41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 235
STRATEGIC REPORT
GOVERNANCE
FINANCIAL STATEMENTS
233
OTHER INFORMATION
Section 8: Alternative performance measures
The Group uses alternative performance measures (“APMs”), which are not defined or specified under IFRS. These
APMs, which are not considered to be a substitute for IFRS measures, provide additional helpful information. APMs are
consistent with how business performance is planned, reported and assessed internally by management and the Board,
and provide comparable information across the Group. The APMs below have been calculated on a see through/Unite
share basis, as referenced to the notes to the financial statements. Reconciliations to equivalent IFRS measures are
included in notes 2.2b and 2.2c. Definitions can also be found in the glossary.
Adjusted earnings reflects a more meaningful measure of the underlying earnings of the Group, excluding the nonrecurring impact of one-off transactions, and therefore improve comparability.
Non-EPRA measures may not have comparable calculation bases between companies and therefore may not provide
meaningful industry-wide comparability.
Note
2022
£m
2021
£m
Net operating income
2.2a
241.0
191.8
Management fees
2.2a
17.4
15.9
Overheads
2.2a
(27.7)
(31.5)
EBIT
230.7
176.2
2.2a
339.7
282.7
8
230.7
176.2
67.9%
62.3%
EBIT margin %
Rental income
EBIT
EBITDA
Net operating income
2.2a
241.0
191.8
Management fees
2.2a
17.4
15.9
Overheads
2.2a
(27.7)
(31.5)
Depreciation and amortisation
7.8
7.8
238.5
184.0
139.2
155.5
Net debt
Cash
2.3a
Debt on properties
2.3a
(1,872.8)
(1,677.3)
(1,733.6)
(1,521.8)
EBITDA: Net debt
EBITDA
8
Net debt
8
Ratio
238.5
(1,733.6)
184.0
(1,521.8)
7.3
8.3
230.7
176.2
Interest cover (Unite share)
EBIT
8
Net financing costs
2.2a
(54.9)
(54.8)
Interest on lease liabilities
2.2a
(8.1)
(8.5)
(63.0)
(63.3)
Total interest
Ratio
3.7
2.8
