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"scheme:213800XC35KGM9NFC641", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-451": { "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 20 to 21.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-16": { "value": "SEGRO plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-17": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-18": { "value": "England", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "England", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "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 50, 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 2023
the Group held cash and available committed facilities of \u00a31.5 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 2023 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 2023:
\u2013 Amendments to IAS 1, \u2018Presentation of financial statements\u2019, disclosure of accounting policies
\u2013 Amendments to IAS 8, \u2018Accounting Policies, changes in accounting estimates and errors\u2019,
definition of accounting estimates
\u2013 Amendments to IAS 12, \u2018Deferred tax related to assets and liabilities arising from a single
transaction\u2019
\u2013 Amendments to IAS 12, \u2018Pillar II and deferred tax\u2019
\u2013 IFRS 17, \u2018Insurance contracts\u2019
The impact of the new IFRS 17 \u2018Insurance contracts\u2019 standard has been assessed, particularly
in consideration of the financial and performance guarantees provided by the Group. There is
no material impact from the new standard.
The disclosure requirements from the amendments to IAS 12 \u2018Pillar II and deferred tax\u2019 is set out
in Note 10(vi).
The other amendments did not have a material impact on the amounts recognised in the prior
or current period and are not expected to significantly affect future periods.
New standards and amendments not yet adopted
Certain new accounting standards and amendments are effective for annual periods beginning
after 1 January 2023, 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 IFRS 16, Leases on sale and leaseback
\u2013 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures:
Supplier Finance Arrangements
\u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of
Exchangeability
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 gains and losses. 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
2023 are:
Balance Sheet: \u00a31 = \u20ac1.15 (2022: \u00a31 = \u20ac1.13). Income Statement: \u00a31= \u20ac1.15 (2022: \u00a31 = \u20ac1.17).
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 ('covered land'). 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 gains and losses.
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 gains and losses.
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. Concessions granted to tenants after the
date the conceded rent fall due are accounted for as an expected credit loss and not as a lease
modification, on the basis there is no change to the consideration or scope of the 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 and hedging activities
The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign
exchange contracts and interest caps) in managing interest rate risk and foreign 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.
Hedge accounting is applied to net investments in foreign operations in non-functional
currencies using forward foreign exchange derivatives and foreign currency denominated
debt. Changes in the fair value on remeasurement of derivatives and exchange differences
on foreign currency denominated debt are recorded in other comprehensive income and
accumulated in the translation reserve within equity to the extent that the hedges are effective.
Any ineffectiveness is recognised in the Income Statement within net finance costs. The
cumulative gains and losses remain in equity until the associated hedged item is disposed
of, at which point they are reclassified to the income statement.
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 or loss 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 and leases 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "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 50, 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 2023 the Group held cash and available committed facilities of \u00a31.5 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 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-504": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-505": { "value": "The Financial Statements have been prepared on a going concern basis. As discussed in the Financial review on page 50, 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 2023 the Group held cash and available committed facilities of \u00a31.5 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 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-536": { "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 2023: \u2013 Amendments to IAS 1, \u2018Presentation of financial statements\u2019, disclosure of accounting policies \u2013 Amendments to IAS 8, \u2018Accounting Policies, changes in accounting estimates and errors\u2019, definition of accounting estimates \u2013 Amendments to IAS 12, \u2018Deferred tax related to assets and liabilities arising from a single transaction\u2019 \u2013 Amendments to IAS 12, \u2018Pillar II and deferred tax\u2019 \u2013 IFRS 17, \u2018Insurance contracts\u2019 The impact of the new IFRS 17 \u2018Insurance contracts\u2019 standard has been assessed, particularly in consideration of the financial and performance guarantees provided by the Group. There is no material impact from the new standard. The disclosure requirements from the amendments to IAS 12 \u2018Pillar II and deferred tax\u2019 is set out in Note 10(vi). The other amendments did not have a material impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. New standards and amendments not yet adopted Certain new accounting standards and amendments are effective for annual periods beginning after 1 January 2023, 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 IFRS 16, Leases on sale and leaseback \u2013 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability 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:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "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 2023: \u2013 Amendments to IAS 1, \u2018Presentation of financial statements\u2019, disclosure of accounting policies \u2013 Amendments to IAS 8, \u2018Accounting Policies, changes in accounting estimates and errors\u2019, definition of accounting estimates \u2013 Amendments to IAS 12, \u2018Deferred tax related to assets and liabilities arising from a single transaction\u2019 \u2013 Amendments to IAS 12, \u2018Pillar II and deferred tax\u2019 \u2013 IFRS 17, \u2018Insurance contracts\u2019 The impact of the new IFRS 17 \u2018Insurance contracts\u2019 standard has been assessed, particularly in consideration of the financial and performance guarantees provided by the Group. There is no material impact from the new standard. The disclosure requirements from the amendments to IAS 12 \u2018Pillar II and deferred tax\u2019 is set out in Note 10(vi). The other amendments did not have a material impact on the amounts recognised in the prior or current period and are not expected to significantly affect future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "New standards and amendments not yet adopted Certain new accounting standards and amendments are effective for annual periods beginning after 1 January 2023, 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 IFRS 16, Leases on sale and leaseback \u2013 Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements \u2013 Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-506": { "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. 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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-537": { "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 gains and losses. 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:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-507": { "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 gains and losses. 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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "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 gains and losses. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "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 2023 are: Balance Sheet: \u00a31 = \u20ac1.15 (2022: \u00a31 = \u20ac1.13). Income Statement: \u00a31= \u20ac1.15 (2022: \u00a31 = \u20ac1.17). ", "dimensions": { "concept": "segroplc:DescriptionOfAccountingPolicyForConsolidationOfForeignEntities", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "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 ('covered land'). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "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 gains and losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "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 gains and losses. ", "dimensions": { "concept": "segroplc:DescriptionOfAccountingPolicyForPropertyAcquisitionsAndDisposals", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "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. Concessions granted to tenants after the date the conceded rent fall due are accounted for as an expected credit loss and not as a lease modification, on the basis there is no change to the consideration or scope of the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-508": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "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 and hedging activities The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts and interest caps) in managing interest rate risk and foreign 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. Hedge accounting is applied to net investments in foreign operations in non-functional currencies using forward foreign exchange derivatives and foreign currency denominated debt. Changes in the fair value on remeasurement of derivatives and exchange differences on foreign currency denominated debt are recorded in other comprehensive income and accumulated in the translation reserve within equity to the extent that the hedges are effective. Any ineffectiveness is recognised in the Income Statement within net finance costs. The cumulative gains and losses remain in equity until the associated hedged item is disposed of, at which point they are reclassified to the income statement. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-538": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-509": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-510": { "value": "Derivative financial instruments and hedging activities The Group uses derivatives (principally interest rate swaps, currency swaps, forward foreign exchange contracts and interest caps) in managing interest rate risk and foreign 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. Hedge accounting is applied to net investments in foreign operations in non-functional currencies using forward foreign exchange derivatives and foreign currency denominated debt. Changes in the fair value on remeasurement of derivatives and exchange differences on foreign currency denominated debt are recorded in other comprehensive income and accumulated in the translation reserve within equity to the extent that the hedges are effective. Any ineffectiveness is recognised in the Income Statement within net finance costs. The cumulative gains and losses remain in equity until the associated hedged item is disposed of, at which point they are reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-553": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-539": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-511": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "Income tax Income tax on the profit or loss 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 and leases 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-513": { "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 and leases 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "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 25 property valuation techniques and related quantitative information.
In the Financial Statements for the year ended 31 December 2022, the performance fee
payable from the SELP joint venture to SEGRO was disclosed as a significant area of estimation
uncertainty. As detailed further in Note 7, the 10-year performance fee period ended during
2023 and the fee was agreed and paid in the year. Therefore no estimation uncertainty exists
over the recognition of the fee.
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.
There were no property transactions during the current or prior year requiring significant
judgement.
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 significant assessment relating to the recognition of withholding tax in France and is discussed further in Note 10 .", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-512": { "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 25 property valuation techniques and related quantitative information. In the Financial Statements for the year ended 31 December 2022, the performance fee payable from the SELP joint venture to SEGRO was disclosed as a significant area of estimation uncertainty. As detailed further in Note 7, the 10-year performance fee period ended during 2023 and the fee was agreed and paid in the year. Therefore no estimation uncertainty exists over the recognition of the fee. 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. There were no property transactions during the current or prior year requiring significant judgement. 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 significant assessment relating to the recognition of withholding tax in France and is discussed further in Note 10 ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "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 earnings measure additional items (gains and
losses) which are considered by them to be non-recurring, unusual or significant by virtue of
size and nature. In excluding such items going forward, management believe this gives a better
measure of the underlying performance of the business.
Historically SELP performance fees were included in Adjusted Profit. They were not excluded
because it was anticipated that further fees would subsequently be recognised throughout the
latter part of the performance period and therefore these would not be considered unusual.
The market volatility that was seen in the latter half of 2022 significantly impacted property
valuations and, consequentially management\u2019s consideration of SELP performance fees,
leading to no performance fee being recognised for the year ended 31 December 2022. Based
on this volatility, these fees are now considered unusual as they are inherently uncertain and
sensitive to movements in property valuations (which themselves are excluded from the EPRA
earnings metric). For the year ended 31 December 2023, the net profit after tax impact of the
SELP performance fee recognised of \u00a342 million has been excluded from the calculation of
Adjusted profit and treated as a Company specific adjustment, see footnote 3 below and Note
7(ii) for further details.
As detailed further in Note 17(vi) an impairment loss of \u00a328 million (2022: \u00a3nil) on a loan due
from an associate has been recognised for the year ended 31 December 2023. The impairment
of the loan is directly related to a wider property transaction entered into by the Group and has
arisen due to a fair value deficit on land held by an associate. As the size and nature of the
impairment does not reflect the underlying performance of the business this has been treated
as a Company specific adjustment.
No Company specific adjustments to underlying profits were made in the year ended
31 December 2022.
2023 2022
Notes \u00a3m \u00a3m
Gross rental income
4
547
488
Property operating expenses
5
(85)
(76)
Net rental income
462
412
Joint venture management fee income
4
29
30
Management and development fee income
4
4
5
Net solar energy income
2
1
1
Administrative expenses
6
(63)
(59)
Share of joint ventures and associates\u2019 Adjusted profit after tax
7
82
71
Adjusted operating profit before interest and tax
515
460
Net finance costs
9
(106)
(74)
Adjusted profit before tax
409
386
Adjustments to reconcile to IFRS:
Adjustments to the share of loss from joint ventures and associates\u2019
after tax
7
(158)
(215)
Realised and unrealised property gains and losses
8
(601)
(1,946)
Profit on sale of trading properties
13
3
7
Cost of early close out debt
9
(1)
\u2013
Net fair value gain/(loss) on interest rate swaps and other derivatives
9
24
(199)
Joint venture performance fee income3
4
89
\u2013
Impairment loss on loan due from associate
17(vi)
(28)
\u2013
Total adjustments
(672)
(2,353)
Loss before tax
(263)
(1,967)
Tax
On Adjusted profit
10
(10)
(11)
In respect of adjustments
10
20
48
Total tax adjustments
10
37
Loss after tax before non-controlling interests
(253)
(1,930)
Non-controlling interests:
Less:
share of adjusted profit attributable to non-controlling interests
\u2013
(1)
share of adjustments attributable to non-controlling interests
\u2013
4
Loss after tax and non-controlling interests
(253)
(1,927)
Of which:
Adjusted profit after tax and non-controlling interests
399
374
Total adjustments after tax and non-controlling interests
(652)
(2,301)
Loss attributable to equity shareholders
(253)
(1,927)
1
1
1 A detailed breakdown of the adjustments to the share of loss from joint ventures and associates is included
in Note 7.
2 Net solar income of \u00a31 million (2022: \u00a31 million) is calculated as Solar energy income of \u00a32 million (2022:
\u00a32 million) shown in Note 4, less Solar energy expenses of \u00a31 million (2022: \u00a31 million) shown in Note 5.
3 Total impact of the joint venture performance fee from SELP being: Performance fee of \u00a389 million within Joint
venture fee income; cost of \u00a337 million within Share of joint ventures\u2019 and associates adjusted profit after tax
(being the share of performance fee cost of \u00a345 million less a tax credit of \u00a38 million) and a tax charge of \u00a310
million recognised in respect of the performance fee income. Overall, the net profit after tax impact was \u00a342
million. There was no performance fee recognised in the year ended 31 December 2022.
", "dimensions": { "concept": "segroplc:DisclosureOfAdjustedProfit", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "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.
Share of joint
ventures and Investments in
Gross Net associates\u2019 Total directly joint
rental rental Adjusted Adjusted owned property ventures and Capital
income income profit PBIT assets associates expenditure
31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Thames Valley
132
122
\u2013
120
3,231
\u2013
164
National Logistics
54
51
\u2013
53
1,850
\u2013
402
Greater London
221
202
\u2013
199
6,079
20
32
UK Total
407
375
\u2013
372
11,160
20
598
Northern Europe
39
28
39
74
1,167
935
111
Southern Europe
93
71
50
131
2,390
1,159
232
Central Europe
8
3
30
37
200
603
23
Continental Europe Total
140
102
119
242
3,757
2,697
366
Other1
\u2013
(15)
(37)
(99)
\u2013
(1,081
)4
29
Total
547
462
82
515
14,917
1,636
993
2
3
Share of joint
ventures and Investments in
Gross Net associates\u2019 Total directly joint
rental rental Adjusted Adjusted owned property ventures and Capital
income income profit PBIT assets associates expenditure
31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
UK Total
366
337
\u2013
335
11,133
11
767
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
Continental Europe Total
122
89
91
205
3,841
2,765
826
Other1
\u2013
(14)
(20)
(80)
\u2013
(1,008)
9
Total
488
412
71
460
14,974
1,768
1,602
2
3
4
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.
2 A reconciliation of total Adjusted PBIT to the IFRS loss 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 and letting fees. 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 26 to 28
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 As set out in the Chief Executive's statement on page 9 a new organisational structure has been put in place during 2023, this does not impact the Group\u2019s reportable segments in 2023 but may change the reportable segments
in 2024.
Revenues from the most significant countries within the Group were: UK \u00a3513 million (2022: \u00a3451 million), France \u00a3114 million (2022: \u00a377 million), Italy \u00a337 million (2022: \u00a336 million), Germany
\u00a352 million (2022: \u00a346 million), Netherlands \u00a33 million (2022: \u00a330 million) and Poland \u00a318 million (2022: \u00a317 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "4. Revenue
2023 2022
\u00a3m \u00a3m
Rental income from investment and trading properties
536
473
Rent averaging
10
14
Surrender premia
1
1
Gross rental income
547
488
Joint venture fee income \u2013 management fees*
29
30
\u2013 performance fees*
89
\u2013
Joint venture fee income
118
30
Management and development fee income*
4
5
Service charge income*
43
44
Solar energy income*
2
2
Proceeds from sale of trading properties*
35
100
Total revenue
749
669
1 2 * The above income streams reflect revenue recognition under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and total \u00a3202 million (2022: \u00a3181 million). 1 Net rental income of \u00a3462 million (2022: \u00a3412 million) is calculated as gross rental income of \u00a3547 million (2022: \u00a3488 million) less total property operating expenses of \u00a385 million (2022: \u00a376 million) shown in Note 5. 2 See Note 7(ii) for further details on the performance fee from SELP.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-515": { "value": "The above income streams reflect revenue recognition under IFRS 15 \u2018Revenue from Contracts with Customers\u2019 and total \u00a3202 million (2022: \u00a3181 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "
5. Costs
2023 2022
\u00a3m \u00a3m
Vacant property costs
14
10
Letting, marketing, legal and professional fees
15
17
Loss allowance and impairment of receivables
3
3
Other expenses
16
12
Property management expenses
48
42
Property administrative expenses
49
45
Costs capitalised
(12)
(11)
Total property operating expenses
85
76
Service charge expense
43
44
Solar energy expense
1
1
Trading properties cost of sales
32
93
Total costs
161
214
1
2
3
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-554": { "value": "5. Costs
2023 2022
\u00a3m \u00a3m
Vacant property costs
14
10
Letting, marketing, legal and professional fees
15
17
Loss allowance and impairment of receivables
3
3
Other expenses
16
12
Property management expenses
48
42
Property administrative expenses
49
45
Costs capitalised
(12)
(11)
Total property operating expenses
85
76
Service charge expense
43
44
Solar energy expense
1
1
Trading properties cost of sales
32
93
Total costs
161
214
1 2 3 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. 6. Administrative Expenses 6(i) \u2013 Total administrative expenses
2023 2022
\u00a3m \u00a3m
Directors\u2019 remuneration
8
8
Depreciation and amortisation
5
4
Other administrative expenses
50
47
Total administrative expenses
63
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
2023 2022
\u00a3m \u00a3m
Audit services:
Parent company
1.3
1.1
Subsidiary undertakings
0.1
0.2
Total audit fees
1.4
1.3
Audit related assurance services
0.1
0.1
Audit and audit related assurance services
1.5
1.4
Other fees:
Other
0.1
0.2
Total other fees
0.1
0.2
Total fees in relation to audit and other services
1.6
1.6
As detailed further in the Audit Committee Report on page 104, 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 \u00a30.9 million in respect of the year ended 31 December 2023 (2022: \u00a30.8 million). There were \u00a30.2 million of non-audit fees paid in respect of SELP (2022: \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 104 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.
2023 2022
\u00a3m \u00a3m
Wages and salaries
54
50
Social security costs
7
6
Pension costs
3
2
Share scheme costs
10
9
Total
74
67
Average number of Group employees
459
407
\u2013 Direct property
290
264
\u2013 Indirect property and administration
169
143
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 107 to 125 in the Remuneration Report and form part of these Financial Statements. The Group also has a number of defined contribution pension schemes for which \u00a33 million has been recognised as an expense in the Group Income Statement (2022: \u00a32 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-540": { "value": "5. Costs
2023 2022
\u00a3m \u00a3m
Vacant property costs
14
10
Letting, marketing, legal and professional fees
15
17
Loss allowance and impairment of receivables
3
3
Other expenses
16
12
Property management expenses
48
42
Property administrative expenses
49
45
Costs capitalised
(12)
(11)
Total property operating expenses
85
76
Service charge expense
43
44
Solar energy expense
1
1
Trading properties cost of sales
32
93
Total costs
161
214
1 2 3 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. 6. Administrative Expenses 6(i) \u2013 Total administrative expenses
2023 2022
\u00a3m \u00a3m
Directors\u2019 remuneration
8
8
Depreciation and amortisation
5
4
Other administrative expenses
50
47
Total administrative expenses
63
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
2023 2022
\u00a3m \u00a3m
Audit services:
Parent company
1.3
1.1
Subsidiary undertakings
0.1
0.2
Total audit fees
1.4
1.3
Audit related assurance services
0.1
0.1
Audit and audit related assurance services
1.5
1.4
Other fees:
Other
0.1
0.2
Total other fees
0.1
0.2
Total fees in relation to audit and other services
1.6
1.6
As detailed further in the Audit Committee Report on page 104, 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 \u00a30.9 million in respect of the year ended 31 December 2023 (2022: \u00a30.8 million). There were \u00a30.2 million of non-audit fees paid in respect of SELP (2022: \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 104 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.
2023 2022
\u00a3m \u00a3m
Wages and salaries
54
50
Social security costs
7
6
Pension costs
3
2
Share scheme costs
10
9
Total
74
67
Average number of Group employees
459
407
\u2013 Direct property
290
264
\u2013 Indirect property and administration
169
143
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 107 to 125 in the Remuneration Report and form part of these Financial Statements. The Group also has a number of defined contribution pension schemes for which \u00a33 million has been recognised as an expense in the Group Income Statement (2022: \u00a32 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "
6. Administrative Expenses
6(i) \u2013 Total administrative expenses
2023 2022
\u00a3m \u00a3m
Directors\u2019 remuneration
8
8
Depreciation and amortisation
5
4
Other administrative expenses
50
47
Total administrative expenses
63
59
Other administrative expenses include the cost of services of the Group\u2019s auditors, as
described below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-514": { "value": "6(i) \u2013 Total administrative expenses
2023 2022
\u00a3m \u00a3m
Directors\u2019 remuneration
8
8
Depreciation and amortisation
5
4
Other administrative expenses
50
47
Total administrative expenses
63
59
Other administrative expenses include the cost of services of the Group\u2019s auditors, as described below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "
6(ii) \u2013 Fees in relation to services provided by the Group\u2019s auditors
2023 2022
\u00a3m \u00a3m
Audit services:
Parent company
1.3
1.1
Subsidiary undertakings
0.1
0.2
Total audit fees
1.4
1.3
Audit related assurance services
0.1
0.1
Audit and audit related assurance services
1.5
1.4
Other fees:
Other
0.1
0.2
Total other fees
0.1
0.2
Total fees in relation to audit and other services
1.6
1.6
As detailed further in the Audit Committee Report on page 104, 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 \u00a30.9 million in respect of the year ended 31 December 2023
(2022: \u00a30.8 million). There were \u00a30.2 million of non-audit fees paid in respect of SELP
(2022: \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 104 of the Audit Committee Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "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.
2023 2022
\u00a3m \u00a3m
Wages and salaries
54
50
Social security costs
7
6
Pension costs
3
2
Share scheme costs
10
9
Total
74
67
Average number of Group employees
459
407
\u2013 Direct property
290
264
\u2013 Indirect property and administration
169
143
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 107 to 125 in the
Remuneration Report and form part of these Financial Statements.
The Group also has a number of defined contribution pension schemes for which \u00a33 million
has been recognised as an expense in the Group Income Statement (2022: \u00a32 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "
7. Investments in Joint Ventures, Associates and Subsidiaries
7(i) \u2013 Loss 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.
At 100% At 100% At share At share
SELP Other 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
347
\u2013
347
303
174
152
Gross rental income
267
\u2013
267
237
134
119
Property operating expenses:
\u2013 underlying property
operating expenses
(16)
\u2013
(16)
(16)
(8)
(8)
\u2013 vacant property costs
(1)
\u2013
(1)
(1)
(1)
(1)
\u2013 property management
fees
(24)
\u2013
(24)
(25)
(12)
(13)
Net rental income
226
\u2013
226
195
113
97
Management fee income
4
\u2013
4
3
2
2
Administrative expenses
(5)
\u2013
(5)
(6)
(2)
(3)
Finance costs (including
adjustments)
(40)
\u2013
(40)
(34)
(20)
(17)
Adjusted profit before tax
185
\u2013
185
158
93
79
Tax
(22)
\u2013
(22)
(16)
(11)
(8)
Adjusted profit after tax
163
\u2013
163
142
82
71
Adjustments:
Valuation deficit on
investment properties
(318)
(7)
(325)
(472)
(162)
(236)
Cost of early close out of
debt
\u2013
\u2013
\u2013
(3)
\u2013
(2)
Performance fees expense
(89)
\u2013
(89)
\u2013
(45)
\u2013
Tax in respect of adjustments
98
\u2013
98
46
49
23
Total adjustments
(309)
(7)
(316)
(429)
(158)
(215)
Loss after tax
(146)
(7)
(153)
(287)
(76)
(144)
Other comprehensive
income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive
expense for the year
(146)
(7)
(153)
(287)
(76)
(144)
1
2
3
1 Total revenue at 100% of \u00a3347 million (2022: \u00a3303 million) includes: Gross rental income of \u00a3267 million
(2022: \u00a3237 million); service charge income of \u00a376 million (2022: \u00a363 million) and management fee income of
\u00a34 million (2022: \u00a33 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 and treated as a Company specific adjustment. This is further
discussed in the Fees section below.
The Group has not recognised cumulative losses totalling \u00a314 million at share (2022: \u00a312 million)
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 (2022: \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
At 100% At 100% At share At share
SELP Other 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
5,786
44
5,830
6,044
2,915
3,022
Property, plant and
equipment
12
\u2013
12
6
6
3
Other receivables
2
\u2013
2
3
1
1
Total non-current assets
5,800
44
5,844
6,053
2,922
3,026
Other receivables
61
1
62
72
31
36
Cash and cash equivalents
53
3
56
63
28
32
Total current assets
114
4
118
135
59
68
Total assets
5,914
48
5,962
6,188
2,981
3,094
Borrowings
(2,143)
\u2013
(2,143)
(2,005)
(1,072)
(1,003)
Deferred tax
(381)
\u2013
(381)
(481)
(191)
(241)
Other liabilities2
\u2013
(34)
(34)
(41)
(17)
(20)
Total non-current liabilities
(2,524)
(34)
(2,558)
(2,527)
(1,280)
(1,264)
Other liabilities
(156)
(3)
(159)
(148)
(79)
(74)
Total current liabilities
(156)
(3)
(159)
(148)
(79)
(74)
Total liabilities
(2,680)
(37)
(2,717)
(2,675)
(1,359)
(1,338)
Unrecognised share of losses
\u2013
28
28
23
14
12
Net assets
3,234
39
3,273
3,536
1,636
1,768
1
1 The external borrowings of the joint ventures and associates are non-recourse to the Group.
At 31 December 2023, the fair value of \u00a32,143 million (2022: \u00a32,005 million) of borrowings was
\u00a32,046 million (2022: \u00a31,759 million). This results in a fair value adjustment increase in EPRA NDV
of \u00a397 million (2022: \u00a3246 million), at share \u00a348 million (2022: \u00a3123 million), see Table 5 of the
Supplementary Notes.
2 Other non-current liabilities of \u00a334 million (2022: \u00a341 million) relates to a loan due from an associate to the
Group. See Note 17(vi) for details on the impairment of the loan receivable held by the Group in the year.
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, was due 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 total 10-year performance fee of \u00a3115 million (\u20ac132 million) has been agreed with SELP.
The balancing payment of \u00a389 million (\u20ac103 million) was received during the year ended
31 December 2023 (\u00a326 million (\u20ac29 million) was paid in 2018). As the fee has now been agreed
and settled the previous estimation uncertainty on the fee to be received has fallen away.
Up to 31 December 2022, SEGRO had recognised a cumulative fee income for the 10-year
performance period of \u00a326 million (\u20ac29 million).
This means SEGRO has recognised further performance fee income of \u00a389 million
(\u20ac103 million) (being the total fee of \u00a3115 million less the cumulative fee recognised to
31 December 2022 of \u00a326 million) in its 31 December 2023 Income Statement. An equivalent
performance fee expense at share of \u00a345 million has been recognised within the share of
profit from joint ventures and associates and shown in Note 7(i).
The total performance fee received be SEGRO over the 10-year period from the inception of
SELP in October 2013 to October 2023 is \u00a3141 million (\u20ac161 million). The total fee includes
\u00a326 million (\u20ac29 million) for the 5 year performance fee period recognised and paid in the year
ended 31 December 2018 and \u00a3115 million (\u20ac132 million) for the 10-year performance fee period
as detailed above.
Subsequent performance fee
Under the Venture Advisor Agreement with SELP, future performance fees could be payable to
SEGRO over a new performance period. The performance fee is based on a similar IRR subject
to certain hurdle rates to the previous fee. It is too early to reliably estimate the performance
fees that could be payable to SEGRO, and no fee has been recognised in the year. As at
31 December 2023 the fee for the subsequent performance period is not considered to
be a significant area of estimation uncertainty.
7(iii) \u2013 Investments by the Group
2023 2022
\u00a3m \u00a3m
Cost or valuation at 1 January
1,768
1,795
Exchange movement
(30)
92
Net investments
12
34
Dividends received
(38)
(9)
Share of loss after tax
(76)
(144)
Cost or valuation at 31 December
1,636
1,768
1
2
1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures
and associates during the year.
2 Dividends received from SELP .
7(iv) \u2013 Investments by the Company
2023 2022
\u00a3m \u00a3m
Cost or valuation of subsidiaries at 1 January
10,597
9,378
Exchange movement
(8)
5
Additions
1
303
1,277
Loan movement
657
(19)
Increase in provision for investments in and loans to subsidiaries
(136)
(44)
Cost or valuation at 31 December
11,413
10,597
1
1 During 2023, \u00a3303 million (2022: \u00a31,211 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 2023 are investments of \u00a36,401
million (2022: \u00a36,126 million) and non-current loans of \u00a35,012 million (2022: \u00a34,471 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 26.
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 25. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-541": { "value": "7. Investments in Joint Ventures, Associates and Subsidiaries 7(i) \u2013 Loss 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.
At 100% At 100% At share At share
SELP Other 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
347
\u2013
347
303
174
152
Gross rental income
267
\u2013
267
237
134
119
Property operating expenses:
\u2013 underlying property
operating expenses
(16)
\u2013
(16)
(16)
(8)
(8)
\u2013 vacant property costs
(1)
\u2013
(1)
(1)
(1)
(1)
\u2013 property management
fees
(24)
\u2013
(24)
(25)
(12)
(13)
Net rental income
226
\u2013
226
195
113
97
Management fee income
4
\u2013
4
3
2
2
Administrative expenses
(5)
\u2013
(5)
(6)
(2)
(3)
Finance costs (including
adjustments)
(40)
\u2013
(40)
(34)
(20)
(17)
Adjusted profit before tax
185
\u2013
185
158
93
79
Tax
(22)
\u2013
(22)
(16)
(11)
(8)
Adjusted profit after tax
163
\u2013
163
142
82
71
Adjustments:
Valuation deficit on
investment properties
(318)
(7)
(325)
(472)
(162)
(236)
Cost of early close out of
debt
\u2013
\u2013
\u2013
(3)
\u2013
(2)
Performance fees expense
(89)
\u2013
(89)
\u2013
(45)
\u2013
Tax in respect of adjustments
98
\u2013
98
46
49
23
Total adjustments
(309)
(7)
(316)
(429)
(158)
(215)
Loss after tax
(146)
(7)
(153)
(287)
(76)
(144)
Other comprehensive
income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive
expense for the year
(146)
(7)
(153)
(287)
(76)
(144)
1 2 3 1 Total revenue at 100% of \u00a3347 million (2022: \u00a3303 million) includes: Gross rental income of \u00a3267 million (2022: \u00a3237 million); service charge income of \u00a376 million (2022: \u00a363 million) and management fee income of \u00a34 million (2022: \u00a33 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 and treated as a Company specific adjustment. This is further discussed in the Fees section below. The Group has not recognised cumulative losses totalling \u00a314 million at share (2022: \u00a312 million) 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 (2022: \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
At 100% At 100% At share At share
SELP Other 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
5,786
44
5,830
6,044
2,915
3,022
Property, plant and
equipment
12
\u2013
12
6
6
3
Other receivables
2
\u2013
2
3
1
1
Total non-current assets
5,800
44
5,844
6,053
2,922
3,026
Other receivables
61
1
62
72
31
36
Cash and cash equivalents
53
3
56
63
28
32
Total current assets
114
4
118
135
59
68
Total assets
5,914
48
5,962
6,188
2,981
3,094
Borrowings
(2,143)
\u2013
(2,143)
(2,005)
(1,072)
(1,003)
Deferred tax
(381)
\u2013
(381)
(481)
(191)
(241)
Other liabilities2
\u2013
(34)
(34)
(41)
(17)
(20)
Total non-current liabilities
(2,524)
(34)
(2,558)
(2,527)
(1,280)
(1,264)
Other liabilities
(156)
(3)
(159)
(148)
(79)
(74)
Total current liabilities
(156)
(3)
(159)
(148)
(79)
(74)
Total liabilities
(2,680)
(37)
(2,717)
(2,675)
(1,359)
(1,338)
Unrecognised share of losses
\u2013
28
28
23
14
12
Net assets
3,234
39
3,273
3,536
1,636
1,768
1 1 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2023, the fair value of \u00a32,143 million (2022: \u00a32,005 million) of borrowings was \u00a32,046 million (2022: \u00a31,759 million). This results in a fair value adjustment increase in EPRA NDV of \u00a397 million (2022: \u00a3246 million), at share \u00a348 million (2022: \u00a3123 million), see Table 5 of the Supplementary Notes. 2 Other non-current liabilities of \u00a334 million (2022: \u00a341 million) relates to a loan due from an associate to the Group. See Note 17(vi) for details on the impairment of the loan receivable held by the Group in the year. 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, was due 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 total 10-year performance fee of \u00a3115 million (\u20ac132 million) has been agreed with SELP. The balancing payment of \u00a389 million (\u20ac103 million) was received during the year ended 31 December 2023 (\u00a326 million (\u20ac29 million) was paid in 2018). As the fee has now been agreed and settled the previous estimation uncertainty on the fee to be received has fallen away. Up to 31 December 2022, SEGRO had recognised a cumulative fee income for the 10-year performance period of \u00a326 million (\u20ac29 million). This means SEGRO has recognised further performance fee income of \u00a389 million (\u20ac103 million) (being the total fee of \u00a3115 million less the cumulative fee recognised to 31 December 2022 of \u00a326 million) in its 31 December 2023 Income Statement. An equivalent performance fee expense at share of \u00a345 million has been recognised within the share of profit from joint ventures and associates and shown in Note 7(i). The total performance fee received be SEGRO over the 10-year period from the inception of SELP in October 2013 to October 2023 is \u00a3141 million (\u20ac161 million). The total fee includes \u00a326 million (\u20ac29 million) for the 5 year performance fee period recognised and paid in the year ended 31 December 2018 and \u00a3115 million (\u20ac132 million) for the 10-year performance fee period as detailed above. Subsequent performance fee Under the Venture Advisor Agreement with SELP, future performance fees could be payable to SEGRO over a new performance period. The performance fee is based on a similar IRR subject to certain hurdle rates to the previous fee. It is too early to reliably estimate the performance fees that could be payable to SEGRO, and no fee has been recognised in the year. As at 31 December 2023 the fee for the subsequent performance period is not considered to be a significant area of estimation uncertainty. 7(iii) \u2013 Investments by the Group
2023 2022
\u00a3m \u00a3m
Cost or valuation at 1 January
1,768
1,795
Exchange movement
(30)
92
Net investments
12
34
Dividends received
(38)
(9)
Share of loss after tax
(76)
(144)
Cost or valuation at 31 December
1,636
1,768
1 2 1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures and associates during the year. 2 Dividends received from SELP ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-516": { "value": "7. Investments in Joint Ventures, Associates and Subsidiaries 7(i) \u2013 Loss 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.
At 100% At 100% At share At share
SELP Other 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
347
\u2013
347
303
174
152
Gross rental income
267
\u2013
267
237
134
119
Property operating expenses:
\u2013 underlying property
operating expenses
(16)
\u2013
(16)
(16)
(8)
(8)
\u2013 vacant property costs
(1)
\u2013
(1)
(1)
(1)
(1)
\u2013 property management
fees
(24)
\u2013
(24)
(25)
(12)
(13)
Net rental income
226
\u2013
226
195
113
97
Management fee income
4
\u2013
4
3
2
2
Administrative expenses
(5)
\u2013
(5)
(6)
(2)
(3)
Finance costs (including
adjustments)
(40)
\u2013
(40)
(34)
(20)
(17)
Adjusted profit before tax
185
\u2013
185
158
93
79
Tax
(22)
\u2013
(22)
(16)
(11)
(8)
Adjusted profit after tax
163
\u2013
163
142
82
71
Adjustments:
Valuation deficit on
investment properties
(318)
(7)
(325)
(472)
(162)
(236)
Cost of early close out of
debt
\u2013
\u2013
\u2013
(3)
\u2013
(2)
Performance fees expense
(89)
\u2013
(89)
\u2013
(45)
\u2013
Tax in respect of adjustments
98
\u2013
98
46
49
23
Total adjustments
(309)
(7)
(316)
(429)
(158)
(215)
Loss after tax
(146)
(7)
(153)
(287)
(76)
(144)
Other comprehensive
income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total comprehensive
expense for the year
(146)
(7)
(153)
(287)
(76)
(144)
1 2 3 1 Total revenue at 100% of \u00a3347 million (2022: \u00a3303 million) includes: Gross rental income of \u00a3267 million (2022: \u00a3237 million); service charge income of \u00a376 million (2022: \u00a363 million) and management fee income of \u00a34 million (2022: \u00a33 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 and treated as a Company specific adjustment. This is further discussed in the Fees section below. The Group has not recognised cumulative losses totalling \u00a314 million at share (2022: \u00a312 million) 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 (2022: \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
At 100% At 100% At share At share
SELP Other 2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Investment properties
5,786
44
5,830
6,044
2,915
3,022
Property, plant and
equipment
12
\u2013
12
6
6
3
Other receivables
2
\u2013
2
3
1
1
Total non-current assets
5,800
44
5,844
6,053
2,922
3,026
Other receivables
61
1
62
72
31
36
Cash and cash equivalents
53
3
56
63
28
32
Total current assets
114
4
118
135
59
68
Total assets
5,914
48
5,962
6,188
2,981
3,094
Borrowings
(2,143)
\u2013
(2,143)
(2,005)
(1,072)
(1,003)
Deferred tax
(381)
\u2013
(381)
(481)
(191)
(241)
Other liabilities2
\u2013
(34)
(34)
(41)
(17)
(20)
Total non-current liabilities
(2,524)
(34)
(2,558)
(2,527)
(1,280)
(1,264)
Other liabilities
(156)
(3)
(159)
(148)
(79)
(74)
Total current liabilities
(156)
(3)
(159)
(148)
(79)
(74)
Total liabilities
(2,680)
(37)
(2,717)
(2,675)
(1,359)
(1,338)
Unrecognised share of losses
\u2013
28
28
23
14
12
Net assets
3,234
39
3,273
3,536
1,636
1,768
1 1 The external borrowings of the joint ventures and associates are non-recourse to the Group. At 31 December 2023, the fair value of \u00a32,143 million (2022: \u00a32,005 million) of borrowings was \u00a32,046 million (2022: \u00a31,759 million). This results in a fair value adjustment increase in EPRA NDV of \u00a397 million (2022: \u00a3246 million), at share \u00a348 million (2022: \u00a3123 million), see Table 5 of the Supplementary Notes. 2 Other non-current liabilities of \u00a334 million (2022: \u00a341 million) relates to a loan due from an associate to the Group. See Note 17(vi) for details on the impairment of the loan receivable held by the Group in the year. 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, was due 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 total 10-year performance fee of \u00a3115 million (\u20ac132 million) has been agreed with SELP. The balancing payment of \u00a389 million (\u20ac103 million) was received during the year ended 31 December 2023 (\u00a326 million (\u20ac29 million) was paid in 2018). As the fee has now been agreed and settled the previous estimation uncertainty on the fee to be received has fallen away. Up to 31 December 2022, SEGRO had recognised a cumulative fee income for the 10-year performance period of \u00a326 million (\u20ac29 million). This means SEGRO has recognised further performance fee income of \u00a389 million (\u20ac103 million) (being the total fee of \u00a3115 million less the cumulative fee recognised to 31 December 2022 of \u00a326 million) in its 31 December 2023 Income Statement. An equivalent performance fee expense at share of \u00a345 million has been recognised within the share of profit from joint ventures and associates and shown in Note 7(i). The total performance fee received be SEGRO over the 10-year period from the inception of SELP in October 2013 to October 2023 is \u00a3141 million (\u20ac161 million). The total fee includes \u00a326 million (\u20ac29 million) for the 5 year performance fee period recognised and paid in the year ended 31 December 2018 and \u00a3115 million (\u20ac132 million) for the 10-year performance fee period as detailed above. Subsequent performance fee Under the Venture Advisor Agreement with SELP, future performance fees could be payable to SEGRO over a new performance period. The performance fee is based on a similar IRR subject to certain hurdle rates to the previous fee. It is too early to reliably estimate the performance fees that could be payable to SEGRO, and no fee has been recognised in the year. As at 31 December 2023 the fee for the subsequent performance period is not considered to be a significant area of estimation uncertainty. 7(iii) \u2013 Investments by the Group
2023 2022
\u00a3m \u00a3m
Cost or valuation at 1 January
1,768
1,795
Exchange movement
(30)
92
Net investments
12
34
Dividends received
(38)
(9)
Share of loss after tax
(76)
(144)
Cost or valuation at 31 December
1,636
1,768
1 2 1 Net investments represent the net movement of capital injections, loans and divestments with joint ventures and associates during the year. 2 Dividends received from SELP . ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-485": { "value": "8. Realised and Unrealised Property Gains and Losses
2023 2022
\u00a3m \u00a3m
Profit on sale of investment properties and other investment income
46
9
Valuation deficit on investment properties
(647)
(1,970)
Decrease in provision for impairment of trading properties
\u2013
15
Total realised and unrealised property loss
(601)
(1,946)
1 2 1 Includes profit on sale of investment properties of \u00a339 million (2022: \u00a39 million) and other property related investment income of \u00a37 million (2022: \u00a3nil). 2 Includes \u00a3646 million valuation deficit on investment properties (2022: \u00a31,970 million) and \u00a31 million valuation loss on head lease ROU asset (2022: \u00a3nil)
The total valuation deficit on investment and trading properties are \u00a3809 million
(2022: \u00a32,191 million). This comprises \u00a3647 million deficit from investment properties
(2022: \u00a31,970 million), \u00a3nil impairment from trading properties (2022: impairment reversal
of \u00a315 million) and \u00a3162 million deficit from joint ventures and associates at share
(2022: \u00a3236 million).
The total property loss on investment and trading properties are \u00a3760 million
(2022: \u00a32,175 million). This comprises of the total valuation deficit on investment properties
and trading properties of \u00a3809 million (2022: \u00a32,191 million) plus \u00a346 million profit on sale of
investment properties and other investment income (2022: \u00a39 million) and \u00a33 million profit on
sale of trading property (2022: \u00a37 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "
9. Net Finance Costs
2023 2022
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
25
21
Fair value gain on interest rate swaps and other derivatives
59
46
Total finance income
84
67
2023 2022
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(184)
(104)
Cost of early close out of debt
(1)
\u2013
Amortisation of issue costs
(8)
(9)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(196)
(116)
Less amounts capitalised on the development of properties
64
22
Net borrowing costs
(132)
(94)
Fair value loss on interest rate swaps and other derivatives
(35)
(245)
Exchange differences
\u2013
(1)
Total finance costs
(167)
(340)
Net finance costs
(83)
(273)
Net finance costs (including adjustments) in Adjusted profit (Note 2) are \u00a3106 million
(2022: \u00a374 million). This excludes net fair value gains and losses on interest rate swaps and
other derivatives of \u00a324 million gain (2022: \u00a3199 million loss) and the cost of early close out
debt of \u00a31 million (2022: \u00a3nil).
The interest capitalisation rates for 2023 ranged from 2.6 per cent to 6.5 per cent
(2022: 1.9 per cent to 4.0 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-517": { "value": "
2023 2022
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
25
21
Fair value gain on interest rate swaps and other derivatives
59
46
Total finance income
84
67
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-542": { "value": "
2023 2022
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
25
21
Fair value gain on interest rate swaps and other derivatives
59
46
Total finance income
84
67
2023 2022
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(184)
(104)
Cost of early close out of debt
(1)
\u2013
Amortisation of issue costs
(8)
(9)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(196)
(116)
Less amounts capitalised on the development of properties
64
22
Net borrowing costs
(132)
(94)
Fair value loss on interest rate swaps and other derivatives
(35)
(245)
Exchange differences
\u2013
(1)
Total finance costs
(167)
(340)
Net finance costs
(83)
(273)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-555": { "value": "
2023 2022
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
25
21
Fair value gain on interest rate swaps and other derivatives
59
46
Total finance income
84
67
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-561": { "value": "
2023 2022
Finance income \u00a3m \u00a3m
Interest received on bank deposits and related derivatives
25
21
Fair value gain on interest rate swaps and other derivatives
59
46
Total finance income
84
67
2023 2022
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(184)
(104)
Cost of early close out of debt
(1)
\u2013
Amortisation of issue costs
(8)
(9)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(196)
(116)
Less amounts capitalised on the development of properties
64
22
Net borrowing costs
(132)
(94)
Fair value loss on interest rate swaps and other derivatives
(35)
(245)
Exchange differences
\u2013
(1)
Total finance costs
(167)
(340)
Net finance costs
(83)
(273)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-518": { "value": "
2023 2022
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(184)
(104)
Cost of early close out of debt
(1)
\u2013
Amortisation of issue costs
(8)
(9)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(196)
(116)
Less amounts capitalised on the development of properties
64
22
Net borrowing costs
(132)
(94)
Fair value loss on interest rate swaps and other derivatives
(35)
(245)
Exchange differences
\u2013
(1)
Total finance costs
(167)
(340)
Net finance costs
(83)
(273)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-556": { "value": "
2023 2022
Finance costs \u00a3m \u00a3m
Interest on overdrafts, loans and related derivatives
(184)
(104)
Cost of early close out of debt
(1)
\u2013
Amortisation of issue costs
(8)
(9)
Interest on lease liabilities
(3)
(3)
Total borrowing costs
(196)
(116)
Less amounts capitalised on the development of properties
64
22
Net borrowing costs
(132)
(94)
Fair value loss on interest rate swaps and other derivatives
(35)
(245)
Exchange differences
\u2013
(1)
Total finance costs
(167)
(340)
Net finance costs
(83)
(273)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-487": { "value": "
10. Tax
10(i) \u2013 Tax on loss
2023 2022
\u00a3m \u00a3m
Tax:
On Adjusted profit
(10)
(11)
In respect of adjustments:
Performance fee
(10)
\u2013
Other (primarily in respect of property valuation movements)
30
48
Total tax in respect of adjustments
20
48
Total tax credit
10
37
Current tax
United Kingdom
Current tax (charge)/credit
(10)
7
Total UK current tax (charge)/credit
(10)
7
Overseas
Current tax charge
(10)
(31)
Total overseas current tax charge
(10)
(31)
Total current tax charge
(20)
(24)
Deferred tax
Origination and reversal of temporary differences
(10)
(13)
Released in respect of property disposals in the year
5
25
On valuation movements
33
50
Total deferred tax in respect of investment properties
28
62
Other deferred tax
2
(1)
Total deferred tax credit
30
61
Total tax credit on loss on ordinary activities
10
37
10(ii) \u2013 Factors affecting tax credit for the year
The tax credit is higher than (2022: tax credit is lower than) the standard rate of UK corporation
tax. The differences are:
2023 2022
\u00a3m \u00a3m
Loss on ordinary activities before tax
(263)
(1,967)
Exclude valuation deficit in respect of UK properties not deductible
421
1,701
158
(266)
Multiplied by standard rate of UK corporation tax of 23.5 per cent
(2022: 19.0 per cent)2
(37)
51
Effects of:
REIT & SIIC exemption on income and gains
94
1
Non (deductible)/taxable items
(13)
3
Joint venture and associates\u2019 tax adjustment
(17)
(26)
Higher tax rates on international earnings
(3)
(1)
Other
\u2013
(1)
Adjustment in respect of assets not recognised
(14)
10
Total tax credit on loss on ordinary activities
10
37
1
1 The joint venture and associates\u2019 tax adjustment is required because the loss on ordinary activities before tax
includes share of loss from joint ventures and associates\u2019 after tax, whereas the total tax balance excludes joint
ventures and associates.
2 The UK corporation tax rate for the financial year beginning 1 April 2023 increased to 25 per cent (previously 19
per cent in the financial year beginning 1 April 2022).
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 for the 25 per cent withholding tax on
results generated from the French business has been recognised in the current and prior year,
this includes withholding tax on unremitted earnings. As noted below, until a legal conclusion
has been reached, it is possible further tax charges may arise in relation to this matter.
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 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:
Balance Exchange Acquisitions/ Recognised Balance
1 January movement disposals in income 31 December
Group \u2013 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Valuation surpluses and deficits on
properties/accelerated tax allowances
209
(3)
\u2013
(28)
178
Others
17
(1)
\u2013
(2)
14
Total deferred tax liabilities
226
(4)
\u2013
(30)
192
Balance Exchange Acquisitions/ Recognised Balance
1 January movement disposals in income 31 December
Group \u2013 2022 \u00a3m \u00a3m \u00a3m \u00a3m \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
The Group has recognised revenue tax losses of \u00a394 million (2022: \u00a399 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 \u00a3757 million
also exist at 31 December 2023 (2022: \u00a3748 million) of which \u00a31 million (2022: \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.
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.
10(vi) \u2013 OECD Pillar Two model rules
Pillar Two legislation was enacted in the UK during 2023, the jurisdiction in which the Company
is incorporated, and will come into effect from 1 January 2024. Management have engaged tax
specialists to assist with applying the legislation and assessing the impact. Based on the initial
assessment of this enacted legislation, management do not believe that the legislation will
have a material impact on the Company or the Group due to its UK REIT status, which should
result in the majority of the Group companies being excluded from the rules.
Notwithstanding the legislation is not expected to have a material impact, under the current
assessment, since the Pillar Two legislation was not effective at the reporting date, the Group
has no related current tax exposure. The Group applies the exception to recognising and
disclosing information about deferred tax assets and liabilities related to Pillar Two income
taxes, as provided in the amendments to IAS 12 issued in May 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-519": { "value": "10(iv) \u2013 Deferred tax liabilities Movement in deferred tax was as follows:
Balance Exchange Acquisitions/ Recognised Balance
1 January movement disposals in income 31 December
Group \u2013 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Valuation surpluses and deficits on
properties/accelerated tax allowances
209
(3)
\u2013
(28)
178
Others
17
(1)
\u2013
(2)
14
Total deferred tax liabilities
226
(4)
\u2013
(30)
192
Balance Exchange Acquisitions/ Recognised Balance
1 January movement disposals in income 31 December
Group \u2013 2022 \u00a3m \u00a3m \u00a3m \u00a3m \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
The Group has recognised revenue tax losses of \u00a394 million (2022: \u00a399 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 \u00a3757 million also exist at 31 December 2023 (2022: \u00a3748 million) of which \u00a31 million (2022: \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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-488": { "value": "
11. Dividends
2023 2022
\u00a3m \u00a3m
Ordinary dividends paid
Interim dividend for 2023 @ 8.7 pence per share
107
\u2013
Final dividend for 2022 @ 18.2 pence per share
220
\u2013
Interim dividend for 2022 @ 8.1 pence per share
\u2013
98
Final dividend for 2021 @ 16.9 pence per share
\u2013
203
Total dividends
327
301
The Board recommends a final dividend for 2023 of 19.1 pence which is estimated to result in a
distribution of up to \u00a323 4 million. The total dividend paid and proposed per share in respect of
the year ended 31 December 2023 is 27.8 pence (2022: 26.3 pence).
The total dividend in 2023 of \u00a3327 million (2022: \u00a3301 million) was paid: \u00a3198 million as cash
(2022: \u00a3222 million) and \u00a3129 million in scrip dividends (2022: \u00a379 million). For details on scrip
dividends see Notes 18 and 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-19": { "value": "0.191", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-20": { "value": "234000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-489": { "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 0.3 million shares (2022: 0.2 million) being the
average number of shares held on trust for employee share schemes and net assets per share
calculations exclude 0.4 million shares (2022: 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)
2023
2022
Earnings Shares Pence per Earnings Shares Pence per
\u00a3m million share \u00a3m million share
Basic EPS
(253)
1,220.0
(20.7)
(1,927)
1,206.6
(159.7)
Dilution adjustments:
Share and save as you earn
schemes
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Diluted EPS
(253)
1,220.0
(20.7)
(1,927)
1,206.6
(159.7)
Basic EPS
(253)
1,220.0
(20.7)
(1,927)
1,206.6
(159.7)
Adjustments to loss before
tax
672
55.1
2,353
195.0
Tax in respect of
Adjustments
(20)
(1.7)
(48)
(4.0)
Non-controlling interest
on Adjustments
\u2013
\u2013
(4)
(0.3)
Adjusted Basic EPS
399
1,220.0
32.7
374
1,206.6
31.0
Adjusted Diluted EPS
399
1,223.4
32.6
374
1,210.0
30.9
2
1
1 Details of adjustments are included in Note 2.
2 Share options are excluded from the weighted average diluted number of shares when calculating IFRS diluted
loss per share in 2023 and 2022 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.
2023
2022
Equity Equity
attributable attributable to
to ordinary ordinary
shareholders Shares Pence per shareholders Shares Pence per
\u00a3m million share \u00a3m million share
Basic NAV
10,904
1,2 2 7.2
889
11,373
1,209.1
941
Dilution adjustments:
Share and save as you earn
schemes
\u2013
3.5
(3)
\u2013
3.4
(3)
Diluted NAV
10,904
1,230.7
886
11,373
1,212.5
938
Fair value adjustment in
respect of interest rate
derivatives \u2013 Group
106
9
131
11
Fair value adjustment in
respect of trading
properties \u2013 Group
1
\u2013
2
\u2013
Deferred tax in respect of
depreciation and valuation
surpluses \u2013 Group
89
7
104
8
Deferred tax in respect of
depreciation and valuation
surpluses \u2013 Joint ventures
and associates
92
7
119
10
Intangible assets
(30)
(2)
(12)
(1)
Adjusted NAV
11,162
1,230.7
907
11,717
1,212.5
966
1
1
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-520": { "value": "12(i) \u2013 Earnings per ordinary share (EPS)
2023
2022
Earnings Shares Pence per Earnings Shares Pence per
\u00a3m million share \u00a3m million share
Basic EPS
(253)
1,220.0
(20.7)
(1,927)
1,206.6
(159.7)
Dilution adjustments:
Share and save as you earn
schemes
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Diluted EPS
(253)
1,220.0
(20.7)
(1,927)
1,206.6
(159.7)
Basic EPS
(253)
1,220.0
(20.7)
(1,927)
1,206.6
(159.7)
Adjustments to loss before
tax
672
55.1
2,353
195.0
Tax in respect of
Adjustments
(20)
(1.7)
(48)
(4.0)
Non-controlling interest
on Adjustments
\u2013
\u2013
(4)
(0.3)
Adjusted Basic EPS
399
1,220.0
32.7
374
1,206.6
31.0
Adjusted Diluted EPS
399
1,223.4
32.6
374
1,210.0
30.9
2 1 1 Details of adjustments are included in Note 2. 2 Share options are excluded from the weighted average diluted number of shares when calculating IFRS diluted loss per share in 2023 and 2022 because they are not dilutive. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-521": { "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.
2023
2022
Equity Equity
attributable attributable to
to ordinary ordinary
shareholders Shares Pence per shareholders Shares Pence per
\u00a3m million share \u00a3m million share
Basic NAV
10,904
1,2 2 7.2
889
11,373
1,209.1
941
Dilution adjustments:
Share and save as you earn
schemes
\u2013
3.5
(3)
\u2013
3.4
(3)
Diluted NAV
10,904
1,230.7
886
11,373
1,212.5
938
Fair value adjustment in
respect of interest rate
derivatives \u2013 Group
106
9
131
11
Fair value adjustment in
respect of trading
properties \u2013 Group
1
\u2013
2
\u2013
Deferred tax in respect of
depreciation and valuation
surpluses \u2013 Group
89
7
104
8
Deferred tax in respect of
depreciation and valuation
surpluses \u2013 Joint ventures
and associates
92
7
119
10
Intangible assets
(30)
(2)
(12)
(1)
Adjusted NAV
11,162
1,230.7
907
11,717
1,212.5
966
1 1 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-490": { "value": "
13. Properties
13(i) \u2013 Investment properties
Completed Development Total
\u00a3m \u00a3m \u00a3m
At 1 January 2023
12,113
2,589
14,702
Exchange movement
(47)
(18)
(65)
Property acquisitions
\u2013
403
403
Additions to existing investment properties
54
507
561
Disposals
(204)
(83)
(287)
Transfers on completion of development and completed
properties taken back for redevelopment
824
(824)
\u2013
Revaluation deficit during the year
(455)
(191)
(646)
At 31 December 2023
12,285
2,383
14,668
Add tenant lease incentives and letting fees
175
\u2013
175
Investment properties excluding head lease ROU
assets at 31 December 2023
12,460
2,383
14,843
Add head lease liabilities (ROU assets)
71
\u2013
71
Total investment properties at 31 December 2023
12,531
2,383
14,914
1
Completed Development Total
\u00a3m \u00a3m \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 (de\ue01dicit)/surplus during the year
(2,044)
74
(1,970)
At 31 December 2022
12,113
2,589
14,702
Add tenant lease incentives and letting fees
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)
73
\u2013
73
Total investment properties at 31 December 2022
12,350
2,589
14,939
1
1 At 31 December 2023 investment properties included \u00a371 million (2022: \u00a373 million) for the head lease liabilities
recognised under IFRS 16.
Investment properties are stated at fair value as at 31 December 2023 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. 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. The carrying value of covered
land held within Development properties as at 31 December 2023 is \u00a3645 million (2022:
\u00a3656 million).
The carrying value of investment properties situated on land held under leaseholds is
\u00a3186 million (excluding head lease ROU assets) (2022: \u00a3209 million).
Further details on property valuation techniques, sustainability and climate change
considerations and related quantitative information are set out in Note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-491": { "value": "
13(ii) \u2013 Trading properties
2023 2022
\u00a3m \u00a3m
At 1 January
35
45
Exchange movement
\u2013
1
Property acquisitions
\u2013
1
Additions to existing trading properties
\u2013
62
Disposals
(32)
(93)
Decrease in provision for impairment during the year
\u2013
15
Transfer from investment properties
\u2013
4
At 31 December
3
35
1
1 Profit on sale of trading properties of \u00a33 million in the year (2022: \u00a37 million) have been generated from total
proceeds of \u00a335 million (2022: \u00a3100 million), see Note 4, less costs of \u00a332 million (2022: \u00a393 million),
see Note 5.
Trading properties were externally valued, as detailed in Note 13(i), resulting in no provision
for impairment during the year (2022: decrease of \u00a315 million). Based on the fair value at
31 December 2023, the portfolio has unrecognised surplus of \u00a31 million (2022: \u00a32 million).
Further information on valuation techniques and related quantitative information is given
in Note 25.
", "dimensions": { "concept": "segroplc:DisclosureOfTradingProperties", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-492": { "value": "
14. Trade and Other Receivables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
63
60
\u2013
\u2013
Other receivables
112
114
40
25
Prepayments
13
17
\u2013
\u2013
Amounts due from related parties
7
8
\u2013
\u2013
Total current trade and other receivables
195
199
40
25
Non-current
Other receivables
2
40
\u2013
\u2013
Amounts due from related parties
6
41
\u2013
\u2013
Total non-current other receivables
8
81
\u2013
\u2013
1
2
3
4
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 as at 31 December 2022 included an advance payment for the future
acquisition of land of \u00a338 million. This land was acquired during 2023.
4 Carrying amount due from a loan held with an associate. During 2023 the loan has been impaired by \u00a328 million
(2022: \u00a3nil), see Note 17(vi) for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-562": { "value": "14. Trade and Other Receivables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
63
60
\u2013
\u2013
Other receivables
112
114
40
25
Prepayments
13
17
\u2013
\u2013
Amounts due from related parties
7
8
\u2013
\u2013
Total current trade and other receivables
195
199
40
25
Non-current
Other receivables
2
40
\u2013
\u2013
Amounts due from related parties
6
41
\u2013
\u2013
Total non-current other receivables
8
81
\u2013
\u2013
1 2 3 4 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 as at 31 December 2022 included an advance payment for the future acquisition of land of \u00a338 million. This land was acquired during 2023. 4 Carrying amount due from a loan held with an associate. During 2023 the loan has been impaired by \u00a328 million (2022: \u00a3nil), see Note 17(vi) for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-557": { "value": "14. Trade and Other Receivables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
63
60
\u2013
\u2013
Other receivables
112
114
40
25
Prepayments
13
17
\u2013
\u2013
Amounts due from related parties
7
8
\u2013
\u2013
Total current trade and other receivables
195
199
40
25
Non-current
Other receivables
2
40
\u2013
\u2013
Amounts due from related parties
6
41
\u2013
\u2013
Total non-current other receivables
8
81
\u2013
\u2013
1 2 3 4 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 as at 31 December 2022 included an advance payment for the future acquisition of land of \u00a338 million. This land was acquired during 2023. 4 Carrying amount due from a loan held with an associate. During 2023 the loan has been impaired by \u00a328 million (2022: \u00a3nil), see Note 17(vi) for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-543": { "value": "14. Trade and Other Receivables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
63
60
\u2013
\u2013
Other receivables
112
114
40
25
Prepayments
13
17
\u2013
\u2013
Amounts due from related parties
7
8
\u2013
\u2013
Total current trade and other receivables
195
199
40
25
Non-current
Other receivables
2
40
\u2013
\u2013
Amounts due from related parties
6
41
\u2013
\u2013
Total non-current other receivables
8
81
\u2013
\u2013
1 2 3 4 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 as at 31 December 2022 included an advance payment for the future acquisition of land of \u00a338 million. This land was acquired during 2023. 4 Carrying amount due from a loan held with an associate. During 2023 the loan has been impaired by \u00a328 million (2022: \u00a3nil), see Note 17(vi) for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-522": { "value": "14. Trade and Other Receivables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Trade receivables
63
60
\u2013
\u2013
Other receivables
112
114
40
25
Prepayments
13
17
\u2013
\u2013
Amounts due from related parties
7
8
\u2013
\u2013
Total current trade and other receivables
195
199
40
25
Non-current
Other receivables
2
40
\u2013
\u2013
Amounts due from related parties
6
41
\u2013
\u2013
Total non-current other receivables
8
81
\u2013
\u2013
1 2 3 4 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 as at 31 December 2022 included an advance payment for the future acquisition of land of \u00a338 million. This land was acquired during 2023. 4 Carrying amount due from a loan held with an associate. During 2023 the loan has been impaired by \u00a328 million (2022: \u00a3nil), see Note 17(vi) for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-493": { "value": "
15. Trade and Other Payables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
10
10
\u2013
\u2013
Other payables
165
159
15
27
Non-capital accruals1
108
70
48
20
Capital creditors and capital accruals
223
218
\u2013
\u2013
Rent in advance
107
102
\u2013
\u2013
Lease liabilities
1
1
\u2013
\u2013
Total trade and other payables due within one year
614
560
63
47
Due after one year
Other payables
1
1
\u2013
\u2013
Lease liabilities
73
76
\u2013
\u2013
Loans due to subsidiaries
\u2013
\u2013
2,088
2,063
Total other payables due after one year
74
77
2,088
2,063
1 Includes accrued interest on external borrowings for the Group of \u00a338 million (2022: \u00a336 million) and for the
Company of \u00a326 million (2022: \u00a325 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-565": { "value": "15. Trade and Other Payables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
10
10
\u2013
\u2013
Other payables
165
159
15
27
Non-capital accruals1
108
70
48
20
Capital creditors and capital accruals
223
218
\u2013
\u2013
Rent in advance
107
102
\u2013
\u2013
Lease liabilities
1
1
\u2013
\u2013
Total trade and other payables due within one year
614
560
63
47
Due after one year
Other payables
1
1
\u2013
\u2013
Lease liabilities
73
76
\u2013
\u2013
Loans due to subsidiaries
\u2013
\u2013
2,088
2,063
Total other payables due after one year
74
77
2,088
2,063
1 Includes accrued interest on external borrowings for the Group of \u00a338 million (2022: \u00a336 million) and for the Company of \u00a326 million (2022: \u00a325 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-563": { "value": "15. Trade and Other Payables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
10
10
\u2013
\u2013
Other payables
165
159
15
27
Non-capital accruals1
108
70
48
20
Capital creditors and capital accruals
223
218
\u2013
\u2013
Rent in advance
107
102
\u2013
\u2013
Lease liabilities
1
1
\u2013
\u2013
Total trade and other payables due within one year
614
560
63
47
Due after one year
Other payables
1
1
\u2013
\u2013
Lease liabilities
73
76
\u2013
\u2013
Loans due to subsidiaries
\u2013
\u2013
2,088
2,063
Total other payables due after one year
74
77
2,088
2,063
1 Includes accrued interest on external borrowings for the Group of \u00a338 million (2022: \u00a336 million) and for the Company of \u00a326 million (2022: \u00a325 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-558": { "value": "15. Trade and Other Payables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
10
10
\u2013
\u2013
Other payables
165
159
15
27
Non-capital accruals1
108
70
48
20
Capital creditors and capital accruals
223
218
\u2013
\u2013
Rent in advance
107
102
\u2013
\u2013
Lease liabilities
1
1
\u2013
\u2013
Total trade and other payables due within one year
614
560
63
47
Due after one year
Other payables
1
1
\u2013
\u2013
Lease liabilities
73
76
\u2013
\u2013
Loans due to subsidiaries
\u2013
\u2013
2,088
2,063
Total other payables due after one year
74
77
2,088
2,063
1 Includes accrued interest on external borrowings for the Group of \u00a338 million (2022: \u00a336 million) and for the Company of \u00a326 million (2022: \u00a325 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-544": { "value": "15. Trade and Other Payables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
10
10
\u2013
\u2013
Other payables
165
159
15
27
Non-capital accruals1
108
70
48
20
Capital creditors and capital accruals
223
218
\u2013
\u2013
Rent in advance
107
102
\u2013
\u2013
Lease liabilities
1
1
\u2013
\u2013
Total trade and other payables due within one year
614
560
63
47
Due after one year
Other payables
1
1
\u2013
\u2013
Lease liabilities
73
76
\u2013
\u2013
Loans due to subsidiaries
\u2013
\u2013
2,088
2,063
Total other payables due after one year
74
77
2,088
2,063
1 Includes accrued interest on external borrowings for the Group of \u00a338 million (2022: \u00a336 million) and for the Company of \u00a326 million (2022: \u00a325 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-523": { "value": "15. Trade and Other Payables
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Due within one year
Trade payables
10
10
\u2013
\u2013
Other payables
165
159
15
27
Non-capital accruals1
108
70
48
20
Capital creditors and capital accruals
223
218
\u2013
\u2013
Rent in advance
107
102
\u2013
\u2013
Lease liabilities
1
1
\u2013
\u2013
Total trade and other payables due within one year
614
560
63
47
Due after one year
Other payables
1
1
\u2013
\u2013
Lease liabilities
73
76
\u2013
\u2013
Loans due to subsidiaries
\u2013
\u2013
2,088
2,063
Total other payables due after one year
74
77
2,088
2,063
1 Includes accrued interest on external borrowings for the Group of \u00a338 million (2022: \u00a336 million) and for the Company of \u00a326 million (2022: \u00a325 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-494": { "value": "
16. Net Borrowings
16(i) \u2013 Net borrowings by type
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Secured borrowings:
Euro mortgages
1
1
\u2013
\u2013
Total secured (on land, buildings and other assets)
1
1
\u2013
\u2013
Unsecured borrowings:
Bonds
6.75% bonds 2024 \u00a382m
\u2013
82
\u2013
82
1.250% bonds 2026 \u20ac650m
562
571
\u2013
\u2013
2.375% bonds 2029 \u00a3350m
349
348
349
348
1.875% bonds 2030 \u20ac500m
430
436
\u2013
\u2013
0.50% bonds 2031 \u20ac500m
430
437
\u2013
\u2013
5.75% bonds 2035 \u00a3200m
199
199
199
199
2.875% bonds 2037 \u00a3400m
396
396
396
396
5.125% bonds 2041 \u00a3350m
343
344
343
344
2,709
2,813
1,287
1,369
Private placement notes
1.77% notes 2027 \u20ac400m
348
354
348
354
1.82% notes 2028 \u20ac100m
87
88
87
88
2.00% notes 2029 \u20ac150m
130
133
130
133
2.27% notes 2032 \u20ac100m
87
88
87
88
1.35% notes 2032 \u20ac150m
130
132
130
132
2.37% notes 2033 \u20ac200m
174
176
174
176
1.45% notes 2035 \u20ac50m
43
44
43
44
3.87% notes 2037 \u20ac50m
42
43
42
43
1.83% notes 2040 \u20ac190m (Series C)
164
167
164
167
1.83% notes 2040 \u20ac60m (Series D)
52
53
52
53
4.14% notes 2042 \u20ac175m
152
155
152
155
1,409
1,433
1,409
1,433
Bank loans
Revolving credit facilities
348
639
348
639
Term loans
881
(2)
881
(2)
1,229
637
1,229
637
Total unsecured
5,347
4,883
3,925
3,439
Total borrowings
5,348
4,884
3,925
3,439
Cash and cash equivalents
(376)
(162)
(294)
(72)
Net borrowings
4,972
4,722
3,631
3,367
The maturity profile of borrowings is as follows:
Group
Company
2023 2022 2023 2022
Maturity profile of borrowings \u00a3m \u00a3m \u00a3m \u00a3m
In one year or less
1
\u2013
\u2013
\u2013
In more than one year but less than two
168
83
168
82
In more than two years but less than five
2,057
1,562
1,495
991
In more than five years but less than ten
1,729
1,662
869
789
In more than ten years
1,393
1,577
1,393
1,577
In more than one year
5,347
4,884
3,925
3,439
Total borrowings
5,348
4,884
3,925
3,439
Cash and cash equivalents
(376)
(162)
(294)
(72)
Net borrowings
4,972
4,722
3,631
3,367
1 1 Group Cash and cash equivalents also include tenant deposits held in separate designated bank accounts of \u00a361 million (2022: \u00a350 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 48. Bank loans and overdrafts include capitalised finance costs on committed facilities. In January 2023, SEGRO drew down its \u20ac195 million and \u20ac97.5 million term loan facilities, maturing in 2025 and 2027, respectively. In April 2023, SEGRO drew down its \u00a3300 million and \u20ac115 million term loans, both originally maturing in 2025. The maturity of these term loans was extended for a further year, to 2026, in August 2023. In May 2023, SEGRO extended the maturity of \u20ac200 million of its revolving credit facilities for a further year to 2028. In June 2023, SEGRO entered into two term loan facilities. The first facility has a commitment of \u00a3100m, maturing in 2026. The second facility has a commitment of \u20ac150m, also maturing in 2026. Both term loan facilities were subsequently drawn in November 2023. In August 2023, SEGRO extended the maturity of \u20ac600 million of its revolving credit facilities for a further year to 2026, and also redeemed the remaining \u00a382 million of 6.75% bonds due in 2024. The debt refinancing is discussed in more detail in the Financial review on page 48.
Group
Company
2023 2022 2023 2022
Maturity profile of undrawn borrowing facilities \u00a3m \u00a3m \u00a3m \u00a3m
In one year or less
148
150
139
142
In more than one year but less than two
\u2013
\u2013
\u2013
\u2013
In more than two years but less than five
1,212
1,608
1,212
1,608
Total available undrawn borrowing facilities
1,360
1,758
1,351
1,750
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:
2023
Capped Capped Variable
Interest rate profile \u2013 Fixed rate Fixed period Fixed debt strike debt debt/cash Total
Group % years \u00a3m % \u00a3m \u00a3m \u00a3m
Borrowings
Weighted average after derivative instruments
Sterling
3.83
11.9
1,387
\u2013
\u2013
449
1,836
Euros
1.68
6.1
2,223
2.46
1,152
137
3,512
Total borrowings
2.51
8.3
3,610
2.26
1,152
586
5,348
Cash and cash
equivalents
Sterling
(361)
(361)
Euros
(15)
(15)
Total cash and cash
equivalents
(376)
(376)
Net borrowings
3,610
1,152
210
4,972
2022
Capped Variable
Interest rate profile \u2013 Fixed rate Fixed period Fixed debt strike Capped debt debt/cash Total
Group % years \u00a3m % \u00a3m \u00a3m \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
2023
Capped Capped Variable
Interest rate profile Fixed rate Fixed period Fixed debt strike debt debt/cash Total
\u2013 Company % years \u00a3m % \u00a3m \u00a3m \u00a3m
Borrowings
Weighted average after derivative instruments
Sterling
3.83
11.9
1,387
\u2013
\u2013
449
1,836
Euros
2.49
7.9
800
2.46
1,152
137
2,089
Total borrowings
3.34
10.4
2,187
2.26
1,152
586
3,925
Cash and cash
equivalents
Sterling
(289)
(289)
Euros
(5)
(5)
Total cash and cash
equivalents
(294)
(294)
Net borrowings
2,187
1,152
292
3,631
2022
Capped Variable
Interest rate profile Fixed rate Fixed period Fixed debt strike Capped debt debt/cash Total
\u2013 Company % years \u00a3m % \u00a3m \u00a3m \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-524": { "value": "Group Cash and cash equivalents also include tenant deposits held in separate designated bank accounts of \u00a361 million (2022: \u00a350 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-566": { "value": "
17. Financial Instruments and Fair Values
17(i) Derivative instruments
The Group and Company holds the following derivative instruments at fair value:
Derivative assets
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Forward foreign exchange and currency swap contracts
\u2013 non-hedge
8
11
8
11
Total current derivative assets
8
11
8
11
Non-current
Interest rate swap contracts \u2013 non-hedge
\u2013
1
\u2013
1
Interest rate cap contracts \u2013 non-hedge
37
56
37
56
Forward foreign exchange and currency swap contracts
\u2013 non-hedge
10
1
10
1
Total non-current derivative assets
47
58
47
58
Derivative liabilities
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Interest rate swap contracts \u2013 non-hedge
46
\u2013
46
\u2013
Forward foreign exchange and currency swap contracts
\u2013 non-hedge
\u2013
1
6
14
Forward foreign exchange and currency swap contracts
\u2013 hedge
6
13
\u2013
\u2013
Total current derivative liabilities
52
14
52
14
Non-current
Interest rates swap contracts \u2013 non-hedge
97
188
97
188
Total non-current derivative liabilities
97
188
97
188
17(ii) Carrying amount and fair values of financial assets and liabilities
The Group and Company holds the following financial instruments:
Group
Company
2023 2022 2023 2022
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Loans due from subsidiaries
7
\u2013
\u2013
5,012
4,471
Lease incentives
13
149
140
\u2013
\u2013
Trade receivables
14
63
60
\u2013
\u2013
Other current receivables
14
42
58
40
25
Non-current receivables
14
8
81
\u2013
\u2013
Cash and cash equivalents
16
376
162
294
72
Financial assets at fair value through
profit or loss (FVPL)
Other investments
10
9
\u2013
\u2013
Derivative financial instruments
Non-hedge at FVPL
17
55
69
55
69
703
579
5,401
4,637
Financial liabilities
Liabilities at amortised cost
Trade and other payables
15
580
534
2,151
2,110
Borrowings
16
5,348
4,884
3,925
3,439
Derivative financial instruments
Used for hedging at FVOCI
17
6
13
\u2013
\u2013
Non-hedge at FVPL
17
143
189
149
202
6,077
5,620
6,225
5,751
1
2
2
1 Represents the carrying value of tenant lease incentives held in Investment properties at the year end. This
amount is included within the \u2018tenant lease incentives and letting fees\u2019 balance in Note 13(i).
2 Group excludes non-financial assets of \u00a390 million (2022: \u00a381 million) included within total other receivables per
Note 14 and non-financial liabilities of \u00a3108 million (2022: \u00a3103 million) included within total trade and other
payables per Note 15.
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 2023, the fair value of \u00a32,709 million of unsecured bonds
issued was \u00a32,480 million (2022: \u00a32,813 million compared with \u00a32,412 million fair value). At
31 December 2023, the fair value of \u00a31,409 million of unsecured US Private Placement notes
was \u00a31,281 million (2022: \u00a31,433 million compared with \u00a31,162 million fair value). This results in a
fair value adjustment increase in EPRA NDV of \u00a3357 million (2022: \u00a3672 million), see Table 5 of
the Supplementary Notes. The fair value of unsecured bonds is estimated using quoted prices
(level 1) and the fair value of US private placement notes is estimated by discounting
contractual future cash flows (level 2) .
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 (level 2). \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 (level 2). \u2013 The fair value of other investments classified as fair value through profit or loss which are not traded on active liquid markets is determined by management (level 3). 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 unlisted investments, forward exchange and currency swap contracts, interest rate swaps and interest rate caps as detailed above. As defined by IFRS 13, unlisted investments are classified as level 3 fair value measurements, where inputs are not based on observable market data. All other financial instruments are classified as level 2 fair value measurements, 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 19. Debt primarily comprises long-term debt issues, term loans 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 49. The Group\u2019s and Company\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below:
2023 2022
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
6,374
6,159
Gross currency liabilities
(4,718)
(4,655)
Net exposure
1,656
1,504
Company
Gross currency assets
2,650
2,372
Gross currency liabilities
(4,581)
(4,341)
Net exposure
(1,931)
(1,969)
2023 Group gross currency liabilities include \u20ac2,226 million (\u00a31,926 million) designated as net investment hedges. 2022 Group gross currency liabilities include \u20ac2,206 million (\u00a31,952 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 \u00a3151 million (2022: \u00a3137 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 \u00a3184 million (2022: \u00a3167 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 decrease the Group\u2019s loss for the year ended 31 December 2023 by \u00a322 million (2022: \u00a324 million). A 10 per cent depreciation in the value of sterling against the euro would increase the Group\u2019s loss for the year ended 31 December 2023 by \u00a327 million (2022: \u00a330 million). For the Company, the sensitivity of the net assets to a 10 per cent appreciation in the value of sterling against the euro would increase net assets by \u00a3175 million (2022: \u00a3179 million). The sensitivity of the net assets to a 10 per cent depreciation in the value of sterling against the euro would decrease net assets by \u00a3220 million (2022: \u00a3219 million). 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 losses of \u00a37 million (2022: \u00a33 million gain) 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 \u00a3nil (2022: \u00a31 million) 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 (34 per cent at 31 December 2023) and 100 per cent. At 31 December 2023, the Group had gross foreign currency assets, which were 74 per cent hedged by gross foreign currency denominated liabilities (2022: 76 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial review on page 49. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end:
Average exchange Currency contract
rates
(local currency)
Contract value
Fair value
2023 2022 2023 2022 2023 2022
2023
2022
m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash flow
hedges
Sell euros (buy sterling)
1.13
1.13
458
438
404
387
10
\u2013
Buy euros (sell sterling)
1.16
1.16
964
463
831
399
8
11
Net investment hedges
Sell euros (buy sterling)
1.16
1.16
601
601
517
519
(6)
(13)
Total
12
(2)
Company
Economic cash flow
hedges
Sell euros (buy sterling)
1.15
1.15
1,059
1,039
921
906
4
(13)
Buy euros (sell sterling)
1.16
1.16
964
463
831
399
8
11
Total
12
(2)
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 2023 (2022: euro denominated). There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2023 and 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
2023 2022
Euro forward foreign exchange \u00a3m \u00a3m
Carrying amount (current liabilities, note 17(i))
(6)
(13)
Notional amount
517
519
Maturity date
Jan 2024
Jan 2023
Hedge ratio
1:1
1:1
Change in discounted spot value of hedging instruments since 1 January \u2013 gain/(loss)
9
(33)
Change in value of hedged item used to determine hedge effectiveness \u2013 (loss)/gain
(9)
33
Weighted average hedged rate for the year (including forward points)
1.15
1.17
US private placement notes There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2023 and 2022 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
2023 2022
Private placement notes \u00a3m \u00a3m
Carrying amount of private placement notes (non-current borrowings, note 16)
1,409
1,433
Carrying amount of private placement notes designated as net investment
hedging instruments
1,409
1,433
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 gain/(loss)
26
(65)
Change in value of hedged item used to determine hedge effectiveness \u2013 (loss)/gain
(26)
65
Weighted average hedged rate for the year (including forward points)
1.15
1.13
The total fair value movements on derivatives and borrowings in effective hedge relationships shown in Other Comprehensive Income for the year ended 31 December 2023 is a gain of \u00a335 million (2022: \u00a398 million loss) and consists of the gain on Euro forward foreign exchange of \u00a39 million (2022: \u00a333 million loss) and gain on US private placement notes of \u00a326 million (2022: \u00a365 million loss) shown in the tables above. 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. 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 2023 would increase by \u00a310 million (2022: \u00a327 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 2023 would decrease by \u00a317 million (2022: \u00a332 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. At 31 December 2023, all of the Group\u2019s interest rate caps have been triggered and therefore the Group is more sensitive to a fall in interest rates, as opposed to a rise. 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 (excluding mandatory break clauses), outstanding as at the reporting date:
Average contract\u2013 fixed
interest rate
Notional principal amount
Fair value
2023 2022 2023 2022 2023 2022
% % \u00a3m \u00a3m \u00a3m \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
2.80
\u2013
43
\u2013
\u2013
\u2013
In more than two years
but less than five
3.92
3.58
100
144
(1)
1
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
143
144
(1)
1
Company
In one year or less
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than one year but
less than two
2.80
\u2013
43
\u2013
\u2013
\u2013
In more than two years
but less than five
3.92
3.58
100
144
(1)
1
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
143
144
(1)
1
Receive fixed, pay
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
1.82
\u2013
87
\u2013
(6)
\u2013
In more than five years
1.86
1.85
565
664
(136)
(188)
Total
652
664
(142)
(188)
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
1.82
\u2013
87
\u2013
(6)
\u2013
In more than five years
1.86
1.85
565
664
(136)
(188)
Total
652
664
(142)
(188)
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
2023 2022 2023 2022 2023 2022
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
3.73
\u2013
202
\u2013
\u2013
\u2013
In more than one year but
less than two
2.91
\u2013
300
\u2013
3
\u2013
In more than two years
but less than five
2.57
2.72
215
172
4
4
In more than five years
1.50
1.68
435
529
30
52
Total
1,152
701
37
56
Company
In one year or less
3.73
\u2013
202
\u2013
\u2013
\u2013
In more than one year but
less than two
2.91
\u2013
300
\u2013
3
\u2013
In more than two years
but less than five
2.57
2.72
215
172
4
4
In more than five years
1.50
1.68
435
529
30
52
Total
1,152
701
37
56
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. 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 2023 and at 31 December 2022. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below.
2023
2022
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
0 \u2013 30 days
7
(1)
6
2
\u2013
2
30 \u2013 60 days
1
\u2013
1
2
\u2013
2
60 \u2013 90 days
1
\u2013
1
2
\u2013
2
90 \u2013 180 days
5
(3)
2
5
(3)
2
>180 days
4
(3)
1
4
(4)
\u2013
Past due
18
(7)
11
15
(7)
8
Not due
55
(3)
52
54
(2)
52
Total trade receivables
73
(10)
63
69
(9)
60
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 2023 includes amounts due for 2023 rent and amounts billed in advance for 2024 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2024 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2023 were \u00a318 million (2022: \u00a315 million), three per cent of total gross rental income for the year (2022: 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 2023, the Group held a loss allowance provision for trade receivables of \u00a310 million (2022: \u00a39 million) and the impairment risk remains low with the loss allowance of \u00a310 million representing two per cent of total gross rental income for the year (2022: two per cent). Total impairment losses on trade receivables of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2023 (2022: \u00a33 million). The impairment losses on trade receivables 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 Group holds a gross loan due from an associate of \u00a334 million as at 31 December 2023 (2022: \u00a341 million). The associate used the proceeds from the loan to acquire land in November 2022. The Group expects to recover the loan either through the granting of planning permission on the land which will trigger the other shareholder to acquire the Group\u2019s share in the associate and repay the loan; or, if planning permission is not gained on the land, the Group would acquire the other shareholder's share in the associate for nominal consideration and it will become wholly owned. In this event the extent of the recovery of the loan would be through the fair value of the land. The carrying value of the associate as at 31 December 2023 is \u00a3nil (2022: \u00a3nil). During the second half of 2023 the likelihood of gaining planning permission reduced and the market conditions deteriorated sufficiently to conclude that there is a significantly increased probability that the Group will take ownership of the associate. For purposes of the impairment review of the loan under IFRS 9 the recovery of the loan is now assumed to be based on the fair value of the land held by the associate which was \u00a36 million as at 31 December 2023 (at 100 per cent). This has resulted in the loan being impaired by \u00a328 million down to a carrying value of \u00a36 million as at 31 December 2023. The loan balance arose as part of a wider property transaction which also included the acquisition of an investment property by the Group disclosed within acquisitions in 2022. When considered together the overall transaction has had an accretive impact on net assets since inception. As set out in Note 2, the impairment charge has been treated as a Company specific adjustment to EPRA earnings to determine Adjusted profit. This is due to the size and that the nature of the loan impairment relates to a wider property transaction and changes in the fair value of the related land held by an associate. 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 48 and 49.
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.
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
468
\u2013
\u2013
\u2013
468
421
\u2013
\u2013
\u2013
421
Lease liabilities
3.90
4
4
12
118
138
3.90
4
4
13
124
145
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
2.43
104
183
1,209
3,430
4,926
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
650
359
2,454
3,190
6,653
584
219
1,938
3,554
6,295
1
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Company
Non-derivative financial liabilities:
Trade and other payables
37
2,088
\u2013
\u2013
2,125
22
2,063
\u2013
\u2013
2,085
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.95
80
80
666
2,180
3,006
3.05
86
164
593
2,519
3,362
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
196
2,426
1,844
2,187
6,653
163
2,259
1,309
2,519
6,250
2
1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3580 million (2022: \u00a3534 million) includes, accrued interest of \u00a338 million (2022: \u00a336 million) and lease liabilities of \u00a374 million (2022: \u00a377 million).
Accrued interest is shown in debt instruments in the table above.
2 Company trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a32,151 million (2022: \u00a32,110 million) includes accrued interest of \u00a326 million (2022: \u00a325 million). Accrued interest is shown in debt instruments in the
table above.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-495": { "value": "17. Financial Instruments and Fair Values 17(i) Derivative instruments The Group and Company holds the following derivative instruments at fair value: Derivative assets
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Forward foreign exchange and currency swap contracts
\u2013 non-hedge
8
11
8
11
Total current derivative assets
8
11
8
11
Non-current
Interest rate swap contracts \u2013 non-hedge
\u2013
1
\u2013
1
Interest rate cap contracts \u2013 non-hedge
37
56
37
56
Forward foreign exchange and currency swap contracts
\u2013 non-hedge
10
1
10
1
Total non-current derivative assets
47
58
47
58
Derivative liabilities
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Interest rate swap contracts \u2013 non-hedge
46
\u2013
46
\u2013
Forward foreign exchange and currency swap contracts
\u2013 non-hedge
\u2013
1
6
14
Forward foreign exchange and currency swap contracts
\u2013 hedge
6
13
\u2013
\u2013
Total current derivative liabilities
52
14
52
14
Non-current
Interest rates swap contracts \u2013 non-hedge
97
188
97
188
Total non-current derivative liabilities
97
188
97
188
17(ii) Carrying amount and fair values of financial assets and liabilities The Group and Company holds the following financial instruments:
Group
Company
2023 2022 2023 2022
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Loans due from subsidiaries
7
\u2013
\u2013
5,012
4,471
Lease incentives
13
149
140
\u2013
\u2013
Trade receivables
14
63
60
\u2013
\u2013
Other current receivables
14
42
58
40
25
Non-current receivables
14
8
81
\u2013
\u2013
Cash and cash equivalents
16
376
162
294
72
Financial assets at fair value through
profit or loss (FVPL)
Other investments
10
9
\u2013
\u2013
Derivative financial instruments
Non-hedge at FVPL
17
55
69
55
69
703
579
5,401
4,637
Financial liabilities
Liabilities at amortised cost
Trade and other payables
15
580
534
2,151
2,110
Borrowings
16
5,348
4,884
3,925
3,439
Derivative financial instruments
Used for hedging at FVOCI
17
6
13
\u2013
\u2013
Non-hedge at FVPL
17
143
189
149
202
6,077
5,620
6,225
5,751
1 2 2 1 Represents the carrying value of tenant lease incentives held in Investment properties at the year end. This amount is included within the \u2018tenant lease incentives and letting fees\u2019 balance in Note 13(i). 2 Group excludes non-financial assets of \u00a390 million (2022: \u00a381 million) included within total other receivables per Note 14 and non-financial liabilities of \u00a3108 million (2022: \u00a3103 million) included within total trade and other payables per Note 15. 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 2023, the fair value of \u00a32,709 million of unsecured bonds issued was \u00a32,480 million (2022: \u00a32,813 million compared with \u00a32,412 million fair value). At 31 December 2023, the fair value of \u00a31,409 million of unsecured US Private Placement notes was \u00a31,281 million (2022: \u00a31,433 million compared with \u00a31,162 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3357 million (2022: \u00a3672 million), see Table 5 of the Supplementary Notes. The fair value of unsecured bonds is estimated using quoted prices (level 1) and the fair value of US private placement notes is estimated by discounting contractual future cash flows (level 2) .
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 (level 2).
\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 (level 2).
\u2013 The fair value of other investments classified as fair value through profit or loss which are not
traded on active liquid markets is determined by management (level 3).
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 unlisted investments, forward exchange and currency swap
contracts, interest rate swaps and interest rate caps as detailed above. As defined by IFRS 13,
unlisted investments are classified as level 3 fair value measurements, where inputs are not
based on observable market data. All other financial instruments are classified as level 2 fair
value measurements, 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 19.
Debt primarily comprises long-term debt issues, term loans 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 49.
The Group\u2019s and Company\u2019s Balance Sheet translation exposure to euros (including the impact
of derivative financial instruments) is summarised below:
2023 2022
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
6,374
6,159
Gross currency liabilities
(4,718)
(4,655)
Net exposure
1,656
1,504
Company
Gross currency assets
2,650
2,372
Gross currency liabilities
(4,581)
(4,341)
Net exposure
(1,931)
(1,969)
2023 Group gross currency liabilities include \u20ac2,226 million (\u00a31,926 million) designated as net
investment hedges.
2022 Group gross currency liabilities include \u20ac2,206 million (\u00a31,952 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 \u00a3151 million (2022: \u00a3137 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 \u00a3184 million
(2022: \u00a3167 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 decrease the Group\u2019s loss for the
year ended 31 December 2023 by \u00a322 million (2022: \u00a324 million). A 10 per cent depreciation in
the value of sterling against the euro would increase the Group\u2019s loss for the year ended
31 December 2023 by \u00a327 million (2022: \u00a330 million).
For the Company, the sensitivity of the net assets to a 10 per cent appreciation in the value of
sterling against the euro would increase net assets by \u00a3175 million (2022: \u00a3179 million). The
sensitivity of the net assets to a 10 per cent depreciation in the value of sterling against the
euro would decrease net assets by \u00a3220 million (2022: \u00a3219 million).
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 losses of \u00a37 million (2022: \u00a33 million gain) 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 \u00a3nil (2022: \u00a31 million) 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 (34 per cent at 31 December 2023) and
100 per cent. At 31 December 2023, the Group had gross foreign currency assets, which were
74 per cent hedged by gross foreign currency denominated liabilities (2022: 76 per cent).
Further details are provided within the Foreign Currency Translation Risk section of the
Financial review on page 49.
The following table details the forward foreign exchange and currency swap contracts
outstanding as at the year end:
Average exchange Currency contract
rates
(local currency)
Contract value
Fair value
2023 2022 2023 2022 2023 2022
2023
2022
m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash flow
hedges
Sell euros (buy sterling)
1.13
1.13
458
438
404
387
10
\u2013
Buy euros (sell sterling)
1.16
1.16
964
463
831
399
8
11
Net investment hedges
Sell euros (buy sterling)
1.16
1.16
601
601
517
519
(6)
(13)
Total
12
(2)
Company
Economic cash flow
hedges
Sell euros (buy sterling)
1.15
1.15
1,059
1,039
921
906
4
(13)
Buy euros (sell sterling)
1.16
1.16
964
463
831
399
8
11
Total
12
(2)
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 2023 (2022: euro denominated).
There was no ineffectiveness to be recorded from net investments in foreign entity hedges in
2023 and 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
2023 2022
Euro forward foreign exchange \u00a3m \u00a3m
Carrying amount (current liabilities, note 17(i))
(6)
(13)
Notional amount
517
519
Maturity date
Jan 2024
Jan 2023
Hedge ratio
1:1
1:1
Change in discounted spot value of hedging instruments since 1 January \u2013 gain/(loss)
9
(33)
Change in value of hedged item used to determine hedge effectiveness \u2013 (loss)/gain
(9)
33
Weighted average hedged rate for the year (including forward points)
1.15
1.17
US private placement notes
There was no ineffectiveness to be recorded from net investments in foreign entity hedges in
2023 and 2022 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
2023 2022
Private placement notes \u00a3m \u00a3m
Carrying amount of private placement notes (non-current borrowings, note 16)
1,409
1,433
Carrying amount of private placement notes designated as net investment
hedging instruments
1,409
1,433
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 gain/(loss)
26
(65)
Change in value of hedged item used to determine hedge effectiveness \u2013 (loss)/gain
(26)
65
Weighted average hedged rate for the year (including forward points)
1.15
1.13
The total fair value movements on derivatives and borrowings in effective hedge relationships
shown in Other Comprehensive Income for the year ended 31 December 2023 is a gain of
\u00a335 million (2022: \u00a398 million loss) and consists of the gain on Euro forward foreign exchange
of \u00a39 million (2022: \u00a333 million loss) and gain on US private placement notes of \u00a326 million
(2022: \u00a365 million loss) shown in the tables above.
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.
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 2023 would increase by \u00a310 million
(2022: \u00a327 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 2023 would decrease by
\u00a317 million (2022: \u00a332 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.
At 31 December 2023, all of the Group\u2019s interest rate caps have been triggered and therefore
the Group is more sensitive to a fall in interest rates, as opposed to a rise.
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 (excluding mandatory break clauses),
outstanding as at the reporting date:
Average contract\u2013 fixed
interest rate
Notional principal amount
Fair value
2023 2022 2023 2022 2023 2022
% % \u00a3m \u00a3m \u00a3m \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
2.80
\u2013
43
\u2013
\u2013
\u2013
In more than two years
but less than five
3.92
3.58
100
144
(1)
1
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
143
144
(1)
1
Company
In one year or less
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than one year but
less than two
2.80
\u2013
43
\u2013
\u2013
\u2013
In more than two years
but less than five
3.92
3.58
100
144
(1)
1
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
143
144
(1)
1
Receive fixed, pay
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
1.82
\u2013
87
\u2013
(6)
\u2013
In more than five years
1.86
1.85
565
664
(136)
(188)
Total
652
664
(142)
(188)
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
1.82
\u2013
87
\u2013
(6)
\u2013
In more than five years
1.86
1.85
565
664
(136)
(188)
Total
652
664
(142)
(188)
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
2023 2022 2023 2022 2023 2022
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
3.73
\u2013
202
\u2013
\u2013
\u2013
In more than one year but
less than two
2.91
\u2013
300
\u2013
3
\u2013
In more than two years
but less than five
2.57
2.72
215
172
4
4
In more than five years
1.50
1.68
435
529
30
52
Total
1,152
701
37
56
Company
In one year or less
3.73
\u2013
202
\u2013
\u2013
\u2013
In more than one year but
less than two
2.91
\u2013
300
\u2013
3
\u2013
In more than two years
but less than five
2.57
2.72
215
172
4
4
In more than five years
1.50
1.68
435
529
30
52
Total
1,152
701
37
56
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.
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 2023
and at 31 December 2022.
Ageing of past due gross trade receivables and the carrying amount net of loss allowances is
set out below.
2023
2022
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
0 \u2013 30 days
7
(1)
6
2
\u2013
2
30 \u2013 60 days
1
\u2013
1
2
\u2013
2
60 \u2013 90 days
1
\u2013
1
2
\u2013
2
90 \u2013 180 days
5
(3)
2
5
(3)
2
>180 days
4
(3)
1
4
(4)
\u2013
Past due
18
(7)
11
15
(7)
8
Not due
55
(3)
52
54
(2)
52
Total trade receivables
73
(10)
63
69
(9)
60
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 2023 includes amounts due for 2023 rent and amounts billed in
advance for 2024 rent. Both amounts have been considered in measuring expected credit
losses (ECLs) detailed further below. The amounts billed in advance for 2024 rent are included
within the \u2018Not due\u2019 category in the table above.
Total gross trade receivables \u2018past due\u2019 at 31 December 2023 were \u00a318 million (2022: \u00a315 million),
three per cent of total gross rental income for the year (2022: 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 2023, the Group held a loss allowance provision for trade receivables
of \u00a310 million (2022: \u00a39 million) and the impairment risk remains low with the loss allowance
of \u00a310 million representing two per cent of total gross rental income for the year
(2022: two per cent).
Total impairment losses on trade receivables of \u00a33 million were recognised in the Income
Statement for the year ended 31 December 2023 (2022: \u00a33 million). The impairment losses on
trade receivables 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 Group holds a gross loan due from an associate of \u00a334 million as at 31 December 2023
(2022: \u00a341 million). The associate used the proceeds from the loan to acquire land in November
2022. The Group expects to recover the loan either through the granting of planning
permission on the land which will trigger the other shareholder to acquire the Group\u2019s share in
the associate and repay the loan; or, if planning permission is not gained on the land, the Group
would acquire the other shareholder's share in the associate for nominal consideration and it
will become wholly owned. In this event the extent of the recovery of the loan would be
through the fair value of the land. The carrying value of the associate as at 31 December 2023
is \u00a3nil (2022: \u00a3nil).
During the second half of 2023 the likelihood of gaining planning permission reduced and the
market conditions deteriorated sufficiently to conclude that there is a significantly increased
probability that the Group will take ownership of the associate. For purposes of the impairment
review of the loan under IFRS 9 the recovery of the loan is now assumed to be based on the fair
value of the land held by the associate which was \u00a36 million as at 31 December 2023 (at 100
per cent). This has resulted in the loan being impaired by \u00a328 million down to a carrying value
of \u00a36 million as at 31 December 2023.
The loan balance arose as part of a wider property transaction which also included the
acquisition of an investment property by the Group disclosed within acquisitions in 2022.
When considered together the overall transaction has had an accretive impact on net assets
since inception.
As set out in Note 2, the impairment charge has been treated as a Company specific
adjustment to EPRA earnings to determine Adjusted profit. This is due to the size and that the
nature of the loan impairment relates to a wider property transaction and changes in the fair
value of the related land held by an associate.
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 48 and 49.
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.
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
468
\u2013
\u2013
\u2013
468
421
\u2013
\u2013
\u2013
421
Lease liabilities
3.90
4
4
12
118
138
3.90
4
4
13
124
145
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
2.43
104
183
1,209
3,430
4,926
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
650
359
2,454
3,190
6,653
584
219
1,938
3,554
6,295
1
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Company
Non-derivative financial liabilities:
Trade and other payables
37
2,088
\u2013
\u2013
2,125
22
2,063
\u2013
\u2013
2,085
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.95
80
80
666
2,180
3,006
3.05
86
164
593
2,519
3,362
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
196
2,426
1,844
2,187
6,653
163
2,259
1,309
2,519
6,250
2 1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3580 million (2022: \u00a3534 million) includes, accrued interest of \u00a338 million (2022: \u00a336 million) and lease liabilities of \u00a374 million (2022: \u00a377 million). Accrued interest is shown in debt instruments in the table above. 2 Company trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a32,151 million (2022: \u00a32,110 million) includes accrued interest of \u00a326 million (2022: \u00a325 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "segroplc:DisclosureOfFinancialInstrumentsAndFairValues", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-525": { "value": "17(i) Derivative instruments The Group and Company holds the following derivative instruments at fair value: Derivative assets
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Forward foreign exchange and currency swap contracts
\u2013 non-hedge
8
11
8
11
Total current derivative assets
8
11
8
11
Non-current
Interest rate swap contracts \u2013 non-hedge
\u2013
1
\u2013
1
Interest rate cap contracts \u2013 non-hedge
37
56
37
56
Forward foreign exchange and currency swap contracts
\u2013 non-hedge
10
1
10
1
Total non-current derivative assets
47
58
47
58
Derivative liabilities
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Current
Interest rate swap contracts \u2013 non-hedge
46
\u2013
46
\u2013
Forward foreign exchange and currency swap contracts
\u2013 non-hedge
\u2013
1
6
14
Forward foreign exchange and currency swap contracts
\u2013 hedge
6
13
\u2013
\u2013
Total current derivative liabilities
52
14
52
14
Non-current
Interest rates swap contracts \u2013 non-hedge
97
188
97
188
Total non-current derivative liabilities
97
188
97
188
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-545": { "value": "17(ii) Carrying amount and fair values of financial assets and liabilities The Group and Company holds the following financial instruments:
Group
Company
2023 2022 2023 2022
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Loans due from subsidiaries
7
\u2013
\u2013
5,012
4,471
Lease incentives
13
149
140
\u2013
\u2013
Trade receivables
14
63
60
\u2013
\u2013
Other current receivables
14
42
58
40
25
Non-current receivables
14
8
81
\u2013
\u2013
Cash and cash equivalents
16
376
162
294
72
Financial assets at fair value through
profit or loss (FVPL)
Other investments
10
9
\u2013
\u2013
Derivative financial instruments
Non-hedge at FVPL
17
55
69
55
69
703
579
5,401
4,637
Financial liabilities
Liabilities at amortised cost
Trade and other payables
15
580
534
2,151
2,110
Borrowings
16
5,348
4,884
3,925
3,439
Derivative financial instruments
Used for hedging at FVOCI
17
6
13
\u2013
\u2013
Non-hedge at FVPL
17
143
189
149
202
6,077
5,620
6,225
5,751
1 2 2 1 Represents the carrying value of tenant lease incentives held in Investment properties at the year end. This amount is included within the \u2018tenant lease incentives and letting fees\u2019 balance in Note 13(i). 2 Group excludes non-financial assets of \u00a390 million (2022: \u00a381 million) included within total other receivables per Note 14 and non-financial liabilities of \u00a3108 million (2022: \u00a3103 million) included within total trade and other payables per Note 15. 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 2023, the fair value of \u00a32,709 million of unsecured bonds issued was \u00a32,480 million (2022: \u00a32,813 million compared with \u00a32,412 million fair value). At 31 December 2023, the fair value of \u00a31,409 million of unsecured US Private Placement notes was \u00a31,281 million (2022: \u00a31,433 million compared with \u00a31,162 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3357 million (2022: \u00a3672 million), see Table 5 of the Supplementary Notes. The fair value of unsecured bonds is estimated using quoted prices (level 1) and the fair value of US private placement notes is estimated by discounting contractual future cash flows (level 2) 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 (level 2). \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 (level 2). \u2013 The fair value of other investments classified as fair value through profit or loss which are not traded on active liquid markets is determined by management (level 3). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-526": { "value": "17(ii) Carrying amount and fair values of financial assets and liabilities The Group and Company holds the following financial instruments:
Group
Company
2023 2022 2023 2022
Notes \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Financial assets at amortised cost
Loans due from subsidiaries
7
\u2013
\u2013
5,012
4,471
Lease incentives
13
149
140
\u2013
\u2013
Trade receivables
14
63
60
\u2013
\u2013
Other current receivables
14
42
58
40
25
Non-current receivables
14
8
81
\u2013
\u2013
Cash and cash equivalents
16
376
162
294
72
Financial assets at fair value through
profit or loss (FVPL)
Other investments
10
9
\u2013
\u2013
Derivative financial instruments
Non-hedge at FVPL
17
55
69
55
69
703
579
5,401
4,637
Financial liabilities
Liabilities at amortised cost
Trade and other payables
15
580
534
2,151
2,110
Borrowings
16
5,348
4,884
3,925
3,439
Derivative financial instruments
Used for hedging at FVOCI
17
6
13
\u2013
\u2013
Non-hedge at FVPL
17
143
189
149
202
6,077
5,620
6,225
5,751
1 2 2 1 Represents the carrying value of tenant lease incentives held in Investment properties at the year end. This amount is included within the \u2018tenant lease incentives and letting fees\u2019 balance in Note 13(i). 2 Group excludes non-financial assets of \u00a390 million (2022: \u00a381 million) included within total other receivables per Note 14 and non-financial liabilities of \u00a3108 million (2022: \u00a3103 million) included within total trade and other payables per Note 15. 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 2023, the fair value of \u00a32,709 million of unsecured bonds issued was \u00a32,480 million (2022: \u00a32,813 million compared with \u00a32,412 million fair value). At 31 December 2023, the fair value of \u00a31,409 million of unsecured US Private Placement notes was \u00a31,281 million (2022: \u00a31,433 million compared with \u00a31,162 million fair value). This results in a fair value adjustment increase in EPRA NDV of \u00a3357 million (2022: \u00a3672 million), see Table 5 of the Supplementary Notes. The fair value of unsecured bonds is estimated using quoted prices (level 1) and the fair value of US private placement notes is estimated by discounting contractual future cash flows (level 2) . 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 (level 2). \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 (level 2). \u2013 The fair value of other investments classified as fair value through profit or loss which are not traded on active liquid markets is determined by management (level 3). 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 unlisted investments, forward exchange and currency swap contracts, interest rate swaps and interest rate caps as detailed above. As defined by IFRS 13, unlisted investments are classified as level 3 fair value measurements, where inputs are not based on observable market data. All other financial instruments are classified as level 2 fair value measurements, 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-546": { "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 unlisted investments, forward exchange and currency swap contracts, interest rate swaps and interest rate caps as detailed above. As defined by IFRS 13, unlisted investments are classified as level 3 fair value measurements, where inputs are not based on observable market data. All other financial instruments are classified as level 2 fair value measurements, 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-527": { "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 19. Debt primarily comprises long-term debt issues, term loans 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-547": { "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 49. The Group\u2019s and Company\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below:
2023 2022
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
6,374
6,159
Gross currency liabilities
(4,718)
(4,655)
Net exposure
1,656
1,504
Company
Gross currency assets
2,650
2,372
Gross currency liabilities
(4,581)
(4,341)
Net exposure
(1,931)
(1,969)
2023 Group gross currency liabilities include \u20ac2,226 million (\u00a31,926 million) designated as net investment hedges. 2022 Group gross currency liabilities include \u20ac2,206 million (\u00a31,952 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 \u00a3151 million (2022: \u00a3137 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 \u00a3184 million (2022: \u00a3167 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 decrease the Group\u2019s loss for the year ended 31 December 2023 by \u00a322 million (2022: \u00a324 million). A 10 per cent depreciation in the value of sterling against the euro would increase the Group\u2019s loss for the year ended 31 December 2023 by \u00a327 million (2022: \u00a330 million). For the Company, the sensitivity of the net assets to a 10 per cent appreciation in the value of sterling against the euro would increase net assets by \u00a3175 million (2022: \u00a3179 million). The sensitivity of the net assets to a 10 per cent depreciation in the value of sterling against the euro would decrease net assets by \u00a3220 million (2022: \u00a3219 million). 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 losses of \u00a37 million (2022: \u00a33 million gain) 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 \u00a3nil (2022: \u00a31 million) 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 (34 per cent at 31 December 2023) and 100 per cent. At 31 December 2023, the Group had gross foreign currency assets, which were 74 per cent hedged by gross foreign currency denominated liabilities (2022: 76 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial review on page 49. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end:
Average exchange Currency contract
rates
(local currency)
Contract value
Fair value
2023 2022 2023 2022 2023 2022
2023
2022
m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash flow
hedges
Sell euros (buy sterling)
1.13
1.13
458
438
404
387
10
\u2013
Buy euros (sell sterling)
1.16
1.16
964
463
831
399
8
11
Net investment hedges
Sell euros (buy sterling)
1.16
1.16
601
601
517
519
(6)
(13)
Total
12
(2)
Company
Economic cash flow
hedges
Sell euros (buy sterling)
1.15
1.15
1,059
1,039
921
906
4
(13)
Buy euros (sell sterling)
1.16
1.16
964
463
831
399
8
11
Total
12
(2)
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 2023 (2022: euro denominated). There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2023 and 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
2023 2022
Euro forward foreign exchange \u00a3m \u00a3m
Carrying amount (current liabilities, note 17(i))
(6)
(13)
Notional amount
517
519
Maturity date
Jan 2024
Jan 2023
Hedge ratio
1:1
1:1
Change in discounted spot value of hedging instruments since 1 January \u2013 gain/(loss)
9
(33)
Change in value of hedged item used to determine hedge effectiveness \u2013 (loss)/gain
(9)
33
Weighted average hedged rate for the year (including forward points)
1.15
1.17
US private placement notes There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2023 and 2022 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
2023 2022
Private placement notes \u00a3m \u00a3m
Carrying amount of private placement notes (non-current borrowings, note 16)
1,409
1,433
Carrying amount of private placement notes designated as net investment
hedging instruments
1,409
1,433
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 gain/(loss)
26
(65)
Change in value of hedged item used to determine hedge effectiveness \u2013 (loss)/gain
(26)
65
Weighted average hedged rate for the year (including forward points)
1.15
1.13
The total fair value movements on derivatives and borrowings in effective hedge relationships shown in Other Comprehensive Income for the year ended 31 December 2023 is a gain of \u00a335 million (2022: \u00a398 million loss) and consists of the gain on Euro forward foreign exchange of \u00a39 million (2022: \u00a333 million loss) and gain on US private placement notes of \u00a326 million (2022: \u00a365 million loss) shown in the tables above. ", "dimensions": { "concept": "segroplc:DisclosureOfForeignCurrencyRiskManagement", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-528": { "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 49. The Group\u2019s and Company\u2019s Balance Sheet translation exposure to euros (including the impact of derivative financial instruments) is summarised below:
2023 2022
Total Total
\u00a3m \u00a3m
Group
Gross currency assets
6,374
6,159
Gross currency liabilities
(4,718)
(4,655)
Net exposure
1,656
1,504
Company
Gross currency assets
2,650
2,372
Gross currency liabilities
(4,581)
(4,341)
Net exposure
(1,931)
(1,969)
2023 Group gross currency liabilities include \u20ac2,226 million (\u00a31,926 million) designated as net investment hedges. 2022 Group gross currency liabilities include \u20ac2,206 million (\u00a31,952 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 \u00a3151 million (2022: \u00a3137 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 \u00a3184 million (2022: \u00a3167 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 decrease the Group\u2019s loss for the year ended 31 December 2023 by \u00a322 million (2022: \u00a324 million). A 10 per cent depreciation in the value of sterling against the euro would increase the Group\u2019s loss for the year ended 31 December 2023 by \u00a327 million (2022: \u00a330 million). For the Company, the sensitivity of the net assets to a 10 per cent appreciation in the value of sterling against the euro would increase net assets by \u00a3175 million (2022: \u00a3179 million). The sensitivity of the net assets to a 10 per cent depreciation in the value of sterling against the euro would decrease net assets by \u00a3220 million (2022: \u00a3219 million). 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 losses of \u00a37 million (2022: \u00a33 million gain) 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 \u00a3nil (2022: \u00a31 million) 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 (34 per cent at 31 December 2023) and 100 per cent. At 31 December 2023, the Group had gross foreign currency assets, which were 74 per cent hedged by gross foreign currency denominated liabilities (2022: 76 per cent). Further details are provided within the Foreign Currency Translation Risk section of the Financial review on page 49. The following table details the forward foreign exchange and currency swap contracts outstanding as at the year end:
Average exchange Currency contract
rates
(local currency)
Contract value
Fair value
2023 2022 2023 2022 2023 2022
2023
2022
m m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Economic cash flow
hedges
Sell euros (buy sterling)
1.13
1.13
458
438
404
387
10
\u2013
Buy euros (sell sterling)
1.16
1.16
964
463
831
399
8
11
Net investment hedges
Sell euros (buy sterling)
1.16
1.16
601
601
517
519
(6)
(13)
Total
12
(2)
Company
Economic cash flow
hedges
Sell euros (buy sterling)
1.15
1.15
1,059
1,039
921
906
4
(13)
Buy euros (sell sterling)
1.16
1.16
964
463
831
399
8
11
Total
12
(2)
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 2023 (2022: euro denominated). There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2023 and 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
2023 2022
Euro forward foreign exchange \u00a3m \u00a3m
Carrying amount (current liabilities, note 17(i))
(6)
(13)
Notional amount
517
519
Maturity date
Jan 2024
Jan 2023
Hedge ratio
1:1
1:1
Change in discounted spot value of hedging instruments since 1 January \u2013 gain/(loss)
9
(33)
Change in value of hedged item used to determine hedge effectiveness \u2013 (loss)/gain
(9)
33
Weighted average hedged rate for the year (including forward points)
1.15
1.17
US private placement notes There was no ineffectiveness to be recorded from net investments in foreign entity hedges in 2023 and 2022 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
2023 2022
Private placement notes \u00a3m \u00a3m
Carrying amount of private placement notes (non-current borrowings, note 16)
1,409
1,433
Carrying amount of private placement notes designated as net investment
hedging instruments
1,409
1,433
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 gain/(loss)
26
(65)
Change in value of hedged item used to determine hedge effectiveness \u2013 (loss)/gain
(26)
65
Weighted average hedged rate for the year (including forward points)
1.15
1.13
The total fair value movements on derivatives and borrowings in effective hedge relationships shown in Other Comprehensive Income for the year ended 31 December 2023 is a gain of \u00a335 million (2022: \u00a398 million loss) and consists of the gain on Euro forward foreign exchange of \u00a39 million (2022: \u00a333 million loss) and gain on US private placement notes of \u00a326 million (2022: \u00a365 million loss) shown in the tables above. 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. 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 2023 would increase by \u00a310 million (2022: \u00a327 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 2023 would decrease by \u00a317 million (2022: \u00a332 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. At 31 December 2023, all of the Group\u2019s interest rate caps have been triggered and therefore the Group is more sensitive to a fall in interest rates, as opposed to a rise. 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 (excluding mandatory break clauses), outstanding as at the reporting date:
Average contract\u2013 fixed
interest rate
Notional principal amount
Fair value
2023 2022 2023 2022 2023 2022
% % \u00a3m \u00a3m \u00a3m \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
2.80
\u2013
43
\u2013
\u2013
\u2013
In more than two years
but less than five
3.92
3.58
100
144
(1)
1
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
143
144
(1)
1
Company
In one year or less
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than one year but
less than two
2.80
\u2013
43
\u2013
\u2013
\u2013
In more than two years
but less than five
3.92
3.58
100
144
(1)
1
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
143
144
(1)
1
Receive fixed, pay
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
1.82
\u2013
87
\u2013
(6)
\u2013
In more than five years
1.86
1.85
565
664
(136)
(188)
Total
652
664
(142)
(188)
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
1.82
\u2013
87
\u2013
(6)
\u2013
In more than five years
1.86
1.85
565
664
(136)
(188)
Total
652
664
(142)
(188)
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
2023 2022 2023 2022 2023 2022
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
3.73
\u2013
202
\u2013
\u2013
\u2013
In more than one year but
less than two
2.91
\u2013
300
\u2013
3
\u2013
In more than two years
but less than five
2.57
2.72
215
172
4
4
In more than five years
1.50
1.68
435
529
30
52
Total
1,152
701
37
56
Company
In one year or less
3.73
\u2013
202
\u2013
\u2013
\u2013
In more than one year but
less than two
2.91
\u2013
300
\u2013
3
\u2013
In more than two years
but less than five
2.57
2.72
215
172
4
4
In more than five years
1.50
1.68
435
529
30
52
Total
1,152
701
37
56
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. 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 2023 and at 31 December 2022. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below.
2023
2022
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
0 \u2013 30 days
7
(1)
6
2
\u2013
2
30 \u2013 60 days
1
\u2013
1
2
\u2013
2
60 \u2013 90 days
1
\u2013
1
2
\u2013
2
90 \u2013 180 days
5
(3)
2
5
(3)
2
>180 days
4
(3)
1
4
(4)
\u2013
Past due
18
(7)
11
15
(7)
8
Not due
55
(3)
52
54
(2)
52
Total trade receivables
73
(10)
63
69
(9)
60
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 2023 includes amounts due for 2023 rent and amounts billed in advance for 2024 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2024 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2023 were \u00a318 million (2022: \u00a315 million), three per cent of total gross rental income for the year (2022: 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 2023, the Group held a loss allowance provision for trade receivables of \u00a310 million (2022: \u00a39 million) and the impairment risk remains low with the loss allowance of \u00a310 million representing two per cent of total gross rental income for the year (2022: two per cent). Total impairment losses on trade receivables of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2023 (2022: \u00a33 million). The impairment losses on trade receivables 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 Group holds a gross loan due from an associate of \u00a334 million as at 31 December 2023 (2022: \u00a341 million). The associate used the proceeds from the loan to acquire land in November 2022. The Group expects to recover the loan either through the granting of planning permission on the land which will trigger the other shareholder to acquire the Group\u2019s share in the associate and repay the loan; or, if planning permission is not gained on the land, the Group would acquire the other shareholder's share in the associate for nominal consideration and it will become wholly owned. In this event the extent of the recovery of the loan would be through the fair value of the land. The carrying value of the associate as at 31 December 2023 is \u00a3nil (2022: \u00a3nil). During the second half of 2023 the likelihood of gaining planning permission reduced and the market conditions deteriorated sufficiently to conclude that there is a significantly increased probability that the Group will take ownership of the associate. For purposes of the impairment review of the loan under IFRS 9 the recovery of the loan is now assumed to be based on the fair value of the land held by the associate which was \u00a36 million as at 31 December 2023 (at 100 per cent). This has resulted in the loan being impaired by \u00a328 million down to a carrying value of \u00a36 million as at 31 December 2023. The loan balance arose as part of a wider property transaction which also included the acquisition of an investment property by the Group disclosed within acquisitions in 2022. When considered together the overall transaction has had an accretive impact on net assets since inception. As set out in Note 2, the impairment charge has been treated as a Company specific adjustment to EPRA earnings to determine Adjusted profit. This is due to the size and that the nature of the loan impairment relates to a wider property transaction and changes in the fair value of the related land held by an associate. 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 48 and 49. 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.
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
468
\u2013
\u2013
\u2013
468
421
\u2013
\u2013
\u2013
421
Lease liabilities
3.90
4
4
12
118
138
3.90
4
4
13
124
145
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
2.43
104
183
1,209
3,430
4,926
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
650
359
2,454
3,190
6,653
584
219
1,938
3,554
6,295
1
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Company
Non-derivative financial liabilities:
Trade and other payables
37
2,088
\u2013
\u2013
2,125
22
2,063
\u2013
\u2013
2,085
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.95
80
80
666
2,180
3,006
3.05
86
164
593
2,519
3,362
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
196
2,426
1,844
2,187
6,653
163
2,259
1,309
2,519
6,250
2 1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3580 million (2022: \u00a3534 million) includes, accrued interest of \u00a338 million (2022: \u00a336 million) and lease liabilities of \u00a374 million (2022: \u00a377 million). Accrued interest is shown in debt instruments in the table above. 2 Company trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a32,151 million (2022: \u00a32,110 million) includes accrued interest of \u00a326 million (2022: \u00a325 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-548": { "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. 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 2023 would increase by \u00a310 million (2022: \u00a327 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 2023 would decrease by \u00a317 million (2022: \u00a332 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. At 31 December 2023, all of the Group\u2019s interest rate caps have been triggered and therefore the Group is more sensitive to a fall in interest rates, as opposed to a rise. 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 (excluding mandatory break clauses), outstanding as at the reporting date:
Average contract\u2013 fixed
interest rate
Notional principal amount
Fair value
2023 2022 2023 2022 2023 2022
% % \u00a3m \u00a3m \u00a3m \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
2.80
\u2013
43
\u2013
\u2013
\u2013
In more than two years
but less than five
3.92
3.58
100
144
(1)
1
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
143
144
(1)
1
Company
In one year or less
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
In more than one year but
less than two
2.80
\u2013
43
\u2013
\u2013
\u2013
In more than two years
but less than five
3.92
3.58
100
144
(1)
1
In more than five years
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
143
144
(1)
1
Receive fixed, pay
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
1.82
\u2013
87
\u2013
(6)
\u2013
In more than five years
1.86
1.85
565
664
(136)
(188)
Total
652
664
(142)
(188)
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
1.82
\u2013
87
\u2013
(6)
\u2013
In more than five years
1.86
1.85
565
664
(136)
(188)
Total
652
664
(142)
(188)
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
2023 2022 2023 2022 2023 2022
% % \u00a3m \u00a3m \u00a3m \u00a3m
Group
In one year or less
3.73
\u2013
202
\u2013
\u2013
\u2013
In more than one year but
less than two
2.91
\u2013
300
\u2013
3
\u2013
In more than two years
but less than five
2.57
2.72
215
172
4
4
In more than five years
1.50
1.68
435
529
30
52
Total
1,152
701
37
56
Company
In one year or less
3.73
\u2013
202
\u2013
\u2013
\u2013
In more than one year but
less than two
2.91
\u2013
300
\u2013
3
\u2013
In more than two years
but less than five
2.57
2.72
215
172
4
4
In more than five years
1.50
1.68
435
529
30
52
Total
1,152
701
37
56
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. ", "dimensions": { "concept": "segroplc:DisclosureOfInterestRateRiskManagement", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-559": { "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 2023 and at 31 December 2022. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below.
2023
2022
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
0 \u2013 30 days
7
(1)
6
2
\u2013
2
30 \u2013 60 days
1
\u2013
1
2
\u2013
2
60 \u2013 90 days
1
\u2013
1
2
\u2013
2
90 \u2013 180 days
5
(3)
2
5
(3)
2
>180 days
4
(3)
1
4
(4)
\u2013
Past due
18
(7)
11
15
(7)
8
Not due
55
(3)
52
54
(2)
52
Total trade receivables
73
(10)
63
69
(9)
60
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 2023 includes amounts due for 2023 rent and amounts billed in advance for 2024 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2024 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2023 were \u00a318 million (2022: \u00a315 million), three per cent of total gross rental income for the year (2022: 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 2023, the Group held a loss allowance provision for trade receivables of \u00a310 million (2022: \u00a39 million) and the impairment risk remains low with the loss allowance of \u00a310 million representing two per cent of total gross rental income for the year (2022: two per cent). Total impairment losses on trade receivables of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2023 (2022: \u00a33 million). The impairment losses on trade receivables 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 Group holds a gross loan due from an associate of \u00a334 million as at 31 December 2023 (2022: \u00a341 million). The associate used the proceeds from the loan to acquire land in November 2022. The Group expects to recover the loan either through the granting of planning permission on the land which will trigger the other shareholder to acquire the Group\u2019s share in the associate and repay the loan; or, if planning permission is not gained on the land, the Group would acquire the other shareholder's share in the associate for nominal consideration and it will become wholly owned. In this event the extent of the recovery of the loan would be through the fair value of the land. The carrying value of the associate as at 31 December 2023 is \u00a3nil (2022: \u00a3nil). During the second half of 2023 the likelihood of gaining planning permission reduced and the market conditions deteriorated sufficiently to conclude that there is a significantly increased probability that the Group will take ownership of the associate. For purposes of the impairment review of the loan under IFRS 9 the recovery of the loan is now assumed to be based on the fair value of the land held by the associate which was \u00a36 million as at 31 December 2023 (at 100 per cent). This has resulted in the loan being impaired by \u00a328 million down to a carrying value of \u00a36 million as at 31 December 2023. The loan balance arose as part of a wider property transaction which also included the acquisition of an investment property by the Group disclosed within acquisitions in 2022. When considered together the overall transaction has had an accretive impact on net assets since inception. As set out in Note 2, the impairment charge has been treated as a Company specific adjustment to EPRA earnings to determine Adjusted profit. This is due to the size and that the nature of the loan impairment relates to a wider property transaction and changes in the fair value of the related land held by an associate. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-549": { "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 2023 and at 31 December 2022. Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below.
2023
2022
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
0 \u2013 30 days
7
(1)
6
2
\u2013
2
30 \u2013 60 days
1
\u2013
1
2
\u2013
2
60 \u2013 90 days
1
\u2013
1
2
\u2013
2
90 \u2013 180 days
5
(3)
2
5
(3)
2
>180 days
4
(3)
1
4
(4)
\u2013
Past due
18
(7)
11
15
(7)
8
Not due
55
(3)
52
54
(2)
52
Total trade receivables
73
(10)
63
69
(9)
60
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 2023 includes amounts due for 2023 rent and amounts billed in advance for 2024 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2024 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2023 were \u00a318 million (2022: \u00a315 million), three per cent of total gross rental income for the year (2022: 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 2023, the Group held a loss allowance provision for trade receivables of \u00a310 million (2022: \u00a39 million) and the impairment risk remains low with the loss allowance of \u00a310 million representing two per cent of total gross rental income for the year (2022: two per cent). Total impairment losses on trade receivables of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2023 (2022: \u00a33 million). The impairment losses on trade receivables 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 Group holds a gross loan due from an associate of \u00a334 million as at 31 December 2023 (2022: \u00a341 million). The associate used the proceeds from the loan to acquire land in November 2022. The Group expects to recover the loan either through the granting of planning permission on the land which will trigger the other shareholder to acquire the Group\u2019s share in the associate and repay the loan; or, if planning permission is not gained on the land, the Group would acquire the other shareholder's share in the associate for nominal consideration and it will become wholly owned. In this event the extent of the recovery of the loan would be through the fair value of the land. The carrying value of the associate as at 31 December 2023 is \u00a3nil (2022: \u00a3nil). During the second half of 2023 the likelihood of gaining planning permission reduced and the market conditions deteriorated sufficiently to conclude that there is a significantly increased probability that the Group will take ownership of the associate. For purposes of the impairment review of the loan under IFRS 9 the recovery of the loan is now assumed to be based on the fair value of the land held by the associate which was \u00a36 million as at 31 December 2023 (at 100 per cent). This has resulted in the loan being impaired by \u00a328 million down to a carrying value of \u00a36 million as at 31 December 2023. The loan balance arose as part of a wider property transaction which also included the acquisition of an investment property by the Group disclosed within acquisitions in 2022. When considered together the overall transaction has had an accretive impact on net assets since inception. As set out in Note 2, the impairment charge has been treated as a Company specific adjustment to EPRA earnings to determine Adjusted profit. This is due to the size and that the nature of the loan impairment relates to a wider property transaction and changes in the fair value of the related land held by an associate. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-564": { "value": "Ageing of past due gross trade receivables and the carrying amount net of loss allowances is set out below.
2023
2022
Gross Loss Net carrying Gross Loss Net carrying
amount allowance amount amount allowance amount
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
0 \u2013 30 days
7
(1)
6
2
\u2013
2
30 \u2013 60 days
1
\u2013
1
2
\u2013
2
60 \u2013 90 days
1
\u2013
1
2
\u2013
2
90 \u2013 180 days
5
(3)
2
5
(3)
2
>180 days
4
(3)
1
4
(4)
\u2013
Past due
18
(7)
11
15
(7)
8
Not due
55
(3)
52
54
(2)
52
Total trade receivables
73
(10)
63
69
(9)
60
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 2023 includes amounts due for 2023 rent and amounts billed in advance for 2024 rent. Both amounts have been considered in measuring expected credit losses (ECLs) detailed further below. The amounts billed in advance for 2024 rent are included within the \u2018Not due\u2019 category in the table above. Total gross trade receivables \u2018past due\u2019 at 31 December 2023 were \u00a318 million (2022: \u00a315 million), three per cent of total gross rental income for the year (2022: 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 2023, the Group held a loss allowance provision for trade receivables of \u00a310 million (2022: \u00a39 million) and the impairment risk remains low with the loss allowance of \u00a310 million representing two per cent of total gross rental income for the year (2022: two per cent). Total impairment losses on trade receivables of \u00a33 million were recognised in the Income Statement for the year ended 31 December 2023 (2022: \u00a33 million). The impairment losses on trade receivables 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 Group holds a gross loan due from an associate of \u00a334 million as at 31 December 2023 (2022: \u00a341 million). The associate used the proceeds from the loan to acquire land in November 2022. The Group expects to recover the loan either through the granting of planning permission on the land which will trigger the other shareholder to acquire the Group\u2019s share in the associate and repay the loan; or, if planning permission is not gained on the land, the Group would acquire the other shareholder's share in the associate for nominal consideration and it will become wholly owned. In this event the extent of the recovery of the loan would be through the fair value of the land. The carrying value of the associate as at 31 December 2023 is \u00a3nil (2022: \u00a3nil). During the second half of 2023 the likelihood of gaining planning permission reduced and the market conditions deteriorated sufficiently to conclude that there is a significantly increased probability that the Group will take ownership of the associate. For purposes of the impairment review of the loan under IFRS 9 the recovery of the loan is now assumed to be based on the fair value of the land held by the associate which was \u00a36 million as at 31 December 2023 (at 100 per cent). This has resulted in the loan being impaired by \u00a328 million down to a carrying value of \u00a36 million as at 31 December 2023. The loan balance arose as part of a wider property transaction which also included the acquisition of an investment property by the Group disclosed within acquisitions in 2022. When considered together the overall transaction has had an accretive impact on net assets since inception. As set out in Note 2, the impairment charge has been treated as a Company specific adjustment to EPRA earnings to determine Adjusted profit. This is due to the size and that the nature of the loan impairment relates to a wider property transaction and changes in the fair value of the related land held by an associate. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-560": { "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 48 and 49. 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.
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
468
\u2013
\u2013
\u2013
468
421
\u2013
\u2013
\u2013
421
Lease liabilities
3.90
4
4
12
118
138
3.90
4
4
13
124
145
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
2.43
104
183
1,209
3,430
4,926
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
650
359
2,454
3,190
6,653
584
219
1,938
3,554
6,295
1
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Company
Non-derivative financial liabilities:
Trade and other payables
37
2,088
\u2013
\u2013
2,125
22
2,063
\u2013
\u2013
2,085
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.95
80
80
666
2,180
3,006
3.05
86
164
593
2,519
3,362
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
196
2,426
1,844
2,187
6,653
163
2,259
1,309
2,519
6,250
2 1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3580 million (2022: \u00a3534 million) includes, accrued interest of \u00a338 million (2022: \u00a336 million) and lease liabilities of \u00a374 million (2022: \u00a377 million). Accrued interest is shown in debt instruments in the table above. 2 Company trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a32,151 million (2022: \u00a32,110 million) includes accrued interest of \u00a326 million (2022: \u00a325 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DescriptionOfManagingLiquidityRisk", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-550": { "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 48 and 49. 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.
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Non-derivative financial liabilities:
Trade and other payables
468
\u2013
\u2013
\u2013
468
421
\u2013
\u2013
\u2013
421
Lease liabilities
3.90
4
4
12
118
138
3.90
4
4
13
124
145
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.35
99
97
1,264
3,065
4,525
2.43
104
183
1,209
3,430
4,926
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
650
359
2,454
3,190
6,653
584
219
1,938
3,554
6,295
1
2023
2022
Weighted Weighted
average average
interest Under 1\u20132 2\u20135 Over interest Under 1\u20132 2\u20135 Over
rate 1 year years years 5 years Total rate 1 year years years 5 years Total
% \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m % \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Company
Non-derivative financial liabilities:
Trade and other payables
37
2,088
\u2013
\u2013
2,125
22
2,063
\u2013
\u2013
2,085
Variable rate debt instruments
5.04
59
251
1,166
\u2013
1,476
4.08
23
27
700
\u2013
750
Fixed rate debt instruments
2.95
80
80
666
2,180
3,006
3.05
86
164
593
2,519
3,362
Derivative financial instruments:
Net settled interest rate swaps
3.18
14
7
12
7
40
1.08
8
5
16
\u2013
29
Gross settled foreign exchange
\u2013 Forward and currency swap contracts
\u2013 In\ue01dlowing
(571)
\u2013
\u2013
\u2013
(571)
(556)
\u2013
\u2013
\u2013
(556)
\u2013 Out\ue01dlowing
577
\u2013
\u2013
\u2013
577
580
\u2013
\u2013
\u2013
580
Total
196
2,426
1,844
2,187
6,653
163
2,259
1,309
2,519
6,250
2 1 Group trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a3580 million (2022: \u00a3534 million) includes, accrued interest of \u00a338 million (2022: \u00a336 million) and lease liabilities of \u00a374 million (2022: \u00a377 million). Accrued interest is shown in debt instruments in the table above. 2 Company trade and other payables disclosed as financial liabilities in Note 17(ii) of \u00a32,151 million (2022: \u00a32,110 million) includes accrued interest of \u00a326 million (2022: \u00a325 million). Accrued interest is shown in debt instruments in the table above.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-496": { "value": "
18. Share Capital and Share-Based Payments
Share capital
Group and Company
Number Par value
of shares of shares
Issued and fully paid million \u00a3m
Ordinary shares of 10p each at 1 January 2023
1,209
121
Issue of shares \u2013 scrip dividend
18
2
Issue of shares \u2013 other
1
\u2013
Ordinary shares of 10p each at 31 December 2023
1,228
123
Number Par value
of shares of shares
Issued and fully paid million \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
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 128. 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.
2023 2022
number number
At 1 January
1,034,807
867,794
Shares granted DSBP
479,754
451,613
Shares vested
(327,180)
(264,600)
Shares expired/lapsed
\u2013
(20,000)
At 31 December
1,187,381
1,034,807
The 2022 DSBP grant was made on 28 April 2023, based on a 27 April 2023 closing mid-market
share price of 810.6 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 128.
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.
2023 2022
number number
At 1 January
3,986,588
3,791,289
Shares granted LTIP
1,639,625
973,654
Shares vested
(745,044)
(778,355)
Shares expired/lapsed
(212,848)
\u2013
At 31 December
4,668,321
3,986,588
The 2023 LTIP award was made on 24 March 2023. The calculation of the award was based on
a share price of 737.8 pence, the closing mid-market share price on 24 March 2023. 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
26 March 2020
29 March 2021
5 May 2022
24 March 2023
Market price used for award
786.8p
933.0p
1,162.5p
737.8 p
Risk-free interest rate
0.12%
0.13%
1.68%
3.33%
Dividend yield
2.6%
2.4%
1.9%
3.1%
Volatility
17.1%
22.3%
24.7%
28.3%
Term
3 years
3 years
3 years
3 years
Fair value per share
654.4p
375.3p
493.1p
338.9p
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 128 and 129.
The total share-based payment charge for the other share schemes recognised in the 2023
Income Statement was \u00a31 million (2022: \u00a31 million). The total number of outstanding options for
these schemes as at 31 December 2023 was 891,652 (2022: 844,727).
", "dimensions": { "concept": "segroplc:DisclosureOfShareCapitalAndShareBasedPayments", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-551": { "value": "18. Share Capital and Share-Based Payments Share capital Group and Company
Number Par value
of shares of shares
Issued and fully paid million \u00a3m
Ordinary shares of 10p each at 1 January 2023
1,209
121
Issue of shares \u2013 scrip dividend
18
2
Issue of shares \u2013 other
1
\u2013
Ordinary shares of 10p each at 31 December 2023
1,228
123
Number Par value
of shares of shares
Issued and fully paid million \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
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 128. 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.
2023 2022
number number
At 1 January
1,034,807
867,794
Shares granted DSBP
479,754
451,613
Shares vested
(327,180)
(264,600)
Shares expired/lapsed
\u2013
(20,000)
At 31 December
1,187,381
1,034,807
The 2022 DSBP grant was made on 28 April 2023, based on a 27 April 2023 closing mid-market share price of 810.6 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 128. 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.
2023 2022
number number
At 1 January
3,986,588
3,791,289
Shares granted LTIP
1,639,625
973,654
Shares vested
(745,044)
(778,355)
Shares expired/lapsed
(212,848)
\u2013
At 31 December
4,668,321
3,986,588
The 2023 LTIP award was made on 24 March 2023. The calculation of the award was based on a share price of 737.8 pence, the closing mid-market share price on 24 March 2023. 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
26 March 2020
29 March 2021
5 May 2022
24 March 2023
Market price used for award
786.8p
933.0p
1,162.5p
737.8 p
Risk-free interest rate
0.12%
0.13%
1.68%
3.33%
Dividend yield
2.6%
2.4%
1.9%
3.1%
Volatility
17.1%
22.3%
24.7%
28.3%
Term
3 years
3 years
3 years
3 years
Fair value per share
654.4p
375.3p
493.1p
338.9p
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 128 and 129. The total share-based payment charge for the other share schemes recognised in the 2023 Income Statement was \u00a31 million (2022: \u00a31 million). The total number of outstanding options for these schemes as at 31 December 2023 was 891,652 (2022: 844,727).
19. Share Premium and Other Reserves
Share premium
2023 2022
GROUP AND COMPANY \u00a3m \u00a3m
Balance at 1 January
3,449
3,371
Premium arising on the issue of shares \u2013 scrip dividend
127
78
Premium arising on the issue of shares \u2013 other
1
\u2013
Balance at 31 December
3,577
3,449
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.
Own shares held reserve
The own shares held reserve 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.
Other reserves
Other reserves shown on the Group Balance Sheet of \u00a3204 million (2022: \u00a3227 million) is made
up of the following reserves:
The merger reserve of \u00a3169 million (2022: \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 \u00a37 million surplus (2022: \u00a333 million)
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 \u00a328 million (2022: \u00a325 million) reflects the increase
in equity in connection with share-based payment transactions accounted for under IFRS 2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-529": { "value": "Share capital Group and Company
Number Par value
of shares of shares
Issued and fully paid million \u00a3m
Ordinary shares of 10p each at 1 January 2023
1,209
121
Issue of shares \u2013 scrip dividend
18
2
Issue of shares \u2013 other
1
\u2013
Ordinary shares of 10p each at 31 December 2023
1,228
123
Number Par value
of shares of shares
Issued and fully paid million \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
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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 128. 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.
2023 2022
number number
At 1 January
1,034,807
867,794
Shares granted DSBP
479,754
451,613
Shares vested
(327,180)
(264,600)
Shares expired/lapsed
\u2013
(20,000)
At 31 December
1,187,381
1,034,807
The 2022 DSBP grant was made on 28 April 2023, based on a 27 April 2023 closing mid-market share price of 810.6 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 128. 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.
2023 2022
number number
At 1 January
3,986,588
3,791,289
Shares granted LTIP
1,639,625
973,654
Shares vested
(745,044)
(778,355)
Shares expired/lapsed
(212,848)
\u2013
At 31 December
4,668,321
3,986,588
The 2023 LTIP award was made on 24 March 2023. The calculation of the award was based on a share price of 737.8 pence, the closing mid-market share price on 24 March 2023. 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
26 March 2020
29 March 2021
5 May 2022
24 March 2023
Market price used for award
786.8p
933.0p
1,162.5p
737.8 p
Risk-free interest rate
0.12%
0.13%
1.68%
3.33%
Dividend yield
2.6%
2.4%
1.9%
3.1%
Volatility
17.1%
22.3%
24.7%
28.3%
Term
3 years
3 years
3 years
3 years
Fair value per share
654.4p
375.3p
493.1p
338.9p
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 128 and 129. The total share-based payment charge for the other share schemes recognised in the 2023 Income Statement was \u00a31 million (2022: \u00a31 million). The total number of outstanding options for these schemes as at 31 December 2023 was 891,652 (2022: 844,727). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-531": { "value": "19. Share Premium and Other Reserves Share premium
2023 2022
GROUP AND COMPANY \u00a3m \u00a3m
Balance at 1 January
3,449
3,371
Premium arising on the issue of shares \u2013 scrip dividend
127
78
Premium arising on the issue of shares \u2013 other
1
\u2013
Balance at 31 December
3,577
3,449
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. Own shares held reserve The own shares held reserve 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. Other reserves Other reserves shown on the Group Balance Sheet of \u00a3204 million (2022: \u00a3227 million) is made up of the following reserves: The merger reserve of \u00a3169 million (2022: \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 \u00a37 million surplus (2022: \u00a333 million) 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 \u00a328 million (2022: \u00a325 million) reflects the increase in equity in connection with share-based payment transactions accounted for under IFRS 2.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-497": { "value": "
20. Commitments
Contractual obligations to purchase, construct, develop, repair, maintain or enhance assets are
as follows:
2023 2022
GROUP \u00a3m \u00a3m
Properties
236
439
1
1 As detailed on page 40 of the Strategic Report, the Group (including joint ventures and associates at share) is
expected to invest in excess of \u00a3600 million in development capex during 2024. This amount includes
committed and uncommitted capex.
In addition, commitments in the Group\u2019s joint ventures and associates at 31 December 2023
(at share) amounted to \u00a319 million (2022: \u00a381 million). The Group also has a \u00a36 million
commitment to property related investment funds at 31 December 2023 (2022: \u00a38 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-532": { "value": "20. Commitments Contractual obligations to purchase, construct, develop, repair, maintain or enhance assets are as follows:
2023 2022
GROUP \u00a3m \u00a3m
Properties
236
439
1 1 As detailed on page 40 of the Strategic Report, the Group (including joint ventures and associates at share) is expected to invest in excess of \u00a3600 million in development capex during 2024. This amount includes committed and uncommitted capex. In addition, commitments in the Group\u2019s joint ventures and associates at 31 December 2023 (at share) amounted to \u00a319 million (2022: \u00a381 million). The Group also has a \u00a36 million commitment to property related investment funds at 31 December 2023 (2022: \u00a38 million). 21. Contingent Liabilities The Group has given performance guarantees to third parties amounting to \u00a354 million (2022: \u00a3146 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 2023 will have a material adverse effect on the Group\u2019s financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-498": { "value": "
21. Contingent Liabilities
The Group has given performance guarantees to third parties amounting to \u00a354 million
(2022: \u00a3146 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 2023 will have a material adverse effect on the Group\u2019s financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-499": { "value": "
22. 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 42 to 43. The Group does not
hold significant finance leases as a lessor.
Future aggregate minimum rentals receivable under non-cancellable operating leases are:
Joint
ventures and
associates
Group at share 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Not later than one year
478
128
606
551
Later than one year, not later than two years
410
113
523
487
Later than two years, not later than three years
357
96
453
404
Later than three years, not later than four years
316
83
399
346
Later than four years, not later than five years
280
65
345
304
Later than five years
2,062
235
2,297
2,046
Balance at 31 December
3,903
720
4,623
4,138
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-533": { "value": "22. 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 42 to 43. The Group does not hold significant finance leases as a lessor. Future aggregate minimum rentals receivable under non-cancellable operating leases are:
Joint
ventures and
associates
Group at share 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Not later than one year
478
128
606
551
Later than one year, not later than two years
410
113
523
487
Later than two years, not later than three years
357
96
453
404
Later than three years, not later than four years
316
83
399
346
Later than four years, not later than five years
280
65
345
304
Later than five years
2,062
235
2,297
2,046
Balance at 31 December
3,903
720
4,623
4,138
There are no significant levels of contingent rent in the current or prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-500": { "value": "
23. Related Party Transactions
Group
Transactions during the year between the Group and its joint ventures are disclosed below:
2023 2022
\u00a3m \u00a3m
Dividends received
38
9
Assets sold to joint ventures
18
215
Management fee income
29
30
Performance fee income
89
\u2013
1
1 During the year investment properties with a carrying value of \u00a318 million were sold to SELP (2022: \u00a3215 million).
Total proceeds (and total cash proceeds) received by SEGRO was \u00a318 million (2022: \u00a3218 million). The
transaction resulted in the net assets of the Group increasing by \u00a3nil (2022: \u00a33 million). The net cash impact
on a proportionally consolidated basis was an inflow of \u00a39 million (2022: inflow \u00a3109 million) once the 50%
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 2023 of \u00a31,636 million disclosed in Note 7
(2022: \u00a31,768 million) includes shareholder loans of \u00a389 million (2022: \u00a390 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 81 to 83. Key management
personnel compensation is shown in the table below:
2023 2022
\u00a3m \u00a3m
Salaries and short-term benefits
5
5
Share-based payments
3
3
Total remuneration
8
8
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 107 to 125.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-534": { "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 81 to 83. Key management personnel compensation is shown in the table below:
2023 2022
\u00a3m \u00a3m
Salaries and short-term benefits
5
5
Share-based payments
3
3
Total remuneration
8
8
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 107 to 125.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-501": { "value": "
24. Notes to the Cash Flow Statements
24(i) \u2013 Reconciliation of cash generated from operations
Group
Company
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Operating (loss)/pro\ue01fit
(180)
(1,694)
700
650
Adjustments for:
Depreciation of property, plant and equipment and
amortisation of intangibles
6
4
\u2013
\u2013
Share of loss from joint ventures and associates after
tax
76
144
\u2013
\u2013
Profit on sale of properties
(39)
(9)
\u2013
\u2013
Revaluation deficit on investment properties
647
1,970
\u2013
\u2013
Dividends and other income
\u2013
\u2013
(852)
(706)
Other provisions
8
(6)
\u2013
(1)
Increase in impairment of loan held with associate
28
\u2013
\u2013
\u2013
Increase in impairment of subsidiaries
\u2013
\u2013
136
44
546
409
(16)
(13)
Changes in working capital:
Decrease in trading properties
33
33
\u2013
\u2013
Increase in debtors and tenant incentives
(22)
(6)
\u2013
(2)
Increase/(decrease) in creditors
27
43
(1)
(1)
Net cash inflow/(out\ue01flow) generated from operations
584
479
(17)
(16)
24(ii) \u2013 Deposits
Term deposits for a period of three months or less are included within cash and cash equivalents.
24(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 Cost of Other
January Cash Cash Exchange early close non-cash At 31 December
2023 in\ue01flow outflow2 movement out of debt adjustments3 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Group
Bank loans and loan capital
4,928
961
(445)
(58)
1
\u2013
5,387
Capitalised finance costs
(44)
\u2013
(3)
\u2013
\u2013
8
(39)
Total borrowings
4,884
961
(448)
(58)
1
8
5,348
Cash and cash equivalents
(162)
(214)
\u2013
\u2013
\u2013
\u2013
(376)
Net debt
4,722
747
(448)
(58)
1
8
4,972
Company
Bank loans and loan capital
3,466
961
(445)
(33)
1
\u2013
3,950
Capitalised finance costs
(27)
\u2013
(3)
\u2013
\u2013
5
(25)
Total borrowings
3,439
961
(448)
(33)
1
5
3,925
Cash and cash equivalents
(72)
(222)
\u2013
\u2013
\u2013
\u2013
(294)
Net debt
3,367
739
(448)
(33)
1
5
3,631
1
1 Proceeds from borrowings of \u00a3961 million (Company: \u00a3961 million).
2 Group cash outflow of \u00a3448 million (Company: \u00a3448 million), comprises repayment of borrowings of \u00a3444
million (Company: \u00a3444 million), cash settlement for early repayment of debt of \u00a31 million (Company: \u00a31 million)
and capitalised finance costs of \u00a33 million (Company: \u00a33 million).
3 Total other non-cash adjustment of \u00a38 million (Company: \u00a35 million) relates to the amortisation of issue costs
offset against borrowings.
24(iv) \u2013 Analysis of financial liabilities and assets arising from financing activities
For the year ended 31 December 2023
Cash movements
Non-cash movements
Cost of
At 1 Net early Other At 31
January Cash Cash Exchange fair value close of non-cash December
2023 inflow outflow movement1 changes2 debt adjustments 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Total borrowings (Note 16)
4,884
961
(448)
(58)
\u2013
1
8
5,348
Derivatives: (Net) Fair value
of forward foreign
exchange and currency
swap contracts (Note 17)
2
\u2013
(2)
(9)
(3)
\u2013
\u2013
(12)
Lease liabilities (Note 15)
77
\u2013
(5)
(1)
\u2013
\u2013
3
74
Total net financial
liabilities arising from
financing activities
4,963
961
(455)
(68)
(3)
1
11
5,410
3
1 Exchange movement of \u00a367 million from borrowings and forward foreign exchange and currency swap
contracts consists of: Foreign exchange gain on effective hedge relationships recognised in OCI of \u00a335 million,
foreign exchange gain arising on translation of borrowings held in international operations recognised in OCI of
\u00a325 million and foreign exchange gain recognised within the Income Statement of \u00a37 million. See Note 17(iv).
2 Total net fair value gain of \u00a324 million arising from derivatives per Note 9 also includes fair value gain from
interest rate swaps and caps of \u00a321 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 2022
Cash movements
Non-cash movements
Net Other At 31
At 1 January Cash Cash Exchange fair value non-cash December
2022 inflow outflow
movement
1
changes adjustments 2022
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
2
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-502": { "value": "
25. 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 2023 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 \u00a341.5 million (2022: \u00a30.1 million \u2013 \u00a343.3 million) for the UK and \u00a30.1 million \u2013 \u00a312.7 million
(2022: \u00a30.1 million \u2013 \u00a316.0 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 valuers consider the following areas to have the
most potential to impact on the value of an asset: Energy Performance; Green Certification;
Sources of Fuel and Renewable Energy Sources and Physical Risk/Climate Risk. The valuers
have considered in particular the EPC ratings and have discussed with management the
appropriate capital expenditure which will be required to obtain the necessary EPC rating to
attract and maintain the tenants required in the future. The valuers are also aware of the impact
of flood risk and have noted the impact this has had on potential purchasers.
Climate risk legislation
The UK Government and the EU is currently producing legislation on the transition to net zero.
The UK Government is currently producing legislation which enforces the transition to net zero
by 2050, and the stated 78 per cent reduction of greenhouse gases by 2035. This is
understood to include an update to the Minimum Energy Efficiency Standards, stated to
increase the minimum requirements for non-domestic properties from an E to a B in 2030. The
UK Government also intends to introduce an operational rating. It is not yet clear how this will
be legislated, but fossil fuels used in building, such as natural gas for heating, are incompatible
with the UK\u2019s commitment to be Net Zero Carbon by 2050. This upcoming legislation 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.
On the basis inflation has fallen during the latter half of 2023 and the expectation interest rates
may have peaked, management expect market conditions to be less volatile and consider a
+/- 25bp change in yield, a +/- 5% change in ERV and a +/- 10% change in development costs
to be reasonably possible changes to the assumptions.
Impact on valuation of Impact on valuation of 5% Impact on valuation of
25bp change in change in estimated 10% change in estimated
equivalent yield rental value (ERV) development costs
Group Increase Decrease Increase Decrease Increase Decrease
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
2023
Completed property
15,255
(742)
819
570
(563)
\u2013
\u2013
Development property
and land
2,507
(210)
225
310
(310)
(385)
385
Group total property
portfolio
1 7,7
6 2
(952)
1,044
880
(873)
(385)
385
Impact on valuation of Impact on valuation of 5% Impact on valuation of 10%
25bp change in equivalent change in estimated rental change in estimated
yield value (ERV) development costs
Group Increase Decrease Increase Decrease Increase Decrease
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
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 yield sensitivity is based on the equivalent yield which closely aligns with
the net true equivalent yield inputs shown in the table below. 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.
Valuation
Inputs
Combined Net true Net true
Land & property equivalent equivalent
Completed development portfolio ERV ERV range yield yield range 3
2023
By asset type
\u00a3m \u00a3m \u00a3m \u00a3 per sq m \u00a3 per sq m % %
Big box warehouses
> 35
,000 sq m
2,257
\u2013
2,257
59.2
34.8-185.7
5.3
4.5-6.8
Big box warehouses
< 35
,000 sq m
2,580
\u2013
2,580
67.1
36.5-203.3
5.5
4.5-6.8
Urban warehouses
> 3,500 sq m
6,553
\u2013
6,553
156.0
26.3-387.5
5.2
4.3-9.7
Urban warehouses
< 3,500 sq m
3,508
\u2013
3,508
230.2
43.8-497.4
5.0
4.3-9.1
High value and other
uses of industrial land
357
\u2013
357
2 07.5
52.2-538.2
7.2
4.3-10.6
15,255
2,507
1 7,762
98.0
26.3-538.2
5.3
4.3-10.6
By ownership
Wholly-owned
12,463
2,384
14,847
147.4
26.3-538.2
5.2
4.3-10.6
Joint ventures and
associates
2,792
123
2,915
58.3
36.5-133.5
5.5
4.5-8.5
Group Total
15,255
2,507
17,762
98.0
26.3-538.2
5.3
4.3-10.6
1
2
2
3
4
5
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 \u00a31,026 million; big box
< 35,000 sq m \u00a31,073 million; urban warehouses > 3,500 sq m \u00a36,502 million; urban warehouses < 3,500 sq m
\u00a33,508 million; and other uses \u00a3354 million.
Valuation
Inputs
Combined Net true Net true
Land & property equivalent equivalent
Completed development portfolio ERV ERV range yield yield range2
2023
By geography
\u00a3m \u00a3m \u00a3m \u00a3 per sq m \u00a3 per sq m % %
Greater London
5,859
241
6,100
231.2
63.4-497.4
4.9
4.3-8.3
Thames Valley
2,523
708
3,231
233.9
80.7-538.2
5.6
4.6-10.6
National Logistics
1,253
597
1,850
95.0
45.0-203.3
5.5
5.3-6.9
Northern Europe
Germany
1,664
308
1,972
72.8
26.3-165.5
4.9
4.3-7.9
Netherlands
189
12
201
75.6
48.8-118.6
5.2
4.7-8.5
Southern Europe
France
1,674
353
2,027
7 7.8
40.9-210.9
5.5
4.6-9.7
Italy/Spain
1,311
202
1,513
57. 5
34.8-170.2
5.4
4.7-6.3
Central Europe
Poland
684
82
766
48.8
36.5-143.5
6.5
6.0-6.8
Czech Republic
98
4
102
75.1
66.0-99.1
6.1
6.1-6.1
Group Total
15,255
2,507
17,762
98.0
26.3-538.2
5.3
4.3-10.6
Investment properties
\u2013 Group (Note 13(i)) 14,843
Investment properties
\u2013 Joint ventures and
associates (Note 7(ii))
2,915
Trading properties
\u2013 Group (Note 13(ii)) 4
Group Total
17,762
1 On a fully occupied basis.
1
1
2
3
4
2 In relation to the completed properties only.
3 Excludes head lease ROU assets of \u00a371 million.
4 Includes valuation surplus not recognised on trading properties of \u00a31 million.
Valuation
Inputs
Combined Net true Net true
Land & property equivalent equivalent
Completed development portfolio ERV ERV range yield yield range3
2022
By asset type
\u00a3m \u00a3m \u00a3m \u00a3 per sq m \u00a3 per sq m % %
Big box warehouses
> 35
,000 sq m
2,076
2,076
54.6
32.7-169.5
4.8
3.9-6.2
Big box warehouses
< 35
,000 sq m
2,651
2,651
63.6
36.1-203.3
4.9
3.7-6.4
Urban warehouses
> 3,500 sq m
6,465
6,465
144.0
36.1-387.5
4.8
3.8-9.5
Urban warehouses
< 3,500 sq m
3,628
3,628
220.9
43.5-387.5
4.6
3.9-8.9
High value and other
uses of industrial land
371
371
191.5
52.0-527.4
6.8
3.6-9.7
15,191
2,734
17,925
93.4
32.7-527.4
4.8
3.6-9.7
By ownership
Wholly-owned
12,311
2,592
14,903
143.7
32.7-527.4
4.8
3.6-9.7
Joint ventures and
associates
2,880
142
3,022
54.2
36.1-133.6
4.8
3.7-9.5
Group Total
15,191
2,734
17,925
93.4
32.7-527.4
4.8
3.6-9.7
1
2
2
3
4
5
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.
Valuation
Inputs
Combined Net true Net true
Land & property equivalent equivalent
Completed development portfolio
ERV
1
ERV range yield yield range2
2022
By geography
\u00a3m \u00a3m \u00a3m \u00a3 per sq m \u00a3 per sq m % %
Greater London
6,065
347
6,412
222.1
57.3-387.5
4.6
3.9-7.8
Thames Valley
2,325
686
3,011
213.5
80.7-527.4
5.3
4.7-9.7
National Logistics
1,167
554
1,721
91.3
45.0-203.3
5.3
5.0-6.2
Northern Europe
Germany
1,664
335
1,999
66.2
36.1-167.6
4.3
3.7-6.2
Netherlands
170
12
182
67.3
49.7-102.2
4.8
4.1-9.5
Southern Europe
France
1,771
463
2,234
74.9
40.7-465.5
4.8
3.6-9.2
Italy/Spain
1,225
261
1,486
54.3
32.7\u2013188.7
4.6
4.1-6.3
Central Europe
Poland
702
71
773
47.3
36.1-136.7
5.9
5.4-6.4
Czech Republic
102
5
107
72.2
62.8-100.9
5.5
5.3-5.5
Group Total
15,191
2,734
17,925
93.4
32.7-527.4
4.8
3.6-9.7
Investment properties
\u2013 Group (Note 13(i)) 14,866
Investment properties
\u2013 Joint ventures and
associates (Note 7(ii))
3,022
Trading properties
\u2013 Group (Note 13(ii)) 37
Group Total
17,925
1
2
3
4
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.
", "dimensions": { "concept": "segroplc:DisclosureOfPropertyValuationTechniquesSustainabilityAndClimateChangeConsiderationsAndRelatedQuantitativeInformation", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-503": { "value": "
26. Related Undertakings
A list of the Group\u2019s related undertakings as at 31 December 2023 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.
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Airport Property GP (No. 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property H1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property Partnership***, England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Allnatt London Properties Limited**
England
Direct
1 New Burlington Place, London,
and Wales 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 Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bilton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bonsol S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Brixton (Axis Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Fairway Units 7-11) 1 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton (Great Western, Southall) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Heathrow Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
3
2
1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton (Metropolitan Park) 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Origin) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Asset Management UK England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton Greenford Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Nominee 8 (Jersey) Limited
Jersey
Indirect
3rd 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
3rd 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
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey) Limited
Jersey
Indirect
3rd 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
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 1
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 2
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Northfields (Wembley 1) England
Indirect
c/o BDO LLP, Temple Square,
Limited and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields (Wembley) England
Indirect
c/o BDO LLP, Temple Square,
Holdings Limited1 and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields (Wembley) England
Indirect
c/o BDO LLP, Temple Square,
Limited and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
1
1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton Northfields 1 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 2 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 3 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 4 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 5 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 6 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Premier Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Properties Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Sub-Holdings Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
B-Serv Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Coventry & Warwickshire England
Indirect
Lumonics House Valley Drive,
Development Partnership LLP and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
CWDP Investment Limited**
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
Dagenham Park Management England
Indirect
1 New Burlington Place, London,
Company Limited**, and Wales W1S 2HR, United Kingdom
De Hoek-Noord S-Park B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
Devon Nominees (No. 1) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 2) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 3) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Gateway Rugby Management England
Indirect
1 New Burlington Place, London,
Company Limited**, and Wales W1S 2HR, United Kingdom
Granby Investment Sp. z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa, Poland
Gront Four s.r.o.
Czech
Indirect
Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393,
Republic
PS\u010c 110
00, Czech Republic
1
1
1
1
1
1
1
3
4,8
2
2
2
4
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Helios Northern Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
HelioSlough Limited**
England
Indirect
1 New Burlington Place, London,
and Wales 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
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Impianti FTV S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Karnal Investment Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa, Poland
LogPoint Ruhr GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
London Distribution Park No.2 LLP England
50
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa, Poland
O\u017car\u00f3w Biznes Park Sp.z.o.o
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Premier Greenford GP Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Property Management Company England
72
Indirect
1 New Burlington Place, London,
(Croydon) Limited and Wales W1S 2HR, United Kingdom
Reprendre Racines SAS
France
49
Indirect
27 rue Camille Desmoulins, 92130,
Issy-les-Moulineaux, Paris, France
Roxhill (Maidstone) Limited England
50
Indirect
BDO LLP, Temple Square, Temple
and Wales Street, Liverpool, L2 5RH, United
Kingdom
Roxhill Management Rugby Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Roxhill Warth 2 Limited**
England
28
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
Roxhill Warth 3 Limited**
England
50
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO Rugby LLP***, England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (225 Bath Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Acton Park Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
3
2,5
1
3
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Barking 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Beddington Lane) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Belvedere Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Birmingham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO (Bonded Stores) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coronation Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coventry Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (Coventry) Limited**
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (Dagenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Trading Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Management England
82
Indirect
1 New Burlington Place, London,
Company) Limited**, and Wales W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Rail Freight Terminal) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
5
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (EMG Unit 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (GL) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Great Cambridge Industrial England
Indirect
1 New Burlington Place, London,
Estate) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site B) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Hayes) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow International) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Iver 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (Kettering) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution) Limited**England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Loop) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Nelson Trade Park) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (New Cross Business Centre) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Northampton Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited and Wales W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO (Perivale Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Plot 4 Northampton) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Purfleet) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Radlett) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 2) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Reading) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rockware Avenue) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
1
1
6
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Rushden) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Skyline) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Stockley Close) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
SEGRO (The Portal) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Trilogy) Management England
Indirect
C/O BDO LLP, 5 Temple Square,
Company Limited1 and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Tudor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (UK Logistics) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Victoria Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Wapping) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S2HR, United Kingdom
SEGRO (Watchmoor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Welham Green) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Westway Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Achte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Achtzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
1
1
1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Administration Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 2 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 3 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 4 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Asset Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Belgium NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
SEGRO Benelux B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Benelux 2 B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Bobigny SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Bourget SASU
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Capital S.\u00e1 r.l.
Luxembourg
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SEGRO CHUSA Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO CL1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Communities Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO Croydon (Mitcham) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o.
Czech
Indirect
Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393,
Republic
PS\u010c 110
00, Czech Republic
SEGRO Dreiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Dreizehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Dritte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Einundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Elfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
7
1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Erste Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Europe Limited1
England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO European Logistics
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Partnership S.\u00e1 r.l. Luxembourg
SEGRO Finance Limited
England
Direct
1 New Burlington Place, London,
and Wales 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
SEGRO F\u00fcnfundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO F\u00fcnfzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH 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
8th Floor, 1082MA Amsterdam,
Gustav Mahlerplein 62, ITO-toren,
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
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Insurance Limited
Isle of Man
Direct
Third Floor, St George\u2019s Court,
Upper Church Street, Douglas,
IM1 1EE, Isle of Man
SEGRO Investments Limited**
England
Indirect
1 New Burlington Place, London,
and Wales 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-1931,
Luxembourg
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Management Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales 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,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Netherlands Holding B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MS Amsterdam,
Netherlands
(UK branch)
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Neunte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Neunzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Overseas Holdings Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Parc des Petits Carreaux
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO plc, French branch
France
Direct
20 Rue Brunel,
75
017, 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
Direct
1 New Burlington Place, London,
and Wales 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
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Siebte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Siebzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Slough Spare Limited**
England
Indirect
1 New Burlington Place, London,
and Wales 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
1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Spare 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO STE Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Trading (France) SNC
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics LR1 SCI
France
Indirect
20 Rue
Brunel,
75
017, 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
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Vierzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO V-Park Grand Union LLP England
50
Indirect
1 New Burlington Place, London,
and Wales 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
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Zweite Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zweiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH 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
L-1618,
2 Rue des Gaulois
Luxembourg
SELP (Alpha JV) S.\u00e1 r.l.
Luxembourg
50
Indirect
L-1618,
2 Rue des Gaulois
Luxembourg
SELP Finance S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Investments S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Management Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Slough Trading Estate Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Smartparc SEGRO Spondon Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Steamhouse Group Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Tenedor S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
3
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
The UK Logistics (Nominee 1) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
The UK Logistics (Nominee 2) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
The UK Logistics General Partner England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
The UK Logistics Limited England
Indirect
1 New Burlington Place, London,
Partnership and Wales W1S 2HR, United Kingdom
Trafford Park Estates Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
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
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Unitair Limited Partnership***, England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Vailog Colleferro S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 1 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 2 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 3 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 4 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
2
2
3
1
3
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Vailog S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Woodside GP Limited England
33.33
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Zinc One S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Zinc Six S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Zinc Seven S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 5 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
57 Assago Milanofiori,
Milan, Italy
Vailog France SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
2
1 Company is in liquidation as at 31 December 2023.
2 Company is entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant
companies.
3 Partnerships and Limited Liability Partnerships (LLPs) do not have a share capital and unless otherwise stated,
the Group holds 100 per cent interest in these entities.
4 Companies Limited by Guarantee do not have a share capital and unless otherwise stated, the Group holds 100
per cent interest in these entities.
5 Ownership held in class A and B shares.
6 Ownership held in Ordinary and Deferred shares.
7 Ownership held in class G shares, K shares, S shares and Preference shares.
8 There are five external members of Dagenham Park Management Company Limited. All members are liable up
to the value of \u00a31.00.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-552": { "value": "26. Related Undertakings A list of the Group\u2019s related undertakings as at 31 December 2023 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.
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Airport Property GP (No. 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property H1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property Partnership***, England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Allnatt London Properties Limited**
England
Direct
1 New Burlington Place, London,
and Wales 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 Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bilton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bonsol S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Brixton (Axis Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Fairway Units 7-11) 1 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton (Great Western, Southall) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Heathrow Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
3 2 1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton (Metropolitan Park) 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Origin) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Asset Management UK England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton Greenford Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Nominee 8 (Jersey) Limited
Jersey
Indirect
3rd 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
3rd 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
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey) Limited
Jersey
Indirect
3rd 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
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 1
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 2
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Northfields (Wembley 1) England
Indirect
c/o BDO LLP, Temple Square,
Limited and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields (Wembley) England
Indirect
c/o BDO LLP, Temple Square,
Holdings Limited1 and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields (Wembley) England
Indirect
c/o BDO LLP, Temple Square,
Limited and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
1 1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton Northfields 1 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 2 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 3 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 4 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 5 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 6 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Premier Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Properties Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Sub-Holdings Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
B-Serv Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Coventry & Warwickshire England
Indirect
Lumonics House Valley Drive,
Development Partnership LLP and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
CWDP Investment Limited**
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
Dagenham Park Management England
Indirect
1 New Burlington Place, London,
Company Limited**, and Wales W1S 2HR, United Kingdom
De Hoek-Noord S-Park B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
Devon Nominees (No. 1) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 2) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 3) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Gateway Rugby Management England
Indirect
1 New Burlington Place, London,
Company Limited**, and Wales W1S 2HR, United Kingdom
Granby Investment Sp. z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa, Poland
Gront Four s.r.o.
Czech
Indirect
Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393,
Republic
PS\u010c 110
00, Czech Republic
1 1 1 1 1 1 1 3 4,8 2 2 2 4
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Helios Northern Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
HelioSlough Limited**
England
Indirect
1 New Burlington Place, London,
and Wales 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
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Impianti FTV S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Karnal Investment Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa, Poland
LogPoint Ruhr GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
London Distribution Park No.2 LLP England
50
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa, Poland
O\u017car\u00f3w Biznes Park Sp.z.o.o
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Premier Greenford GP Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Property Management Company England
72
Indirect
1 New Burlington Place, London,
(Croydon) Limited and Wales W1S 2HR, United Kingdom
Reprendre Racines SAS
France
49
Indirect
27 rue Camille Desmoulins, 92130,
Issy-les-Moulineaux, Paris, France
Roxhill (Maidstone) Limited England
50
Indirect
BDO LLP, Temple Square, Temple
and Wales Street, Liverpool, L2 5RH, United
Kingdom
Roxhill Management Rugby Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Roxhill Warth 2 Limited**
England
28
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
Roxhill Warth 3 Limited**
England
50
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO Rugby LLP***, England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (225 Bath Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Acton Park Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
3 2,5 1 3
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Barking 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Beddington Lane) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Belvedere Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Birmingham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO (Bonded Stores) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coronation Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coventry Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (Coventry) Limited**
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (Dagenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Trading Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Management England
82
Indirect
1 New Burlington Place, London,
Company) Limited**, and Wales W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Rail Freight Terminal) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
5
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (EMG Unit 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (GL) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Great Cambridge Industrial England
Indirect
1 New Burlington Place, London,
Estate) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site B) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Hayes) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow International) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Iver 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (Kettering) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution) Limited**England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Loop) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Nelson Trade Park) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (New Cross Business Centre) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Northampton Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited and Wales W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO (Perivale Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Plot 4 Northampton) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Purfleet) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Radlett) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 2) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Reading) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rockware Avenue) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
1 1 6
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Rushden) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Skyline) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Stockley Close) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
SEGRO (The Portal) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Trilogy) Management England
Indirect
C/O BDO LLP, 5 Temple Square,
Company Limited1 and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Tudor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (UK Logistics) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Victoria Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Wapping) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S2HR, United Kingdom
SEGRO (Watchmoor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Welham Green) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Westway Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Achte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Achtzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
1 1 1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Administration Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 2 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 3 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 4 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Asset Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Belgium NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
SEGRO Benelux B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Benelux 2 B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Bobigny SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Bourget SASU
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Capital S.\u00e1 r.l.
Luxembourg
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SEGRO CHUSA Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO CL1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Communities Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO Croydon (Mitcham) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o.
Czech
Indirect
Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393,
Republic
PS\u010c 110
00, Czech Republic
SEGRO Dreiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Dreizehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Dritte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Einundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Elfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
7 1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Erste Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Europe Limited1
England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO European Logistics
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Partnership S.\u00e1 r.l. Luxembourg
SEGRO Finance Limited
England
Direct
1 New Burlington Place, London,
and Wales 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
SEGRO F\u00fcnfundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO F\u00fcnfzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH 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
8th Floor, 1082MA Amsterdam,
Gustav Mahlerplein 62, ITO-toren,
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
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Insurance Limited
Isle of Man
Direct
Third Floor, St George\u2019s Court,
Upper Church Street, Douglas,
IM1 1EE, Isle of Man
SEGRO Investments Limited**
England
Indirect
1 New Burlington Place, London,
and Wales 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-1931,
Luxembourg
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Management Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales 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,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Netherlands Holding B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MS Amsterdam,
Netherlands
(UK branch)
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Neunte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Neunzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Overseas Holdings Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Parc des Petits Carreaux
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO plc, French branch
France
Direct
20 Rue Brunel,
75
017, 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
Direct
1 New Burlington Place, London,
and Wales 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
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Siebte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Siebzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Slough Spare Limited**
England
Indirect
1 New Burlington Place, London,
and Wales 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
1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Spare 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO STE Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Trading (France) SNC
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics LR1 SCI
France
Indirect
20 Rue
Brunel,
75
017, 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
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Vierzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO V-Park Grand Union LLP England
50
Indirect
1 New Burlington Place, London,
and Wales 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
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Zweite Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zweiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH 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
L-1618,
2 Rue des Gaulois
Luxembourg
SELP (Alpha JV) S.\u00e1 r.l.
Luxembourg
50
Indirect
L-1618,
2 Rue des Gaulois
Luxembourg
SELP Finance S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Investments S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Management Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Slough Trading Estate Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Smartparc SEGRO Spondon Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Steamhouse Group Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Tenedor S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
3
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
The UK Logistics (Nominee 1) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
The UK Logistics (Nominee 2) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
The UK Logistics General Partner England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
The UK Logistics Limited England
Indirect
1 New Burlington Place, London,
Partnership and Wales W1S 2HR, United Kingdom
Trafford Park Estates Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
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
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Unitair Limited Partnership***, England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Vailog Colleferro S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 1 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 2 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 3 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 4 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
2 2 3 1 3
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Vailog S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Woodside GP Limited England
33.33
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Zinc One S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Zinc Six S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Zinc Seven S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 5 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
57 Assago Milanofiori,
Milan, Italy
Vailog France SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
2 1 Company is in liquidation as at 31 December 2023. 2 Company is entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies. 3 Partnerships and Limited Liability Partnerships (LLPs) do not have a share capital and unless otherwise stated, the Group holds 100 per cent interest in these entities. 4 Companies Limited by Guarantee do not have a share capital and unless otherwise stated, the Group holds 100 per cent interest in these entities. 5 Ownership held in class A and B shares. 6 Ownership held in Ordinary and Deferred shares. 7 Ownership held in class G shares, K shares, S shares and Preference shares. 8 There are five external members of Dagenham Park Management Company Limited. All members are liable up to the value of \u00a31.00.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-535": { "value": "A list of the Group\u2019s related undertakings as at 31 December 2023 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.
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Airport Property GP (No. 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property H1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Airport Property Partnership***, England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Allnatt London Properties Limited**
England
Direct
1 New Burlington Place, London,
and Wales 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 Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bilton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Bonsol S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Brixton (Axis Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Fairway Units 7-11) 1 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton (Great Western, Southall) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton (Hatton Cross) 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Heathrow Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
3 2 1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton (Metropolitan Park) 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton (Origin) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Asset Management UK England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
Brixton Greenford Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Limited**
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Nominee 8 (Jersey) Limited
Jersey
Indirect
3rd 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
3rd 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
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee 40 (Jersey) Limited
Jersey
Indirect
3rd 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
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 1 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Polar Park 2 Limited
Jersey
Indirect
3rd Floor, One The Esplanade,
St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 1
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Nominee Premier Park 2
Jersey
Indirect
3rd Floor, One The Esplanade,
Limited St Helier, JE2 3QA, Jersey
Brixton Northfields (Wembley 1) England
Indirect
c/o BDO LLP, Temple Square,
Limited and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields (Wembley) England
Indirect
c/o BDO LLP, Temple Square,
Holdings Limited1 and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields (Wembley) England
Indirect
c/o BDO LLP, Temple Square,
Limited and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
1 1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Brixton Northfields 1 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 2 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 3 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 4 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 5 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Northfields 6 Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Brixton Premier Park Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Properties Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Brixton Sub-Holdings Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
B-Serv Limited England
Indirect
c/o BDO LLP, Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
Coventry & Warwickshire England
Indirect
Lumonics House Valley Drive,
Development Partnership LLP and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
CWDP Investment Limited**
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
Dagenham Park Management England
Indirect
1 New Burlington Place, London,
Company Limited**, and Wales W1S 2HR, United Kingdom
De Hoek-Noord S-Park B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
Devon Nominees (No. 1) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 2) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Devon Nominees (No. 3) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Gateway Rugby Management England
Indirect
1 New Burlington Place, London,
Company Limited**, and Wales W1S 2HR, United Kingdom
Granby Investment Sp. z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa, Poland
Gront Four s.r.o.
Czech
Indirect
Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393,
Republic
PS\u010c 110
00, Czech Republic
1 1 1 1 1 1 1 3 4,8 2 2 2 4
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Helios Northern Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
HelioSlough Limited**
England
Indirect
1 New Burlington Place, London,
and Wales 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
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Impianti FTV S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
Karnal Investment Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa, Poland
LogPoint Ruhr GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
London Distribution Park No.2 LLP England
50
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Lynford Investments Sp z.o.o.
Poland
Indirect
ul. Marsza\u0142kowska 126/134,
00-008 Warszawa, Poland
O\u017car\u00f3w Biznes Park Sp.z.o.o
Poland
Indirect
Pl. Andersa 3, 61-894 Pozna\u0144,
Poland
Premier Greenford GP Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Property Management Company England
72
Indirect
1 New Burlington Place, London,
(Croydon) Limited and Wales W1S 2HR, United Kingdom
Reprendre Racines SAS
France
49
Indirect
27 rue Camille Desmoulins, 92130,
Issy-les-Moulineaux, Paris, France
Roxhill (Maidstone) Limited England
50
Indirect
BDO LLP, Temple Square, Temple
and Wales Street, Liverpool, L2 5RH, United
Kingdom
Roxhill Management Rugby Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Roxhill Warth 2 Limited**
England
28
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
Roxhill Warth 3 Limited**
England
50
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO Rugby LLP***, England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (225 Bath Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Acton Park Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (BA World Cargo) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
3 2,5 1 3
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Barking 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Barking) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Beddington Lane) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Belvedere Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Birmingham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Blanc Mesnil) SARL
France
Indirect
20
Rue Brunel, 75017, Paris, France
SEGRO (Bonded Stores) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Brackmills) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Bracknell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Clapham North) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Colnbrook) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coronation Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Coventry Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Coventry M6 J2) Limited
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (Coventry) Limited**
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (Dagenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Deptford Trading Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (D-Link House) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (East Plus) Trading Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Electra Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Management England
82
Indirect
1 New Burlington Place, London,
Company) Limited**, and Wales W1S 2HR, United Kingdom
SEGRO (EMG Plot 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Rail Freight Terminal) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
5
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (EMG Unit 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 8) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 11) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG Unit 12) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (EMG) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Faggs Road) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Fairways Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
SEGRO (Gatwick) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (GL) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Grange Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Great Cambridge Industrial England
Indirect
1 New Burlington Place, London,
Estate) Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site A) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site B) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Hatton Farm Site C) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Hayes) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow Cargo Area) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow International) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Heathrow Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Iver 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Junction 15) Limited
England
Indirect
Lumonics House Valley Drive,
and Wales Swift Valley, Rugby, Warwickshire,
CV21 1TQ, United Kingdom
SEGRO (Kettering) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Lee Park Distribution) Limited**England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Loop) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Nelson Trade Park) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (New Cross Business Centre) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Newport Pagnell) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Northampton Gateway England
Indirect
1 New Burlington Place, London,
Management Company) Limited and Wales W1S 2HR, United Kingdom
SEGRO (NFTE & Mercury) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Parc des Damiers) SAS
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO (Perivale Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Plot 4 Northampton) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
SEGRO (Plot 7 Northampton) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Poyle 14) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Purfleet) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Radlett) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 1) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Rainham, Enterprise 2) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Reading) Limited England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rockware Avenue) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 1) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 3) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 4) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Rugby Gateway 5) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
1 1 6
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO (Rushden) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Skyline) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spacewaye Park) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Spain Energy) S.L.
Spain
Indirect
Avenida Diagonal, 467 \u2013 08036,
Barcelona, Spain
SEGRO (Stansted Cargo) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Stansted Fedex) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Stockley Close) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool, L2 5RH,
United Kingdom
SEGRO (The Portal) Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tilbury 2) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Tottenham) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Trilogy) Management England
Indirect
C/O BDO LLP, 5 Temple Square,
Company Limited1 and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Tudor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (UK Energy) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (UK Logistics) Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO (Victoria Industrial Estate) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO (Waltham Assets) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Wapping) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S2HR, United Kingdom
SEGRO (Watchmoor) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Welham Green) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO (Westway Estate) Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Achte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Achtzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
1 1 1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Administration Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 2 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 3 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP 4 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO APP Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Asset Management Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Belgium NV
Belgium
Indirect
Boulevard Louis Schmidt 87, 1040
Etterbeek, Belgium
SEGRO Benelux B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Benelux 2 B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Bobigny SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Bourget SASU
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Capital S.\u00e1 r.l.
Luxembourg
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SEGRO CHUSA Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO CL1 SCI
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Communities Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO Croydon (Mitcham) England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
SEGRO Czech Republic s.r.o.
Czech
Indirect
Praha 1, Na P\u0159\u00edkop\u011b 9/392 a 11/393,
Republic
PS\u010c 110
00, Czech Republic
SEGRO Dreiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Dreizehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Dritte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Einundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Elfte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
7 1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Erste Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Europe Limited1
England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
SEGRO European Logistics
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Partnership S.\u00e1 r.l. Luxembourg
SEGRO Finance Limited
England
Direct
1 New Burlington Place, London,
and Wales 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
SEGRO F\u00fcnfundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO F\u00fcnfzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH 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
8th Floor, 1082MA Amsterdam,
Gustav Mahlerplein 62, ITO-toren,
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
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Insurance Limited
Isle of Man
Direct
Third Floor, St George\u2019s Court,
Upper Church Street, Douglas,
IM1 1EE, Isle of Man
SEGRO Investments Limited**
England
Indirect
1 New Burlington Place, London,
and Wales 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-1931,
Luxembourg
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Management Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales 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,
8th Floor, 1082MA Amsterdam,
Netherlands
SEGRO Netherlands Holding B.V.
Netherlands
Indirect
Gustav Mahlerplein 62, ITO-toren,
8th Floor, 1082MS Amsterdam,
Netherlands
(UK branch)
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Neunte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Neunzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Overseas Holdings Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Parc des Petits Carreaux
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO plc, French branch
France
Direct
20 Rue Brunel,
75
017, 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
Direct
1 New Burlington Place, London,
and Wales 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
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Siebte Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Siebzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Slough Spare Limited**
England
Indirect
1 New Burlington Place, London,
and Wales 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
1
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
SEGRO Spare 1 Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO STE Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
SEGRO Trading (France) SNC
France
Indirect
20 Rue Brunel, 75017, Paris, France
SEGRO Urban Logistics LR1 SCI
France
Indirect
20 Rue
Brunel,
75
017, 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
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH D\u00fcsseldorf, Germany
SEGRO Vierzehnte Grundbesitz
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO V-Park Grand Union LLP England
50
Indirect
1 New Burlington Place, London,
and Wales 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
Germany
Indirect
Fichtenstrasse 33, 40233,
GmbH D\u00fcsseldorf, Germany
SEGRO Zweite Grundbesitz GmbH
Germany
Indirect
Fichtenstrasse 33, 40233,
D\u00fcsseldorf, Germany
SEGRO Zweiundzwanzigste
Germany
Indirect
Fichtenstrasse 33, 40233,
Grundbesitz GmbH 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
L-1618,
2 Rue des Gaulois
Luxembourg
SELP (Alpha JV) S.\u00e1 r.l.
Luxembourg
50
Indirect
L-1618,
2 Rue des Gaulois
Luxembourg
SELP Finance S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Investments S.\u00e1 r.l.
Luxembourg
50
Indirect
35-37 Avenue de la Libert\u00e9, L-1931,
Luxembourg
SELP Management Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Slough Trading Estate Limited
England
Direct
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Smartparc SEGRO Spondon Limited
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Steamhouse Group Limited**
England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Tenedor S.R.L.
Italy
Indirect
Strada 3 Palazzo B3, 20090
Assago Milanofiori, Milan, Italy
3
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
The UK Logistics (Nominee 1) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
The UK Logistics (Nominee 2) England
Indirect
1 New Burlington Place, London,
Limited and Wales W1S 2HR, United Kingdom
The UK Logistics General Partner England
Indirect
1 New Burlington Place, London,
Limited** and Wales W1S 2HR, United Kingdom
The UK Logistics Limited England
Indirect
1 New Burlington Place, London,
Partnership and Wales W1S 2HR, United Kingdom
Trafford Park Estates Limited England
Indirect
C/O BDO LLP, 5 Temple Square,
and Wales Temple Street, Liverpool L2 5RH,
United Kingdom
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
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Unitair Limited Partnership***, England
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Vailog Colleferro S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 1 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 2 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 3 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 4 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
2 2 3 1 3
% effective
holding if Direct/
Company Name
Jurisdiction
not 100%
Indirect
Registered Office
Vailog S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Woodside GP Limited England
33.33
Indirect
1 New Burlington Place, London,
and Wales W1S 2HR, United Kingdom
Zinc One S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Zinc Six S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Zinc Seven S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
90 Assago Milanofiori,
Milan, Italy
Vailog ER 5 S.R.L.
Italy
Indirect
Strada 3 Palazzo B3,
20
0
57 Assago Milanofiori,
Milan, Italy
Vailog France SCI
France
Indirect
20
Rue Brunel, 75017, Paris, France
2 1 Company is in liquidation as at 31 December 2023. 2 Company is entitled to exemption from audit under section 480 of the Companies Act 2006 relating to dormant companies. 3 Partnerships and Limited Liability Partnerships (LLPs) do not have a share capital and unless otherwise stated, the Group holds 100 per cent interest in these entities. 4 Companies Limited by Guarantee do not have a share capital and unless otherwise stated, the Group holds 100 per cent interest in these entities. 5 Ownership held in class A and B shares. 6 Ownership held in Ordinary and Deferred shares. 7 Ownership held in class G shares, K shares, S shares and Preference shares. 8 There are five external members of Dagenham Park Management Company Limited. All members are liable up to the value of \u00a31.00.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-21": { "value": "1 New Burlington Place London W1S 2HR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800XC35KGM9NFC641", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }