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Sirius Real Estate: Update
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== Half-Year Results == On 21st November 2022, the company announced its interim results for the period ended 30th September 2022. During the six month period, revenue increased by 47.7% to β¬130.6 million (H1 FY2022: β¬88.4 million), mainly driven by higher rental and service charge. In Germany, like-for-like annualised rent roll improved by 2.4% to β¬115.2 million (H1 FY2022: β¬112.5 million), and in the United Kingdom, by 4.1% to β¬46.5 million (H1 FY2022: β¬44.7 million). Profit before tax decreased by 3% to β¬75.7 million (H1 FY2022: β¬78.2 million). Net current assets increased by 22% to β¬67 million (H2 FY2022: β¬55 million), net asset value improved by 1.8% to β¬1,213 million (H2 FY2022: β¬1,191 million). Cash stood at β¬162 million (H2 FY2022: β¬151 million) and debt at β¬993 million (H2 FY2022: β¬996 million). The value of the company's investment property increased by 0.3% to β¬2,081.4 million (H2 FY2022: β¬2,074.9 million). Cash flows from operating activities increased by 37.5% to β¬48.1 million (H1 FY2022: β¬35.0 million), and mainly due to the disposal of properties, cash flows from investing activities was negligible (H1 FY2022: negative β¬107.5 million). The company's German and UK portfolios saw a respective increase of β¬20.3 million and Β£6.3 million, representing a 1.8% and 2.1% like-for-like valuation growth. With no new loans taken during the period. cash flows from financing activities swung to negative β¬36.5 million (H1 FY2022: positive β¬194 million). The total dividend per share for the period increased by 32.4% to 2.79 cents (H1 FY2022: 2.04 cents). Funds From Operations (FFO) increased by 47.0% to β¬48.5 million (H2 FY2022: β¬33.0 million). The company said it continues to expect to trade in-line with consensus and management expectations for the full year. Given the rising interest rates and the uncertainty that this and the many other factors affecting the German and UK property markets are causing at the moment, the company has prioritised improving its debt ratios and building up its cash reserves. Net LTV, which reduces the loan balance by free cash (excluding restricted cash balances) in its calculation, was 41.0% (FY2022: 41.6%) whilst interest cover at EBITDA level was 8.1x as at 30th September 2022 (FY2022: 7.3x). The group added that it's fully committed to continue reducing its net LTV to be well within 40% or below in the near term. {| class="wikitable" |+Consolidated Income Statement ! !Year ended 31 March 2022 (β¬000) !Year ended 31 March 2021 (β¬000) !Movement (%) |- |'''Rental Income''' |'''79.2''' |'''49.6''' |'''+60%''' |- |Titanium income |3.5 |3.4 | |- |Service charge irrecoverable costs |(3.7) |(1.7) | |- |Non-recoverable maintenance |(2.5) |(1.7) | |- |'''Net Operating Income''' |'''76.5''' |'''49.6''' |'''+54%''' |- |Corporate costs and overheads |(20.8) |(10.4) | |- |'''Adjusted EBITDA''' |'''55.7''' |'''39.2''' |'''+42%''' |- |Bank interest |(6.9) |(4.5) | |- |Current tax (excluding tax on disposals) |(0.3) |(1.7) | |- |'''FFO''' |'''48.5''' |'''33.0''' |'''+47%''' |- |Depreciation & amortisation of financing fees |(3.3) |(1.9) | |- |Add back current taxes (excluding tax on disposals) |0.3 |1.7 | |- |IFRS 16 & foreign exchange effects |(1.9) |(0.5) | |- |'''Adjusted Profit Before Tax''' |'''43.6''' |'''32.3''' |'''+35%''' |- |Adjusting items |(3.0)<ref>Adjusting items include costs relating to share awards, costs relating to the repayment of secured debt and acquisition costs relating to the acquisition of BizSpace.</ref> |(7.0) | |- |Surplus/Deficit on revaluation of investment properties |27.7 |51.5 | |- |Goodwill impairment | - | - | |- |Gain/Loss on disposal of investment properties |4.8 |(0.3) | |- |Change in fair value of derivative financial instruments |1.2 |0.2 | |- |Share of profit in associate not included in FFO |1.4 |1.5 | |- |'''Profit Before Tax''' |'''75.7''' |'''78.2''' |'''(3)%''' |} {| class="wikitable" |+Consolidated Statement of Financial Position ! !Year ended 31 March 2022 (β¬000) !Year ended 31 March 2021 (β¬000) !Movement (%) |- |Assets | | | |- |Investment properties (owned assets) |2,082.4 |1,428.5 |46% |- |Investment properties (leased assets) |23.6 |16.3 |45% |- |Investment in associate |71.1 |63.9 |11% |- |Plant and equipment |11.3 |9.8<ref>Includes β¬3.7m Goodwill.</ref> |15% |- |Trade and other receivables |45.0<ref>Includes β¬15m Right of use assets.</ref> |100.6 |55)% |- |Derivative financial instruments |1.6 |0 | - |- |Cash and cash equivalents |162.1 |187.6 |(14)% |- |Total Assets |2,397.1 |1,806.7 |33% |- |Liabilities | | | |- |Trade and other payables |(77.0) |(49.2) |57% |- |Interest bearing bank loans |(980.4) |(689.2) |42% |- |Lease liabilities |(38.7)<ref>Includes β¬16.7m Lease Liability for Right of use assets.</ref> |(16.4) |136% |- |Current & Deferred tax liabilities |(86.2) |(68.5) |26% |- |Derivative financial instruments | - |(0.5) |(100)% |- |Total Liabilities |(1,182.3) |(823.8) |44% |- |Net Assets |1,214.8 |982.9 |24% |- |NAV per share |103.90c |92.62c |12% |- |Adjusted NAV per share |110.72c |98.80c |12% |- |EPRA NTA per share |109.47c |97.02c |13% |}
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