Cash flow Land Securities Group Plc

Equities

LAND

GB00BYW0PQ60

Diversified REITs

Market Closed - London S.E. Other stock markets 16:35:03 06/02/2026 GMT			5-day change	1st Jan Change
660.00 ^GBX	-0.90%		+0.99%	+6.11%

01-29	Land Securities Group plc Announces Board and Committee Changes	CI
01-23	Jefferies raises Severn Trent; Davy cuts Weir	AN

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Published financial data: LAND SECURITIES GROUP PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Rental Revenues	635M	679M	791M	824M	842M
Total Revenues	635M	679M	791M	824M	842M
Property Expenses	219M	307M	379M	335M	326M
Selling General & Admin Expenses, Total	-	-	-	73M	71M
Depreciation & Amortization - (IS) - (Collected)	-	-	-	6M	4M
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Provision for Bad Debts	110M	-13M	-2M	-6M	-9M
Other Operating Expenses	-	-	-	1M	16M
Total Operating Expenses	329M	294M	377M	409M	408M
Operating Income (REIT / Utility Template)	306M	385M	414M	415M	434M
Interest Expense, Total	-76M	-69M	-64M	-126M	-114M
Interest and Investment Income	15M	9M	11M	12M	15M
Net Interest Expenses	-61M	-60M	-53M	-114M	-99M
Income (Loss) on Equity Invest.	-192M	33M	-1M	2M	37M
Other Non Operating Income (Expenses)	1M	-	-	-	-34M
EBT, Excl. Unusual Items	54M	358M	360M	303M	338M
Total Merger & Related Restructuring Charges	-	-8M	-	-	-
Impairment of Goodwill	-	-6M	-5M	-1M	-22M
Gain (Loss) on Sale of Investments	-	2M	-	3M	-
Gain (Loss) on Sale of Assets	8M	107M	-144M	-16M	-15M
Asset Writedown	-1.45B	416M	-827M	-628M	91M
Other Unusual Items	-3M	6M	-6M	-2M	1M
EBT, Incl. Unusual Items	-1.39B	875M	-622M	-341M	393M
Income Tax Expense	-	-	-	-	-3M
Earnings From Continuing Operations	-1.39B	875M	-622M	-341M	396M
Net Income to Company	-1.39B	875M	-622M	-341M	396M
Minority Interest	-	-6M	3M	22M	-
Net Income - (IS)	-1.39B	869M	-619M	-319M	396M
Net Income to Common Incl Extra Items	-1.39B	869M	-619M	-319M	396M
Net Income to Common Excl. Extra Items	-1.39B	869M	-619M	-319M	396M
Per Share Items
Net EPS - Basic	-1.88	1.17	-0.84	-0.43	0.53
Basic EPS - Continuing Operations	-1.88	1.17	-0.84	-0.43	0.53
Basic Weighted Average Shares Outstanding	740M	740M	740M	741M	743M
Net EPS - Diluted	-1.88	1.17	-0.84	-0.43	0.53
Diluted EPS - Continuing Operations	-1.88	1.17	-0.84	-0.43	0.53
Diluted Weighted Average Shares Outstanding	740M	742M	740M	741M	747M
Normalized Basic EPS	0.05	0.29	0.31	0.29	0.28
Normalized Diluted EPS	0.05	0.29	0.31	0.29	0.28
Dividend Per Share	0.27	0.37	0.39	0.4	0.4
Payout Ratio	-9.12	21.86	-46.69	-91.22	77.02
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	308M	388M	417M	417M	437M
EBITA	307M	385M	414M	415M	434M
EBIT	306M	385M	414M	415M	434M
Effective Tax Rate - (Ratio)	-	-	-	-	-0.76
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-	-	-	-	-
Deferred Domestic Taxes	-	-	-	-	-3M
Total Deferred Taxes	-	-	-	-	-3M
Normalized Net Income	33.75M	218M	228M	211M	211M
Interest Capitalized	11M	17M	22M	19M	27M
Interest on Long-Term Debt	71M	71M	72M	89M	109M
Non-Cash Pension Expense	-	-	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	-	-	-	73M	71M
Stock-Based Comp., COGS (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	4M	4M	6M	8M	6M
Total Stock-Based Compensation	4M	4M	6M	8M	6M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Net Property Plant And Equipment	13M	11M	9M	7M	42M
Total Real Estate Assets	13M	11M	9M	7M	42M
Cash And Equivalents	-	128M	41M	78M	39M
Accounts Receivable, Total	311M	265M	261M	258M	324M
Other Receivables	19M	69M	41M	50M	74M
Investment In Debt and Equity Securities	5M	1M	2M	8M	9M
Goodwill	1M	1M	1M	-	-
Other Intangibles, Total	7M	7M	5M	3M	3M
Restricted Cash	3M	10M	-	-	5M
Other Current Assets, Total	68M	196M	188M	188M	279M
Other Long-Term Assets, Total	10.56B	12.21B	10.42B	10.07B	10.85B
Total Assets	10.99B	12.9B	10.97B	10.66B	11.62B
Liabilities
Current Portion of Long-Term Debt	-	-	-	-	6M
Current Portion of Leases	-	-	3M	2M	2M
Short-Term Borrowings	906M	541M	312M	973M	750M
Long-Term Debt	2.55B	3.89B	3.12B	2.73B	3.65B
Long-Term Leases	61M	123M	107M	75M	156M
Accounts Payable, Total	12M	26M	14M	56M	30M
Accrued Expenses, Total	38M	75M	88M	90M	155M
Unearned Revenue, Current	93M	104M	133M	134M	129M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	116M	126M	95M	98M	136M
Deferred Tax Liability Non-Current	2M	7M	4M	-	-
Other Non Current Liabilities	1M	13M	22M	59M	77M
Total Liabilities	3.78B	4.9B	3.89B	4.22B	5.09B
Common Stock, Total	80M	80M	80M	80M	80M
Additional Paid In Capital	317M	317M	318M	319M	319M
Retained Earnings	6.79B	7.51B	6.59B	5.98B	6.08B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	28M	9M	13M	23M	30M
Total Common Equity	7.21B	7.92B	7B	6.4B	6.51B
Minority Interest	-	74M	67M	45M	18M
Total Equity	7.21B	7.99B	7.07B	6.45B	6.53B
Total Liabilities And Equity	10.99B	12.9B	10.97B	10.66B	11.62B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	740M	741M	742M	742M	743M
ECS Total Common Shares Outstanding	740M	741M	742M	742M	743M
Book Value / Share	9.74	10.69	9.45	8.63	8.77
Tangible Book Value	7.2B	7.91B	7B	6.4B	6.51B
Tangible Book Value Per Share	9.73	10.68	9.44	8.63	8.76
Total Debt	3.52B	4.55B	3.54B	3.78B	4.56B
Net Debt	3.52B	4.42B	3.5B	3.7B	4.52B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-6M	-28M	-16M	-15M	-15M
Minority Interest, Total (Incl. Fin. Div)	-	74M	67M	45M	18M
Equity Method Investments, Total	625M	704M	536M	529M	551M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	36M	145M	118M	100M	81M
Full Time Employees	530	610	577	598	704
Accumulated Allowance for Doubtful Accounts (Supple)	111M	74M	45M	39M	29M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	-1.39B	869M	-619M	-319M	396M
Depreciation, Depletion & Amortization	1M	3M	3M	2M	3M
Amortization of Goodwill and Intangible Assets - (CF)	1M	-	-	-	-
Total Depreciation, Depletion & Amortization	2M	3M	3M	2M	3M
Amortization of Deferred Charges, Total	3M	2M	2M	2M	1M
(Gain) Loss On Sale of Asset - (CF)	-8M	-109M	143M	16M	15M
(Gain) Loss on Sale of Investments - (CF)	-	-2M	-	-3M	-
Total Asset Writedown	1.45B	-410M	832M	629M	-69M
(Income) Loss On Equity Investments - (CF)	192M	-33M	1M	-2M	-37M
Stock-Based Compensation (CF)	4M	4M	6M	8M	6M
Provision and Write-off of Bad Debts	-	-	-	-	-
Change in Accounts Receivable	8M	28M	-17M	-32M	-128M
Change in Other Net Operating Assets (Collected)	-14M	21M	-80M	-14M	43M
Other Operating Activities	-13M	8M	71M	51M	26M
Cash from Operations	233M	381M	342M	338M	256M
Acquisition of Real Estate Assets, Total	-317M	-491M	-357M	-465M	-781M
Sale of Real Estate Assets, Total	631M	265M	1.27B	176M	404M
Net Sale / Acquisition of Real Estate Assets	314M	-226M	912M	-289M	-377M
Cash Acquisitions	-	-399M	-92M	-	-18M
Investment in Marketable and Equity Securities, Total	16M	22M	14M	17M	12M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-	-	-	-	-
Other Investing Activities, Total	4M	-	-	-	-
Cash from Investing	334M	-603M	834M	-272M	-383M
Long-Term Debt Issued, Total	-	1.05B	394M	708M	963M
Total Debt Issued	-	1.05B	394M	708M	963M
Long-Term Debt Repaid, Total	-1.77B	-489M	-1.41B	-427M	-562M
Total Debt Repaid	-1.77B	-489M	-1.41B	-427M	-562M
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-127M	-190M	-289M	-291M	-305M
Common & Preferred Stock Dividends Paid	-127M	-190M	-289M	-291M	-305M
Other Financing Activities, Total	-18M	-24M	21M	-19M	-8M
Cash from Financing	-1.91B	350M	-1.28B	-29M	88M
Net Change in Cash	-1.34B	128M	-105M	37M	-39M
Supplemental Items
Cash Interest Paid	83M	84M	92M	101M	144M
Cash Income Tax Paid (Refund)	-	-	-	-	-
Net Debt Issued / Repaid	-1.77B	564M	-1.01B	281M	401M
Levered Free Cash Flow	244M	140M	261M	235M	96M
Unlevered Free Cash Flow	291M	183M	301M	313M	167M
Change In Net Working Capital	-91M	67M	-31M	-42M	114M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.51	2.01	2.17	2.4	2.43
Return on Total Capital	1.54	2.07	2.24	2.49	2.54
Return On Equity %	-17.45	11.51	-8.26	-5.04	6.1
Return on Common Equity	-17.45	11.49	-8.3	-4.76	6.13
Margin Analysis
Gross Profit Margin %	65.51	54.79	52.09	59.34	61.28
SG&A Margin	-	-	-	8.86	8.43
EBITDA Margin %	48.5	57.14	52.72	50.61	51.9
EBITA Margin %	48.35	56.7	52.34	50.36	51.54
EBIT Margin %	48.19	56.7	52.34	50.36	51.54
Income From Continuing Operations Margin %	-219.37	128.87	-78.63	-41.38	47.03
Net Income Margin %	-219.37	127.98	-78.26	-38.71	47.03
Net Avail. For Common Margin %	-219.37	127.98	-78.26	-38.71	47.03
Normalized Net Income Margin	5.31	32.07	28.82	25.65	25.09
Levered Free Cash Flow Margin	38.39	20.54	32.96	28.47	11.4
Unlevered Free Cash Flow Margin	45.87	26.9	38.02	38.03	19.86
Asset Turnover
Asset Turnover	0.05	0.06	0.07	0.08	0.08
Fixed Assets Turnover	47.04	56.58	79.1	103	34.37
Receivables Turnover (Average Receivables)	1.8	2.36	3.01	3.18	2.89
Inventory Turnover (Average Inventory)	7.3	3.39	2.88	3.07	3.6
Short Term Liquidity
Current Ratio	0.34	0.77	0.82	0.42	0.6
Quick Ratio	0.28	0.53	0.53	0.29	0.36
Operating Cash Flow to Current Liabilities	0.2	0.44	0.53	0.25	0.21
Days Sales Outstanding (Average Receivables)	202.91	154.82	121.36	115.26	126.15
Days Outstanding Inventory (Average Inventory)	50	107.6	126.64	119.09	101.33
Average Days Payable Outstanding	14.22	16.67	20.74	40.41	51.12
Cash Conversion Cycle (Average Days)	238.68	245.74	227.26	193.94	176.35
Long Term Solvency
Total Debt/Equity	48.75	56.98	50.03	58.63	69.84
Total Debt / Total Capital	32.77	36.3	33.35	36.96	41.12
LT Debt/Equity	36.19	50.21	45.57	43.51	58.24
Long-Term Debt / Total Capital	24.33	31.98	30.38	27.43	34.29
Total Liabilities / Total Assets	34.38	38.03	35.51	39.54	43.79
EBIT / Interest Expense	4.03	5.58	6.47	3.29	3.81
EBITDA / Interest Expense	4.05	5.62	6.52	3.31	3.83
(EBITDA - Capex) / Interest Expense	4.05	5.62	6.52	3.31	3.83
Total Debt / EBITDA	11.42	11.73	8.48	9.06	10.44
Net Debt / EBITDA	11.42	11.4	8.39	8.88	10.35
Total Debt / (EBITDA - Capex)	11.42	11.73	8.48	9.06	10.44
Net Debt / (EBITDA - Capex)	11.42	11.4	8.39	8.88	10.35
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-14.3	6.93	16.49	4.17	2.18
Gross Profit, 1 Yr. Growth %	-16.8	-10.58	10.75	-2.2	5.52
EBITDA, 1 Yr. Growth %	-34.88	25.97	7.47	0	4.8
EBITA, 1 Yr. Growth %	-34.96	25.41	7.53	0.24	4.58
EBIT, 1 Yr. Growth %	-35.17	25.82	7.53	0.24	4.58
Earnings From Cont. Operations, 1 Yr. Growth %	67.43	-162.81	-171.09	-45.18	-216.13
Net Income, 1 Yr. Growth %	67.43	-162.38	-171.23	-48.47	-224.14
Diluted EPS Before Extra, 1 Yr. Growth %	67.43	-162.21	-171.43	-48.53	-223.11
Normalized Net Income, 1 Yr. Growth %	-76.82	545.19	4.71	-7.29	-0.06
Net Property, Plant and Equip., 1 Yr. Growth %	-7.14	-15.38	-18.18	-22.22	500
Inventory, 1 Yr. Growth %	50	302.78	-18.62	-15.25	-19
Accounts Receivable, 1 Yr. Growth %	-21.27	-14.79	-1.51	-1.15	25.58
Total Assets, 1 Yr. Growth %	-23.47	17.33	-14.96	-2.75	8.97
Common Equity, 1 Yr. Growth %	-17.58	9.78	-11.52	-8.61	1.75
Tangible Book Value, 1 Yr. Growth %	-17.54	9.79	-11.51	-8.57	1.75
Cash From Operations, 1 Yr. Growth %	-41.9	63.52	-10.24	-1.17	-24.26
Levered Free Cash Flow, 1 Yr. Growth %	16.42	-42.77	65.56	-10.02	-61.35
Unlevered Free Cash Flow, 1 Yr. Growth %	5.91	-37.3	49.91	4.2	-46.63
Dividend Per Share, 1 Yr. Growth %	16.38	37.04	4.32	2.59	2.02
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-8.41	-4.27	11.61	10.16	3.17
Gross Profit, 2 Yr. CAGR %	-15.31	-13.74	-0.48	14.65	1.59
EBITDA, 2 Yr. CAGR %	-21.67	-9.43	16.36	3.67	2.37
EBITA, 2 Yr. CAGR %	-21.72	-9.69	16.13	3.82	2.39
EBIT, 2 Yr. CAGR %	-21.77	-9.69	16.32	3.82	2.39
Earnings From Cont. Operations, 2 Yr. CAGR %	242.14	2.55	-33.18	-37.57	-20.21
Net Income, 2 Yr. CAGR %	242.14	2.2	-33.34	-39.41	-20.02
Diluted EPS Before Extra, 2 Yr. CAGR %	241.94	2.05	-33.34	-39.37	-20.4
Normalized Net Income, 2 Yr. CAGR %	-59.79	22.28	159.91	-1.47	-3.74
Net Property, Plant and Equip., 2 Yr. CAGR %	-12.55	-11.36	-16.8	-20.23	116.02
Inventory, 2 Yr. CAGR %	25.11	145.8	81.05	-16.95	-17.15
Accounts Receivable, 2 Yr. CAGR %	-12.15	-18.09	-8.39	-1.33	11.42
Total Assets, 2 Yr. CAGR %	-11.51	-5.24	-0.11	-9.06	2.94
Common Equity, 2 Yr. CAGR %	-14.73	-4.88	-1.45	-10.08	-3.57
Tangible Book Value, 2 Yr. CAGR %	-14.7	-4.85	-1.43	-10.05	-3.55
Cash From Operations, 2 Yr. CAGR %	-25.87	-2.53	21.15	-5.81	-13.48
Levered Free Cash Flow, 2 Yr. CAGR %	-2.4	-18.37	3.43	22.05	-39.32
Unlevered Free Cash Flow, 2 Yr. CAGR %	-4.82	-18.51	1.62	24.98	-25.43
Dividend Per Share, 2 Yr. CAGR %	-23.01	26.29	19.57	3.45	2.3
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-8.54	-3.56	2.2	9.07	7.44
Gross Profit, 3 Yr. CAGR %	-11.1	-13.76	-6.25	5.54	11.52
EBITDA, 3 Yr. CAGR %	-15.64	-8.23	-4.11	10.63	4.04
EBITA, 3 Yr. CAGR %	-15.62	-8.4	-4.28	10.57	4.07
EBIT, 3 Yr. CAGR %	-15.6	-8.34	-4.28	10.69	4.07
Earnings From Cont. Operations, 3 Yr. CAGR %	216.35	94.46	-9.24	-37.44	-23.22
Net Income, 3 Yr. CAGR %	216.35	94.01	-9.39	-38.82	-23.05
Diluted EPS Before Extra, 3 Yr. CAGR %	218.98	93.75	-9.39	-38.85	-23.22
Normalized Net Income, 3 Yr. CAGR %	-50.3	1.42	16.12	84.33	-1.01
Net Property, Plant and Equip., 3 Yr. CAGR %	-11.88	-13.51	-13.69	-18.64	56.3
Inventory, 3 Yr. CAGR %	14.47	84.73	70.04	40.57	-17.64
Accounts Receivable, 3 Yr. CAGR %	-9.24	-13.04	-12.9	-6.04	6.93
Total Assets, 3 Yr. CAGR %	-8.76	-2.78	-8.6	-1	-3.41
Common Equity, 3 Yr. CAGR %	-11.45	-7.24	-7.15	-3.89	-6.3
Tangible Book Value, 3 Yr. CAGR %	-11.38	-7.21	-7.12	-3.87	-6.28
Cash From Operations, 3 Yr. CAGR %	-19.4	-3.5	-5.17	13.2	-12.41
Levered Free Cash Flow, 3 Yr. CAGR %	-7.14	-18.31	7.59	-1.26	-15.21
Unlevered Free Cash Flow, 3 Yr. CAGR %	-8.33	-17.18	3.03	2.47	-5.88
Dividend Per Share, 3 Yr. CAGR %	-15.15	-6.7	18.49	13.62	2.97
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-7.58	-2.91	-0.96	1.71	2.59
Gross Profit, 5 Yr. CAGR %	-7.85	-9.18	-6.99	-3.36	0.63
EBITDA, 5 Yr. CAGR %	-10.65	-5.87	-4.06	-3.64	-1.57
EBITA, 5 Yr. CAGR %	-10.68	-5.94	-4.12	-3.7	-1.66
EBIT, 5 Yr. CAGR %	-10.71	-5.87	-4.05	-3.66	-1.66
Earnings From Cont. Operations, 5 Yr. CAGR %	0.81	50.59	69.85	23.44	-13.8
Net Income, 5 Yr. CAGR %	0.81	50.38	69.69	21.8	-13.8
Diluted EPS Before Extra, 5 Yr. CAGR %	0.89	50.33	70.53	21.74	-13.96
Normalized Net Income, 5 Yr. CAGR %	-37.78	-5.49	-3.68	0.25	7.72
Net Property, Plant and Equip., 5 Yr. CAGR %	21.06	-14.45	-13.88	-16.26	24.57
Inventory, 5 Yr. CAGR %	-21.91	3.51	37.51	34.17	27.54
Accounts Receivable, 5 Yr. CAGR %	-5.56	-7.15	-8.9	-8.53	-3.89
Total Assets, 5 Yr. CAGR %	-6.02	-2.78	-5.39	-5.34	-4.14
Common Equity, 5 Yr. CAGR %	-9.22	-7.22	-7.57	-8.39	-5.73
Tangible Book Value, 5 Yr. CAGR %	-9.18	-7.18	-7.53	-8.36	-5.71
Cash From Operations, 5 Yr. CAGR %	-11.62	-0.26	-5.13	-4.43	-8.58
Levered Free Cash Flow, 5 Yr. CAGR %	-13.21	-11.6	-3.05	-1.72	-14.44
Unlevered Free Cash Flow, 5 Yr. CAGR %	-13.83	-12.67	-4.48	-0.51	-9.47
Dividend Per Share, 5 Yr. CAGR %	-6.27	-2.09	-2.67	-2.76	11.73