41061 Unite AR22 HI-RES WEB-READY - Flipbook - Page 32
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THE UNITE GROUP PLC | Annual Report and Financial Statements 2022
KEY PERFORMANCE INDICATORS
The business delivered a strong performance in 2022
FINANCIAL KPIs
927p
40.9p
13.2%
37%
34%
11.7%
37.1p
34.1p
10.2%
882p
847p
27.6p
29%
29%
31%
8.1%
818p
24.0p
790p
2018
2018
2019
2020
2021
2022
2018
2019
2020
2021
2019
2022
2020
2021
2022
-3.4%
2018
2019
2020
Adjusted earnings
per share1 (p)
EPRA NTA
per share2 (p)
Total accounting
return (%)
Loan-to-value
ratio (%)
40.9p
927p
8.1%
31%
2021
2022
Link to remuneration
Link to remuneration
Link to remuneration
Link to remuneration
Bonus and LTIP
Bonus and LTIP
Bonus and LTIP
Bonus
Measure
Measure
Measure
Measure
Adjusted earnings measures
the level of profit delivered
by operating activities, on a
per share basis.
EPRA NTA per share
measures the market value
of rental properties and
developments, less any
debt used to fund them,
and working capital in
the business.
Total accounting return
measures the growth
in EPRA NTA per share
plus dividends paid, as a
percentage of opening EPRA
NTA per share.
Loan-to-value measures net
debt as a proportion of the
value of our rental properties
and developments, on a
Unite share basis.
Performance in 2022
Growth in EPRA NTA was the
key component of the total
accounting return delivered
in the year, alongside
dividends paid of 26.6p.
Performance in 2022
The business delivered
a strong operational
performance in 2022, with
adjusted earnings of 40.9p,
up 48% year-on-year,
surpassing their prepandemic level. This reflects
an increase in occupancy
to 99% and rental growth
of 3.5% for the 2022/23
academic year.
The NTA increase has
been driven by an increase
in the value of the Group’s
property portfolio (largely
due to rental growth),
development surpluses
and retained profits.
Performance in 2022
Performance in 2022
The increase in LTV during
the year was primarily driven
by expenditure on our
development pipeline, the
acquisition of units in USAF
and capital expenditure on
our rental properties, which
more than offset the impact
of disposals and property
valuation increases during
the year.
1. The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS). 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 and are based on
the European Public Real Estate Association (EPRA) best practice recommendations. The metrics are also used internally to measure and manage the business and to align to
the performance-related conditions for Directors’ remuneration. See glossary for definitions and note 8 for calculations and reconciliations.
2. 2018 based on EPRA NAV as previously reported.