Balance Sheet Derwent London Plc

Equities

DLN

GB0002652740

Commercial REITs

Market Closed - London S.E. Other stock markets 16:35:09 15/05/2026 BST			5-day change	1st Jan Change
1,672.00 ^GBX	-3.02%		-4.73%	-3.85%

05-12	Derwent launches GBP50 million buyback scheme after "strong" quarter	AN
05-12	Derwent London to Kick Off GBP50 Million Share Repurchase Program	MT

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Published financial data: DERWENT LONDON PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Rental Revenues	194M	207M	213M	215M	218M
Other Revenues, Total	33M	35M	55.2M	64.7M	188M
Total Revenues	227M	242M	268M	280M	406M
Property Expenses	52.8M	55.7M	71.2M	78.3M	205M
Selling General & Admin Expenses, Total	37.1M	36.4M	40.8M	41.8M	39.1M
Provision for Bad Debts	800K	-1M	2M	200K	500K
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-	-	-	-	-
Other Operating Expenses	-	-	-100K	-100K	-100K
Total Operating Expenses	90.7M	91.1M	114M	120M	244M
Operating Income (REIT / Utility Template)	136M	151M	154M	159M	162M
Interest Expense, Total	-28.1M	-39.7M	-40.4M	-41.5M	-49.1M
Interest and Investment Income	-	200K	800K	200K	2M
Net Interest Expenses	-28.1M	-39.5M	-39.6M	-41.3M	-47.1M
Other Non Operating Income (Expenses)	2.9M	5.6M	-900K	-900K	-3.4M
EBT, Excl. Unusual Items	111M	117M	114M	117M	112M
Gain (Loss) on Sale of Investments	-	-	-9.2M	-300K	-
Gain (Loss) on Sale of Assets	10.4M	25.6M	1.2M	1.9M	-2.2M
Asset Writedown	131M	-422M	-582M	-2.7M	52.2M
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	252M	-280M	-476M	116M	162M
Income Tax Expense	-1.3M	1M	500K	100K	400K
Earnings From Continuing Operations	254M	-280M	-476M	116M	161M
Net Income to Company	254M	-280M	-476M	116M	161M
Minority Interest	-1.5M	-	-	-	-
Net Income - (IS)	252M	-280M	-476M	116M	161M
Net Income to Common Incl Extra Items	252M	-280M	-476M	116M	161M
Net Income to Common Excl. Extra Items	252M	-280M	-476M	116M	161M
Per Share Items
Net EPS - Basic	2.25	-2.5	-4.24	1.03	1.44
Basic EPS - Continuing Operations	2.25	-2.5	-4.24	1.03	1.44
Basic Weighted Average Shares Outstanding	112M	112M	112M	112M	112M
Net EPS - Diluted	2.24	-2.5	-4.24	1.03	1.44
Diluted EPS - Continuing Operations	2.24	-2.5	-4.24	1.03	1.44
Diluted Weighted Average Shares Outstanding	112M	112M	112M	113M	112M
Normalized Basic EPS	0.61	0.65	0.63	0.65	0.62
Normalized Diluted EPS	0.61	0.65	0.63	0.65	0.62
Dividend Per Share	0.76	0.78	0.8	0.8	0.82
Payout Ratio	33.41	-30.94	-18.62	77.31	56.36
Supplemental Items
EBITDA	137M	152M	155M	160M	163M
EBITA	136M	151M	154M	159M	162M
EBIT	136M	151M	154M	159M	162M
EBITDAR	139M	154M	158M	162M	165M
Effective Tax Rate - (Ratio)	-0.51	-0.36	-0.1	0.09	0.25
Current Domestic Taxes	500K	900K	-	-	-
Total Current Taxes	500K	900K	-	-	-
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-1.8M	100K	500K	100K	400K
Normalized Net Income	68.06M	73.12M	71M	73.19M	69.69M
Interest Capitalized	12M	7M	6.5M	11.2M	14.1M
Interest on Long-Term Debt	38.2M	44.6M	44.8M	47.7M	62.6M
Non-Cash Pension Expense	-	-	-100K	-100K	-100K
Supplemental Operating Expense Items
Marketing Expenses	-	-	1.7M	700K	-
Selling and Marketing Expenses	-	-	1.7M	700K	-
General and Administrative Expenses	37.1M	36.4M	39.1M	41.1M	39.1M
Net Rental Expense, Total	1.4M	1.7M	2.3M	1.5M	1.9M
Imputed Operating Lease Interest Expense	370K	488K	650K	441K	635K
Imputed Operating Lease Depreciation	1.03M	1.21M	1.65M	1.06M	1.27M
Maintenance & Repair Expenses, Total	-	-	1.1M	1M	-
Stock-Based Comp., Other (Total)	4.3M	1.9M	2.5M	3.1M	2M
Total Stock-Based Compensation	4.3M	1.9M	2.5M	3.1M	2M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	5.42B	5.06B	4.61B	4.73B	4.9B
Accumulated Depreciation	-4.1M	-4.3M	-5.4M	-6.4M	-7.2M
Net Property Plant And Equipment	5.41B	5.06B	4.6B	4.72B	4.9B
Total Real Estate Assets	5.41B	5.06B	4.6B	4.72B	4.9B
Cash And Equivalents	68.5M	76.6M	73M	71.4M	132M
Accounts Receivable, Total	6.9M	4.9M	10.4M	13.3M	4.4M
Other Receivables	30.1M	33.7M	3.2M	4.7M	1.7M
Other Current Assets, Total	160M	99.7M	98.4M	199M	74.2M
Trading Asset Securities, Total	-	-	-	600K	-
Deferred Tax Assets Long-Term (Collected)	300K	-	-	-	-
Other Long-Term Assets, Total	212M	238M	242M	203M	205M
Total Assets	5.89B	5.51B	5.03B	5.21B	5.31B
Liabilities
Current Portion of Long-Term Debt	400K	-	82.9M	174M	232M
Current Portion of Leases	51.2M	500K	400K	400K	500K
Short-Term Borrowings	12.3M	19.7M	20M	20M	-
Long-Term Debt	1.24B	1.23B	1.23B	1.27B	1.26B
Long-Term Leases	19.4M	34.5M	34.2M	34.2M	40.5M
Accounts Payable, Total	3.2M	400K	700K	600K	8M
Accrued Expenses, Total	45.5M	47.6M	66M	85.5M	81.6M
Current Income Taxes Payable	500K	900K	-	7.3M	1.2M
Unearned Revenue, Current	41.9M	48.2M	50.8M	50M	47M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	38M	51.9M	30.6M	31.5M	30.3M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non-Current	-	600K	100K	800K	2.3M
Other Non Current Liabilities	300K	200K	300K	400K	400K
Total Liabilities	1.45B	1.43B	1.52B	1.67B	1.7B
Common Stock, Total	5.6M	5.6M	5.6M	5.6M	5.6M
Additional Paid In Capital	195M	197M	197M	197M	197M
Retained Earnings	3.3B	2.93B	2.37B	2.39B	2.47B
Comprehensive Income and Other	941M	942M	939M	943M	947M
Total Common Equity	4.44B	4.08B	3.51B	3.54B	3.62B
Minority Interest	-	-	-	-	-
Total Equity	4.44B	4.08B	3.51B	3.54B	3.62B
Total Liabilities And Equity	5.89B	5.51B	5.03B	5.21B	5.31B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	112M	112M	112M	112M	112M
ECS Total Common Shares Outstanding	112M	112M	112M	112M	112M
Book Value / Share	39.59	36.3	31.25	31.52	32.2
Tangible Book Value	4.44B	4.08B	3.51B	3.54B	3.62B
Tangible Book Value Per Share	39.59	36.3	31.25	31.52	32.2
Total Debt	1.32B	1.28B	1.37B	1.5B	1.53B
Net Debt	1.25B	1.21B	1.3B	1.43B	1.4B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-1.8M	-1.2M	-2M	-1.8M	-1.8M
Debt Equivalent Oper. Leases	11.2M	13.6M	18.4M	12M	15.2M
Minority Interest, Total (Incl. Fin. Div)	-	-	-	-	-
Equity Method Investments, Total	51.1M	43.9M	35.8M	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	32.6M	41.7M	68.9M	133M	32.9M
Full Time Employees	163	184	199	201	206
Accumulated Allowance for Doubtful Accounts (Supple)	4.1M	1.9M	1.9M	2.4M	1.7M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	252M	-280M	-476M	116M	161M
Depreciation, Depletion & Amortization	900K	1M	1.1M	1M	800K
Total Depreciation, Depletion & Amortization	900K	1M	1.1M	1M	800K
(Gain) Loss On Sale of Asset - (CF)	-	-	-1.2M	-1.9M	-2M
Total Asset Writedown	-	-	582M	2.7M	-52.2M
(Income) Loss On Equity Investments - (CF)	-	-	300K	-	-
Stock-Based Compensation (CF)	-	-	2.5M	3.1M	2M
Change in Accounts Receivable	-	-	-3.7M	-8.8M	7.3M
Change In Inventories	-	-	-27.2M	-53.3M	104M
Change in Other Net Operating Assets (Collected)	-	-	17.5M	9.5M	5.4M
Other Operating Activities	-128M	391M	2.6M	-3.6M	1.1M
Cash from Operations	126M	111M	97M	64.6M	228M
Acquisition of Real Estate Assets, Total	-426M	-260M	-156M	-188M	-173M
Sale of Real Estate Assets, Total	298M	207M	65.4M	85.5M	79.1M
Net Sale / Acquisition of Real Estate Assets	-128M	-53.6M	-90.6M	-103M	-93.7M
Investment in Marketable and Equity Securities, Total	-64.1M	-300K	-	-	-
Other Investing Activities, Total	9.5M	2.2M	-7.4M	1.1M	-3M
Cash from Investing	-183M	-51.7M	-98M	-102M	-96.7M
Short Term Debt Issued, Total	-	-	300K	-	-
Long-Term Debt Issued, Total	358M	7.4M	84M	209M	330M
Total Debt Issued	358M	7.4M	84.3M	209M	330M
Long-Term Debt Repaid, Total	-146M	-10.1M	-	-83M	-306M
Total Debt Repaid	-146M	-10.1M	-	-83M	-306M
Issuance of Common Stock	1.8M	1.2M	-	-	-
Common Dividends Paid	-84.3M	-86.8M	-88.7M	-89.6M	-90.8M
Common & Preferred Stock Dividends Paid	-84.3M	-86.8M	-88.7M	-89.6M	-90.8M
Special Dividend Paid	-	-	-	-	-
Other Financing Activities, Total	-55.3M	-300K	1.8M	-700K	-5.1M
Cash from Financing	74.7M	-88.6M	-2.6M	35.7M	-71M
Net Change in Cash	17.8M	-28.9M	-3.6M	-1.6M	60.3M
Supplemental Items
Cash Interest Paid	21.9M	33.7M	38.1M	38.3M	45.5M
Cash Income Tax Paid (Refund)	500K	500K	1.3M	-	300K
Net Debt Issued / Repaid	212M	-2.7M	84.3M	126M	24.9M
Levered Free Cash Flow	151M	113M	100M	-575K	203M
Unlevered Free Cash Flow	169M	138M	125M	25.36M	234M
Change In Net Working Capital	-78.3M	-40.4M	-25.4M	78.3M	-130M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.49	1.65	1.83	1.94	1.92
Return on Total Capital	1.53	1.7	1.88	2.01	1.99
Return On Equity %	5.8	-6.59	-12.56	3.29	4.5
Return on Common Equity	5.8	-6.59	-12.56	3.29	4.5
Margin Analysis
Gross Profit Margin %	76.76	76.98	73.43	71.99	49.57
SG&A Margin	16.33	15.04	15.19	14.92	9.59
EBITDA Margin %	60.48	62.77	57.91	57.35	40.05
EBITA Margin %	60.08	62.36	57.5	56.99	39.85
EBIT Margin %	60.08	62.36	57.5	56.99	39.85
Income From Continuing Operations Margin %	111.71	-115.91	-177.76	41.47	39.63
Net Income Margin %	111.05	-115.91	-177.76	41.47	39.63
Net Avail. For Common Margin %	111.05	-115.91	-177.76	41.47	39.63
Normalized Net Income Margin	29.96	30.22	26.49	26.19	17.14
Levered Free Cash Flow Margin	66.57	46.61	37.34	-0.21	50.03
Unlevered Free Cash Flow Margin	74.3	56.86	46.76	9.07	57.58
Asset Turnover
Asset Turnover	0.04	0.04	0.05	0.05	0.08
Fixed Assets Turnover	0.04	0.05	0.06	0.06	0.08
Receivables Turnover (Average Receivables)	11.29	35.08	27.82	18.13	24.67
Inventory Turnover (Average Inventory)	2.32	1.5	1.29	0.77	2.47
Short Term Liquidity
Current Ratio	1.38	1.27	0.74	0.78	0.53
Quick Ratio	0.55	0.68	0.34	0.24	0.34
Operating Cash Flow to Current Liabilities	0.65	0.66	0.39	0.17	0.57
Days Sales Outstanding (Average Receivables)	32.33	10.4	13.12	20.19	14.8
Days Outstanding Inventory (Average Inventory)	157.27	243.44	283.49	472.34	147.87
Average Days Payable Outstanding	14.35	10.14	2.04	1.67	14.99
Cash Conversion Cycle (Average Days)	175.25	243.71	294.57	490.86	147.68
Long Term Solvency
Total Debt/Equity	29.74	31.51	39.06	42.32	42.25
Total Debt / Total Capital	22.92	23.96	28.09	29.74	29.7
LT Debt/Equity	28.3	31.01	36.12	36.83	35.83
Long-Term Debt / Total Capital	21.81	23.58	25.97	25.88	25.19
Total Liabilities / Total Assets	24.61	26.03	30.21	32.11	31.96
EBIT / Interest Expense	4.86	3.8	3.81	3.84	3.3
EBITDA / Interest Expense	4.89	3.83	3.84	3.86	3.32
(EBITDA - Capex) / Interest Expense	4.89	3.83	3.84	3.86	3.32
Total Debt / EBITDA	9.61	8.45	8.83	9.35	9.38
Net Debt / EBITDA	9.11	7.95	8.36	8.9	8.57
Total Debt / (EBITDA - Capex)	9.61	8.45	8.83	9.35	9.38
Net Debt / (EBITDA - Capex)	9.11	7.95	8.36	8.9	8.57
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-15.41	6	6.65	4.29	45.44
Gross Profit, 1 Yr. Growth %	-11.52	6.15	-0.3	2.24	0.5
EBITDA, 1 Yr. Growth %	-8.34	10.8	-3.72	3.29	1.56
EBITA, 1 Yr. Growth %	-8.51	10.79	-3.81	3.37	1.69
EBIT, 1 Yr. Growth %	-8.51	10.79	-3.81	3.37	1.69
Earnings From Cont. Operations, 1 Yr. Growth %	-411.79	-210.52	69.84	-124.33	39
Net Income, 1 Yr. Growth %	-425.13	-211.18	69.84	-124.33	39
Diluted EPS Before Extra, 1 Yr. Growth %	-423.68	-211.32	69.81	-124.26	39.42
Normalized Net Income, 1 Yr. Growth %	-10.43	7.73	-10.06	4.74	-4.78
Net Property, Plant and Equip., 1 Yr. Growth %	6.59	-6.63	-9	2.63	3.7
Inventory, 1 Yr. Growth %	152.71	27.91	65.23	93.32	-75.3
Accounts Receivable, 1 Yr. Growth %	-74.91	-28.99	112.24	27.88	-66.92
Total Assets, 1 Yr. Growth %	6.52	-6.77	-8.74	3.7	1.91
Common Equity, 1 Yr. Growth %	4.19	-8.25	-13.91	0.88	2.13
Tangible Book Value, 1 Yr. Growth %	4.19	-8.25	-13.91	0.88	2.13
Cash From Operations, 1 Yr. Growth %	8.46	-13.58	-12.93	-33.4	252.94
Levered Free Cash Flow, 1 Yr. Growth %	290.7	-40.43	-15.78	-100.58	-35.47K
Unlevered Free Cash Flow, 1 Yr. Growth %	192.82	-33.5	-12.75	-79.76	822.82
Dividend Per Share, 1 Yr. Growth %	2.75	2.61	1.27	1.26	1.24
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.72	-5.08	8.35	5.46	23.16
Gross Profit, 2 Yr. CAGR %	-2.3	-2.78	5.89	0.96	1.19
EBITDA, 2 Yr. CAGR %	-3.12	0.66	6.4	-0.28	2.42
EBITA, 2 Yr. CAGR %	-3.21	0.57	6.37	-0.28	2.53
EBIT, 2 Yr. CAGR %	-3.21	0.57	6.37	-0.28	2.53
Earnings From Cont. Operations, 2 Yr. CAGR %	-4.47	85.63	37.01	-35.72	-41.85
Net Income, 2 Yr. CAGR %	-5.65	90.12	37.41	-35.72	-41.85
Diluted EPS Before Extra, 2 Yr. CAGR %	-5.83	89.82	37.49	-35.81	-41.84
Normalized Net Income, 2 Yr. CAGR %	-6.62	-1.9	2.28	-3.71	-0.13
Net Property, Plant and Equip., 2 Yr. CAGR %	1.8	-0.23	-7.82	-3.36	3.16
Inventory, 2 Yr. CAGR %	-10.5	79.79	45.38	78.72	-30.9
Accounts Receivable, 2 Yr. CAGR %	-6.54	-57.79	22.77	64.75	-34.96
Total Assets, 2 Yr. CAGR %	2.27	-0.2	-7.76	-2.72	2.8
Common Equity, 2 Yr. CAGR %	0.23	-2.23	-11.12	-6.8	1.51
Tangible Book Value, 2 Yr. CAGR %	0.23	-2.23	-11.12	-6.8	1.51
Cash From Operations, 2 Yr. CAGR %	13.78	-1.96	-13.25	-23.85	53.31
Levered Free Cash Flow, 2 Yr. CAGR %	116.1	70.7	-27.31	-93.04	43.05
Unlevered Free Cash Flow, 2 Yr. CAGR %	228.56	54.5	-22.18	-57.98	36.66
Dividend Per Share, 2 Yr. CAGR %	2.76	2.68	1.94	1.27	1.25
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-0.19	1.64	-0.07	6.98	17.39
Gross Profit, 3 Yr. CAGR %	-1.98	0.65	-0.05	4.66	0.69
EBITDA, 3 Yr. CAGR %	-3.98	1.24	1.16	5.35	0.33
EBITA, 3 Yr. CAGR %	-4.04	1.18	1.08	5.36	0.37
EBIT, 3 Yr. CAGR %	-4.04	1.18	1.08	5.36	0.37
Earnings From Cont. Operations, 3 Yr. CAGR %	5.05	0.29	80.21	-22.99	-16.88
Net Income, 3 Yr. CAGR %	4.31	-0.34	83.11	-22.84	-16.88
Diluted EPS Before Extra, 3 Yr. CAGR %	4.11	-0.43	82.9	-22.88	-16.87
Normalized Net Income, 3 Yr. CAGR %	-7.42	-2.15	-2.24	2.54	-4.07
Net Property, Plant and Equip., 3 Yr. CAGR %	2.14	-1.08	-3.24	-4.46	-1.06
Inventory, 3 Yr. CAGR %	-3.52	0.81	74.8	59.87	-7.6
Accounts Receivable, 3 Yr. CAGR %	-13.61	-14.72	-27.68	24.45	-3.52
Total Assets, 3 Yr. CAGR %	3.27	-0.74	-3.13	-4.09	-1.2
Common Equity, 3 Yr. CAGR %	1.87	-2.68	-6.29	-7.29	-3.92
Tangible Book Value, 3 Yr. CAGR %	1.87	-2.68	-6.29	-7.29	-3.92
Cash From Operations, 3 Yr. CAGR %	2.95	4.69	-5.76	-20.57	26.96
Levered Free Cash Flow, 3 Yr. CAGR %	19.04	51.58	37.24	-85.52	19.62
Unlevered Free Cash Flow, 3 Yr. CAGR %	18.42	106.46	29.54	-50.33	17.68
Dividend Per Share, 3 Yr. CAGR %	5.12	2.71	2.21	1.71	1.26
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	3.19	3.51	3.24	3.93	8.64
Gross Profit, 5 Yr. CAGR %	2.88	2.46	1.22	1.95	0.44
EBITDA, 5 Yr. CAGR %	2.61	2.03	0	1.83	1.66
EBITA, 5 Yr. CAGR %	2.54	2	-0.05	1.8	1.66
EBIT, 5 Yr. CAGR %	2.54	2	-0.05	1.8	1.66
Earnings From Cont. Operations, 5 Yr. CAGR %	36.48	-2.17	16.83	-16.06	14.63
Net Income, 5 Yr. CAGR %	33.86	-2.23	16.47	-16.37	15.73
Diluted EPS Before Extra, 5 Yr. CAGR %	33.67	-2.33	16.36	-16.47	15.66
Normalized Net Income, 5 Yr. CAGR %	3.42	0.64	-3.71	-1.28	-1.72
Net Property, Plant and Equip., 5 Yr. CAGR %	2.26	1.37	-1.96	-2	-0.73
Inventory, 5 Yr. CAGR %	22.75	10.51	13.67	26.76	20.59
Accounts Receivable, 5 Yr. CAGR %	6.23	-7.15	-0.57	10.98	-30.69
Total Assets, 5 Yr. CAGR %	3.11	1.8	-1.23	-1.53	-0.8
Common Equity, 5 Yr. CAGR %	2.47	-0.26	-3.54	-4.35	-3.24
Tangible Book Value, 5 Yr. CAGR %	2.47	-0.26	-3.54	-4.35	-3.24
Cash From Operations, 5 Yr. CAGR %	10.1	5.94	-3.38	-7.83	14.49
Levered Free Cash Flow, 5 Yr. CAGR %	19.54	40.81	2.22	-55.35	39.34
Unlevered Free Cash Flow, 5 Yr. CAGR %	16.36	34.35	4.27	10.16	32.34
Dividend Per Share, 5 Yr. CAGR %	7.88	5.62	3.84	2.13	1.83