Informe de medio año
SIRIUS INMOBILIARIA LIMITADA
(Incorporado en Guernsey)
Número de la empresa: 46442
Código de acciones JSE: SRE
Código de acciones de LSE (GBP): SRE
LEI: 213800NURUF5W8QSK566
Código ISIN: GG00B1W3VF54
20 November 2023
Sirius Bienes Raíces Limitado
("Sirius Real Estate", "Sirius", el "Grupo" o la "Compañía")
Condensed interim consolidated financial results for the six months ended 30 September 2023
Strong operational results drive FFO and dividend growth
Sirius Real Estate, el propietario y operador líder de parques comerciales e industriales de marca que brindan espacio convencional y espacio de trabajo flexible en Alemania y el Reino Unido, brinda una actualización sobre el comercio durante los seis meses hasta el 30 de septiembre de 2023.
Rental growth delivers further FFO and dividend increases
? 7.3% increase in total revenue to ?140.1 million (30 September 2022: ?130.6 million)
? 7.7% increase in Group like-for-like rent roll (30 September 2022: 6.9%)
? 7.0% in like-for-like annualised rent roll in Germany to ?122.5 million (30 September 2022: ?114.5 million) and 9.0% in the UK to £50.7 million (?58.6 million) (30 September 2022: £46.5 million (?53.8 million)) demonstrating the quality of the assets and continued occupier demand
? Sirius remains on track to deliver its tenth consecutive year of greater than 5% like-for-like rent roll increases at Group level
? 9.3% growth in funds from operations¹ to ?53.0 million (30 September 2022: ?48.5 million)
? 2.0% increase in adjusted profit before tax to ?49.9 million (30 September 2022: ?48.9 million) excluding property valuations demonstrating continued strong operational performance
? 13.5% increase in adjusted earnings per share, which excludes valuation movements as well as exceptional items, to 4.21c per share (30 September 2022: 3.71c) reflecting the positive year on year operational development, with basic EPRA earnings per share up 16.7% to 4.12c per share (30 September 2022: 3.53c)
? 11.1%² increase in dividend per share to 3.00c (30 September 2022: 2.70c)
? 0.4% increase in EPRA NTA per share to 108.51c (31 March 2023: 108.11c per share)
? The book value of owned investment property increased in Germany by ?13.0 million (30 September 2022: ?29.7 million), whilst book value decreased in the UK by ?6.1 million (30 September 2022: ?23.2 million decrease) representing a 1.8% like-for-like valuation growth and 2.1% like-for-like decrease respectively
? Increase in owned investment property to ?2,112.8 million (31 March 2023: ?2,107.3 million) including assets held for sale of ?7.3 million
? Group EPRA net yield to 6.7% (30 September 2022: 6.4%)
? Like-for-like Group occupancy remained stable at 84.5% (30 September 2022: 84.4%) highlighting the Group's ability to manage its tenant base and vacancy, especially in Germany where the tenant retention rate rose to 78% compared to 65% in the prior year
? 7.2% increase in Germany in like-for-like average rental rate to ?7.02 per sqm (30 September 2022: ?6.55 per sqm) and 9.0% increase in the UK to £13.78 per sq ft (?14.303 per sqm) from £12.64 per sq ft at 30 September 2022, highlighting the high reversion potential within the UK portfolio in particular
Balance fuerte
? Weighted average cost of debt remained stable at 1.4% in the period (31 March 2023: 1.4%) with a weighted average debt expiry of 3.3 years, increasing to 2.1% with a weighted average debt expiry of 4.2 years following Berlin Hyp AG and Deutsche Pfandbriefbank AG financing
? Net LTV of 40.8% (31 March 2023: 41.6%), including unrestricted cash balance of ?91.2 million (31 March 2023: ?138.6 million)
? Fitch reaffirmed its BBB investment grade rating with "Stable Outlook" on 20 October 2023
Successful Post Balance Sheet Asset Recycling, including two disposals at 5% average premium to book value
? Recycling of approximately in total ?100 million, in four post balance sheet transactions, comprising ?47.4 million of disposals in Germany and ?52.9 million of acquisitions in the UK demonstrating that the Company's assets remain desirable and opportunities remain in the market
Outlook
? Sirius remains well positioned to navigate the current macro-economic climate due to its intensive asset management initiatives together with over 4 years weighted average debt expiries cushioning the impact of higher interest rates affecting many in our sector
? As such, the Company continues to expect to trade in line with management expectations for the full year.
Al comentar sobre el período, Andrew Coombs, director ejecutivo de Sirius Real Estate, dijo:
"The business has delivered another six months of strong operational performance. Dividend and FFO growth is being supported by continued robust trading, with occupier demand for our high quality affordable products underpinning rental growth and keeping us on track to deliver our tenth consecutive year of greater than 5% like-for-like rent roll increases.
"Our balance sheet is strong, as evidenced by Fitch's recent reaffirmation of our BBB investment grade rating and stable outlook, providing flexibility to leverage future opportunities as they arise. We recycled c. ?100 million of assets through four post balance sheet transactions, making ?47.4 million of disposals in Germany and ?52.9 million of acquisitions in the UK, highlighting our ability to crystallise returns from our mature assets. Furthermore, there are many further levers we can pull to unlock value and grow rental income through our successful asset management platform.
"We continue to be mindful of the uncertain market backdrop, however, our asset management and marketing initiatives continue to give us confidence in the Group's growth prospects. Looking ahead, our outlook is positive and we remain confident in our ability to continue to deliver attractive risk-adjusted returns to shareholders."
Presentación del webcast
Conferencia webcast
There will be an in person presentation for analysts at 09.00am (10.00am CET/ 11.00am SAST) today, hosted by Andrew Coombs, Chief Executive Officer of Sirius Real Estate, and Chris Bowman, Chief Financial Officer. This will be held at Peel Hunt's offices: 100 Liverpool Street, London EC2M 2AT
For those unable to join in person, there will be an audio webcast presentation, with registration available via the link below: https://stream.brrmedia.co.uk/broadcast/652f90524a974c05613633fb
Para mayor información:
Casas en Venta en Sirius
Andrew Coombs, director ejecutivo / Chris Bowman, director financiero
+ 49 (0) 30 285 010 110
Consultoría FTI (Relaciones públicas financieras)
Richard Sunderland/James McEwan/Talia Shirion
+44 0 20 3727 1000
Sirius is a property company listed on the main and premium market of the London Stock Exchange and the main board of the JSE Limited. It is a leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK. As of 30 September 2023, the Group's portfolio comprised 139 assets let to 9,248 tenants with a total book value of over ?2 billion, generating a total annualised rent roll of ?184.2 million. Sirius also holds a 35% stake in Titanium, its ?350+ million German-focused joint venture with clients of AXA IM Alts.
La estrategia de la compañía se centra en adquirir parques empresariales con rendimientos atractivos e integrarlos en su red de sitios, tanto bajo los nombres Sirius y BizSpace como junto con una gama de productos de marca. Luego, la empresa busca reconfigurar y mejorar el espacio existente y vacante para atraer al mercado local a través de una gestión intensiva de activos e inversiones y luego puede optar por refinanciar o enajenar los activos de forma selectiva una vez que alcancen su vencimiento, para liberar capital para nuevas inversiones. Este enfoque activo permite a la Compañía generar retornos atractivos para los accionistas a través del aumento de los ingresos por alquileres, la mejora de la recuperación de costos y los valores de capital, y la mejora de los retornos mediante la obtención de términos de financiamiento eficientes.
Para mayor información por favor visite: www.sirius-inmobiliaria.com
Síganos en LinkedIn en https://www.linkedin.com/company/siriusrealestate/
Síguenos en X (Twitter) en @SiriusRE
Patrocinador de JSE
PSG capital
Actualización de negocios
Strong operational performance highlights resilience of Sirius platform
Rollo de alquiler anualizado total
? 184.2m3
9.0%
2023 ?184.2m
2022 ?169.0m
Los ingresos totales
? 140.1m
7.3%
2023 ?140.1m
2022 ?130.6m
Fondos de operaciones1
? 53.0m
9.3%
2023 ?53.0m
2022 ?48.5m
Beneficio antes de impuestos
? 39.8m
(47.4%)
2023 ?39.8m
2022 ?75.7m
Dividendo a cuenta
3.00c por acción
11.1%2
2023 3.00c
2022 2.70c
Ganancias básicas por acción
2.71c por acción
(54.8)%
2023 2.71c
2022 6.00c
1 See note 25 of the Interim Report 2023.
2 Interim dividend representing 66% of FFO (30 September 2022: 65% of FFO).
3 The Company has chosen to disclose certain Group rental income figures utilising a constant foreign currency exchange rate of GBP:EUR 1.1566, being the closing exchange rate as at 30 September 2023.
En resumen:
? Sirius remains resilient and well positioned to navigate the current macro-economic climate due to its intensive asset management initiatives and the fixed price contracts it has secured for a significant portion of its utility demands in both Germany and the UK, which should shelter its diverse tenant base from some of the higher operating costs that most industrial companies are facing. Further, having over 4 years weighted average debt expiries is helping cushion the impact of higher interest rates affecting many in our sector.
? he Company looks ahead with confidence and continues to trade in line with management expectations for the full year.
Key Group highlights:
Métricos | 30 Septiembre 2023 | 30 Septiembre 2022 | Movimiento | Movimiento% |
Total annualised rent roll* (? million) | 184.2 | 169.0 | 15.2 | 9.0% |
Like-for-like annualised rent roll* (? million) | 181.2 | 168.3 | 12.9 | 7.7% |
Average rate (?) per sqm* | 8.42 | 7.77 | 0.65 | 8.4% |
Average rate (?) per sqm like for like* | 8.40 | 7.79 | 0.61 | 7.8% |
Total occupancy (%) | 84.1 | 84.4 | (0.3) | (1.1)% |
Like for like occupancy (%) | 84.5 | 84.4 | 0.1 | 0.1% |
Cash in bank (? million) | 91.2 | 138.6 | (47.4) | (34.2)% |
Cash collection (%) | 97.5 | 97.6 | (0.1) | 0% |
* The Company has chosen to disclose certain Group rental income figures throughout utilising a constant foreign currency exchange rate of GBP:EUR 1.1566, being the closing exchange rate as at 30 September 2023, throughout this document.
General
Against a backdrop of negative headlines referencing challenging economic conditions in both Germany and the UK, the Group is pleased to report continued strong trading in line with expectations, with all our key like for like operating metrics showing positive momentum leading to like-for-like Group annualised rent roll growth compared to the prior year of 7.7%*.
In Germany, occupancy remains stable and we continue to achieve rental rate growth ahead of inflation as we utilise our proprietary asset management platform to maximise the value we generate from our space. The sale of Kassel at above book value, which we announced on 3 October 2023, demonstrates the resilience of our German portfolio, which has again achieved a modest uplift valuation at the period end driven by continued strong rental growth.
In the UK we continue to focus on driving value from BizSpace. Rent roll growth is ahead of our German operations reflecting the ongoing demand for our affordable, well-located space amid a higher inflationary backdrop. Occupancy in the UK was higher than the six months prior and it is particularly pleasing to report that UK rent roll has exceeded £50 million for the first time, buoyed by a record new business sales month in September. Nonetheless the UK portfolio experienced a modest decrease in valuation in line with an expansion in yields in the sector.
Group rent roll increased by 9.0%* year-on-year and 2.8% in the period. Like-for-like rent roll in Germany increased by 2.4% in the period (30 September 2022: 2.4%) whilst year-on-year like-for-like rent roll growth was 7.0%. The UK enjoyed a boost to rent roll as its price led strategy took hold with like-for-like rent roll increasing by 4.6% in the period (30 September 2022: 4.1%) whilst year-on-year like-for-like rent roll growth was 9.0%. Continued strong demand for Company products in attractive locations indicate that Sirius is poised for its tenth consecutive year of greater than 5% like-for-like rent roll increases.
Rent roll growth is supported in Germany by a 2.6% increase in like-for-like rate per sqm to ?7.06 (31 March 2023: ?6.88), whilst the like-for-like year-on-year rate grew by 7.2% to ?7.02 (30 September 2022: ?6.55). In the UK, a strong increase year-on-year in like-for-like rate per sq ft of 9.0% to £13.78 (30 September 2022: £12.64) was also the driver of the 9.0% like-for-like rent roll increase to £50.7 million (30 September 2023: £46.5 million). These developments over the past year have helped the Group report a 9.3% growth in FFO to ?53.0 million (30 September 2022: ?48.5 million).
The strong trading underpins the board's confidence to declare an 11.1% increase in the interim dividend to 3.00c per share compared to the 2.70c for H1 last year. NAV per share grew around 0.2% in the six month period which was helped by a 0.3% uplift in the valuation of owned investment property to ?2,112.8 million from ?2,107.3 million as at 31 March 2023, including those assets held for sale.
The Group's balance sheet remains strong as a result of a number of previously communicated early financings that have been agreed. These comprise the ?170 million Berlin Hyp AG loan facility, for a period of seven years to 31 October 2030, and the ?58.3 million Deutsche Pfandbriefbank AG facility, for a period of seven years to 31 December 2030. From the commencement of the new Deutsche Pfandbriefbank AG facility at the end of December 2023, the Group will have a weighted average cost of debt of 2.1% and a weighted average debt expiry of 4.2 years. In addition, the Company further paid down its expiring Schuldschein debt of ?20 million in the period from existing cash flows. The early financing of the Berlin Hyp AG and Deutsche Pfandbriefbank AG loans demonstrate the Group's continued support from its banking partners and ability to refinance or take out new facilities throughout the property cycle.
The Group's track record of growing FFO organically through its selective asset recycling is continuing well, as outlined in detail under "Asset recycling, acquisitions and disposals" further on in this report. In summary, the Group undertook several transactions post the balance sheet date in both Germany and the UK amounting to in total nearly ?100 million, recycling ?47.4 million of disposals into ?52.9 million of acquisitions in October and November a testament to the Group's continued success in recycling assets in all market environments.
The Group is further pleased to welcome Chris Bowman as CFO as he joins the Sirius Board of Directors in August 2023 following a handover from interim CFO Alistair Marks. Alistair Marks, who stepped down from the Sirius board in July 2023, will be leaving the Group at the end of March 2024 having been with Sirius since inception in 2007, becoming CFO in 2012, following internalisation and more recently as CIO. He goes with the Board's thanks for his valuable contribution to the Group.
Rendimiento financiero
Excluding the effects from gains and losses from the revaluation of investment properties profit before tax increased by 2.0% to ?49.9 million (30 September 2022: ?48.9 million) demonstrating continued strong operational performance. Total revenue, which comprises rental income, fee income from Titanium, other income from investment properties and service charge income, increased by 7.0% to ?140.1 million (30 September 2022: ?130.6 million). The Company reported a profit before tax for the six month period of ?39.8 million (30 September 2022: ?75.7 million) which includes ?9.6 million of deficit* from investment property revaluations of its owned assets (30 September 2022: ?27.8 million gain).
As a result, FFO for the six months grew to ?53.0 million (4.54c per share) compared to ?48.5 million (4.15c per share) for the same period in the prior year, an increase of 9.3% on a per share basis. Reported profit after tax of ?31.7 million and basic earnings per share of 2.71c compares to ?70.0 million and basic earnings per share of 6.00c in the prior year, reflecting lower valuations coupled with a small lag on the asset recycling between when assets were sold and the equity reinvested. Adjusted earnings per share, which excludes valuation movements as well as exceptional items, increased by 13.5% to 4.21c per share from 3.71c in the prior year, reflecting the positive year on year operational activity.
* Neto de capex y ajustes en relación con incentivos de arrendamiento y broker honorarios.
La siguiente tabla establece las métricas clave de ganancias por acción:
Tabla 1: Beneficio por acción
seis meses terminó 30 Septiembre 2023 | seis meses terminó 30 Septiembre 2022 | ||||||
| Ganancias ?m | No. de acciones | Centavos por acción | Ganancias ?m | No. de acciones | Centavos por acción | Cambios % |
EPS básico | 31.7 | 1,169,697,061 | 2.71 | 70.0 | 1,167,383,139 | 6.00 | (54.8)% |
EPS diluido | 31.7 | 1,185,416,141 | 2.67 | 70.0 | 1,183,403,147 | 5.92 | (54.9)% |
EPS ajustado | 49.3 | 1,169,697,061 | 4.21 | 43.3 | 1,167,383,139 | 3.71 | 13.5% |
EPS EPRA básico | 48.2 | 1,169,697,061 | 4.12 | 41.2 | 1,167,383,139 | 3.53 | 16.7% |
EPS EPRA diluido | 48.2 | 1,185,416,141 | 4.07 | 41.2 | 1,183,403,147 | 3.48 | 17.0% |
Los Directores han optado por divulgar las ganancias de EPRA, que son métricas alternativas ampliamente utilizadas para sus equivalentes IFRS (se pueden encontrar más detalles sobre las recomendaciones de mejores prácticas de EPRA en www.epra.com). Consulte la nota 2(c) para obtener más información.
Net asset value per share ("NAV") grew to 102.65c (31 March 2023: 102.46c) in the period whilst adjusted net asset value per share ("adjusted NAV") increased by 0.6% to 109.91c (31 March 2023: 109.21c). EPRA net tangible assets ("EPRA NTA") per share increased by 0.4% to 108.51c (31 March 2023: 108.11c). The valuation metrics are described in more detail below and the movement in net asset value per share in the period can be seen in the following table:
Tabla 2: Activos netos por acción
| centavos por acción |
VL por acción a 31 de marzo de 2023 | 102.46 |
Beneficio después de impuestos | 4.22 |
Deficit on revaluation of investment properties | (0.80) |
Cargo por impuestos diferidos | (0.44) |
Dividendo en efectivo pagado | (3.15) |
Compra de acciones EBT y otorgamiento de LTIP | (0.02) |
Moneda extranjera | 0.65 |
Ajustar elementos | (0.26) |
Valor liquidativo por acción a 30 de septiembre de 2023 | 102.65 |
Impuesto diferido y ajustes a derivados financieros* | 7.25 |
NAV ajustado por acción a 30 de septiembre de 2023 | 109.91 |
Ajustes EPRA* | (1.40) |
EPRA NTA por acción a 30 de septiembre de 2023 | 108.51 |
* Ver nota 11 del Informe Intermedio.
Alquileres y crecimiento de alquileres
Crecimiento del alquiler
Alemania
In Germany, like-for-like year-on-year annualised rent roll increased by 7.0% to ?122.5 million (30 September 2022: ?114.5 million). The Company was also able to manage the inflationary environment effectively, increasing its average like-for-like rental rate per sqm by 7.2% to ?7.02 per sqm from ?6.55 per sqm in the prior year. Like-for-like occupancy remained stable at 83.8% (30 September 2022: 83.8%) highlighting the Company's ability to manage its tenant base and vacancy, as evidenced by its tenant retention rate of 78% compared to 65% in the prior year.
UK
In the UK, like-for-like year-on-year annualised rent roll increased by 9.0% to £50.7 million (?58.7* million) (30 September 2022: £46.5 million (?52.6* million)). This was driven by a 9.0% increase in like-for-like average rental rate to £13.78 per sq ft (?14.30* per sqm) from £12.64 per sq ft as at 30 September 2022, highlighting the high reversion potential within the UK portfolio which is realisable due to continued strong occupier demand. Like-for-like occupancy increased to 87.7% (30 September 2022: 87.0%) for the year due to proactive management of its customer base in order to take advantage of the continued rental growth in the industrial market and high demand for flexible workspace, as well as its efforts to attract tenants at higher rates.
* The Company has chosen to disclose certain Group rental income figures throughout utilising a constant foreign currency exchange rate of GBP:EUR 1.1566, being the closing exchange rate as at 30 September 2023, throughout this document.
Colección de dinero
As rental rates continue to increase in both Germany and in the UK, the value of the Company's in-house team of cash collection professionals who maintain close working relationships with tenants is key to the Company's success in collecting its debts. As inflationary pressures remain, the Company has been successful in maintaining consistent cash collection rates across the Group of 97.5% (30 September 2022: 97.6%).
Alemania
In the six months to 30 September 2023, the Company increased its tenant billings by 12.7% to ?97.5 million (excluding VAT) (30 September 2022: ?86.5 million), of which ?94.7 million or 97.1% was collected, remaining consistent with the 97.2% collected in the prior comparative period. The Company expects to collect the majority of the ?2.8 million outstanding debts through its regular collection activities over the coming months. The Company had only immaterial write offs in the period.
UK
BizSpace also continued to maintain high cash collection rates through the team's active management of its tenant base. Of the £25.4 million (excluding VAT) (?29.4 million) which was billed in the period, £25.1 million (?29.1 million) or 98.9% was collected. The remaining £0.3 million (?0.3 million) is expected to be collected in the normal course of regular collection activities over the coming months. The Company had immaterial write offs in the period.
Valoración de carteras
Grupo procesos
Taking into account investment property relating to leased assets the total investment property book value as at 30 September 2023 was ?2,129.5 million (31 March 2023: ?2,123.0 million) such valuations having been independently reviewed by Cushman and Wakefield. In accordance with IFRS 16, the Group recognises leased investment properties of ?24.0 million; accordingly, a revaluation loss of ?0.7 million representing the fair value adjustment in the period was recorded in the income statement.
Alemania
The ?13.0 million increase in value of the owned investment properties in the German portfolio was made up of ?11.2 million of capex investment and ?8.9 million of valuation uplift, offset by a ?7.3 million transfer in assets held for sale and ?0.2 million adjustment with respect to lease incentives on the back of the 2.4% increase in like-for-like rental income. The portfolio is now valued on a gross yield of 7.4% and a net yield of 6.6% which has increased from 7.3% and 6.5% respectively as at 31 March 2023. Despite ongoing pressures on the commercial property market in Germany, yields remain less volatile for higher yielding asset classes, with sellers preferring to take assets off the market rather than reduce prices significantly. Nevertheless, Sirius is particularly well positioned to absorb any further yield expansion in the asset class due to the value-add potential remaining within its portfolio and the fact that, over the last few years, its assets are valued at yields which are much higher than where similar assets have been trading at over the last few years. Sirius' business model of upgrading and repositioning underperforming properties through its capex investment programme to transform them into much more desirable institutional type assets is one which works very effectively when the market is strong as well as when it is more challenging.
As at the period end, just over 60% of the total portfolio comprised assets benefiting from both income and value-add potential which will be realised through Sirius' intensive asset management and selective capex investment over the next few years. These assets now have an average occupancy of 78.8% and are valued on a gross yield of 7.7%, compared to the Company's mature assets which are on average around 94.8% occupied and valued on a gross yield of 6.8%. Unlocking the potential in the value-add portfolio will come from filling up sites and stabilising their rental income. This will be achieved through our strategy of making the properties much more appealing to a wider market which includes the lower cost of capital investors who buy these types of assets on much tighter yields. Hence, we would expect to see the gap between the yields of the value-add assets and mature assets tighten as the value-add assets approach maturity. This is why the capex programme, which has so successfully and consistently improved occupancy, rental income, service charge cost leakage and overall quality of the rent roll and sites in general, has proven to be extremely value accretive.
UK
The ?6.1 million negative movement in owned investment property of the UK portfolio was made up of a ?18.5 million revaluation decrease, taking into account ?5.3 million of capital expenditure, offset by a favourable foreign currency translation adjustment of ?7.1 million.
The 30 September 2023 book value of the UK portfolio, which was independently valued by Cushman & Wakefield LLP, was £355.9 million (?411.6 million) (31 March 2023: £367.2 million) (?417.7 million), representing an average gross yield of 14.3% (31 March 2023: 13.2%) which translates to a net yield of 9.7% (31 March 2023: 9.3%). The 30 September 2023 valuation represents a 3.2% valuation decrease when compared to the £367.2 million valuation figure as at 31 March 2023, driven by an average 40bps of yield expansion fully offsetting a 4.5% organic increase in annualised rent roll across the same period.
The average capital value per sqm of the portfolio of £85 per sq ft (?915 per sqm) remains well below replacement cost and illustrates the potential for further growth from transformative investment through leveraging the Group's capex investment programme.
Programa de inversión capex alemán
The Group's capex investment programme in relation to its German assets has historically been focused on the transformation of poor-quality vacant space that is typically acquired at very low cost due to it being considered as structural vacancy by former owners. The transformation and take up of this space have not only resulted in significant income and valuation improvements for the Company but have also yielded significant improvements in service charge cost recovery and therefore further enhanced the improvements to net operating income. The programme started in 2015 and to date 433,632 sqm of space has been completed for an investment of ?69 million. As at 30 September 2023, this space was generating ?27.4 million in annualised rent roll (at 73% occupancy) plus the substantial improvement in the recovery of service charge costs. This transformed space has also been the major contributor towards the large valuation increases seen in the portfolio over the last 8.5 years.
In addition to the space that has been completed and let or is currently being marketed, a total of approximately 32,300 sqm of space is either in the process of being transformed or is awaiting approval to commence transformation. The Group is on track to invest ?8.8m into its capex investment programme this year and expects to generate return on investment via rental income alone in excess of 25%.
In addition to the capex investment programme on acquired "structural" vacant space, Sirius continually identifies and looks for opportunities to upgrade the space that is vacated each year as a result of move-outs. Within the existing vacancy as at 30 September 2023, the Company has identified approximately 59,039 sqm of vacated space that has potential to be significantly upgraded before it is re-let. This space will require an investment of approximately ?6.2 million and, at current rates, is expected to generate greater than 35% return on investment in annualised rent roll when re-let. Upgrading this vacated space allows the Company to enhance the reversionary potential of the portfolio further whilst significantly improving the quality, desirability and hence value of not only the space that is invested into but also the whole site.
La tasa de ocupación del 84 % de la cartera alemana significa que, a 296,446 de septiembre de 30, hay un total de 2023 5 m² de espacio vacante. Al excluir la vacante que está sujeta a inversión (2 % del espacio total), y la vacante estructural, que no es económicamente viable para desarrollar (90% del espacio total), la tasa de ocupación de la Compañía basada en el espacio que se alquila fácilmente es de aproximadamente XNUMX%.
Whilst the capex investment programmes are a key part of Sirius' strategy, they represent one of several ways in which the Company can organically grow income and capital values. A wide range of asset management capabilities including the capturing of contractual rent increases (especially whilst inflation is high), uplifts on renewals and the re-letting of space at higher rates are expected to continue to contribute to the Company's annualised rent roll growth going forward.
Reciclaje, adquisiciones y enajenaciones de activos
Recycling equity from mature assets into new value-add acquisitions has always been a significant part of the Sirius business model. It benefits the Company in many ways including: a) proving enhanced valuations that can also be crystallised; b) replenishing the growth opportunity within the vacancy and the capex investment programme; and c) being accretive to FFO per share (and therefore dividend per share), with a consequent contribution to NAV per share growth. This is an element of the Company's strategy which Sirius is able to execute effectively throughout the property cycle and this has been evidenced by the Company's continued asset recycling initiatives. Even though the market for both selling and buying remains a challenging one due to the current economic climate, and with the Company remaining mindful of its net LTV, it has been able since the balance sheet date to recycle some non-core and mature assets in Germany and reinvest these funds into some excellent accretive opportunities in the UK, as detailed below.
Disposiciones
Whilst the Company did not complete any disposals in the period in both Germany and in the UK, it did conduct two post balance sheet transactions in Germany. The sale of its Kassel asset for ?7.3 million, which completed on 1 October 2023 represented a 5% premium to book value at the time of notarisation. This allowed Sirius to dispose of an asset located in a non-core location, which was 92% let and comprised a total lettable area of 8,342 sqm of industrial, office, logistics and other space within a 16,217 sqm plot size. Additionally, the Company notarised the disposal of its Maintal I asset on 1 November 2023, for a sales price of ?40.1 million equating to 6% above book value, with an expected timing of completion in March 2024. The mixed-use site consists of 38,000 sqm of storage, industrial and office space, yielding ?2.1 million on NOI at 83% occupancy.
Adquisiciones
The Company did not complete on any acquisitions during the period, whilst it waited for opportunistic acquisitions to arise given market conditions. Utilising recycled funds from disposals in Germany and free cash on hand, the Company completed the purchase of two post balance sheet transactions amounting to £45.8 million (?52.9 million). The first was £10.1 million (?11.7 million) acquisition, which completed on 2 October 2023 and comprised two mixed use industrial assets located in Liverpool and the other in Barnsley with a combined area of 71,957 sq ft (6,685 sqm) of predominantly workshop space. The purchase price represented a NIY of 9.6% (total acquisition costs). The second transaction, which was completed on 6 November 2023, was the £35.7 million (?41.2 million) purchase of three multi-let studio sites located in Islington and Camden in North London, representing a 7.3% net initial yield after costs. The assets, with a combined area of 103,962 sq ft (9,658 sqm) are just under 70% let, providing opportunity for the Company to implement its asset management initiatives.
A summary of the acquisitions and disposals transacted post the balance sheet date is set out in the tables below:
Tabla 3a: Adquisiciones
Certificado ante notario/completado para la adquisición | Fecha | Total inversión extranjera £ m | Total adquirido pies cuadrados | Anualizado alquiler ingresos £ m | Anualizado NOSOTROS £ m | Ocupación | Rendimiento bruto | |
Liverpool and Barnsley* | Oct 2023 | 10.1 | 71,957 | 1.3 | 1.0 | 99.3% | 12.4% | |
Islington and Camden** | Nov 2023 | 35.7 | 103,962 | 2.8 | 2.6 | 69.8% | 7.8% | |
Total |
| 45.8 | 175,919 | 4.1 | 3.6 | 81.8% | 9.0% | |
* Completed on 2 October 2023
** Completed on 6 November 2023
Table 3b: Assets held for sale
Notarised/completed for sale | Fecha | Total precio de venta ?m | Total disposición m² | Anualizado alquiler ingresos ?m | Anualizado NOSOTROS ?m | Ocupación | Gross yield?* |
Kassel** | Oct 23 | 7.3 | 8,341 | 0.5 | 0.4 | 92% | 7.1% |
Maintal*** | Nov23 | 40.1 | 37,871 | 2.4 | 2.1 | 83% | 6.0% |
Total |
| 47.4 | 46,192 | 2.9 | 2.5 | 85% | 7.1% |
* Calculated on net purchase price.
** Completed 1 October 2023
*** Notarised 1 November 2023, expected completion March 2024
LTV neto y refinanciación de deuda
Net LTV, which reduces the loan balance by free cash (excluding restricted cash balances) in its calculation, has been reduced to 40.8% (31 March 2023: 41.6%) whilst interest cover at EBITDA level was 8.2x as at 30 September 2023 (31 March 2023: 8.6x).
The Company's balance sheet remains strong through previously communicated financings of the ?170 million Berlin Hyp AG loan facility, for a period of seven years to 31 October 2030 and the ?58.3 million Deutsche Pfandbriefbank AG facility, for a period of seven years to 31 December 2030. From the commencement of the new Deutsche Pfandbriefbank AG facility at the end of December 2023, the Group will have a weighted average cost of debt of 2.1% and a weighted average debt expiry of 4.2 years. The Company further paid down its expiring Schuldschein debt of ?20 million in the period from existing cash flows. This ability to refinance debt at favourable rates in the current market circumstances is an important asset for the Company. The Company has no debts maturing within the next twelve months, with less than ?30 million in loans coming due between January and March 2025.
Todos los convenios fueron cumplidos en su totalidad durante el período. A continuación se muestra un resumen del movimiento de la deuda del Grupo:
Table 4: Movement in debt*
| ?m |
Deuda total al 31 de marzo de 2023 | 975.1 |
Pago de la deuda | (20.0) |
Amortización programada | (2.7) |
Deuda total al 30 de septiembre de 2023 | 952.4 |
* Excluye costes de emisión del préstamo.
Fortaleza de ingresos bien diversificados y base de inquilinos
A combination of the diversity of the Group's tenant base and wide range of space offerings, which are underpinned by an established operating platform, continues to be extremely beneficial to Sirius and will be another key element to help the Company continue to grow over the next few years. Diversity in both space type and tenancy is key to this. Sirius' portfolio includes industrial, manufacturing, urban logistics/production, storage and out of town office space that caters to multiple usages and a vast range of sizes and tenant types. The diversity of the Company's tenant base ranges from large, stable and long-term anchor tenants through to the flexible SME and private customers who are the engine room of any economy.
Alemania
Against the backdrop of continued market disruption, resulting in a high inflationary environment, the importance of a well-diversified tenant base and wide range of products is evident. The Group's large anchor tenants are typically multinational corporations occupying production, storage and related office space whereas the SMEs and individual tenants occupy space on both a conventional and a flexible basis including space marketed under the Company's popular Smartspace brand which provides tenants with a fixed cost and high degree of flexibility. The Company's largest single tenant contributes 2.2% of total annualised rent roll whilst 8.1% of its annualised rent roll comes from government tenants. SMEs in Germany, the Mittelstand, are typically defined as companies with revenues of up to ?50.0 million and up to 500 employees. SME tenants remain a key target group which the Company's internal operating platform has demonstrated an ability to attract in significant volumes as evidenced through the high number of enquiries that are generated each month, mainly through the Company's own marketing channels. The wide range of tenants that the Sirius marketing and sales team is able to attract is a key competitive advantage and results in a significantly de-risked business model when compared to other owners of multi-tenanted light industrial and business park assets. The table below illustrates the diverse nature of tenant mix within the German portfolio at the end of the reporting period:
Tabla 5a: Desglose de inquilinos - Alemania
| Nº de inquilinos como en 30 septiembre 2023 | Ocupado m² | % De ocupado m² | Anualizado ingresos por alquiler* ?m | % del total anualizado ingresos por alquiler* % | Rate por mXNUMX ? |
Los 50 mejores inquilinos ancla1 | 50 | 671,023 | 45% | 48.3 | 39% | 5.99 |
Arrendatarios SME de Smartspace2 | 2,838 | 70,427 | 5% | 8.0 | 6% | 9.50 |
Otras pymes arrendatarias3 | 2,866 | 738,549 | 50% | 69.2 | 55% | 7.80 |
Total | 5,754 | 1,479,999 | 100% | 125.5 | 100% | 7.06 |
1 Principalmente grandes arrendatarios privados y públicos nacionales/internacionales.
2 Principalmente pequeños y medianos arrendatarios públicos y privados.
3 Principalmente pequeños y medianos arrendatarios privados y minoristas.
* Ver sección de glosario del Informe Intermedio 2023.
Even with the continuing conflict in Ukraine, Europe's energy supply has successfully diversified away from Russia dependence. Germany continues to be well positioned through its early identification of the issue and shoring up of its gas reserves. As at 30 September 2023, Germany had managed to ensure its gas storage capacity had been filled, enabling the German economy to continue operating without expected interruptions this coming winter. Additionally, the Company's robust and well-diversified tenant base does not have a significant reliance on gas supplies to continue operating and, as such, the potential negative impact on Sirius' rent roll is low. In Germany, the Company sources its utilities and facilities management services in bulk for its properties and has managed to secure a long-term, four-year contract after its current utility contract expires in December 2023. This new utility contract allows the Company to hedge up to 70% of the order volume at a fixed price at any time, benefiting the expected trend in reduced utility expenses in the coming years. As a result, its tenants should be sheltered from some of the higher operating costs that many industrial companies are facing right now. This is yet another benefit and advantage offered by Sirius that it has from its intense active management strategy.
UK
BizSpace's top 100 tenants are larger corporate customers representing 23% of its annualised income, whilst the remaining 77% of tenants are made up of SME and micro-SME. Whilst the top 100 tenants occupy 1% less space than in the comparative period, the rent roll contribution has increased by 2% with rates increasing by 6%. The biggest contributor to rent roll continues to be the next 900 tenants, where rent roll increased by 16% as a result of a 6% increase in rates and occupying 9% more space than in the comparative period. The price led strategy has made very positive contribution to rent roll in this segment.
Tabla 5b: Desglose de inquilinos - Reino Unido
| Nº de inquilinos como en 30 septiembre 2023 | Ocupado pies cuadrados | % De ocupado pies cuadrados | Anualizado ingresos por alquiler* £ m | % del total anualizado ingresos por alquiler* % | Rate por pie cuadrado £ |
Los 100 mejores inquilinos | 100 | 913,699 | 25% | 11.7 | 23% | 12.81 |
Próximos 900 inquilinos | 900 | 1,790,712 | 49% | 23.0 | 45% | 12.84 |
Inquilinos restantes | 2,494 | 977,620 | 27% | 16.0 | 32% | 16.37 |
Total | 3,494 | 3,682,031 | 100% | 50.7 | 100% | 13.78 |
* Ver sección de glosario del Informe Intermedio 2023.
Smartspace Germany
Sirius' Smartspace products are designed with flexibility in mind, allowing tenants to benefit from a fixed cost which continues to be desirable even in challenging market conditions, across a range of affordable serviced offices, self-storage units and workboxes on a flexible basis that can be tailored to their needs. The majority of Smartspace has been developed from space that is either sub-optimal or considered to be structurally void by most light industrial real estate operators. Following conversion, the area is transformed into space that can be let at significantly higher rents than the rest of the business park and, as a result, is highly accretive to both income and value. In the post-pandemic environment, as businesses manage remote working, online selling, issues with supply chains and supply shortages, the Smartspace product line becomes even more attractive because of its flexibility, pricing and location being on the fringes of major cities.
The fact that the Company is able to convert sub-optimal and unutilised space into this premium, popular space and achieve rental rates well in excess of the rest of the portfolio, means that even though Smartspace is only a small part of Sirius' business, it is a major part of the value enhancement process and the asset transformation, while providing a valuable service for tenants located elsewhere on the parks as well as those just using this space.
The annualised rental income now being generated from Smartspace, excluding the element that covers service charge costs, has decreased by 4.8% to ?8.0 million from ?8.4 million at the beginning of the period due to adjustments in service charge allocation whilst it increased by 1.3% year-on-year. The occupancy of Smartspace has remained stable in the period at 66% (31 March 2023: 65%) whilst the rates have decreased by 4.2% in the last six months from ?9.92 per sqm to ?9.50 per sqm.
Ambiental, social y de gobernanza ("ESG")
We are pleased to report that we continue to make progress in embedding our ESG programme into our corporate strategy and our business and financial planning cycles. Throughout this process, we always ensure our approach remains commercially practical and financially viable.
In Germany, and as announced in our 2022/23 Annual Report, we have achieved our target reductions in net zero emissions for our Scope 1 and 2 emissions. Our main focus is now on better understanding the pathway to net zero emissions, including Scope 3, by 2045 in line with the German national target. To support this work, our previous assessments are being updated to reflect revised CRREM methodology which was launched after our year end and are being subjected to a detailed operational and financial assessment. We intend to be in a position to outline a more detailed pathway, including shorter-term decarbonisation plans and targets, in our next Annual Report.
In the UK, we remain committed to achieving carbon neutrality for Scope 1 and 2 emissions in the current financial year and we are commencing an assessment to understand the potential pathway to net zero emissions including Scope 3 for the UK by 2045 or 2050 in line with CRREM and SBTi with aims to share initial results during FY2024/25. Equally, our EPC programme continues as a priority, and we are confident we can achieve the target rating of EPC 'C' by 2027 for our assets as a first stage and the final target of EPC "B" by 2030.
Our ESG departments in both Germany and the UK, which were formed this year, have been tasked with assessing the operational and financial implications, including developing asset-by-asset plans and capex requirements to achieve our net zero and EPC ambitions. We believe these financial and operational indicators require more detailed analysis and testing by us and will continue to make progress in these areas and update as appropriate, including through our TCFD reporting.
Our social and governance programmes remain well established and accepted within both Sirius in Germany and BizSpace in the UK. Our people are at the heart of everything we do, and we continue to develop and expand our training and development offering through the Sirius Training Centre and ensure we cultivate a supportive and motivating working environment. A focus on wellbeing remains core to our people strategy, as well as maintaining our strong diversity, equity, and inclusion programme. We have also made significant progress in the development of engagement programmes targeted at benefiting the local communities in which we operate and will be able to update further at year end.
Lastly, in order to support and test the progress of our ESG roadmap, we have commenced our new ESG materiality assessment covering both Germany and the UK. This process will enable us to continue to align our ESG programme to our corporate strategy and ensure we have taken into account the views of our stakeholders. We intend to report on the findings of this process in our next Annual Report.
Outlook
Sirius is pleased with the trading performance of the first six months of the financial year, which saw continued like-for-like rent roll growth and strong cash collection rates in both Germany and the UK. The Company remains committed to a progressive dividend to its shareholders as it continues to navigate through a challenging macro-economic climate in the UK and Europe and remains well positioned to continue to grow due to its intensive asset management initiatives, diversified offerings and effective and dynamic business model.
andres coombs
Director Ejecutivo
Chris Bowman
Director Financiero
17 November 2023
Declaración de responsabilidades de los directores
Each of the Directors, whose names and functions appear below, confirm to the best of their knowledge that the unaudited condensed interim set of consolidated interim financial statements have been prepared in accordance with note 2(a), IAS 34 "Interim Financial Reporting", as issued by the IASB, and the interim management report herein includes a fair review of the information required by the Disclosure Guidance and Transparency Rules ("DTR"), namely:
? DTR 4.2.7 (R): an indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed interim set of consolidated interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and
? DTR 4.2.8 (R): any related party transactions that have taken place in the six month period ended 30 September 2023 that have materially affected, and any changes in the related party transactions described in the 2023 Annual Report that could materially affect, the financial position or performance of Sirius Real Estate Limited during the period.
Los directores de Sirius Real Estate Limited a la fecha de este anuncio se detallan a continuación:
? Daniel Kitchen, Chairman*
? Caroline Britton, Senior Independent Director*
? Andrew Coombs, Chief Executive Officer
? Chris Bowman, Chief Financial Officer
? James Peggie*
? Mark Cherry*
? Kelly Cleveland*
? Joanne Kenrick*
* Directores no ejecutivos.
Se mantiene una lista de los Directores actuales en el sitio web de Sirius Real Estate Limited: www.sirius-real-estate.com.
Los Directores son responsables del mantenimiento e integridad de la información corporativa y financiera incluida en el sitio web de la Compañía. La legislación de Guernsey que rige la preparación y difusión de información financiera difiere de la legislación de otras jurisdicciones.
Por orden de la Junta
andres coombs
Director Ejecutivo
Chris Bowman
Director Financiero
17 November 2023
Informe de revisión independiente
a Sirius Real Estate Limited
Conclusión
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2023 which comprises condensed consolidated income statement, the condensed consolidated statement of comprehensive income, the condensed consolidated statement of financial position, the condensed consolidated statement of changes in equity, the condensed consolidated statement of cash flows, and the related notes 1 to 28. We have read the other information contained in the half yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2023 is not prepared, in all material respects, in accordance with I International Accounting Standard 34 "Interim Financial Reporting" the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority, the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides, as issued by the South African Accounting Practices Committee and the Financial Pronouncements as issued by the Financial Reporting Standards Council of South Africa.
Fundamento de la conclusión
Realizamos nuestra revisión de acuerdo con la Norma Internacional sobre Compromisos de Revisión 2410 (Reino Unido) "Revisión de Información Financiera Intermedia Realizada por el Auditor Independiente de la Entidad" (ISRE) emitida por el Consejo de Información Financiera. Una revisión de la información financiera intermedia consiste en realizar consultas, principalmente a las personas responsables de los asuntos financieros y contables, y aplicar procedimientos analíticos y de revisión. Una revisión tiene un alcance sustancialmente menor que una auditoría realizada de acuerdo con las Normas Internacionales de Auditoría (Reino Unido) y, en consecuencia, no nos permite obtener seguridad de que conoceremos todos los asuntos importantes que podrían identificarse en una auditoría. En consecuencia, no expresamos una opinión de auditoría.
As disclosed in note 2(d), the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as issued by the IASB. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", the South African Institute of Chartered Accountants ("SAICA") Financial Reporting Guides, as issued by the South African Accounting Practices Committee, the Financial Pronouncements as issued by the Financial Reporting Standards Council of South Africa and the JSE Limited Listing requirements for condensed interim reports.
Conclusiones relacionadas con la empresa en marcha
Con base en nuestros procedimientos de revisión, que son menos extensos que los realizados en una auditoría como se describe en la sección Base de la conclusión de este informe, nada ha llegado a nuestra atención que sugiera que la administración haya adoptado de manera inapropiada la base contable de negocio en marcha o que la administración han identificado incertidumbres materiales relacionadas con la empresa en funcionamiento que no se revelan adecuadamente.
Esta conclusión se basa en los procedimientos de revisión realizados de acuerdo con esta NIA, sin embargo, eventos o condiciones futuros pueden hacer que la entidad deje de continuar como empresa en funcionamiento.
Responsabilidades de los directores
Los directores son responsables de preparar el informe financiero semestral de acuerdo con:
- the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority;
- the South African Institute of Chartered Accountants (SAICA) Financial Reporting Guides, as issued by the Accounting Practices Committee;
- the Financial Pronouncements as issued by the Financial Reporting Standards Council of South Africa;
- IAS 34 "Interim Financial Reporting" and in compliance with the framework concepts and the measurement and recognition requirements of the IFRS; and
- the JSE Limited Listing requirements for condensed interim reports.
Al preparar el informe financiero semestral, los directores son responsables de evaluar la capacidad de la compañía para continuar como empresa en funcionamiento, revelando, según corresponda, los asuntos relacionados con la empresa en funcionamiento y utilizando la base contable de empresa en funcionamiento, a menos que los directores tengan la intención de liquidar la empresa o cesar sus operaciones, o no tenga otra alternativa realista que hacerlo.
Responsabilidades del auditor para la revisión de la información financiera
Al revisar el informe semestral, somos responsables de expresar a la Compañía una conclusión sobre el conjunto resumido de estados financieros en el informe financiero semestral. Nuestra conclusión, incluidas nuestras Conclusiones relativas a la empresa en funcionamiento, se basan en procedimientos que son menos extensos que los procedimientos de auditoría, como se describe en el párrafo Base de la conclusión de este informe.
Uso de nuestro informe
Este informe se realiza únicamente a la empresa de acuerdo con la guía contenida en la Norma Internacional sobre Compromisos de Revisión 2410 (Reino Unido) "Revisión de Información Financiera Intermedia Realizada por el Auditor Independiente de la Entidad" emitida por el Consejo de Información Financiera. En la máxima medida permitida por la ley, no aceptamos ni asumimos responsabilidad ante nadie que no sea la empresa, por nuestro trabajo, por este informe o por las conclusiones a las que hemos llegado.
Ernst & Young LLP
Londres
17 November 2023
Estado de resultados intermedio condensado consolidado
para los seis meses terminados el 30 de septiembre de 2023
| Notas | Sin auditar? (1) seis meses terminó 30 septiembre 2023 ?m | Sin auditar? (1) seis meses terminó 30 septiembre 2022 ?m |
Ingresos | 4 | 140.1 | 130.6 |
Costos directos | 5 | (58.8) | (57.4) |
El margen de explotación | 81.3 | 73.2 | |
(Pérdida)/ganancia por revaluación de propiedades de inversión | 12 | (10.1) | 26.8 |
Ganancia en la enajenación de propiedades | 0.0 | 4.8 | |
Movimiento en la provisión para pérdidas crediticias esperadas(2) | 5 | 0.5 | 0.3 |
Gastos administrativos(2) | 5 | (24.5) | (25.1) |
Participación en los beneficios de los asociados | 17 | 0.3 | 2.6 |
Beneficio operativo |
| 47.5 | 82.6 |
Ingresos financieros | 8 | 2.3 | 1.1 |
Gastos financieros | 8 | (9.2) | (9.2) |
Cambio en el valor razonable de instrumentos financieros derivados | 8 | (0.8) | 1.2 |
Costos financieros netos |
| (7.7) | (6.9) |
Beneficio antes de impuestos | 39.8 | 75.7 | |
Taxation | 9 | (8.1) | (5.6) |
Beneficio del período después de impuestos |
| 31.7 | 70.1 |
Beneficio atribuible a: | |||
Propietarios de la empresa | 31.7 | 70.0 | |
Interes no controlado |
| 0.0 | 0.1 |
|
| 31.7 | 70.1 |
Ganancias por acción | |||
Ganancias básicas por acción | 10 | 2.71c | 6.00c |
Ganancias diluidas por acción | 10 | 2.67c | 5.92c |
(1) Refer to note 2(a).
(2) To conform to the current period presentation, the movement in expected credit loss provision has been shown as a separate line and this is a reallocation from administrative expenses for the period ended 30 September 2022.
Todas las operaciones del Grupo se han clasificado como continuas.
Estado de resultados integrales condensado intermedio consolidado
para los seis meses terminados el 30 de septiembre de 2023
| Notas | Sin auditar(1) seis meses terminó 30 septiembre 2023 ?m | Sin auditar? (1) seis meses terminó 30 septiembre 2022 ?m |
Beneficio del período después de impuestos |
| 31.7 | 70.1 |
Other comprehensive income/(loss) that may be reclassified | |||
Reserva de conversión de moneda extranjera | 24 | 7.6 | (19.6) |
Other comprehensive income/(loss) after tax that may be reclassified to profit or loss in subsequent periods |
| 7.6 | (19.6) |
Otro resultado/(pérdida) integral del periodo después de impuestos |
| 7.6 | (19.6) |
Resultado integral total del período después de impuestos |
| 39.3 | 50.5 |
Resultado integral total atribuible a: | |||
Propietarios de la empresa | 39.3 | 50.4 | |
Interes no controlado |
| 0.0 | 0.1 |
|
| 39.3 | 50.5 |
(1) Refer to note 2(a).
Estado de situación financiera intermedio condensado consolidado
al 30 de septiembre de 2023
Sin auditar(1) | auditado | ||
30 septiembre | 31 marzo | ||
2023 | 2023 | ||
| Notas | ?m | ?m |
Activos no corrientes | |||
Propiedades de inversión | 12 | 2,129.5 | 2,123.0 |
Planta y equipo | 7.4 | 7.2 | |
Activos intangibles | 14 | 3.9 | 4.1 |
Activos por derecho de uso | 15 | 13.5 | 14.4 |
Otros activos financieros no corrientes | 16 | 48.4 | 48.4 |
Inversión en asociados | 17 | 25.0 | 26.7 |
Total del activo no corriente |
| 2,227.7 | 2,223.8 |
Activos circulantes | |||
Cuentas comerciales y otras cuentas por cobrar | 18 | 28.4 | 30.5 |
Instrumentos financieros derivados | 0.5 | 1.3 | |
Efectivo y equivalentes de efectivo | 19 | 115.7 | 124.3 |
Total de activos corrientes |
| 144.6 | 156.1 |
Los activos mantenidos para la venta | 13 | 7.3 | 8.8 |
los activos totales |
| 2,379.6 | 2,388.7 |
Pasivo circulante | |||
Comerciales y otras cuentas a pagar | 20 | (103.9) | (101.5) |
Préstamos y empréstitos que devengan intereses | 21 | (221.8) | (243.7) |
Pasivos por arrendamiento | 15 | (2.3) | (2.2) |
Pasivos por impuestos corrientes | 9 | (6.3) | (5.4) |
Total pasivo corriente |
| (334.3) | (352.8) |
Pasivos no corrientes | |||
Préstamos y empréstitos que devengan intereses | 21 | (721.4) | (720.7) |
Pasivos por arrendamiento | 15 | (36.5) | (37.4) |
Pasivos por impuestos diferidos | 9 | (85.4) | (80.2) |
Total pasivo no corriente |
| (843.3) | (838.3) |
Pasivos totales |
| (1,177.6) | (1,191.1) |
Activos netos |
| 1,202.0 | 1,197.6 |
Equidad | |||
Capital social emitido | 23 | - | - |
Otra reserva distribuible | 24 | 481.3 | 516.4 |
Acciones propias poseídas | 23 | (8.1) | (8.3) |
Reserva de conversión de moneda extranjera | 24 | (11.3) | (18.9) |
Ganancias retenidas |
| 739.6 | 707.9 |
Patrimonio total atribuible a los propietarios de la Compañía |
| 1,201.5 | 1,197.1 |
Interes no controlado |
| 0.5 | 0.5 |
Equidad total |
| 1,202.0 | 1,197.6 |
(1) Refer to note 2(a).
The financial statements were approved by the Board of Directors on 17 November 2023 and were signed on its behalf by:
Cocina Daniel
Presidente
número de la compañía: 46442
Estado de cambios en el patrimonio neto intermedio condensado consolidado
para los seis meses terminados el 30 de septiembre de 2023
| Notas | Emitido comparte capital ?m | Otro distribuible reserva ?m | Propia las acciones retenida ?m | Extranjero moneda traducción reserva ?m | retenido ganancias ?m | Equidad total atribuible En el correo electrónico “Su Cuenta de Usuario en su Nuevo Sistema XNUMXCX”. propietarios de la empresa ?m | No- CONTROL intereses ?m | Total equidad ?m |
Al 31 de marzo de 2022 (auditado) | - | 570.4 | (6.3) | (1.7) | 628.3 | 1,190.7 | 0.4 | 1,191.1 | |
Beneficio del período | - | - | - | - | 70.0 | 70.0 | 0.1 | 70.1 | |
Otra pérdida integral del período |
| - | - | - | (19.6) | - | (19.6) | - | (19.6) |
Resultado integral total del período | - | - | - | (19.6) | 70.0 | 50.4 | 0.1 | 50.5 | |
Dividendos pagados | 1.4 | (27.7) | - | - | - | (26.3) | - | (26.3) | |
Transferencia de capital social | (1.4) | 1.4 | - | - | - | - | - | - | |
Transacciones de pago basadas en acciones | - | 1.9 | - | - | - | 1.9 | - | 1.9 | |
Valor de las acciones retenidas para liquidar las obligaciones tributarias de los empleados | - | (1.6) | - | - | - | (1.6) | - | (1.6) | |
Compra de acciones propias | - | - | (2.3) | - | - | (2.3) | - | (2.3) | |
Acciones propias asignadas |
| - | - | 0.3 | - | - | 0.3 | - | 0.3 |
Al 30 de septiembre de 2022 (no auditado)? (1) | - | 544.4 | (8.3) | (21.3) | 698.3 | 1,213.1 | 0.5 | 1,213.6 | |
Beneficio del período | - | - | - | - | 9.6 | 9.6 | - | 9.6 | |
Otro resultado integral del período |
| - | - | - | 2.4 | - | 2.4 | - | 2.4 |
Resultado integral total del período | - | - | - | 2.4 | 9.6 | 12.0 | - | 12.0 | |
Dividendos pagados | - | (31.5) | - | - | - | (31.5) | - | (31.5) | |
Transacciones de pago basadas en acciones | - | 3.6 | - | - | - | 3.6 | - | 3.6 | |
Valor de las acciones retenidas para liquidar las obligaciones tributarias de los empleados |
| - | (0.1) | - | - | - | (0.1) | - | (0.1) |
Al 31 de marzo de 2023 (auditado) | - | 516.4 | (8.3) | (18.9) | 707.9 | 1,197.1 | 0.5 | 1,197.6 | |
Beneficio del período | - | - | - | - | 31.7 | 31.7 | - | 31.7 | |
Otro resultado integral del período |
| - | - | - | 7.6 | - | 7.6 | - | 7.6 |
Resultado integral total del período | - | - | - | 7.6 | 31.7 | 39.3 | - | 39.3 | |
Dividendos pagados | 25 | - | (35.0) | - | - | - | (35.0) | - | (35.0) |
Transacciones de pago basadas en acciones | 7 | - | 1.5 | - | - | - | 1.5 | - | 1.5 |
Valor de las acciones retenidas para liquidar las obligaciones tributarias de los empleados | 7 | - | (1.4) | - | - | - | (1.4) | - | (1.4) |
Acciones propias asignadas | 23 | - | (0.2) | 0.2 | - | - | - | - | - |
Al 30 de septiembre de 2023 (no auditado)(1) |
| - | 481.3 | (8.1) | (11.3) | 739.6 | 1,201.5 | 0.5 | 1,202.0 |
(1) Refer to note 2(a).
Estado de flujos de efectivo intermedio condensado consolidado
para los seis meses terminados el 30 de septiembre de 2023
| Notas | Sin auditar(1) seis meses terminó 30 septiembre 2023 ?m | Sin auditar(1) seis meses terminó 30 septiembre 2022 ?m |
Actividades de explotación | |||
Beneficio del período antes de impuestos | 39.8 | 75.7 | |
Ganancia en la enajenación de propiedades | 0.0 | (4.8) | |
Net exchange differences in working capital | - | (0.3) | |
Pagos basados en acciones | 7 | 1.5 | 1.9 |
Pérdida/(ganancia) por revaluación de propiedades de inversión | 12 | 10.1 | (26.8) |
Cambio en el valor razonable de instrumentos financieros derivados | 8 | 0.8 | (1.2) |
Depreciación de propiedades, planta y equipo | 5 | 1.0 | 1.0 |
Amortización de activos intangibles | 5 | 0.7 | 0.6 |
Depreciación de activos por derecho de uso | 5 | 0.9 | 1.1 |
Participación en los beneficios de los asociados | 17 | (0.3) | (2.6) |
Ingresos financieros | 8 | (2.3) | (1.1) |
Gastos financieros | 8 | 9.2 | 9.3 |
Cambios en el capital de trabajo | |||
Disminución de cuentas por cobrar comerciales y otras | 1.4 | 3.8 | |
Aumento / (disminución) de cuentas comerciales y otras cuentas por pagar | 3.4 | (5.8) | |
Impuestos pagados |
| (2.0) | (2.7) |
flujos de efectivo por actividades operacionales |
| 64.2 | 48.1 |
Actividades de inversión | |||
Compra de propiedades de inversión | - | (0.8) | |
Anticipos relativos a nuevas adquisiciones | - | (3.6) | |
Gastos de capital en propiedades de inversión | (16.4) | (11.9) | |
Compra de planta y equipo y activos intangibles | (1.3) | (3.2) | |
Ingresos por enajenación de propiedades (incluidas las mantenidas para la venta) | 13 | 7.3 | 18.6 |
Dividends received from investments in associates | 2.0 | - | |
Incremento en préstamos por cobrar adeudados por asociados | - | (0.1) | |
Interés recibido |
| 2.3 | 1.1 |
Flujos de efectivo (utilizados en) / de actividades de inversión |
| (6.1) | 0.1 |
Actividades de financiación | |||
Acciones compradas | - | (2.4) | |
Pago relacionado con el ejercicio de opciones sobre acciones | (1.4) | (1.7) | |
Dividendos pagados a los propietarios de la Compañía | 25 | (35.0) | (26.2) |
Reembolso de préstamos | 21 | (22.7) | (2.7) |
Pago de la parte principal de los pasivos por arrendamiento | (1.1) | (0.8) | |
Gastos financieros pagados |
| (6.8) | (2.8) |
Flujos de efectivo utilizados en actividades de financiación |
| (67.0) | (36.6) |
(Disminución) / aumento de efectivo y equivalentes de efectivo | (8.9) | 11.6 | |
Diferencia de cambio neta | 0.3 | (0.5) | |
Efectivo y equivalentes de efectivo al comienzo del período |
| 124.3 | 151.0 |
Efectivo y equivalentes de efectivo al final del período | 19 | 115.7 | 162.1 |
(1) Consulte la nota 2(a)
Notas que forman parte de los estados financieros
para los seis meses terminados el 30 de septiembre de 2023
1. Información general
Sirius Real Estate Limited (la "Compañía") es una compañía constituida en Guernsey y residente en el Reino Unido a efectos fiscales, cuyas acciones cotizan en el mercado principal de la Bolsa de Valores de Londres ("LSE") (cotización principal) y la Junta Principal de la Bolsa de Valores de Johannesburgo ("JSE") (cotización principal).
The consolidated financial information of the Company comprises that of the Company and its subsidiaries (together referred to as the "Group" or "Sirius") for the six month period ended 30 September 2023.
La actividad principal del Grupo es la inversión y el desarrollo de propiedades comerciales e industriales para proporcionar un espacio de trabajo convencional y flexible en Alemania y el Reino Unido ("RU").
2. Políticas contables importantes
(a) Base de preparación
The unaudited condensed interim set of consolidated financial statements has been prepared on a historical cost basis, except for investment properties, investment properties held for sale and derivative financial instruments, which have been measured at fair value. The unaudited condensed interim set of consolidated financial statements is presented in euros and all values are rounded to the nearest hundred thousand shown in millions (?m), except where otherwise indicated. For the comparative period for the six months to 30 September 2022 the values were rounded to the nearest thousand (?000) but are now shown in millions (?m) to the nearest hundred thousand. The unaudited Interim Reports in prior years were presented in euros and all values were rounded to the nearest thousand (?000).
The Group prepares its condensed interim set of financial statements in accordance with the Disclosure and Transparency Rules of the United Kingdom Financial Conduct Authority, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Limited Listings Requirements, IAS 34 "Interim Financial Reporting" and in compliance with the framework concepts and the measurement and recognition requirements of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") as well as The Companies (Guernsey) Law, 2008.
The financial information in this unaudited condensed interim set of consolidated financial statements does not comprise statutory accounts. This unaudited condensed interim set of consolidated financial statements has been reviewed, not audited, by the Group's auditor, Ernst & Young LLP, which issued an unmodified review opinion. The financial information presented for the year ended 31 March 2023 is derived from the statutory accounts for that year. Statutory accounts for the year ended 31 March 2023 were approved by the Board on 2 June 2023. The report of the auditor on those accounts was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report, and (iii) did not contain a statement under Sections 263 (2) or (3) of The Companies (Guernsey) Law, 2008.
As at 30 September 2023 the Group's unaudited condensed interim set of consolidated financial statements reflects consistent accounting policies and methods of computation as used in the previous financial year.
(b) Cambios en las políticas contables
There were several new, and amendments to, standards and interpretations which were applicable for the first time for the Group from 1 April 2023. None of them have had a significant impact on the condensed interim financial statements of the Group.
(c) Medidas no IFRS
The Directors have chosen to disclose EPRA earnings, EPRA net asset value metrics and EPRA loan to value, which are widely used alternative metrics to their IFRS equivalents (further details on EPRA best practice recommendations can be found at www.epra.com). Note 10 to the condensed interim financial statements includes a reconciliation of basic and diluted earnings to EPRA earnings. Note 11 to the condensed interim financial statements includes a reconciliation of net assets to EPRA net asset value metrics. Note 21 to the condensed interim financial statements includes a calculation of EPRA loan to value ratio.
The Directors are required, as part of the JSE Limited Listings Requirements, to disclose headline earnings; accordingly, headline earnings are calculated using basic earnings adjusted for revaluation gains/losses (net of related tax), gains/losses on disposal of properties (net of related tax), non-controlling interest ("NCI") relating to revaluation (net of related tax) and revaluation gain/loss on investment property relating to associates (net of related tax). Note 10 to the condensed interim financial statements includes a reconciliation between IFRS and headline earnings.
The Directors have chosen to disclose adjusted earnings in order to provide an alternative indication of the Group's underlying business performance; accordingly, it excludes the effect of adjusting items (net of related tax). Note 10 to the condensed interim financial statements includes a reconciliation of adjusting items included within adjusted earnings, with certain adjusting items stated within administrative expenses in note 5 and certain finance costs in note 8.
The Directors have chosen to disclose adjusted profit before tax and funds from operations in order to provide an alternative indication of the Group's underlying business performance and to facilitate the calculation of its dividend pool; a reconciliation between profit before tax and funds from operations is included within note 25 to the condensed interim financial statements. Within adjusted profit before tax are adjusting items as described above gross of related tax.
Se pueden encontrar más detalles sobre las medidas no IFRS en la sección de análisis comercial de este documento.
(d) Declaración de cumplimiento
The unaudited condensed interim financial statements have been prepared in accordance with the Disclosure and Transparency Rules of the United Kingdom Financial Conduct Authority, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Reporting Pronouncements as issued by the Financial Reporting Standards Council, the JSE Limited Listings Requirements, IAS 34 "Interim Financial Reporting" and in compliance with the framework concepts and the measurement and recognition requirements of IFRS as well as The Companies (Guernsey) Law, 2008. They do not include all of the information required for the full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 March 2023. The unaudited condensed interim financial statements have been prepared on the basis of the accounting policies set out in the Group's annual financial statements for the year ended 31 March 2023 except for the changes in accounting policies as shown in note 2 (b). The financial statements for the year ended 31 March 2023 have been prepared in accordance with IFRS issued by the IASB.
(e) Negocio en marcha
The Group has prepared its going concern assessment for the period to 31 March 2025 (the "going concern period"), a period greater than twelve months and chosen to include the maturity of certain loans falling due in the fourth quarter of the year ended 31 March 2025. The Directors also evaluated potential events and conditions beyond the going concern period that may cast significant doubt on the Group's ability to continue as a going concern, with no significant transactions or events of material uncertainty identified.
The Group's going concern assessment is based on a forecast of the Group's future cash flows. This considers Management's base case scenario and a severe but plausible downside scenario where sensitivities are applied to model the outcome on the occurrence of downside assumptions explained below. It considers the Group's principal risks and uncertainties and is dependent on a number of factors including financial performance, continued access to lending facilities (see note 21) and the ability to continue to operate the Group's secured and unsecured debt structure within its financial covenants. Within the going concern period, three of the Group's debt facilities mature, with a ?5.0m tranche of the HSBC Schuldschein loan falling due in January 2025 and a ?10.0m tranche falling due in March 2025 and the ?12.8m Saarbrücken Sparkasse facility falling due in February 2025. No further debt of the Group matures until June 2026.
The severe but plausible scenario models a potential downturn in the Group's performance, including the potential impact of downside macro-factors such as geopolitical instability, future energy shortages, further cost increases due to inflation, pressures from increasing interest rates and outward yield movements on the Group's financial position and future prospects. The cash flow projections incorporate assumptions on future trading performance and potential valuation movements in order to estimate the level of headroom on the Group's debt facilities and covenants for loan to value, debt service cover, EPRA net asset value, unencumbered assets ratios, fixed charge ratios and occupancy ratios set out within the relevant finance agreements.
The impact of the macro-factors above has placed further pressure on the costs of the business, however this did not result in any deterioration in the Group's income streams in the year ended 31 March 2023 or the period ended 30 September 2023 and asset values remained relatively stable throughout. However, the Directors continue to be mindful of the challenging macro-factors present in the market and maintain their view held on 31 March 2023 on the severity of the falls in valuations assessed in the severe but plausible downside scenario in the going concern period.
The base case and severe but plausible downside scenarios include the following assumptions applied to both the German and UK portfolios:
Caso base:
» 5.5% growth in rent roll at 30 September 2023, principally from contractual increases in rents and organic growth through lease renewals;
» increasing cost levels in line with forecast inflation of 6% to December 2024 and 2% to March 2025;
» continuation of forecast capex investment;
» utilisation of the contractually committed Berlin Hyp AG and Deutsche Pfandbriefbank AG facilities on the maturity of existing facilities in October and December 2023;
» payment of contractual loan interest and loan amortisation amounts, refinancing of ?5.0m and ?10.0m Schuldschein facilities falling due in January and March 2025 respectively as well as the ?12.8m Saarbrücken Sparkasse facility and utilisation of the new Berlin Hyp AG and Deutsche Pfandbriefbank AG facilities on the maturity of existing facilities in October and December 2023; and
» only acquisitions and disposals which are contractually committed are made, which includes the ?40.1m disposal of Maintal which was notarised on 1 November 2023 and the ?41.2m acquisition of Islington and Camden which was completed on 6 November 2023.
Escenario negativo severo pero plausible:
» reduction in occupancy and rental income of 10% per annum from the base case assumptions;
» reduction in service charge recovery of 10% per annum from the base case assumptions;
» reduction in property valuations of 10% per annum;
» continuation of forecast capex investment;
» continuation of forecast dividend payments in line with historic dividend payouts;
» utilisation of the contractually committed Berlin Hyp AG and Deutsche Pfandbriefbank AG facilities on the maturity of existing facilities in October and December 2023;
» payment of contractual loan interest and loan amortisation amounts, repayment of ?5.0m and ?10.0m Schuldschein facilities falling due in January and March 2025 respectively as well as refinancing the ?12.8m Saarbrücken Sparkasse facility; and
» only acquisitions and disposals which are contractually committed are made, which includes the ?40.1m disposal of Maintal which was notarised on 1 November 2023 and the ?41.2m acquisition of Islington and Camden which was completed on 6 November 2023.
The Directors are of the view that there is a remote probability of a more severe scenario arising than the above severe but plausible downside scenario based upon the Group's track record of performance in challenging scenarios, most recently through the high inflationary environment in both Germany and the UK, the Covid-19 pandemic and post-pandemic period. In addition, the Group has already secured the refinancing of the ?58.3m Deutsche Pfandbriefbank AG and ?170.0m Berlin Hyp AG facilities in advance of their maturity dates in the going concern period.
In the severe but plausible downside scenario, the Group is expected to maintain sufficient liquidity, and comply with its loan covenants, with no covenant breaches forecasted.
The Directors are of the view that there is a high probability of securing the refinancing or an alternative source of secured or unsecured funding to replace the aggregate ?15.0m Schuldschein facilities and the ?12.8m Saarbrücken Sparkasse facility. This judgement has been informed by the Group's financial forecasts and the Group's track-record in previously refinancing maturing debt.
In the severe but plausible downside scenario, the Group assumes full repayment of the maturing loan obligations as they fall due, amounting to ?27.8m in the going concern period. The Group's forecasts indicate sufficient free cash would be available to repay these funds in full and maintain sufficient liquidity to not require the additional mitigating actions as outlined below available to it, should the severe but plausible downside scenario come to pass.
The Group also performed a reverse stress test over the impact of a fall in its property valuations and income reductions during the going concern period. This showed that the Group could withstand a fall in valuations of 21%, before there was a loan to value covenant breach and a reduction of 26% of income before any income related covenants would breach, levels which the Group has not seen before. This is therefore considered to be a remote possibility during the going concern period. In each of the scenarios considered for going concern, the Group forecasts having sufficient free cash available and if required, could utilise available mitigating actions which would be available to the Group in the going concern review period, which include restricting dividends, reducing capital expenditure or the disposal of assets. The restriction of dividends or reducing capital expenditure are within the control of the Directors and there is sufficient time to implement these restrictions, if required. The Directors have not identified any material uncertainties which may cast significant doubt on the Group's ability to continue as a going concern for the duration of the going concern period.
After due consideration of the going concern assessment for the period to 31 March 2025, the Board believes it is appropriate to adopt the going concern basis in preparing its financial statements.
(f) Principales riesgos e incertidumbres
The key risks that could affect the Group's medium-term performance and the factors which mitigate these risks have not changed substantially from those set out on pages 72 to 81 of the Group's Annual Report and Accounts 2023 and have been assessed in line with the requirements of the 2018 UK Corporate Governance Code. The risks are set out below. The Board is satisfied that the Company continues to operate within its risk profile for the remaining six months of the financial year.
Resumen de principales riesgos
Zona de riesgo | Riesgo(s) principal(es) |
1. Financiamiento | ? Availability and pricing of debt |
? Leverage on returns ? Compliance with loan facility covenants | |
? Availability and pricing of equity capital | |
| ? Reputational risk |
2. Valoración | ? Property inherently difficult to value |
| ? Susceptibility of property market to change in value |
3. Los mercados | ? Participation within two geographically diverse markets |
? Reliance on specific industries and the SME market | |
| ? Reduction in occupancy |
4. Crecimiento adquisitivo | ? Decrease in number of acquisition opportunities coming to market |
| ? Failure to acquire suitable properties with desired returns |
5. Crecimiento orgánico | ? Failure to deliver capex investment programmes |
? Failure to refuel capex investment programmes | |
| ? Failure to achieve targeted returns from investments |
6. Cliente | ? Decline in demand for space |
? Significant tenant move-outs or insolvencies | |
? Exposure to tenants' inability to meet rental and other lease commitments | |
| ? Tenant affordability |
7. Normativa y fiscal | ? Non-compliance with tax or regulatory obligations |
8. Gente | ? Inability to recruit and retain people with the appropriate skillset to deliver the Group strategy |
9. Sistemas y datos | ? System failures and loss of data |
? Security breaches | |
| ? Data protection |
10. Macroeconómico | ? Delays in cash collection and tenant insolvencies |
entorno | ? Inflationary pressure leading to increased costs |
? Increasing energy costs caused by a variety of economic and geopolitical factors | |
| ? Interest rate movements impacting the commercial real estate market |
11. ASG | ? Unforeseen costs relating to physical and transition risks associated with climate change |
? Reputational risk | |
? Failure to meet shareholder and societal requirements or expectations | |
| ? Restricted access to financing market due to higher requirements ("green financing") |
12. Moneda extranjera | ? Financial impact of uncontrollable foreign currency fluctuation on earnings and net asset value |
3. Segmentos operativos
La información sobre cada segmento operativo en función de la ubicación geográfica en la que opera el Grupo se proporciona al máximo responsable de la toma de decisiones operativas, es decir, al Equipo de Alta Dirección del Grupo, de forma agregada y representada como ingresos y gastos operativos.
The investment properties that the Group owns are aggregated into segments with similar economic characteristics such as the nature of the property, the products and services it provides, the customer type for the product served, and the method in which the services are provided. The Group's Senior Management Team considers that this is best achieved through the operating segments of German assets and UK assets. The Group's investment properties are considered to be their own segment. The properties at each location (Germany and the UK) have similar economic characteristics. These have been aggregated into two operating segments based on location in accordance with the requirements of IFRS 8. The Group's Senior Management Team considers the two locations to be separate segments. Further disaggregation of the investment properties is disclosed in note 12 owing to the range in values of key inputs and assumptions underpinning the property valuation. Consequently, the Group is considered to have two reportable operating segments, as follows:
? Germany; and
? the UK.
Consolidated information by segment is provided on a net operating income basis, which includes revenues made up of gross rents from third parties and direct expenses, gains/losses on property valuations and property disposals. All of the Group's share of profit of associates and administrative expenses including amortisation and depreciation and movement in expected credit loss provision are separately disclosed as part of operating profit. Group administrative costs, finance income and expenses and change in fair value of derivative financial instruments are disclosed.
Income taxes and depreciation are not reported to the Senior Management Team on a segmented basis. There are no sales between segments. There is no single tenant that makes up more than 10% of each segment's revenue or Group revenue.
Seis meses sin auditar finalizó el 30 de septiembre de 2023 | Seis meses sin auditar finalizó el 30 de septiembre de 2022 | ||||||
| Alemania ?m | UK ?m | Total ?m |
| Alemania ?m | UK ?m | Total ?m |
Ingresos por alquiler de propiedades de inversión | 62.5 | 17.7 | 80.2 | 58.1 | 19.3 | 77.4 | |
Rental income from managed properties | - | - | - | 2.3 | - | 2.3 | |
Other income from investment properties | 1.9 | 0.4 | 2.3 | 1.7 | 0.4 | 2.1 | |
Ingresos por cargos por servicios de propiedades de inversión | 37.2 | 12.0 | 49.2 | 31.0 | 8.5 | 39.5 | |
Other income from managed properties | 3.1 | - | 3.1 | 2.5 | - | 2.5 | |
Ingresos por cargos por servicio de propiedades administradas | 5.3 | - | 5.3 |
| 6.8 | - | 6.8 |
Ingresos | 110.0 | 30.1 | 140.1 |
| 102.4 | 28.2 | 130.6 |
Costos directos | (48.5) | (10.3) | (58.8) |
| (48.3) | (9.1) | (57.4) |
El margen de explotación | 61.5 | 19.8 | 81.3 | 54.1 | 19.1 | 73.2 | |
(Pérdida)/ganancia por revaluación de propiedades de inversión | 8.4 | (18.5) | (10.1) | 19.4 | 7.4 | 26.8 | |
Ganancia en la enajenación de propiedades | 0.0 | - | 0.0 | - | 4.8 | 4.8 | |
depreciación y amortización | (2.1) | (0.5) | (2.6) | (2.1) | (0.7) | (2.8) | |
Movimiento en la provisión para pérdidas crediticias esperadas(1) | 0.5 | - | 0.5 | 0.3 | - | 0.3 | |
Otros gastos administrativos(1) | (16.8) | (5.1) | (21.9) | (19.0) | (3.3) | (22.3) | |
Participación en los beneficios de los asociados | 0.3 | - | 0.3 |
| 2.6 | - | 2.6 |
Ganancia / (pérdida) operativa | 51.8 | (4.3) | 47.5 |
| 55.3 | 27.3 | 82.6 |
Ingresos financieros | 1.5 | 0.8 | 2.3 | 1.1 | - | 1.1 | |
Amortización de costos financieros capitalizados | (1.5) | - | (1.5) | (1.6) | - | (1.6) | |
Otros gastos financieros | (5.6) | (2.1) | (7.7) | (5.5) | (2.1) | (7.6) | |
Cambio en el valor razonable de instrumentos financieros derivados | (0.8) | - | (0.8) |
| 1.2 | - | 1.2 |
Costos financieros netos | (6.4) | (1.3) | (7.7) |
| (4.8) | (2.1) | (6.9) |
Segment profit/(loss) for the period before tax | 45.4 | (5.6) | 39.8 |
| 50.5 | 25.2 | 75.7 |
(1) To conform to the current period presentation, the movement in expected credit loss provision has been shown as a separate line and this is a reallocation from other administrative expenses for the period ended 30 September 2022.
Sin auditar 30 de septiembre de 2023 | Auditado el 31 de marzo de 2023 | ||||||
| Alemania ?m | UK ?m | Total ?m |
| Alemania ?m | UK ?m | Total ?m |
Activos del segmento | |||||||
Propiedades de inversión | 1,703.9 | 425.6 | 2,129.5 | 1,691.6 | 431.4 | 2,123.0 | |
Inversión en asociados | 25.0 | - | 25.0 | 26.7 | - | 26.7 | |
Otros activos no corrientes(1) | 21.4 | 3.4 | 24.8 |
| 21.9 | 3.8 | 25.7 |
Activos no corrientes del segmento total | 1,750.3 | 429.0 | 2,179.3 |
| 1,740.2 | 435.2 | 2,175.4 |
(1) Consiste en planta y equipo, activos intangibles y activos por derecho de uso.
4. Ingresos
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Ingresos por alquiler de propiedades de inversión | 80.2 | 77.4 |
Rental income from managed properties | - | 2.3 |
Other income from investment properties | 2.3 | 2.1 |
Ingresos por cargos por servicios de propiedades de inversión | 49.2 | 39.5 |
Other income from managed properties | 3.1 | 2.5 |
Ingresos por cargos por servicio de propiedades administradas | 5.3 | 6.8 |
Los ingresos totales | 140.1 | 130.6 |
Other income relates to income associated with conferencing and catering of ?2.3m (30 September 2022: ?2.1m) and fee income from managed properties of ?3.1m (30 September 2022: ?2.5m).
Total revenue from contracts with customers includes service charge income and other income totalling ?51.5m from investment properties (30 September 2022: ?41.6m) and ?8.4m from managed properties (30 September 2022: ?9.3m).
A reconciliation of the revenue from contracts with customers with the amounts disclosed in the segment information (see note 3) is as follows:
Seis meses sin auditar finalizó el 30 de septiembre de 2023 | Seis meses sin auditar finalizó el 30 de septiembre de 2022 | ||||||
| Alemania ?m | UK ?m | Total ?m |
| Alemania ?m | UK ?m | Total ?m |
Ingresos por alquiler de propiedades de inversión | 62.5 | 17.7 | 80.2 | 58.1 | 19.3 | 77.4 | |
Rental income from managed properties | - | - | - |
| 2.3 | - | 2.3 |
Ingresos totales por alquiler | 62.5 | 17.7 | 80.2 |
| 60.4 | 19.3 | 79.7 |
Other income from investment properties | 1.9 | 0.4 | 2.3 | 1.7 | 0.4 | 2.1 | |
Ingresos por cargos por servicios de propiedades de inversión | 37.2 | 12.0 | 49.2 | 31.0 | 8.5 | 39.5 | |
Other income from managed properties | 3.1 | - | 3.1 | 2.5 | - | 2.5 | |
Ingresos por cargos por servicio de propiedades administradas | 5.3 | - | 5.3 |
| 6.8 | - | 6.8 |
Ingresos totales de contratos con clientes | 47.5 | 12.4 | 59.9 |
| 42.0 | 8.9 | 50.9 |
Los ingresos totales | 110.0 | 30.1 | 140.1 |
| 102.4 | 28.2 | 130.6 |
5. Beneficio operativo
Se han cargado los siguientes elementos al llegar a la utilidad de operación:
Costos directos
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Costos de cargos por servicios relacionados con propiedades de inversión | 48.8 | 45.0 |
Costos relacionados con propiedades administradas | 6.5 | 9.8 |
Costos de mantenimiento no recuperables | 3.5 | 2.6 |
Costos directos | 58.8 | 57.4 |
Movimiento en la provisión para pérdidas crediticias esperadas
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Pérdida crediticia esperada reconocida | 8.2 | 7.4 |
Pérdida crediticia esperada revertida | (8.7) | (7.7) |
Movimiento en la provisión para pérdidas crediticias esperadas(1) | (0.5) | (0.3) |
(1) To conform to the current period presentation, the movement in expected credit loss provision has been shown as a separate line in the condensed interim consolidated income statement and this is a reallocation from other administrative expenses for the period ended 30 September 2022.
The expected credit loss provision has decreased during the period mainly due to the decrease of gross trade receivables.
Gastos administrativos
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Honorarios de auditoría y de no auditoría a la firma de auditoría | 0.6 | 0.6 |
Honorarios legales y profesionales | 3.0 | 2.7 |
Otros costos de administración | 2.8 | 2.6 |
Pagos basados en acciones | 1.5 | 1.9 |
Costos de empleados | 11.7 | 11.8 |
Honorarios y gastos de director | 0.3 | 0.3 |
Depreciación de planta y equipo | 1.0 | 1.1 |
Amortización de activos intangibles | 0.7 | 0.6 |
Depreciación de activos por derecho de uso (ver nota 15) | 0.9 | 1.1 |
Marketing | 1.7 | 1.3 |
Artículos excepcionales | 0.3 | 1.1 |
Gastos administrativos(1) | 24.5 | 25.1 |
(1) To conform to the current period presentation, the movement in expected credit loss provision has been shown as a separate line in the condensed interim consolidated income statement and this is a reallocation from other administrative expenses for the period ended 30 September 2022.
Other administration costs include net foreign exchange losses in amount of ?0.02m as a result of declining British pound sterling ("GBP") rates throughout the period (30 September 2022: ?0.3m loss as a result of declining British pound sterling ("GBP") rates throughout the period).
Los costos de los empleados, como se indicó anteriormente, se relacionan con los costos que no se recuperan a través del cargo por servicio.
Los artículos excepcionales se relacionan con lo siguiente:
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Otros honorarios por proyectos(1) | - | 2.9 |
Costos de casos legales(2) | 0.3 | 0.3 |
Cargos por terminación del contrato de arrendamiento(3) | - | 0.9 |
Decrease in tax liabilities recognised on acquisition of BizSpace Group(4) | - | (3.0) |
Total | 0.3 | 1.1 |
(1) The other fees for projects amounting to ?2.9m for the period ended 30 September 2022 were related to capital management measures undertaken by the Group. These measures are non-recurring in nature, outside the normal course of business and have been identified as exceptional items.
(2) The legal case costs amounting to ?0.3m relates to one legal case (see note 20). The legal cases in the period ended 30 September 2022 amounting to ?0.3m relates to multiple legal cases including the legal case mentioned in note 20. These legal cases are non-recurring in nature, outside the normal course of business and have been identified as exceptional items.
(3) The lease agreement termination fee amounting to ?0.9m for the period ended 30 September 2022 was compensation for early termination of a rental contract at the end of July 2022 within the UK segment of the Group. These termination fees are non-recurring in nature, outside the normal course of business and have been identified as exceptional items.
(4) In the period ended 30 September 2022, the Group identified an error in the accrual of tax liabilities arising in the BizSpace Group as at 31 March 2022, resulting in an overstatement of the tax liability of ?5.0m, of which ?3.0m arose on acquisition. These were assessed as not being material to the 31 March 2022 financial statements and the reduction in the liability was recorded in the financial statements for the six months ended 30 September 2022. The amounts have been recorded within administrative expenses under exceptional items and the taxation (see note 9) lines of the income statement.
6. Costos y cifras de empleados
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Sueldos y salarios | 15.4 | 14.6 |
Costos de seguridad social | 2.5 | 2.2 |
Plan de pensiones de aportación definida | 0.2 | 0.2 |
Otros costos laborales | 0.4 | 0.4 |
Total | 18.5 | 17.4 |
Included in the costs related to wages and salaries for the period are expenses of ?1.5m (30 September 2022: ?1.9m) relating to the granting or award of shares (see note 7). The costs for all periods include those relating to Executive Directors.
Todos los empleados están empleados directamente por una de las siguientes empresas subsidiarias del Grupo: Sirius Facilities GmbH, Sirius Facilities (UK) Limited, Curris Facilities & Utilities Management GmbH, SFG NOVA GmbH, Sirius Finance (Cyprus) Limited, BizSpace Limited, BizSpace II Limited, M25 Business Centers Limited y Sirius Corporate Services BV El número medio de personas empleadas por el Grupo durante el período fue de 407 (30 de septiembre de 2022: 413) expresado en equivalentes a tiempo completo. Además, a 30 de septiembre de 2023, el Consejo de Administración consta de seis Consejeros no ejecutivos (30 de septiembre de 2022: seis) y dos Consejeros ejecutivos (30 de septiembre de 2022: dos).
7. Planes de empleados
Pagos basados en acciones liquidados mediante acciones
LTIP 2018
The LTIP for the benefit of the Executive Directors and the Senior Management Team was approved in 2018. Awards granted under the LTIP are made in the form of nil-cost options which vest after the three year performance period with vested awards being subject to a further holding period of two years. Awards are split between ordinary and outperformance awards. Ordinary awards carry both adjusted net asset value per share ("TNR") (two-thirds of award) and relative total shareholder return ("TSR") (one-third of award) performance conditions and outperformance awards carry a sole TNR performance condition. Awards are equity settled. The employees' tax obligation will be determined upon the vesting date of the share issue.
The following assumptions were used in calculating the fair value per share for the TNR and TSR elements of the awards that were granted:
Junio 2019 conceder |
| Junio 2020 conceder |
| |||
| TNR | TSR |
| TNR | TSR |
|
Metodología de valoración | Scholes negro | Monte-Carlo | Scholes negro | Monte-Carlo | ||
Cálculo para | 2/3 ordinary award/ outperformance award | 1/3 ordinario de premio | 2/3 ordinario de premio | 1/3 premio ordinario | ||
Total charge for the award - ?m | 2.1 | 2.3 | ||||
Expected lapse rate | 0% | 0% | 0% | 0% | ||
Share price at grant date - ? | 0.73 | 0.73 | 0.84 | 0.84 | ||
Exercise price - ? | cero | cero | cero | cero | ||
Volatilidad esperada -%(1) | 23.8 | 23.8 | 38.5 | 38.5 | ||
Período de proyección de desempeño - años | 2.80 | 2.67 | 2.79 | 2.67 | ||
Rentabilidad de dividendos esperada -% | 4.56 | 4.56 | 4.28 | 4.28 | ||
Risk-free rate based on European | (0.695) pa | (0.695) pa | (0.68) pa | (0.68) pa | ||
Resultado esperado de las condiciones de rendimiento -% | 100/25 | 100 | 88.8 | n / a | ||
Fair value per share - ? | 0.643 | 0.340 | 0.745 | 0.564 | ||
Weighted average fair value of share - ?(2) | 0.54 | 0.68 | ||||
Número de acciones otorgadas | 2,506,667/690,000 | 1,253,333(3) | 2,400,000 | 1,200,000 | ||
Forfeited during the performance period | - | 500,000 |
(1) Assumptions considered in this model include: expected volatility of the Company's share price, as determined by calculating the historical volatility of the Company's share price over the period immediately prior to the date of grant and commensurate with the expected life of the awards; dividend yield based on the actual dividend yield as a percentage of the share price at the date of grant; performance projection period; risk-free rate; and correlation between comparators.
(2) Charges for the awards are based on fair values calculated at the grant date and expensed on a straight-line basis over the period that individuals are providing service to the Group in respect of the awards.
(3) Another 93,039 share awards have been granted throughout the performance period as part of dividend equivalents.
The June 2019 grant vested on 18 July 2022. Vesting was at partial level for all participants resulting in the exercise of 1,620,093 shares with a weighted average share price of ?1.02 at the date of exercise. 1,391,585 shares have been surrendered in relation to the partial settlement of certain participants' tax liabilities arising in respect of the vesting. An amount of ?1.6m was paid for the participants' tax liabilities.
The remaining 1,531,361 shares vested on 23 November 2022. Final vesting resulted in the exercise of 811,621 shares with a weighted average share price of ?1.02 at the date of exercise. 719,740 shares have been surrendered in relation to the settlement of certain participants' tax liabilities arising in respect of the vesting.
The June 2020 grant vested on 22 May 2023. Vesting resulted in the exercise of 1,859,000 shares with a weighted average share price of ?1.02 at the date of exercise. 1,241,000 shares have been surrendered in relation to the partial settlement of certain participants' tax liabilities arising in respect of the vesting. An amount of ?1.3m was paid for the participants' tax liabilities.
LTIP 2021
The LTIP for the benefit of the Executive Directors and the Senior Management Team was approved in 2021. Awards granted under the LTIP are made in the form of nil-cost options which vest after the three year performance period with vested awards being subject to a further restricted period of two years when shares acquired on exercise cannot be sold. Awards are subject to TNR (two-thirds of award) and relative TSR (one-third of award) performance conditions. Awards are equity settled. The employees' tax obligation will be determined upon the vesting date of the share issue.
The following assumptions were used in calculating the fair value per share for the TNR and TSR elements of the awards that were granted:
Agosto 2021 conceder |
| Julio 2022 conceder |
| Junio 2023 |
| Septiembre 2023 conceder | |||||
| TNR | TSR |
| TNR | TSR |
| TNR | TSR |
| TNR | TSR |
Metodología de valoración | Scholes negro | Monte-Carlo | Scholes negro | Monte-Carlo | Scholes negro | Monte-Carlo | Scholes negro | Monte-Carlo | |||
Cálculo para | 2/3 premio ordinario | 1/3 premio ordinario | 2/3 premio ordinario | 1/3 premio ordinario | 2/3 premio ordinario | 1/3 premio ordinario | 2/3 premio ordinario | 1/3 premio ordinario | |||
Total charge for the award - ?m | 4.7 | 2.6 | 2.9 | 0.8 | |||||||
Expected lapse rate | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | |||
Share price at grant date - ? | 1.39 | 1.39 | 1.05 | 1.05 | 1.04 | 1.04 | 1.03 | 1.03 | |||
Exercise price - ? | cero | cero | cero | cero | cero | cero | cero | cero | |||
Volatilidad esperada -%(1) | 40.5 | 40.5 | 41.2 | 41.2 | 32.7 | 32.7 | 31.4 | 31.4 | |||
Vida esperada - años | 2.91 | 2.91 | 2.95 | 2.95 | 2.97 | 2.97 | 2.68 | 2.68 | |||
Período de proyección de desempeño - años | 2.66 | 2.66 | 2.70 | 2.70 | 2.81 | 2.81 | 2.52 | 2.52 | |||
Rentabilidad de dividendos esperada -% | 2.79 | 2.79 | 4.21 | 4.21 | 5.52 | 5.52 | 5.47 | 5.47 | |||
Tasa libre de riesgo basada en la tasa de rendimiento de los bonos del Tesoro europeos -% | (0.817) pa | (0.817) pa | 0.609 pa | 0.609 pa | 2.65 pa | 2.65 pa | 3.05 pa | 3.05 pa | |||
Fair value per share - ? | 1.28?(2) | 0.84?(3) | 0.93?(2) | 0.40?(3) | 0.88(2) | 0.59(3) | 0.89?(2) | 0.71?(3) | |||
Weighted average fair value of share - ?(4) | 1.13 | 0.75 | 0.77 | 0.83 | |||||||
Número de acciones otorgadas | 2,769,413 | 1,384,706 | 2,320,019 | 1,160,009 | 2,462,171 | 1,231,086 | 604,001 | 302,001 | |||
Forfeited during the performance period | 725,000 | 635,000 | - | - |
(1) Expected volatility of the Company's share price was determined by calculating the historical volatility of the Company's share price over the period immediately prior to the date of grant, commensurate with the term to the end of the performance period.
(2) In accordance with IFRS 2, TNR is classed as a non-market performance condition. As such, the fair value has been calculated using a Black-Scholes model and does not take the expected outcome of the performance condition into account. The Company currently estimates the expected vesting outcome for the TNR award to be 100%.
(3) In accordance with IFRS 2, relative TSR is classed as a market-based performance condition. As such, projected performance and the likelihood of achieving the condition have been taken into account when calculating the fair value using a Monte-Carlo model. The model also uses assumptions for the expected volatility of comparator companies, the pairwise correlation between comparator companies and TSR performance between the start of the performance period and the date of grant.
(4) Charges for the awards are based on fair values calculated at the grant date and expensed on a straight-line basis over the period that individuals are providing service to the Group in respect of the awards.
2021 sorbo
A SIP for the benefit of senior employees was approved in 2021. Awards granted under the SIP are made in the form of a conditional right to receive a specified number of shares for nil cost which vest after the three year performance period with vested awards being subject to a further restricted period of one year when shares cannot be sold. Awards are subject to TNR (two-thirds of award) and relative TSR (one-third of award) performance conditions. Awards are equity settled. The employees' tax obligation will be determined upon the vesting date of the share issue.
The following assumptions were used in calculating the fair value per share for the TNR and TSR elements of the awards that were granted:
| Septiembre 2021 conceder |
| Abril de 2022 conceder |
| Agosto 2022 conceder |
| Junio 2023 (Reino Unido) conceder |
| Junio 2023 conceder |
| Septiembre 2023 conceder | |||||||
| TNR | TSR |
| TNR | TSR |
| TNR | TSR |
| TNR | TSR |
| TNR | TSR |
| TNR | TSR | |
Metodología de valoración | Negro- | Monte- | Scholes negro | Monte- | Scholes negro | Monte- | Scholes negro | Monte- | Scholes negro | Monte- | Scholes negro | Monte- | ||||||
Cálculo para | 2/3 premio ordinario | 1/3 premio ordinario | 2/3 premio ordinario | 1/3 premio ordinario | 2/3 premio ordinario | 1/3 premio ordinario | 2/3 premio ordinario | 1/3 premio ordinario | 2/3 premio ordinario | 1/3 premio ordinario | 2/3 premio ordinario | 1/3 premio ordinario | ||||||
Total charge for the award - ?m | 3.7 | 0.03 | 1.5 | 1.3 | 0.4 | 0.4 | ||||||||||||
Expected lapse rate | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | ||||||
Share price at grant date - ? | 1.49 | 1.49 | 1.51 | 1.51 | 1.13 | 1.13 | 1.04 | 1.04 | 1.04 | 1.04 | 1.03 | 1.03 | ||||||
Exercise price - ? | n / a | n / a | n / a | n / a | n / a | n / a | n / a | n / a | n / a | n / a | n / a | n / a | ||||||
Volatilidad esperada -%(1) | 40.7 | 40.7 | 32.5 | 32.5 | 29.7 | 29.7 | 32.7 | 32.7 | 32.7 | 32.7 | 31.3 | 31.3 | ||||||
Vida esperada - años | 3.48 | 3.48 | 2.92 | 2.92 | 2.58 | 2.58 | 3.73 | 3.73 | 2.97 | 2.97 | 3.49 | 3.49 | ||||||
Rendimiento projection period - years | 2.56 | 2.56 | 2.00 | 2.00 | 1.66 | 1.66 | 2.81 | 2.81 | 2.81 | 2.81 | 2.57 | 2.57 | ||||||
Rentabilidad de dividendos esperada -% | 2.60 | 2.60 | 2.93 | 2.93 | 3.96 | 3.96 | 5.52 | 5.52 | 5.52 | 5.52 | 5.60 | 5.60 | ||||||
Tasa libre de riesgo basada en la tasa de rendimiento de los bonos del Tesoro europeos -% | (0.737) Pensilvania | (0.737) Pensilvania | (0.074) Pensilvania | (0.074) Pensilvania | 0.184 Pensilvania | 0.184 Pensilvania | 2.65 Pensilvania | 2.65 Pensilvania | 2.65 Pensilvania | 2.65 Pensilvania | 2.82 Pensilvania | 2.82 Pensilvania | ||||||
Fair value per share - ? | 1.36?(2) | 0.92?(3) | 1.39?(2) | 0.89?(3) | 1.02?(2) | 0.46?(3) | 0.85?(2) | 0.56(3) | 0.88?(2) | 0.60(3) | 0.85?(2) | 0.6? 5(3) | ||||||
Weighted average fair value of share - ?(4) | 1.21 | 1.22 | 0.83 | 0.77 | 0.77 | 0.78 | ||||||||||||
Número de acciones otorgadas | 2,049,667 | 1,024,833 | 20,000 | 10,000 | 1,166,667 | 583,333 | 1,166,667 | 583,333 | 333,333 | 166,667 | 426,667 | 213,333 | ||||||
Forfeited during the perf. period | 366,000 |
| - |
| 350,000 |
| - |
| - |
| - | |||||||
(1) Expected volatility of the Company's share price was determined by calculating the historical volatility of the Company's share price over the period immediately prior to the date of grant, commensurate with the term to the end of the performance period.
(2) In accordance with IFRS 2, TNR is classed as a non-market performance condition. As such, the fair value has been calculated using a Black-Scholes model and does not take the expected outcome of the performance condition into account. The Company currently estimates the expected vesting outcome for the TNR award to be 100%.
(3) In accordance with IFRS 2, relative TSR is classed as a market-based performance condition. As such, projected performance and the likelihood of achieving the condition have been taken into account when calculating the fair value using a Monte-Carlo model. The model also uses assumptions for the expected volatility of comparator companies, the pairwise correlation between comparator companies and TSR performance between the start of the performance period and the date of grant.
(4) Charges for the awards are based on fair values calculated at the grant date and expensed on a straight-line basis over the period that individuals are providing service to the Group in respect of the awards.
Plan de bonificación diferida
The Deferred Bonus Plan ("DBP") is subject to rules approved by the Board and to the Directors' Remuneration Policy (approved by shareholders triennially) for Executive Directors of Sirius Real Estate Limited only.
The Executive Directors consisting of the Chief Executive Officer, the Chief Financial Officer and the Chief Investment Officer of the Company are currently required to participate in the DBP.
The participants are subject to annual performance bonus conditions and objectives to be agreed by the Remuneration Committee. At the end of the applicable financial year, and on receipt of an annual performance bonus, as determined by the Remuneration Committee, 50% or 65% depending on the participants are awarded as cash with the remainder transferred into shares in the Company. Of the remaining 50% or 35% for certain participants to be transferred in shares, half is deferred for one year and the remaining half is deferred for two years.
For the period ended 30 September 2023, an amount of ?0.1m was paid for the participants' DBP tax liabilities.
Número de adjudicaciones de acciones
Los movimientos en el número de premios pendientes son los siguientes:
Sin auditar seis meses terminaron | auditado año terminado 31 de marzo de 2023 | ||||
| Número de compartir premios | Ponderado promedio ejercicio precio ?m |
| Número de compartir premios | Ponderado promedio ejercicio precio ?m |
Saldo pendiente al comienzo del período (ninguno ejercitable) | 14,478,647 | - | 15,278,619 | - | |
Máximo otorgado durante el período | 7,489,259 | - | 5,353,067 | - | |
Perdido durante el período | (966,000) | - | (1,610,000) | - | |
Ejercido durante el período | (1,859,000) | - | (2,431,714) | - | |
Acciones entregadas para cubrir obligaciones tributarias de los empleados | (1,241,000) | - |
| (2,111,325) | - |
Saldo pendiente al final del período (cero ejercitable) | 17,901,906 | - |
| 14,478,647 | - |
Esquemas de beneficios para empleados
A reconciliation of share-based payments and employee benefit schemes and their impact on the condensed interim consolidated income statement is as follows:
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Cargo relacionado con LTIP 2018 - subvención de junio de 2019 | - | - |
Cargo relacionado con LTIP 2018 - subvención de junio de 2020 | - | 0.4 |
Cargo relacionado con LTIP 2021 - Subvención de agosto de 2021 | 0.2 | 0.8 |
Cargo relacionado con LTIP 2021 - Subvención de julio de 2022 | 0.2 | 0.2 |
Cargo relacionado con LTIP 2021 - subvención de junio de 2023 | 0.3 | - |
Charge relating to 2021 LTIP - September 2023 grant | 0.0 | - |
Cargo relativo al SIP 2021 - Beca septiembre 2021 | 0.2 | 0.5 |
Cargo relativo al SIP 2021 - Subvención abril 2022 | 0.0 | 0.0 |
Cargo relacionado con el SIP de 2021 - subvención de agosto de 2022 | 0.2 | 0.0 |
Charge relating to 2021 SIP - June 2023 grant | 0.2 | - |
Cargo relativo al SIP 2021 - Beca septiembre 2023 | 0.0 | - |
DBP | 0.2 | - |
Total condensed interim consolidated income statement charge relating to share-based payments | 1.5 | 1.9 |
An amount of ?1.5m (30 September 2022: ?1.9m) is recognised in other distributable reserves as per the condensed interim consolidated statement of changes in equity. In addition, an amount of ?1.4m (30 September 2022: ?1.6m) has been paid for participants' tax liabilities in relation to share-based payment schemes.
8. Ingresos financieros, gastos financieros y cambio en el valor razonable de instrumentos financieros derivados
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Ingresos por intereses bancarios | 1.2 | - |
Ingresos financieros de asociadas | 1.1 | 1.1 |
Ingresos financieros | 2.3 | 1.1 |
Gastos por intereses de préstamos bancarios | (6.8) | (6.8) |
Gastos por intereses relacionados con pasivos por arrendamiento (ver nota 15) | (0.6) | (0.5) |
Amortización de costos financieros capitalizados | (1.5) | (1.6) |
Gasto total por intereses | (8.9) | (8.9) |
cargos bancarios | (0.3) | (0.3) |
Otros costos financieros | (0.3) | (0.3) |
Gastos financieros | (9.2) | (9.2) |
Cambio en el valor razonable de instrumentos financieros derivados | (0.8) | 1.2 |
Gastos financieros netos | (7.7) | (6.9) |
The change in fair value of derivative financial instruments of ?(0.8)m (30 September 2022: ?1.2m) reflects the change in the market valuation of these financial instruments.
9. Impuestos
Estado de resultados intermedio condensado consolidado
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Impuesto sobre la renta corriente | ||
Cargo por impuesto sobre la renta corriente | (2.6) | (2.0) |
Cargo por impuesto a las ganancias corriente relacionado con la enajenación de propiedades de inversión | - | (0.1) |
Ajuste con respecto a períodos anteriores | (0.3) | 1.8(1) |
Impuesto sobre la renta corriente total | (2.9) | (0.3) |
Impuesto diferido | ||
Relativo a la originación y reversión de diferencias temporarias | (5.2) | (5.3) |
Impuesto diferido total | (5.2) | (5.3) |
Cargo por impuesto a las ganancias reportado en el estado de resultados | (8.1) | (5.6) |
(1) In the period ended 30 September 2022, the Group identified an error in the accrual of tax liabilities arising in BizSpace Group as at 31 March 2022, resulting in an overstatement of the tax liability of ?5.0m of which ?3.0m arose on acquisition. These were assessed as not being material to the 31 March 2022 financial statements and the reduction in the liability was recorded in the six months ended 30 September 2022 financial statements. The amounts have been recorded within administrative expenses under exceptional items (see note 5) and the taxation line of the income statement.
Activos y pasivos por impuestos diferidos
Los activos y pasivos por impuestos diferidos reconocidos son atribuibles a lo siguiente:
Activos | Pasivos | Red | ||||||
Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 | Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 | Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 | |||
| ?m | ?m |
| ?m | ?m |
| ?m | ?m |
Revalorización de propiedades de inversión | - | - | (103.1) | (99.5) | (103.1) | (99.5) | ||
Incentivos de arrendamiento | - | - | (0.7) | (0.7) | (0.7) | (0.7) | ||
Diferencias temporarias de activos fijos | - | - | - | (0.1) | - | (0.1) | ||
Instrumentos financieros | - | - | (0.1) | (0.2) | (0.1) | (0.2) | ||
Ajuste del valor razonable de las propiedades de inversión arrendadas | 3.7 | 3.9 | (3.6) | (3.8) | 0.1 | 0.1 | ||
Reconocido pérdidas fiscales | 18.4 | 20.2 |
| - | - |
| 18.4 | 20.2 |
Activos / (pasivos) por impuestos diferidos | 22.1 | 24.1 |
| (107.5) | (104.3) |
| (85.4) | (80.2) |
For accounting periods beginning on or after 1 January 2023 IASB ED/2019/5 amended the application of the initial recognition exemption for transactions giving rise to offsetting deferred tax assets and deferred tax liabilities. In respect of IFRS 16, the Group adopted the amendments to the initial recognition exemption under IAS 12 already in the year ended 31 March 2022 and recognises a deferred tax asset in respect of the IFRS 16 lease liabilities and a deferred tax liability in respect of IFRS 16 right of use, resulting in a net deferred tax asset for the year ended 31 March 2023.
The movement in deferred tax during the period is as follows:
auditado 31 marzo 2023 | Reconocido en ingresos | Intercambie diferencias | Sin auditar 30 septiembre 2023 | |
| ?m | ?m | ?m | ?m |
Revalorización de propiedades de inversión | (99.5) | (3.6) | - | (103.1) |
Incentivos de arrendamiento | (0.7) | - | - | (0.7) |
Diferencias temporarias de activos fijos | (0.1) | 0.1 | - | - |
Instrumentos financieros | (0.2) | 0.1 | - | (0.1) |
Ajuste del valor razonable de las propiedades de inversión arrendadas | 0.1 | - | - | 0.1 |
Reconocido pérdidas fiscales | 20.2 | (1.8) | - | 18.4 |
Total | (80.2) | (5.2) | - | (85.4) |
The Group has not recognised a deferred tax asset on ?251.8m (31 March 2023: ?240.2m) of tax losses carried forward and future share scheme deductions due to uncertainties over recovery. There is no expiration date on ?251.8m of the losses and future share scheme tax deductions will convert to tax losses on realisation.
Un cambio en la propiedad del Grupo puede resultar en la restricción de la capacidad del Grupo para utilizar las pérdidas fiscales en ciertas jurisdicciones fiscales.
A deferred tax liability is recognised on temporary differences of ?nil (31 March 2023: ?nil) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.
Los activos y pasivos por impuestos diferidos se compensan cuando existe un derecho legalmente exigible de compensar activos por impuestos corrientes con pasivos por impuestos corrientes y cuando se relacionan con impuestos sobre la renta recaudados por la misma autoridad fiscal y el Grupo tiene la intención de liquidar sus activos y pasivos por impuestos corrientes en un base neta. El siguiente es el análisis de los saldos de impuestos diferidos (después de la compensación) para efectos de información financiera:
Activos | Pasivos | Red | ||||||
Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 | Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 | Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 | |||
| ?m | ?m |
| ?m | ?m |
| ?m | ?m |
UK | - | - | - | - | - | - | ||
Alemania | 22.1 | 24.1 | (107.5) | (104.3) | (85.4) | (80.2) | ||
Chipre | - | - |
| - | - |
| - | - |
Activos / (pasivos) por impuestos diferidos | 22.1 | 24.1 |
| (107.5) | (104.3) |
| (85.4) | (80.2) |
Activos | Pasivos | Red | ||||||
Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 | Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 | Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 | |||
| ?m | ?m |
| ?m | ?m |
| ?m | ?m |
UK | 0.1 | - | - | (0.4) | 0.1 | (0.4) | ||
Alemania | - | - | (6.0) | (4.6) | (6.0) | (4.6) | ||
Chipre | - | - |
| (0.4) | (0.4) |
| (0.4) | (0.4) |
Activos/(Pasivos) por impuestos corrientes | 0.1 | - |
| (6.4) | (5.4) |
| (6.3) | (5.4) |
10. Beneficio por acción
The calculation of the basic, diluted, EPRA, headline and adjusted earnings per share are based on the following data:
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Ganancias atribuibles a los propietarios de la Compañía | ||
Ingresos básicos | 31.7 | 70.0 |
Ganancias diluidas | 31.7 | 70.0 |
Ganancias de EPRA | 48.2 | 41.2 |
Ganancias EPRA diluidas | 48.2 | 41.2 |
Ganancias principales | 47.5 | 42.6 |
Ganancias totales diluidas | 47.5 | 42.6 |
Equilibrado | ||
Ingresos básicos | 31.7 | 70.0 |
Add loss/(deduct gain) on revaluation of investment properties | 10.1 | (26.8) |
Deduct gain on disposal of properties | 0.0 | (4.8) |
Tax in relation to the revaluation gains/losses of investment properties and gains/losses on disposal of properties above less REIT related tax effects | 5.3 | 5.6 |
Add loss/(deduct gain) on revaluation of investment property relating to associates | 0.5 | (1.9) |
Tax in relation to the revaluation gains/losses on investment property relating to associates above | (0.1) | 0.5 |
Ingresos generales después de impuestos | 47.5 | 42.6 |
Add/(deduct) change in fair value of derivative financial instrument (net of related tax and NCI) | 0.7 | (1.4) |
Deduct revaluation loss relating to leased investment properties | (0.7) | (0.9) |
Agregue elementos de ajuste (neto de impuestos relacionados y NCI)(1) | 1.8 | 3.0 |
Ganancias ajustadas después de impuestos | 49.3 | 43.3 |
Numero de veces compartido | ||
Número promedio ponderado de acciones ordinarias a los efectos de las ganancias por acción básicas, generales, ajustadas y básicas de EPRA | 1,169,697,061 | 1,167,383,139 |
Número promedio ponderado de acciones ordinarias con el propósito de ganancias diluidas, ganancias generales diluidas, ganancias ajustadas diluidas y ganancias por acción EPRA diluidas | 1,185,416,141 | 1,183,403,147 |
Ganancias básicas por acción | 2.71c | 6.00c |
Ganancias diluidas por acción | 2.67c | 5.92c |
Ganancias por acción básicas de EPRA | 4.12c | 3.53c |
Ganancias por acción diluidas de EPRA | 4.07c | 3.48c |
Ganancias totales por acción | 4.06c | 3.65c |
Ganancias totales diluidas por acción | 4.01c | 3.60c |
Ganancias ajustadas por acción | 4.21c | 3.71c |
Ganancias por acción diluidas ajustadas | 4.16c | 3.66c |
(1) Véase la conciliación entre las partidas de ajuste indicadas en la utilidad por acción y las indicadas en los gastos de administración en la nota 5.
| Notas | Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Artículos excepcionales | 5 | 0.3 | 1.1 |
Pagos basados en acciones | 5 | 1.5 | 1.9 |
Ajuste de elementos según la nota 10 |
| 1.8 | 3.0 |
La siguiente tabla muestra la conciliación de las ganancias básicas con las generales, revelando por separado el impacto antes de impuestos (columna bruta) y después de impuestos (columna neta):
Seis meses sin auditar finalizó el 30 de septiembre de 2023 | Seis meses sin auditar finalizó el 30 de septiembre de 2022 | ||||
Bruto | Red | Bruto | Red | ||
| ?m | ?m |
| ?m | ?m |
Ingresos básicos | 31.7 | 70.0 | |||
Add loss/(deduct gain) on revaluation of investment properties | 10.1 | 15.4 | (26.8) | (21.3) | |
Deduct gain on disposal of properties | 0.0 | 0.0 | (4.8) | (4.7) | |
NCI relativo a la revalorización | - | - | 0.1 | - | |
Add loss/(deduct gain) on revaluation of investment property relating to associates | 0.5 | 0.4 |
| (1.9) | (1.4) |
Ganancias principales |
| 47.5 |
|
| 42.6 |
Ganancias de EPRA
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Utilidad básica y diluida atribuible a los propietarios de la Compañía | 31.7 | 70.0 |
Add loss/(deduct gain) on revaluation of investment properties | 10.1 | (26.8) |
Deduct gain on disposal of properties (net of related tax) | 0.0 | (4.7) |
Cambio en el valor razonable de instrumentos financieros derivados | 0.8 | (1.2) |
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión | 5.2 | 5.3 |
Add loss/(deduct gain) on revaluation of investment property relating to associates | 0.5 | (1.9) |
Tax in relation to the revaluation gains/losses on investment property relating to associates | (0.1) | 0.5 |
Ganancias de EPRA | 48.2 | 41.2 |
Para obtener más información sobre las ganancias de EPRA, consulte el Anexo 1.
For the calculation of basic, headline, adjusted, EPRA and diluted earnings per share the number of shares does not include 7,292,222 own shares held (30 September 2022: 7,492,763 shares), which are held by an Employee Benefit Trust on behalf of the Group.
El número medio ponderado de acciones a efectos de la utilidad por acción diluida, EPRA diluida, titular diluida y diluida ajustada se calcula de la siguiente manera:
| Sin auditar seis meses terminó 30 septiembre 2023 | Sin auditar seis meses terminó 30 septiembre 2022 |
Número promedio ponderado de acciones ordinarias a los efectos de las ganancias por acción básicas, básicas EPRA, general y ajustadas | 1,169,697,061 | 1,167,383,139 |
Weighted average effect of grant of LTIP and SIP shares | 15,719,080 | 16,020,008 |
Número promedio ponderado de acciones ordinarias con el propósito de EPRA diluido, diluido, título diluido y ganancias por acción diluidas ajustadas | 1,185,416,141 | 1,183,403,147 |
11. Valor liquidativo por acción
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Valor liquidativo | ||
Valor liquidativo a efectos de activos por acción (activos atribuibles a los propietarios de la Compañía) | 1,201.5 | 1,197.1 |
Pasivos por impuestos diferidos (ver nota 9) | 85.4 | 80.2 |
Instrumentos financieros derivados a valor razonable | (0.5) | (1.3) |
Valor liquidativo ajustado atribuible a los propietarios de la Compañía | 1,286.4 | 1,276.0 |
Numero de veces compartido | ||
Número de acciones ordinarias a efectos del valor liquidativo por acción y el valor liquidativo ajustado por acción | 1,170,430,763 | 1,168,371,222 |
Número de acciones ordinarias a efectos de EPRA NTA por acción | 1,188,332,669 | 1,182,849,869 |
Valor liquidativo por acción | 102.65c | 102.46c |
Valor liquidativo ajustado por acción | 109.91c | 109.21c |
EPRA NTA por acción | 108.51c | 108.11c |
VRN EPRA | EPRA NTA | EPRA NDV | |
Sin auditar 30 de septiembre de 2023 | ?m | ?m | ?m |
Valor liquidativo al final del período (básico) | 1,201.5 | 1,201.5 | 1,201.5 |
Valor liquidativo EPRA diluido a valor razonable | 1,201.5 | 1,201.5 | 1,201.5 |
Grupo procesos | |||
Instrumentos financieros derivados a valor razonable | (0.5) | (0.5) | n / a |
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión | 85.4 | 85.2(1) | n / a |
Intangibles según nota 14 | n / a | (3.9) | n / a |
Valor razonable de la deuda a tasa de interés fija | n / a | n / a | 114.7 |
Impuesto de transferencia de bienes inmuebles | 165.3 | n / a | n / a |
Inversión en asociado | |||
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión | 7.1 | 7.1(1) | n / a |
Valor razonable de la deuda a tasa de interés fija | n / a | n / a | 9.7 |
Impuesto de transferencia de bienes inmuebles | 9.4 | n / a | n / a |
Total EPRA VRN, NTA y NDV | 1,468.2 | 1,289.4 | 1,325.9 |
EPRA NRV, NTA y NDV por acción | 123.55c | 108.51c | 111.58c |
VRN EPRA | EPRA NTA | EPRA NDV | |
Auditado el 31 de marzo de 2023 | ?m | ?m | ?m |
Valor liquidativo al final del período (básico) | 1,197.1 | 1,197.1 | 1,197.1 |
Valor liquidativo EPRA diluido a valor razonable | 1,197.1 | 1,197.1 | 1,197.1 |
Grupo procesos | |||
Instrumentos financieros derivados a valor razonable | (1.3) | (1.3) | n / a |
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión | 80.2 | 80.1(1) | n / a |
Intangibles según nota 14 | n / a | (4.1) | n / a |
Valor razonable de la deuda a tasa de interés fija | n / a | n / a | 99.2 |
Impuesto de transferencia de bienes inmuebles | 164.4 | n / a | n / a |
Inversión en asociado | |||
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión | 7.0 | 7.0(1) | n / a |
Valor razonable de la deuda a tasa de interés fija | n / a | n / a | 9.9 |
Impuesto de transferencia de bienes inmuebles | 9.3 | n / a | n / a |
Total EPRA VRN, NTA y NDV | 1,456.7 | 1,278.8 | 1,306.2 |
EPRA NRV, NTA y NDV por acción | 123.15c | 108.11c | 110.43c |
(1) The Group intends to hold and does not intend in the long term to sell any of the investment properties and has excluded such deferred taxes for the whole portfolio as at period end except for deferred tax in relation to assets held for sale.
Para obtener más información sobre el valor liquidativo ajustado y EPRA NRV, NTA y NDV, consulte el Anexo 1.
El número de acciones ordinarias a efectos de EPRA NRV, NTA y NDV por acción se calcula de la siguiente forma:
| Sin auditar 30 septiembre 2023 | auditado 31 marzo 2023 |
Número de acciones ordinarias a efectos del valor liquidativo por acción y el valor liquidativo ajustado por acción | 1,170,430,763 | 1,168,371,222 |
Effect of grant of LTIP and SIP shares | 17,901,906 | 14,478,647 |
Número de acciones ordinarias a efectos de EPRA NRV, NTA y NDV por acción | 1,188,332,669 | 1,182,849,869 |
The number of shares does not include 7,292,222 own shares held (31 March 2023: 7,492,763 shares), which are held by an Employee Benefit Trust on behalf of the Group.
12. Propiedades de inversión
El movimiento en el valor contable de las propiedades de inversión es el siguiente:
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Total de propiedades de inversión a valor en libros al comienzo del período | 2,123.0 | 2,100.0 |
Adiciones - propiedades de inversión propias | - | 44.7 |
Adiciones - propiedades de inversión arrendadas | - | 1.4 |
Gastos de capital y broker multas de cambio de vuelo | 16.5 | 29.9 |
Disposiciones | - | (17.1) |
Reclasificados como inversiones inmobiliarias mantenidas para la venta (ver nota 13) | (7.3) | (8.8) |
Loss on revaluation above capex and broker multas de cambio de vuelo | (9.6) | (7.7) |
Ajuste con respecto a los incentivos de arrendamiento | 0.2 | (0.6) |
Loss on revaluation relating to leased investment properties | (0.7) | (1.5) |
Diferencias de cambio de divisas | 7.4 | (17.3) |
Total de propiedades de inversión a valor en libros al final del período(1) | 2,129.5 | 2,123.0 |
(1) Excluye activos mantenidos para la venta.
The reconciliation of the valuation carried out by the external valuer to the carrying values shown in the condensed interim consolidated statement of financial position is as follows:
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Propiedades de inversión propias a valor de mercado según el informe del tasador(1) | 2,110.0 | 2,103.1 |
Ajuste con respecto a los incentivos de arrendamiento | (4.5) | (4.6) |
Valor de mercado de la propiedad de inversión arrendada | 24.0 | 24.5 |
Total de propiedades de inversión a valor en libros al final del período(1) | 2,129.5 | 2,123.0 |
(1) Excluye activos mantenidos para la venta.
El valor razonable (valor de mercado) de las propiedades de inversión propiedad del Grupo al final del período se ha determinado sobre la base de una valoración realizada en esa fecha por Cushman & Wakefield LLP (31 de marzo de 2023: Cushman & Wakefield LLP), un tasador independiente acreditado en términos de la Royal Institution of Chartered Surveyors ("RICS"). El acuerdo de honorarios con Cushman & Wakefield LLP para la valoración de las propiedades del Grupo es fijo, sujeto a un ajuste por adquisiciones y enajenaciones.
El valor de cada uno de los inmuebles ha sido tasado de acuerdo con las normas de valoración RICS sobre la base del valor de mercado. La metodología y los supuestos utilizados para determinar el valor razonable de las propiedades son consistentes con el período anterior.
El vencimiento promedio ponderado del arrendamiento restante en la cartera propia en Alemania al final del período fue de 2.6 años (31 de marzo de 2023: 2.8 años). El vencimiento promedio ponderado del arrendamiento restante en la cartera propia en el Reino Unido al final del período fue de 1.05 años (31 de marzo de 2023: 1.01 años). Los acuerdos de licencia en el Reino Unido están en marcha y están incluidos en la valoración.
The fair value (market value) of the Group's leased investment properties as at period end has been arrived at on the basis of a valuation carried out by management using discounted cash flows similar to the approach of Cushman & Wakefield LLP. A sensitivity analysis is not provided on the lease investment properties as the balance is not considered material to the financial statements.
The reconciliation of loss or gain on revaluation above capex as per the condensed interim consolidated income statement is as follows:
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
(Loss)/gain on revaluation above capex and broker multas de cambio de vuelo | (9.6) | 27.7 |
Ajuste con respecto a los incentivos de arrendamiento | 0.2 | - |
Loss on revaluation relating to leased investment properties | (0.7) | (0.9) |
(Loss)/gain on revaluation of investment properties reported in the income statement | (10.1) | 26.8 |
Included in the loss or gain on revaluation of investment properties reported in the income statement are gross gains of ?28.6m and gross losses of ?38.7m (30 September 2022: gross gains of ?41.6m and gross losses of ?14.8m).
Aparte de los compromisos de capital revelados en la nota 27, el Grupo no tiene ninguna obligación contractual de comprar, construir o desarrollar ninguna propiedad de inversión. El Grupo es responsable del mantenimiento de rutina de las propiedades de inversión.
Todas las propiedades de inversión se clasifican como valores razonables de Nivel 3, ya que utilizan datos significativos no observables. No ha habido transferencias entre niveles durante el período. Las propiedades de inversión se han clasificado de acuerdo con su tipo de activo. La información sobre estas entradas no observables significativas por clase de propiedad de inversión se revela a continuación (excluyendo las propiedades de inversión arrendadas).
The valuation for owned investment properties (including assets classified as held for sale) is performed on a lease-by-lease basis due to the mixed-use nature of the sites using the discounted cash flow technique for the German portfolio and on a capitalised income basis (where income is capitalised by an appropriate yield which reflects the age, location, ownership, customer base and agreement type) for the UK portfolio. This gives rise to large ranges in the inputs.
Mercado propuesta de ?m | Current rental rate per sqm ? | Market rental rate per sqm ? | Ocupación % | Bruto rendimiento inicial % | Red rendimiento inicial % | El descuento factor % | Período nulo meses | ||||||||||||||
Sin auditar 30 de septiembre de 2023 | Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta | |
Parques comerciales tradicionales | |||||||||||||||||||||
Maduro | 374.8 | 2.88 | 8.67 | 2.67 | 7.98 | 89.8 | 100.0 | 4.6 | 10.1 | 3.7 | 7.7 | 4.3 | 5.9 | 6 | 15 | ||||||
Valor añadido | 599.9 | 2.54 | 7.15 |
| 3.72 | 8.51 |
| 26.9 | 97.4 |
| 2.8 | 9.6 |
| 0.7 | 7.5 |
| 4.6 | 7.3 |
| 9 | 18 |
Total de parques empresariales tradicionales | 974.7 | 2.54 | 8.67 |
| 2.67 | 8.51 |
| 26.9 | 100.0 |
| 2.8 | 10.1 |
| 0.7 | 7.7 |
| 4.3 | 7.3 |
| 6 | 18 |
Parques empresariales modernos | |||||||||||||||||||||
Maduro | 228.9 | 5.67 | 10.50 | 4.16 | 10.35 | 92.1 | 100.0 | 5.3 | 10.0 | 4.4 | 9.1 | 4.3 | 5.4 | 6 | 15 | ||||||
Valor añadido | 229.0 | 3.17 | 7.09 |
| 4.00 | 8.43 |
| 58.9 | 92.6 |
| 5.2 | 9.9 |
| 3.9 | 7.3 |
| 5.3 | 7.3 |
| 9 | 24 |
Total de parques empresariales modernos | 457.9 | 3.17 | 10.50 |
| 4.00 | 10.35 |
| 58.9 | 100.0 |
| 5.2 | 10.0 |
| 3.9 | 9.1 |
| 4.3 | 7.3 |
| 6 | 24 |
Oficina | |||||||||||||||||||||
Maduro | 37.3 | 14.38 | 14.38 | 10.92 | 10.92 | 92.6 | 92.6 | 8.8 | 8.8 | 7.4 | 7.4 | 4.9 | 4.9 | 9 | 9 | ||||||
Valor añadido | 235.7 | 4.78 | 10.95 |
| 6.49 | 12.20 |
| 53.6 | 89.0 |
| 3.7 | 10.4 |
| 1.9 | 7.9 |
| 5.0 | 7.0 |
| 9 | 15 |
Oficina total | 273.0 | 4.78 | 14.38 |
| 6.49 | 12.20 |
| 53.6 | 92.6 |
| 3.7 | 10.4 |
| 1.9 | 7.9 |
| 4.9 | 7.0 |
| 9 | 15 |
Total Alemania | 1,705.6 | 2.54 | 14.38 |
| 2.67 | 12.20 |
| 26.9 | 100.0 |
| 2.8 | 10.4 |
| 0.7 | 9.1 |
| 4.3 | 7.3 |
| 6 | 24 |
Mercado propuesta de ?m | Corriente media por mXNUMX ? | Renta promedio del mercado rate per sqm ? | Ocupación % | Rendimiento inicial neto % | Período nulo meses | ||||||||||
Sin auditar 30 de septiembre de 2023 | Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta | |
Esquemas totales de uso mixto | 98.9 | 1.98 | 23.60 |
| 5.63 | 23.07 |
| 43.2 | 94.0 |
| 4.2 | 12.1 |
| 4 | 12 |
Oficina total | 139.9 | 4.48 | 24.92 |
| 8.07 | 24.92 |
| 54.4 | 100.0 |
| 5.5 | 22.3 |
| 4 | 12 |
industriales totales | 172.9 | 1.99 | 11.81 |
| 3.19 | 13.21 |
| 62.8 | 100.0 |
| 3.2 | 10.4 |
| 4 | 12 |
Total Reino Unido | 411.7 | 1.98 | 24.92 |
| 3.19 | 24.92 |
| 43.2 | 100.0 |
| 3.2 | 22.3 |
| 4 | 12 |
Mercado propuesta de ?m | Current rental rate per sqm ? | Market rental rate per sqm ? | Ocupación % | Bruto rendimiento inicial % | Red rendimiento inicial % | El descuento factor % | Período nulo meses | ||||||||||||||
auditado | Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta | |
Parques comerciales tradicionales | |||||||||||||||||||||
Maduro | 362.0 | 2.88 | 8.58 | 2.67 | 7.80 | 64.7 | 100.0 | 4.7 | 9.9 | 3.7 | 7.6 | 4.1 | 5.8 | 6 | 15 | ||||||
Valor añadido | 607.6 | 2.25 | 6.64 |
| 3.58 | 8.46 |
| 26.9 | 97.4 |
| 2.9 | 9.8 |
| 0.8 | 7.5 |
| 4.5 | 7.1 |
| 9 | 18 |
Total de parques empresariales tradicionales | 969.6 | 2.25 | 8.58 |
| 2.67 | 8.46 |
| 26.9 | 100.0 |
| 2.9 | 9.9 |
| 0.8 | 7.6 |
| 4.1 | 7.1 |
| 6 | 18 |
Parques empresariales modernos | |||||||||||||||||||||
Maduro | 200.4 | 5.38 | 8.64 | 3.93 | 8.15 | 94.3 | 100.0 | 3.6 | 10.5 | 2.4 | 9.3 | 4.1 | 5.4 | 6 | 15 | ||||||
Valor añadido | 250.1 | 2.92 | 9.76 |
| 3.91 | 10.35 |
| 54.5 | 92.8 |
| 5.5 | 9.4 |
| 3.8 | 7.4 |
| 4.8 | 7.3 |
| 9 | 24 |
Total de parques empresariales modernos | 450.5 | 2.92 | 9.76 |
| 3.91 | 10.35 |
| 54.5 | 100.0 |
| 3.6 | 10.5 |
| 2.4 | 9.3 |
| 4.1 | 7.3 |
| 6 | 24 |
Oficina | |||||||||||||||||||||
Maduro | 37.5 | 14.34 | 14.34 | 10.78 | 10.78 | 92.6 | 92.6 | 8.7 | 8.7 | 7.3 | 7.3 | 4.9 | 4.9 | 9 | 9 | ||||||
Valor añadido | 236.4 | 4.05 | 10.27 |
| 6.42 | 12.19 |
| 49.7 | 87.5 |
| 4.4 | 9.3 |
| 2.4 | 6.8 |
| 5.0 | 6.9 |
| 9 | 18 |
Oficina total | 273.9 | 4.05 | 14.34 |
| 6.42 | 12.19 |
| 49.7 | 92.6 |
| 4.4 | 9.3 |
| 2.4 | 7.3 |
| 4.9 | 6.9 |
| 9 | 18 |
Total Alemania | 1,694.0 | 2.25 | 14.34 |
| 2.67 | 12.19 |
| 26.9 | 100.0 |
| 2.9 | 10.5 |
| 0.8 | 9.3 |
| 4.1 | 7.3 |
| 6 | 24 |
|
Mercado propuesta de ?m | Corriente media por mXNUMX ? | Renta promedio del mercado rate per sqm ? | Ocupación % | Rendimiento inicial neto % | Período nulo meses | |||||||||
Auditado el 31 de marzo de 2023 | Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta |
| Baja | Alta | |
Esquemas totales de uso mixto | 102.4 | 2.09 | 20.25 |
| 5.46 | 23.58 |
| 42.0 | 93.3 |
| 4.0 | 10.8 |
| 4 | 12 |
Oficina total | 143.7 | 5.42 | 33.89 |
| 7.94 | 24.68 |
| 50.5 | 100.0 |
| 4.9 | 23.2 |
| 4 | 12 |
industriales totales | 171.6 | 2.23 | 8.19 |
| 2.55 | 12.99 |
| 64.1 | 100.0 |
| 3.8 | 12.4 |
| 4 | 12 |
Total Reino Unido | 417.7 | 2.09 | 33.89 |
| 2.55 | 24.68 |
| 42.0 | 100.0 |
| 3.8 | 23.2 |
| 4 | 12 |
Como resultado del nivel de juicio y estimaciones usados para llegar a las valuaciones de mercado, los montos que finalmente se pueden realizar con respecto a cualquier propiedad dada pueden diferir de las valuaciones mostradas en el estado de situación financiera. Las entradas clave se consideran interrelacionadas por lo que los cambios en una entrada clave pueden resultar en cambios en otras entradas clave. El impacto de los cambios en relación con las entradas clave también se muestra en la siguiente tabla:
Sin auditar 30 de septiembre de 2023 |
Mercado propuesta de ?m | Cambio del 5% en las tarifas de alquiler del mercado ?m | Cambio del 0.25% en tasas de descuento ?m | Cambio del 0.5% en rendimiento bruto inicial ?m | Cambio del 0.5% en rendimiento inicial neto ?m | |||||||
aumente | Bajo |
| aumente | Bajo |
| aumente | Bajo |
| aumente | Bajo | ||
Total de parques empresariales tradicionales | 974.7 | 49.4 | (49.6) | (19.4) | 19.4 | (74.4) | 88.5 | (96.9) | 128.8 | |||
Total de parques empresariales modernos | 457.9 | 22.8 | (22.3) | (9.0) | 9.9 | (31.7) | 37.1 | (38.7) | 47.7 | |||
Oficina total | 273.0 | 14.0 | (13.9) |
| (5.3) | 5.7 |
| (19.6) | 23.1 |
| (26.1) | 34.0 |
Valor de mercado Alemania |
|
|
| |
|
| |
|
|
|
|
|
Sin auditar 30 de septiembre de 2023 | Mercado propuesta de ?m | Cambio del 5% en las tarifas de alquiler del mercado ?m | Cambio del 0.5% en rendimiento inicial neto ?m | |||
aumente | Bajo |
| aumente | Bajo | ||
Esquemas totales de uso mixto | 98.9 | 3.4 | (3.7) | (5.9) | 6.5 | |
Oficina total | 139.9 | 4.2 | (4.2) | (6.0) | 6.7 | |
industriales totales | 172.9 | 6.7 | (6.8) |
| (10.8) | 12.0 |
Valor de mercado Reino Unido | 411.7 | 14.3 | (14.7) |
| (22.7) | 25.2 |
auditado |
Mercado propuesta de ?m | Cambio del 5% en las tarifas de alquiler del mercado ?m | Cambio del 0.25% en tasas de descuento ?m | Cambio del 0.5% en rendimiento bruto inicial ?m | Cambio del 0.5% en rendimiento inicial neto ?m | |||||||
aumente | Bajo |
| aumente | Bajo |
| aumente | Bajo |
| aumente | Bajo | ||
Total de parques empresariales tradicionales | 969.6 | 48.9 | (49.2) | (19.3) | 19.1 | (73.1) | 86.8 | (106.6) | 109.0 | |||
Total de parques empresariales modernos | 450.5 | 22.0 | (21.7) | (8.5) | 9.3 | (32.2) | 37.9 | (41.5) | 47.4 | |||
Oficina total | 273.9 | 14.0 | (14.1) |
| (5.6) | 5.6 |
| (20.8) | 24.8 |
| (28.3) | 36.8 |
Valor de mercado Alemania | 1,694.0 | 84.9 | (85.0) |
| (33.4) | 34.0 |
| (126.1) | 149.5 |
| (176.4) | 193.2 |
Mercado propuesta de ?m | Cambio del 5% en las tarifas de alquiler del mercado ?m | Cambio del 0.5% en rendimiento inicial neto ?m | ||||
Auditado el 31 de marzo de 2023 | aumente | Bajo |
| aumente | Bajo | |
Esquemas totales de uso mixto | 102.4 | (6.2) | 7.5 | 3.8 | (3.6) | |
Oficina total | 143.7 | (6.8) | 7.8 | 4.7 | (4.5) | |
industriales totales | 171.6 | (10.8) | 12.7 |
| 7.0 | (6.6) |
Valor de mercado Reino Unido | 417.7 | (23.8) | 28.0 |
| 15.5 | (14.7) |
13. Activos mantenidos para la venta
Propiedades de inversión mantenidas para la venta
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Wuppertal | - | 8.8 |
Kassel | 7.3 | - |
Saldo al final del período | 7.3 | 8.8 |
The disclosures regarding valuation in note 12 are also applicable to assets held for sale.
As at 30 September 2023, an amount of ?7.3m relating to the sale of the Kassel asset was received prior to the completion date of 1 October 2023 and was included in the cash at bank per note 19. As at 31 March 2023, an amount of ?8.8m relating to the sale of the Wuppertal asset was received prior to the completion date of 1 April 2023 and was included in the cash at bank per note 19.
As a result, an equal and opposite position within other payables was recognised. See note 20 for further details.
14. Activos intangibles
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Software y licencias | 3.9 | 4.1 |
Saldo al final del período | 3.9 | 4.1 |
15. Activos por derecho de uso y pasivos por arrendamiento
A continuación se detallan los valores en libros de los activos por derecho de uso (excluyendo los clasificados como inversiones inmobiliarias) registrados y los movimientos durante el período:
| Oficina ?m | Total ?m |
Al 31 de marzo de 2022 (auditado) | 15.0 | 15.0 |
Adiciones | 1.4 | 1.4 |
Gasto de depreciación | (1.1) | (1.1) |
Al 30 de septiembre de 2022 (no auditado) | 15.3 | 15.3 |
Adiciones | 0.1 | 0.1 |
Gasto de depreciación | (1.0) | (1.0) |
Al 31 de marzo de 2023 (auditado) | 14.4 | 14.4 |
Gasto de depreciación | (0.9) | (0.9) |
Al 30 de septiembre de 2023 (no auditado) | 13.5 | 13.5 |
In addition to office spaces the Group is also counterparty to long-term leasehold agreements and head leases relating to commercial property. Right of use assets amounting to ?24.0m (31 March 2023: ?24.5m) are classified as investment properties, of which ?2.3m (31 March 2023: ?2.8m) relate to commercial property.
A continuación se muestran los valores en libros de los pasivos por arrendamiento y los movimientos durante el período:
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Saldo al comienzo del período | (39.6) | (38.7) |
Acrecentamiento de interés | (0.6) | (1.1) |
Adiciones | - | (2.8) |
Pagos | 1.7 | 2.3 |
Diferencias de cambio de divisas | (0.3) | 0.7 |
Saldo al final del período | (38.8) | (39.6) |
Pasivos corrientes por arrendamiento al final del período | (2.3) | (2.2) |
Pasivos por arrendamiento no corrientes al final del período | (36.5) | (37.4) |
La siguiente tabla muestra el valor en libros, por vencimiento, de los pasivos por arrendamientos del Grupo:
Sin auditar 30 de septiembre de 2023 | Dentro de 1 año ?m | 1-5 años ?m | 5+ años ?m | Total ?m |
Propiedad comercial(1) | (0.3) | (1.1) | - | (1.4) |
Arrendamiento a largo plazo(1) | (0.2) | (1.0) | (20.5) | (21.7) |
Espacio de oficina | (1.8) | (7.5) | (6.4) | (15.7) |
Total | (2.3) | (9.6) | (26.9) | (38.8) |
Auditado el 31 de marzo de 2023 | Dentro de 1 año ?m | 1-5 años ?m | 5+ años ?m | Total ?m |
Propiedad comercial(1) | (0.2) | (1.0) | (0.3) | (1.5) |
Arrendamiento a largo plazo(1) | (0.2) | (1.0) | (20.4) | (21.6) |
Espacio de oficina | (1.8) | (7.5) | (7.2) | (16.5) |
Total | (2.2) | (9.5) | (27.9) | (39.6) |
(1) Estos pasivos por arrendamiento corresponden a activos por derecho de uso registrados como propiedades de inversión.
La tasa de descuento promedio ponderada general utilizada para el período es 2.8% (31 de marzo de 2023: 2.7%).
16. Otros activos financieros no corrientes
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Depósitos | 4.1 | 4.1 |
Préstamos a asociados | 44.3 | 44.3 |
Saldo al final del período | 48.4 | 48.4 |
Los préstamos a asociadas corresponden a préstamos de accionistas concedidos a asociadas por el Grupo. Los préstamos vencen el 31 de diciembre de 2026, son totalmente subordinados y están gravados a un tipo de interés fijo. La pérdida crediticia esperada se ha considerado en función de múltiples factores, como el historial de reembolsos, los presupuestos prospectivos y las previsiones. Con base en la evaluación, la pérdida crediticia esperada no era significativa.
17. Inversión en asociadas
La actividad principal de los asociados es la inversión y el desarrollo de propiedades comerciales ubicadas en Alemania y proporcionar un espacio de trabajo convencional y flexible. Dado que las asociadas son inmateriales individualmente, el Grupo está revelando información agregada para las asociadas.
La siguiente tabla ilustra la información financiera resumida de la inversión del Grupo en asociadas:
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Activos circulantes | 24.4 | 28.4 |
Activos no corrientes | 358.6 | 354.7 |
Pasivo circulante | (21.3) | (15.6) |
Pasivos no corrientes | (296.7) | (296.1) |
Equidad | 65.0 | 71.4 |
Pérdidas acumuladas no reconocidas | 6.1 | 4.9 |
Total | 71.1 | 76.3 |
Participación del grupo en el capital social - 35% | 25.0 | 26.7 |
The accumulated losses of the investment in associates are not recognised in line with the accounting policy as outlined in note 2(b).
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
El margen de explotación | 9.8 | 10.0 |
(Pérdida)/ganancia por revaluación de propiedades de inversión | (3.3) | 4.2 |
Gastos administrativos | (1.8) | (1.7) |
Beneficio operativo | 4.7 | 12.5 |
Costos financieros netos | (4.4) | (4.4) |
Beneficio antes de impuestos | 0.3 | 8.1 |
Taxation | (0.5) | (1.7) |
Unrecognised loss | 1.1 | 1.1 |
Utilidad total y resultado integral del período después de impuestos | 0.9 | 7.5 |
Participación del Grupo en las ganancias del período - 35% | 0.3 | 2.6 |
Included within the non-current liabilities are shareholder loans amounting to ?126.8m (31 March 2023: ?126.8m). As at period end no contingent liabilities existed (31 March 2023: none). The associates had contracted capital expenditure for development and enhancements of ?6.5m as at period end (31 March 2023: ?3.4m).
La siguiente tabla ilustra el movimiento de la inversión en asociadas:
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Saldo al comienzo del período | 26.7 | 24.1 |
Dividendo recibido | (2.0) | - |
Participación en las ganancias | 0.3 | 2.6 |
Saldo al final del período | 25.0 | 26.7 |
18. Cuentas por cobrar comerciales y otras
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Cuentas por cobrar comerciales brutas | 16.4 | 22.4 |
Provisión para pérdidas crediticias esperadas | (8.2) | (8.7) |
Cuentas por cobrar comerciales netas | 8.2 | 13.7 |
Otros ingresos | 15.1 | 14.1 |
Prepagos | 5.1 | 2.7 |
Saldo al final del período | 28.4 | 30.5 |
Other receivables include primarily accrued income from investment in associates of ?4.7m (31 March 2023: ?2.2m) and lease incentives of ?4.5m (31 March 2023: ?4.6m).
19. Efectivo y equivalentes de efectivo
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Efectivo en el banco | 65.8 | 99.2 |
Inversiones a corto plazo | 25.4 | - |
Cash restricted under contractual terms: | ||
Depósito para garantías bancarias | - | 1.3 |
Depósitos recibidos de los inquilinos | 24.5 | 23.8 |
Saldo al final del período | 115.7 | 124.3 |
Cash at bank earns interest at floating rates based on daily bank deposit rates. The fair value of cash as at period end is ?115.7m (31 March 2023: ?124.3m).
Short-term investments are an investment in Money Market Funds. The Group invests only in highly liquid products with short maturities, which are readily convertible to a known amount of cash and that are subject to an insignificant risk of changes in value.
Tenants' deposits are legal securities of tenants retained by the Group without the right to use these cash deposits for purposes other than strictly tenant related transactions (e.g. move-out costs, costs due to non-compliance with certain terms of the lease agreement or late rent/service charge payments).
Cash is held by reputable banks and the Group assessed the expected credit loss to be immaterial.
20. Acreedores comerciales y otras cuentas por pagar
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Comercio a pagar | 6.1 | 12.0 |
Gastos acumulados | 39.1 | 28.6 |
Provisiones | 3.3 | 3.3 |
Intereses y amortizaciones por pagar | 6.2 | 5.6 |
Depósitos de inquilinos | 24.5 | 23.8 |
Ingresos no devengados | 10.4 | 10.6 |
Otras cuentas por pagar | 14.3 | 17.6 |
Saldo al final del período | 103.9 | 101.5 |
Accrued expenses include costs relating to service charge totalling ?27.0m (31 March 2023: ?16.4m), bonuses of ?4.2m (31 March 2023: ?4.5m), costs relating to non-recurring projects of ?2.9m (31 March 2023: ?2.8m) and administrative expenses of ?3.0m (31 March 2023: ?2.4m) that have not been invoiced to the Group.
The Group are subject to an ongoing legal claim in relation to a property which was sold during 2017. The Group have recognised a provision of ?3.3m (31 March 2023: ?3.3m) which represents the Directors best estimate of the potential outflow at the present time, however, the Directors recognise there is uncertainty relating to this amount. At this stage, the Directors do not expect to incur a liability over and above what has already been recognised in the financial statements. As at 31 March 2023 the liability of ?3.3m was included in accrued expenses. The Directors have chosen to disclose this as a separate line in the disclosure note for trade and other payables to provide additional information to the users of the financial statements.
Included within other payables are credit balances due to tenants in relation to over collections of service charge in amount of ?2.1m (31 March 2023: ?3.6m). As at 30 September 2023, other payables included ?7.3m relating to the sale of Kassel asset that is categorised as an asset held for sale as at 30 September 2023 in advance of the completion date of 1 October 2023. As at 31 March 2023, other payables included ?8.8m of proceeds relating to the sale of the Wuppertal asset that was categorised as an asset held for sale as at 31 March 2023 in advance of the completion date of 1 April 2023. See note 13 for details of assets held for sale.
Unearned revenue includes service charge amounts of ?1.7m (31 March 2023: ?3.1m). Service charge income is only recognised as income when the performance obligations are met. All unearned revenue of the prior period was recognised as revenue in the current period.
21. Préstamos y empréstitos que devengan intereses
| APR % | Fecha de vencimiento del préstamo | Sin auditar 30 septiembre 2023 ?m | auditado 31 de marzo de 2023 ?m |
Current | ||||
Berlín Hyp AG | ||||
- facilidad de tasa fija | 1.48 | 31 de octubre de 2023 | 57.3 | 58.2 |
- facilidad de tasa fija | 0.90 | 31 de octubre de 2023 | 109.6 | 110.4 |
Sparkasse de Sarrebruck | ||||
- facilidad de tasa fija | 1.53 | 28 de febrero de 2025 | 0.8 | 0.7 |
Deutsche Pfandbriefbank AG | ||||
- facilidad de tipo flotante cubierta | Cubierto(1) | 31 de diciembre 2023 | 50.5 | 51.1 |
- facilidad de tipo flotante | El(1) | 31 de diciembre 2023 | 6.2 | 6.2 |
Schuldschein | ||||
- facilidad de tasa fija | 1.60 | 3 Julio 2023 | - | 20.0 |
Cargos financieros capitalizados en todos los préstamos |
|
| (2.5) | (2.9) |
|
|
| 221.8 | 243.7 |
No corriente | ||||
Sparkasse de Sarrebruck | ||||
- facilidad de tasa fija | 1.53 | 28 de febrero de 2025 | 13.0 | 13.5 |
Schuldschein | ||||
- facilidad de tipo flotante | El(2) | 6 de enero de 2025 | 5.0 | 5.0 |
- facilidad de tasa fija | 1.70 | 3 de marzo de 2025 | 10.0 | 10.0 |
bono corporativo I | ||||
- tipo de interés fijo | 1.125 | 22 de junio de 2026 | 400.0 | 400.0 |
Bono corporativo II | ||||
- tipo de interés fijo | 1.75 | 24 November 2028 | 300.0 | 300.0 |
Cargos financieros capitalizados en todos los préstamos |
|
| (6.6) | (7.8) |
|
|
| 721.4 | 720.7 |
Total |
|
| 943.2 | 964.4 |
(1) Tranche 1 of this facility is fully hedged with a swap charged at a rate of 1.40%; tranche 2 of this facility is fully hedged with a swap charged at a rate of 1.25%; and ?19.1m of tranche 3 of this facility is fully hedged with a swap charged at a rate of 0.91%. A ?6.5m extension and the tranche 3 related ?0.5m arrangement fee are charged with a floating rate of 1.20% over three month EURIBOR (not less than 0%). The Group has not adopted any hedge accounting.
(2) This unsecured facility has a floating rate of 1.70% over six month EURIBOR (not less than 0%).
The movement of loans and borrowings for the period ended 30 September 2023 comprised of ?22.7m repayment of loans and ?1.5m capitalisation of finance charges (30 September 2022: ?2.7m and ?1.6m respectively).
The Group has pledged 15 (31 March 2023: 15) investment properties to secure several separate interest-bearing debt facilities granted to the Group. The 15 (31 March 2023: 15) properties had a combined valuation of ?518.2m as at period end (31 March 2023: ?510.7m).
The Group's loans are subject to various covenants, which include interest cover ratio, loan to value, debt service cover, occupancy, etc. as stipulated in the loan agreements.
During the period, the Group did not breach any of its loan covenants, nor did it default on any of its obligations under its loan agreements and the Group has a sufficient level of headroom as at period end.
Refer to note 2(e) where the Group discloses forecast covenant compliance with regard to management's going concern assessment.
Berlín Hyp AG
On 13 September 2019, the Group agreed to a facility agreement with Berlin Hyp AG for ?115.4m. The loan terminates on 31 October 2023. Amortisation is 1.25% per annum with the remainder due in the fourth year. The loan facility is charged at a fixed interest rate of 0.90%. This facility is secured over nine property assets. No changes to the terms of the facility have occurred during the six month period ended 30 September 2023.
On 31 August 2022, the Group concluded an agreement with Berlin Hyp AG to refinance the existing facility with a new facility which amounts to ?170.0m. The new facility is a separate financial instrument to the existing facility and will come into effect on 1 November 2023 with a term of seven years and a fixed interest rate of 4.26%.
Sparkasse de Sarrebruck
On 28 March 2018, the Group agreed to a facility agreement with Saarbrücken Sparkasse for ?18.0m. The loan terminates on 28 February 2025. Amortisation is 4.0% per annum with the remainder due in one instalment on the final maturity date. The facility is charged with an all-in fixed interest rate of 1.53% for the full term of the loan. The facility is secured over one property asset. No changes to the terms of the facility have occurred during the six month period ended 30 September 2023.
Deutsche Pfandbriefbank AG
On 19 January 2019, the Group agreed to a facility agreement with Deutsche Pfandbriefbank AG for ?56.0m. Tranche 1, totalling ?21.6m, has been hedged at a rate of 1.40% until 31 December 2023 by way of an interest rate swap. A first drawdown of tranche 3 totalling ?0.5m was charged at a fixed interest rate of 1.20%. On 3 April 2019, tranche 2 was drawn down, totalling ?14.8m, and has been hedged at a rate of 1.25% until 31 December 2023 by way of an interest rate swap. On 28 June 2019, tranche 3 was drawn down, totalling ?19.1m. Tranche 3 has been hedged at a rate of 0.91% until 31 December 2023 by way of an interest rate swap. The facility is secured over five property assets and is subject to various covenants with which the Group has complied.
On 19 February 2020, the Group agreed to extend tranche 3 of its existing facility by ?6.5m. The loan is coterminous with the existing facility maturing in December 2023. The loan has been treated as a new loan and is charged with a floating interest rate of 1.20% plus three month EURIBOR (not less than 0%). Amortisation is 2.0% per annum with the remainder due in one instalment on the final maturity date.
On 26 May 2023, the Group concluded an agreement with Deutsche Pfandbriefbank AG to refinance the existing facility with a new facility which amounts to ?58.3m. The new facility is a separate financial instrument to the existing facility and will come into effect on 1 January 2024 with a term of seven years and a fixed interest rate of 4.25%.
Schuldschein
On 2 December 2019, the Group agreed new loan facilities in the form of an unsecured Schuldschein for ?20.0m. On 25 February 2020, the Group agreed new loan facilities in the form of an unsecured Schuldschein for ?30.0m. In total the unsecured facility amounts to ?50.0m spread over five tranches and is charged at a blended interest rate of 1.60% and average maturity of 2.6 years with no amortisation. The first and second tranches totalling ?15.0m were repaid during the twelve month period ended 31 March 2023.
On 30 June 2023, the Group repaid an amount of ?20.0m resulting in a remaining ?15.0m for the loan facility. No changes to the terms of the facility have occurred during the six month period ended 30 September 2023.
bono corporativo I
On 22 June 2021, the Group raised its inaugural corporate bond for ?400.0m. The bond, which is listed at the Luxembourg Stock Exchange, has a term of five years and an interest rate of 1.125% due annually on its anniversary date, with the principal balance coming due on 22 June 2026. No changes to the terms of the facility have occurred during the six month period ended 30 September 2023.
Bono corporativo II
On 24 November 2021, the Group issued its second corporate bond for ?300.0m. The bond, which is listed at the Luxembourg Stock Exchange, has a term of seven years and an interest rate of 1.75% due annually on its anniversary date, with the principal balance coming due on 24 November 2028. No changes to the terms of the facility have occurred during the six month period ended 30 September 2023.
EPRA loan to value ("LTV")
Proportionate consolidation | |||
Sin auditar 30 de septiembre de 2023 | Grupo procesos ?m | Inversión en asociados ?m | Total ?m |
Préstamos y empréstitos que devengan intereses(1) | 243.2 | 52.2 | 295.4 |
Bonos corporativos | 700.0 | - | 700.0 |
Cuentas por pagar netas | 77.2 | 5.7 | 82.9 |
Efectivo y equivalentes de efectivo | (115.7) | (6.6) | (122.3) |
Deuda neta (a) | 904.7 | 51.3 | 956.0 |
Propiedades de inversión | 2,129.5 | 125.5 | 2,255.0 |
Los activos mantenidos para la venta | 7.3 | - | 7.3 |
Planta y equipo | 7.4 | - | 7.4 |
Activos intangibles | 3.9 | - | 3.9 |
Préstamo a asociados | 44.3 | - | 44.3 |
Valor total de la propiedad (b) | 2,192.4 | 125.5 | 2,317.9 |
EPRA LTV (a/b) | 41.3% | 40.9% | 41.2% |
Proportionate consolidation | |||
Auditado el 31 de marzo de 2023 | Grupo procesos ?m | Inversión en asociados ?m | Total ?m |
Préstamos y empréstitos que devengan intereses(1) | 264.4 | 52.1 | 316.5 |
Bonos corporativos | 700.0 | - | 700.0 |
Cuentas por pagar netas | 71.0 | 4.5 | 75.5 |
Efectivo y equivalentes de efectivo | (124.3) | (8.6) | (132.9) |
Deuda neta (a) | 911.1 | 48.0 | 959.1 |
Propiedades de inversión | 2,123.0 | 124.2 | 2,247.2 |
Los activos mantenidos para la venta | 8.8 | - | 8.8 |
Planta y equipo | 7.2 | - | 7.2 |
Activos intangibles | 4.1 | - | 4.1 |
Préstamo a asociados | 44.3 | - | 44.3 |
Valor total de la propiedad (b) | 2,187.4 | 124.2 | 2,311.6 |
EPRA LTV (a/b) | 41.7% | 38.6% | 41.5% |
(1) Excludes corporate bonds as shown as a separate line.
22. Instrumentos financieros
Valores justos
Set out below is a comparison by category of carrying amounts and fair values of all of the Group's financial instruments that are carried in the financial statements (excluding assets held for sale):
Sin auditar 30 Septiembre 2023 | auditado 31 de marzo de 2023 | |||||
| Valor razonable jerarquía nivel | Que lleva cantidad ?m | Suficientemente bueno propuesta de ?m |
| Que lleva cantidad ?m | Suficientemente bueno propuesta de ?m |
Activos financieros |
| |||||
Efectivo y equivalentes de efectivo |
| 115.7 | 115.7 | 124.3 | 124.3 | |
Cuentas comerciales y otras cuentas por cobrar(1) |
| 22.9 | 22.9 | 27.3 | 27.3 | |
Préstamos a asociados | 2 | 44.3 | 44.3 | 44.3 | 44.3 | |
Instrumentos financieros derivados | 2 | 0.5 | 0.5 |
| 1.3 | 1.3 |
Pasivos financieros | ||||||
Comerciales y otras cuentas a pagar | 51.1 | 51.1 | 59.0 | 59.0 | ||
Préstamos y empréstitos que devengan intereses(2) | ||||||
Préstamos a tasa flotante | 2 | 11.2 | 11.2 | 11.2 | 11.2 | |
Préstamos a tipo variable - cubiertos(3) | 2 | 50.5 | 50.5 | 51.1 | 51.1 | |
Préstamos a tasa fija | 2 | 890.6 | 776.0 |
| 912.8 | 813.6 |
Todos los montos en la tabla anterior se contabilizan a costo amortizado excepto por instrumentos financieros derivados que se mantienen a valor razonable.
(1) This is made up of net trade receivables, other receivables (excluding lease incentives) and deposits.
(2) Excludes loan issue costs.
(3) The Group holds interest rate swap contracts designed to manage the interest rate and liquidity risks of expected cash flows of its borrowings with the variable rate facilities with Deutsche Pfandbriefbank AG. Please refer to note 21 for details of swap contracts.
Jerarquía de valor razonable
Para los activos o pasivos financieros medidos al costo amortizado y cuyo valor en libros es una aproximación razonable al valor razonable, no existe el requisito de analizar su valor en la jerarquía de valor razonable.
A continuación se analizan los instrumentos financieros medidos a valor razonable en una jerarquía de valor razonable basada en la técnica de valoración utilizada para determinar el valor razonable:
Nivel 1: precios cotizados (sin ajustar) en mercados activos para activos o pasivos idénticos;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Nivel 3: datos de entrada para el activo o pasivo que no se basan en datos de mercado observables (datos de entrada no observables).
El Grupo mantiene contratos swap de tipos de interés que se reajustan trimestralmente. El valor razonable de los swaps de tipos de interés se basa en broker cotizaciones. La razonabilidad de dichas cotizaciones se prueba descontando los flujos de efectivo futuros estimados con base en los términos y vencimientos de cada contrato y utilizando tasas de interés de mercado para un instrumento similar en la fecha de medición. La tasa de interés promedio se basa en los saldos pendientes al final del período sobre el que se informa. El swap de tasa de interés se mide a valor razonable con cambios reconocidos en resultados.
Los valores razonables de los préstamos y empréstitos han sido calculados con base en un modelo de flujo de efectivo descontado utilizando las tasas de interés vigentes en el mercado.
23. Capital social emitido
COMERCIO | Número de acciones | Compartir capital ?m |
Acciones ordinarias sin valor nominal | Ilimitada | - |
Al 30 de septiembre de 2023 (no auditado) y al 31 de marzo de 2023 (auditado) | Ilimitada | - |
Emitido y pagado en su totalidad | Número de acciones | Compartir capital ?m |
Al 31 de marzo de 2022 (auditado) | 1,166,880,684 | - |
Acciones ordinarias emitidas | 2,891,372 | 1.4 |
Transferencia de capital social a otras reservas distribuibles | - | (1.4) |
Acciones emitidas a Employee Benefit Trust | (2,500,000) | - |
Acciones asignadas por el Fideicomiso de Beneficios para Empleados | 287,545 | - |
Al 30 de septiembre de 2022 (no auditado) | 1,167,559,601 | - |
Acciones ordinarias emitidas | 811,621 | - |
Transferencia de capital social a otras reservas distribuibles | - | - |
Acciones emitidas al Fideicomiso de Beneficios para Empleados | - | - |
Acciones asignadas por el Fideicomiso de Beneficios para Empleados | - | - |
Al 31 de marzo de 2023 (auditado) | 1,168,371,222 | - |
Acciones ordinarias emitidas | 1,859,000 | - |
Transferencia de capital social a otras reservas distribuibles | - | - |
Acciones emitidas al Fideicomiso de Beneficios para Empleados | - | - |
Acciones asignadas por el Fideicomiso de Beneficios para Empleados | 200,541 | - |
Al 30 de septiembre de 2023 (no auditado) | 1,170,430,763 | - |
Los tenedores de acciones ordinarias tienen derecho a recibir dividendos y otras distribuciones y a asistir y votar en cualquier junta general. Las acciones en tesorería no tienen derecho a recibir dividendos ni a votar en las juntas generales.
The Company issued 1,859,000 shares in relation to the exercise of the LTIP 2018 (Jun 2020 grant) as per note 7. These shares were issued at nil-cost, and the fair value of these shares recorded in the share capital account has been transferred back to the other distributable reserves.
Treasury Shares held by the Employee Benefit Trust are disclosed as own shares held. During the period nil shares were acquired and 200,541 were allocated by the Employee Bene?t Trust. A total of 7,292,222 own shares purchased at an average share price of ?1.1108 are held by the Employee Benefit Trust (31 March 2023: 7,492,763 shares purchased at an average share price of ?1.1185). The total number of shares with voting rights was 1,177,722,985 (31 March 2023: 1,175,863,985). No votes are cast in respect of the shares held in the Employee Benefit Trust in connection with the Company's share plans and dividends paid and payable are subject to a standing waiver.
All shares issued in the period were issued under general authority. No shares were bought back in the period (31 March 2023: none) and there are no Treasury Shares held directly by the Company at the period end (31 March 2023: none).
24. Otras reservas
Otra reserva distribuible
This reserve comprises amounts in relation to scrip dividends transfers from share capital, share-based payment transactions and the share buy-backs. The balance of ?481.3m in total at period end (31 March 2023: ?516.4m) is considered distributable.
Reserva de conversión de moneda extranjera
The Group holds a foreign currency translation reserve which relates to foreign currency translation effect during the course of the business with the UK segment.
The following table illustrates the movement in the foreign currency translation reserve:
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Saldo al comienzo del período | (18.9) | (1.7) |
Conversión de moneda extranjera | 7.6 | (17.2) |
Saldo al final del período | (11.3) | (18.9) |
The movement in the period of ?7.6m gain is a result of an increasing GBP rate which is higher at period end compared with 31 March 2023 (31 March 2023: ?17.2m deficit).
25. Dividendos
On 5 June 2023, the Company announced a dividend of 2.98c per share, with a record date of 14 July 2023 for the UK and South African ("SA") shareholders and payable on 17 August 2023. On the record date, 1,177,722,985 shares were in issue. Since there were no shares held in treasury, 1,177,722,985 shares (including shares held by the Employee Benefit Trust) were entitled to participate in the dividend. The Company's Employee Benefit Trust waived its rights to the dividend, reducing the total dividend (payable in cash) from ?35.1m to ?34.9m (?35.0m as at settlement date).
On 21 November 2022, the Company announced a dividend of 2.70c per share, with a record date of 9 December 2022 for the UK and SA shareholders and payable on 19 January 2023. On the record date, 1,175,863,985 shares were in issue. Since there were no shares held in treasury, 1,175,863,985 shares (including shares held by the Employee Benefit Trust) were entitled to participate in the dividend. The Company's Employee Benefit Trust waived its rights to the dividend, reducing the total dividend (payable in cash) from ?31.7m to ?31.5m (?31.5m as at settlement date).
On 13 June 2022, the Company announced a dividend of 2.37c per share, with a record date of 8 July 2022 for UK and SA shareholders and payable on 18 August 2022. On the record date, 1,172,160,992 shares were in issue. Since there were no shares held in treasury, 1,172,160,992 shares (including shares held by the Employee Benefit Trust) were entitled to participate in the dividend. Holders of 61,453,275 shares elected to receive the dividend in ordinary shares under the scrip dividend alternative, representing a dividend of ?1.4m (?1.4m as at settlement date) while holders of 1,110,707,717 shares opted for a cash dividend with a value of ?26.3m. The Company's Employee Benefit Trust waived its rights to the dividend, reducing the cash payable to ?26.2m (?26.3m as at settlement date). The total dividend was ?27.7m (?27.7m).
The Group's profit attributable to the equity holders of the Company for the period was ?31.7m (30 September 2022: ?70.0m). The Board has authorised a dividend relating to the six month period ended 30 September 2023 of 3.00c per share, representing 66% of FFO(1).
It is expected that, for the dividend authorised relating to the six month period ended 30 September 2023, the ex-dividend date will be 12 December 2023 for shareholders on the SA register and 14 December 2023 for shareholders on the UK register The record date will be 14 December 2023 for shareholders on the SA register and 15 December 2023 for shareholders on the UK register. The dividend will be paid on 25 January 2024. A detailed dividend announcement will be made on 20 November 2023, including details of a dividend reinvestment plan ("DRIP") alternative.
El dividendo pagado según el estado de cambios en el patrimonio es el valor del dividendo en efectivo.
(1) Adjusted profit before tax adjusted for foreign exchange effects, depreciation and amortisation (excluding depreciation relating to IFRS 16), amortisation of financing fees, adjustments in respect of IFRS 16, current tax receivable/incurred and current tax relating to disposals.
El dividendo por acción se calculó de la siguiente manera:
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Beneficio declarado antes de impuestos | 39.8 | 75.7 |
Ajustes para: | ||
Pérdida/(ganancia) por revaluación de propiedades de inversión | 10.1 | (26.8) |
Loss on revaluation relating to leased investment properties | (0.7) | (0.9) |
Ganancia en la enajenación de propiedades | 0.0 | (4.8) |
Loss/(gain) on revaluation of investment property from associates and related tax | 0.4 | (1.4) |
Otros elementos de ajuste(1) | 1.8 | 3.0 |
Cambio en el valor razonable de derivados financieros | 0.8 | (1.2) |
Beneficio ajustado antes de impuestos | 52.2 | 43.6 |
Ajustes para: | ||
Efectos cambiarios(2) | - | 0.3 |
Depreciación y amortización (excluida la depreciación relacionada con la NIIF 16) | 1.7 | 1.7 |
Amortización de comisiones de financiación | 1.5 | 1.6 |
Ajuste respecto a la NIIF 16 | 0.5 | 1.5 |
Impuestos corrientes incurridos (ver nota 9) | (2.9) | (0.3) |
Agregar el impuesto actual relacionado con las enajenaciones | - | 0.1 |
Fondos de operaciones, seis meses terminados el 30 de septiembre | 53.0 | 48.5 |
Grupo de dividendos, seis meses finalizados el 30 de septiembre(3) | 35.1 | 31.5 |
Dividendo por acción, seis meses finalizados el 30 de septiembre | 3.00c | 2.70c |
(1) Includes the effect of exceptional items and share awards. See note 7 for details.
(2) Management decided to exclude foreign exchange effects from the funds from operations calculation amounting to ?nil (30 September 2022: ?(0.3)m).
(3) Calculated as 66% of FFO of 3.00c per share (30 September 2022: 4.15c per share using 65% of FFO), based on average number of shares outstanding of 1,169,697,061 (30 September 2022: 1,167,383,139).
Para más información sobre la utilidad ajustada antes de impuestos y los fondos de operaciones, consulte el Anexo 1.
Los cálculos contenidos en esta tabla están sujetos a diferencias de redondeo.
26. Partes relacionadas
Related parties are defined as those persons and companies that control the Group, or that are controlled, jointly controlled or subject to significant influence by the Group.
Personal de gestión clave
Fees paid to people considered to be key management personnel (the Senior Management Team) of the Group during the period include:
Estado de resultados intermedio condensado consolidado | Sin auditar 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Honorarios de los directores | 0.3 | 0.3 |
Beneficios salariales y para empleados | 2.9 | 3.6 |
Pagos basados en acciones | 1.0 | 1.8 |
Total | 4.2 | 5.7 |
Included within salary and employee benefits are pension contributions amounting to ?0.1m (30 September 2022: ?0.1metro).
The amounts payable to people considered to be key management personnel (the Senior Management Team) amount to ?0.3m (31 March 2023: ?nil).
Asociados
Los siguientes saldos y transacciones con asociadas existen a la fecha de reporte:
Estado de situación financiera intermedio condensado consolidado | Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Préstamos a asociados | 44.3 | 44.3 |
Cuentas comerciales y otras cuentas por cobrar | 4.6 | 4.0 |
Total | 48.9 | 48.3 |
Los deudores comerciales y otras cuentas por cobrar corresponden a montos adeudados por los servicios prestados a las asociadas y deben liquidarse en el curso normal de los negocios.
Como resultado de la calidad crediticia sin cambios, no se han reconocido pérdidas crediticias esperadas significativas en el período.
Estado de resultados intermedio condensado consolidado | Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Servicios prestados | 8.4 | 7.0 |
Ingresos por intereses | 1.1 | 1.1 |
Total | 9.5 | 8.1 |
Services provided to associates primarily relate to the provision of property and asset management services. A performance fee arrangement is in place between the associates and the Group. Within services supplied, the performance fee was ?0.8m (30 September 2022: ?nil).
For details regarding the investment in associates, including dividends received, ver nota 17.
27. Capital y otros compromisos
As at period end, the Group had contracted capital expenditure for development and enhancements on existing properties of ?13.8m (31 March 2023: ?14.9m).
Los mencionados anteriormente fueron comprometidos pero aún no previstos en los estados financieros.
28. Contabilizar eventos relacionados con el balance
On 21 August 2023, the Group notarised for the disposal of an asset in Kassel for a sale price of ?7.3m. The mixed-use site which comprises 16,217 sqm of storage, industrial, office and logistics space is 92% occupied. The transaction completed on 1 October 2023.
On 2 October 2023, the Group completed the acquisition of two mixed use industrial assets located in Liverpool and Barnsley. Total acquisition costs are £10.1m (?11.7m). The property has a combined lettable area of 71,957 sq ft (6,685 sqm).
On 1 November 2023, the Group notarised the disposal of an asset in Maintal, for ?40.1m. The mixed-use site which comprises 38,000 sqm of storage, industrial and office space is 83% occupied. The sale is expected to complete in March 2024.
On 6 November 2023, the Group completed the acquisition of three multi-let studio sites located in Islington and Camden, London. Total acquisition costs are £35.7m (?41.2m). The sites have a combined lettable area of 103,962 sq ft (9,658 sqm).
Analisis de negocios
Medidas no IFRS
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Beneficio total del período atribuible a los propietarios de la Sociedad | 31.7 | 70.0 |
Add loss/(deduct gain) on revaluation of investment properties | 10.1 | (26.8) |
Deduct gain on disposal of properties (net of related tax) | 0.0 | (4.7) |
Cambio en el valor razonable de instrumentos financieros derivados | 0.8 | (1.2) |
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión | 5.2 | 5.3 |
Add loss/(deduct gain) on revaluation of investment property relating to associates | 0.5 | (1.9) |
Tax in relation to the revaluation gains/losses on investment property relating to associates above | (0.1) | 0.5 |
Ganancias de EPRA | 48.2 | 41.2 |
Deduct change in deferred tax relating to derivative financial instruments | 0.1 | 0.2 |
(Deduct)/add change in fair value of derivative financial instruments | (0.8) | 1.2 |
Ingresos generales después de impuestos | 47.5 | 42.6 |
Add/(deduct) change in fair value of derivative financial instruments (net of related tax and NCI) | 0.7 | (1.4) |
Deduct revaluation loss relating to leased investment properties | (0.7) | (0.9) |
Agregar elementos de ajuste(1) (neto de impuestos relacionados y NCI) | 1.8 | 3.0 |
Ganancias ajustadas después de impuestos | 49.3 | 43.3 |
(1) Ver nota 10 del Informe Intermedio.
Para obtener más información sobre las ganancias de EPRA, consulte el Anexo 1.
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Ganancias de EPRA | 48.2 | 41.2 |
Número medio ponderado de acciones ordinarias | 1,169,697,061 | 1,167,383,139 |
EPRA beneficio por acción (céntimos) | 4.12 | 3.53 |
Ingresos generales después de impuestos | 47.5 | 42.6 |
Número medio ponderado de acciones ordinarias | 1,169,697,061 | 1,167,383,139 |
Ganancias generales por acción (centavos) | 4.06 | 3.65 |
Ganancias ajustadas después de impuestos | 49.3 | 43.3 |
Número medio ponderado de acciones ordinarias | 1,169,697,061 | 1,167,383,139 |
Ganancias por acción ajustadas (centavos) | 4.21 | 3.71 |
Anexo 1 - medidas no IFRS
Base de preparación
The Directors of Sirius Real Estate Limited have chosen to disclose additional non-IFRS measures; these include EPRA earnings, adjusted net asset value, EPRA net reinstatement value, EPRA net tangible assets, EPRA net disposal value, EPRA loan to value, adjusted profit before tax and funds from operations (collectively "Non-IFRS Financial Information").
Los Directores han optado por revelar:
? EPRA earnings in order to assist in comparisons with similar businesses in the real estate sector. EPRA earnings is a definition of earnings as set out by the European Public Real Estate Association. EPRA earnings represents earnings after adjusting for (where applicable) gains/losses on revaluation of investment properties, gains/losses on disposal of properties (net of related tax), recoveries from prior disposals of subsidiaries (net of related tax), refinancing costs, exit fees and prepayment penalties, goodwill impairment, acquisition costs in relation to business combination, changes in fair value of derivative financial instruments (collectively the "EPRA earnings adjustments"), deferred tax in respect of the EPRA earnings adjustments, NCI relating to revaluation (net of related tax), gains/losses on revaluation of investment property relating to associates and the related tax thereon. The reconciliation between basic and diluted earnings and EPRA earnings is detailed in table A below.
? Adjusted net asset value in order to assist in comparisons with similar businesses. Adjusted net asset value represents net asset value after adjusting for derivative financial instruments at fair value and net deferred tax asset/liability. The reconciliation for adjusted net asset value is detailed in table B below.
? EPRA net reinstatement value ("EPRA NRV") in order to assist in comparisons with similar businesses in the real estate sector. EPRA NRV is a definition of net asset value as set out by the European Public Real Estate Association. EPRA NRV represents net asset value after adjusting for derivative financial instruments at fair value, deferred tax relating to valuation movements and derivative financial instruments and real estate transfer tax presented in the Valuation Certificate (for the entire consolidated Group including wholly owned entities and investment in associates). The reconciliation for EPRA NRV is detailed in table C below.
? EPRA net tangible assets ("EPRA NTA") in order to assist in comparisons with similar businesses in the real estate sector. EPRA NTA is a definition of net asset value as set out by the European Public Real Estate Association. EPRA NTA represents net asset value after adjusting for (where applicable) derivative financial instruments at fair value, deferred tax relating to valuation movements (excluding that relating to assets held for sale) and derivative financial instruments, goodwill and intangible assets as per the note reference in the unaudited condensed interim consolidated statement of financial position (for the entire consolidated Group including wholly owned entities and investment in associates). The reconciliation for EPRA NTA is detailed in table C below.
? EPRA net disposal value ("EPRA NDV") in order to assist in comparisons with similar businesses in the real estate sector. EPRA NDV is a definition of net asset value as set out by the European Public Real Estate Association. EPRA NDV represents net asset value after adjusting for (where applicable) goodwill and the fair value of fixed interest rate debt (for the entire consolidated Group including wholly owned entities and investment in associates). The reconciliation for EPRA NDV is detailed in table C below.
? EPRA loan to value ("EPRA LTV") in order to assist in comparisons with similar businesses in the real estate sector. EPRA LTV is a definition of loan to value ratio as set out by the European Public Real Estate Association. EPRA LTV represents net debt to total property value as defined in note 21. It includes all capital which is not equity as debt, irrespective of its IFRS classification, and is based upon proportional consolidation, therefore including the Group's share in the net debt and net assets of associates. Assets are included at fair value, net debt at nominal value. The reconciliation for EPRA LTV is detailed in table D below.
? Adjusted profit before tax in order to provide an alternative indication of the Group's underlying business performance. Accordingly, it adjusts for the effect of the gains/losses on revaluation of investment properties, gains/losses on revaluation relating to leased investment properties, gains/losses on disposal of properties, gains/losses on revaluation of investment property relating to associates and related tax, other adjusting items and change in fair value of derivative financial instruments. The reconciliation for adjusted profit before tax is detailed in table E below.
? Funds from operations in order to assist in comparisons with similar businesses and to facilitate the Group's dividend policy which is derived from adjusted profit before tax. Accordingly, funds from operations excludes depreciation and amortisation (excluding depreciation relating to IFRS 16), net foreign exchange differences, amortisation of financing fees, adjustment in respect of IFRS 16 and current tax excluding tax on disposals. The reconciliation for funds from operations is detailed in table E below.
The Non-IFRS Financial Information is presented in accordance with the JSE Limited Listings Requirements and The Guide on pro forma financial information issued by SAICA. The Non-IFRS Financial Information is the responsibility of the Directors. The Non-IFRS Financial Information has been presented for illustrative purposes and, due to its nature, may not fairly present the Group's financial position or result of operations. The Non-IFRS Financial Information required by the JSE Limited Listings Requirements solely relates to Headline Earnings Per Share and not EPRA.
The Non-IFRS measures included in the Interim Report 2023 have not been reviewed nor reported on by the independent reporting accountant. The starting point for all the Non-IFRS Financial Information has been extracted from the Group's unaudited condensed interim set of consolidated financial statements for the six months ended 30 September 2023 (the "consolidated financial statements").
Cuadro A - Resultados EPRA
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Utilidad básica y diluida atribuible a los propietarios de la Compañía(1) | 31.7 | 70.0 |
Add loss/(deduct gain) on revaluation of investment properties(2) | 10.1 | (26.8) |
Deduct gain on disposal of properties (net of related tax)(3) | 0.0 | (4.7) |
Cambio en el valor razonable de instrumentos financieros derivados(4) | 0.8 | (1.2) |
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión(5) | 5.2 | 5.3 |
Add loss/(deduct gain) on revaluation of investment property relating to associates(6) | 0.5 | (1.9) |
Tax in relation to the revaluation gains/losses on investment property relating to associates(7) | (0.1) | 0.5 |
Ganancias de EPRA(8) | 48.2 | 41.2 |
Notas:
(1) Presents the profit attributable to owners of the Company which has been extracted from the unaudited condensed interim consolidated income statement within the consolidated financial statements.
(2) Presents the gain or loss on revaluation of investment properties which has been extracted from the unaudited condensed interim consolidated income statement within the consolidated financial statements.
(3) Presents the gain or loss on disposal of properties (net of related tax) which has been extracted from note 10 within the consolidated financial statements.
(4) Presents the change in fair value of derivative financial instruments which has been extracted from the unaudited condensed interim consolidated income statement within the consolidated financial statements.
(5) Presents deferred tax relating to origination and reversal of temporary differences of the EPRA fair value movements on investment properties which has been extracted from note 9 within the consolidated financial statements.
(6) Presents the gain or loss on revaluation of investment property relating to associates which has been extracted from note 10 within the consolidated financial statements.
(7) Presents tax in relation to the revaluation gains/losses on investment property relating to associates which has been extracted from note 10 within the consolidated financial statements.
(8) Presenta el resultado EPRA del periodo.
Cuadro B - Valor liquidativo ajustado
| Sin auditar 30 septiembre 2023 ?m | auditado 31 marzo 2023 ?m |
Valor liquidativo | ||
Valor liquidativo a efectos de activos por acción (activos atribuibles a los propietarios de la Compañía)(1) | 1,201.5 | 1,197.1 |
Pasivos por impuestos diferidos(2) | 85.4 | 80.2 |
Instrumentos financieros derivados a valor razonable(3) | (0.5) | (1.3) |
Valor liquidativo ajustado atribuible a los propietarios de la Compañía(4) | 1,286.4 | 1,276.0 |
Notas:
(1) Presents the net asset value for the purpose of assets per share (assets attributable to the owners of the Company) which has been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements.
(2) Presents the net deferred tax liabilities or assets which have been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements.
(3) Presents current derivative financial instrument assets which have been extracted from the unaudited condensed interim consolidated statement of financial position from the consolidated financial statements.
(4) Presents the adjusted net asset value attributable to the owners of the Company as at period end.
Tabla C - Medidas de activos netos EPRA
Sin auditar 30 de septiembre de 2023 | VRN EPRA ?m | EPRA NTA ?m | EPRA NDV ?m |
Valor liquidativo al final del período (básico)(1) | 1,201.5 | 1,201.5 | 1,201.5 |
Valor liquidativo EPRA diluido a valor razonable | 1,201.5 | 1,201.5 | 1,201.5 |
Grupo procesos | |||
Instrumentos financieros derivados a valor razonable(2) | (0.5) | (0.5) | n / a |
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión(3) | 85.4 | 85.2* | n / a |
Intangibles(4) | n / a | (3.9) | n / a |
Valor razonable de la deuda a tasa de interés fija(5) | n / a | n / a | 114.7 |
Impuesto de transferencia de bienes inmuebles(6) | 165.3 | n / a | n / a |
Inversión en asociado | |||
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión(3) | 7.1 | 7.1* | n / a |
Valor razonable de la deuda a tasa de interés fija(5) | n / a | n / a | 9.7 |
Impuesto de transferencia de bienes inmuebles(6) | 9.4 | n / a | n / a |
Total EPRA VRN, NTA y NDV(7) | 1,468.2 | 1,289.4 | 1,325.9 |
Auditado el 31 de marzo de 2023 | VRN EPRA ?m | EPRA NTA ?m | EPRA NDV ?m |
Valor liquidativo al final del período (básico)(1) | 1,197.1 | 1,197.1 | 1,197.1 |
Valor liquidativo EPRA diluido a valor razonable | 1,197.1 | 1,197.1 | 1,197.1 |
Grupo procesos | |||
Instrumentos financieros derivados a valor razonable(2) | (1.3) | (1.3) | n / a |
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión(3) | 80.2 | 80.1* | n / a |
Intangibles(4) | n / a | (4.1) | n / a |
Valor razonable de la deuda a tasa de interés fija(5) | n / a | n / a | 99.2 |
Impuesto de transferencia de bienes inmuebles(6) | 164.4 | n / a | n / a |
Inversión en asociado | |||
Impuesto diferido en relación con los movimientos de valor razonable EPRA en propiedades de inversión(3) | 7.0 | 7.0* | n / a |
Valor razonable de la deuda a tasa de interés fija(5) | n / a | n / a | 9.9 |
Impuesto de transferencia de bienes inmuebles(6) | 9.3 | n / a | n / a |
Total EPRA VRN, NTA y NDV(7) | 1,456.7 | 1,278.8 | 1,306.2 |
* The Group intends to hold and does not intend in the long term to sell any of the investment properties and has excluded such deferred taxes for the whole portfolio as at period end except for deferred tax in relation to assets held for sale.
Notas:
(1) Presents the net asset value for the purpose of assets per share (assets attributable to the owners of the Company) which has been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements.
(2) Presents current derivative financial instrument assets which have been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements.
(3) Presents for the Group the net deferred tax liabilities or assets which have been extracted from note 9 of the consolidated financial statements and for EPRA NTA only the additional credit adjustment for the deferred tax expense relating to assets held for sale of ?0.2m (31 March 2023: ?0.1m). For investment in associates the deferred tax income/(expense) arising on revaluation gains/losses amounted to ?0.1m (31 March 2023: ?0.4m).
(4) Presents the net book value of software and licences with definite useful life which has been extracted from note 14 within the consolidated financial statements.
(5) Presents the fair value of financial liabilities and assets on the unaudited condensed interim consolidated statement of financial position, net of any related deferred tax.
(6) Presents the add-back of purchasers' costs in order to reflect the value prior to any deduction of purchasers' costs, as shown in the Valuation Certificate of Cushman & Wakefield LLP.
(7) Presents the EPRA NRV, EPRA NTA and EPRA NDV, respectively, as at period end.
Table D - EPRA LTV metric
Proportionate consolidation | |||
Sin auditar 30 de septiembre de 2023 | Grupo procesos ?m | Inversión en asociados ?m | Total ?m |
Préstamos y empréstitos que devengan intereses(1) | 243.2 | 52.2 | 295.4 |
Bonos corporativos(2) | 700.0 | - | 700.0 |
Cuentas por pagar netas(3) | 77.2 | 5.7 | 82.9 |
Efectivo y equivalentes de efectivo(4) | (115.7) | (6.6) | (122.3) |
Deuda neta (a)(5) | 904.7 | 51.3 | 956.0 |
Propiedades de inversión(6) | 2,129.5 | 125.5 | 2,255.0 |
Los activos mantenidos para la venta(7) | 7.3 | - | 7.3 |
Planta y equipo(8) | 7.4 | - | 7.4 |
Activos intangibles(9) | 3.9 | - | 3.9 |
Préstamo a asociados(10) | 44.3 | - | 44.3 |
Valor total de la propiedad (b)(11) | 2,192.4 | 125.5 | 2,317.9 |
EPRA LTV (a/b)(12) | 41.3% | 40.9% | 41.2% |
Proportionate consolidation | |||
Auditado el 31 de marzo de 2023 | Grupo procesos ?m | Inversión en asociados ?m | Total ?m |
Préstamos y empréstitos que devengan intereses(1) | 264.4 | 52.1 | 316.5 |
Bonos corporativos(2) | 700.0 | - | 700.0 |
Cuentas por pagar netas(3) | 71.0 | 4.5 | 75.5 |
Efectivo y equivalentes de efectivo(4) | (124.3) | (8.6) | (132.9) |
Deuda neta (a)(5) | 911.1 | 48.0 | 959.1 |
Propiedades de inversión(6) | 2,123.0 | 124.2 | 2,247.2 |
Los activos mantenidos para la venta(7) | 8.8 | - | 8.8 |
Planta y equipo(8) | 7.2 | - | 7.2 |
Activos intangibles(9) | 4.1 | - | 4.1 |
Préstamo a asociados(10) | 44.3 | - | 44.3 |
Valor total de la propiedad (b)(11) | 2,187.4 | 124.2 | 2,311.6 |
EPRA LTV (a/b)(12) | 41.7% | 38.6% | 41.5% |
Notas:
(1) Presents the interest-bearing loans and borrowings which have been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements less the corporate bonds which have been extracted from note 21 within the consolidated financial statements.
(2) Presents the corporate bonds which have been extracted from note 21 within the consolidated financial statements.
(3) Presents the net payables, which is the sum of trade and other receivables, derivative financial instruments, trade and other payables, current tax liabilities (all of which have been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements) and deposits which have been extracted from note 16 within the consolidated financial statements.
(4) Presents the cash and cash equivalents which have been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements.
(5) Presents the net debt, which is the sum of interest-bearing loans and borrowings, corporate bonds, and net payables, less cash and cash equivalents which have been extracted from note 21 within the consolidated financial statements.
(6) Presents the investment properties values which have been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements.
(7) Presents the assets held for sale which have been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements.
(8) Presents the plant and equipment which have been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements.
(9) Presents the intangible assets which have been extracted from the unaudited condensed interim consolidated statement of financial position within the consolidated financial statements.
(10) Presents the loan to associates which has been extracted from note 16 within the consolidated financial statements.
(11) Presents the total property value, which is the sum of investment properties, assets held for sale, plant and equipment, intangible assets and loan to associates.
(12) Presents the EPRA LTV which is net debt divided by total property value in percentage.
Table E - Adjusted profit before tax and funds from operations
| Sin auditar seis meses terminó 30 septiembre 2023 ?m | Sin auditar seis meses terminó 30 septiembre 2022 ?m |
Beneficio declarado antes de impuestos(1) | 39.8 | 75.7 |
Ajustes para: | ||
Pérdida/(ganancia) por revaluación de propiedades de inversión(2) | 10.1 | (26.8) |
Loss on revaluation relating to leased investment properties(3) | (0.7) | (0.9) |
Ganancia en la enajenación de propiedades(4) | 0.0 | (4.8) |
Loss/(gain) on revaluation of investment property from associates and related tax(5) | 0.4 | (1.4) |
Otros elementos de ajuste(6) | 1.8 | 3.0 |
Cambio en el valor razonable de derivados financieros(7) | 0.8 | (1.2) |
Beneficio ajustado antes de impuestos(8) | 52.2 | 43.6 |
Ajustes para: | ||
Efectos cambiarios(9) | - | 0.3 |
Depreciación y amortización (excluida la depreciación relacionada con la NIIF 16)(10) | 1.7 | 1.7 |
Amortización de comisiones de financiación(11) | 1.5 | 1.6 |
Ajuste respecto a la NIIF 16(12) | 0.5 | 1.5 |
Current taxes incurred(13) | (2.9) | (0.3) |
Agregar el impuesto actual relacionado con las enajenaciones(14) | - | 0.1 |
Fondos de operaciones(15) | 53.0 | 48.5 |
Notas:
(1) Presents profit before tax which has been extracted from the unaudited condensed interim consolidated income statement within the consolidated financial statements.
(2) Presents the gain or loss on revaluation of investment properties which has been extracted from the unaudited condensed interim consolidated income statement within the consolidated financial statements.
(3) Presents the gain or loss on revaluation relating to leased investment properties which has been extracted from note 12 within the consolidated financial statements.
(4) Presents the gain or loss on disposal of properties which has been extracted from the unaudited condensed interim consolidated income statement within the consolidated financial statements.
(5) Presents the gain or loss on revaluation of investment property relating to associates and related tax which has been extracted from note 10 within the consolidated financial statements.
(6) Presents the total adjusting items which has been extracted from note 10 within the consolidated financial statements.
(7) Presents the change in fair value of derivative financial instruments which has been extracted from the unaudited condensed interim consolidated income statement within the consolidated financial statements.
(8) Presents the adjusted profit before tax for the period.
(9) Presents the net foreign exchange gains or losses as included in other administration costs in note 5 within the consolidated financial statements.
(10) Presents depreciation of plant and equipment and amortisation of intangible assets which have been extracted from note 5 within the consolidated financial statements.
(11) Presenta la amortización de los costos financieros capitalizados la cual ha sido extraída de la nota 8 dentro de los estados financieros consolidados.
(12) Presents the differential between the expense recorded in the unaudited condensed interim consolidated income statement for the period relating to head leases in accordance with IFRS 16 amounting to ?2.2m (30 September 2022: ?2.8m) and the actual cash expense recorded in the unaudited condensed interim consolidated statement of cash flow for the period amounting to ?1.7m (30 September 2022: ?1.3m).
(13) Presenta el total del impuesto a las ganancias corriente extraído de la nota 9 dentro de los estados financieros consolidados.
(14) Presenta el cargo por impuesto a las ganancias corriente relacionado con la enajenación de propiedades de inversión el cual ha sido extraído de la nota 9 dentro de los estados financieros consolidados.
(15) Presenta los fondos de operaciones del período.
Glosario de términos
Ganancias ajustadas después de impuestos | is the earnings attributable to the owners of the Company, adjusted for the effect of the gains/losses on revaluation of investment properties and related tax (also to associates net of related tax), gains/losses on disposal of properties and related tax, NCI relating to revaluation (net of related tax), changes in fair value of derivative financial instruments (net of related tax and NCI), revaluation gains/losses relating to leased investment properties and adjusting items (net of related tax and NCI) |
Valor liquidativo ajustado | is the assets attributable to the owners of the Company adjusted for derivative financial instruments at fair value and net deferred tax liabilities/assets |
Beneficio ajustado antes de impuestos | is the reported profit before tax adjusted for the effect of gains/losses on revaluation of investment properties, gains/losses on revaluation relating to lease investment properties, gains/losses on disposal of properties, gains/losses on revaluation of investment property relating to associates and related tax, other adjusting items and changes in fair value of derivative financial instruments |
Utilidad operativa neta de adquisición anualizada | es la renta generada por un inmueble menos los costes directamente atribuibles a la fecha de adquisición expresada en términos anuales. Consulte la definición de "registro de alquiler anualizado" a continuación para obtener más información explicativa |
Annualised acquisition rent roll | es la renta de alquiler contratada de un inmueble a la fecha de adquisición expresada en términos anuales. Consulte la definición de "registro de alquiler anualizado" a continuación para obtener más información explicativa |
Rol de alquiler anualizado | is the contracted rental income of a property at a specific reporting date expressed in annual terms. Unless stated otherwise the reporting date is 30 September 2023. Annualised rent roll should not be interpreted nor used as a forecast or estimate. Annualised rent roll differs from rental income described in note 4 of the Interim Report and reported within revenue in the unaudited condensed interim consolidated income statement for reasons including: ? annualised rent roll represents contracted rental income at a specific point in time expressed in annual terms; ? rental income as reported within revenue represents rental income recognised in the period under review; and ? rental income as reported within revenue includes accounting adjustments including those relating to lease incentives |
Valor capital | es el valor de mercado de una propiedad dividido por los metros cuadrados totales de una propiedad |
Empresa | is Sirius Real Estate Limited, a company incorporated in Guernsey and resident in the United Kingdom for tax purposes, whose shares are publicly traded on the Main Market of the London Stock Exchange (primary listing) and the Main Board of the Johannesburg Stock Exchange (primary listing) |
Rentabilidad total acumulada | es el rendimiento calculado al combinar el movimiento en el valor de la propiedad de inversión neto de capex con el ingreso operativo neto total menos el interés bancario durante un período de tiempo específico |
Ganancias de EPRA | is earnings after adjusting for (where applicable) gains/losses on revaluation of investment properties, gains/losses on disposal of properties (net of related tax), recoveries from prior disposals of subsidiaries (net of related tax), refinancing costs, exit fees and prepayment penalties, goodwill impairment, acquisition costs in relation to business combinations, changes in fair value of derivative financial instruments (collectively the "EPRA earnings adjustments"), deferred tax in respect of the EPRA earnings adjustments, NCI relating to revaluation (net of related tax), gains/losses on revaluation of investment property relating to associates and the related tax thereon |
Préstamo a valor EPRA | is the ratio of net debt to total property value as defined in note 21. It includes all capital which is not equity as debt, irrespective of its IFRS classification, and is based upon proportional consolidation, therefore including the Group's share in the net debt and net assets of associates. Assets are included at fair value, net debt at nominal value |
Valor neto de reposición EPRA | is the net asset value after adjusting for derivative financial instruments at fair value, deferred tax relating to valuation movements and derivative financial instruments and real estate transfer tax presented in the Valuation Certificate, including the amounts of the above related to the investment in associates |
Activos tangibles netos EPRA | is the net asset value after adjusting for (where applicable) derivative financial instruments at fair value, deferred tax relating to valuation movements (just the part of the portfolio that the Group intends to hold should be excluded) and derivative financial instruments, goodwill and intangible assets as per the note reference in the unaudited condensed interim consolidated statement of financial position, including the amounts of the above related to the investment in associates |
Valor neto de enajenación EPRA | is the net asset value after adjusting for (where applicable) goodwill and the fair value of fixed interest rate debt, including the amounts of the above related to the investment in associates |
Rendimiento inicial neto EPRA | es el registro anualizado de rentas basado en las rentas en efectivo que pasan a la fecha de presentación, menos los gastos operativos no recuperables de la propiedad, dividido por el valor de mercado de la propiedad, incrementado con los costos (estimados) de los compradores |
Rendimiento neto EPRA | es el ingreso operativo neto generado por una propiedad expresado como un porcentaje de su valor más los costos de compra |
VRE | es el valor de alquiler estimado que es el ingreso de alquiler anualizado al 100% de ocupación |
Fondos de operaciones | es la ganancia antes de impuestos ajustada por depreciación y amortización (excluyendo la depreciación relacionada con la NIIF 16), la amortización de las tarifas de financiamiento, las diferencias de cambio netas, el ajuste con respecto a la NIIF 16 y el impuesto corriente excluyendo el impuesto sobre las enajenaciones |
TIR engranada | es una estimación de la tasa de rendimiento teniendo en cuenta la deuda |
Relación préstamo bruto a valor | es la relación entre el valor principal de la deuda total y el valor agregado de las propiedades de inversión |
Me gusta por me gusta | se refiere a la manera en que las métricas están sujetas a ajuste para hacerlas directamente comparables. Los ajustes comparables se realizan en relación con la lista de alquileres anualizados, la tasa y la ocupación y eliminan el efecto de las adquisiciones y enajenaciones de activos que se producen en el período sobre el que se informa. |
LTIP | Plan de incentivos a largo plazo |
LTV | préstamo a valor |
Ratio de préstamo neto a valor | is the ratio of principal value of total debt less cash, excluding that which is restricted in contractual terms, to the aggregate value of investment property |
El margen de explotación | es el alquiler, el cargo por servicio y otros ingresos generados por la inversión y las propiedades administradas menos los costos directamente atribuibles |
Rendimiento neto | es el ingreso operativo neto generado por una propiedad expresado como un porcentaje de su valor |
Ocupación | es el porcentaje del total de espacio alquilable ocupado en la fecha del informe |
Flujo de caja operativo sobre la inversión (ajustado) | es una estimación de la tasa de rendimiento basada en los flujos de efectivo operativos y teniendo en cuenta la deuda |
Flujo de efectivo operativo sobre la inversión (no apalancado) | es una estimación de la tasa de rendimiento basada en los flujos de efectivo operativos |
Beneficio operativo | is the net operating income adjusted for gains/losses on revaluation of investment properties, gains/losses on disposal of properties, movement in expected credit loss provision, administrative expenses and share of profit of associates |
Rate | para la cartera alemana son los ingresos por alquiler por metro cuadrado expresados mensualmente a una fecha de informe específica for the UK portfolio is rental income (includes estimated service charge element) per sqm expressed on a monthly basis as at a specific reporting date in EUR para la cartera del Reino Unido son los ingresos por alquiler (incluye el elemento de cargo por servicio estimado) por pie cuadrado expresados anualmente a una fecha de informe específica en GBP |
Equipo Directivo | tal y como se recoge en la página 88 de la Memoria y Cuentas Anuales del Grupo 2023 |
SIP | Compartir plan de incentivos |
Deuda total | es el importe total de los préstamos y empréstitos que devengan intereses |
Rendimiento contable total del accionista | es la rentabilidad obtenida por un accionista calculada combinando ambos movimientos en el NAV ajustado por acción y los dividendos pagados |
Regreso trotal | es la rentabilidad de un periodo de tiempo determinado combinando el movimiento de valoración y los ingresos generados |
TIR sin engranajes | es una estimación de la tasa de rendimiento |
Coste medio ponderado de la deuda | es la tasa de interés efectiva ponderada de las líneas de crédito expresada como porcentaje |
Vencimiento medio ponderado de la deuda | es el tiempo medio ponderado de reembolso de las líneas de crédito expresado en años |
Directorio corporativo
SIRIUS INMOBILIARIA LIMITADA
(Incorporado en Guernsey)
Número de la empresa: 46442
Código de acciones JSE: SRE
Código de acciones de LSE (GBP): SRE
LEI: 213800NURUF5W8QSK566
Código ISIN: GG00B1W3VF54
Oficina registrada
casa de elizabeth
Les Ruettes Brayes
St Peter Port
Guernsey GY1 1EW
Channel Islands
Número registrado
Constituida en Guernsey bajo la Ley de Sociedades (Guernsey) de 2008, modificada, con el número 46442
Secretaria de Empresa
un gallagher
Sirius Bienes Raíces Limitado
casa de elizabeth
Les Ruettes Brayes
St Peter Port
Guernsey GY1 1EW
Channel Islands
abogados del Reino Unido
Norton Rose Fulbright LLP
3 Más London Riverside
Londres SE1 2AQ
Reino Unido
PR financiera
FTI Consultoría LLP
Calle Aldersgate 200
Londres EC1A 4HD
Reino Unido
Patrocinador de JSE
PSG Capital Propietario Limitado
1st Floor, Ou Kollege Building
Calle Kerk, 35
Stellenbosch7600
Sudáfrica
Conjunto broker
Peel Hunt LLP
100 Liverpool Street
Londres EC2M 2AT
Reino Unido
Conjunto broker
Berenberg
60 Threadneedle Calle
Londres EC2R 8HP
Reino Unido
Tasador de propiedades
Cushman & Wakefield LLP
Rathenauplatz 1
60313 Frankfurt am Main
Alemania
Auditor independiente
Ernst & Young LLP
PO Box 9, Cámaras Reales
Avenida de San Julián
St Peter Port
Guernesey GY1 4AF
Channel Islands
abogados de Guernesey
Carey Olsen (Guernesey) LLP
PO Box 98
Casa Carey
Los bancos
St Peter Port
Guernesey GY1 4BZ
Channel Islands
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