FINANCIAL SUMMARY
| 2022 | 2021 | Change per cent |
|
| Adjusted3 profit before tax (£m) | 386 | 356 | 8.4 |
| IFRS3 (loss)/profit before tax (£m) | (1,967) | 4,355 | - |
| Adjusted3 earnings per share (pence) | 31.0 | 29.12 | 6.5 |
| IFRS3 earnings per share (pence) | (159.7) | 339.0 | - |
| Dividend per share (pence) | 26.3 | 24.3 | 8.2 |
| Total Accounting Return (%)4 | (12.8) | 42.5 | - |
| 2022 | 2021 | Change per cent |
|
| Assets under Management (£m) | 20,947 | 21,286 | - |
| Portfolio valuation (SEGRO share, £m) | 17,925 | 18,377 | (11.0)5 |
| Net true equivalent yield (per cent) | 4.8 | 3.8 | - |
| Adjusted67 net asset value per share (pence, diluted) | 966 | 1,137 | (15.0) |
| IFRS net asset value per share (pence, diluted) | 938 | 1,115 | - |
| Net debt (SEGRO share, £m) | 5,693 | 4,161 | - |
| Loan to value ratio including joint ventures and associates at share (per cent) | 32 | 23 | - |
1. Figures quoted on pages 1 to 19 refer to SEGRO and SEGRO’s share of joint ventures and associates, except for land (hectares) and space (square metres) which are quoted at 100 per cent, unless otherwise stated. Please refer to the Presentation of Financial Information statement in the Financial Review for further details.
2. 2021 comparator included 1.1 pence recognised for SELP performance fee, excluding this Adjusted EPS for FY21 was 28.0 pence. For further information on the SELP Performance fee see Note 6 to the condensed financial information.
3. The primary driver of the difference between Adjusted profit before tax and IFRS loss before tax (£1,967m IFRS loss before tax versus £386m Adjusted profit before tax) and earnings per share (31.0p Adjusted earnings versus -159.7p IFRS earnings) is the unrealised valuation deficit on our portfolio recognised in IFRS but not recognised in our Adjusted profit and earnings metrics. Further information and reconciliations between the Adjusted and IFRS metrics can be found in Note 2 (Adjusted profit) and Notes 11 (Earnings per ordinary share) to the condensed financial information.
4. Total Accounting Return is calculated based on the opening and closing adjusted NAV per share adding back dividends paid during the period.
5. Percentage valuation movement during the period based on the difference between opening and closing valuations for all properties including buildings under construction and land, adjusting for capital expenditure, acquisitions and disposals.
6. A reconciliation between Adjusted net asset value per share and IFRS net asset value per share is shown in Note 11 to the condensed financial information.
7. Adjusted net asset value is in line with EPRA Net Tangible Assets (NTA) (see Table 5 in the Supplementary Notes for a NAV reconciliation).
8. FY21 comparators in table on page 3 have been adjusted to take £10 million capitalised interest out of development capex and to account for £503 million of acquisitions that were reclassified as ‘covered land’ from ‘completed properties’ after FY21 results and now presented as land acquisitions.
Contact
Investor Relations
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London W1S 2HR.
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Place of Registration: England and Wales
SEGRO.Investor.Relations@segro.com
+ 44 (0) 20 7451 9100