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2022 Financial Results

Title Statement Presentation Webcast Transcript Report Factsheet ESEF Zip
2022 Half Year Financial Results

2022 Half Year Results 

"The strong financial performance we announce today is evidence of the resilient foundations of our business. We continue to build a portfolio of high-quality buildings in key European markets let to institutional-grade occupiers on long-dated and inflation-linked leases. This foundation underpins our ability to capture attractive and sustainable levels of rental growth by our strategy.

Our strategy is focused on enhancing the strong income generating characteristics of our portfolio through asset management initiatives and increasing our exposure to higher returning development projects. Our recent surrender and reletting at Hammersbach, Germany, which delivered a 24% increase in rent, highlights both the strength of the market and provides a powerful indication of the significant embedded value within our portfolio. In Bornem, Belgium, we have successfully let the 15,000 sqm building that we recently developed, delivering significant development profits and a 7% yield on cost at rental levels that represent a 16% increase to previous rents secured on the site. Both are great examples of how, by implementing our strategy, we can continue to deliver for our shareholders by maximising the value of our existing assets and developing attractive new opportunities.

The macroeconomic environment has become less certain. However, our portfolio is high-quality and resilient. Together with the structural tailwinds from the strengthening European logistics occupier market, mean that we expect our business to deliver growing rental income and capital values for the remainder of this financial year and beyond".

Robert Orr, Chairman 

Highlights

  31 March 2022  31 March 2021  Change
Portfolio Value (1) €1,689.1m  €1,281.4m  32% 
IFRS NAV per share (2) €1.41  €1.31  8%
EPRA Net Tangible Assets per Share (2) €1.49  €1.35  10%
Dividend per share 2.50 cents 2.50 cents  
Total Return (3) 12.4% 2.3% (10.1) pts
Profit before tax €146.2m  €47.1m  210% 
Basic Earnings Per Share (''EPS'') (4) 13.35 cents 7.32 cents  
Adjusted EPS (4)  1.82 cents 2.30 cents  
EPRA Cost Ratio 33.7% 31.3% (2.4) pts
Loan to value (''LTV'') ratio 27.9%  13.3%  (14.6) pts

1. Like-for-like increase of 11.9%.

2. Following the October 2019 update to EPRA's Best Practice Recommendations Guidelines and the, the Company has adopted EPRA net tangible assets (NTA) as its primary EPRA measure of net asset value and restated its September 2020 position in line with this change. See note 25 of the Financial Statements for reconciliation.

3. As per KPI definition

4. See note 12 to the financial statements for reconciliation

 

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Title Statement Presentation Webcast Transcript Report Factsheet ESEF Zip
2021 Full Year Financial Results
2021 Half Year Financial Results
Title Statement Presentation Webcast Transcript Report Factsheet ESEF Zip
2020 Full Year Financial Results
2020 Half Year Financial Results
Title Statement Presentation Webcast Transcript Report Factsheet ESEF Zip
2019 Full Year Financial Results
Title Statement Presentation Webcast Transcript Report Factsheet ESEF Zip
2018 Half Year Financial Results
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