Resultados del semestre finalizado el 30 de septiembre de 2023
20 November 2023
PLC del gran grupo amarillo
("Big Yellow", "el Grupo" o "la Compañía")
Resultados del semestre finalizado el 30 de septiembre de 2023
Métricas financieras | Seis meses terminaron | Seis meses terminaron |
Cambios |
Ingresos | EUR 99.6 millones | EUR 93.8 millones | 6% |
Ingresos de la tienda (1) | EUR 98.3 millones | EUR 92.8 millones | 6% |
Ingresos de tiendas comparables (1,2) | EUR 96.8 millones | EUR 92.5 millones | 5% |
EBITDA de la tienda (1) | EUR 71.5 millones | EUR 66.8 millones | 7% |
Beneficio ajustado antes de impuestos (1) | EUR 53.5 millones | EUR 54.6 millones | (2%) |
Ganancias por acción de EPRA (1) | Peniques 29.0 | Peniques 29.3 | (1%) |
Dividendo a cuenta por acción | Peniques 22.6 | Peniques 22.3 | 1% |
Métricas estatutarias |
| ||
Beneficio antes de impuestos | EUR 119.6 millones | EUR 6.8 millones | 112.8m |
Flujo de efectivo de las actividades operativas (después de los costos financieros netos y los movimientos de capital de trabajo previos)(3) |
EUR 54.3 millones |
EUR 55.2 millones | (2%) |
Ganancias básicas por acción | Peniques 65.3 | Peniques 3.3 | 62.0p |
Almacenar métricas Almacenar el área máxima alquilable ("MLA") (1) | 6,419,000 | 6,295,000 | 2% |
Ocupación de cierre (pies cuadrados) (1) | 5,228,000 | 5,300,000 | (1%) |
Crecimiento de la ocupación en el período (pies cuadrados) (1,4) | 140,000 | 154,000 | (9%) |
Ocupación de cierre (1) | 81.4% | 84.2% | (2.8 puntos porcentuales) |
Occupancy - Big Yellow like-for-like stores (1,5) | 84.6% | 86.8% | (2.2 puntos porcentuales) |
Renta neta promedio alcanzada por pie cuadrado (1) | £33.02 | £30.55 | 8% |
Alquiler neto de cierre por pie cuadrado (1) | £33.47 | £31.44 | 6.5% |
(1) See note 20 for glossary of terms
(2) Excluding Aberdeen (acquired June 2022), Harrow and Kingston North (both opened September 2022) and Kings Cross (opened June 2023).
(3) See reconciliation in Financial Review
(4) In June 2022, the Group acquired a store in Aberdeen with 39,000 sq ft of occupancy. The total increase in the Group's occupancy for the six months to 30 September 2022 was 193,000 sq ft.
(5) As per (2), additionally excluding the Armadillo stores
Aspectos destacados de la primera mitad
? | Revenue growth for the period was 6%, with like-for-like store revenue up by 5%, driven by increases in average achieved rents |
? | Like-for-like occupancy increase of 1.5 ppts from 1 April 2023 and down 2.2 ppts from same time last year to 84.6% (September 2022: 86.8%). Closing occupancy, reflecting the additional capacity from recently opened stores, is 81.4% (September 2022: 84.2%) |
? | Average achieved net rent per sq ft increased by 8% period on period, closing net rent up by 6.5% from September 2022 |
? | Overall store EBITDA was up 7% in the period and the EBITDA margin increased over the six months to 72.7% (2022: 72.0%); the established store portfolio increased to 75.1% (2022: 74.1%) with closing occupancy of 85.5% (2022: 88.2%) |
? | Cash flow from operating activities (after net finance costs and pre-working capital movements) decreased by 2% to £54.3 million, which reflects our increased borrowing and operating costs over the period |
? | Adjusted profit before tax down 2% to £53.5 million, with EPRA earnings per share down 1% |
? | Statutory profit before tax of £119.6 million compared to £6.8 million in the prior period due to a revaluation surplus of £67.2 million in the period (2022: deficit of £47.7 million), reflecting the growth in operating cash flow during the period |
? | Dividendo a cuenta de 22.6 peniques por acción declarado, un aumento del 1% |
Inversión en nueva capacidad
? | £107 million (net of expenses) raised by way of a placing of 6.3% of the Company's issued share capital to fund the build out of the development pipeline |
? | 121,000 sq ft of capacity added in the period with one new store opened in Kings Cross, and an extension completed at Armadillo Stockton South |
? | Acquisition of freehold property in Leicester, taking the pipeline to 11 development sites and two replacement stores of approximately 0.9 million sq ft (14% of current MLA), of which 11 are in London or within close proximity. 1.2 million sq ft of fully built vacant space is currently available for future growth |
? | Planning consent granted for new store in Wapping (London); we now have seven of our 13 pipeline stores with planning |
Commenting, Nicholas Vetch CBE, Executive Chairman, said:
"We have delivered strong EBITDA growth with the increase in net achieved rents offsetting the rise in operating costs, with profit marginally down due to higher interest rates. Our London and South East stores, representing 74% of revenue, have outperformed those located in the regions.
The transition to a higher interest rate environment has been testing but we believe that this has now been largely absorbed into the business.
Following the recent placing, we have the funding and balance sheet strength to commence the build out of the next phase of stores. We believe that this, along with the available space on our existing platform, will drive a significant increase in revenue and earnings over the next few years.
The balance sheet will be further strengthened by the sale of approximately £90 million of surplus non-storage assets, which we expect to complete over the next 18 months.
There is evidence that land prices have been, and are, dropping materially and this will provide an opportunity to replenish the pipeline."
- Termina -
QUIENES SOMOS
Big Yellow is the UK's brand leader in self storage. Big Yellow now operates from a platform of 109 stores, including 24 stores branded as Armadillo Self Storage. We have a pipeline of 0.9 million sq ft comprising 13 proposed Big Yellow self storage facilities. The current maximum lettable area of the existing platform (including Armadillo) is 6.4 million sq ft. When fully built out the portfolio will provide approximately 7.3 million sq ft of flexible storage space. 99% of our stores and sites by value are held freehold and long leasehold, with the remaining 1% short leasehold.
The Group has pioneered the development of the latest generation of self storage facilities, which utilise state of the art technology and are located in high profile, accessible, main road locations. Our focus on the location and visibility of our stores, with excellent customer service, a market-leading online platform, and significant and increasing investment in sustainability, has created in Big Yellow the most recognised brand name in the UK self storage industry.?
Para más información, por favor póngase en contacto con:
PLC del gran grupo amarillo | 01276 477811 |
Nicholas Vetch CBE, presidente ejecutivo | |
Jim Gibson, director ejecutivo | |
John Trotman, director financiero | |
téneo | 020 7260 2700 |
charlie armitstead | |
campana de oliva |
DECLARACIÓN DEL PRESIDENTE
Big Yellow Group PLC, la marca líder en almacenamiento propio del Reino Unido, se complace en anunciar sus resultados para los seis meses que terminaron el 30 de septiembre de 2023.
We have delivered strong EBITDA growth with the increase in net achieved rents offsetting the rise in operating costs, with profit marginally down due to higher interest rates. Our London and South East stores, representing 74% of revenue, have outperformed those located in the regions.
Our operating expenses for the six months are up 8% (7% on a like-for-like basis), principally from a significant increase in property rates from 1 April. However, we have benefited from rates provision releases on historic assessments relating to the previous rating list, so our overall store operating expense for the six months is up 4%.
The roll-out of our pipeline has continued with the successful opening of our landmark store in Kings Cross (London) in June 2023, adding 103,000 sq ft of capacity. Early trading from the store has been very encouraging, with the store adding 24,000 sq ft of occupancy by 30 September 2023, and has now reached breakeven at the EBITDA level. The pipeline is an important driver of our performance, as illustrated by Camberwell, Bracknell and Battersea, which opened during the second half of 2020. These three stores, at a current average occupancy of 78%, are delivering an average EBITDA margin of 67%, and an EBITDA yield of 8.2% on cost, and we expect both these metrics to grow over the next 12 months.
Resultados financieros
Revenue for the period was £99.6 million (2022: £93.8 million), an increase of 6%, with storage income up 7%, offset by lower growth in non-storage income. Like-for-like store revenue was up 5%, driven by an increase in average achieved net rent, offset by a slight fall in average occupancy. Like-for-like store revenue excludes new store openings and acquired stores. Store EBITDA was £71.5 million, an increase of 7% from the prior period (2022: £66.8 million).
The Group made an adjusted profit before tax in the period of £53.5 million, down 2% from £54.6 million for the same period last year (see note 6). The Group's flujo de fondos from operating activities (after net finance costs and pre-working capital movements) also reduced by 2% to £54.3 million for the period (2022: £55.2 million). The increase in the profitability from the stores was more than offset by an increase in the Group's interest expense for the period, following the rises in interest rates. We expect the Group's interest expense to reduce in the second half following the placing in October.
Adjusted diluted EPRA earnings per share were 29.0 pence (2022: 29.3 pence), a decrease of 1%. The Group's statutory profit before tax for the period was £119.6 million, an increase from £6.8 million for the same period last year, due to a revaluation surplus of £67 million in the period (2022: deficit of £47.7 million), reflecting the growth in cash flow during the period.
Dividendos
The Board has approved an interim dividend of 22.6 pence per share representing a 1% increase from the prior period (77% of first half adjusted eps). We expect the dividend for the full year to be in line with our policy of distributing 80% of full year adjusted earnings per share. This first half dividend has all been declared as Property Income Distribution ("PID").
Colocación
We have made it clear for many years that we believe that a low level of debt is appropriate. That belief has been reinforced by the rise in interest rates over the last 21 months. We believe it is therefore optimal that future capital expenditure over the medium term should be funded from equity, cash flow and surplus land and property sales.
In October 2023, the Group raised £107 million (net of expenses) through a placing of 6.3% of the Company's share capital. The net proceeds will allow us to expand capacity in London, our strongest market, and monetise land that we already own. It will also be marginally accretive to earnings in the short term, and the Directors expect it to be significantly so over the medium to long term.
Canal de desarrollo
In June, the Group acquired a 0.8 acre property for development on Belgrave Gate, central Leicester for £1.85 million. We will be seeking planning permission for a 58,000 sq ft self-storage centre on the site. The site is currently generating an income of approximately £110,000 per annum, across four short-term rolling tenancies.
During the period we obtained planning consent for a 132,000 sq ft self storage centre and 114 flats at appeal on our site in Wapping, London. We expect that this new store will deliver an approximately 9% net operating income return on the total capital deployed of £56 million, including the estimated £36 million to be spent on construction. Demolition of the existing buildings on the self storage site will commence shortly.
In May 2022, we suspended construction on all projects that were not already on site because conditions in the construction market were unfavourable. Those conditions have improved considerably with steelwork and cladding prices falling, and other material prices stabilising. In addition, we are seeing that main contractors and specialist sub-contractors are pricing new projects more competitively.
Following the placing, we will now press on with the construction of an initial six sites including Farnham Road, Slough, Wapping, Wembley, Queensbury, Staines, and Slough Bath Road, all of which have planning consent at an incremental cost of £90 million.
Subject to receipt of planning and vacant possession, construction will then follow in due course on the remaining sites we own at a further incremental cost of £147 million.
The projected net operating income of the increase in our total capacity of 902,000 sq ft when stabilised is £30.4 million representing an approximate 13% return on the incremental capital deployed. On a proforma basis at stabilisation, the projected net operating income for the 11 new stores and two replacement stores is £33.9 million, a return of approximately 8.7% on the total development cost of £389 million, including land already acquired.
Estructura capital
The Group owns its assets largely freehold, representing some 99% by value of our portfolio which has shielded us from the significant rise in industrial and warehouse rents that has occurred over the last 10 years.
Además, consideramos los pasivos por alquileres como cuasi deuda. Una vez que hayamos reubicado nuestras tiendas Farnham Road Slough y Staples Corner (esta última sujeta a planificación), esperamos que nuestro pasivo total por alquiler caiga a aproximadamente £1 millón por año.
The Group's interest cover for the period (expressed as the ratio of cash generated from operations pre-working capital movements against interest paid) was 5.3 times (2022: 9.3 times). On a proforma basis (see note 19) following the placing, based on October's EBITDA and following the repayment of debt, this interest cover ratio is currently estimated at over 6 times, and also on a proforma basis, the Group's net debt to EBITDA ratio is now 3.0x.
Net debt was £495.3 million at 30 September 2023. Following the placing, on a proforma basis (see note 19), it was £388.3 million, giving the Group undrawn facilities of £159 million and in addition the $225 million bilateral shelf facility with Pricoa. Following the placing, approximately 50% of our debt is fixed, with the balance floating, in line with our hedging policy, and our current average cost of debt is 5.6%.
Outlook
The transition to a higher interest rate environment has been testing but we believe that this has now been largely absorbed into the business.
Following the recent placing, we have the funding and balance sheet strength to commence the build out of the next phase of stores. We believe that this, along with the available space on our existing platform, will drive a significant increase in revenue and earnings over the next few years.
The balance sheet will be further strengthened by the sale of approximately £90 million of surplus non-storage assets, which we expect to complete over the next 18 months.
There is evidence that land prices have been, and are, dropping materially and this will provide an opportunity to replenish the pipeline.
Nicholas Vetch CBE
Presidente Ejecutivo
20 November 2023
REVISIÓN FINANCIERA Y COMERCIAL
Ocupación de la tienda
Ahora contamos con una cartera de 109 tiendas abiertas y comerciales, con una current maximum lettable area of 6.4 million sq ft (2022: 108 stores, MLA of 6.3 million sq ft).
Like-for-like occupancy increased by 1.5 ppts from 1 April 2023 but was down 2.2 ppts from the same time last year. Like-for-like store revenue growth for the half year was 5%, driven by improvements in average achieved net rent per sq ft.
Prospect numbers are more in-line with the pre-Covid period on a like-for-like basis, and activity levels within the business have consequently been a little bit slower than last year, with move-ins down 5%, and move-outs down 5% over the period, reflecting less churn. Our conversion rates over the period have increased, which is indicative of more needs-driven demand. This trend has continued post period end, where move-in and move-out activity are down similar amounts to last year.
Occupancy across all 109 stores increased by 140,000 sq ft over the six months compared to a gain of 154,000 sq ft in the same period last year (with an additional 39,000 sq ft of occupancy acquired with Aberdeen in June 2022). Demand from domestic customers has been stronger than last year, up 133,000 sq ft. Business occupancy dropped by 1.6% or 31,000 sq ft, on 1.9 million sq ft occupied at the beginning of the period and student occupancy rose by 38,000 sq ft. Our larger rooms, which are occupied in the main by businesses, remain highly occupied, particularly in London. 68% of our revenue derives from domestic and student customers, with the balance from our business customers.
As we have experienced over the years, there are businesses who outgrow us and move to their own accommodation, others cease operations, some are seasonal, and we continue to replace any vacated space with new move-ins from online traders, e-tailers and service providers. We are not seeing any noticeable softening in demand from businesses, particularly in London, and since the period end, our business occupancy performance is better than last year. Over the six months, revenue from national customers (businesses who occupy space in multiple stores) has increased by 11% compared to the same period last year.
Our third quarter is historically the weakest trading quarter where we see a loss in occupancy with a return to growth in the fourth quarter. In the current year, we have lost 117,000 sq ft (1.8% of maximum lettable area "MLA") since the end of September, compared to a loss of 141,000 sq ft (2.2% of MLA) at the same stage last year.
At 30 September, the 76 established Big Yellow stores were 85.5% occupied compared to 88.2% at the same time last year. The nine developing Big Yellow stores added 52,000 sq ft of occupancy in the past six months to reach closing occupancy of 56.5%.
The Armadillo stores, representing 10% of the Group's revenue, added 27,000 sq ft of occupancy with closing occupancy of 78%, including an additional 20,000 sq ft of capacity added at Stockton South. Overall store occupancy was 81.5%.
Crecimiento del alquiler
We continue to manage pricing dynamically, taking account of room availability, customer demand and local competition, with our pricing model reducing promotions and increasing asking prices where individual units are in scarce supply.
In the current trading environment against the backdrop of higher inflation, we continue to price competitively to win new customers, and are achieving rental growth from existing customers broadly in line with inflation. It must be remembered that some 60% to 70% of our customers move-out within six months, and therefore do not receive any price increases.
The average achieved net rent per sq ft increased by 8% compared to the prior period, with closing net rent up 3% compared to 31 March 2023, and up 6.5% from the same time last year. The table below shows the change in net rent per sq ft for the portfolio by average occupancy over the six months (on a non-weighted basis).
Average occupancy in the six months | Crecimiento de la renta neta por pie cuadrado del 1 de abril al 30 de septiembre de 2023 | Crecimiento de la renta neta por pie cuadrado del 1 de abril al 30 de septiembre de 2022 |
75% a% 85 | 2.6% | 4.9% |
85 a 90% | 3.5% | 5.0% |
Por encima de 90% | 4.7% | 5.9% |
Seguridad de ingresos
We believe that self storage income is essentially evergreen income with highly defensive characteristics driven from buildings with very low obsolescence and relatively low maintenance requirements. Although our contract with our customers is in theory as short as a week, we do not rely on any one contract for our income security. At 30 September 2023 the average length of stay for existing customers was 30 months (March 2023: 31 months). For all customers, including those who have moved out of the business throughout the life of the portfolio, the average length of stay was 8.8 months (March 2023: 8.7 months). We have seen an increase in the length of stay of customers who moved out over the six months, which increased to 9.1 months from 8.6 months for the same period last year.
37% of our customers by occupied space have been storing with us for over two years (2022: 38%), and a further 15% of customers have been in the business for between one and two years (2022: 16%). For the 52% of customers that have stayed for more than one year, the average length of stay is 52 months.
Our business customer base is comprised of online retailers, B2B traders looking for flexible mini-warehousing for e-fulfilment, service providers, those looking to shorten supply chains, and businesses looking to rationalise their other fixed costs of accommodation. For these customers, who typically are looking for rooms which could be from 50 sq ft to 500 sq ft in facilities that meet their operational requirements, the only supply in big cities is from self storage providers.
We saw continued growth in occupancy from our domestic customer base, with demand across a broad spectrum of uses. Over 70% of our domestic customers are in the top 3 ACORN categories: Affluent Achievers, Rising Prosperity, and Comfortable Communities. The largest element of demand into our business each year is customers who use us for relatively short periods driven by a need.
We therefore have a very diverse base of domestic and business customers currently occupying 76,000 rooms. This, together with the location and quality of our stores, limited growth in new supply, market-leading brand and digital platform, and customer service, all contribute to the resilience and security of our income.
We are not seeing any deterioration in rent collection. Approximately 80% of our customers pay by direct debit, and the proportion of our billings that is more than 10 days overdue is in line with last year and lower than pre-Covid. Our bad debt expense for the period was 0.2%, unchanged from last year.
Suministro
New supply and competition is a key risk to our business model, hence our weighting to London and its commuter towns, where barriers to entry in terms of competition for land and difficulty around obtaining planning are highest. Growth in new self storage centre openings, excluding container operators, over the last five years has averaged approximately 3% of total capacity per annum. We continue to see limited new supply growth in our key areas of operation, with an anticipated twelve stores openings in 2023 and 2024 in London, including our Kings Cross store, representing around 2.5% to 3% of capacity.
Ingresos
Total revenue for the six-month period was £99.6 million, an increase of £5.8 million (6%) from £93.8 million in the same period last year with storage income up 7%, offset by lower growth in non-storage income. Like-for-like store revenue (see glossary in note 20) was £96.8 million, an increase of 5% from the 2022 figure of £92.5 million.
Revenue growth for the period in our London stores was 8%, our south east commuter stores 5%, and our regional stores 3%.
Other sales comprise the selling of packing materials, insurance/enhanced liability service ("ELS"), and storage related charges. The Group changed the way it sold contents protections to its customers on 1 June 2022 to an Enhanced Liability Service ("ELS"), which is subject to VAT at 20% and not Insurance Premium Tax ("IPT") at 12%, the latter being included in revenue. We estimate the impact of this on the total revenue and like-for-like revenue for the six months is 0.35%. For the remainder of the year, revenue from ELS will be on a comparable basis.
Los otros ingresos obtenidos son ingresos de inquilinos en sitios donde no hemos comenzado el desarrollo.
Los costos de operación
El costo de ventas comprende principalmente los costos operativos directos de la tienda, incluidos los salarios del personal de la tienda, los servicios públicos, las tarifas comerciales, los seguros, una asignación completa del presupuesto de marketing central y las reparaciones y el mantenimiento.
La siguiente tabla muestra el desglose de los costos operativos de las tiendas en comparación con el mismo período del año anterior, con los costos de Armadillo incluidos en su totalidad en ambos períodos:
Categoría | Período terminado el 30 de septiembre de 2023 £000 | Período terminado 30 septiembre 2022 £000 |
Cambios | % de los costos operativos de la tienda en el período |
Costo de ventas (seguro/ELS y materiales de embalaje) | 865 | 1,428 | (39%) | 3% |
Gastos de personal | 7,209 | 6,999 | 3% | 27% |
General y administrador | 676 | 695 | (3%) | 3% |
Departamento de Servicios Públicos | 862 | 959 | (10%) | 3% |
Tarifas de propiedad | 9,155 | 7,521 | 22% | 34% |
Marketing | 3,329 | 3,292 | 1% | 12% |
Reparaciones y mantenimiento | 2,747 | 2,314 | 19% | 10% |
Seguros | 1,697 | 1,290 | 32% | 6% |
Costos de computadora | 509 | 509 | - | 2% |
Total before non-recurring items | 27,049 | 25,007 | 8% | |
Artículos no recurrentes | (1,272) | (120) | ||
Total por resumen de cartera | 25,777 | 24,887 | 4% |
Store operating costs have increased by £0.9 million (4%). The non-recurring items in the current period relate principally to the release of a provision for property rates from the 2017 rating list, and a reassessment of the Group's bad debt provision. Store operating costs before these non-recurring items have increased by £2.0 million (8%) compared to the same period last year. New stores accounted for £0.8 million of operating expenses in the period. Cost of sales have decreased by £0.6 million following the move to selling an ELS rather than insurance (see explanation in revenue above). The remaining increase is £1.8 million (7%), with commentary below:
- | Staff costs have increased by £0.2 million (3%), with the salary review of on average 5.5% (including a 6% increase to those at the lower end of the pay scale), which has been partly offset by lower bonuses for the six months, which have averaged 8% compared to 11% in the prior period. Additionally, given the investment we have made in recent years in the automation of our store operations, particularly in relation to interaction with prospects and customers, we continue to review every vacancy before making a decision to recruit, and have made savings from this through the salary line. |
- | Property rates have increased by £1.6 million (22%), following the Rating Revaluation published in November 2022, the like-for-like increase is 19%, with an additional four months' worth of rates payable on Kings Cross, which opened in June 2023. |
- | We continue to see the benefit of our solar retrofit programme on our utilities expense, which has reduced by 10% compared to the same period last year. Our three year energy contract expired in September 2023. We have placed a new one year contract from 1 October 2023, which had an increase in cost of 74% from the expiring contract, albeit part of this increase will be mitigated through our solar programme. We will review this next summer. |
- | The repairs and maintenance expense has increased due to higher store numbers, timing of works in the current period, and an increase in solar panel maintenance costs, with higher numbers of stores now with solar PVs. |
- | Overall insurance premiums increased from April and the new contents policy includes Big Yellow paying for claims up to £250,000 in any one loss. As a consequence, £215,000 in total was paid in claims this period (2022: £54,000). |
La siguiente tabla concilia los costos operativos de la tienda según el resumen de la cartera con el costo de ventas en el estado de resultados:
| Período terminado el 30 de septiembre de 2023 £000 | periodo finalizó el 30 de septiembre de 2022 £000 |
Costos operativos directos de la tienda por resumen de cartera (excluyendo alquiler) | 25,777 | 24,887 |
Alquiler incluido en el costo de ventas (el alquiler total a pagar se incluye en el resumen de la cartera) | 915 | 718 |
Depreciación cargada al costo de ventas | 280 | 235 |
Costos de gestión operativa de la oficina central cargados al costo de ventas | 832 | 610 |
Costo de ventas por cuenta de resultados | 27,804 | 26,450 |
EBITDA de la tienda
El EBITDA de la tienda para el período fue de £71.5 millones, un aumento de £4.7 millones (7 %) desde los £66.8 millones del período finalizado el 30 de septiembre de 2022 (ver Resumen de la cartera). El margen EBITDA general para todas las tiendas durante el período fue del 72.7%, frente al 72.0% en 2022.
All stores are currently trading profitably at the Store EBITDA level, with our recently opened store in Kings Cross breaking even after four months.
Gastos administrativos
Administrative expenses in the income statement have decreased by £0.2 million (3%), following a reduction in the accrual for national insurance on the exercise of share options given the fall in the Company's share price, partly offset by an increase in the IFRS 2 charge in the period. Excluding these two items, administrative expenses have increased by 4%.
Otros ingresos operativos
In February 2022 the Group experienced a fire at our Cheadle store, which resulted in a total loss to the store. Buildings all risk insurance is in place for the full reinstatement value with the landlord. We also have insurance cover in place for both our fit-out and four years loss of income. The loss of income booked during the first six months of the financial year was £0.8 million (2022: £0.7 million) which is included in other operating income.
In the prior period the Group acquired the freehold of its Oxford store, thus extinguishing the asset and liability in relation to the lease from the previous landlord. This extinguishment gave rise to a gain of £0.2 million, which is included in other operating income for 2022.
Interés expense on bank borrowings
El interés de los préstamos bancarios durante el período fue de 13.6 millones de libras esterlinas,5.8 million higher than the same period last year, due to higher average debt levels in the period, coupled with a higher average cost of debt following the increase in interest rates. The interest expense will be lower in the second half of the year, as the placing proceeds were used to repay part of our Revolving Credit Facility.
Los intereses capitalizados en el período ascendieron a £ 1.8 millón (2022: £ 1.6 millón), derivados del programa de construcción del Grupo.
Beneficio antes de impuestos
The Group's statutory profit before tax for the period was £119.6 million, compared to £6.8 million for the same period last year. The increase in profitability is due to a revaluation gain in the in the period compared to a loss in the prior period, which contained an outward shift of cap rates due to the underlying market conditions.
After adjusting for the revaluation movement of investment properties and other matters shown in the table below, the Group made an adjusted profit before tax in the period of £53.5 million, down 2% from £54.6 million in 2022.
Beneficio antes de análisis de impuestos | Seis meses terminados el 30 de septiembre de 2023 £ m | Seis meses terminados el 30 de septiembre de 2022 £ m |
Beneficio antes de impuestos | 119.6 | 6.8 |
(Gain)/loss on revaluation of investment properties | (67.2) | 47.7 |
Cambio en el valor razonable de los derivados de tipos de interés | 1.1 | (0.6) |
Costos de refinanciamiento | - | 0.7 |
Beneficio ajustado antes de impuestos | 53.5 | 54.6 |
Impuestos | - | (0.7) |
Beneficio ajustado después de impuestos | 53.5 | 53.9 |
El movimiento en la utilidad ajustada antes de impuestos del año anterior se muestra en la siguiente tabla:
Movimiento en la utilidad ajustada antes de impuestos | £ m |
Beneficio ajustado antes de impuestos para el semestre hasta el 30 de septiembre de 2022 | 54.6 |
Incremento de la utilidad bruta | 4.4 |
Decrease in administrative expenses | 0.2 |
Decrease in other operating income | (0.1) |
Aumento de los intereses netos por pagar | (5.7) |
Aumento de intereses capitalizados | 0.1 |
Beneficio ajustado antes de impuestos para el semestre hasta el 30 de septiembre de 2023 | 53.5 |
Diluted EPRA earnings per share was 29.0 pence (2022: 29.3 pence), a decrease of 1% del mismo período del año pasado.
Taxation
The Group is a Real Estate Investment Trust ("REIT"). We benefit from a zero-tax rate on our qualifying self storage earnings. We only pay corporation tax on the profits attributable to our residual business, comprising primarily of the sale of packing materials and insurance, and management fees earned by the Group.
There is a £0.9 million tax charge in the residual business for the period ended 30 September 2023 (six months to 30 September 2022: £0.7 million). The current period tax charge is largely offset in the income statement by an adjustment to the prior year tax estimate.
Dividendos
REIT regulatory requirements determine the level of Property Income Distribution ("PID") payable by the Group. A PID of 22.6 peniques por acción se propone como el dividendo a cuenta total, un aumento del 1% de 22.3 peniques por acción para el mismo período del año pasado.
El dividendo a cuenta se pagará el 26 January 2024. The ex-dividend date is 4 January 2024, and the record date is 5 January 2024.
Flujo de fondos
Cash flows from operating activities (after net finance costs and pre-working capital movements) have decreased by 2% a £54.3 million for the period (2022: £55.2 million), with a higher interest expense in the period leading to the reduction. These operating cash flows are after the ongoing maintenance costs of the stores, which for this first half were on average approximately £25,000 per store. The Group's net debt has increased over the period to £495.3 million (March 2023: £486.6 million), but on a proforma basis following the placing has reduced to £388.3 million.
There are distortive working capital items in the current period, and therefore the summary cash flow below sets out the free cash flow pre-working capital movements
Seis meses terminados el 30 de septiembre de 2023 £ m | Seis meses terminados el 30 de septiembre de 2022 £ m | |
Efectivo generado por las operaciones antes de los movimientos de capital de trabajo | 68.3 | 63.3 |
Costos financieros netos | (12.8) | (6.9) |
Intereses sobre obligaciones derivadas de pasivos por arrendamiento | (0.3) | (0.4) |
Otros ingresos de explotación recibidos | 0.1 | 0.7 |
Impuestos | (1.0) | (1.5) |
Flujo de efectivo de las actividades de operación antes de los movimientos de capital de trabajo | 54.3 | 55.2 |
Movimientos de capital circulante | (3.5) | (0.6) |
El flujo de efectivo de las actividades de operaciones | 50.8 | 54.6 |
Gastos de capital | (17.8) | (73.5) |
Recibo del plan de bienes de capital | - | 0.2 |
Flujo de caja después de las actividades de inversión | 33.0 | (18.7) |
Dividendos | (41.7) | (38.7) |
Pago de pasivos por arrendamiento financiero | (0.9) | (0.7) |
Emisión de capital social | 0.9 | 0.9 |
Recibo por terminación de derivados de tasa de interés | - | 0.4 |
Comisiones por trámite de préstamo pagadas | - | (1.2) |
Aumento de los empréstitos | 7.4 | 58.0 |
Salida neta de efectivo | (1.3) | - |
The Group's interest cover for the period (expressed as the ratio of cash generated from operations pre-working capital movements against interest paid) was 5.3 times (2022: 9.3 times), with the reduction caused by the increase in the interest expense over the period following the rise in borrowing costs and a higher average debt level. On a proforma basis (see note 19) following the placing, based on October's EBITDA and following the repayment of debt, this interest cover ratio is currently estimated at over 6 times.
£2 million of the capital expenditure in the period related to the acquisition of Leicester, with the balance of £15.8 million principally construction capital expenditure on our new stores in Kings Cross, Slough Farnham Road, and including an investment in the solar retrofitting of £2.1 million.
Hoja de balance
Propiedad de inversión
The Group's investment properties are carried at the half year at Directors' valuation. They are valued externally by Jones Lang Lasalle ("JLL") at the year end. Las valoraciones de los Consejeros reflejan los últimos flujos de caja derivados de cada una de las tiendas a finales de septiembre.
In performing the valuations, the Directors consulted with JLL on the capitalisation rates used in the valuations, which are based on the JLL model. The Directors, as advised by the valuers, consider that the prime capitalisation rates have remained stable since the March 2023 valuation date.
The Directors have made some minor amendments to a couple of the valuation assumptions, namely the adjustment of stable occupancy levels on certain stores that are consistently trading ahead of the previously used assumptions and to certain assumptions on net achieved rents within the valuations. Other than the above, the Directors believe the core assumptions used by JLL in the March 2023 valuations are still appropriate at the September valuation date.
At 30 September 2023 the external valuation of the Group's properties is shown in the table below:
Análisis de cartera inmobiliaria | Valor al 30 de septiembre de 2023 £ m | Movimiento de revalorización en el período £ m |
Propiedad de inversión | 2,604.7 | 81.8 |
Inversión inmobiliaria en construcción | 186.8 | (14.6) |
Total de la propiedad de inversión | 2,791.5 | 67.2 |
The revaluation surplus for the open stores in the period was £81.8 million, reflecting the growth in operating cash flow. The revaluation deficit of £14.6 million on the investment property under construction, is reflective of discussions with JLL and is largely as a result of a reduction in the value of our land without self storage planning.
The initial yield on the portfolio is 5.3% (31 March 2023: 5.3%). The Group's annual report and accounts for the year ended 31 March 2023 contains a detailed explanation of the valuation methodology.
Current development pipeline - with planning
Planta | Destino | Estado | Capacidad anticipada |
Wapping, Londres | En la autopista, junto a la tienda Big Yellow existente | Planning consent granted, demolition of existing building to commence shortly | 95,000 pies cuadrados adicionales |
Wembley, Londres | Parque Empresarial Torres | Debates en curso para asegurar | 70,000 sqf |
Queensbury, Londres | Carril de miel | Sitio adquirido en noviembre de 2018 | 70,000 sqf |
Staines, Londres | La calzada | Sitio adquirido en diciembre de 2020. También se recibió consentimiento para desarrollar 9 unidades industriales con un total de 99,000 pies cuadrados. | 65,000 sqf |
Mudar | Carretera Farnham | La construcción comenzó en el verano de 2023 con vistas a la apertura en el verano de 2024. | Reemplazo de una tienda arrendada existente |
Mudar | Camino del baño | Sitio adquirido en abril de 2019. | 90,000 sqf |
Newcastle | Carretera escocesa | Autorización urbanística concedida | 60,000 sqf |
Current development pipeline - without planning
Planta | Destino | Estado | Capacidad anticipada |
Leicester | Puerta Belgrave, centro de Leicester | Sitio adquirido en junio de 2023. Se están llevando a cabo conversaciones de planificación con el Ayuntamiento de Leicester | 58,000 sqf |
Epsom, Londres | al este de la calle | Site acquired in March 2021. Planning application refused by Epsom and Ewell Council and an appeal has been submitted | 58,000 sqf |
Kentish Town, Londres | Calle Regis | Sitio adquirido en abril de 2021. Solicitud de planificación rechazada por el Ayuntamiento de Camden y se presentará una apelación | 68,000 sqf |
West Kensington, Londres | Camino Hammersmith | Sitio adquirido en junio de 2021. Solicitud de planificación presentada al Hammersmith and Fulham Council en febrero de 2023 | 175,000 sqf |
Old Kent Road, Londres | Viejo camino de kent | Sitio adquirido en junio de 2022. Solicitud de planificación presentada al Consejo de Southwark en agosto de 2023 | 75,000 sqf |
Staples Corner, Londres | Carretera circular norte | Sitio adquirido en diciembre de 2022. Se están llevando a cabo conversaciones sobre planificación con el Consejo de Barnet | Reemplazo de tienda arrendada existente, 18,000 pies cuadrados adicionales |
Total - all sites |
|
| 902,000 sqf |
The capital expenditure forecast for the remainder of the financial year (excluding any new site acquisitions) is approximately £17 million, which principally relates to construction costs on our development sites and the continued retrofitting of solar panels across the Group's estate.
Financiamiento y tesorería
Our financing policy is to fund our current needs through a mix of debt, equity, and cash flow to allow us to build out, and add to, our development pipeline and achieve our strategic growth objectives, which we believe improve returns for shareholders. We aim to ensure that there are sufficient medium-term facilities in place to finance our committed development programme, secured against the freehold portfolio, with debt serviced by our strong operational cash flows. We maintain a keen watch on medium and long-term rates and the Group's policy in respect of interest rates is to maintain a balance between flexibility and hedging of interest rate risk.
El siguiente cuadro muestra la posición deudora del Grupo a 30 de septiembre de 2023:
Deuda | Expiración | Lugar | Dibujado | Cost |
Aviva Loan (fixed rate loan) | Septiembre 2028 | 157.4m | 157.4m | 3.4% |
M&G loan (£35 million fixed at 4.5%, £85 million floating) |
Septiembre 2029 |
120m |
120m |
6.9% |
Revolving bank facility (Lloyds, HSBC, and Bank of Ireland, floating) |
Octubre 2024 |
270m |
225m |
6.6% |
Total | 547.4m | 502.4m | 5.7% |
The Group is well progressed in refinancing our medium-term revolving credit facility which expires in October 2024 and anticipate completing this shortly.
In addition to the facilities above, the Group has a $225 million credit approved shelf facility with Pricoa Private Capital ("Pricoa"), to be drawn in fixed sterling notes. The Group can draw the debt in minimum tranches of £10 million over the next two years with terms of between 7 and 15 years at short notice, typically 10 days.
El Grupo cumplía holgadamente con sus convenios bancarios al 30 de septiembre de 2023 y se prevé que así sea durante el período cubierto por la declaración de empresa en funcionamiento.
The Group's key balance sheet ratios are shown in the table below, including on a proforma basis (see note 19) following the placing in October 2023:
Proporción |
30 Septiembre 2023 | 30 September 2023 proforma post-placing |
30 Septiembre 2022 |
Net debt to gross property assets | 18% | 14% | 18% |
Net debt to adjusted net assets | 21% | 16% | 21% |
Net debt to market capitalisation | 29% | 19%1 | 24% |
Net debt to Group EBITDA ratio | 3.8x | 3.0x | 3.9x |
1 Based on the market capitalisation at 17 November 2023
Valor liquidativo
El valor liquidativo ajustado por acción es 1,277.5 pence (see note 13), up 3% from 1,237.3 pence per share at 31 March 2023. The table below reconciles the movement from 31 March 2023:
Movimiento en el valor liquidativo ajustado | Fondos de accionistas de capital £ m | Peniques por acción ajustados según la EPRA |
31 de marzo de 2023 | 2,287.2 | 1,237.3 |
Beneficio ajustado después de impuestos | 53.5 | 28.9 |
Dividendos de capital pagados | (41.9) | (22.7) |
Movimientos de revalorización | 67.2 | 36.3 |
Movimiento en el ajuste de costos del comprador | 2.9 | 1.6 |
Otros movimientos (por ejemplo, planes de acciones) | 3.2 | (3.9) |
30 Septiembre 2023 | 2,372.1 | 1,277.5 |
Jim Gibson John Trotman
Chief Executive Officer Chief Financial Officer
20 November 2023
RESUMEN DE PORTAFOLIO
| Septiembre 2023 | Septiembre 2022 |
| ||||||||||
| Big Yellow establecido | Gran amarillo en desarrollo | Amarillo Grande Total | Armadillo |
Total | Big Yellow establecido | Gran amarillo en desarrollo | Amarillo Grande Total | Armadillo |
Total |
| ||
Número de tiendas | 76 | 9 | 85 | 24 | 109 | 76 | 8 | 84 | 24 | 108 |
| ||
Al 30 de septiembre: |
| ||||||||||||
Capacidad total (pies cuadrados) | 4,784,000 | 627,000 | 5,411,000 | 1,008,000 | 6,419,000 | 4,784,000 | 524,000 | 5,308,000 | 987,000 | 6,295,000 |
| ||
Espacio ocupado (pies cuadrados) | 4,089,000 | 354,000 | 4,443,000 | 785,000 | 5,228,000 | 4,221,000 | 265,000 | 4,486,000 | 814,000 | 5,300,000 |
| ||
Porcentaje ocupado | 85.5% | 56.5% | 82.1% | 77.9% | 81.4% | 88.2% | 50.6% | 84.5% | 82.5% | 84.2% |
| ||
Renta neta por pie cuadrado | £35.67 | £32.30 | £35.40 | £22.44 | £33.47 | £33.50 | £29.45 | £33.26 | £21.40 | £31.44 |
| ||
Para el periodo: |
| ||||||||||||
REVPAF(2) | £34.33 | £19.59 | £32.71 | £20.17 | £30.73 | £32.99 | £19.02 | £31.88 | £20.46 | £30.05 |
| ||
Ocupación media | 85.5% | 55.8% | 82.2% | 77.9% | 81.5% | 88.3% | 55.5% | 85.7% | 83.7% | 85.4% |
| ||
Renta neta anual promedio psf | £35.17 | £31.55 | £34.90 | £22.42 | £33.02 | £32.53 | £28.70 | £32.33 | £20.98 | £30.55 |
| ||
| |||||||||||||
£000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 | £000 |
| |||
Ingresos por almacenamiento propio | 72,113 | 5,225 | 77,338 | 8,824 | 86,162 | 68,586 | 3,285 | 71,871 | 8,684 | 80,555 |
| ||
Otros relacionados con el almacenamiento ingresos (2) | 9,424 | 764 | 10,188 | 1,362 | 11,550 | 9,791 | 550 | 10,341 | 1,432 | 11,773 |
| ||
Alquiler de tienda auxiliar por | 532 | 95 | 627 | 10 | 637 | 430 | 84 | 514 | 7 | 521 |
| ||
Ingresos totales de la tienda | 82,069 | 6,084 | 88,153 | 10,196 | 98,349 | 78,807 | 3,919 | 82,726 | 10,123 | 92,849 |
| ||
Operación directa de tienda costos (excluyendo depreciación) | (19,447) | (2,621) | (22,068) | (3,709) | (25,777) | (19,384) | (1,762) | (21,146) | (3,741) | (24,887) |
| ||
Corto y largo alquiler de traspaso(3) | (999) | - | (999) | (84) | (1,083) | (1,063) | - | (1,063) | (85) | (1,148) |
| ||
EBITDA de la tienda(2) | 61,623 | 3,463 | 65,086 | 6,403 | 71,489 | 58,360 | 2,157 | 60,517 | 6,297 | 66,814 |
| ||
Margen EBITDA de la tienda | 75.1% | 56.9% | 73.8% | 62.8% | 72.7% | 74.1% | 55.0% | 73.2% | 62.2% | 72.0% |
| ||
| |||||||||||||
El costo estimado | £ m | £ m | £ m | £ m | £ m |
| |||||||
Al 30 de septiembre de 2023 | 729.2 | 199.0 |
928.2 | 142.0 | 1,070.2 |
| |||||||
Capex para completar | - | 1.0 | 1.0 | - | 1.0 |
| |||||||
Total | 729.2 | 200.0 | 929.2 | 142.0 | 1,071.2 |
| |||||||
| (1) | Las tiendas establecidas de Big Yellow han estado abiertas durante más de tres años al 1 de abril de 2023, y las tiendas en desarrollo han estado abiertas por menos de tres años al 1 de abril de 2023. | |||||||||||
| (2) | Ver glosario en nota 20. | |||||||||||
| (3) | Rent under IFRS 16 for seven short leasehold properties accounted for as investment properties under IAS 40. | |||||||||||
La siguiente tabla concilia el EBITDA de la tienda con la ganancia bruta en el estado de resultados:
| Período terminado el 30 de septiembre de 2023 £000 | Período terminado el 30 de septiembre de 2022 £000 |
| |||||
EBITDA de la tienda | Reconciliar elementos |
Beneficio bruto por cuenta de resultados | EBITDA de la tienda | Reconciliar elementos |
Beneficio bruto por cuenta de resultados |
| ||
Ingresos de la tienda / Ingresos(4) | 98,349 | 1,215 |
99,564 | 92,849 | 967 |
93,816 |
| |
El costo de ventas(5) | (25,777) | (2,027) | (27,804) | (24,887) | (1,563) | (26,450) |
| |
Renta(6) | (1,083) | 1,083 | - | (1,148) | 1,148 | - |
| |
71,489 | 271 | 71,760 | 66,814 | 552 | 67,366 |
| ||
(4) | See note 2 of the interim statement, reconciling items are management fees and non-storage income. | |||||||
(5) | See reconciliation in cost of sales section in Business and Financial Review. | |||||||
(6) | The rent shown above is the cost associated with leasehold stores, only part of which is recognised within gross profit in line with finance lease accounting principles. The amount included in gross profit is shown in the reconciling items in cost of sales. | |||||||
DECLARACIÓN DE RESPONSABILIDAD
Lo confirmamos a nuestro leal saber y entender:
- | el conjunto condensado de estados financieros se ha preparado de acuerdo con la NIC 34 Información financiera intermedia adoptada para su uso en el Reino Unido; | |
- | el informe de gestión intermedio incluye una revisión razonable de la información requerida por: | |
a) | DTR 4.2.7R de las Reglas de Transparencia y Orientación de Divulgación, siendo una indicación de eventos importantes que han ocurrido durante los primeros seis meses del año financiero y su impacto en el conjunto condensado de estados financieros; y una descripción de los principales riesgos e incertidumbres para los seis meses restantes del año; y | |
b) | DTR 4.2.8R de las Reglas de Transparencia y Orientación de Revelación, siendo transacciones con partes relacionadas que han tenido lugar en los primeros seis meses del año financiero en curso y que han afectado materialmente la posición financiera o el desempeño de la entidad durante ese período; y cualquier cambio en las transacciones con partes relacionadas descritas en el último informe anual que pudiera hacerlo. |
Por orden de la Junta
Jim Gibson John Trotman
Chief Executive Officer Chief Financial Officer
20 November 2023
ESTADO DE RESULTADOS INTEGRALES CONSOLIDADO CONDENSADO Seis meses terminados el 30 de septiembre de 2023 | ||||
| Seis meses terminaron 30 Septiembre 2023 (No auditado) | Seis meses terminaron 30 Septiembre 2022 (No auditado) |
Año terminado el 31 de marzo de 2023 (auditado) | |
Note | £000 | £000 | £000 | |
Ingresos | 2 | 99,564 | 93,816 | 188,829 |
El costo de ventas | (27,804) | (26,450) | (54,307) | |
Beneficio bruto | 71,760 | 67,366 | 134,522 | |
Gastos administrativos | (6,864) | (7,091) | (14,519) | |
Beneficio operativo antes de ganancias y pérdidas sobre activos inmobiliarios | 64,896 | 60,275 | 120,003 | |
Gain/(loss) on the revaluation of investment properties | 9a | 67,165 | (47,673) | (29,861) |
Beneficio operativo | 132,061 | 12,602 | 90,142 | |
Otros ingresos operativos | 2 | 762 | 899 | 2,185 |
Ingresos por inversiones: intereses por cobrar | 3 | 17 | 1 | 9 |
- movimiento de valor razonable de derivados | 3 | - | 564 | - |
Finance costs - interest payable | 4 | (12,157) | (7,313) | (16,894) |
- movimiento de valor razonable de derivados | (1,071) | - | (133) | |
| ||||
Beneficio antes de impuestos | 119,612 | 6,753 | 75,309 | |
Taxation | 5 | (20) | (710) | (1,977) |
Beneficio del período (atribuible a los accionistas de capital) | 119,592 | 6,043 | 73,332 | |
| ||||
Resultado integral total del período atribuible a los accionistas de capital | 119,592 | 6,043 | 73,332 | |
Ganancias básicas por acción | 8 | 65.3p | 3.3p | 40.1p |
Ganancias diluidas por acción | 8 | 64.9p | 3.3p | 39.8p |
La utilidad ajustada antes de impuestos se muestra en la nota 6 y la utilidad por acción de EPRA se muestra en la nota 8.
Todos los elementos del estado de resultados se refieren a operaciones continuas.
BALANCE GENERAL CONSOLIDADO CONDENSADO 30 Septiembre 2023 | ||||
Note | 30 septiembre 2023 £000 | 30 septiembre 2022 £000 |
31 de marzo de 2023 (auditado) £000 | |
Activos no corrientes | ||||
Propiedad de inversión | 9a | 2,604,745 | 2,386,246 | 2,449,640 |
Inversión inmobiliaria en construcción | 9a | 186,847 | 268,012 | 260,720 |
Activos por derecho de uso | 9a | 17,952 | 18,849 | 18,148 |
Planta, equipo y propiedad ocupada por el propietario | 9b | 4,159 | 3,882 | 4,003 |
Activos intangibles | 9c | 1,433 | 1,433 | 1,433 |
Inversión | 9d | 588 | 588 | 588 |
2,815,724 | 2,679,010 | 2,734,532 | ||
Activos circulantes | ||||
Instrumentos financieros derivados | 12 | - | 1,013 | 316 |
Los inventarios | 483 | 480 | 496 | |
Cuentas comerciales y otras cuentas por cobrar | 10 | 11,199 | 8,506 | 8,314 |
Efectivo y equivalentes de efectivo | 7,069 | 8,604 | 8,329 | |
| 18,751 | 18,603 | 17,455 | |
los activos totales | 2,834,475 | 2,697,613 | 2,751,987 | |
Pasivo circulante Comerciales y otras cuentas a pagar |
11 | (50,714) | (47,399) | (57,275) |
Préstamos | 12 | (3,237) | (3,083) | (3,159) |
Obligaciones por pasivo por arrendamiento | (2,252) | (1,805) | (2,020) | |
(56,203) | (52,287) | (62,454) | ||
Pasivos no corrientes | ||||
Préstamos | 12 | (497,076) | (473,056) | (489,411) |
Obligaciones por pasivo por arrendamiento | (17,333) | (18,386) | (17,676) | |
Instrumentos financieros derivados | 12 | (755) | - | - |
(515,164) | (491,442) | (507,087) | ||
Pasivos totales | (571,367) | (543,729) | (569,541) | |
Activos netos | 2,263,108 | 2,153,884 | 2,182,446 | |
Equidad | ||||
Llamado capital social | 18,456 | 18,422 | 18,427 | |
Compartir cuenta premium | 291,774 | 290,771 | 290,857 | |
Reservas | 1,952,878 | 1,844,691 | 1,873,162 | |
Fondos de accionistas de capital | 2,263,108 | 2,153,884 | 2,182,446 |
ESTADO DE CAMBIOS EN EL PATRIMONIO CONDENSADO CONSOLIDADO
Seis meses terminados el 30 de septiembre de 2023 (sin auditar)
Compartir capital £000 | Compartir cuenta premium £000 | Otra reserva no distribuible £000 | Reserva de amortización de capital £000 |
Ganancias retenidas £000 | Acciones propias £000 |
Total £000 | |
Al 1 de abril de 2023 | 18,427 | 290,857 | 74,950 | 1,795 | 1,797,436 | (1,019) | 2,182,446 |
Resultado integral total del período | - | - |
- |
- |
119,592 |
- |
119,592 |
Emisión de capital social | 29 | 917 | - | - | - | - | 946 |
Crédito a capital para pagos basados en acciones liquidados con instrumentos de patrimonio | - |
- |
- |
- |
2,063 |
- |
2,063 |
Dividendos | - | - | - | - | (41,939) | - | (41,939) |
Al 30 de septiembre de 2023 | 18,456 | 291,774 | 74,950 | 1,795 | 1,877,152 | (1,019) | 2,263,108 |
Seis meses terminados el 30 de septiembre de 2022 (sin auditar)
Compartir capital £000 | Compartir cuenta premium £000 | Otra reserva no distribuible £000 | Reserva de amortización de capital £000 |
Ganancias retenidas £000 | Acciones propias £000 |
Total £000 | |
Al 1 de abril de 2022 | 18,397 | 289,923 | 74,950 | 1,795 | 1,800,329 | (1,019) | 2,184,375 |
Resultado integral total del período | - | - |
- |
- |
6,043 |
- |
6,043 |
Emisión de capital social | 25 | 848 | - | - | - | - | 873 |
Crédito a capital para pagos basados en acciones liquidados con instrumentos de patrimonio | - | - |
- |
- |
1,730 |
- |
1,730 |
Dividendos | - | - | - | - | (39,137) | - | (39,137) |
Al 30 de septiembre de 2022 | 18,422 | 290,771 | 74,950 | 1,795 | 1,768,965 | (1,019) | 2,153,884 |
Año terminado el 31 de marzo de 2023 (auditado)
Capital social £000 | Compartir cuenta premium £000 | Otra reserva no distribuible £000 | Reserva de amortización de capital £000 | Ganancias retenidas £000 |
Acciones propias £000 | Total £000 | |
Al 1 de abril de 2022 | 18,397 | 289,923 | 74,950 | 1,795 | 1,800,329 | (1,019) | 2,184,375 |
Resultado integral total del año | - | - |
- |
- | 73,332 |
- | 73,332 |
Emisión de capital social | 30 | 934 | - | - | - | - | 964 |
Crédito a capital para pagos basados en acciones liquidados con instrumentos de patrimonio | - | - | - | - | 3,735 | - | 3,735 |
Dividendos | - | - | - | - | (79,960) | - | (79,960) |
Al 31 de marzo de 2023 | 18,427 | 290,857 | 74,950 | 1,795 | 1,797,436 | (1,019) | 2,182,446 |
ESTADO DE FLUJOS DE EFECTIVO CONSOLIDADO CONDENSADO
Seis meses terminados el 30 de septiembre de 2023
Note | Seis meses terminaron 30 septiembre (No auditado) £000 | Seis meses terminó 30 septiembre (No auditado) £000 | Año terminó 31 marzo 2023 (auditado) £000 | |
Efectivo generado por operaciones | 17 | 64,789 | 62,660 | 128,973 |
Intereses bancarios pagados | (12,778) | (6,907) | (16,486) | |
Intereses sobre obligaciones derivadas de pasivos por arrendamiento | (293) | (394) | (706) | |
Interés recibido | 17 | - | 8 | |
Otros ingresos de explotación recibidos | 61 | 745 | 2,032 | |
Impuesto pagado | (989) | (1,517) | (1,844) | |
flujos de efectivo por actividades operacionales | 50,807 | 54,587 | 111,977 | |
Actividades de inversión | ||||
Compra de activos no corrientes | (17,804) | (73,462) | (106,413) | |
Recibo del plan de bienes de capital | - | 173 | 182 | |
Flujos de efectivo de actividades de inversión | (17,804) | (73,289) | (106,231) | |
Actividades de financiación | ||||
Emisión de capital social | 946 | 873 | 964 | |
Pago de pasivos por arrendamiento financiero | (908) | (706) | (1,267) | |
Dividendos de capital pagados | (41,741) | (38,731) | (79,140) | |
Recibo por terminación de derivados de tasa de interés | - | 436 | 436 | |
Comisiones por trámite de préstamo pagadas | - | (1,155) | (1,507) | |
Aumento de los empréstitos | 7,440 | 57,984 | 74,492 | |
Flujos de efectivo de actividades de financiación | (34,263) | 18,701 | (6,022) | |
| ||||
Disminución neta de efectivo y equivalentes de efectivo | (1,260) | (1) | (276) | |
| ||||
Apertura de efectivo y equivalentes de efectivo | 8,329 | 8,605 | 8,605 | |
| ||||
Cierre de efectivo y equivalentes de efectivo | 7,069 | 8,604 | 8,329 |
Notas a la revisión intermedia
1. ACCOUNTING POLICIES
Base de preparación
The results for the period ended 30 September 2023 are unaudited and were approved by the Board on 20 November 2023. The financial information contained in this report in respect of the year ended 31 March 2023 does not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. A copy of the statutory accounts for that year has been delivered to the Registrar of Companies. The auditor's report on those accounts was not qualified and did not contain statements under section 498 (2) or (3) of the Companies Act 2006.
Este conjunto condensado de estados financieros se ha preparado de acuerdo con la NIC 34 Información financiera intermedia adoptada para su uso en el Reino Unido.
The annual financial statements of the Group are prepared in accordance with UK-adopted international accounting standards. As required by the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the condensed set of financial statements has been prepared applying the accounting policies and presentation that were applied in the preparation of the Group's published consolidated financial statements for the year ended 31 March 2023.
The Group has adopted IFRS 17 (Insurance Contracts) during the period. There has not been a material impact on the Group of the adoption of this standard.
Valoración de activos y pasivos mantenidos a valor razonable
For those financial instruments held at fair value, the Group has categorised them into a three-level fair value hierarchy based on the priority of the inputs to the valuation technique in accordance with IFRS 13. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety. The fair value of the Group's outstanding interest rate derivative has been estimated by calculating the present value of future cash flows, using appropriate market discount rates, representing Level 2 fair value measurements as defined by IFRS 13. Investment Property and Investment Property under Construction have been classified as Level 3. This is discussed further in note 14.
Preocupación continua
A review of the Group's business activities, together with the factors likely to affect its future development, performance, and position, is set out in the Chairman's Statement and the Business and Financial Review. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are shown in the balance sheet, cash flow statement and accompanying notes to the interim statement. Further information concerning the Group's objectives, policies, and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk remain the same and can be found in the Strategic Report within the Group's Annual Report for the year ended 31 March 2023.
At 30 September 2023 the Group had available liquidity of £52.0 million, from a combination of cash and undrawn debt facilities. On 10 October 2023, the Group raised £107 million (net of expenses) through a placing of 6.3% of the Company's issued share capital. This further increased the liquidity available to the Group. In addition, the Group has a $225 million shelf facility in place with Pricoa Private Capital to be drawn in fixed sterling notes. The Group can draw the debt in minimum tranches of £10 million over the next three years with terms of between 7 and 15 years at short notice, typically 10 days. The Group also has land surplus to its needs which will be realised over the medium term, generating net cash proceeds estimated currently at over £100 million. The Group is cash generative and for the six months ended 30 September 2023, had operational cash flow of £50.8 million, with capital commitments at the balance sheet date of £8.0 million.
The Directors have prepared cash flow forecasts for a period of 18 months from the date of approval of these financial statements, taking into account the Group's operating plan and budget for the year ending 31 March 2024 and projections contained in the longer-term business plan which covers the period to March 2027. After reviewing these projected cash flows together with the Group's and Company's cash balances, borrowing facilities and covenant requirements, and potential property valuation movements over that period, the Directors believe that, taking account of severe but plausible downsides, the Group and Company will have sufficient funds to meet their liabilities as they fall due for that period. The Group is well progressed in refinancing our medium-term revolving credit facility which expires in October 2024 and anticipate completing this shortly.
In making their assessment, the Directors have carefully considered the outlook for the Group's trading performance and cash flows as a result of the current geopolitical and macroeconomic environment, taking into account the recent trading performance of the Group. The Directors have also considered the performance of the business during the Global Financial Crisis and the Covid-19 pandemic. The Directors modelled a number of different scenarios, including material reductions in the Group's occupancy rates and property valuations, and assessed the impact of these scenarios against the Group's liquidity and the Group's banking covenants. The scenarios considered did not lead to breaching any of the banking covenants, and the Group retained sufficient liquidity to meet its financial obligations as they fall due. Consequently, the Directors continue to adopt the going concern basis in preparing the half year report.
2. SEGMENTAL INFORMATION
Revenue represents amounts derived from the provision of self storage accommodation and related services which fall within the Group's ordinary activities after deduction of trade discounts and value added tax. The Group's net assets, revenue and profit before tax are attributable to one activity, the provision of self storage accommodation and related services. These all arise in the United Kingdom.
Seis meses terminaron 30 Septiembre 2023 (No auditado) | Seis meses terminaron 30 de septiembre de 2022 (no auditado) £000 | Año terminado 31 de marzo de 2023 (auditado) | |
Tiendas abiertas | |||
Ingresos por almacenamiento propio | 86,162 | 80,555 | 162,911 |
Ingresos por seguros | - | 3,043 | 3,047 |
Ingresos mejorados del servicio de responsabilidad | 8,927 | 5,906 | 14,272 |
Ingresos por materiales de embalaje | 1,631 | 1,822 | 3,286 |
Otros ingresos de clientes de almacenamiento | 992 | 1,002 | 2,010 |
Ingresos por alquiler de tiendas auxiliares | 637 | 521 | 1,213 |
98,349 | 92,849 | 186,739 | |
Otros ingresos | |||
Ingresos no relacionados con el almacenamiento | 1,215 | 967 | 2,090 |
Los ingresos totales | 99,564 | 93,816 | 188,829 |
Los ingresos no relacionados con el almacenamiento se derivan principalmente de los ingresos por alquiler obtenidos de los inquilinos de propiedades en espera de desarrollo.
The Group has also earned other operating income of £0.8 million in the period, which is principally insurance proceeds for loss of income following the destruction of the Group's Cheadle store by fire in 2022 (2022: £0.9 million).
Further analysis of the Group's operating revenue and costs are in the Portfolio Summary and the Business and Financial Review. The seasonality of the business is discussed in note 18.
3. INVESTMENT INCOME
Seis meses terminados el 30 de septiembre 2023 (No auditado) £000 | Seis meses terminó el 30 de septiembre 2022 (No auditado) £000 | Año terminado 31 marzo 2023 (auditado) £000 | |
Intereses bancarios por cobrar | 17 | - | 8 |
Desenlace del descuento en el plan de bienes de capital por cobrar | - | 1 | 1 |
Total | 17 | 1 | 9 |
Cambio en el valor razonable de los derivados de tipos de interés | - | 564 | - |
Ingresos totales por inversiones | 17 | 565 | 9 |
4. FINANCE COSTS
Seis meses terminados el 30 de septiembre 2023 (No auditado) £000 | Seis meses terminó el 30 de septiembre 2022 (No auditado) £000 | Año terminado 31 marzo 2023 (auditado) £000 | |
Intereses de préstamos bancarios | 13,617 | 7,836 | 18,156 |
Interés capitalizado | (1,753) | (1,649) | (2,761) |
Intereses sobre obligaciones de arrendamiento financiero | 293 | 394 | 706 |
Otros intereses por pagar | - | - | 61 |
Costos de refinanciación de préstamos | - | 732 | 732 |
Intereses totales por pagar | 12,157 | 7,313 | 16,894 |
Movimiento de valor razonable en derivados | 1,071 | - | 133 |
Costos financieros totales | 13,228 | 7,313 | 17,027 |
5. TAXATION
The Group is a REIT. As a result, the Group does not pay UK corporation tax on the profits and gains from its qualifying rental business in the UK if it meets certain conditions. Non-qualifying profits and gains of the Group are subject to corporation tax as normal. The Group monitors its compliance with the REIT conditions. There have been no breaches of the conditions to date.
| Seis meses terminados el 30 de septiembre 2023 (No auditado) £000 | Seis meses terminó el 30 de septiembre 2022 (No auditado) £000 | Año terminado 31 marzo 2023 (auditado) £000 |
Impuesto corriente: | |||
- Año corriente | 983 | 895 | 2,296 |
- Año anterior | (963) | (185) | (319) |
20 | 710 | 1,977 |
6. ADJUSTED PROFIT
Seis meses terminaron 30 Septiembre 2023 (No auditado) £000 | Seis meses terminó 30 septiembre 2022 (No auditado) £000 | Año terminado 31 marzo 2023 (auditado) £000 | |
Beneficio antes de impuestos | 119,612 | 6,753 | 75,309 |
(Gain)/loss on revaluation of investment properties | (67,165) | 47,673 | 29,861 |
Cambio en el valor razonable de los derivados de tipos de interés | 1,071 | (564) | 133 |
Tarifas de refinanciamiento | - | 732 | 732 |
Beneficio ajustado antes de impuestos | 53,518 | 54,594 | 106,035 |
Impuestos | (20) | (710) | (1,977) |
Beneficio ajustado después de impuestos (ganancias EPRA) | 53,498 | 53,884 | 104,058 |
La utilidad ajustada antes de impuestos que excluye ganancias y pérdidas por la revalorización de propiedades de inversión, cambios en el valor razonable de derivados de tasas de interés, ganancias y pérdidas netas por enajenación de propiedades de inversión y partidas materiales no recurrentes de ingresos y gastos se han revelado como, en opinión del Consejo, esto proporciona una comprensión más clara del rendimiento comercial subyacente del Grupo.
7. DIVIDENDS
Seis meses terminaron 30 Septiembre 2023 (No auditado) £000 | Seis meses terminó 30 septiembre 2022 (No auditado) £000 | |
Importes reconocidos como distribuciones a los accionistas en el período: | ||
Dividendo complementario para el año finalizado el 31 de marzo de 2023 de 22.9 peniques (2022: 21.4 peniques) por acción | 41,939 | 39,137 |
Dividendo a cuenta propuesto para el año que finaliza el 31 de marzo de 2024 de 22.6 peniques (2023: 22.3 peniques) por acción | 44,086 | 40,824 |
El dividendo a cuenta propuesto de 22.6 peniques por acción ordinaria se pagará a los accionistas. on 26 January 2024. The ex-dividend date is 4 January 2024, and the record date is 5 January 2024. The interim dividend is all Property Income Distribution.
8. EARNINGS PER ORDINARY SHARE
La Asociación Europea de Bienes Raíces Públicos ("EPRA") ha publicado bases recomendadas para el cálculo de cierta información por acción y estas se incluyen en la siguiente tabla:
Seis meses terminaron 30 de septiembre de 2023 (no auditado) | Seis meses terminaron 30 de septiembre de 2022 (no auditado) | Año terminado 31 de marzo de 2023 (auditado) | |||||||
Ganancias | Acciones | Pence | Ganancias | Acciones | Pence | Ganancias | Acciones | Pence | |
£ m | millones | por acción | £ m | millones | por acción | £ m | millones | por acción | |
Basic | 119.6 | 183.2 | 65.3 | 6.0 | 182.9 | 3.3 | 73.3 | 183.0 | 40.1 |
Opciones de acciones diluidas | - | 1.1 | (0.4) | - | 1.0 | - | - | 1.1 | (0.3) |
Diluido | 119.6 | 184.3 | 64.9 | 6.0 | 183.9 | 3.3 | 73.3 | 184.1 | 39.8 |
Ajustes: | |||||||||
(Gain)/loss on revaluation of investment properties | (67.2) | - | (36.5) | 47.7 | - | 25.9 | 30.0 | - | 16.2 |
Cambio en el valor razonable de los derivados de tipos de interés | 1.1 | - | 0.6 | (0.5) | - | (0.3) | 0.1 | - | 0.1 |
Tarifas de refinanciamiento | - | - | - | 0.7 | - | 0.4 | 0.7 | - | 0.4 |
EPRA - diluido | 53.5 | 184.3 | 29.0 | 53.9 | 183.9 | 29.3 | 104.1 | 184.1 | 56.5 |
EPRA - básico | 53.5 | 183.2 | 29.2 | 53.9 | 182.9 | 29.5 | 104.1 | 183.0 | 56.9 |
El cálculo de las ganancias básicas se basa en las ganancias después de impuestos del período. El número medio ponderado de acciones utilizado para calcular las ganancias por acción diluidas se ha ajustado para la conversión de opciones sobre acciones.
Las ganancias de EPRA y las ganancias por acción ordinaria se han divulgado para brindar una comprensión más clara del desempeño comercial subyacente del Grupo.
9. NON-CURRENT ASSETS
a) Inversión inmobiliaria
|
Inversión perfecta £000 | Inversión inmobiliaria en construcción £000 | Activos por derecho de uso £000 |
Total £000 |
Al 1 de abril de 2023 | 2,449,640 | 260,720 | 18,148 | 2,728,508 |
Adiciones | 7,168 | 6,839 | - | 14,007 |
Ajuste al valor presente | - | - | 604 | 604 |
Reclasificación | 66,162 | (66,102) | - | 60 |
Revalorización | 81,775 | (14,610) | - | 67,165 |
Depreciación | - | - | (800) | (800) |
Al 30 de septiembre de 2023 | 2,604,745 | 186,847 | 17,952 | 2,809,544 |
Los compromisos de capital a 30 de septiembre de 2023 eran £8.0 millones de (31 de marzo de 2023: £6.1 millones).
b) Planta, equipo y propiedad ocupada por el dueño
|
Propiedad de propiedad £000 |
Mejoras arrendatarias £000 |
Planta y £000 | Vehículos motores £000 | Accesorios, accesorios y equipo de oficina £000 |
Activos por derecho de uso £000 |
Total |
Cost | |||||||
Al 1 de abril de 2023 | 2,406 | 59 | 647 | 32 | 1,691 | 875 | 5,710 |
Adiciones | 19 | - | 221 | - | 345 | 131 | 716 |
Reclassification to investment property under construction | (60) |
- | - | - |
- |
- | (60) |
Retiro de activos totalmente depreciados | - |
- | (70) | - |
(316) |
- | (386) |
Al 30 de septiembre de 2023 | 2,365 | 59 | 798 | 32 | 1,720 | 1,006 | 5,980 |
Depreciación acumulada | |||||||
Al 1 de abril de 2023 | (682) | (20) | (210) | (32) | (340) | (423) | (1,707) |
Cobrar por el período | (24) | (2) | (89) | - | (318) | (67) | (500) |
Retiro de activos totalmente depreciados | - |
- | 70 | - |
316 |
- | 386 |
Al 30 de septiembre de 2023 | (706) | (22) | (229) | (32) | (342) | (490) | (1,821) |
Valor neto contable | |||||||
Al 30 de septiembre de 2023 | 1,659 | 37 | 569 | - | 1,378 | 516 | 4,159 |
Al 31 de marzo de 2023 | 1,724 | 39 | 437 | - | 1,351 | 452 | 4,003 |
c) Activos intangibles
The intangible asset relates to the Big Yellow brand, which was acquired through the acquisition of Big Yellow Self Storage Company Limited in 1999. The carrying value of £1.4 million remains unchanged from the prior year as there is considered to be no impairment in the value of the asset. The asset has an indefinite life and is tested annually for impairment or more frequently if there are indicators of impairment.
d) Inversión
The Group has an £0.6 million investment in Doncaster Security Operations Centre Limited, a company which provides out-of-hours monitoring and alarm receiving services, including for the Group's stores. The investment is carried at cost and tested annually for impairment.
10. TRADE AND OTHER RECEIVABLES
30 septiembre 2023 (No auditado) £000 | 30 septiembre 2022 (No auditado) £000 | 31 marzo 2023 (auditado) £000 | |
Current | |||
Cuentas por cobrar comerciales | 5,466 | 5,184 | 5,181 |
Otros ingresos | 335 | 310 | 209 |
pagos adelantados e interes ganado | 5,398 | 3,012 | 2,924 |
11,199 | 8,506 | 8,314 |
11. TRADE AND OTHER PAYABLES
30 septiembre 2023 (No auditado) £000 | 30 septiembre 2022 (No auditado) £000 | 31 marzo 2023 (auditado) £000 | |
Current | |||
Comercio a pagar | 2,845 | 1,424 | 4,208 |
Otras cuentas por pagar | 18,213 | 15,612 | 18,199 |
Cuentas de regularización | 29,656 | 30,363 | 34,868 |
50,714 | 47,399 | 57,275 |
12. BORROWINGS
30 septiembre 2023 (No auditado) £000 | 30 septiembre 2022 (No auditado) £000 | 31 marzo 2023 (auditado) £000 | |
Préstamo Aviva | 3,237 | 3,083 | 3,159 |
Préstamos corrientes | 3,237 | 3,083 | 3,159 |
Préstamo Aviva | 154,130 | 157,336 | 155,768 |
Préstamo M&G | 120,000 | 120,000 | 120,000 |
Préstamos bancarios | 225,000 | 198,000 | 216,000 |
Costos de acuerdos de deuda no amortizados | (2,054) | (2,280) | (2,357) |
Préstamos no corrientes | 497,076 | 473,056 | 489,411 |
Total de préstamos | 500,313 | 476,139 | 492,570 |
The Group does not hedge account for its interest rate swaps and states them at fair value, with changes in fair value included in the income statement. The loss in the income statement for the period on its interest rate swaps was £1,071,000 (2022: gain of £564,000).
At 30 September 2023 the Group was in compliance with all loan covenants. The movement in the Group's loans are shown net in the cash flow statement as the bank loan is a revolving facility and is repaid and redrawn each month.
The Group's Revolving Credit Facility expires in October 2024. See commentary in the Financial Review on the refinancing of this facility.
13. ADJUSTED NET ASSETS PER SHARE
Las pautas de recomendaciones de mejores prácticas de EPRA contienen tres métricas de valor liquidativo (NAV): Activos tangibles netos (NTA) de EPRA, Valor de restablecimiento neto de EPRA (NRV) y Valor de disposición neto de EPRA (NDV).
EPRA NTA is considered to be most consistent with the nature of Big Yellow's business which provides sustainable long-term progressive returns. EPRA NTA is shown in the table below. This measure is further adjusted by the adjustment the Group makes for purchaser's costs, which is the Group's Adjusted Net Asset Value (or Adjusted NAV).
Basic net assets per share are shareholders' funds divided by the number of shares at the period end. Any shares currently held in the Group's Employee Benefit Trust are excluded from both net assets and the number of shares. Adjusted net assets per share include: the effect of those shares issuable under employee share option schemes and the effect of alternative valuation methodology assumptions (see note 14).
| Seis meses terminados el 30 de septiembre de 2023 | Seis meses terminados el 30 de septiembre de 2022 | Año terminado el 31 de marzo de 2023 | ||||||
Patrimonio atribuible a accionistas ordinarios £000 |
Acciones millones |
Peniques por acción | Patrimonio atribuible a accionistas ordinarios £000 |
Acciones millones |
Peniques por acción | Patrimonio atribuible a accionistas ordinarios £000 |
Acciones millones |
Peniques por acción | |
NAV básico | 2,263,108 | 183.4 | 1,233.8 | 2,153,884 | 183.1 | 1,176.3 | 2,182,446 | 183.1 | 1,191.7 |
Comparta y ahorre mientras gana esquemas |
2,107 |
2.3 |
(13.8) |
1,172 |
1.7 |
(10.1) |
1,909 |
1.7 |
(10.0) |
NAV diluido | 2,265,215 | 185.7 | 1,220.0 | 2,155,056 | 184.8 | 1,166.2 | 2,184,355 | 184.8 | 1,181.7 |
Valor razonable de derivados | 755 | - | 0.4 | (1,013) | - | (0.6) | (316) | - | (0.2) |
Activos intangibles | (1,433) | - | (0.8) | (1,433) | - | (0.8) | (1,433) | - | (0.7) |
EPRA NTA | 2,264,537 | 185.7 | 1,219.6 | 2,152,610 | 184.8 | 1,164.8 | 2,182,606 | 184.8 | 1,180.8 |
Valuation methodology assumption (see note 14) |
107,545 |
- |
57.9 |
102,108 |
- |
55.3 |
104,605 |
- |
56.5 |
NAV ajustado | 2,372,082 | 185.7 | 1,277.5 | 2,254,718 | 184.8 | 1,220.1 | 2,287,211 | 184.8 | 1,237.3 |
14. VALUATION OF INVESTMENT PROPERTY
El Grupo ha clasificado las propiedades de inversión de valor razonable y las propiedades de inversión en construcción dentro del Nivel 3 de la jerarquía de valor razonable. No ha habido transferencia hacia o desde el Nivel 3 en el período.
The freehold and leasehold investment properties have been valued at 30 September 2023 by the Directors. The valuation has been carried out in accordance with the same methodology as the year end valuations prepared by Jones Lang Lasalle ("JLL").
The Directors' valuations reflect the latest cash flows derived from each of the stores at 30 September 2023. In performing the valuations, the Directors consulted with JLL on the capitalisation rates used in the valuations. The Directors, as advised by JLL, consider that the capitalisation rates for prime self storage stores are unchanged since the year end valuation date, with continuing demand being seen from investors for self storage assets.
The Directors have made some minor amendments to a couple of the valuation assumptions, namely the adjustment of stable occupancy levels on certain stores that are consistently trading ahead of the previously used assumptions and to certain assumptions on net achieved rents within the valuations. Other than the above, the Directors believe the core assumptions used by JLL in the March 2023 valuations are still appropriate at the September valuation date. See the Group's annual report for the year ended 31 March 2023 for the full detail of the valuation methodology.
Sensibilidades
Self storage valuations are complex, derived from data which is not widely publicly available and involve a degree of judgement. For these reasons we have classified the valuations of our property portfolio as Level 3 as defined by IFRS 13. Inputs to the valuations, some of which are 'unobservable' as defined by IFRS 13, include capitalisation yields, stable occupancy rates, and rental growth rates. The existence of an increase of more than one unobservable input would augment the impact on valuation. The impact on the valuation would be mitigated by the inter-relationship between unobservable inputs moving in opposite directions. For example, an increase in stable occupancy may be offset by an increase in yield, resulting in no net impact on the valuation. A sensitivity analysis showing the impact on valuations of changes in yields and stable occupancy is shown below:
Impacto de un cambio en las tasas de capitalización | Impacto de un cambio en el supuesto de ocupación estabilizada | |||
Disminución de 25 bps | Aumento de 25 bps | Aumento del 1% | 1% de disminución | |
Grupo informado | 4.7% | (4.3%) | 1.2% | (1.2%) |
A sensitivity analysis has not been provided for a change in the rental growth rate adopted as there is a relationship between this measure and the discount rate adopted. So, in theory, an increase in the rental growth rate would give rise to a corresponding increase in the discount rate and the resulting value impact would be limited.
Supuesto de valoración de los costes del comprador
The Group's investment property assets have been valued for the purposes of the financial statements after deducting notional weighted average purchaser's cost of 6.8% of gross value, as if they were sold directly as property assets. The valuation is an asset valuation that is entirely linked to the operating performance of the business. The assets would have to be sold with the benefit of operational contracts, employment contracts and customer contracts, which would be very difficult to achieve except in a corporate structure.
This approach follows the logic of the valuation methodology in that the valuation is based on a capitalisation of the net operating income after allowing for the deduction of operational costs and an allowance for central administration costs. Sale in a corporate structure would result in a reduction in the assumed Stamp Duty Land Tax but an increase in other transaction costs, reflecting additional due diligence, resulting in a reduced notional purchaser's cost of 2.75% of gross value. All the significant sized transactions that have been concluded in the UK in recent years were completed in a corporate structure. The Directors have therefore carried out a valuation on the above basis, and this results in a higher property valuation at 30 September 2023 of £2,899.1 million (£107.5 million higher than the value recorded in the balance sheet) which translates to 57.9 pence per share. We have included this revised valuation in the adjusted diluted net asset calculation (see note 13).
15. FINANCIAL INSTRUMENTS FAIR VALUE DISCLOSURES
The table below sets out the categorisation of the financial instruments held by the Group at 30 September 2023. Where the financial instruments are held at fair value the valuation level indicates the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Valuations categorised as Level 2 are obtained from third parties. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.
Nivel de valoración | 30 Septiembre 2023 (No auditado) £000 | 30 Septiembre 2022 (No auditado) £000 | |
Interest rate derivatives (liability)/asset | 2 | (755) | 1,013 |
16. RELATED PARTY TRANSACTIONS
Las transacciones entre la Compañía y sus subsidiarias, que son partes relacionadas, han sido eliminadas en la consolidación y no se revelan en esta nota.
Cualquier basura limitada
Jim Gibson is a Non-Executive Director and shareholder in AnyJunk Limited, and Adrian Lee is a shareholder in AnyJunk Limited. During the period AnyJunk Limited provided waste disposal services to the Group on normal commercial terms amounting to £7,000 (2022: £8,000).
Ballet infantil de Londres
The Group signed a Section 106 agreement with Wandsworth Council relating to the development of our Battersea store, which required the Group to provide cultural space to Wandsworth Borough Council. In 2021, the Group granted a twenty year lease over this space to London Children's Ballet at a peppercorn rent, who in turn have agreed to enter into a Social Agreement with Wandsworth Borough Council coterminous with the lease. Jim Gibson is the Chairman of Trustees of the London Children's Ballet. London Children's Ballet rent storage space from the Group on normal commercial terms, amounting to £2,000 during the period (2022: £1,000).
DS Operations Center Limited
The Group has invested £0.6 million in DS Operations Centre Limited ("DSOC"). DSOC provided alarm and CCTV monitoring services to the Group under normal commercial terms during the period, amounting to £154,000 (2022: £148,000).
Puntos de árbol limitados
Jim Gibson is a Non-Executive Director and an investor in City Stasher Limited, which in turn has a minority investment in Treepoints Limited. Treepoints Limited provided offsetting tree planting services in respect of our online packing material sales, under normal commercial terms during the period, amounting to £1,000 (2022: £6,000).
Ruta de patrocinio de Ucrania Reino Unido
Nicholas Vetch and Heather Savory are trustees of a charity called Ukrainian Sponsorship Pathway UK ("USPUK") to help Ukrainians displaced by the war to travel to the UK as part of the "Homes for Ukraine" scheme. The charity has set up offices in Warsaw and Krakow and is one of the few that has been recognised for this purpose by the UK Government. We are proud to be financial supporters of this charity and the Board approved a donation which was made in May 2023 of £50,000 (2022: £50,000).
17. CASH FLOW NOTES
a) Conciliación de la utilidad después de impuestos con el efectivo generado por las operaciones
Note | Seis meses terminó 30 septiembre 2023 (No auditado) £000 | Seis meses terminó 30 septiembre 2022 (No auditado) £000 | Año terminó 31 marzo 2023 (auditado) £000 | |
Beneficio después de impuestos | 119,592 | 6,043 | 73,332 | |
Taxation | 20 | 710 | 1,977 | |
Otros ingresos operativos | (762) | (899) | (2,185) | |
Ingreso de inversión | (17) | (565) | (9) | |
Costos financieros | 13,228 | 7,313 | 17,027 | |
Beneficio operativo | 132,061 | 12,602 | 90,142 | |
(Gain)/loss on the revaluation of investment properties | 14 | (67,165) | 47,673 | 29,861 |
Depreciación de planta, equipo y propiedad ocupada por el dueño | 9b | 433 | 465 | 888 |
Depreciación de obligaciones de capital por arrendamiento financiero | 9a, 9b | 867 | 815 | 1,569 |
Opciones sobre acciones para empleados | 2,063 | 1,730 | 3,735 | |
Efectivo generado por las operaciones antes de los movimientos de capital de trabajo | 68,259 | 63,285 | 126,195 | |
Disminución / (aumento) de inventarios | 13 | 3 | (13) | |
Aumento de cuentas por cobrar | (2,704) | (906) | (740) | |
(Disminución) / aumento de las cuentas por pagar | (779) | 278 | 3,531 | |
Efectivo generado por operaciones | 64,789 | 62,660 | 128,973 |
b) Reconciliation of net cash flow to movement in net debt
Seis meses terminó 30 septiembre 2023 (No auditado) £000 | Seis meses terminó 30 septiembre 2022 (No auditado) £000 | Año terminó 31 marzo 2023 (auditado) £000 | |
Disminución neta de efectivo y equivalentes de efectivo | (1,260) | (1) | (276) |
Flujo de caja por movimiento en la financiación de la deuda | (7,440) | (57,984) | (74,492) |
Cambio en la deuda neta resultante de los flujos de efectivo | (8,700) | (57,985) | (74,768) |
Movimiento de la deuda neta en el período | (8,700) | (57,985) | (74,768) |
Deuda neta al inicio del período | (486,598) | (411,830) | (411,830) |
Deuda neta al final del período | (495,298) | (469,815) | (486,598) |
18. RISKS AND UNCERTAINTIES
The risks facing the Group for the remaining six months of the financial year are consistent with those outlined in the Annual Report for the year ended 31 March 2023. The risk mitigating factors listed in the 2023 Annual Report are still appropriate.
The economic outlook remains uncertain, with high, albeit moderating, inflation and an associated impact on the cost of living. This, along with geo-political uncertainty, may create economic headwinds in the quarter to December 2023 and into 2024, which may have an impact on the demand for self storage.
The value of Big Yellow's property portfolio is affected by the conditions prevailing in the property investment market and the general economic environment. Accordingly, the Group's net asset value can rise and fall due to external factors beyond management's control. The uncertainties in the global economy look set to continue. We have a high-quality prime portfolio of assets that should help to mitigate the impact of this on the Group.
Self storage is a seasonal business, and we typically lose occupancy in the December quarter. The new year typically sees an increase in activity, occupancy, and revenue growth. The visibility we have in the business is relatively limited at three to four weeks and is based on the net reservations we have in hand, which are currently in line with our expectations.
There is a risk that our customers may default on their rent payments, however we have not seen an increase in bad debts since the onset of the pandemic. We have approximately 76,000 occupied rooms and this, coupled with the diversity of our customers' reasons for using storage, mean the risk of individual tenant default to Big Yellow is low. 80% of our customers pay by direct debit and we take a deposit from all customers. Furthermore, we have a right of lien over customers' goods, so in the ultimate event of default, we are able to auction the goods to recover the debts.
19. POST BALANCE SHEET EVENT
In October 2023, the Group raised £107 million (net of expenses) through a placing of 6.3% of the Company's share capital.
20. GLOSSARY
Absorción | La tasa de crecimiento de la ocupación asumida dentro de las valoraciones externas de propiedades desde el nivel de ocupación actual hasta el nivel de ocupación estable supuesto. |
Crecimiento de ganancias ajustado | El aumento de los eps ajustados de un período a otro. |
Eps ajustados | Beneficio ajustado después de impuestos dividido por el promedio ponderado diluido de acciones emitidas durante el período financiero. |
NAV ajustado | EPRA NTA ajustada por una tasación de propiedades de inversión realizada a costos de adquisición del 2.75%, ver nota 13. |
Beneficio ajustado antes de impuestos | La medida de ganancias EPRA antes de impuestos de la Compañía con ajustes adicionales de la Compañía. |
Renta neta promedio lograda por pie cuadrado | Ingresos por almacenamiento divididos por el espacio ocupado promedio durante el período. |
Crecimiento promedio de alquiler | El crecimiento en el alquiler neto promedio alcanzado por pie cuadrado período a período. |
BREEAM | Una calificación ambiental evaluada según el Método de Evaluación Ambiental del Establecimiento de Investigación de Edificios. |
Intensidad de carbono | Emisiones de carbono divididas por el espacio medio ocupado del Grupo. |
Alquiler neto de cierre por pie cuadrado | Los ingresos anuales por almacenamiento generados por los clientes en el lugar divididos por el espacio ocupado en la fecha del balance. |
Instalaciones comprometidas | Líneas de crédito disponibles no utilizadas más efectivo y equivalentes de efectivo. |
EBITDA consolidado | EBITDA consolidado calculado de acuerdo con los términos del Contrato de Línea de Crédito Revolving del Grupo. |
Deuda | Préstamos a largo y corto plazo, según se detalla en la nota 12, excluidos los arrendamientos financieros y los costos de emisión de deuda. |
Beneficio por acción (eps)
| Resultado del ejercicio económico atribuible a los accionistas de capital dividido por el número medio de acciones emitidas durante el ejercicio económico. |
Comparable | Ganancias antes de intereses, impuestos, depreciación y amortización. |
EPRA | La Asociación Europea de Bienes Raíces Públicos, un organismo de la industria de bienes raíces. Esta organización ha emitido Recomendaciones de Buenas Prácticas con la intención de mejorar la transparencia, comparabilidad y relevancia de los resultados publicados de las empresas inmobiliarias cotizadas en Europa. |
Ganancias de EPRA | La utilidad IFRS después de impuestos atribuible a los accionistas de la Compañía excluyendo revalorizaciones de propiedades de inversión, ganancias / pérdidas en enajenaciones de propiedades de inversión y cambios en el valor razonable de instrumentos financieros. |
Ganancias por acción de EPRA | Las ganancias de EPRA divididas por el número promedio de acciones emitidas durante el período. |
EPRA NTA por acción | EPRA NTA dividido por el número diluido de acciones al cierre del periodo. |
Valor del activo tangible neto EPRA (EPRA NTA) | IFRS net assets excluding the mark-to-market on interest rate derivatives, deferred taxation on property valuations where it arises, and intangible assets. It is adjusted for the dilutive impact of share options. |
Equidad | Todo el capital y reservas del Grupo atribuibles a los accionistas de la Sociedad. |
Activos inmobiliarios brutos | La suma de las propiedades de inversión y las propiedades de inversión en construcción. |
Valor agregado bruto | La medida del valor de los bienes y servicios producidos en un área, industria o sector de una economía. |
Cobertura de interés
| The ratio of operating cash flow divided by interest paid (before exceptional finance costs, capitalised interest, and changes in fair value of interest rate derivatives). This metric is provided to give readers a clear view of the Group's financial position. |
Ocupación homogénea | Excludes the closing occupancy of new stores acquired, opened, or closed in the current or preceding financial year in both the current financial year and comparative figures. This excludes Aberdeen, Harrow, Kingston North, Kings Cross, and for Big Yellow stores like-for-like occupancy, the Armadillo stores. |
Ingresos de tiendas comparables | Excludes the impact of new stores acquired, opened or stores closed in the current or preceding financial year in both the current year and comparative figures. This excludes Aberdeen, Harrow, Kingston North, and Kings Cross. |
LTV (préstamo a valor) | Deuda neta expresada como porcentaje de la valoración externa de las inversiones inmobiliarias del Grupo. |
Área máxima alquilable (MLA) | El total de pies cuadrados disponibles para alquilar a los clientes. |
Mudanzas | El número de clientes que toman un trastero en el período definido. |
Mudanzas | El número de clientes que abandonan un trastero en el período definido. |
NAV | Valor liquidativo. |
Deuda neta | Préstamos brutos menos efectivo y equivalentes de efectivo. |
Rendimiento inicial neto | La utilidad operativa neta del próximo año expresada como porcentaje del valor de capital, después de agregar los costos teóricos del comprador. |
El margen de explotación | Almacene el EBITDA después de una asignación de gastos generales centrales. |
Ingresos operativos netos por estabilización | La utilidad operativa neta proyectada que entrega una tienda cuando alcanza un nivel estable de ocupación. |
Puntuación del promotor neto (NPS) | The Net Promoter Score is an index ranging from -100 to 100 that measures the willingness of customers to recommend a company's products or services to others. The Company measures NPS based on surveys sent to all its move-ins and move-outs. |
Energía renovable neta positiva | La estrategia de Big Yellow es que para 2030 el Grupo genere tanta energía renovable como sea posible en toda su cartera de tiendas y cumpla con las emisiones restantes de Alcance 1 y Alcance 2 mediante la retirada de REGO de la generación de energía externa. |
Renta neta por pie cuadrado | Los ingresos por almacenamiento generados por los clientes en el lugar divididos por ocupación. |
Estrategia Net Zero | La estrategia publicada del Grupo para tener Emisiones Netas Cero Alcance 1, 2 y 3. |
Tiendas no comparables | Stores excluded from like-for-like metrics, as they were acquired, opened or closed in the current or preceding financial year. In 2023 this includes Aberdeen, Harrow, Kingston North, Kings Cross, and for Big Yellow stores like-for-like occupancy, the Armadillo stores. |
Ocupación | El espacio ocupado por los clientes dividido por el MLA expresado como % o en pies cuadrados. |
Espacio ocupado | El espacio ocupado por los clientes en pies cuadrados. |
Otros ingresos relacionados con el almacenamiento | Materiales de embalaje, servicio de seguro/responsabilidad mejorada y otras tarifas relacionadas con el almacenamiento. |
Tubería | Sitios de desarrollo del Grupo. |
base pro forma | On 10 October 2023, the Group raised £107 million (net of expenses) through a placing of 6.3% of the Company's share capital. Certain financial metrics at 30 September 2023 have been re-presented in this statement as if the placing had happened at 30 September 2023, to allow the reader to see the financial position of the Group after adjusting for the impact of the placing. |
Distribución de la renta de la propiedad (PID)
| Un dividendo, generalmente sujeto a retención de impuestos, que un REIT del Reino Unido debe pagar de su negocio de alquiler de propiedades exento de impuestos y que está sujeto a impuestos para los accionistas residentes en el Reino Unido a su tasa impositiva marginal. |
REGO | Garantías de Origen de las Energías Renovables. |
REIT | Fideicomiso de inversiones inmobiliarias. Un régimen fiscal que en el Reino Unido exime a los participantes del impuesto de sociedades tanto sobre los ingresos por alquiler del Reino Unido como sobre las ganancias derivadas de las ventas de propiedades de inversión en el Reino Unido, sujeto a determinadas condiciones. |
REVPAF | Ingresos totales de la tienda divididos por el área alquilable máxima promedio en el período. |
EBITDA de la tienda | Almacene las ganancias antes de intereses, impuestos, depreciación y amortización. |
Ingresos de la tienda | Ingresos obtenidos de los centros abiertos de self storage del Grupo. |
TCFD | Grupo de trabajo sobre divulgación financiera relacionada con el clima. |
Rentabilidad total para el accionista (TSR) | El crecimiento en el valor de una participación accionaria durante un período específico, asumiendo que los dividendos se reinvierten para comprar unidades adicionales de acciones. |
INFORME DE REVISIÓN INDEPENDIENTE PARA GRAN GRUPO AMARILLO PLC
Conclusión
We have been engaged by Big Yellow Group PLC ("the Group") to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 September 2023 which comprises the Condensed Consolidated Statement of Comprehensive Income, Condensed Consolidated Balance Sheet, Condensed Consolidated Statement of Changes in Equity, Condensed Consolidated Cash Flow Statement, and the related explanatory notes.
Con base en nuestra revisión, nada ha llegado a nuestra atención que nos haga creer que el conjunto condensado de estados financieros en el informe financiero semestral para los seis meses terminados el 30 de septiembre de 2023 no está preparado, en todos los aspectos materiales, de acuerdo con NIC 34 Información financiera intermedia adoptada para su uso en el Reino Unido y las Normas de transparencia y orientación de divulgación ("el DTR") de la Autoridad de Conducta Financiera del Reino Unido ("la FCA del Reino Unido").
Base para la conclusión
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. We read the other information contained in the half-yearly financial report and consider whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusions relating to going concern
Con base en nuestros procedimientos de revisión, que son menos extensos que los realizados en una auditoría como se describe en la sección Bases de la conclusión de este informe, nada ha llamado nuestra atención que nos haga creer que los directores han adoptado de manera inapropiada la base de negocio en marcha de contabilidad, o que los directores han identificado incertidumbres materiales relacionadas con el negocio en marcha que no han sido adecuadamente reveladas.
Esta conclusión se basa en los procedimientos de revisión realizados de acuerdo con ISRE (Reino Unido) 2410. Sin embargo, eventos o condiciones futuras pueden causar que el Grupo deje de continuar como un negocio en marcha, y las conclusiones anteriores no son una garantía de que el Grupo continuará en la operación.
Responsabilidades de los directores
The half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the half-yearly financial report in accordance with the DTR of the UK FCA.
As disclosed in note 1, the latest annual financial statements of the Group are prepared in accordance with UK-adopted international accounting standards.
Los Directores son responsables de preparar el conjunto condensado de estados financieros incluidos en el informe financiero semestral de acuerdo con la NIC 34 adoptada para su uso en el Reino Unido.
In preparing the condensed set of financial statements, the Directors are responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Nuestra responsabilidad
Our responsibility is to express to the Group a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review. Our conclusion, including our conclusions relating to going concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for conclusion section of this report.
El propósito de nuestro trabajo de revisión y a quién debemos nuestras responsabilidades.
This report is made solely to the Group in accordance with the terms of our engagement to assist the Group in meeting the requirements of the DTR of the UK FCA. Our review has been undertaken so that we might state to the Group those matters we are required to state to it in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group for our review work, for this report, or for the conclusions we have reached.
Anna Jones
por y en nombre de KPMG LLP
Contadores Públicos
2 Forbury Plaza
33 Calle Forbury
Reading
RG1 3AD
20 November 2023
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