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Sirius Real Estate: Update
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== Appendix == {| class="wikitable" |+Peers !Company name !Bloomberg ticker !Primary exchange !Classification !Industry !Market capitalisation (GBP) !BF P/FFO !Yield (%) !Interest cover (x) !Total debt/total capital |- |Sirius Real Estate Ltd |SRE LN |United Kingdom |Multi Asset Class Own & Develop |Real Estate Owners & Developers |979,494,700 |11.5111 |4.08% |5.42 |46.14% |- |FastPartner AB |FPARA SS |Sweden |Multi Asset Class Own & Develop |Real Estate Owners & Developers |1,170,459,785 | -- |2.93% |4.50 |48.51% |- |Cibus Nordic Real Estate AB |CIBUS SS |Sweden |Multi Asset Class Own & Develop |Real Estate Owners & Developers |57,4491,440 | -- |6.78% |3.47 |61.04% |- |Shaftesbury PLC |SHB LN |United Kingdom |Multi Asset Class Own & Develop |Real Estate Owners & Developers |1,385,308,138 |33.7009 |2.48% |1.99 |27.95% |- |Intershop Holding AG |ISN SW |Switzerland |Multi Asset Class Own & Develop |Real Estate Owners & Developers |1,011,223,384 | -- |4.08% |(10.25) |34.63% |- |WCM Beteiligungs- und Grundbes |WCMK GR |Germany |Multi Asset Class Own & Develop |Real Estate Owners & Developers |497,815,111 | -- |2.86% |6.18 |2.77% |- |Metrovacesa SA |MVC SM |Spain |Multi Asset Class Own & Develop |Real Estate Owners & Developers |874,166,035 |25.1504 |30.90% |N/A |15.84% |- |Brack Capital Properties NV |BCNV IT |Italy |Multi Asset Class Own & Develop |Real Estate Owners & Developers |601,880,806 | -- | -- |(11.66) |42.48% |- |TLG Immobilien AG |TLG GR |Germany |Multi Asset Class Own & Develop |Real Estate Owners & Developers |1,949,040,400 |23.0976 |4.70% |4.89 |15.32% |- |GAG Immobilien AG |GWK3 GR |Germany |Multi Asset Class Own & Develop |Real Estate Owners & Developers |1,097,732,888 | -- |0.65% |3.87 |71.78% |- |Gateway Real Estate AG |GTY GR |Germany |Multi Asset Class Own & Develop |Real Estate Owners & Developers |498,775,280 | -- | -- |0.25 |63.50% |} {| class="wikitable" |+Condensed consolidated income statement ! !Six months ended 30 September 2021 (β¬000) !Six months ended 30 September 2022 (β¬000) |- |Revenue |88,352 |130,558 |- |Direct costs |(38,843) |(57,350) |- |Net operating income |49,509 |73,208 |- |Gain on revaluation of investment properties |48,414 |26,812 |- |Gain/(loss) on disposal of properties |(400) |4,801 |- |Recoveries from prior disposals of subsidiaries |94 |<nowiki>-</nowiki> |- |Administrative expenses |(12,311) |(24,809) |- |Share of profit of associates |2,463 |2,597 |- |Operating profit |87,769 |82,609 |- |Finance income |1,596 |1,129 |- |Finance expense |(11,347) |(9,249) |- |Change in fair value of derivative financial instruments |160 |1,244 |- |Net finance costs |(9,591) |(6,876) |- |Profit before tax |78,178 |75,733 |- |Taxation |(10,386) |(5,673) |- |Profit for the period after tax |67,792 |70,060 |- |Profit attributable to: | | |- |Owners of the Company |67,738 |70,008 |- |Non-controlling interest |54 |52 |- | |67,792 |70,060 |- |Earnings per share | | |- |Basic earnings per share |6.44c |6.00c |- |Diluted earnings per share |6.33c |5.92c |} {| class="wikitable" |+Condensed consolidated statement of financial position ! !Six months ended 30 September 2021 (β¬000) !Six months ended 30 September 2022 (β¬000) |- |Non-current assets | | |- |Investment properties |2,100,004 |2,105,046 |- |Plant and equipment |5,492 |7,199 |- |Intangible assets |4,283 |4,129 |- |Right of use assets |14,996 |15,259 |- |Other non-current financial assets |48,330 |48,409 |- |Investment in associates |24,142 |26,739 |- |Total non-current assets |2,197,247 |2,206,781 |- |Current assets | | |- |Trade and other receivables |24,571 |24,420 |- |Derivative financial instruments |329 |1,573 |- |Cash and cash equivalents |150,966 |162,098 |- |Total current assets |175,866 |188,091 |- |Assets held for sale |13,750 |1,000 |- |Total assets |2,386,863 |2,395,872 |- |Current liabilities | | |- |Trade and other payables |(89,335) |(76,993) |- |Interest-bearing loans and borrowings |(19,630) |(37,243) |- |Lease liabilities |(1,090) |(1,458) |- |Current tax liabilities |(10,423) |(4,978) |- |Total current liabilities |(120,478) |(120,672) |- |Non-current liabilities | | |- |Interest-bearing loans and borrowings |(961,863) |(943,176) |- |Lease liabilities |(37,571) |(37,233) |- |Deferred tax liabilities |(75,893) |(81,220) |- |Total non-current liabilities |(1,075,327) |(1,061,629) |- |Total liabilities |(1,195,805) |(1,182,301) |- |Net assets |1,191,058 |1,213,571 |- |Equity | | |- |Issued share capital |<nowiki>-</nowiki> |<nowiki>-</nowiki> |- |Other distributable reserve |570,369 |544,419 |- |Own shares held |(6,274) |(8,329) |- |Foreign currency translation reserve |(1,701) |(21,243) |- |Retained earnings |628,258 |698,266 |- |Total equity attributable to the owners of the Company |1,190,652 |1,213,113 |- |Non-controlling interest |406 |458 |- |Total equity |1,191,058 |1,213,571 |} {| class="wikitable" |+Condensed consolidated statement of cash flow ! !Six months ended 30 September 2021 (β¬000) !Six months ended 30 September 2022 (β¬000) |- |'''Operating activities''' | | |- |Profit for the period after tax |67,792 |70,060 |- |Taxation |10,386 |5,673 |- |Profit for the period before tax |78,178 |75,733 |- |(Gain)/loss on disposal of properties |400 |(4,801) |- |Net exchange differences |<nowiki>-</nowiki> |(309) |- |Share-based payments |1,403 |1,947 |- |Gain on revaluation of investment properties |(48,414) |(26,812) |- |Change in fair value of derivative financial instruments |(160) |(1,244) |- |Depreciation of property, plant and equipment |349 |1,027 |- |Amortisation of intangible assets |564 |629 |- |Depreciation of right of use assets |260 |1,141 |- |Share of profit of associates |(2,463) |(2,597) |- |Finance income |(1,596) |(1,129) |- |Finance expense |11,347 |9,249 |- |'''Changes in working capital''' | | |- |Decrease/(increase) in trade and other receivables |(2,598) |3,786 |- |Decrease in trade and other payables |(2,053) |(5,848) |- |Taxation paid |(256) |(2,717) |- |Cash flows from operating activities |34,961 |48,055 |- |Investing activities | | |- |Purchase of investment properties |(20,221) |(832) |- |Prepayments relating to new acquisitions |(75,771) |(3,639) |- |Capital expenditure on investment properties |(10,494) |(11,904) |- |Purchase of plant and equipment and intangible assets |(1,461) |(3,210) |- |Proceeds on disposal of properties (including held for sale) |<nowiki>-</nowiki> |18,593 |- |Increase in loan receivable due from associates |(1,124) |(74) |- |Interest received |1,596 |1,129 |- |'''Cash flows from/(used in) investing activities''' |'''(107,475)''' |'''63''' |- |'''Financing activities''' | | |- |Shares purchased |<nowiki>-</nowiki> |(2,389) |- |Payment relating to exercise of share options |(2,020) |(1,686) |- |Dividends paid to owners of the Company |(11,381) |(26,211) |- |Dividends paid to non-controlling interest |(5) |<nowiki>-</nowiki> |- |Proceeds from loans |400,000 |<nowiki>-</nowiki> |- |Repayment of loans |(173,791) |(2,699) |- |Payment of principal portion of lease liabilities |(2,931) |(775) |- |Exit fees/prepayment of financing penalties |(3,697) |<nowiki>-</nowiki> |- |Capitalised loan issue cost |(7,559) |<nowiki>-</nowiki> |- |Finance charges paid |(4,170) |(2,747) |- |'''Cash flows (used in)/from financing activities''' |'''194,446''' |'''(36,507)''' |- |'''Increase in cash and cash equivalents''' |'''121,932''' |'''11,611''' |- |'''Net exchange difference''' |'''-''' |'''(479)''' |- |Cash and cash equivalents as at the beginning of the period |65,674 |150,966 |- |'''Cash and cash equivalents as at the period end''' |'''187,606''' |'''162,098''' |} {| class="wikitable" |+Consolidated income statement ! !Year ended 31 March 2021 (β¬000) !Year ended 31 March 2022 (β¬000) !Year ended 31 March 2023 (β¬000) !Year ended 31 March 2024 (β¬000) |- |Revenue |165,361 |210,182 |154,500 |159,000 |- |Direct costs |(71,541) |(87,689) | | |- |'''Net operating income''' |'''93,820''' |'''122,493''' | | |- |Gain on revaluation of investment properties |99,585 |140,884 | | |- |(Loss)/gain on disposal of properties |54 |(623) | | |- |Recoveries from prior disposals of subsidiaries |65 |94 | | |- |Administrative expenses |(27,823) |(40,718) | | |- |Goodwill impairment |<nowiki>-</nowiki> |(40,906) | | |- |Share of profit of associates |4,977 |6,940 | | |- |'''Operating profit''' |'''170,678''' |'''188,164''' | | |- |Finance income |2,712 |2,986 | | |- |Finance expense |(9,869) |(23,219) | | |- |Change in fair value of derivative financial instruments |136 |996 | | |- |'''Net finance costs''' |'''(7,021)''' |'''(19,237)''' | | |- |'''Profit before tax''' |'''163,657''' |'''168,927''' |91,570 |95,770 |- |Taxation |(16,097) |(20,935) | | |- |'''Profit for the year after tax''' |'''147,560''' |'''147,992''' |95,500 |97,950 |- |'''Profit attributable to:''' | | | | |- |Owners of the Company |147,451 |147,873 |95,500 |97,950 |- |Non-controlling interest |109 |119 | | |- | |147,560 |147,992 | | |- |'''Earnings per share''' | | | | |- |Basic earnings per share |14.16c |13.48c |8.00c |8.00c |- |Diluted earnings per share |13.96c |13.29c |8.00c |8.00c |} {| class="wikitable" |+Consolidated statement of financial position ! !Year ended 31 March 2021 (β¬000) !Year ended 31 March 2022 (β¬000) |- |'''Non-current assets''' | | |- |Investment properties |1,362,192 |2,100,004 |- |Plant and equipment |2,682 |5,492 |- |Intangible assets |6,568 |4,283 |- |Right of use assets |1,919 |14,996 |- |Other non-current financial assets |44,960 |48,330 |- |Investment in associates |17,202 |24,142 |- |'''Total non-current assets''' |'''1,435,523''' |'''2,197,247''' |- |'''Current assets''' | | |- |Trade and other receivables |18,731 |24,571 |- |Derivative financial instruments |70 |329 |- |Cash and cash equivalents |65,674 |150,966 |- |'''Total current assets''' |'''84,475''' |'''175,866''' |- |Assets held for sale |<nowiki>-</nowiki> |13,750 |- |'''Total assets''' |'''1,519,998''' |'''2,386,863''' |- |'''Current liabilities''' | | |- |Trade and other payables |(50,527) |(89,335) |- |Interest-bearing loans and borrowings |(9,114) |(19,630) |- |Lease liabilities |(5,857) |(1,090) |- |Current tax liabilities |(2,063) |(10,423) |- |Derivative financial instruments |(414) |<nowiki>-</nowiki> |- |'''Total current liabilities''' |'''(67,975)''' |'''(120,478)''' |- |'''Non-current liabilities''' | | |- |Interest-bearing loans and borrowings |(458,940) |(961,863) |- |Lease liabilities |(9,130) |(37,571) |- |Derivative financial instruments |(797) |<nowiki>-</nowiki> |- |Deferred tax liabilities |(56,331) |(75,893) |- |'''Total non-current liabilities''' |'''(525,198)''' |'''(1,075,327)''' |- |'''Total liabilities''' |'''(593,173)''' |'''(1,195,805)''' |- |'''Net assets''' |'''926,825''' |'''1,191,058''' |- |'''Equity''' | | |- |Issued share capital |<nowiki>-</nowiki> |<nowiki>-</nowiki> |- |Other distributable reserve |449,051 |570,369 |- |Own shares held |(2,903) |(6,274) |- |Foreign currency translation reserve |<nowiki>-</nowiki> |(1,701) |- |Retained earnings |480,385 |628,258 |- |'''Total equity attributable to the owners of the Company''' |'''926,533''' |'''1,190,652''' |- |Non-controlling interest |292 |406 |- |'''Total equity''' |'''926,825''' |'''1,191,058''' |} {| class="wikitable" |+Consolidated statement of cash flows ! !Year ended 31 March 2021 (β¬000) !Year ended 31 March 2022 (β¬000) |- |'''Operating activities''' | | |- |Profit for the year after tax |147,560 |147,992 |- |Taxation |16,097 |20,935 |- |Profit for the year before tax |163,657 |168,927 |- |Loss/(gain) on disposal of properties |(54) |623 |- |Recoveries from prior disposals of subsidiaries |(65) |(94) |- |Net exchange differences |<nowiki>-</nowiki> |(1,975) |- |Share-based payments |3,148 |4,173 |- |Gain on revaluation of investment properties |(99,585) |(140,884) |- |Change in fair value of derivative financial instruments |(136) |(996) |- |Depreciation of property, plant and equipment |669 |1,167 |- |Amortisation of intangible assets |897 |1,164 |- |Depreciation of right of use assets |521 |843 |- |Goodwill impairment |<nowiki>-</nowiki> |40,906 |- |Share of profit of associates |(4,977) |(6,940) |- |Finance income |(2,712) |(2,986) |- |Finance expense |9,869 |23,219 |- |'''Changes in working capital''' | | |- |Increase in trade and other receivables |(2,518) |(5,196) |- |Increase in trade and other payables |2,913 |3,470 |- |Taxation paid |(632) |(3,671) |- |'''Cash flows from operating activities''' |'''70,995''' |'''81,750''' |- |'''Investing activities''' | | |- |Purchase of investment properties |(35,484) |(162,844) |- |Prepayments relating to new acquisitions |<nowiki>-</nowiki> |(1,860) |- |Proceeds from loss on control of subsidiaries (net of cash disposed) |65 |94 |- |Capital expenditure on investment properties |(31,104) |(23,786) |- |Purchase of plant and equipment and intangible assets |(2,718) |(3,540) |- |Acquisition of a subsidiary (net of cash acquired) |<nowiki>-</nowiki> |(254,730) |- |Proceeds on disposal of properties (including held for sale) |30 |15,297 |- |Increase in loans receivable due from associates |(5,950) |(1,124) |- |Interest received |1,627 |2,986 |- |'''Cash flows used in investing activities''' |'''(73,534)''' |'''(429,507)''' |- |'''Financing activities''' | | |- |Proceeds from issue of share capital |<nowiki>-</nowiki> |159,926 |- |Transaction costs on issue of shares |<nowiki>-</nowiki> |(6,219) |- |Shares purchased |(1,613) |(5,545) |- |Payment relating to exercise of share options |<nowiki>-</nowiki> |(3,519) |- |Dividends paid to owners of the Company |(24,248) |(30,815) |- |Dividends paid to non-controlling interest |(63) |(5) |- |Proceeds from loans |20,000 |750,000 |- |Repayment of loans |(33,753) |(399,431) |- |Payment of principal portion of lease liabilities |(5,681) |(5,871) |- |Exit fees/prepayment of financing penalties |<nowiki>-</nowiki> |(5,335) |- |Capitalised loan issue cost |(134) |(14,369) |- |Finance charges paid |(7,558) |(7,067) |- |'''Cash flows from/(used in) financing activities''' |'''(53,050)''' |'''431,750''' |- |'''Increase/(decrease) in cash and cash equivalents''' |'''(55,589)''' |'''83,993''' |- |'''Net exchange difference''' |'''-''' |'''1,299''' |- |Cash and cash equivalents as at the beginning of the year |121,263 |65,674 |- |'''Cash and cash equivalents as at the year end''' |'''65,674''' |'''150,966''' |}
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