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"value": "1. Significant Accounting Policies General information SEGRO plc (the Company) is a public limited company, limited by shares, incorporated, domiciled and registered in England in the United Kingdom under the Companies Act. The address of the registered office is given on the inside back cover. The principal activities of the Company and its subsidiaries (the Group) and the nature of the Group\u2019s operations are set out in the Strategic Report on pages 18 to 19. These Financial Statements are presented in pounds sterling to the nearest million because that is the currency of the primary economic environment in which the Group operates and is the functional currency of the Company. Basis of preparation The Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. UK adopted International Accounting Standards differs in certain respects from International Financial Reporting Standards as adopted by the EU. The differences have no material impact on the Financial Statements for the periods presented, which therefore also comply with International Reporting Standards as adopted by the EU. In addition, the Group has also disclosed additional measures relating to the Best Practice Recommendations Guidelines issued by the European Public Real Estate Association (EPRA) as appropriate, as discussed further in Note 2 and Note 12. The Financial Statements have been prepared on a going concern basis. As discussed in the Financial Review on page 60, the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Financial Statements. At 31 December 2022 the Group held cash and available committed facilities of \u00a31.7 billion with a long-dated debt maturity profile. This provides significant liquidity to meet the Group\u2019s operational requirements and capital commitments for the foreseeable future. The financial covenants have been stress tested and substantial headroom exists against the gearing and interest cover covenants at 31 December 2022 and the covenants are not expected to be breached for a period of at least 12 months from the date of approval of the Financial Statements. The Directors have taken advantage of the exemption offered by section 408 of the Companies Act 2006 not to present a separate income statement and statement of comprehensive income for the Company. The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of properties and certain financial assets and liabilities including derivatives. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group Financial Statements . New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2022: \u2013 Amendments to IFRS 3, \u2018Business Combinations\u2019 \u2013 Amendments to IAS 16, \u2018Property, Plant and Equipment\u2019 \u2013 Amendments to IAS 37, \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 \u2013 Annual Improvements 2018-2020 The amendments did not have any impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent Agenda Decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds tenant deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements, however the access to these monies by the Group is not restricted. Following the clarification by IFRIC these tenant deposits have been judged to meet the definition of \u2018cash\u2019 under IAS 7. The tenant deposits were previously classified as \u2018Other receivables\u2019 and have been classified as \u2018Cash and cash equivalents\u2019 at 31 December 2022. The Group comparative balances have been restated where applicable to reflect this change in classification which resulted in \u00a340 million of tenant deposits as at 31 December 2021 being reclassified from \u2018Other receivables\u2019 to \u2018Cash and cash equivalents\u2019. New standards and amendments not yet adopted Certain new accounting standards and amendments are effective for annual periods beginning after 1 January 2022, and have not been applied in preparing these Financial Statements: \u2013 Amendments to IAS 1, \u2018Presentation of financial statements\u2019, on classification of liabilities \u2013 Amendments to IAS 8, \u2018Accounting policies, Changes in Accounting Estimates and Errors\u2019, definition of accounting estimates \u2013 Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019, disclosure of accounting policies \u2013 Amendments to IAS 12 \u2013 Deferred taxes related to assets and liabilities arising from a single transaction The amendments that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. Basis of consolidation The consolidated Financial Statements comprise the Financial Statements of the Company and the Subsidiaries (\u2018the Group\u2019), plus the Group\u2019s share of the results and net assets of its joint ventures and associates. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights. The acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the consolidated Financial Statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Notes to the Financial Statements For the year ended 31 December 2022 Investments and loans in subsidiaries held by the Company Investments and loans in subsidiaries held by the Company are stated at cost less any impairment. Impairment of loans is calculated in accordance with IFRS 9 and impairment of investments is calculated in accordance with IAS 36 with further details provided in Note 7(iv) . Joint ventures A joint venture is a contract under which the Group and other parties undertake an activity or invest in an entity, under joint control. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20 per cent and 50 per cent of the voting rights. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. Where the Group\u2019s share of losses in an equity accounted investment equals or exceeds its interest in the entity, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment on the asset transferred. Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition related costs are recognised in the Income Statement as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non-Current Assets Held for Sale and Discontinued Operations\u2019, which are recognised and measured at fair value less costs to sell. Goodwill arising on acquisition is recognised as an asset measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the Income Statement. The interest of non-controlling interest shareholders in the acquiree is initially measured at their proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with IFRS 9, as appropriate, with the corresponding gain or loss being recognised in the Income Statement. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in the Income Statement within realised and unrealised property (loss)/gain. The same treatment is applied for acquisitions of a subsidiary achieved in stages that meet the IFRS 3 concentration test to be treated as an asset acquisition. For acquisitions of a subsidiary that meet the IFRS 3 concentration test to be treated as an asset acquisition, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions do not give rise to goodwill, generally no deferred tax is recognised on initial temporary differences and transaction costs are capitalised. The Group has elected to initially measure the interest of non-controlling interest shareholders in the acquiree at their proportion of the acquisition date net fair value of the assets, liabilities and contingent liabilities recognised. Foreign currency transactions Foreign currency transactions are translated to the respective functional currency of Group entities at the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting from settling these, or from retranslating monetary assets and liabilities held in foreign currencies, are booked in the Income Statement. The exception is for foreign currency loans and derivatives that hedge investments in foreign subsidiaries, where exchange differences are booked in equity until the investment is realised. Consolidation of foreign entities Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for the period or at spot rate for significant items. Resultant exchange differences are booked in Other Comprehensive Income and recognised in the Group Income Statement when the operation is sold. The principal exchange rates used to translate foreign currency denominated amounts in 2022 are: Balance Sheet: \u00a31 = \u20ac1.13 (31 December 2021: \u00a31 = \u20ac1.19). Income Statement: \u00a31= \u20ac1.17 (2021: \u00a31 = \u20ac1.16). Investment properties These properties include completed properties that are generating rent or are available for rent, and development properties that are under development, available for development or income-producing properties acquired with the explicit intention to take back for redevelopment. Investment properties comprise freehold and leasehold properties and are first measured at cost (including transaction costs), then revalued to market value at each reporting date by professional valuers. Lease liabilities associated with leasehold properties are accounted for under IFRS 16, see the Leases accounting policy. If a valuation obtained for a property held under a lease is net of all payments expected to be made, any related lease liability recognised separately in the Balance Sheet is added back to arrive at the carrying value of the investment property for accounting purposes. Valuation gains and losses in a period are taken to the Income Statement. As the Group uses the fair value model, as per IAS 40 \u2018Investment Property\u2019, no depreciation is provided. An asset will be classified as held for sale within investment properties, in line with IFRS 5 \u2018Non-Current Assets Held for Sale and Discontinued Operations\u2019, where the asset is available for immediate sale in its present condition and the sale is highly probable. Investment properties are transferred to trading properties when there is a change in use and the property ceases to meet the definition of investment property. Other interests in property Other interests in property include the cost and related fees in respect of land options, which are initially capitalised and regularly tested for impairment. The impairment review includes consideration of the resale value of the option and likelihood of achieving planning consent. Other investments Other investments are initially measured at cost, and then revalued to fair value. Gains and losses arising from valuation are recognised in the Income Statement within realised and unrealised property (loss)/gain. Trading properties These are properties being developed for sale or being held for sale after development is complete, and are shown at the lower of cost and net realisable value. Cost includes direct expenditure and capitalised interest. Trading properties are transferred to investment properties when there is a change in use usually evidenced by the commencement of an operating lease to another party, together with the intention to hold the property to generate rent, or for capital appreciation, or for both . Property acquisitions and disposals Properties are treated as acquired at the point when the Group assumes the control of ownership and as disposed when transferred to the buyer. Generally, this would occur on completion of the contract. Any gain or loss arising on de-recognition of the property, which is calculated as the difference between the net disposal proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period, is included in profit or loss in the period in which the property is derecognised. Gains or losses on disposal of investment properties are shown in the Income Statement within realised and unrealised property (loss)/gain. Leases At inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement about whether the Group obtains substantially all the economic benefits from the use of that asset, and whether the Group has the right to direct the use of the asset. The Group recognises a right-of-use (ROU) asset and the lease liability at the commencement date of the lease. Lease liabilities include the present value of payments which generally include fixed payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the Group considers reasonably certain to be exercised, the cost of the option is included in the lease payments. Each lease payment is allocated between the liability and finance cost. The lease payments are discounted using the interest rate implicit in the lease if that rate can be readily determined or if not, the incremental borrowing rate is used. The finance cost is charged to profit or loss over the lease period so as to produce a constant rate of interest on the remaining balance of the liability for each period. Cash payments relating to the principal portion of the lease liabilities are presented as cash flows from financing activities and cash payments for the interest portion are presented as cash flows from operating activities. The ROU asset is measured at a cost based on the amount of the initial measurement of the lease liability, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset (other than the ROU assets that relate to land or property that meets the definition of investment property under IAS 40) is depreciated over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment. ROU assets are included in the heading property, plant and equipment, and the lease liability included in the headings current and non-current trade and other payables on the Balance Sheet. Where the ROU asset relates to land or property that meets the definition of investment property under IAS 40, after initial recognition the ROU asset is subsequently accounted for as investment property and carried at fair value (see Investment properties accounting policy). Valuation gains and losses in a period are taken to the Income Statement. The ROU assets are included in the heading Investment properties, and the lease liability in the headings current and non-current trade and other payables on the Balance Sheet. The Group has elected not to recognise ROU assets and liabilities for leases where the total lease term is less than or equal to 12 months, or for low value leases. The payments for such leases are recognised in the Income Statement on a straight-line basis over the lease term. Revenue Revenue includes gross rental income, joint venture management and performance fee income, income from service charges and other recoveries from tenants and proceeds from the sale of trading properties. Notes to the Financial Statements continued Rental income Rental income from properties let as operating leases is recognised on a straight-line basis over the lease term. Lease incentives and initial costs to arrange leases are capitalised, then amortised on a straight-line basis over the lease term (\u2018rent averaging\u2019). Surrender premiums received in the period are included in rental income. Changes in the scope or the consideration for a lease, that was not part of the original terms and conditions, which might arise as a result of lease concessions, are accounted as a lease modification. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Service charges and other recoveries from tenants These include income in relation to service charges, directly recoverable expenditure and management fees. Revenue from providing services is recognised in the accounting period in which the services are rendered. Revenue from services is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided and recognised over time. The Group generally acts as the principal in service charge transactions as it directly controls the delivery of the services at the point they are provided to the tenant. Where the Group acts as a principal, service charge income is presented gross within revenue and service charge expense presented gross within costs. Joint venture management and performance fees Joint venture management and performance fees are recognised as income in the period to which they relate. Management fees are recognised in the accounting period in which the services are rendered. Revenue from services is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided and recognised over time. Performance fees are based on the joint venture\u2019s performance over the performance period and payable subject to meeting certain criteria and hurdle rates at the end of the period (further details are given in Note 7). Performance fees are recognised during and at the end of the performance period to the extent that it is highly probable there will not be a significant future reversal and the fee can be reliably estimated. Sale of trading properties Proceeds from the sale of trading properties are recognised at the point in time at which control of the property has been transferred to the purchaser. Therefore, revenue is recognised at a point in time and generally occurs on completion of the contract . Property, plant and equipment Plant and equipment are stated at historic cost less accumulated depreciation. Cost includes purchase price and any directly attributable costs. Depreciation is recognised so as to write off the cost or valuation of assets (other than investment properties) less their residual values, using the straight-line method, on the following bases: Plant and equipment 20% per annum Solar panels 5% per annum The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis . Property relates to the ROU asset recognised for office leases entered into by the Group. The ROU asset is initially measured based on the present value of lease payments, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset . Financial instruments Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the borrowings, using the effective interest rate method. General and specific borrowing costs that are directly attributable to expenditure on properties under development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop. Interest is capitalised from the commencement of the development activity until the date of practical completion. The capitalisation of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant currency, or, if appropriate, the rate on specific associated borrowings. Derivative financial instruments The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts and interest caps) in managing interest rate risk and currency risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the Income Statement (fair value through profit or loss \u2018FVPL\u2019). The exception is for derivatives qualifying as hedges, when the treatment of the gain/loss depends upon the item being hedged, and may go to other comprehensive income within the Statement of Comprehensive Income (fair value through other comprehensive income \u2018FVOCI\u2019). Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the Balance Sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities. Trade and other receivables and payables Trade and other receivables are booked at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised costs using the effective interest method. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s calculation for measuring ECLs. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Share-based payments The cost of granting share options and other share-based remuneration is measured at their fair value at the grant date. The costs are expensed straight-line over the vesting period in the Income Statement, based on estimates of the shares or options that will eventually vest. Charges are reversed if it appears that non-market-based performance conditions will not be met. The fair value excludes the effect of non-market-based vesting conditions. At each Balance Sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the Income Statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity within the share-based payment reserve. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium. Shares held by Ocorian Limited and Equiniti Limited to satisfy various Group share schemes are disclosed as own shares held and deducted from contributed equity. Income tax Income tax on the profit for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Current tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company\u2019s subsidiaries and associates operate and generate taxable income. Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised. Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. Significant areas of estimation uncertainty Property valuations Valuation of property is a central component of the business. In estimating the fair value, the Group engages third party qualified valuers to perform the valuation. Information about the valuation techniques and inputs used in determining the fair value of the property portfolio is disclosed in Note 26 property valuation techniques and related quantitative information. Performance fee As detailed further in Note 7, performance fees are payable from the SELP joint venture to SEGRO. The fee is based on the joint venture\u2019s performance over the 10 year performance period since inception and payable subject to meeting certain criteria and hurdle rates at the end of the period. Performance fee income is recognised during the performance period to the extent that the fee can be reliably estimated and that it is highly probable there will not be a significant future reversal. The internal rate of return (IRR) calculation to determine whether the hurdle rates will be met, and if so to what extent, at the end of the performance period in October 2023 is currently an estimation and sensitive to movements and assumptions in property valuations over the remaining performance period. As detailed above, property valuations is an area of significant estimation uncertainty. Determining whether it is highly probable there will not be a significant future change in the performance fee is dependent on the probability and magnitude of future changes in property values over the remaining performance period. Note 7 provides details of the estimated performance fee due in October 2023 and sensitivity of this estimation to movements in property values from 31 December 2022 to the end of the performance period. The corresponding performance fee expense recognised by SELP is a significant estimate for the same reasons as detailed above. The SELP performance fee expense is accounted for under the equity method within share of profit from joint ventures and associates after tax. Significant areas of judgements in applying the Group\u2019s accounting policies Accounting for significant property transactions Property transactions are complex in nature. Management considers each material transaction separately, with an assessment carried out to determine the most appropriate accounting treatment and judgements applied. The judgements include whether the transaction represents an asset acquisition or business combination and the cut-off for property transactions on recognition of property assets and revenue recognition. In making its judgement over the cut-off for property transactions, management considers whether the control of ownership of the assets acquired or disposed of has transferred to or from the Group (this consideration includes the revenue recognition criteria set out in IFRS 15 for the sale of trading properties) . Notes to the Financial Statements continued In making its judgement on whether the acquisition of property through the purchase of a corporate vehicle represents an asset acquisition or business combination, management considers whether the integrated set of assets and activities acquired contain both inputs and processes along with the ability to create outputs. Management also applies the optional \u2018concentration test\u2019 allowed under IFRS 3. When applying the optional test, management considers if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets). Where management judge that substantially all of the fair value of the gross assets acquired are concentrated in a single asset (or a group of similar assets) and the \u2018concentration test\u2019 met, the assets acquired would not represent a business and the purchase would be treated as an asset acquisition. REIT status The Company has elected for UK REIT and French SIIC status. To continue to benefit from these tax regimes, the Group is required to comply with certain conditions as outlined in Note 10. Management intends that the Group should continue as a UK REIT and a French SIIC for the foreseeable future. Uncertain tax positions The Group is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. Management judgement is required in assessing the likelihood of whether a liability, including any associated penalties, will arise and the most significant assessment relates to the recognition of withholding tax in France and is discussed further in Note 10. 2. Adjusted Profit Adjusted profit is a non-GAAP measure and is the Group\u2019s measure of underlying profit, which is used by the Board and senior management to measure and monitor the Group\u2019s income performance. It is based on the Best Practices Recommendations Guidelines of European Public Real Estate Association (EPRA), which calculate profit excluding investment and development property revaluations and gains or losses on disposals. Changes in the fair value of financial instruments and associated close-out costs and their related taxation, as well as other permitted one-off items, are also excluded. Refer to the Supplementary Notes for all EPRA adjustments. The Directors may also exclude from the EPRA profit measure additional items (gains and losses) which are considered by them to be non-recurring, unusual or significant by virtue of size and nature. No non-EPRA adjustments to underlying profit were made in the current or prior period. Notes 2022 \u00a3m 2021 3 \u00a3m Gross rental income 4 488 398 Property operating expenses 5 (76) (57) Net rental income 3 412 341 Joint venture fee income 4 30 52 Management and development fee income 4 5 5 Net solar energy income 2 1 1 Administrative expenses 6 (59) (59) Share of joint ventures and associates\u2019 Adjusted profit after tax 1 7 71 56 Adjusted operating profit before interest and tax 460 396 Net finance costs 9 (74) (40) Adjusted profit before tax 386 356 Adjustments to reconcile to IFRS: Adjustments to the share of (loss)/profit from joint ventures and associates\u2019 after tax 1 7 (215) 405 Realised and unrealised property (loss)/gain 8 (1,946) 3,669 Profit on sale of trading properties 13 7 7 Net fair value loss on interest rate swaps and other derivatives 9 (199) (82) Total adjustments (2,353) 3,999 (Loss)/profit before tax (1,967) 4,355 Tax On Adjusted profit 10 (11) (8) In respect of adjustments 10 48 (280) Total tax adjustments 37 (288) (Loss)/profit after tax before non-controlling interests (1,930) 4,067 Non-controlling interests: Less: share of adjusted profit attributable to non-controlling interests (1) \u2013 share of adjustments attributable to non-controlling interests 4 (7) (Loss)/profit after tax and non-controlling interests (1,927) 4,060 Of which: Adjusted profit after tax and non-controlling interests 374 348 Total adjustments after tax and non-controlling interests (2,301) 3,712 (Loss)/profit attributable to equity shareholders (1,927) 4,060 1 A detailed breakdown of the adjustments to the share of (loss)/profit from joint ventures and associates is included in Note 7. 2 Net solar income of \u00a31 million (2021: \u00a31 million) is calculated as Solar energy income of \u00a32 million (2021: \u00a32 million) shown in Note 4, less Solar energy expenses of \u00a31 million (2021: \u00a31 million) shown in Note 5. 3 The composition of gross and net rental income has changed in 2022 to provide a better measure of the underlying rental income from the property portfolio. Management and development fee income; service charge income and expense; and solar energy income and expense are now presented outside of gross and net rental income. Details of the change is disclosed further in Note 4 and 5. Service charge income is netted against the equal and opposite service charge expense and are not shown as separate line items in the table above. There is no impact on Adjusted operating profit before interest and tax from this change and the prior year comparatives in the table above have been represented to reflect this change. 3. Segmental Analysis The Group\u2019s reportable segments are the geographical Business Units: Greater London, Thames Valley, National Logistics, Northern Europe (principally Germany), Southern Europe (principally France and Italy) and Central Europe (principally Poland), which are managed and reported to the Board as separate distinct Business Units. 31 December 2022 Gross rental income 5 \u00a3m Net rental income 5 \u00a3m Share of joint ventures and associates\u2019 Adjusted profit \u00a3m Adjusted PBIT 2 \u00a3m Total directly owned property assets \u00a3m Investments in joint ventures and associates \u00a3m Capital expenditure 3 \u00a3m Thames Valley 116 109 \u2013 107 3,011 \u2013 80 National Logistics 47 43 \u2013 45 1,721 \u2013 362 Greater London 203 185 \u2013 183 6,401 11 325 Northern Europe 33 23 29 60 1,149 958 345 Southern Europe 82 63 40 114 2,503 1,191 474 Central Europe 7 3 22 31 189 616 7 Other \u2013 (14)1 (20)1 (80)1 \u2013 (1,008)4 9 Total 488 412 71 460 14,974 1,768 1,602 31 December 2021 Gross rental income 5 \u00a3m Net rental income 5 \u00a3m Share of joint ventures and associates\u2019 Adjusted profit \u00a3m Adjusted PBIT 2 \u00a3m Total directly owned property assets \u00a3m Investments in joint ventures and associates \u00a3m Capital expenditure 3 \u00a3m Thames Valley 86 80 \u2013 79 3,102 \u2013 454 National Logistics 35 33 \u2013 34 1,717 \u2013 213 Greater London 173 163 \u2013 161 7,325 8 678 Northern Europe 26 18 26 52 928 911 93 Southern Europe 71 56 35 100 2,285 1,178 443 Central Europe 7 4 22 31 180 559 22 Other \u2013 (13) 1 (27) 1 (61) 1 \u2013 (861) 4 7 Total 398 341 56 396 15,537 1,795 1,910 1 \u2018Other\u2019 category includes the corporate centre, SELP holding companies and costs relating to the operational business which are not specifically allocated to a geographical Business Unit. In 2021 the impact of the SELP performance fee (detailed in Note 7) on Share of joint ventures and associates Adjusted profit (being the performance fee expense recognised by SELP of \u00a313 million) and Adjusted PBIT (being the net profit impact to the Group of \u00a313 million) is shown within Other. 2 A reconciliation of total Adjusted PBIT to the IFRS (loss)/profit before tax is provided in Note 2. 3 Capital expenditure includes additions and acquisitions of investment and trading properties but does not include tenant incentives, letting fees and rental guarantees. Part of the capital expenditure incurred is in response to climate change including the reduction of the carbon footprint of the Group\u2019s existing investment properties and developments. The environmental sustainability within the Group\u2019s property portfolio is discussed in more detail on pages 35 to 37 and 52. The \u2018Other\u2019 category includes non-property related spend, primarily IT. 4 Includes the bonds held by SELP Finance S.\u00e0 r.l, a Luxembourg entity. 5 The composition of gross and net rental income has changed in 2022. Management and development fee income, service charge income and expenses, and solar energy income and expenses are now presented outside of gross and net rental income. See Notes 4 and 5 for further details. The prior year comparatives in the table above have been represented to reflect this change. Revenues from the most significant countries within the Group were: UK \u00a3451 million (2021: \u00a3374 million), France \u00a377 million (2021: \u00a371 million), Italy \u00a336 million (2021: \u00a335 million), Germany \u00a346 million (2021: \u00a338 million), Netherlands \u00a330 million (2021: \u00a32 million) and Poland \u00a317 million (2021: \u00a315 million). 4. Revenue 2022 \u00a3m 2021 2 \u00a3m Rental income from investment and trading properties 473 382 Rent averaging 14 13 Surrender premia 1 3 Gross rental income 1,2 488 398 Joint venture fee income \u2013 management fees* 30 26 \u2013 performance fees*3 \u2013 26 Joint venture fee income 30 52 Management and development fee income* 2 5 5 Service charge income* 2 44 42 Solar energy income* 2 2 2 Proceeds from sale of trading properties* 100 47 Total revenue 669 546 * The above income streams reflect revenue recognition under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and total \u00a3181 million (2021: \u00a3148 million). 1 Net rental income of \u00a3412 million (2021: \u00a3341 million) is calculated as gross rental income of \u00a3488 million (2021: \u00a3398 million) less total property operating expenses of \u00a376 million (2021: \u00a357 million) shown in Note 5. 2 The composition of gross rental income within Total Revenue has changed in 2022. Management and development fee, Service charge income and Solar energy income are now presented outside of gross rental income. The prior year comparatives in the table above have been represented to reflect this change. Development fee income (2021: \u00a32 million) and Solar energy income (2021: \u00a32 million) were previously presented within the Rental income from investment and trading properties line in the table above. 3 See Note 7(ii) for further details on the performance fee from SELP. 5. Costs 2022 \u00a3m 2021 4 \u00a3m Vacant property costs 10 5 Letting, marketing, legal and professional fees 17 11 Loss allowance and impairment of receivables 1 3 \u2013 Other expenses 12 11 Property management expenses 42 27 Property administrative expenses 2 45 39 Costs capitalised 3 (11) (9) Total property operating expenses 4 76 57 Service charge expense 4 44 42 Solar energy expense 4 1 1 Trading properties cost of sales 93 40 Total costs 214 140 1 See Note 17(vi) Credit risk management for further details on loss allowance and impairment of receivables. 2 Property administrative expenses predominantly relate to the employee staff costs of personnel directly involved in managing the property portfolio. 3 Costs capitalised primarily relate to internal employee staff costs directly involved in developing the property portfolio. 4 The composition of Property management expenses within Total costs has changed in 2022. Service charge expense and Solar energy expense are now presented outside of Property management expenses. The prior year comparatives in the table above have been represented to reflect this change. Solar energy expense was previously presented within the Other expenses line in the table above. Notes to the Financial Statements continued 6. Administrative Expenses 6(i) \u2013 Total administrative expenses 2022 \u00a3m 2021 \u00a3m Directors\u2019 remuneration 8 9 Depreciation and amortisation 4 5 Other administrative expenses 47 45 Total administrative expenses 59 59 Other administrative expenses include the cost of services of the Group\u2019s auditors, as described below. 6(ii) \u2013 Fees in relation to services provided by the Group\u2019s auditors 2022 \u00a3m 2021 \u00a3m Audit services: Parent company 1.1 0.8 Subsidiary undertakings 0.2 0.3 Total audit fees 1.3 1.1 Audit related assurance services 0.1 0.1 Audit and audit related assurance services 1.4 1.2 Other fees: Other 0.2 0.1 Total other fees 0.2 0.1 Total fees in relation to audit and other services 1.6 1.3 As detailed further in the Audit Committee Report on page 120, PwC are the auditors of the SEGRO European Logistics Partnership (SELP), which is a non controlled joint venture of the Group, and were paid audit fees of \u00a30.8 million in respect of the year ended 31 December 2022 (2021: \u00a30.7 million). There were \u00a30.1 million of non-audit fees paid in respect of SELP (2021: \u00a30.1 million). The appointment of the SELP auditors and agreement of their fees is a matter for the SELP Board acting independently from SEGRO. Accordingly, the fees do not form part of the SEGRO Group audit fees detailed in the table above nor are they included in the ratio of audit to non-audit fees detailed on page 120 of the Audit Committee Report . 6(iii) \u2013 Staff costs The table below presents staff costs of the Group (including Directors) which are recognised in both property operating expenses and administrative expenses in the Income Statement. 2022 \u00a3m 2021 \u00a3m Wages and salaries 50 45 Social security costs 6 6 Pension costs 2 2 Share scheme costs 9 13 Total 67 66 Average number of Group employees 407 372 \u2013 Direct property 264 239 \u2013 Indirect property and administration 143 133 Disclosures required by the Companies Act 2006 on Directors\u2019 remuneration, including salaries, share options, pension contributions and pension entitlement and those specified by the Listing Rules of the Financial Conduct Authority are included on pages 123 to 142 in the Remuneration Report and form part of these Financial Statements. The Group also has a number of defined contribution pension schemes for which \u00a32 million has been recognised as an expense in the Group Income Statement (2021: \u00a32 million). 7. Investments in Joint Ventures, Associates and Subsidiaries 7(i) \u2013 Profit from joint ventures and associates after tax The table below presents a summary Income Statement of the Group\u2019s largest joint ventures and associates, all of which are accounted for using the equity method as set out in Note 1. SEGRO European Logistics Partnership (SELP) is incorporated in Luxembourg and owns logistics property assets in Continental Europe. The Group holds 50 per cent of the share capital and voting rights in the material joint ventures. During the year SEGRO acquired a 49 per cent share in Reprendre Racines SAS and is accounted for as an associate within the \u2018Other\u2019 column in tables 7(i) and (ii). SELP \u00a3m Other \u00a3m At 100% 2022 \u00a3m At 100% 2021 4 \u00a3m At share 2022 \u00a3m At share 2021 4 \u00a3m Revenue 1 303 \u2013 303 270 152 135 Gross rental income 4 237 \u2013 237 210 119 105 Property operating expenses: \u2013 underlying property operating expenses (16) \u2013 (16) (12) (8) (6) \u2013 vacant property costs (1) \u2013 (1) (2) (1) (1) \u2013 property management fees 2 (25) \u2013 (25) (22) (13) (11) \u2013 performance fees 3 \u2013 \u2013 \u2013 (26) \u2013 (13) Net rental income 4 195 \u2013 195 148 97 74 Management fee income 4 3 \u2013 3 4 2 2 Administrative expenses (6) \u2013 (6) (3) (3) (2) Finance costs (including adjustments) (34) \u2013 (34) (26) (17) (13) Adjusted profit before tax 158 \u2013 158 123 79 61 Tax (16) \u2013 (16) (11) (8) (5) Adjusted profit after tax 142 \u2013 142 112 71 56 Adjustments: Profit on sale of investment properties \u2013 \u2013 \u2013 19 \u2013 10 Valuation (deficit)/surplus on investment properties (464) (8) (472) 974 (236) 487 Early close out of debt (3) \u2013 (3) \u2013 (2) \u2013 Tax in respect of adjustments 46 \u2013 46 (183) 23 (92) Total adjustments (421) (8) (429) 810 (215) 405 (Loss)/profit after tax (279) (8) (287) 922 (144) 461 Other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total comprehensive (expense)/ income for the year (279) (8) (287) 922 (144) 461 1 Total revenue at 100% of \u00a3303 million (2021: \u00a3270 million) includes: Gross rental income of \u00a3237 million (2021: \u00a3210 million); service charge income of \u00a363 million (2021: \u00a356 million) and management fee income of \u00a33 million (2021: \u00a34 million). Service charge income is netted against the equal and opposite service charge expense in calculating Adjusted profit before tax. 2 Property management fees paid to SEGRO. 3 Performance fees recognised by SEGRO. In the condensed set of financial statement for the six months ended 30 June 2022 a performance fee of \u00a342 million was recognised by SEGRO. Due to changes in the estimation of the performance fee, as further discussed in the Fees section below, no fee has been recognised for the year ended 31 December 2022. 4 The composition of gross and net rental income has changed in 2022. Management fee income and service charge income and expense are now presented outside of gross and net rental income. Service charge income is netted against the equal and opposite service charge expense in the table above and are not shown as separate line items. There is no impact on Adjusted operating profit before interest and tax from this change and the prior year comparatives in the table above have been represented to reflect this change. The Group has not recognised losses totalling \u00a312 million at share (2021: \u00a3nil) in relation to its interests in associates, because the Group has no obligation in respect of these losses. There was no other comprehensive income included in the Group Statement of Comprehensive Income (2021: \u00a3nil). SELP is a SPPICAV in France, and does not pay tax on its French property income or gains on property sales, provided that at least 85 per cent of the French subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, SELP has to meet certain conditions such as ensuring the property rental business of each French subsidiary represents more than 60 per cent of its assets. Any potential or proposed changes to the SPPICAV legislation are monitored. 7(ii) \u2013 Summarised Balance Sheet information in respect of the Group\u2019s joint ventures and associates SELP \u00a3m Other \u00a3m At 100% 2022 \u00a3m At 100% 2021 \u00a3m At share 2022 \u00a3m At share 2021 \u00a3m Investment properties 1 6,017 27 6,044 5,818 3,022 2,909 Property, plant and equipment 6 \u2013 6 \u2013 3 \u2013 Other receivables 3 \u2013 3 \u2013 1 \u2013 Total non-current assets 6,026 27 6,053 5,818 3,026 2,909 Other receivables 65 7 72 78 36 39 Cash and cash equivalents 57 6 63 43 32 22 Total current assets 122 13 135 121 68 61 Total assets 6,148 40 6,188 5,939 3,094 2,970 Borrowings 2 (2,005) \u2013 (2,005) (1,723) (1,003) (862) Deferred tax (482) \u2013 (482) (504) (241) (252) Other liabilities \u2013 (40) (40) \u2013 (20) \u2013 Total non-current liabilities (2,487) (40) (2,527) (2,227) (1,264) (1,114) Other liabilities (145) (3) (148) (122) (74) (61) Total current liabilities (145) (3) (148) (122) (74) (61 Total liabilities (2,632) (43) (2,675) (2,349) (1,338) (1,175) Unrecognised share of losses \u2013 23 23 \u2013 12 \u2013 Net assets 3,516 20 3,536 3,590 1,768 1,795 1 Investment properties held by SELP include assets held for sale of \u00a3nil (at 100%) at 31 December 2022 (2021: \u00a397 million). 2 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2022, the fair value of \u00a32,005 million (2021: \u00a31,723 million) of borrowings was \u00a31,759 million (2021: \u00a31,766 million). This results in a fair value adjustment increase in EPRA NDV of \u00a3246 million (2021: \u00a343 million decrease), at share \u00a3123 million (2021: \u00a322 million), see Table 5 of the Supplementary Notes. Notes to the Financial Statements continued Fees
SEGRO provides certain services, including venture advisory and asset management, to the
SELP joint venture and receives fees for doing so.
A 10 year performance fee, denominated in euros, is payable from SELP to SEGRO in October 2023
based on SELP\u2019s internal rate of return (IRR) subject to certain hurdle rates. The IRR calculation is
based on a 10 year performance period from the inception of SELP in October 2013 to October
2023. The IRR calculation to determine whether the hurdle rates will be met when the performance
period ends is currently an estimation and sensitive to movements and assumptions in property
valuations over the remaining performance period.
In the year ended 31 December 2021, SEGRO recognised a performance fee of \u00a326 million
(\u20ac29 million) in its Income Statement. An equivalent performance fee expense at share of \u00a313
million was recognised within the share of profit from joint ventures and associates.
In the year ended 31 December 2022, no further performance fee has been recognised by
SEGRO, and therefore no equivalent performance fee expense has been recognised within
the share of profit from joint ventures and associates and reflected in table 7(i).
This means the cumulative 10 year performance fee recognised by SEGRO to 31 December 2022
totals \u00a326 million (\u20ac29 million) (2021: \u00a326 million (\u20ac29 million) plus 2022: \u00a3nil). The full amount of
the cumulative performance fee recognised is subject to future reversal based on performance
over the remaining period to October 2023.
Performance fee income is recognised during the performance period to the extent that it is
highly probable there will not be a significant future reversal and the fee can be reliably
estimated. None of the cumulative \u00a326 million performance fee recognised will be reversed if
property values fall by up to 12 per cent between 31 December 2022 and the end of the
performance period in October 2023. If property values fall by over 14 per cent, all of the \u00a326
million cumulative performance fee recognised to date would be reversed.
SEGRO management notes the inherent and increased uncertainty caused by the market
conditions at the period end and the sensitivities detailed below. The volatility has impacted
management\u2019s consideration of the point at which it is highly probable that there will not be a
significant reversal relative to the estimations undertaken in the prior year and at the half year.
Having considered these market conditions, the market outlook and the track record of property
market trends, management believes it highly probable that there will not be a significant reversal
of the cumulative performance fee recognised to date.
Sensitivity
Based on current estimates of the IRR of SELP from inception in October 2013 to 31 December
2022, an additional performance fee (beyond the cumulative fee of \u20ac29 million recognised to
31 December 2022) due to SEGRO in October 2023 could be in the region of \u20ac164 million
(\u20ac82 million at share after accounting for the corresponding performance fee expense
recognised in SELP). However, this is dependent on future events, in particular property valuation
movements, to the end of the performance period in October 2023. The current estimate of the
IRR is based on property values as at 31 December 2022; a 10 per cent decrease in property
values from 31 December 2022 would result in a \u20ac142 million decrease in the estimated fee and
a 10 per cent increase in property values would result in a \u20ac142 million increase in the estimated
fee. Whilst property valuations have become more volatile since the prior year, using a 10 per
cent increase/decrease is still considered appropriate to provide transparency on the relative
sensitivity of the estimate.
If property values decreased by 12 per cent from 31 December 2022 no additional performance
fee would be due beyond the cumulative amount recognised to 31 December 2022. A further
performance fee above the \u00a326 million cumulative amount recognised to 31 December 2022 has
not been recognised as management has not concluded that it is highly probable that there will
not be a significant reversal.
7(iii) \u2013 Investments by the Group
2022
\u00a3m
2021
\u00a3m
Cost or valuation at 1 January 1,795 1,423
Exchange movement 92 (95)
Net investments
1
34 39
Dividends received
2
(9) (33)
Share of (loss)/profit after tax (144) 461
Cost or valuation at 31 December 1,768 1,795
1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures and associates during
the period.
2 Dividends received from SELP of \u00a39 million (2021: \u00a332 million) and other joint ventures of \u00a3nil (2021: \u00a31 million).
7(iv) \u2013 Investments by the Company
2022
\u00a3m
2021
\u00a3m
Cost or valuation of subsidiaries at 1 January 9,378 8,816
Exchange movement 5 (67)
Additions1 1,277 2,840
Loan movement1 (19) (1,501)
Increase in provision for investments in and loans to subsidiaries (44) (710)
Cost or valuation at 31 December 10,597 9,378
1 During 2022, \u00a31,211 million (2021: \u00a32,757 million) of non-current loans were recapitalised and converted into equity. This is reflected
within additions and a reduction in loan movement in the table above.
Included in cost or valuation of subsidiaries at 31 December 2022 are investments of
\u00a36,126 million (2021: \u00a34,863 million) and non-current loans of \u00a34,471 million (2021: \u00a34,515 million).
Loans held with subsidiaries are classified as non-current as there is no intention from the
Company to require the loan to be repaid, in whole or in part, within 12 months.
Subsidiary entities are detailed in Note 28.
In measuring expected credit losses (ECLs) of the intercompany loans under IFRS 9 the ability of
each subsidiary to repay the loan at the reporting date if demanded by the Company is assessed.
For the purpose of the impairment review the manner for recovering the loan is assumed to be
through the sale of the investment properties held by the subsidiary. Investment properties are
held at fair value at each reporting date and the assumptions and inputs used in determining
their fair value are shown in Note 26. Therefore, the net asset value of the subsidiary is considered
to be a reasonable approximation of the available assets that could be realised to recover the
loan balance and the requirement to recognise expected credit losses. The requirement for
impairment of investments under IAS 36 follows the same assessment and the net asset value
of the subsidiary is considered to be a reasonable approximation of the recoverable amount.
8. Realised and Unrealised Property (Loss)/Gain 2022 \u00a3m 2021 \u00a3m Profit on sale of investment properties 9 53 Valuation (deficit)/surplus on investment properties 1 (1,970) 3,617 Decrease/(increase) in provision for impairment of trading properties 15 (1) Total realised and unrealised property (loss)/gain (1,946) 3,669 1 Includes \u00a31,970 million valuation deficit on investment properties (2021: \u00a33,618 million surplus) less \u00a3nil valuation loss on head lease ROU asset (2021: \u00a31 million). The total valuation deficit on investment and trading properties total \u00a32,191 million (2021: \u00a34,103 million surplus). This comprises \u00a31,970 million deficit from investment properties (2021: \u00a33,617 million surplus), \u00a315 million reversal of impairment from trading properties (2021: \u00a31 million charge), \u00a3236 million deficit from joint ventures and associates at share (2021: \u00a3487 million surplus). The total property loss on investment and trading properties totals \u00a32,175 million (2021: \u00a34,173 million gain). This comprises the total valuation deficit above of \u00a32,191 million (2021: \u00a34,103 million surplus) plus \u00a39 million profit on sale of investment property (2021: \u00a353 million), \u00a37 million profit on sale of trading property (2021: \u00a37 million), \u00a3nil profit on sale of investment property from joint ventures and associates at share (2021: \u00a310 million). Details of profit on sale of trading properties are given in Note 13(ii). 9. Net Finance Costs Finance income 2022 \u00a3m 2021 \u00a3m Interest received on bank deposits and related derivatives 21 24 Fair value gain on interest rate swaps and other derivatives 46 11 Total finance income 67 35 Finance costs 2022 \u00a3m 2021 \u00a3m Interest on overdrafts, loans and related derivatives (104) (67) Amortisation of issue costs (9) (3) Interest on lease liabilities (3) (3) Total borrowing costs (116) (73) Less amounts capitalised on the development of properties 22 9 Net borrowing costs (94) (64) Fair value loss on interest rate swaps and other derivatives (245) (93) Exchange differences (1) \u2013 Total finance costs (340) (157) Net finance costs (273) (122) Net finance costs (including adjustments) in Adjusted profit (Note 2) are \u00a374 million (2021: \u00a340 million). This excludes net fair value gains and losses on interest rate swaps and other derivatives of \u00a3199 million loss (2021: \u00a382 million loss). The interest capitalisation rates for 2022 ranged from 1.9 per cent to 4.0 per cent (2021: 1.9 per cent to 2.2 per cent). Interest is capitalised gross of tax relief. Further analysis of exchange differences is given in Note 17 within the forward foreign exchange and currency swap contracts section. 10. Tax 10(i) \u2013 Tax on (loss)/profit 2022 \u00a3m 2021 \u00a3m Tax: On Adjusted profit (11) (8) In respect of adjustments: \u2013 French withholding tax (4) (145) \u2013 SIIC entry charge \u2013 (38) \u2013 Other (primarily in respect of property valuation movements) 52 (97) Total tax in respect of adjustments 48 (280) Total tax credit/(charge) 37 (288) Current tax United Kingdom Current tax credit 7 4 Total UK current tax credit 7 4 Overseas Current tax charge (30) (40) French withholding tax (1) (16) SIIC entry charge \u2013 (38) Total overseas current tax charge (31) (94) Total current tax charge (24) (90) Deferred tax Origination and reversal of temporary differences (13) (34) Released in respect of property disposals in the year 25 22 On valuation movements 50 (173) Total deferred tax in respect of investment properties 62 (185) Other deferred tax (1) (13) Total deferred tax credit/(charge) 61 (198) Total tax credit/(charge) on (loss)/profit on ordinary activities 37 (288) Notes to the Financial Statements continued 10(ii) \u2013 Factors affecting tax credit for the year The tax credit is lower than (2021: tax charge is higher than) the standard rate of UK corporation tax. The differences are: 2022 \u00a3m 2021 \u00a3m (Loss)/profit on ordinary activities before tax (1,967) 4,355 Exclude valuation deficit/(surplus) in respect of UK properties not deductible/ taxable 1,701 (2,941) (266) 1,414 Multiplied by standard rate of UK corporation tax of 19 per cent (2021: 19 per cent) 51 (269) Effects of: REIT & SIIC exemption on income and gains 1 64 Non-taxable/(deductible) items 3 (3) Joint venture and associates\u2019 tax adjustment 1 (26) 88 Higher tax rates on international earnings (1) (36) French withholding tax (1) (100) Adjustment in respect of assets not recognised 10 (3) SIIC entry charge \u2013 (29) Total tax credit/(charge) on (loss)/profit on ordinary activities 37 (288) 1 The joint venture and associates\u2019 tax adjustment is required because the (loss)/profit on ordinary activities before tax includes share of profit from joint ventures and associates\u2019 after tax, whereas the total tax balance excludes joint ventures and associates. 10(iii) \u2013 REIT and SIIC regimes and other tax judgements SEGRO is a Real Estate Investment Trust (REIT) and does not pay tax on its UK property income or gains on property sales, provided that at least 90 per cent of the Group\u2019s UK property income is distributed as a dividend to shareholders, which becomes taxable in their hands. In addition, the Group has to meet certain conditions such as ensuring its worldwide property rental business represents more than 75 per cent of total profits and assets. Any potential or proposed changes to the REIT legislation are monitored and discussed with HMRC. It is management\u2019s intention that the Group will continue as a REIT for the foreseeable future. SEGRO is also a SIIC in France, and does not pay corporation tax on its French property income or gains on property sales, provided that at least 95 per cent of the relevant Group French subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, the Group has to meet certain conditions such as ensuring the property rental business of each French subsidiary represents more than 80 per cent of its assets. Any potential or proposed changes to the SIIC legislation are monitored. It is management\u2019s intention that the Group will continue as a SIIC for the foreseeable future. In 2021 a formal tax assessment in relation to the applicability of a 25 per cent withholding tax on distributions from the SIIC was received from the French tax authorities and a tax charge was recognised. A legal conclusion has not been reached and communication with the French tax authorities remains ongoing. As a result, a tax charge on adjustments of \u00a34 million has been recognised in the year ended 31 December 2022 (of which \u00a31 million is current tax and \u00a33 million is deferred tax) (2021: total tax charge of \u00a3145 million, of which \u00a316 million is current tax and \u00a3129 million is deferred tax). As noted below, until a legal conclusion has been reached, it is possible further tax charges may arise in relation to this matter. In addition, during 2021, the Group elected Sofibus Patrimoine S.A. into the SIIC regime in France. The entire entry cost of \u00a338 million, payable over a 4 year period, was recognised in the Income Statement for the year ended 31 December 2021 and accordingly no cost has been recognised in the year ended 31 December 2022. The Group operates in a number of jurisdictions and is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. The Group uses in-house expertise when assessing uncertain tax positions and seeks the advice of external professional advisors where appropriate. The Group believes that its provisions for tax liabilities and associated penalties are adequate for all open tax years based on its assessment of many factors, including tax laws and prior experience. The most significant assessment relating to the recognition of withholding tax in France is discussed above. 10(iv) \u2013 Deferred tax liabilities Movement in deferred tax was as follows: Group \u2013 2022 Balance 1 January \u00a3m Exchange movement \u00a3m Acquisitions/ disposals \u00a3m Recognised in income \u00a3m Balance 31 December \u00a3m Valuation surpluses and deficits on properties/accelerated tax allowances 259 12 \u2013 (62) 209 Others 15 1 \u2013 1 17 Total deferred tax liabilities 274 13 \u2013 (61) 226 Group \u2013 2021 Balance 1 January \u00a3m Exchange movement \u00a3m Acquisitions/ disposals \u00a3m Recognised in income \u00a3m Balance 31 December \u00a3m Valuation surpluses and deficits on properties/accelerated tax allowances 84 (10) \u2013 185 259 Others 3 (1) \u2013 13 15 Total deferred tax liabilities 87 (11) \u2013 198 274 The Group has recognised revenue tax losses of \u00a399 million (2021: \u00a3109 million) available for offset against future profits (reflected in \u2018Valuation surpluses and deficits on properties/accelerated tax allowances\u2019 in the table above). Further unrecognised tax losses of \u00a3748 million also exist at 31 December 2022 (2021: \u00a3766 million) of which \u00a34 million (2021: \u00a34 million) expires within nine years. The majority of the unrecognised tax loss balance relates to historic capital losses that arose on property disposals and on losses generated from debt close-out costs. The Directors do not consider it probable that there will be sufficient future taxable profit for the relevant losses to be utilised and so no deferred tax asset has been recognised for unused tax losses. To the extent that a further performance fee from SELP (detailed in Note 7 (ii)) becomes due in 2023, this may result in the ability to utilise tax losses which are not currently recognised for deferred tax asset purposes. For the purposes of measuring deferred tax liabilities or deferred tax assets arising from investment properties that are measured using the fair value model, the Directors have reviewed the Group\u2019s investment property portfolios and concluded that the Group\u2019s investment properties are not held under a business model whose objective is to consume substantially all of the economic benefits embodied in the investment properties over time, rather than through sale. Therefore, in determining the Group\u2019s deferred taxation on investment properties, the Directors have determined that the presumption that the carrying amounts of investment properties measured using the fair value model are recovered entirely through sale is not rebutted. As a result, the Group has recognised deferred taxes on changes in fair value of investment properties for all jurisdictions, with the exception of the UK, where the Group is not subject to any corporate income taxes on the fair value changes of the investment properties on disposal due to its REIT status. 10(v) \u2013 Factors that may affect future tax charges Other than France no deferred tax is recognised on the unremitted earnings of international subsidiaries, joint ventures and associates. In the event of their remittance to the UK, no net UK tax is expected to be payable. As detailed in Note 10(iii) a tax charge for probable withholding tax due on results generated from the French business has been recognised, this includes withholding tax on unremitted earnings. 11. Dividends 2022 \u00a3m 2021 \u00a3m Ordinary dividends paid Interim dividend for 2022 @ 8.1 pence per share 98 \u2013 Final dividend for 2021 @ 16.9 pence per share 203 \u2013 Interim dividend for 2021 @ 7.4 pence per share \u2013 89 Final dividend for 2020 @ 15.2 pence per share \u2013 181 Total dividends 301 270 The Board recommends a final dividend for 2022 of 18. 2 pence which is estimated to result in a distribution of up to \u00a32 20 million. The total dividend paid and proposed per share in respect of the year ended 31 December 2022 is 26.3 pence (2021: 24.3 pence). The total dividend in 2022 of \u00a3301 million (2021: \u00a3270 million) was paid: \u00a3222 million as cash (2021: \u00a3176 million) and \u00a379 million in scrip dividends (2021: \u00a394 million). For details on scrip dividends see Notes 18 and 19. 12. Earnings and Net Assets Per Share The earnings per share calculations use the weighted average number of shares in issue during the year and the net assets per share calculations use the number of shares in issue at year end. Earnings per share calculations exclude 0.2 million shares (2021: 0.2 million) being the average number of shares held on trust for employee share schemes and net assets per share calculations exclude 0.2 million shares (2021: 0.2 million) being the actual number of shares held on trust for employee share schemes at year end. 12(i) \u2013 Earnings per ordinary share (EPS) 2022 2021 Earnings \u00a3m Shares million Pence per share Earnings \u00a3m Shares million Pence per share Basic EPS (1,927) 1,206.6 (159.7) 4,060 1,197.7 339.0 Dilution adjustments: Share and save as you earn schemes \u2013 \u2013 \u2013 \u2013 3.3 (0.9) Diluted EPS 2 (1,927) 1,206.6 (159.7) 4,060 1,201.0 338.1 Basic EPS (1,927) 1,206.6 (159.7) 4,060 1,197.7 339.0 Adjustments to (loss)/profit before tax 1 2,353 195.0 (3,999) (333.9) Tax in respect of Adjustments (48) (4.0) 280 23.4 Non-controlling interest on Adjustments (4) (0.3) 7 0.6 Adjusted Basic EPS 374 1,206.6 31.0 348 1,197.7 29.1 Adjusted Diluted EPS 374 1,210.0 30.9 348 1,201.0 29.0 1 Details of adjustments are included in Note 2. 2 In the year ended 31 December 2022, share options are excluded from the weighted average diluted number of shares when calculating IFRS diluted loss per share because they are not dilutive. 12(ii) \u2013 Net assets per share (NAV) The EPRA Net Tangible Assets (NTA) metric is considered to be most consistent with the nature of SEGRO\u2019s business as a UK REIT providing long-term progressive and sustainable returns. EPRA NTA acts as the primary measure of net asset value and is also referred to as Adjusted Net Asset Value (or Adjusted NAV). A reconciliation from IFRS NAV to Adjusted NAV is set out in the table below along with the net asset per share metrics. Notes to the Financial Statements continued Table 5 of the Supplementary Notes provides a reconciliation from IFRS NAV for each of the three EPRA net asset value metrics. 2022 2021 Equity attributable to ordinary shareholders \u00a3m Shares million Pence per share Equity attributable to ordinary shareholders \u00a3m Shares million Pence per share Basic NAV 11,373 1,209.1 941 13,436 1,202.3 1,118 Dilution adjustments: Share and save as you earn schemes \u2013 3.4 (3) \u2013 3.2 (3) Diluted NAV 11,373 1,212.5 938 13,436 1,205.5 1,115 Fair value adjustment in respect of interest rate derivatives \u2013 Group 131 11 24 2 Fair value adjustment in respect of trading properties \u2013 Group 2 \u2013 1 \u2013 Deferred tax in respect of depreciation and valuation surpluses \u2013 Group 1 104 8 129 11 Deferred tax in respect of depreciation and valuation surpluses \u2013 Joint ventures and associates 1 119 10 123 10 Intangible assets (12) (1) (9) (1) Adjusted NAV 11,717 1,212.5 966 13,704 1,205.5 1,137 1 50 per cent of deferred tax in respect of depreciation and valuation surpluses has been excluded in calculating Adjusted NAV in line with option 3 of EPRA Best Practices Recommendations Guidelines . 13. Properties 13(i) \u2013 Investment properties Completed \u00a3m Development \u00a3m Total \u00a3m At 1 January 2022 13,815 1,461 15,276 Exchange movement 143 42 185 Property acquisitions 117 682 799 Additions to existing investment properties 53 678 731 Disposals (314) (1) (315) Transfers on completion of development and completed properties taken back for redevelopment 340 (340) \u2013 Transfer from/(to) trading properties 3 (7) (4) Revaluation (deficit)/surplus during the year (2,044) 74 (1,970) At 31 December 2022 12,113 2,589 14,702 Add tenant lease incentives, letting fees and rental guarantees 164 \u2013 164 Investment properties excluding head lease ROU assets at 31 December 2022 12,277 2,589 14,866 Add head lease liabilities (ROU assets) 1 73 \u2013 73 Total investment properties at 31 December 2022 12,350 2,589 14,939 Completed \u00a3m Development \u00a3m Total \u00a3m At 1 January 2021 9,397 1,062 10,459 Exchange movement (145) (25) (170) Property acquisitions 983 289 1,272 Additions to existing investment properties 35 571 606 Disposals (491) (7) (498) Transfers on completion of development and completed properties taken back for redevelopment 926 (926) \u2013 Transfer to trading properties \u2013 (11) (11) Revaluation surplus during the year 3,110 508 3,618 At 31 December 2021 13,815 1,461 15,276 Add tenant lease incentives, letting fees and rental guarantees 146 \u2013 146 Investment properties excluding head lease ROU assets at 31 December 2021 13,961 1,461 15,422 Add head lease liabilities (ROU assets) 1 70 \u2013 70 Total investment properties at 31 December 2021 14,031 1,461 15,492 1 At 31 December 2022 investment properties included \u00a373 million (2021: \u00a370 million) for the head lease liabilities recognised under IFRS 16. Investment properties are stated at fair value as at 31 December 2022 based on external valuations performed by professionally qualified, independent valuers. The Group\u2019s wholly-owned, joint venture and associate property portfolio is valued by CBRE Ltd on a half-yearly basis (apart from two assets valued by Knight Frank). The valuations conform to International Valuation Standards and were arrived at by reference to market evidence of the transaction prices paid for similar properties. In estimating the fair value of the properties, the valuers consider the highest and best use of the properties. There has been no change to the valuation technique during the year. CBRE Ltd also undertakes some professional and agency work on behalf of the Group. This is carried out by departments separate from the Valuation team in CBRE and overall the total fees earned from the Group are below 5 per cent of CBRE\u2019s total income. This work does not therefore lead to a conflict of interest for the properties being valued by CBRE at the period end. Completed properties include buildings that are occupied or are available for occupation. Development properties include land available for development (land bank), land under development, construction in progress and covered land. To provide additional transparency over the future development pipeline of the Group, the \u2018covered land\u2019 category has been identified in the year. This new category consists of income producing assets acquired with the explicit intention to redevelop them in the short to medium term. Valued on the balance sheet as land plus remaining contracted income. As a result of the new covered land category, \u00a3474 million (carrying value as at 31 December 2021) of standing assets acquired in 2021 have been identified as covered land, these assets were classified as Completed property as at 31 December 2021 and during the period transferred to Development property in the table above. The carrying value of covered land held within Development properties as at 31 December 2022 is \u00a3656 million (2021: \u00a3nil). The carrying value of investment properties situated on land held under leaseholds is \u00a3209 million (excluding head lease ROU assets) (2021: \u00a3206 million). Further details on property valuation techniques, sustainability and climate change considerations and related quantitative information are set out in Note 26. 13(ii) \u2013 Trading properties 2022 \u00a3m 2021 \u00a3m At 1 January 45 52 Exchange movement 1 (2) Property acquisitions 1 8 Additions to existing trading properties 62 17 Disposals 1 (93) (40) Decrease/(increase) in provision for impairment during the year 15 (1) Transfer from investment properties 4 11 At 31 December 35 45 1 Profit on sale of trading properties of \u00a37 million in the year (2021: \u00a37 million) have been generated from total proceeds of \u00a3100 million (2021: \u00a347 million), see Note 4, less costs of \u00a393 million (2021: \u00a340 million), see Note 5. Trading properties were externally valued, as detailed in Note 13(i), resulting in a decrease in the provision for impairment of \u00a315 million (2021: \u00a31 million increase). Based on the fair value at 31 December 2022, the portfolio has unrecognised surplus of \u00a32 million (2021: \u00a31 million). Further information on valuation techniques and related quantitative information is given in Note 26 . 14. Trade and Other Receivables Group Company 2022 \u00a3m 2021 (restated) 4 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Trade receivables 1 60 48 \u2013 \u2013 Other receivables 2 114 143 25 21 Prepayments 17 10 \u2013 \u2013 Amounts due from related parties 8 6 \u2013 \u2013 Total current trade and other receivables 199 207 25 21 Non-current Other receivables 3 40 35 \u2013 \u2013 Amounts due from related parties5 41 \u2013 \u2013 \u2013 Total non-current other receivables 81 35 \u2013 \u2013 1 Note 17(vi) details the Group\u2019s credit risk management and loss allowances held for trade receivables. 2 Group other current receivables includes VAT recoverable and capital receivables. 3 Group non-current other receivables includes an advance payment for the future acquisition of land of \u00a338 million (2021: \u00a335 million). 4 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 5 Amount due from the associate acquired in the year, see Note 7(i) . 15. Trade and Other Payables Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Due within one year Trade payables 10 5 \u2013 \u2013 Other payables 123 114 2 2 Non-capital accruals 1 106 80 45 29 Capital creditors and capital accruals 218 178 \u2013 \u2013 Rent in advance 102 84 \u2013 \u2013 Lease liabilities 1 2 \u2013 \u2013 Total trade and other payables due within one year 560 463 47 31 Due after one year Other payables 1 1 \u2013 \u2013 Lease liabilities 76 74 \u2013 \u2013 Loans due to subsidiaries \u2013 \u2013 2,063 1,498 Total other payables due after one year 77 75 2,063 1,498 1 Includes accrued interest payable on external borrowings for the Group of \u00a336 million (2021: \u00a320 million) and for the Company of \u00a325 million (2021: \u00a320 million) . Notes to the Financial Statements continued 16. Net Borrowings 16(i) \u2013 Net borrowings by type Group Company 2022 \u00a3m 2021 (restated) 1 \u00a3m 2022 \u00a3m 2021 \u00a3m Secured borrowings: Euro mortgages 1 2 \u2013 \u2013 Total secured (on land, buildings and other assets) 1 2 \u2013 \u2013 Unsecured borrowings: Bonds 6.75% bonds 2024 82 82 82 82 1.250% bonds 2026 571 \u2013 \u2013 \u2013 2.375% bonds 2029 348 348 348 348 1.875% bonds 2030 436 \u2013 \u2013 \u2013 0.50% bonds 2031 437 415 \u2013 \u2013 5.75% bonds 2035 199 199 199 199 2.875% bonds 2037 396 396 396 396 5.125% bonds 2041 344 \u2013 344 \u2013 2,813 1,440 1,369 1,025 Private placement notes 1.77% notes 2027 354 335 354 335 1.82% notes 2028 88 84 88 84 2.00% notes 2029 133 126 133 126 2.27% notes 2032 88 84 88 84 1.35% notes 2032 132 125 132 125 2.37% notes 2033 176 167 176 167 1.45% notes 2035 44 42 44 42 3.87% notes 2037 43 \u2013 43 \u2013 1.83% notes 2040 (Series C) 167 158 167 158 1.83% notes 2040 (Series D) 53 50 53 50 4.14% notes 2042 155 \u2013 155 \u2013 1,433 1,171 1,433 1,171 Bank loans and overdrafts 637 793 637 793 Total unsecured 4,883 3,404 3,439 2,989 Total borrowings 4,884 3,406 3,439 2,989 Cash and cash equivalents1 (162) (85) (72) (12) Net borrowings 4,722 3,321 3,367 2,977 1 Group Cash and cash equivalents have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. The maturity profile of borrowings is as follows: Maturity profile of borrowings Group Company 2022 \u00a3m 2021 (restated) 1 \u00a3m 2022 \u00a3m 2021 \u00a3m In one year or less \u2013 \u2013 \u2013 \u2013 In more than one year but less than two 83 \u2013 82 \u2013 In more than two years but less than five 1,562 877 991 875 In more than five years but less than ten 1,662 1,308 789 893 In more than ten years 1,577 1,221 1,577 1,221 In more than one year 4,884 3,406 3,439 2,989 Total borrowings 4,884 3,406 3,439 2,989 Cash and cash equivalents 1,2 (162) (85) (72) (12) Net borrowings 4,722 3,321 3,367 2,977 1 Group Cash and cash equivalents have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 2 Group Cash and cash equivalents also include tenant deposits held in separate designated bank accounts of \u00a350 million (2021: \u00a340 million), the use of the deposits is subject to restrictions as set out in the tenant lease agreement and therefore not available for general use by the Group. There are no early settlement or call options (greater than three months prior to maturity) on any of the borrowings. Financial covenants relating to the borrowings include maximum limits to the Group\u2019s gearing ratio and minimum limits to permitted interest cover. Financial covenants are discussed in more detail in the \u2018Gearing and financial covenants\u2019 section in the Financial Review on page 59. Bank loans and overdrafts include capitalised finance costs on committed facilities. In March 2022, the Group established a European Medium-Term Note (EMTN) programme. Upon creation, it issued \u20ac650 million of four year and \u20ac500 million of eight year unsecured green bonds. The annual coupons were 1.25 per cent and 1.875 per cent respectively. Proceeds of the bond were used to finance or refinance eligible green projects outlined in SEGRO\u2019s Green Finance Framework (further details on SEGRO\u2019s Green Finance Framework can be found on the Company\u2019s website). Also in March 2022, the Group entered into an additional \u20ac1 billion multicurrency term loan facility. The Group cancelled \u20ac600 million of commitments during August 2022 and cancelled the remaining \u20ac400 million commitments in December 2022. In May 2022, SEGRO extended the maturity of its \u20ac1.2 billion of revolving credit facilities for a further year to 2027. In August 2022, the Group entered into an additional syndicated \u20ac600 million revolving credit facility with existing lenders, maturing in 2025. In September 2022, the Group issued \u20ac225 million of US Private Placement notes. The transaction consisted of two tranches: \u20ac50 million of notes at a fixed coupon of 3.87 per cent maturing in 2037 and \u20ac175 million of notes at a fixed coupon of 4.14 per cent maturing in 2042. In December 2022, the Group entered into two term loan facilities. The first facility has commitments totalling \u00a3300 million and \u20ac115 million, maturing in 2025. The second facility has total commitments of \u20ac293 million, of which \u20ac195 million matures in 2025 and the remaining \u20ac98 million matures in 2027. Both term loan facilities were undrawn as at 31 December 2022. Also in December 2022, SEGRO plc issued \u00a3350 million of 19-year unsecured notes from its EMTN programme. The annual coupon is 5.125 per cent and proceeds will principally be used for general corporate purposes. The debt refinancing is discussed in more detail in the Financial Review on page 58. Maturity profile of undrawn borrowing facilities Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m In one year or less 150 8 142 8 In more than one year but less than two \u2013 630 \u2013 630 In more than two years but less than five 1,608 210 1,608 210 Total available undrawn borrowing facilities 1,758 848 1,750 848 16(ii) \u2013 Net borrowings by interest rates The weighted average interest rate profile of Group and Company net borrowings after derivative instruments is as follows: 2022 Interest rate profile \u2013 Group Fixed rate % Fixed period years Fixed debt \u00a3m Capped strike % Capped debt \u00a3m Variable debt/cash \u00a3m Total \u00a3m Borrowings Weighted average after derivative instruments Sterling 4.00 12.4 1,469 \u2013 \u2013 (349) 1,120 Euros 1.67 7.6 2,259 1.93 701 804 3,764 Total borrowings 2.58 9.5 3,728 1.93 701 455 4,884 Cash and cash equivalents Sterling (146) (146) Euros (16) (16) Total cash and cash equivalents (162) (162) Net borrowings 3,728 701 293 4,722 2021 Interest rate profile \u2013 Group Fixed rate % Fixed period years Fixed debt \u00a3m Capped strike % Capped debt \u00a3m Variable debt/cash (restated) 1 \u00a3m Total \u00a3m Borrowings Weighted average after derivative instruments Sterling 6.42 10.2 96 2.00 150 371 617 Euros 1.30 8.4 958 1.33 630 1,201 2,789 Total borrowings 1.77 8.6 1,054 1.46 780 1,572 3,406 Cash and cash equivalents Sterling (71) (71) Euros (14) (14) Total cash and cash equivalents 1 (85) (85) Net borrowings 1 1,054 780 1,487 3,321 1 Group Cash and cash equivalents have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details . Notes to the Financial Statements continued 2 022 Interest rate profile \u2013 Company Fixed rate % Fixed period years Fixed debt \u00a3m Capped strike % Capped debt \u00a3m Variable debt/cash \u00a3m Total \u00a3m Borrowings Weighted average after derivative instruments Sterling 4.00 12.4 1,469 \u2013 \u2013 (349) 1,120 Euros 2.45 9.1 814 1.93 701 804 2,319 Total borrowings 3.45 11.2 2,283 1.93 701 455 3,439 Cash and cash equivalents Sterling (72) (72) Total cash and cash equivalents (72) (72) Net borrowings 2,283 701 383 3,367 2021 Interest rate profile \u2013 Company Fixed rate % Fixed period years Fixed debt \u00a3m Capped strike % Capped debt \u00a3m Variable debt/cash \u00a3m Total \u00a3m Borrowings Weighted average after derivative instruments Sterling 6.42 10.2 96 2.00 150 371 617 Euros 2.41 7.2 542 1.33 630 1,200 2,372 Total borrowings 3.01 7.6 638 1.46 780 1,571 2,989 Cash and cash equivalents Sterling (12) (12) Total cash and cash equivalents (12) (12) Net borrowings 638 780 1,559 2,977 17. Financial Instruments and Fair Values 17(i) Derivative instruments The Group and Company holds the following derivative instruments: Derivative assets Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Fair value of interest rate swaps \u2013 non-hedge \u2013 3 \u2013 3 Fair value of forward foreign exchange and currency swap contracts \u2013 non-hedge 11 6 11 11 Fair value of forward foreign exchange and currency swap contracts \u2013 hedge \u2013 5 \u2013 \u2013 Total current derivative assets 11 14 11 14 Non-current Fair value of interest rate swaps \u2013 non-hedge 1 20 1 20 Fair value of interest rate caps \u2013 non-hedge 56 9 56 9 Fair value of forward foreign exchange and currency swap contracts \u2013 non-hedge 1 21 1 21 Total non-current derivative assets 58 50 58 50 Derivative liabilities Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Fair value of forward foreign exchange and currency swap contracts \u2013 non-hedge 1 \u2013 14 \u2013 Fair value of forward foreign exchange and currency swap contracts \u2013 hedge 13 \u2013 \u2013 \u2013 Total current derivative liabilities 14 \u2013 14 \u2013 Non-current Fair value of interest rates swaps \u2013 non-hedge 188 56 188 56 Total non-current derivative liabilities 188 56 188 56 17(ii) Carrying amount and fair values of financial assets and liabilities The Group and Company holds the following financial instruments: Notes Group Company 2022 \u00a3m 2021 (restated) 3 \u00a3m 2022 \u00a3m 2021 \u00a3m Financial assets Financial assets at amortised cost Loans due from subsidiaries 7 \u2013 \u2013 4,471 4,515 Lease incentives 1 13 140 124 \u2013 \u2013 Trade receivables 14 60 48 \u2013 \u2013 Other current receivables 2 14 58 64 25 21 Non-current receivables 14 81 35 \u2013 \u2013 Cash and cash equivalents 16 162 85 72 12 Financial assets at fair value through profit or loss (FVPL) Other investments 9 5 \u2013 \u2013 Derivative financial instruments Used for hedging at FVOCI 17 \u2013 5 \u2013 \u2013 Non-hedge at FVPL 17 69 59 69 64 579 425 4,637 4,612 Financial liabilities Liabilities at amortised cost Trade and other payables 2 15 534 453 2,110 1,529 Borrowings 16 4,884 3,406 3,439 2,989 Derivative financial instruments Used for hedging FVOCI 17 13 \u2013 \u2013 \u2013 Non-hedge at FVPL 17 189 56 202 56 5,620 3,915 5,751 4,574 1 Represents the carrying value of tenant lease incentives and rental guarantees held in Investment properties at the year end. This amount is included within the \u2018tenant lease incentives, letting fees and rental guarantees\u2019 balance in Note 13(i). 2 Group excludes non-financial assets of \u00a381 million (2021: \u00a395 million) included within total other receivables per Note 14 and non-financial liabilities of \u00a3103 million (2021: \u00a385 million) included within total trade and other payables per Note 15. 3 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details . The carrying values of these financial assets and liabilities approximate their fair value, with the exception of unsecured bonds and unsecured US Private Placement notes classified as borrowings. At 31 December 2022, the fair value of \u00a32,813 million of unsecured bonds issued was \u00a32,412 million (2021: \u00a31,440 million compared with \u00a31,610 million fair value). At 31 December 2022, the fair value of \u00a31,433 million of unsecured US Private Placement notes was \u00a31,162 million (2021: \u00a31,171 million compared with \u00a31,261 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3672 million (2021: \u00a3260 million decrease), see Table 5 of the Supplementary Notes. The fair values of financial assets and financial liabilities are determined as follows: \u2013 Forward foreign exchange contracts are measured using quoted exchange rates and yield curves derived from quoted interest rates with maturities matching the contracts. \u2013 Interest rate swaps, currency swap contracts and interest rate caps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates and the appropriate exchange rate at the Balance Sheet date. \u2013 The fair value of non-derivative financial assets and financial liabilities traded on active liquid markets is determined with reference to the quoted market prices . Fair value measurements recognised in the Balance Sheet The Group and Company financial instruments that are measured subsequent to initial recognition at fair value are listed equity investments, forward exchange and currency swap contracts, interest rate swaps and interest rate caps as detailed above. Investments in equity securities traded in active liquid markets are classified as level 1. All other financial instruments would be classified as level 2 fair value measurements, as defined by IFRS 13, being those derived from inputs other than quoted prices (included within level 1) that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). There were no transfers between categories in the current or prior year. 17(iii) Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern and as such it aims to maintain a prudent mix between debt and equity financing. Our intention for the foreseeable future is to maintain our mid-cycle LTV (including joint ventures and associates at share) at around 30 per cent. This provides the flexibility to take advantage of investment opportunities arising and ensures significant headroom compared to our tightest gearing covenants should property values decline. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity and Notes 18 to 20. Debt primarily comprises long-term debt issues and drawings against short-term committed revolving credit facilities from banks as disclosed in Note 16. The Group is not subject to externally imposed capital requirements. 17(iv) Foreign currency risk management The Group\u2019s transactional foreign exchange exposures mainly arise as a result of treasury financing and hedging activities. These hedging activities are carried out in SEGRO plc on behalf of the Group and the resulting transactional exposures to euro are not routinely hedged. The Group does not have any significant transactional foreign currency exposures resulting from cross-border flows in the operating business. The Group does however have operations in Continental Europe which transact business denominated mostly in euros, hence there is currency exposure caused by translating the local trading performance and local net assets into sterling for each financial period and at each Balance Sheet date. The Group\u2019s approach to managing Balance Sheet translation exposure is described in the Foreign Currency Translation Risk section in the Financial Review on page 59. The Group\u2019s and Company\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below: 2022 Total \u00a3m 2021 Total \u00a3m Group Gross currency assets 6,159 5,363 Gross currency liabilities (4,655) (3,349) Net exposure 1,504 2,014 Company Gross currency assets 2,372 1,424 Gross currency liabilities (4,341) (2,944) Net exposure (1,969) (1,520) 2022 Group gross currency liabilities include \u20ac2,206 million (\u00a31,952 million) designated as net investment hedges. 2021 Group gross currency liabilities include \u20ac1,809 million (\u00a31,520 million) designated as net investment hedges. The remaining gross currency liabilities of the Group shown in the table above that are not designated as net investment hedges are either held directly in a euro functional currency entity or passed down to such an entity from a sterling functional currency company through inter-company funding arrangements. Foreign currency sensitivity analysis The Group\u2019s main currency exposure is the euro. The sensitivity of the net assets of the Group to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3137 million (2021: \u00a3183 million). The sensitivity of the Group to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3167 million (2021: \u00a3224 million) . Notes to the Financial Statements continued The 10 per cent sensitivity rate is used when reporting foreign currency risk internally to management and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis adjusts the translation of net assets (after taking account of external loans, currency swap contracts and forward foreign exchange contracts) at the period end for a 10 per cent change in the value of sterling against the euro. A 10 per cent appreciation in the value of sterling against the euro would increase the Group\u2019s loss for the year ended 31 December 2022 by \u00a324 million (2021: \u00a387 million decrease in the Group\u2019s profit). A 10 per cent depreciation in the value of sterling against the euro would decrease the Group\u2019s loss for the year ended 31 December 2022 by \u00a330 million (2021: \u00a3107 million increase in the Group\u2019s profit). For the Company, the sensitivity of the net assets to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3179 million (2021: \u00a3138 million decrease). The sensitivity of the net assets to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3219 million (2021: \u00a3169 million increase). Forward foreign exchange and currency swap contracts Some of the forward foreign exchange and currency swap contracts held by the Group are designated as net investment hedges of euro denominated subsidiaries, where exchange differences are booked in reserves and recognised in the Income Statement when the operation is sold. The remaining foreign exchange and currency swap contracts are effectively economic cash flow hedges, for example using surplus cash in one currency to provide (typically through intercompany debt funding arrangements with overseas subsidiaries) funds to repay debt, or to fund development expenditure or acquisitions in another currency. These instruments have not been designated as hedges. As a consequence, exchange movements in respect of these instruments are taken through the Income Statement. Offsetting these movements are net exchange gains of \u00a33 million (2021: \u00a369 million loss) arising on intercompany debt funding arrangements (discussed above) and exchange movements arising from external borrowings not designated as hedges. This has resulted in exchange differences of \u00a31 million loss (2021: \u00a3nil) within net finance costs in Note 9. The Group seeks to limit its exposure to volatility in foreign exchange rates by hedging its foreign gross assets using either borrowings or derivative instruments. The Group targets a hedging range of between the last reported LTV ratio (32 per cent at 31 December 2022) and 100 per cent. At 31 December 2022, the Group had gross foreign currency assets, which were 76 per cent hedged by gross foreign currency denominated liabilities (2021: 62 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial Review on page 59. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end: Average exchange rates Currency contract (local currency) Contract value Fair value 2022 2021 2022 m 2021 m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Group Economic cash flow hedges Sell euros (buy sterling) 1.13 1.15 438 943 387 816 \u2013 27 Buy euros (sell sterling) 1.16 1.19 463 28 399 24 11 \u2013 Net investment hedges Sell euros (buy sterling) 1.16 1.17 601 409 519 349 (13) 5 Total (2) 32 Company Economic cash flow hedges Sell euros (buy sterling) 1.15 1.16 1,039 1,352 906 1,165 (13) 32 Buy euros (sell sterling) 1.16 1.19 463 28 399 24 11 \u2013 Total (2) 32 Effects of net investment hedge accounting on financial position and performance The effects of the foreign currency related hedging instruments on the Group\u2019s financial position and performance are detailed below. Forward foreign exchange contracts The Group designated euro denominated forward foreign exchange contracts as net investment hedges during 2022 (2021: euro denominated). There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2022 where the hedging instrument was forward foreign exchange contracts. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Any forward points in the foreign exchange contract are taken to the Income Statement. Group Euro forward foreign exchange 2022 \u00a3m 2021 \u00a3m Carrying amount (13) 5 Notional amount 519 349 Maturity date Jan 2023 Jan 2022 Hedge ratio 1:1 1:1 Change in discounted spot value of hedging instruments since 1 January \u2013 (loss)/gain (33) 9 Change in value of hedged item used to determine hedge effectiveness \u2013 gain/(loss) 33 (9) Weighted average hedged rate for the year (including forward points) 1.17 1.16 Currency swap contracts The Group uses cross currency swaps with two floating legs as designated net investment hedges. Although these instruments are expected to have a high degree of effectiveness, some ineffectiveness may arise due to the hedging instrument having periodic interest payments, which net investment does not. In 2022, no cross currency swaps were used as designated net investment hedges. The ineffectiveness recorded from net investments in foreign entity hedges in 2021 from currency swap contracts is shown in the table below. Group Euro currency swaps 2022 \u00a3m 2021 \u00a3m Carrying amount \u2013 \u2013 Notional amount \u2013 \u2013 Maturity date \u2013 \u2013 Hedge ratio \u2013 1:1 Change in discounted spot value of hedging instruments since 1 January \u2013 gain \u2013 13 Change in value of hedged item used to determine hedge effectiveness \u2013 loss \u2013 (13) Weighted average hedged rate for the year (including forward points) \u2013 1.14 US private placement notes There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2022 and 2021 where the hedging instrument was US private placement notes. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Group Private placement notes 2022 \u00a3m 2021 \u00a3m Carrying amount of private placement notes (Note 16) 1,433 1,171 Carrying amount of private placement notes designated as net investment hedging instruments 1,433 1,171 Hedge ratio 1:1 1:1 Change in carrying amount of USPP notes as a result of foreign currency movement since 1 January, recognised in OCI \u2013 (loss)/gain (65) 52 Change in value of hedged item used to determine hedge effectiveness \u2013 gain/(loss) 65 (52) Weighted average hedged rate for the year (including forward points) 1.13 1.19 17(v) Interest rate risk management The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings. The current Group policy states that 50 to 100 per cent of net borrowings should be at fixed rate provided by long-term debt issues attracting a fixed coupon or from floating rate bank borrowings converted into fixed rate or hedged via interest rate swaps, forwards, caps, collars or floors or options on these products. Hedging activities require approval and are evaluated and reported on regularly to ensure that the policy is being adhered to. The Board reviews the policy on interest rate exposure annually with a view to establishing that it is still relevant in the prevailing and forecast economic environment. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the Balance Sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the Balance Sheet date was outstanding for the whole year. A two per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonable possible change in interest rates (this has increased from one per cent reported in 2021 due to the increased interest rate environment and volatility). If interest rates had been two per cent higher and all other variables were held constant, the Group\u2019s loss for the year ended 31 December 2022 would increase by \u00a327 million (2021: Group profit would decrease by \u00a334 million). If interest rates had been two per cent lower and all other variables were held constant, the Group\u2019s loss for the year ended 31 December 2022 would decrease by \u00a332 million (2021: Group profit would increase by \u00a335 million). This is attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings and cash deposits. Fixed rate debt issues are held at amortised cost and are not re-valued in the Balance Sheet to reflect interest rate movements. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s borrowings. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year . Notes to the Financial Statements continued The following tables detail the notional principal amounts and remaining terms of interest rate swap contracts, based on their contractual maturities, outstanding as at the reporting date: Average contract \u2013 fixed interest rate Notional principal amount Fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Pay fixed, receive floating contracts: Group In one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 3.58 \u2013 144 \u2013 1 \u2013 In more than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 144 \u2013 1 \u2013 Company In one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 3.58 \u2013 144 \u2013 1 \u2013 In more than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 144 \u2013 1 \u2013 Receive fixed, pay floating contracts: Group In one year or less \u2013 2.38 \u2013 350 \u2013 3 In more than one year but less than two \u2013 3.87 \u2013 578 \u2013 (3) In more than two years but less than five \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than five years 1.85 2.04 664 980 (188) (33) Total 664 1,908 (188) (33) Company In one year or less \u2013 2.38 \u2013 350 \u2013 3 In more than one year but less than two \u2013 3.87 \u2013 578 \u2013 (3) In more than two years but less than five \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than five years 1.85 2.04 664 980 (188) (33) Total 664 1,908 (188) (33) The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate swaps settle on either a three-month or six-month basis with the floating rate side based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will settle or receive the difference between the fixed and floating interest rate on a net basis. Interest rate cap contracts Under interest rate caps, the Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates rise above a specified strike rate. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s floating rate borrowings. The fair value of interest rate caps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate cap contracts, based on their contractual maturities, outstanding as at the reporting date: Average strike price Notional principal amount Fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Group In one year or less \u2013 1.42 \u2013 360 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 2.72 \u2013 172 \u2013 4 \u2013 In more than five years 1.68 1.50 529 420 52 9 Total 701 780 56 9 Company In one year or less \u2013 1.42 \u2013 360 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 2.72 \u2013 172 \u2013 4 \u2013 In more than five years 1.68 1.50 529 420 52 9 Total 701 780 56 9 The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate caps settle on either a three-month or six-month basis based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. IBOR reform The Group is exposed to two benchmark interest rates, Sterling Overnight Index Average (SONIA) and the Euro Interbank Offered Rate (EURIBOR). These interest rates are found in the Group\u2019s floating rate borrowings, and certain derivative contracts. Given the geography of the Group, there are no exposures to other benchmark interest rates. There are no changes in respect of EURIBOR within the Group\u2019s financing or risk management activities. In respect of sterling London Interbank Offered Rate (GBP LIBOR), transition arrangements are complete and there is no remaining exposure to GBP LIBOR. The Group\u2019s \u00a32.3 billion of committed bank facilities reference SONIA or EURIBOR, depending on the currency of utilisation. In respect of derivative contracts, the final interest periods for contracts bearing a GBP LIBOR exposure were fixed prior to LIBOR cessation on 31 December 2021. SEGRO has adhered to the ISDA 2020 IBOR Fallbacks Protocol, and as such these contracts now reference SONIA. 17(vi) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Potential customers are evaluated for creditworthiness and where necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to either business sector or individual company as the Group has a diverse customer base with no one customer accounting for more than seven per cent of rental income. Trade receivables were less than one per cent of total assets at 31 December 2022 and at 31 December 2021. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below. 2022 2021 Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m 0 \u2013 30 days 2 \u2013 2 2 \u2013 2 30 \u2013 60 days 2 \u2013 2 1 \u2013 1 60 \u2013 90 days 2 \u2013 2 3 (1) 2 90 \u2013 180 days 5 (3) 2 4 (2) 2 >180 days 4 (4) \u2013 3 (2) 1 Past due 15 (7) 8 13 (5) 8 Not due 54 (2) 52 42 (2) 40 Total trade receivables 69 (9) 60 55 (7) 48 Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2022 includes amounts due for 2022 rent and amounts billed in advance for 2023 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2023 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2022 were \u00a315 million (2021: \u00a313 million), three per cent of total gross rental income for the year (2021: three per cent). Trade receivables are presented in the balance sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment concessions granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2022, the Group held a loss allowance provision for trade receivables of \u00a39 million (2021: \u00a37 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing two per cent of total gross rental income for the year (2021: two per cent). Total impairment losses of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2022 (2021: \u00a3nil). The impairment losses include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward-looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a good investment grade credit rating. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. 17(vii) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by requiring that adequate cash and committed bank facilities are available to cover and match all debt maturities, development spend, trade related and corporate cash flows over a rolling 18-month period. This is achieved by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity risk management is discussed in more detail in the Financial Review on pages 58 and 59. Liquidity and interest risk tables The following tables detail the Group\u2019s and Company\u2019s remaining contractual maturity profile for its financial instruments. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group and the Company can be required to pay. The tables include both interest and principal cash flows. Notes to the Financial Statements continued 2022 2021 Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Group Non-derivative financial liabilities: Trade and other payables 1 421 \u2013 \u2013 \u2013 421 357 \u2013 \u2013 \u2013 357 Lease liabilities 3.90 4 4 13 124 145 3.90 5 5 13 122 145 Variable rate debt instruments 4.08 23 27 700 \u2013 750 1.23 10 10 823 \u2013 843 Fixed rate debt instruments 2.43 104 183 1,209 3,430 4,926 2.32 61 61 251 2,920 3,293 Derivative financial instruments: Net settled interest rate swaps 1.08 8 5 16 \u2013 29 (0.40) 1 9 19 33 62 Gross settled foreign exchange \u2013 Forward and currency swap contracts \u2013 Inflowing (556) \u2013 \u2013 \u2013 (556) (13) \u2013 \u2013 \u2013 (13) \u2013 Outflowing 580 \u2013 \u2013 \u2013 580 13 \u2013 \u2013 \u2013 13 Total 584 219 1,938 3,554 6,295 434 85 1,106 3,075 4,700 2022 2021 Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Company Non-derivative financial liabilities: Trade and other payables 2 22 2,063 \u2013 \u2013 2,085 11 1,498 \u2013 \u2013 1,509 Variable rate debt instruments 4.08 23 27 700 \u2013 750 1.23 10 10 823 \u2013 843 Fixed rate debt instruments 3.05 86 164 593 2,519 3,362 2.67 59 59 243 2,490 2,851 Derivative financial instruments: Net settled interest rate swaps 1.08 8 5 16 \u2013 29 (0.40) 1 9 19 33 62 Gross settled foreign exchange \u2013 Forward and currency swap contracts \u2013 Inflowing (556) \u2013 \u2013 \u2013 (556) (13) \u2013 \u2013 \u2013 (13) \u2013 Outflowing 580 \u2013 \u2013 \u2013 580 13 \u2013 \u2013 \u2013 13 Total 163 2,259 1,309 2,519 6,250 81 1,576 1,085 2,523 5,265 1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3534 million (2021: \u00a3453 million) includes, accrued interest of \u00a336 million (2021: \u00a320 million) and lease liabilities of \u00a377 million (2021: \u00a376 million). Accrued interest is shown in fixed rate debt instruments in the table above. 2 Company trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a32,110 million (2021: \u00a31,529 million) includes accrued interest of \u00a325 million (2021: \u00a320 million). Accrued interest is shown in fixed rate debt instruments in the table above . 18. Share Capital and Share-Based Payments Share capital Group and Company Issued and fully paid Number of shares million Par value of shares \u00a3m Ordinary shares of 10p each at 1 January 2022 1,202 120 Issue of shares \u2013 scrip dividend 6 1 Issue of shares \u2013 other 1 \u2013 Ordinary shares of 10p each at 31 December 2022 1,209 121 Issued and fully paid Number of shares million Par value of shares \u00a3m Ordinary shares of 10p each at 1 January 2021 1,192 119 Issue of shares \u2013 scrip dividend 9 1 Issue of shares \u2013 other 1 \u2013 Ordinary shares of 10p each at 31 December 2021 1,202 120 Share-based payments The Group operates the share-based payments schemes set out below. 18(i) \u2013 Deferred Share Bonus Plan (DSBP) The DSBP is for Executive Directors and senior managers. A percentage of any payment made under the Bonus Scheme is deferred to shares and held in trust for three years. The percentage subject to deferral for Executive Directors is 50 per cent of the Bonus payment. This scheme is detailed in the Remuneration Report on page 145. If a participant ceases to be employed by the Group, the award will lapse unless the participant is deemed to be a \u2018good leaver\u2019, in which case the award will be released on the vesting date. 2022 number 2021 number At 1 January 867,794 968,499 Shares granted DSBP 451,613 283,957 Shares vested (264,600) (384,662) Shares expired/lapsed (20,000) \u2013 At 31 December 1,034,807 867,794 The 2021 DSBP grant was made on 27 June 2022, based on a 26 June 2022 closing mid-market share price of 1,027 pence. 18(ii) \u2013 Long Term Incentive Plan (LTIP) The LTIP is a discretionary employee share scheme for Executive Directors and senior managers. Vesting of awards is subject to three-year performance conditions and is at the discretion of the Remuneration Committee. The performance conditions of the LTIP are detailed in the Remuneration Report on page 145. If a participant ceases to be employed by the Group, the award will lapse, unless the participant is deemed to be a \u2018good leaver\u2019, in which case the award will be reduced pro-rata on length of employment in relation to the award date. For Executive Directors a mandatory two-year holding period follows the three-year performance period. 2022 number 2021 number At 1 January 3,791,289 3,999,942 Shares granted LTIP 973,654 1,160,170 Shares vested (778,355) (1,285,564) Shares expired/lapsed \u2013 (83,259) At 31 December 3,986,588 3,791,289 The 2022 LTIP award was made on 5 May 2022. The calculation of the award was based on a share price of 1,162.5 pence, the closing mid-market share price on 4 May 2022. No consideration was paid for the grant of any award. The Black-Scholes model has been used to fair value the shares granted currently under award, apart from the TSR elements of the award which uses the Monte Carlo model. The assumptions used are as follows: Date of grant 29 May 2019 26 March 2020 29 March 2021 5 May 2022 Market price used for award 691.0p 786.8p 933.0p 1,162.5p Risk-free interest rate 0.6% 0.12% 0.13% 1.68% Dividend yield 2.7% 2.6% 2.4% 1.9% Volatility 15.7% 17.1% 22.3% 24.7% Term 3 years 3 years 3 years 3 years Fair value per share 482.1p 654.4p 375.3p 493.1p 18(iii) \u2013 Other share schemes The Group also operates the following all-employee share schemes. \u2013 Share Incentive Plan (SIP) \u2013 Global Share Incentive Plan (GSIP) \u2013 Sharesave Further details of these schemes are set out in the Remuneration Report on pages 145 and 146. The total share-based payment charge for the schemes recognised in the 2022 Income Statement was \u00a31 million (2021: \u00a31 million). The total number of outstanding options for these schemes as at 31 December 2022 was 844,727 (2021: 851,364). 19. Share Premium and Other Reserves Share premium GROUP AND COMPANY 2022 \u00a3m 2021 \u00a3m Balance at 1 January 3,371 3,277 Premium arising on the issue of shares \u2013 scrip dividend 78 93 Premium arising on the issue of shares \u2013 other \u2013 1 Balance at 31 December 3,449 3,371 Capital redemption reserve The capital redemption reserve of \u00a3114 million arose in 2009 where shares were reclassified, cancelled and consolidated in connection with a Rights Issue. Notes to the Financial Statements continued Other reserves Other reserves shown on the Group Balance Sheet of \u00a3227 million (2021: \u00a3140 million) is made up of the following reserves: The merger reserve of \u00a3169 million (2021: \u00a3169 million) arose in 2009 in connection with the acquisition of Brixton plc where the Group acquired 100 per cent of the voting equity of Brixton plc in a share for share exchange. The Group translation, hedging and other reserves of \u00a333 million surplus (2021: \u00a349 million deficit) comprises all foreign exchange differences arising from the translation of the Financial Statements of foreign operations, as well as from the translation of liabilities that hedge the Group\u2019s net investment in foreign denominated subsidiaries. The Group share-based payment reserve of \u00a325 million (2021: \u00a320 million) reflects the increase in equity in connection with share-based payment transactions accounted for under IFRS 2. 20. Own Shares Held GROUP AND COMPANY 2022 \u00a3m 2021 \u00a3m Balance at 1 January 1 1 Shares purchased 4 3 Disposed of on exercise of options (4) (3) Balance at 31 December 1 1 These represent the cost of shares in SEGRO plc bought in the open market and held by Ocorian Limited and Equiniti Limited, to satisfy various Group share schemes. 21. Commitments Contractual obligations to purchase, construct, develop, repair, maintain or enhance assets are as follows: GROUP 2022 \u00a3m 2021 \u00a3m Properties 427 1 626 1 Includes \u00a3328 million of commitments relating to current development pipeline and other commitments of \u00a399 million mainly relating to infrastructure spend. In addition, commitments in the Group\u2019s joint ventures and associates at 31 December 2022 (at share) amounted to \u00a381 million (2021: \u00a342 million). The Group also has a \u00a38 million commitment to property related investment funds at 31 December 2022 (2021: \u00a310 million). 22. Contingent Liabilities The Group has given performance guarantees to third parties amounting to \u00a3146 million (2021: \u00a382 million) in respect of development contracts of subsidiary undertakings. It is unlikely that these contingencies will crystallise. The Company has guaranteed loans, bank overdrafts and eurobonds of subsidiary undertakings and has indicated its intention to provide the necessary support required by its subsidiaries. The Group and joint ventures are subject to claims and litigation generally and provides guarantees, representations and warranties arising in the ordinary course of its business. Provision is made when liabilities are considered likely to arise and the expected quantum of the exposure is estimatable. The risk in relation to such items are monitored on an ongoing basis and provisions amended accordingly. It is not expected that contingent liabilities existing at 31 December 2022 will have a material adverse effect on the Group\u2019s financial position. 23. Leases The Group as a lessor The investment properties are leased to tenants under operating leases with rentals payable on a monthly or quarterly basis. Lease payments for some contracts include inflationary index increases, but there are no significant levels of variable lease payments that do not depend on an index or a rate. Where considered necessary to reduce credit risk, the Group may obtain bank guarantees or tenant deposits for the term of the lease. The Group is exposed to changes in the residual value of properties at the end of current lease agreements. The residual value risk born by the Group is mitigated by active management of its property portfolio and discussed further in the Asset Management update on pages 50 to 51. The Group does not hold significant finance leases as a lessor. Future aggregate minimum rentals receivable under non-cancellable operating leases are: Group \u00a3m Joint ventures and associates at share \u00a3m 2022 \u00a3m 2021 \u00a3m Not later than one year 427 124 551 476 Later than one year, not later than two years 377 110 487 430 Later than two years, not later than three years 312 92 404 365 Later than three years, not later than four years 269 77 346 300 Later than four years, not later than five years 237 67 304 256 Later than five years 1,805 241 2,046 1,789 Balance at 31 December 3,427 711 4,138 3,616 There are no significant levels of contingent rent in the current or prior year. 24. Related Party Transactions Group Transactions during the year between the Group and its joint ventures are disclosed below: 2022 \u00a3m 2021 \u00a3m Dividends received 9 33 Assets sold to joint ventures 1 215 231 Management fee income 30 26 Performance fee income \u2013 26 1 During the year investment properties with a carrying value of \u00a3215 million were sold to SELP (2021: \u00a3231 million). Total proceeds (and total cash proceeds) received by SEGRO were \u00a3218 million (2021: \u00a3231 million). The transactions resulted in the net assets of the Group increasing by \u00a33 million (2021: \u00a3nil). The net cash impact on a proportionally consolidated basis was an inflow of \u00a3109 million (2021: \u00a3116 million) once the 50 per cent ownership in SELP is taken into account. Amounts due from joint ventures and associates are disclosed in Note 14. Investments in joint ventures and associates at 31 December 2022 of \u00a31,768 million disclosed in Note 7 (2021: \u00a31,795 million) includes shareholder loans of \u00a390 million (2021: \u00a386 million). Transactions between the Company and its subsidiaries eliminate on consolidation and are not disclosed in this Note. Company Amounts due from subsidiaries are disclosed in Note 7 and amounts due to subsidiaries are disclosed in Note 15. None of the above Group or Company balances are secured. Remuneration of key management personnel Key management personnel for the Group and Company comprise Executive and Non-Executive Directors, as outlined in the Governance Report on pages 91 and 93. Key management personnel compensation is shown in the table below: 2022 \u00a3m 2021 \u00a3m Salaries and short-term benefits 5 5 Share-based payments 3 4 Total remuneration 8 9 More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlements, share options and other long-term incentive plans, as required by the Companies Act 2006, is shown in the Remuneration Report on pages 123 to 142. 25. Notes to the Cash Flow Statements 25(i) \u2013 Reconciliation of cash generated from operations Group Company 2022 \u00a3m 2021 (restated) 1 \u00a3m 2022 \u00a3m 2021 \u00a3m Operating (loss)/profit (1,694) 4,477 650 501 Adjustments for: Depreciation of property, plant and equipment and amortisation of intangibles 4 5 \u2013 1 Share of loss/(profit) from joint ventures and associates after tax 144 (461) \u2013 \u2013 Profit on sale of properties (9) (53) \u2013 \u2013 Revaluation deficit/(surplus) on investment properties 1,970 (3,617) \u2013 \u2013 Dividends and other income \u2013 \u2013 (706) (1,230) Other provisions (6) 9 (1) 3 Increase in impairment of subsidiaries \u2013 \u2013 44 710 409 360 (13) (15) Changes in working capital: Decrease in trading properties 33 12 \u2013 \u2013 Increase in debtors and tenant incentives (6) (33) (2) (9) Increase/(decrease) in creditors 43 24 (1) 4 Net cash inflow/(outflow) generated from operations 479 363 (16) (20) 1 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 25(ii) \u2013 Deposits Term deposits for a period of three months or less are included within cash and cash equivalents. 25(iii) \u2013 Analysis of net debt Management defines net debt as total borrowing less cash and cash equivalents. Cash movements Non-cash movements At 1 January 2022 \u00a3m Cash inflow 2 \u00a3m Cash outflow 3 \u00a3m Exchange movement \u00a3m Other non-cash adjustments 1 \u00a3m At 31 December 2022 \u00a3m Group Bank loans and loan capital 3,429 2,752 (1,421) 168 \u2013 4,928 Capitalised finance costs (23) \u2013 (30) \u2013 9 (44) Total borrowings 3,406 2,752 (1,451) 168 9 4,884 Cash in hand and at bank4 (85) (76) \u2013 (1) \u2013 (162) Net debt 3,321 2,676 (1,451) 167 9 4,722 Company Bank loans and loan capital 3,006 1,794 (1,421) 87 \u2013 3,466 Capitalised finance costs (17) \u2013 (17) \u2013 7 (27) Total borrowings 2,989 1,794 (1,438) 87 7 3,439 Cash in hand and at bank (12) (60) \u2013 \u2013 \u2013 (72) Net debt 2,977 1,734 (1,438) 87 7 3,367 1 Total other non-cash adjustments of \u00a39 million (Company: \u00a37 million) relates to the amortisation of issue costs. See Note 9. 2 Proceeds from borrowings of \u00a32,752 million (Company: \u00a31,794 million). 3 Group cash outflow of \u00a31,451 million (Company: \u00a31,438 million), comprises repayment of borrowings of \u00a31,421 million (Company: \u00a31,421 million) and capitalised finance costs of \u00a330 million (Company: \u00a317 million). 4 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. Notes to the Financial Statements continued 25(iv) \u2013 Analysis of financial liabilities and assets arising from financing activities For the year ended 31 December 2022 Group Cash movements Non-cash movements At 1 January 2022 \u00a3m Cash inflow \u00a3m Cash outflow \u00a3m Exchange movement 1 \u00a3m Net fair value changes 2 \u00a3m Other non-cash adjustments \u00a3m At 31 December 2022 \u00a3m Total borrowings (Note 16) 3,406 2,752 (1,451) 168 \u2013 9 4,884 Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts (Note 17) (32) 15 \u2013 17 2 \u2013 2 Lease liabilities (Note 15)\u00b3 76 \u2013 (5) 4 \u2013 2 77 Total net financial liabilities arising from financing activities 3,450 2,767 (1,456) 189 2 11 4,963 1 Exchange movement of \u00a3185 million from borrowings and forward foreign exchange and currency swap contracts consists of: Foreign exchange loss on effective hedge relationships recognised in OCI of \u00a398 million and foreign exchange loss arising on translation of borrowings held in international operations recognised in OCI of \u00a383 million and foreign exchange loss recognised within the Income Statement of \u00a34 million. See Note 17(iv). 2 Total net fair value loss of \u00a3199 million arising from derivatives per Note 9 also includes fair value loss from interest rate swaps and caps of \u00a3197 million. 3 Lease liabilities cash outflows of \u00a35 million consists of: \u00a33 million interest payment and \u00a32 million principal elements payment. For the year ended 31 December 2021 Group Cash movements Non-cash movements At 1 January 2021 \u00a3m Cash inflow \u00a3m Cash outflow \u00a3m Exchange movement 1 \u00a3m Net fair value changes 2 \u00a3m Other non-cash adjustments \u00a3m At 31 December 2021 \u00a3m Total borrowings (Note 16) 2,414 1,214 (144) (81) \u2013 3 3,406 Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts (Note 17) (7) 40 \u2013 (62) (3) \u2013 (32) Lease liabilities (Note 15)\u00b3 83 \u2013 (5) (4) \u2013 2 76 Total net financial liabilities arising from financing activities 2,490 1,254 (149) (147) (3) 5 3,450 1 Exchange movement of \u00a3143 million from borrowings and forward foreign exchange and currency swap contracts consists of: Foreign exchange gain on effective hedge relationships recognised in OCI of \u00a374 million and foreign exchange gain recognised within the Income Statement of \u00a369 million. See Note 17(iv). 2 Total net fair value loss of \u00a382 million arising from derivatives per Note 9 also includes fair value loss from interest rate swaps and caps of \u00a385 million. 3 Lease liabilities cash outflows of \u00a35 million consists of: \u00a33 million interest payment and \u00a32 million principal elements payment. Company The Company\u2019s financial liabilities and assets arising from financing activities comprise Company total borrowings shown in Note 25(iii) of \u00a33,439 million (2021: \u00a32,989 million) and the Group derivatives shown in the table above of \u00a32 million (liability) (2021: \u00a332 million asset). 26. Property Valuation Techniques, Sustainability and Climate Change Considerations and Related Quantitative Information All of the Group\u2019s properties are level 3, as defined by IFRS 13, in the fair value hierarchy as at 31 December 2022 and there were no transfers between levels during the year. Level 3 inputs used in valuing the properties are those which are unobservable, as opposed to level 1 (inputs from quoted prices) and level 2 (observable inputs either directly, i.e. as prices, or indirectly, i.e. derived from prices). Valuation techniques Based on different approaches for different properties, the following valuation techniques can be used for the same class of assets: The yield methodology valuation technique is used when valuing the Group\u2019s assets which uses market rental values capitalised with a market capitalisation rate. The resulting valuations are cross-checked against the initial yields and the fair market values per square metre derived from actual market transactions for similar assets. For properties under construction and the majority of land held for development, properties are valued using a residual method valuation. Under this methodology, the valuer assesses the investment value (using the above mentioned methodology for completed buildings). Deductions are then made for the total estimated costs to complete, including notional finance costs and developer\u2019s profit, to take into account the hypothetical purchaser\u2019s management of the remaining development process and their perception of risk with regard to construction and the property market (e.g. as regards potential cost overruns and letting risk). Land values are cross-checked against the rate per hectare derived from actual market transactions. Other land is also valued on this comparative basis. Land values per hectare range from \u00a30.1 million \u2013 \u00a343.3 million (2021: \u00a30.1 million \u2013 \u00a330.7 million) for the UK and \u00a30.1 million \u2013 \u00a316.0 million (2021: \u00a30.2 million \u2013 \u00a36.5 million) for Continental Europe. Sustainability valuation considerations The Group\u2019s valuers, CBRE, note in their valuation report that the impact of sustainability factors on valuations have been considered. In a valuation context, \u2018sustainability\u2019 encompasses a wide range of physical, social, environmental, and economic factors that can affect value of an asset, even if not explicitly recognised. The range of issues includes key environmental risks, such as flooding, energy efficiency and climate, as well as matters of design, legislation and management considerations \u2013 and current and historic land use. Climate risk legislation The UK Government and the EU is currently producing legislation on the transition to net-zero which is likely to include an update to the Minimum Energy Efficiency Standards and also the intention to introduce an operational rating. Whilst the nature of the legislation is not yet clear it could have a potential impact to future asset value . The introduction of mandatory climate related disclosures in the UK and EU (including \u2018Task Force on Climate related Financial Disclosures\u2019 (TCFD) in the UK and \u2018Sustainable Finance Disclosure Regulations\u2019 (SFDR) and \u2018Corporate Sustainability Reporting Directive\u2019 (CSRD) in the EU), including the assessment of physical and transition climate risks, may potentially have an impact on how the market views such risks and incorporates them into the sale and letting of assets. Sustainability and climate risk legislation has an impact on the value of an asset, even if not explicitly recognised. Valuers reflect markets, they do not lead them. Where the valuers recognise the value impacts of sustainability and legislation, they are reflecting their understanding of how market participants include sustainability and legislation requirements in their bids and the impact on market valuations. Sensitivity analysis An increase/decrease to ERV will increase/decrease valuations, while an increase/decrease to yield will decrease/increase valuations. Sensitivity analysis showing the impact on valuations of changes in yields and ERV on the property portfolio (including joint ventures and associates at share) and the impact on valuations of changes in development costs on the development property and land portfolio (including joint ventures and associates at share) is shown below. The valuation deficit recognised by the Group in the year ended 31 December 2022 primarily reflects the impact of higher property yields applied to our portfolio during the second half of 2022. This is reflected in the Group\u2019s net true equivalent yield increasing from 3.8 per cent at 31 December 2021 to 4.8 per cent at 31 December 2022. As the change in market conditions and corresponding valuation correction occurred prior to the 31 December 2022 valuation date, management still considers a 25bp movement in yields reflects an appropriate sensitivity as at 31 December 2022. Group \u00a3m Impact on valuation of 25bp change in nominal equivalent yield Impact on valuation of 5% change in estimated rental value (ERV) Impact on valuation of 10% change in estimated development costs Increase \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m 2022 Completed property 15,191 (793) 883 580 (576) \u2013 \u2013 Development property and land 2,734 (226) 245 295 (295) (321) 321 Group total property portfolio 17,925 (1,019) 1,128 875 (871) (321) 321 Group \u00a3m Impact on valuation of 25bp change in nominal equivalent yield Impact on valuation of 5% change in estimated rental value (ERV) Impact on valuation of 10% change in estimated development costs Increase \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m Increase \u00a3m Decrease \u00a3m 2021 Completed property 16,739 (1,057) 1,211 628 (625) \u2013 \u2013 Development property and land 1,638 (164) 172 192 (199) (232) 225 Group total property portfolio 18,377 (1,221) 1,383 820 (824) (232) 225 There are inter-relationships between all these inputs as they are determined by market conditions. The existence of an increase in more than one input would be to magnify the impact on the valuation. The impact on the valuation will be mitigated by the inter-relationship of two inputs in opposite directions, for example, an increase in rent may be offset by an increase in yield. The table below includes the Group\u2019s wholly-owned and joint venture and associate assets at share in order to include the entire portfolio. The equivalent analysis for the range of inputs on a wholly-owned basis would not be significantly different. 2022 By asset type Valuation Inputs Completed \u00a3m Land & development\u00b9 \u00a3m Combined property portfolio \u00a3m ERV 2 \u00a3 per sq m ERV range 2 \u00a3 per sq m Net true equivalent yield 3 % Net true equivalent yield range % Big box warehouses > 35,000 sq m 2,076 2,076 54.6 32.7\u2013169.5 4.8 3.9\u20136.2 Big box warehouses < 35,000 sq m 2,651 2,651 63.6 36.1\u2013203.3 4.9 3.7\u20136.4 Urban warehouses > 3,500 sq m 6,465 6,465 144.0 36.1\u2013387.5 4.8 3.8\u20139.5 Urban warehouses < 3,500 sq m 3,628 3,628 220.9 43.5\u2013387.5 4.6 3.9\u20138.9 High value and other uses of industrial land 4 371 371 191.5 52.0\u2013527.4 6.8 3.6\u20139.7 15,191 2,734 17,925 93.4 32.7\u2013527.4 4.8 3.6\u20139.7 By ownership Wholly-owned 5 12,311 2,592 14,903 143.7 32.7\u2013527.4 4.8 3.6\u20139.7 Joint ventures and associates 2,880 142 3,022 54.2 36.1\u2013133.6 4.8 3.7\u20139.5 Group Total 15,191 2,734 17,925 93.4 32.7\u2013527.4 4.8 3.6\u20139.7 1 Land and development valuations by asset type are not available as land sites are not categorised by asset type. Combined property portfolio column will not cast down but row does cast across. 2 On a fully occupied basis. 3 In relation to the completed properties only. 4 High value and other uses of industrial land includes offices and retail uses, such as trade counters, car showrooms and self-storage facilities. 5 Included in the completed portfolio, the wholly-owned assets are: big box > 35,000 sq m \u00a3832 million; big box < 35,000 sq m \u00a31,127 million; urban warehouses > 3,500 sq m \u00a36,356 million; urban warehouses < 3,500 sq m \u00a33,628 million; and other uses \u00a3368 million. Notes to the Financial Statements continued 2022 By geography Valuation Inputs Completed \u00a3m Land & development \u00a3m Combined property portfolio \u00a3m ERV 1 \u00a3 per sq m ERV range 1 \u00a3 per sq m Net true equivalent yield 2 % Net true equivalent yield range % Greater London 6,065 347 6,412 222.1 57.3\u2013387.5 4.6 3.9\u20137.8 Thames Valley 2,325 686 3,011 213.5 80.7\u20135 27.4 5.3 4.7\u20139.7 National Logistics 1,167 554 1,721 91.3 45.0\u2013203.3 5.3 5.0\u20136.2 Northern Europe Germany 1,664 335 1,999 66.2 36.1\u2013167.6 4.3 3.7\u20136.2 Netherlands 170 12 182 67.3 49.7\u2013102.2 4.8 4.1\u20139.5 Southern Europe France 1,771 463 2,234 74.9 40.7\u2013465.5 4.8 3.6\u20139.2 Italy/Spain 1,225 261 1,486 54.3 32.7\u2013188.7 4.6 4.1\u20136.3 Central Europe Poland 702 71 773 47.3 36.1\u2013136.7 5.9 5.4\u20136.4 Czech Republic 102 5 107 72.2 62.8\u2013100.9 5.5 5.3\u20135.5 Group Total 15,191 2,734 17,925 93.4 32.7\u2013527.4 4.8 3.6\u20139.7 Investment properties \u2013 Group (Note 13(i))\u00b3 14,866 Investment properties \u2013 Joint ventures and associates (Note 7(ii)) 3,022 Trading properties \u2013 Group (Note 13(ii)) 4 37 17,925 1 On a fully occupied basis. 2 In relation to the completed properties only. 3 Excludes head lease ROU assets of \u00a373 million. 4 Includes valuation surplus not recognised on trading properties of \u00a32 million. 2021 By asset type Valuation Inputs Completed \u00a3m Land & development 1 \u00a3m Combined property portfolio \u00a3m ERV 2 \u00a3 per sq m ERV range 2 \u00a3 per sq m Net true equivalent yield 3 % Net true equivalent yield range % Big box warehouses > 35,000 sq m 2,222 2,222 46.3 30.3\u2013161.5 3.8 3.3\u20135.5 Big box warehouses < 35,000 sq m 2,683 2,683 54.2 16.8\u2013204.5 3.9 3.1\u20137.0 Urban warehouses > 3,500 sq m 6,963 6,963 124.9 34.3\u2013339.1 3.8 2.9\u2013 9.7 Urban warehouses < 3,500 sq m 4,153 4,153 192.8 38.3\u2013376.9 3.5 2.9\u20139.3 High value and other uses of industrial land 4 718 718 166.5 50.4\u2013452.1 6.0 3.3\u201310.3 16,739 1,638 18,377 81.0 16.8\u2013452.1 3.8 2.9\u201310.3 By ownership Wholly-owned 5 13,990 1,478 15,468 125.6 30.5\u2013452.1 3.8 2.9\u201310.3 Joint ventures and associates 2,749 160 2,909 45.5 16.8\u2013126.8 4.0 3.1\u20139.7 Group Total 16,739 1,638 18,377 81.0 16.8\u2013452.1 3.8 2.9\u201310.3 1 Land and development valuations by asset type are not available as land sites are not categorised by asset type. Combined property portfolio column will not cast down but row does cast across. 2 On a fully occupied basis. 3 In relation to the completed properties only. 4 Higher value includes offices and retail uses, such as trade counters, car showrooms and self-storage facilities. 5 Included in the completed portfolio, the wholly-owned assets are: big box > 35,000 sq m \u00a31,120 million; big box < 35,000 sq m \u00a31,180 million; urban warehouses > 3,500 sq m \u00a36,822 million; urban warehouses < 3,500 sq m \u00a34,153 million; and other uses \u00a3715 million. 2021 By geography Valuation Inputs Completed \u00a3m Land & development \u00a3m Combined property portfolio \u00a3m ERV 1 \u00a3 per sq m ERV range 1 \u00a3 per sq m Net true equivalent yield 2 % Net true equivalent yield range % Greater London 7,005 327 7,332 196.6 45.7\u2013376.9 3.5 2.9\u20139.3 Thames Valley 2,878 224 3,102 172.2 72.7\u2013452.1 4.1 3.6\u20138.4 National Logistics 1,247 470 1,717 80.2 45.0\u2013204.5 3.8 3.3\u20134.4 Northern Europe Germany 1,532 197 1,729 57.5 34.3\u2013155.8 3.6 3.0\u20134.9 Netherlands 167 27 194 59.7 46.2\u201391.2 3.9 3.4\u20139.7 Southern Europe France 1,751 112 1,863 66.0 37.8\u2013442.0 4.1 3.2\u20136.8 Italy/Spain 1,438 202 1,640 46.7 16.8\u2013161.9 3.9 3.4\u201310.3 Central Europe Poland 631 75 706 39.7 30.3\u2013130.0 5.2 4.6\u20135.7 Czech Republic 90 4 94 53.5 47.1\u201393.3 4.8 4.8\u20134.8 Group Total 16,739 1,638 18,377 81.0 16.8\u2013452.1 3.8 2.9\u201310.3 Investment properties \u2013 Group (Note 13(i)) 3 15,422 Investment properties \u2013 Joint ventures and associates (Note 7(ii)) 2,909 Trading properties \u2013 Group (Note 13(ii)) 4 46 18,377 1 On a fully occupied basis. 2 In relation to the completed properties only. 3 Excludes head lease ROU assets of \u00a370 million. 4 Includes valuation surplus not recognised on trading properties of \u00a31 million . 27. Subsequent events On 10 January 2023 the Group acquired Bath Road Shopping Park in Slough (UK) for \u00a3120 million. 28. Related Undertakings A list of the Group\u2019s related undertakings as at 31 December 2022 is detailed below. Except where the Group\u2019s percentage holdings is disclosed below, the entire share capital of the subsidiary undertaking is held by the Group. Unless otherwise stated, the Group\u2019s holding in the subsidiary undertaking comprise Ordinary shares. Where subsidiaries have different classes of shares, the percentage effective holding shown represents both the Group\u2019s voting rights and equity holding. All subsidiaries are consolidated in the Group\u2019s Financial Statements. The Group\u2019s related undertakings also includes its joint ventures and associates\u2019, which is primarily SELP. Audit exemption taken for subsidiaries Certain UK subsidiaries are exempt from the requirement of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of Section 479A of the Act. These subsidiaries are identified with two asterisks (**) on the table below. Certain UK partnerships are exempt from the requirement to prepare, publish and have audited individual accounts by virtue of regulation 7 of The Partnership (Accountants) Regulations 2008. The results of these partnerships are consolidated within the Group accounts and are identified with three asterisks (***) on the table below. Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Airport Property GP (No. 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Airport Property H1 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Airport Property Partnership*** ,4 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Allnatt London Properties Limited**,7 England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom Amdale Holdings Limited NV Belgium Indirect Boulevard Louis Schmidt 87, 1040 Etterbeek, Belgium Beira Investments Sp z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland Bilton Homes Limited3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Bilton Limited** England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom Bonsol S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Brixton (Axis Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton (Fairway Units 7-11) 1 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton (Great Western, Southall) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton (Hatton Cross) 1 Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton (Heathrow Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Notes to the Financial Statements continued Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
Brixton (Metropolitan Park) 1 Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton (Origin) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton Asset Management UK Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton Greenford Park Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton Limited** England and
Wales
Direct 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton Nominee 8 (Jersey) Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 9 (Jersey) Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 26 (Jersey) Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 27 (Jersey) Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 38 (Jersey) Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 39 (Jersey) Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey) Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 41 (Jersey) Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Axis Park 1 Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Axis Park 2 Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1 Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2 Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 1 Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 2 Limited Jersey Indirect 3
rd
Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Northfields (Wembley 1) Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields (Wembley) Holdings
Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields (Wembley) Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
Brixton Northfields 1 Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 2 Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 3 Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 4 Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 5 Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 6 Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Premier Park Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton Properties Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton Sub-Holdings Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
B-Serv Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Coventry & Warwickshire Development
Partnership LLP
4
England and
Wales
Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
CWDP Investment Limited** England and
Wales
Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
Dagenham Park Management Company
Limited**
,5
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
De Hoek-Noord S-Park B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren,
8
th
Floor, 1082MA Amsterdam,
Netherlands
Devon Nominees (No. 1) Limited
3
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Devon Nominees (No. 2) Limited
3
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Devon Nominees (No. 3) Limited
3
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Gateway Rugby Management Company
Limited**
,5
England and
Wales
91.85 Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Granby Investment Sp. z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland Gront Four s.r.o. Czech Republic Indirect Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393, PS\u010c 110 00, Czech Republic Helios Northern Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom HelioSlough Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Holbury Investments Sp. z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland IFP S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy IMPIANTI FTV S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Karnal Investment Sp z.o.o. Poland Indirect Zielna 37, 00-108 Warszawa, Mazowieckie, Poland LIACOM-A KFT \u201ev.a. \u201d 1 Hungary Indirect 1016 Budapest, M\u00e9sz\u00e1ros utca 58/A, Hungary LogPoint Ruhr GmbH Germany 49 Indirect Werner-von-Siemens-Stra\u00dfe 18, 33334 G\u00fctersloh, Germany London Distribution Park No.2 LLP 4 England and Wales 50 Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Lynford Investments Sp z.o.o. Poland Indirect Zielna 37, 00-108 Warszawa, Mazowieckie, Poland M0M4 \u00dczleti Park KFT \u201ev.a. \u201d 1 Hungary Indirect 1016 Budapest, M\u00e9sz\u00e1ros utca 58/A, Hungary O\u017car\u00f3w Biznes Park Sp.z.o.o Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland Premier Greenford GP Limited 3,6 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Property Management Company (Croydon) Limited England and Wales 72 Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Reprendre Racines SAS France 49 Indirect 27 rue Camille Desmoulins, 92130, Issy-les-Moulineaux, Paris, France Roxhill (Maidstone) Limited England and Wales 50 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Roxhill Management Rugby Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Roxhill Warth 2 Limited** England and Wales 28 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Roxhill Warth 3 Limited** England and Wales 50 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Roxhill-SEGRO (Rugby Gateway) LLP** ,4 England and Wales 50 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom SC Feraud France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO (225 Bath Road) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Acton Park Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (BA World Cargo) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Barking 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Barking 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Barking 3) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Barking) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Beddington Lane) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Belvedere Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Birmingham) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Blanc Mesnil) SARL France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO (Bonded Stores) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Brackmills) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Bracknell) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Clapham North) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Colnbrook) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Coronation Road) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Coventry Gateway Management Company) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Coventry M6 J2) Limited England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Notes to the Financial Statements continued Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
SEGRO (Coventry) Limited** England and
Wales
Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
SEGRO (Crick) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Dagenham) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate)
Limited**
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (East Plus) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (East Plus) Trading Limited
3
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG Management Company)
Limited**
,6
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG Rail Freight Terminal)
Limited**
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG Unit 1) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (EMG) Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate)
Limited
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (GL) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
SEGRO (Great Cambridge Industrial
Estate) Limited**
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site B) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Hayes) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Heathrow International) Limited**England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Heathrow Park) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Iver 1) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited England and
Wales
Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
SEGRO (Kettering Gateway Management
Company) Limited**
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Kettering) Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Loop) Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Nelson Trade Park) Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (New Cross Business Centre)
Limited**
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO (Perivale Park) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO (Purfleet) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rainham 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rainham 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rainham, Enterprise 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rainham, Enterprise 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Reading) Limited 7 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rockware Avenue) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 3) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 4) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 5) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rushden) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO (Skyline) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Spacewaye Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Spain Energy) S.L. Spain Indirect Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO (Stansted Cargo) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Stansted Fedex) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Stockley Close) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom SEGRO (The Portal) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Tilbury 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Tottenham) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Trilogy) Management Company Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO (Tudor) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (UK Energy) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (UK Logistics) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO (Victoria Industrial Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Waltham Assets) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Wapping) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S2HR, United Kingdom SEGRO (Watchmoor) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Welham Green) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (West Zaan) B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO (Westway Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Achte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Achtzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Administration Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP 1 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP 2 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP 3 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP 4 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP Management Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Asset Management Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO Belgium NV Belgium Indirect Boulevard Louis Schmidt 87, 1040 Etterbeek, Belgium SEGRO Benelux 2 B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands Notes to the Financial Statements continued Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
SEGRO Benelux B.V.
8
Netherlands Indirect Gustav Mahlerplein 62, ITO-toren,
8
th
Floor, 1082MA Amsterdam,
Netherlands
SEGRO Bobigny SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Bourget France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Capital S.\u00e1 r.l. Luxembourg Indirect 35-37 Avenue de la Libert\u00e9,
L-1 9 3 1, Lu xembou rg
SEGRO CHUSA Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO CL1 SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Communities Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO Croydon (Mitcham) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o. Czech Republic Indirect Praha 1, Na P\u0159\u00edkop\u011b 9/392 a
11/393, PS\u010c 110 00,
Czech Republic
SEGRO Dreiundzwanzigste Grundbesitz
GmbH
Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Dreizehnte Grundbesitz GmbH Germany 94 Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Dritte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Einundzwanzigste Grundbesitz
GmbH
Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Elfte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Erste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Europe Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO European Logistics Partnership
S.\u00e1 r.l.
Luxembourg 50 Indirect 35-37 Avenue de la Libert\u00e9,
L-1 9 3 1, Lu xembou rg
SEGRO Finance Limited England and
Wales
Direct 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Fixtures GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO France Energy SAS France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO France SA France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO F\u00fcnfte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
SEGRO F\u00fcnfundzwanzigste Grundbesitz
GmbH
Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO F\u00fcnfzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Gennevilliers SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Germany GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Glinde B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren,
8
th
Floor, 1082MA Amsterdam,
Netherlands
SEGRO Gobelins SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Holdings France SAS France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Industrial Estates Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Insurance Limited Isle of Man Direct Third Floor, St George's Court,
Upper Church Street, Douglas,
IM1 1EE, Isle of Man
SEGRO Investments Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Investments Spain S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Italy S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
SEGRO Logistics Nord SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Logistics Park Aulnay SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Logistics Sud SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Luge S.\u00e0 r.l. Luxembourg Indirect 15 Boulevard F.W. Raiffeisen,
Luxembourg, L - 2411,
Luxembourg
SEGRO Luxembourg S.\u00e0 r.l. Luxembourg Indirect 35-37 Avenue de la Libert\u00e9,
L-1 9 3 1, Lu xembou rg
SEGRO Management Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO Management NV Belgium Indirect Boulevard Louis Schmidt 87,
1040 Etterbeek, Belgium
SEGRO Netherlands B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren,
8
th
Floor, 1082MA Amsterdam,
Netherlands
SEGRO Netherlands Holding B.V.
(UK branch)
Netherlands
England and
Wales
Indirect
Indirect
Gustav Mahlerplein 62, ITO-toren,
8
th
Floor, 1082MS Amsterdam,
Netherlands
1 New Burlington Place, London,
W1S 2HR, United Kingdom
Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO Neunte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Neunzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Overseas Holdings Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Parc des Petits Carreaux France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Park, Croydon S.\u00e0 r.l.2 Luxembourg Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SEGRO Pension Scheme Trustees Limited 2 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO plc French Branch France Direct 20 Rue Brunel, 75017, Paris, France SEGRO Plessis SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Poland Sp z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland SEGRO Properties Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Properties Spain S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Reisholz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Sechste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Sechzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Siebte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Siebzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Slough Spare Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Spain Management S.L. Spain Indirect Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Spain Spare 1 S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Spain Spare 2 S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Spain Spare 3 S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Spare 1 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO STE Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Trading (France) SNC France Indirect 20 Rue Brunel, 75017, Paris, France Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO Urban Logistics LR1 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Urban Logistics MR1 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Urban Logistics PR1 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Urban Logistics PR2 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Urban Logistics PR3 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Vierte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Vierundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Vierzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO V-Park Grand Union LLP 4 England and Wales 50 Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Wissous SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Zehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Zwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Zweite Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Zweiundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Zw\u00f6lfte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SELP (Alpha Holdings) S.\u00e1 r.l. Luxembourg 50 Indirect 8, rue de Koerich, L-8437 Steinfort, Luxembourg SELP (Alpha JV) S.\u00e1 r.l. Luxembourg 50 Indirect 8, rue de Koerich, L-8437 Steinfort, Luxembourg SELP Finance S.\u00e1 r.l. Luxembourg 50 Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SELP Investments S.\u00e1 r.l. Luxembourg 50 Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SELP Management Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Slough Trading Estate Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom Smartparc SEGRO Spondon Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Steamhouse Group Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Tenedor S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Notes to the Financial Statements continued Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office The UK Logistics (Nominee 1) Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom The UK Logistics (Nominee 2) Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom The UK Logistics General Partner Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom The UK Logistics Limited Partnership 4 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Trafford Park Estates Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom UK Logistics Fund Unit Trust Jersey Indirect Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey UK Logistics Properties No 1 Unit Trust Jersey Indirect Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey UK Logistics Properties No 2 Unit Trust Jersey Indirect Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey UK Logistics Trustees Limited Jersey Indirect Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey UK Property Unit Trust No. 41 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey UK Property Unit Trust No. 42 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey UK Property Unit Trust No. 43 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey UK Property Unit Trust No. 44 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey UK Property Unit Trust No. 45 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey Unitair General Partner Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Unitair Limited Partnership*** ,4 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Vailog Colleferro S.R.L Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Vailog Energy 1 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Vailog Energy 2 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Vailog Energy 3 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Vailog ER4 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Vailog France SCI France Indirect 20 Rue Brunel, 75017, Paris, France Vailog S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Woodside GP Limited 3 England and Wales 33.33 Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Zinc One S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Zinc Six S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Zinc Seven S.R.L Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy 1 Company is in liquidation as at 31 December 2022. 2 Company has submitted an application for strike o1. 3 Company is entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies. 4 Partnership and Limited Liability Partnership (LLPs) do not have a share capital and unless otherwise stated, the Group holds 100 per cent interest in these entities. 5 Companies Limited by Guarantee do not have a share capital. 6 Ownership held in class A and B shares. 7 Ownership held in Ordinary and Deferred shares. 8 Ownership held in class G shares, K shares, S shares and Preference shares . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-454": {
"value": "General information SEGRO plc (the Company) is a public limited company, limited by shares, incorporated, domiciled and registered in England in the United Kingdom under the Companies Act. The address of the registered office is given on the inside back cover. The principal activities of the Company and its subsidiaries (the Group) and the nature of the Group\u2019s operations are set out in the Strategic Report on pages 18 to 19. These Financial Statements are presented in pounds sterling to the nearest million because that is the currency of the primary economic environment in which the Group operates and is the functional currency of the Company. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-18": {
"value": "SEGRO plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-20": {
"value": "public limited company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-451": {
"value": "domiciled and registered in England in the United Kingdom under the Companies Act. The ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-19": {
"value": "England",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-455": {
"value": "Basis of preparation The Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. UK adopted International Accounting Standards differs in certain respects from International Financial Reporting Standards as adopted by the EU. The differences have no material impact on the Financial Statements for the periods presented, which therefore also comply with International Reporting Standards as adopted by the EU. In addition, the Group has also disclosed additional measures relating to the Best Practice Recommendations Guidelines issued by the European Public Real Estate Association (EPRA) as appropriate, as discussed further in Note 2 and Note 12. The Financial Statements have been prepared on a going concern basis. As discussed in the Financial Review on page 60, the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Financial Statements. At 31 December 2022 the Group held cash and available committed facilities of \u00a31.7 billion with a long-dated debt maturity profile. This provides significant liquidity to meet the Group\u2019s operational requirements and capital commitments for the foreseeable future. The financial covenants have been stress tested and substantial headroom exists against the gearing and interest cover covenants at 31 December 2022 and the covenants are not expected to be breached for a period of at least 12 months from the date of approval of the Financial Statements. The Directors have taken advantage of the exemption offered by section 408 of the Companies Act 2006 not to present a separate income statement and statement of comprehensive income for the Company. The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of properties and certain financial assets and liabilities including derivatives. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group Financial Statements . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-453": {
"value": "Basis of preparation The Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. UK adopted International Accounting Standards differs in certain respects from International Financial Reporting Standards as adopted by the EU. The differences have no material impact on the Financial Statements for the periods presented, which therefore also comply with International Reporting Standards as adopted by the EU. In addition, the Group has also disclosed additional measures relating to the Best Practice Recommendations Guidelines issued by the European Public Real Estate Association (EPRA) as appropriate, as discussed further in Note 2 and Note 12. The Financial Statements have been prepared on a going concern basis. As discussed in the Financial Review on page 60, the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Financial Statements. At 31 December 2022 the Group held cash and available committed facilities of \u00a31.7 billion with a long-dated debt maturity profile. This provides significant liquidity to meet the Group\u2019s operational requirements and capital commitments for the foreseeable future. The financial covenants have been stress tested and substantial headroom exists against the gearing and interest cover covenants at 31 December 2022 and the covenants are not expected to be breached for a period of at least 12 months from the date of approval of the Financial Statements. The Directors have taken advantage of the exemption offered by section 408 of the Companies Act 2006 not to present a separate income statement and statement of comprehensive income for the Company. The Financial Statements have been prepared under the historical cost convention as modified by the revaluation of properties and certain financial assets and liabilities including derivatives. The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group Financial Statements New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2022: \u2013 Amendments to IFRS 3, \u2018Business Combinations\u2019 \u2013 Amendments to IAS 16, \u2018Property, Plant and Equipment\u2019 \u2013 Amendments to IAS 37, \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 \u2013 Annual Improvements 2018-2020 The amendments did not have any impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent Agenda Decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds tenant deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements, however the access to these monies by the Group is not restricted. Following the clarification by IFRIC these tenant deposits have been judged to meet the definition of \u2018cash\u2019 under IAS 7. The tenant deposits were previously classified as \u2018Other receivables\u2019 and have been classified as \u2018Cash and cash equivalents\u2019 at 31 December 2022. The Group comparative balances have been restated where applicable to reflect this change in classification which resulted in \u00a340 million of tenant deposits as at 31 December 2021 being reclassified from \u2018Other receivables\u2019 to \u2018Cash and cash equivalents\u2019. New standards and amendments not yet adopted Certain new accounting standards and amendments are effective for annual periods beginning after 1 January 2022, and have not been applied in preparing these Financial Statements: \u2013 Amendments to IAS 1, \u2018Presentation of financial statements\u2019, on classification of liabilities \u2013 Amendments to IAS 8, \u2018Accounting policies, Changes in Accounting Estimates and Errors\u2019, definition of accounting estimates \u2013 Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019, disclosure of accounting policies \u2013 Amendments to IAS 12 \u2013 Deferred taxes related to assets and liabilities arising from a single transaction The amendments that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. Basis of consolidation The consolidated Financial Statements comprise the Financial Statements of the Company and the Subsidiaries (\u2018the Group\u2019), plus the Group\u2019s share of the results and net assets of its joint ventures and associates. Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights. The acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the consolidated Financial Statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Investments and loans in subsidiaries held by the Company Investments and loans in subsidiaries held by the Company are stated at cost less any impairment. Impairment of loans is calculated in accordance with IFRS 9 and impairment of investments is calculated in accordance with IAS 36 with further details provided in Note 7(iv) . Joint ventures A joint venture is a contract under which the Group and other parties undertake an activity or invest in an entity, under joint control. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20 per cent and 50 per cent of the voting rights. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. Where the Group\u2019s share of losses in an equity accounted investment equals or exceeds its interest in the entity, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment on the asset transferred. Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition related costs are recognised in the Income Statement as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non-Current Assets Held for Sale and Discontinued Operations\u2019, which are recognised and measured at fair value less costs to sell. Goodwill arising on acquisition is recognised as an asset measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the Income Statement. The interest of non-controlling interest shareholders in the acquiree is initially measured at their proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with IFRS 9, as appropriate, with the corresponding gain or loss being recognised in the Income Statement. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in the Income Statement within realised and unrealised property (loss)/gain. The same treatment is applied for acquisitions of a subsidiary achieved in stages that meet the IFRS 3 concentration test to be treated as an asset acquisition. For acquisitions of a subsidiary that meet the IFRS 3 concentration test to be treated as an asset acquisition, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions do not give rise to goodwill, generally no deferred tax is recognised on initial temporary differences and transaction costs are capitalised. The Group has elected to initially measure the interest of non-controlling interest shareholders in the acquiree at their proportion of the acquisition date net fair value of the assets, liabilities and contingent liabilities recognised. Foreign currency transactions Foreign currency transactions are translated to the respective functional currency of Group entities at the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting from settling these, or from retranslating monetary assets and liabilities held in foreign currencies, are booked in the Income Statement. The exception is for foreign currency loans and derivatives that hedge investments in foreign subsidiaries, where exchange differences are booked in equity until the investment is realised. Consolidation of foreign entities Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for the period or at spot rate for significant items. Resultant exchange differences are booked in Other Comprehensive Income and recognised in the Group Income Statement when the operation is sold. The principal exchange rates used to translate foreign currency denominated amounts in 2022 are: Balance Sheet: \u00a31 = \u20ac1.13 (31 December 2021: \u00a31 = \u20ac1.19). Income Statement: \u00a31= \u20ac1.17 (2021: \u00a31 = \u20ac1.16). Investment properties These properties include completed properties that are generating rent or are available for rent, and development properties that are under development, available for development or income-producing properties acquired with the explicit intention to take back for redevelopment. Investment properties comprise freehold and leasehold properties and are first measured at cost (including transaction costs), then revalued to market value at each reporting date by professional valuers. Lease liabilities associated with leasehold properties are accounted for under IFRS 16, see the Leases accounting policy. If a valuation obtained for a property held under a lease is net of all payments expected to be made, any related lease liability recognised separately in the Balance Sheet is added back to arrive at the carrying value of the investment property for accounting purposes. Valuation gains and losses in a period are taken to the Income Statement. As the Group uses the fair value model, as per IAS 40 \u2018Investment Property\u2019, no depreciation is provided. An asset will be classified as held for sale within investment properties, in line with IFRS 5 \u2018Non-Current Assets Held for Sale and Discontinued Operations\u2019, where the asset is available for immediate sale in its present condition and the sale is highly probable. Investment properties are transferred to trading properties when there is a change in use and the property ceases to meet the definition of investment property. Other interests in property Other interests in property include the cost and related fees in respect of land options, which are initially capitalised and regularly tested for impairment. The impairment review includes consideration of the resale value of the option and likelihood of achieving planning consent. Other investments Other investments are initially measured at cost, and then revalued to fair value. Gains and losses arising from valuation are recognised in the Income Statement within realised and unrealised property (loss)/gain. Trading properties These are properties being developed for sale or being held for sale after development is complete, and are shown at the lower of cost and net realisable value. Cost includes direct expenditure and capitalised interest. Trading properties are transferred to investment properties when there is a change in use usually evidenced by the commencement of an operating lease to another party, together with the intention to hold the property to generate rent, or for capital appreciation, or for both . Property acquisitions and disposals Properties are treated as acquired at the point when the Group assumes the control of ownership and as disposed when transferred to the buyer. Generally, this would occur on completion of the contract. Any gain or loss arising on de-recognition of the property, which is calculated as the difference between the net disposal proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period, is included in profit or loss in the period in which the property is derecognised. Gains or losses on disposal of investment properties are shown in the Income Statement within realised and unrealised property (loss)/gain. Leases At inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement about whether the Group obtains substantially all the economic benefits from the use of that asset, and whether the Group has the right to direct the use of the asset. The Group recognises a right-of-use (ROU) asset and the lease liability at the commencement date of the lease. Lease liabilities include the present value of payments which generally include fixed payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the Group considers reasonably certain to be exercised, the cost of the option is included in the lease payments. Each lease payment is allocated between the liability and finance cost. The lease payments are discounted using the interest rate implicit in the lease if that rate can be readily determined or if not, the incremental borrowing rate is used. The finance cost is charged to profit or loss over the lease period so as to produce a constant rate of interest on the remaining balance of the liability for each period. Cash payments relating to the principal portion of the lease liabilities are presented as cash flows from financing activities and cash payments for the interest portion are presented as cash flows from operating activities. The ROU asset is measured at a cost based on the amount of the initial measurement of the lease liability, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset (other than the ROU assets that relate to land or property that meets the definition of investment property under IAS 40) is depreciated over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment. ROU assets are included in the heading property, plant and equipment, and the lease liability included in the headings current and non-current trade and other payables on the Balance Sheet. Where the ROU asset relates to land or property that meets the definition of investment property under IAS 40, after initial recognition the ROU asset is subsequently accounted for as investment property and carried at fair value (see Investment properties accounting policy). Valuation gains and losses in a period are taken to the Income Statement. The ROU assets are included in the heading Investment properties, and the lease liability in the headings current and non-current trade and other payables on the Balance Sheet. The Group has elected not to recognise ROU assets and liabilities for leases where the total lease term is less than or equal to 12 months, or for low value leases. The payments for such leases are recognised in the Income Statement on a straight-line basis over the lease term. Revenue Revenue includes gross rental income, joint venture management and performance fee income, income from service charges and other recoveries from tenants and proceeds from the sale of trading properties. Rental income Rental income from properties let as operating leases is recognised on a straight-line basis over the lease term. Lease incentives and initial costs to arrange leases are capitalised, then amortised on a straight-line basis over the lease term (\u2018rent averaging\u2019). Surrender premiums received in the period are included in rental income. Changes in the scope or the consideration for a lease, that was not part of the original terms and conditions, which might arise as a result of lease concessions, are accounted as a lease modification. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Service charges and other recoveries from tenants These include income in relation to service charges, directly recoverable expenditure and management fees. Revenue from providing services is recognised in the accounting period in which the services are rendered. Revenue from services is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided and recognised over time. The Group generally acts as the principal in service charge transactions as it directly controls the delivery of the services at the point they are provided to the tenant. Where the Group acts as a principal, service charge income is presented gross within revenue and service charge expense presented gross within costs. Joint venture management and performance fees Joint venture management and performance fees are recognised as income in the period to which they relate. Management fees are recognised in the accounting period in which the services are rendered. Revenue from services is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided and recognised over time. Performance fees are based on the joint venture\u2019s performance over the performance period and payable subject to meeting certain criteria and hurdle rates at the end of the period (further details are given in Note 7). Performance fees are recognised during and at the end of the performance period to the extent that it is highly probable there will not be a significant future reversal and the fee can be reliably estimated. Sale of trading properties Proceeds from the sale of trading properties are recognised at the point in time at which control of the property has been transferred to the purchaser. Therefore, revenue is recognised at a point in time and generally occurs on completion of the contract . Property, plant and equipment Plant and equipment are stated at historic cost less accumulated depreciation. Cost includes purchase price and any directly attributable costs. Depreciation is recognised so as to write off the cost or valuation of assets (other than investment properties) less their residual values, using the straight-line method, on the following bases: Plant and equipment 20% per annum Solar panels 5% per annum The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis . Property relates to the ROU asset recognised for office leases entered into by the Group. The ROU asset is initially measured based on the present value of lease payments, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset . Financial instruments Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the borrowings, using the effective interest rate method. General and specific borrowing costs that are directly attributable to expenditure on properties under development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop. Interest is capitalised from the commencement of the development activity until the date of practical completion. The capitalisation of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant currency, or, if appropriate, the rate on specific associated borrowings. Derivative financial instruments The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts and interest caps) in managing interest rate risk and currency risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the Income Statement (fair value through profit or loss \u2018FVPL\u2019). The exception is for derivatives qualifying as hedges, when the treatment of the gain/loss depends upon the item being hedged, and may go to other comprehensive income within the Statement of Comprehensive Income (fair value through other comprehensive income \u2018FVOCI\u2019). Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the Balance Sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities. Trade and other receivables and payables Trade and other receivables are booked at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised costs using the effective interest method. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s calculation for measuring ECLs. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Share-based payments The cost of granting share options and other share-based remuneration is measured at their fair value at the grant date. The costs are expensed straight-line over the vesting period in the Income Statement, based on estimates of the shares or options that will eventually vest. Charges are reversed if it appears that non-market-based performance conditions will not be met. The fair value excludes the effect of non-market-based vesting conditions. At each Balance Sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the Income Statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity within the share-based payment reserve. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium. Shares held by Ocorian Limited and Equiniti Limited to satisfy various Group share schemes are disclosed as own shares held and deducted from contributed equity. Income tax Income tax on the profit for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Current tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company\u2019s subsidiaries and associates operate and generate taxable income. Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-508": {
"value": "The Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and the requirements of the Companies Act 2006 as applicable to companies reporting under those standards and International Financial Reporting Standards (IFRS) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-509": {
"value": "The Financial Statements have been prepared on a going concern basis. As discussed in the Financial Review on page 60, the Directors have a reasonable expectation that the Company and Group have adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Financial Statements. At 31 December 2022 the Group held cash and available committed facilities of \u00a31.7 billion with a long-dated debt maturity profile. This provides significant liquidity to meet the Group\u2019s operational requirements and capital commitments for the foreseeable future. The financial covenants have been stress tested and substantial headroom exists against the gearing and interest cover covenants at 31 December 2022 and the covenants are not expected to be breached for a period of at least 12 months from the date of approval of the Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-459": {
"value": "New and amended standards adopted by the Group The Group has applied the following standards and amendments for the first time for their annual reporting period commencing 1 January 2022: \u2013 Amendments to IFRS 3, \u2018Business Combinations\u2019 \u2013 Amendments to IAS 16, \u2018Property, Plant and Equipment\u2019 \u2013 Amendments to IAS 37, \u2018Provisions, Contingent Liabilities and Contingent Assets\u2019 \u2013 Annual Improvements 2018-2020 The amendments did not have any impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent Agenda Decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds tenant deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements, however the access to these monies by the Group is not restricted. Following the clarification by IFRIC these tenant deposits have been judged to meet the definition of \u2018cash\u2019 under IAS 7. The tenant deposits were previously classified as \u2018Other receivables\u2019 and have been classified as \u2018Cash and cash equivalents\u2019 at 31 December 2022. The Group comparative balances have been restated where applicable to reflect this change in classification which resulted in \u00a340 million of tenant deposits as at 31 December 2021 being reclassified from \u2018Other receivables\u2019 to \u2018Cash and cash equivalents\u2019. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-534": {
"value": "The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent Agenda Decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds tenant deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements, however the access to these monies by the Group is not restricted. Following the clarification by IFRIC these tenant deposits have been judged to meet the definition of \u2018cash\u2019 under IAS 7. The tenant deposits were previously classified as \u2018Other receivables\u2019 and have been classified as \u2018Cash and cash equivalents\u2019 at 31 December 2022. The Group comparative balances have been restated where applicable to reflect this change in classification which resulted in \u00a340 million of tenant deposits as at 31 December 2021 being reclassified from \u2018Other receivables\u2019 to \u2018Cash and cash equivalents\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-510": {
"value": "The Group has assessed the impact of the IFRS Interpretation Committee\u2019s recent Agenda Decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7). The Group holds tenant deposits in separate designated bank accounts where the use of the monies is restricted and defined in the lease agreements, however the access to these monies by the Group is not restricted. Following the clarification by IFRIC these tenant deposits have been judged to meet the definition of \u2018cash\u2019 under IAS 7. The tenant deposits were previously classified as \u2018Other receivables\u2019 and have been classified as \u2018Cash and cash equivalents\u2019 at 31 December 2022. The Group comparative balances have been restated where applicable to reflect this change in classification which resulted in \u00a340 million of tenant deposits as at 31 December 2021 being reclassified from \u2018Other receivables\u2019 to \u2018Cash and cash equivalents\u2019. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-458": {
"value": "New standards and amendments not yet adopted Certain new accounting standards and amendments are effective for annual periods beginning after 1 January 2022, and have not been applied in preparing these Financial Statements: \u2013 Amendments to IAS 1, \u2018Presentation of financial statements\u2019, on classification of liabilities \u2013 Amendments to IAS 8, \u2018Accounting policies, Changes in Accounting Estimates and Errors\u2019, definition of accounting estimates \u2013 Amendments to IAS 1, \u2018Presentation of Financial Statements\u2019, disclosure of accounting policies \u2013 Amendments to IAS 12 \u2013 Deferred taxes related to assets and liabilities arising from a single transaction The amendments that are not yet effective are not expected to have a material impact on the Group in the current or future reporting periods and on the foreseeable future transactions. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-456": {
"value": "Basis of consolidation The consolidated Financial Statements comprise the Financial Statements of the Company and the Subsidiaries (\u2018the Group\u2019), plus the Group\u2019s share of the results and net assets of its joint ventures and associates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-457": {
"value": "Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, the Group takes into consideration potential voting rights. The acquisition date is the date on which control is transferred to the acquirer. The Financial Statements of subsidiaries are included in the consolidated Financial Statements from the date that control commences until the date that control ceases. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Investments and loans in subsidiaries held by the Company Investments and loans in subsidiaries held by the Company are stated at cost less any impairment. Impairment of loans is calculated in accordance with IFRS 9 and impairment of investments is calculated in accordance with IAS 36 with further details provided in Note 7(iv) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-460": {
"value": "Joint ventures A joint venture is a contract under which the Group and other parties undertake an activity or invest in an entity, under joint control. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-461": {
"value": "Associates Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20 per cent and 50 per cent of the voting rights. The Group uses equity accounting for such entities, carrying its investment at cost plus the movement in the Group\u2019s share of net assets after acquisition, less impairment. Where the Group\u2019s share of losses in an equity accounted investment equals or exceeds its interest in the entity, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-462": {
"value": "Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income and expenses arising from intra-group transactions, are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment on the asset transferred. ",
"dimensions": {
"concept": "segroplc:DescriptionOfAccountingPolicyForTransactionsEliminatedOnConsolidation",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-463": {
"value": "Business combinations The acquisition of subsidiaries is accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued by the Group in exchange for control of the acquiree. Acquisition related costs are recognised in the Income Statement as incurred. The acquiree\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 are recognised at their fair value at the acquisition date, except for non-current assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 \u2018Non-Current Assets Held for Sale and Discontinued Operations\u2019, which are recognised and measured at fair value less costs to sell. Goodwill arising on acquisition is recognised as an asset measured at cost, being the excess of the cost of the business combination over the Group\u2019s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Group\u2019s interest in the net fair value of the acquiree\u2019s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in the Income Statement. The interest of non-controlling interest shareholders in the acquiree is initially measured at their proportion of the net fair value of the assets, liabilities and contingent liabilities recognised. When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value. Changes in fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with IFRS 9, as appropriate, with the corresponding gain or loss being recognised in the Income Statement. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognised in the Income Statement within realised and unrealised property (loss)/gain. The same treatment is applied for acquisitions of a subsidiary achieved in stages that meet the IFRS 3 concentration test to be treated as an asset acquisition. For acquisitions of a subsidiary that meet the IFRS 3 concentration test to be treated as an asset acquisition, the Group allocates the cost between the individual identifiable assets and liabilities in the Group based on their relative fair values at the date of acquisition. Such transactions do not give rise to goodwill, generally no deferred tax is recognised on initial temporary differences and transaction costs are capitalised. The Group has elected to initially measure the interest of non-controlling interest shareholders in the acquiree at their proportion of the acquisition date net fair value of the assets, liabilities and contingent liabilities recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-464": {
"value": "Foreign currency transactions Foreign currency transactions are translated to the respective functional currency of Group entities at the foreign exchange rate ruling on the transaction date. Foreign exchange gains and losses resulting from settling these, or from retranslating monetary assets and liabilities held in foreign currencies, are booked in the Income Statement. The exception is for foreign currency loans and derivatives that hedge investments in foreign subsidiaries, where exchange differences are booked in equity until the investment is realised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-465": {
"value": "Consolidation of foreign entities Assets and liabilities of foreign entities are translated into sterling at exchange rates ruling at the Balance Sheet date. Their income, expenses and cash flows are translated at the average rate for the period or at spot rate for significant items. Resultant exchange differences are booked in Other Comprehensive Income and recognised in the Group Income Statement when the operation is sold. The principal exchange rates used to translate foreign currency denominated amounts in 2022 are: Balance Sheet: \u00a31 = \u20ac1.13 (31 December 2021: \u00a31 = \u20ac1.19). Income Statement: \u00a31= \u20ac1.17 (2021: \u00a31 = \u20ac1.16). ",
"dimensions": {
"concept": "segroplc:DescriptionOfAccountingPolicyForConsolidationOfForeignEntities",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-466": {
"value": "Investment properties These properties include completed properties that are generating rent or are available for rent, and development properties that are under development, available for development or income-producing properties acquired with the explicit intention to take back for redevelopment. Investment properties comprise freehold and leasehold properties and are first measured at cost (including transaction costs), then revalued to market value at each reporting date by professional valuers. Lease liabilities associated with leasehold properties are accounted for under IFRS 16, see the Leases accounting policy. If a valuation obtained for a property held under a lease is net of all payments expected to be made, any related lease liability recognised separately in the Balance Sheet is added back to arrive at the carrying value of the investment property for accounting purposes. Valuation gains and losses in a period are taken to the Income Statement. As the Group uses the fair value model, as per IAS 40 \u2018Investment Property\u2019, no depreciation is provided. An asset will be classified as held for sale within investment properties, in line with IFRS 5 \u2018Non-Current Assets Held for Sale and Discontinued Operations\u2019, where the asset is available for immediate sale in its present condition and the sale is highly probable. Investment properties are transferred to trading properties when there is a change in use and the property ceases to meet the definition of investment property. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-467": {
"value": "Other interests in property Other interests in property include the cost and related fees in respect of land options, which are initially capitalised and regularly tested for impairment. The impairment review includes consideration of the resale value of the option and likelihood of achieving planning consent. ",
"dimensions": {
"concept": "segroplc:DescriptionOfAccountingPolicyForOtherInterestInProperty",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-468": {
"value": "Other investments Other investments are initially measured at cost, and then revalued to fair value. Gains and losses arising from valuation are recognised in the Income Statement within realised and unrealised property (loss)/gain. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-469": {
"value": "Trading properties These are properties being developed for sale or being held for sale after development is complete, and are shown at the lower of cost and net realisable value. Cost includes direct expenditure and capitalised interest. Trading properties are transferred to investment properties when there is a change in use usually evidenced by the commencement of an operating lease to another party, together with the intention to hold the property to generate rent, or for capital appreciation, or for both ",
"dimensions": {
"concept": "segroplc:DescriptionOfAccountingPolicyForTradingProperties",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-470": {
"value": "Property acquisitions and disposals Properties are treated as acquired at the point when the Group assumes the control of ownership and as disposed when transferred to the buyer. Generally, this would occur on completion of the contract. Any gain or loss arising on de-recognition of the property, which is calculated as the difference between the net disposal proceeds and the carrying amount of the asset at the commencement of the accounting period plus capital expenditure in the period, is included in profit or loss in the period in which the property is derecognised. Gains or losses on disposal of investment properties are shown in the Income Statement within realised and unrealised property (loss)/gain. ",
"dimensions": {
"concept": "segroplc:DescriptionOfAccountingPolicyForPropertyAcquisitionsAndDisposals",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-471": {
"value": "Leases At inception, the Group assesses whether a contract is or contains a lease. This assessment involves the exercise of judgement about whether the Group obtains substantially all the economic benefits from the use of that asset, and whether the Group has the right to direct the use of the asset. The Group recognises a right-of-use (ROU) asset and the lease liability at the commencement date of the lease. Lease liabilities include the present value of payments which generally include fixed payments and variable payments that depend on an index (such as an inflation index). When the lease contains an extension or purchase option that the Group considers reasonably certain to be exercised, the cost of the option is included in the lease payments. Each lease payment is allocated between the liability and finance cost. The lease payments are discounted using the interest rate implicit in the lease if that rate can be readily determined or if not, the incremental borrowing rate is used. The finance cost is charged to profit or loss over the lease period so as to produce a constant rate of interest on the remaining balance of the liability for each period. Cash payments relating to the principal portion of the lease liabilities are presented as cash flows from financing activities and cash payments for the interest portion are presented as cash flows from operating activities. The ROU asset is measured at a cost based on the amount of the initial measurement of the lease liability, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset (other than the ROU assets that relate to land or property that meets the definition of investment property under IAS 40) is depreciated over the shorter of the lease term or the useful life of the underlying asset. The ROU asset is subject to testing for impairment if there is an indicator of impairment. ROU assets are included in the heading property, plant and equipment, and the lease liability included in the headings current and non-current trade and other payables on the Balance Sheet. Where the ROU asset relates to land or property that meets the definition of investment property under IAS 40, after initial recognition the ROU asset is subsequently accounted for as investment property and carried at fair value (see Investment properties accounting policy). Valuation gains and losses in a period are taken to the Income Statement. The ROU assets are included in the heading Investment properties, and the lease liability in the headings current and non-current trade and other payables on the Balance Sheet. The Group has elected not to recognise ROU assets and liabilities for leases where the total lease term is less than or equal to 12 months, or for low value leases. The payments for such leases are recognised in the Income Statement on a straight-line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-472": {
"value": "Revenue Revenue includes gross rental income, joint venture management and performance fee income, income from service charges and other recoveries from tenants and proceeds from the sale of trading properties. Rental income Rental income from properties let as operating leases is recognised on a straight-line basis over the lease term. Lease incentives and initial costs to arrange leases are capitalised, then amortised on a straight-line basis over the lease term (\u2018rent averaging\u2019). Surrender premiums received in the period are included in rental income. Changes in the scope or the consideration for a lease, that was not part of the original terms and conditions, which might arise as a result of lease concessions, are accounted as a lease modification. Lease modifications are accounted for as a new lease from the effective date of the modification, considering any prepaid or accrued lease payments relating to the original lease as part of the lease payments for the new lease. Service charges and other recoveries from tenants These include income in relation to service charges, directly recoverable expenditure and management fees. Revenue from providing services is recognised in the accounting period in which the services are rendered. Revenue from services is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided and recognised over time. The Group generally acts as the principal in service charge transactions as it directly controls the delivery of the services at the point they are provided to the tenant. Where the Group acts as a principal, service charge income is presented gross within revenue and service charge expense presented gross within costs. Joint venture management and performance fees Joint venture management and performance fees are recognised as income in the period to which they relate. Management fees are recognised in the accounting period in which the services are rendered. Revenue from services is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided and recognised over time. Performance fees are based on the joint venture\u2019s performance over the performance period and payable subject to meeting certain criteria and hurdle rates at the end of the period (further details are given in Note 7). Performance fees are recognised during and at the end of the performance period to the extent that it is highly probable there will not be a significant future reversal and the fee can be reliably estimated. Sale of trading properties Proceeds from the sale of trading properties are recognised at the point in time at which control of the property has been transferred to the purchaser. Therefore, revenue is recognised at a point in time and generally occurs on completion of the contract ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-511": {
"value": "Property, plant and equipment Plant and equipment are stated at historic cost less accumulated depreciation. Cost includes purchase price and any directly attributable costs. Depreciation is recognised so as to write off the cost or valuation of assets (other than investment properties) less their residual values, using the straight-line method, on the following bases: Plant and equipment 20% per annum Solar panels 5% per annum The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis . Property relates to the ROU asset recognised for office leases entered into by the Group. The ROU asset is initially measured based on the present value of lease payments, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-473": {
"value": "Property, plant and equipment Plant and equipment are stated at historic cost less accumulated depreciation. Cost includes purchase price and any directly attributable costs. Depreciation is recognised so as to write off the cost or valuation of assets (other than investment properties) less their residual values, using the straight-line method, on the following bases: Plant and equipment 20% per annum Solar panels 5% per annum The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis Property relates to the ROU asset recognised for office leases entered into by the Group. The ROU asset is initially measured based on the present value of lease payments, plus initial direct costs and the cost of obligations to refurbish the asset, less any incentives received. The ROU asset is depreciated over the shorter of the lease term or the useful life of the underlying asset ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-474": {
"value": "Financial instruments Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the borrowings, using the effective interest rate method. General and specific borrowing costs that are directly attributable to expenditure on properties under development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop. Interest is capitalised from the commencement of the development activity until the date of practical completion. The capitalisation of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant currency, or, if appropriate, the rate on specific associated borrowings. Derivative financial instruments The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts and interest caps) in managing interest rate risk and currency risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the Income Statement (fair value through profit or loss \u2018FVPL\u2019). The exception is for derivatives qualifying as hedges, when the treatment of the gain/loss depends upon the item being hedged, and may go to other comprehensive income within the Statement of Comprehensive Income (fair value through other comprehensive income \u2018FVOCI\u2019). Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the Balance Sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities. Trade and other receivables and payables Trade and other receivables are booked at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised costs using the effective interest method. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s calculation for measuring ECLs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-535": {
"value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the borrowings, using the effective interest rate method. General and specific borrowing costs that are directly attributable to expenditure on properties under development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop. Interest is capitalised from the commencement of the development activity until the date of practical completion. The capitalisation of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant currency, or, if appropriate, the rate on specific associated borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-512": {
"value": "Borrowings Borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, borrowings are stated at amortised cost with any difference between the amount initially recognised and the redemption value being recognised in the Income Statement over the period of the borrowings, using the effective interest rate method. General and specific borrowing costs that are directly attributable to expenditure on properties under development are capitalised. Expenditure includes the purchase cost of a site if it has been purchased with the specific intention to redevelop. Interest is capitalised from the commencement of the development activity until the date of practical completion. The capitalisation of borrowing costs is suspended if there are prolonged periods when development activity is interrupted. The interest capitalised is calculated using the Group\u2019s weighted average cost of borrowing for the relevant currency, or, if appropriate, the rate on specific associated borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-513": {
"value": "Derivative financial instruments The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts and interest caps) in managing interest rate risk and currency risk, and does not use them for trading. They are recorded, and subsequently revalued, at fair value, with revaluation gains or losses being immediately taken to the Income Statement (fair value through profit or loss \u2018FVPL\u2019). The exception is for derivatives qualifying as hedges, when the treatment of the gain/loss depends upon the item being hedged, and may go to other comprehensive income within the Statement of Comprehensive Income (fair value through other comprehensive income \u2018FVOCI\u2019). Derivatives with a maturity of less than 12 months or that expect to be settled within 12 months of the Balance Sheet date are presented as current assets or liabilities. Other derivatives are presented as non-current assets or liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-547": {
"value": "Trade and other receivables and payables Trade and other receivables are booked at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised costs using the effective interest method. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s calculation for measuring ECLs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-536": {
"value": "Trade and other receivables and payables Trade and other receivables are booked at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised costs using the effective interest method. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s calculation for measuring ECLs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-514": {
"value": "Trade and other receivables and payables Trade and other receivables are booked at fair value and subsequently measured at amortised cost using the effective interest method. Trade and other payables are initially measured at fair value, net of transaction costs and subsequently measured at amortised costs using the effective interest method. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Note 17(vi) details the Group\u2019s calculation for measuring ECLs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-475": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments with original maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-476": {
"value": "Share-based payments The cost of granting share options and other share-based remuneration is measured at their fair value at the grant date. The costs are expensed straight-line over the vesting period in the Income Statement, based on estimates of the shares or options that will eventually vest. Charges are reversed if it appears that non-market-based performance conditions will not be met. The fair value excludes the effect of non-market-based vesting conditions. At each Balance Sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in the Income Statement such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity within the share-based payment reserve. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-477": {
"value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and are presented in the treasury share reserve. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity and the resulting surplus or deficit on the transaction is presented within share premium. Shares held by Ocorian Limited and Equiniti Limited to satisfy various Group share schemes are disclosed as own shares held and deducted from contributed equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-478": {
"value": "Income tax Income tax on the profit for the year comprises current and deferred tax. Current tax is the tax payable on the taxable income for the year and any adjustment in respect of previous years. Current tax is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company\u2019s subsidiaries and associates operate and generate taxable income. Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-515": {
"value": "Deferred tax is provided in full using the Balance Sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the asset is realised or the liability is settled. No provision is made for temporary differences (i) arising on the initial recognition of assets or liabilities, other than a business combination, that affect neither accounting nor taxable profit and (ii) relating to investments in subsidiaries to the extent that they will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent that it is probable that suitable taxable profits will be available against which deductible temporary differences can be utilised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-479": {
"value": "Critical accounting judgements and key sources of estimation uncertainty In the application of the Group\u2019s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revisions and future periods if the revision affects both current and future periods. Significant areas of estimation uncertainty Property valuations Valuation of property is a central component of the business. In estimating the fair value, the Group engages third party qualified valuers to perform the valuation. Information about the valuation techniques and inputs used in determining the fair value of the property portfolio is disclosed in Note 26 property valuation techniques and related quantitative information. Performance fee As detailed further in Note 7, performance fees are payable from the SELP joint venture to SEGRO. The fee is based on the joint venture\u2019s performance over the 10 year performance period since inception and payable subject to meeting certain criteria and hurdle rates at the end of the period. Performance fee income is recognised during the performance period to the extent that the fee can be reliably estimated and that it is highly probable there will not be a significant future reversal. The internal rate of return (IRR) calculation to determine whether the hurdle rates will be met, and if so to what extent, at the end of the performance period in October 2023 is currently an estimation and sensitive to movements and assumptions in property valuations over the remaining performance period. As detailed above, property valuations is an area of significant estimation uncertainty. Determining whether it is highly probable there will not be a significant future change in the performance fee is dependent on the probability and magnitude of future changes in property values over the remaining performance period. Note 7 provides details of the estimated performance fee due in October 2023 and sensitivity of this estimation to movements in property values from 31 December 2022 to the end of the performance period. The corresponding performance fee expense recognised by SELP is a significant estimate for the same reasons as detailed above. The SELP performance fee expense is accounted for under the equity method within share of profit from joint ventures and associates after tax. Significant areas of judgements in applying the Group\u2019s accounting policies Accounting for significant property transactions Property transactions are complex in nature. Management considers each material transaction separately, with an assessment carried out to determine the most appropriate accounting treatment and judgements applied. The judgements include whether the transaction represents an asset acquisition or business combination and the cut-off for property transactions on recognition of property assets and revenue recognition. In making its judgement over the cut-off for property transactions, management considers whether the control of ownership of the assets acquired or disposed of has transferred to or from the Group (this consideration includes the revenue recognition criteria set out in IFRS 15 for the sale of trading properties) In making its judgement on whether the acquisition of property through the purchase of a corporate vehicle represents an asset acquisition or business combination, management considers whether the integrated set of assets and activities acquired contain both inputs and processes along with the ability to create outputs. Management also applies the optional \u2018concentration test\u2019 allowed under IFRS 3. When applying the optional test, management considers if substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets). Where management judge that substantially all of the fair value of the gross assets acquired are concentrated in a single asset (or a group of similar assets) and the \u2018concentration test\u2019 met, the assets acquired would not represent a business and the purchase would be treated as an asset acquisition. REIT status The Company has elected for UK REIT and French SIIC status. To continue to benefit from these tax regimes, the Group is required to comply with certain conditions as outlined in Note 10. Management intends that the Group should continue as a UK REIT and a French SIIC for the foreseeable future. Uncertain tax positions The Group is subject to periodic challenges by local tax authorities on a range of tax matters during the normal course of business. The tax impact can be uncertain until a conclusion is reached with the relevant tax authority or through a legal process. Management judgement is required in assessing the likelihood of whether a liability, including any associated penalties, will arise and the most significant assessment relates to the recognition of withholding tax in France and is discussed further in Note 10. ",
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"fact-480": {
"value": "2. Adjusted Profit Adjusted profit is a non-GAAP measure and is the Group\u2019s measure of underlying profit, which is used by the Board and senior management to measure and monitor the Group\u2019s income performance. It is based on the Best Practices Recommendations Guidelines of European Public Real Estate Association (EPRA), which calculate profit excluding investment and development property revaluations and gains or losses on disposals. Changes in the fair value of financial instruments and associated close-out costs and their related taxation, as well as other permitted one-off items, are also excluded. Refer to the Supplementary Notes for all EPRA adjustments. The Directors may also exclude from the EPRA profit measure additional items (gains and losses) which are considered by them to be non-recurring, unusual or significant by virtue of size and nature. No non-EPRA adjustments to underlying profit were made in the current or prior period. Notes 2022 \u00a3m 2021 3 \u00a3m Gross rental income 4 488 398 Property operating expenses 5 (76) (57) Net rental income 3 412 341 Joint venture fee income 4 30 52 Management and development fee income 4 5 5 Net solar energy income 2 1 1 Administrative expenses 6 (59) (59) Share of joint ventures and associates\u2019 Adjusted profit after tax 1 7 71 56 Adjusted operating profit before interest and tax 460 396 Net finance costs 9 (74) (40) Adjusted profit before tax 386 356 Adjustments to reconcile to IFRS: Adjustments to the share of (loss)/profit from joint ventures and associates\u2019 after tax 1 7 (215) 405 Realised and unrealised property (loss)/gain 8 (1,946) 3,669 Profit on sale of trading properties 13 7 7 Net fair value loss on interest rate swaps and other derivatives 9 (199) (82) Total adjustments (2,353) 3,999 (Loss)/profit before tax (1,967) 4,355 Tax On Adjusted profit 10 (11) (8) In respect of adjustments 10 48 (280) Total tax adjustments 37 (288) (Loss)/profit after tax before non-controlling interests (1,930) 4,067 Non-controlling interests: Less: share of adjusted profit attributable to non-controlling interests (1) \u2013 share of adjustments attributable to non-controlling interests 4 (7) (Loss)/profit after tax and non-controlling interests (1,927) 4,060 Of which: Adjusted profit after tax and non-controlling interests 374 348 Total adjustments after tax and non-controlling interests (2,301) 3,712 (Loss)/profit attributable to equity shareholders (1,927) 4,060 1 A detailed breakdown of the adjustments to the share of (loss)/profit from joint ventures and associates is included in Note 7. 2 Net solar income of \u00a31 million (2021: \u00a31 million) is calculated as Solar energy income of \u00a32 million (2021: \u00a32 million) shown in Note 4, less Solar energy expenses of \u00a31 million (2021: \u00a31 million) shown in Note 5. 3 The composition of gross and net rental income has changed in 2022 to provide a better measure of the underlying rental income from the property portfolio. Management and development fee income; service charge income and expense; and solar energy income and expense are now presented outside of gross and net rental income. Details of the change is disclosed further in Note 4 and 5. Service charge income is netted against the equal and opposite service charge expense and are not shown as separate line items in the table above. There is no impact on Adjusted operating profit before interest and tax from this change and the prior year comparatives in the table above have been represented to reflect this change. ",
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},
"fact-481": {
"value": "3. Segmental Analysis The Group\u2019s reportable segments are the geographical Business Units: Greater London, Thames Valley, National Logistics, Northern Europe (principally Germany), Southern Europe (principally France and Italy) and Central Europe (principally Poland), which are managed and reported to the Board as separate distinct Business Units. 31 December 2022 Gross rental income 5 \u00a3m Net rental income 5 \u00a3m Share of joint ventures and associates\u2019 Adjusted profit \u00a3m Adjusted PBIT 2 \u00a3m Total directly owned property assets \u00a3m Investments in joint ventures and associates \u00a3m Capital expenditure 3 \u00a3m Thames Valley 116 109 \u2013 107 3,011 \u2013 80 National Logistics 47 43 \u2013 45 1,721 \u2013 362 Greater London 203 185 \u2013 183 6,401 11 325 Northern Europe 33 23 29 60 1,149 958 345 Southern Europe 82 63 40 114 2,503 1,191 474 Central Europe 7 3 22 31 189 616 7 Other \u2013 (14)1 (20)1 (80)1 \u2013 (1,008)4 9 Total 488 412 71 460 14,974 1,768 1,602 31 December 2021 Gross rental income 5 \u00a3m Net rental income 5 \u00a3m Share of joint ventures and associates\u2019 Adjusted profit \u00a3m Adjusted PBIT 2 \u00a3m Total directly owned property assets \u00a3m Investments in joint ventures and associates \u00a3m Capital expenditure 3 \u00a3m Thames Valley 86 80 \u2013 79 3,102 \u2013 454 National Logistics 35 33 \u2013 34 1,717 \u2013 213 Greater London 173 163 \u2013 161 7,325 8 678 Northern Europe 26 18 26 52 928 911 93 Southern Europe 71 56 35 100 2,285 1,178 443 Central Europe 7 4 22 31 180 559 22 Other \u2013 (13) 1 (27) 1 (61) 1 \u2013 (861) 4 7 Total 398 341 56 396 15,537 1,795 1,910 1 \u2018Other\u2019 category includes the corporate centre, SELP holding companies and costs relating to the operational business which are not specifically allocated to a geographical Business Unit. In 2021 the impact of the SELP performance fee (detailed in Note 7) on Share of joint ventures and associates Adjusted profit (being the performance fee expense recognised by SELP of \u00a313 million) and Adjusted PBIT (being the net profit impact to the Group of \u00a313 million) is shown within Other. 2 A reconciliation of total Adjusted PBIT to the IFRS (loss)/profit before tax is provided in Note 2. 3 Capital expenditure includes additions and acquisitions of investment and trading properties but does not include tenant incentives, letting fees and rental guarantees. Part of the capital expenditure incurred is in response to climate change including the reduction of the carbon footprint of the Group\u2019s existing investment properties and developments. The environmental sustainability within the Group\u2019s property portfolio is discussed in more detail on pages 35 to 37 and 52. The \u2018Other\u2019 category includes non-property related spend, primarily IT. 4 Includes the bonds held by SELP Finance S.\u00e0 r.l, a Luxembourg entity. 5 The composition of gross and net rental income has changed in 2022. Management and development fee income, service charge income and expenses, and solar energy income and expenses are now presented outside of gross and net rental income. See Notes 4 and 5 for further details. The prior year comparatives in the table above have been represented to reflect this change. Revenues from the most significant countries within the Group were: UK \u00a3451 million (2021: \u00a3374 million), France \u00a377 million (2021: \u00a371 million), Italy \u00a336 million (2021: \u00a335 million), Germany \u00a346 million (2021: \u00a338 million), Netherlands \u00a330 million (2021: \u00a32 million) and Poland \u00a317 million (2021: \u00a315 million). ",
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"fact-482": {
"value": "4. Revenue 2022 \u00a3m 2021 2 \u00a3m Rental income from investment and trading properties 473 382 Rent averaging 14 13 Surrender premia 1 3 Gross rental income 1,2 488 398 Joint venture fee income \u2013 management fees* 30 26 \u2013 performance fees*3 \u2013 26 Joint venture fee income 30 52 Management and development fee income* 2 5 5 Service charge income* 2 44 42 Solar energy income* 2 2 2 Proceeds from sale of trading properties* 100 47 Total revenue 669 546 * The above income streams reflect revenue recognition under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and total \u00a3181 million (2021: \u00a3148 million). 1 Net rental income of \u00a3412 million (2021: \u00a3341 million) is calculated as gross rental income of \u00a3488 million (2021: \u00a3398 million) less total property operating expenses of \u00a376 million (2021: \u00a357 million) shown in Note 5. 2 The composition of gross rental income within Total Revenue has changed in 2022. Management and development fee, Service charge income and Solar energy income are now presented outside of gross rental income. The prior year comparatives in the table above have been represented to reflect this change. Development fee income (2021: \u00a32 million) and Solar energy income (2021: \u00a32 million) were previously presented within the Rental income from investment and trading properties line in the table above. 3 See Note 7(ii) for further details on the performance fee from SELP. ",
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"fact-483": {
"value": "5. Costs 2022 \u00a3m 2021 4 \u00a3m Vacant property costs 10 5 Letting, marketing, legal and professional fees 17 11 Loss allowance and impairment of receivables 1 3 \u2013 Other expenses 12 11 Property management expenses 42 27 Property administrative expenses 2 45 39 Costs capitalised 3 (11) (9) Total property operating expenses 4 76 57 Service charge expense 4 44 42 Solar energy expense 4 1 1 Trading properties cost of sales 93 40 Total costs 214 140 1 See Note 17(vi) Credit risk management for further details on loss allowance and impairment of receivables. 2 Property administrative expenses predominantly relate to the employee staff costs of personnel directly involved in managing the property portfolio. 3 Costs capitalised primarily relate to internal employee staff costs directly involved in developing the property portfolio. 4 The composition of Property management expenses within Total costs has changed in 2022. Service charge expense and Solar energy expense are now presented outside of Property management expenses. The prior year comparatives in the table above have been represented to reflect this change. Solar energy expense was previously presented within the Other expenses line in the table above. ",
"dimensions": {
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"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-484": {
"value": "6. Administrative Expenses 6(i) \u2013 Total administrative expenses 2022 \u00a3m 2021 \u00a3m Directors\u2019 remuneration 8 9 Depreciation and amortisation 4 5 Other administrative expenses 47 45 Total administrative expenses 59 59 Other administrative expenses include the cost of services of the Group\u2019s auditors, as described below. ",
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"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-516": {
"value": "6(i) \u2013 Total administrative expenses 2022 \u00a3m 2021 \u00a3m Directors\u2019 remuneration 8 9 Depreciation and amortisation 4 5 Other administrative expenses 47 45 Total administrative expenses 59 59 Other administrative expenses include the cost of services of the Group\u2019s auditors, as described below. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-485": {
"value": "6(ii) \u2013 Fees in relation to services provided by the Group\u2019s auditors 2022 \u00a3m 2021 \u00a3m Audit services: Parent company 1.1 0.8 Subsidiary undertakings 0.2 0.3 Total audit fees 1.3 1.1 Audit related assurance services 0.1 0.1 Audit and audit related assurance services 1.4 1.2 Other fees: Other 0.2 0.1 Total other fees 0.2 0.1 Total fees in relation to audit and other services 1.6 1.3 As detailed further in the Audit Committee Report on page 120, PwC are the auditors of the SEGRO European Logistics Partnership (SELP), which is a non controlled joint venture of the Group, and were paid audit fees of \u00a30.8 million in respect of the year ended 31 December 2022 (2021: \u00a30.7 million). There were \u00a30.1 million of non-audit fees paid in respect of SELP (2021: \u00a30.1 million). The appointment of the SELP auditors and agreement of their fees is a matter for the SELP Board acting independently from SEGRO. Accordingly, the fees do not form part of the SEGRO Group audit fees detailed in the table above nor are they included in the ratio of audit to non-audit fees detailed on page 120 of the Audit Committee Report ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-486": {
"value": "6(iii) \u2013 Staff costs The table below presents staff costs of the Group (including Directors) which are recognised in both property operating expenses and administrative expenses in the Income Statement. 2022 \u00a3m 2021 \u00a3m Wages and salaries 50 45 Social security costs 6 6 Pension costs 2 2 Share scheme costs 9 13 Total 67 66 Average number of Group employees 407 372 \u2013 Direct property 264 239 \u2013 Indirect property and administration 143 133 Disclosures required by the Companies Act 2006 on Directors\u2019 remuneration, including salaries, share options, pension contributions and pension entitlement and those specified by the Listing Rules of the Financial Conduct Authority are included on pages 123 to 142 in the Remuneration Report and form part of these Financial Statements. The Group also has a number of defined contribution pension schemes for which \u00a32 million has been recognised as an expense in the Group Income Statement (2021: \u00a32 million). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-487": {
"value": "7. Investments in Joint Ventures, Associates and Subsidiaries 7(i) \u2013 Profit from joint ventures and associates after tax The table below presents a summary Income Statement of the Group\u2019s largest joint ventures and associates, all of which are accounted for using the equity method as set out in Note 1. SEGRO European Logistics Partnership (SELP) is incorporated in Luxembourg and owns logistics property assets in Continental Europe. The Group holds 50 per cent of the share capital and voting rights in the material joint ventures. During the year SEGRO acquired a 49 per cent share in Reprendre Racines SAS and is accounted for as an associate within the \u2018Other\u2019 column in tables 7(i) and (ii). SELP \u00a3m Other \u00a3m At 100% 2022 \u00a3m At 100% 2021 4 \u00a3m At share 2022 \u00a3m At share 2021 4 \u00a3m Revenue 1 303 \u2013 303 270 152 135 Gross rental income 4 237 \u2013 237 210 119 105 Property operating expenses: \u2013 underlying property operating expenses (16) \u2013 (16) (12) (8) (6) \u2013 vacant property costs (1) \u2013 (1) (2) (1) (1) \u2013 property management fees 2 (25) \u2013 (25) (22) (13) (11) \u2013 performance fees 3 \u2013 \u2013 \u2013 (26) \u2013 (13) Net rental income 4 195 \u2013 195 148 97 74 Management fee income 4 3 \u2013 3 4 2 2 Administrative expenses (6) \u2013 (6) (3) (3) (2) Finance costs (including adjustments) (34) \u2013 (34) (26) (17) (13) Adjusted profit before tax 158 \u2013 158 123 79 61 Tax (16) \u2013 (16) (11) (8) (5) Adjusted profit after tax 142 \u2013 142 112 71 56 Adjustments: Profit on sale of investment properties \u2013 \u2013 \u2013 19 \u2013 10 Valuation (deficit)/surplus on investment properties (464) (8) (472) 974 (236) 487 Early close out of debt (3) \u2013 (3) \u2013 (2) \u2013 Tax in respect of adjustments 46 \u2013 46 (183) 23 (92) Total adjustments (421) (8) (429) 810 (215) 405 (Loss)/profit after tax (279) (8) (287) 922 (144) 461 Other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total comprehensive (expense)/ income for the year (279) (8) (287) 922 (144) 461 1 Total revenue at 100% of \u00a3303 million (2021: \u00a3270 million) includes: Gross rental income of \u00a3237 million (2021: \u00a3210 million); service charge income of \u00a363 million (2021: \u00a356 million) and management fee income of \u00a33 million (2021: \u00a34 million). Service charge income is netted against the equal and opposite service charge expense in calculating Adjusted profit before tax. 2 Property management fees paid to SEGRO. 3 Performance fees recognised by SEGRO. In the condensed set of financial statement for the six months ended 30 June 2022 a performance fee of \u00a342 million was recognised by SEGRO. Due to changes in the estimation of the performance fee, as further discussed in the Fees section below, no fee has been recognised for the year ended 31 December 2022. 4 The composition of gross and net rental income has changed in 2022. Management fee income and service charge income and expense are now presented outside of gross and net rental income. Service charge income is netted against the equal and opposite service charge expense in the table above and are not shown as separate line items. There is no impact on Adjusted operating profit before interest and tax from this change and the prior year comparatives in the table above have been represented to reflect this change. The Group has not recognised losses totalling \u00a312 million at share (2021: \u00a3nil) in relation to its interests in associates, because the Group has no obligation in respect of these losses. There was no other comprehensive income included in the Group Statement of Comprehensive Income (2021: \u00a3nil). SELP is a SPPICAV in France, and does not pay tax on its French property income or gains on property sales, provided that at least 85 per cent of the French subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, SELP has to meet certain conditions such as ensuring the property rental business of each French subsidiary represents more than 60 per cent of its assets. Any potential or proposed changes to the SPPICAV legislation are monitored. 7(ii) \u2013 Summarised Balance Sheet information in respect of the Group\u2019s joint ventures and associates SELP \u00a3m Other \u00a3m At 100% 2022 \u00a3m At 100% 2021 \u00a3m At share 2022 \u00a3m At share 2021 \u00a3m Investment properties 1 6,017 27 6,044 5,818 3,022 2,909 Property, plant and equipment 6 \u2013 6 \u2013 3 \u2013 Other receivables 3 \u2013 3 \u2013 1 \u2013 Total non-current assets 6,026 27 6,053 5,818 3,026 2,909 Other receivables 65 7 72 78 36 39 Cash and cash equivalents 57 6 63 43 32 22 Total current assets 122 13 135 121 68 61 Total assets 6,148 40 6,188 5,939 3,094 2,970 Borrowings 2 (2,005) \u2013 (2,005) (1,723) (1,003) (862) Deferred tax (482) \u2013 (482) (504) (241) (252) Other liabilities \u2013 (40) (40) \u2013 (20) \u2013 Total non-current liabilities (2,487) (40) (2,527) (2,227) (1,264) (1,114) Other liabilities (145) (3) (148) (122) (74) (61) Total current liabilities (145) (3) (148) (122) (74) (61 ) Total liabilities (2,632) (43) (2,675) (2,349) (1,338) (1,175) Unrecognised share of losses \u2013 23 23 \u2013 12 \u2013 Net assets 3,516 20 3,536 3,590 1,768 1,795 1 Investment properties held by SELP include assets held for sale of \u00a3nil (at 100%) at 31 December 2022 (2021: \u00a397 million). 2 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2022, the fair value of \u00a32,005 million (2021: \u00a31,723 million) of borrowings was \u00a31,759 million (2021: \u00a31,766 million). This results in a fair value adjustment increase in EPRA NDV of \u00a3246 million (2021: \u00a343 million decrease), at share \u00a3123 million (2021: \u00a322 million), see Table 5 of the Supplementary Notes. Fees SEGRO provides certain services, including venture advisory and asset management, to the SELP joint venture and receives fees for doing so. A 10 year performance fee, denominated in euros, is payable from SELP to SEGRO in October 2023 based on SELP\u2019s internal rate of return (IRR) subject to certain hurdle rates. The IRR calculation is based on a 10 year performance period from the inception of SELP in October 2013 to October 2023. The IRR calculation to determine whether the hurdle rates will be met when the performance period ends is currently an estimation and sensitive to movements and assumptions in property valuations over the remaining performance period. In the year ended 31 December 2021, SEGRO recognised a performance fee of \u00a326 million (\u20ac29 million) in its Income Statement. An equivalent performance fee expense at share of \u00a313 million was recognised within the share of profit from joint ventures and associates. In the year ended 31 December 2022, no further performance fee has been recognised by SEGRO, and therefore no equivalent performance fee expense has been recognised within the share of profit from joint ventures and associates and reflected in table 7(i). This means the cumulative 10 year performance fee recognised by SEGRO to 31 December 2022 totals \u00a326 million (\u20ac29 million) (2021: \u00a326 million (\u20ac29 million) plus 2022: \u00a3nil). The full amount of the cumulative performance fee recognised is subject to future reversal based on performance over the remaining period to October 2023. Performance fee income is recognised during the performance period to the extent that it is highly probable there will not be a significant future reversal and the fee can be reliably estimated. None of the cumulative \u00a326 million performance fee recognised will be reversed if property values fall by up to 12 per cent between 31 December 2022 and the end of the performance period in October 2023. If property values fall by over 14 per cent, all of the \u00a326 million cumulative performance fee recognised to date would be reversed. SEGRO management notes the inherent and increased uncertainty caused by the market conditions at the period end and the sensitivities detailed below. The volatility has impacted management\u2019s consideration of the point at which it is highly probable that there will not be a significant reversal relative to the estimations undertaken in the prior year and at the half year. Having considered these market conditions, the market outlook and the track record of property market trends, management believes it highly probable that there will not be a significant reversal of the cumulative performance fee recognised to date. Sensitivity Based on current estimates of the IRR of SELP from inception in October 2013 to 31 December 2022, an additional performance fee (beyond the cumulative fee of \u20ac29 million recognised to 31 December 2022) due to SEGRO in October 2023 could be in the region of \u20ac164 million (\u20ac82 million at share after accounting for the corresponding performance fee expense recognised in SELP). However, this is dependent on future events, in particular property valuation movements, to the end of the performance period in October 2023. The current estimate of the IRR is based on property values as at 31 December 2022; a 10 per cent decrease in property values from 31 December 2022 would result in a \u20ac142 million decrease in the estimated fee and a 10 per cent increase in property values would result in a \u20ac142 million increase in the estimated fee. Whilst property valuations have become more volatile since the prior year, using a 10 per cent increase/decrease is still considered appropriate to provide transparency on the relative sensitivity of the estimate. If property values decreased by 12 per cent from 31 December 2022 no additional performance fee would be due beyond the cumulative amount recognised to 31 December 2022. A further performance fee above the \u00a326 million cumulative amount recognised to 31 December 2022 has not been recognised as management has not concluded that it is highly probable that there will not be a significant reversal. 7(iii) \u2013 Investments by the Group 2022 \u00a3m 2021 \u00a3m Cost or valuation at 1 January 1,795 1,423 Exchange movement 92 (95) Net investments1 34 39 Dividends received2 (9) (33) Share of (loss)/profit after tax (144) 461 Cost or valuation at 31 December 1,768 1,795 1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures and associates during the period. 2 Dividends received from SELP of \u00a39 million (2021: \u00a332 million) and other joint ventures of \u00a3nil (2021: \u00a31 million). 7(iv) \u2013 Investments by the Company 2022 \u00a3m 2021 \u00a3m Cost or valuation of subsidiaries at 1 January 9,378 8,816 Exchange movement 5 (67) Additions1 1,277 2,840 Loan movement1 (19) (1,501) Increase in provision for investments in and loans to subsidiaries (44) (710) Cost or valuation at 31 December 10,597 9,378 1 During 2022, \u00a31,211 million (2021: \u00a32,757 million) of non-current loans were recapitalised and converted into equity. This is reflected within additions and a reduction in loan movement in the table above. Included in cost or valuation of subsidiaries at 31 December 2022 are investments of \u00a36,126 million (2021: \u00a34,863 million) and non-current loans of \u00a34,471 million (2021: \u00a34,515 million). Loans held with subsidiaries are classified as non-current as there is no intention from the Company to require the loan to be repaid, in whole or in part, within 12 months. Subsidiary entities are detailed in Note 28. In measuring expected credit losses (ECLs) of the intercompany loans under IFRS 9 the ability of each subsidiary to repay the loan at the reporting date if demanded by the Company is assessed. For the purpose of the impairment review the manner for recovering the loan is assumed to be through the sale of the investment properties held by the subsidiary. Investment properties are held at fair value at each reporting date and the assumptions and inputs used in determining their fair value are shown in Note 26. Therefore, the net asset value of the subsidiary is considered to be a reasonable approximation of the available assets that could be realised to recover the loan balance and the requirement to recognise expected credit losses. The requirement for impairment of investments under IAS 36 follows the same assessment and the net asset value of the subsidiary is considered to be a reasonable approximation of the recoverable amount",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-537": {
"value": "7. Investments in Joint Ventures, Associates and Subsidiaries 7(i) \u2013 Profit from joint ventures and associates after tax The table below presents a summary Income Statement of the Group\u2019s largest joint ventures and associates, all of which are accounted for using the equity method as set out in Note 1. SEGRO European Logistics Partnership (SELP) is incorporated in Luxembourg and owns logistics property assets in Continental Europe. The Group holds 50 per cent of the share capital and voting rights in the material joint ventures. During the year SEGRO acquired a 49 per cent share in Reprendre Racines SAS and is accounted for as an associate within the \u2018Other\u2019 column in tables 7(i) and (ii). SELP \u00a3m Other \u00a3m At 100% 2022 \u00a3m At 100% 2021 4 \u00a3m At share 2022 \u00a3m At share 2021 4 \u00a3m Revenue 1 303 \u2013 303 270 152 135 Gross rental income 4 237 \u2013 237 210 119 105 Property operating expenses: \u2013 underlying property operating expenses (16) \u2013 (16) (12) (8) (6) \u2013 vacant property costs (1) \u2013 (1) (2) (1) (1) \u2013 property management fees 2 (25) \u2013 (25) (22) (13) (11) \u2013 performance fees 3 \u2013 \u2013 \u2013 (26) \u2013 (13) Net rental income 4 195 \u2013 195 148 97 74 Management fee income 4 3 \u2013 3 4 2 2 Administrative expenses (6) \u2013 (6) (3) (3) (2) Finance costs (including adjustments) (34) \u2013 (34) (26) (17) (13) Adjusted profit before tax 158 \u2013 158 123 79 61 Tax (16) \u2013 (16) (11) (8) (5) Adjusted profit after tax 142 \u2013 142 112 71 56 Adjustments: Profit on sale of investment properties \u2013 \u2013 \u2013 19 \u2013 10 Valuation (deficit)/surplus on investment properties (464) (8) (472) 974 (236) 487 Early close out of debt (3) \u2013 (3) \u2013 (2) \u2013 Tax in respect of adjustments 46 \u2013 46 (183) 23 (92) Total adjustments (421) (8) (429) 810 (215) 405 (Loss)/profit after tax (279) (8) (287) 922 (144) 461 Other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total comprehensive (expense)/ income for the year (279) (8) (287) 922 (144) 461 1 Total revenue at 100% of \u00a3303 million (2021: \u00a3270 million) includes: Gross rental income of \u00a3237 million (2021: \u00a3210 million); service charge income of \u00a363 million (2021: \u00a356 million) and management fee income of \u00a33 million (2021: \u00a34 million). Service charge income is netted against the equal and opposite service charge expense in calculating Adjusted profit before tax. 2 Property management fees paid to SEGRO. 3 Performance fees recognised by SEGRO. In the condensed set of financial statement for the six months ended 30 June 2022 a performance fee of \u00a342 million was recognised by SEGRO. Due to changes in the estimation of the performance fee, as further discussed in the Fees section below, no fee has been recognised for the year ended 31 December 2022. 4 The composition of gross and net rental income has changed in 2022. Management fee income and service charge income and expense are now presented outside of gross and net rental income. Service charge income is netted against the equal and opposite service charge expense in the table above and are not shown as separate line items. There is no impact on Adjusted operating profit before interest and tax from this change and the prior year comparatives in the table above have been represented to reflect this change. The Group has not recognised losses totalling \u00a312 million at share (2021: \u00a3nil) in relation to its interests in associates, because the Group has no obligation in respect of these losses. There was no other comprehensive income included in the Group Statement of Comprehensive Income (2021: \u00a3nil). SELP is a SPPICAV in France, and does not pay tax on its French property income or gains on property sales, provided that at least 85 per cent of the French subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, SELP has to meet certain conditions such as ensuring the property rental business of each French subsidiary represents more than 60 per cent of its assets. Any potential or proposed changes to the SPPICAV legislation are monitored. 7(ii) \u2013 Summarised Balance Sheet information in respect of the Group\u2019s joint ventures and associates SELP \u00a3m Other \u00a3m At 100% 2022 \u00a3m At 100% 2021 \u00a3m At share 2022 \u00a3m At share 2021 \u00a3m Investment properties 1 6,017 27 6,044 5,818 3,022 2,909 Property, plant and equipment 6 \u2013 6 \u2013 3 \u2013 Other receivables 3 \u2013 3 \u2013 1 \u2013 Total non-current assets 6,026 27 6,053 5,818 3,026 2,909 Other receivables 65 7 72 78 36 39 Cash and cash equivalents 57 6 63 43 32 22 Total current assets 122 13 135 121 68 61 Total assets 6,148 40 6,188 5,939 3,094 2,970 Borrowings 2 (2,005) \u2013 (2,005) (1,723) (1,003) (862) Deferred tax (482) \u2013 (482) (504) (241) (252) Other liabilities \u2013 (40) (40) \u2013 (20) \u2013 Total non-current liabilities (2,487) (40) (2,527) (2,227) (1,264) (1,114) Other liabilities (145) (3) (148) (122) (74) (61) Total current liabilities (145) (3) (148) (122) (74) (61 ) Total liabilities (2,632) (43) (2,675) (2,349) (1,338) (1,175) Unrecognised share of losses \u2013 23 23 \u2013 12 \u2013 Net assets 3,516 20 3,536 3,590 1,768 1,795 1 Investment properties held by SELP include assets held for sale of \u00a3nil (at 100%) at 31 December 2022 (2021: \u00a397 million). 2 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2022, the fair value of \u00a32,005 million (2021: \u00a31,723 million) of borrowings was \u00a31,759 million (2021: \u00a31,766 million). This results in a fair value adjustment increase in EPRA NDV of \u00a3246 million (2021: \u00a343 million decrease), at share \u00a3123 million (2021: \u00a322 million), see Table 5 of the Supplementary Notes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-517": {
"value": "7. Investments in Joint Ventures, Associates and Subsidiaries 7(i) \u2013 Profit from joint ventures and associates after tax The table below presents a summary Income Statement of the Group\u2019s largest joint ventures and associates, all of which are accounted for using the equity method as set out in Note 1. SEGRO European Logistics Partnership (SELP) is incorporated in Luxembourg and owns logistics property assets in Continental Europe. The Group holds 50 per cent of the share capital and voting rights in the material joint ventures. During the year SEGRO acquired a 49 per cent share in Reprendre Racines SAS and is accounted for as an associate within the \u2018Other\u2019 column in tables 7(i) and (ii). SELP \u00a3m Other \u00a3m At 100% 2022 \u00a3m At 100% 2021 4 \u00a3m At share 2022 \u00a3m At share 2021 4 \u00a3m Revenue 1 303 \u2013 303 270 152 135 Gross rental income 4 237 \u2013 237 210 119 105 Property operating expenses: \u2013 underlying property operating expenses (16) \u2013 (16) (12) (8) (6) \u2013 vacant property costs (1) \u2013 (1) (2) (1) (1) \u2013 property management fees 2 (25) \u2013 (25) (22) (13) (11) \u2013 performance fees 3 \u2013 \u2013 \u2013 (26) \u2013 (13) Net rental income 4 195 \u2013 195 148 97 74 Management fee income 4 3 \u2013 3 4 2 2 Administrative expenses (6) \u2013 (6) (3) (3) (2) Finance costs (including adjustments) (34) \u2013 (34) (26) (17) (13) Adjusted profit before tax 158 \u2013 158 123 79 61 Tax (16) \u2013 (16) (11) (8) (5) Adjusted profit after tax 142 \u2013 142 112 71 56 Adjustments: Profit on sale of investment properties \u2013 \u2013 \u2013 19 \u2013 10 Valuation (deficit)/surplus on investment properties (464) (8) (472) 974 (236) 487 Early close out of debt (3) \u2013 (3) \u2013 (2) \u2013 Tax in respect of adjustments 46 \u2013 46 (183) 23 (92) Total adjustments (421) (8) (429) 810 (215) 405 (Loss)/profit after tax (279) (8) (287) 922 (144) 461 Other comprehensive income \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total comprehensive (expense)/ income for the year (279) (8) (287) 922 (144) 461 1 Total revenue at 100% of \u00a3303 million (2021: \u00a3270 million) includes: Gross rental income of \u00a3237 million (2021: \u00a3210 million); service charge income of \u00a363 million (2021: \u00a356 million) and management fee income of \u00a33 million (2021: \u00a34 million). Service charge income is netted against the equal and opposite service charge expense in calculating Adjusted profit before tax. 2 Property management fees paid to SEGRO. 3 Performance fees recognised by SEGRO. In the condensed set of financial statement for the six months ended 30 June 2022 a performance fee of \u00a342 million was recognised by SEGRO. Due to changes in the estimation of the performance fee, as further discussed in the Fees section below, no fee has been recognised for the year ended 31 December 2022. 4 The composition of gross and net rental income has changed in 2022. Management fee income and service charge income and expense are now presented outside of gross and net rental income. Service charge income is netted against the equal and opposite service charge expense in the table above and are not shown as separate line items. There is no impact on Adjusted operating profit before interest and tax from this change and the prior year comparatives in the table above have been represented to reflect this change. The Group has not recognised losses totalling \u00a312 million at share (2021: \u00a3nil) in relation to its interests in associates, because the Group has no obligation in respect of these losses. There was no other comprehensive income included in the Group Statement of Comprehensive Income (2021: \u00a3nil). SELP is a SPPICAV in France, and does not pay tax on its French property income or gains on property sales, provided that at least 85 per cent of the French subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, SELP has to meet certain conditions such as ensuring the property rental business of each French subsidiary represents more than 60 per cent of its assets. Any potential or proposed changes to the SPPICAV legislation are monitored. 7(ii) \u2013 Summarised Balance Sheet information in respect of the Group\u2019s joint ventures and associates SELP \u00a3m Other \u00a3m At 100% 2022 \u00a3m At 100% 2021 \u00a3m At share 2022 \u00a3m At share 2021 \u00a3m Investment properties 1 6,017 27 6,044 5,818 3,022 2,909 Property, plant and equipment 6 \u2013 6 \u2013 3 \u2013 Other receivables 3 \u2013 3 \u2013 1 \u2013 Total non-current assets 6,026 27 6,053 5,818 3,026 2,909 Other receivables 65 7 72 78 36 39 Cash and cash equivalents 57 6 63 43 32 22 Total current assets 122 13 135 121 68 61 Total assets 6,148 40 6,188 5,939 3,094 2,970 Borrowings 2 (2,005) \u2013 (2,005) (1,723) (1,003) (862) Deferred tax (482) \u2013 (482) (504) (241) (252) Other liabilities \u2013 (40) (40) \u2013 (20) \u2013 Total non-current liabilities (2,487) (40) (2,527) (2,227) (1,264) (1,114) Other liabilities (145) (3) (148) (122) (74) (61) Total current liabilities (145) (3) (148) (122) (74) (61 ) Total liabilities (2,632) (43) (2,675) (2,349) (1,338) (1,175) Unrecognised share of losses \u2013 23 23 \u2013 12 \u2013 Net assets 3,516 20 3,536 3,590 1,768 1,795 1 Investment properties held by SELP include assets held for sale of \u00a3nil (at 100%) at 31 December 2022 (2021: \u00a397 million). 2 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2022, the fair value of \u00a32,005 million (2021: \u00a31,723 million) of borrowings was \u00a31,759 million (2021: \u00a31,766 million). This results in a fair value adjustment increase in EPRA NDV of \u00a3246 million (2021: \u00a343 million decrease), at share \u00a3123 million (2021: \u00a322 million), see Table 5 of the Supplementary Notes. Fees SEGRO provides certain services, including venture advisory and asset management, to the SELP joint venture and receives fees for doing so. A 10 year performance fee, denominated in euros, is payable from SELP to SEGRO in October 2023 based on SELP\u2019s internal rate of return (IRR) subject to certain hurdle rates. The IRR calculation is based on a 10 year performance period from the inception of SELP in October 2013 to October 2023. The IRR calculation to determine whether the hurdle rates will be met when the performance period ends is currently an estimation and sensitive to movements and assumptions in property valuations over the remaining performance period. In the year ended 31 December 2021, SEGRO recognised a performance fee of \u00a326 million (\u20ac29 million) in its Income Statement. An equivalent performance fee expense at share of \u00a313 million was recognised within the share of profit from joint ventures and associates. In the year ended 31 December 2022, no further performance fee has been recognised by SEGRO, and therefore no equivalent performance fee expense has been recognised within the share of profit from joint ventures and associates and reflected in table 7(i). This means the cumulative 10 year performance fee recognised by SEGRO to 31 December 2022 totals \u00a326 million (\u20ac29 million) (2021: \u00a326 million (\u20ac29 million) plus 2022: \u00a3nil). The full amount of the cumulative performance fee recognised is subject to future reversal based on performance over the remaining period to October 2023. Performance fee income is recognised during the performance period to the extent that it is highly probable there will not be a significant future reversal and the fee can be reliably estimated. None of the cumulative \u00a326 million performance fee recognised will be reversed if property values fall by up to 12 per cent between 31 December 2022 and the end of the performance period in October 2023. If property values fall by over 14 per cent, all of the \u00a326 million cumulative performance fee recognised to date would be reversed. SEGRO management notes the inherent and increased uncertainty caused by the market conditions at the period end and the sensitivities detailed below. The volatility has impacted management\u2019s consideration of the point at which it is highly probable that there will not be a significant reversal relative to the estimations undertaken in the prior year and at the half year. Having considered these market conditions, the market outlook and the track record of property market trends, management believes it highly probable that there will not be a significant reversal of the cumulative performance fee recognised to date. Sensitivity Based on current estimates of the IRR of SELP from inception in October 2013 to 31 December 2022, an additional performance fee (beyond the cumulative fee of \u20ac29 million recognised to 31 December 2022) due to SEGRO in October 2023 could be in the region of \u20ac164 million (\u20ac82 million at share after accounting for the corresponding performance fee expense recognised in SELP). However, this is dependent on future events, in particular property valuation movements, to the end of the performance period in October 2023. The current estimate of the IRR is based on property values as at 31 December 2022; a 10 per cent decrease in property values from 31 December 2022 would result in a \u20ac142 million decrease in the estimated fee and a 10 per cent increase in property values would result in a \u20ac142 million increase in the estimated fee. Whilst property valuations have become more volatile since the prior year, using a 10 per cent increase/decrease is still considered appropriate to provide transparency on the relative sensitivity of the estimate. If property values decreased by 12 per cent from 31 December 2022 no additional performance fee would be due beyond the cumulative amount recognised to 31 December 2022. A further performance fee above the \u00a326 million cumulative amount recognised to 31 December 2022 has not been recognised as management has not concluded that it is highly probable that there will not be a significant reversal. 7(iii) \u2013 Investments by the Group 2022 \u00a3m 2021 \u00a3m Cost or valuation at 1 January 1,795 1,423 Exchange movement 92 (95) Net investments1 34 39 Dividends received2 (9) (33) Share of (loss)/profit after tax (144) 461 Cost or valuation at 31 December 1,768 1,795 1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures and associates during the period. 2 Dividends received from SELP of \u00a39 million (2021: \u00a332 million) and other joint ventures of \u00a3nil (2021: \u00a31 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-488": {
"value": "8. Realised and Unrealised Property (Loss)/Gain 2022 \u00a3m 2021 \u00a3m Profit on sale of investment properties 9 53 Valuation (deficit)/surplus on investment properties 1 (1,970) 3,617 Decrease/(increase) in provision for impairment of trading properties 15 (1) Total realised and unrealised property (loss)/gain (1,946) 3,669 1 Includes \u00a31,970 million valuation deficit on investment properties (2021: \u00a33,618 million surplus) less \u00a3nil valuation loss on head lease ROU asset (2021: \u00a31 million). The total valuation deficit on investment and trading properties total \u00a32,191 million (2021: \u00a34,103 million surplus). This comprises \u00a31,970 million deficit from investment properties (2021: \u00a33,617 million surplus), \u00a315 million reversal of impairment from trading properties (2021: \u00a31 million charge), \u00a3236 million deficit from joint ventures and associates at share (2021: \u00a3487 million surplus). The total property loss on investment and trading properties totals \u00a32,175 million (2021: \u00a34,173 million gain). This comprises the total valuation deficit above of \u00a32,191 million (2021: \u00a34,103 million surplus) plus \u00a39 million profit on sale of investment property (2021: \u00a353 million), \u00a37 million profit on sale of trading property (2021: \u00a37 million), \u00a3nil profit on sale of investment property from joint ventures and associates at share (2021: \u00a310 million). Details of profit on sale of trading properties are given in Note 13(ii). ",
"dimensions": {
"concept": "segroplc:DisclosureOfRealisedAndUnrealisedPropertyGain",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-489": {
"value": "9. Net Finance Costs Finance income 2022 \u00a3m 2021 \u00a3m Interest received on bank deposits and related derivatives 21 24 Fair value gain on interest rate swaps and other derivatives 46 11 Total finance income 67 35 Finance costs 2022 \u00a3m 2021 \u00a3m Interest on overdrafts, loans and related derivatives (104) (67) Amortisation of issue costs (9) (3) Interest on lease liabilities (3) (3) Total borrowing costs (116) (73) Less amounts capitalised on the development of properties 22 9 Net borrowing costs (94) (64) Fair value loss on interest rate swaps and other derivatives (245) (93) Exchange differences (1) \u2013 Total finance costs (340) (157) Net finance costs (273) (122) Net finance costs (including adjustments) in Adjusted profit (Note 2) are \u00a374 million (2021: \u00a340 million). This excludes net fair value gains and losses on interest rate swaps and other derivatives of \u00a3199 million loss (2021: \u00a382 million loss). The interest capitalisation rates for 2022 ranged from 1.9 per cent to 4.0 per cent (2021: 1.9 per cent to 2.2 per cent). Interest is capitalised gross of tax relief. Further analysis of exchange differences is given in Note 17 within the forward foreign exchange and currency swap contracts section. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-549": {
"value": "Finance income 2022 \u00a3m 2021 \u00a3m Interest received on bank deposits and related derivatives 21 24 Fair value gain on interest rate swaps and other derivatives 46 11 Total finance income 67 35 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-518": {
"value": "Finance income 2022 \u00a3m 2021 \u00a3m Interest received on bank deposits and related derivatives 21 24 Fair value gain on interest rate swaps and other derivatives 46 11 Total finance income 67 35 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-538": {
"value": "2022 \u00a3m 2021 \u00a3m Interest received on bank deposits and related derivatives 21 24 Fair value gain on interest rate swaps and other derivatives 46 11 Total finance income 67 35 Finance costs 2022 \u00a3m 2021 \u00a3m Interest on overdrafts, loans and related derivatives (104) (67) Amortisation of issue costs (9) (3) Interest on lease liabilities (3) (3) Total borrowing costs (116) (73) Less amounts capitalised on the development of properties 22 9 Net borrowing costs (94) (64) Fair value loss on interest rate swaps and other derivatives (245) (93) Exchange differences (1) \u2013 Total finance costs (340) (157) Net finance costs (273) (122) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-548": {
"value": "2022 \u00a3m 2021 \u00a3m Interest on overdrafts, loans and related derivatives (104) (67) Amortisation of issue costs (9) (3) Interest on lease liabilities (3) (3) Total borrowing costs (116) (73) Less amounts capitalised on the development of properties 22 9 Net borrowing costs (94) (64) Fair value loss on interest rate swaps and other derivatives (245) (93) Exchange differences (1) \u2013 Total finance costs (340) (157) Net finance costs (273) (122) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-519": {
"value": "2022 \u00a3m 2021 \u00a3m Interest on overdrafts, loans and related derivatives (104) (67) Amortisation of issue costs (9) (3) Interest on lease liabilities (3) (3) Total borrowing costs (116) (73) Less amounts capitalised on the development of properties 22 9 Net borrowing costs (94) (64) Fair value loss on interest rate swaps and other derivatives (245) (93) Exchange differences (1) \u2013 Total finance costs (340) (157) Net finance costs (273) (122) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-490": {
"value": "10. Tax
10(i) \u2013 Tax on (loss)/profit
2022
\u00a3m
2021
\u00a3m
Tax:
On Adjusted profit (11) (8)
In respect of adjustments:
\u2013 French withholding tax (4) (145)
\u2013 SIIC entry charge \u2013 (38)
\u2013 Other (primarily in respect of property valuation movements) 52 (97)
Total tax in respect of adjustments 48 (280)
Total tax credit/(charge) 37 (288)
Current tax
United Kingdom
Current tax credit 7 4
Total UK current tax credit 7 4
Overseas
Current tax charge (30) (40)
French withholding tax (1) (16)
SIIC entry charge \u2013 (38)
Total overseas current tax charge (31) (94)
Total current tax charge (24) (90)
Deferred tax
Origination and reversal of temporary differences (13) (34)
Released in respect of property disposals in the year 25 22
On valuation movements 50 (173)
Total deferred tax in respect of investment properties 62 (185)
Other deferred tax (1) (13)
Total deferred tax credit/(charge) 61 (198)
Total tax credit/(charge) on (loss)/profit on ordinary activities 37 (288)
10(ii) \u2013 Factors affecting tax credit for the year
The tax credit is lower than (2021: tax charge is higher than) the standard rate of UK corporation
tax. The differences are:
2022
\u00a3m
2021
\u00a3m
(Loss)/profit on ordinary activities before tax (1,967) 4,355
Exclude valuation deficit/(surplus) in respect of UK properties not deductible/
taxable 1,701 (2,941)
(266) 1,414
Multiplied by standard rate of UK corporation tax of 19 per cent
(2021: 19 per cent) 51 (269)
Effects of:
REIT & SIIC exemption on income and gains 1 64
Non-taxable/(deductible) items 3 (3)
Joint venture and associates\u2019 tax adjustment
1
(26) 88
Higher tax rates on international earnings (1) (36)
French withholding tax (1) (100)
Adjustment in respect of assets not recognised 10 (3)
SIIC entry charge \u2013 (29)
Total tax credit/(charge) on (loss)/profit on ordinary activities 37 (288)
1 The joint venture and associates\u2019 tax adjustment is required because the (loss)/profit on ordinary activities before tax includes share
of profit from joint ventures and associates\u2019 after tax, whereas the total tax balance excludes joint ventures and associates.
10(iii) \u2013 REIT and SIIC regimes and other tax judgements
SEGRO is a Real Estate Investment Trust (REIT) and does not pay tax on its UK property income or
gains on property sales, provided that at least 90 per cent of the Group\u2019s UK property income is
distributed as a dividend to shareholders, which becomes taxable in their hands. In addition, the
Group has to meet certain conditions such as ensuring its worldwide property rental business
represents more than 75 per cent of total profits and assets. Any potential or proposed changes
to the REIT legislation are monitored and discussed with HMRC. It is management\u2019s intention that
the Group will continue as a REIT for the foreseeable future.
SEGRO is also a SIIC in France, and does not pay corporation tax on its French property income
or gains on property sales, provided that at least 95 per cent of the relevant Group French
subsidiaries\u2019 property income is distributed to their immediate shareholder. In addition, the
Group has to meet certain conditions such as ensuring the property rental business of each
French subsidiary represents more than 80 per cent of its assets. Any potential or proposed
changes to the SIIC legislation are monitored. It is management\u2019s intention that the Group will
continue as a SIIC for the foreseeable future.
In 2021 a formal tax assessment in relation to the applicability of a 25 per cent withholding tax on
distributions from the SIIC was received from the French tax authorities and a tax charge was
recognised. A legal conclusion has not been reached and communication with the French tax
authorities remains ongoing. As a result, a tax charge on adjustments of \u00a34 million has been
recognised in the year ended 31 December 2022 (of which \u00a31 million is current tax and \u00a33 million is
deferred tax) (2021: total tax charge of \u00a3145 million, of which \u00a316 million is current tax and \u00a3129 million
is deferred tax). As noted below, until a legal conclusion has been reached, it is possible further tax
charges may arise in relation to this matter.
In addition, during 2021, the Group elected Sofibus Patrimoine S.A. into the SIIC regime in France.
The entire entry cost of \u00a338 million, payable over a 4 year period, was recognised in the Income
Statement for the year ended 31 December 2021 and accordingly no cost has been recognised
in the year ended 31 December 2022.
The Group operates in a number of jurisdictions and is subject to periodic challenges by local tax
authorities on a range of tax matters during the normal course of business. The tax impact can be
uncertain until a conclusion is reached with the relevant tax authority or through a legal process.
The Group uses in-house expertise when assessing uncertain tax positions and seeks the advice
of external professional advisors where appropriate. The Group believes that its provisions for tax
liabilities and associated penalties are adequate for all open tax years based on its assessment of
many factors, including tax laws and prior experience. The most significant assessment relating
to the recognition of withholding tax in France is discussed above.
10(iv) \u2013 Deferred tax liabilities
Movement in deferred tax was as follows:
Group \u2013 2022
Balance
1 January
\u00a3m
Exchange
movement
\u00a3m
Acquisitions/
disposals
\u00a3m
Recognised
in income
\u00a3m
Balance
31 December
\u00a3m
Valuation surpluses and deficits on
properties/accelerated tax allowances 259 12 \u2013 (62) 209
Others 15 1 \u2013 1 17
Total deferred tax liabilities 274 13 \u2013 (61) 226
Group \u2013 2021
Balance
1 January
\u00a3m
Exchange
movement
\u00a3m
Acquisitions/
disposals
\u00a3m
Recognised
in income
\u00a3m
Balance
31 December
\u00a3m
Valuation surpluses and deficits on
properties/accelerated tax allowances 84 (10) \u2013 185 259
Others 3 (1) \u2013 13 15
Total deferred tax liabilities 87 (11) \u2013 198 274
The Group has recognised revenue tax losses of \u00a399 million (2021: \u00a3109 million) available for
offset against future profits (reflected in \u2018Valuation surpluses and deficits on properties/accelerated
tax allowances\u2019 in the table above). Further unrecognised tax losses of \u00a3748 million also exist at 31
December 2022 (2021: \u00a3766 million) of which \u00a34 million (2021: \u00a34 million) expires within nine
years. The majority of the unrecognised tax loss balance relates to historic capital losses that
arose on property disposals and on losses generated from debt close-out costs. The Directors
do not consider it probable that there will be sufficient future taxable profit for the relevant losses
to be utilised and so no deferred tax asset has been recognised for unused tax losses. To the
extent that a further performance fee from SELP (detailed in Note 7 (ii)) becomes due in 2023, this
may result in the ability to utilise tax losses which are not currently recognised for deferred tax
asset purposes.
For the purposes of measuring deferred tax liabilities or deferred tax assets arising from
investment properties that are measured using the fair value model, the Directors have reviewed
the Group\u2019s investment property portfolios and concluded that the Group\u2019s investment
properties are not held under a business model whose objective is to consume substantially all
of the economic benefits embodied in the investment properties over time, rather than through
sale. Therefore, in determining the Group\u2019s deferred taxation on investment properties, the
Directors have determined that the presumption that the carrying amounts of investment
properties measured using the fair value model are recovered entirely through sale is not
rebutted. As a result, the Group has recognised deferred taxes on changes in fair value of
investment properties for all jurisdictions, with the exception of the UK, where the Group is not
subject to any corporate income taxes on the fair value changes of the investment properties
on disposal due to its REIT status.
10(v) \u2013 Factors that may affect future tax charges
Other than France no deferred tax is recognised on the unremitted earnings of international
subsidiaries, joint ventures and associates. In the event of their remittance to the UK, no net UK
tax is expected to be payable. As detailed in Note 10(iii) a tax charge for probable withholding
tax due on results generated from the French business has been recognised, this includes
withholding tax on unremitted earnings.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-520": {
"value": "10(iv) \u2013 Deferred tax liabilities Movement in deferred tax was as follows: Group \u2013 2022 Balance 1 January \u00a3m Exchange movement \u00a3m Acquisitions/ disposals \u00a3m Recognised in income \u00a3m Balance 31 December \u00a3m Valuation surpluses and deficits on properties/accelerated tax allowances 259 12 \u2013 (62) 209 Others 15 1 \u2013 1 17 Total deferred tax liabilities 274 13 \u2013 (61) 226 Group \u2013 2021 Balance 1 January \u00a3m Exchange movement \u00a3m Acquisitions/ disposals \u00a3m Recognised in income \u00a3m Balance 31 December \u00a3m Valuation surpluses and deficits on properties/accelerated tax allowances 84 (10) \u2013 185 259 Others 3 (1) \u2013 13 15 Total deferred tax liabilities 87 (11) \u2013 198 274 The Group has recognised revenue tax losses of \u00a399 million (2021: \u00a3109 million) available for offset against future profits (reflected in \u2018Valuation surpluses and deficits on properties/accelerated tax allowances\u2019 in the table above). Further unrecognised tax losses of \u00a3748 million also exist at 31 December 2022 (2021: \u00a3766 million) of which \u00a34 million (2021: \u00a34 million) expires within nine years. The majority of the unrecognised tax loss balance relates to historic capital losses that arose on property disposals and on losses generated from debt close-out costs. The Directors do not consider it probable that there will be sufficient future taxable profit for the relevant losses to be utilised and so no deferred tax asset has been recognised for unused tax losses. To the extent that a further performance fee from SELP (detailed in Note 7 (ii)) becomes due in 2023, this may result in the ability to utilise tax losses which are not currently recognised for deferred tax asset purposes. For the purposes of measuring deferred tax liabilities or deferred tax assets arising from investment properties that are measured using the fair value model, the Directors have reviewed the Group\u2019s investment property portfolios and concluded that the Group\u2019s investment properties are not held under a business model whose objective is to consume substantially all of the economic benefits embodied in the investment properties over time, rather than through sale. Therefore, in determining the Group\u2019s deferred taxation on investment properties, the Directors have determined that the presumption that the carrying amounts of investment properties measured using the fair value model are recovered entirely through sale is not rebutted. As a result, the Group has recognised deferred taxes on changes in fair value of investment properties for all jurisdictions, with the exception of the UK, where the Group is not subject to any corporate income taxes on the fair value changes of the investment properties on disposal due to its REIT status. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-491": {
"value": "11. Dividends 2022 \u00a3m 2021 \u00a3m Ordinary dividends paid Interim dividend for 2022 @ 8.1 pence per share 98 \u2013 Final dividend for 2021 @ 16.9 pence per share 203 \u2013 Interim dividend for 2021 @ 7.4 pence per share \u2013 89 Final dividend for 2020 @ 15.2 pence per share \u2013 181 Total dividends 301 270 The Board recommends a final dividend for 2022 of 18. 2 pence which is estimated to result in a distribution of up to \u00a32 20 million. The total dividend paid and proposed per share in respect of the year ended 31 December 2022 is 26.3 pence (2021: 24.3 pence). The total dividend in 2022 of \u00a3301 million (2021: \u00a3270 million) was paid: \u00a3222 million as cash (2021: \u00a3176 million) and \u00a379 million in scrip dividends (2021: \u00a394 million). For details on scrip dividends see Notes 18 and 19. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-21": {
"value": "0.182",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-22": {
"value": "220000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-492": {
"value": "12. Earnings and Net Assets Per Share The earnings per share calculations use the weighted average number of shares in issue during the year and the net assets per share calculations use the number of shares in issue at year end. Earnings per share calculations exclude 0.2 million shares (2021: 0.2 million) being the average number of shares held on trust for employee share schemes and net assets per share calculations exclude 0.2 million shares (2021: 0.2 million) being the actual number of shares held on trust for employee share schemes at year end. 12(i) \u2013 Earnings per ordinary share (EPS) 2022 2021 Earnings \u00a3m Shares million Pence per share Earnings \u00a3m Shares million Pence per share Basic EPS (1,927) 1,206.6 (159.7) 4,060 1,197.7 339.0 Dilution adjustments: Share and save as you earn schemes \u2013 \u2013 \u2013 \u2013 3.3 (0.9) Diluted EPS 2 (1,927) 1,206.6 (159.7) 4,060 1,201.0 338.1 Basic EPS (1,927) 1,206.6 (159.7) 4,060 1,197.7 339.0 Adjustments to (loss)/profit before tax 1 2,353 195.0 (3,999) (333.9) Tax in respect of Adjustments (48) (4.0) 280 23.4 Non-controlling interest on Adjustments (4) (0.3) 7 0.6 Adjusted Basic EPS 374 1,206.6 31.0 348 1,197.7 29.1 Adjusted Diluted EPS 374 1,210.0 30.9 348 1,201.0 29.0 1 Details of adjustments are included in Note 2. 2 In the year ended 31 December 2022, share options are excluded from the weighted average diluted number of shares when calculating IFRS diluted loss per share because they are not dilutive. 12(ii) \u2013 Net assets per share (NAV) The EPRA Net Tangible Assets (NTA) metric is considered to be most consistent with the nature of SEGRO\u2019s business as a UK REIT providing long-term progressive and sustainable returns. EPRA NTA acts as the primary measure of net asset value and is also referred to as Adjusted Net Asset Value (or Adjusted NAV). A reconciliation from IFRS NAV to Adjusted NAV is set out in the table below along with the net asset per share metrics. Table 5 of the Supplementary Notes provides a reconciliation from IFRS NAV for each of the three EPRA net asset value metrics. 2022 2021 Equity attributable to ordinary shareholders \u00a3m Shares million Pence per share Equity attributable to ordinary shareholders \u00a3m Shares million Pence per share Basic NAV 11,373 1,209.1 941 13,436 1,202.3 1,118 Dilution adjustments: Share and save as you earn schemes \u2013 3.4 (3) \u2013 3.2 (3) Diluted NAV 11,373 1,212.5 938 13,436 1,205.5 1,115 Fair value adjustment in respect of interest rate derivatives \u2013 Group 131 11 24 2 Fair value adjustment in respect of trading properties \u2013 Group 2 \u2013 1 \u2013 Deferred tax in respect of depreciation and valuation surpluses \u2013 Group 1 104 8 129 11 Deferred tax in respect of depreciation and valuation surpluses \u2013 Joint ventures and associates 1 119 10 123 10 Intangible assets (12) (1) (9) (1) Adjusted NAV 11,717 1,212.5 966 13,704 1,205.5 1,137 1 50 per cent of deferred tax in respect of depreciation and valuation surpluses has been excluded in calculating Adjusted NAV in line with option 3 of EPRA Best Practices Recommendations Guidelines . ",
"dimensions": {
"concept": "segroplc:DisclosureOfEarningsAndNetAssetsPerShare",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-521": {
"value": "12(i) \u2013 Earnings per ordinary share (EPS) 2022 2021 Earnings \u00a3m Shares million Pence per share Earnings \u00a3m Shares million Pence per share Basic EPS (1,927) 1,206.6 (159.7) 4,060 1,197.7 339.0 Dilution adjustments: Share and save as you earn schemes \u2013 \u2013 \u2013 \u2013 3.3 (0.9) Diluted EPS 2 (1,927) 1,206.6 (159.7) 4,060 1,201.0 338.1 Basic EPS (1,927) 1,206.6 (159.7) 4,060 1,197.7 339.0 Adjustments to (loss)/profit before tax 1 2,353 195.0 (3,999) (333.9) Tax in respect of Adjustments (48) (4.0) 280 23.4 Non-controlling interest on Adjustments (4) (0.3) 7 0.6 Adjusted Basic EPS 374 1,206.6 31.0 348 1,197.7 29.1 Adjusted Diluted EPS 374 1,210.0 30.9 348 1,201.0 29.0 1 Details of adjustments are included in Note 2. 2 In the year ended 31 December 2022, share options are excluded from the weighted average diluted number of shares when calculating IFRS diluted loss per share because they are not dilutive. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-522": {
"value": "12(ii) \u2013 Net assets per share (NAV) The EPRA Net Tangible Assets (NTA) metric is considered to be most consistent with the nature of SEGRO\u2019s business as a UK REIT providing long-term progressive and sustainable returns. EPRA NTA acts as the primary measure of net asset value and is also referred to as Adjusted Net Asset Value (or Adjusted NAV). A reconciliation from IFRS NAV to Adjusted NAV is set out in the table below along with the net asset per share metrics. Table 5 of the Supplementary Notes provides a reconciliation from IFRS NAV for each of the three EPRA net asset value metrics. 2022 2021 Equity attributable to ordinary shareholders \u00a3m Shares million Pence per share Equity attributable to ordinary shareholders \u00a3m Shares million Pence per share Basic NAV 11,373 1,209.1 941 13,436 1,202.3 1,118 Dilution adjustments: Share and save as you earn schemes \u2013 3.4 (3) \u2013 3.2 (3) Diluted NAV 11,373 1,212.5 938 13,436 1,205.5 1,115 Fair value adjustment in respect of interest rate derivatives \u2013 Group 131 11 24 2 Fair value adjustment in respect of trading properties \u2013 Group 2 \u2013 1 \u2013 Deferred tax in respect of depreciation and valuation surpluses \u2013 Group 1 104 8 129 11 Deferred tax in respect of depreciation and valuation surpluses \u2013 Joint ventures and associates 1 119 10 123 10 Intangible assets (12) (1) (9) (1) Adjusted NAV 11,717 1,212.5 966 13,704 1,205.5 1,137 1 50 per cent of deferred tax in respect of depreciation and valuation surpluses has been excluded in calculating Adjusted NAV in line with option 3 of EPRA Best Practices Recommendations Guidelines ",
"dimensions": {
"concept": "segroplc:DisclosureOfNetAssetsPerShareNAV",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-493": {
"value": "13. Properties 13(i) \u2013 Investment properties Completed \u00a3m Development \u00a3m Total \u00a3m At 1 January 2022 13,815 1,461 15,276 Exchange movement 143 42 185 Property acquisitions 117 682 799 Additions to existing investment properties 53 678 731 Disposals (314) (1) (315) Transfers on completion of development and completed properties taken back for redevelopment 340 (340) \u2013 Transfer from/(to) trading properties 3 (7) (4) Revaluation (deficit)/surplus during the year (2,044) 74 (1,970) At 31 December 2022 12,113 2,589 14,702 Add tenant lease incentives, letting fees and rental guarantees 164 \u2013 164 Investment properties excluding head lease ROU assets at 31 December 2022 12,277 2,589 14,866 Add head lease liabilities (ROU assets) 1 73 \u2013 73 Total investment properties at 31 December 2022 12,350 2,589 14,939 Completed \u00a3m Development \u00a3m Total \u00a3m At 1 January 2021 9,397 1,062 10,459 Exchange movement (145) (25) (170) Property acquisitions 983 289 1,272 Additions to existing investment properties 35 571 606 Disposals (491) (7) (498) Transfers on completion of development and completed properties taken back for redevelopment 926 (926) \u2013 Transfer to trading properties \u2013 (11) (11) Revaluation surplus during the year 3,110 508 3,618 At 31 December 2021 13,815 1,461 15,276 Add tenant lease incentives, letting fees and rental guarantees 146 \u2013 146 Investment properties excluding head lease ROU assets at 31 December 2021 13,961 1,461 15,422 Add head lease liabilities (ROU assets) 1 70 \u2013 70 Total investment properties at 31 December 2021 14,031 1,461 15,492 1 At 31 December 2022 investment properties included \u00a373 million (2021: \u00a370 million) for the head lease liabilities recognised under IFRS 16. Investment properties are stated at fair value as at 31 December 2022 based on external valuations performed by professionally qualified, independent valuers. The Group\u2019s wholly-owned, joint venture and associate property portfolio is valued by CBRE Ltd on a half-yearly basis (apart from two assets valued by Knight Frank). The valuations conform to International Valuation Standards and were arrived at by reference to market evidence of the transaction prices paid for similar properties. In estimating the fair value of the properties, the valuers consider the highest and best use of the properties. There has been no change to the valuation technique during the year. CBRE Ltd also undertakes some professional and agency work on behalf of the Group. This is carried out by departments separate from the Valuation team in CBRE and overall the total fees earned from the Group are below 5 per cent of CBRE\u2019s total income. This work does not therefore lead to a conflict of interest for the properties being valued by CBRE at the period end. Completed properties include buildings that are occupied or are available for occupation. Development properties include land available for development (land bank), land under development, construction in progress and covered land. To provide additional transparency over the future development pipeline of the Group, the \u2018covered land\u2019 category has been identified in the year. This new category consists of income producing assets acquired with the explicit intention to redevelop them in the short to medium term. Valued on the balance sheet as land plus remaining contracted income. As a result of the new covered land category, \u00a3474 million (carrying value as at 31 December 2021) of standing assets acquired in 2021 have been identified as covered land, these assets were classified as Completed property as at 31 December 2021 and during the period transferred to Development property in the table above. The carrying value of covered land held within Development properties as at 31 December 2022 is \u00a3656 million (2021: \u00a3nil). The carrying value of investment properties situated on land held under leaseholds is \u00a3209 million (excluding head lease ROU assets) (2021: \u00a3206 million). Further details on property valuation techniques, sustainability and climate change considerations and related quantitative information are set out in Note 26. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-496": {
"value": "13(ii) \u2013 Trading properties 2022 \u00a3m 2021 \u00a3m At 1 January 45 52 Exchange movement 1 (2) Property acquisitions 1 8 Additions to existing trading properties 62 17 Disposals 1 (93) (40) Decrease/(increase) in provision for impairment during the year 15 (1) Transfer from investment properties 4 11 At 31 December 35 45 1 Profit on sale of trading properties of \u00a37 million in the year (2021: \u00a37 million) have been generated from total proceeds of \u00a3100 million (2021: \u00a347 million), see Note 4, less costs of \u00a393 million (2021: \u00a340 million), see Note 5. Trading properties were externally valued, as detailed in Note 13(i), resulting in a decrease in the provision for impairment of \u00a315 million (2021: \u00a31 million increase). Based on the fair value at 31 December 2022, the portfolio has unrecognised surplus of \u00a32 million (2021: \u00a31 million). Further information on valuation techniques and related quantitative information is given in Note 26 ",
"dimensions": {
"concept": "segroplc:DisclosureOfTradingProperties",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-494": {
"value": "14. Trade and Other Receivables Group Company 2022 \u00a3m 2021 (restated) 4 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Trade receivables 1 60 48 \u2013 \u2013 Other receivables 2 114 143 25 21 Prepayments 17 10 \u2013 \u2013 Amounts due from related parties 8 6 \u2013 \u2013 Total current trade and other receivables 199 207 25 21 Non-current Other receivables 3 40 35 \u2013 \u2013 Amounts due from related parties5 41 \u2013 \u2013 \u2013 Total non-current other receivables 81 35 \u2013 \u2013 1 Note 17(vi) details the Group\u2019s credit risk management and loss allowances held for trade receivables. 2 Group other current receivables includes VAT recoverable and capital receivables. 3 Group non-current other receivables includes an advance payment for the future acquisition of land of \u00a338 million (2021: \u00a335 million). 4 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 5 Amount due from the associate acquired in the year, see Note 7(i) . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-550": {
"value": "14. Trade and Other Receivables Group Company 2022 \u00a3m 2021 (restated) 4 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Trade receivables 1 60 48 \u2013 \u2013 Other receivables 2 114 143 25 21 Prepayments 17 10 \u2013 \u2013 Amounts due from related parties 8 6 \u2013 \u2013 Total current trade and other receivables 199 207 25 21 Non-current Other receivables 3 40 35 \u2013 \u2013 Amounts due from related parties5 41 \u2013 \u2013 \u2013 Total non-current other receivables 81 35 \u2013 \u2013 1 Note 17(vi) details the Group\u2019s credit risk management and loss allowances held for trade receivables. 2 Group other current receivables includes VAT recoverable and capital receivables. 3 Group non-current other receivables includes an advance payment for the future acquisition of land of \u00a338 million (2021: \u00a335 million). 4 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 5 Amount due from the associate acquired in the year, see Note 7(i) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-539": {
"value": "14. Trade and Other Receivables Group Company 2022 \u00a3m 2021 (restated) 4 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Trade receivables 1 60 48 \u2013 \u2013 Other receivables 2 114 143 25 21 Prepayments 17 10 \u2013 \u2013 Amounts due from related parties 8 6 \u2013 \u2013 Total current trade and other receivables 199 207 25 21 Non-current Other receivables 3 40 35 \u2013 \u2013 Amounts due from related parties5 41 \u2013 \u2013 \u2013 Total non-current other receivables 81 35 \u2013 \u2013 1 Note 17(vi) details the Group\u2019s credit risk management and loss allowances held for trade receivables. 2 Group other current receivables includes VAT recoverable and capital receivables. 3 Group non-current other receivables includes an advance payment for the future acquisition of land of \u00a338 million (2021: \u00a335 million). 4 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 5 Amount due from the associate acquired in the year, see Note 7(i) . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-523": {
"value": "14. Trade and Other Receivables Group Company 2022 \u00a3m 2021 (restated) 4 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Trade receivables 1 60 48 \u2013 \u2013 Other receivables 2 114 143 25 21 Prepayments 17 10 \u2013 \u2013 Amounts due from related parties 8 6 \u2013 \u2013 Total current trade and other receivables 199 207 25 21 Non-current Other receivables 3 40 35 \u2013 \u2013 Amounts due from related parties5 41 \u2013 \u2013 \u2013 Total non-current other receivables 81 35 \u2013 \u2013 1 Note 17(vi) details the Group\u2019s credit risk management and loss allowances held for trade receivables. 2 Group other current receivables includes VAT recoverable and capital receivables. 3 Group non-current other receivables includes an advance payment for the future acquisition of land of \u00a338 million (2021: \u00a335 million). 4 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 5 Amount due from the associate acquired in the year, see Note 7(i) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-495": {
"value": "15. Trade and Other Payables Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Due within one year Trade payables 10 5 \u2013 \u2013 Other payables 123 114 2 2 Non-capital accruals 1 106 80 45 29 Capital creditors and capital accruals 218 178 \u2013 \u2013 Rent in advance 102 84 \u2013 \u2013 Lease liabilities 1 2 \u2013 \u2013 Total trade and other payables due within one year 560 463 47 31 Due after one year Other payables 1 1 \u2013 \u2013 Lease liabilities 76 74 \u2013 \u2013 Loans due to subsidiaries \u2013 \u2013 2,063 1,498 Total other payables due after one year 77 75 2,063 1,498 1 Includes accrued interest payable on external borrowings for the Group of \u00a336 million (2021: \u00a320 million) and for the Company of \u00a325 million (2021: \u00a320 million) . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
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"fact-554": {
"value": "15. Trade and Other Payables Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Due within one year Trade payables 10 5 \u2013 \u2013 Other payables 123 114 2 2 Non-capital accruals 1 106 80 45 29 Capital creditors and capital accruals 218 178 \u2013 \u2013 Rent in advance 102 84 \u2013 \u2013 Lease liabilities 1 2 \u2013 \u2013 Total trade and other payables due within one year 560 463 47 31 Due after one year Other payables 1 1 \u2013 \u2013 Lease liabilities 76 74 \u2013 \u2013 Loans due to subsidiaries \u2013 \u2013 2,063 1,498 Total other payables due after one year 77 75 2,063 1,498 1 Includes accrued interest payable on external borrowings for the Group of \u00a336 million (2021: \u00a320 million) and for the Company of \u00a325 million (2021: \u00a320 million) ",
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"value": "15. Trade and Other Payables Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Due within one year Trade payables 10 5 \u2013 \u2013 Other payables 123 114 2 2 Non-capital accruals 1 106 80 45 29 Capital creditors and capital accruals 218 178 \u2013 \u2013 Rent in advance 102 84 \u2013 \u2013 Lease liabilities 1 2 \u2013 \u2013 Total trade and other payables due within one year 560 463 47 31 Due after one year Other payables 1 1 \u2013 \u2013 Lease liabilities 76 74 \u2013 \u2013 Loans due to subsidiaries \u2013 \u2013 2,063 1,498 Total other payables due after one year 77 75 2,063 1,498 1 Includes accrued interest payable on external borrowings for the Group of \u00a336 million (2021: \u00a320 million) and for the Company of \u00a325 million (2021: \u00a320 million) . ",
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"fact-551": {
"value": "15. Trade and Other Payables Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Due within one year Trade payables 10 5 \u2013 \u2013 Other payables 123 114 2 2 Non-capital accruals 1 106 80 45 29 Capital creditors and capital accruals 218 178 \u2013 \u2013 Rent in advance 102 84 \u2013 \u2013 Lease liabilities 1 2 \u2013 \u2013 Total trade and other payables due within one year 560 463 47 31 Due after one year Other payables 1 1 \u2013 \u2013 Lease liabilities 76 74 \u2013 \u2013 Loans due to subsidiaries \u2013 \u2013 2,063 1,498 Total other payables due after one year 77 75 2,063 1,498 1 Includes accrued interest payable on external borrowings for the Group of \u00a336 million (2021: \u00a320 million) and for the Company of \u00a325 million (2021: \u00a320 million) . ",
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"value": "15. Trade and Other Payables Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Due within one year Trade payables 10 5 \u2013 \u2013 Other payables 123 114 2 2 Non-capital accruals 1 106 80 45 29 Capital creditors and capital accruals 218 178 \u2013 \u2013 Rent in advance 102 84 \u2013 \u2013 Lease liabilities 1 2 \u2013 \u2013 Total trade and other payables due within one year 560 463 47 31 Due after one year Other payables 1 1 \u2013 \u2013 Lease liabilities 76 74 \u2013 \u2013 Loans due to subsidiaries \u2013 \u2013 2,063 1,498 Total other payables due after one year 77 75 2,063 1,498 1 Includes accrued interest payable on external borrowings for the Group of \u00a336 million (2021: \u00a320 million) and for the Company of \u00a325 million (2021: \u00a320 million) ",
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"fact-524": {
"value": "15. Trade and Other Payables Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Due within one year Trade payables 10 5 \u2013 \u2013 Other payables 123 114 2 2 Non-capital accruals 1 106 80 45 29 Capital creditors and capital accruals 218 178 \u2013 \u2013 Rent in advance 102 84 \u2013 \u2013 Lease liabilities 1 2 \u2013 \u2013 Total trade and other payables due within one year 560 463 47 31 Due after one year Other payables 1 1 \u2013 \u2013 Lease liabilities 76 74 \u2013 \u2013 Loans due to subsidiaries \u2013 \u2013 2,063 1,498 Total other payables due after one year 77 75 2,063 1,498 1 Includes accrued interest payable on external borrowings for the Group of \u00a336 million (2021: \u00a320 million) and for the Company of \u00a325 million (2021: \u00a320 million) ",
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"fact-497": {
"value": "16. Net Borrowings 16(i) \u2013 Net borrowings by type Group Company 2022 \u00a3m 2021 (restated) 1 \u00a3m 2022 \u00a3m 2021 \u00a3m Secured borrowings: Euro mortgages 1 2 \u2013 \u2013 Total secured (on land, buildings and other assets) 1 2 \u2013 \u2013 Unsecured borrowings: Bonds 6.75% bonds 2024 82 82 82 82 1.250% bonds 2026 571 \u2013 \u2013 \u2013 2.375% bonds 2029 348 348 348 348 1.875% bonds 2030 436 \u2013 \u2013 \u2013 0.50% bonds 2031 437 415 \u2013 \u2013 5.75% bonds 2035 199 199 199 199 2.875% bonds 2037 396 396 396 396 5.125% bonds 2041 344 \u2013 344 \u2013 2,813 1,440 1,369 1,025 Private placement notes 1.77% notes 2027 354 335 354 335 1.82% notes 2028 88 84 88 84 2.00% notes 2029 133 126 133 126 2.27% notes 2032 88 84 88 84 1.35% notes 2032 132 125 132 125 2.37% notes 2033 176 167 176 167 1.45% notes 2035 44 42 44 42 3.87% notes 2037 43 \u2013 43 \u2013 1.83% notes 2040 (Series C) 167 158 167 158 1.83% notes 2040 (Series D) 53 50 53 50 4.14% notes 2042 155 \u2013 155 \u2013 1,433 1,171 1,433 1,171 Bank loans and overdrafts 637 793 637 793 Total unsecured 4,883 3,404 3,439 2,989 Total borrowings 4,884 3,406 3,439 2,989 Cash and cash equivalents1 (162) (85) (72) (12) Net borrowings 4,722 3,321 3,367 2,977 1 Group Cash and cash equivalents have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. The maturity profile of borrowings is as follows: Maturity profile of borrowings Group Company 2022 \u00a3m 2021 (restated) 1 \u00a3m 2022 \u00a3m 2021 \u00a3m In one year or less \u2013 \u2013 \u2013 \u2013 In more than one year but less than two 83 \u2013 82 \u2013 In more than two years but less than five 1,562 877 991 875 In more than five years but less than ten 1,662 1,308 789 893 In more than ten years 1,577 1,221 1,577 1,221 In more than one year 4,884 3,406 3,439 2,989 Total borrowings 4,884 3,406 3,439 2,989 Cash and cash equivalents 1,2 (162) (85) (72) (12) Net borrowings 4,722 3,321 3,367 2,977 1 Group Cash and cash equivalents have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 2 Group Cash and cash equivalents also include tenant deposits held in separate designated bank accounts of \u00a350 million (2021: \u00a340 million), the use of the deposits is subject to restrictions as set out in the tenant lease agreement and therefore not available for general use by the Group. There are no early settlement or call options (greater than three months prior to maturity) on any of the borrowings. Financial covenants relating to the borrowings include maximum limits to the Group\u2019s gearing ratio and minimum limits to permitted interest cover. Financial covenants are discussed in more detail in the \u2018Gearing and financial covenants\u2019 section in the Financial Review on page 59. Bank loans and overdrafts include capitalised finance costs on committed facilities. In March 2022, the Group established a European Medium-Term Note (EMTN) programme. Upon creation, it issued \u20ac650 million of four year and \u20ac500 million of eight year unsecured green bonds. The annual coupons were 1.25 per cent and 1.875 per cent respectively. Proceeds of the bond were used to finance or refinance eligible green projects outlined in SEGRO\u2019s Green Finance Framework (further details on SEGRO\u2019s Green Finance Framework can be found on the Company\u2019s website). Also in March 2022, the Group entered into an additional \u20ac1 billion multicurrency term loan facility. The Group cancelled \u20ac600 million of commitments during August 2022 and cancelled the remaining \u20ac400 million commitments in December 2022. In May 2022, SEGRO extended the maturity of its \u20ac1.2 billion of revolving credit facilities for a further year to 2027. In August 2022, the Group entered into an additional syndicated \u20ac600 million revolving credit facility with existing lenders, maturing in 2025. In September 2022, the Group issued \u20ac225 million of US Private Placement notes. The transaction consisted of two tranches: \u20ac50 million of notes at a fixed coupon of 3.87 per cent maturing in 2037 and \u20ac175 million of notes at a fixed coupon of 4.14 per cent maturing in 2042. In December 2022, the Group entered into two term loan facilities. The first facility has commitments totalling \u00a3300 million and \u20ac115 million, maturing in 2025. The second facility has total commitments of \u20ac293 million, of which \u20ac195 million matures in 2025 and the remaining \u20ac98 million matures in 2027. Both term loan facilities were undrawn as at 31 December 2022. Also in December 2022, SEGRO plc issued \u00a3350 million of 19-year unsecured notes from its EMTN programme. The annual coupon is 5.125 per cent and proceeds will principally be used for general corporate purposes. The debt refinancing is discussed in more detail in the Financial Review on page 58. Maturity profile of undrawn borrowing facilities Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m In one year or less 150 8 142 8 In more than one year but less than two \u2013 630 \u2013 630 In more than two years but less than five 1,608 210 1,608 210 Total available undrawn borrowing facilities 1,758 848 1,750 848 16(ii) \u2013 Net borrowings by interest rates The weighted average interest rate profile of Group and Company net borrowings after derivative instruments is as follows: 2022 Interest rate profile \u2013 Group Fixed rate % Fixed period years Fixed debt \u00a3m Capped strike % Capped debt \u00a3m Variable debt/cash \u00a3m Total \u00a3m Borrowings Weighted average after derivative instruments Sterling 4.00 12.4 1,469 \u2013 \u2013 (349) 1,120 Euros 1.67 7.6 2,259 1.93 701 804 3,764 Total borrowings 2.58 9.5 3,728 1.93 701 455 4,884 Cash and cash equivalents Sterling (146) (146) Euros (16) (16) Total cash and cash equivalents (162) (162) Net borrowings 3,728 701 293 4,722 2021 Interest rate profile \u2013 Group Fixed rate % Fixed period years Fixed debt \u00a3m Capped strike % Capped debt \u00a3m Variable debt/cash (restated) 1 \u00a3m Total \u00a3m Borrowings Weighted average after derivative instruments Sterling 6.42 10.2 96 2.00 150 371 617 Euros 1.30 8.4 958 1.33 630 1,201 2,789 Total borrowings 1.77 8.6 1,054 1.46 780 1,572 3,406 Cash and cash equivalents Sterling (71) (71) Euros (14) (14) Total cash and cash equivalents 1 (85) (85) Net borrowings 1 1,054 780 1,487 3,321 1 Group Cash and cash equivalents have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details 022 Interest rate profile \u2013 Company Fixed rate % Fixed period years Fixed debt \u00a3m Capped strike % Capped debt \u00a3m Variable debt/cash \u00a3m Total \u00a3m Borrowings Weighted average after derivative instruments Sterling 4.00 12.4 1,469 \u2013 \u2013 (349) 1,120 Euros 2.45 9.1 814 1.93 701 804 2,319 Total borrowings 3.45 11.2 2,283 1.93 701 455 3,439 Cash and cash equivalents Sterling (72) (72) Total cash and cash equivalents (72) (72) Net borrowings 2,283 701 383 3,367 2021 Interest rate profile \u2013 Company Fixed rate % Fixed period years Fixed debt \u00a3m Capped strike % Capped debt \u00a3m Variable debt/cash \u00a3m Total \u00a3m Borrowings Weighted average after derivative instruments Sterling 6.42 10.2 96 2.00 150 371 617 Euros 2.41 7.2 542 1.33 630 1,200 2,372 Total borrowings 3.01 7.6 638 1.46 780 1,571 2,989 Cash and cash equivalents Sterling (12) (12) Total cash and cash equivalents (12) (12) Net borrowings 638 780 1,559 2,977 ",
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"value": "17. Financial Instruments and Fair Values 17(i) Derivative instruments The Group and Company holds the following derivative instruments: Derivative assets Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Fair value of interest rate swaps \u2013 non-hedge \u2013 3 \u2013 3 Fair value of forward foreign exchange and currency swap contracts \u2013 non-hedge 11 6 11 11 Fair value of forward foreign exchange and currency swap contracts \u2013 hedge \u2013 5 \u2013 \u2013 Total current derivative assets 11 14 11 14 Non-current Fair value of interest rate swaps \u2013 non-hedge 1 20 1 20 Fair value of interest rate caps \u2013 non-hedge 56 9 56 9 Fair value of forward foreign exchange and currency swap contracts \u2013 non-hedge 1 21 1 21 Total non-current derivative assets 58 50 58 50 Derivative liabilities Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Fair value of forward foreign exchange and currency swap contracts \u2013 non-hedge 1 \u2013 14 \u2013 Fair value of forward foreign exchange and currency swap contracts \u2013 hedge 13 \u2013 \u2013 \u2013 Total current derivative liabilities 14 \u2013 14 \u2013 Non-current Fair value of interest rates swaps \u2013 non-hedge 188 56 188 56 Total non-current derivative liabilities 188 56 188 56 17(ii) Carrying amount and fair values of financial assets and liabilities The Group and Company holds the following financial instruments: Notes Group Company 2022 \u00a3m 2021 (restated) 3 \u00a3m 2022 \u00a3m 2021 \u00a3m Financial assets Financial assets at amortised cost Loans due from subsidiaries 7 \u2013 \u2013 4,471 4,515 Lease incentives 1 13 140 124 \u2013 \u2013 Trade receivables 14 60 48 \u2013 \u2013 Other current receivables 2 14 58 64 25 21 Non-current receivables 14 81 35 \u2013 \u2013 Cash and cash equivalents 16 162 85 72 12 Financial assets at fair value through profit or loss (FVPL) Other investments 9 5 \u2013 \u2013 Derivative financial instruments Used for hedging at FVOCI 17 \u2013 5 \u2013 \u2013 Non-hedge at FVPL 17 69 59 69 64 579 425 4,637 4,612 Financial liabilities Liabilities at amortised cost Trade and other payables 2 15 534 453 2,110 1,529 Borrowings 16 4,884 3,406 3,439 2,989 Derivative financial instruments Used for hedging FVOCI 17 13 \u2013 \u2013 \u2013 Non-hedge at FVPL 17 189 56 202 56 5,620 3,915 5,751 4,574 1 Represents the carrying value of tenant lease incentives and rental guarantees held in Investment properties at the year end. This amount is included within the \u2018tenant lease incentives, letting fees and rental guarantees\u2019 balance in Note 13(i). 2 Group excludes non-financial assets of \u00a381 million (2021: \u00a395 million) included within total other receivables per Note 14 and non-financial liabilities of \u00a3103 million (2021: \u00a385 million) included within total trade and other payables per Note 15. 3 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details . The carrying values of these financial assets and liabilities approximate their fair value, with the exception of unsecured bonds and unsecured US Private Placement notes classified as borrowings. At 31 December 2022, the fair value of \u00a32,813 million of unsecured bonds issued was \u00a32,412 million (2021: \u00a31,440 million compared with \u00a31,610 million fair value). At 31 December 2022, the fair value of \u00a31,433 million of unsecured US Private Placement notes was \u00a31,162 million (2021: \u00a31,171 million compared with \u00a31,261 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3672 million (2021: \u00a3260 million decrease), see Table 5 of the Supplementary Notes. The fair values of financial assets and financial liabilities are determined as follows: \u2013 Forward foreign exchange contracts are measured using quoted exchange rates and yield curves derived from quoted interest rates with maturities matching the contracts. \u2013 Interest rate swaps, currency swap contracts and interest rate caps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates and the appropriate exchange rate at the Balance Sheet date. \u2013 The fair value of non-derivative financial assets and financial liabilities traded on active liquid markets is determined with reference to the quoted market prices . Fair value measurements recognised in the Balance Sheet The Group and Company financial instruments that are measured subsequent to initial recognition at fair value are listed equity investments, forward exchange and currency swap contracts, interest rate swaps and interest rate caps as detailed above. Investments in equity securities traded in active liquid markets are classified as level 1. All other financial instruments would be classified as level 2 fair value measurements, as defined by IFRS 13, being those derived from inputs other than quoted prices (included within level 1) that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). There were no transfers between categories in the current or prior year. 17(iii) Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern and as such it aims to maintain a prudent mix between debt and equity financing. Our intention for the foreseeable future is to maintain our mid-cycle LTV (including joint ventures and associates at share) at around 30 per cent. This provides the flexibility to take advantage of investment opportunities arising and ensures significant headroom compared to our tightest gearing covenants should property values decline. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity and Notes 18 to 20. Debt primarily comprises long-term debt issues and drawings against short-term committed revolving credit facilities from banks as disclosed in Note 16. The Group is not subject to externally imposed capital requirements. 17(iv) Foreign currency risk management The Group\u2019s transactional foreign exchange exposures mainly arise as a result of treasury financing and hedging activities. These hedging activities are carried out in SEGRO plc on behalf of the Group and the resulting transactional exposures to euro are not routinely hedged. The Group does not have any significant transactional foreign currency exposures resulting from cross-border flows in the operating business. The Group does however have operations in Continental Europe which transact business denominated mostly in euros, hence there is currency exposure caused by translating the local trading performance and local net assets into sterling for each financial period and at each Balance Sheet date. The Group\u2019s approach to managing Balance Sheet translation exposure is described in the Foreign Currency Translation Risk section in the Financial Review on page 59. The Group\u2019s and Company\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below: 2022 Total \u00a3m 2021 Total \u00a3m Group Gross currency assets 6,159 5,363 Gross currency liabilities (4,655) (3,349) Net exposure 1,504 2,014 Company Gross currency assets 2,372 1,424 Gross currency liabilities (4,341) (2,944) Net exposure (1,969) (1,520) 2022 Group gross currency liabilities include \u20ac2,206 million (\u00a31,952 million) designated as net investment hedges. 2021 Group gross currency liabilities include \u20ac1,809 million (\u00a31,520 million) designated as net investment hedges. The remaining gross currency liabilities of the Group shown in the table above that are not designated as net investment hedges are either held directly in a euro functional currency entity or passed down to such an entity from a sterling functional currency company through inter-company funding arrangements. Foreign currency sensitivity analysis The Group\u2019s main currency exposure is the euro. The sensitivity of the net assets of the Group to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3137 million (2021: \u00a3183 million). The sensitivity of the Group to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3167 million (2021: \u00a3224 million) . The 10 per cent sensitivity rate is used when reporting foreign currency risk internally to management and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis adjusts the translation of net assets (after taking account of external loans, currency swap contracts and forward foreign exchange contracts) at the period end for a 10 per cent change in the value of sterling against the euro. A 10 per cent appreciation in the value of sterling against the euro would increase the Group\u2019s loss for the year ended 31 December 2022 by \u00a324 million (2021: \u00a387 million decrease in the Group\u2019s profit). A 10 per cent depreciation in the value of sterling against the euro would decrease the Group\u2019s loss for the year ended 31 December 2022 by \u00a330 million (2021: \u00a3107 million increase in the Group\u2019s profit). For the Company, the sensitivity of the net assets to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3179 million (2021: \u00a3138 million decrease). The sensitivity of the net assets to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3219 million (2021: \u00a3169 million increase). Forward foreign exchange and currency swap contracts Some of the forward foreign exchange and currency swap contracts held by the Group are designated as net investment hedges of euro denominated subsidiaries, where exchange differences are booked in reserves and recognised in the Income Statement when the operation is sold. The remaining foreign exchange and currency swap contracts are effectively economic cash flow hedges, for example using surplus cash in one currency to provide (typically through intercompany debt funding arrangements with overseas subsidiaries) funds to repay debt, or to fund development expenditure or acquisitions in another currency. These instruments have not been designated as hedges. As a consequence, exchange movements in respect of these instruments are taken through the Income Statement. Offsetting these movements are net exchange gains of \u00a33 million (2021: \u00a369 million loss) arising on intercompany debt funding arrangements (discussed above) and exchange movements arising from external borrowings not designated as hedges. This has resulted in exchange differences of \u00a31 million loss (2021: \u00a3nil) within net finance costs in Note 9. The Group seeks to limit its exposure to volatility in foreign exchange rates by hedging its foreign gross assets using either borrowings or derivative instruments. The Group targets a hedging range of between the last reported LTV ratio (32 per cent at 31 December 2022) and 100 per cent. At 31 December 2022, the Group had gross foreign currency assets, which were 76 per cent hedged by gross foreign currency denominated liabilities (2021: 62 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial Review on page 59. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end: Average exchange rates Currency contract (local currency) Contract value Fair value 2022 2021 2022 m 2021 m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Group Economic cash flow hedges Sell euros (buy sterling) 1.13 1.15 438 943 387 816 \u2013 27 Buy euros (sell sterling) 1.16 1.19 463 28 399 24 11 \u2013 Net investment hedges Sell euros (buy sterling) 1.16 1.17 601 409 519 349 (13) 5 Total (2) 32 Company Economic cash flow hedges Sell euros (buy sterling) 1.15 1.16 1,039 1,352 906 1,165 (13) 32 Buy euros (sell sterling) 1.16 1.19 463 28 399 24 11 \u2013 Total (2) 32 Effects of net investment hedge accounting on financial position and performance The effects of the foreign currency related hedging instruments on the Group\u2019s financial position and performance are detailed below. Forward foreign exchange contracts The Group designated euro denominated forward foreign exchange contracts as net investment hedges during 2022 (2021: euro denominated). There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2022 where the hedging instrument was forward foreign exchange contracts. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Any forward points in the foreign exchange contract are taken to the Income Statement. Group Euro forward foreign exchange 2022 \u00a3m 2021 \u00a3m Carrying amount (13) 5 Notional amount 519 349 Maturity date Jan 2023 Jan 2022 Hedge ratio 1:1 1:1 Change in discounted spot value of hedging instruments since 1 January \u2013 (loss)/gain (33) 9 Change in value of hedged item used to determine hedge effectiveness \u2013 gain/(loss) 33 (9) Weighted average hedged rate for the year (including forward points) 1.17 1.16 Currency swap contracts The Group uses cross currency swaps with two floating legs as designated net investment hedges. Although these instruments are expected to have a high degree of effectiveness, some ineffectiveness may arise due to the hedging instrument having periodic interest payments, which net investment does not. In 2022, no cross currency swaps were used as designated net investment hedges. The ineffectiveness recorded from net investments in foreign entity hedges in 2021 from currency swap contracts is shown in the table below. Group Euro currency swaps 2022 \u00a3m 2021 \u00a3m Carrying amount \u2013 \u2013 Notional amount \u2013 \u2013 Maturity date \u2013 \u2013 Hedge ratio \u2013 1:1 Change in discounted spot value of hedging instruments since 1 January \u2013 gain \u2013 13 Change in value of hedged item used to determine hedge effectiveness \u2013 loss \u2013 (13) Weighted average hedged rate for the year (including forward points) \u2013 1.14 US private placement notes There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2022 and 2021 where the hedging instrument was US private placement notes. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Group Private placement notes 2022 \u00a3m 2021 \u00a3m Carrying amount of private placement notes (Note 16) 1,433 1,171 Carrying amount of private placement notes designated as net investment hedging instruments 1,433 1,171 Hedge ratio 1:1 1:1 Change in carrying amount of USPP notes as a result of foreign currency movement since 1 January, recognised in OCI \u2013 (loss)/gain (65) 52 Change in value of hedged item used to determine hedge effectiveness \u2013 gain/(loss) 65 (52) Weighted average hedged rate for the year (including forward points) 1.13 1.19 17(v) Interest rate risk management The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings. The current Group policy states that 50 to 100 per cent of net borrowings should be at fixed rate provided by long-term debt issues attracting a fixed coupon or from floating rate bank borrowings converted into fixed rate or hedged via interest rate swaps, forwards, caps, collars or floors or options on these products. Hedging activities require approval and are evaluated and reported on regularly to ensure that the policy is being adhered to. The Board reviews the policy on interest rate exposure annually with a view to establishing that it is still relevant in the prevailing and forecast economic environment. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the Balance Sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the Balance Sheet date was outstanding for the whole year. A two per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonable possible change in interest rates (this has increased from one per cent reported in 2021 due to the increased interest rate environment and volatility). If interest rates had been two per cent higher and all other variables were held constant, the Group\u2019s loss for the year ended 31 December 2022 would increase by \u00a327 million (2021: Group profit would decrease by \u00a334 million). If interest rates had been two per cent lower and all other variables were held constant, the Group\u2019s loss for the year ended 31 December 2022 would decrease by \u00a332 million (2021: Group profit would increase by \u00a335 million). This is attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings and cash deposits. Fixed rate debt issues are held at amortised cost and are not re-valued in the Balance Sheet to reflect interest rate movements. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s borrowings. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year . The following tables detail the notional principal amounts and remaining terms of interest rate swap contracts, based on their contractual maturities, outstanding as at the reporting date: Average contract \u2013 fixed interest rate Notional principal amount Fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Pay fixed, receive floating contracts: Group In one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 3.58 \u2013 144 \u2013 1 \u2013 In more than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 144 \u2013 1 \u2013 Company In one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 3.58 \u2013 144 \u2013 1 \u2013 In more than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 144 \u2013 1 \u2013 Receive fixed, pay floating contracts: Group In one year or less \u2013 2.38 \u2013 350 \u2013 3 In more than one year but less than two \u2013 3.87 \u2013 578 \u2013 (3) In more than two years but less than five \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than five years 1.85 2.04 664 980 (188) (33) Total 664 1,908 (188) (33) Company In one year or less \u2013 2.38 \u2013 350 \u2013 3 In more than one year but less than two \u2013 3.87 \u2013 578 \u2013 (3) In more than two years but less than five \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than five years 1.85 2.04 664 980 (188) (33) Total 664 1,908 (188) (33) The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate swaps settle on either a three-month or six-month basis with the floating rate side based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will settle or receive the difference between the fixed and floating interest rate on a net basis. Interest rate cap contracts Under interest rate caps, the Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates rise above a specified strike rate. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s floating rate borrowings. The fair value of interest rate caps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate cap contracts, based on their contractual maturities, outstanding as at the reporting date: Average strike price Notional principal amount Fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Group In one year or less \u2013 1.42 \u2013 360 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 2.72 \u2013 172 \u2013 4 \u2013 In more than five years 1.68 1.50 529 420 52 9 Total 701 780 56 9 Company In one year or less \u2013 1.42 \u2013 360 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 2.72 \u2013 172 \u2013 4 \u2013 In more than five years 1.68 1.50 529 420 52 9 Total 701 780 56 9 The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate caps settle on either a three-month or six-month basis based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. IBOR reform The Group is exposed to two benchmark interest rates, Sterling Overnight Index Average (SONIA) and the Euro Interbank Offered Rate (EURIBOR). These interest rates are found in the Group\u2019s floating rate borrowings, and certain derivative contracts. Given the geography of the Group, there are no exposures to other benchmark interest rates. There are no changes in respect of EURIBOR within the Group\u2019s financing or risk management activities. In respect of sterling London Interbank Offered Rate (GBP LIBOR), transition arrangements are complete and there is no remaining exposure to GBP LIBOR. The Group\u2019s \u00a32.3 billion of committed bank facilities reference SONIA or EURIBOR, depending on the currency of utilisation. In respect of derivative contracts, the final interest periods for contracts bearing a GBP LIBOR exposure were fixed prior to LIBOR cessation on 31 December 2021. SEGRO has adhered to the ISDA 2020 IBOR Fallbacks Protocol, and as such these contracts now reference SONIA. 17(vi) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Potential customers are evaluated for creditworthiness and where necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to either business sector or individual company as the Group has a diverse customer base with no one customer accounting for more than seven per cent of rental income. Trade receivables were less than one per cent of total assets at 31 December 2022 and at 31 December 2021. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below. 2022 2021 Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m 0 \u2013 30 days 2 \u2013 2 2 \u2013 2 30 \u2013 60 days 2 \u2013 2 1 \u2013 1 60 \u2013 90 days 2 \u2013 2 3 (1) 2 90 \u2013 180 days 5 (3) 2 4 (2) 2 >180 days 4 (4) \u2013 3 (2) 1 Past due 15 (7) 8 13 (5) 8 Not due 54 (2) 52 42 (2) 40 Total trade receivables 69 (9) 60 55 (7) 48 Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2022 includes amounts due for 2022 rent and amounts billed in advance for 2023 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2023 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2022 were \u00a315 million (2021: \u00a313 million), three per cent of total gross rental income for the year (2021: three per cent). Trade receivables are presented in the balance sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment concessions granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2022, the Group held a loss allowance provision for trade receivables of \u00a39 million (2021: \u00a37 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing two per cent of total gross rental income for the year (2021: two per cent). Total impairment losses of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2022 (2021: \u00a3nil). The impairment losses include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward-looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a good investment grade credit rating. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. 17(vii) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by requiring that adequate cash and committed bank facilities are available to cover and match all debt maturities, development spend, trade related and corporate cash flows over a rolling 18-month period. This is achieved by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity risk management is discussed in more detail in the Financial Review on pages 58 and 59. Liquidity and interest risk tables The following tables detail the Group\u2019s and Company\u2019s remaining contractual maturity profile for its financial instruments. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group and the Company can be required to pay. The tables include both interest and principal cash flows. 2022 2021 Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Group Non-derivative financial liabilities: Trade and other payables 1 421 \u2013 \u2013 \u2013 421 357 \u2013 \u2013 \u2013 357 Lease liabilities 3.90 4 4 13 124 145 3.90 5 5 13 122 145 Variable rate debt instruments 4.08 23 27 700 \u2013 750 1.23 10 10 823 \u2013 843 Fixed rate debt instruments 2.43 104 183 1,209 3,430 4,926 2.32 61 61 251 2,920 3,293 Derivative financial instruments: Net settled interest rate swaps 1.08 8 5 16 \u2013 29 (0.40) 1 9 19 33 62 Gross settled foreign exchange \u2013 Forward and currency swap contracts \u2013 Inflowing (556) \u2013 \u2013 \u2013 (556) (13) \u2013 \u2013 \u2013 (13) \u2013 Outflowing 580 \u2013 \u2013 \u2013 580 13 \u2013 \u2013 \u2013 13 Total 584 219 1,938 3,554 6,295 434 85 1,106 3,075 4,700 2022 2021 Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Company Non-derivative financial liabilities: Trade and other payables 2 22 2,063 \u2013 \u2013 2,085 11 1,498 \u2013 \u2013 1,509 Variable rate debt instruments 4.08 23 27 700 \u2013 750 1.23 10 10 823 \u2013 843 Fixed rate debt instruments 3.05 86 164 593 2,519 3,362 2.67 59 59 243 2,490 2,851 Derivative financial instruments: Net settled interest rate swaps 1.08 8 5 16 \u2013 29 (0.40) 1 9 19 33 62 Gross settled foreign exchange \u2013 Forward and currency swap contracts \u2013 Inflowing (556) \u2013 \u2013 \u2013 (556) (13) \u2013 \u2013 \u2013 (13) \u2013 Outflowing 580 \u2013 \u2013 \u2013 580 13 \u2013 \u2013 \u2013 13 Total 163 2,259 1,309 2,519 6,250 81 1,576 1,085 2,523 5,265 1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3534 million (2021: \u00a3453 million) includes, accrued interest of \u00a336 million (2021: \u00a320 million) and lease liabilities of \u00a377 million (2021: \u00a376 million). Accrued interest is shown in fixed rate debt instruments in the table above. 2 Company trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a32,110 million (2021: \u00a31,529 million) includes accrued interest of \u00a325 million (2021: \u00a320 million). Accrued interest is shown in fixed rate debt instruments in the table above . ",
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"value": "17(i) Derivative instruments The Group and Company holds the following derivative instruments: Derivative assets Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Fair value of interest rate swaps \u2013 non-hedge \u2013 3 \u2013 3 Fair value of forward foreign exchange and currency swap contracts \u2013 non-hedge 11 6 11 11 Fair value of forward foreign exchange and currency swap contracts \u2013 hedge \u2013 5 \u2013 \u2013 Total current derivative assets 11 14 11 14 Non-current Fair value of interest rate swaps \u2013 non-hedge 1 20 1 20 Fair value of interest rate caps \u2013 non-hedge 56 9 56 9 Fair value of forward foreign exchange and currency swap contracts \u2013 non-hedge 1 21 1 21 Total non-current derivative assets 58 50 58 50 Derivative liabilities Group Company 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Current Fair value of forward foreign exchange and currency swap contracts \u2013 non-hedge 1 \u2013 14 \u2013 Fair value of forward foreign exchange and currency swap contracts \u2013 hedge 13 \u2013 \u2013 \u2013 Total current derivative liabilities 14 \u2013 14 \u2013 Non-current Fair value of interest rates swaps \u2013 non-hedge 188 56 188 56 Total non-current derivative liabilities 188 56 188 56 ",
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"fact-541": {
"value": "17(ii) Carrying amount and fair values of financial assets and liabilities The Group and Company holds the following financial instruments: Notes Group Company 2022 \u00a3m 2021 (restated) 3 \u00a3m 2022 \u00a3m 2021 \u00a3m Financial assets Financial assets at amortised cost Loans due from subsidiaries 7 \u2013 \u2013 4,471 4,515 Lease incentives 1 13 140 124 \u2013 \u2013 Trade receivables 14 60 48 \u2013 \u2013 Other current receivables 2 14 58 64 25 21 Non-current receivables 14 81 35 \u2013 \u2013 Cash and cash equivalents 16 162 85 72 12 Financial assets at fair value through profit or loss (FVPL) Other investments 9 5 \u2013 \u2013 Derivative financial instruments Used for hedging at FVOCI 17 \u2013 5 \u2013 \u2013 Non-hedge at FVPL 17 69 59 69 64 579 425 4,637 4,612 Financial liabilities Liabilities at amortised cost Trade and other payables 2 15 534 453 2,110 1,529 Borrowings 16 4,884 3,406 3,439 2,989 Derivative financial instruments Used for hedging FVOCI 17 13 \u2013 \u2013 \u2013 Non-hedge at FVPL 17 189 56 202 56 5,620 3,915 5,751 4,574 1 Represents the carrying value of tenant lease incentives and rental guarantees held in Investment properties at the year end. This amount is included within the \u2018tenant lease incentives, letting fees and rental guarantees\u2019 balance in Note 13(i). 2 Group excludes non-financial assets of \u00a381 million (2021: \u00a395 million) included within total other receivables per Note 14 and non-financial liabilities of \u00a3103 million (2021: \u00a385 million) included within total trade and other payables per Note 15. 3 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details . The carrying values of these financial assets and liabilities approximate their fair value, with the exception of unsecured bonds and unsecured US Private Placement notes classified as borrowings. At 31 December 2022, the fair value of \u00a32,813 million of unsecured bonds issued was \u00a32,412 million (2021: \u00a31,440 million compared with \u00a31,610 million fair value). At 31 December 2022, the fair value of \u00a31,433 million of unsecured US Private Placement notes was \u00a31,162 million (2021: \u00a31,171 million compared with \u00a31,261 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3672 million (2021: \u00a3260 million decrease), see Table 5 of the Supplementary Notes. The fair values of financial assets and financial liabilities are determined as follows: \u2013 Forward foreign exchange contracts are measured using quoted exchange rates and yield curves derived from quoted interest rates with maturities matching the contracts. \u2013 Interest rate swaps, currency swap contracts and interest rate caps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates and the appropriate exchange rate at the Balance Sheet date. \u2013 The fair value of non-derivative financial assets and financial liabilities traded on active liquid markets is determined with reference to the quoted market prices ",
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"value": "17(ii) Carrying amount and fair values of financial assets and liabilities The Group and Company holds the following financial instruments: Notes Group Company 2022 \u00a3m 2021 (restated) 3 \u00a3m 2022 \u00a3m 2021 \u00a3m Financial assets Financial assets at amortised cost Loans due from subsidiaries 7 \u2013 \u2013 4,471 4,515 Lease incentives 1 13 140 124 \u2013 \u2013 Trade receivables 14 60 48 \u2013 \u2013 Other current receivables 2 14 58 64 25 21 Non-current receivables 14 81 35 \u2013 \u2013 Cash and cash equivalents 16 162 85 72 12 Financial assets at fair value through profit or loss (FVPL) Other investments 9 5 \u2013 \u2013 Derivative financial instruments Used for hedging at FVOCI 17 \u2013 5 \u2013 \u2013 Non-hedge at FVPL 17 69 59 69 64 579 425 4,637 4,612 Financial liabilities Liabilities at amortised cost Trade and other payables 2 15 534 453 2,110 1,529 Borrowings 16 4,884 3,406 3,439 2,989 Derivative financial instruments Used for hedging FVOCI 17 13 \u2013 \u2013 \u2013 Non-hedge at FVPL 17 189 56 202 56 5,620 3,915 5,751 4,574 1 Represents the carrying value of tenant lease incentives and rental guarantees held in Investment properties at the year end. This amount is included within the \u2018tenant lease incentives, letting fees and rental guarantees\u2019 balance in Note 13(i). 2 Group excludes non-financial assets of \u00a381 million (2021: \u00a395 million) included within total other receivables per Note 14 and non-financial liabilities of \u00a3103 million (2021: \u00a385 million) included within total trade and other payables per Note 15. 3 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details The carrying values of these financial assets and liabilities approximate their fair value, with the exception of unsecured bonds and unsecured US Private Placement notes classified as borrowings. At 31 December 2022, the fair value of \u00a32,813 million of unsecured bonds issued was \u00a32,412 million (2021: \u00a31,440 million compared with \u00a31,610 million fair value). At 31 December 2022, the fair value of \u00a31,433 million of unsecured US Private Placement notes was \u00a31,162 million (2021: \u00a31,171 million compared with \u00a31,261 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3672 million (2021: \u00a3260 million decrease), see Table 5 of the Supplementary Notes. The fair values of financial assets and financial liabilities are determined as follows: \u2013 Forward foreign exchange contracts are measured using quoted exchange rates and yield curves derived from quoted interest rates with maturities matching the contracts. \u2013 Interest rate swaps, currency swap contracts and interest rate caps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves derived from quoted interest rates and the appropriate exchange rate at the Balance Sheet date. \u2013 The fair value of non-derivative financial assets and financial liabilities traded on active liquid markets is determined with reference to the quoted market prices . Fair value measurements recognised in the Balance Sheet The Group and Company financial instruments that are measured subsequent to initial recognition at fair value are listed equity investments, forward exchange and currency swap contracts, interest rate swaps and interest rate caps as detailed above. Investments in equity securities traded in active liquid markets are classified as level 1. All other financial instruments would be classified as level 2 fair value measurements, as defined by IFRS 13, being those derived from inputs other than quoted prices (included within level 1) that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). There were no transfers between categories in the current or prior year. ",
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"value": "Fair value measurements recognised in the Balance Sheet The Group and Company financial instruments that are measured subsequent to initial recognition at fair value are listed equity investments, forward exchange and currency swap contracts, interest rate swaps and interest rate caps as detailed above. Investments in equity securities traded in active liquid markets are classified as level 1. All other financial instruments would be classified as level 2 fair value measurements, as defined by IFRS 13, being those derived from inputs other than quoted prices (included within level 1) that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). There were no transfers between categories in the current or prior year. ",
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"value": "17(iii) Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern and as such it aims to maintain a prudent mix between debt and equity financing. Our intention for the foreseeable future is to maintain our mid-cycle LTV (including joint ventures and associates at share) at around 30 per cent. This provides the flexibility to take advantage of investment opportunities arising and ensures significant headroom compared to our tightest gearing covenants should property values decline. The current capital structure of the Group consists of a mix of equity and debt. Equity comprises issued capital, reserves and retained earnings as disclosed in the Statement of Changes in Equity and Notes 18 to 20. Debt primarily comprises long-term debt issues and drawings against short-term committed revolving credit facilities from banks as disclosed in Note 16. The Group is not subject to externally imposed capital requirements. ",
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"fact-543": {
"value": "17(iv) Foreign currency risk management The Group\u2019s transactional foreign exchange exposures mainly arise as a result of treasury financing and hedging activities. These hedging activities are carried out in SEGRO plc on behalf of the Group and the resulting transactional exposures to euro are not routinely hedged. The Group does not have any significant transactional foreign currency exposures resulting from cross-border flows in the operating business. The Group does however have operations in Continental Europe which transact business denominated mostly in euros, hence there is currency exposure caused by translating the local trading performance and local net assets into sterling for each financial period and at each Balance Sheet date. The Group\u2019s approach to managing Balance Sheet translation exposure is described in the Foreign Currency Translation Risk section in the Financial Review on page 59. The Group\u2019s and Company\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below: 2022 Total \u00a3m 2021 Total \u00a3m Group Gross currency assets 6,159 5,363 Gross currency liabilities (4,655) (3,349) Net exposure 1,504 2,014 Company Gross currency assets 2,372 1,424 Gross currency liabilities (4,341) (2,944) Net exposure (1,969) (1,520) 2022 Group gross currency liabilities include \u20ac2,206 million (\u00a31,952 million) designated as net investment hedges. 2021 Group gross currency liabilities include \u20ac1,809 million (\u00a31,520 million) designated as net investment hedges. The remaining gross currency liabilities of the Group shown in the table above that are not designated as net investment hedges are either held directly in a euro functional currency entity or passed down to such an entity from a sterling functional currency company through inter-company funding arrangements. Foreign currency sensitivity analysis The Group\u2019s main currency exposure is the euro. The sensitivity of the net assets of the Group to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3137 million (2021: \u00a3183 million). The sensitivity of the Group to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3167 million (2021: \u00a3224 million) The 10 per cent sensitivity rate is used when reporting foreign currency risk internally to management and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis adjusts the translation of net assets (after taking account of external loans, currency swap contracts and forward foreign exchange contracts) at the period end for a 10 per cent change in the value of sterling against the euro. A 10 per cent appreciation in the value of sterling against the euro would increase the Group\u2019s loss for the year ended 31 December 2022 by \u00a324 million (2021: \u00a387 million decrease in the Group\u2019s profit). A 10 per cent depreciation in the value of sterling against the euro would decrease the Group\u2019s loss for the year ended 31 December 2022 by \u00a330 million (2021: \u00a3107 million increase in the Group\u2019s profit). For the Company, the sensitivity of the net assets to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3179 million (2021: \u00a3138 million decrease). The sensitivity of the net assets to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3219 million (2021: \u00a3169 million increase). Forward foreign exchange and currency swap contracts Some of the forward foreign exchange and currency swap contracts held by the Group are designated as net investment hedges of euro denominated subsidiaries, where exchange differences are booked in reserves and recognised in the Income Statement when the operation is sold. The remaining foreign exchange and currency swap contracts are effectively economic cash flow hedges, for example using surplus cash in one currency to provide (typically through intercompany debt funding arrangements with overseas subsidiaries) funds to repay debt, or to fund development expenditure or acquisitions in another currency. These instruments have not been designated as hedges. As a consequence, exchange movements in respect of these instruments are taken through the Income Statement. Offsetting these movements are net exchange gains of \u00a33 million (2021: \u00a369 million loss) arising on intercompany debt funding arrangements (discussed above) and exchange movements arising from external borrowings not designated as hedges. This has resulted in exchange differences of \u00a31 million loss (2021: \u00a3nil) within net finance costs in Note 9. The Group seeks to limit its exposure to volatility in foreign exchange rates by hedging its foreign gross assets using either borrowings or derivative instruments. The Group targets a hedging range of between the last reported LTV ratio (32 per cent at 31 December 2022) and 100 per cent. At 31 December 2022, the Group had gross foreign currency assets, which were 76 per cent hedged by gross foreign currency denominated liabilities (2021: 62 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial Review on page 59. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end: Average exchange rates Currency contract (local currency) Contract value Fair value 2022 2021 2022 m 2021 m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Group Economic cash flow hedges Sell euros (buy sterling) 1.13 1.15 438 943 387 816 \u2013 27 Buy euros (sell sterling) 1.16 1.19 463 28 399 24 11 \u2013 Net investment hedges Sell euros (buy sterling) 1.16 1.17 601 409 519 349 (13) 5 Total (2) 32 Company Economic cash flow hedges Sell euros (buy sterling) 1.15 1.16 1,039 1,352 906 1,165 (13) 32 Buy euros (sell sterling) 1.16 1.19 463 28 399 24 11 \u2013 Total (2) 32 Effects of net investment hedge accounting on financial position and performance The effects of the foreign currency related hedging instruments on the Group\u2019s financial position and performance are detailed below. Forward foreign exchange contracts The Group designated euro denominated forward foreign exchange contracts as net investment hedges during 2022 (2021: euro denominated). There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2022 where the hedging instrument was forward foreign exchange contracts. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Any forward points in the foreign exchange contract are taken to the Income Statement. Group Euro forward foreign exchange 2022 \u00a3m 2021 \u00a3m Carrying amount (13) 5 Notional amount 519 349 Maturity date Jan 2023 Jan 2022 Hedge ratio 1:1 1:1 Change in discounted spot value of hedging instruments since 1 January \u2013 (loss)/gain (33) 9 Change in value of hedged item used to determine hedge effectiveness \u2013 gain/(loss) 33 (9) Weighted average hedged rate for the year (including forward points) 1.17 1.16 Currency swap contracts The Group uses cross currency swaps with two floating legs as designated net investment hedges. Although these instruments are expected to have a high degree of effectiveness, some ineffectiveness may arise due to the hedging instrument having periodic interest payments, which net investment does not. In 2022, no cross currency swaps were used as designated net investment hedges. The ineffectiveness recorded from net investments in foreign entity hedges in 2021 from currency swap contracts is shown in the table below. Group Euro currency swaps 2022 \u00a3m 2021 \u00a3m Carrying amount \u2013 \u2013 Notional amount \u2013 \u2013 Maturity date \u2013 \u2013 Hedge ratio \u2013 1:1 Change in discounted spot value of hedging instruments since 1 January \u2013 gain \u2013 13 Change in value of hedged item used to determine hedge effectiveness \u2013 loss \u2013 (13) Weighted average hedged rate for the year (including forward points) \u2013 1.14 US private placement notes There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2022 and 2021 where the hedging instrument was US private placement notes. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Group Private placement notes 2022 \u00a3m 2021 \u00a3m Carrying amount of private placement notes (Note 16) 1,433 1,171 Carrying amount of private placement notes designated as net investment hedging instruments 1,433 1,171 Hedge ratio 1:1 1:1 Change in carrying amount of USPP notes as a result of foreign currency movement since 1 January, recognised in OCI \u2013 (loss)/gain (65) 52 Change in value of hedged item used to determine hedge effectiveness \u2013 gain/(loss) 65 (52) Weighted average hedged rate for the year (including forward points) 1.13 1.19 ",
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"value": "17(iv) Foreign currency risk management The Group\u2019s transactional foreign exchange exposures mainly arise as a result of treasury financing and hedging activities. These hedging activities are carried out in SEGRO plc on behalf of the Group and the resulting transactional exposures to euro are not routinely hedged. The Group does not have any significant transactional foreign currency exposures resulting from cross-border flows in the operating business. The Group does however have operations in Continental Europe which transact business denominated mostly in euros, hence there is currency exposure caused by translating the local trading performance and local net assets into sterling for each financial period and at each Balance Sheet date. The Group\u2019s approach to managing Balance Sheet translation exposure is described in the Foreign Currency Translation Risk section in the Financial Review on page 59. The Group\u2019s and Company\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below: 2022 Total \u00a3m 2021 Total \u00a3m Group Gross currency assets 6,159 5,363 Gross currency liabilities (4,655) (3,349) Net exposure 1,504 2,014 Company Gross currency assets 2,372 1,424 Gross currency liabilities (4,341) (2,944) Net exposure (1,969) (1,520) 2022 Group gross currency liabilities include \u20ac2,206 million (\u00a31,952 million) designated as net investment hedges. 2021 Group gross currency liabilities include \u20ac1,809 million (\u00a31,520 million) designated as net investment hedges. The remaining gross currency liabilities of the Group shown in the table above that are not designated as net investment hedges are either held directly in a euro functional currency entity or passed down to such an entity from a sterling functional currency company through inter-company funding arrangements. Foreign currency sensitivity analysis The Group\u2019s main currency exposure is the euro. The sensitivity of the net assets of the Group to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3137 million (2021: \u00a3183 million). The sensitivity of the Group to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3167 million (2021: \u00a3224 million) . The 10 per cent sensitivity rate is used when reporting foreign currency risk internally to management and represents management\u2019s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis adjusts the translation of net assets (after taking account of external loans, currency swap contracts and forward foreign exchange contracts) at the period end for a 10 per cent change in the value of sterling against the euro. A 10 per cent appreciation in the value of sterling against the euro would increase the Group\u2019s loss for the year ended 31 December 2022 by \u00a324 million (2021: \u00a387 million decrease in the Group\u2019s profit). A 10 per cent depreciation in the value of sterling against the euro would decrease the Group\u2019s loss for the year ended 31 December 2022 by \u00a330 million (2021: \u00a3107 million increase in the Group\u2019s profit). For the Company, the sensitivity of the net assets to a 10 per cent appreciation in the value of sterling against the euro would decrease net assets by \u00a3179 million (2021: \u00a3138 million decrease). The sensitivity of the net assets to a 10 per cent depreciation in the value of sterling against the euro would increase net assets by \u00a3219 million (2021: \u00a3169 million increase). Forward foreign exchange and currency swap contracts Some of the forward foreign exchange and currency swap contracts held by the Group are designated as net investment hedges of euro denominated subsidiaries, where exchange differences are booked in reserves and recognised in the Income Statement when the operation is sold. The remaining foreign exchange and currency swap contracts are effectively economic cash flow hedges, for example using surplus cash in one currency to provide (typically through intercompany debt funding arrangements with overseas subsidiaries) funds to repay debt, or to fund development expenditure or acquisitions in another currency. These instruments have not been designated as hedges. As a consequence, exchange movements in respect of these instruments are taken through the Income Statement. Offsetting these movements are net exchange gains of \u00a33 million (2021: \u00a369 million loss) arising on intercompany debt funding arrangements (discussed above) and exchange movements arising from external borrowings not designated as hedges. This has resulted in exchange differences of \u00a31 million loss (2021: \u00a3nil) within net finance costs in Note 9. The Group seeks to limit its exposure to volatility in foreign exchange rates by hedging its foreign gross assets using either borrowings or derivative instruments. The Group targets a hedging range of between the last reported LTV ratio (32 per cent at 31 December 2022) and 100 per cent. At 31 December 2022, the Group had gross foreign currency assets, which were 76 per cent hedged by gross foreign currency denominated liabilities (2021: 62 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial Review on page 59. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end: Average exchange rates Currency contract (local currency) Contract value Fair value 2022 2021 2022 m 2021 m 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Group Economic cash flow hedges Sell euros (buy sterling) 1.13 1.15 438 943 387 816 \u2013 27 Buy euros (sell sterling) 1.16 1.19 463 28 399 24 11 \u2013 Net investment hedges Sell euros (buy sterling) 1.16 1.17 601 409 519 349 (13) 5 Total (2) 32 Company Economic cash flow hedges Sell euros (buy sterling) 1.15 1.16 1,039 1,352 906 1,165 (13) 32 Buy euros (sell sterling) 1.16 1.19 463 28 399 24 11 \u2013 Total (2) 32 Effects of net investment hedge accounting on financial position and performance The effects of the foreign currency related hedging instruments on the Group\u2019s financial position and performance are detailed below. Forward foreign exchange contracts The Group designated euro denominated forward foreign exchange contracts as net investment hedges during 2022 (2021: euro denominated). There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2022 where the hedging instrument was forward foreign exchange contracts. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Any forward points in the foreign exchange contract are taken to the Income Statement. Group Euro forward foreign exchange 2022 \u00a3m 2021 \u00a3m Carrying amount (13) 5 Notional amount 519 349 Maturity date Jan 2023 Jan 2022 Hedge ratio 1:1 1:1 Change in discounted spot value of hedging instruments since 1 January \u2013 (loss)/gain (33) 9 Change in value of hedged item used to determine hedge effectiveness \u2013 gain/(loss) 33 (9) Weighted average hedged rate for the year (including forward points) 1.17 1.16 Currency swap contracts The Group uses cross currency swaps with two floating legs as designated net investment hedges. Although these instruments are expected to have a high degree of effectiveness, some ineffectiveness may arise due to the hedging instrument having periodic interest payments, which net investment does not. In 2022, no cross currency swaps were used as designated net investment hedges. The ineffectiveness recorded from net investments in foreign entity hedges in 2021 from currency swap contracts is shown in the table below. Group Euro currency swaps 2022 \u00a3m 2021 \u00a3m Carrying amount \u2013 \u2013 Notional amount \u2013 \u2013 Maturity date \u2013 \u2013 Hedge ratio \u2013 1:1 Change in discounted spot value of hedging instruments since 1 January \u2013 gain \u2013 13 Change in value of hedged item used to determine hedge effectiveness \u2013 loss \u2013 (13) Weighted average hedged rate for the year (including forward points) \u2013 1.14 US private placement notes There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2022 and 2021 where the hedging instrument was US private placement notes. This is because the critical terms of both the net investment in foreign entity and the hedging instrument match, and at each Balance Sheet date both are revalued to the closing spot rate. Group Private placement notes 2022 \u00a3m 2021 \u00a3m Carrying amount of private placement notes (Note 16) 1,433 1,171 Carrying amount of private placement notes designated as net investment hedging instruments 1,433 1,171 Hedge ratio 1:1 1:1 Change in carrying amount of USPP notes as a result of foreign currency movement since 1 January, recognised in OCI \u2013 (loss)/gain (65) 52 Change in value of hedged item used to determine hedge effectiveness \u2013 gain/(loss) 65 (52) Weighted average hedged rate for the year (including forward points) 1.13 1.19 17(v) Interest rate risk management The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings. The current Group policy states that 50 to 100 per cent of net borrowings should be at fixed rate provided by long-term debt issues attracting a fixed coupon or from floating rate bank borrowings converted into fixed rate or hedged via interest rate swaps, forwards, caps, collars or floors or options on these products. Hedging activities require approval and are evaluated and reported on regularly to ensure that the policy is being adhered to. The Board reviews the policy on interest rate exposure annually with a view to establishing that it is still relevant in the prevailing and forecast economic environment. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the Balance Sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the Balance Sheet date was outstanding for the whole year. A two per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonable possible change in interest rates (this has increased from one per cent reported in 2021 due to the increased interest rate environment and volatility). If interest rates had been two per cent higher and all other variables were held constant, the Group\u2019s loss for the year ended 31 December 2022 would increase by \u00a327 million (2021: Group profit would decrease by \u00a334 million). If interest rates had been two per cent lower and all other variables were held constant, the Group\u2019s loss for the year ended 31 December 2022 would decrease by \u00a332 million (2021: Group profit would increase by \u00a335 million). This is attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings and cash deposits. Fixed rate debt issues are held at amortised cost and are not re-valued in the Balance Sheet to reflect interest rate movements. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s borrowings. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year The following tables detail the notional principal amounts and remaining terms of interest rate swap contracts, based on their contractual maturities, outstanding as at the reporting date: Average contract \u2013 fixed interest rate Notional principal amount Fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Pay fixed, receive floating contracts: Group In one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 3.58 \u2013 144 \u2013 1 \u2013 In more than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 144 \u2013 1 \u2013 Company In one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 3.58 \u2013 144 \u2013 1 \u2013 In more than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 144 \u2013 1 \u2013 Receive fixed, pay floating contracts: Group In one year or less \u2013 2.38 \u2013 350 \u2013 3 In more than one year but less than two \u2013 3.87 \u2013 578 \u2013 (3) In more than two years but less than five \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than five years 1.85 2.04 664 980 (188) (33) Total 664 1,908 (188) (33) Company In one year or less \u2013 2.38 \u2013 350 \u2013 3 In more than one year but less than two \u2013 3.87 \u2013 578 \u2013 (3) In more than two years but less than five \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than five years 1.85 2.04 664 980 (188) (33) Total 664 1,908 (188) (33) The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate swaps settle on either a three-month or six-month basis with the floating rate side based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will settle or receive the difference between the fixed and floating interest rate on a net basis. Interest rate cap contracts Under interest rate caps, the Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates rise above a specified strike rate. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s floating rate borrowings. The fair value of interest rate caps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate cap contracts, based on their contractual maturities, outstanding as at the reporting date: Average strike price Notional principal amount Fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Group In one year or less \u2013 1.42 \u2013 360 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 2.72 \u2013 172 \u2013 4 \u2013 In more than five years 1.68 1.50 529 420 52 9 Total 701 780 56 9 Company In one year or less \u2013 1.42 \u2013 360 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 2.72 \u2013 172 \u2013 4 \u2013 In more than five years 1.68 1.50 529 420 52 9 Total 701 780 56 9 The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate caps settle on either a three-month or six-month basis based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. IBOR reform The Group is exposed to two benchmark interest rates, Sterling Overnight Index Average (SONIA) and the Euro Interbank Offered Rate (EURIBOR). These interest rates are found in the Group\u2019s floating rate borrowings, and certain derivative contracts. Given the geography of the Group, there are no exposures to other benchmark interest rates. There are no changes in respect of EURIBOR within the Group\u2019s financing or risk management activities. In respect of sterling London Interbank Offered Rate (GBP LIBOR), transition arrangements are complete and there is no remaining exposure to GBP LIBOR. The Group\u2019s \u00a32.3 billion of committed bank facilities reference SONIA or EURIBOR, depending on the currency of utilisation. In respect of derivative contracts, the final interest periods for contracts bearing a GBP LIBOR exposure were fixed prior to LIBOR cessation on 31 December 2021. SEGRO has adhered to the ISDA 2020 IBOR Fallbacks Protocol, and as such these contracts now reference SONIA. 17(vi) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Potential customers are evaluated for creditworthiness and where necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to either business sector or individual company as the Group has a diverse customer base with no one customer accounting for more than seven per cent of rental income. Trade receivables were less than one per cent of total assets at 31 December 2022 and at 31 December 2021. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below. 2022 2021 Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m 0 \u2013 30 days 2 \u2013 2 2 \u2013 2 30 \u2013 60 days 2 \u2013 2 1 \u2013 1 60 \u2013 90 days 2 \u2013 2 3 (1) 2 90 \u2013 180 days 5 (3) 2 4 (2) 2 >180 days 4 (4) \u2013 3 (2) 1 Past due 15 (7) 8 13 (5) 8 Not due 54 (2) 52 42 (2) 40 Total trade receivables 69 (9) 60 55 (7) 48 Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2022 includes amounts due for 2022 rent and amounts billed in advance for 2023 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2023 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2022 were \u00a315 million (2021: \u00a313 million), three per cent of total gross rental income for the year (2021: three per cent). Trade receivables are presented in the balance sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment concessions granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2022, the Group held a loss allowance provision for trade receivables of \u00a39 million (2021: \u00a37 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing two per cent of total gross rental income for the year (2021: two per cent). Total impairment losses of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2022 (2021: \u00a3nil). The impairment losses include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward-looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a good investment grade credit rating. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. 17(vii) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by requiring that adequate cash and committed bank facilities are available to cover and match all debt maturities, development spend, trade related and corporate cash flows over a rolling 18-month period. This is achieved by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity risk management is discussed in more detail in the Financial Review on pages 58 and 59. Liquidity and interest risk tables The following tables detail the Group\u2019s and Company\u2019s remaining contractual maturity profile for its financial instruments. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group and the Company can be required to pay. The tables include both interest and principal cash flows. 2022 2021 Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Group Non-derivative financial liabilities: Trade and other payables 1 421 \u2013 \u2013 \u2013 421 357 \u2013 \u2013 \u2013 357 Lease liabilities 3.90 4 4 13 124 145 3.90 5 5 13 122 145 Variable rate debt instruments 4.08 23 27 700 \u2013 750 1.23 10 10 823 \u2013 843 Fixed rate debt instruments 2.43 104 183 1,209 3,430 4,926 2.32 61 61 251 2,920 3,293 Derivative financial instruments: Net settled interest rate swaps 1.08 8 5 16 \u2013 29 (0.40) 1 9 19 33 62 Gross settled foreign exchange \u2013 Forward and currency swap contracts \u2013 Inflowing (556) \u2013 \u2013 \u2013 (556) (13) \u2013 \u2013 \u2013 (13) \u2013 Outflowing 580 \u2013 \u2013 \u2013 580 13 \u2013 \u2013 \u2013 13 Total 584 219 1,938 3,554 6,295 434 85 1,106 3,075 4,700 2022 2021 Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Company Non-derivative financial liabilities: Trade and other payables 2 22 2,063 \u2013 \u2013 2,085 11 1,498 \u2013 \u2013 1,509 Variable rate debt instruments 4.08 23 27 700 \u2013 750 1.23 10 10 823 \u2013 843 Fixed rate debt instruments 3.05 86 164 593 2,519 3,362 2.67 59 59 243 2,490 2,851 Derivative financial instruments: Net settled interest rate swaps 1.08 8 5 16 \u2013 29 (0.40) 1 9 19 33 62 Gross settled foreign exchange \u2013 Forward and currency swap contracts \u2013 Inflowing (556) \u2013 \u2013 \u2013 (556) (13) \u2013 \u2013 \u2013 (13) \u2013 Outflowing 580 \u2013 \u2013 \u2013 580 13 \u2013 \u2013 \u2013 13 Total 163 2,259 1,309 2,519 6,250 81 1,576 1,085 2,523 5,265 1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3534 million (2021: \u00a3453 million) includes, accrued interest of \u00a336 million (2021: \u00a320 million) and lease liabilities of \u00a377 million (2021: \u00a376 million). Accrued interest is shown in fixed rate debt instruments in the table above. 2 Company trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a32,110 million (2021: \u00a31,529 million) includes accrued interest of \u00a325 million (2021: \u00a320 million). Accrued interest is shown in fixed rate debt instruments in the table above . ",
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"value": "17(v) Interest rate risk management The Group is exposed to interest rate risk as entities in the Group borrow funds at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings. The current Group policy states that 50 to 100 per cent of net borrowings should be at fixed rate provided by long-term debt issues attracting a fixed coupon or from floating rate bank borrowings converted into fixed rate or hedged via interest rate swaps, forwards, caps, collars or floors or options on these products. Hedging activities require approval and are evaluated and reported on regularly to ensure that the policy is being adhered to. The Board reviews the policy on interest rate exposure annually with a view to establishing that it is still relevant in the prevailing and forecast economic environment. Interest rate sensitivity analysis The sensitivity analysis below has been determined based on the exposure to interest rates for both derivative and non-derivative instruments at the Balance Sheet date. For floating rate liabilities, the analysis is prepared assuming that the amount of liability outstanding at the Balance Sheet date was outstanding for the whole year. A two per cent increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management\u2019s assessment of the reasonable possible change in interest rates (this has increased from one per cent reported in 2021 due to the increased interest rate environment and volatility). If interest rates had been two per cent higher and all other variables were held constant, the Group\u2019s loss for the year ended 31 December 2022 would increase by \u00a327 million (2021: Group profit would decrease by \u00a334 million). If interest rates had been two per cent lower and all other variables were held constant, the Group\u2019s loss for the year ended 31 December 2022 would decrease by \u00a332 million (2021: Group profit would increase by \u00a335 million). This is attributable to the Group\u2019s exposure to interest rates on its variable rate borrowings and cash deposits. Fixed rate debt issues are held at amortised cost and are not re-valued in the Balance Sheet to reflect interest rate movements. Interest rate swap contracts Under interest rate swap contracts, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s borrowings. The fair value of interest rate swaps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year . The following tables detail the notional principal amounts and remaining terms of interest rate swap contracts, based on their contractual maturities, outstanding as at the reporting date: Average contract \u2013 fixed interest rate Notional principal amount Fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Pay fixed, receive floating contracts: Group In one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 3.58 \u2013 144 \u2013 1 \u2013 In more than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 144 \u2013 1 \u2013 Company In one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 3.58 \u2013 144 \u2013 1 \u2013 In more than five years \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total 144 \u2013 1 \u2013 Receive fixed, pay floating contracts: Group In one year or less \u2013 2.38 \u2013 350 \u2013 3 In more than one year but less than two \u2013 3.87 \u2013 578 \u2013 (3) In more than two years but less than five \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than five years 1.85 2.04 664 980 (188) (33) Total 664 1,908 (188) (33) Company In one year or less \u2013 2.38 \u2013 350 \u2013 3 In more than one year but less than two \u2013 3.87 \u2013 578 \u2013 (3) In more than two years but less than five \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than five years 1.85 2.04 664 980 (188) (33) Total 664 1,908 (188) (33) The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate swaps settle on either a three-month or six-month basis with the floating rate side based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will settle or receive the difference between the fixed and floating interest rate on a net basis. Interest rate cap contracts Under interest rate caps, the Group agrees to receive floating rate interest amounts calculated on agreed notional principal amounts, should prevailing market rates rise above a specified strike rate. Such contracts enable the Group to manage the interest rate risk of the Group\u2019s floating rate borrowings. The fair value of interest rate caps at the reporting date is determined by discounting the future cash flows using the yield curves at the reporting date and the credit risk inherent in the contract, and is disclosed below. The average interest rate is based on the outstanding balances at the end of the financial year. The following tables detail the notional principal amounts and remaining terms of interest rate cap contracts, based on their contractual maturities, outstanding as at the reporting date: Average strike price Notional principal amount Fair value 2022 % 2021 % 2022 \u00a3m 2021 \u00a3m 2022 \u00a3m 2021 \u00a3m Group In one year or less \u2013 1.42 \u2013 360 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 2.72 \u2013 172 \u2013 4 \u2013 In more than five years 1.68 1.50 529 420 52 9 Total 701 780 56 9 Company In one year or less \u2013 1.42 \u2013 360 \u2013 \u2013 In more than one year but less than two \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 In more than two years but less than five 2.72 \u2013 172 \u2013 4 \u2013 In more than five years 1.68 1.50 529 420 52 9 Total 701 780 56 9 The above are effective economic hedges although the Group has not elected to adopt hedge accounting for them, hence their change in fair value is taken direct to the Income Statement. The interest rate caps settle on either a three-month or six-month basis based on the EURIBOR or sterling SONIA rate for the relevant period. The Group will receive the difference between the floating rate and the specified strike rate. IBOR reform The Group is exposed to two benchmark interest rates, Sterling Overnight Index Average (SONIA) and the Euro Interbank Offered Rate (EURIBOR). These interest rates are found in the Group\u2019s floating rate borrowings, and certain derivative contracts. Given the geography of the Group, there are no exposures to other benchmark interest rates. There are no changes in respect of EURIBOR within the Group\u2019s financing or risk management activities. In respect of sterling London Interbank Offered Rate (GBP LIBOR), transition arrangements are complete and there is no remaining exposure to GBP LIBOR. The Group\u2019s \u00a32.3 billion of committed bank facilities reference SONIA or EURIBOR, depending on the currency of utilisation. In respect of derivative contracts, the final interest periods for contracts bearing a GBP LIBOR exposure were fixed prior to LIBOR cessation on 31 December 2021. SEGRO has adhered to the ISDA 2020 IBOR Fallbacks Protocol, and as such these contracts now reference SONIA. ",
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"fact-552": {
"value": "17(vi) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Potential customers are evaluated for creditworthiness and where necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to either business sector or individual company as the Group has a diverse customer base with no one customer accounting for more than seven per cent of rental income. Trade receivables were less than one per cent of total assets at 31 December 2022 and at 31 December 2021. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below. 2022 2021 Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m 0 \u2013 30 days 2 \u2013 2 2 \u2013 2 30 \u2013 60 days 2 \u2013 2 1 \u2013 1 60 \u2013 90 days 2 \u2013 2 3 (1) 2 90 \u2013 180 days 5 (3) 2 4 (2) 2 >180 days 4 (4) \u2013 3 (2) 1 Past due 15 (7) 8 13 (5) 8 Not due 54 (2) 52 42 (2) 40 Total trade receivables 69 (9) 60 55 (7) 48 Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2022 includes amounts due for 2022 rent and amounts billed in advance for 2023 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2023 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2022 were \u00a315 million (2021: \u00a313 million), three per cent of total gross rental income for the year (2021: three per cent). Trade receivables are presented in the balance sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment concessions granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2022, the Group held a loss allowance provision for trade receivables of \u00a39 million (2021: \u00a37 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing two per cent of total gross rental income for the year (2021: two per cent). Total impairment losses of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2022 (2021: \u00a3nil). The impairment losses include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward-looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a good investment grade credit rating. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. ",
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"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-545": {
"value": "17(vi) Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Potential customers are evaluated for creditworthiness and where necessary collateral is secured. There is no concentration of credit risk within the lease portfolio to either business sector or individual company as the Group has a diverse customer base with no one customer accounting for more than seven per cent of rental income. Trade receivables were less than one per cent of total assets at 31 December 2022 and at 31 December 2021. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below. 2022 2021 Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m Gross amount \u00a3m Loss allowance \u00a3m Net carrying amount \u00a3m 0 \u2013 30 days 2 \u2013 2 2 \u2013 2 30 \u2013 60 days 2 \u2013 2 1 \u2013 1 60 \u2013 90 days 2 \u2013 2 3 (1) 2 90 \u2013 180 days 5 (3) 2 4 (2) 2 >180 days 4 (4) \u2013 3 (2) 1 Past due 15 (7) 8 13 (5) 8 Not due 54 (2) 52 42 (2) 40 Total trade receivables 69 (9) 60 55 (7) 48 Gross trade receivables mainly consists of amounts invoiced for rent, service charge and management fees, which form part of Revenue (see Note 4) and are inclusive of VAT. Trade receivables at 31 December 2022 includes amounts due for 2022 rent and amounts billed in advance for 2023 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2023 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2022 were \u00a315 million (2021: \u00a313 million), three per cent of total gross rental income for the year (2021: three per cent). Trade receivables are presented in the balance sheet net of loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) which uses a lifetime expected loss allowance for all trade receivables. Expected loss rates are based on the historic credit loss experienced and adjusted for current and forward information affecting the ability of the individual customers to settle receivables. Trade receivables are written off when there is no reasonable expectation of recovery. In determining the ECLs an analysis of various factors has been performed on a customer by customer basis and considers the impact of economic conditions. These factors include an assessment of the customer\u2019s default risk based on: industry and geographic location; and payment record, which includes how many days past due the receivable is, payment concessions granted and credit rating. ECLs are recognised net of securities held for the customer. As at 31 December 2022, the Group held a loss allowance provision for trade receivables of \u00a39 million (2021: \u00a37 million) and the impairment risk remains low with the loss allowance of \u00a39 million representing two per cent of total gross rental income for the year (2021: two per cent). Total impairment losses of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2022 (2021: \u00a3nil). The impairment losses include the net impact from loss allowances, receivables written off and recoveries of receivables previously written off and are presented within operating profit (see Note 5). The other financial assets and lease incentive balances held by the Group have been considered for impairment based on historical default rates over the expected life and are adjusted for forward-looking information. Based on that analysis, no material loss allowances are held against these assets in the current and prior period. Investment in financial instruments is restricted to banks and short-term liquidity funds with a good credit rating. Derivative financial instruments are transacted via International Swaps and Derivatives Association (ISDA) agreements with counterparties with a good investment grade credit rating. The Group\u2019s exposure and the credit ratings of its counterparties are continuously monitored and the aggregate value of transactions concluded is spread among approved counterparties. ",
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"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-546": {
"value": "17(vii) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by requiring that adequate cash and committed bank facilities are available to cover and match all debt maturities, development spend, trade related and corporate cash flows over a rolling 18-month period. This is achieved by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity risk management is discussed in more detail in the Financial Review on pages 58 and 59. Liquidity and interest risk tables The following tables detail the Group\u2019s and Company\u2019s remaining contractual maturity profile for its financial instruments. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group and the Company can be required to pay. The tables include both interest and principal cash flows. 2022 2021 Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Group Non-derivative financial liabilities: Trade and other payables 1 421 \u2013 \u2013 \u2013 421 357 \u2013 \u2013 \u2013 357 Lease liabilities 3.90 4 4 13 124 145 3.90 5 5 13 122 145 Variable rate debt instruments 4.08 23 27 700 \u2013 750 1.23 10 10 823 \u2013 843 Fixed rate debt instruments 2.43 104 183 1,209 3,430 4,926 2.32 61 61 251 2,920 3,293 Derivative financial instruments: Net settled interest rate swaps 1.08 8 5 16 \u2013 29 (0.40) 1 9 19 33 62 Gross settled foreign exchange \u2013 Forward and currency swap contracts \u2013 Inflowing (556) \u2013 \u2013 \u2013 (556) (13) \u2013 \u2013 \u2013 (13) \u2013 Outflowing 580 \u2013 \u2013 \u2013 580 13 \u2013 \u2013 \u2013 13 Total 584 219 1,938 3,554 6,295 434 85 1,106 3,075 4,700 2022 2021 Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Weighted average interest rate % Under 1 year \u00a3m 1\u20132 years \u00a3m 2\u20135 years \u00a3m Over 5 years \u00a3m Total \u00a3m Company Non-derivative financial liabilities: Trade and other payables 2 22 2,063 \u2013 \u2013 2,085 11 1,498 \u2013 \u2013 1,509 Variable rate debt instruments 4.08 23 27 700 \u2013 750 1.23 10 10 823 \u2013 843 Fixed rate debt instruments 3.05 86 164 593 2,519 3,362 2.67 59 59 243 2,490 2,851 Derivative financial instruments: Net settled interest rate swaps 1.08 8 5 16 \u2013 29 (0.40) 1 9 19 33 62 Gross settled foreign exchange \u2013 Forward and currency swap contracts \u2013 Inflowing (556) \u2013 \u2013 \u2013 (556) (13) \u2013 \u2013 \u2013 (13) \u2013 Outflowing 580 \u2013 \u2013 \u2013 580 13 \u2013 \u2013 \u2013 13 Total 163 2,259 1,309 2,519 6,250 81 1,576 1,085 2,523 5,265 1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3534 million (2021: \u00a3453 million) includes, accrued interest of \u00a336 million (2021: \u00a320 million) and lease liabilities of \u00a377 million (2021: \u00a376 million). Accrued interest is shown in fixed rate debt instruments in the table above. 2 Company trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a32,110 million (2021: \u00a31,529 million) includes accrued interest of \u00a325 million (2021: \u00a320 million). Accrued interest is shown in fixed rate debt instruments in the table above ",
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"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-499": {
"value": "18. Share Capital and Share-Based Payments Share capital Group and Company Issued and fully paid Number of shares million Par value of shares \u00a3m Ordinary shares of 10p each at 1 January 2022 1,202 120 Issue of shares \u2013 scrip dividend 6 1 Issue of shares \u2013 other 1 \u2013 Ordinary shares of 10p each at 31 December 2022 1,209 121 Issued and fully paid Number of shares million Par value of shares \u00a3m Ordinary shares of 10p each at 1 January 2021 1,192 119 Issue of shares \u2013 scrip dividend 9 1 Issue of shares \u2013 other 1 \u2013 Ordinary shares of 10p each at 31 December 2021 1,202 120 Share-based payments The Group operates the share-based payments schemes set out below. 18(i) \u2013 Deferred Share Bonus Plan (DSBP) The DSBP is for Executive Directors and senior managers. A percentage of any payment made under the Bonus Scheme is deferred to shares and held in trust for three years. The percentage subject to deferral for Executive Directors is 50 per cent of the Bonus payment. This scheme is detailed in the Remuneration Report on page 145. If a participant ceases to be employed by the Group, the award will lapse unless the participant is deemed to be a \u2018good leaver\u2019, in which case the award will be released on the vesting date. 2022 number 2021 number At 1 January 867,794 968,499 Shares granted DSBP 451,613 283,957 Shares vested (264,600) (384,662) Shares expired/lapsed (20,000) \u2013 At 31 December 1,034,807 867,794 The 2021 DSBP grant was made on 27 June 2022, based on a 26 June 2022 closing mid-market share price of 1,027 pence. 18(ii) \u2013 Long Term Incentive Plan (LTIP) The LTIP is a discretionary employee share scheme for Executive Directors and senior managers. Vesting of awards is subject to three-year performance conditions and is at the discretion of the Remuneration Committee. The performance conditions of the LTIP are detailed in the Remuneration Report on page 145. If a participant ceases to be employed by the Group, the award will lapse, unless the participant is deemed to be a \u2018good leaver\u2019, in which case the award will be reduced pro-rata on length of employment in relation to the award date. For Executive Directors a mandatory two-year holding period follows the three-year performance period. 2022 number 2021 number At 1 January 3,791,289 3,999,942 Shares granted LTIP 973,654 1,160,170 Shares vested (778,355) (1,285,564) Shares expired/lapsed \u2013 (83,259) At 31 December 3,986,588 3,791,289 The 2022 LTIP award was made on 5 May 2022. The calculation of the award was based on a share price of 1,162.5 pence, the closing mid-market share price on 4 May 2022. No consideration was paid for the grant of any award. The Black-Scholes model has been used to fair value the shares granted currently under award, apart from the TSR elements of the award which uses the Monte Carlo model. The assumptions used are as follows: Date of grant 29 May 2019 26 March 2020 29 March 2021 5 May 2022 Market price used for award 691.0p 786.8p 933.0p 1,162.5p Risk-free interest rate 0.6% 0.12% 0.13% 1.68% Dividend yield 2.7% 2.6% 2.4% 1.9% Volatility 15.7% 17.1% 22.3% 24.7% Term 3 years 3 years 3 years 3 years Fair value per share 482.1p 654.4p 375.3p 493.1p 18(iii) \u2013 Other share schemes The Group also operates the following all-employee share schemes. \u2013 Share Incentive Plan (SIP) \u2013 Global Share Incentive Plan (GSIP) \u2013 Sharesave Further details of these schemes are set out in the Remuneration Report on pages 145 and 146. The total share-based payment charge for the schemes recognised in the 2022 Income Statement was \u00a31 million (2021: \u00a31 million). The total number of outstanding options for these schemes as at 31 December 2022 was 844,727 (2021: 851,364). ",
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"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-529": {
"value": "Share capital Group and Company Issued and fully paid Number of shares million Par value of shares \u00a3m Ordinary shares of 10p each at 1 January 2022 1,202 120 Issue of shares \u2013 scrip dividend 6 1 Issue of shares \u2013 other 1 \u2013 Ordinary shares of 10p each at 31 December 2022 1,209 121 Issued and fully paid Number of shares million Par value of shares \u00a3m Ordinary shares of 10p each at 1 January 2021 1,192 119 Issue of shares \u2013 scrip dividend 9 1 Issue of shares \u2013 other 1 \u2013 Ordinary shares of 10p each at 31 December 2021 1,202 120 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-530": {
"value": "Share-based payments The Group operates the share-based payments schemes set out below. 18(i) \u2013 Deferred Share Bonus Plan (DSBP) The DSBP is for Executive Directors and senior managers. A percentage of any payment made under the Bonus Scheme is deferred to shares and held in trust for three years. The percentage subject to deferral for Executive Directors is 50 per cent of the Bonus payment. This scheme is detailed in the Remuneration Report on page 145. If a participant ceases to be employed by the Group, the award will lapse unless the participant is deemed to be a \u2018good leaver\u2019, in which case the award will be released on the vesting date. 2022 number 2021 number At 1 January 867,794 968,499 Shares granted DSBP 451,613 283,957 Shares vested (264,600) (384,662) Shares expired/lapsed (20,000) \u2013 At 31 December 1,034,807 867,794 The 2021 DSBP grant was made on 27 June 2022, based on a 26 June 2022 closing mid-market share price of 1,027 pence. 18(ii) \u2013 Long Term Incentive Plan (LTIP) The LTIP is a discretionary employee share scheme for Executive Directors and senior managers. Vesting of awards is subject to three-year performance conditions and is at the discretion of the Remuneration Committee. The performance conditions of the LTIP are detailed in the Remuneration Report on page 145. If a participant ceases to be employed by the Group, the award will lapse, unless the participant is deemed to be a \u2018good leaver\u2019, in which case the award will be reduced pro-rata on length of employment in relation to the award date. For Executive Directors a mandatory two-year holding period follows the three-year performance period. 2022 number 2021 number At 1 January 3,791,289 3,999,942 Shares granted LTIP 973,654 1,160,170 Shares vested (778,355) (1,285,564) Shares expired/lapsed \u2013 (83,259) At 31 December 3,986,588 3,791,289 The 2022 LTIP award was made on 5 May 2022. The calculation of the award was based on a share price of 1,162.5 pence, the closing mid-market share price on 4 May 2022. No consideration was paid for the grant of any award. The Black-Scholes model has been used to fair value the shares granted currently under award, apart from the TSR elements of the award which uses the Monte Carlo model. The assumptions used are as follows: Date of grant 29 May 2019 26 March 2020 29 March 2021 5 May 2022 Market price used for award 691.0p 786.8p 933.0p 1,162.5p Risk-free interest rate 0.6% 0.12% 0.13% 1.68% Dividend yield 2.7% 2.6% 2.4% 1.9% Volatility 15.7% 17.1% 22.3% 24.7% Term 3 years 3 years 3 years 3 years Fair value per share 482.1p 654.4p 375.3p 493.1p 18(iii) \u2013 Other share schemes The Group also operates the following all-employee share schemes. \u2013 Share Incentive Plan (SIP) \u2013 Global Share Incentive Plan (GSIP) \u2013 Sharesave Further details of these schemes are set out in the Remuneration Report on pages 145 and 146. The total share-based payment charge for the schemes recognised in the 2022 Income Statement was \u00a31 million (2021: \u00a31 million). The total number of outstanding options for these schemes as at 31 December 2022 was 844,727 (2021: 851,364). ",
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"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-531": {
"value": "19. Share Premium and Other Reserves Share premium GROUP AND COMPANY 2022 \u00a3m 2021 \u00a3m Balance at 1 January 3,371 3,277 Premium arising on the issue of shares \u2013 scrip dividend 78 93 Premium arising on the issue of shares \u2013 other \u2013 1 Balance at 31 December 3,449 3,371 Capital redemption reserve The capital redemption reserve of \u00a3114 million arose in 2009 where shares were reclassified, cancelled and consolidated in connection with a Rights Issue. Other reserves Other reserves shown on the Group Balance Sheet of \u00a3227 million (2021: \u00a3140 million) is made up of the following reserves: The merger reserve of \u00a3169 million (2021: \u00a3169 million) arose in 2009 in connection with the acquisition of Brixton plc where the Group acquired 100 per cent of the voting equity of Brixton plc in a share for share exchange. The Group translation, hedging and other reserves of \u00a333 million surplus (2021: \u00a349 million deficit) comprises all foreign exchange differences arising from the translation of the Financial Statements of foreign operations, as well as from the translation of liabilities that hedge the Group\u2019s net investment in foreign denominated subsidiaries. The Group share-based payment reserve of \u00a325 million (2021: \u00a320 million) reflects the increase in equity in connection with share-based payment transactions accounted for under IFRS 2. 20. Own Shares Held GROUP AND COMPANY 2022 \u00a3m 2021 \u00a3m Balance at 1 January 1 1 Shares purchased 4 3 Disposed of on exercise of options (4) (3) Balance at 31 December 1 1 These represent the cost of shares in SEGRO plc bought in the open market and held by Ocorian Limited and Equiniti Limited, to satisfy various Group share schemes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-500": {
"value": "21. Commitments Contractual obligations to purchase, construct, develop, repair, maintain or enhance assets are as follows: GROUP 2022 \u00a3m 2021 \u00a3m Properties 427 1 626 1 Includes \u00a3328 million of commitments relating to current development pipeline and other commitments of \u00a399 million mainly relating to infrastructure spend. In addition, commitments in the Group\u2019s joint ventures and associates at 31 December 2022 (at share) amounted to \u00a381 million (2021: \u00a342 million). The Group also has a \u00a38 million commitment to property related investment funds at 31 December 2022 (2021: \u00a310 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-501": {
"value": "22. Contingent Liabilities The Group has given performance guarantees to third parties amounting to \u00a3146 million (2021: \u00a382 million) in respect of development contracts of subsidiary undertakings. It is unlikely that these contingencies will crystallise. The Company has guaranteed loans, bank overdrafts and eurobonds of subsidiary undertakings and has indicated its intention to provide the necessary support required by its subsidiaries. The Group and joint ventures are subject to claims and litigation generally and provides guarantees, representations and warranties arising in the ordinary course of its business. Provision is made when liabilities are considered likely to arise and the expected quantum of the exposure is estimatable. The risk in relation to such items are monitored on an ongoing basis and provisions amended accordingly. It is not expected that contingent liabilities existing at 31 December 2022 will have a material adverse effect on the Group\u2019s financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-502": {
"value": "23. Leases The Group as a lessor The investment properties are leased to tenants under operating leases with rentals payable on a monthly or quarterly basis. Lease payments for some contracts include inflationary index increases, but there are no significant levels of variable lease payments that do not depend on an index or a rate. Where considered necessary to reduce credit risk, the Group may obtain bank guarantees or tenant deposits for the term of the lease. The Group is exposed to changes in the residual value of properties at the end of current lease agreements. The residual value risk born by the Group is mitigated by active management of its property portfolio and discussed further in the Asset Management update on pages 50 to 51. The Group does not hold significant finance leases as a lessor. Future aggregate minimum rentals receivable under non-cancellable operating leases are: Group \u00a3m Joint ventures and associates at share \u00a3m 2022 \u00a3m 2021 \u00a3m Not later than one year 427 124 551 476 Later than one year, not later than two years 377 110 487 430 Later than two years, not later than three years 312 92 404 365 Later than three years, not later than four years 269 77 346 300 Later than four years, not later than five years 237 67 304 256 Later than five years 1,805 241 2,046 1,789 Balance at 31 December 3,427 711 4,138 3,616 There are no significant levels of contingent rent in the current or prior year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-503": {
"value": "24. Related Party Transactions Group Transactions during the year between the Group and its joint ventures are disclosed below: 2022 \u00a3m 2021 \u00a3m Dividends received 9 33 Assets sold to joint ventures 1 215 231 Management fee income 30 26 Performance fee income \u2013 26 1 During the year investment properties with a carrying value of \u00a3215 million were sold to SELP (2021: \u00a3231 million). Total proceeds (and total cash proceeds) received by SEGRO were \u00a3218 million (2021: \u00a3231 million). The transactions resulted in the net assets of the Group increasing by \u00a33 million (2021: \u00a3nil). The net cash impact on a proportionally consolidated basis was an inflow of \u00a3109 million (2021: \u00a3116 million) once the 50 per cent ownership in SELP is taken into account. Amounts due from joint ventures and associates are disclosed in Note 14. Investments in joint ventures and associates at 31 December 2022 of \u00a31,768 million disclosed in Note 7 (2021: \u00a31,795 million) includes shareholder loans of \u00a390 million (2021: \u00a386 million). Transactions between the Company and its subsidiaries eliminate on consolidation and are not disclosed in this Note. Company Amounts due from subsidiaries are disclosed in Note 7 and amounts due to subsidiaries are disclosed in Note 15. None of the above Group or Company balances are secured. Remuneration of key management personnel Key management personnel for the Group and Company comprise Executive and Non-Executive Directors, as outlined in the Governance Report on pages 91 and 93. Key management personnel compensation is shown in the table below: 2022 \u00a3m 2021 \u00a3m Salaries and short-term benefits 5 5 Share-based payments 3 4 Total remuneration 8 9 More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlements, share options and other long-term incentive plans, as required by the Companies Act 2006, is shown in the Remuneration Report on pages 123 to 142. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-532": {
"value": "Remuneration of key management personnel Key management personnel for the Group and Company comprise Executive and Non-Executive Directors, as outlined in the Governance Report on pages 91 and 93. Key management personnel compensation is shown in the table below: 2022 \u00a3m 2021 \u00a3m Salaries and short-term benefits 5 5 Share-based payments 3 4 Total remuneration 8 9 More detailed information concerning Directors\u2019 remuneration, shareholdings, pension entitlements, share options and other long-term incentive plans, as required by the Companies Act 2006, is shown in the Remuneration Report on pages 123 to 142. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-504": {
"value": "25. Notes to the Cash Flow Statements 25(i) \u2013 Reconciliation of cash generated from operations Group Company 2022 \u00a3m 2021 (restated) 1 \u00a3m 2022 \u00a3m 2021 \u00a3m Operating (loss)/profit (1,694) 4,477 650 501 Adjustments for: Depreciation of property, plant and equipment and amortisation of intangibles 4 5 \u2013 1 Share of loss/(profit) from joint ventures and associates after tax 144 (461) \u2013 \u2013 Profit on sale of properties (9) (53) \u2013 \u2013 Revaluation deficit/(surplus) on investment properties 1,970 (3,617) \u2013 \u2013 Dividends and other income \u2013 \u2013 (706) (1,230) Other provisions (6) 9 (1) 3 Increase in impairment of subsidiaries \u2013 \u2013 44 710 409 360 (13) (15) Changes in working capital: Decrease in trading properties 33 12 \u2013 \u2013 Increase in debtors and tenant incentives (6) (33) (2) (9) Increase/(decrease) in creditors 43 24 (1) 4 Net cash inflow/(outflow) generated from operations 479 363 (16) (20) 1 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 25(ii) \u2013 Deposits Term deposits for a period of three months or less are included within cash and cash equivalents. 25(iii) \u2013 Analysis of net debt Management defines net debt as total borrowing less cash and cash equivalents. Cash movements Non-cash movements At 1 January 2022 \u00a3m Cash inflow 2 \u00a3m Cash outflow 3 \u00a3m Exchange movement \u00a3m Other non-cash adjustments 1 \u00a3m At 31 December 2022 \u00a3m Group Bank loans and loan capital 3,429 2,752 (1,421) 168 \u2013 4,928 Capitalised finance costs (23) \u2013 (30) \u2013 9 (44) Total borrowings 3,406 2,752 (1,451) 168 9 4,884 Cash in hand and at bank4 (85) (76) \u2013 (1) \u2013 (162) Net debt 3,321 2,676 (1,451) 167 9 4,722 Company Bank loans and loan capital 3,006 1,794 (1,421) 87 \u2013 3,466 Capitalised finance costs (17) \u2013 (17) \u2013 7 (27) Total borrowings 2,989 1,794 (1,438) 87 7 3,439 Cash in hand and at bank (12) (60) \u2013 \u2013 \u2013 (72) Net debt 2,977 1,734 (1,438) 87 7 3,367 1 Total other non-cash adjustments of \u00a39 million (Company: \u00a37 million) relates to the amortisation of issue costs. See Note 9. 2 Proceeds from borrowings of \u00a32,752 million (Company: \u00a31,794 million). 3 Group cash outflow of \u00a31,451 million (Company: \u00a31,438 million), comprises repayment of borrowings of \u00a31,421 million (Company: \u00a31,421 million) and capitalised finance costs of \u00a330 million (Company: \u00a317 million). 4 Group Cash and cash equivalents and Trade and other receivables have been restated as at 31 December 2021 following IFRIC\u2019s agenda decision in respect of Demand Deposits with Restrictions on Use arising from a Contract with a Third Party. See Note 1 for further details. 25(iv) \u2013 Analysis of financial liabilities and assets arising from financing activities For the year ended 31 December 2022 Group Cash movements Non-cash movements At 1 January 2022 \u00a3m Cash inflow \u00a3m Cash outflow \u00a3m Exchange movement 1 \u00a3m Net fair value changes 2 \u00a3m Other non-cash adjustments \u00a3m At 31 December 2022 \u00a3m Total borrowings (Note 16) 3,406 2,752 (1,451) 168 \u2013 9 4,884 Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts (Note 17) (32) 15 \u2013 17 2 \u2013 2 Lease liabilities (Note 15)\u00b3 76 \u2013 (5) 4 \u2013 2 77 Total net financial liabilities arising from financing activities 3,450 2,767 (1,456) 189 2 11 4,963 1 Exchange movement of \u00a3185 million from borrowings and forward foreign exchange and currency swap contracts consists of: Foreign exchange loss on effective hedge relationships recognised in OCI of \u00a398 million and foreign exchange loss arising on translation of borrowings held in international operations recognised in OCI of \u00a383 million and foreign exchange loss recognised within the Income Statement of \u00a34 million. See Note 17(iv). 2 Total net fair value loss of \u00a3199 million arising from derivatives per Note 9 also includes fair value loss from interest rate swaps and caps of \u00a3197 million. 3 Lease liabilities cash outflows of \u00a35 million consists of: \u00a33 million interest payment and \u00a32 million principal elements payment. For the year ended 31 December 2021 Group Cash movements Non-cash movements At 1 January 2021 \u00a3m Cash inflow \u00a3m Cash outflow \u00a3m Exchange movement 1 \u00a3m Net fair value changes 2 \u00a3m Other non-cash adjustments \u00a3m At 31 December 2021 \u00a3m Total borrowings (Note 16) 2,414 1,214 (144) (81) \u2013 3 3,406 Derivatives: (Net) Fair value of forward foreign exchange and currency swap contracts (Note 17) (7) 40 \u2013 (62) (3) \u2013 (32) Lease liabilities (Note 15)\u00b3 83 \u2013 (5) (4) \u2013 2 76 Total net financial liabilities arising from financing activities 2,490 1,254 (149) (147) (3) 5 3,450 1 Exchange movement of \u00a3143 million from borrowings and forward foreign exchange and currency swap contracts consists of: Foreign exchange gain on effective hedge relationships recognised in OCI of \u00a374 million and foreign exchange gain recognised within the Income Statement of \u00a369 million. See Note 17(iv). 2 Total net fair value loss of \u00a382 million arising from derivatives per Note 9 also includes fair value loss from interest rate swaps and caps of \u00a385 million. 3 Lease liabilities cash outflows of \u00a35 million consists of: \u00a33 million interest payment and \u00a32 million principal elements payment. ",
"dimensions": {
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"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-505": {
"value": "26. Property Valuation Techniques, Sustainability and Climate Change Considerations and Related Quantitative Information All of the Group\u2019s properties are level 3, as defined by IFRS 13, in the fair value hierarchy as at 31 December 2022 and there were no transfers between levels during the year. Level 3 inputs used in valuing the properties are those which are unobservable, as opposed to level 1 (inputs from quoted prices) and level 2 (observable inputs either directly, i.e. as prices, or indirectly, i.e. derived from prices). Valuation techniques Based on different approaches for different properties, the following valuation techniques can be used for the same class of assets: The yield methodology valuation technique is used when valuing the Group\u2019s assets which uses market rental values capitalised with a market capitalisation rate. The resulting valuations are cross-checked against the initial yields and the fair market values per square metre derived from actual market transactions for similar assets. For properties under construction and the majority of land held for development, properties are valued using a residual method valuation. Under this methodology, the valuer assesses the investment value (using the above mentioned methodology for completed buildings). Deductions are then made for the total estimated costs to complete, including notional finance costs and developer\u2019s profit, to take into account the hypothetical purchaser\u2019s management of the remaining development process and their perception of risk with regard to construction and the property market (e.g. as regards potential cost overruns and letting risk). Land values are cross-checked against the rate per hectare derived from actual market transactions. Other land is also valued on this comparative basis. Land values per hectare range from \u00a30.1 million \u2013 \u00a343.3 million (2021: \u00a30.1 million \u2013 \u00a330.7 million) for the UK and \u00a30.1 million \u2013 \u00a316.0 million (2021: \u00a30.2 million \u2013 \u00a36.5 million) for Continental Europe. Sustainability valuation considerations The Group\u2019s valuers, CBRE, note in their valuation report that the impact of sustainability factors on valuations have been considered. In a valuation context, \u2018sustainability\u2019 encompasses a wide range of physical, social, environmental, and economic factors that can affect value of an asset, even if not explicitly recognised. The range of issues includes key environmental risks, such as flooding, energy efficiency and climate, as well as matters of design, legislation and management considerations \u2013 and current and historic land use. Climate risk legislation The UK Government and the EU is currently producing legislation on the transition to net-zero which is likely to include an update to the Minimum Energy Efficiency Standards and also the intention to introduce an operational rating. Whilst the nature of the legislation is not yet clear it could have a potential impact to future asset value The introduction of mandatory climate related disclosures in the UK and EU (including \u2018Task Force
on Climate related Financial Disclosures\u2019 (TCFD) in the UK and \u2018Sustainable Finance Disclosure
Regulations\u2019 (SFDR) and \u2018Corporate Sustainability Reporting Directive\u2019 (CSRD) in the EU),
including the assessment of physical and transition climate risks, may potentially have an impact
on how the market views such risks and incorporates them into the sale and letting of assets.
Sustainability and climate risk legislation has an impact on the value of an asset, even if not
explicitly recognised. Valuers reflect markets, they do not lead them. Where the valuers
recognise the value impacts of sustainability and legislation, they are reflecting their
understanding of how market participants include sustainability and legislation requirements
in their bids and the impact on market valuations.
Sensitivity analysis
An increase/decrease to ERV will increase/decrease valuations, while an increase/decrease to
yield will decrease/increase valuations. Sensitivity analysis showing the impact on valuations of
changes in yields and ERV on the property portfolio (including joint ventures and associates at
share) and the impact on valuations of changes in development costs on the development
property and land portfolio (including joint ventures and associates at share) is shown below.
The valuation deficit recognised by the Group in the year ended 31 December 2022 primarily
reflects the impact of higher property yields applied to our portfolio during the second half of
2022. This is reflected in the Group\u2019s net true equivalent yield increasing from 3.8 per cent at
31 December 2021 to 4.8 per cent at 31 December 2022. As the change in market conditions and
corresponding valuation correction occurred prior to the 31 December 2022 valuation date,
management still considers a 25bp movement in yields reflects an appropriate sensitivity as at
31 December 2022.
Group
\u00a3m
Impact on valuation of
25bp change in nominal
equivalent yield
Impact on valuation of 5%
change in estimated
rental value (ERV)
Impact on valuation of
10% change in estimated
development costs
Increase
\u00a3m
Decrease
\u00a3m
Increase
\u00a3m
Decrease
\u00a3m
Increase
\u00a3m
Decrease
\u00a3m
2022
Completed property 15,191 (793) 883 580 (576) \u2013 \u2013
Development property
and land 2,734 (226) 245 295 (295) (321) 321
Group total property
portfolio 17,925 (1,019) 1,128 875 (871) (321) 321
Group
\u00a3m
Impact on valuation of
25bp change in nominal
equivalent yield
Impact on valuation of
5% change in estimated
rental value (ERV)
Impact on valuation of
10% change in estimated
development costs
Increase
\u00a3m
Decrease
\u00a3m
Increase
\u00a3m
Decrease
\u00a3m
Increase
\u00a3m
Decrease
\u00a3m
2021
Completed property 16,739 (1,057) 1,211 628 (625) \u2013 \u2013
Development property
and land 1,638 (164) 172 192 (199) (232) 225
Group total property
portfolio 18,377 (1,221) 1,383 820 (824) (232) 225
There are inter-relationships between all these inputs as they are determined by market
conditions. The existence of an increase in more than one input would be to magnify the impact
on the valuation. The impact on the valuation will be mitigated by the inter-relationship of two
inputs in opposite directions, for example, an increase in rent may be offset by an increase in
yield. The table below includes the Group\u2019s wholly-owned and joint venture and associate assets
at share in order to include the entire portfolio. The equivalent analysis for the range of inputs on
a wholly-owned basis would not be significantly different.
2022 By asset type
Valuation Inputs
Completed
\u00a3m
Land &
development\u00b9
\u00a3m
Combined
property
portfolio
\u00a3m
ERV
2
\u00a3 per
sq m
ERV range
2
\u00a3 per
sq m
Net true
equivalent
yield
3
%
Net true
equivalent
yield range
%
Big box warehouses >
35,000 sq m 2,076 2,076 54.6 32.7\u2013169.5 4.8 3.9\u20136.2
Big box warehouses <
35,000 sq m 2,651 2,651 63.6 36.1\u2013203.3 4.9 3.7\u20136.4
Urban warehouses >
3,500 sq m 6,465 6,465 144.0 36.1\u2013387.5 4.8 3.8\u20139.5
Urban warehouses <
3,500 sq m 3,628 3,628 220.9 43.5\u2013387.5 4.6 3.9\u20138.9
High value and other
uses of industrial land
4
371 371 191.5 52.0\u2013527.4 6.8 3.6\u20139.7
15,191 2,734 17,925 93.4 32.7\u2013527.4 4.8 3.6\u20139.7
By ownership
Wholly-owned
5
12,311 2,592 14,903 143.7 32.7\u2013527.4 4.8 3.6\u20139.7
Joint ventures and
associates 2,880 142 3,022 54.2 36.1\u2013133.6 4.8 3.7\u20139.5
Group Total 15,191 2,734 17,925 93.4 32.7\u2013527.4 4.8 3.6\u20139.7
1 Land and development valuations by asset type are not available as land sites are not categorised by asset type. Combined
property portfolio column will not cast down but row does cast across.
2 On a fully occupied basis.
3 In relation to the completed properties only.
4 High value and other uses of industrial land includes offices and retail uses, such as trade counters, car showrooms and self-storage
facilities.
5 Included in the completed portfolio, the wholly-owned assets are: big box > 35,000 sq m \u00a3832 million; big box < 35,000 sq m \u00a31,127
million; urban warehouses > 3,500 sq m \u00a36,356 million; urban warehouses < 3,500 sq m \u00a33,628 million; and other uses \u00a3368 million.
2022 By geography
Valuation Inputs
Completed
\u00a3m
Land &
development
\u00a3m
Combined
property
portfolio
\u00a3m
ERV
1
\u00a3 per
sq m
ERV range
1
\u00a3 per
sq m
Net true
equivalent
yield
2
%
Net true
equivalent
yield range
%
Greater London 6,065 347 6,412 222.1 57.3\u2013387.5 4.6 3.9\u20137.8
Thames Valley 2,325 686 3,011 213.5 80.7\u20135 27.4 5.3 4.7\u20139.7
National Logistics 1,167 554 1,721 91.3 45.0\u2013203.3 5.3 5.0\u20136.2
Northern Europe
Germany 1,664 335 1,999 66.2 36.1\u2013167.6 4.3 3.7\u20136.2
Netherlands 170 12 182 67.3 49.7\u2013102.2 4.8 4.1\u20139.5
Southern Europe
France 1,771 463 2,234 74.9 40.7\u2013465.5 4.8 3.6\u20139.2
Italy/Spain 1,225 261 1,486 54.3 32.7\u2013188.7 4.6 4.1\u20136.3
Central Europe
Poland 702 71 773 47.3 36.1\u2013136.7 5.9 5.4\u20136.4
Czech Republic 102 5 107 72.2 62.8\u2013100.9 5.5 5.3\u20135.5
Group Total 15,191 2,734 17,925 93.4 32.7\u2013527.4 4.8 3.6\u20139.7
Investment properties \u2013 Group (Note 13(i))\u00b3 14,866
Investment properties \u2013 Joint ventures and associates (Note 7(ii)) 3,022
Trading properties \u2013 Group (Note 13(ii))
4
37
17,925
1 On a fully occupied basis.
2 In relation to the completed properties only.
3 Excludes head lease ROU assets of \u00a373 million.
4 Includes valuation surplus not recognised on trading properties of \u00a32 million.
2021 By asset type
Valuation Inputs
Completed
\u00a3m
Land &
development
1
\u00a3m
Combined
property
portfolio
\u00a3m
ERV
2
\u00a3 per
sq m
ERV range
2
\u00a3 per
sq m
Net true
equivalent
yield
3
%
Net true
equivalent
yield range
%
Big box warehouses >
35,000 sq m 2,222 2,222 46.3 30.3\u2013161.5 3.8 3.3\u20135.5
Big box warehouses <
35,000 sq m 2,683 2,683 54.2 16.8\u2013204.5 3.9 3.1\u20137.0
Urban warehouses >
3,500 sq m 6,963 6,963 124.9 34.3\u2013339.1 3.8 2.9\u2013 9.7
Urban warehouses <
3,500 sq m 4,153 4,153 192.8 38.3\u2013376.9 3.5 2.9\u20139.3
High value and other
uses of industrial land
4
718 718 166.5 50.4\u2013452.1 6.0 3.3\u201310.3
16,739 1,638 18,377 81.0 16.8\u2013452.1 3.8 2.9\u201310.3
By ownership
Wholly-owned
5
13,990 1,478 15,468 125.6 30.5\u2013452.1 3.8 2.9\u201310.3
Joint ventures and
associates 2,749 160 2,909 45.5 16.8\u2013126.8 4.0 3.1\u20139.7
Group Total 16,739 1,638 18,377 81.0 16.8\u2013452.1 3.8 2.9\u201310.3
1 Land and development valuations by asset type are not available as land sites are not categorised by asset type. Combined
property portfolio column will not cast down but row does cast across.
2 On a fully occupied basis.
3 In relation to the completed properties only.
4 Higher value includes offices and retail uses, such as trade counters, car showrooms and self-storage facilities.
5 Included in the completed portfolio, the wholly-owned assets are: big box > 35,000 sq m \u00a31,120 million; big box < 35,000 sq m
\u00a31,180 million; urban warehouses > 3,500 sq m \u00a36,822 million; urban warehouses < 3,500 sq m \u00a34,153 million; and other uses
\u00a3715 million.
2021 By geography Valuation Inputs Completed \u00a3m Land & development \u00a3m Combined property portfolio \u00a3m ERV 1 \u00a3 per sq m ERV range 1 \u00a3 per sq m Net true equivalent yield 2 % Net true equivalent yield range % Greater London 7,005 327 7,332 196.6 45.7\u2013376.9 3.5 2.9\u20139.3 Thames Valley 2,878 224 3,102 172.2 72.7\u2013452.1 4.1 3.6\u20138.4 National Logistics 1,247 470 1,717 80.2 45.0\u2013204.5 3.8 3.3\u20134.4 Northern Europe Germany 1,532 197 1,729 57.5 34.3\u2013155.8 3.6 3.0\u20134.9 Netherlands 167 27 194 59.7 46.2\u201391.2 3.9 3.4\u20139.7 Southern Europe France 1,751 112 1,863 66.0 37.8\u2013442.0 4.1 3.2\u20136.8 Italy/Spain 1,438 202 1,640 46.7 16.8\u2013161.9 3.9 3.4\u201310.3 Central Europe Poland 631 75 706 39.7 30.3\u2013130.0 5.2 4.6\u20135.7 Czech Republic 90 4 94 53.5 47.1\u201393.3 4.8 4.8\u20134.8 Group Total 16,739 1,638 18,377 81.0 16.8\u2013452.1 3.8 2.9\u201310.3 Investment properties \u2013 Group (Note 13(i)) 3 15,422 Investment properties \u2013 Joint ventures and associates (Note 7(ii)) 2,909 Trading properties \u2013 Group (Note 13(ii)) 4 46 18,377 1 On a fully occupied basis. 2 In relation to the completed properties only. 3 Excludes head lease ROU assets of \u00a370 million. 4 Includes valuation surplus not recognised on trading properties of \u00a31 million ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-506": {
"value": "27. Subsequent events On 10 January 2023 the Group acquired Bath Road Shopping Park in Slough (UK) for \u00a3120 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
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"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-507": {
"value": "28. Related Undertakings
A list of the Group\u2019s related undertakings as at 31 December 2022 is detailed below. Except
where the Group\u2019s percentage holdings is disclosed below, the entire share capital of the
subsidiary undertaking is held by the Group. Unless otherwise stated, the Group\u2019s holding in the
subsidiary undertaking comprise Ordinary shares. Where subsidiaries have different classes of
shares, the percentage effective holding shown represents both the Group\u2019s voting rights and
equity holding. All subsidiaries are consolidated in the Group\u2019s Financial Statements. The Group\u2019s
related undertakings also includes its joint ventures and associates\u2019, which is primarily SELP.
Audit exemption taken for subsidiaries
Certain UK subsidiaries are exempt from the requirement of the Companies Act 2006 (the Act)
relating to the audit of individual accounts by virtue of Section 479A of the Act. These
subsidiaries are identified with two asterisks (**) on the table below.
Certain UK partnerships are exempt from the requirement to prepare, publish and have audited
individual accounts by virtue of regulation 7 of The Partnership (Accountants) Regulations 2008.
The results of these partnerships are consolidated within the Group accounts and are identified
with three asterisks (***) on the table below.
Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
Airport Property GP (No. 2) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Airport Property H1 Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Airport Property Partnership***
,4
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Allnatt London Properties Limited**,7 England and
Wales
Direct 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Amdale Holdings Limited NV Belgium Indirect Boulevard Louis Schmidt 87,
1040 Etterbeek, Belgium
Beira Investments Sp z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Bilton Homes Limited3 England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Bilton Limited** England and
Wales
Direct 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Bonsol S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Brixton (Axis Park) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton (Fairway Units 7-11) 1 Limited
1
England and
Wales
Indirect c/o BDO LLP, Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton (Great Western, Southall)
Limited**
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Brixton (Heathrow Estate) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Brixton (Metropolitan Park) 1 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton (Origin) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Asset Management UK Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Greenford Park Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Limited** England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Nominee 8 (Jersey) Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 9 (Jersey) Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 26 (Jersey) Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 27 (Jersey) Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 38 (Jersey) Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 39 (Jersey) Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 40 (Jersey) Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 41 (Jersey) Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Axis Park 1 Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Axis Park 2 Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Polar Park 1 Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Polar Park 2 Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Premier Park 1 Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Premier Park 2 Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Northfields (Wembley 1) Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields (Wembley) Holdings Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields (Wembley) Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Brixton Northfields 1 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 2 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 3 Limited1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 4 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 5 Limited1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 6 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Premier Park Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Properties Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Sub-Holdings Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom B-Serv Limited1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Coventry & Warwickshire Development Partnership LLP 4 England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom CWDP Investment Limited** England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Dagenham Park Management Company Limited** ,5 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom De Hoek-Noord S-Park B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands Devon Nominees (No. 1) Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Devon Nominees (No. 2) Limited3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Devon Nominees (No. 3) Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Gateway Rugby Management Company Limited** ,5 England and Wales 91.85 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
Granby Investment Sp. z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Gront Four s.r.o. Czech Republic Indirect Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393,
PS\u010c 110 00, Czech Republic
Helios Northern Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
HelioSlough Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Holbury Investments Sp. z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
IFP S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
IMPIANTI FTV S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Karnal Investment Sp z.o.o. Poland Indirect Zielna 37, 00-108 Warszawa,
Mazowieckie, Poland
LIACOM-A KFT \u201ev.a.
\u201d 1
Hungary Indirect 1016 Budapest, M\u00e9sz\u00e1ros
utca 58/A, Hungary
LogPoint Ruhr GmbH Germany 49 Indirect Werner-von-Siemens-Stra\u00dfe 18,
33334 G\u00fctersloh, Germany
London Distribution Park No.2 LLP
4
England and
Wales
50 Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o. Poland Indirect Zielna 37, 00-108 Warszawa,
Mazowieckie, Poland
M0M4 \u00dczleti Park KFT \u201ev.a.
\u201d 1
Hungary Indirect 1016 Budapest, M\u00e9sz\u00e1ros
utca 58/A, Hungary
O\u017car\u00f3w Biznes Park Sp.z.o.o Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Premier Greenford GP Limited
3,6
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Property Management Company
(Croydon) Limited
England and
Wales
72 Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Reprendre Racines SAS France 49 Indirect 27 rue Camille Desmoulins,
92130, Issy-les-Moulineaux,
Paris, France
Roxhill (Maidstone) Limited England and
Wales
50 Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
Roxhill Management Rugby Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Roxhill Warth 2 Limited** England and
Wales
28 Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
Roxhill Warth 3 Limited** England and
Wales
50 Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
Roxhill-SEGRO (Rugby Gateway) LLP**
,4
England and
Wales
50 Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
SC Feraud France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO (225 Bath Road) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Acton Park Estate) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Barking 3) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Barking) Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Beddington Lane) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Belvedere Estate) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Birmingham) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO (Bonded Stores) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Coronation Road) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Coventry Gateway
Management Company) Limited**
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited England and
Wales
Indirect Lumonics House Valley Drive,
Swift Valley, Rugby,
Warwickshire, CV21 1TQ,
United Kingdom
Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO (Coventry) Limited** England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom SEGRO (Crick) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Dagenham) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Deptford Trading Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (D-Link House) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (East Plus) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (East Plus) Trading Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Electra Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Management Company) Limited** ,6 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Plot 5) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Rail Freight Terminal) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 4) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 8) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 11) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 12) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Faggs Road) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Fairways Industrial Estate) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Gatwick) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (GL) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Grange Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO (Great Cambridge Industrial Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Hatton Farm Site A) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Hatton Farm Site B) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Hatton Farm Site C) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Hayes) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Heathrow Cargo Area) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Heathrow International) Limited**England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Heathrow Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Iver 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Junction 15) Limited England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom SEGRO (Kettering Gateway Management Company) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Kettering) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Lee Park Distribution) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Loop) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO (Nelson Trade Park) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO (New Cross Business Centre) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Newport Pagnell) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (NFTE & Mercury) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Parc des Damiers) SAS France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO (Perivale Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Plot 7 Northampton) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Poyle 14) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
SEGRO (Purfleet) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 2) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Reading) Limited
7
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rockware Avenue) Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Rushden) Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Skyline) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L. Spain Indirect Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Stockley Close) Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool, L2 5RH,
United Kingdom
SEGRO (The Portal) Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Trilogy) Management
Company Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool L2 5RH,
United Kingdom
Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
SEGRO (Tudor) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (UK Logistics) Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Victoria Industrial Estate)
Limited**
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Wapping) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S2HR, United Kingdom
SEGRO (Watchmoor) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (Welham Green) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO (West Zaan) B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren,
8
th
Floor, 1082MA Amsterdam,
Netherlands
SEGRO (Westway Estate) Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Achte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Achtzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Administration Limited England and
Wales
Direct 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO APP 1 Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO APP 2 Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO APP 3 Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO APP 4 Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO APP Management Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Asset Management Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO B.V. Netherlands Indirect Gustav Mahlerplein 62,
ITO-toren, 8
th
Floor, 1082MA
Amsterdam, Netherlands
SEGRO Belgium NV Belgium Indirect Boulevard Louis Schmidt 87,
1040 Etterbeek, Belgium
SEGRO Benelux 2 B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren,
8
th
Floor, 1082MA Amsterdam,
Netherlands
Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO Neunte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Neunzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Overseas Holdings Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Parc des Petits Carreaux France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Park, Croydon S.\u00e0 r.l.2 Luxembourg Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SEGRO Pension Scheme Trustees Limited 2 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO plc French Branch France Direct 20 Rue Brunel, 75017, Paris, France SEGRO Plessis SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Poland Sp z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland SEGRO Properties Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Properties Spain S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Reisholz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Sechste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Sechzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Siebte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Siebzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Slough Spare Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Spain Management S.L. Spain Indirect Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Spain Spare 1 S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Spain Spare 2 S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Spain Spare 3 S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Spare 1 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO STE Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Trading (France) SNC France Indirect 20 Rue Brunel, 75017, Paris, France Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO Urban Logistics LR1 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Urban Logistics MR1 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Urban Logistics PR1 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Urban Logistics PR2 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Urban Logistics PR3 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Vierte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Vierundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Vierzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO V-Park Grand Union LLP 4 England and Wales 50 Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Wissous SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Zehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Zwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Zweite Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Zweiundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Zw\u00f6lfte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SELP (Alpha Holdings) S.\u00e1 r.l. Luxembourg 50 Indirect 8, rue de Koerich, L-8437 Steinfort, Luxembourg SELP (Alpha JV) S.\u00e1 r.l. Luxembourg 50 Indirect 8, rue de Koerich, L-8437 Steinfort, Luxembourg SELP Finance S.\u00e1 r.l. Luxembourg 50 Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SELP Investments S.\u00e1 r.l. Luxembourg 50 Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SELP Management Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Slough Trading Estate Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom Smartparc SEGRO Spondon Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Steamhouse Group Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Tenedor S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
The UK Logistics (Nominee 1) Limited
3
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
The UK Logistics (Nominee 2) Limited
3
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
The UK Logistics General Partner
Limited**
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
The UK Logistics Limited Partnership
4
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Trafford Park Estates Limited
1
England and
Wales
Indirect C/O BDO LLP, 5 Temple Square,
Temple Street, Liverpool L2 5RH,
United Kingdom
UK Logistics Fund Unit Trust Jersey Indirect Ogier House, The Esplanade,
St Helier, JE4 9WG, Jersey
UK Logistics Properties No 1 Unit Trust Jersey Indirect Ogier House, The Esplanade,
St Helier, JE4 9WG, Jersey
UK Logistics Properties No 2 Unit Trust Jersey Indirect Ogier House, The Esplanade,
St Helier, JE4 9WG, Jersey
UK Logistics Trustees Limited Jersey Indirect Ogier House, The Esplanade,
St Helier, JE4 9WG, Jersey
UK Property Unit Trust No. 41 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 42 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 43 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 44 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD,
Jersey
UK Property Unit Trust No. 45 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD,
Jersey
Unitair General Partner Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Unitair Limited Partnership***
,4
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Vailog Colleferro S.R.L Italy 95 Indirect Strada 3 Palazzo B3,
20090 Assago Milanofiori,
Milan, Italy
Vailog Energy 1 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3,
20090 Assago Milanofiori,
Milan, Italy
Vailog Energy 2 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3,
20090 Assago Milanofiori,
Milan, Italy
Vailog Energy 3 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3,
20090 Assago Milanofiori,
Milan, Italy
Vailog ER4 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3,
20090 Assago Milanofiori,
Milan, Italy
Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
Vailog France SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
Vailog S.R.L. Italy 95 Indirect Strada 3 Palazzo B3,
20090 Assago Milanofiori,
Milan, Italy
Woodside GP Limited
3
England and
Wales
33.33 Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Zinc One S.R.L. Italy Indirect Strada 3 Palazzo B3,
20090 Assago Milanofiori,
Milan, Italy
Zinc Six S.R.L. Italy Indirect Strada 3 Palazzo B3,
20090 Assago Milanofiori,
Milan, Italy
Zinc Seven S.R.L Italy Indirect Strada 3 Palazzo B3,
20090 Assago Milanofiori,
Milan, Italy
1 Company is in liquidation as at 31 December 2022.
2 Company has submitted an application for strike o1.
3 Company is entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies.
4 Partnership and Limited Liability Partnership (LLPs) do not have a share capital and unless otherwise stated, the Group holds
100 per cent interest in these entities.
5 Companies Limited by Guarantee do not have a share capital.
6 Ownership held in class A and B shares.
7 Ownership held in Ordinary and Deferred shares.
8 Ownership held in class G shares, K shares, S shares and Preference shares .
Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO Benelux B.V.8 Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO Bobigny SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Bourget France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Capital S.\u00e1 r.l. Luxembourg Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SEGRO CHUSA Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO CL1 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Communities Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO Croydon (Mitcham) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Czech Republic s.r.o. Czech Republic Indirect Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393, PS\u010c 110 00, Czech Republic SEGRO Dreiundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Dreizehnte Grundbesitz GmbH Germany 94 Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Dritte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Einundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Elfte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Erste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Europe Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO European Logistics Partnership S.\u00e1 r.l. Luxembourg 50 Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SEGRO Finance Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Fixtures GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO France Energy SAS France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO France SA France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO F\u00fcnfte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO F\u00fcnfundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO F\u00fcnfzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Gennevilliers SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Germany GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Glinde B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO Gobelins SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Holdings France SAS France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Industrial Estates Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Insurance Limited Isle of Man Direct Third Floor, St George's Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man SEGRO Investments Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Investments Spain S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Italy S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy SEGRO Logistics Nord SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Logistics Park Aulnay SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Logistics Sud SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Luge S.\u00e0 r.l. Luxembourg Indirect 15 Boulevard F.W. Raiffeisen, Luxembourg, L - 2411, Luxembourg SEGRO Luxembourg S.\u00e0 r.l. Luxembourg Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SEGRO Management Limited1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO Management NV Belgium Indirect Boulevard Louis Schmidt 87, 1040 Etterbeek, Belgium SEGRO Netherlands B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO Netherlands Holding B.V. (UK branch) Netherlands England and Wales Indirect Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MS Amsterdam, Netherlands 1 New Burlington Place, London, W1S 2HR, United Kingdom ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-533": {
"value": "28. Related Undertakings A list of the Group\u2019s related undertakings as at 31 December 2022 is detailed below. Except where the Group\u2019s percentage holdings is disclosed below, the entire share capital of the subsidiary undertaking is held by the Group. Unless otherwise stated, the Group\u2019s holding in the subsidiary undertaking comprise Ordinary shares. Where subsidiaries have different classes of shares, the percentage effective holding shown represents both the Group\u2019s voting rights and equity holding. All subsidiaries are consolidated in the Group\u2019s Financial Statements. The Group\u2019s related undertakings also includes its joint ventures and associates\u2019, which is primarily SELP. Audit exemption taken for subsidiaries Certain UK subsidiaries are exempt from the requirement of the Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of Section 479A of the Act. These subsidiaries are identified with two asterisks (**) on the table below. Certain UK partnerships are exempt from the requirement to prepare, publish and have audited individual accounts by virtue of regulation 7 of The Partnership (Accountants) Regulations 2008. The results of these partnerships are consolidated within the Group accounts and are identified with three asterisks (***) on the table below. Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Airport Property GP (No. 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Airport Property H1 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Airport Property Partnership*** ,4 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Allnatt London Properties Limited**,7 England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom Amdale Holdings Limited NV Belgium Indirect Boulevard Louis Schmidt 87, 1040 Etterbeek, Belgium Beira Investments Sp z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland Bilton Homes Limited3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Bilton Limited** England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom Bonsol S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Brixton (Axis Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton (Fairway Units 7-11) 1 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton (Great Western, Southall) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton (Hatton Cross) 1 Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton (Heathrow Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Brixton (Metropolitan Park) 1 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton (Origin) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Asset Management UK Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Greenford Park Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Limited** England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Nominee 8 (Jersey) Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 9 (Jersey) Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 26 (Jersey) Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 27 (Jersey) Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 38 (Jersey) Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 39 (Jersey) Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 40 (Jersey) Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee 41 (Jersey) Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Axis Park 1 Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Axis Park 2 Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Polar Park 1 Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Polar Park 2 Limited Jersey Indirect 3 rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Premier Park 1 Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Nominee Premier Park 2 Limited Jersey Indirect 3rd Floor, One The Esplanade, St Helier, JE2 3QA, Jersey Brixton Northfields (Wembley 1) Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields (Wembley) Holdings Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields (Wembley) Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Brixton Northfields 1 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 2 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 3 Limited1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 4 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 5 Limited1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Northfields 6 Limited 1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Brixton Premier Park Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Properties Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Brixton Sub-Holdings Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom B-Serv Limited1 England and Wales Indirect c/o BDO LLP, Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom Coventry & Warwickshire Development Partnership LLP 4 England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom CWDP Investment Limited** England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Dagenham Park Management Company Limited** ,5 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom De Hoek-Noord S-Park B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands Devon Nominees (No. 1) Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Devon Nominees (No. 2) Limited3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Devon Nominees (No. 3) Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Gateway Rugby Management Company Limited** ,5 England and Wales 91.85 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Granby Investment Sp. z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland Gront Four s.r.o. Czech Republic Indirect Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393, PS\u010c 110 00, Czech Republic Helios Northern Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom HelioSlough Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Holbury Investments Sp. z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland IFP S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy IMPIANTI FTV S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Karnal Investment Sp z.o.o. Poland Indirect Zielna 37, 00-108 Warszawa, Mazowieckie, Poland LIACOM-A KFT \u201ev.a. \u201d 1 Hungary Indirect 1016 Budapest, M\u00e9sz\u00e1ros utca 58/A, Hungary LogPoint Ruhr GmbH Germany 49 Indirect Werner-von-Siemens-Stra\u00dfe 18, 33334 G\u00fctersloh, Germany London Distribution Park No.2 LLP 4 England and Wales 50 Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Lynford Investments Sp z.o.o. Poland Indirect Zielna 37, 00-108 Warszawa, Mazowieckie, Poland M0M4 \u00dczleti Park KFT \u201ev.a. \u201d 1 Hungary Indirect 1016 Budapest, M\u00e9sz\u00e1ros utca 58/A, Hungary O\u017car\u00f3w Biznes Park Sp.z.o.o Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144, Poland Premier Greenford GP Limited 3,6 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Property Management Company (Croydon) Limited England and Wales 72 Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Reprendre Racines SAS France 49 Indirect 27 rue Camille Desmoulins, 92130, Issy-les-Moulineaux, Paris, France Roxhill (Maidstone) Limited England and Wales 50 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Roxhill Management Rugby Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Roxhill Warth 2 Limited** England and Wales 28 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Roxhill Warth 3 Limited** England and Wales 50 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Roxhill-SEGRO (Rugby Gateway) LLP** ,4 England and Wales 50 Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom SC Feraud France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO (225 Bath Road) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Acton Park Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (BA World Cargo) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Barking 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Barking 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Barking 3) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Barking) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Beddington Lane) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Belvedere Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Birmingham) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Blanc Mesnil) SARL France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO (Bonded Stores) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Brackmills) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Bracknell) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Clapham North) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Colnbrook) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Coronation Road) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Coventry Gateway Management Company) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Coventry M6 J2) Limited England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO (Coventry) Limited** England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom SEGRO (Crick) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Dagenham) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Deptford Trading Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (D-Link House) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (East Plus) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (East Plus) Trading Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Electra Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Management Company) Limited** ,6 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Plot 5) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Rail Freight Terminal) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 4) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 8) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 11) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG Unit 12) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (EMG) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Faggs Road) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Fairways Industrial Estate) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Gatwick) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (GL) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Grange Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO (Great Cambridge Industrial Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Hatton Farm Site A) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Hatton Farm Site B) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Hatton Farm Site C) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Hayes) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Heathrow Cargo Area) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Heathrow International) Limited**England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Heathrow Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Iver 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Junction 15) Limited England and Wales Indirect Lumonics House Valley Drive, Swift Valley, Rugby, Warwickshire, CV21 1TQ, United Kingdom SEGRO (Kettering Gateway Management Company) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Kettering) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Lee Park Distribution) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Loop) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO (Nelson Trade Park) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO (New Cross Business Centre) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Newport Pagnell) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (NFTE & Mercury) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Parc des Damiers) SAS France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO (Perivale Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Plot 7 Northampton) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Poyle 14) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO (Purfleet) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rainham 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rainham 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rainham, Enterprise 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rainham, Enterprise 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Reading) Limited 7 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rockware Avenue) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 1) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 3) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 4) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rugby Gateway 5) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Rushden) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO (Skyline) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Spacewaye Park) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Spain Energy) S.L. Spain Indirect Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO (Stansted Cargo) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Stansted Fedex) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Stockley Close) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom SEGRO (The Portal) Limited England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Tilbury 2) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Tottenham) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Trilogy) Management Company Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO (Tudor) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (UK Energy) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (UK Logistics) Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO (Victoria Industrial Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Waltham Assets) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Wapping) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S2HR, United Kingdom SEGRO (Watchmoor) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (Welham Green) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO (West Zaan) B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO (Westway Estate) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Achte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Achtzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Administration Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP 1 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP 2 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP 3 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP 4 Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO APP Management Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Asset Management Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO Belgium NV Belgium Indirect Boulevard Louis Schmidt 87, 1040 Etterbeek, Belgium SEGRO Benelux 2 B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO Benelux B.V.8 Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO Bobigny SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Bourget France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Capital S.\u00e1 r.l. Luxembourg Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SEGRO CHUSA Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO CL1 SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Communities Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO Croydon (Mitcham) Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Czech Republic s.r.o. Czech Republic Indirect Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393, PS\u010c 110 00, Czech Republic SEGRO Dreiundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Dreizehnte Grundbesitz GmbH Germany 94 Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Dritte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Einundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Elfte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Erste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Europe Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO European Logistics Partnership S.\u00e1 r.l. Luxembourg 50 Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SEGRO Finance Limited England and Wales Direct 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Fixtures GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO France Energy SAS France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO France SA France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO F\u00fcnfte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office SEGRO F\u00fcnfundzwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO F\u00fcnfzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Gennevilliers SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Germany GmbH Germany Indirect Fichtenstrasse 33, 40233, D\u00fcsseldorf, Germany SEGRO Glinde B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO Gobelins SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Holdings France SAS France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Industrial Estates Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Insurance Limited Isle of Man Direct Third Floor, St George's Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man SEGRO Investments Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom SEGRO Investments Spain S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036, Barcelona, Spain SEGRO Italy S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy SEGRO Logistics Nord SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Logistics Park Aulnay SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Logistics Sud SCI France Indirect 20 Rue Brunel, 75017, Paris, France SEGRO Luge S.\u00e0 r.l. Luxembourg Indirect 15 Boulevard F.W. Raiffeisen, Luxembourg, L - 2411, Luxembourg SEGRO Luxembourg S.\u00e0 r.l. Luxembourg Indirect 35-37 Avenue de la Libert\u00e9, L-1 9 3 1, Lu xembou rg SEGRO Management Limited1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom SEGRO Management NV Belgium Indirect Boulevard Louis Schmidt 87, 1040 Etterbeek, Belgium SEGRO Netherlands B.V. Netherlands Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MA Amsterdam, Netherlands SEGRO Netherlands Holding B.V. (UK branch) Netherlands England and Wales Indirect Indirect Gustav Mahlerplein 62, ITO-toren, 8 th Floor, 1082MS Amsterdam, Netherlands 1 New Burlington Place, London, W1S 2HR, United Kingdom Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
SEGRO Neunte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Neunzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Overseas Holdings Limited England and
Wales
Direct 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Parc des Petits Carreaux France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Park, Croydon S.\u00e0 r.l.2 Luxembourg Indirect 35-37 Avenue de la Libert\u00e9,
L-1 9 3 1, Lu xembou rg
SEGRO Pension Scheme Trustees
Limited
2
England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO plc French Branch France Direct 20 Rue Brunel, 75017, Paris,
France
SEGRO Plessis SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Poland Sp z.o.o. Poland Indirect Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
SEGRO Properties Limited England and
Wales
Direct 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Properties Spain S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Reisholz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Sechste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Sechzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Siebte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Siebzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Slough Spare Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Spain Management S.L. Spain Indirect Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 1 S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 2 S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spain Spare 3 S.L. Spain Direct Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO Spare 1 Limited** England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO STE Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Trading (France) SNC France Indirect 20 Rue Brunel, 75017, Paris,
France
Company Name Jurisdiction
% effective
holding if
not 100%
Direct/
Indirect Registered Office
SEGRO Urban Logistics LR1 SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Urban Logistics MR1 SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Urban Logistics PR1 SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Urban Logistics PR2 SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Urban Logistics PR3 SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Vierte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Vierundzwanzigste Grundbesitz
GmbH
Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Vierzehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO V-Park Grand Union LLP
4
England and
Wales
50 Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
SEGRO Wissous SCI France Indirect 20 Rue Brunel, 75017, Paris,
France
SEGRO Zehnte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zwanzigste Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zweite Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zweiundzwanzigste Grundbesitz
GmbH
Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zw\u00f6lfte Grundbesitz GmbH Germany Indirect Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SELP (Alpha Holdings) S.\u00e1 r.l. Luxembourg 50 Indirect 8, rue de Koerich,
L-8437 Steinfort, Luxembourg
SELP (Alpha JV) S.\u00e1 r.l. Luxembourg 50 Indirect 8, rue de Koerich,
L-8437 Steinfort, Luxembourg
SELP Finance S.\u00e1 r.l. Luxembourg 50 Indirect 35-37 Avenue de la Libert\u00e9,
L-1 9 3 1, Lu xembou rg
SELP Investments S.\u00e1 r.l. Luxembourg 50 Indirect 35-37 Avenue de la Libert\u00e9,
L-1 9 3 1, Lu xembou rg
SELP Management Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Slough Trading Estate Limited England and
Wales
Direct 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Smartparc SEGRO Spondon Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Steamhouse Group Limited England and
Wales
Indirect 1 New Burlington Place, London,
W1S 2HR, United Kingdom
Tenedor S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office The UK Logistics (Nominee 1) Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom The UK Logistics (Nominee 2) Limited 3 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom The UK Logistics General Partner Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom The UK Logistics Limited Partnership 4 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Trafford Park Estates Limited 1 England and Wales Indirect C/O BDO LLP, 5 Temple Square, Temple Street, Liverpool L2 5RH, United Kingdom UK Logistics Fund Unit Trust Jersey Indirect Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey UK Logistics Properties No 1 Unit Trust Jersey Indirect Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey UK Logistics Properties No 2 Unit Trust Jersey Indirect Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey UK Logistics Trustees Limited Jersey Indirect Ogier House, The Esplanade, St Helier, JE4 9WG, Jersey UK Property Unit Trust No. 41 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey UK Property Unit Trust No. 42 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey UK Property Unit Trust No. 43 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey UK Property Unit Trust No. 44 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey UK Property Unit Trust No. 45 Jersey Indirect 47 Esplanade, St Helier, JE1 0BD, Jersey Unitair General Partner Limited** England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Unitair Limited Partnership*** ,4 England and Wales Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Vailog Colleferro S.R.L Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Vailog Energy 1 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Vailog Energy 2 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Vailog Energy 3 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Vailog ER4 S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Company Name Jurisdiction % effective holding if not 100% Direct/ Indirect Registered Office Vailog France SCI France Indirect 20 Rue Brunel, 75017, Paris, France Vailog S.R.L. Italy 95 Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Woodside GP Limited 3 England and Wales 33.33 Indirect 1 New Burlington Place, London, W1S 2HR, United Kingdom Zinc One S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Zinc Six S.R.L. Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy Zinc Seven S.R.L Italy Indirect Strada 3 Palazzo B3, 20090 Assago Milanofiori, Milan, Italy 1 Company is in liquidation as at 31 December 2022. 2 Company has submitted an application for strike o1. 3 Company is entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies. 4 Partnership and Limited Liability Partnership (LLPs) do not have a share capital and unless otherwise stated, the Group holds 100 per cent interest in these entities. 5 Companies Limited by Guarantee do not have a share capital. 6 Ownership held in class A and B shares. 7 Ownership held in Ordinary and Deferred shares. 8 Ownership held in class G shares, K shares, S shares and Preference shares ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-23": {
"value": "1 New Burlington Place London W1S 2HR",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800XC35KGM9NFC641",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}