SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company Number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
2 June 2025
Sirius Real Estate Limited
("Sirius Real Estate", "Sirius", the "Group" or the "Company")
Results for the year ended 31 March 2025
Continued FFO growth with strong operational performance driving twelfth year of increased dividends
Sirius Real Estate, the leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK, announces its consolidated financial results for the year to 31 March 2025.
Operating platform continues to drive rental and FFO growth
· 75% increase in profit before tax to €201.6m (2024: €115.2m) primarily due to an €81.0m asset management led valuation gain (2024: €12.4m)
· 6.3%* like-for like rent roll growth to €205.6m* (2024: €193.5m*) driven by continued strong organic growth and occupier demand in Germany and the UK
· 11.8% increase in Funds from Operations ("FFO") to €123.2m (2024: €110.2m) with FFO per share of 8.44c (2024: 8.95c) reflecting the dilutionary effect of the November 2023 and July 2024 equity raises which are not yet fully invested
· Operating profit increased by 65.2% to €215.9m (2024: €130.7m)
· 4.7% decrease in EPRA earnings per share to 7.82c (2024: 8.21c)
· Basic earnings per share increased by 39.4% to 12.20c (2024: 8.75c), while headline earnings per share decreased by 0.7% to 8.06c (2024: 8.12c)**
Sustainable FFO growth supports 23rd progressive dividend payout
· Progressive H2 dividend of 3.09c per share (2024: 3.05c per share), amounting to a 1.7% uplift in the total dividend for the financial year to 6.15c (2024: 6.05c)
Income driven valuation gains
· Value of Investment property portfolio up 12.6% to €2,488.1m (2024: €2,210.6m) including an €81.0m asset management led uplift
· Portfolio gross and net yields of 7.4% and 6.7% in Germany (2024: 7.5% and 6.8%) and 14.1% and 9.5% in the UK (2024: 14.1% and 9.9%) respectively, on a like-for-like basis
· Group EPRA net initial yield of 6.9% (2024: 6.8%) with Germany and the UK broadly stable at 6.3% and 8.9% (2024: 6.3% and 8.8%) respectively
· 7.1% increase in EPRA NTA per share to 117.61c (2024: 109.82c) demonstrating the resilience of the portfolio
· 7.0% increase in Adjusted NAV per share to 118.89c (2024: 111.12c)
Significant market opportunity captured with €270.0m of acquisitions and €46.3m of disposals, at a premium to book value***
· £141.5m (€168.7m) invested in six UK acquisitions (notarised or completed) adding £12.8m (€14.3m) of annualised NOI at an average gross yield of 10.7% and 93.2% occupancy
· €101.3m invested in Germany in six acquisitions (notarised or completed) at a 9.9% average gross yield, with 77.2% occupancy presenting an opportunity for future rental growth
· Disposals of four assets in the UK with limited further growth opportunities and annualised NOI of £1.2m (€1.4m) completed for £13.7m (€16.3m), all at premium to book value
· Post balance sheet disposal of a mature asset in Pfungstadt, Germany with an annualised NOI of €2.2m, notarised for €30.0m at premium to book value
Strong balance sheet with capacity for acquisitions
· Equity raise of €180.9m (€174.5m net of costs) completed in July 2024
· Successful issuance in January 2025 of €350.0m 4% bonds due in 2032 and €59.9m tap of the bond due in November 2028
· €571.3m cash position at 31 March 2025 (2024: €214.5m) provides capacity for acquisitions, investment and refinancing of the €400m bond due in June 2026
· 31.4% net LTV (March 2024: 33.9%) and Net Debt to EBITDA of 5.2x, comfortably inside our 40% and 8x target caps respectively
· 2.6% (March 2024: 2.1%) weighted average cost of debt and weighted average debt expiry of 4.2 years (March 2024: 4.0 years) ensures stability, efficiency and long-term flexibility
· €12.7m facility with Saarbrücken Sparkasse refinanced to 2030 at 3.264%
Outlook
· The Company is trading in line with management expectations in the new financial year
· Sirius continues to target further growth options in both Germany and the UK on an opportunistic basis, including recycling of mature assets and reinvesting in value-add opportunities
· Organic growth opportunities remain strong in both markets
Commenting on the results, Andrew Coombs, Chief Executive Officer of Sirius Real Estate, said:
"This has been another strong year of performance for Sirius during which we have delivered for shareholders our 23rd consecutive increase in dividend over a twelve-year period that has included a number of significantly challenging macro events. The progress made in the year under review serves as a good example of how we have achieved this track record, having successfully raised capital both in the debt and equity markets allowing us then to take advantage of market timing to make some €270 million of accretive acquisitions. These have both added day one operating income and materially increased the pipeline of organic value creation opportunities within our portfolio. Our asset management teams across the Sirius German and UK platforms have continued to drive strong operational results, notably with a 6.3% growth in like-for-like rent roll which in turn supported valuation growth and helped us deliver further profitability.
"Looking ahead we will continue to focus on extracting the latent value within our existing portfolio, although our overriding priority for the year ahead is ensuring we fully capitalise on the remaining window of opportunity to make acquisitions before the next cycle begins in earnest, given we may well either be at or near, and in some areas past, the bottom of the current cycle. We are also working hard to ensure we are as well placed as possible to benefit from the recently announced increases in defence spending to 2.5% of GDP in the UK and, most notably, in Germany where the government has outlined an expected €400bn on defence spending out of a total €900bn security and infrastructure investment package. We believe that even if only a small part of this flows into our asset classes, defence has the potential to become a major growth sector and driver of demand for warehouse and manufacturing space, where the rent is ultimately government derived. We are actively positioning our offering to attract some of this expected business."
Notes:
*Group rent roll and rental income KPI's have been translated using a consistent foreign currency exchange rate of GBP:EUR 1.1971, being the closing exchange rate as at 31 March 2025.
** Variance between basic and headline earnings per share is attributable to the gain on revaluation of investment properties being included in the calculation of basic earnings per share and excluded from headline earnings per share.
*** Including notarised transactions after 31 March 2025.
WEBCAST
There will be an in-person presentation for analysts/investors at 09:00 BST (10:00 CET/ SAST) today, hosted by Andrew Coombs, Chief Executive Officer, and Chris Bowman, Chief Financial Officer, at Berenberg's offices located at 60 Threadneedle St, London, EC2R 8HP
There will also be a live webcast available, which can be accessed via the following link:
https://stream.brrmedia.co.uk/broadcast/681e18c4c4d6000013238321/6836b3a61193330013c6535e
Webcast link:
For further information:
Sirius Real Estate
Andrew Coombs, CEO / Chris Bowman, CFO
+49 (0) 30 285 010 110
FTI Consulting (Financial PR)
Richard Sunderland / Ellie Sweeney / James McEwan
+44 (0) 20 3727 1000
SiriusRealEstate@fticonsulting.com
NOTES TO EDITORS
About Sirius Real Estate
Sirius is a property company listed on the equity shares (commercial companies) category of the London Stock Exchange and the premium segment of the main board of the JSE Limited. It is a leading owner and operator of branded business and industrial parks providing conventional space and flexible workspace in Germany and the UK. As of 31 March 2025, the Group's portfolio comprised 145 assets let to 10,477 tenants with a total book value of over €2.5 billion, generating a total annualised rent roll of €221.4 million. Sirius also holds a 35% stake in Titanium, its €350+ million German-focused joint venture with clients of AXA IM Alts.
The Company's strategy centres on acquiring business parks at attractive yields and integrating them into its network of sites - both under the Sirius and BizSpace names and alongside a range of branded products. The business then seeks to reconfigure and upgrade existing and vacant space to appeal to the local market via intensive asset management and investment and may then choose to refinance or dispose of assets selectively once they meet maturity, to release capital for new investment. This active approach allows the Company to generate attractive returns for shareholders through growing rental income, improving cost recoveries and capital values, and enhancing returns through securing efficient financing terms.
For more information, please visit: www.sirius-real-estate.com
Follow us on LinkedIn at https://www.linkedin.com/company/siriusrealestate/
Follow us on X at @SiriusRE
JSE Sponsor: PSG Capital
Chair's statement
Building a sustainable future amidst market uncertainties
As I write this report in my seventh year as Chair of Sirius, I am pleased to share with you another strong set of results as well as an update on our continued progress and strategic vision for the Company. As in the past, this year has brought various challenges and opportunities which the Company has been able to manage well, and we remain committed to delivering long-term value to our stakeholders.
Sirius would like to extend thanks to its equity and bond holders for their continued support, highlighted by our €174.6m capital raise in July 2024, the €59.9m bond tap in May 2024 and most recently the €350.0m bond raise in January 2025. These capital raises allow the Company to take advantage of a favourable window of time in the market cycle and continue to execute its pipeline of compelling opportunities both in Germany and in the UK. In the past year, the Company has deployed €270m in capital into either acquired or notarised assets to contribute to our ambitious growth plans of reaching €150m FFO in the mid-term. The Company maintains sufficient fire power in the short term to invest in accretive assets, with a robust pipeline of investments ready to capture both income and opportunity, to allow the Company to continue to grow sustainably and provide value to its shareholders.
With a clear strategy for growth and continued strong performance, the Board has authorised its 23rd consecutive dividend increase for shareholders, over a 12 year period, paying 3.09c per share for the second half of the year. This brings the total dividend distribution to 6.15c per share for the year ended 31 March 2025, which compares to 6.05c in the comparative previous period.
Our sustainability agenda
We are proud of the progress we continue to make in our work to build a sustainable future. Challenges remain in our sector and, underlining the importance we place on this subject, our Chief Executive Officer, Andrew Coombs, continues to be responsible for chairing the Sirius Real Estate Sustainability and Ethics Committee. We have taken strides in the current year towards ensuring we remain environmentally responsible, being mindful of our tenant satisfaction and continuing to grow the business in a sensible and measured manner. We are pleased to provide more detail in our annual ESG Report which can be found on our website.
Looking ahead
As we look forward, we aim to continue to prioritise our operational excellence and sustainable growth, whilst being mindful of our evolving market landscape in both Germany and the UK. Geopolitical and market uncertainty remain as the conflict in Ukraine lingers on and key elections in Germany, the UK and the USA have so far not quelled market uncertainty. However, there remains plenty of opportunity as governments in Europe adapt to the changing landscape and are committed to releasing the power of their balance sheets, most notably that in Germany. We remain vigilant in assessing these risks, and the impact they will have on our business, and while taking confidence from our strong track record of adapting and thriving in the face of other significant external challenges in recent years.
Overall, we are confident that the strength of our operating platform, balance sheet, our experienced management team and our long-term strategic view will enable our business to continue its growth journey in the years ahead. Sirius is well run and adaptive and continues to be a highly investible proposition.
Thank you
On behalf of the Board, I would like to express my gratitude to everyone across Sirius for their contributions to our successes in this financial year. I look forward to the coming financial year with confidence in our team, our business model and our ambition as we build on our strong foundations.
Daniel Kitchen
Chair
30 May 2025
Asset management review - Group
A platform for driving growth
Introduction
The Company continued its acquisition programme, notarising or completing on €270.0m of assets in the period, on the back of its €59.9m November 2028 bond tap in May 2024 and oversubscribed equity financing of €174.6m (net proceeds) in July 2024. The majority of acquisitions in the year were focused in the UK where the Company was able to purchase both opportunity and stable day one income at attractive yields. In addition to filling its acquisition pipeline, the Company has been successful in recycling some of its mature or non-core assets at or above book value in the period.
In addition to acquiring rent roll, the Company achieved strong like-for-like rent roll growth across both jurisdictions, with a focus on capturing rate whilst managing occupancy carefully to permit continued future growth. The Company returned to double digit total shareholder returns, underpinned by stabilising yields across both Germany and the UK resulting in overall NAV growth. Through its extensive asset management activities, opportunistic acquisitions and continued success in its asset recycling, the Company maintains a solid foundation to provide excellent risk-adjusted returns for its stakeholders.
Platform delivers rent roll growth across both markets
Over the past twelve months the Company was able to deliver strong rental rate increases that were well in excess of inflation, despite expected regular move-outs at the beginning of the period which slowed growth in occupancy across both jurisdictions. Like-for-like rent roll at Group level increased by 6.3%* (31 March 2024: 7.2%*) with Germany and the UK providing similar levels of support in growth. This represents the eleventh consecutive year of like-for-like rent roll growth in excess of 5%. These increases were supported by the Group growing its like-for-like occupancy by 0.9% to 86.5% (31 March 2024: 85.6%).
Cash collection across the Group remained robust at 98.3% (31 March 2024: 98.2%), with cash on hand at the end of the year of €571.3m (31 March 2024: €214.5m). The Company financed €409.9m in corporate debt whilst repaying €15.0m (excluding loan amortisation payments) in the year, resulting in a total debt balance of €1,345.6m and a net LTV of 31.4%, leaving the Company well within its 40% net LTV target. With a weighted average debt expiry of 4.2 years and a weighted average cost of debt of 2.6%, the Company remains poised to capture further opportunity from its cash on hand but also from the vacancy within its existing portfolio.
* The Company has reported the above figures using a consistent foreign currency exchange rate of GBP:EUR 1.1971, being the closing exchange rate as at 31 March 2025.
Key metrics:
| Metric | 31 March 2025 | 31 March 2024 | Variance | Variance % |
| Total rent roll* (€m) | 221.4 | 196.2 | 25.2 | 12.8 |
| Like-for-like rent roll* (€m) | 205.6 | 193.5 | 12.1 | 6.3 |
| Average rate (€) per sqm* | 8.94 | 8.88 | 0.06 | 0.7 |
| Average rate (€) per sqm like for like* | 9.23 | 8.84 | 0.39 | 4.4 |
| Total occupancy (%) | 85.9 | 85.5 | 0.4 | 0.5 |
| Like-for-like occupancy (%) | 86.5 | 85.6 | 0.9 | 1.1 |
| Cash collection (%) | 98.3 | 98.2 | 0.1 | 0.1 |
* The Company has reported the above figures using a consistent foreign currency exchange rate of GBP:EUR 1.1971, being the closing exchange rate as at 31 March 2025.
Asset management review - Germany
Germany
Lettings and rental growth
The German portfolio recorded a like-for-like increase in its rent roll of 6.1% to €137.6m (31 March 2024: €129.7m) whilst the total rent roll increased in the year by 8.1% to €140.2m (31 March 2024: €129.7m). Of this growth, €7.9m related to organic growth and €2.6m represented the impact from acquisitions.
The €10.5m organic growth was made up of €4.5m from uplifts from existing tenants, either through contractual lease indexation or increases upon renewal, as well as €3.4m from the net of move-ins over move-outs. The latter can be further broken down into move-outs of 180,738 sqm that were generating €17.3m of rent roll at an average rate of €8.00 per sqm being offset by move-ins of 206,477 sqm generating €20.7m of rent roll at an average rate of €8.36 per sqm. The combination of the above has resulted in like-for-like rate per sqm increasing by 4.3% to €7.50 (31 March 2024: €7.24), demonstrating the ability of the Company's operating platform to manage the product mix and occupancy carefully alongside rates, to optimise the returns from our lettable space.
With the Company's continued investment in its currently sub-optimal vacant space through its capex investment programme and its ability to then let this space, like-for-like occupancy in Germany has increased by 0.6% to 85.8% (31 March 2024: 85.2%).
The movement in rent roll is illustrated in the table below:
|
| €m |
| Rent roll as at 31 March 2024 | 129.7 |
| Move-outs | (17.3) |
| Move-ins | 20.7 |
| Contracted uplifts | 4.5 |
| Disposals | - |
| Acquisitions | 2.6 |
| Rent roll as at 31 March 2025 | 140.2 |
The ability to grow organically and generate net positive move-ins at higher rates is supported by the Company's in-house marketing platform, which permits the Company to strategically target the markets in which it operates and react rapidly to changing market dynamics. The 15,216 enquiries generated during the year were comparable to the 15,880 achieved in the twelve month to 31 March 2024. 14% conversion rate (31 March 2024: 14%) to 188,452 sqm in sales (31 March 2024: 164,629 sqm), reflects a consistent year-on-year performance across the German portfolio.
Whilst sales to new tenants are critical, tenant retention is also a key contributing factor to the Company's success. The Company noted several large and expected move-outs in the normal course of business which resulted in the sqm retention rate decreasing to 62% (31 March 2024: 79%). These known move-outs have however been replaced in short order meaning occupancy remained stable, demonstrating the strength of the Company's sales platform as well as the appeal and the quality of the product it offers.
Key metrics:
| Metric | 31 March 2025 | 31 March 2024 | Variance | Variance % |
| Total rent roll (€m) | 140.2 | 129.7 | 10.50 | 8.1% |
| Like-for-like rent roll (€m) | 137.6 | 129.7 | 7.90 | 6.1% |
| Average rate (€) per sqm | 7.50 | 7.24 | 0.26 | 3.6% |
| Average rate (€) per sqm like for like | 7.55 | 7.24 | 0.31 | 4.3% |
| Total occupancy (%) | 85.4% | 85.2% | 0.2% | 0.2% |
| Like-for-like occupancy (%) | 85.8% | 85.2% | 0.6% | 0.7% |
| Cash collection (%) | 98.2% | 98.0% | 0.2% | 0.2% |
Cash collection
The Company increased its billings (net of VAT) by 3.6% during the year to €203.4m (31 March 2024: €196.3m) whilst at the same time reducing the overall uncollected debt relating to these billings to €3.7m (31 March 2024: €3.9m), equating to a healthy 12 months rolling cash collection rate of 98.2% (31 March 2024: 98.0%) demonstrating the strength of the operating platforms cash collection initiatives with its tenants. During the period, the Company wrote off €0.5m (31 March 2024: €0.2m). The Company expects to collect most of the outstanding debt for the period over the next twelve months through its regular debt collection activities.
Capex investment programmes
Value-add capex
The capex investment programmes on the Group's German assets have historically been focused on the transformation of poor-quality vacant space as well as upgrading of space returned each year as a result of move-outs, both of which include enhancing the energy efficiency of the properties concerned. Other than significantly improving income and valuation for the Company, these programmes have also been integral in reducing service charge irrecoverables as well as allowing the Company to roll out expanded product offerings such as Smartspace or self-storage.
In the last three years the Company has transformed 253,492 sqm of space for an investment of €30.7m. As at 31 March 2025 this space was generating €10.8m in rent roll at 69% occupancy. Rent roll contribution is expected to continue to grow as the remaining vacancy is filled up in due course. This transformed space has also been a major contributor towards the large valuation increases seen on the portfolio.
The details of the value-add capex investment programme completed in the last 3 years is detailed below:
| Value-add capex | Budget | Actual |
| Sqm developed | 253,492 | 253,492 |
| Investment €m | 34.8 | 30.7 |
| Investment psm € | 137 | 121 |
| Rent improvement €m | 13.2 | 10.8 |
| Occupancy | 93% | 69% |
| Rate psm € | 4.65 | 5.11 |
| ROI % | 38% | 35% |
Renewals capex
Furthermore, the Company has successfully renewed major tenants' leases by investing in their spaces in order to retain them on site long term as well as achieve an incremental income improvement post renewal. In the last 3 years 171,164 sqm were renewed as a result of this capex investment programme which has resulted in an incremental increase in rent roll of €2.1m. Renewing these leases has also improved the valuation of the assets and helped to reduce the irrecoverable service charge position. The details of this programme are included in the table below:
| Major renewals capex |
|
| Sqm renewed | 171,164 |
| Investment €m | 3.85 |
| Incremental rent improvement €m | 2.12 |
| ROI % | 55% |
New builds and major investments
In addition to the value-add and renewals capex investment programmes focussed on the existing spaces within the portfolio the Company has identified the potential to creating new builds on excess land, as well as transforming vacant buildings into higher quality as newly built structures.
During the period under review, the development of two new buildings at the Berlin Gartenfeld property completed following an investment of €5.3m. These have already been fully let and as at 31 March 2025 were generating €0.5m in rent roll, which has contributed significantly to the €8.4m of valuation uplift experienced at the whole site within the period. The next new built in the same property is currently progressing towards completion and is estimated to add an additional €0.1m of rent roll and further increasing the value of the property by €0.3m following a €0.4m in development cost. Finally, the Company has identified a pipeline of 16,867 sqm of newly built spaces currently in the planning phase. The combined development cost of these projects is estimated at €24.8m and is expected to increase the rent roll by €2.4m as well as a €10.7m increase in valuation after development cost. The details of the new builds and major investments capex programme have been detailed in the table below:
| New builds and major investments | Completed | In progress | Pipeline |
| Sqm | 3,071 | 891 | 16,867 |
| Investment €m | 5.3 | 1.7 | 24.8 |
| Rent improvement €m | 0.5 | 0.1 | 2.4 |
| Rate psm budgeted € | 10.50 | 11.75 | 11.89 |
| Rate psm € | 13.66 | 12.55 | |
| Occupancy | 100% | 100% | |
| Yield on cost | 9% | 8% | 10% |
| Value uplift* €m | 2.6 | 0.4 | 10.7 |
| IRR % | 23% | 14% | 21% |
Vacancy analysis
In addition to the capex investment programmes completed in the last three years, the Company has identified further opportunities to increase the value-add capex investment programme by addressing vacancy on acquired sites as well as upgrading spaces returned each year as a result of move-outs. Within the existing vacancy at year end, the Company has identified approximately 70,965 sqm of such space which will require an investment of approximately €14.9m and has an estimated rental value of €5.9m when fully let.
Additionally, the Company plans to redevelop 2,391 sqm of structurally void space that is unlettable in its current form through a comprehensive new build transformation, as part of the new builds and major investments capex programme. Upgrading these spaces allows the Company to enhance the reversionary potential of the portfolio whilst significantly improving the quality, desirability and hence value of not only the transformed space but of the entire site.
The analysis below details the sub-optimal space and vacancy as at 31 March 2025 and highlights the opportunity from developing this space.
| Vacancy analysis - March 2025 |
|
| Total space (sqm) | 1,824,307 |
| Occupied space (sqm) | 1,558,652 |
| Vacant space (sqm) | 265,655 |
| Occupancy | 85% |
|
| % of total space | Sqm | Capex investment €m | ERV * (post investment) |
| Structural vacancy | 3% | 51,871 | - | - |
| Value-add capex | 4% | 70,965 | (14.9) | 5.9 |
| Major investment new build | 0% | 2,391 | (5.2) | 0.4 |
| Total space subject to investment | 4% | 73,356 | (20.1) | 6.3 |
| Lettable vacancy: | | | | |
| Smartspace vacancy | 2% | 32,773 | - | 3.9 |
| Other vacancy | 6% | 107,655 | - | 6.2 |
| Total lettable space | 8% | 140,429 | - | 10.2 |
| Total vacancy | 15% | 265,655 | (20.1) | 16.5 |
* See the Glossary section of the Annual Report and Accounts 2025.
The German portfolio's headline 85% occupancy rate means that in total 265,655 sqm of space is vacant as at 31 March 2025. When excluding the vacancy which is subject to investment (4% of total space), and the structural vacancy which is not economically viable to develop (3% of total space), the Company's occupancy rate based on space that is readily lettable now or in the future is approximately 92%.
Whilst the capex investment programmes are a key part of Sirius' strategy, they represent one of several ways in which the Company can organically grow income and capital values. A wide range of asset management capabilities including the capturing of contractual rent increases, uplifts on renewals and the re-letting of space at higher rates are also expected to contribute to the Company's rent roll growth going forward.
Whilst the Company will continue to look to asset recycling to replenish the vacancy which is let up after transformation, the Company maintains a risk-adjusted strategy and expects to continue to hold a significant amount of core mature assets in order to maintain a balanced portfolio that provides a combination of stable, long-term financeable income with value-add assets offering growth potential.
Well-diversified income and tenant base
The resilience that a well-diversified tenant base provides has been paramount to the Company's success during the recent experienced market disruptions, such as the Covid-19 pandemic, the inflationary environment, the energy crisis in Europe, or ongoing geopolitical conflict. Sirius' portfolio includes production, storage and out of town office space that caters to multiple uses and a range of sizes and types of tenants. The Company's business model is underpinned by its tenant mix which provides stability through its large, long-term anchor tenants and opportunity through the SME and flexible individual tenants.
The table below illustrates the diverse nature of tenant mix within the Sirius portfolio at the end of the reporting period:
|
| No. of tenants as at 31 March 2025 | Occupied sqm | % of occupied sqm | Total rent roll * €m | % of total rent roll * % | Rate per sqm € |
| Top 50 anchor tenants(1) | 50 | 659,409 | 42% | 51.3 | 37% | 6.48 |
| Smartspace SME tenants(2) | 3,372 | 80,409 | 5% | 9.9 | 7% | 10.29 |
| Other SME tenants(3) | 3,077 | 818,834 | 53% | 79.0 | 56% | 8.04 |
| Total | 6,499 | 1,558,652 | 100% | 140.2 | 100% | 7.50 |
(1) Mainly large national/international private and public tenants.
(2) Mainly small and medium-sized private and public tenants.
(3) Mainly small and medium-sized private and individual tenants.
* See the Glossary section of the Annual Report and Accounts 2025.
Smartspace and First Choice
Sirius' Smartspace products are designed with flexibility in mind, allowing tenants to benefit from a fixed cost which continues to be desirable even in challenging market conditions. The majority of Smartspace has been developed from space that is either sub-optimal or considered to be structurally void by most light industrial real estate operators. Following conversion, the area is transformed into space that can be let at significantly higher rents than the rest of the business park and, as a result, is highly accretive to both income and value. The Company was able to increase its Smartspace offering by 5.8% (6,153 sqm) to 111,831 sqm (31 March 2024; 105,677 sqm). Total Smartspace occupancy increased to 72% (31 March 2024: 70%), which led to a 13.7% increase in corresponding rent roll. Smartspace contributes €9.9m (31 March 2024: €8.7m) or 7.1% (31 March 2024: 6.7%) to German rent roll. The improvement in rent roll can be contributed to a combination of occupancy and rate growth with occupied sqm increasing to 80,408 (31 March 2024: 74,076) and average rate per sqm increasing by 5.2% to €10.29 per sqm (31 March 2024: €9.78 per sqm), with the storage product providing the most significant increase in rate.
The table below illustrates the contribution of each of the Smartspace products:
| Smartspace product type | Total sqm | Occupied sqm | Occupancy % | Total rent roll * (excl. service charge) €m | % of total rent roll * % | Rate * per sqm (excl. service charge) € |
| First Choice office* | 7,147 | 5,356 | 75% | 1.3 | 13% | 20.51 |
| SMSP office | 41,824 | 28,750 | 69% | 3.6 | 36% | 10.31 |
| SMSP workbox | 5,970 | 5,816 | 97% | 0.5 | 5% | 7.35 |
| SMSP storage | 56,483 | 40,393 | 72% | 4.1 | 42% | 8.53 |
| SMSP container | - | - | - | 0.3 | 3% | n/a |
| SMSP subtotal | 111,424 | 80,315 | 72% | 9.8 | 99% | 10.28 |
| SMSP FlexiLager | 407 | 93 | 23% | 0.1 | 1% | 15.70 |
| SMSP total | 111,831 | 80,408 | 72% | 9.9 | 100% | 10.29 |
* See the Glossary section of the Annual Report and Accounts 2025.
Asset management review - UK
Key Metrics
| Metric | 31 March 2025 | 31 March 2024 | Variance | Variance % |
| Total rent roll (£m) | 67.9 | 55.6 | 12.3 | 22.1 |
| Like-for-like rent roll (£m) | 56.8 | 53.3 | 3.5 | 6.6 |
| Average rate (£) per sq ft | 12.47 | 14.86 | (2.39) | (16.1) |
| Average rate (£) per sq ft like for like | 15.63 | 14.99 | 0.64 | 4.3 |
| Total occupancy (%) | 87.3 | 86.6 | 0.70 | 0.8 |
| Like-for-like occupancy (%) | 89.4 | 87.1 | 2.30 | 2.6 |
| Cash collection (%) | 98.7 | 98.8 | (0.1) | (0.1) |
Lettings and rental growth
In the UK, total rent roll increased year-on-year by 22.1% to £67.9m (€81.2*m) (31 March 2024: £55.6m (€66.5*m)) predominantly driven by the continuation of the asset acquisition programme. Five properties were acquired during the year contributing £11.1m (€13.2*m) of the total £12.3m (€14.7*m) total rent roll increase during the year. Average rental rates decreased by 16.1% to £12.47 per sq ft (€13.39* per sqm) from £14.86 per sq ft (€15.95* per sqm) due to the acquisition of Vantage Point in Gloucester, which given its scale and low average rental rate per square foot, contributes to a reduction at portfolio level but offers a opportunity to create value going forwards.
Like-for-like rent roll increased by 6.6% year-on-year to £56.8m (€68.0*m) (31 March 2024: £53.3m (€63.8*m)), driven by the combined effect of shift towards an occupancy led strategy and moderate pricing uplifts.
This growth was achieved by leveraging the Company's operational platform to deliver this growth, balancing a strategic occupancy push, which included efforts to improve customer retention and attract new customers with pricing initiatives across the existing tenant base. As a result, like-for-like occupancy increased to 89.4% (31 March 2024: 87.1%) for the period.
Furthermore, the Company achieved a 4.3% increase on its average like-for-like rental rate for the period to £15.63 per sq ft (€16.79* per sqm) from £14.99 per sq ft (€16.09* per sqm). This positive rate growth reflects a moderated over the year primarily due to the business shifting its focus towards building occupancy as a result of the broader downward inflationary pressures across the UK economy.
* The Company has reported the above figures using a consistent foreign currency exchange rate of GBP:EUR 1.1971, being the closing exchange rate as at 31 March 2025.
The movement in rent roll is illustrated in the table below:
|
| £m |
| Rent rent roll 31 March 2024 | 55.6 |
| Move-outs | (17.2) |
| Move-ins | 17.5 |
| Contracted uplifts | 3.2 |
| Disposals | (2.3) |
| Acquisitions | 11.1 |
| Rent roll 31 March 2025 | 67.9 |
Despite a challenging market, driven by economic and political uncertainties, the UK operating platform continues to benefit from cross-sharing insights and methodologies with the Sirius platform in Germany and generated an increased number of enquiries, with 18,200 received during the period (31 March 2024: 17,108). From this, 1,338 deals (31 March 2024: 1,165) across a total 685,404 sq ft (63,676 sqm) (31 March 2024: 586,773 sq ft (54,513 sqm)) were signed resulting in an average lease per sq ft of 512 sq ft (48 sqm) (31 March 2024: 504 sq ft (40 sqm)). This translates into an improved sales conversion rate of 7.4% (6.8%), which has made a positive impact on rental growth and contributed to the Company's occupancy growth in the year.
Cash collection
BizSpace's 12 month rolling cash collection rate remained strong at 98.7% (31 March 2024: 98.8%) despite a 26.4% year-on-year increase in total billings, reflecting both the impact of the Company's ongoing acquisition programme and the strength of the its cash collection management.
Of the £67.1m (excluding VAT) (€79.9m) which was billed in the period, £66.1m (€78.8m) or 98.7% was collected. The remaining £1.0m (€1.2m) is expected to be collected as part of its regular collection activities over the coming months. The increase in uncollected debt, when compared to the prior period of £0.8m is predominantly due to large lease customers at newly acquired sites. The Company recorded insignificant write offs in both the current and prior periods.
Site investment
BizSpace maintains an ongoing investment programme to maintain and upgrade its spaces and allows it to adapt to changes in tenant demand. In the period under review, the Company invested a total of £10.9m (€13.0m) (31 March 2024: £9.6m (€11.1m)) into its sites, focusing on a rolling EPC upgrade programme and improving the condition of the spaces it offers to drive occupancy and price. The Company expects to identify further opportunities to invest into its assets in the new financial year whilst continuing to progress its ESG-related investment in order to align itself with the wider Group.
Well-diversified income and tenant base
The UK portfolio includes light industrial, studio, out of town office space and storage that caters to multiple usages and a range of sizes and types of tenants. As a result, the Company's business model is underpinned by a well-diversified tenant base.
The Company's top 100 tenants, which are typically large corporates, account for 28.7% of the rent roll with the next 900 tenants accounting for 39.8% of rent roll. The remaining 31.5% of rent roll relates to nearly 3,000 SME and micro-SME tenants which occupy 22.5% of the overall estate.
The table below illustrates the diverse nature of tenant mix within the portfolio at the end of the reporting period:
|
| No. of tenants as at 31 March 2025 | Occupied sq ft m | % of occupied sq ft | Total rent roll £m | % of total rent roll | Rate per sq ft £ |
| Top 100 tenants | 100 | 2.3 | 42.9% | 19.5 | 28.7% | 8.34 |
| Next 900 | 900 | 1.9 | 34.6% | 27.0 | 39.8% | 14.37 |
| Remaining SME | 2,978 | 1.2 | 22.5% | 21.4 | 31.5% | 17.44 |
| Total | 3,978 | 5.4 | 100.0% | 67.9 | 100.0% | 12.47 |
SMEs in the UK are typically defined as companies with revenues of up to £50.0m and up to 250 employees. The Company's internal operating platform and product offering have a strong track record of attracting and retaining tenants in this segment of the market which is expected to continue to grow as a result of structural trends impacting the UK market.
Financial review
Continued sustainable FFO growth
From both asset management and a disciplined, accretive acquisition programme.
"The successful organic growth achieved by Sirius this year is pleasing and reflects our ability to drive value from the portfolio. This positive performance sits alongside the ongoing acquisitive growth which has been made possible from the continued support not only from its shareholders, as demonstrated in the recent €174.6m equity raise but also from bondholders who supported a €350.0m new issue of the Company's bonds, as well as a €59.9m tap of one of our existing bonds."
Chris Bowman
Chief Financial Officer
Trading performance and earnings
Sirius recorded FFO of €123.2m, up 11.7% from €110.2m last year on the back of 9.9% increase of total revenue growth to €317.5m (31 March 2024: €288.8m) and an increase in profit before tax to €201.6m (31 March 2024: €115.2m). The Group saw substantial organic growth with a 6.3%* increase in like-for-like rent roll, driven by a 4.4%* rise in rates and a 1.1% improvement in occupancy as well as a successful programme of bringing additional space into a lettable state. The Company achieved rate increases well above inflation, in spite of a backdrop of falling inflation in both Germany and the UK. Including acquisitions, total rent roll grew by 12.8%.
The Company resumed its growth through acquisitions in the previous financial year, finding ongoing opportunities in the market. In addition to realising portfolio growth on the back of acquisitions, organic growth led to valuation gains of owned investment property across the portfolio of €81.0m (31 March 2024: €12.4m) after capital expenditure.
* The Company has reported the above figures using a consistent foreign currency exchange rate of GBP:EUR 1.1971, being the closing exchange rate as at 31 March 2025.
On a per share basis, FFO per share decreased by 5.4%, which takes into account the impact of the equity raises in July 2024 pending acquisitions. With a focus on operational performance, excluding the impact of valuations, adjusted EPS and diluted EPRA EPS decreased by 1.9% reflecting the timing of raising capital and the earnings achieved from the deployment of this capital. The positive impact of acquisitions in the period and post balance sheet are expected to support EPRA EPS growth in the next financial year.
|
| Earnings €m | No. of shares | 31 March 2025 cents per share | Earnings €m | No. of shares | 31 March 2024 cents per share | Change % |
| FFO per share | 123.2 | 1,460,013,616 | 8.44 | 110.2 | 1,231,991,541 | 8.95 | (5.4) |
| Diluted EPRA EPS* | 117.7 | 1,482,145,687 | 7.94 | 101.1 | 1,249,500,420 | 8.10 | (1.9) |
* See note 11 and the Business analysis section of the Annual Report and Accounts 2025.
Portfolio valuation - Group
The portfolio of owned assets was independently valued at €2,469.4m by Cushman & Wakefield LLP at 31 March 2025 (31 March 2024: €2,190.6m), which converts to a book value of €2,488.1m (31 March 2024: €2,210.6m) after the adjustments in relation to lease incentives and inclusion of leased investment property. A breakdown of the movement in owned investment property is detailed in the table below:
|
| German investment property €m | UK investment property €m | Total investment property €m |
| Owned investment properties at book value as at 31 March 2024 | 1,729.1 | 461.5 | 2,190.6 |
| Additions relating to owned investment properties | 39.1 | 109.4 | 148.5 |
| Capex investment and capitalised broker fees | 38.9 | 13.0 | 51.9 |
| Disposal | - | (14.3) | (14.3) |
| Gain/(deficit) on revaluation above capex investment and broker fees | 87.7 | (6.7) | 81.0 |
| Currency effects | - | 11.7 | 11.7 |
| Owned investment properties as at 31 March 2025 | 1,894.8 | 574.6 | 2,469.4 |
| Adjustment in respect of lease incentives | (4.2) | - | (4.2) |
| Adjustment in respect of long-term leasehold liabilities | 8.5 | 14.4 | 22.9 |
| Total investment properties at book value as at 31 March 2025 | 1,899.1 | 589.0 | 2,488.1 |
Portfolio valuation - Germany
The book value of owned investment property increased by €165.7m to €1,890.6m as at 31 March 2025. Valuation gains were driven by like-for-like increase of €7.9m in rent roll and a small amount of yield compression. The entire German portfolio is valued at an average gross yield of 7.4% (31 March 2024: 7.5%) which translates to a net yield of 6.7% (31 March 2024: 6.8%) and an EPRA net yield (including estimated purchaser costs) of 6.3% (31 March 2024: 6.3%).
Yields have contracted within the entire German portfolio valuation by 10 bps in the period to 7.4% (31 March 2024: 7.5%). The average capital value per sqm of the portfolio has for the first time in the Company's history exceeded €1,000 psqm at €1,008 psqm (31 March 2024: €950). When considering vacancy of 18.4% (31 March 2024: 18.8%) remaining in its value-add asset portfolio, which comprises circa 62% (31 March 2024: 61%) of the total portfolio, there remains excellent opportunity for further growth, particularly from upgrading and letting up the sub-optimal vacant space through the Company's capex investment programmes, which is more closely described in the Asset management review - Germany section of this report. As the transformation of the value-add assets continues, the yield gap between the mature and value-add assets is expected to reduce. The specifics of the value-add and mature portfolios are detailed in the table below:
|
| Total rent roll €m | Book value €m | NOI €m | Capital value €m/sqm * | Gross yield * % | Net yield * % | Vacant space sqm * | Rate psqm € * | Occupancy % * |
| Value-add assets | 91.1 | 1,171.2 | 80.8 | 894 | 7.8% | 6.9% | 235,487 | 7.28 | 81.6% |
| Mature assets | 49.1 | 719.4 | 47.0 | 1,270 | 6.8% | 6.5% | 30,168 | 7.93 | 94.5% |
| Other | - | - | (1.4) | - | - | - | - | - | - |
| Total | 140.2 | 1,890.6 | 126.4 | 1,008 | 7.4% | 6.7% | 265,655 | 7.50 | 85.4% |
* Expressed as averages.
Portfolio valuation - UK
As at 31 March 2025, the UK portfolio was independently valued by Cushman & Wakefield LLP at £480.0m (€574.6m) (31 March 2024: £394.7m (€461.6m)), representing an increase of £85.3m (€113.0m) compared to the prior year valuation. The increase in portfolio value reflects both acquisition activity and organic growth in the portfolio more than offsetting asset disposals. During the year we acquired five properties totalling £88.6m (€106.1m) and disposed of four properties totalling £12.1m (€14.4m).
On a like-for-like basis, the portfolio increased in value by £8.4m (€10m) or 2.2% to £391.3m (€468.4m), when compared to the value at 31 March 2024 of £382.9m (€458.4m).
The portfolio delivered an average gross yield of 14.1% (2024: 14.0%) and a net yield of 9.5% (2024: 9.3%). The 20 basis point increase in net yield was fully offset by growth in the rent roll over the year, contributing positively to the like-for-like valuation uplift.
The average capital value of the portfolio of £77 per sq ft (€992 per sqm) decreased compared to the 31 March 2024 position of £91 per sq ft (€1,150 per sqm) due to the transformational acquisition of Vantage Point Business Village in Gloucestershire, which added 1.4m sq ft to the portfolio. The average capital value of the portfolio remains well below replacement cost and further supports the sentiment that there remains value-add potential within the portfolio.
|
| Total rent roll £m | Book value £m | NOI £m | Capital value £m/sq ft | Gross yield % | Net yield % | Vacant space sq ft | Rate psqft £ | Occupancy % |
| UK portfolio | 67.9 | 480.0 | 45.5 | 76.99 | 14.1% | 9.5% | 793,583 | 12.47 | 87.3% |
The UK does not have material lease incentives adjusting the investment property values.
Net asset value
The Company has returned to double digit total shareholder accounting returns, amounting to 12.5% (31 March 2024: 7.2%) on the back of the €81.0m valuation surplus noted above and payment of the progressive dividend of 6.11c per share in the financial year. On a per share basis, net asset value increased by 7.0% in the period to 112.29c (31 March 2024: 104.96c), which once adjusted for deferred taxes increased by 7% to 118.89c (31 March 2024: 111.12c). The movement in NAV per share is explained in the following table:
|
| Cents per share |
| NAV per share as at 31 March 2024 | 104.96 |
| Recurring profit after tax | 7.94 |
| Equity raise | 0.29 |
| Gain on revaluation (net of capex) | 5.37 |
| Deferred tax charge | (1.10) |
| Cash dividend paid | (5.62) |
| Adjusting items(1) | 0.46 |
| NAV per share as at 31 March 2025 | 112.29 |
| Deferred tax and derivatives | 6.60 |
| Adjusted NAV per share as at 31 March 2025(2) | 118.89 |
| EPRA adjustments(3) | (1.28) |
| EPRA NTA per share as at 31 March 2025(2) | 117.61 |
(1) Adjusting items includes items such as restructuring costs, share of profit in associates, gains and losses on investments, share-based payments including vesting and foreign currency effects.
(2) See Annex of 2025 annual accounts for further details.
(3) Adjusted for the potential impact of shares issued in relation to the Company's long-term incentive programmes, intangible assets, provisions for deferred tax and derivative financial instruments.
The EPRA NTA per share, which, like adjusted NAV per share, excludes the provisions for deferred tax and fair value of derivative financial instruments but also includes the potential impact of shares issued in relation to the Company's long-term incentive programmes and excludes intangible assets, was 117.61c, an increase of 7.1% from 109.82c as at 31 March 2024.
Financing
The Company identified ongoing opportunities in the market to allocate capital towards profitable acquisitions. In May 2024, it raised net proceeds of €59.9m in debt through a 19.9% tap of its €300m corporate bond due in November 2028, and €174.6m in equity in July 2024 to finance a pipeline of assets in Germany and the UK. The Company further raised €350.0m in January 2025 with the issue of a heavily oversubscribed new bond due in January 2032, which will primarily be used to repay the €400.0m bond due in June 2026. This bond also provides the Company with the opportunity to tap this bond for up to 30% (€105m), to provide the Company with additional capital. The Company has completed or notarised transactions amounting to €153.3m (TAC) during the period, with an additional €116.7m (TAC) post balance sheet, bringing the total investment to €270.0m (TAC). This signifies a robust return to acquisitive growth for the Company, with Fitch affirming its BBB investment grade rating with a "Stable Outlook" in October 2024.
The Company's debt structure remains predominantly unsecured, with 82% of its debt classified as such post the €350m bond issuance in January 2025, which carries a seven-year term at a 4% interest rate. Additionally, the Company refinanced its Saarbrücken asset with a local Sparkasse bank under a five-year term at 3.27%, reflecting the strength of the Company's local lending network, and the attractive rates on offer from these relationships. As of 31 March 2025, the Company reported a weighted average cost of debt of 2.60%, a weighted average debt maturity of 4.2 years, net LTV of 31.4% (compared to 33.9% as of 31 March 2024), and interest coverage at EBITDA level of 6.3x (31 March 2024: 8.3x).
Net LTV, which reduces the loan balance by free cash (excluding restricted cash balances) is calculated as follows:
Net LTV
|
| 31 March 2025 €m | 31 March 2024 €m |
| Total debt | 1,345.6 | 955.4 |
| Less cash and cash equivalents (not including cash restricted under contractual terms) | (571.3) | (214.5) |
| Total | 774.3 | 740.9 |
| Book value of owned investment properties (including those assets held for sale) | 2,465.2 | 2,186.7 |
| Net loan to value ratio (%) | 31.4% | 33.9% |
All covenants were complied with in full during the period. A summary of the movement in the Group's debt is set out below:
Movement in debt*
|
| €m |
| Total debt as at 31 March 2024 | 955.4 |
| Debt additions | 409.9 |
| Debt repayments | (15.0) |
| Scheduled amortisation | (4.7) |
| Total debt as at 31 March 2025 | 1,345.6 |
* Excludes loan issue costs.
Dividend
The Board has approved the Company's 23rd consecutive dividend increase over twelve years, with 3.09 cents per share payable to shareholders for the second half of the financial year ended 31 March 2025. Combined with the first half dividend of 3.06 cents per share, this marks a 1.7% increase from the total dividend of 6.05 cents declared for the previous financial year ended 31 March 2024.
Further details regarding the dividend distribution and announcement can be found in note 27 of the Annual Report and Accounts.
Summary
The Company continued to capture organic growth across both jurisdictions and built on the acquisition momentum which commenced in the prior period into the year ended 31 March 2025.
The Company's balance sheet remains strong as demonstrated through its recent equity and debt financings in the year, permitting it to continue to grow through acquisitions whilst maintaining a healthy net LTV ratio. This has been confirmed by Fitch in October 2024 through its BBB investment grade rating with a stable outlook. The Company continues to deliver on its growth objectives and continues to be well positioned to take advantage of opportunities as they arise.
The Company's strong financial profile, along with its proven internal operating platform, means the Company is fully capable of adapting to changing market conditions. With acquisition firepower available, further vacancy to develop and reversion potential to capture, as well as a defensively positioned portfolio, the Company is well set to meet the challenges ahead and looks forward to continuing to deliver attractive and sustainable returns for shareholders in the future.
Chris Bowman
Chief Financial Officer
30 May 2025
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors confirm that, to the best of their knowledge the preliminary consolidated financial statements have been prepared in accordance with international financial reporting standards, and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and that this announcement includes a fair summary of the development and performance of the business and the position of the Group. After making enquiries, the directors considered it appropriate to adopt the going concern basis in preparing the financial statements. The names and functions of the Company's directors are listed on the Company's website.
Daniel Kitchen
Chairman
Principal Risks and Uncertainties
The principal risks and uncertainties faced by the Group are included on pages 61 to 62 of the Group's Annual Report and Accounts 2025 available on the website at: www.sirius-real-estate.com
Consolidated income statement
for the year ended 31 March 2025
|
| Notes | Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Revenue | 5 | 317.5 | 288.8 |
| Direct costs | 6 | (130.8) | (123.0) |
| Net operating income | | 186.7 | 165.8 |
| Gain on revaluation of investment properties | 13 | 79.4 | 12.2 |
| Gain on disposal of properties | | 1.6 | 0.9 |
| Movement in expected credit loss provision | | (0.3) | 0.9 |
| Administrative expenses | 6 | (53.9) | (49.7) |
| Share of profit of associates | 18 | 2.4 | 0.6 |
| Operating profit |
| 215.9 | 130.7 |
| Finance income | 9 | 13.9 | 6.6 |
| Finance expense | 9 | (28.2) | (20.8) |
| Change in fair value of derivative financial instruments | 9 | - | (1.3) |
| Net finance expense |
| (14.3) | (15.5) |
| Profit before tax | | 201.6 | 115.2 |
| Taxation | 10 | (23.4) | (7.3) |
| Profit for the year after tax |
| 178.2 | 107.9 |
| Profit attributable to: | | | |
| Owners of the Company | | 178.1 | 107.8 |
| Non-controlling interest |
| 0.1 | 0.1 |
|
|
| 178.2 | 107.9 |
| Earnings per share | | | |
| Basic earnings per share | 11 | 12.20c | 8.75c |
| Diluted earnings per share | 11 | 12.02c | 8.63c |
All operations of the Group have been classified as continuing.
Consolidated statement of comprehensive income
for the year ended 31 March 2025
|
| Notes | Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Profit for the year after tax |
| 178.2 | 107.9 |
| Other comprehensive income that may be reclassified to profit or loss in subsequent periods | | | |
| Foreign currency translation | 26 | 13.4 | 12.9 |
| Other comprehensive income after tax that may be reclassified to profit or loss in subsequent periods |
| 13.4 | 12.9 |
| Other comprehensive income for the year after tax |
| 13.4 | 12.9 |
| Total comprehensive income for the year after tax |
| 191.6 | 120.8 |
| Total comprehensive income attributable to: | | | |
| Owners of the Company | | 191.5 | 120.7 |
| Non-controlling interest |
| 0.1 | 0.1 |
|
|
| 191.6 | 120.8 |
Consolidated statement of financial position
as at 31 March 2025
|
| Notes | 31 March 2025 €m | 31 March 2024 €m |
| Non-current assets | | | |
| Investment properties | 13 | 2,488.1 | 2,210.6 |
| Plant and equipment | 14 | 17.8 | 7.8 |
| Intangible assets | 15 | 1.7 | 3.3 |
| Right of use assets | 16 | 10.8 | 12.6 |
| Other financial assets | 17 | 49.1 | 49.1 |
| Investment in associates | 18 | 26.1 | 25.2 |
| Deferred tax assets | 10 | 4.1 | - |
| Total non-current assets |
| 2,597.7 | 2,308.6 |
| Current assets | | | |
| Trade and other receivables | 19 | 70.2 | 42.4 |
| Cash and cash equivalents | 20 | 604.8 | 244.2 |
| Total current assets |
| 675.0 | 286.6 |
| Total assets |
| 3,272.7 | 2,595.2 |
| Current liabilities | | | |
| Trade and other payables | 21 | (117.7) | (114.7) |
| Interest-bearing loans and borrowings | 22 | (0.4) | (29.6) |
| Lease liabilities | 16 | (2.4) | (2.3) |
| Current tax liabilities | 10 | (7.0) | (7.0) |
| Total current liabilities |
| (127.5) | (153.6) |
| Non-current liabilities | | | |
| Interest-bearing loans and borrowings | 22 | (1,318.6) | (915.5) |
| Lease liabilities | 16 | (33.6) | (35.5) |
| Deferred tax liabilities | 10 | (103.4) | (82.7) |
| Total non-current liabilities |
| (1,455.6) | (1,033.7) |
| Total liabilities |
| (1,583.1) | (1,187.3) |
| Net assets |
| 1,689.6 | 1,407.9 |
| Equity | | | |
| Issued share capital | 25 | - | - |
| Other reserve | 26 | 696.2 | 605.7 |
| Own shares held | 25 | (8.5) | (8.1) |
| Foreign currency translation reserve | 26 | 7.4 | (6.0) |
| Retained earnings |
| 993.7 | 815.7 |
| Total equity attributable to the owners of the Company |
| 1,688.9 | 1,407.3 |
| Non-controlling interest |
| 0.7 | 0.6 |
| Total equity |
| 1,689.6 | 1,407.9 |
The financial statements on pages 129 to 173 were approved by the Board of Directors on 30 May 2025 and were signed on its behalf by:
Daniel Kitchen
Chair
Company number: 46442
Consolidated statement of changes in equity
for the year ended 31 March 2025
|
| Notes | Issued share capital €m | Other reserve €m | Own shares held €m | Foreign currency translation reserve €m | Retained earnings €m | Total equity attributable to the owners of the Company €m | Non- controlling interest €m | Total equity €m |
| As at 31 March 2023 | | - | 516.4 | (8.3) | (18.9) | 707.9 | 1,197.1 | 0.5 | 1,197.6 |
| Profit for the year | | - | - | - | - | 107.8 | 107.8 | 0.1 | 107.9 |
| Other comprehensive income for the year |
| - | - | - | 12.9 | - | 12.9 | - | 12.9 |
| Total comprehensive income for the year | | - | - | - | 12.9 | 107.8 | 120.7 | 0.1 | 120.8 |
| Shares issued | 25 | 167.4 | (2.1 ) | - | - | - | 165.3 | - | 165.3 |
| Transaction costs relating to share issues | 25 | (3.3 ) | - | - | - | - | (3.3 ) | - | (3.3 ) |
| Dividends paid | 27 | - | (75.3 ) | - | - | - | (75.3 ) | - | (75.3 ) |
| Transfer of share capital | 25 | (164.1 ) | 164.1 | - | - | - | - | - | - |
| Share-based payment transactions | 8 | - | 5.0 | - | - | - | 5.0 | - | 5.0 |
| Value of shares withheld to settle employee tax obligations | 8 | - | (2.2 ) | - | - | - | (2.2 ) | - | (2.2 ) |
| Own shares allocated | 25 | - | (0.2 ) | 0.2 | - | - | - | - | - |
| As at 31 March 2024 |
| - | 605.7 | (8.1) | (6.0) | 815.7 | 1,407.3 | 0.6 | 1,407.9 |
| Profit for the year | | | | | | 178.1 | 178.1 | 0.1 | 178.2 |
| Other comprehensive income for the year |
| - | - | - | 13.4 | - | 13.4 | - | 13.4 |
| Total comprehensive income for the year | | - | - | - | 13.4 | 178.1 | 191.5 | 0.1 | 191.6 |
| Shares issued | 25 | 185.0 | (4.1) | - | - | - | 180.9 | - | 180.9 |
| Transaction costs relating to share issues | 25 | (6.3) | - | - | - | - | (6.3) | - | (6.3) |
| Dividends paid | 27 | - | (84.5) | - | - | - | (84.5) | - | (84.5) |
| Transfer of share capital | 25 | (178.7) | 178.7 | - | - | - | - | - | - |
| Share-based payment transactions | 8 | - | 6.5 | - | - | - | 6.5 | - | 6.5 |
| Value of shares withheld to settle employee tax obligations | 8 | - | (3.8) | - | - | - | (3.8) | - | (3.8) |
| Own shares purchased | 25 | - | - | (2.7) | - | - | (2.7) | - | (2.7) |
| Own shares allocated | 25 | - | (2.3) | 2.3 | - | - | - | - | - |
| As at 31 March 2025 |
| - | 696.2 | (8.5) | 7.4 | 993.8 | 1,688.9 | 0.7 | 1,689.6 |
Consolidated statement of cash flows
for the year ended 31 March 2025
|
| Notes | Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Operating activities | | | |
| Profit for the year before tax | | 201.6 | 115.2 |
| Gain on disposal of properties | | (1.6) | (0.9) |
| Loss on disposal of plant and equipment | | 0.1 | - |
| Net exchange differences in working capital | | (4.1) | 3.4 |
| Share-based payments expenses | 8 | 6.5 | 5.0 |
| Gain on revaluation of investment properties | 13 | (79.4) | (12.2) |
| Change in fair value of derivative financial instruments | 9 | - | 1.3 |
| Depreciation of plant and equipment | 6 | 2.4 | 1.8 |
| Amortisation of intangible assets | 6 | 1.3 | 1.5 |
| Loss on disposal of intangible assets | 15 | 1.2 | - |
| Depreciation of right of use assets | 6 | 1.8 | 1.8 |
| Share of profit of associates | 18 | (2.4) | (0.6) |
| Finance income | 9 | (13.9) | (6.6) |
| Finance expense | 9 | 28.2 | 20.8 |
| Changes in working capital | | | |
| Decrease in trade and other receivables | | 0.3 | (0.3) |
| Decrease in trade and other payables |
| (2.1) | 19.0 |
| Cash generated from operations before tax | | 139.9 | 149.2 |
| Taxation paid |
| (6.8) | (3.1) |
| Cash flows from operating activities |
| 133.1 | 146.1 |
| Investing activities | | | |
| Purchase of investment properties | | (141.5) | (71.0) |
| Prepayments relating to investment property acquisitions | | (38.5) | (7.1) |
| Capital expenditure on investment properties | | (48.8) | (39.5) |
| Purchase of plant and equipment and intangible assets | | (13.2) | (3.1) |
| Proceeds on disposal of properties (including assets held for sale when applicable) | | 19.7 | 46.4 |
| Dividends received from investment in associates | | 1.5 | 2.1 |
| Increase in loans to associates | | - | (0.7) |
| Interest received |
| 13.7 | 6.6 |
| Cash flows used in investing activities |
| (207.1) | (66.3) |
| Financing activities | | | |
| Proceeds from issue of share capital | 25 | 180.9 | 165.3 |
| Transaction costs on issue of shares | 25 | (6.3) | (3.3) |
| Shares purchased | | (2.7) | - |
| Payment relating to exercise of share options | 8 | (3.8) | (2.2) |
| Dividends paid to owners of the Company | 27 | (84.5) | (75.3) |
| Proceeds from loans | 22 | 409.9 | 228.3 |
| Repayment of loans | 22 | (19.7) | (248.0) |
| Payment of principal portion of lease liabilities | | (2.3) | (2.2) |
| Capitalised loan issue costs(1) | | (19.5) | (3.1) |
| Finance charges paid(1) |
| (22.9) | (16.9) |
| Cash flows from financing activities |
| 429.1 | 42.6 |
| Increase in cash and cash equivalents | | 355.1 | 122.4 |
| Net foreign exchange differences | | 5.5 | (2.5) |
| Cash and cash equivalents as at the beginning of the year |
| 244.2 | 124.3 |
| Cash and cash equivalents as at the year end | 20 | 604.8 | 244.2 |
(1) To conform to the current year presentation, the capitalised loan issue costs has been shown as a separate line and this is a reallocation from finance charges paid for the year ended 31 March 2024.
Notes to the financial statements
for the year ended 31 March 2025
1. General information
Sirius Real Estate Limited (the "Company") is a company incorporated in Guernsey and resident in the United Kingdom for tax purposes, whose shares are publicly traded on the equity shares (commercial companies) category of the London Stock Exchange ("LSE") (primary listing) and the premium segment of the main board of the JSE Limited ("JSE") (primary listing).
The consolidated financial information of the Company comprises that of the Company and its subsidiaries (together referred to as the "Group" or "Sirius") for the year ended 31 March 2025.
The principal activity of the Group is the investment in, and development of, industrial, warehouse and office properties to provide conventional and flexible workspace in Germany and the United Kingdom ("UK").
2. Material accounting policies information
(a) Basis of preparation and statement of compliance
The consolidated financial statements have been prepared on a historical cost basis, except for investment properties, investment properties held for sale and derivative financial instruments, which have been measured at fair value. The consolidated financial information is presented in euros and all values are rounded to the nearest hundred thousand shown in millions (€m), except where otherwise indicated.
The Company has prepared its annual consolidated financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), the Disclosure and Transparency Rules of the United Kingdom Financial Conduct Authority, the JSE Listings Requirements and The Companies (Guernsey) Law, 2008.
The consolidated financial statements have been prepared on the same basis as the accounting policies set out in the Group's annual financial statements for the year ended 31 March 2024, except for the changes in accounting policies as shown in note 2(b).
(b) Changes in accounting policies
New and amended standards and interpretations
The Group applied for the first time certain new standards, amendments and interpretations, which are effective for annual periods beginning on or after 1 January 2024 (unless otherwise stated).
• Amendments to IAS 1 - Classification of liabilities as current or non-current and non-current liabilities with covenants
• Amendments to IAS 7 and IFRS 7 - Disclosure: Supplier finance arrangements
• Amendments to IFRS 16 - Lease liability in a sale and leaseback
There has been no material impact on the financial statements of adopting any new standards, amendments and interpretations.
A number of new standards, amendments and interpretations have been issued but are not yet effective for the Group and have not been early adopted as listed below:
• Amendments to IAS 21 - Lack of exchangeability
• Amendments to IFRS 7 and IFRS 9 - Contracts referencing nature-dependent electricity
• Amendments to IFRS 7 and IFRS 9 - Amendments to the classification and measurement of financial instruments
• IFRS 19 Subsidiaries without Public Accountability
• IFRS 18 Presentation and Disclosure in Financial Statements
The application of these new standards, amendments and interpretations is not expected to have a material impact on the Group's consolidated financial statements with the exception of IFRS 18. The Group expects that IFRS 18, when initially applied, may have a material impact on it presentation of financial statements. The Group is in the process of assessment of the potential impact on its financial statements resulting from the application of IFRS 18.
(c) Going concern
The Group has prepared its going concern assessment for the period to 31 October 2026 (the "going concern period"), a period greater than twelve months, chosen to align with its historical application of the period and to cover all significant upcoming refinancings.
The Group's going concern assessment is based on a forecast of the Group's future cash flows and covenant compliance. This considers Management's base case scenario and a severe but plausible downside scenario where sensitivities are applied to model the outcome on the occurrence of downside assumptions explained below. It considers the Group's principal risks and uncertainties and is dependent on a number of factors including financial performance, continued access to lending facilities (see note 22) and the ability to continue to operate the Group's secured and unsecured debt structure within its financial covenants.
The severe but plausible scenario models a potential downturn in the Group's performance, considering factors like geopolitical instability through potential impacts of heightened inflation, unattractive borrowing rates on expiring debt, and outward yield movements on investment properties, as well as the risk of tenant insolvencies and or increased move-outs which are not replaced. The projections estimate headroom on the Group's debt facilities and covenants based on future trading performance and valuation movements.
The recent macro trends, specifically relating to increased cost of debt, have placed further pressure on the costs of the business, however this did not result in any deterioration in the Group's profitability in the period ended 31 March 2025 and asset values have improved due to a combination of rent roll growth and yield compression since the 31 March 2024 valuation. In addition, the Group raised equity of €180.9m in July 2024, raised a further €59.9m in May 2024 on the November 2028 corporate bond and raised €350.0m through a corporate bond issuance in January 2025. However, the Directors continue to be mindful of the challenging macro-factors present in the market and maintain their perspective on the severity of the falls in valuations assessed in the severe but plausible downside scenario in the going concern period.
The base case and severe but plausible downside scenarios include the following assumptions applied to both the German and UK portfolios:
Base case:
• 5.5% growth per annum in rent roll at 31 March 2025, principally from contractual increases in rents and organic growth through lease renewals;
• increasing cost levels in line with forecast inflation of 2%
• continuation of forecast capex investment;
• continuation of forecast dividend payments in line with historic dividend payouts and UK REIT requirements;
• payment of contractual loan interest and loan amortisation amounts, repayment of the €400.0m corporate bond due in June 2026 and refinancing of the €150.4m loan within the investment in associates as it falls due in March 2026 (€52.6m represents the Company's 35% stake) at market interest rates;
• only acquisitions and disposals which are contractually committed or board approved are made, which includes five post balance sheet acquisitions totalling €116.7m and one €30.0 post balance sheet disposal, as specified in the Investment review section of this report.
Severe but plausible downside scenario:
• reduction in occupancy and rental income of 10% per annum from the base case;
• reduction in service charge recovery of 10% per annum from the base case recoverability;
• increasing cost levels at a higher rate of inflation of 3%;
• reduction in property valuations of 10% per annum;
• continuation of forecast capex investment;
• continuation of forecast dividend payments in line with historic dividend payouts and UK REIT requirements;
• payment of contractual loan interest and loan amortisation amounts, repayment of the €400.0m corporate bond due in June 2026 and repayment (rather than refinancing) of the €150.4m loan within the investment in associates as it falls due in March 2026 (€52.6m represents the Company's 35% stake); and
• only acquisitions and disposals which are contractually committed or board approved are made, which includes five post balance sheet acquisitions totalling €116.7m and one €30.0m post balance sheet disposal, as specified in the Investment review section of this report.
The Directors are of the view that a more severe scenario arising is implausible based upon the Group's track record of performance in challenging scenarios, most recently through the high interest and inflationary environment in both Germany and the UK, the Covid-19 pandemic and post pandemic period.
The Group has also performed a reverse stress test over the impact of a fall in its property valuations and income reductions during the going concern period. This showed that the Group could withstand a fall in valuations from 31 March 2025 of 21%, before there was a loan to value covenant breach, whilst a reduction of 32% of EBITDA or 22% reduction in contracted rent roll would be required before any income related covenants would breach. These events are considered to be remote due to the Group's strong performance throughout most recent economic headwinds, with the macroeconomic environment pointing towards stability. The reductions required for the reverse stress test have never been seen by the Group.
In the base case scenario, the Group forecasts having sufficient free cash available to fund the aforementioned loans falling due within the period and its post balance sheet acquisitions. In the severe but plausible downside scenario, the Group could utilise mitigating actions available to it which include restricting non-REIT related dividends, reducing capital expenditure, the disposal of assets or additional sources of financing such as rolling credit facilities and tapping existing bonds. The restriction of non-REIT related dividends and the reduction to capital expenditure are mitigating actions within the control of the Directors and there is sufficient time to implement these restrictions if required. The Group does not forecast any material covenant breaches in the severe but plausible downside scenario throughout the going concern period.
The Directors have not identified any material uncertainties which may cast significant doubt on the Group's ability to continue as a going concern for the duration of the going concern period.
The Directors also evaluated potential events and conditions beyond the going concern period that may cast significant doubt on the Group's ability to continue as a going concern, of which none have been identified.
After due consideration of the going concern assessment for the period to 31 October 2026, the Board believes it is appropriate to adopt the going concern basis in preparing its financial statements.
(d) Basis of consolidation
The consolidated financial information comprises the financial information of the Group as at 31 March 2025. The financial information of the subsidiaries is prepared for the same reporting period as the Company, using consistent accounting policies.
All intra-group balances and transactions and any unrealised income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.
Non-controlling interests represent the portion of profit or loss and net assets not held by the Group and are presented separately in the consolidated income statement and the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from the Company's shareholders' equity.
(e) Acquisitions
Where a property is acquired through the acquisition of corporate interests, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business.
The Group accounts for an acquisition as a business combination where an integrated set of activities is acquired in addition to the property (see policy in note 2(w)). An acquired set of activities and assets is not a business if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
Where such acquisitions are not deemed to be an acquisition of a business, they are not treated as business combinations. Instead, they are treated as asset acquisitions, with the cost to acquire the corporate entity being allocated between the identifiable assets and liabilities of the entity based on their relative fair values on the acquisition date. Accordingly, no goodwill arises.
(f) Foreign currency translation
The consolidated financial information is presented in euros, which is the functional and presentational currency of the Parent Company. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using the functional currency.
Transactions in foreign currencies are initially recorded in the functional currency at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the functional currency at the exchange rate ruling at the statement of financial position date. All differences are taken to the statement of profit and loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e. translation differences on items whose fair value gain or loss is recognised in other comprehensive income ("OCI") or profit or loss are also recognised in OCI or profit or loss, respectively).
On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at the exchange rates at the dates of the transactions, or where appropriate, the average exchange rates for the period. The foreign exchange differences arising on translation for consolidation are recognised in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or loss.
(g) Revenue recognition
Rental income
Rental income from operating leases and licence agreements containing leases is recognised on a straight-line basis over the term of the relevant lease unless another systematic basis is more representative of the time pattern in which the benefit derived from the leased asset is diminished. Fixed or determinable rental increases, which can take the form of actual amounts or agreed percentages, are recognised on a straight-line basis over the term of material leases. If the increases are related to a price index to cover inflationary cost increases, then the policy is to apply the price index from the date it is effective on a straight-line basis over the remaining lease term.
Lease incentives (including rent free periods, stepped rents, indexation clauses and other types of incentive) are spread on a straight-line basis over the lease term. Where there is a reasonable expectation that the tenant will exercise break options, the lease incentives are spread up to the break date. The above applies to both revenues generated from investment properties and managed properties.
In addition to the above, the Group has entered into leases and licensing arrangements (which meet the definition of a lease under IFRS 16 Leases ("IFRS 16")) where the revenue due from the tenant is an all-inclusive price, representing lease income (recognised in accordance with IFRS 16) and service charge income (recognised in accordance with IFRS 15 Revenue from Contracts with Customers ("IFRS 15")). Management has estimated the allocation of the revenues using the relevant service charge costs incurred and the occupancy of the properties where all-inclusive lease and licence arrangements are in place.
Revenue from contracts with customers
The Group's revenue from contracts with customers includes service charge income and other income.
(i) Service charge income
The Group generates revenue from management charges and other expenses recoverable from tenants based on the Group's right to recharge tenants for costs incurred (with or without markup) on a day-to-day basis. These services are specified in the lease agreements and separately invoiced. Service charge income is recognised as revenue when the performance obligations of the services specified in the lease agreements are met.
The Group acts as a principal in relation to these services, and records revenue on a gross basis, as it controls the specified goods or services before transferring them to tenants.
(ii) Other income
(ii) (a) Other income from managed properties
The Group has contractual agreements with its associate for the management of its properties. This generates fee income which is recognised when the services are provided to the associate at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those services. The Group identifies itself as a principal in this arrangement as it controls and manages the services provided to its customers.
(ii) (b) Other income from investment properties
The Group has other property related income including conferencing and catering activities, internet, telephone and virtual office services. This income is recognised when control of the goods or services is transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services.
(h) Leases
Group as lessor
Leases where the Group does not transfer substantially all the risks and benefits of ownership of the asset are classified as operating leases with rental income recognised from these leases and licence agreements containing leases held with tenants (see policy in note 2(g)).
Group as lessee
All contracts that give the Group the right to control the use of an identified asset over a certain period of time in return for consideration are considered leases within the meaning of IFRS 16.
The Group, at the commencement date of the lease (i.e. the date the underlying asset is available for use), recognises lease liabilities equal to the present value of the future lease payments, discounted to reflect the term-specific incremental borrowing rate if the interest rate implicit in the lease is not readily determinable. Lease liabilities are subsequently increased by the periodic interest expenses and reduced by the lease payments made during the financial year.
Correspondingly, right of use assets are initially recognised at the amount of the lease liabilities (plus any advance payments that have already been made or any initial direct costs). Subsequently, the right of use assets are generally measured at cost, taking depreciation (calculated straight-line over the lease term) and impairments into account and are presented separately in the statement of financial position except for right of use assets that meet the definition of IAS 40 Investment Property ("IAS 40") which are presented as investment property and subsequently measured at fair value.
The Group utilises the recognition exemptions provided by IFRS 16 and does not apply IFRS 16 to leases with a contractual term of twelve months or less or to leases in which the underlying asset is of low value (on a case-by-case basis).
Lease payments associated with short-term leases and with leases of low-value assets are recognised as expenses on a straight-line basis over the lease term.
Right of use assets relating to office spaces are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
(i) Income tax
Certain subsidiaries may be subject to foreign taxes in respect of foreign sources of income. Sirius Real Estate Limited is a UK resident for tax purposes. The Group's UK property business is a UK Real Estate Investment Trust ("REIT"). As a result, the Group's UK property business does not pay UK corporation tax on its profits and gains from the qualifying rental business in the UK. Non-qualifying UK profits and gains continue to be subject to corporation tax as normal.
Current income tax
Current income tax assets and liabilities are measured at the reporting date at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.
Deferred income tax
Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements, with the following exceptions:
• where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination that, at the time of the transaction, does not give rise to equal taxable and deductible temporary differences and affects neither accounting nor taxable profit or loss;
• in respect of taxable temporary differences associated with investments in subsidiaries and associates, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and
• deferred tax assets are only recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised.
Deferred tax assets and liabilities are only offset if there is a legally enforceable right to set off current tax assets against current tax liabilities, they relate to income of the same taxable entity or tax group and is taxed by the same taxation authority. Deferred tax assets and liabilities are recognised based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date and are not discounted.
The Group has applied the exception in IAS 12 to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.
(j) Sales tax
Revenues, expenses, assets and liabilities are recognised net of the amount of sales tax except:
• where the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and
• receivables and payables that are stated with the amount of sales tax included.
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statement of financial position.
(k) Investment properties
Investment properties are properties that are either owned by the Group or held under a lease which are held for long-term rental income and/or capital appreciation.
Gains or losses arising from changes in the fair values of all investment properties are included in the income statement in the period in which they arise.
Owned investment properties
Investment properties owned by the Group are initially recognised at cost, including transaction costs when the control of the property is transferred. Where recognition criteria are met, the carrying amount includes subsequent costs to add to or replace part of an investment property. Subsequent to initial recognition, owned investment properties are stated at fair value, which reflects market conditions at the reporting date as determined by professional external valuer.
Long-term leasehold
Long-term leasehold liabilities associated with the ownership of property and the resultant right of use assets are accounted for in accordance with IFRS 16 (see policy in note 2(h)). An adjustment is made to the fair value of the investment property for such recognised long-term leasehold.
(l) Disposals of investment property
Investment property disposals are recognised when control of the property transfers to the buyer, which typically occurs on the date of completion. Profit or loss arising on disposal of investment properties is calculated by reference to the most recent carrying value of the asset adjusted for subsequent capital expenditure.
(m) Plant and equipment
Recognition and measurement
Items of plant and equipment are stated at historical cost less accumulated depreciation and any impairment loss.
Depreciation
Where parts of an item of plant and equipment have different useful lives, they are accounted for as separate items of plant and equipment.
Depreciation is charged in the income statement on a straight-line basis over the estimated useful lives of an item of the fixed assets. The estimated useful lives are as follows:
Plant and equipment three to ten years
Fixtures and fittings three to fifteen years
Depreciation methods, useful lives and residual values are reviewed at each reporting date.
(n) Intangible assets
The Group recognises both internally developed and acquired intangible assets.
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses. Intangible assets with a definite useful life are amortised on a straight-line basis over their respective useful lives. Their useful lives are between three and five years. Any amortisation of these assets is recognised as such under administrative expenses in the consolidated income statement.
Development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate:
• the technical feasibility of completing the intangible asset so that the asset will be available for use or sale;
• its intention to complete and its ability and intention to use or sell the asset;
• how the asset will generate future economic benefits;
• the availability of resources to complete the asset; and
• the ability to measure reliably the expenditure during development.
Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete, and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation is recorded in cost of sales. During the period of development, the asset is tested for impairment annually.
(o) Trade and other receivables
Trade receivables include rent and service charge receivables that do not contain significant financing components and are measured at the transaction price. Other receivables are initially measured at fair value plus transaction costs. Subsequently, trade and other receivables are measured at amortised cost and are subject to impairment. The Group applies the simplified impairment model of IFRS 9 Financial Instruments in order to determine expected credit losses in trade and other receivables, including lease incentives.
The Group assesses on a forward-looking basis the expected credit losses associated with its trade and other receivables. A provision for impairment is made for the lifetime expected credit losses on initial recognition of the receivable. If collection is expected in more than one year, the balance is presented within non-current assets.
(p) Treasury Shares and shares issued to the Employee Benefit Trust
Own equity instruments are deducted from equity. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of the Group's equity instruments.
(q) Equity-settled share-based payments
The fair value of equity-settled share-based payments to employees is determined at the date of grant and is recognised in employee costs (note 7) on a straight-line basis, together with a corresponding increase in equity (other reserve) over the period that individuals are providing service to the Group in respect of the awards. The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.
For share awards granted under the LTIP and SIP, the fair values are determined by Monte-Carlo and Black-Scholes models (see note 8).
The amount recognised as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognised as an expense is based on the number of awards that meet the related service and non-market performance conditions at the vesting date.
(r) Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
(s) Bank borrowings
Interest-bearing bank loans and borrowings are initially recorded at fair value net of directly attributable transaction costs.
Subsequent to initial recognition, interest-bearing loans and borrowings are measured at amortised cost using the effective interest rate method.
When debt refinancing exercises are carried out, existing liabilities will be treated as being extinguished when the new liability is substantially different from the existing liability. In making this assessment, the Group will consider the transaction as a whole, taking into account both qualitative and quantitative characteristics in order to make the assessment.
(t) Trade payables
Trade payables are initially measured at fair value and are subsequently measured at amortised cost, using the effective interest rate method.
(u) Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs.
(v) Dividends
Interim dividend distributions to shareholders are recognised in the financial statements when paid. Final dividend distributions to the Company's shareholders are recognised as a liability in the consolidated financial information in the period in which the dividends are approved by the shareholders. The final dividend relating to the year ended 31 March 2025 will be approved and recognised in the financial year ending 31 March 2026.
(w) Business combinations
(i) Subsidiary undertakings
Business combinations are accounted for using the acquisition method at the acquisition date, which is the date on which control is transferred to the Group. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. In assessing control, the Group takes into consideration potential voting rights that currently are exercisable, as well as other factors including Board representation. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control passes.
(ii) Associates
Associates are those entities over which the Group has significant influence, but which are not subsidiary undertakings or joint ventures. The results and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Group's share of the net assets of the associate, less any impairment in the value of individual investments.
(x) Non-IFRS measures
Further details on non-IFRS measures can be found in the Annex 1 section of the financial statements.
(i) EPRA measures
The Directors have chosen to disclose EPRA earnings, EPRA net asset value metrics and EPRA loan to value, which are widely used alternative metrics to their IFRS equivalents (further details on EPRA best practice recommendations can be found at www.epra.com). Note 11 includes a reconciliation of basic and diluted earnings to EPRA earnings. Note 12 includes a reconciliation of net assets to EPRA net asset value metrics. Note 24 includes a calculation of EPRA loan to value ratio.
(ii) Earnings disclosure required by the JSE Limited
The Directors are required, as part of the JSE Listings Requirements, to disclose headline earnings; in order to provide an alternative indication of the Group's underlying business performance. Headline earnings are calculated in accordance with the circular titled Headline Earnings issued by SAICA, as amended from time to time. Note 11 includes a reconciliation between IFRS and headline earnings.
(iii) Other earnings disclosures
The Directors have chosen to disclose funds from operations in order to provide an alternative indication of the Group's underlying business performance and to facilitate the calculation of its dividend pool; a reconciliation between profit or loss after tax and funds from operations is included within note 4.
The Directors have chosen to no longer disclose adjusted earnings and adjusted profit after tax as an alternative performance measure because they concluded that these performance measures do not provide relevant information that best represents the Group's financial position and its operating and strategic priorities. The primary focus is on the performance measures mentioned under policy note (x) which provide transparent and accurate reflection of the Group's financial performance and are widely used and recognised across the industry.
By streamlining disclosures, the Directors aim to align reporting practices with industry standards and regulatory expectations, ensuring that investors and analysts can assess the Company's financial position without reliance on supplemental metrics.
This decision is also in line with the Company's commitment to providing clear, concise, and relevant financial information that best represents its operational and strategic priorities.
3. Critical accounting judgements, key and other sources of estimation uncertainty
Critical accounting judgements
In the process of applying the Group's accounting policies, which are described in note 2, the Directors have made the following judgements that have the most significant effect on the amounts recognised in the financial information:
Acquisition and disposal of properties
Property transactions can be complex in nature and material to the financial statements. To determine when an acquisition or disposal should be recognised, management considers whether the Group assumes or relinquishes control of the property, and the point at which this is obtained or relinquished. Consideration is given to the terms of the acquisition or disposal contracts and any conditions that must be satisfied before the contract is fulfilled. In the case of an acquisition, management must also consider whether the transaction represents an asset acquisition or business combination.
Key sources of estimation uncertainty
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:
Valuation of investment properties (including those recognised within assets held for sale)
The fair value of the Group's owned investment properties was determined by Cushman & Wakefield LLP (2024: Cushman & Wakefield LLP), an independent valuer.
The Cushman & Wakefield LLP valuation approach is explained in note 13.
As a result of the level of estimation used in arriving at the market valuations, the amounts which may ultimately be realised in respect of any given property may differ from the valuations shown on the statement of financial position. Refer to note 13 for further information, including sensitivity analysis.
Other sources of estimation uncertainty
The following areas of estimation uncertainty are not presented to comply with the requirements of paragraph 125 of IAS 1 as it is not expected there is a risk of a material adjustment to the carrying amount of assets and liabilities within the next financial year. They are presented as additional disclosure of estimates used in the accounts.
Sustainability
In preparing the financial statements, management considered the impact of climate change, taking into account the relevant disclosures in the Strategic report, including those made in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures. The Group also considered the work performed to date in preparing its potential net zero pathway for the German portfolio to 2045 based on the Carbon Risk Real Estate Monitor ("CRREM") methodology, the leading global standard for operational decarbonisation of real estate assets, and in line with the Science Based Target initiative ("SBTi") and the Energy Performance Certificate ("EPC") regulatory requirements for the UK. These considerations included a limited exposure in relation to the investment properties, based on the current climate-related requirements. On this basis, the Directors concluded that climate change did not have a material impact on the financial reporting judgements and estimates for the period, consistent with this assessment this is not expected to have a significant impact on the Group's going concern of viability assessment.
4. Operating segments
Information on each segment, which are considered to be each geographical location, is provided to the chief operating decision maker, namely the Company Board of Directors and the Executive Committee members.
These are considered reportable segments with similar economic characteristics - which the Directors consider is best achieved by aggregating into German properties and UK properties.
Further disaggregation of the investment properties is disclosed in note 13 owing to the range in values of key inputs and assumptions underpinning the property valuation.
There are no sales between reportable segments. There is no single tenant that makes up more than 10% of a reportable segment's revenue or Group revenue.
The Directors have enhanced the information provided in the reportable segment disclosure this year in to better reflect the information provided to the Board on the underlying operating segments and to provide further information on material elements of those segments. The comparative information has been amended to be consistent with the information provided this year. This has resulted in the segment results now including disaggregation of direct costs, employee costs per segment and a reconciliation from segment profit/(loss) after tax to FFO.
From these additional enhancements there is no change to the segment profit for Germany and the UK.
| | Year ended 31 March 2025 | | Year ended 31 March 2024 | ||||
|
| Germany €m | UK €m | Total €m |
| Germany €m | UK €m | Total €m |
| Rental income from investment properties | 134.1 | 47.8 | 181.9 |
| 127.6 | 37.4 | 165.0 |
| Total rental income | 134.1 | 47.8 | 181.9 |
| 127.6 | 37.4 | 165.0 |
| Other income from investment properties | 8.6 | 3.3 | 11.9 | | 3.9 | 0.9 | 4.8 |
| Service charge income from investment properties | 71.1 | 33.3(1) | 104.4 | | 73.4 | 25.9 | 99.3 |
| Other income from managed properties | 5.5 | - | 5.5 | | 4.6 | - | 4.6 |
| Service charge income from managed properties | 13.8 | - | 13.8 |
| 15.1 | - | 15.1 |
| Total revenue from contracts with customers | 99.0 | 36.6 | 135.6 |
| 97.0 | 26.8 | 123.8 |
| Revenue | 233.1 | 84.4 | 317.5 |
| 224.6 | 64.2 | 288.8 |
| Service charge costs relating to investment properties | (81.4) | (25.8) | (107.2) | | (78.8) | (20.8) | (99.6) |
| Costs relating to managed properties | (15.2) | - | (15.2) | | (16.3) | - | (16.3) |
| Non-recoverable maintenance costs | (4.3) | (4.1) | (8.4) |
| (4.2) | (2.9) | (7.1) |
| Direct costs | (100.9) | (29.9) | (130.8) |
| (99.3) | (23.7) | (123.0) |
| Net operating income | 132.2 | 54.5 | 186.7 |
| 125.3 | 40.5 | 165.8 |
| Gain/(loss) on revaluation of investment properties | 86.2 | (6.8) | 79.4 | | 40.8 | (28.6) | 12.2 |
| (Loss)/gain on disposal of properties | (0.1) | 1.7 | 1.6 | | 0.9 | (0.0) | 0.9 |
| Movement in expected credit loss provision | (0.2) | (0.1) | (0.3) | | 0.9 | (0.0) | 0.9 |
| Employee costs | (13.9) | (8.0) | (21.9) | | (18.6) | (5.2) | (23.8) |
| Depreciation and amortisation | (3.7) | (1.8) | (5.5) | | (4.1) | (1.0) | (5.1) |
| Other administrative expenses | (19.2) | (7.3) | (26.5) | | (16.3) | (4.5) | (20.8) |
| Share of profit of associates | 2.4 | - | 2.4 |
| 0.6 | - | 0.6 |
| Operating profit | 183.7 | 32.2 | 215.9 |
| 129.5 | 1.2 | 130.7 |
| Bank interest income | 10.9 | 0.8 | 11.7 | | 3.3 | 1.1 | 4.4 |
| Finance income from associates | 2.2 | - | 2.2 | | 2.2 | - | 2.2 |
| Amortisation of capitalised finance costs | (3.3) | - | (3.3) | | (3.5) | - | (3.5) |
| Other finance expense | (20.6) | (4.3) | (24.9) | | (13.0) | (4.3) | (17.3) |
| Change in fair value of derivative financial instruments | - | - | - |
| (1.3) | - | (1.3) |
| Net finance expense | (10.8) | (3.5) | (14.3) |
| (12.3) | (3.2) | (15.5) |
| Segment profit/(loss) before tax | 172.9 | 28.7 | 201.6 |
| 117.2 | (2.0) | 115.2 |
| Taxation | (22.6) | (0.8) | (23.4) |
| (7.1) | (0.2) | (7.3) |
| Segment profit/(loss) after tax | 150.3 | 27.9 | 178.2 |
| 110.1 | (2.2) | 107.9 |
(1) Includes €26.2m (2024: €21.4m) that is an apportionment of the UK inclusive rent amount that the Directors consider to represent the income related to property expenses that would be recovered via a service charge mechanism in a traditional lease arrangement, in accordance with Group accounting policies.
The following table shows the reconciliation from segment profit or loss after tax with funds from operations by segment:
| | Year ended 31 March 2025 | | Year ended 31 March 2024 | ||||
|
| Germany €m | UK €m | Total €m |
| Germany €m | UK €m | Total €m |
| Segment profit/(loss) for the year after tax | 150.3 | 27.9 | 178.2 | | 110.1 | (2.2) | 107.9 |
| Adjustments for: | | | | | | | |
| Gain on revaluation of investment properties | (86.2) | 6.8 | (79.4) | | (40.8) | 28.6 | (12.2) |
| Adjustment in respect of long-term leasehold liabilities | (1.3) | - | (1.3) | | (0.9) | - | (0.9) |
| Gain of disposals of properties | 0.1 | (1.7) | (1.6) | | (0.9) | 0.0 | (0.9) |
| (Gain)/loss on revaluation of investment property from associates and related tax | (0.1) | - | (0.1) | | 1.6 | - | 1.6 |
| Other expenses not included in FFO | 0.6 | - | 0.6 | | 0.9 | - | 0.9 |
| Share-based payments | 6.5 | - | 6.5 | | 5.0 | - | 5.0 |
| Change in fair value of financial derivatives | - | - | - | | 1.3 | - | 1.3 |
| Foreign exchange effects | (4.1) | - | (4.1) | | (3.4) | - | (3.4) |
| Depreciation and amortisation (excluding depreciation relating to IFRS 16) | 2.2 | 1.5 | 3.7 | | 2.3 | 1.0 | 3.3 |
| Amortisation of financing fees | 3.3 | - | 3.3 | | 3.5 | - | 3.5 |
| Adjustment in respect of IFRS 16 | 0.8 | 0.0 | 0.8 | | 0.6 | - | 0.6 |
| Add back total deferred tax | 16.8 | (0.2) | 16.6 | | 2.5 | - | 2.5 |
| Add back current tax relating to disposals | - | - | - |
| 1.0 | - | 1.0 |
| Funds from operations | 88.9 | 34.3 | 123.2 |
| 82.8 | 27.4 | 110.2 |
For more information on funds from operations, refer to Annex 1.
| | 31 March 2025 | | 31 March 2024 | ||||
|
| Germany €m | UK €m | Total €m |
| Germany €m | UK €m | Total €m |
| Segment assets | | | | | | | |
| Investment properties | 1,899.1 | 589.0 | 2,488.1 | | 1,735.0 | 475.6 | 2,210.6 |
| Investment in associates | 26.1 | - | 26.1 | | 25.2 | - | 25.2 |
| Other non-current assets(1) | 21.1 | 9.2 | 30.3 |
| 20.8 | 2.9 | 23.7 |
| Total segment non-current assets | 1,946.3 | 598.2 | 2,544.5 |
| 1,781.0 | 478.5 | 2,259.5 |
(1) Consists of plant and equipment, intangible assets and right of use assets.
5. Revenue
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Rental income from investment properties | 181.9 | 165.0 |
| Total rental income | 181.9 | 165.0 |
| Other income from investment properties | 11.9 | 4.8 |
| Service charge income from investment properties(1) | 104.4 | 99.3 |
| Other income from managed properties | 5.5 | 4.6 |
| Service charge income from managed properties | 13.8 | 15.1 |
| Total revenue from contracts with customers | 135.6 | 123.8 |
| Revenue | 317.5 | 288.8 |
(1) Includes €26.2m (2024: €21.4m) that is an apportionment of the UK inclusive rent amount that the Directors consider to represent the income related to property expenses that would be recovered via a service charge mechanism in a traditional lease arrangement, in accordance with Group accounting policies.
The Group manages properties for its associate. As part of this, service charge income from managed properties is generated which relates to costs the Group incur to provide the associate with necessary services.
A reconciliation of the revenue from contracts with customers by segment is disclosed in the segment information (see note 4).
6. Operating profit
The following items have been charged in arriving at operating profit:
Direct costs
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Service charge costs relating to investment properties | 107.2 | 99.6 |
| Costs relating to managed properties | 15.2 | 16.3 |
| Non-recoverable maintenance costs | 8.4 | 7.1 |
| Direct costs | 130.8 | 123.0 |
Administrative expenses
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Audit and non-audit fees to audit firm | 2.3 | 1.4 |
| Legal and professional fees | 8.9 | 5.5 |
| Other administration costs | 4.8 | 4.1 |
| Share-based payments | 6.5 | 5.0 |
| Employee costs | 21.9 | 23.8 |
| Director fees and expenses | 0.7 | 0.7 |
| Depreciation of plant and equipment (see note 14) | 2.4 | 1.8 |
| Amortisation of intangible assets (see note 15) | 1.3 | 1.5 |
| Depreciation of right of use assets (see note 16) | 1.8 | 1.8 |
| Marketing | 2.7 | 3.2 |
| Other expenses not included in FFO(1) | 0.6 | 0.9 |
| Administrative expenses | 53.9 | 49.7 |
(1) This is legal case costs relating to the legal case mentioned in note 21.
Other administration costs include net foreign exchange gains of €4.1m as a result of increasing British pound sterling ("GBP") rates throughout the year (2024: €3.4m gain as a result of increasing GBP rate throughout the year).
Other expenses not included in FFO are items outside the normal course of business and therefore have been identified as expenses not included in the FFO calculation (see note 4).
Audit fees and non-audit fees to audit firm
The following services have been provided by the Group's auditor:
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Audit fees to audit firm: | | |
| Audit of consolidated financial statements | 1.2 | 1.0 |
| Audit of subsidiary undertakings | 0.3 | 0.3 |
| Total audit fees | 1.5 | 1.3 |
| Audit related assurance services | 0.8 | 0.1 |
| Total fees for non-audit services | 0.8 | 0.1 |
| Total fees | 2.3 | 1.4 |
7. Employee costs and numbers
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Wages and salaries(1) | 33.3 | 28.9 |
| Social security costs | 5.1 | 5.0 |
| Defined contribution pension scheme | 0.4 | 0.4 |
| Share-based payments(1) | 6.5 | 5.0 |
| Other employment costs | 0.9 | 0.9 |
| Total | 46.2 | 40.2 |
(1) To conform to the current year presentation, the share-based payments has been shown as a separate line and this is a reallocation from wages and salaries for the year ended 31 March 2024.
All employees are employed directly by one of the following Group subsidiary companies: Sirius Facilities GmbH, Curris Facilities & Utilities Management GmbH, SFG NOVA GmbH, Sirius Renewable Energy GmbH, Sirius Finance (Cyprus) Limited, BizSpace Limited, BizSpace II Limited, M25 Business Centres Limited and Sirius Corporate Services B.V. The average number of people employed by the Group during the year was 459 (2024: 428), expressed in full-time equivalents. In addition, as at 31 March 2025, the Board of Directors consists of six Non-Executive Directors (2024: six) and two Executive Directors (2024: two).
8. Equity-settled share-based payments
LTIP
The LTIP is for the benefit of the Executive Directors and the Senior Management Team. Awards granted under the LTIP are made in the form of nil-cost options which vest after the three year performance period with vested awards being subject to a further restricted period of two years when shares acquired on exercise cannot be sold. Awards are subject to adjusted net asset value per share ("TNR") (two-thirds of award) and relative total shareholder return ("TSR") (one-third of award) performance conditions. Awards are equity settled. The employees' tax obligation will be determined upon the vesting date of the share issue.
The following assumptions were used in calculating the fair value per share for the TNR and TSR elements of the awards that were granted during the current and prior reporting periods:
| | June 2023 | | September 2023 | | July 2024 | |||
|
| TNR | TSR |
| TNR | TSR |
| TNR | TSR |
| Valuation methodology | Black- Scholes | Monte- Carlo | | Black- Scholes | Monte- Carlo | | Black- Scholes | Monte- Carlo |
| Calculation for | 2/3 ordinary award | 1/3 ordinary award | | 2/3 ordinary award | 1/3 ordinary award | | 2/3 ordinary award | 1/3 ordinary award |
| Total charge for the award - €m | 2.9 | | 0.8 | | 6.6 | |||
| Expected lapse rate | 0% | 0% | | 0% | 0% | | 0% | 0% |
| Share price at grant date - € | 1.04 | 1.04 | | 1.03 | 1.03 | | 1.13 | 1.13 |
| Exercise price - € | nil | nil | | nil | nil | | nil | nil |
| Expected volatility - %(1) | 32.7 | 32.7 | | 31.4 | 31.4 | | 30.5 | 30.5 |
| Expected life - years | 2.97 | 2.97 | | 2.68 | 2.68 | | 2.82 | 2.82 |
| Performance projection period - years | 2.81 | 2.81 | | 2.52 | 2.52 | | 2.55 | 2.55 |
| Expected dividend yield - % | 5.52 | 5.52 | | 5.47 | 5.47 | | nil (5) | nil (5) |
| Risk-free rate based on European treasury bonds rate of return - % | 2.65 p.a. | 2.65 p.a. | | 3.05 p.a. | 3.05 p.a. | | 2.53 p.a. | 2.53 p.a. |
| Fair value per share - € | 0.88 (2) | 0.59 (3) | | 0.89 (2) | 0.71 (3) | | 1.13(2), (6) | 0.62(3), (6) |
| Weighted average fair value of share - €(4) | 0.77 |
| 0.83 |
| 0.96 | |||
| Number of share awards granted | 2,462,171 | 1,231,086 |
| 604,001 | 302,001 |
| 4,598,315 | 2,299,158 |
(1) Expected volatility of the Company's share price was determined by calculating the historical volatility of the Company's share price over the period immediately prior to the date of grant, commensurate with the term to the end of the performance period.
(2) In accordance with IFRS 2 Share-based Payment ("IFRS 2"), TNR is classed as a non-market performance condition. As such, the fair value has been calculated using a Black-Scholes model and does not take the expected outcome of the performance condition into account. The Company currently estimates the expected vesting outcome for the TNR award to be 100%.
(3) In accordance with IFRS 2, relative TSR is classed as a market-based performance condition. As such, projected performance and the likelihood of achieving the condition have been taken into account when calculating the fair value using a Monte-Carlo model. The model also uses assumptions for the expected volatility of comparator companies, the pairwise correlation between comparator companies and TSR performance between the start of the performance period and the date of grant.
(4) Charges for the awards are based on fair values calculated at the grant date and expensed on a straight-line basis over the period that individuals are providing service to the Group in respect of the awards.
(5) The dividend yield has been set to nil as there is an intention to pay dividend equivalents on the awards granted in July 2024.
(6) The fair value for the awards backs out the impact of the 100% of maximum vesting schedule for these awards by scaling back the vesting schedule by 1.33. This fair value is then applied to the total number of awards (including the multiplier).
SIP
A SIP for the benefit of senior employees was approved in 2021. Awards granted under the SIP are made in the form of a conditional right to receive a specified number of shares for nil cost which vest after the three year performance period with vested awards being subject to a further restricted period of one year when shares cannot be sold. Awards are subject to TNR (two-thirds of award) and relative TSR (one-third of award) performance conditions. Awards are equity settled. The employees' tax obligation will be determined upon the vesting date of the share issue.
The following assumptions were used in calculating the fair value per share for the TNR and TSR elements of the awards that were granted:
| | June 2023 (UK) | | June 2023 | | September 2023 | |||
|
| TNR | TSR |
| TNR | TSR |
| TNR | TSR |
| Valuation methodology | Black-Scholes | Monte-Carlo | | Black-Scholes | Monte-Carlo | | Black-Scholes | Monte-Carlo |
| Calculation for | 2/3 ordinary award | 1/3 ordinary award | | 2/3 ordinary award | 1/3 ordinary award | | 2/3 ordinary award | 1/3 ordinary award |
| Total charge for the award - €m | 1.5 | | 0.4 | | 0.4 | |||
| Expected lapse rate | 0% | 0% | | 0% | 0% | | 0% | 0% |
| Share price at grant date - € | 1.04 | 1.04 | | 1.04 | 1.04 | | 1.03 | 1.03 |
| Exercise price - € | n/a | n/a | | n/a | n/a | | n/a | n/a |
| Expected volatility - %(1) | 32.7 | 32.7 | | 32.7 | 32.7 | | 31.3 | 31.3 |
| Expected life - years | 3.73 | 3.73 | | 2.97 | 2.97 | | 3.49 | 3.49 |
| Performance projection period - years | 2.81 | 2.81 | | 2.81 | 2.81 | | 2.57 | 2.57 |
| Expected dividend yield - % | 5.52 | 5.52 | | 5.52 | 5.52 | | 5.60 | 5.60 |
| Risk-free rate based on European treasury bonds rate of return - % | 2.65 p.a. | 2.65 p.a. | | 2.65 p.a. | 2.65 p.a. | | 2.82 p.a. | 2.82 p.a. |
| Fair value per share - € | 0.85 (2) | 0.56(3) | | 0.88 (2) | 0.60(3) | | 0.85 (2) | 0.6 5(3) |
| Weighted average fair value of share - €(4) | 0.77 |
| 0.77 |
| 0.78 | |||
| Number of share awards granted | 1,333,333 | 666,667 |
| 333,333 | 166,667 |
| 426,667 | 213,333 |
| | July 2024 | | July 2024 (UK) | | July 2024 (UK align) | |||
|
| TNR | TSR |
| TNR | TSR |
| TNR | TSR |
| Valuation methodology | Black-Scholes | Monte-Carlo | | Black-Scholes | Monte-Carlo | | Black- Scholes | Monte- Carlo |
| Calculation for | 2/3 ordinary award | 1/3 ordinary award | | 2/3 ordinary award | 1/3 ordinary award | | 2/3 ordinary award | 1/3 ordinary award |
| Total charge for the award - €m | 3.8 | | 2.3 | | 0.5 | |||
| Expected lapse rate | 0% | 0% | | 0% | 0% | | 0% | 0% |
| Share price at grant date - € | 1.13 | 1.13 | | 1.13 | 1.13 | | 1.13 | 1.13 |
| Exercise price - € | n/a | n/a | | n/a | n/a | | n/a | n/a |
| Expected volatility - %(1) | 30.5 | 30.5 | | 30.5 | 30.5 | | 30.5 | 30.5 |
| Expected life - years | 2.92 | 2.92 | | 3.59 | 3.59 | | 1.59 | 1.59 |
| Performance projection period - years | 2.55 | 2.55 | | 2.55 | 2.55 | | 0.55 | 0.55 |
| Expected dividend yield - % | nil (5) | nil (5) | | nil (5) | nil (5) | | nil (5) | nil (5) |
| Risk-free rate based on European treasury bonds rate of return - % | 2.53 p.a. | 2.53 p.a. | | 2.53 p.a. | 2.53 p.a. | | 3.14 p.a. | 3.14 p.a. |
| Fair value per share - € | 1.13 (2),(6) | 0.70 (3),(6) | | 1.13 (2),(6) | 0.62 (3),(6) | | 1.13 (2),(6) | 0.94 (3),(6) |
| Weighted average fair value of share - €(4) | 0.99 |
| 0.96 |
| 1.07 | |||
| Number of share awards granted | 2,569,333 | 1,284,667 |
| 1,573,833 | 786,917 |
| 320,000 | 160,000 |
(1) Expected volatility of the Company's share price was determined by calculating the historical volatility of the Company's share price over the period immediately prior to the date of grant, commensurate with the term to the end of the performance period.
(2) In accordance with IFRS 2, TNR is classed as a non-market performance condition. As such, the fair value has been calculated using a Black-Scholes model and does not take the expected outcome of the performance condition into account. The Company currently estimates the expected vesting outcome for the TNR award to be 100%.
(3) In accordance with IFRS 2, relative TSR is classed as a market-based performance condition. As such, projected performance and the likelihood of achieving the condition have been taken into account when calculating the fair value using a Monte-Carlo model. The model also uses assumptions for the expected volatility of comparator companies, the pairwise correlation between comparator companies and TSR performance between the start of the performance period and the date of grant.
(4) Charges for the awards are based on fair values calculated at the grant date and expensed on a straight-line basis over the period that individuals are providing service to the Group in respect of the awards.
Deferred Bonus Plan
The Deferred Bonus Plan ("DBP") is subject to rules approved by the Board and to the Directors' Remuneration Policy (approved by shareholders triennially) for Executive Directors of Sirius Real Estate Limited and two members of the Senior Management Team within the Group.
The participants are subject to annual performance bonus conditions and objectives to be agreed by the Remuneration Committee as disclosed in the Annual Report in the Remuneration report. At the end of the applicable financial year, and on receipt of an annual performance bonus, as determined by the Remuneration Committee, 50% or 65% depending on the participants are awarded as cash with the remainder transferred into shares in the Company. Of the remaining 50% or 35% for certain participants to be transferred in shares, half is deferred for one year and the remaining half is deferred for two years.
Share-based payments expense
The following table analyses the total share-based payments expense recognised in the consolidated income statement between each plan:
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| LTIP | 3.2 | 2.5 |
| SIP | 2.4 | 1.5 |
| DBP | 0.9 | 1.0 |
| Total | 6.5 | 5.0 |
An amount of €6.5m (2024: €5.0m) is recognised in other reserves as per the consolidated statement of changes in equity. In addition, an amount of €3.8m (2024: €2.2m) has been paid for participants' tax liabilities in relation to share-based payment plans.
Number of share awards and vesting
Movements in the number of awards outstanding are as follows:
|
| Year ended 31 March 2025 Number of share awards | Year ended 31 March 2024 Number of share awards |
| Balance outstanding as at the beginning of the year (nil exercisable) | 19,260,260 | 14,478,647 |
| Maximum granted during the year | 14,505,055 | 9,410,131 |
| Forfeited during the year | (861,044) | (1,218,500) |
| Exercised during the year | (3,531,554) | (2,059,541) |
| Shares surrendered to cover employee tax obligations | (2,835,123) | (1,350,477) |
| Expired during the year | (1,395,387) | - |
| Balance outstanding as at year end (nil exercisable) | 25,142,207 | 19,260,260 |
The weighted average remaining contractual life for the share awards outstanding as at year end was 1.43 years (2024: 1.42 years). The exercise price for share awards exercised during the reporting period and outstanding as at year end was €nil (2024: €nil).
The following table details the vesting of share awards between each plan:
| | Year ended 31 March 2025 | | Year ended 31 March 2024 | ||||||
|
| LTIP | SIP | DBP | Total |
| LTIP | SIP | DBP | Total |
| Shares exercised | 1,482,979 | 1,792,827 | 255,748 | 3,531,554 | | 1,859,000 | - | 200,541 | 2,059,541 |
| Weighted average share price - € | 1.18 | 1.13 | 1.18 | 1.15 | | 1.02 | - | 1.02 | 1.02 |
| Shares surrendered to cover employee tax obligations | 1,291,178 | 1,321,479 | 222,466 | 2,835,123 | | 1,241,000 | - | 109,477 | 1,350,477 |
| Amount paid for the participants' tax liabilities - €m | 1.6 | 1.9 | 0.3 | 3.8 |
| 2.1 | - | 0.1 | 2.2 |
9. Finance income, finance expense and change in fair value of derivative financial instruments
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Bank interest income | 11.7 | 4.4 |
| Finance income from associates | 2.2 | 2.2 |
| Finance income | 13.9 | 6.6 |
| Bank loan interest expense | (23.5) | (15.9) |
| Interest expense related to lease liabilities (see note 16) | (1.1) | (1.1) |
| Amortisation of capitalised finance costs | (3.3) | (3.5) |
| Total interest expense | (27.9) | (20.5) |
| Bank charges | (0.3) | (0.3) |
| Other finance costs | (0.3) | (0.3) |
| Finance expense | (28.2) | (20.8) |
| Change in fair value of derivative financial instruments | - | (1.3) |
| Net finance expense | (14.3) | (15.5) |
10. Taxation
Consolidated income statement
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Current income tax | | |
| Current income tax charge | (5.8) | (3.7) |
| Current income tax charge relating to disposals of investment properties | - | (1.0) |
| Adjustments in respect of prior periods | (1.0) | (0.1) |
| Total current income tax | (6.8) | (4.8) |
| Deferred tax | | |
| Relating to origination and reversal of temporary differences | (20.7) | (2.5) |
| Relating to recognition of deferred tax assets on tax losses | 4.1 | - |
| Total deferred tax | (16.6) | (2.5) |
| Income tax charge reported in the income statement | (23.4) | (7.3) |
The German corporation tax rate of 15.825% is used in the tax reconciliation for the Group. Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction.
The reconciliation of the effective tax rate is explained below:
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Profit before tax | 201.6 | 115.2 |
| Current tax using the German corporation tax rate of 15.825% (2024: 15.825%) | 31.9 | 18.2 |
| Effects of: | | |
| Deductible interest on internal financing(1) | (4.9) | (5.3) |
| Tax exempt (gain)/loss from selling of investments and dividends(2) | (0.4) | 0.2 |
| Non-deductible expenses(3) | 1.0 | 0.5 |
| Change in unrecognised deferred tax - tax effect of utilisation of tax losses not previously recognised(4) | (3.8) | (8.5) |
| Adjustments in respect of prior periods | 1.0 | 0.1 |
| German trade tax | 0.6 | 0.2 |
| Tax exempt income under REIT regime(5) | (6.0) | 1.8 |
| Difference in foreign tax rates(6) | 4.0 | 0.1 |
| Total income tax charge in the income statement | 23.4 | 7.3 |
(1) Deductible interest on internal financing relates to the tax effect for the group regarding the intra-group financing, specifically to the interest expense treated as tax-deductible in Germany and the interest income treated as taxable in Cyprus.
(2) The dividend income received by the Group is tax exempt. In the prior year, tax has been due on a restructuring within the Group.
(3) Non-deductible expenses include inter alia adviser and corporate fees as well as depreciation.
(4) Going forward, the Group expects income from residual business activities which are not exempt under the REIT regime. It has therefore recognised a deferred tax asset on available tax losses in the UK. Due to adjustments of available tax losses in course of tax audits, the amount of unrecognised tax losses has decreased within the financial year.
(5) The income from property rental business and profits from disposal of assets generated by BizSpace Group are exempt from UK tax due to the UK REIT regime.
(6) As the UK corporation tax rate at 31 March 2025 was 25% (2024: 25%), this item shows the difference between this rate and the German corporation tax rate of 15.825% used in the above reconciliation.
Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities are attributable to the following:
| | Consolidated statement | | Consolidated income statement | ||
|
| 31 March 2025 €m | 31 March 2024 €m |
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Revaluation of owned investment property | (126.7) | (107.3) | | (19.4) | (7.8) |
| Lease incentives | (0.7) | (0.7) | | (0.0) | 0.0 |
| Fixed asset temporary differences | 0.1 | (0.0) | | 0.1 | 0.1 |
| Effects of derivative financial instruments | - | - | | - | 0.2 |
| Lease liabilities resulting from IFRS 16 | 3.3 | 3.6 | | (0.3) | (0.3) |
| Right of use assets in accordance to IFRS 16 | (3.0) | (3.4) | | 0.4 | 0.4 |
| Recognised tax losses offset against temporary differences | 23.6 | 25.1 | | (1.4) | 4.9 |
| Losses available for offsetting against future taxable income | 4.1 | - |
| 4.0 | - |
| Deferred tax expense |
|
|
| (16.6) | (2.5) |
| Net deferred tax liabilities | (99.3) | (82.7) | | | |
| Reflected in the consolidated statement of financial position: | | | | | |
| Deferred tax assets | 4.1 | - | | | |
| Deferred tax liabilities | (103.4) | (82.7) |
| | |
Within the current year a deferred tax asset of €4.1m on available tax losses has been recognised in regard to the UK business. The Group expects profits within future periods which do not benefit from the REIT exemptions and will be set off against the available carried forward losses.
The Group has not recognised a deferred tax asset on €104.8m (2024: €191.2m) of tax losses carried forward and future share scheme deductions as it is not considered probable that future profits will be available to offset the deferred tax asset against. There is no expiration date on the losses and future share scheme tax deductions will convert to tax losses on realisation.
A change in ownership of the Group may result in restriction on the Group's ability to use tax losses in certain tax jurisdictions.
A deferred tax liability is recognised on temporary differences of €nil (2024: €nil) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
The following is the analysis of the deferred tax balances (after offset) by jurisdiction:
| | Assets | | Liabilities | | Net | |||
|
| 31 March 2025 €m | 31 March 2024 €m |
| 31 March 2025 €m | 31 March 2024 €m |
| 31 March 2025 €m | 31 March 2024 €m |
| UK | 4.1 | - | | - | - | | 4.1 | - |
| Germany | 27.0 | 28.7 | | (130.4) | (111.4) | | (103.4) | (82.7) |
| Cyprus | - | - |
| - | - |
| - | - |
| Deferred tax assets/(liabilities) | 31.1 | 28.7 |
| (130.4) | (111.4) |
| (99.3) | (82.7) |
The deferred tax asset in Germany refers to the available tax losses which are set off against temporary differences and therefore reduce the deferred tax charge and future taxable charges.
Current tax assets and liabilities
The following is the analysis of the current tax balances (after offset) by jurisdiction:
| | Assets | | Liabilities | | Net | |||
|
| 31 March 2025 €m | 31 March 2024 €m |
| 31 March 2025 €m | 31 March 2024 €m |
| 31 March 2025 €m | 31 March 2024 €m |
| UK | - | - | | (1.1) | - | | (1.1) | - |
| Germany | - | - | | (5.4) | (6.5) | | (5.4) | (6.5) |
| Cyprus | - | - |
| (0.5) | (0.5) |
| (0.5) | (0.5) |
| Current tax liabilities | - | - |
| (7.0) | (7.0) |
| (7.0) | (7.0) |
11. Earnings per share
The calculations of the basic, diluted, EPRA and headline earnings per share are based on the following data:
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Earnings attributable to the owners of the Company | | |
| Basic earnings | 178.1 | 107.8 |
| Diluted earnings | 178.1 | 107.8 |
| EPRA earnings | 117.7 | 101.1 |
| Diluted EPRA earnings | 117.7 | 101.1 |
| Headline earnings | 117.7 | 100.0 |
| Diluted headline earnings | 117.7 | 100.0 |
| Number of shares | | |
| Weighted average number of ordinary shares for the purpose of basic, EPRA and headline earnings per share | 1,460,013,616 | 1,231,991,541 |
| Weighted average effect of grant of share awards | 22,132,071 | 17,508,879 |
| Weighted average number of ordinary shares for the purpose of diluted earnings, diluted EPRA earnings and diluted headline earnings per share | 1,482,145,687 | 1,249,500,420 |
| Earnings per share | | |
| Basic earnings per share | 12.20c | 8.75c |
| Diluted earnings per share | 12.02c | 8.63c |
| EPRA earnings per share | 8.06c | 8.21c |
| Diluted EPRA earnings per share | 7.94c | 8.10c |
| Headline earnings per share | 8.06c | 8.12c |
| Diluted headline earnings per share | 7.94c | 8.01c |
For the calculation of basic, headline, EPRA and diluted earnings per share the number of shares does not include 7,743,647 own shares held (2024: 7,292,222 shares), which are held by an Employee Benefit Trust on behalf of the Group.
EPRA earnings
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Basic and diluted earnings attributable to owners of the Company | 178.1 | 107.8 |
| Deduct gain on revaluation of investment properties | (79.4) | (12.2) |
| (Deduct gain)/add loss on disposal of properties (net of related tax) | (1.6) | 0.1 |
| Change in fair value of derivative financial instruments | - | 1.3 |
| Deferred tax in respect of EPRA earnings adjustments | 20.6 | 2.5 |
| NCI relating to revaluation (net of related tax) | 0.1 | 0.0 |
| NCI relating to gain on disposal of properties (net of related tax) | 0.0 | 0.0 |
| (Deduct gain)/add loss on revaluation of investment property from associates | (0.8) | 1.6 |
| Tax in relation to the revaluation gains/losses on investment property from associates | 0.7 | (0.0) |
| EPRA earnings | 117.7 | 101.1 |
For more information on EPRA earnings refer to Annex 1.
Headline earnings
The following table shows the reconciliation of basic to headline earnings, separately disclosing the impact before tax (gross column) and after tax (net column):
| | Year ended 31 March 2025 | | Year ended 31 March 2024 | ||
|
| Gross €m | Net €m |
| Gross €m | Net €m |
| Basic and dilute earnings attributable to owners of the Company | | 178.1 | | | 107.8 |
| Deduct gain on revaluation of investment properties | (79.4) | (58.8) | | (12.2) | (9.5) |
| (Deduct gain)/add loss on disposal of properties | (1.6) | (1.6) | | (0.9) | 0.1 |
| NCI relating to revaluation | 0.1 | 0.1 | | 0.0 | 0.0 |
| NCI relating to gain on disposal of properties | 0.0 | 0.0 | | 0.0 | 0.0 |
| (Deduct gain)/add loss on revaluation of investment property from associates | (0.8) | (0.1) |
| 1.6 | 1.6 |
| Headline earnings |
| 117.7 |
|
| 100.0 |
12. Net asset value per share
|
| 31 March 2025 €m | 31 March 2024 €m |
| Net asset value | | |
| Net asset value for the purpose of assets per share (total equity attributable to the owners of the Company) | 1,688.9 | 1,407.3 |
| Net deferred tax liabilities (see note 10) | 99.3 | 82.7 |
| Adjusted net asset value attributable to the owners of the Company | 1,788.2 | 1,490.0 |
| Number of shares | | |
| Number of ordinary shares for the purpose of net asset value per share and adjusted net asset value per share | 1,504,113,743 | 1,340,848,147 |
| Effect of grant of share awards | 25,142,207 | 19,260,260 |
| Number of ordinary shares for the purpose of EPRA NRV, NTA and NDV per share | 1,529,255,950 | 1,360,108,407 |
| Net asset value per share | 112.29c | 104.96c |
| Adjusted net asset value per share | 118.89c | 111.12c |
The number of shares does not include 7,743,647 shares own shares held (2024: 7,292,222 shares), which are held by an Employee Benefit Trust on behalf of the Group.
| 31 March 2025 | EPRA NRV €m | EPRA NTA €m | EPRA NDV €m |
| Net asset value as at year end (basic) | 1,688.9 | 1,688.9 | 1,688.9 |
| Diluted net asset value at fair value | 1,688.9 | 1,688.9 | 1,688.9 |
| Group | | | |
| Derivative financial instruments at fair value | - | - | n/a |
| Deferred tax in respect of fair value movements on investment properties | 103.3 | 103.3(1) | n/a |
| Intangible assets as per note 15 | n/a | (1.7) | n/a |
| Fair value of fixed interest rate debt | n/a | n/a | 86.4 |
| Real estate transfer tax | 191.2 | n/a | n/a |
| Investment in associates | | | |
| Deferred tax in respect of fair value movements on investment properties | 8.0 | 8.0(1) | n/a |
| Fair value of fixed interest rate debt | n/a | n/a | 3.3 |
| Real estate transfer tax | 9.6 | n/a | n/a |
| Total EPRA NRV, NTA and NDV | 2,001.0 | 1,798.5 | 1,778.6 |
| EPRA NRV, NTA and NDV per share | 130.85c | 117.61c | 116.31c |
| 31 March 2024 | EPRA NRV €m | EPRA NTA €m | EPRA NDV €m |
| Net asset value as at year end (basic) | 1,407.3 | 1,407.3 | 1,407.3 |
| Diluted net asset value at fair value | 1,407.3 | 1,407.3 | 1,407.3 |
| Group | | | |
| Derivative financial instruments at fair value | - | - | n/a |
| Deferred tax in respect of fair value movements on investment properties | 82.7 | 82.7 (1) | n/a |
| Intangible assets as per note 15 | n/a | (3.3 ) | n/a |
| Fair value of fixed interest rate debt | n/a | n/a | 114.7 |
| Real estate transfer tax | 170.3 | n/a | n/a |
| Investment in associates | | | |
| Deferred tax in respect of fair value movements on investment properties | 7.0 | 7.0 (1) | n/a |
| Fair value of fixed interest rate debt | n/a | n/a | 6.7 |
| Real estate transfer tax | 9.4 | n/a | n/a |
| Total EPRA NRV, NTA and NDV | 1,676.7 | 1,493.7 | 1,528.7 |
| EPRA NRV, NTA and NDV per share | 123.28c | 109.82c | 112.40c |
(1) The Group intends to hold onto the investment properties and has excluded such deferred taxes for the whole portfolio as at year end except for, when applicable, deferred tax in relation to assets held for sale.
For more information on adjusted net asset value and EPRA NRV, NTA and NDV, refer to Annex 1.
13. Investment properties
The movement in the book value of investment properties is as follows:
|
| 31 March 2025 €m | 31 March 2024 €m |
| Total investment properties at book value as at the beginning of the year | 2,210.6 | 2,123.0 |
| Owned investment properties movements | | |
| Additions | 148.5 | 74.1 |
| Capital expenditure | 51.9 | 37.7 |
| Disposals | (14.3) | (48.9) |
| Gain on revaluation | 81.0 | 12.4 |
| Adjustment in respect of lease incentives | (0.3) | 0.7 |
| Other movements | | |
| Adjustment in respect of long-term leasehold liabilities | (1.3) | (0.9) |
| Foreign exchange differences | 12.0 | 12.5 |
| Total investment properties at book value as at year end(1) | 2,488.1 | 2,210.6 |
(1) Excluding assets held for sale when applicable.
The reconciliation of the valuation carried out by the external valuer to the carrying values shown in the consolidated statement of financial position is as follows:
|
| 31 March 2025 €m | 31 March 2024 €m |
| Owned investment properties at market value per valuer's report(1) | 2,469.4 | 2,190.6 |
| Adjustment in respect of lease incentives | (4.2) | (3.9) |
| Adjustment in respect of long-term leasehold liabilities | 22.9 | 23.9 |
| Total investment properties at book value as at year end(1) | 2,488.1 | 2,210.6 |
(1) Excluding assets held for sale when applicable.
The reconciliation of loss or gain on revaluation as per the consolidated income statement is as follows:
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Gain on revaluation of owned investment properties | 81.0 | 12.4 |
| Adjustment in respect of lease incentives | (0.3) | 0.7 |
| Adjustment in respect of long-term leasehold liabilities | (1.3) | (0.9) |
| Gain on revaluation of investment properties | 79.4 | 12.2 |
Included in the loss or gain on revaluation of investment properties are gross gains of €130.2m and gross losses of €50.8m (2024: gross gains of €76.4m and gross losses of €64.2m).
Other than the capital commitments disclosed in note 30, the Group is under no contractual obligation to purchase, construct or develop any investment property. The Group is responsible for routine maintenance of the investment properties.
All investment properties are categorised as Level 3 fair values as they use significant unobservable inputs. There have not been any transfers between levels during the current or prior period.
Owned investment properties
The fair value (market value) of the Group's owned investment properties as at year end has been arrived at on the basis of a valuation carried out at that date by Cushman & Wakefield LLP (2024: Cushman & Wakefield LLP), an independent valuer accredited by the Royal Institute of Chartered Surveyors ("RICS"). The fee arrangement with Cushman & Wakefield LLP for the valuation of the Group's properties is fixed, subject to an adjustment for acquisitions and disposals.
The value of each of the owned properties has been assessed in accordance with the RICS valuation standards on the basis of market value. The methodology and assumptions used to determine the fair values of these properties are consistent with the prior period.
The approach to valuation for owned investment properties (including assets classified as held for sale) is as follows:
• German portfolio
Discounted cash flow model which uses the net operating income and applies a discount rate for the income period of ten to fourteen years. After ten to fourteen years, a determining residual value (exit scenario) is calculated, discounted to present value.
• UK portfolio
A blended approach of a discounted cash flow on the net operating income for a period, reflecting the all-inclusive leases typically used in these properties, followed by a capitalised income basis (where income is capitalised by an appropriate yield which reflects the age, location, ownership, customer base and agreement type) for the subject property.
Information on significant unobservable inputs per class of owned investment property is disclosed below. The Directors have enhanced the disclosures provided in respect of the significant unobservable inputs to the property valuations, and the sensitivity information in respect of those inputs, to better reflect the approach used by the external valuers. The comparative information has been amended to be consistent with the information provided the current period. In addition to this, the Directors have included the weighted average on each significant unobservable input to provide further useful information in the financial statements. There is no impact on the property valuation presented in the financial statements in either period.
| | Market value €m |
| Market rental rate per sqm € | | Discount factor % | | Capitalisation factor % | | Market growth % p.a. | ||||||||
| 31 March 2025 |
| Low | High | Weighted average |
| Low | High | Weighted average |
| Low | High | Weighted average |
| Low | High | Weighted average | |
| Traditional business parks | | | | | | | | | | | | | | | | | |
| Mature | 445.9 | | 2.84 | 8.83 | 6.45 | | 4.5 | 6.9 | 5.0 | | 5.1 | 7.6 | 5.8 | | 1.0 | 1.0 | 1.0 |
| Value add | 661.7 |
| 4.07 | 8.28 | 5.64 |
| 4.5 | 7.1 | 5.9 |
| 5.5 | 7.8 | 6.7 |
| 1.0 | 1.0 | 1.0 |
| Total traditional business parks | 1,107.6 |
| 2.84 | 8.83 | 5.90 |
| 4.5 | 7.1 | 5.5 |
| 5.1 | 7.8 | 6.3 |
| 1.0 | 1.0 | 1.0 |
| Modern business parks | | | | | | | | | | | | | | | | | |
| Mature | 209.7 | | 4.65 | 10.61 | 8.17 | | 4.4 | 5.1 | 4.5 | | 5.1 | 6.5 | 5.4 | | 1.0 | 1.0 | 1.0 |
| Value add | 291.7 |
| 4.53 | 9.06 | 6.87 |
| 5.0 | 6.6 | 5.7 |
| 5.4 | 7.8 | 6.5 |
| 1.0 | 1.0 | 1.0 |
| Total modern business parks | 501.4 |
| 4.53 | 10.61 | 7.29 |
| 4.4 | 6.6 | 5.2 |
| 5.1 | 7.8 | 6.1 |
| 1.0 | 1.0 | 1.0 |
| Office | | | | | | | | | | | | | | | | | |
| Mature | 65.3 | | 9.01 | 11.51 | 10.47 | | 4.9 | 5.0 | 4.9 | | 5.5 | 6.0 | 5.8 | | 1.0 | 1.0 | 1.0 |
| Value add | 220.6 |
| 6.73 | 12.21 | 8.58 |
| 5.1 | 7.0 | 5.9 |
| 5.9 | 7.4 | 6.4 |
| 1.0 | 1.0 | 1.0 |
| Total office | 285.9 |
| 6.73 | 12.21 | 8.90 |
| 4.9 | 7.0 | 5.7 |
| 5.5 | 7.4 | 6.3 |
| 1.0 | 1.0 | 1.0 |
| Total Germany | 1,894.9 |
| 2.84 | 12.21 | 6.56 |
| 4.4 | 7.1 | 5.5 |
| 5.1 | 7.8 | 6.2 |
| 1.0 | 1.0 | 1.0 |
| | Market value €m |
| Market rental rate per sqm € | | Equivalent yield % | ||||
| 31 March 2025 |
| Low | High | Weighted average |
| Low | High | Weighted average | |
| Total mixed-use schemes | 224.7 |
| 3.68 | 49.03 | 8.72 |
| 5.9 | 12.9 | 9.0 |
| Total office | 136.8 |
| 9.12 | 37.35 | 18.87 |
| 9.0 | 12.9 | 10.6 |
| Total industrial | 213.1 |
| 4.69 | 26.84 | 7.11 |
| 6.3 | 11.4 | 8.7 |
| Total UK | 574.6 |
| 3.68 | 49.03 | 9.30 |
| 5.9 | 12.9 | 9.3 |
| 31 March 2024 | Market value €m |
| Market rental rate per sqm € | | Discount factor % | | Capitalisation factor % | | Market growth % p.a. | ||||||||
|
| Low | High | Weighted average |
| Low | High | Weighted average |
| Low | High | Weighted average |
| Low | High | Weighted average | ||
| Traditional business parks | | | | | | | | | | | | | | | | | |
| Mature | 392.4 | | 2.75 | 7.99 | 6.07 | | 4.4 | 7.1 | 4.9 | | 5.2 | 7.8 | 5.8 | | 1.0 | 1.0 | 1.0 |
| Value add | 572.0 |
| 3.85 | 7.82 | 5.33 |
| 4.5 | 7.3 | 5.9 |
| 5.5 | 7.8 | 6.6 |
| 1.0 | 1.0 | 1.0 |
| Total traditional business parks | 964.4 |
| 2.75 | 7.99 | 5.57 |
| 4.4 | 7.3 | 5.5 |
| 5.2 | 7.8 | 6.3 |
| 1.0 | 1.0 | 1.0 |
| Modern business parks | | | | | | | | | | | | | | | | | |
| Mature | 230.6 | | 4.30 | 10.35 | 7.76 | | 4.3 | 5.4 | 4.6 | | 5.1 | 6.4 | 5.4 | | 1.0 | 1.0 | 1.0 |
| Value add | 258.5 |
| 4.22 | 8.65 | 6.49 |
| 5.3 | 6.8 | 6.0 |
| 6.1 | 7.8 | 6.7 |
| 1.0 | 1.0 | 1.0 |
| Total modern business parks | 489.1 |
| 4.22 | 10.35 | 6.95 |
| 4.3 | 6.8 | 5.3 |
| 5.1 | 7.8 | 6.1 |
| 1.0 | 1.0 | 1.0 |
| Office | | | | | | | | | | | | | | | | | |
| Mature | 46.9 | | 9.66 | 11.14 | 10.81 | | 4.9 | 4.9 | 4.9 | | 5.6 | 5.6 | 5.6 | | 1.0 | 1.0 | 1.0 |
| Value add | 228.6 |
| 6.60 | 12.20 | 8.40 |
| 5.3 | 7.1 | 5.9 |
| 5.9 | 7.4 | 6.4 |
| 1.0 | 1.0 | 1.0 |
| Total office | 275.5 |
| 6.60 | 12.20 | 8.68 |
| 4.9 | 7.1 | 5.7 |
| 5.6 | 7.4 | 6.3 |
| 1.0 | 1.0 | 1.0 |
| Total Germany | 1,729.0 |
| 2.75 | 12.20 | 6.56 |
| 4.3 | 7.3 | 5.5 |
| 5.1 | 7.8 | 6.2 |
| 1.0 | 1.0 | 1.0 |
| 31 March 2024 | Market value €m |
| Market rental rate per sqm € | | Equivalent yield % | ||||
|
| Low | High | Weighted average |
| Low | High | Weighted average | ||
| Total mixed-use schemes | 153.2 |
| 5.69 | 47.89 | 15.68 |
| 5.9 | 11.9 | 9.1 |
| Total office | 136.5 |
| 8.16 | 26.23 | 16.84 |
| 9.0 | 12.9 | 10.3 |
| Total industrial | 171.9 |
| 3.40 | 14.14 | 6.54 |
| 6.1 | 11.0 | 8.4 |
| Total UK | 461.6 |
| 3.40 | 47.89 | 10.75 |
| 5.9 | 12.9 | 9.3 |
As a result of the level of judgement and estimates used in arriving at the market valuations, the amounts which may ultimately be realised in respect of any given property may differ from valuations shown in the statement of financial position. Key inputs are considered to be inter-related whereby changes in one key input can result in changes in other key inputs. The impact of changes in relation to the key inputs is also shown in the table below:
| 31 March 2025 | Market value €m |
| Change of 5% in market rental rates €m | | Change of 0.25% in discount factor €m | | Change of 0.25% in capitalisation factor €m | | Change of 0.5% in market growth p.a. €m | ||||
|
| Increase | Decrease |
| Increase | Decrease |
| Increase | Decrease |
| Increase | Decrease | ||
| Total traditional business parks | 1,107.6 | | 54.1 | (54.6) | | (21.6) | 21.7 | | (25.6) | 27.4 | | 31.9 | (31.7) |
| Total modern business parks | 501.4 | | 22.9 | (23.1) | | (9.9) | 9.9 | | (11.9) | 12.9 | | 15.3 | (14.9) |
| Total office | 285.9 |
| 14.4 | (14.6) |
| (5.7) | 5.9 |
| (6.7) | 7.1 |
| 9.4 | (8.9) |
| Market value Germany | 1,894.9 |
| 91.4 | (92.3) |
| (37.2) | 37.5 |
| (44.2) | 47.4 |
| 56.6 | (55.5) |
| 31 March 2025 | Market value €m | Change of 5% in market rental rates €m | | Change of 0.5% in equivalent yield €m | ||
| Increase | Decrease |
| Increase | Decrease | ||
| Total mixed-use schemes | 224.7 | 9.1 | (8.8) | | (13.0) | 12.4 |
| Total office | 136.8 | 4.3 | (4.0) | | (5.5) | 6.3 |
| Total industrial | 213.1 | 8.4 | (8.3) |
| (12.9) | 12.2 |
| Market value UK | 574.6 | 21.8 | (21.1) |
| (31.4) | 30.9 |
| 31 March 2024 | Market value €m |
| Change of 5% in market rental rates €m | | Change of 0.25% in discount factor €m | | Change of 0.25% in capitalisation factor €m | | Change of 0.5% in market growth p.a. €m | ||||
|
| Increase | Decrease |
| Increase | Decrease |
| Increase | Decrease |
| Increase | Decrease | ||
| Total traditional business parks | 964.4 | | 48.0 | (47.7) | | (18.8) | 19.1 | | (22.5) | 24.2 | | 29.7 | (29.1) |
| Total modern business parks | 489.1 | | 23.2 | (23.3) | | (9.7) | 9.8 | | (11.5) | 12.5 | | 14.9 | (14.7) |
| Total office | 275.5 |
| 13.7 | (14.1) |
| (5.3) | 5.6 |
| (6.2) | 6.8 |
| 8.6 | (8.3) |
| Market value Germany | 1,729.0 |
| 84.9 | (85.1) |
| (33.8) | 34.5 |
| (40.2) | 43.5 |
| 53.2 | (52.1) |
| 31 March 2024 | Market value €m | Change of 5% in market rental rates €m | | Change of 0.5% in equivalent yield €m | ||
| Increase | Decrease |
| Increase | Decrease | ||
| Total mixed-use schemes | 153.2 | 5.7 | (5.8) | | (8.8) | 9.8 |
| Total office | 136.5 | 3.9 | (4.3) | | (5.8) | 6.1 |
| Total industrial | 171.9 | 6.8 | (6.9) |
| (10.6) | 12.0 |
| Market value UK | 461.6 | 16.4 | (17.0) |
| (25.2) | 27.9 |
The weighted average lease expiry remaining across the owned portfolio in Germany as at year end was 2.7 years (2024: 2.7 years). The weighted average lease expiry remaining across the owned portfolio in the UK as at year end was 1.4 years (2024: 1.17 years). Licence agreements in the UK are rolling and are included in the valuation.
14. Plant and equipment
|
| Plant and equipment €m | Fixtures and fittings €m | Total €m |
| Cost | | | |
| As at 31 March 2024 | 3.9 | 11.0 | 14.9 |
| Additions in year | 12.0 | 0.3 | 12.3 |
| Disposals in year | (0.1) | (0.4) | (0.5) |
| Foreign exchange differences | 0.2 | 0.1 | 0.3 |
| As at 31 March 2025 | 16.0 | 11.0 | 27.0 |
| Depreciation | | | |
| As at 31 March 2024 | (1.4) | (5.7) | (7.1) |
| Charge for year | (1.4) | (1.0) | (2.4) |
| Disposals in year | 0.1 | 0.3 | 0.4 |
| Foreign exchange differences | (0.1) | - | 0.1 |
| As at 31 March 2025 | (2.8) | (6.4) | (9.2) |
| Net book value as at 31 March 2025 | 13.2 | 4.6 | 17.8 |
| Cost | | | |
| As at 31 March 2023 | 2.7 | 10.1 | 12.8 |
| Additions in year | 1.3 | 1.0 | 2.3 |
| Disposals in year | (0.2) | (0.2) | (0.4) |
| Foreign exchange differences | 0.1 | 0.1 | 0.2 |
| As at 31 March 2024 | 3.9 | 11.0 | 14.9 |
| Depreciation | | | |
| As at 31 March 2023 | (1.0) | (4.6) | (5.6) |
| Charge for year | (0.7) | (1.1) | (1.8) |
| Disposals in year | 0.1 | 0.1 | 0.2 |
| Foreign exchange differences | 0.2 | (0.1) | 0.1 |
| As at 31 March 2024 | (1.4) | (5.7) | (7.1) |
| Net book value as at 31 March 2024 | 2.5 | 5.3 | 7.8 |
15. Intangible assets
|
| Software and licences with definite useful life €m | Total €m |
| Cost | | |
| As at 31 March 2024 | 12.3 | 12.3 |
| Additions in year | 0.9 | 0.9 |
| Disposals in year | (1.2) | (1.2) |
| Foreign exchange differences | 0.0 | 0.0 |
| As at 31 March 2025 | 12.0 | 12.0 |
| Amortisation | | |
| As at 31 March 2024 | (9.0) | (9.0) |
| Charge for year | (1.3) | (1.3) |
| Disposals in year | - | - |
| Foreign exchange differences | (0.0) | (0.0) |
| As at 31 March 2025 | (10.3) | (10.3) |
| Net book value as at 31 March 2025(1) | 1.7 | 1.7 |
| Cost | | |
| As at 31 March 2023 | 11.6 | 11.6 |
| Additions in year | 0.8 | 0.8 |
| Disposals in year | - | - |
| Foreign exchange differences | (0.1) | (0.1) |
| As at 31 March 2024 | 12.3 | 12.3 |
| Amortisation | | |
| As at 31 March 2023 | (7.5) | (7.5) |
| Charge for year | (1.5) | (1.5) |
| Disposals in year | - | - |
| Foreign exchange differences | 0.0 | 0.0 |
| As at 31 March 2024 | (9.0) | (9.0) |
| Net book value as at 31 March 2024(1) | 3.3 | 3.3 |
(1) Included in the net book value is an amount of €0.6m relating to intangible assets under development not yet amortised (2024: €1.3m). All other development projects are expected to finalise in the next financial year.
16. Right of use assets and lease liabilities
Set out below are the carrying amounts of right of use assets (excluding those classified under investment properties) recognised and the movements during the year:
|
| Office €m | Total €m |
| As at 31 March 2023 | 14.4 | 14.4 |
| Depreciation expense | (1.8) | (1.8) |
| Foreign exchange differences | 0.0 | 0.0 |
| As at 31 March 2024 | 12.6 | 12.6 |
| Depreciation expense | (1.8) | (1.8) |
| Foreign exchange differences | 0.0 | 0.0 |
| As at 31 March 2025 | 10.8 | 10.8 |
Set out below are the carrying amounts of lease liabilities and the movements during the year:
|
| 31 March 2025 €m | 31 March 2024 €m |
| Balance as at the beginning of the year | (37.8) | (39.6) |
| Accretion of interest | (1.1) | (1.1) |
| Lease modifications | (0.1) | - |
| Payments | 3.4 | 3.3 |
| Foreign exchange differences | (0.4) | (0.4) |
| Total | (36.0) | (37.8) |
| Current lease liabilities as at year end | (2.4) | (2.3) |
| Non-current lease liabilities as at year end | (33.6) | (35.5) |
The following table sets out the carrying amount, by maturity, of the Group's lease liabilities:
| 31 March 2025 | Within 1 year €m | 1-5 years €m | 5+ years €m | Total €m |
| Long-term leasehold(1) | (0.4) | (1.9) | (20.6) | (22.9) |
| Office | (2.0) | (7.5) | (3.6) | (13.1) |
| Total | (2.4) | (9.4) | (24.2) | (36.0) |
| 31 March 2024 | Within 1 year €m | 1-5 years €m | 5+ years €m | Total €m |
| Commercial property(1) | (0.2) | (1.0) | - | (1.2) |
| Long-term leasehold(1) | (0.2) | (1.1) | (20.5) | (21.8) |
| Office | (1.9) | (7.5) | (5.4) | (14.8) |
| Total | (2.3) | (9.6) | (25.9) | (37.8) |
(1) These lease liabilities relate to right of use assets recorded as investment properties.
Maturity analysis of lease liabilities using contractual undiscounted payments is disclosed in note 23.
The overall weighted average discount rate used for the year is 2.9% (2024: 2.8%).
During the year expenses paid for leases of low-value assets and short-term leases which are recognised straight-line over the lease term (included in administrative expenses) amounted to €0.7m (2024: €0.5m).
In addition to leases of low-value assets and payments resulting from short-term leases that are included in the cash flow from operating activities, interest payments and repayments of lease liabilities totalling €3.4m (2024: €3.3m) were incurred for the year and are included in the cash flow from financing activities.
17. Other financial assets (non-current)
|
| 31 March 2025 €m | 31 March 2024 €m |
| Deposits | 4.0 | 4.0 |
| Loans to associates | 45.1 | 45.1 |
| Balance as at year end | 49.1 | 49.1 |
Loans to associates relate to shareholder loans granted to associates by the Group. The loans terminate on 31 December 2026 and are charged at a fixed interest rate. The expected credit loss has been considered based on multiple factors such as history of repayments, current financial position of the borrower, forward-looking budgets and forecasts. Based on the assessment the expected credit loss was immaterial.
18. Investment in associates
The principal activity of the associates is the investment in, and development of, commercial property located in Germany and to provide conventional and flexible workspace. Since the associates are individually immaterial the Group is disclosing aggregated information of the associates.
The following table illustrates the summarised financial information of the Group's investment in associates:
|
| 31 March 2025 €m | 31 March 2024 €m |
| Current assets | 31.0 | 29.7 |
| Non-current assets(1) | 364.6 | 360.7 |
| Current liabilities | (24.0) | (24.9) |
| Non-current liabilities | (302.0) | (298.7) |
| Equity | 69.6 | 66.8 |
| Unrecognised accumulated losses | 5.0 | 5.3 |
| Subtotal | 74.6 | 72.1 |
| Group's share in equity - 35% | 26.1 | 25.2 |
(1) Non-current assets are only investment properties. These are valued using the same methodology as the German owned investment properties as stated in note 13.
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Net operating income | 24.8 | 21.7 |
| Loss on revaluation of investment properties | (0.4) | (7.0) |
| Administrative expense | (5.0) | (3.8) |
| Operating profit | 19.4 | 10.9 |
| Net finance expense | (8.6) | (8.7) |
| Profit before tax | 10.8 | 2.2 |
| Taxation | (3.7) | (0.6) |
| Unrecognised loss | (0.3) | 0.2 |
| Total profit and comprehensive income for the year after tax | 6.8 | 1.8 |
| Group's share of profit for the year - 35% | 2.4 | 0.6 |
Included within the non-current liabilities are shareholder loans amounting to €128.8m (2024: €128.8m). As at year end no contingent liabilities existed (2024: none). The associates had contracted capital expenditure for development and enhancements of €1.5m as at year end (2024: €3.0m).
The following table illustrates the movement in investment in associates:
|
| 31 March 2025 €m | 31 March 2024 €m |
| Balance as at the beginning of the year | 25.2 | 26.7 |
| Dividend received | (1.5) | (2.1) |
| Share of profit | 2.4 | 0.6 |
| Balance as at year end | 26.1 | 25.2 |
19. Trade and other receivables
|
| 31 March 2025 €m | 31 March 2024 €m |
| Gross trade receivables | 20.3 | 20.7 |
| Expected credit loss provision | (8.1) | (7.8) |
| Net trade receivables | 12.2 | 12.9 |
| Other receivables | 17.2 | 20.6 |
| Prepayments | 40.8 | 8.9 |
| Balance as at year end | 70.2 | 42.4 |
Other receivables include primarily accrued income of €3.9m (2024: €4.5m), lease incentives of €4.2m (2024: €3.9m) and accrued income from associates of €6.6m (2024: €3.7m). Based on the assessment the expected credit loss was immaterial for other receivables. In the prior year there was a receivable regarding the Stoke disposal of €3.5m included in other receivables.
Included in prepayments of €40.8m, there were €38.5m prepayments relating to the acquisitions of new sites in Maintal, Germany (€0.7m), München, Germany (€13.3m), Reinsberg, Germany (€19.7m) and Southampton, UK (€4.8m (£4.1m)). In the prior year, there were €7.1m prepayments for acquisition costs.
20. Cash and cash equivalents
|
| 31 March 2025 €m | 31 March 2024 €m |
| Cash at bank | 68.4 | 125.3 |
| Short-term investments | 502.9 | 89.2 |
| Cash restricted under contractual terms: | | |
| - Deposit for bank guarantees | 3.1 | 3.0 |
| - Deposits received from tenants | 30.4 | 26.7 |
| Balance as at year end | 604.8 | 244.2 |
Cash at bank earns interest at floating rates based on daily bank deposit rates.
Short-term investments are an investment in Money Market Funds. The Group invests only in highly liquid products with short maturities, which are readily convertible to a known amount of cash and that are subject to an insignificant risk of changes in value.
Tenants' deposits are legal securities of tenants retained by the Group without the right to use these cash deposits for purposes other than strictly tenant related transactions (e.g. move-out costs, costs due to non-compliance with certain terms of the lease agreement or late rent/service charge payments). The tenants' deposits meet the definition of cash as the Group can access these deposits on demand.
Cash is held by reputable banks and the Group assessed the expected credit loss to be immaterial.
21. Trade and other payables
|
| 31 March 2025 €m | 31 March 2024 €m |
| Trade payables | 13.3 | 14.6 |
| Accrued expenses | 39.2 | 43.9 |
| Provisions | 4.0 | 3.1 |
| Interest and amortisation payable | 8.2 | 6.2 |
| Tenant deposits | 30.2 | 26.8 |
| Unearned revenue | 15.2 | 11.5 |
| Other payables | 7.6 | 8.6 |
| Balance as at year end | 117.7 | 114.7 |
The Group has recognised a provision of €4.0m (2024: €3.1m) for an ongoing legal claim in relation to a property which was sold during 2017. The recognised provision as at 31 March 2024 has been reassessed and the provision has increased by €0.9m as at 31 March 2025 including a reclassification of €0.3m from accrued expenses. The provision amount represents the Directors best estimate of the potential outflow at the present time; however, the Directors recognise there is uncertainty relating to this amount. The expected timing of settlement of this provision is less than 12 months and is not discounted due to the expected timing of settlement.
Unearned revenue includes contract liabilities representing service charge amounts of €2.3m (2024: €2.5m). Service charge income is only recognised as income when the performance obligations are met. All unearned revenue of the prior year was recognised as revenue in the current year.
Included within other payables are credit balances due to tenants in relation to over collections of service charge in amount of €2.2m (2024: €4.7m).
The following table breaks down the balance of accrued expenses:
|
| 31 March 2025 €m | 31 March 2024 €m |
| Costs relating to service charge | 18.1 | 23.2 |
| Bonuses | 8.6 | 6.8 |
| Administrative costs | 2.1 | 5.4 |
| Capital expenditure(1) | 7.8 | 4.7 |
| Other costs(1) | 2.6 | 3.8 |
| Total | 39.2 | 43.9 |
(1) To conform to the current year presentation, capital expenditure has been shown as a separate line, this is a reallocation from other costs for the year ended 31 March 2024. Other costs now includes costs relating to non-recurring projects for the year ended 31 March 2024.
22. Interest-bearing loans and borrowings
|
| Interest rate % | Loan maturity date | 31 March 2025 €m | 31 March 2024 €m |
| Current | | | | |
| Berlin Hyp AG | | | | |
| - fixed rate facility | 4.26 | 31 October 2030 | 2.7 | 2.6 |
| Saarbrücken Sparkasse | | | | |
| - fixed rate facility | 1.53 | 28 February 2025 | - | 13.5 |
| - fixed rate facility | 3.264(1) | 30 October 2041 | 0.6 | - |
| Deutsche Pfandbriefbank AG | | | | |
| - fixed rate facility | 4.25 | 31 December 2030 | 1.3 | 1.3 |
| Schuldschein | | | | |
| - floating rate facility | Floating(2) | 6 January 2025 | - | 5.0 |
| - fixed rate facility | 1.70 | 3 March 2025 | - | 10.0 |
| Capitalised finance charges on all loans |
|
| (4.2) | (2.8) |
|
|
|
| 0.4 | 29.6 |
| Non-current | | | | |
| Berlin Hyp AG | | | | |
| - fixed rate facility | 4.26 | 31 October 2030 | 163.5 | 166.3 |
| Saarbrücken Sparkasse | | | | |
| - fixed rate facility | 3.264(1) | 30 October 2041 | 12.1 | - |
| Deutsche Pfandbriefbank AG | | | | |
| - fixed rate facility | 4.25 | 31 December 2030 | 55.4 | 56.7 |
| Corporate bond I | | | | |
| - fixed rate | 1.125 | 22 June 2026 | 400.0 | 400.0 |
| Corporate bond II | | | | |
| - fixed rate | 1.75 | 24 November 2028 | 359.9 | 300.0 |
| Corporate bond III | | | | |
| - fixed rate | 4.00 | 22 January 2032 | 350.0 | - |
| Capitalised finance charges on all loans |
|
| (22.3) | (7.5) |
|
|
|
| 1,318.6 | 915.5 |
| Total |
|
| 1,319.0 | 945.1 |
(1) This facility has a fixed rate of 3.264% until 28 February 2030 at which point a new interest rate can be negotiated.
(2) This unsecured facility had a floating rate of 1.70% over six month EURIBOR (not less than 0%).
The movement of loans and borrowings for the year comprised of €19.8m repayment of loans, €409.9m loan drawdowns and €16.2m net movement of capitalisation of finance charges being €19.5m new capitalised finance charges and €3.3m amortisation of finance charges (2024: €248.1m, €228.3m and €0.4m respectively).
The borrowings (excluding capitalised loan issue cost) are repayable as follows:
|
| 31 March 2025 €m | 31 March 2024 €m |
| On demand or within one year | 4.6 | 32.4 |
| In the second year | 404.7 | 4.0 |
| In the third to tenth years inclusive | 936.2 | 919.0 |
| Total | 1,345.5 | 955.4 |
The Group has pledged 15 (2024: 15) investment properties to secure several separate interest-bearing debt facilities granted to the Group. The 15 (2024: 15) properties had a combined valuation of €560.7m as at year end (2024: €528.3m).
Group debt covenants
The Group's loans are subject to various covenants, which include interest cover ratio, loan to value, debt service cover, occupancy, etc. as stipulated in the loan agreements.
During the year, the Group did not breach any of its loan covenants, nor did it default on any of its obligations under its loan agreements and the Group has a sufficient level of headroom as at year end.
Refer to note 2(c) where the Group discloses forecast covenant compliance with regard to management's going concern assessment.
Berlin Hyp AG
On 1 November 2023, the Group agreed to a facility agreement with Berlin Hyp AG for €170.0m. Amortisation is 1.5% per annum with the remainder due in six years. This facility is secured over nine property assets. No changes to the terms of the facility have occurred during the year ended 31 March 2025.
Saarbrücken Sparkasse
On 28 March 2018, the Group agreed to a facility agreement with Saarbrücken Sparkasse for €18.0m. The loan terminated on 28 February 2025. Amortisation was 4.0% per annum with the remainder due in one instalment on the final maturity date. The facility was charged at a fixed interest rate of 1.53%. The facility was secured over one property asset. The facility was repaid in full during the year.
On 1 March 2025, the Group concluded an agreement with Saarbrücken Sparkasse to refinance the existing facility with a new facility which amounts to €12.7m. The new facility is a separate financial instrument to the existing facility. Amortisation is 4.0% per annum with the remainder due in one instalment on the final maturity date. The facility is secured over one property asset.
Deutsche Pfandbriefbank AG
On 1 January 2024, the Group agreed to a facility agreement with Deutsche Pfandbriefbank AG for €58.3m. Amortisation is 2.1% per annum with the remainder due in one instalment on the final maturity date. This facility is secured over five property assets.
Schuldschein
On 2 December 2019, the Group agreed to new loan facilities in the form of unsecured Schuldschein for €20.0m. On 25 February 2020, the Group agreed new loan facilities in the form of unsecured Schuldschein for €30.0m. In total the unsecured facility amounted to €50.0m spread over five tranches and was charged at a blended interest rate of 1.60% and average maturity of 2.6 years with no amortisation. The first and second tranches totalling €15.0m were repaid during the year ended 31 March 2023.
On 30 June 2023, the Group repaid an amount of €20.0m resulting in a remaining €15.0m for the loan facility. The remaining facility was repaid in full during the year.
Corporate bond I
On 22 June 2021, the Group raised its inaugural corporate bond for €400.0m. The bond, which is listed at the Luxembourg Stock Exchange, has a term of five years, with the principal balance coming due on 22 June 2026. No changes to the terms of the facility have occurred during the year ended 31 March 2025.
Corporate bond II
On 24 November 2021, the Group issued its second corporate bond for €300.0m. The bond, which is listed at the Luxembourg Stock Exchange, has a term of seven years with the principal balance coming due on 24 November 2028.
On 17 May 2024, the Group issued a bond tap for €59.9m to be consolidated and form a single series with the €300.0m corporate bond above with the same conditions attached.
Corporate bond III
On 22 January 2025, the Group issued its third corporate bond for €350.0m. The bond, which is listed at the Luxembourg Stock Exchange, has a term of seven years, with the principal balance coming due on 22 January 2032.
23. Financial instruments
Risk management
The Group's principal financial liabilities comprise bank loans and trade payables. The Group has various financial assets, i.e. net trade receivables, other receivables (includes deposits and excludes lease incentives), loans to associates, and cash and cash equivalents.
The main risks arising from the Group's financial instruments are credit risk, liquidity risk and market risk.
Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. The credit risk on liquid funds is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. The risk management policies employed by the Group to manage these risks are discussed below.
In the event of a default by an occupational tenant, the Group will suffer a rental shortfall and incur additional costs, including expenses incurred to try and recover the defaulted amounts and legal expenses in maintaining, insuring and marketing the property until it is re-let. During the year, the Group monitored the tenants in order to anticipate and minimise the impact of defaults by occupational tenants, as well as to ensure that the Group has a diversified tenant base. The credit risk on tenants is also addressed through the performance of credit checks, collection of deposits and regular communication with the tenants.
Included in loans to associates are loans provided to associate entities from Group entities. During the year the Group assessed credit risk relating to loans to associates by reviewing business plans and monitoring cash collection rates and the operational performance of each associate in order to anticipate and minimise the impact of any impairment.
Included in other receivables are lease incentives. During the year the Group monitored tenants in order to anticipate and minimise the impact of defaults and move-outs from tenants who received lease incentives. The maximum credit risk exposure for other receivables excludes lease incentives.
The carrying amount of financial assets represents the maximum credit exposure.
The ageing of trade receivables at the statement of financial position date was:
| | 31 March 2025 | | 31 March 2024 | ||
|
| Gross €m | Impairment €m |
| Gross €m | Impairment €m |
| 0-30 days | 6.9 | (0.9) | | 8.4 | (1.0) |
| 31-120 days (past due) | 1.5 | (0.3) | | 1.1 | (0.2) |
| More than 120 days | 11.9 | (6.9) |
| 11.2 | (6.6) |
| Total | 20.3 | (8.1) |
| 20.7 | (7.8) |
The expected credit loss provision account for trade receivables is used to record impairment losses unless the Group believes that no recovery of the amount owing is possible; at that point the amounts considered irrecoverable are written off against the trade receivables directly.
Rental income from tenant leases is generally due one month in advance. The exception is service charge balancing billing, which is due ten days after it has been invoiced. Included in the Group's trade receivables are debtors with carrying amounts of €12.2m (2024: €12.9m) that are outstanding at the reporting date for which the Group has not provided significant impairment as there has not been a significant change in credit quality and the amounts are still considered recoverable.
Liquidity risk
Liquidity risk is the risk that an entity may encounter difficulty in fulfilling its financial obligations, which require the settlement through cash payments or the transfer of another financial asset. This risk arises when the maturities of assets and liabilities are not aligned. While an unmatched position can enhance profitability, it may also increase the likelihood of losses. The Group has procedures with the objective of minimising such losses, such as maintaining sufficient cash and other highly liquid current assets and having available an adequate amount of committed credit facilities. The Group prepares cash flow forecasts and continually monitors its ongoing commitments compared to available cash. Cash and cash equivalents are placed with financial institutions on a short-term basis which allows immediate access. This reflects the Group's desire to maintain a high level of liquidity in order to meet any unexpected liabilities that may arise due to the current financial position. Similarly, accounts receivable are due either in advance (e.g. rents and recharges) or within ten days (e.g. service charge reconciliations), further bolstering the Group's management of liquidity risk.
The table below summarises the maturity profile of the Group's financial liabilities, based on contractual undiscounted payments:
| 31 March 2025 | Interest-bearing loans(1) €m | Trade and other payables €m | Lease liabilities €m | Total €m |
| Undiscounted amounts payable in: | | | | |
| 6 months or less | (18.4) | (59.3) | (1.7) | (79.4) |
| 6 months-1 year | (20.8) | - | (1.7) | (22.5) |
| 1-2 years | (435.7) | - | (3.5) | (439.2) |
| 2-5 years | (455.2) | - | (9.6) | (464.8) |
| 5-10+ years | (593.9) | - | (92.8) | (686.7) |
| | (1,524.0) | (59.3) | (109.3) | (1,692.6) |
| Interest | 178.5 | - | 73.3 | 251.8 |
|
| (1,345.5) | (59.3) | (36.0) | (1,440.8) |
| 31 March 2024 | Interest-bearing loans(1) €m | Trade and other payables €m | Lease liabilities €m | Total €m |
| Undiscounted amounts payable in: | | | | |
| 6 months or less | (12.3) | (56.2) | (1.7) | (70.2) |
| 6 months-1 year | (40.0) | - | (1.7) | (41.7) |
| 1-2 years | (23.2) | - | (3.4) | (26.6) |
| 2-5 years | (755.0) | - | (9.9) | (764.9) |
| 5-10+ years | (220.3) | - | (93.6) | (313.9) |
| | (1,050.8) | (56.2) | (110.3) | (1,217.3) |
| Interest | 95.4 | - | 72.5 | 167.9 |
|
| (955.4) | (56.2) | (37.8) | (1,049.4) |
(1) Excludes loan issue costs.
Market risk
The Group is exposed to market risks from changes in foreign currency exchange rates and changes in interest rates.
(i) Foreign currency risk
The Group's exposure to currency risk relates primarily to the Group's exposure to the GBP and to a lesser extent the South African rand. This exposure is driven primarily by the UK operations. In addition thereto, the Group has dividend obligations in both the GBP and South African rand. The foreign currency risk in relation to the GBP is mitigated as a result of the BizSpace Group generating GBP denominated income in order to fund its obligations when they come due and, in addition, the Group's GBP dividend obligations. The Group holds small deposits in South African rand for the purposes of working capital and dividend obligations. Dividends are distributed semi-annually, minimising foreign currency risk.
(ii) Interest rate risk
The Group's exposure to interest rate risk relates primarily to the Group's long-term floating rate debt obligations. The Group's policy is to mitigate interest rate risk by ensuring that a minimum of 80% of its total borrowing is at fixed or capped interest rates by taking out fixed rate loans or derivative financial instruments to hedge interest rate exposure, or interest rate caps.
A change in interest will only have an impact on floating rate loans due to the fact that the other loans have a general fixed interest rate or they are effectively fixed by a swap. All financial instruments of the Group have fixed interest rates and thus there is currently no exposure to interest rate risk. In the previous year, the Group was exposed to an interest rate risk on €5.0m, associated with the Schuldschein loan, which has now been fully repaid during the year.
Fair values
Set out below is a comparison by category of carrying amounts and fair values of all of the Group's financial instruments that are carried in the financial statements (excluding assets held for sale and liabilities directly associated with assets held for sale when applicable):
|
| Fair value hierarchy level | 31 March 2025 | | 31 March 2024 | ||
| Carrying amount €m | Fair value €m |
| Carrying amount €m | Fair value €m | ||
| Financial assets | | | | | | |
| Cash and cash equivalents | | 604.8 | 604.8 | | 244.2 | 244.2 |
| Trade and other receivables(1) | | 29.2 | 29.2 | | 33.5 | 33.5 |
| Loans to associates | 2 | 45.1 | 45.7 |
| 45.1 | 45.1 |
| Financial liabilities | | | | | | |
| Trade and other payables | | 59.3 | 59.3 | | 56.2 | 56.2 |
| Interest-bearing loans and borrowings(2) | | | | | | |
| Floating rate borrowings | 2 | - | - | | 5.0 | 5.0 |
| Fixed rate borrowings | 2 | 1,345.5 | 1,259.7 |
| 950.4 | 835.7 |
(1) This is made up of net trade receivables, other receivables (excluding lease incentives) and deposits.
(2) Excludes loan issue costs.
All amounts in the table above are carried at amortised cost.
Fair value hierarchy
For financial assets or liabilities measured at amortised cost and whose carrying value is a reasonable approximation to fair value there is no requirement to analyse their value in the fair value hierarchy.
The below analyses financial instruments measured at fair value into a fair value hierarchy based on the valuation technique used to determine fair value:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
The fair values of the loans to associates and loans and borrowings have been calculated based on a discounted cash flow model using the prevailing market rates of interest as at 31 March 2025.
24. Capital management
For the purpose of the Group's capital management, capital includes all equity reserves attributable to the equity holders of the Parent. The Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by managing the capital structure. The Group manages its capital structure and in doing so takes into consideration the impact of changes in economic conditions. The Group assesses its capital management through the total shareholder accounting return, net loan to value ("LTV") and EPRA LTV as set out in the tables below:
Total shareholder accounting return
|
| 31 March 2025 € | 31 March 2024 € |
| Movement in adjusted NAV per share | 7.76c | 1.91c |
| Dividend paid per share, six months ended 30 September | 3.06c | 3.00c |
| Dividend paid per share, six months ended 31 March | 3.05c | 2.98c |
| Total | 13.87c | 7.89c |
| Adjusted NAV per share for prior year | 111.12c | 109.21c |
| Total shareholder accounting return % | 12.5% | 7.2% |
Net LTV
|
| 31 March 2025 €m | 31 March 2024 €m |
| Carrying amount of interest-bearing loans and borrowings | 1,319.0 | 945.1 |
| Unamortised borrowing costs | 26.5 | 10.3 |
| Less cash and cash equivalents (not including cash restricted under contractual terms) | (571.3) | (214.5) |
| Total | 774.2 | 740.9 |
| Book value of owned investment properties(1) | 2,465.2 | 2,186.7 |
| Net LTV | 31.4% | 33.9% |
(1) Includes assets held for sale when applicable.
EPRA LTV
| | | Proportionate consolidation | |
| | Group | Investment in associates | Total |
| 31 March 2025 | €m | €m | €m |
| Interest-bearing loans and borrowings(1) | 209.1 | 52.6 | 261.7 |
| Corporate bonds | 1,109.9 | - | 1,109.9 |
| Net payables(2) | 50.5 | 5.9 | 56.4 |
| Cash and cash equivalents | (604.8) | (7.4) | (612.2) |
| Net debt (a) | 764.7 | 51.1 | 815.8 |
| Investment properties | 2,488.1 | 127.6 | 2,615.7 |
| Plant and equipment | 17.8 | - | 17.8 |
| Intangible assets | 1.7 | - | 1.7 |
| Loan to associates | 45.1 | - | 45.1 |
| Total property value (b) | 2,552.7 | 127.6 | 2,680.3 |
| EPRA LTV (a/b) | 30.0% | 39.9% | 30.4% |
| | | Proportionate consolidation | |
| | Group | Investment in associates | Total |
| 31 March 2024 | €m | €m | €m |
| Interest-bearing loans and borrowings(1) | 245.1 | 52.2 | 297.3 |
| Corporate bonds | 700.0 | - | 700.0 |
| Net payables(2) | 75.3 | 5.9 | 81.2 |
| Cash and cash equivalents | (244.2) | (7.4) | (251.6) |
| Net debt (a) | 776.2 | 50.7 | 826.9 |
| Investment properties | 2,210.6 | 126.2 | 2,336.8 |
| Plant and equipment | 7.8 | - | 7.8 |
| Intangible assets | 3.3 | - | 3.3 |
| Loan to associates | 45.1 | - | 45.1 |
| Total property value (b) | 2,266.8 | 126.2 | 2,393.0 |
| EPRA LTV (a/b) | 34.2% | 40.2% | 34.6% |
(1) Excludes corporate bonds as shown as a separate line.
(2) This is made up of deposits, trade and other receivables, trade and other payables and current tax liabilities.
To maintain or adjust the capital structure, the Group may undertake a number of actions including but not limited to share issuances and changes to its distribution policy to shareholders. The transfer of amounts recorded in share capital to other reserves is to increase the equity reserves attributable to the owners of the Company. The Group's distribution policy takes into account the concept of solvency under The Companies (Guernsey) Law, 2008. The Group is not subject to externally imposed capital requirements other than those related to the covenants of the bank loan facilities. There have been no breaches of the financial covenants of any interest-bearing loans and borrowings in the current year (note 2(c)).
25. Issued share capital
| Authorised | Number of shares | Share capital €m |
| Ordinary shares of no par value | Unlimited | - |
| As at 31 March 2025 and 31 March 2024 | Unlimited | - |
| Issued and fully paid | Number of shares | Share capital €m |
| As at 31 March 2023 | 1,168,371,222 | - |
| Issued ordinary shares | 172,276,384 | 164.1 |
| Transfer of share capital to other reserve | - | (164.1) |
| Shares issued to Employee Benefit Trust | - | - |
| Shares allocated by the Employee Benefit Trust | 200,541 | - |
| As at 31 March 2024 | 1,340,848,147 | - |
| Issued ordinary shares | 163,717,021 | 178.7 |
| Transfer of share capital to other reserve | - | (178.7) |
| Shares issued to Employee Benefit Trust | (2,500,000) | - |
| Shares allocated by the Employee Benefit Trust | 2,048,575 | - |
| As at 31 March 2025 | 1,504,113,743 | - |
Holders of the ordinary shares are entitled to receive dividends and to attend and vote at any general meeting. Shares held in treasury are not entitled to receive dividends or to vote at general meetings.
For details of the share capital movements, refer to the issued share capital column of the statement of changes in equity.
Pursuant to an equity raise of €180.9m on 11 July 2024, the Company issued 162,234,042 ordinary shares at an issue price of £0.94, resulting in the Company's overall issued share capital being 1,511,857,390 ordinary shares. Costs associated with the equity raise amounted to €6.3m. The net proceeds of the equity raise were €174.6m.
In addition, during the year the Company issued 1,482,979 (2024: 2,431,714) shares in relation to the exercise of the LTIP as per note 8.
Shares held by the Employee Benefit Trust are disclosed as own shares held. During the year 2,500,000 shares were acquired and 2,048,575 were allocated by the Employee Benefit Trust in relation to the issue of SIP and DBP shares as per note 8. A total of 7,743,647 own shares purchased at an average share price of €1.0977 are held by the Employee Benefit Trust (2024: 7,292,222 own shares purchased at an average share price of €1.1108). The total number of shares with voting rights was 1,511,857,390 (2024: 1,348,140,369). No votes are cast in respect of the shares held in the Employee Benefit Trust in connection with the Company's share plans and dividends paid and payable are subject to a standing waiver.
The LTIP, SIP and DBP shares were issued at nil cost, and the fair value of €4.1m for these shares recorded in the share capital account has been transferred back to the other reserves.
All shares issued in the year were issued under general authority. No shares were bought back in the year (2024: none) and there are no Treasury Shares held directly by the Company at the year end (2024: none).
26. Other and foreign currency translation reserves
Other reserve
This reserve comprises of amounts in relation to scrip dividend transfers from share capital, share-based payment transactions, equity raises and share buybacks. The balance of €696.2m in total at year end (2024: €605.7m) is distributable.
Foreign currency translation reserve
The Group holds a foreign currency translation reserve which relates to foreign currency translation effect during the course of the business with the UK segment.
The following table shows the movement in the foreign currency translation reserve:
|
| 31 March 2025 €m | 31 March 2024 €m |
| Balance as at the beginning of the year | (6.0) | (18.9) |
| Foreign currency translation | 13.4 | 12.9 |
| Balance as at year end | 7.4 | (6.0) |
The movement in the year of €13.4m gain is a result of an increasing GBP/EUR rate which is higher at current year end compared with 31 March 2024 (2024: €12.9m gain).
27. Dividends
On 18 November 2024, the Company announced a dividend of 3.06c per share, with a record date of 13 December 2024 for the UK and South African ("SA") shareholders and payable on 23 January 2025. On the record date, 1,511,857,390 shares were in issue. Since there were no shares held in treasury, 1,511,857,390 shares (including shares held by the Employee Benefit Trust) were entitled to participate in the dividend. The Company's Employee Benefit Trust waived its rights to the dividend. The Company offered a Dividend Reinvestment Plan ("DRIP") to shareholders as an alternative to a cash dividend. DRIP allows shareholders to reinvest the dividend to purchase additional shares in the Company in the open market, not newly issued shares by the Company. The total value of the dividend paid including that used for the DRIP was €43.2m.
On 3 June 2024, the Company announced a dividend of 3.05c per share, with a record date of 28 June 2024 for the UK and SA shareholders and payable on 25 July 2024. On the record date, 1,349,623,348 shares were in issue. Since there were no shares held in treasury, 1,349,623,348 shares (including shares held by the Employee Benefit Trust) were entitled to participate in the dividend. The Company's Employee Benefit Trust waived its rights to the dividend. The Company offered a DRIP to shareholders as an alternative to a cash dividend. The total value of the dividend paid including that used for the DRIP was €41.3m.
On 20 November 2023, the Company announced a dividend of 3.00c per share, with a record date of 15 December 2023 for UK shareholders and 14 December 2023 for SA shareholders and payable on 25 January 2024. On the record date, 1,348,140,369 shares were in issue. Since there were no shares held in treasury, 1,348,140,369 shares (including shares held by the Employee Benefit Trust) were entitled to participate in the dividend. The Company's Employee Benefit Trust waived its rights to the dividend. The Company offered a DRIP to shareholders as an alternative to a cash dividend. The total value of the dividend paid including that used for the DRIP was €40.3m.
On 5 June 2023, the Company announced a dividend of 2.98c per share, with a record date of 14 July 2023 for the UK and SA shareholders and payable on 17 August 2023. On the record date, 1,177,722,985 shares were in issue. Since there were no shares held in treasury, 1,177,722,985 shares (including shares held by the Employee Benefit Trust) were entitled to participate in the dividend. The Company's Employee Benefit Trust waived its rights to the dividend, reducing the total dividend (payable in cash) from €35.1m to €34.9m (€35.0m as at settlement date).
The Group's profit attributable to the equity holders of the Company for the year was €178.1m (2024: €122.4m). The Board has authorised a dividend in respect of the second half of the financial year ended 31 March 2025 of 3.09c per share representing 72% of FFO, an increase of 1.3% on the equivalent dividend last year, which represented 69% of FFO. The total dividend for the year is 6.15c, an increase of 1.7% on the 6.05c total dividend for the year ended 31 March 2024.
It is expected that, for the dividend authorised relating to the six month period ended 31 March 2025, the ex-dividend date will be 26 June 2025 for shareholders on the UK register and 25 June 2025 for shareholders on the SA register. It is further expected that for shareholders on both registers the record date will be 27 June 2025 and the dividend will be paid on 24 July 2025. A detailed dividend announcement will be made on 2 June 2025, including details of a DRIP alternative.
The dividend paid per the statement of changes in equity is the value of the cash dividend.
The dividend per share was calculated as follows:
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Funds from operations, year ended 31 March(1) | 123.2 | 110.2 |
| Funds from operations, six months ended 30 September | 60.7 | 53.0 |
| Funds from operations, six months ended 31 March | 62.5 | 57.2 |
| Dividend pool, six months ended 30 September | 46.0 | 35.1 |
| Dividend pool, six months ended 31 March(2) | 46.4 | 40.9 |
| Dividend per share, six months ended 30 September | 3.06c | 3.00c |
| Dividend per share, six months ended 31 March | 3.09c | 3.05c |
(1) The calculation of funds from operations is shown in note 4.
(2) Calculated as 72% of FFO of 4.28c per share (2024: 4.42c per share using 69% of FFO) based on average number of shares outstanding of 1,460,013,616 (2024: 1,294,286,020).
For more information on funds from operations, refer to note 4 and Annex 1.
Calculations contained in this table are subject to rounding differences.
28. Notes to cash flow
Changes in liabilities arising from financing activities
Reconciliation of movements of liabilities arising from financing activities:
| | | | Changes in | | | |
|
| 31 March 2024 €m | Cash flows €m | fair values €m | Other (1) €m |
| 31 March 2025 €m |
| Interest-bearing loans and borrowings | 945.1 | 370.6 | - | 3.3 | | 1,319.0 |
| Lease liabilities | 37.8 | (3.4) | - | 1.6 |
| 36.0 |
| Total | 982.9 | 367.2 | - | 4.9 |
| 1,355.0 |
|
| 31 March 2023 €m | Cash flows €m | Changes in fair values €m | Other (1) €m |
| 31 March 2024 €m |
| Interest-bearing loans and borrowings | 964.4 | (22.8) | - | 3.5 | | 945.1 |
| Lease liabilities | 39.6 | (3.3) | - | 1.5 | | 37.8 |
| Derivative financial instruments | (1.3) | - | 1.3 | - |
| - |
| Total | 1,002.7 | (26.1) | 1.3 | 5.0 |
| 982.9 |
(1) Amortisation of capitalised finance charges on all loans, foreign exchange differences, lease modifications and accretion of interest on lease liabilities.
29. Related parties
Related parties are defined as those persons and companies that control the Group, or that are controlled, jointly controlled or subject to significant influence by the Group.
Key management personnel
Fees paid to people considered to be key management personnel (the Company Board of Directors and the Executive Committee members) of the Group during the year include:
| Consolidated income statement | Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Directors' fees | 0.7 | 0.5 |
| Salary and employee benefits | 5.8 | 6.4 |
| Share-based payments | 3.6 | 3.0 |
| Total | 10.1 | 9.9 |
Included within salary and employee benefits are pension contributions amounting to €0.2m (2024: €0.2m).
There are no payables as at year end from Directors' fees and salary and employee benefits (2024: €nil).
Directors' emoluments have been disclosed in the Annual Report in the Remuneration report under the "Single figure table" and in the additional disclosures in respect of the single figure table section on pages 103 and 104.
Associates
The following balances and transactions with associates exist as at the reporting date:
| Consolidated statement of financial position | 31 March 2025 €m | 31 March 2024 €m |
| Loans to associates | 45.1 | 45.1 |
| Trade and other receivables | 6.3 | 4.6 |
| Total | 51.4 | 49.7 |
Trade and other receivables relate to amounts owed from the services supplied to the associates and are due to be settled in the normal course of business.
As a result of unchanged credit quality, no material expected credit losses have been recognised in the year.
| Consolidated income statement | Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Services supplied(1) | 17.9 | 18.9 |
| Performance fee(1) | 1.4 | 0.8 |
| Interest income | 2.2 | 2.2 |
| Total | 21.5 | 21.9 |
(1) To conform to the current year presentation, the performance fee has been shown as a separate line and this is a reallocation from services supplied for the year ended 31 March 2024.
Services provided to associates primarily relate to the provision of property and asset management services. Providing these services, the Group generated service charge and other income from managed properties of €19.3m (2024: €19.7m) as shown in note 5.
For details regarding the investment in associates, including dividends received, see note 18.
30. Capital and other commitments
As at year end, the Group had contracted capital expenditure for development and enhancements on existing properties of €18.7m (2024: €20.9m). In addition, the Group has notarised acquisitions of investment properties totalling EUR 116.4m (see note 33), of which EUR 38.5m has already been paid (see note 19), with the remaining commitment amounting to EUR 77.9m.
The above noted were committed but not yet provided for in the financial statements.
31. Operating lease arrangements
Group as lessor
All properties leased by the Group are under operating leases and the future minimum lease payments receivable under non-cancellable leases are as follows:
|
| 31 March 2025 €m | 31 March 2024 €m |
| Less than 1 year | 169.0 | 147.9 |
| 1-2 years | 106.2 | 92.5 |
| 2-3 years | 70.0 | 62.7 |
| 3-4 years | 45.5 | 44.2 |
| 4-5 years | 32.1 | 25.6 |
| More than 5 years | 51.7 | 50.9 |
| Total | 474.5 | 423.8 |
32. List of subsidiary undertakings and investments in associates
The Group consists of 118 subsidiary companies (2024: 118 subsidiary companies). All subsidiaries are consolidated in full in accordance with IFRS. The principal activity of the subsidiaries is the investment in, and development of, industrial, warehouse and office properties to provide conventional and flexible workspace in Germany and the UK. Immaterial subsidiary companies are not disclosed in the table below.
| Company name | Country of incorporation | Ownership at 31 March 2025 % | Ownership at 31 March 2024 % |
| BizSpace Developments Ltd(1) | UK | 100.00 | 100.00 |
| BizSpace Holdings Ltd | UK | 100.00 | 100.00 |
| BizSpace II Ltd | UK | 100.00 | 100.00 |
| BizSpace Ltd | UK | 100.00 | 100.00 |
| BizSpace Property I Ltd | UK | 100.00 | 100.00 |
| Hamsard 3767 Ltd(2) | UK | 100.00 | N/a |
| Curris Facilities & Utilities Management GmbH | Germany | 100.00 | 100.00 |
| DDS Aspen B.V. | Netherlands | 100.00 | 100.00 |
| DDS Bagnut B.V. | Netherlands | 100.00 | 100.00 |
| DDS Business Centres B.V. | Netherlands | 100.00 | 100.00 |
| DDS Conferencing & Catering GmbH | Germany | 100.00 | 100.00 |
| DDS Elm B.V. | Netherlands | 100.00 | 100.00 |
| DDS Fir B.V. | Netherlands | 100.00 | 100.00 |
| DDS Hawthorn B.V. | Netherlands | 100.00 | 100.00 |
| DDS Hazel B.V. | Netherlands | 100.00 | 100.00 |
| DDS Hyacinth B.V. | Netherlands | 100.00 | 100.00 |
| DDS Lark B.V. | Netherlands | 100.00 | 100.00 |
| DDS Mulberry B.V. | Netherlands | 100.00 | 100.00 |
| DDS Rose B.V. | Netherlands | 100.00 | 100.00 |
| Helix Investments Ltd(1, 3) | Jersey | 100.00 | 100.00 |
| Helix Property Ltd | Jersey | 100.00 | 100.00 |
| M25 Business Centres Ltd | UK | 100.00 | 100.00 |
| Marba Bamboo B.V. | Netherlands | 100.00 | 100.00 |
| Marba Cherry B.V. | Netherlands | 100.00 | 100.00 |
| Marba Daffodil B.V. | Netherlands | 100.00 | 100.00 |
| Marba Lavender B.V. | Netherlands | 100.00 | 100.00 |
| Marba Olive B.V. | Netherlands | 100.00 | 100.00 |
| Marba Sunflower B.V. | Netherlands | 100.00 | 100.00 |
| Marba Violin B.V. | Netherlands | 100.00 | 100.00 |
| Marba Willstätt B.V. | Netherlands | 100.00 | 100.00 |
| SFG NOVA Construction and Services GmbH | Germany | 100.00 | 100.00 |
| Sirius Alder B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Aloe GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Aster GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Beech B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Birch GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Coöperatief B.A.(3) | Netherlands | 100.00 | 100.00 |
| Sirius Dahlia GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Facilities GmbH | Germany | 100.00 | 100.00 |
| Sirius Finance (Cyprus) Ltd.(3, 4) | Cyprus | 100.00 | 100.00 |
| Sirius Four B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Frankfurt Erste GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Frankfurt Zweite GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Jasmine GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Juniper B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Krefeld Erste GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Lily B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Narcissus GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Oak B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Orange B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Pepper GmbH & Co. KG | Germany | 100.00 | 100.00 |
| Sirius Pine B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Renewable Energy GmbH | Germany | 100.00 | 100.00 |
| Sirius Tamarack B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Three B.V. | Netherlands | 100.00 | 100.00 |
| Sirius Tulip B.V. | Netherlands | 100.00 | 100.00 |
| Sirius UK1 Ltd(3) | UK | 100.00 | 100.00 |
| Sirius UK2 Ltd(1, 3) | UK | 100.00 | 100.00 |
| Sirius Willow B.V. | Netherlands | 100.00 | 100.00 |
| Marba Bonn B.V. | Netherlands | 100.00 | 99.73 |
| Marba Bremen B.V. | Netherlands | 99.73 | 99.73 |
| Marba Cedarwood B.V. | Netherlands | 99.73 | 99.73 |
| Marba Chestnut B.V. | Netherlands | 99.73 | 99.73 |
| Marba Dutch Holdings B.V. | Netherlands | 99.73 | 99.73 |
| Marba Foxglove B.V. | Netherlands | 99.73 | 99.73 |
| Marba Hornbeam B.V. | Netherlands | 99.73 | 99.73 |
| Marba Königswinter B.V. | Netherlands | 99.73 | 99.73 |
| Marba Maintal B.V. | Netherlands | 99.73 | 99.73 |
| Marba Marigold B.V. | Netherlands | 99.73 | 99.73 |
| Marba Merseburg B.V. | Netherlands | 99.73 | 99.73 |
| Marba Mimosa B.V. | Netherlands | 99.73 | 99.73 |
| Marba Regensburg B.V. | Netherlands | 99.73 | 99.73 |
| Marba Saffron B.V. | Netherlands | 99.73 | 99.73 |
| Marba Troisdorf B.V. | Netherlands | 99.73 | 99.73 |
| Sirius Acerola GmbH & Co. KG | Germany | 99.73 | 99.73 |
| Sirius Almond GmbH & Co. KG | Germany | 99.73 | 99.73 |
| Sirius Bluebell GmbH & Co. KG | Germany | 99.73 | 99.73 |
| Sirius Cypress GmbH & Co. KG | Germany | 99.73 | 99.73 |
| Sirius Grape GmbH & Co. KG | Germany | 99.73 | 99.73 |
| Sirius Hibiscus GmbH & Co. KG | Germany | 99.73 | 99.73 |
| Sirius Indigo GmbH & Co. KG | Germany | 99.73 | 99.73 |
| Sirius Mayflower GmbH & Co. KG | Germany | 99.73 | 99.73 |
| Sirius Oyster GmbH & Co. KG | Germany | 99.73 | 99.73 |
| Verwaltungsgesellschaft Gewerbepark Bilderstöckchen GmbH | Germany | 94.15 | 94.15 |
(1) During the year ended 31 March 2025 Helix Investments Ltd issued 86,800,000 preference shares of nominal value £1.00 (€1.17) each (2024: BizSpace Ltd issued 20,744,551 preference shares of nominal value £1.00 (€1.15) each) that were fully subscribed to by Sirius UK2 Ltd. The funds raised were used to finance the acquisition of assets to the investment property portfolio. During the year ended 31 March 2025, following the restructuring the 186,837,500 preference shares of nominal value £1.00 (€1.19) each previously issued by BizSpace Developments Ltd and subscribed to by Sirius UK2 Ltd. were redeemed. Helix Investments Ltd issued 191,726,182 preference shares of nominal value £1.00 (€1.19) each that were fully subscribed to by Sirius UK2 Ltd.
(2) Hamsard 3767 Ltd was acquired during the year as part of the Vantage, Gloucester deal.
(3) Subsidiary company directly held by the Parent entity, Sirius Real Estate Limited.
(4) During the year ended 31 March 2025 Sirius Finance (Cyprus) Ltd issued 33,000,000 ordinary shares of nominal value €1.00 each (2024: 63,000,000 ordinary shares of nominal value €1.00 each) that were fully subscribed to by the parent entity, Sirius Real Estate Limited. The funds raised were used to enable the acquisition of assets to the investment property portfolio.
Investment in associates which are accounted for with the equity method:
| Company name | Country of incorporation | Ownership at 31 March 2025 % | Ownership at 31 March 2024 % |
| DDS Daisy B.V. | Netherlands | 35.00 | 35.00 |
| DDS Edelweiss B.V. | Netherlands | 35.00 | 35.00 |
| DDS Lime B.V. | Netherlands | 35.00 | 35.00 |
| DDS Maple B.V. | Netherlands | 35.00 | 35.00 |
| Sirius Boxwood B.V. | Netherlands | 35.00 | 35.00 |
| Sirius Laburnum B.V. | Netherlands | 35.00 | 35.00 |
| Sirius Orchid B.V. | Netherlands | 35.00 | 35.00 |
| Sirius Pear B.V. | Netherlands | 35.00 | 35.00 |
33. Post balance sheet events
On 14 January 2025, the Group notarised the acquisition of an asset in Reinsberg, for €22.0m. The mixed-use single tenant business park comprises 36,936 sqm of industrial, storage and office space and is 76% occupied. The transaction completed in April 2025.
On 12 December 2024 the Group notarised the acquisition of an asset in Munich-Neuaubing for €13.3m. The mixed-use multi-tenant business park comprises 10,107 sqm of storage and is 71% occupied. The site is adjacent to our existing property in Munich-Neuaubing. The transaction completed in April 2025.
On 26 March 2025 the Group notarised the acquisition of an asset in Mönchengladbach for €17.2m. The mixed-use multi-tenant business park comprises 70,899 sqm of industrial, storage and office space and is 66% occupied. The transaction is expected to be completed in the second quarter of fiscal year 2025/2026.
On 28 May 2025 the Group notarised the acquisition of an asset in Lübeck for €12.7m. The mixed-use multi-tenant business park comprises 14,810 sqm of industrial, storage and office space and is 88% occupied. The transaction is expected to be completed in the second quarter of 2025.
On 11 March 2025 the Group notarised the acquisition of an asset in Chalcroft, UK, for £43.0m (€51.5m). The mixed-use multi-tenant business park comprises 36,770 sqm of storage and industrial space and is 86% occupied. The transactions is expected to complete in the second quarter of fiscal year 2025/2026.
On 28 May 2025 the Group notarised the disposal of an asset in Pfungstadt for a sale price of €30.0m. The transactions is expected to complete in the fourth quarter of fiscal year 2025/2026. The book value of the property as of 31 March 2025 was €28.6m.
Business analysis (Unaudited Information)
Geographical property analysis - owned investment properties
Germany
| March 2025 | No. of owned properties | Total sqm 000 | Occupancy | Rate psqm € | Rent roll €m | % of portfolio by rent roll | Value €m (2) | Gross yield | Net yield | WALE rent | WALE sqm |
| Frankfurt | 16 | 341 | 88.5% | 7.94 | 28.8 | 21% | 368.0 | 7.8% | 7.2% | 2.9 | 3.0 |
| Berlin | 4 | 107 | 96.0% | 9.48 | 11.7 | 8% | 184.5 | 6.3% | 6.3% | 2.7 | 2.8 |
| Stuttgart | 10 | 368 | 90.7% | 5.71 | 22.9 | 16% | 295.1 | 7.7% | 7.0% | 2.9 | 2.9 |
| Cologne | 8 | 147 | 92.5% | 9.11 | 14.9 | 11% | 194.5 | 7.7% | 7.4% | 2.8 | 3.0 |
| Munich | 3 | 126 | 83.1% | 9.31 | 11.7 | 8% | 206.7 | 5.7% | 5.1% | 1.8 | 1.7 |
| Düsseldorf | 15 | 374 | 78.3% | 7.31 | 25.7 | 18% | 327.4 | 7.8% | 6.9% | 2.8 | 3.0 |
| Hamburg | 4 | 93 | 78.1% | 5.93 | 5.1 | 4% | 71.3 | 7.2% | 6.4% | 1.6 | 1.4 |
| Other | 10 | 268 | 79.8% | 7.56 | 19.4 | 14% | 243.1 | 8.0% | 7.0% | 3.0 | 3.0 |
| Total Germany | 70 | 1,825 | 85.4% | 7.50 | 140.2 | 100% | 1,890.6 | 7.4% | 6.7% | 2.7 | 2.8 |
UK
| March 2025 | No. of owned properties | Total sqm 000 | Occupancy | Rate psqm € (1) | Rent roll €m (1) | % of portfolio by rent roll | Value €m (2) | Net yield | WALE rent | WALE sqm |
| Midlands | 11 | 92 | 93.5% | 12.39 | 12.8 | 16% | 95.2 | 9.5% | 1.1 | 1.9 |
| North | 11 | 58 | 93.0% | 13.42 | 8.7 | 11% | 56.4 | 9.5% | 0.8 | 1.3 |
| North East and North | 13 | 92 | 89.9% | 8.81 | 8.8 | 11% | 64.5 | 8.6% | 1.6 | 1.8 |
| North West | 15 | 119 | 91.7% | 11.65 | 15.2 | 19% | 107.9 | 10.5% | 1.1 | 1.7 |
| South East | 14 | 37 | 87.3% | 36.13 | 14.0 | 17% | 124.8 | 6.9% | 1.5 | 1.6 |
| South West | 11 | 181 | 78.0% | 12.82 | 21.7 | 26% | 125.8 | 11.5% | 1.0 | 1.4 |
| Total UK | 75 | 579 | 87.3% | 13.39 | 81.2 | 100% | 574.6 | 9.5% | 1.4 | 1.6 |
(1) The Group's UK business charges licence customers an all-inclusive rate, which includes an implicit element of service charge.
(2) Book value of owned investment properties including assets held for sale when applicable.
Usage analysis
Germany
| Usage | Total sqm | % of total sqm | Occupied sqm | % of occupied sqm |
Rent roll €m | % of rent roll | Vacant sqm | Rate psqm € |
| Office | 588,300 | 32.3% | 483,764 | 31.0% | 51.4 | 36.7% | 104,536 | 8.85 |
| Storage | 578,912 | 31.7% | 493,764 | 31.7% | 33.7 | 24.0% | 85,148 | 5.69 |
| Production | 399,902 | 21.9% | 372,537 | 23.9% | 24.7 | 17.6% | 27,365 | 5.53 |
| Smartspace | 111,831 | 6.1% | 80,409 | 5.2% | 9.9 | 7.1% | 31,422 | 10.29 |
| Other(1) | 145,362 | 8.0% | 128,178 | 8.2% | 20.5 | 14.6% | 17,184 | 13.30 |
| Total Germany | 1,824,307 | 100.0% | 1,558,652 | 100.0% | 140.2 | 100.0% | 265,655 | 7.50 |
UK
| Usage | Total sqm | % of total sqm | Occupied sqm | % of occupied sqm | Rent roll €m (3) | % of rent roll | Vacant sqm | Rate psqm € (3) |
| Office | 149,695 | 25.8% | 117,928 | 23.3% | 43.2 | 53.1% | 31,767 | 30.51 |
| Workshop | 410,265 | 70.8% | 374,606 | 74.1% | 35.1 | 43.2% | 35,659 | 7.81 |
| Storage | 1,507 | 0.3% | 938 | 0.2% | 0.2 | 0.3% | 569 | 19.61 |
| Other(2) | 17,723 | 3.1% | 11,992 | 2.4% | 2.7 | 3.4% | 5,731 | 18.93 |
| Total UK | 579,190 | 100.0% | 505,464 | 100.0% | 81.2 | 100.0% | 73,726 | 13.39 |
(1) Other includes: catering, other usage, residential and technical space, land and car parking.
(2) Other includes: aerials, car parking, retail units, yards, catering and residential.
(3) The Group's UK business charge licence customers an all-inclusive rate, which includes an implicit element of service charge.
Lease expiry profile of future minimum lease payments receivable under non-cancellable leases
Germany by income
|
| Office €m | Production €m | Storage €m | Smartspace €m | Other (1) €m | Adjustments in relation to lease incentives €m | Total €m |
| Less than 1 year | 46.0 | 23.9 | 29.3 | 6.6 | 17.0 | (0.8) | 122.0 |
| Between 1 and 5 years | 77.5 | 47.4 | 50.1 | 2.0 | 27.4 | (0.2) | 204.2 |
| More than 5 years | 9.9 | 8.5 | 10.2 | 0.1 | 8.0 | 0.0 | 36.7 |
| Total | 133.4 | 79.8 | 89.6 | 8.7 | 52.4 | (1.0) | 362.9 |
Germany by sqm
|
| Office sqm | Production sqm | Storage sqm | Smartspace sqm | Other (1) sqm | Total sqm |
| Less than 1 year | 132,991 | 104,318 | 177,762 | 72,420 | 31,743 | 519,234 |
| Between 1 and 5 years | 283,679 | 191,041 | 248,217 | 11,674 | 76,730 | 811,341 |
| More than 5 years | 67,094 | 77,178 | 67,785 | 35 | 15,985 | 228,077 |
| Total | 483,764 | 372,537 | 493,764 | 84,129 | 124,458 | 1,558,652 |
(1) Other includes: catering, other usage, residential and technical space, land and car parking.
UK by income
|
| Office €m | Workshop €m | Storage €m | Other (2) €m | Adjustments in relation to lease incentives €m | Total €m |
| Less than 1 year | 12.1 | 6.7 | 0.1 | 0.6 | - | 19.5 |
| Between 1 and 5 years | 23.1 | 32.8 | 0.0 | 1.3 | - | 57.2 |
| More than 5 years | 14.5 | 9.2 | 0.0 | 3.0 | - | 26.7 |
| Total | 49.7 | 48.7 | 0.1 | 4.9 | - | 103.4 |
UK by sqm
|
| Office sqm | Workshop sqm | Storage sqm | Other (2) sqm | Total sqm |
| Less than 1 year | 75,120 | 188,519 | 1,398 | 10,643 | 275,680 |
| Between 1 and 5 years | 32,781 | 145,732 | - | 3,460 | 181,973 |
| More than 5 years | 7,026 | 18,813 | - | 2 | 25,841 |
| Total | 114,927 | 353,064 | 1,398 | 14,105 | 483,494 |
(2) Other includes: aerials, car parking, retail units, yards, catering and residential.
The Group's UK business provides flexible leases that represent approximately 61% of rent roll and conventional leases that represent 39% of rent roll.
Escalation profile per usage
Germany
The Group's German business' primary source of revenue relates to leasing contracts with tenants. The Group's German business realises escalations as a result of renewals, inflation linked indexations and contractually agreed uplifts. Approximately 29.5% of contracts in place at 31 March 2025 are subject to contractual uplifts. The average contractual uplifts over the coming twelve months split by usage are detailed as follows:
| Usage | Increase in % |
| Office | 4.64% |
| Storage | 4.57% |
| Production | 5.33% |
| Smartspace | 9.91% |
| Other(1) | 5.60% |
| Total | 5.08% |
(1) Other includes: catering, other usage, residential and technical space, land and car parking.
UK
The Group's UK business' primary source of revenue relates to leasing contracts and licence fee agreements with tenants. The Group's UK business realises escalations as a result of renewals, inflation linked indexations and contractually agreed uplifts. Of the lease contracts in place at 31 March 2025, approximately 40.3% are subject to contractual uplifts. The average contractual lease contract uplifts over the coming twelve months split by usage are detailed as follows:
| Usage | Increase in % |
| Office | 4.3% |
| Workshop | 6.4% |
| Total | 5.7% |
Property profile March 2025*
Germany
| Property and location | Total sqm | Office sqm | Storage sqm | Production sqm | Other (1) sqm | Rate psqm € |
| Aachen I | 24,513 | 12,895 | 2,246 | 5,510 | 3,862 | 9.73 |
| Aachen II | 9,788 | 1,402 | 6,669 | 1,511 | 206 | 6.96 |
| Alzenau | 66,432 | 27,746 | 7,396 | 24,088 | 7,202 | 7.51 |
| Bochum | 56,440 | 12,690 | 36,027 | 3,965 | 3,758 | 5.22 |
| Bochum II | 4,259 | 3,502 | 479 | 12 | 266 | 9.06 |
| Bonn | 9,055 | 3,087 | 2,411 | 477 | 3,080 | 9.52 |
| Bonn - Dransdorf | 19,210 | 5,367 | 6,891 | 1,665 | 5,287 | 8.39 |
| Buxtehude | 28,854 | 1,120 | 10,831 | 13,420 | 3,483 | 4.52 |
| Cölln Parc | 13,547 | 5,948 | 3,425 | 2,868 | 1,306 | 11.33 |
| Cologne | 30,023 | 2,628 | 13,710 | 3,125 | 10,560 | 6.81 |
| Dreieich | 13,008 | 7,299 | 2,929 | - | 2,780 | 8.38 |
| Dreieich II | 5,605 | 194 | 2,592 | - | 2,819 | 6.99 |
| Dresden | 58,472 | 25,436 | 17,820 | 11,170 | 4,046 | 9.39 |
| Düsseldorf - Sud | 1,238 | 425 | 420 | - | 393 | 8.24 |
| Düsseldorf II | 21,441 | 2,814 | 12,318 | 1,970 | 4,339 | 7.53 |
| Düsseldorf III | 9,898 | 4,433 | 4,949 | - | 516 | 8.24 |
| Erfurt | 34,277 | 20,967 | 10,610 | 171 | 2,529 | 11.80 |
| Essen | 23,726 | 7,574 | 11,970 | - | 4,182 | 4.14 |
| Essen II | 15,481 | 5,892 | 4,718 | 2,325 | 2,546 | 7.40 |
| Fellbach | 11,679 | 8,543 | 1,830 | 627 | 679 | 9.51 |
| Fellbach II | 26,435 | 1,748 | 16,113 | 340 | 8,234 | 6.33 |
| Frankfurt | 9,785 | 4,601 | 233 | - | 4,951 | 10.15 |
| Frankfurt III | 4,310 | 2,225 | 484 | 68 | 1,533 | 12.63 |
| Frankfurt Röntgenstraße | 10,085 | 4,903 | 1,370 | - | 3,812 | 14.82 |
| Freiburg Teningen | 5,525 | 3,846 | 555 | 36 | 1,088 | 12.72 |
| Frickenhausen | 20,803 | 7,106 | 6,234 | 5,578 | 1,885 | 5.72 |
| Friedrichsdorf | 28,012 | 5,966 | 8,476 | 10,743 | 2,827 | 6.08 |
| Gartenfeld | 17,603 | 6,427 | 5,489 | 3,074 | 2,613 | 8.51 |
| Grasbrunn | 28,595 | 5,810 | 10,791 | 5,925 | 6,069 | 10.21 |
| Hallbergmoss | 35,935 | 2,314 | 5,776 | 27,276 | 569 | 4.80 |
| Hamburg Lademannbogen | 14,359 | 7,267 | 4,734 | - | 2,358 | 13.07 |
| Hanover | 18,714 | 12,241 | 2,874 | - | 3,599 | 12.23 |
| Heidenheim | 10,533 | 7,677 | 1,010 | - | 1,846 | 10.38 |
| Heiligenhaus | 22,762 | 8,112 | 3,958 | 6,344 | 4,348 | 7.75 |
| Köln Porz | 46,843 | 8,415 | 15,420 | 13,828 | 9,180 | 5.08 |
| Köln Rodenkirchen | 44,810 | 19,596 | 7,534 | 12,364 | 5,316 | 5.40 |
| Krefeld | 17,858 | 954 | 129 | 16,051 | 724 | 7.56 |
| Krefeld II | 21,219 | 15,213 | 2,321 | 279 | 3,406 | 12.54 |
| Krefeld III | 19,861 | 9,918 | 6,689 | 2,178 | 1,076 | 8.20 |
| Ludwigsburg | 11,345 | 7,044 | 2,520 | 594 | 1,187 | 7.91 |
| Mahlsdorf | 6,147 | 2,893 | 325 | 2,171 | 758 | 8.53 |
| Mahlsdorf II | 9,709 | 4,542 | 3,332 | 999 | 836 | 8.85 |
| Maintal Mitte | 28,467 | 6,608 | 10,062 | 3,587 | 8,210 | 7.60 |
| Mannheim | 29,432 | 11,636 | 10,762 | 1,963 | 5,071 | 9.07 |
| Mannheim II | 12,800 | 5,769 | 1,263 | 1,906 | 3,862 | 8.63 |
| Mannheim III | 11,026 | 462 | 4,523 | 5,685 | 356 | 5.86 |
| Markgröningen | 70,023 | 13,378 | 20,821 | 27,913 | 7,911 | 5.60 |
| Munich - Neuaubing | 14,707 | 6,260 | 3,986 | 586 | 3,875 | 7.05 |
| Nabern II | 3,048 | 2,276 | 741 | - | 31 | 8.43 |
| Neckartenzlingen | 58,356 | 4,532 | 30,853 | 20,337 | 2,634 | 3.95 |
| Neu-Isenburg | 93,282 | 12,730 | 32,206 | 32,184 | 16,162 | 8.46 |
| Neuruppin | 5,578 | 1,620 | 491 | 2,376 | 1,091 | 9.25 |
| Neuss | 51,577 | 15,296 | 19,466 | 14,087 | 2,728 | 4.97 |
| Neuss II | 8,186 | 5,752 | 1,165 | - | 1,269 | 13.13 |
| Norderstedt | 22,959 | 1,404 | 7,629 | 13,133 | 793 | 5.67 |
| Nürnberg | 17,629 | 13,368 | 1,277 | 182 | 2,802 | 13.56 |
| Oberhausen | 33,652 | 7,959 | 17,198 | 6,058 | 2,437 | 6.21 |
| Offenbach Carl Legien-Strasse | 12,627 | 3,052 | 7,507 | 172 | 1,896 | 5.46 |
| Offenbach I | 14,153 | 2,323 | 3,241 | 7,532 | 1,057 | 7.69 |
| Öhringen | 83,862 | 41,102 | 29,911 | 1,130 | 11,719 | 7.71 |
| Pfungstadt | 45,422 | 9,893 | 9,316 | 17,680 | 8,533 | 6.59 |
| Potsdam | 15,038 | 3,489 | 2,459 | 2,351 | 6,739 | 7.88 |
| Potsdam II | 18,902 | 1,969 | 7,448 | 8,772 | 713 | 4.96 |
| Rastatt | 32,796 | 6,698 | 12,229 | 9,867 | 4,002 | 6.77 |
| Rostock | 36,037 | 12,490 | 12,720 | 4,956 | 5,871 | 9.51 |
| Saarbrücken | 244 | 165 | 71 | - | 8 | 13.90 |
| Schenefeld | 20,305 | 5,068 | 8,173 | 2,200 | 4,864 | 7.17 |
| Solingen | 18,656 | 8,116 | 1,941 | 6,606 | 1,993 | 7.10 |
| Stuttgart - Kirchheim | 47,100 | 28,802 | 9,757 | 2,264 | 6,277 | 10.09 |
| Wiesbaden | 40,494 | 10,283 | 26,500 | 1,961 | 1,750 | 5.81 |
| Total | 1,824,307 | 588,300 | 578,912 | 399,902 | 257,193 | 7.50 |
UK
| Property and location | Total sqm | Office sqm | Workshop sqm | Storage sqm | Other (2) sqm | Rate psqm € (3) |
| Albion Mills Business Centre | 14,889 | 5,351 | 5,338 | 866 | 3,334 | 8.49 |
| Altrincham | 4,498 | 1,442 | 2,768 | - | 288 | 16.49 |
| Ashford | 1,824 | 1,823 | - | - | 1 | 49.72 |
| Barnsley | 43,934 | - | 43,934 | - | - | 5.53 |
| Barnsley Carlton | 6,791 | 708 | 5,915 | - | 168 | 8.78 |
| Basingstoke | 10,314 | 10,183 | - | - | 131 | 27.85 |
| Birmingham Tyseley | 11,219 | 901 | 10,170 | - | 148 | 8.50 |
| Bradford - Dudley Hill | 1,304 | 1,303 | - | - | 1 | 53.52 |
| Bristol Equinox | 3,911 | 3,911 | - | - | - | 16.68 |
| Bury | 2,039 | 1,266 | 546 | - | 227 | 34.87 |
| Camberwell - Lomond | 16,198 | 303 | 15,756 | - | 139 | 7.31 |
| Cardiff | 1,627 | 1,599 | - | - | 28 | 42.35 |
| Cheadle | 2,663 | 2,058 | 605 | - | - | 30.40 |
| Christchurch | 3,094 | - | 3,094 | - | - | 4.85 |
| Consett | 1,621 | 1,621 | - | - | - | 19.67 |
| Coventry | 4,852 | 3,512 | 555 | - | 785 | 13.22 |
| Design Works | 1,021 | 491 | 510 | - | 20 | 33.88 |
| Didcot | 3,788 | 1,000 | 2,648 | - | 140 | 11.95 |
| Dinnington | 2,733 | 2,732 | - | - | 1 | 23.88 |
| Doncaster | 2,148 | 1,406 | 715 | - | 27 | 43.41 |
| Dorking | 15,891 | 3,998 | 11,368 | - | 525 | 5.88 |
| Egham | 1,002 | 927 | - | - | 75 | 25.24 |
| Fareham | 1,758 | 1,758 | - | - | - | 50.57 |
| Gateshead | 13,160 | - | 11,927 | - | 1,233 | 4.58 |
| Gloucester | 20,516 | 3,053 | 16,320 | 113 | 1,030 | 6.42 |
| Gloucester - Barnwood | 3,304 | 3,022 | 24 | 257 | 1 | 34.95 |
| Hartlepool - Oakesway | 5,463 | - | 5,462 | - | 1 | 8.85 |
| Hebburn | 4,265 | 4,262 | - | - | 3 | 32.50 |
| Hemel Hempstead | 1,372 | 1,230 | - | - | 142 | 29.69 |
| Hooton | 2,939 | 2,225 | 643 | - | 71 | 31.95 |
| Hove | 2,365 | - | 2,364 | - | 1 | 7.80 |
| Huddersfield (Linthwaite) | 3,059 | 2,857 | 201 | - | 1 | 29.60 |
| Islington Studio | 2,076 | 2,042 | - | - | 34 | 15.54 |
| Leeds - Brooklands | 3,726 | - | 3,725 | - | 1 | 8.71 |
| Leeds - Wortley | 1,993 | 1,992 | - | - | 1 | 31.48 |
| Letchworth | 3,488 | 1,324 | 2,164 | - | - | 20.10 |
| Littlehampton | 1,999 | 1,767 | - | - | 232 | 32.37 |
| Liverpool | 3,293 | 2,162 | 1,085 | - | 46 | 31.38 |
| London Colney | 1,645 | 1,644 | - | - | 1 | 38.47 |
| M25 Business Centre | 8,815 | - | 8,675 | - | 140 | 9.85 |
| Maidstone | 5,660 | 2,273 | 3,353 | - | 34 | 19.60 |
| Manchester - Trafford Park | 4,592 | 1,703 | 2,806 | - | 83 | 27.36 |
| Manchester - Newton Heath | 3,591 | 3,529 | 14 | - | 48 | 29.09 |
| Manchester - Old Trafford | 6,649 | 379 | 6,158 | - | 112 | 16.06 |
| Milton Keynes | 4,289 | 4,289 | - | - | - | 19.64 |
| New Addington - Croydon | 4,689 | 57 | 4,631 | - | 1 | 10.87 |
| Newcastle - Amber Court | 12,618 | 1,110 | 11,410 | - | 98 | 7.89 |
| Northampton - K2 | 5,527 | 1,313 | 4,013 | - | 201 | 9.65 |
| Northampton - KG | 4,128 | 4,110 | - | - | 18 | 37.86 |
| Nottingham - Arnold | 4,545 | 9 | 4,533 | - | 3 | 8.38 |
| Nottingham - Park Row | 5,495 | 5,465 | - | - | 30 | 25.27 |
| Nottingham - Roden | 2,147 | 542 | 1,604 | - | 1 | 30.39 |
| Oldham - Hollinwood | 18,307 | - | 18,306 | - | 1 | 4.65 |
| Perivale | 6,561 | 6,412 | - | - | 149 | 20.01 |
| Peterlee | 5,319 | 1,741 | 3,577 | - | 1 | 9.86 |
| Poole | 22,127 | 527 | 21,416 | - | 184 | 4.82 |
| Preston | 16,163 | - | 14,442 | - | 1,721 | 4.47 |
| Rochdale (Fieldhouse) | 4,487 | 1,374 | 3,112 | - | 1 | 16.01 |
| Rochdale (Moss Mill) | 9,261 | 108 | 9,152 | - | 1 | 10.05 |
| Rotherham | 1,927 | - | 1,927 | - | - | 11.22 |
| Sandy Business Park | 2,238 | 2,238 | - | - | - | 14.96 |
| Sheffield (Cricket) | 1,689 | 1,688 | - | - | 1 | 47.33 |
| Shipley | 4,295 | 4,109 | 169 | - | 17 | 37.37 |
| Solihull | 3,775 | - | 3,775 | - | - | 6.76 |
| Spectrum House | 2,636 | 2,634 | - | - | 2 | 16.85 |
| Stanley | 6,771 | 339 | 6,396 | - | 36 | 16.59 |
| Sunderland - North Sands | 2,300 | - | 2,299 | - | 1 | 44.16 |
| Swindon | 2,600 | 2,542 | - | - | 58 | 63.84 |
| The Ivories | 123,836 | 21,787 | 98,684 | - | 3,365 | 4.75 |
| Theale | 20,814 | 619 | 18,443 | - | 1,752 | 5.74 |
| Wakefield | 3,829 | - | 3,829 | - | - | 12.02 |
| Warrington - Craven Court | 1,779 | - | 1,779 | - | - | 32.57 |
| Wimbledon | 3,293 | 1,172 | 1,569 | 271 | 281 | 26.59 |
| Wolverhampton - Willenhall | 5,271 | 581 | 4,340 | - | 350 | 11.08 |
| Total | 579,188 | 149,695 | 410,265 | 1,507 | 17,721 | 13.39 |
* Excluding commercial leased investment properties.
(1) Other includes: Smartspace, catering, other usage, residential and technical space, land and car parking.
(2) Other includes: aerials, car parking, retail units, yards, catering and residential.
(3) The Group's UK business charges licence customers an all-inclusive rate, which includes an implicit element of service charge.
Annex 1 - Non-IFRS Measures
Basis of preparation
The Directors of Sirius Real Estate Limited have disclosed additional non-IFRS measures; these include EPRA earnings, adjusted net asset value, EPRA net reinstatement value, EPRA net tangible assets, EPRA net disposal value, EPRA loan to value, headline earnings and funds from operations (collectively, "Non-IFRS Financial Information").
The Directors have disclosed:
• EPRA earnings in order to assist in comparisons with similar businesses in the real estate sector as a measure of a company's underlying operating results and an indication of the extent to which current dividend payments are supported by earnings. EPRA earnings is a definition of earnings as set out by the European Public Real Estate Association defined as earnings from operational activities. The reconciliation between basic and diluted earnings and EPRA earnings is detailed in table A below showing all line item adjustments.
• Adjusted net asset value in order to assist in comparisons with similar businesses. Adjusted net asset value represents net asset value after adjusting for net deferred tax asset/liability. The reconciliation for adjusted net asset value is detailed in table B below.
• EPRA net reinstatement value ("EPRA NRV") in order to assist in comparisons with similar businesses in the real estate sector. EPRA NRV is a definition of net asset value as set out by the European Public Real Estate Association defined as the net asset value adjusted to reflect the value required to rebuild the entity and assuming that entities never sell assets. The reconciliation for EPRA NRV is detailed in table C below showing all line item adjustments.
• EPRA net tangible assets ("EPRA NTA") in order to assist in comparisons with similar businesses in the real estate sector. EPRA NTA is a definition of net asset value as set out by the European Public Real Estate Association defined as the net asset value adjusted to reflect that entities buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax. The reconciliation for EPRA NTA is detailed in table C below showing all line item adjustments.
• EPRA net disposal value ("EPRA NDV") in order to assist in comparisons with similar businesses in the real estate sector. EPRA NDV is a definition of net asset value as set out by the European Public Real Estate Association defined as the net asset value adjusted to reflect the shareholders' value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax. The reconciliation for EPRA NDV is detailed in table C below showing all line item adjustments.
• EPRA loan to value ("EPRA LTV") in order to assist in comparisons with similar businesses in the real estate sector. EPRA LTV is a definition of loan to value ratio as set out by the European Public Real Estate Association defined as debt divided by market value of property including any capital which is not equity as debt irrespective of its IFRS classification; it is calculated on proportional consolidation; and assets are included at fair value and net debt at nominal value. The reconciliation for EPRA LTV is detailed in table D below showing all line item adjustments.
• Headline earnings in order to provide an alternative indication of the Group's underlying business performance as required by the Listings Requirements. Headline earnings represents earnings after excluding "separately identifiable re-measurements", net of related tax (both current and deferred) and related NCI, other than re-measurements specifically included in headline earnings ("included re-measurements"), as defined by the circular titled Headline Earnings issued by SAICA. The reconciliation for headline earnings is detailed in table E below showing all line item adjustments.
• Funds from operations in order to assist in comparisons with similar businesses and to facilitate the Group's dividend policy which is derived from profit or loss after tax. Accordingly, funds from operations exclude non-cash items and any one-off non-operations related cash items to show the net cash flow from operations. The reconciliation for funds from operations is detailed in table F below showing all line item adjustments.
The Non-IFRS Financial Information is presented in accordance with the JSE Listings Requirements as well as The Guide on Pro forma Financial Information and the Headline Earnings Circular 1/2023, issued by SAICA. The Non-IFRS Financial Information is the responsibility of the Directors. The Non-IFRS Financial Information has been presented for illustrative purposes and, due to its nature, may not fairly present the Group's financial position or result of operations.
Ernst & Young Inc have issued an independent auditor's report on certain of the Non-IFRS Financial Information for the year ended 31 March 2025 which is included on page 120 to 128 of the Annual Report and Accounts 2025.The starting point for all the Non-IFRS Financial Information has been extracted, without adjustment, from the audited Group's consolidated financial statements for the year ended 31 March 2025 (the "consolidated financial statements").
Table A - EPRA earnings
|
| Year ended 31 March 2025 €m | Year ended 31 March 2024 €m |
| Basic and diluted earnings attributable to owners of the Company(1) | 178.1 | 107.8 |
| Deduct gain on revaluation of investment properties(2) | (79.4) | (12.2) |
| (Deduct gain)/add loss on disposal of properties (net of related tax)(3) | (1.6) | 0.1 |
| Change in fair value of derivative financial instruments(4) | - | 1.3 |
| Deferred tax in respect of EPRA earnings adjustments(5) | 20.6 | 2.5 |
| NCI relating to revaluation (net of related tax)(6) | 0.1 | 0.0 |
| NCI relating to gain on disposal of properties (net of related tax)(7) | 0.0 | 0.0 |
| (Deduct gain)/add loss on revaluation of investment property from associates(8) | (0.8) | 1.6 |
| Tax in relation to the revaluation gains/losses on investment property from associates(9) | 0.7 | (0.0) |
| EPRA earnings(10) | 117.7 | 101.1 |
Notes:
(1) Presents the profit attributable to owners of the Company which has been extracted from the consolidated income statement within the consolidated financial statements.
(2) Presents the gain or loss on revaluation of investment properties which has been extracted from the consolidated income statement within the consolidated financial statements.
(3) Presents the gain or loss on disposal of properties (net of related tax) which has been extracted from note 11 within the consolidated financial statements.
(4) Presents the change in fair value of derivative financial instruments which has been extracted from the consolidated income statement within the consolidated financial statements.
(5) Presents deferred tax in respect of EPRA earning adjustments which has been extracted from note 11 within the consolidated financial statements.
(6) Presents the non-controlling interest relating to revaluation (net of related tax) which has been extracted from note 11 within the consolidated financial statements.
(7) Presents the non-controlling interest relating to gain or loss on disposal of properties (net of related tax) which has been extracted from note 11 within the consolidated financial statements.
(8) Presents the gain or loss on revaluation of investment property from associates which has been extracted from note 11 within the consolidated financial statements.
(9) Presents tax in relation to the revaluation gains/losses on investment property from associates which has been extracted from note 11 within the consolidated financial statements.
(10) Presents the EPRA earnings for the year.
Table B - Adjusted net asset value
|
| 31 March 2025 €m | 31 March 2024 €m |
| Net asset value | | |
| Net asset value for the purpose of assets per share (total equity attributable to the owners of the Company)(1) | 1,688.9 | 1,407.3 |
| Net deferred tax liabilities(2) | 99.3 | 82.7 |
| Adjusted net asset value attributable to owners of the Company(3) | 1,788.2 | 1,490.0 |
Notes:
(1) Presents the net asset value for the purpose of assets per share (total equity attributable to the owners of the Company) which has been extracted from the consolidated statement of financial position within the consolidated financial statements.
(2) Presents the net deferred tax liabilities or assets which have been extracted from the note 10 within the consolidated financial statements.
(3) Presents the adjusted net asset value attributable to the owners of the Company as at year end.
Table C - EPRA net asset measures
| 31 March 2025 | EPRA NRV €m | EPRA NTA €m | EPRA NDV €m |
| Net asset value as at year end (basic)(1) | 1,688.9 | 1,688.9 | 1,688.9 |
| Diluted EPRA net asset value at fair value | 1,688.9 | 1,688.9 | 1,688.9 |
| Group | | | |
| Deferred tax in respect of EPRA fair value movements on investment properties(2) | 103.3 | 103.3* | n/a |
| Intangibles(3) | n/a | (1.7) | n/a |
| Fair value of fixed interest rate debt(4) | n/a | n/a | 86.4 |
| Real estate transfer tax(5) | 191.2 | n/a | n/a |
| Investment in associates | | | |
| Deferred tax in respect of EPRA fair value movements on investment properties(2) | 8.0 | 8.0* | n/a |
| Fair value of fixed interest rate debt(4) | n/a | n/a | 3.3 |
| Real estate transfer tax(5) | 9.6 | n/a | n/a |
| Total EPRA NRV, NTA and NDV(6) | 2,001.0 | 1,798.5 | 1,778.6 |
| 31 March 2024 | EPRA NRV €m | EPRA NTA €m | EPRA NDV €m |
| Net asset value as at year end (basic)(1) | 1,407.3 | 1,407.3 | 1,407.3 |
| Diluted EPRA net asset value at fair value | 1,407.3 | 1,407.3 | 1,407.3 |
| Group | | | |
| Deferred tax in respect of EPRA fair value movements on investment properties(2) | 82.7 | 82.7* | n/a |
| Intangibles(3) | n/a | (3.3) | n/a |
| Fair value of fixed interest rate debt(4) | n/a | n/a | 114.7 |
| Real estate transfer tax(5) | 170.3 | n/a | n/a |
| Investment in associates | | | |
| Deferred tax in respect of EPRA fair value movements on investment properties(2) | 7.0 | 7.0* | n/a |
| Fair value of fixed interest rate debt(4) | n/a | n/a | 6.7 |
| Real estate transfer tax(5) | 9.4 | n/a | n/a |
| Total EPRA NRV, NTA and NDV(6) | 1,676.7 | 1,493.7 | 1,528.7 |
* The Group intends to hold onto the investment properties and has excluded such deferred taxes for the whole portfolio as at year end except for, when applicable, deferred tax in relation to assets held for sale.
Notes:
(1) Presents the net asset value for the purpose of assets per share (total equity attributable to the owners of the Company) which has been extracted from the consolidated statement of financial position within the consolidated financial statements.
(2) Presents for the Group the net deferred tax liabilities or assets which have been extracted from note 10 within the consolidated financial statements and for EPRA NTA only the additional credit adjustment for the deferred tax expense relating to assets held for sale of €nil (2024: €nil). For investment in associates the deferred tax income/(expense) arising on revaluation losses/gains amounted to (€0.7m) (2024: €nil).
(3) Presents intangibles which has been extracted from the consolidated statement of financial position within the consolidated financial statements.
(4) Presents the fair value of financial liabilities and assets on the consolidated statement of financial position, net of any related deferred tax.
(5) Presents the add-back of purchasers' costs in order to reflect the value prior to any deduction of purchasers' costs, as shown in the Valuation Certificate of Cushman & Wakefield LLP.
(6) Presents the EPRA NRV, EPRA NTA and EPRA NDV, respectively, as at year end.
Table D - EPRA LTV
| | | Proportionate consolidation | |
| 31 March 2025 | Group €m | Investment in associates €m | Total €m |
| Interest-bearing loans and borrowings(1) | 209.1 | 52.6 | 261.7 |
| Corporate bonds(2) | 1,109.9 | - | 1,109.9 |
| Net payables(3) | 50.5 | 5.9 | 56.4 |
| Cash and cash equivalents(4) | (604.8) | (7.4) | (612.2) |
| Net debt (a)(5) | 764.7 | 51.1 | 815.8 |
| Investment properties(6) | 2,488.1 | 127.6 | 2,615.7 |
| Plant and equipment(7) | 17.8 | - | 17.8 |
| Intangible assets(8) | 1.7 | - | 1.7 |
| Loan to associates(9) | 45.1 | - | 45.1 |
| Total property value (b)(10) | 2,552.7 | 127.6 | 2,680.3 |
| EPRA LTV (a/b)(11) | 30.0% | 39.9% | 30.4% |
| | | Proportionate consolidation | |
| 31 March 2024 | Group €m | Investment in associates €m | Total €m |
| Interest-bearing loans and borrowings(1) | 245.1 | 52.2 | 297.3 |
| Corporate bonds(2) | 700.0 | - | 700.0 |
| Net payables(3) | 75.3 | 5.9 | 81.2 |
| Cash and cash equivalents(4) | (244.2) | (7.4) | (251.6) |
| Net debt (a)(5) | 776.2 | 50.7 | 826.9 |
| Investment properties(6) | 2,210.6 | 126.2 | 2,336.8 |
| Plant and equipment(7) | 7.8 | - | 7.8 |
| Intangible assets(8) | 3.3 | - | 3.3 |
| Loan to associates(9) | 45.1 | - | 45.1 |
| Total property value (b)(10) | 2,266.8 | 126.2 | 2,393.0 |
| EPRA LTV (a/b)(11) | 34.2% | 40.2% | 34.6% |
Notes:
(1) Presents the interest-bearing loans and borrowings which have been extracted from the consolidated statement of financial position within the consolidated financial statements less the corporate bonds which have been extracted from note 24 within the consolidated financial statements.
(2) Presents the corporate bonds which have been extracted from note 24 within the consolidated financial statements.
(3) Presents the net payables, which are the sum of trade and other receivables, trade and other payables, current tax liabilities (all of which have been extracted from the consolidated statement of financial position within the consolidated financial statements) and deposits which have been extracted from note 19 within the consolidated financial statements.
(4) Presents the cash and cash equivalents which have been extracted from the consolidated statement of financial position within the consolidated financial statements.
(5) Presents the net debt, which is the sum of interest-bearing loans and borrowings, corporate bonds, and net payables, less cash and cash equivalents.
(6) Presents the investment properties values which have been extracted from the consolidated statement of financial position within the consolidated financial statements.
(7) Presents the plant and equipment which have been extracted from the consolidated statement of financial position within the consolidated financial statements.
(8) Presents the intangible assets which have been extracted from the consolidated statement of financial position within the consolidated financial statements.
(9) Presents the loan to associates which has been extracted from note 17 within the consolidated financial statements.
(10) Presents the total property value, which is the sum of investment properties, plant and equipment, intangible assets and loan to associates.
(11) Presents the EPRA LTV which is net debt divided by total property value in percentage.
Table E - Headline earnings
The following table shows the reconciliation of basic to headline earnings, separately disclosing the impact before tax (gross column) and after tax (net column):
| | Year ended 31 March 2025 | | Year ended 31 March 2024 | ||
|
| Gross €m | Net €m |
| Gross €m | Net €m |
| Basic earnings and diluted earnings attributable to owners of the Company(1) | | 178.1 | | | 107.8 |
| Deduct gain on revaluation of investment properties(2) | (79.4) | (58.8) | | (12.2) | (9.5) |
| (Deduct gain)/add loss on disposal of properties(3) | (1.6) | (1.6) | | (0.9) | 0.1 |
| NCI relating to revaluation(4) | 0.1 | 0.1 | | 0.0 | 0.0 |
| NCI relating to gain on disposal of properties(5) | 0.0 | 0.0 | | 0.0 | 0.0 |
| (Deduct gain)/add loss on revaluation of investment property from associates(6) | (0.8) | (0.1) |
| 1.6 | 1.6 |
| Headline earnings(7) |
| 117.7 |
|
| 100.0 |
Notes:
(1) Presents the profit attributable to owners of the Company which has been extracted from the consolidated income statement within the consolidated financial statements.
(2) Presents the gain or loss on revaluation of investment properties which has been extracted from the consolidated income statement within the consolidated financial statements (for the gross column) less any related deferred tax movement which has been extracted from note 10 within the consolidated financial statements (for the net column).
(3) Presents the gain or loss on disposal of properties which has been extracted from the consolidated income statement within the consolidated financial statements (for the gross column) less any related current tax which has been extracted from note 10 within the consolidated financial statements (for the net column).
(4) Presents the non-controlling interest relating to revaluation (for the gross column) less any related tax (for the net column) both of which have been extracted from note 11 within the consolidated financial statements.
(5) Presents the non-controlling interest relating to gain or loss on disposal of properties (for the gross column) less any related tax (for the net column) both of which have been extracted from note 11 within the consolidated financial statements.
(6) Presents the gain or loss on revaluation of investment property from associates (for the gross column) less any related tax (for the net column) which has been extracted from note 11 within the consolidated financial statements.
(7) Presents the headline earnings for the year.
Table F - Funds from operations
|
| Year ended 31 March 2025 €m |
| Year ended 31 March 2024 €m |
| Profit for the year after tax(1) | 178.2 | | 107.9 |
| Adjustments for: | | | |
| Gain on revaluation of investment properties(2) | (79.4) | | (12.2) |
| Adjustment in respect of long-term leasehold liabilities(3) | (1.3) | | (0.9) |
| Gain of disposals of properties(4) | (1.6) | | (0.9) |
| (Gain)/loss on revaluation of investment property from associates and related tax(5) | (0.1) | | 1.6 |
| Other expenses not included in FFO(6) | 0.6 | | 0.9 |
| Share-based payments(7) | 6.5 | | 5.0 |
| Change in fair value of financial derivatives(8) | - | | 1.3 |
| Foreign exchange effects(9) | (4.1) | | (3.4) |
| Depreciation and amortisation (excluding depreciation relating to IFRS 16)(10) | 3.7 | | 3.3 |
| Amortisation of financing fees(11) | 3.3 | | 3.5 |
| Adjustment in respect of IFRS 16(12) | 0.8 | | 0.6 |
| Add back of total deferred tax(13) | 16.6 | | 2.5 |
| Add back current tax relating to disposals(14) | - |
| 1.0 |
| Funds from operations(15) | 123.2 |
| 110.2 |
Notes:
(1) Presents profit or loss after tax which has been extracted from the consolidated income statement within the consolidated financial statements.
(2) Presents the gain or loss on revaluation of investment properties which has been extracted from the consolidated income statement within the consolidated financial statements.
(3) Presents the adjustment in respect of long-term leasehold liabilities which has been extracted from note 13 within the consolidated financial statements.
(4) Presents the gain or loss on disposal of properties which has been extracted from the consolidated income statement within the consolidated financial statements.
(5) Presents the gain or loss on revaluation of investment property from associates and related tax which has been extracted from note 11 within the consolidated financial statements.
(6) Presents other expenses not included in FFO as included in other administration costs in note 6 within the consolidated financial statements.
(7) Presents share-based payments as included in other administration costs in note 6 within the consolidated financial statements.
(8) Presents the change in fair value of derivative financial instruments which has been extracted from the consolidated income statement within the consolidated financial statements.
(9) Presents the net foreign exchange gains or losses as included in other administration costs in note 6 within the consolidated financial statements.
(10) Presents depreciation of plant and equipment and amortisation of intangible assets which have been extracted from note 6 within the consolidated financial statements.
(11) Presents amortisation of capitalised finance costs which has been extracted from note 9 within the consolidated financial statements.
(12) Presents the differential between the expense recorded in the consolidated income statement for the year relating to head leases in accordance with IFRS 16 amounting to €4.2m (2024: €3.9m) and the actual cash expense recorded in the consolidated statement of cash flows for the year amounting to €3.4m (2024: €3.3m).
(13) Presents the total deferred tax expense which has been extracted from note 10 within the consolidated financial statements.
(14) Presents the current income tax charge relating to disposals of investment properties which has been extracted from note 10 within the consolidated financial statements.
(15) Presents the funds from operations for the year.
Glossary of terms
| Adjusted net asset value | is the total equity attributable to the owners of the Company adjusted for net deferred tax liabilities/assets |
| Capital value | is the market value of a property divided by the total sqm of a property |
| Company | is Sirius Real Estate Limited, a company incorporated in Guernsey and resident in the United Kingdom for tax purposes, whose shares are publicly traded on the equity shares (commercial companies) category of the London Stock Exchange (primary listing) and the premium segment of the main board of the JSE Limited (primary listing) |
| Cumulative total return | is the return calculated by combining the movement in investment property value net of capex with the total net operating income less bank interest over a specified period of time |
| EPRA | European Public Real Estate Association |
| EPRA earnings | is adjusted earnings in order to assist in comparisons with similar businesses in the real estate sector as a measure of the Group's underlying operating results and an indication of the extent to which current dividend payments are supported by earnings (EPRA earnings is detailed in note 11 showing all line item adjustments) |
| EPRA loan to value | is a loan to value ratio defined as debt divided by market value of property including any capital which is not equity as debt irrespective of its IFRS classification; it is calculated on proportional consolidation; and assets are included at fair value and net debt at nominal value (EPRA LTV is detailed in note 22 showing all line item adjustments) |
| EPRA net reinstatement value | is the net asset value adjusted to reflect the value required to rebuild the Group and assuming that the Group never sell assets (EPRA NRV is detailed in note 12 showing all line item adjustments) |
| EPRA net tangible assets | is the net asset value adjusted to reflect that the Group buy and sell assets, thereby crystallising certain levels of unavoidable deferred tax (EPRA NTA is detailed in note 12 showing all line item adjustments) |
| EPRA net disposal value | is the net asset value adjusted to reflect the shareholders' value under a disposal scenario, where deferred tax, financial instruments and certain other adjustments are calculated to the full extent of their liability, net of any resulting tax (EPRA NDV is detailed in note 12 showing all line item adjustments) |
| EPRA net initial yield | is the rent roll based on the cash rents passing at reporting date, less non-recoverable property operating expenses, divided by the market value of the property, increased with (estimated) purchasers' costs |
| EPRA net yield | is the net operating income generated by a property expressed as a percentage of its value plus purchase costs |
| ERV | is the estimated rental value which is the annualised rental income at 100% occupancy |
| Executive Committee | is made up of the CEO, CFO, COO, Chief Marketing and Impact Officer ("CMIO"), Chief Investment Officer ("CIO") and Group HR Officer ("GHRO") |
| Funds from operations ("FFO") | is profit after tax adjusted for non-cash and non-operational items, including revaluations on investment properties, share-based payments, depreciation and amortization, financing fees, foreign exchange differences and other non-recurring items. Refer to Note 4 of the financial statements for further information. |
| Geared IRR | is an estimate of the rate of return taking into consideration debt |
| Group | comprises the Company and its subsidiaries |
| Headline earnings | is earnings after excluding "separately identifiable re-measurements", net of related tax (both current and deferred) and related NCI, other than re-measurements specifically included in headline earnings ("included re-measurements"), as defined by the circular titled Headline Earnings issued by SAICA (headline earnings is detailed in note 11 showing all line item adjustments). |
| Like-for-like | refers to the manner in which metrics are subject to adjustment in order to make them directly comparable. Like-for-like adjustments are made in relation to rent roll, rate and occupancy and eliminate the effect of asset acquisitions and disposals that occur in the reporting period |
| LTIP | Long Term Incentive Plan |
| LTV | loan to value |
| Net loan to value | is the ratio of principal value of total debt less cash, excluding that which is restricted in contractual terms, to the aggregate value of owned investment property (including assets held for sales when applicable) |
| Net operating income | is the rental, service charge and other income generated from investment and managed properties less directly attributable costs |
| Net yield | is the net operating income generated by a property expressed as a percentage of its value |
| Occupancy | is the percentage of total lettable space occupied as at reporting date |
| Operating profit | is the net operating income adjusted for gains/losses on revaluation of investment properties, gains/losses on disposal of properties, movement in expected credit loss provision, administrative expenses and share of profit of associates |
| Rate | for the German portfolio is rental income per sqm expressed on a monthly basis as at a specific reporting date; for the UK portfolio is rental income (includes estimated service charge element) per sqm expressed on a monthly basis as at a specific reporting date in EUR; and for the UK portfolio is rental income (includes estimated service charge element) per sq ft expressed on an annual basis as at a specific reporting date in GBP |
| Rent roll | is the contracted rental income of a property at a specific reporting date expressed in annual terms. Unless stated otherwise the reporting date is 31 March 2025. Rent roll should not be interpreted or used as a forecast or estimate. Rent roll differs from rental income described in note 5 of the Annual Report and reported within revenue in the audited consolidated income statement for reasons including: • rent roll represents contracted rental income at a specific point in time expressed in annual terms; • rental income as reported within revenue represents rental income recognised in the period under review; and • rental income as reported within revenue includes accounting adjustments including those relating to lease incentives |
| Senior Management Team | is made up of the Executive Committee members and certain Directors within the Group |
| SIP | Share Incentive Plan |
| Sirius | comprises the Company and its subsidiaries |
| Total debt | is the aggregate amount of the interest-bearing loans and borrowings |
| Total shareholder accounting return | is the return obtained by a shareholder calculated by combining both movements in adjusted NAV per share and dividends paid |
| Total return | is the return for a set period of time combining valuation movement and income generated |
| Ungeared IRR | is an estimate of the rate of return |
| Weighted average cost of debt | is the weighted effective rate of interest of loan facilities expressed as a percentage |
| Weighted average debt expiry | is the weighted average time to repayment of loan facilities expressed in years
|
Corporate directory
SIRIUS REAL ESTATE LIMITED
(Incorporated in Guernsey)
Company number: 46442
JSE Share Code: SRE
LSE (GBP) Share Code: SRE
LEI: 213800NURUF5W8QSK566
ISIN Code: GG00B1W3VF54
Registered office
Plaza House
Fifth Floor
Admiral Park
St Peter Port
Guernsey GY1 2HU
Channel Islands
Registered number
Incorporated in Guernsey under The Companies (Guernsey) Law, 2008, as amended, under number 46442
Company Secretary
A Gallagher
Sirius Real Estate Limited
Plaza House
Fifth Floor
Admiral Park
St Peter Port
Guernsey GY1 2HU
Channel Islands
UK solicitors
Penningtons Manches Cooper LLP
125 Wood Street
London EC2V 7AW
United Kingdom
Financial PR
FTI Consulting LLP
200 Aldersgate Street
London EC1A 4HD
United Kingdom
JSE sponsor
PSG Capital Proprietary Limited
1st Floor, Ou Kollege Building
35 Kerk Street
Stellenbosch 7600
South Africa
Joint broker
Peel Hunt LLP
100 Liverpool Street
London EC2M 2AT
United Kingdom
Joint broker
Berenberg
60 Threadneedle Street
London EC2R 8HP
United Kingdom
Property valuer
Cushman & Wakefield LLP
Rathenauplatz 1
60313 Frankfurt am Main
Germany
Independent auditor
Ernst & Young LLP
1 More London Place
London SE1 2AF
United Kingdom
Guernsey solicitors
Carey Olsen (Guernsey) LLP
PO Box 98
Carey House
Les Banques
St Peter Port
Guernsey GY1 4BZ
Channel Islands
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