cills of the Sutton Harbour lock resulting in restrictions to harbour users

Mitigation Strategies

• Negotiation of extension/renewal of facilities to have sufficient future financing in place
• Maintained a regular dialogue with bankers and operated to a business plan to remain within bank facility terms
• Regularly reviewed interest rates and its exposure; considered interest swap agreements to manage interest risk exposure
• Retained the advice of public relations specialists
• Secured priced contracts on all subcontractor packages for the development
• Worked with suppliers to try to improve fuel buying prices and to pass savings on to customers
• Arranged for interim alternatives to facilitate some of the landing of fish at a nearby location
• Implemented a comprehensive communications programme to provide real time information to harbour users

Supply Chain Management

Responsible Procurement

• Reviewed purchasing requirements and practices to make environmentally sound purchasing decisions and increase local purchasing

Climate-Related Risks & Opportunities

Environmental Metrics

Climate Goals & Targets

Environmental Challenges

• Complex ground conditions during Harbour Arch Quay construction
• Resolution of party wall agreements during Harbour Arch Quay construction
• Changes in fire safety regulations during Harbour Arch Quay construction
• Supply chain shortages, materials inflation, and labor rate increases during Harbour Arch Quay construction
• High gearing level due to persistent high interest rates

Mitigation Strategies

• Identified experienced professionals and tradespeople for future projects
• Exploring options to realize value of some assets to reduce bank debt and provide working capital
• Actively working with NatWest and other banks/funders to support debt reduction plan and future funding needs
• Exploring options to extend and/or convert to equity a portion of related party loans

Supply Chain Management

Climate-Related Risks & Opportunities