£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

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

Revenue growth, %

(1%)5%(3%)

Cost of goods sold

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

Gross profit

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

Gross profit Margin, %

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

Operating expense total

44.9 m40.8 m1.1 b(1.9 b)(1.4 b)1.1 b4.3 b(702.9 m)(868.4 m)26.4 m220 m(376.7 m)258.7 m(814 m)156 m31 m

EBITDA

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

EBITDA margin, %

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

EBIT

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

EBIT margin, %

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

Pre tax profit

319.6 m373.1 m(155.8 m)2.4 b2 b(988 m)(4.8 b)1.1 b1.2 b515.7 m290.7 m1.1 b329.1 m1.3 b112 m251 m

Income tax expense

(89.7 m)(84.8 m)120 m(683 m)1.5 b15.1 m(500 k)23.1 m16.8 m8 m7.7 m2 m1 m1 m

Net Income

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

Land Securities Balance Sheet

Annual

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

Cash

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

Accounts Receivable

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

Inventories

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

Current Assets

2 441.4 m686.9 m691.6 m852 m842.8 m1.7 b2.1 b678.3 m556.3 m951.9 m570.2 m594.6 m933.1 m613 m591 m572 m

PP&E

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

Goodwill

34.7 m38.1 m

Total Assets

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

Accounts Payable

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

Current Liabilities

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

Non-Current Liabilities

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

Total Debt

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

Total Liabilities

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

Additional Paid-in Capital

2 76.9 m55 m46.8 m47 m47 m47.1 m76.2 m69.6 m74 m78.5 m79.2 m79.9 m80.1 m80 m80 m80 m

Retained Earnings

62.5 m115.1 m(238.3 m)1.4 b3.4 b(1.1 b)(5.5 b)853.4 m1 b302.3 m290.7 m941 m99.3 m1 b(142 m)(62 m)

Total Equity

2 5.6 b6 b6.6 b7.5 b10.8 b9.6 b4.8 b5.7 b6.8 b7.2 b7.5 b8.4 b10.6 b11.7 b11.5 b10.5 b

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

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

Cash From Operating Activities

484.4 m251.8 m506.4 m376 m361.5 m(800 k)367.2 m179.3 m153.5 m254.1 m246.7 m158.6 m233.5 m432 m386 m445 m

Dividends Paid

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

Cash From Financing Activities

213.2 m2.7 m(232.8 m)733 m1.2 b(132.2 m)536.6 m(2.4 b)(234.9 m)339.8 m(21.1 m)(690.4 m)171.6 m(1.3 b)(464 m)(771 m)

Net Change in Cash

93.5 m56.4 m14.5 m11 m371 m(5.7 m)1.6 b(1.4 b)(121.8 m)671.7 m12 m(20.8 m)(6.6 m)10 m5 m32 m

Income Taxes Paid

7.7 m

Land Securities Ratios

GBPY, 2018

EV/EBITDA

16.6 x

EV/EBIT

16.6 x

EV/CFO

17.9 x

Revenue/Employee

1.5 m

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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