IntroductionToAnnington-2019-web - Page 26



Introduction to Annington 2019
INCOME STATEMENT
£k, FY end in March
BALANCE SHEET
2015
Actual
2016
Actual
2017
Actual
2018
Actual
2019
Actual
Annington Limited Income Statement
Gross rental income
179,269
183,001
188,164
193,067
196,793
(Operating expenses)
(16,172)
(17,381)
(7,074)
(4,160)
(4,009)
163,097
165,620
181,090
188,907
192,784
(12,732)
(12,145)
(14,545)
(17,157)
(13,810)
(Site review costs)
(689)
(58)
(368)
(1,505)
(5,636)
(Other expenses)
210
61
79
51
3,532
149,886
153,478
166,256
170,296
176,870
Depreciation
(112)
(86)
(81)
(31)
(58)
Results in JVs
8,730
7,196
4,816
14,748
1,120
(274,846)
(269,203)
(261,938)
(1,001,997)
(110,948)
(116,342)
(108,615)
(90,947)
(816,984)
66,984
23,306
35,634
13,727
6,434
726
Net rental income
(Administrative expenses)
Normalised EBITDA
(Net interest expenses)
Direct result before tax
Result on disposals
Provisions release
Unrealised revaluation result
Other
Indirect result before tax
(878)
1,085
2,449
4,069
(431)
765,671
714,515
911,544
(481,858)
481,246
-
-
-
(3,306)
3,306
788,099
751,234
927,720
(474,661)
484,847
Total result before tax
671,757
642,619
836,773
(1,291,645)
551,831
(Tax)
(130,919)
(33,620)
(76,078)
231,843
(94,724)
Total result
540,838
608,999
760,695
(1,059,802)
457,107
£k, FY end in March
2015
2016
2017
2018
2019
Investment property
(standing assets)
6,074,852
6,699,590
7,563,065
7,102,224
7,656,911
Investment property
(held for sale)
-
10,686
7,428
2,711
2,225
29,155
33,403
25,284
14,198
6,039
Annington Limited Balance Sheet
Investment in joint assets
Other assets
907
41,510
23,592
6,556
12,784
116,631
115,993
131,421
156,607
162,783
Total assets
6,247,070
6,901,182
7,750,790
7,282,296
7,840,742
Shareholders' equity
2,429,365
3,038,364
3,799,059
3,220,157
3,677,892
Interest-bearing debt
2,922,434
2,960,963
3,011,970
3,377,499
3,371,313
94,523
63,653
26,074
(3,559)
4,647
Cash and cash equivalents
Derivatives
Deferred tax liabilities (net)
696,849
730,478
806,556
574,561
663,306
Provisions
37,808
39,227
39,519
39,663
40,009
Other liabilities
66,091
68,497
67,612
73,975
83,575
6,247,070
6,901,182
7,750,790
7,282,296
7,840,742
Total equity and liabilities
Key ratios (nominal)
Gross LTV1
NAV
49.7%
45.1%
40.1%
47.5%
44.1%
2,429,365
3,038,364
3,799,059
3,220,157
3,677,892
26
Gross yield
3.0%
2.7%
2.5%
2.7%
2.6%
Net yield
2.7%
2.5%
2.4%
2.7%
2.5%
Gross/net margin
91.0%
90.5%
96.2%
97.8%
98.0%
EBITDA margin
83.6%
83.9%
88.4%
88.2%
89.9%
2
1. Including £834,663k bond redemption costs
2. EBITDA excluding refurbishment costs and recovered dilapidations
1. Excluding utilities provision
| Annington Limited Introduction to Annington 2019
| Annington Limited Introduction to Annington 2019
Key ratios
27

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