£852 M

Land Securities Revenue FY, 2018
Land Securities Gross profit (FY, 2018)509 M
Land Securities Gross profit margin (FY, 2018), %59.7%
Land Securities Net income (FY, 2018)252 M
Land Securities EBITDA (FY, 2018)478 M
Land Securities EBIT (FY, 2018)478 M
Land Securities Cash, 31-Mar-201877 M
Land Securities EV7.9 B

Land Securities Revenue Breakdown

Embed Graph

Land Securities revenue breakdown by business segment: 53.6% from Retail Portfolio and 46.4% from London Portfolio

Land Securities Income Statement

Annual

GBPFY, 2003FY, 2004FY, 2005FY, 2006FY, 2007FY, 2008FY, 2009FY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Revenue

1.1b1.3b1.6b1.8b1.6b500.6m494.8m833.4m701.9m671.5m625.5m716.5m711.2m942.0m787.0m852.0m

Revenue growth, %

(1%)5%(3%)

Cost of goods sold

564.0m780.3m1.3b1.0b392.5m270.8m410.0m266.0m343.0m

Gross profit

507.3m505.5m561.0m594.9m440.9m431.1m532.0m521.0m509.0m

Gross profit Margin, %

47%39%31%36%53%61%56%66%60%

Operating expense total

44.9m40.8m1.1b(1.9b)(1.4b)1.1b4.3b(702.9m)(868.4m)26.4m220.0m(376.7m)258.7m(814.0m)156.0m31.0m

EBITDA

2.1b(600.5m)(3.8b)1.1b1.3b645.1m405.5m1.1b455.7m1.3b365.0m478.0m

EBITDA margin, %

125%(120%)(776%)138%186%96%65%153%64%143%46%56%

EBIT

462.4m464.7m494.0m2.4b2.0b(600.5m)(3.8b)1.1b1.3b645.1m405.5m1.1b452.5m1.3b365.0m478.0m

EBIT margin, %

43%36%30%134%123%(120%)(776%)137%185%96%65%153%64%143%46%56%

Pre tax profit

319.6m373.1m(155.8m)2.4b2.0b(988.0m)(4.8b)1.1b1.2b515.7m290.7m1.1b329.1m1.3b112.0m251.0m

Income tax expense

(89.7m)(84.8m)120.0m(683.0m)1.5b15.1m(500.0k)23.1m16.8m8.0m7.7m2.0m1.0m1.0m

Net Income

229.9m288.3m(35.8m)1.7b3.5b(972.9m)(4.8b)1.1b1.2b523.7m290.7m1.1b329.1m1.3b113.0m252.0m

Land Securities Balance Sheet

Annual

GBPFY, 2002FY, 2003FY, 2004FY, 2005FY, 2006FY, 2007FY, 2008FY, 2009FY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Cash

99.4m22.8m11.1m16.0m52.7m48.4m1.6b159.4m37.6m59.2m72.6m35.4m24.7m44.0m51.0m77.0m

Accounts Receivable

112.4m176.7m215.5m135.0m201.2m146.1m33.3m54.5m60.4m24.5m42.8m61.0m69.0m53.0m

Inventories

52.6m85.0m150.9m256.0m173.0m94.9m87.9m129.3m

Current Assets

2.0441.4m686.9m691.6m852.0m842.8m1.7b2.1b678.3m556.3m951.9m570.2m594.6m933.1m613.0m591.0m572.0m

PP&E

8.5b9.0b9.8b13.1b1.1b73.6m14.3m12.8m11.3m8.8m8.3m7.3m9.6m14.3b

Goodwill

34.7m38.1m

Total Assets

2.09.0b9.7b10.6b14.0b18.9b16.6b11.2b9.7b10.7b10.8b11.8b12.2b14.9b15.0b14.8b14.5b

Accounts Payable

58.5m80.8m42.7m43.0m26.7m28.5m2.7m9.9m12.2m7.4m6.6m12.9m15.2m24.0m11.0m5.0m

Current Liabilities

594.9m1.4b822.1m844.0m3.0b2.4b900.4m817.7m499.1m402.3m837.8m844.7m568.1m327.0m713.0m1.2b

Non-Current Liabilities

2.8b2.3b3.1b5.7b5.1b4.7b5.5b3.2b3.4b3.3b3.5b2.9b3.7b3.0b2.6b2.8b

Total Debt

16.8m44.0m1.4m300.0k10.8m513.2m19.0m404.0m872.0m

Total Liabilities

3.4b3.6b3.9b6.5b8.2b7.0b6.4b4.0b3.9b3.7b4.3b3.8b4.3b3.3b3.3b4.0b

Additional Paid-in Capital

2.076.9m55.0m46.8m47.0m47.0m47.1m76.2m69.6m74.0m78.5m79.2m79.9m80.1m80.0m80.0m80.0m

Retained Earnings

62.5m115.1m(238.3m)1.4b3.4b(1.1b)(5.5b)853.4m1.0b302.3m290.7m941.0m99.3m1.0b(142.0m)(62.0m)

Total Equity

2.05.6b6.0b6.6b7.5b10.8b9.6b4.8b5.7b6.8b7.2b7.5b8.4b10.6b11.7b11.5b10.5b

Debt to Equity Ratio

0 x0 x0 x0 x0 x0.1 x0 x0 x0.1 x

Debt to Assets Ratio

0 x0 x0 x0 x0 x0 x0 x0 x0.1 x

Financial Leverage

1 x1.6 x1.6 x1.6 x1.9 x1.8 x1.7 x2.3 x1.7 x1.6 x1.5 x1.6 x1.4 x1.4 x1.3 x1.3 x1.4 x

Land Securities Cash Flow

Annual

GBPFY, 2003FY, 2004FY, 2005FY, 2006FY, 2007FY, 2008FY, 2009FY, 2010FY, 2011FY, 2012FY, 2013FY, 2014FY, 2015FY, 2016FY, 2017FY, 2018

Net Income

229.9m288.3m(35.8m)1.7b3.5b(972.9m)(4.8b)1.1b1.2b523.7m290.7m1.1b329.1m1.3b113.0m252.0m

Cash From Operating Activities

484.4m251.8m506.4m376.0m361.5m(800.0k)367.2m179.3m153.5m254.1m246.7m158.6m233.5m432.0m386.0m445.0m

Dividends Paid

167.4m173.2m202.5m239.0m133.8m308.4m302.4m235.5m213.6m221.4m175.6m229.8m289.0m255.0m314.0m

Cash From Financing Activities

213.2m2.7m(232.8m)733.0m1.2b(132.2m)536.6m(2.4b)(234.9m)339.8m(21.1m)(690.4m)171.6m(1.3b)(464.0m)(771.0m)

Net Change in Cash

93.5m56.4m14.5m11.0m371.0m(5.7m)1.6b(1.4b)(121.8m)671.7m12.0m(20.8m)(6.6m)10.0m5.0m32.0m

Income Taxes Paid

7.7m

Land Securities Ratios

GBPY, 2018

EV/EBITDA

16.6 x

EV/EBIT

16.6 x

EV/CFO

17.9 x

Revenue/Employee

1.5m

Debt/Equity

0.1 x

Debt/Assets

0.1 x

Financial Leverage

1.4 x
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Land Securities Operating Metrics

FY, 2015FY, 2016FY, 2017

Leisure Destinations

20

Real Estate Assets

120

Real Estate Portfolio, sq ft

26.52 m23.61 m23.20 m

Retail Parks

13 13 13

Shopping Centers

13 13 13
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