Cash flow UK COMMERCIAL PPTY

Equities

UKCM

GB00B19Z2J52

Market Closed - London S.E. Other stock markets 07:30:00 16/05/2024 BST			5-day change	1st Jan Change
72.90 ^GBX	-.--%		-.--%	-.--%

2024	Tritax Big Box REIT completes merger amid strong opening quarter	AN
2024	UK Commercial Property REIT Shares Delisted After Tritax Big Box Merger	MT

636d01042ea9e06042ebdcefa838bd2c.37r0QzfRnI1CnMQa-YYoamYLHAhhVgo2Vut7biqygGY.7tTNEn7k5uMW9vdpq7NbOShbSDgQAEB8BKoRL3CL8l6I65YCXePN4G_p8A

Published financial data: UK COMMERCIAL PPTY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	71.75M	64.66M	58.31M	66.93M	66.6M
Interest and Investment Income, Total (Revenue Block)	238K	236K	116K	-	-
Other Revenues, Total	6.23M	6.5M	6.06M	6.45M	6.23M
Total Revenues	78.23M	71.39M	64.49M	73.38M	72.83M
Property Expenses	19.16M	19.41M	19.91M	21.59M	19.88M
Selling General & Admin Expenses, Total	-	240K	396K	396K	396K
Provision for Bad Debts	-	-	-412K	-256K	-
Other Operating Expenses	10.4M	13.15M	8.71M	4.26M	6.89M
Total Operating Expenses	29.56M	32.8M	28.6M	25.99M	27.16M
Operating Income (REIT / Utility Template)	48.66M	38.6M	35.89M	47.39M	45.67M
Interest Expense, Total	-7.77M	-7.36M	-6.32M	-8.45M	-10.27M
Interest and Investment Income	-	-	-	311K	1.23M
Net Interest Expenses	-7.77M	-7.36M	-6.32M	-8.14M	-9.04M
Other Non Operating Income (Expenses)	-1.29M	-842K	-963K	-735K	-918K
EBT, Excl. Unusual Items	39.6M	30.4M	28.6M	38.52M	35.71M
Gain (Loss) on Sale of Assets	-22.74M	-1.49M	-2M	3.45M	-224K
Asset Writedown	-15.17M	-39.19M	210M	-264M	-3.78M
EBT, Incl. Unusual Items	1.69M	-10.28M	236M	-222M	31.71M
Income Tax Expense	45K	-	-	-	-
Earnings From Continuing Operations	1.64M	-10.28M	236M	-222M	31.71M
Net Income to Company	1.64M	-10.28M	236M	-222M	31.71M
Net Income - (IS)	1.64M	-10.28M	236M	-222M	31.71M
Net Income to Common Incl Extra Items	1.64M	-10.28M	236M	-222M	31.71M
Net Income to Common Excl. Extra Items	1.64M	-10.28M	236M	-222M	31.71M
Per Share Items
Net EPS - Basic	0	-0.01	0.18	-0.17	0.02
Basic EPS - Continuing Operations	0	-0.01	0.18	-0.17	0.02
Basic Weighted Average Shares Outstanding	1.3B	1.3B	1.3B	1.3B	1.3B
Net EPS - Diluted	0	-0.01	0.18	-0.17	0.02
Diluted EPS - Continuing Operations	0	-0.01	0.18	-0.17	0.02
Diluted Weighted Average Shares Outstanding	1.3B	1.3B	1.3B	1.3B	1.3B
Normalized Basic EPS	0.02	0.01	0.01	0.02	0.02
Normalized Diluted EPS	0.02	0.01	0.01	0.02	0.02
Dividend Per Share	0.04	0.02	0.03	0.03	0.03
Payout Ratio	2.91K	-290.66	16.08	-18.99	139.33
Supplemental Items
EBITA	48.66M	38.6M	35.89M	47.39M	45.67M
EBIT	48.66M	38.6M	35.89M	47.39M	45.67M
Total Revenues (As Reported)	35.13M	25.91M	267M	-190M	64.38M
Effective Tax Rate - (Ratio)	2.67	-	-	-	-
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-	-	-	-	-
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-	-	-	-	-
Normalized Net Income	24.75M	19M	17.88M	24.07M	22.32M
Interest on Long-Term Debt	8.33M	8.2M	7.28M	9.18M	11.19M
Supplemental Operating Expense Items
Marketing Expenses	-	240K	396K	396K	396K
Selling and Marketing Expenses	-	240K	396K	396K	396K

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	48.98M	123M	42.12M	30.86M	22.12M
Accounts Receivable, Total	22.8M	44.94M	45.27M	48.08M	37.52M
Other Receivables	4.18M	2.49M	3.05M	1.57M	1.3M
Investment In Debt and Equity Securities	-	-	-	-	-
Other Current Assets, Total	52.13M	10M	2.44M	3M	47.38M
Deferred Tax Assets Long-Term (Collected)	-	-	-	-	-
Other Long-Term Assets, Total	1.31B	1.17B	1.51B	1.28B	1.18B
Total Assets	1.44B	1.35B	1.6B	1.36B	1.29B
Liabilities
Current Portion of Long-Term Debt	1.08M	-	-	-	-
Long-Term Debt	247M	198M	248M	292M	236M
Accounts Payable, Total	1.69M	8.01M	5.01M	3.85M	2.11M
Accrued Expenses, Total	2.13M	3.64M	3.96M	9.84M	7.24M
Current Income Taxes Payable	293K	-	-	-	-
Unearned Revenue, Current	14.02M	13.51M	12.16M	14.22M	15.27M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	3.83M	3M	6.56M	3.8M	3.64M
Total Liabilities	270M	226M	276M	323M	265M
Common Stock, Total	540M	540M	540M	540M	540M
Retained Earnings	567M	572M	569M	542M	538M
Comprehensive Income and Other	60.2M	14.71M	216M	-46.62M	-55.08M
Total Common Equity	1.17B	1.13B	1.33B	1.04B	1.02B
Total Equity	1.17B	1.13B	1.33B	1.04B	1.02B
Total Liabilities And Equity	1.44B	1.35B	1.6B	1.36B	1.29B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.3B	1.3B	1.3B	1.3B	1.3B
ECS Total Common Shares Outstanding	1.3B	1.3B	1.3B	1.3B	1.3B
Book Value / Share	0.9	0.87	1.02	0.8	0.79
Tangible Book Value	1.17B	1.13B	1.33B	1.04B	1.02B
Tangible Book Value Per Share	0.9	0.87	1.02	0.8	0.79
Total Debt	249M	198M	248M	292M	236M
Net Debt	200M	75.11M	206M	261M	214M
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	48.85M	10M	-	-	44.07M
Accumulated Allowance for Doubtful Accounts (Supple)	955K	5.74M	5.33M	5.07M	3.2M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	1.64M	-10.28M	236M	-222M	31.71M
Amortization of Deferred Charges, Total	571K	403K	485K	524K	920K
(Gain) Loss On Sale of Asset - (CF)	22.74M	1.49M	2M	-3.45M	224K
(Gain) Loss on Sale of Investments - (CF)	702K	-	-	-	-
Total Asset Writedown	15.17M	39.19M	-210M	264M	3.78M
Change in Accounts Receivable	-1.08M	-7.58M	2.13M	219K	13.1M
Change in Accounts Payable	-13.5M	5.32M	-464K	4.02M	-3.46M
Change in Other Net Operating Assets (Collected)	-5.42M	-9.59M	-5.46M	-2.1M	-2.58M
Other Operating Activities	11.23M	12.31M	12.68M	11.02M	13.49M
Cash from Operations	32.06M	31.26M	37.97M	52.19M	57.19M
Acquisition of Real Estate Assets, Total	-14.69M	-28.24M	-198M	-56.82M	-29.93M
Sale of Real Estate Assets, Total	46.25M	158M	74.18M	25.61M	73.66M
Net Sale / Acquisition of Real Estate Assets	31.56M	130M	-124M	-31.21M	43.73M
Cash from Investing	31.56M	130M	-124M	-31.21M	43.73M
Long-Term Debt Issued, Total	-	-	50M	43M	12.5M
Total Debt Issued	-	-	50M	43M	12.5M
Long-Term Debt Repaid, Total	-	-50M	-	-	-68M
Total Debt Repaid	-	-50M	-	-	-68M
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-47.82M	-29.89M	-37.98M	-42.23M	-44.18M
Common & Preferred Stock Dividends Paid	-47.82M	-29.89M	-37.98M	-42.23M	-44.18M
Special Dividend Paid	-	-	-	-24.95M	-
Other Financing Activities, Total	-10.32M	-7.57M	-6.85M	-8.06M	-9.98M
Cash from Financing	-58.14M	-87.45M	5.17M	-32.24M	-110M
Net Change in Cash	5.48M	73.76M	-80.62M	-11.26M	-8.75M
Supplemental Items
Cash Interest Paid	7.34M	6.7M	5.83M	7.17M	9.61M
Cash Income Tax Paid (Refund)	1.78M	293K	-	-	-
Net Debt Issued / Repaid	-	-50M	50M	43M	-55.5M
Levered Free Cash Flow	-40.96M	46.72M	25.17M	26.99M	-13.96M
Unlevered Free Cash Flow	-36.68M	50.92M	28.63M	31.75M	-8.46M
Change In Net Working Capital	67.09M	-26.8M	-6.21M	-2.13M	37M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.07	1.73	1.52	2	2.16
Return on Total Capital	2.11	1.76	1.55	2.04	2.21
Return On Equity %	0.14	-0.9	19.27	-18.83	3.08
Return on Common Equity	0.14	-0.9	19.27	-18.83	3.08
Margin Analysis
Gross Profit Margin %	75.51	72.81	69.13	70.58	72.71
SG&A Margin	-	0.34	0.61	0.54	0.54
EBITA Margin %	62.21	54.06	55.65	64.58	62.71
EBIT Margin %	62.21	54.06	55.65	64.58	62.71
Income From Continuing Operations Margin %	2.1	-14.4	366.33	-302.98	43.54
Net Income Margin %	2.1	-14.4	366.33	-302.98	43.54
Net Avail. For Common Margin %	2.1	-14.4	366.33	-302.98	43.54
Normalized Net Income Margin	31.64	26.61	27.72	32.81	30.64
Levered Free Cash Flow Margin	-52.36	65.45	39.03	36.79	-19.17
Unlevered Free Cash Flow Margin	-46.88	71.32	44.4	43.27	-11.61
Asset Turnover
Asset Turnover	0.05	0.05	0.04	0.05	0.06
Receivables Turnover (Average Receivables)	3.48	1.91	1.29	1.47	1.56
Inventory Turnover (Average Inventory)	-	0.66	-	-	-
Short Term Liquidity
Current Ratio	5.56	6.4	3.35	2.63	3.83
Quick Ratio	3.3	6.04	3.27	2.54	2.16
Operating Cash Flow to Current Liabilities	1.39	1.11	1.37	1.65	2.02
Days Sales Outstanding (Average Receivables)	104.77	191.74	282.35	247.88	234.54
Days Outstanding Inventory (Average Inventory)	-	554.9	-	-	-
Average Days Payable Outstanding	-	-91.3	-	74.93	-
Cash Conversion Cycle (Average Days)	-	837.94	-	-	-
Long Term Solvency
Total Debt/Equity	21.29	17.56	18.74	28.16	23.1
Total Debt / Total Capital	17.56	14.93	15.78	21.97	18.76
LT Debt/Equity	21.2	17.56	18.74	28.16	23.1
Long-Term Debt / Total Capital	17.48	14.93	15.78	21.97	18.76
Total Liabilities / Total Assets	18.82	16.7	17.24	23.79	20.55
EBIT / Interest Expense	6.26	5.25	5.68	5.61	4.45
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	8.05	-8.74	-9.67	14	-0.75
Gross Profit, 1 Yr. Growth %	10.8	-11.99	-14.24	20.39	1.74
EBITA, 1 Yr. Growth %	-3.2	-20.69	-7.02	32.48	-3.63
EBIT, 1 Yr. Growth %	-3.2	-20.69	-7.02	32.48	-3.63
Earnings From Cont. Operations, 1 Yr. Growth %	-96.9	-725.81	-2.4K	-194.11	-114.26
Net Income, 1 Yr. Growth %	-96.9	-725.81	-2.4K	-194.11	-114.26
Diluted EPS Before Extra, 1 Yr. Growth %	-96.9	-725.95	-2.4K	-194.11	-114.26
Normalized Net Income, 1 Yr. Growth %	-6.37	-23.24	-5.9	34.66	-7.3
Inventory, 1 Yr. Growth %	-	-79.53	-	-	-
Accounts Receivable, 1 Yr. Growth %	24.03	97.05	0.74	12.24	-21.96
Total Assets, 1 Yr. Growth %	-4.05	-5.89	18.35	-15.12	-5.24
Common Equity, 1 Yr. Growth %	-3.75	-3.44	17.59	-21.85	-1.2
Tangible Book Value, 1 Yr. Growth %	-3.75	-3.44	17.59	-21.85	-1.2
Cash From Operations, 1 Yr. Growth %	-30.16	-2.52	21.47	37.46	10.23
Capital Expenditures, 1 Yr. Growth %	-	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	-147.06	-217.15	-46.13	7.56	-151.71
Unlevered Free Cash Flow, 1 Yr. Growth %	-140.12	-243.04	-43.76	11.16	-126.64
Dividend Per Share, 1 Yr. Growth %	0	-35.57	13.12	24.91	1.49
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.44	-0.7	-9.21	1.38	6.37
Gross Profit, 2 Yr. CAGR %	2.28	-1.25	-13.12	-0.19	10.95
EBITA, 2 Yr. CAGR %	2.52	-12.38	-14.13	10.81	12.99
EBIT, 2 Yr. CAGR %	2.52	-12.38	-14.13	10.81	12.99
Earnings From Cont. Operations, 2 Yr. CAGR %	-88.82	-55.96	1.1K	365.01	-63.36
Net Income, 2 Yr. CAGR %	-88.82	-55.96	1.1K	365.01	-63.36
Diluted EPS Before Extra, 2 Yr. CAGR %	-88.83	-55.96	1.1K	365.03	-63.36
Normalized Net Income, 2 Yr. CAGR %	1.88	-15.22	-15.01	12.57	11.73
Inventory, 2 Yr. CAGR %	1.3	-	-	-	-
Accounts Receivable, 2 Yr. CAGR %	7.53	56.34	40.89	3.43	-6.41
Total Assets, 2 Yr. CAGR %	-1.43	-4.97	5.54	0.23	-10.32
Common Equity, 2 Yr. CAGR %	-1.63	-3.6	6.56	-4.13	-12.13
Tangible Book Value, 2 Yr. CAGR %	-1.63	-3.6	6.56	-4.13	-12.13
Cash From Operations, 2 Yr. CAGR %	-13.03	-17.49	8.82	29.22	22.73
Capital Expenditures, 2 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 2 Yr. CAGR %	157.68	-26.73	-20.56	-23.99	-25.42
Unlevered Free Cash Flow, 2 Yr. CAGR %	342.45	-25.37	-10.31	-21.04	-45.58
Dividend Per Share, 2 Yr. CAGR %	0	-19.73	-14.63	18.87	12.59
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	4.26	-2.07	-3.78	-2.11	0.67
Gross Profit, 3 Yr. CAGR %	1.53	-2.72	-5.79	-4.29	0.62
EBITA, 3 Yr. CAGR %	-2.85	-5.89	-10.63	-0.88	5.77
EBIT, 3 Yr. CAGR %	-2.85	-5.89	-10.63	-0.88	5.77
Earnings From Cont. Operations, 3 Yr. CAGR %	-66.87	-57.25	64.57	413.4	45.56
Net Income, 3 Yr. CAGR %	-66.87	-57.25	64.57	413.4	45.56
Diluted EPS Before Extra, 3 Yr. CAGR %	-66.87	-57.25	64.57	413.45	45.56
Normalized Net Income, 3 Yr. CAGR %	-4.16	-7.3	-12.22	-0.92	5.51
Inventory, 3 Yr. CAGR %	19.89	-40.55	-	-	63.95
Accounts Receivable, 3 Yr. CAGR %	21.44	31.59	35.03	28.22	-5.84
Total Assets, 3 Yr. CAGR %	0.93	-2.94	2.24	-1.85	-1.63
Common Equity, 3 Yr. CAGR %	1.36	-2.24	3	-3.9	-3.17
Tangible Book Value, 3 Yr. CAGR %	1.36	-2.24	3	-3.9	-3.17
Cash From Operations, 3 Yr. CAGR %	-13.43	-9.66	-6.13	17.63	22.31
Capital Expenditures, 3 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 3 Yr. CAGR %	142.73	96.38	-33.87	-12.2	-33.15
Unlevered Free Cash Flow, 3 Yr. CAGR %	191.41	200.66	-32.09	-3.74	-45.03
Dividend Per Share, 3 Yr. CAGR %	0	-13.63	-10.01	-3.08	12.77
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	1.95	0.35	-1.35	-0.7	0.12
Gross Profit, 5 Yr. CAGR %	-0.05	-1.97	-4.61	-1.71	-0.13
EBITA, 5 Yr. CAGR %	-3.2	-6.14	-7.53	0.47	-1.9
EBIT, 5 Yr. CAGR %	-3.2	-6.14	-7.53	0.47	-1.9
Earnings From Cont. Operations, 5 Yr. CAGR %	-60.58	-34.86	39.21	11.06	-9.77
Net Income, 5 Yr. CAGR %	-60.58	-34.86	39.21	11.06	-9.77
Diluted EPS Before Extra, 5 Yr. CAGR %	-60.98	-34.86	39.21	11.06	-9.77
Normalized Net Income, 5 Yr. CAGR %	-3.75	-3.92	-8.66	0.19	-3.33
Inventory, 5 Yr. CAGR %	-0.21	-	-	-	-
Accounts Receivable, 5 Yr. CAGR %	23.17	37.86	28.88	19.51	15.33
Total Assets, 5 Yr. CAGR %	1.43	-0.71	2.75	-1.69	-2.98
Common Equity, 5 Yr. CAGR %	1.58	-0	3.41	-3	-3.34
Tangible Book Value, 5 Yr. CAGR %	1.58	-0	3.41	-3	-3.34
Cash From Operations, 5 Yr. CAGR %	-11.01	-10.23	-5.13	4.25	4.49
Capital Expenditures, 5 Yr. CAGR %	-	-	-	-	-
Levered Free Cash Flow, 5 Yr. CAGR %	12.19	-8.77	54.44	34.34	-30.65
Unlevered Free Cash Flow, 5 Yr. CAGR %	15.73	-9.35	80.8	76.12	-37.88
Dividend Per Share, 5 Yr. CAGR %	0	-8.42	-6.13	-1.86	-1.57