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CORPORATE INFORMATION Shurgard Self Storage Ltd. (referred to collectively with its consolidated subsidiaries, as the \u201cGroup\u201d, \u201cCompany\u201d, \u201cwe\u201d, \u201cour\u201d, or \u201cus\u201d) is incorporated in Guernsey, is resident in the UK for tax purposes and has its registered office and principal place of business at 1st and 2nd floors, Elizabeth House, Les Ruettes Brayes, Guernsey, GY1, 4LX. T he Group has been listed on Euronext Brussels since October 15, 2018 (ticker \u201cSHUR\u201d). O ur principal business activities are the acquisition, development and operation of self-storage facilities providing month-to-month leases for business and personal use. We also provide ancillary services at our self-storage properties consisting primarily of sales of storage products (merchandise) and protection of customers\u2019 stored goods. A s of December 31, 2023, we operate 276 self-storage stores including one under management contract (267 self-storage facilities as of December 31, 2022) in France, the Netherlands, the United Kingdom (UK), Sweden, Germany, Belgium, and Denmark. B ASIS OF PREPARATION The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union. The Company\u2019s financial statements have been prepared on a historical cost basis, except for the following: \u2022 Investment property and investment property under construction, which are measured at fair value; \u2022 Equity-settled share-based compensations plans, being measured at fair value on the grant date using the Black-Scholes model, with the cost being recognized over the period in which the service conditions are fulfilled; and \u2022 D efined benefit pension plans, for which the assets are measured at fair value. Pension plan liabilities are measured according to the projected unit credit method. T he consolidated financial statements are presented in euros and all values are rounded to the nearest thousand, except where otherwise indicated. Certain comparative amounts have been reclassified to conform with the current year\u2019s presentation. IMPACT OF CLIMATE CHANGE In preparing the consolidated financial statements, we considered the possible impact of climate change (both physical and transition risks) on our financial statements, in connection with a potential impact on estimates and assumptions applied. For example: \u2022 Climate change, including associated regulations, could impact the useful life, residual value and/or repair and maintenance expectations relating to our assets, or require additional investments in connection with climate change adaption or mitigation. \u2022 The fair value of our investment properties may at one point be affected by climate events, th e c osts involved by the transition to a low carbon economy or changes to legislation and regulation. \u2022 Our customer goods protection contract liabilities include assumptions on the frequency of claims and loss ratios. \u2022 Climate risk, and specifically floods, can affect the frequency or magnitude of insured events an d ha ve in turn an impact on the claim charges or such liabilities. \u2022 Go vernments in the countries we operate may enact climate-related changes to tax legislations (e.g., restriction on cost deductibility or penalties), which might negatively impact our ability to generate profits. \u2022 Our short-term incentive plans of the management team incorporate sustainability targets, which might impact strategic decisions taken by the company. Shurgard\u2019s ESG strategy and internal processes aim at considering and addressing the impact climate change might have on our financial statements. Currently, we have not identified any material impact that would require specific disclosure beyond what has been disclosed in our Sustainability Report or in Note 37 as commitments. A s an example, Shurgard targets the replacement of any existing gas heating in 108 stores, with heat-pumps by 2029. In doing so, the Group will incur future capital expenditures. However, currently, these replacements are expected - for a not insignificant part \u2013 to be replacements of defective or outdated existing heating systems, and as such compensate repair and maintenance or replacement cash outflows that would have been incurred anyway. The Group further intends to roll out comprehensive solar panel strategies by markets, which will result on the one hand in future capital investments, while on the other hand reducing utility costs. Once firm capital expenditure commitments have been identified, they will be included in Note 37.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1": { "value": "Self Storage Ltd.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-89": { "value": "Self Storage Ltd.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-101": { "value": "Self Storage Ltd.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-58": { "value": "Ltd", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "UK ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-59": { "value": "UK ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-60": { "value": "1st and 2nd floors, Elizabeth House, Les Ruettes Brayes, Guernsey, GY1, 4LX.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "1st and 2nd floors, Elizabeth House, Les Ruettes Brayes, Guernsey, GY1, 4LX", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "O ur principal business activities are the acquisition, development and operation of self-storage facilities providing month-to-month leases for business and personal use. We also provide ancillary services at our self-storage properties consisting primarily of sales of storage products (merchandise) and protection of customers\u2019 stored goods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "B ASIS OF PREPARATION The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union. The Company\u2019s financial statements have been prepared on a historical cost basis, except for the following: \u2022 Investment property and investment property under construction, which are measured at fair value; \u2022 Equity-settled share-based compensations plans, being measured at fair value on the grant date using the Black-Scholes model, with the cost being recognized over the period in which the service conditions are fulfilled; and \u2022 D efined benefit pension plans, for which the assets are measured at fair value. Pension plan liabilities are measured according to the projected unit credit method. T he consolidated financial statements are presented in euros and all values are rounded to the nearest thousand, except where otherwise indicated. Certain comparative amounts have been reclassified to conform with the current year\u2019s presentation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-61": { "value": "
The consolidated financial statements of the Company have been prepared in accordance with International
Financial Reporting Standards (\u201cIFRS\u201d) as adopted by the European Union.
The Company\u2019s financial statements have been prepared on a historical cost basis, except for the following:
\u2022 Investment property and investment property under construction, which are measured at fair value;
\u2022 Equity-settled share-based compensations plans, being measured at fair value on the grant date
using the Black-Scholes model, with the cost being recognized over the period in which the service
conditions are fulfilled; and
\u2022 D
efined benefit pension plans, for which the assets are measured at fair value. Pension plan
liabilities are measured according to the projected unit credit method.
T
he consolidated financial statements are presented in euros and all values are rounded to the nearest thousand,
except where otherwise indicated.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "G OING CONCERN The directors have assessed the ability of the Group to continue as a going concern for a period of twelve months from when the financial statements were approved for issuance (the \u201cgoing concern period\u201d). This assessment is based on a forecast of the Group\u2019s future cash flows and forecast future loan covenant compliance. In making this assessment, the Group considered changes to the principal risks, as disclosed in the Annual Report 2023, and considered events and conditions which may warrant the extension of the going concern period beyond twelve months if they may have an impact on the Groups cash flows, loan covenants and borrowing facilities. In doing so, the directors referred to the Group\u2019s activities, and the review of the business, which are included in this Annual Report, as well as the financial position of the Group, discussed in the Financial Review, summarized below. T he assessment included a stress test, which assumed a plausible reduction in future cash flows and the fair value of investment properties, (\u201cplausible Severe Downside scenario\u201d). The outcome of the stress test showed that the Group is expected to continue to comply with all of its loan covenants through the going concern period, it has sufficient liquidity to meet its day-to-day cash flows, and loans that mature during the going concern period can be repaid with existing committed finance facilities and cash at hand. T he Group also performed a reverse stress test, which showed that property values could decrease even more than considered in the stress test, before our covenants would approach the maximum short-term level that is within the Group\u2019s financial policy and well below the level permitted under debt covenants. F inally, the directors took comfort in the fact that the Group has not granted any assets as security for any financing. Based on the above, the directors have not identified any material uncertainties which may cast significant doubt on the Group\u2019s ability to continue as a going concern for the duration of the going concern period. Accordingly, the directors believe it is appropriate to adopt the going concern basis in preparing these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "2. CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES The accounting policies adopted in the preparation of the 2023 consolidated financial statements are consistent with those followed in the preparation of the Company\u2019s annual consolidated financial statements for the year ended December 31, 2022, except for the adoption of amended standards effective as of January 1, 2023. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. IFRS 17 - INSURANCE CONTRACTS IFRS 17 - Insurance contracts was issued in May 2017 as replacement for IFRS 4 - Insurance Contracts. It applies to all insurance and reinsurance contracts which fall into its scope. The standard obliges that insurance contracts are accounted for separately from reinsurance contracts held. IF RS 17 main measurement model requires contracts to be measured using the building blocks of discounted probability-weighted cash flows, an explicit risk adjustment, and a \u201ccontractual service margin\u201d representing the expected unearned profit of the contract which is recognized as revenue over the coverage period. A n optional Premium Allocation Approach (\u201cPAA\u201d) is permitted for the liability/asset for the (remaining) coverage of short-duration contracts. A group of (re)insurance contracts is eligible for the PAA if: e ach contract in the group has a coverage period of one year or less; or \u2022 m easurement of the liability/(asset) for remaining coverage for the group using the premium allocation approach is reasonably expected to produce a measurement of the liability for remaining coverage which is not materially different from using the general model. T he Group concluded that all its reinsurance contracts are eligible for the simplified PAA method. Scope Shurgard, through its captive re-insurance entity, entered into a re-insurance agreement with an external insurance company. Through this agreement, the external insurance company cedes to our captive certain insurance risk in lieu for a re-insurance premium. L evel of aggregation The level of aggregation is a key requirement under IFRS 17. The level of aggregation is determined firstly by dividing the business written into portfolios. Portfolios comprise groups of contracts with similar risks which are managed together. Portfolios are further divided into groups based on expected profitability at inception. Under the PAA method, a contract is deemed profitable, unless facts and circumstances indicate otherwise, which was not the case. The Group has one annual (accepted reinsurance) contract with an external insurance company and the cohort duration is set to one financial year. Consequently, the one re-insurance contract is the appropriate level of aggregation for the Group. Measurement \u2022 Applying the PAA method requires that an interest on the liability for remaining coverage shoul d b e accreted, at the rate determined at inception of the group of (re)insurance contracts if contracts in the group have a significant financing component. However, accretion of interest is not required if, at the inception of the group of contracts, it is expected that the time between provision of services and the related premium due date is not more than a year. As there is no significant financing component for the (re)insurance contracts of the Group, Shurgard has elected not to accrete interest on the liability for remaining coverage. \u2022 The expected premium is reflected as insurance revenue in profit or loss on the basis of passage of time, over the duration of the coverage period. \u2022 Equally, when measuring the liability for incurred claims under the premium allocation approach, the Group elected, as permitted by IFRS 17, not to adjust future cash flows for the time value of money and other financial risks as those cash flows are expected to be paid or received in one year or less from the date when the claims are incurred. \u2022 The Group further noted that no risk adjustment is necessary, due to the expected low volatility in claims outcome and overall immateriality of the incurred claims as a whole. \u2022 The Company has chosen not to recognize insurance acquisition cash flows as an expense whe n i ncurred, but to amortize the cost over the duration of the one-year contract. Transition to IFRS 17 IFRS 17 has been first applied as of January 1, 2023, with retrospective restatements for the comparative periods. Based on the above, the Group concluded that implementing IFRS 17 had no material impact on the results of the Group, given that the requirements of the PAA method under IFRS 17 do not result in a materially different measurement of the contracts in scope compared to IFRS 4. As such, no restatement of comparative performance information was necessary. A MMENDMENTS TO IAS 12 \u2013 PILLAR TWO MODEL RULES The amendments to IAS 12 have been introduced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 Disclosure requirements for affected entities to help users of the financial statements better understand an entity\u2019s exposure to Pillar Two income taxes arising from that legislation, particularly before its effective date. Pillar Two related disclosures have been included in Note 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-102": { "value": "3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of and for the years ended December 31, 2023 and 2022. Specifically, the Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevan t activities of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to affect its returns. The Company re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control the subsidiary. P rofit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of the parent of the Company and to the non-controlling interests. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company\u2019s accounting policies. All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated in consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. P ROPERTY ACQUISITIONS Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity or assets and liabilities, as well as directly attributable acquisition costs, are allocated between the identifiable assets and liabilities (of the entity) based on their relative values at the acquisition date. BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with the changes in fair value recognized in the statement of profit or loss . Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests), and any previous interest held over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. F OREIGN CURRENCIES The Company\u2019s consolidated financial statements are presented in euros, which is also the parent company\u2019s functional currency. For each entity, the Company determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The functional currencies used by the Company\u2019s main subsidiaries are the euro, UK Pound Sterling, the Swedish krona and the Danish krone. The Company uses the direct method of consolidation and on disposal of a foreign operation the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. TRANSACTIONS AND BALANCES Transactions in foreign currencies are initially recorded by the Company\u2019s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in finance cost on our consolidated statement of profit or loss, except for monetary items that are considered to be part of the Company\u2019s net investment of a foreign operation. These are recognized in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to finance cost. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in OCI. No n-monetary items that are measured in terms of historical cost in a foreign currency by the Company\u2019s entities are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured, by the Company\u2019s entities, at fair value in a foreign currency (e.g. , investment properties) are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of such n on-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). SUBSIDIARIES On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in profit or loss. S EGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (\u201cCODM\u201d). The CODM is the Executive Committee and consists of Chief Executive Officer, Chief Finance Officer, Chief Operating Officer, Chief Investment Officer and General Counsel (\u201cthe Executive Committee\u201d). I NVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION Investment property comprises completed property and property under construction or re-development that is held to earn rentals. Property held under a lease is classified as investment property when it is held to earn rentals, rather for use in production or administrative functions. Investment property is recognized as an asset when, and only when, it is probable that future economic benefits that are associated with the property will flow to the entity, and the cost of the property can be measured reliably. This is typically the case when the entity has legal ownership and control over the property and can establish the value of the property through a purchase or contractual agreement. Investment property is initially measured at cost, including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. Subsequent to initial recognition, investment property is measured at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment property are included in valuation gain and loss from investment property and investment property under construction on our consolidated statement of profit and loss in the period in which they arise. Transfers are made to (or from) investment property only when there is a change in use which can be evidenced, for example with the commencement or end of owner-occupation. Investment property is derecognized either when it has been disposed of or when it is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition. L EASES A lease is a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. T he determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. COMPANY AS A LESSEE The Company leases various plots of land, self-storage facilities, equipment and company cars. Certain contracts may contain both lease and non-lease components. The Group elected to apply the practical expedient of IFRS 16 to not separate lease and non-lease components and thus accounts for these as a single lease component. Leases are recognized as a right-of-use asset, being classified as investment property given the leased land is held solely for the purposes of holding the underlying asset. A corresponding liability is recognized related to the obligation to make lease payments at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured at the present value of the lease payments to be made over the lease term. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 Variable lease payments: the Company is exposed in all countries it operates to potential future increases in variable lease payments based on an index or rate which are not included in the lease liability until they take effect; when adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset; \u2022 Amounts expected to be payable by the Company under residual value guarantees; \u2022 The exercise price of a purchase option if the group is reasonably certain to exercise that option; and \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option. L ease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the lessee\u2019s incremental borrowing rate (\u201cIBR\u201d) is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine IBR for leases denominated in the various functional currencies, we are using relevant swap rates increased by a credit spread to reflect the incremental borrowing rate for such an asset, taking into account the payment pattern applicable under the leases. This credit spread is based on the credit spreads observed on the retail mortgage market and is adjusted for LTV and non-commercial character of the underlying asset. L ease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received; \u2022 Any initial direct costs; and \u2022 Restoration costs. E xcept for investment property held by the Company as a right-of-use asset, right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. In determining the carrying amount of investment property under the fair value model, the Group does not double count assets or liabilities that are recognized as separate assets or liabilities. The fair value of investment property reflects expected cash flows (including variable lease payments that are expected to become payable) Accordingly, where a valuation is obtained for a property net of all payments expected to be made, any recognized lease liability is added back to arrive at the carrying amount of the investment property. Payments associated with short term leases and all leases of low value assets are recognized on a straight-line basis as an expense in profit or loss. Short term leases are leases with a lease term of 12 months or less. COMPANY AS A LESSOR Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned. We refer to the accounting policy on revenue recognition for further information on the accounting policies on rental income. PROPERTY, PLANT AND EQUIPMENT Our property, plant and equipment mainly consist of building improvements and office equipment in use at the local head offices in the countries in which we operate. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Property, plant and equipment is depreciated on a straight-line basis over its estimated economic useful life. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period . When there is an impairment indicator, an asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. I NTANGIBLE ASSETS The Company\u2019s intangible assets consist of internally developed computer software. Software development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Company are recognized as intangible assets when the criteria, as defined in IAS 38, are met. a pitalized software development costs are recorded as intangible assets and amortized on a straight-line basis over their economic useful lives (of three to five years) from the moment at which the asset is ready for use. Costs associated with maintaining software programs are recognized as an expense as incurred. Research expenditure and development expenditure that do not meet the criteria for capitalization above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Software-as-a-service (\u201cSaaS\u201d) arrangements provide the user with the right to access the provider\u2019s application software in the cloud over the contract period. In response to this, the IFRS Interpretation Committee issued an agenda decision explaining how IFRS should be applied to these types of arrangements. While the general IAS 38 guidance applies, the Interpretation Committee noted that the license agreements typically limit the ability to meet the requirements of the standards to capitalize most of the implementation costs of such a SaaS solution. As such, costs incurred to implement, configure or customize, and the ongoing fees to obtain access to the application are recognized as expenses when the services are received. BORROWINGS All borrowings are initially recognized at fair value less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortized cost using the effective interest method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. B ORROWING COSTS General borrowing costs attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. T he interest capitalized is calculated using the Group\u2019s weighted average cost of borrowings. Interest is capitalized as from the commencement of the development work until the date of practical completion, i.e., when substantially all the development work is completed. The capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Interest is also capitalized on the purchase cost of a property acquired specifically for redevelopment, but only where activities necessary to prepare the asset for redevelopment are in progress . C ASH AND CASH EQUIVALENTS Cash and cash equivalents in the statement of financial position comprise cash at bank and cash equivalents with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. F or the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash equivalents, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company\u2019s cash management. RENT AND OTHER RECEIVABLES Rent and other receivables are recognized at their original invoiced value except where the time value of money is material, in which case receivables are recognized at fair value and subsequently measured at amortized cost and are subject to impairment. For rent and other receivables, the Group applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. T RADE AND OTHER PAYABLES These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period.
R
EVENUE RECOGNITION
Shurgard is in the business of operating self-storage facilities providing month-to-month rental agreements for
business and personal use in scope of IFRS 16. We also provide ancillary services at our self-storage facilities
consisting primarily of sales of storage products (such as storage boxes or locks, included in \u201cAncillary revenue\u201d)
and protection of customers\u2019 stored goods (referred to as \u201cFee income from customer goods insurance\u201d).
This fee income from providing coverage for customer goods has been assessed to be outside the scope of
IFRS 17 and inside the scope of IFRS 15 because the contracts between Shurgard and the tenant do not transfer
significant insurance risk between these two parties.
R
evenue from contracts with customers is recognized when control of the goods or services are transferred to
the customer at an amount that reflects the consideration to which the Company expects to be entitled in
exchange for those goods or services. The Group concluded that it is the principal in all of its revenue
arrangements, because it controls the goods or services before transferring them to the customer.
RENTAL INCOME
In the rental agreements with its customers, the Company is acting as the lessor in operating lease agreement.
Rental income arising from such operating leases on investment property is accounted for on a straight-line
basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature,
except for contingent rental income which is recognized when it arises. Generally, the Group requires advance
payments from new contracts (customers), and the proceeds received are deferred on the balance sheet under
the caption \u201cDeferred rent\u201d.
Initial direct costs incurred in negotiating and arranging an operating lease are recognized as an expense over
the lease term on the same basis as the lease income.
T enant lease incentives are recognized as a reduction of rental revenue on a straight-line basis over the term of the lease. The lease term is the non-cancelable period of the lease together with any further term for which the tenant has the option to continue the lease, where, at the inception of the lease, management is reasonably certain that the tenant will exercise that option. Typically, this has been assessed to be one month. A mounts received from tenants to terminate leases or to compensate for dilapidations are recognized in the statement of profit or loss when the right to receive them arises. FEE INCOME FROM CUSTOMER GOODS COVERAGE Fee income from providing coverage for customer goods is recognized on a straight-line basis over the period that a customer occupies its storage unit. SERVICE CHARGES, MANAGEMENT CHARGES AND OTHER EXPENSES RECOVERABLE FROM TENANTS Income arising from expenses recharged to tenants is recognized in the period in which the compensation becomes receivable. Service and management charges and other such receipts are included in real estate operating revenue gross of the related costs, as management considers that the Company acts as principal in this respect. EM PLOYEE BENEFITS SHORT TERM EMPLOYEE BENEFITS Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Bonuses received by company employees and management are based on pre-defined Company and individual target achievements. The estimated amount of the bonus is recognized as an expense over the period the bonus is earned. PENSION BENEFITS A defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions and has no legal or constructive obligation to pay further contributions regardless of the performance of the funds held to satisfy future benefit payments. A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company has defined contribution plans in various countries in which it operates, whereby contributions by the Company are charged to real estate operating expense and general, administrative and other expenses in our consolidated statement of profit and loss in the period in which services are rendered by the covered employees. The defined contribution plans in Belgium include a legally guaranteed minimum return, which must be provided by the Group (based on the so-called \u201cLaw Vandenbroucke\u201d). The external insurance company that receives and manages all plan contributions does also provide a different return guarantee, which may be higher or lower than the one that must be provided by the Group. Therefore, these plans also have defined benefit plan features, as the Group is exposed to the investment and funding risk relating to the difference in returns, if any. For these plans, the projected unit credit method has been used as the actuarial technique to measure the defined benefit obligation, calculated by independent actuaries TERMINATION BENEFITS Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (i) when it can no longer withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. S HARE-BASED COMPENSATION The Group operates various equity-settled share-based compensation plans, under which the Company receives services from employees and senior executives as consideration for equity instruments (options) of the Group. T he cost of equity-settled compensation plans is determined by the fair value at the grant date of the awards using the Black-Scholes model. The cost is recognized, together with a corresponding increase in retained earnings in equity, over the period in which the service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as of the beginning and end of that period and is recognized in general administrative and other expenses. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met . IN COME TAX Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI. Interest and penalties related to income taxes, including uncertain tax treatments, can be accounted for under IAS 12 Income taxes or under IAS 37 Provisions, Contingent Liabilities and Contingent Assets depending on the specific nature of the particular interest and penalties and whether the relevant law considered these interest and penalties as income taxes. CURRENT INCOME TAX The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statement of profit or loss and other comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. T he Group\u2019s liability for current tax is calculated using tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. DEFERRED TAX Deferred tax is recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences and tax losses carried forward can be utilized. Deferred tax assets and liabilities are not recognized when the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. F or taxable temporary differences associated with investments in subsidiaries and interests in joint arrangements: \u2022 Deferred tax liabilities are not recognized when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and
\u2022 Deferred tax assets are recognized only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available against which
the temporary differences can be utilized.
T
he measurement of deferred tax reflects the tax consequences that would follow from the manner, in which
the Group expects, at the reporting date, to recover or settle the carrying amount of assets and liabilities, at the
tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax
rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
T
he Group concluded that its investment properties are held with the objective to consume substantially all of
the economic benefits embodied in the investment properties over time, rather than through sale, which is
reflected in the measurement of deferred tax assets and liabilities.
E
ARNINGS PER SHARE
BASIC EARNINGS PER SHARE
Basic earnings per share is calculated by dividing:
\u2022 T
he profit attributable to equity holders of the Company by;
\u2022 The weighted average number of ordinary shares outstanding during the financial year, excluding
treasury shares.
DILUTED EARNINGS PER SHARE
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into
account:
\u2022 Th
e after-tax effect of interest and other financing costs associated with dilutive potential ordinary
shares, and
\u2022 The weighted average number of additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares (including outstanding share
options).
F
AIR VALUE MEASUREMENTS
The Group measures investment property and investment property under construction at fair value. Fair value
related disclosures for items measured at fair value or where fair values are disclosed, are summarized in
Notes 14 and 15: Investment property and investment property under construction.
F
air value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer, the liability takes place either:
\u2022 I
n the principal market for the asset or liability, or
\u2022 In the absence of a principal market, in the most advantageous market for the asset or liability.
The Company must be able to access the principal or the most advantageous market at the measurement date.
T
he fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.
A
fair value measurement of a non-financial asset takes into account a market participant's ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant
that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate
in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of
relevant observable inputs and minimizing the use of unobservable inputs.
A
ll assets and liabilities, for which fair value is measured or disclosed in the financial statements are categorized
within the fair value hierarchy (described as follows), based on the lowest level input that is significant to the
fair value measurement as a whole:
\u2022 Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
\u2022 Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable;
\u2022 Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-486": { "value": "3. SUMMARY OF MATERIAL ACCOUNTING POLICY INFORMATION BASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of and for the years ended December 31, 2023 and 2022. Specifically, the Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevan t activities of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to affect its returns. The Company re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control the subsidiary. P rofit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of the parent of the Company and to the non-controlling interests. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company\u2019s accounting policies. All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated in consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. P ROPERTY ACQUISITIONS Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity or assets and liabilities, as well as directly attributable acquisition costs, are allocated between the identifiable assets and liabilities (of the entity) based on their relative values at the acquisition date. BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with the changes in fair value recognized in the statement of profit or loss . Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests), and any previous interest held over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. F OREIGN CURRENCIES The Company\u2019s consolidated financial statements are presented in euros, which is also the parent company\u2019s functional currency. For each entity, the Company determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The functional currencies used by the Company\u2019s main subsidiaries are the euro, UK Pound Sterling, the Swedish krona and the Danish krone. The Company uses the direct method of consolidation and on disposal of a foreign operation the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. TRANSACTIONS AND BALANCES Transactions in foreign currencies are initially recorded by the Company\u2019s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in finance cost on our consolidated statement of profit or loss, except for monetary items that are considered to be part of the Company\u2019s net investment of a foreign operation. These are recognized in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to finance cost. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in OCI. No n-monetary items that are measured in terms of historical cost in a foreign currency by the Company\u2019s entities are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured, by the Company\u2019s entities, at fair value in a foreign currency (e.g. , investment properties) are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of such n on-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). SUBSIDIARIES On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in profit or loss. S EGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker (\u201cCODM\u201d). The CODM is the Executive Committee and consists of Chief Executive Officer, Chief Finance Officer, Chief Operating Officer, Chief Investment Officer and General Counsel (\u201cthe Executive Committee\u201d). I NVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION Investment property comprises completed property and property under construction or re-development that is held to earn rentals. Property held under a lease is classified as investment property when it is held to earn rentals, rather for use in production or administrative functions. Investment property is recognized as an asset when, and only when, it is probable that future economic benefits that are associated with the property will flow to the entity, and the cost of the property can be measured reliably. This is typically the case when the entity has legal ownership and control over the property and can establish the value of the property through a purchase or contractual agreement. Investment property is initially measured at cost, including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. Subsequent to initial recognition, investment property is measured at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment property are included in valuation gain and loss from investment property and investment property under construction on our consolidated statement of profit and loss in the period in which they arise. Transfers are made to (or from) investment property only when there is a change in use which can be evidenced, for example with the commencement or end of owner-occupation. Investment property is derecognized either when it has been disposed of or when it is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition. L EASES A lease is a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. T he determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease.
C
OMPANY AS A LESSEE
The Company leases various plots of land, self-storage facilities, equipment and company cars. Certain contracts
may contain both lease and non-lease components. The Group elected to apply the practical expedient of IFRS 16
to not separate lease and non-lease components and thus accounts for these as a single lease component.
Leases are recognized as a right-of-use asset, being classified as investment property given the leased land is
held solely for the purposes of holding the underlying asset. A corresponding liability is recognized related to the
obligation to make lease payments at the date at which the leased asset is available for use by the Group.
Assets and liabilities arising from a lease are initially measured at the present value of the lease payments to be
made over the lease term.
Lease liabilities include the net present value of the following lease payments:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022 Variable lease payments: the Company is exposed in all countries it operates to potential future
increases in variable lease payments based on an index or rate which are not included in the lease
liability until they take effect; when adjustments to lease payments based on an index or rate take
effect, the lease liability is reassessed and adjusted against the right-of-use asset;
\u2022 Amounts expected to be payable by the Company under residual value guarantees;
\u2022 The exercise price of a purchase option if the group is reasonably certain to exercise that option;
and
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the Company exercising
that option.
L
ease payments to be made under reasonably certain extension options are also included in the measurement
of the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily
determined, which is generally the case, the lessee\u2019s incremental borrowing rate (\u201cIBR\u201d) is used, being the rate
that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to
the right-of-use asset in a similar economic environment with similar terms, security and conditions. To
determine IBR for leases denominated in the various functional currencies, we are using relevant swap rates
increased by a credit spread to reflect the incremental borrowing rate for such an asset, taking into account the
payment pattern applicable under the leases. This credit spread is based on the credit spreads observed on the
retail mortgage market and is adjusted for LTV and non-commercial character of the underlying asset.
L
ease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss
over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability
for each period.
Ri
ght-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of lease liability;
\u2022 Any lease payments made at or before the commencement date less any lease incentives received;
\u2022 Any initial direct costs; and
\u2022 Restoration costs.
E xcept for investment property held by the Company as a right-of-use asset, right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. In determining the carrying amount of investment property under the fair value model, the Group does not double count assets or liabilities that are recognized as separate assets or liabilities. The fair value of investment property reflects expected cash flows (including variable lease payments that are expected to become payable) Accordingly, where a valuation is obtained for a property net of all payments expected to be made, any recognized lease liability is added back to arrive at the carrying amount of the investment property. Payments associated with short term leases and all leases of low value assets are recognized on a straight-line basis as an expense in profit or loss. Short term leases are leases with a lease term of 12 months or less. COMPANY AS A LESSOR Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned. We refer to the accounting policy on revenue recognition for further information on the accounting policies on rental income. PROPERTY, PLANT AND EQUIPMENT Our property, plant and equipment mainly consist of building improvements and office equipment in use at the local head offices in the countries in which we operate. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Property, plant and equipment is depreciated on a straight-line basis over its estimated economic useful life. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period . When there is an impairment indicator, an asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. I NTANGIBLE ASSETS The Company\u2019s intangible assets consist of internally developed computer software. Software development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Company are recognized as intangible assets when the criteria, as defined in IAS 38, are met. C a pitalized software development costs are recorded as intangible assets and amortized on a straight-line basis over their economic useful lives (of three to five years) from the moment at which the asset is ready for use. Costs associated with maintaining software programs are recognized as an expense as incurred. Research expenditure and development expenditure that do not meet the criteria for capitalization above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Software-as-a-service (\u201cSaaS\u201d) arrangements provide the user with the right to access the provider\u2019s application software in the cloud over the contract period. In response to this, the IFRS Interpretation Committee issued an agenda decision explaining how IFRS should be applied to these types of arrangements. While the general IAS 38 guidance applies, the Interpretation Committee noted that the license agreements typically limit the ability to meet the requirements of the standards to capitalize most of the implementation costs of such a SaaS solution. As such, costs incurred to implement, configure or customize, and the ongoing fees to obtain access to the application are recognized as expenses when the services are received. BORROWINGS All borrowings are initially recognized at fair value less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortized cost using the effective interest method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. B ORROWING COSTS General borrowing costs attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. T he interest capitalized is calculated using the Group\u2019s weighted average cost of borrowings. Interest is capitalized as from the commencement of the development work until the date of practical completion, i.e., when substantially all the development work is completed. The capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Interest is also capitalized on the purchase cost of a property acquired specifically for redevelopment, but only where activities necessary to prepare the asset for redevelopment are in progress . C ASH AND CASH EQUIVALENTS Cash and cash equivalents in the statement of financial position comprise cash at bank and cash equivalents with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. F or the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash equivalents, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company\u2019s cash management. RENT AND OTHER RECEIVABLES Rent and other receivables are recognized at their original invoiced value except where the time value of money is material, in which case receivables are recognized at fair value and subsequently measured at amortized cost and are subject to impairment. For rent and other receivables, the Group applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. T RADE AND OTHER PAYABLES These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. R EVENUE RECOGNITION Shurgard is in the business of operating self-storage facilities providing month-to-month rental agreements for business and personal use in scope of IFRS 16. We also provide ancillary services at our self-storage facilities consisting primarily of sales of storage products (such as storage boxes or locks, included in \u201cAncillary revenue\u201d) and protection of customers\u2019 stored goods (referred to as \u201cFee income from customer goods insurance\u201d). This fee income from providing coverage for customer goods has been assessed to be outside the scope of IFRS 17 and inside the scope of IFRS 15 because the contracts between Shurgard and the tenant do not transfer significant insurance risk between these two parties. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Group concluded that it is the principal in all of its revenue arrangements, because it controls the goods or services before transferring them to the customer. RENTAL INCOME In the rental agreements with its customers, the Company is acting as the lessor in operating lease agreement. Rental income arising from such operating leases on investment property is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature, except for contingent rental income which is recognized when it arises. Generally, the Group requires advance payments from new contracts (customers), and the proceeds received are deferred on the balance sheet under the caption \u201cDeferred rent\u201d. Initial direct costs incurred in negotiating and arranging an operating lease are recognized as an expense over the lease term on the same basis as the lease income.
T
enant lease incentives are recognized as a reduction of rental revenue on a straight-line basis over the term of
the lease. The lease term is the non-cancelable period of the lease together with any further term for which the
tenant has the option to continue the lease, where, at the inception of the lease, management is reasonably
certain that the tenant will exercise that option. Typically, this has been assessed to be one month.
A
mounts received from tenants to terminate leases or to compensate for dilapidations are recognized in the
statement of profit or loss when the right to receive them arises.
FEE INCOME FROM CUSTOMER GOODS COVERAGE
Fee income from providing coverage for customer goods is recognized on a straight-line basis over the period
that a customer occupies its storage unit.
SERVICE CHARGES, MANAGEMENT CHARGES AND OTHER EXPENSES RECOVERABLE FROM TENANTS
Income arising from expenses recharged to tenants is recognized in the period in which the compensation
becomes receivable. Service and management charges and other such receipts are included in real estate
operating revenue gross of the related costs, as management considers that the Company acts as principal in
this respect.
EM
PLOYEE BENEFITS
SHORT TERM EMPLOYEE BENEFITS
Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service are recognized in respect of employees\u2019 services up to
the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are
settled. The liabilities are presented as current employee benefit obligations in the balance sheet.
B
onuses received by company employees and management are based on pre-defined Company and individual
target achievements. The estimated amount of the bonus is recognized as an expense over the period the bonus
is earned.
PENSION BENEFITS
A defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions
and has no legal or constructive obligation to pay further contributions regardless of the performance of the
funds held to satisfy future benefit payments. A defined benefit plan is a post-employment benefit plan other
than a defined contribution plan.
The Company has defined contribution plans in various countries in which it operates, whereby contributions by
the Company are charged to real estate operating expense and general, administrative and other expenses in
our consolidated statement of profit and loss in the period in which services are rendered by the covered
employees.
The defined contribution plans in Belgium include a legally guaranteed minimum return, which must be provided
by the Group (based on the so-called \u201cLaw Vandenbroucke\u201d). The external insurance company that receives and
manages all plan contributions does also provide a different return guarantee, which may be higher or lower
than the one that must be provided by the Group. Therefore, these plans also have defined benefit plan features,
as the Group is exposed to the investment and funding risk relating to the difference in returns, if any.
For these plans, the projected unit credit method has been used as the actuarial technique to measure the
defined benefit obligation, calculated by independent actuaries .
TERMINATION BENEFITS Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (i) when it can no longer withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. S HARE-BASED COMPENSATION The Group operates various equity-settled share-based compensation plans, under which the Company receives services from employees and senior executives as consideration for equity instruments (options) of the Group. T he cost of equity-settled compensation plans is determined by the fair value at the grant date of the awards using the Black-Scholes model. The cost is recognized, together with a corresponding increase in retained earnings in equity, over the period in which the service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as of the beginning and end of that period and is recognized in general administrative and other expenses. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met . IN COME TAX Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI. Interest and penalties related to income taxes, including uncertain tax treatments, can be accounted for under IAS 12 Income taxes or under IAS 37 Provisions, Contingent Liabilities and Contingent Assets depending on the specific nature of the particular interest and penalties and whether the relevant law considered these interest and penalties as income taxes. CURRENT INCOME TAX The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statement of profit or loss and other comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. T he Group\u2019s liability for current tax is calculated using tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. DEFERRED TAX Deferred tax is recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences and tax losses carried forward can be utilized. Deferred tax assets and liabilities are not recognized when the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. F or taxable temporary differences associated with investments in subsidiaries and interests in joint arrangements: \u2022 Deferred tax liabilities are not recognized when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and \u2022 Deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The measurement of deferred tax reflects the tax consequences that would follow from the manner, in which the Group expects, at the reporting date, to recover or settle the carrying amount of assets and liabilities, at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. T he Group concluded that its investment properties are held with the objective to consume substantially all of the economic benefits embodied in the investment properties over time, rather than through sale, which is reflected in the measurement of deferred tax assets and liabilities. EARNINGS PER SHARE BASIC EARNINGS PER SHARE Basic earnings per share is calculated by dividing: \u2022 T he profit attributable to equity holders of the Company by; \u2022 The weighted average number of ordinary shares outstanding during the financial year, excluding treasury shares. DILUTED EARNINGS PER SHARE Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: \u2022 Th e after-tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and \u2022 The weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares (including outstanding share options). F AIR VALUE MEASUREMENTS The Group measures investment property and investment property under construction at fair value. Fair value related disclosures for items measured at fair value or where fair values are disclosed, are summarized in Notes 14 and 15: Investment property and investment property under construction. F air value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer, the liability takes place either: \u2022 I n the principal market for the asset or liability, or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability. The Company must be able to access the principal or the most advantageous market at the measurement date. T he fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. A ll assets and liabilities, for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy (described as follows), based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; \u2022 Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. 4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-63": { "value": "
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as
of and for the years ended December 31, 2023 and 2022. Specifically, the Group controls an investee if, and only
if, it has:
\u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevan
t
activities of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 The ability to use its power over the investee to affect its returns.
The Company re-assesses whether it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company
obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated financial statements from the date the Company gains control until the date the Company ceases
to control the subsidiary.
P
rofit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of
the parent of the Company and to the non-controlling interests. When necessary, adjustments are made to the
financial statements of subsidiaries to bring their accounting policies into line with the Company\u2019s accounting
policies. All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions
between members of the Company are eliminated in consolidation.
A
change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity
transaction.
If
the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities,
non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit
or loss. Any investment retained is recognized at fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "ASIS OF CONSOLIDATION The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of and for the years ended December 31, 2023 and 2022. Specifically, the Group controls an investee if, and only if, it has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevan t activities of the investee); \u2022 Exposure, or rights, to variable returns from its involvement with the investee; and \u2022 The ability to use its power over the investee to affect its returns. The Company re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Company obtains control over the subsidiary and ceases when the Company loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Company gains control until the date the Company ceases to control the subsidiary. P rofit or loss and each component of other comprehensive income (\u201cOCI\u201d) are attributed to the equity holders of the parent of the Company and to the non-controlling interests. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Company\u2019s accounting policies. All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Company are eliminated in consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-62": { "value": "
P
ROPERTY ACQUISITIONS
Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the
assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of
a business.
Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity or assets and liabilities, as well as directly attributable acquisition costs, are allocated between the identifiable assets and liabilities (of the entity) based on their relative values at the acquisition date. BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with the changes in fair value recognized in the statement of profit or loss ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "P ROPERTY ACQUISITIONS Where property is acquired, via corporate acquisitions or otherwise, management considers the substance of the assets and activities of the acquired entity in determining whether the acquisition represents the acquisition of a business. Where such acquisitions are not judged to be an acquisition of a business, they are not treated as business combinations. Rather, the cost to acquire the corporate entity or assets and liabilities, as well as directly attributable acquisition costs, are allocated between the identifiable assets and liabilities (of the entity) based on their relative values at the acquisition date. BUSINESS COMBINATIONS AND GOODWILL Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interests in the acquiree. For each business combination, the Company elects whether to measure the non-controlling interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred. Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability is measured at fair value with the changes in fair value recognized in the statement of profit or loss . Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests), and any previous interest held over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-122": { "value": "
B
USINESS COMBINATIONS AND GOODWILL
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests), and any previous interest held over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in profit or loss. I NTANGIBLE ASSETS The Company\u2019s intangible assets consist of internally developed computer software. Software development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Company are recognized as intangible assets when the criteria, as defined in IAS 38, are met.
C a
pitalized software development costs are recorded as intangible assets and amortized on a straight-line basis
over their economic useful lives (of three to five years) from the moment at which the asset is ready for use.
Costs associated with maintaining software programs are recognized as an expense as incurred.
R
esearch expenditure and development expenditure that do not meet the criteria for capitalization above are
recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized
as an asset in a subsequent period.
Software-as-a-service (\u201cSaaS\u201d) arrangements provide the user with the right to access the provider\u2019s application
software in the cloud over the contract period. In response to this, the IFRS Interpretation Committee issued an
agenda decision explaining how IFRS should be applied to these types of arrangements. While the general IAS 38
guidance applies, the Interpretation Committee noted that the license agreements typically limit the ability to
meet the requirements of the standards to capitalize most of the implementation costs of such a SaaS solution.
As such, costs incurred to implement, configure or customize, and the ongoing fees to obtain access to the
application are recognized as expenses when the services are received.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-64": { "value": "
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the
amount recognized for non-controlling interests), and any previous interest held over the net identifiable assets
acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate
consideration transferred, the Company re-assesses whether it has correctly identified all of the assets acquired
and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at
the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over
the aggregate consideration transferred, then the gain is recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-109": { "value": "F OREIGN CURRENCIES The Company\u2019s consolidated financial statements are presented in euros, which is also the parent company\u2019s functional currency. For each entity, the Company determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The functional currencies used by the Company\u2019s main subsidiaries are the euro, UK Pound Sterling, the Swedish krona and the Danish krone. The Company uses the direct method of consolidation and on disposal of a foreign operation the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. TRANSACTIONS AND BALANCES Transactions in foreign currencies are initially recorded by the Company\u2019s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in finance cost on our consolidated statement of profit or loss, except for monetary items that are considered to be part of the Company\u2019s net investment of a foreign operation. These are recognized in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to finance cost. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in OCI. No n-monetary items that are measured in terms of historical cost in a foreign currency by the Company\u2019s entities are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured, by the Company\u2019s entities, at fair value in a foreign currency (e.g. investment properties) are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of such n on-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). SUBSIDIARIES On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "F OREIGN CURRENCIES The Company\u2019s consolidated financial statements are presented in euros, which is also the parent company\u2019s functional currency. For each entity, the Company determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The functional currencies used by the Company\u2019s main subsidiaries are the euro, UK Pound Sterling, the Swedish krona and the Danish krone. The Company uses the direct method of consolidation and on disposal of a foreign operation the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method. TRANSACTIONS AND BALANCES Transactions in foreign currencies are initially recorded by the Company\u2019s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognized in finance cost on our consolidated statement of profit or loss, except for monetary items that are considered to be part of the Company\u2019s net investment of a foreign operation. These are recognized in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified to finance cost. Tax charges and credits attributable to exchange differences on those monetary items are also recorded in OCI. No n-monetary items that are measured in terms of historical cost in a foreign currency by the Company\u2019s entities are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured, by the Company\u2019s entities, at fair value in a foreign currency (e.g. investment properties) are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of such n on-monetary items measured at fair value is treated in line with the recognition of gain or loss on change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognized in OCI or profit or loss are also recognized in OCI or profit or loss, respectively). SUBSIDIARIES On consolidation, the assets and liabilities of foreign operations are translated into euros at the rate of exchange prevailing at the reporting date and their statements of profit or loss are translated at average exchange rates prevailing at the dates of the transactions. The exchange differences arising on translation for consolidation are recognized in OCI. On disposal of a foreign operation, the component of OCI relating to that particular foreign operation is recognized in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-110": { "value": "
S
EGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision maker (\u201cCODM\u201d). The CODM is the Executive Committee and consists of Chief Executive Officer,
Chief Finance Officer, Chief Operating Officer, Chief Investment Officer and General Counsel (\u201cthe Executive
Committee\u201d).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-90": { "value": "
I
NVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION
Investment property is derecognized either when it has been disposed of or when it is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition.
P
ROPERTY, PLANT AND EQUIPMENT
When there is an impairment indicator, an asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.
R
ENT AND OTHER RECEIVABLES
Rent and other receivables are recognized at their original invoiced value except where the time value of money
is material, in which case receivables are recognized at fair value and subsequently measured at amortized cost
and are subject to impairment. For rent and other receivables, the Group applies a simplified approach in
calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead
recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Group has
established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking
factors specific to the debtors and the economic environment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-65": { "value": "I NVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION Investment property comprises completed property and property under construction or re-development that is held to earn rentals. Property held under a lease is classified as investment property when it is held to earn rentals, rather for use in production or administrative functions. Investment property is recognized as an asset when, and only when, it is probable that future economic benefits that are associated with the property will flow to the entity, and the cost of the property can be measured reliably. This is typically the case when the entity has legal ownership and control over the property and can establish the value of the property through a purchase or contractual agreement. Investment property is initially measured at cost, including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. Subsequent to initial recognition, investment property is measured at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment property are included in valuation gain and loss from investment property and investment property under construction on our consolidated statement of profit and loss in the period in which they arise. Transfers are made to (or from) investment property only when there is a change in use which can be evidenced, for example with the commencement or end of owner-occupation. Investment property is derecognized either when it has been disposed of or when it is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "I NVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION Investment property comprises completed property and property under construction or re-development that is held to earn rentals. Property held under a lease is classified as investment property when it is held to earn rentals, rather for use in production or administrative functions. Investment property is recognized as an asset when, and only when, it is probable that future economic benefits that are associated with the property will flow to the entity, and the cost of the property can be measured reliably. This is typically the case when the entity has legal ownership and control over the property and can establish the value of the property through a purchase or contractual agreement. Investment property is initially measured at cost, including transaction costs. Transaction costs include transfer taxes, professional fees for legal services and initial leasing commissions to bring the property to the condition necessary for it to be capable of operating. Subsequent to initial recognition, investment property is measured at fair value, which reflects market conditions at the reporting date. Gains or losses arising from changes in the fair values of investment property are included in valuation gain and loss from investment property and investment property under construction on our consolidated statement of profit and loss in the period in which they arise. Transfers are made to (or from) investment property only when there is a change in use which can be evidenced, for example with the commencement or end of owner-occupation. Investment property is derecognized either when it has been disposed of or when it is permanently withdrawn from use and no future economic benefit is expected from its disposal. The difference between the net disposal proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-126": { "value": "I NVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION
In
vestment property is derecognized either when it has been disposed of or when it is permanently withdrawn
from use and no future economic benefit is expected from its disposal. The difference between the net disposal
proceeds and the carrying amount of the asset is recognized in profit or loss in the period of derecognition.
PROPERTY, PLANT AND EQUIPMENT
W
hen there is an impairment indicator, an asset\u2019s carrying amount is written down immediately to its recoverable
amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-131": { "value": "
L
EASES
E
xcept for investment property held by the Company as a right-of-use asset, right-of-use assets are generally
depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company
is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying
asset\u2019s useful life.
PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is depreciated on a straight-line basis over its estimated economic useful life. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period I NTANGIBLE ASSETS C a pitalized software development costs are recorded as intangible assets and amortized on a straight-line basis over their economic useful lives (of three to five years) from the moment at which the asset is ready for use. Costs associated with maintaining software programs are recognized as an expense as incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "value": "L EASES A lease is a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration. T he determination of whether an arrangement is (or contains) a lease is based on the substance of the arrangement at the inception of the lease. COMPANY AS A LESSEE The Company leases various plots of land, self-storage facilities, equipment and company cars. Certain contracts may contain both lease and non-lease components. The Group elected to apply the practical expedient of IFRS 16 to not separate lease and non-lease components and thus accounts for these as a single lease component. Leases are recognized as a right-of-use asset, being classified as investment property given the leased land is held solely for the purposes of holding the underlying asset. A corresponding liability is recognized related to the obligation to make lease payments at the date at which the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured at the present value of the lease payments to be made over the lease term. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 Variable lease payments: the Company is exposed in all countries it operates to potential future increases in variable lease payments based on an index or rate which are not included in the lease liability until they take effect; when adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset; \u2022 Amounts expected to be payable by the Company under residual value guarantees; \u2022 The exercise price of a purchase option if the group is reasonably certain to exercise that option; and \u2022 Payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option. L ease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case, the lessee\u2019s incremental borrowing rate (\u201cIBR\u201d) is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. To determine IBR for leases denominated in the various functional currencies, we are using relevant swap rates increased by a credit spread to reflect the incremental borrowing rate for such an asset, taking into account the payment pattern applicable under the leases. This credit spread is based on the credit spreads observed on the retail mortgage market and is adjusted for LTV and non-commercial character of the underlying asset. L ease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received; \u2022 Any initial direct costs; and \u2022 Restoration costs. E xcept for investment property held by the Company as a right-of-use asset, right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset\u2019s useful life. In determining the carrying amount of investment property under the fair value model, the Group does not double count assets or liabilities that are recognized as separate assets or liabilities. The fair value of investment property reflects expected cash flows (including variable lease payments that are expected to become payable) Accordingly, where a valuation is obtained for a property net of all payments expected to be made, any recognized lease liability is added back to arrive at the carrying amount of the investment property. Payments associated with short term leases and all leases of low value assets are recognized on a straight-line basis as an expense in profit or loss. Short term leases are leases with a lease term of 12 months or less. COMPANY AS A LESSOR Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned. We refer to the accounting policy on revenue recognition for further information on the accounting policies on rental income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-66": { "value": "PROPERTY, PLANT AND EQUIPMENT Our property, plant and equipment mainly consist of building improvements and office equipment in use at the local head offices in the countries in which we operate. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Property, plant and equipment is depreciated on a straight-line basis over its estimated economic useful life. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period . When there is an impairment indicator, an asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-13": { "value": "PROPERTY, PLANT AND EQUIPMENT Our property, plant and equipment mainly consist of building improvements and office equipment in use at the local head offices in the countries in which we operate. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of any asset is derecognized when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. Property, plant and equipment is depreciated on a straight-line basis over its estimated economic useful life. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period . When there is an impairment indicator, an asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-67": { "value": "
I
NTANGIBLE ASSETS
The Company\u2019s intangible assets consist of internally developed computer software. Software development costs
that are directly attributable to the design and testing of identifiable and unique software products controlled
by the Company are recognized as intangible assets when the criteria, as defined in IAS 38, are met.
C a pitalized software development costs are recorded as intangible assets and amortized on a straight-line basis over their economic useful lives (of three to five years) from the moment at which the asset is ready for use. Costs associated with maintaining software programs are recognized as an expense as incurred. Research expenditure and development expenditure that do not meet the criteria for capitalization above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Software-as-a-service (\u201cSaaS\u201d) arrangements provide the user with the right to access the provider\u2019s application software in the cloud over the contract period. In response to this, the IFRS Interpretation Committee issued an agenda decision explaining how IFRS should be applied to these types of arrangements. While the general IAS 38 guidance applies, the Interpretation Committee noted that the license agreements typically limit the ability to meet the requirements of the standards to capitalize most of the implementation costs of such a SaaS solution. As such, costs incurred to implement, configure or customize, and the ongoing fees to obtain access to the application are recognized as expenses when the services are received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "I NTANGIBLE ASSETS The Company\u2019s intangible assets consist of internally developed computer software. Software development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Company are recognized as intangible assets when the criteria, as defined in IAS 38, are met. C a pitalized software development costs are recorded as intangible assets and amortized on a straight-line basis over their economic useful lives (of three to five years) from the moment at which the asset is ready for use. Costs associated with maintaining software programs are recognized as an expense as incurred. Research expenditure and development expenditure that do not meet the criteria for capitalization above are recognized as an expense as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Software-as-a-service (\u201cSaaS\u201d) arrangements provide the user with the right to access the provider\u2019s application software in the cloud over the contract period. In response to this, the IFRS Interpretation Committee issued an agenda decision explaining how IFRS should be applied to these types of arrangements. While the general IAS 38 guidance applies, the Interpretation Committee noted that the license agreements typically limit the ability to meet the requirements of the standards to capitalize most of the implementation costs of such a SaaS solution. As such, costs incurred to implement, configure or customize, and the ongoing fees to obtain access to the application are recognized as expenses when the services are received. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-123": { "value": "
B
ORROWINGS
All borrowings are initially recognized at fair value less directly attributable transaction costs. After initial
recognition, borrowings are subsequently measured at amortized cost using the effective interest method.
Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired.
The difference between the carrying amount of a financial liability that has been extinguished or transferred to
another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is
recognized in profit or loss as other income or finance costs.
B
orrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting period.
C
ASH AND CASH EQUIVALENTS
Cash and cash equivalents in the statement of financial position comprise cash at bank and cash equivalents
with an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
F
or the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash
equivalents, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the
Company\u2019s cash management.
RENT AND OTHER RECEIVABLES Rent and other receivables are recognized at their original invoiced value except where the time value of money is material, in which case receivables are recognized at fair value and subsequently measured at amortized cost and are subject to impairment. For rent and other receivables, the Group applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. T RADE AND OTHER PAYABLES These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-111": { "value": "BORROWINGS All borrowings are initially recognized at fair value less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortized cost using the effective interest method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.
T
RADE AND OTHER PAYABLES
These amounts represent liabilities for goods and services provided to the Company prior to the end of the
financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition.
Trade and other payables are presented as current liabilities unless payment is not due within 12 months after
the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-15": { "value": "BORROWINGS All borrowings are initially recognized at fair value less directly attributable transaction costs. After initial recognition, borrowings are subsequently measured at amortized cost using the effective interest method. Borrowings are derecognized when the obligation specified in the contract is discharged, canceled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss as other income or finance costs. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-127": { "value": "
B
ORROWING COSTS
General borrowing costs attributable to the acquisition or construction of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset.
All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and
other costs that an entity incurs in connection with the borrowing of funds.
T
he interest capitalized is calculated using the Group\u2019s weighted average cost of borrowings. Interest is
capitalized as from the commencement of the development work until the date of practical completion, i.e., when
substantially all the development work is completed. The capitalization of finance costs is suspended if there are
prolonged periods when development activity is interrupted. Interest is also capitalized on the purchase cost of
a property acquired specifically for redevelopment, but only where activities necessary to prepare the asset for
redevelopment are in progress .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-132": { "value": "B ORROWING COSTS General borrowing costs attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. T he interest capitalized is calculated using the Group\u2019s weighted average cost of borrowings. Interest is capitalized as from the commencement of the development work until the date of practical completion, i.e., when substantially all the development work is completed. The capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Interest is also capitalized on the purchase cost of a property acquired specifically for redevelopment, but only where activities necessary to prepare the asset for redevelopment are in progress . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-68": { "value": "B ORROWING COSTS General borrowing costs attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. T he interest capitalized is calculated using the Group\u2019s weighted average cost of borrowings. Interest is capitalized as from the commencement of the development work until the date of practical completion, i.e., when substantially all the development work is completed. The capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Interest is also capitalized on the purchase cost of a property acquired specifically for redevelopment, but only where activities necessary to prepare the asset for redevelopment are in progress ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-17": { "value": "B ORROWING COSTS General borrowing costs attributable to the acquisition or construction of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. T he interest capitalized is calculated using the Group\u2019s weighted average cost of borrowings. Interest is capitalized as from the commencement of the development work until the date of practical completion, i.e., when substantially all the development work is completed. The capitalization of finance costs is suspended if there are prolonged periods when development activity is interrupted. Interest is also capitalized on the purchase cost of a property acquired specifically for redevelopment, but only where activities necessary to prepare the asset for redevelopment are in progress .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-133": { "value": "C ASH AND CASH EQUIVALENTS Cash and cash equivalents in the statement of financial position comprise cash at bank and cash equivalents with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. F or the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash equivalents, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company\u2019s cash management. RENT AND OTHER RECEIVABLES Rent and other receivables are recognized at their original invoiced value except where the time value of money is material, in which case receivables are recognized at fair value and subsequently measured at amortized cost and are subject to impairment. For rent and other receivables, the Group applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-16": { "value": "C ASH AND CASH EQUIVALENTS Cash and cash equivalents in the statement of financial position comprise cash at bank and cash equivalents with an original maturity of three months or less, which are subject to an insignificant risk of changes in value. F or the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash equivalents, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company\u2019s cash management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-128": { "value": "RENT AND OTHER RECEIVABLES Rent and other receivables are recognized at their original invoiced value except where the time value of money is material, in which case receivables are recognized at fair value and subsequently measured at amortized cost and are subject to impairment. For rent and other receivables, the Group applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-19": { "value": "RENT AND OTHER RECEIVABLES Rent and other receivables are recognized at their original invoiced value except where the time value of money is material, in which case receivables are recognized at fair value and subsequently measured at amortized cost and are subject to impairment. For rent and other receivables, the Group applies a simplified approach in calculating expected credit losses. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime expected credit losses at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-18": { "value": "T RADE AND OTHER PAYABLES These amounts represent liabilities for goods and services provided to the Company prior to the end of the financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-20": { "value": "R EVENUE RECOGNITION Shurgard is in the business of operating self-storage facilities providing month-to-month rental agreements for business and personal use in scope of IFRS 16. We also provide ancillary services at our self-storage facilities consisting primarily of sales of storage products (such as storage boxes or locks, included in \u201cAncillary revenue\u201d) and protection of customers\u2019 stored goods (referred to as \u201cFee income from customer goods insurance\u201d). This fee income from providing coverage for customer goods has been assessed to be outside the scope of IFRS 17 and inside the scope of IFRS 15 because the contracts between Shurgard and the tenant do not transfer significant insurance risk between these two parties. Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Group concluded that it is the principal in all of its revenue arrangements, because it controls the goods or services before transferring them to the customer. RENTAL INCOME In the rental agreements with its customers, the Company is acting as the lessor in operating lease agreement. Rental income arising from such operating leases on investment property is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss due to its operating nature, except for contingent rental income which is recognized when it arises. Generally, the Group requires advance payments from new contracts (customers), and the proceeds received are deferred on the balance sheet under the caption \u201cDeferred rent\u201d. Initial direct costs incurred in negotiating and arranging an operating lease are recognized as an expense over the lease term on the same basis as the lease income. T enant lease incentives are recognized as a reduction of rental revenue on a straight-line basis over the term of the lease. The lease term is the non-cancelable period of the lease together with any further term for which the tenant has the option to continue the lease, where, at the inception of the lease, management is reasonably certain that the tenant will exercise that option. Typically, this has been assessed to be one month. A mounts received from tenants to terminate leases or to compensate for dilapidations are recognized in the statement of profit or loss when the right to receive them arises. FEE INCOME FROM CUSTOMER GOODS COVERAGE Fee income from providing coverage for customer goods is recognized on a straight-line basis over the period that a customer occupies its storage unit. SERVICE CHARGES, MANAGEMENT CHARGES AND OTHER EXPENSES RECOVERABLE FROM TENANTS Income arising from expenses recharged to tenants is recognized in the period in which the compensation becomes receivable. Service and management charges and other such receipts are included in real estate operating revenue gross of the related costs, as management considers that the Company acts as principal in this respect.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-69": { "value": "EM PLOYEE BENEFITS SHORT TERM EMPLOYEE BENEFITS Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Bonuses received by company employees and management are based on pre-defined Company and individual target achievements. The estimated amount of the bonus is recognized as an expense over the period the bonus is earned. PENSION BENEFITS A defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions and has no legal or constructive obligation to pay further contributions regardless of the performance of the funds held to satisfy future benefit payments. A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company has defined contribution plans in various countries in which it operates, whereby contributions by the Company are charged to real estate operating expense and general, administrative and other expenses in our consolidated statement of profit and loss in the period in which services are rendered by the covered employees. The defined contribution plans in Belgium include a legally guaranteed minimum return, which must be provided by the Group (based on the so-called \u201cLaw Vandenbroucke\u201d). The external insurance company that receives and manages all plan contributions does also provide a different return guarantee, which may be higher or lower than the one that must be provided by the Group. Therefore, these plans also have defined benefit plan features, as the Group is exposed to the investment and funding risk relating to the difference in returns, if any. For these plans, the projected unit credit method has been used as the actuarial technique to measure the defined benefit obligation, calculated by independent actuaries TERMINATION BENEFITS Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (i) when it can no longer withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-21": { "value": "EM PLOYEE BENEFITS SHORT TERM EMPLOYEE BENEFITS Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. Bonuses received by company employees and management are based on pre-defined Company and individual target achievements. The estimated amount of the bonus is recognized as an expense over the period the bonus is earned. PENSION BENEFITS A defined contribution plan is a post-employment benefit plan under which the Group pays fixed contributions and has no legal or constructive obligation to pay further contributions regardless of the performance of the funds held to satisfy future benefit payments. A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Company has defined contribution plans in various countries in which it operates, whereby contributions by the Company are charged to real estate operating expense and general, administrative and other expenses in our consolidated statement of profit and loss in the period in which services are rendered by the covered employees. The defined contribution plans in Belgium include a legally guaranteed minimum return, which must be provided by the Group (based on the so-called \u201cLaw Vandenbroucke\u201d). The external insurance company that receives and manages all plan contributions does also provide a different return guarantee, which may be higher or lower than the one that must be provided by the Group. Therefore, these plans also have defined benefit plan features, as the Group is exposed to the investment and funding risk relating to the difference in returns, if any. For these plans, the projected unit credit method has been used as the actuarial technique to measure the defined benefit obligation, calculated by independent actuaries . TERMINATION BENEFITS Termination benefits are payable when employment is terminated by the Company before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits at the earlier of the following dates: (i) when it can no longer withdraw the offer of those benefits; and (ii) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value. S HARE-BASED COMPENSATION The Group operates various equity-settled share-based compensation plans, under which the Company receives services from employees and senior executives as consideration for equity instruments (options) of the Group. T he cost of equity-settled compensation plans is determined by the fair value at the grant date of the awards using the Black-Scholes model. The cost is recognized, together with a corresponding increase in retained earnings in equity, over the period in which the service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as of the beginning and end of that period and is recognized in general administrative and other expenses. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-91": { "value": "
TER
MINATION BENEFITS
Termination benefits are payable when employment is terminated by the Company before the normal retirement
date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes
termination benefits at the earlier of the following dates: (i) when it can no longer withdraw the offer of those
benefits; and (ii) when the entity recognizes costs for a restructuring that is within the scope of IAS 37 and
involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy,
the termination benefits are measured based on the number of employees expected to accept the offer. Benefits
falling due more than 12 months after the end of the reporting period are discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-70": { "value": "
S
HARE-BASED COMPENSATION
The Group operates various equity-settled share-based compensation plans, under which the Company receives
services from employees and senior executives as consideration for equity instruments (options) of the Group.
T he cost of equity-settled compensation plans is determined by the fair value at the grant date of the awards using the Black-Scholes model. The cost is recognized, together with a corresponding increase in retained earnings in equity, over the period in which the service conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as of the beginning and end of that period and is recognized in general administrative and other expenses. No expense is recognized for awards that do not ultimately vest because non-market performance and/or service conditions have not been met ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-22": { "value": "IN COME TAX Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in OCI. Interest and penalties related to income taxes, including uncertain tax treatments, can be accounted for under IAS 12 Income taxes or under IAS 37 Provisions, Contingent Liabilities and Contingent Assets depending on the specific nature of the particular interest and penalties and whether the relevant law considered these interest and penalties as income taxes. CURRENT INCOME TAX The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statement of profit or loss and other comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are not taxable or tax deductible. T he Group\u2019s liability for current tax is calculated using tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. DEFERRED TAX Deferred tax is recognized for temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their corresponding tax basis used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profit will be available against which deductible temporary differences and tax losses carried forward can be utilized. Deferred tax assets and liabilities are not recognized when the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit or loss. F or taxable temporary differences associated with investments in subsidiaries and interests in joint arrangements: \u2022 Deferred tax liabilities are not recognized when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and \u2022 Deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The measurement of deferred tax reflects the tax consequences that would follow from the manner, in which the Group expects, at the reporting date, to recover or settle the carrying amount of assets and liabilities, at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. T he Group concluded that its investment properties are held with the objective to consume substantially all of the economic benefits embodied in the investment properties over time, rather than through sale, which is reflected in the measurement of deferred tax assets and liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-71": { "value": "
DEFERRED TAX
Deferred tax is recognized for temporary differences between the carrying amounts of assets and liabilities in
the consolidated financial statements and their corresponding tax basis used in the computation of taxable
profit.
D
eferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are
recognized to the extent that it is probable that taxable profit will be available against which deductible
temporary differences and tax losses carried forward can be utilized.
D
eferred tax assets and liabilities are not recognized when the temporary difference arises from the initial
recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the
time of the transaction, affects neither accounting profit nor taxable profit or loss.
F
or taxable temporary differences associated with investments in subsidiaries and interests in joint
arrangements:
\u2022 Deferred tax liabilities are not recognized when the timing of the reversal of the temporary
differences can be controlled and it is probable that the temporary differences will not reverse in
the foreseeable future; and
\u2022 Deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The measurement of deferred tax reflects the tax consequences that would follow from the manner, in which the Group expects, at the reporting date, to recover or settle the carrying amount of assets and liabilities, at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. T he Group concluded that its investment properties are held with the objective to consume substantially all of the economic benefits embodied in the investment properties over time, rather than through sale, which is reflected in the measurement of deferred tax assets and liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-24": { "value": "EARNINGS PER SHARE BASIC EARNINGS PER SHARE Basic earnings per share is calculated by dividing: \u2022 T he profit attributable to equity holders of the Company by; \u2022 The weighted average number of ordinary shares outstanding during the financial year, excluding treasury shares. DILUTED EARNINGS PER SHARE Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account: \u2022 Th e after-tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and \u2022 The weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares (including outstanding share options). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-23": { "value": "F AIR VALUE MEASUREMENTS The Group measures investment property and investment property under construction at fair value. Fair value related disclosures for items measured at fair value or where fair values are disclosed, are summarized in Notes 14 and 15: Investment property and investment property under construction. F air value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer, the liability takes place either: \u2022 I n the principal market for the asset or liability, or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability. The Company must be able to access the principal or the most advantageous market at the measurement date. T he fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. A ll assets and liabilities, for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy (described as follows), based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; \u2022 Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-92": { "value": "4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the Group\u2019s consolidated financial statements in conformity with IFRS requires us to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods . Est imates and assumptions The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. \u2022 Valuation of Investment Property The fair value of investment property and investment property under construction is determined by external real estate valuation experts using recognized valuation techniques and the principles of IFRS 13 Fair Value Measurement. The significant methods and assumptions used by valuers in estimating the fair value of investment property are set out in Note 15. \u2022 Share-based payments Estimating the fair value of share-based payment transactions requires determination of most appropriate inputs to the valuation model, including the expected life of the share option, volatility, etc. The significant assumptions applied are included in Note 23. Jud gements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: De termination regarding accounting treatment of acquisitions From time to time, the Group acquires entities that own real estate. At the time of acquisition, the Company considers whether such a transaction represents the acquisition of a business or the acquisition of an asset (a group of assets) for IFRS purposes. The Company accounts for an acquisition as a business combination when the integrated set which includes the property contains processes that have the ability to create output (mainly in the form of rental income). Judgement is required to make this determination and the Group applies the guidance included in IFRS 3 (as amendment) to supports its judgement. When the acquisition does not represent a business combination, it is accounted for as an acquisition of assets and liabilities. The cost of the acquisition is allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred tax (see Note 3) is recognized.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-112": { "value": "4. SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS The preparation of the Group\u2019s consolidated financial statements in conformity with IFRS requires us to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods
Est
imates and assumptions
The key estimates and assumptions concerning the future and other key sources of estimation uncertainty at
the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets
and liabilities within the next financial year, are described below. The Group based its assumptions and estimates
on parameters available when the consolidated financial statements were prepared. Existing circumstances and
assumptions about future developments, however, may change due to market changes or circumstances arising
that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur.
\u2022 Valuation of Investment Property
The fair value of investment property and investment property under construction is determined
by external real estate valuation experts using recognized valuation techniques and the principles
of IFRS 13 Fair Value Measurement. The significant methods and assumptions used by valuers in
estimating the fair value of investment property are set out in Note 15.
\u2022 Share-based payments
Estimating the fair value of share-based payment transactions requires determination of most
appropriate inputs to the valuation model, including the expected life of the share option, volatility,
etc. The significant assumptions applied are included in Note 23.
Jud
gements
In the process of applying the Group\u2019s accounting policies, management has made the following judgements,
which have the most significant effect on the amounts recognised in the consolidated financial statements:
De
termination regarding accounting treatment of acquisitions
From time to time, the Group acquires entities that own real estate. At the time of acquisition, the Company
considers whether such a transaction represents the acquisition of a business or the acquisition of an asset (a
group of assets) for IFRS purposes. The Company accounts for an acquisition as a business combination when
the integrated set which includes the property contains processes that have the ability to create output (mainly
in the form of rental income). Judgement is required to make this determination and the Group applies the
guidance included in IFRS 3 (as amendment) to supports its judgement. When the acquisition does not represent
a business combination, it is accounted for as an acquisition of assets and liabilities. The cost of the acquisition
is allocated to the assets and liabilities acquired based upon their relative fair values, and no goodwill or deferred
tax (see Note 3) is recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-93": { "value": "
5. REAL ESTATE OPERATING REVENUE
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Rental revenue
1
312,550
289,380
Fee income from customer goods insurance
2
33,683
32,075
Ancillary revenue
3
11,468
11,594
Property operating revenue
357,701
333,049
Other revenue
4
222
2,241
Real estate operating revenue
357,923
335,290
1 There were no contingent rentals with customers recognized during the year.
2 Fee income from providing customer goods coverage is in scope of IFRS 15 (Note 36).
3 Ancillary revenue consists of merchandise sales and other revenue from real estate operations.
4 Other revenue mainly consists of management fee revenue and other, non-recurring, income resulting from operations. For the year ended December 31, 2022,
other revenue includes \u20ac2.0 million compensation we received from the landlord of one of our German properties under leasehold that we abandoned .
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-103": { "value": "5. REAL ESTATE OPERATING REVENUE
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Rental revenue
1
312,550
289,380
Fee income from customer goods insurance
2
33,683
32,075
Ancillary revenue
3
11,468
11,594
Property operating revenue
357,701
333,049
Other revenue
4
222
2,241
Real estate operating revenue
357,923
335,290
1 There were no contingent rentals with customers recognized during the year. 2 Fee income from providing customer goods coverage is in scope of IFRS 15 (Note 36). 3 Ancillary revenue consists of merchandise sales and other revenue from real estate operations. 4 Other revenue mainly consists of management fee revenue and other, non-recurring, income resulting from operations. For the year ended December 31, 2022, other revenue includes \u20ac2.0 million compensation we received from the landlord of one of our German properties under leasehold that we abandoned .
8. OTHER EXPENSES
Other expenses for the year ended December 31, 2023 consists of \u20ac0.7 million non-recurring implementation
cost for our new ERP system, which in line with recently issued guidance by the IFRS Interpretation Committee
on implementation of SaaS solutions, has been fully expensed, and \u20ac0.2 million cost incurred in the November
2023 equity issuance (Note 21).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-121": { "value": "5. REAL ESTATE OPERATING REVENUE
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Rental revenue
1
312,550
289,380
Fee income from customer goods insurance
2
33,683
32,075
Ancillary revenue
3
11,468
11,594
Property operating revenue
357,701
333,049
Other revenue
4
222
2,241
Real estate operating revenue
357,923
335,290
1 There were no contingent rentals with customers recognized during the year. 2 Fee income from providing customer goods coverage is in scope of IFRS 15 (Note 36). 3 Ancillary revenue consists of merchandise sales and other revenue from real estate operations. 4 Other revenue mainly consists of management fee revenue and other, non-recurring, income resulting from operations. For the year ended December 31, 2022, other revenue includes \u20ac2.0 million compensation we received from the landlord of one of our German properties under leasehold that we abandoned ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-25": { "value": "5. REAL ESTATE OPERATING REVENUE
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Rental revenue
1
312,550
289,380
Fee income from customer goods insurance
2
33,683
32,075
Ancillary revenue
3
11,468
11,594
Property operating revenue
357,701
333,049
Other revenue
4
222
2,241
Real estate operating revenue
357,923
335,290
1 There were no contingent rentals with customers recognized during the year. 2 Fee income from providing customer goods coverage is in scope of IFRS 15 (Note 36). 3 Ancillary revenue consists of merchandise sales and other revenue from real estate operations. 4 Other revenue mainly consists of management fee revenue and other, non-recurring, income resulting from operations. For the year ended December 31, 2022, other revenue includes \u20ac2.0 million compensation we received from the landlord of one of our German properties under leasehold that we abandoned .", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-72": { "value": "5. REAL ESTATE OPERATING REVENUE
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Rental revenue
1
312,550
289,380
Fee income from customer goods insurance
2
33,683
32,075
Ancillary revenue
3
11,468
11,594
Property operating revenue
357,701
333,049
Other revenue
4
222
2,241
Real estate operating revenue
357,923
335,290
1 There were no contingent rentals with customers recognized during the year. 2 Fee income from providing customer goods coverage is in scope of IFRS 15 (Note 36). 3 Ancillary revenue consists of merchandise sales and other revenue from real estate operations. 4 Other revenue mainly consists of management fee revenue and other, non-recurring, income resulting from operations. For the year ended December 31, 2022, other revenue includes \u20ac2.0 million compensation we received from the landlord of one of our German properties under leasehold that we abandoned ", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-129": { "value": "6. REAL ESTATE OPERATING EXPENSE Real estate operating expense of investment property which generates property operating revenue consists of the following: (in \u20ac thousands) December 31, 2023 December 31, 2022 Payroll expense 42,138 42,151 Real estate and other taxes 19,313 16,834 Repairs and maintenance 13,280 10,913 Marketing expense 9,887 9,162 Utility expense 3,939 3,574 Doubtful debt expense 1 5,465 5,088 Cost of insurance and merchandise sales 2 4,556 5,289 Other operating expenses 2,3 21,892 20,810 Real estate operating expense 120,470 113,821 1 Doubtful debt expense for the year ended December 31, 2023 includes \u20ac4.6 million loss on debtors and \u20ac1.0 million collection fees and other expense. For the year ended December 31, 2022, doubtful debt expense included \u20ac4.1 million loss on debtors and \u20ac1.0 million collection fees and other expense. 2 For the year ended December 31, 2023, the aggregate of cost of insurance and merchandise sales and other operating expense included \u20ac2.8 million captive re-insurance revenue and \u20ac2.0 million captive re-insurance service expense in scope of IFRS 17. For the year ended December 31, 2022, the aggregate of cost of insurance and merchandise sales and other operating expense included \u20ac2.8 million captive re-insurance revenue and \u20ac2.2 million captive re-insurance service expense in scope of IFRS 17. 3 Other operating expenses mainly include travel expenses, legal and consultancy fees, insurance expenses, non-deductible VAT, information system expenses and property lease expenses. 7. GENERAL, ADMINISTRATIVE AND OTHER EXPENSES General, administrative and other expenses for the periods concerned consists of the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Payroll expense
12,211
11,982
Share-based compensation expense
4,183
3,899
Capitalization of internal time spent on development of
investment property
(4,233)
(3,831)
Depreciation and amortization expense
3,377
2,866
Other general and administrative expenses, net
1
10,423
7,599
General, administrative and other expenses
25,961
22,515
1 Other general and administrative expenses, net, mainly include legal, consultancy and audit fees and non-deductible VAT. The year-on-year increase in other general and administrative expense is mainly attributable to \u20ac3.1 million increased consultancy fee expense and \u20ac0.6 million increased abandoned project cost (to \u20ac1.6 million in 2023), partially offset by reductions in irrecoverable VAT, office tax and IS expense that on aggregate are a decrease of \u20ac0.9 million. 9. FINANCE COSTS Finance costs comprises the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Interest on revolving syndicated loan facility
498
500
Interest on term loan facility
2,570
-
Interest on senior guaranteed notes
18,724
18,714
Interest on lease obligations
3,585
2,852
Capitalized borrowing costs
1
(2,157)
(1,316)
Other interest expense
27
569
Interest expense
23,247
21,319
Foreign exchange loss
143
88
Finance costs
23,390
21,407
1 The capitalization rate of the borrowing costs was on average 2.53% and 2.34% in 2023 and 2022, respectively. We primarily capitalize these borrowing costs as investment property under construction (Note 14) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfAttributionOfExpensesByNatureToTheirFunctionExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-26": { "value": "6. REAL ESTATE OPERATING EXPENSE Real estate operating expense of investment property which generates property operating revenue consists of the following: (in \u20ac thousands) December 31, 2023 December 31, 2022 Payroll expense 42,138 42,151 Real estate and other taxes 19,313 16,834 Repairs and maintenance 13,280 10,913 Marketing expense 9,887 9,162 Utility expense 3,939 3,574 Doubtful debt expense 1 5,465 5,088 Cost of insurance and merchandise sales 2 4,556 5,289 Other operating expenses 2,3 21,892 20,810 Real estate operating expense 120,470 113,821 1 Doubtful debt expense for the year ended December 31, 2023 includes \u20ac4.6 million loss on debtors and \u20ac1.0 million collection fees and other expense. For the year ended December 31, 2022, doubtful debt expense included \u20ac4.1 million loss on debtors and \u20ac1.0 million collection fees and other expense. 2 For the year ended December 31, 2023, the aggregate of cost of insurance and merchandise sales and other operating expense included \u20ac2.8 million captive re-insurance revenue and \u20ac2.0 million captive re-insurance service expense in scope of IFRS 17. For the year ended December 31, 2022, the aggregate of cost of insurance and merchandise sales and other operating expense included \u20ac2.8 million captive re-insurance revenue and \u20ac2.2 million captive re-insurance service expense in scope of IFRS 17. 3 Other operating expenses mainly include travel expenses, legal and consultancy fees, insurance expenses, non-deductible VAT, information system expenses and property lease expenses. 7. GENERAL, ADMINISTRATIVE AND OTHER EXPENSES General, administrative and other expenses for the periods concerned consists of the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Payroll expense
12,211
11,982
Share-based compensation expense
4,183
3,899
Capitalization of internal time spent on development of
investment property
(4,233)
(3,831)
Depreciation and amortization expense
3,377
2,866
Other general and administrative expenses, net
1
10,423
7,599
General, administrative and other expenses
25,961
22,515
1 Other general and administrative expenses, net, mainly include legal, consultancy and audit fees and non-deductible VAT. The year-on-year increase in other general and administrative expense is mainly attributable to \u20ac3.1 million increased consultancy fee expense and \u20ac0.6 million increased abandoned project cost (to \u20ac1.6 million in 2023), partially offset by reductions in irrecoverable VAT, office tax and IS expense that on aggregate are a decrease of \u20ac0.9 million. 8. OTHER EXPENSES Other expenses for the year ended December 31, 2023 consists of \u20ac0.7 million non-recurring implementation cost for our new ERP system, which in line with recently issued guidance by the IFRS Interpretation Committee on implementation of SaaS solutions, has been fully expensed, and \u20ac0.2 million cost incurred in the November 2023 equity issuance (Note 21). 9. FINANCE COSTS Finance costs comprises the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Interest on revolving syndicated loan facility
498
500
Interest on term loan facility
2,570
-
Interest on senior guaranteed notes
18,724
18,714
Interest on lease obligations
3,585
2,852
Capitalized borrowing costs
1
(2,157)
(1,316)
Other interest expense
27
569
Interest expense
23,247
21,319
Foreign exchange loss
143
88
Finance costs
23,390
21,407
1 The capitalization rate of the borrowing costs was on average 2.53% and 2.34% in 2023 and 2022, respectively. We primarily capitalize these borrowing costs as investment property under construction (Note 14) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-94": { "value": "
7. GENERAL, ADMINISTRATIVE AND OTHER EXPENSES
General, administrative and other expenses for the periods concerned consists of the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Payroll expense
12,211
11,982
Share-based compensation expense
4,183
3,899
Capitalization of internal time spent on development of
investment property
(4,233)
(3,831)
Depreciation and amortization expense
3,377
2,866
Other general and administrative expenses, net
1
10,423
7,599
General, administrative and other expenses
25,961
22,515
1 Other general and administrative expenses, net, mainly include legal, consultancy and audit fees and non-deductible VAT. The year-on-year increase in other
general and administrative expense is mainly attributable to \u20ac3.1 million increased consultancy fee expense and \u20ac0.6 million increased abandoned project
cost (to \u20ac1.6 million in 2023), partially offset by reductions in irrecoverable VAT, office tax and IS expense that on aggregate are a decrease of \u20ac0.9 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-113": { "value": "8. OTHER EXPENSES Other expenses for the year ended December 31, 2023 consists of \u20ac0.7 million non-recurring implementation cost for our new ERP system, which in line with recently issued guidance by the IFRS Interpretation Committee on implementation of SaaS solutions, has been fully expensed, and \u20ac0.2 million cost incurred in the November 2023 equity issuance (Note 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-104": { "value": "
9. FINANCE COSTS
Finance costs comprises the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Interest on revolving syndicated loan facility
498
500
Interest on term loan facility
2,570
-
Interest on senior guaranteed notes
18,724
18,714
Interest on lease obligations
3,585
2,852
Capitalized borrowing costs
1
(2,157)
(1,316)
Other interest expense
27
569
Interest expense
23,247
21,319
Foreign exchange loss
143
88
Finance costs
23,390
21,407
1 The
capitalization rate of the borrowing costs was on average 2.53% and 2.34% in 2023 and 2022, respectively. We primarily capitalize these borrowing costs
as investment property under construction (Note 14) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-73": { "value": "9. FINANCE COSTS Finance costs comprises the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Interest on revolving syndicated loan facility
498
500
Interest on term loan facility
2,570
-
Interest on senior guaranteed notes
18,724
18,714
Interest on lease obligations
3,585
2,852
Capitalized borrowing costs
1
(2,157)
(1,316)
Other interest expense
27
569
Interest expense
23,247
21,319
Foreign exchange loss
143
88
Finance costs
23,390
21,407
1 The capitalization rate of the borrowing costs was on average 2.53% and 2.34% in 2023 and 2022, respectively. We primarily capitalize these borrowing costs as investment property under construction (Note 14) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-95": { "value": "9. FINANCE COSTS Finance costs comprises the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Interest on revolving syndicated loan facility
498
500
Interest on term loan facility
2,570
-
Interest on senior guaranteed notes
18,724
18,714
Interest on lease obligations
3,585
2,852
Capitalized borrowing costs
1
(2,157)
(1,316)
Other interest expense
27
569
Interest expense
23,247
21,319
Foreign exchange loss
143
88
Finance costs
23,390
21,407
1 The capitalization rate of the borrowing costs was on average 2.53% and 2.34% in 2023 and 2022, respectively. We primarily capitalize these borrowing costs as investment property under construction (Note 14) ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-114": { "value": "9. FINANCE COSTS Finance costs comprises the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Interest on revolving syndicated loan facility
498
500
Interest on term loan facility
2,570
-
Interest on senior guaranteed notes
18,724
18,714
Interest on lease obligations
3,585
2,852
Capitalized borrowing costs
1
(2,157)
(1,316)
Other interest expense
27
569
Interest expense
23,247
21,319
Foreign exchange loss
143
88
Finance costs
23,390
21,407
1 The capitalization rate of the borrowing costs was on average 2.53% and 2.34% in 2023 and 2022, respectively. We primarily capitalize these borrowing costs as investment property under construction (Note 14) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-124": { "value": "9. FINANCE COSTS Finance costs comprises the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Interest on revolving syndicated loan facility
498
500
Interest on term loan facility
2,570
-
Interest on senior guaranteed notes
18,724
18,714
Interest on lease obligations
3,585
2,852
Capitalized borrowing costs
1
(2,157)
(1,316)
Other interest expense
27
569
Interest expense
23,247
21,319
Foreign exchange loss
143
88
Finance costs
23,390
21,407
1 The capitalization rate of the borrowing costs was on average 2.53% and 2.34% in 2023 and 2022, respectively. We primarily capitalize these borrowing costs as investment property under construction (Note 14) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-134": { "value": "9. FINANCE COSTS Finance costs comprises the following:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Interest on revolving syndicated loan facility
498
500
Interest on term loan facility
2,570
-
Interest on senior guaranteed notes
18,724
18,714
Interest on lease obligations
3,585
2,852
Capitalized borrowing costs
1
(2,157)
(1,316)
Other interest expense
27
569
Interest expense
23,247
21,319
Foreign exchange loss
143
88
Finance costs
23,390
21,407
1 The capitalization rate of the borrowing costs was on average 2.53% and 2.34% in 2023 and 2022, respectively. We primarily capitalize these borrowing costs as investment property under construction (Note 14) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-74": { "value": "
10. INCOME TAX
INCOME TAX EXPENSE
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Current tax expense
29,419
30,311
Deferred tax income
(82,702)
155,924
Income tax (income) / expense
(53,283)
186,235
Profit before tax
481,120
761,836
Effective tax rate
1
N/A
2
 24.4%
1 The a
verage effective current income tax rates based on adjusted EPRA earnings before tax are disclosed in the Appendix on Alternative Performance Measures.
2 The effective tax rate is impacted by the Group's entry to the UK REIT regime as per March 1, 2023. Excluding the tax adjustment on entry to the UK REIT
regime, the effective tax rate would have been 22.4%.
Tax e
xpenses have been calculated in accordance with local and international tax laws. The tax expense on the
Group\u2019s consolidated profit (loss) before tax differs from the theoretical amount that would arise using the
domestic rate in each individual jurisdiction (on the pretax profits/losses) of the consolidated companies as
follows:
(in \u20ac thousands)
December 31, 2023
%
December 31, 2022
%
Profit before tax
481,120
761,836
Expected tax based on local tax rates
124,329
25.8
179,231
23.5
Disallowed expenses
452
0.0
1,255
0.2
Non-taxable income
(17,097)
(3.5)
(84)
0.0
Non recognition of deferred tax assets on current
(4,245)
(0.9)
4,285
0.6
year tax losses
Prior year adjustments and other changes to the
deferred tax balances
4,637
1.0
(10,043)
-1.3
Impact of changes to substantively enacted tax rates
(262)
0.0
11,581
1.5
Other (excluding the tax adjustment on entry to the
UK REIT regime)
54
0.0
10
0.0
Tax expense for the year
107,868
22.4
186,235
24.4
Tax adjustment on entry to the UK REIT regime
(161,151)
0
0.0
Tax expense for the year
(53,283)
186,235
24.4
\u201c Prior year adjustments and other changes to the deferred tax balances\u201d relate to events in the current reporting period and reflects the effect of changes in rules, facts or other factors compared with those used in establishing the current or deferred tax position in prior periods. For 2023, these adjustments mainly relate to Luxembourg (\u20ac9.1 million), Germany (-\u20ac4.7 million), the Netherlands (\u20ac1.0 million) and the United Kingdom (-\u20ac0.7 million). For 2022, they mainly were located in the United Kingdom (\u20ac8.7 million) and France (\u20ac1.1 million)
DEFE
RRED TAXES
The movement in deferred tax assets and liabilities during the year ended December 31, 2022 is as follows:
(Charged)/ Charged to
credited to the other
statement of comprehensive Credited
(in \u20ac thousands)
January 1, 2022
profit or loss income to equity December 31, 2022
Deferred tax assets:
Tax loss carry-forwards
6,760
(2,311)
(40)
-
4,409
Deductible temporary 817
3,029
(10)
-
3,836
differences
Total Deferred tax assets
7,577
718
(50)
-
8,245
Deferred tax liabilities:
Investment property
(647,070)
(155,879)
16,232
-
(786,717)
Other taxable temporary
(958)
(763)
-
71
(1,650)
differences
1
Total Deferred tax liabilities
(648,028)
(156,642)
16,232
71
(788,367)
Total Deferred Tax (640,451)
(155,924)
16,182
71
(780,122)
Asset/(Liabilities)
Reflected in our statement of
financial position as follows:
Deferred tax assets
1,723
-
-
-
972
Deferred tax liabilities
(642,174)
-
-
-
(781,094)
1 The amount recognized in equity relates to the share-based payment transaction which reflects the excess of the tax deductibility above the cumulative
expense recognized in accordance with IFRS 2.
Net d
eferred tax liabilities as of December 31, 2022 amount to \u20ac780.1 million, of which \u20ac4.4 million relates to
recognized tax losses carried forward and \u20ac786.7 million relates to deferred tax liabilities arisen from investment
property.
Main changes impacting the deferred tax liabilities on investment property are a substantial increase of deferred
tax liabilities related to our investment property, due to changes in their fair values (see Notes 14 and 15) .
Th
e movement in deferred tax assets and liabilities during the period ended December 31, 2023 is as follows:
(Charged)/
credited to
the Charged to
statement other Credited
of profit or comprehensive to
(in \u20ac thousands)
January 1, 2023
loss
income
equity
December 31, 2023
Deferred tax assets:
Tax loss carry-forwards
4,409
1,850
2
-
6,261
Deductible temporary
3,836
(1,481)
36
-
2,391
differences
Total Deferred tax assets
8,245
369
38
-
8,652
Deferred tax liabilities:
Investment property
(786,717)
83,484
(513)
-
(703,746)
Other taxable temporary
(1,650)
(1,151)
-
(50)
(2,851)
differences
1
Total Deferred tax liabilities
(788,367)
82,333
(513)
(50)
(706,597)
Total Deferred Tax
(780,122)
82,702
(475)
(50)
(697,945)
Asset/(Liabilities)
Reflected in our statement of
financial position as follows:
Deferred tax assets
972
-
-
-
891
Deferred tax liabilities
(781,094)
-
-
-
(698,836)
1 The amount recognized in equity relates to the share-based payment transaction which reflects the excess of the tax deductibility above the cumulative
expense recognized in accordance with IFRS 2.
Net deferred tax liabilities as of December 31, 2023 amount to \u20ac697.9 million, of which \u20ac6.3 million relates to
recognized tax losses carried forward and \u20ac703.7 million relates to deferred tax liabilities arisen from investment
property.
Main changes impacting the deferred tax liabilities on investment property are:
\u2022 An increase of deferred tax liabilities related to our investment property, due to changes in their
fair values (see Notes 15 and 16); and
\u2022 A decrease of deferred tax liabilities related to the UK REIT conversion in March 2023.
Def
erred tax assets and liabilities expressed in euros were also influenced by the exchange rate variations for
the EUR/GBP, EUR/DKK and EUR/SEK conversion rates.
Th
e Group recognized deferred tax assets arising from unused tax losses only to the extent that it is probable
that future taxable profit will be available or there are sufficient amounts of deferred tax liabilities against which
the tax losses can be utilized. The recognized deferred tax assets relating to unused tax losses amounted to
\u20ac6.3 million as of December 31, 2023.
For the period ended December 31, 2023, the Group has tax losses carried forward of \u20ac253.9 million (prior year:
\u20ac276.7 million), of which \u20ac42.2 million (prior year: \u20ac53.4 million) are subject to recapture rules. In total,
\u20ac211.7 million (prior year: \u20ac212.3 million) tax losses are available indefinitely for offsetting against future taxable
profits of the entities in which the losses arose.
N
o deferred tax assets have been recognized in respect of these losses, as currently it is not probable that
sufficient recurring future taxable profits will be available in the near future against which the Group can utilize
the losses.
If the Group were to recognize all unrecognized deferred tax assets, the profit would increase by \u20ac51.3 million
(prior year: \u20ac56.4 million).
No deferred tax liability was recognized on the unremitted earnings of subsidiaries. Management had no
intention to pay dividends or repatriate from its subsidiaries, and no tax is expected to be payable on them in
the foreseeable future. If all earnings were remitted, tax of \u20ac0.9 million for the period ended December 31, 2023
would be payable (\u20ac0.8 million for the year ended December 31, 2022).
As explained in Note 2, deferred tax assets and liabilities are measured at the tax rates that are expected to apply
to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period.
UK REIT
During the first quarter of 2023, Shurgard Self Storage S.A. migrated to Guernsey and was incorporated as
Shurgard Self Storage Ltd pursuant to Guernsey law and became a UK REIT on March 1, 2023. Since then, central
management and control of the Group is exercised through the Board of Directors of Shurgard Self Storage Ltd
located in the United Kingdom.
UK REITs are exempt from UK corporation tax on rental profits and capital gains arising from their UK property
business. As a result, there are no temporary differences and deferred tax liabilities within the REIT rules
recognized per December 31, 2023.
T
he change to a UK REIT is considered as a change of tax status, in which case IFRS requires that current and
deferred tax consequences are recognized in profit and loss for the period. Consequently, the Group recognized
a tax benefit of \u20ac161.2 million during 2023, which significantly impacts the effective tax rate per December 31,
2023. Excluding this impact, the effective tax rate would have been 22.4%.
Th
e directors are closely monitoring the requirements of being a UK REIT and Shurgard has complied with all
requirements to date. As a UK REIT, Shurgard is required to distribute 90% of its tax-exempt UK rental profits
(i.e., rental income from the UK property business). These profits form part of the total dividend the Group intends
to distribute to its shareholders.
Any other income and gains generated in the UK, which are not specifically derived from Shurgard\u2019s UK property
rental activities, are part of the \u201cresidual business\u201d and are subject to UK corporation tax rate of 25% (19% up
until April 1, 2023).
INTERNATIONAL TAX REFORM \u2013 PILLAR TWO MODEL RULES
The OECD/G20 Inclusive Framework on \u201cBase Erosion and Profit Shifting\u201d (\u201cBEPS\u201d) aims at addressing the
challenges arising from the digitalization of the global economy. To ensure that profits are taxed where economic
activities take place and value is created, the Inclusive Framework on BEPS proposes two so-called \u201cpillars\u201d:
\u2022 P
illar One applies to Multinational enterprises (\u201cMNEs\u201d) with global turnover above \u20ac20 billion and
profitability above 10% (i.e., profit before tax/revenue); while
\u2022 Pillar Two applies to MNEs with revenue in excess of \u20ac750 million per their consolidated financial
statements.
T
he Pillar Two \u201cGlobal anti-Base Erosion\u201d rules (\u201cGloBE Rules\u201d) in substance result in a system of top-up taxes
to ensure that the total amount of taxes paid by a MNE in a jurisdiction on its \u201cExcess Profit\u201d is at a minimum
rate.
D
uring July 2023, the government of the UK, being the country where the parent company of the Group is a tax
resident, enacted the implementation of the provisions of Pillar Two, which would be effective for the Group as
of January 1, 2024. Subsequently, several proposed amendments were published, which are subject to change
while passing through the parliamentary process and there is some uncertainty as to when the current draft bill
will be enacted into law.
B
elgium, Luxembourg, France, the Netherlands, Germany, Denmark and Sweden have all transposed the Pillar
Two rules in their local legislation per December 31, 2023, being effective for the Group as of January 1, 2024.
T
he Group is closely monitoring the legislative and administrative progress in the countries it is currently present,
to ensure it will be able to comply with the final legislation, with the uncertainties surrounding the Pillar Two
rules such as for example the basis on how revenue is determined in different jurisdictions.
Nonetheless, the Group has performed an assessment as regards (a) the transitional CbCR safe harbor relief rules
and (b) more detailed Pillar Two effective tax rate calculations of its potential exposure to Pillar Two, assuming
that it would surpass the revenue threshold of \u20ac750 million. This assessment is based on the most recent
financial information of the Group entities such as the latest available tax filings and the latest IFRS financial
information, determined as part of the preparation of the Group\u2019s consolidated financial statements, for 2023,
considering only adjustments that would have been required or allowed applying the enacted legislation.
B
ased on an impact assessment performed, the following conclusions were drawn:
\u2022 No Top-Up tax should arise in the UK, because (i) Shurgard Self-Storage Ltd. should qualify as an
excluded entity as it is the ultimate parent of the Shurgard group and is the principal member of a
group UK REIT and (ii) each of Shurgard Self-Storage Ltd.\u2019s UK subsidiaries should be regarded as
an investment entity as each is member of the Group UK REIT.
\u2022 The transitional CbCR safe harbour relief rules should be available for all jurisdictions outside the
UK.
\u2022 Furthermore, the Pillar Two effective tax rates in the jurisdictions in which the Group operates,
outside of the UK, are above 15%, where relevant.
Consequently, and based on the current legislator environment, the Group does not expect any material exposure
to Pillar Two top-up taxes. Note that as of December 31, 2023, the Group had unrecognized deferred tax assets,
mainly in connection with tax losses carried forward, for a total amount of approximately \u20ac53.8 million.
In
line with the amended IAS 12, Shurgard did not recognize or disclose any deferred tax assets or liabilities
related to Pillar Two.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-27": { "value": "10. INCOME TAX INCOME TAX EXPENSE
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Current tax expense
29,419
30,311
Deferred tax income
(82,702)
155,924
Income tax (income) / expense
(53,283)
186,235
Profit before tax
481,120
761,836
Effective tax rate
1
N/A
2
 24.4%
1 The average effective current income tax rates based on adjusted EPRA earnings before tax are disclosed in the Appendix on Alternative Performance Measures. 2 The effective tax rate is impacted by the Group's entry to the UK REIT regime as per March 1, 2023. Excluding the tax adjustment on entry to the UK REIT regime, the effective tax rate would have been 22.4%. Tax e xpenses have been calculated in accordance with local and international tax laws. The tax expense on the Group\u2019s consolidated profit (loss) before tax differs from the theoretical amount that would arise using the domestic rate in each individual jurisdiction (on the pretax profits/losses) of the consolidated companies as follows:
(in \u20ac thousands)
December 31, 2023
%
December 31, 2022
%
Profit before tax
481,120
761,836
Expected tax based on local tax rates
124,329
25.8
179,231
23.5
Disallowed expenses
452
0.0
1,255
0.2
Non-taxable income
(17,097)
(3.5)
(84)
0.0
Non recognition of deferred tax assets on current
(4,245)
(0.9)
4,285
0.6
year tax losses
Prior year adjustments and other changes to the
deferred tax balances
4,637
1.0
(10,043)
-1.3
Impact of changes to substantively enacted tax rates
(262)
0.0
11,581
1.5
Other (excluding the tax adjustment on entry to the
UK REIT regime)
54
0.0
10
0.0
Tax expense for the year
107,868
22.4
186,235
24.4
Tax adjustment on entry to the UK REIT regime
(161,151)
0
0.0
Tax expense for the year
(53,283)
186,235
24.4
\u201c Prior year adjustments and other changes to the deferred tax balances\u201d relate to events in the current reporting period and reflects the effect of changes in rules, facts or other factors compared with those used in establishing the current or deferred tax position in prior periods. For 2023, these adjustments mainly relate to Luxembourg (\u20ac9.1 million), Germany (-\u20ac4.7 million), the Netherlands (\u20ac1.0 million) and the United Kingdom (-\u20ac0.7 million). For 2022, they mainly were located in the United Kingdom (\u20ac8.7 million) and France (\u20ac1.1 million) . DEFE RRED TAXES The movement in deferred tax assets and liabilities during the year ended December 31, 2022 is as follows:
(Charged)/ Charged to
credited to the other
statement of comprehensive Credited
(in \u20ac thousands)
January 1, 2022
profit or loss income to equity December 31, 2022
Deferred tax assets:
Tax loss carry-forwards
6,760
(2,311)
(40)
-
4,409
Deductible temporary 817
3,029
(10)
-
3,836
differences
Total Deferred tax assets
7,577
718
(50)
-
8,245
Deferred tax liabilities:
Investment property
(647,070)
(155,879)
16,232
-
(786,717)
Other taxable temporary
(958)
(763)
-
71
(1,650)
differences
1
Total Deferred tax liabilities
(648,028)
(156,642)
16,232
71
(788,367)
Total Deferred Tax (640,451)
(155,924)
16,182
71
(780,122)
Asset/(Liabilities)
Reflected in our statement of
financial position as follows:
Deferred tax assets
1,723
-
-
-
972
Deferred tax liabilities
(642,174)
-
-
-
(781,094)
1 The amount recognized in equity relates to the share-based payment transaction which reflects the excess of the tax deductibility above the cumulative expense recognized in accordance with IFRS 2. Net deferred tax liabilities as of December 31, 2022 amount to \u20ac780.1 million, of which \u20ac4.4 million relates to recognized tax losses carried forward and \u20ac786.7 million relates to deferred tax liabilities arisen from investment property. Main changes impacting the deferred tax liabilities on investment property are a substantial increase of deferred tax liabilities related to our investment property, due to changes in their fair values (see Notes 14 and 15) Th e movement in deferred tax assets and liabilities during the period ended December 31, 2023 is as follows:
(Charged)/
credited to
the Charged to
statement other Credited
of profit or comprehensive to
(in \u20ac thousands)
January 1, 2023
loss
income
equity
December 31, 2023
Deferred tax assets:
Tax loss carry-forwards
4,409
1,850
2
-
6,261
Deductible temporary
3,836
(1,481)
36
-
2,391
differences
Total Deferred tax assets
8,245
369
38
-
8,652
Deferred tax liabilities:
Investment property
(786,717)
83,484
(513)
-
(703,746)
Other taxable temporary
(1,650)
(1,151)
-
(50)
(2,851)
differences
1
Total Deferred tax liabilities
(788,367)
82,333
(513)
(50)
(706,597)
Total Deferred Tax
(780,122)
82,702
(475)
(50)
(697,945)
Asset/(Liabilities)
Reflected in our statement of
financial position as follows:
Deferred tax assets
972
-
-
-
891
Deferred tax liabilities
(781,094)
-
-
-
(698,836)
1 The amount recognized in equity relates to the share-based payment transaction which reflects the excess of the tax deductibility above the cumulative expense recognized in accordance with IFRS 2. Net deferred tax liabilities as of December 31, 2023 amount to \u20ac697.9 million, of which \u20ac6.3 million relates to recognized tax losses carried forward and \u20ac703.7 million relates to deferred tax liabilities arisen from investment property. Main changes impacting the deferred tax liabilities on investment property are: \u2022 An increase of deferred tax liabilities related to our investment property, due to changes in their fair values (see Notes 15 and 16); and \u2022 A decrease of deferred tax liabilities related to the UK REIT conversion in March 2023. Def erred tax assets and liabilities expressed in euros were also influenced by the exchange rate variations for the EUR/GBP, EUR/DKK and EUR/SEK conversion rates. Th e Group recognized deferred tax assets arising from unused tax losses only to the extent that it is probable that future taxable profit will be available or there are sufficient amounts of deferred tax liabilities against which the tax losses can be utilized. The recognized deferred tax assets relating to unused tax losses amounted to \u20ac6.3 million as of December 31, 2023. For the period ended December 31, 2023, the Group has tax losses carried forward of \u20ac253.9 million (prior year: \u20ac276.7 million), of which \u20ac42.2 million (prior year: \u20ac53.4 million) are subject to recapture rules. In total, \u20ac211.7 million (prior year: \u20ac212.3 million) tax losses are available indefinitely for offsetting against future taxable profits of the entities in which the losses arose. N o deferred tax assets have been recognized in respect of these losses, as currently it is not probable that sufficient recurring future taxable profits will be available in the near future against which the Group can utilize the losses. If the Group were to recognize all unrecognized deferred tax assets, the profit would increase by \u20ac51.3 million (prior year: \u20ac56.4 million). No deferred tax liability was recognized on the unremitted earnings of subsidiaries. Management had no intention to pay dividends or repatriate from its subsidiaries, and no tax is expected to be payable on them in the foreseeable future. If all earnings were remitted, tax of \u20ac0.9 million for the period ended December 31, 2023 would be payable (\u20ac0.8 million for the year ended December 31, 2022). As explained in Note 2, deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. UK REIT During the first quarter of 2023, Shurgard Self Storage S.A. migrated to Guernsey and was incorporated as Shurgard Self Storage Ltd pursuant to Guernsey law and became a UK REIT on March 1, 2023. Since then, central management and control of the Group is exercised through the Board of Directors of Shurgard Self Storage Ltd located in the United Kingdom. UK REITs are exempt from UK corporation tax on rental profits and capital gains arising from their UK property business. As a result, there are no temporary differences and deferred tax liabilities within the REIT rules recognized per December 31, 2023. T he change to a UK REIT is considered as a change of tax status, in which case IFRS requires that current and deferred tax consequences are recognized in profit and loss for the period. Consequently, the Group recognized a tax benefit of \u20ac161.2 million during 2023, which significantly impacts the effective tax rate per December 31, 2023. Excluding this impact, the effective tax rate would have been 22.4%. Th e directors are closely monitoring the requirements of being a UK REIT and Shurgard has complied with all requirements to date. As a UK REIT, Shurgard is required to distribute 90% of its tax-exempt UK rental profits (i.e., rental income from the UK property business). These profits form part of the total dividend the Group intends to distribute to its shareholders. Any other income and gains generated in the UK, which are not specifically derived from Shurgard\u2019s UK property rental activities, are part of the \u201cresidual business\u201d and are subject to UK corporation tax rate of 25% (19% up until April 1, 2023). INTERNATIONAL TAX REFORM \u2013 PILLAR TWO MODEL RULES The OECD/G20 Inclusive Framework on \u201cBase Erosion and Profit Shifting\u201d (\u201cBEPS\u201d) aims at addressing the challenges arising from the digitalization of the global economy. To ensure that profits are taxed where economic activities take place and value is created, the Inclusive Framework on BEPS proposes two so-called \u201cpillars\u201d: \u2022 P illar One applies to Multinational enterprises (\u201cMNEs\u201d) with global turnover above \u20ac20 billion and profitability above 10% (i.e., profit before tax/revenue); while \u2022 Pillar Two applies to MNEs with revenue in excess of \u20ac750 million per their consolidated financial statements. T he Pillar Two \u201cGlobal anti-Base Erosion\u201d rules (\u201cGloBE Rules\u201d) in substance result in a system of top-up taxes to ensure that the total amount of taxes paid by a MNE in a jurisdiction on its \u201cExcess Profit\u201d is at a minimum rate. D uring July 2023, the government of the UK, being the country where the parent company of the Group is a tax resident, enacted the implementation of the provisions of Pillar Two, which would be effective for the Group as of January 1, 2024. Subsequently, several proposed amendments were published, which are subject to change while passing through the parliamentary process and there is some uncertainty as to when the current draft bill will be enacted into law. Belgium, Luxembourg, France, the Netherlands, Germany, Denmark and Sweden have all transposed the Pillar Two rules in their local legislation per December 31, 2023, being effective for the Group as of January 1, 2024. T he Group is closely monitoring the legislative and administrative progress in the countries it is currently present, to ensure it will be able to comply with the final legislation, with the uncertainties surrounding the Pillar Two rules such as for example the basis on how revenue is determined in different jurisdictions. Nonetheless, the Group has performed an assessment as regards (a) the transitional CbCR safe harbor relief rules and (b) more detailed Pillar Two effective tax rate calculations of its potential exposure to Pillar Two, assuming that it would surpass the revenue threshold of \u20ac750 million. This assessment is based on the most recent financial information of the Group entities such as the latest available tax filings and the latest IFRS financial information, determined as part of the preparation of the Group\u2019s consolidated financial statements, for 2023, considering only adjustments that would have been required or allowed applying the enacted legislation. B ased on an impact assessment performed, the following conclusions were drawn: \u2022 No Top-Up tax should arise in the UK, because (i) Shurgard Self-Storage Ltd. should qualify as an excluded entity as it is the ultimate parent of the Shurgard group and is the principal member of a group UK REIT and (ii) each of Shurgard Self-Storage Ltd.\u2019s UK subsidiaries should be regarded as an investment entity as each is member of the Group UK REIT. \u2022 The transitional CbCR safe harbour relief rules should be available for all jurisdictions outside the UK. \u2022 Furthermore, the Pillar Two effective tax rates in the jurisdictions in which the Group operates, outside of the UK, are above 15%, where relevant. Consequently, and based on the current legislator environment, the Group does not expect any material exposure to Pillar Two top-up taxes. Note that as of December 31, 2023, the Group had unrecognized deferred tax assets, mainly in connection with tax losses carried forward, for a total amount of approximately \u20ac53.8 million. In line with the amended IAS 12, Shurgard did not recognize or disclose any deferred tax assets or liabilities related to Pillar Two. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-28": { "value": "11. SEGMENT INFORMATION For earnings from investment property, discrete financial information is provided on an operating segment basis to the CODM. The individual properties are aggregated into operating segments which are defined as the individual countries where Shurgard owns or leases properties. The same store facilities segment for a given year comprises stores in operations since more than three full years as of January 1 of that year in case of self-developed properties or stores in operations for one full year as of January 1 of that year in case the properties have been acquired. The non-same store facilities segment comprises any other self-storage facilities that we operate. The operating segments (individual countries where the Group operates properties, split between same store facilities and non-same store facilities) have been aggregated into two reportable segments which reflect the significant components of our operations. Therefore, we present our self-storage operations in two reportable segments: \u201cthe same store facilities\u201d and \u201cthe non-same store facilities\u201d because we believe that the individual countries exhibit similar economic characteristics and the operations are similar with respect to their main elements (e.g.: nature of products and services offered, the class of customers, the distribution method). On an annual basis, the composition of the \u2018same stores\u2019 and \u2018non-same stores\u2019 changes based on the reclassification of the stores from non-same stores to same stores in line with the period of operation. Following the change in composition of its reportable segments, the Group presents comparative information consistent with the current year classification as \u201csame store\u201d or \u201cnon-same\u201d stores. As of December 31, 2023, the Company operated 276 self-storage properties (267 self-storage facilities as of December 31, 2022). Based on these criteria, 240 self-storage stores met the same store definition. The non-same store facilities segment comprises any other self-storage facilities (36) that we have acquired or self-developed. Royalty fee expense, valuation gain and loss from investment property and investment property under construction, depreciation expense, acquisition costs on business combinations, general, administrative and other expenses, gain/loss on disposal of investment property and assets held for sale, finance costs and income tax expense are not reported to the CODM on a segment basis. The CODM does not receive or review assets or liabilities on a segment basis. However, a breakdown of non- current assets by country is nevertheless presented. The below table sets forth segment data for the year ended December 31, 2023 and 2022 based on the 2023 same store/non-same store definition:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Same store facilities
329,595
316,574
Non-same store facilities
28,106
16,475
Property operating revenue
357,701
333,049
Same store facilities
222,829
211,512
Non-same store facilities
14,402
7,716
Income from property (NOI)
237,231
219,228
Th e following table sets forth the reconciliation of income from property (\u201cNOI\u201d) as presented in the above segment table and Net income from real estate operations presented in consolidated statement of profit and loss:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Income from property (NOI)
237,231
219,228
Add: Other revenue
1
222
2,241
Net income from real estate operations
237,453
221,469
1 Other revenue comprises management fee revenue from self storage and other income resulting from operations. For the year ended December 31, 2022, other revenue included a \u20ac2.0 million compensation we received from the landlord of one of our German properties under leasehold that we abandoned at the end of November 2022 SEGMENT INFORMATION BY COUNTRY FOR THE YEAR ENDED DECEMBER 31, 2023
(in \u20ac thousands)
France
The
UK
Sweden
Germany
Belgium
Denmark
Total
Netherlands
Same store facilities
78,241
71,362
64,332
44,642
28,340
26,890
15,788
329,595
Non-same store facilities
7,137
6,040
6,837
1,469
6,623
-
-
28,106
Property operating revenue
85,378
77,402
71,169
46,111
34,963
26,890
15,788
357,701
Same store facilities
50,000
50,858
40,395
31,978
20,062
18,232
11,304
222,829
Non-same store facilities
2,307
4,204
3,953
667
3,271
-
-
14,402
Income from property
52,307
55,062
44,348
32,645
23,333
18,232
11,304
237,231
Investment property
1,107,360
1,020,525
1,092,438
649,847
547,025
292,279
220,345
4,929,819
Investment property under
construction
-
3,673
53,548
-
48,730
-
-
105,951
Property, plant and equipment and
intangible assets
413
127
110
95
149
9,245
-
10,139
Deferred tax assets
-
-
74
2
760
55
-
891
Other non-current assets
1
849
279
122
37
5,082
2,591
17
8,977
Non-current assets
1,108,622
1,024,604
1,146,292
649,981
601,746
304,170
220,362
5,055,777
1 Other non-current assets for Germany as of December 31, 2023 includes \u20ac5.0 million that we paid in escrow for an acquisition we plan to finalize in the first half of 2024. The reduction in Other non-current assets for the Netherlands compared to December 2022 is due to the reclassification during FY 2023 of \u20ac9.6 million receivable from the sale of one of our Dutch properties to Other current assets. We will recover the amount when we vacate the building, which is estimated to occur in the first half of 2024. SEGMENT INFORMATION BY COUNTRY FOR THE YEAR ENDED DECEMBER 31, 2022
(in \u20ac thousands) France The
UK
Sweden
Germany
Belgium
Denmark
Total
Netherlands
Same store facilities
75,327
65,820
61,207
48,327
25,471
25,033
15,389
316,574
Non-same store facilities
4,268
2,899
4,686
112
4,510
-
-
16,475
Property operating revenue
79,595
68,719
65,893
48,439
29,981
25,033
15,389
333,049
Same store facilities
47,552
46,149
38,685
34,983
17,167
16,346
10,630
211,512
Non-same store facilities
1,212
2,064
2,525
48
1,867
-
-
7,716
Income from property
48,764
48,213
41,210
35,031
19,034
16,346
10,630
219,228
Non-current assets as of December 31, 2022
Investment property
1,040,689
894,516
980,742
641,609
426,466
277,131
208,419
4,469,572
Investment property under
12,164
8,630
26,104
-
7,319
-
-
54,217
construction
Property, plant and equipment and
intangible assets
480
253
78
162
234
8,251
8
9,466
Deferred tax assets
-
384
-
28
-
560
-
972
Other non-current assets
705
9,819
161
33
8
584
16
11,326
Non-current assets
1,054,038
913,602
1,007,085
641,832
434,027
286,526
208,443
4,545,553
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-29": { "value": "12. ACQUISITION OF PROPERTIES 2022 ACQUISITIONS In the first six months of 2022, the Group acquired a self-storage property in the UK. In the second half of 2022, the Group acquired two self-storage properties in the Netherlands, one property in France, and three properties in Sweden. As part of the transaction the Group acquired other net current assets for \u20ac0.2 million. These acquisitions have been accounted for as acquisitions of assets, with the acquisition cost (total of \u20ac80.3 million, including \u20ac3.8 million of capitalized transaction costs) being allocated to the individual identifiable assets and liabilities (if any) based on their relative fair values at the date of purchase. 2023 ACQUISITIONS In the second half of 2023, the Group acquired in Germany five operating self-storage properties, two properties under development and a parcel of land held for sale. As part of the transaction the Group acquired other net current assets for \u20ac0.3 million. This acquisition has been accounted for as acquisitions of assets, with the acquisition cost (total of \u20ac69.1 million, including \u20ac1.1 million of capitalized transaction costs, \u20ac0.5 million assets subsequently classified as held for sale and \u20ac0.3 million other assets and liabilities) being allocated to the individual identifiable assets and liabilities (if any) based on their relative fair values at the date of purchase.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-30": { "value": "13. EARNINGS PER SHARE (\u201cEPS\u201d) The table below provides a summarized overview of the Company\u2019s Earnings per share:
(in \u20ac thousands, except for earnings per share)
December 31, 2023
December 31, 2022
Earnings per share (basic) \u20ac
5.91
6.45
Earnings per share (diluted) \u20ac
5.89
6.40
The basis of calculation of each of the above measures set out above, are illustrated below. EARNINGS PER SHARE The following tables reflect the income and share data used in the basic and diluted EPS computations:
(in \u20ac thousands, except for shares and earnings per share)
December 31, 2023
December 31, 2022
Profit attributable to ordinary equity holders of the parent
533,313
574,284
for basic earnings
Weighted average number of ordinary shares for basic EPS
90,213,362
89,096,132
Earnings per share (basic) \u20ac
5.91
6.45
E ffect of dilution:
(in \u20ac thousands, except for shares and earnings per share)
December 31, 2023
December 31, 2022
Profit attributable to ordinary equity holders of the parent
533,313
574,284
for dilutive earnings
Weighted average number of ordinary shares for basic EPS
90,213,362
89,096,132
Dilutive effect from share options
317,682
610,056
Weighted average number of ordinary shares adjusted for the
effect of dilution
90,531,043
89,706,188
Earnings per share (diluted) \u20ac
5.89
6.40
There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of authorization of these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-31": { "value": "14. INVESTMENT PROPERTY AND INVESTMENT PROPERTY UNDER CONSTRUCTION The table below sets forth the movement in completed investment property and investment property under construction.
Investment Total Investment
Completed property completed property Total
investment ROU investment under investment
property assets property construction property
(in \u20ac thousands)
Level 3
Level 3
Level 3
Level 3 (
2
)
Level 3
December 31, 2022
As of January 1, 2022
3,734,195
83,040
3,817,235
29,832
3,847,067
Exchange rate differences
(98,947)
(1,726)
(100,673)
(862)
(101,535)
Addition of ROU assets
1
-
12,001
12,001
-
12,001
Remeasurement of ROU assets
1
-
5,455
5,455
-
5,455
Transfers for new development
51,654
-
51,654
(51,654)
-
Capital expenditure
3
37,105
-
37,105
75,472
112,577
Acquisition of investment property
4
76,310
-
76,310
-
76,310
Disposals
(14,267)
-
(14,267)
-
(14,267)
Net gain (loss) of fair value adjustment
588,311
(3,559)
584,752
1,429
586,181
As of December 31, 2022
4,374,361
95,211
4,469,572
54,217
4,523,789
December 31, 2023
As of January 1, 2023
4,374,361
95,211
4,469,572
54,217
4,523,789
Exchange rate differences
21,125
205
21,330
643
21,973
Addition of ROU assets
1
-
833
833
-
833
Remeasurement of ROU assets
1
-
13,671
13,671
-
13,671
Transfers for new development
43,081
-
43,081
(43,081)
-
Capital expenditure
49,888
-
49,888
63,930
113,818
Acquisition of investment property
4
57,900
-
57,900
9,436
67,336
Net gain (loss) of fair value adjustment
277,087
(3,543)
273,544
20,806
294,350(
5
)
As of December 31, 2023
4,823,442
106,377
4,929,819
105,951
5,035,770
1 At initi al recognition, the Right of Use (ROU) assets are recognized for an equal amount as the related lease liabilities. Remeasurements of ROU assets mainly consist of the effect of yearly indexations of our lease agreements. 2 The Group measures its investment property under construction at cost where cost is deemed to be a reasonable approximation of fair value. As of December 31, 2023, investment property under construction includes \u20ac89.9 million that are measured at fair value and \u20ac16.0 million that are measured at cost, as a reasonable approximation of fair value. 3 For the year ended December 31, 2023, capital expenditure includes \u20ac4.2 million capitalized internal time spent and \u20ac2.2 million capitalized interest and \u20ac1.1 million capitalized transaction costs we incurred on our acquisition. For the year ended December 31, 2022, capital expenditure included \u20ac3.8 million capitalized internal time spent, \u20ac1.3 million capitalized interest and \u20ac2.8 million capitalized transaction costs we incurred on our acquisitions. 4 In 2023, we acquired five self-storage facilities and two facilities under development located in Germany, with an IP and IPUC value of \u20ac67.1 million. This acquisition has been accounted for as acquisition of assets, whereby the cost of the acquisition has been allocated to the individual identifiable assets and liabilities based on their relative fair values at the date of purchase (See Note 1 and Note 12) In accordance with the agreed terms and conditions, the Company paid in 2023 a \u20ac0.2 million supplement on the purchase price it paid for properties that it acquired in Sweden in the last quarter of 2022. 5 Valuation gain from investment property and investment property under construction and gain on disposal of \u20ac294,350 for 2023 presented in our consolidated statement of profit and loss includes \u20ac1 gain on disposal of ROU assets. Recon ciliation of completed investment property and investment property under construction values calculated by our external valuer with value of completed investment property and investment property under construction disclosed for financial reporting purposes:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Market value of completed investment property and investment
4,910,375
4,353,121
property under construction estimated by the external valuer
Properties acquired valued at their acquisition cost
-
53,726
Projects under pre-development valued at historical cost
16,042
18,642
Addition of lease obligations recognized separately
2,976
3,089
Fair value for financial reporting purposes
1
4,929,393
4,428,578
1 Fair values for financial reporting purposes exclude Investment property ROU assets (\u20ac106.4 million in 2023 and \u20ac95.2 million in 2022). Using the Discounted Cash Flows (\u201cDCF\u201d) method, fair value is estimated using assumptions regarding the benefits and liabilities of ownership over the asset\u2019s life including an exit or terminal value. This method involves the projection of a series of cash flows on a real estate property interest. To this projected cash flow series, an appropriate, market derived discount rate is applied to establish the present value of the income stream associated with the asset. Finally, an exit yield is determined, which differs from the discount rate to determine any terminal value, if any. The duration of the cash flow and the specific timing of inflows and outflows are determined by events such as rent reviews, lease renewal and related re-letting, redevelopment, or refurbishment. The appropriate duration is typically driven by market behavior that is a characteristic of the class of real estate property. Periodic cash flow is typically estimated as gross income less vacancy, non-recoverable expenses, collection losses, lease incentives, maintenance cost, agent and commission costs and other operating and management expenses. The series of periodic net operating income, along with an estimate of the terminal value anticipated at the end of the projection period, if any, is then discounted. Except for the valuation of the Investment Property right-of-use asset, the valuations were performed by Cushman and Wakefield (\u201dC&W\u201d), an accredited independent valuer with a recognized and relevant professional qualification and with recent experience in the locations and categories of the investment property being valued. The valuation models in accordance with those recommended by the International Valuation Standards Committee have been applied and are consistent with the principles in IFRS 13 for the period ended December 31, 2023 as compared to the year ended December 31, 2022. 16. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS Property, plant and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which we operate.
Total
property,
ROU plant and Intangible
(in \u20ac thousands)
Building
1
Equipment
1
assets
2
equipment
assets
3
Historical cost
As of January 1, 2023
1,578
5,663
3,613
10,854
17,953
Additions
-
117
623
740
3,304
Remeasurements
-
-
22
22
-
Disposals
-
-
(206)
(206)
(3,385)
Exchange rate differences
-
1
2
3
-
As of December 31, 2023
1,578
5,781
4,054
11,413
17,872
Depreciation and impairment
As of January 1, 2023
(724)
(5,238)
(2,155)
(8,117)
(11,224)
Depreciation and amortization charge of the
period
(57)
(257)
(687)
(1,001)
(2,376)
Disposals
-
-
190
190
3,385
Exchange rate differences
(1)
(1)
(1)
(3)
-
As of December 31, 2023
(782)
(5,496)
(2,653)
(8,931)
(10,215)
Net book value
As of December 31, 2023
796
285
1,401
2,482
7,657
As of January 1, 2023
854
425
1,458
2,737
6,729
1 Building and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which we operate. 2 Right-of-use assets mainly relates to company cars and offices we lease. These assets were recognized in exchange for an equal amount of additional lease liabilities. 3 Intangible assets consists of capitalized computer software 27. LEASES Shurgard leases various investment properties with an aggregate fair value of \u20ac825.4 million as of December 31, 2023 (\u20ac703.2 million as of December 31, 2022). The Company repaid in 2023 \u20ac4.3 million in lease liabilities, paid \u20ac3.6 million in interest expense on lease liabilities and \u20ac0.4 million in lease amounts for contracts with maturity of less than one year and low-value leases, representing a total cash outflow of \u20ac8.3 million (a total cash outflow of \u20ac7.8 million in 2022). The expense relating to short-term leases, low value leases and variable lease payments not included in the measurement of the lease liabilities is not material for 2023 or any future years for us. There are no material lease commitments for leases not commenced at year-end. T he lease contracts where Shurgard is acting as lessor consist of month-to-month rental agreements that are classified as operating leases. Rental revenues do not include material contingent rental income. F or the other relevant information regarding our leases, we refer to Notes 14 (for right-of-use assets classified as investment property), 16 (for right-of-use assets classified as property, plant and equipment) and 27 (movement schedule of the lease liability).", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-75": { "value": "
15. FAIR VALUE MEASUREMENT \u2013 INVESTMENT PROPERTY
C&W\u2019s external valuation has been carried out in accordance with the RICS Valuation \u2013 Global Standards which
incorporate the International Valuation Standards (\u201cIVS\u201d), published by The Royal Institution of Chartered
Surveyors (\u201cthe RICS Red Book\u201d). The valuation of each of the investment properties and the investment
properties under construction has been prepared on the basis of Fair Value as a fully equipped operational entity,
having regard to trading potential (as appropriate).
VALUE
R DISCLOSURE REQUIREMENTS
C&W\u2019s valuation has been provided for reporting purposes and as such, is a Regulated Purpose Valuation as
defined in the Red Book. In compliance with the disclosure requirements of the Red Book, C&W has confirmed
that:
C&W ha s carried out bi-annual valuations for this purpose in an independent way since the financial year ending December 31, 2015; \u2022 In relation to the preceding financial year of C&W, the proportion of the total fees payable by the Group to the total fee income of the firm is less than 5.0%; and \u2022 The fee payable to C&W is a fixed amount per property and is not contingent on the appraised value. Outs ide of the subject portfolio, C&W has, and may continue to do so going forward, provided Shurgard with valuation advice in relation to potential acquisitions. MARKET CONDITIONS AND UNCERTAINTY Our valuation is not reported as being subject to \u201cmaterial valuation uncertainty\u201d as defined by VPS 3 and VPGA 10 of the RICS Valuation \u2013 Global Standards. CURRENCY AND AGGREGATE VALUES REPORTED C&W\u2019s valuation report confirms that each property has been valued individually in local currency. C&W\u2019s valuation report then converts each property valuation to a euro amount at the spot exchange rates provided by the Company. The total value reported in euro is the aggregate amount for each individual value reported in euro. VALUA TION METHODOLOGY AND ASSUMPTIONS C&W has adopted different approaches for the valuation of the leasehold and freehold assets as follows: FREEHOLD AND LONG LEASEHOLD The valuation is based on a discounted cash flow of the net operating income over a 10-year period and a notional sale of the asset at the end of the tenth year. Assump tions: The following assumptions have been applied by C&W for the valuation of our investment properties for the periods concerned:
December 31, 2023
December 31, 2022
Stabilized occupancy
1
91.39%
91.14%
Average time to stabilization
1
(months)
6.41
4.77
Weighted average exit capitalization rate
2
5.22%
5.19%
Weighted average annual discount rate
3
8.27%
8.21%
Average rental growth rate year 1
4
2.57%
2.57%
1 Stab ilized occupancy is the projected occupancy level once stores reach maturity, weighted by rentable sqm and excluding IPUC. 2 The exit capitalization rate comprises prime cap rates based on observed market transactions, adjusted for property specific elements such as tenure, location, condition of building, etc. The exit capitalization rate is applied to year 10 cash flows in determining the terminal value of each property. 3 Pre-tax discount rate used to discount the future cash flows of each property. 4 Average rental growth rate year 1 is the average projected rental growth of all properties for the year following the reporting period. On December 31, 2023, the increase in fair value of investment properties was mainly driven by an increase of our operating cash flows, combined with capital expenditures during the year of \u20ac113.8 million. Purchaser\u2019s costs in the range of approximately 6% to 12.5% have been assumed initially, reflecting the stamp duty levels anticipated in each local market, and sales plus purchaser\u2019s costs totaling approximately 6% to 12.5% are assumed on the notional sales in the tenth year in relation to freehold and long leasehold stores. Both assumptions are unchanged compared to December 31, 2022.
S
HORT LEASEHOLDS
The same methodology has been used as for freeholds, except that no sale of the assets in the tenth year is
assumed but the discounted cash flow continues until the expiry of the lease.
T
he Group operates a number of short leases where there is an assumption that the Group has the sole discretion
and will extend the current agreements for a significant number of years. These have been valued on the same
basis as the freehold and long leasehold assets due to their security of tenure arrangements and the potential
compensation provisions in the event of the landlord wishing to take possession at expiry. The capitalization
rates on these properties reflect the risk not extending the lease at expiration date.
I
NVESTMENT PROPERTIES UNDER CONSTRUCTION
C&W has valued the properties in development using the same methodology as set out above but based on the
cash flow projection expected for the property at opening and allowing for the outstanding costs to take each
property from its current state to completion and full fit out. C&W has allowed for carry costs and construction
contingency, as appropriate.
C
HANGES IN VALUATION TECHNIQUES
There were no other changes in valuation techniques during the periods concerned.
H
IGHEST AND BEST USE
For all investment property that is measured at fair value, the current use of the property is considered the
highest and best use.
FAIR VALUE HIERARCHY
Based on the significant unobservable inputs to the DCF method used for determining the fair value of all our
investment property and investment property under construction that we recognized in our statement of
financial position as of December 31, 2023 and 2022, our investment property is a Level 3 fair market value
measurement, and for the periods concerned, there have been no transfers to or from Level 3.
T
he geographical split of our investment property and investment property under construction is set forth in
Note 11.
Unrealized gains and (losses) for recurring fair value measurements relating to investment property and
investment property under construction held at the end of the reporting period categorized within Level 3 of the
fair value hierarchy amount to \u20ac294.4 million in 2023 and \u20ac586.2 million in 2022 and are presented in the
consolidated statement of profit and loss in the line-item \u201cValuation (loss) gain from investment property and
investment property under construction\u201d.
S
ENSITIVITY OF THE VALUATION TO ASSUMPTIONS
All other factors being equal, higher net operating income would lead to an increase in the valuation of a property
and an increase in the capitalization rate or discount rate would result in a lower valuation, and vice versa. Higher
assumptions for stabilized occupancy, absorption rate, rental rate and other revenue, and a lower assumption
for operating costs, would result in an increase in projected net operating income, and thus an increase in
valuation.
F
or the year ended December 31, 2023, all other factors being equal, the effect of changes in the following key
variables on the valuation of our property portfolio is as follows:
(in \u20ac thousands) Amount increase % change
(decrease) valuation
One hundred basis points increase in occupancy rates
80,556
1.6%
One hundred basis points decrease in occupancy rates
(72,228)
-1.5%
Twenty- five basis points increase (real) in both discount and capitalization rate
(213,052)
-4.3%
Twenty-five basis points decrease (real) in both discount and capitalization rate
236,095
4.8%
One hundred basis points increase in average rental growth rates
91,683
1.9%
One hundred basis points decrease in average rental growth rates
(125,774)
-2.6%
For the year ended December 31, 2022, all other factors being equal, the effect of changes in the following key
variables on the valuation of our property portfolio is as follows:
Amount increase % change
(in \u20ac thousands) (decrease) valuation
One hundred basis points increase in occupancy rates
51,194
1.2%
One hundred basis points decrease in occupancy rates
(51,360)
-1.2%
Twenty- five basis points increase (real) in both discount and capitalization rate
(254,330)
-5.8%
Twenty-five basis points decrease (real) in both discount and capitalization rate
265,540
6.1%
One hundred basis points increase in average rental growth rates
103,940
2.4%
One hundred basis points decrease in average rental growth rates
(113,450)
-2.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-32": { "value": "15. FAIR VALUE MEASUREMENT \u2013 INVESTMENT PROPERTY C&W\u2019s external valuation has been carried out in accordance with the RICS Valuation \u2013 Global Standards which incorporate the International Valuation Standards (\u201cIVS\u201d), published by The Royal Institution of Chartered Surveyors (\u201cthe RICS Red Book\u201d). The valuation of each of the investment properties and the investment properties under construction has been prepared on the basis of Fair Value as a fully equipped operational entity, having regard to trading potential (as appropriate). VALUE R DISCLOSURE REQUIREMENTS C&W\u2019s valuation has been provided for reporting purposes and as such, is a Regulated Purpose Valuation as defined in the Red Book. In compliance with the disclosure requirements of the Red Book, C&W has confirmed that: \u2022 C&W ha s carried out bi-annual valuations for this purpose in an independent way since the financial year ending December 31, 2015; \u2022 In relation to the preceding financial year of C&W, the proportion of the total fees payable by the Group to the total fee income of the firm is less than 5.0%; and \u2022 The fee payable to C&W is a fixed amount per property and is not contingent on the appraised value. Outs ide of the subject portfolio, C&W has, and may continue to do so going forward, provided Shurgard with valuation advice in relation to potential acquisitions. MARKET CONDITIONS AND UNCERTAINTY Our valuation is not reported as being subject to \u201cmaterial valuation uncertainty\u201d as defined by VPS 3 and VPGA 10 of the RICS Valuation \u2013 Global Standards. CURRENCY AND AGGREGATE VALUES REPORTED C&W\u2019s valuation report confirms that each property has been valued individually in local currency. C&W\u2019s valuation report then converts each property valuation to a euro amount at the spot exchange rates provided by the Company. The total value reported in euro is the aggregate amount for each individual value reported in euro. VALUA TION METHODOLOGY AND ASSUMPTIONS C&W has adopted different approaches for the valuation of the leasehold and freehold assets as follows: FREEHOLD AND LONG LEASEHOLD The valuation is based on a discounted cash flow of the net operating income over a 10-year period and a notional sale of the asset at the end of the tenth year. Assump tions: The following assumptions have been applied by C&W for the valuation of our investment properties for the periods concerned:
December 31, 2023
December 31, 2022
Stabilized occupancy
1
91.39%
91.14%
Average time to stabilization
1
(months)
6.41
4.77
Weighted average exit capitalization rate
2
5.22%
5.19%
Weighted average annual discount rate
3
8.27%
8.21%
Average rental growth rate year 1
4
2.57%
2.57%
1 Stab ilized occupancy is the projected occupancy level once stores reach maturity, weighted by rentable sqm and excluding IPUC. 2 The exit capitalization rate comprises prime cap rates based on observed market transactions, adjusted for property specific elements such as tenure, location, condition of building, etc. The exit capitalization rate is applied to year 10 cash flows in determining the terminal value of each property. 3 Pre-tax discount rate used to discount the future cash flows of each property. 4 Average rental growth rate year 1 is the average projected rental growth of all properties for the year following the reporting period. On December 31, 2023, the increase in fair value of investment properties was mainly driven by an increase of our operating cash flows, combined with capital expenditures during the year of \u20ac113.8 million. Purchaser\u2019s costs in the range of approximately 6% to 12.5% have been assumed initially, reflecting the stamp duty levels anticipated in each local market, and sales plus purchaser\u2019s costs totaling approximately 6% to 12.5% are assumed on the notional sales in the tenth year in relation to freehold and long leasehold stores. Both assumptions are unchanged compared to December 31, 2022. S HORT LEASEHOLDS The same methodology has been used as for freeholds, except that no sale of the assets in the tenth year is assumed but the discounted cash flow continues until the expiry of the lease. T he Group operates a number of short leases where there is an assumption that the Group has the sole discretion and will extend the current agreements for a significant number of years. These have been valued on the same basis as the freehold and long leasehold assets due to their security of tenure arrangements and the potential compensation provisions in the event of the landlord wishing to take possession at expiry. The capitalization rates on these properties reflect the risk not extending the lease at expiration date. INVESTMENT PROPERTIES UNDER CONSTRUCTION C&W has valued the properties in development using the same methodology as set out above but based on the cash flow projection expected for the property at opening and allowing for the outstanding costs to take each property from its current state to completion and full fit out. C&W has allowed for carry costs and construction contingency, as appropriate. CHANGES IN VALUATION TECHNIQUES There were no other changes in valuation techniques during the periods concerned. HIGHEST AND BEST USE For all investment property that is measured at fair value, the current use of the property is considered the highest and best use. FAIR VALUE HIERARCHY Based on the significant unobservable inputs to the DCF method used for determining the fair value of all our investment property and investment property under construction that we recognized in our statement of financial position as of December 31, 2023 and 2022, our investment property is a Level 3 fair market value measurement, and for the periods concerned, there have been no transfers to or from Level 3. T he geographical split of our investment property and investment property under construction is set forth in Note 11. Unrealized gains and (losses) for recurring fair value measurements relating to investment property and investment property under construction held at the end of the reporting period categorized within Level 3 of the fair value hierarchy amount to \u20ac294.4 million in 2023 and \u20ac586.2 million in 2022 and are presented in the consolidated statement of profit and loss in the line-item \u201cValuation (loss) gain from investment property and investment property under construction\u201d. S ENSITIVITY OF THE VALUATION TO ASSUMPTIONS All other factors being equal, higher net operating income would lead to an increase in the valuation of a property and an increase in the capitalization rate or discount rate would result in a lower valuation, and vice versa. Higher assumptions for stabilized occupancy, absorption rate, rental rate and other revenue, and a lower assumption for operating costs, would result in an increase in projected net operating income, and thus an increase in valuation. For the year ended December 31, 2023, all other factors being equal, the effect of changes in the following key variables on the valuation of our property portfolio is as follows:
(in \u20ac thousands) Amount increase % change
(decrease) valuation
One hundred basis points increase in occupancy rates
80,556
1.6%
One hundred basis points decrease in occupancy rates
(72,228)
-1.5%
Twenty- five basis points increase (real) in both discount and capitalization rate
(213,052)
-4.3%
Twenty-five basis points decrease (real) in both discount and capitalization rate
236,095
4.8%
One hundred basis points increase in average rental growth rates
91,683
1.9%
One hundred basis points decrease in average rental growth rates
(125,774)
-2.6%
For the year ended December 31, 2022, all other factors being equal, the effect of changes in the following key variables on the valuation of our property portfolio is as follows:
Amount increase % change
(in \u20ac thousands) (decrease) valuation
One hundred basis points increase in occupancy rates
51,194
1.2%
One hundred basis points decrease in occupancy rates
(51,360)
-1.2%
Twenty- five basis points increase (real) in both discount and capitalization rate
(254,330)
-5.8%
Twenty-five basis points decrease (real) in both discount and capitalization rate
265,540
6.1%
One hundred basis points increase in average rental growth rates
103,940
2.4%
One hundred basis points decrease in average rental growth rates
(113,450)
-2.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-76": { "value": "
16. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS
Property, plant and equipment mainly consists of building improvements and office machinery and equipment
in use in the local head offices located in the countries in which we operate.
Total
property,
ROU plant and Intangible
(in \u20ac thousands)
Building
1
Equipment
1
assets
2
equipment
assets
3
Historical cost
As of January 1, 2023
1,578
5,663
3,613
10,854
17,953
Additions
-
117
623
740
3,304
Remeasurements
-
-
22
22
-
Disposals
-
-
(206)
(206)
(3,385)
Exchange rate differences
-
1
2
3
-
As of December 31, 2023
1,578
5,781
4,054
11,413
17,872
Depreciation and impairment
As of January 1, 2023
(724)
(5,238)
(2,155)
(8,117)
(11,224)
Depreciation and amortization charge of the
period
(57)
(257)
(687)
(1,001)
(2,376)
Disposals
-
-
190
190
3,385
Exchange rate differences
(1)
(1)
(1)
(3)
-
As of December 31, 2023
(782)
(5,496)
(2,653)
(8,931)
(10,215)
Net book value
As of December 31, 2023
796
285
1,401
2,482
7,657
As of January 1, 2023
854
425
1,458
2,737
6,729
1 Building and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which we operate. 2 Right-of-use assets mainly relates to company cars and offices we lease. These assets were recognized in exchange for an equal amount of additional lease liabilities. 3 Intangible assets consists of capitalized computer software ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-96": { "value": "16. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS Property, plant and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which we operate.
Total
property,
ROU plant and Intangible
(in \u20ac thousands)
Building
1
Equipment
1
assets
2
equipment
assets
3
Historical cost
As of January 1, 2023
1,578
5,663
3,613
10,854
17,953
Additions
-
117
623
740
3,304
Remeasurements
-
-
22
22
-
Disposals
-
-
(206)
(206)
(3,385)
Exchange rate differences
-
1
2
3
-
As of December 31, 2023
1,578
5,781
4,054
11,413
17,872
Depreciation and impairment
As of January 1, 2023
(724)
(5,238)
(2,155)
(8,117)
(11,224)
Depreciation and amortization charge of the
period
(57)
(257)
(687)
(1,001)
(2,376)
Disposals
-
-
190
190
3,385
Exchange rate differences
(1)
(1)
(1)
(3)
-
As of December 31, 2023
(782)
(5,496)
(2,653)
(8,931)
(10,215)
Net book value
As of December 31, 2023
796
285
1,401
2,482
7,657
As of January 1, 2023
854
425
1,458
2,737
6,729
1 Building and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which we operate. 2 Right-of-use assets mainly relates to company cars and offices we lease. These assets were recognized in exchange for an equal amount of additional lease liabilities. 3 Intangible assets consists of capitalized computer software ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-105": { "value": "16. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS Property, plant and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which we operate.
Total
property,
ROU plant and Intangible
(in \u20ac thousands)
Building
1
Equipment
1
assets
2
equipment
assets
3
Historical cost
As of January 1, 2023
1,578
5,663
3,613
10,854
17,953
Additions
-
117
623
740
3,304
Remeasurements
-
-
22
22
-
Disposals
-
-
(206)
(206)
(3,385)
Exchange rate differences
-
1
2
3
-
As of December 31, 2023
1,578
5,781
4,054
11,413
17,872
Depreciation and impairment
As of January 1, 2023
(724)
(5,238)
(2,155)
(8,117)
(11,224)
Depreciation and amortization charge of the
period
(57)
(257)
(687)
(1,001)
(2,376)
Disposals
-
-
190
190
3,385
Exchange rate differences
(1)
(1)
(1)
(3)
-
As of December 31, 2023
(782)
(5,496)
(2,653)
(8,931)
(10,215)
Net book value
As of December 31, 2023
796
285
1,401
2,482
7,657
As of January 1, 2023
854
425
1,458
2,737
6,729
1 Building and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which we operate. 2 Right-of-use assets mainly relates to company cars and offices we lease. These assets were recognized in exchange for an equal amount of additional lease liabilities. 3 Intangible assets consists of capitalized computer software ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-115": { "value": "16. PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS Property, plant and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which we operate.
Total
property,
ROU plant and Intangible
(in \u20ac thousands)
Building
1
Equipment
1
assets
2
equipment
assets
3
Historical cost
As of January 1, 2023
1,578
5,663
3,613
10,854
17,953
Additions
-
117
623
740
3,304
Remeasurements
-
-
22
22
-
Disposals
-
-
(206)
(206)
(3,385)
Exchange rate differences
-
1
2
3
-
As of December 31, 2023
1,578
5,781
4,054
11,413
17,872
Depreciation and impairment
As of January 1, 2023
(724)
(5,238)
(2,155)
(8,117)
(11,224)
Depreciation and amortization charge of the
period
(57)
(257)
(687)
(1,001)
(2,376)
Disposals
-
-
190
190
3,385
Exchange rate differences
(1)
(1)
(1)
(3)
-
As of December 31, 2023
(782)
(5,496)
(2,653)
(8,931)
(10,215)
Net book value
As of December 31, 2023
796
285
1,401
2,482
7,657
As of January 1, 2023
854
425
1,458
2,737
6,729
1 Building and equipment mainly consists of building improvements and office machinery and equipment in use in the local head offices located in the countries in which
we operate.
2 Right-of-use assets mainly relates to company cars and offices we lease. These assets were recognized in exchange for an equal amount of additional lease liabilities.
3 Intangible assets consists of capitalized computer software .
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-77": { "value": "
17. OTHER NON-CURRENT ASSETS
Other non-current assets mainly consists of deposits paid to vendors, capitalized pre-acquisition expense and
the unamortized non-current portion of capitalized debt financing cost incurred in connection with the revolving
syndicated loan facility and the term loan facility (see Note 26).
As
of December 31, 2022, other non-current assets included a \u20ac9.6 million receivable resulting from the sale in
the first half of 2022 of one of our Dutch properties. During 2023, the receivable has been reclassified to other
current assets due to its maturity in the first half of 2024.
As
of December 31, 2023, other non-current assets includes \u20ac5.0 million we paid in escrow for an acquisition we
will complete in the first half of 2024 and \u20ac1.8 million of debt financing cost we incurred in connection with the
term loan facility we entered into in April 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-33": { "value": "17. OTHER NON-CURRENT ASSETS Other non-current assets mainly consists of deposits paid to vendors, capitalized pre-acquisition expense and the unamortized non-current portion of capitalized debt financing cost incurred in connection with the revolving syndicated loan facility and the term loan facility (see Note 26). As of December 31, 2022, other non-current assets included a \u20ac9.6 million receivable resulting from the sale in the first half of 2022 of one of our Dutch properties. During 2023, the receivable has been reclassified to other current assets due to its maturity in the first half of 2024. As of December 31, 2023, other non-current assets includes \u20ac5.0 million we paid in escrow for an acquisition we will complete in the first half of 2024 and \u20ac1.8 million of debt financing cost we incurred in connection with the term loan facility we entered into in April 2023. 19. OTHER CURRENT ASSETS
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Prepayments
1
4,616
3,997
Receivables from tax authorities other than VAT
3,164
1,321
Other current assets
2
11,942
2,944
Other current assets
19,722
8,262
1 As of December 31, 2023 and 2022, Receivables from tax authorities other than VAT consists of prepaid income taxes for 2023 and 2022, respectively. 2 Other current assets includes inventories, recoverable VAT and other. The increase during the year ended December 31, 2023 is mainly attributable to the reclassification of a \u20ac9.6 million receivable resulting from the sale of one of our Dutch properties formerly presented as other non-current assets (Note 17).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-125": { "value": "
18. TRADE AND OTHER RECEIVABLES
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Gross amount
26,215
23,895
Provision for doubtful debt
(6,485)
(5,224)
Trade and other receivables
19,730
18,671
Rent and service charge receivables are non-interest-bearing and are typically due within thirty days (Note 34).
The receivables are due from local retail and business tenants.
Th
e following table sets forth the movement of our provision for doubtful debt:
(in \u20ac thousands)
FY 2023
FY 2022
As of January 1
5,224
7,783
Movement provision in P&L
4,571
4,121
Write-off doubtful debt
(3,438)
(6,547)
Other
106
(3)
Exchange gain (loss)
22
(130)
As of December 31
6,485
5,224
20. CASH AND CASH EQUIVALENTS
Cash and cash equivalents primarily consist of cash and cash on deposit. Short-term deposits are made for
varying periods of between one week and three months, depending on immediate cash requirements of the
Group, and earn interest at the respective short-term deposit rates.
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Cash at banks and on hand
64,292
77,629
Short-term deposits
193,826
9,716
Cash and cash equivalents
258,118
87,345
Th
ere are no cash and cash equivalents which are restricted from withdrawal or general corporate use as of
December 31, 2023 and December 31, 2022.
26. INTEREST-BEARING LOANS AND BORROWINGS
(in \u20ac thousands) Effective Maturity
December 31, 2023
December 31, 2022
i
nterest rate
Non-current
Senior guaranteed notes \u2013 issued July 2014
3.24%
July 24, 2024
100,000
100,000
Senior guaranteed notes \u2013 issued July 2014
3.38%
July 24, 2026
100,000
100,000
Senior guaranteed notes \u2013 issued June 2015
2.67%
June 25, 2025
130,000
130,000
Senior guaranteed notes \u2013 issued June 2015
2.86%
June 25, 2027
110,000
110,000
Senior guaranteed notes \u2013 issued June 2015
3.03%
June 25, 2030
60,000
60,000
Senior notes \u2013 issued July 2021
1.28%
July 23, 2031
300,000
300,000
Nominal values
800,000
800,000
Less:
Unamortized balance of debt issuance cost on
notes issued
(1,609)
(2,020)
Borrowings as reported on statement of
financial position
798,391
797,980
The reported borrowings are presented as follows in our statement of financial position:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Borrowings as reported on statement of financial position
798,391
797,980
Non-current portion
698,441
797,980
Current portion
99,950
-
Weighted average cost of debt
2.36%
2.36%
N OTES ISSUED On July 24, 2014, the Group, via its financing entity Shurgard Luxembourg S.\u00e0.r.l., issued to certain European and U.S. investors three tranches of senior guaranteed notes. The Company paid \u20ac2.3 million of placement and legal fees and other expenses that are being amortized as interest expense using the effective interest method. As of December 31, 2023, and 2022, the unamortized balances of the debt financing costs on the 2014 Issuance were \u20ac0.2 million and \u20ac0.4 million, respectively. On June 25, 2015, the Group, via its financing entity Shurgard Luxembourg S.\u00e0.r.l., issued to certain European and U.S. investors three tranches of senior guaranteed notes. The Company paid \u20ac1.4 million of placement and legal fees and other expenses that are being amortized as interest expense using the effective interest method. As of December 31, 2023, and December 31, 2022, the unamortized balances of the debt financing costs on the 2015 Issuance were \u20ac0.4 million and \u20ac0.6 million, respectively. On July 23, 2021, the Group, via its financing entity Shurgard Luxembourg S.\u00e0.r.l., issued new ten years Green Notes for \u20ac300.0 million bearing fixed interest of 1.24% per annum (effective interest rate of 1.28% per annum). The Company paid \u20ac1.2 million of placement and legal fees and other expenses that are being amortized as interest expense using the effective interest method. As of December 31, 2023, and December 31, 2022, the unamortized balances of the debt financing costs on the 2021 Senior Notes Issuance was \u20ac1.0 million and \u20ac1.1 million, respectively. T he senior guaranteed notes (both principal amount and interest payments) are denominated in euro. REVOLVING SYNDICATED LOAN FACILITY As of December 31, 2023 and December 31, 2022, the Company has access to a \u20ac250 million syndicated revolving loan facility with BNP Paribas Fortis bank, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale bank and Belfius bank (with BNP Paribas Fortis bank as agent) with maturity of October 16, 2025, bearing interest of Euribor plus a margin varying between 0.45% and 0.95% per annum dependent on the most recent loan-to-value ratio (the \u201cRCF\u201d). There are no mandatory repayments of principal debt due for this facility before its maturity and a commitment fee of 35% of the applicable margin (or 0.16% per annum for the period ended December 31, 2023 and the year ended December 31, 2022) applies to undrawn amounts. As of December 31, 2023 and December 31, 2022, the Company had no outstanding borrowings under this facility. During the period ended December 31, 2023, the Company incurred commitment fees of \u20ac398,125 on the revolving syndicated loan facility (\u20ac400,313 in the year ended December 31, 2022). See Note 9. SHELF NOTES FACILITY On February 23, 2021, the Group entered into an uncommitted Shelf Note Facility for an amount of up to \u20ac250 million, which can be drawn during a three-year period. As of December 31, 2023 and December 31, 2022, the Company had no outstanding borrowings under this facility. TERM LOAN FACILITY On April 28, 2023 and effective the same date, the Company, through its subsidiary Shurgard Luxembourg S.\u00e0.r.l. entered into a committed \u20ac450 million term loan facility agreement with BNP Paribas Fortis Bank NV/SA (acting also as agent), Belfius Bank SA/NV, ABN Amro Bank NV, KBC Bank NV/SA and Banque International \u00e0 Luxembourg SA with a maturity of three years, which can be extended at the option of the Company by an additional period of up to two years (resulting in a maximum tenor of five years) subject to certain conditions being met (including agreement of the lenders). The Term Loan Facility is bearing interest of Euribor plus a margin varying between 1.20% and 1.75% per annum dependent on the most recent loan-to-value ratio, or external rating, if any. The term loan facility under the Facility Agreement is available for drawing by the Company for a period of 12 months as from signing. T he terms and conditions of the Facility Agreement are substantially based on the existing revolving facility agreement entered into by the Company on September 26, 2018 (as amended from time to time) and otherwise contain terms and conditions which are consistent with market practice. The financial covenants and baskets are substantially aligned with the financial covenants and baskets included in the note purchase agreement entered into by the Company on February 23, 2021 in connection with the US private placement of senior notes due July 23, 2031. On October 2, 2023, the Company has drawn \u20ac160 million on the facility. The loan has been repaid on December 18, 2023 with the proceeds of the equity issuance (Note 21). As of December 31, 2023, our borrowing capacity under the term loan facility is \u20ac290 million. During the year ended December 31, 2023, we incurred \u20ac2.6 million interest on the borrowed amount. As of December 31, 2023, we had no outstanding borrowings under this facility, and the commitment fee on the undrawn amount was equal to 35% of the applicable margin, or 0.42%. During the year ended December 31, 2023, the Company incurred \u20ac2.6 million arrangement, commitment and legal fees of which \u20ac0.8 million has been expensed in connection with the \u20ac160 million loan we early repaid, and \u20ac1.8 million have been recorded as other non-current assets (Note 17), as the Group expects drawing on the remainder of the facility in the foreseeable future. PARENT GUARANTOR AND COVENANTS The full and prompt performance and observance by Shurgard Luxembourg S.\u00e0.r.l. of all its obligations under the 2014, 2015 and 2021 note purchase agreements, the revolving syndicated loan facility and the term loan facility is unconditionally guaranteed by Shurgard Self Storage Ltd as Parent Guarantor pursuant to the terms and conditions provided for under the respective note purchase agreements. The 2014, 2015 and 2021 Issuances, the revolving credit facility and the term loan facility are subject to certain customary covenants, including senior leverage, fixed charge cover or fixed interest cover and unencumbered asset value to total unsecured liabilities (2014 and 2015 Notes Issuances only) that we test for compliance on a quarterly basis. As of December 31, 2023, and December 31, 2022, we are in compliance with all such covenants. 28. ANALYSIS OF MOVEMENTS IN INTEREST-BEARING LOANS AND BORROWINGS The below tables provide an analysis of financial debt and movements in financial debt for each of the periods presented.
Interest-bearing loans and
(in \u20ac thousands)
borrowings
Lease obligations
Total financial debt
January 1, 2022
797,579
88,368
885,947
Repayments of debt
-
(4,591)
(4,591)
Interest payments
(18,757)
(2,852)
(21,609)
Addition of lease obligations (net)
-
17,778
17,778
Non-cash movements
1
19,158
1,119
20,277
December 31, 2022
797,980
99,822
897,802
Interest-bearing loans and
(in \u20ac thousands)
borrowings
Lease obligations
Total financial debt
January 1, 2023
797,980
99,822
897,802
Draw down on term loan facility
160,000
-
160,000
Repayments of debt
(160,000)
(4,341)
(164,341)
Interest payments
(20,511)
(3,585)
(24,096)
Addition of lease obligations (net)
-
15,132
15,132
Non-cash movements
1
20,922
3,788
24,710
December 31, 2023
798,391
110,816
909,207
1 Non-cash movements for the years ended December 31, 2023 and December 31, 2022 mainly consist of accrued interest.
30. TRADE AND OTHER PAYABLES AND DEFERRED REVENUE
Trade and other payables and deferred revenue:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Accrued compensation and employee benefits
10,461
9,955
Accrued share-based compensation expense
1
411
510
Accounts payable (including accrued expenses)
61,730
56,072
Payables to affiliated companies
1,122
1,144
Deferred revenue \u2013 contract liabilities
34,832
32,456
Accrued interest on notes issued and other external
2,033
1,820
borrowings
Other payables
2
7,585
4,574
Trade and other payables and deferred revenue
118,174
106,531
1 See Note 32.
2 Other payables consist of VAT payable and deposits received from customers.
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
This note explains the Company\u2019s exposure to financial risks and how these risks could affect the Company\u2019s
future financial performance.
T
he Company has tenant and other receivables, trade and other payables, deferred revenue and cash and cash
equivalents that arise directly from its operations. The Company\u2019s principal financial liabilities consist of loans
and borrowings, as well as trade and other payables. The main purpose of the Company\u2019s loans and borrowings
is to finance the acquisition and development of the Company\u2019s property portfolio.
T
he Group is exposed to market risk, credit risk and liquidity risks:
\u2022 M
arket risk is the risk that the fair value or future cash flows of a financial instrument fluctuates
due to change in market prices and can be broken down into interest rate, currency and other price
(e.g., equity or commodity) risks; Not all these risks are relevant to the Group, which is mainly
exposed to foreign currency risks. The Group is currently not exposed to significant interest rate
risk, as it does not have any long-term debt with variable interest rates;
\u2022 Credit risk is the risk that one party to an agreement will cause a financial loss to another party
by failing to discharge its obligation. For Shurgard, credit risk mainly covers its tenant receivables
and financing activities, which include cash and cash equivalents with banks and financial
institutions;
\u2022 Liquidity risks include the risk that the Group will encounter difficulties in raising financing and in
meeting payment obligations when they come due.
The
Company\u2019s risk management is carried out by senior management, under policies approved by the Board of
Directors. The Board of Directors provides written principles for overall risk management, as well as policies
covering specific areas, such as foreign exchange risk, real estate risk and credit risk, the use of derivative and
non-derivative financial instruments and investment of excess liquidity. The Board of Directors reviews and
agrees policies for managing each of these risks which are summarized below.
FORE
IGN EXCHANGE RISK
We publish our financial statements in euros, however, we record revenue, expenses, assets and liabilities in
several different currencies other than the euro, more specifically, the UK Pound Sterling (GBP), the Swedish
Krona (SEK) and the Danish Krone (DKK). Assets and liabilities denominated in local currencies are translated
into euros at exchange rates prevailing at the balance sheet date and revenues and expenses are translated at
average exchange rates over the relevant period. Consequently, variations in the exchange rate of the euro versus
these other currencies will affect the amount of these items in our consolidated financial statements, even if
their value remains unchanged in their original currency. We implement policies to protect against exchange rate
risk only when required to do so by covenants contained in our debt agreements. These translations have resulted
in the past and could result in the future in changes to our results of operations, balance sheet and cash flows
from period to period.
A breakdown of the foreign exchange related amounts recognized in profit or loss and comprehensive income
can be found in Note 9 and in the Consolidated statements of changes in equity, respectively.
The main statement of financial position items exposed to foreign exchange risk are cash and cash equivalents,
trade and other receivables, other current and non-current assets, trade and other payables and deferred
revenue, lease obligations and other non-current liabilities.
As of December 31, 2023 and December 31, 2022, the net assets (liabilities) exposure on our consolidated
statement of financial position is as follows:
(in \u20ac thousands)
EUR
GBP
SEK
DKK
Total
As of December 31, 2023
193,900
(65,488)
6,588
41,012
176,012
As of December 31, 2022
173,616
(57,122)
(342)
25,116
141,268
The following table presents the sensitivity analysis of the year end statement of financial position balances in
EUR in case the euro would weaken by 10% versus the GBP, SEK and DKK, respectively:
(in \u20ac thousands)
FY 2023
FY 2022
GBP denominated
Changes in carrying amount of monetary assets and liabilities
1
6,549
5712
SEK denominated
Changes in carrying amount of monetary assets and liabilities
1
(659)
34
DKK denominated
Changes in carrying amount of monetary assets and liabilities
1
(4,101)
(2,512)
1 These are increases in net liabilities.
CREDIT RISK Credit risk from balances with banks and financial institutions is managed by the Company\u2019s senior management in accordance with the Company\u2019s policy. Investments of surplus funds are made only with approved counterparties with a minimum investment grade credit rating. The Company\u2019s maximum exposure to credit risk for the balances with banks and financial institutions as of December 31, 2023 is the carrying value of the cash and cash equivalents. Cr edit risk is managed by requiring tenants to pay rentals in advance. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. There are no significant concentrations of credit risk, whether through exposure to individual customers or regions. The Group applies the IFRS 9 simplified approach to measure its expected credit losses, which uses a lifetime expected loss allowance for all lease receivables. Loss allowances are recognized in profit or loss within real estate operating expense. Subsequent recoveries of amounts previously provided for are offset against the previously recognized loss on debtors within real estate operating expense. S et out below is the information about the credit risk exposure on our trade receivables using a provision matrix:
December 31, 2022
(in \u20ac thousands)
Outstanding < 60 days
Past due > 60 days
Total
Expected credit loss rate
6.0%
73.2%
21.9%
Carrying amount
18,256
5,639
23,895
Expected credit loss
(1,095)
(4,129)
(5,224)
Net amount
17,161
1,510
18,671
December 31, 2023
(in \u20ac thousands)
Outstanding < 60 days
Past due > 60 days
Total
Expected credit loss rate
6.0%
76.8%
24.7%
Carrying amount
19,274
6,941
26,215
Expected credit loss
(1,156)
(5,329)
(6,485)
Net amount
18,118
1,612
19,730
L ease receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include among others: \u2022 Significant financial difficulties of the debtor; and \u2022 Probability that the debtor will enter bankruptcy or financial reorganization. T he other classes within trade and other receivables and other current assets do not contain impaired assets and are not past due. It is expected that these amounts will be received when due. The Company does not hold any collateral in relation to these receivables.
LIQU
IDITY RISK
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when due.
The Company maintains flexibility in funding by maintaining availability under committed credit lines.
The o
perating activities of our subsidiaries and the resulting cash inflows are the main source of liquidity. Our
cash pooling system enables us to benefit from surplus funds of certain subsidiaries to cover the financial
requirements of other subsidiaries. We invest surplus cash in current accounts and short-term cash equivalents,
selecting instruments with appropriate maturities or sufficient liquidity.
Man
agement monitors rolling forecasts of the Company\u2019s liquidity reserve (comprising the undrawn credit
facilities listed below) and cash and cash equivalents (see Note 20) on the basis of expected cash flows.
The Company has access to the following undrawn borrowing facilities at the end of the reporting period:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Expiring within one year (floating rate)
540,000
(
1
)
-
Expiring beyond one year (floating rate)
250,000
(
2
)
500,000 (
Total
790,000
500,000
3
)
1 The amount consists of the undrawn amount on the TLF (\u20ac290 million) and the uncommitted Shelf Note Facility for an amount of up to \u20ac250 million.
2 The amount consists of the RCF.
3 The amount consists of the RCF (\u20ac250 million) and the uncommitted Shelf Note Facility for the same amount.
CON
TRACTUAL MATURITIES OF FINANCIAL LIABILITIES ON DECEMBER 31, 2022
The tables below analyze the Company\u2019s financial liabilities based on their contractual maturities.
Total
(in \u20ac thousands)
Less than one
Between one contractual
year
and five years
Over five years
cash flows
Interest-bearing loans and borrowings
18,707
488,892
380,190
887,789
Lease liabilities
7,203
27,086
740,574
774,863
(
1
)
Trade and other payables
106,531
-
-
106,531
Total
132,441
515,978
1,120,764
1,769,183
1 The
material variances between the lease liabilities the Company carries in its consolidated statement of financial position and the contractual maturities
presented in the above table are explained by the perpetual character of certain of our Dutch and Swedish real estate leases.
CON
TRACTUAL MATURITIES OF FINANCIAL LIABILITIES ON DECEMBER 31, 2023
Total
(in \u20ac thousands)
Less than one
Between one contractual
year
and five years
Over five years
cash flows
Interest-bearing loans and borrowings
115,930
382,193
366,703
864,826
Lease liabilities
7,692
28,646
775,377
811,715
(
1
)
Trade and other payables
118,174
-
-
118,174
Total
241,796
410,839
1,142,080
1,794,715
1 The
material variances between the lease liabilities the Company carries in its consolidated statement of financial position and the contractual maturities
presented in the above table are explained by the perpetual character of certain of our Dutch and Swedish real estate leases.
The
amounts disclosed in the table are the contractual undiscounted cash flows (including interest payments) .
FA
IR VALUES
Management has assessed that the fair values of cash and cash equivalents, trade and other receivables, trade
and other payables approximate their carrying amounts largely due to the short-term maturities of these
instruments.
Se
t out below is a comparison of the carrying amounts and fair value of the Company\u2019s guaranteed notes, which
have a fixed interest rate:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Carrying value
798,391
797,980
Fair values
744,677
684,878
The following methods and assumptions were used to estimate the fair values:
\u2022 The fair values of our senior guaranteed notes (level 2) consist of the discounted value of principal
amounts and any future interest payments;
\u2022 The discount rates used take into account the various maturities of the notes issued and are based
on risk-free interest rates plus spreads that are in line with market spreads for private placements
as of the respective reporting dates.
35. CAPITAL MANAGEMENT
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-35": { "value": "18. TRADE AND OTHER RECEIVABLES
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Gross amount
26,215
23,895
Provision for doubtful debt
(6,485)
(5,224)
Trade and other receivables
19,730
18,671
Rent and service charge receivables are non-interest-bearing and are typically due within thirty days (Note 34). The receivables are due from local retail and business tenants. Th e following table sets forth the movement of our provision for doubtful debt:
(in \u20ac thousands)
FY 2023
FY 2022
As of January 1
5,224
7,783
Movement provision in P&L
4,571
4,121
Write-off doubtful debt
(3,438)
(6,547)
Other
106
(3)
Exchange gain (loss)
22
(130)
As of December 31
6,485
5,224
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-135": { "value": "18. TRADE AND OTHER RECEIVABLES
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Gross amount
26,215
23,895
Provision for doubtful debt
(6,485)
(5,224)
Trade and other receivables
19,730
18,671
Rent and service charge receivables are non-interest-bearing and are typically due within thirty days (Note 34). The receivables are due from local retail and business tenants. Th e following table sets forth the movement of our provision for doubtful debt:
(in \u20ac thousands)
FY 2023
FY 2022
As of January 1
5,224
7,783
Movement provision in P&L
4,571
4,121
Write-off doubtful debt
(3,438)
(6,547)
Other
106
(3)
Exchange gain (loss)
22
(130)
As of December 31
6,485
5,224
CREDIT RISK Credit risk from balances with banks and financial institutions is managed by the Company\u2019s senior management in accordance with the Company\u2019s policy. Investments of surplus funds are made only with approved counterparties with a minimum investment grade credit rating. The Company\u2019s maximum exposure to credit risk for the balances with banks and financial institutions as of December 31, 2023 is the carrying value of the cash and cash equivalents. Cr edit risk is managed by requiring tenants to pay rentals in advance. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. There are no significant concentrations of credit risk, whether through exposure to individual customers or regions. The Group applies the IFRS 9 simplified approach to measure its expected credit losses, which uses a lifetime expected loss allowance for all lease receivables. Loss allowances are recognized in profit or loss within real estate operating expense. Subsequent recoveries of amounts previously provided for are offset against the previously recognized loss on debtors within real estate operating expense. S et out below is the information about the credit risk exposure on our trade receivables using a provision matrix:
December 31, 2022
(in \u20ac thousands)
Outstanding < 60 days
Past due > 60 days
Total
Expected credit loss rate
6.0%
73.2%
21.9%
Carrying amount
18,256
5,639
23,895
Expected credit loss
(1,095)
(4,129)
(5,224)
Net amount
17,161
1,510
18,671
December 31, 2023
(in \u20ac thousands)
Outstanding < 60 days
Past due > 60 days
Total
Expected credit loss rate
6.0%
76.8%
24.7%
Carrying amount
19,274
6,941
26,215
Expected credit loss
(1,156)
(5,329)
(6,485)
Net amount
18,118
1,612
19,730
L
ease receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no
reasonable expectation of recovery include among others:
\u2022 Significant financial difficulties of the debtor; and
\u2022 Probability that the debtor will enter bankruptcy or financial reorganization.
T
he other classes within trade and other receivables and other current assets do not contain impaired assets
and are not past due. It is expected that these amounts will be received when due. The Company does not hold
any collateral in relation to these receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-78": { "value": "
19. OTHER CURRENT ASSETS
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Prepayments
1
4,616
3,997
Receivables from tax authorities other than VAT
3,164
1,321
Other current assets
2
11,942
2,944
Other current assets
19,722
8,262
1 As of December 31, 2023 and 2022, Receivables from tax authorities other than VAT consists of prepaid income taxes for 2023 and 2022, respectively.
2 Other current assets includes inventories, recoverable VAT and other. The increase during the year ended December 31, 2023 is mainly attributable to the
reclassification of a \u20ac9.6 million receivable resulting from the sale of one of our Dutch properties formerly presented as other non-current assets (Note 17).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-116": { "value": "19. OTHER CURRENT ASSETS
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Prepayments
1
4,616
3,997
Receivables from tax authorities other than VAT
3,164
1,321
Other current assets
2
11,942
2,944
Other current assets
19,722
8,262
1 As of December 31, 2023 and 2022, Receivables from tax authorities other than VAT consists of prepaid income taxes for 2023 and 2022, respectively. 2 Other current assets includes inventories, recoverable VAT and other. The increase during the year ended December 31, 2023 is mainly attributable to the reclassification of a \u20ac9.6 million receivable resulting from the sale of one of our Dutch properties formerly presented as other non-current assets (Note 17).", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-34": { "value": "20. CASH AND CASH EQUIVALENTS Cash and cash equivalents primarily consist of cash and cash on deposit. Short-term deposits are made for varying periods of between one week and three months, depending on immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Cash at banks and on hand
64,292
77,629
Short-term deposits
193,826
9,716
Cash and cash equivalents
258,118
87,345
Th ere are no cash and cash equivalents which are restricted from withdrawal or general corporate use as of December 31, 2023 and December 31, 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-106": { "value": "
21. ISSUED SHARE CAPITAL
As of December 31, 2022, the share capital of the Company as presented in the statement of financial position
of \u20ac63,610,156 was represented by 89,131,131 ordinary shares of no par value that all have been fully paid up.
On November 14, 2023, the Group issued 8,163,265 new ordinary shares settled in cash at a subscription price
per share of \u20ac36,75. Of the \u20ac299,999,989 subscription price, \u20ac5,825,872 has been allocated to share capital and
the remainder has been allocated to share premium.
During 2023, the Group issued 17,500 new shares to satisfy the exercise of stock options under the Group\u2019s 2018
stock option plan. Of the \u20ac402,500 subscription price, \u20ac12,490 has been allocated to share capital and the
remainder has been allocated to share premium.
As of December 31, 2023, the share capital of the Company as presented in the statement of financial position
of \u20ac69,448,518 is represented by 97,311,896 ordinary shares that all have been fully paid up.
22. SHARE PREMIUM
As of December 31, 2022, the share premium of the Company amounts to \u20ac540,087,442.
On November 14, 2023, in connection with the issuance of 8,163,265 new ordinary shares, the share premium
was increased by \u20ac294,174,117, representing the part of the subscription price of the issuance of new shares that
has not been allocated to share capital and reduced by \u20ac2,709,648 for equity issuance costs incurred. In addition,
on the transaction we incurred \u20ac213,637 cost for listing the new shares that has been expensed.
During 2023, in connection with the issuance of 17,500 new ordinary shares, the share premium was increased by \u20ac390,010, representing the part of the subscription price of the issuance of new shares that has not been allocated to share capital and reduced by \u20ac2,403 for equity issuance costs incurred. As of December 31, 2023, the share premium of the Company amounts to \u20ac831,939,518. The share capital account and the share premium account taken together constitute the \"share capital account\" under section 294 of the Companies (Guernsey) Law, 2008. 23. SHARE-BASED PAYMENT RESERVE As of December 31, 2022, the share-based payment reserve of the Company amounts to \u20ac8,561,867. During the year ended December 31, 2023, we recognized a share-based compensation expense of \u20ac4,286,359 for our 2021 equity-settled share-based compensation plan in share-based payment reserve, and we allocated \u20ac49,800 in deferred income tax liabilities to our share-based payment reserve. As of December 31, 2023, the share-based payment reserve of the Company amounts to \u20ac12,798,426. 24. DISTRIBUTABLE RESERVES AND DISTRIBUTIONS MADE As of December 31, 2022, the Company\u2019s distributable reserves are \u20ac146,277,202. On May 10, 2023, the Annual Shareholders Meeting of Shurgard Self Storage Ltd allocated \u20ac430,850,000 retained profits to the distributable reserves. On May 24, 2023, the Company paid \u20ac52,58 7,368 dividend in connection with the distribution of a final dividend of 2022 of \u20ac0.59 per outstanding share. On October 5, 2023, the Company paid \u20ac51,705,04 6 dividend in connection with the distribution of a half-year dividend of 2023 of \u20ac0.58 per outstanding share. As of December 31, 2023, the Company\u2019s distributable reserves are \u20ac472,834,788.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-130": { "value": "21. ISSUED SHARE CAPITAL As of December 31, 2022, the share capital of the Company as presented in the statement of financial position of \u20ac63,610,156 was represented by 89,131,131 ordinary shares of no par value that all have been fully paid up. On November 14, 2023, the Group issued 8,163,265 new ordinary shares settled in cash at a subscription price per share of \u20ac36,75. Of the \u20ac299,999,989 subscription price, \u20ac5,825,872 has been allocated to share capital and the remainder has been allocated to share premium. During 2023, the Group issued 17,500 new shares to satisfy the exercise of stock options under the Group\u2019s 2018 stock option plan. Of the \u20ac402,500 subscription price, \u20ac12,490 has been allocated to share capital and the remainder has been allocated to share premium. As of December 31, 2023, the share capital of the Company as presented in the statement of financial position of \u20ac69,448,518 is represented by 97,311,896 ordinary shares that all have been fully paid up", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-97": { "value": "
23. SHARE-BASED PAYMENT RESERVE
As of December 31, 2022, the share-based payment reserve of the Company amounts to \u20ac8,561,867.
During the year ended December 31, 2023, we recognized a share-based compensation expense of \u20ac4,286,359
for our 2021 equity-settled share-based compensation plan in share-based payment reserve, and we allocated
\u20ac49,800 in deferred income tax liabilities to our share-based payment reserve.
As of December 31, 2023, the share-based payment reserve of the Company amounts to \u20ac12,798,426.
24. DISTRIBUTABLE RESERVES AND DISTRIBUTIONS MADE As of December 31, 2022, the Company\u2019s distributable reserves are \u20ac146,277,202. On May 10, 2023, the Annual Shareholders Meeting of Shurgard Self Storage Ltd allocated \u20ac430,850,000 retained profits to the distributable reserves. On May 24, 2023, the Company paid \u20ac52,58 7,368 dividend in connection with the distribution of a final dividend of 2022 of \u20ac0.59 per outstanding share. On October 5, 2023, the Company paid \u20ac51,705,04 6 dividend in connection with the distribution of a half-year dividend of 2023 of \u20ac0.58 per outstanding share. As of December 31, 2023, the Company\u2019s distributable reserves are \u20ac472,834,788.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-36": { "value": "23. SHARE-BASED PAYMENT RESERVE As of December 31, 2022, the share-based payment reserve of the Company amounts to \u20ac8,561,867. During the year ended December 31, 2023, we recognized a share-based compensation expense of \u20ac4,286,359 for our 2021 equity-settled share-based compensation plan in share-based payment reserve, and we allocated \u20ac49,800 in deferred income tax liabilities to our share-based payment reserve. As of December 31, 2023, the share-based payment reserve of the Company amounts to \u20ac12,798,426. 32. SHARE-BASED COMPENSATION EXPENSE Under various share option plans, the Group granted to a number of employees stock options of the parent entity. The exercise prices equal the fair values of the share at the respective grant dates. The terms of these grants were established by our Board of Directors: \u2022 U nder the 2017 long-term incentive plan, the stock options vested ratably over a four-year period and expire ten years after the grant date. \u2022 Stock options granted under the 2018 equity compensation plan had a three-year cliff vesting period and expire ten years after the grant date. \u2022 Stock options granted under the 2021 equity compensation plan have a two-stage vesting period with (i) 60% of the stock options vesting after three years after the date they are being offered; and (ii) the remaining 40% of the stock options will vest after a period of five years after the date they are being offered. They expire ten years after the grant date. N one of the share-based compensation plans have performance conditions and all plans are accounted for as equity-settled awards and do not contain any cash settlement alternatives. Further details are described in the Remuneration Report on page 154 and following. The following weighted average assumptions were used to determine the fair value of the options that are outstanding as of December 31, 2023 for the options granted under the 2017 and 2018 plans:
2017 grants
2018 grants
Estimated fair value of Shurgard shares
\u20ac23.00
\u20ac26.50
Expected volatility
20.00%
20.00%
Risk free interest rate
-0.08%
0.11%
Expected remaining term (in years)
6.0
7.0
Dividend yield
-
3.68%
Expected forfeiture rate per annum
5.00%
5.00%
Fair value per option
\u20ac2.35
\u20ac3.45
The following weighted average assumptions were used to determine the fair value of the options that are outstanding as of December 31, 2023 for the options granted under the 2021 plan in August and September 2021: August 2021 August 2021 Sept. 2021 Sept. 2021 3-yr vesting5-yr vesting3-yr vesting5-yr vesting Estimated fair value of Shurgard Europe shares \u20ac50.80 \u20ac50.80 \u20ac53.00 \u20ac53.00 Expected volatility 20.00% 20.00% 20.00% 20.00% Risk free interest rate -0.58% -0.05% -0.23% -0.02% Expected remaining term (in years) 7.0 8.0 7.0 8.0 Dividend yield 2.30% 2.30% 2.21% 2.21% Expected forfeiture rate per annum 5.00% 5.00% 5.00% 5.00% Fair value per option \u20ac8.42 \u20ac9.05 \u20ac8.33 \u20ac8.67 On July 18, 2022, the Company granted 19,000 options under the 2021 equity compensation plan at an exercise price of \u20ac46.81 (the \u2018\u20192022 option grants\u2019\u2019). W e used the following weighted average assumptions to determine the fair value of the 2022 option grants as of December 31, 2023:
July 2022 July 2022
3-yr vesting 5-yr vesting
Estimated fair value of Shurgard Europe shares
\u20ac42.90
\u20ac42.90
Expected volatility
20.00%
20.00%
Risk free interest rate
1.77%
1.79%
Expected remaining term (in years)
7.0
8.0
Dividend yield
2.73%
2.73%
Expected forfeiture rate per annum
5.00%
5.00%
Fair value per option
\u20ac5.39
\u20ac5.65
For all plans, we incurred \u20ac4.2 million and \u20ac3.9 million in share-based compensation expense, including social security charges in the periods ended December 31, 2023 and 2022, respectively. The year-on year increase is explained by \u20ac0.4 increased employers\u2019 social security cost due to the increase of the intrinsic value of the share options, partially offset by \u20ac0.1 million decreased gross share option expense. The \u20ac0.4 million and \u20ac0.5 million liabilities, respectively, for share-based compensation as of December 31, 2023 and December 31, 2022 consists of an accrual for employers\u2019 share in social security. As of December 31, 2023, and December 31, 2022, we had \u20ac4.4 million, and \u20ac8.1 million, respectively, of unrecognized share-based compensation expense, net of estimated pre-vesting forfeitures, related to unvested option awards. For the periods ended December 31, 2023 and December 31, 2022, the weighted average remaining vesting period of our share options was 1.1 and 2.3 years, respectively. T he following table sets forth the number of share options granted, forfeited, exercised and outstanding at December 31, 2023 and December 31, 2022:
2023 2022
Number of
Weighted
Number of Weighted
options
average exercise
options average exercise
price price (a)
Outstanding, January 1 2,641,800 \u20ac37.44
2,727,500
\u20ac36.81
Granted (a)
-
-
19,000
\u20ac46.81
Forfeited (b)
(29,000)
\u20ac43.05
(9,000)
\u20ac43.05
Exercised (c)
(17,500)
\u20ac23.00
(95,700)
\u20ac22.26
Outstanding, December 31
2,595,300
\u20ac37.48
2,641,800
\u20ac37.44
Exercisable, December 31
763,300
\u20ac22.78
780,800
\u20ac22.79
T he following table summarizes information about our share options outstanding as of December 31, 2023 under the 2017, 2018 and 2021 plans:
As of December 31, 2023
Options outstanding
Options exercisable
Weighted Weighted Weighted Weighted
Fair value Number of average average Number average average
Year of grant per option at Options exercise remaining of exercise remaining
grant date price contractual Options price contractual
life life
2017
\u20ac2.35
112,300
\u20ac21.51
3.5 years
112,300
\u20ac21.51
3.5 years
2018
\u20ac3.45
651,000
\u20ac23.00
4.9 years
651,000
\u20ac23.00
4.9 years
2021-August-3 yr.
\u20ac8.42
967,800
\u20ac43.05
7.6 years
-
-
-
2021-August-5 yr.
\u20ac9.05
645,200
\u20ac43.05
7.6 years
-
-
-
2021-September-3 yr.
\u20ac8.33
120,000
\u20ac47.75
7.7 years
-
-
-
2021-September-5 yr.
\u20ac8.67
80,000
\u20ac47.75
7.7 years
-
-
-
2022-July-3 yr.
\u20ac5.39
11,400
\u20ac46.81
8.6 years
-
-
-
2022-July-5 yr.
\u20ac5.65
7,600
\u20ac46.81
8.6 years
-
-
-
2,595,300
\u20ac37.48
6.7 years
763,300
\u20ac22.78
4.7 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-79": { "value": "24. DISTRIBUTABLE RESERVES AND DISTRIBUTIONS MADE As
On May 24, 2023, the Company paid \u20ac52,58 7,368 dividend in connection with the distribution of a final dividend
of 2022 of \u20ac0.59 per outstanding share.
On October 5, 2023, the Company paid \u20ac51,705,04 6 dividend in connection with the distribution of a half-year
dividend of 2023 of \u20ac0.58 per outstanding share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-117": { "value": "52587368", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToPriorYears", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-118": { "value": "51705046", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParentRelatingToCurrentYear", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-37": { "value": "25. NON-CONTROLLING INTERESTS Non-controlling interests represent 5.2% ownership interests in our German subsidiaries First Shurgard Deutschland GmbH and Second Shurgard Deutschland GmbH, which own in total 13 properties (13 properties at the end of 2022) in Germany. We allocated \u20ac1.1 million and \u20ac1.3 million of net income to non-controlling interests during the years ended December 31, 2023 and 2022, respectively, based upon their respective interests in the net income of the subsidiaries. D uring the period starting January 1, 2022 and ending December 31, 2023, there were no transactions with non- controlling interests.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-80": { "value": "
26. INTEREST-BEARING LOANS AND BORROWINGS
(in \u20ac thousands) Effective Maturity
December 31, 2023
December 31, 2022
i
nterest rate
Non-current
Senior guaranteed notes \u2013 issued July 2014
3.24%
July 24, 2024
100,000
100,000
Senior guaranteed notes \u2013 issued July 2014
3.38%
July 24, 2026
100,000
100,000
Senior guaranteed notes \u2013 issued June 2015
2.67%
June 25, 2025
130,000
130,000
Senior guaranteed notes \u2013 issued June 2015
2.86%
June 25, 2027
110,000
110,000
Senior guaranteed notes \u2013 issued June 2015
3.03%
June 25, 2030
60,000
60,000
Senior notes \u2013 issued July 2021
1.28%
July 23, 2031
300,000
300,000
Nominal values
800,000
800,000
Less:
Unamortized balance of debt issuance cost on
notes issued
(1,609)
(2,020)
Borrowings as reported on statement of
financial position
798,391
797,980
The reported borrowings are presented as follows in our statement of financial position:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Borrowings as reported on statement of financial position
798,391
797,980
Non-current portion
698,441
797,980
Current portion
99,950
-
Weighted average cost of debt
2.36%
2.36%
N
OTES ISSUED
On July 24, 2014, the Group, via its financing entity Shurgard Luxembourg S.\u00e0.r.l., issued to certain European and
U.S. investors three tranches of senior guaranteed notes. The Company paid \u20ac2.3 million of placement and legal
fees and other expenses that are being amortized as interest expense using the effective interest method. As of
December 31, 2023, and 2022, the unamortized balances of the debt financing costs on the 2014 Issuance were
\u20ac0.2 million and \u20ac0.4 million, respectively.
On June 25, 2015, the Group, via its financing entity Shurgard Luxembourg S.\u00e0.r.l., issued to certain European and
U.S. investors three tranches of senior guaranteed notes. The Company paid \u20ac1.4 million of placement and legal
fees and other expenses that are being amortized as interest expense using the effective interest method. As of
December 31, 2023, and December 31, 2022, the unamortized balances of the debt financing costs on the 2015
Issuance were \u20ac0.4 million and \u20ac0.6 million, respectively.
On July 23, 2021, the Group, via its financing entity Shurgard Luxembourg S.\u00e0.r.l., issued new ten years Green
Notes for \u20ac300.0 million bearing fixed interest of 1.24% per annum (effective interest rate of 1.28% per annum).
The Company paid \u20ac1.2 million of placement and legal fees and other expenses that are being amortized as
interest expense using the effective interest method.
As of December 31, 2023, and December 31, 2022, the unamortized balances of the debt financing costs on the
2021 Senior Notes Issuance was \u20ac1.0 million and \u20ac1.1 million, respectively.
T
he senior guaranteed notes (both principal amount and interest payments) are denominated in euro.
REVOLVING SYNDICATED LOAN FACILITY
As of December 31, 2023 and December 31, 2022, the Company has access to a \u20ac250 million syndicated revolving
loan facility with BNP Paribas Fortis bank, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale bank and Belfius bank (with BNP Paribas Fortis bank
as agent) with maturity of October 16, 2025, bearing interest of Euribor plus a margin varying between 0.45%
and 0.95% per annum dependent on the most recent loan-to-value ratio (the \u201cRCF\u201d). There are no mandatory
repayments of principal debt due for this facility before its maturity and a commitment fee of 35% of the
applicable margin (or 0.16% per annum for the period ended December 31, 2023 and the year ended December
31, 2022) applies to undrawn amounts.
As of December 31, 2023 and December 31, 2022, the Company had no outstanding borrowings under this facility.
During the period ended December 31, 2023, the Company incurred commitment fees of \u20ac398,125 on the
revolving syndicated loan facility (\u20ac400,313 in the year ended December 31, 2022). See Note 9.
SHELF NOTES FACILITY
On February 23, 2021, the Group entered into an uncommitted Shelf Note Facility for an amount of up to \u20ac250
million, which can be drawn during a three-year period. As of December 31, 2023 and December 31, 2022, the
Company had no outstanding borrowings under this facility.
TERM LOAN FACILITY
On April 28, 2023 and effective the same date, the Company, through its subsidiary Shurgard Luxembourg S.\u00e0.r.l.
entered into a committed \u20ac450 million term loan facility agreement with BNP Paribas Fortis Bank NV/SA (acting
also as agent), Belfius Bank SA/NV, ABN Amro Bank NV, KBC Bank NV/SA and Banque International \u00e0
Luxembourg SA with a maturity of three years, which can be extended at the option of the Company by an
additional period of up to two years (resulting in a maximum tenor of five years) subject to certain conditions
being met (including agreement of the lenders).
The Term Loan Facility is bearing interest of Euribor plus a margin varying between 1.20% and 1.75% per annum
dependent on the most recent loan-to-value ratio, or external rating, if any.
The term loan facility under the Facility Agreement is available for drawing by the Company for a period of 12
months as from signing.
T
he terms and conditions of the Facility Agreement are substantially based on the existing revolving facility
agreement entered into by the Company on September 26, 2018 (as amended from time to time) and otherwise
contain terms and conditions which are consistent with market practice.
The financial covenants and baskets are substantially aligned with the financial covenants and baskets included
in the note purchase agreement entered into by the Company on February 23, 2021 in connection with the US
private placement of senior notes due July 23, 2031.
On October 2, 2023, the Company has drawn \u20ac160 million on the facility. The loan has been repaid on December
18, 2023 with the proceeds of the equity issuance (Note 21). As of December 31, 2023, our borrowing capacity
under the term loan facility is \u20ac290 million. During the year ended December 31, 2023, we incurred \u20ac2.6 million
interest on the borrowed amount.
As of December 31, 2023, we had no outstanding borrowings under this facility, and the commitment fee on the
undrawn amount was equal to 35% of the applicable margin, or 0.42%.
During the year ended December 31, 2023, the Company incurred \u20ac2.6 million arrangement, commitment and
legal fees of which \u20ac0.8 million has been expensed in connection with the \u20ac160 million loan we early repaid, and
\u20ac1.8 million have been recorded as other non-current assets (Note 17), as the Group expects drawing on the
remainder of the facility in the foreseeable future.
P
ARENT GUARANTOR AND COVENANTS
The full and prompt performance and observance by Shurgard Luxembourg S.\u00e0.r.l. of all its obligations under the
2014, 2015 and 2021 note purchase agreements, the revolving syndicated loan facility and the term loan facility
is unconditionally guaranteed by Shurgard Self Storage Ltd as Parent Guarantor pursuant to the terms and
conditions provided for under the respective note purchase agreements.
The 2014, 2015 and 2021 Issuances, the revolving credit facility and the term loan facility are subject to certain
customary covenants, including senior leverage, fixed charge cover or fixed interest cover and unencumbered
asset value to total unsecured liabilities (2014 and 2015 Notes Issuances only) that we test for compliance on a
quarterly basis. As of December 31, 2023, and December 31, 2022, we are in compliance with all such covenants.
28. ANALYSIS OF MOVEMENTS IN INTEREST-BEARING LOANS AND BORROWINGS The below tables provide an analysis of financial debt and movements in financial debt for each of the periods presented.
Interest-bearing loans and
(in \u20ac thousands)
borrowings
Lease obligations
Total financial debt
January 1, 2022
797,579
88,368
885,947
Repayments of debt
-
(4,591)
(4,591)
Interest payments
(18,757)
(2,852)
(21,609)
Addition of lease obligations (net)
-
17,778
17,778
Non-cash movements
1
19,158
1,119
20,277
December 31, 2022
797,980
99,822
897,802
Interest-bearing loans and
(in \u20ac thousands)
borrowings
Lease obligations
Total financial debt
January 1, 2023
797,980
99,822
897,802
Draw down on term loan facility
160,000
-
160,000
Repayments of debt
(160,000)
(4,341)
(164,341)
Interest payments
(20,511)
(3,585)
(24,096)
Addition of lease obligations (net)
-
15,132
15,132
Non-cash movements
1
20,922
3,788
24,710
December 31, 2023
798,391
110,816
909,207
1 Non-cash movements for the years ended December 31, 2023 and December 31, 2022 mainly consist of accrued interest", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-98": { "value": "26. INTEREST-BEARING LOANS AND BORROWINGS
(in \u20ac thousands) Effective Maturity
December 31, 2023
December 31, 2022
i
nterest rate
Non-current
Senior guaranteed notes \u2013 issued July 2014
3.24%
July 24, 2024
100,000
100,000
Senior guaranteed notes \u2013 issued July 2014
3.38%
July 24, 2026
100,000
100,000
Senior guaranteed notes \u2013 issued June 2015
2.67%
June 25, 2025
130,000
130,000
Senior guaranteed notes \u2013 issued June 2015
2.86%
June 25, 2027
110,000
110,000
Senior guaranteed notes \u2013 issued June 2015
3.03%
June 25, 2030
60,000
60,000
Senior notes \u2013 issued July 2021
1.28%
July 23, 2031
300,000
300,000
Nominal values
800,000
800,000
Less:
Unamortized balance of debt issuance cost on
notes issued
(1,609)
(2,020)
Borrowings as reported on statement of
financial position
798,391
797,980
The reported borrowings are presented as follows in our statement of financial position:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Borrowings as reported on statement of financial position
798,391
797,980
Non-current portion
698,441
797,980
Current portion
99,950
-
Weighted average cost of debt
2.36%
2.36%
N OTES ISSUED On July 24, 2014, the Group, via its financing entity Shurgard Luxembourg S.\u00e0.r.l., issued to certain European and U.S. investors three tranches of senior guaranteed notes. The Company paid \u20ac2.3 million of placement and legal fees and other expenses that are being amortized as interest expense using the effective interest method. As of December 31, 2023, and 2022, the unamortized balances of the debt financing costs on the 2014 Issuance were \u20ac0.2 million and \u20ac0.4 million, respectively. On June 25, 2015, the Group, via its financing entity Shurgard Luxembourg S.\u00e0.r.l., issued to certain European and U.S. investors three tranches of senior guaranteed notes. The Company paid \u20ac1.4 million of placement and legal fees and other expenses that are being amortized as interest expense using the effective interest method. As of December 31, 2023, and December 31, 2022, the unamortized balances of the debt financing costs on the 2015 Issuance were \u20ac0.4 million and \u20ac0.6 million, respectively. On July 23, 2021, the Group, via its financing entity Shurgard Luxembourg S.\u00e0.r.l., issued new ten years Green Notes for \u20ac300.0 million bearing fixed interest of 1.24% per annum (effective interest rate of 1.28% per annum). The Company paid \u20ac1.2 million of placement and legal fees and other expenses that are being amortized as interest expense using the effective interest method. As of December 31, 2023, and December 31, 2022, the unamortized balances of the debt financing costs on the 2021 Senior Notes Issuance was \u20ac1.0 million and \u20ac1.1 million, respectively. T he senior guaranteed notes (both principal amount and interest payments) are denominated in euro. REVOLVING SYNDICATED LOAN FACILITY As of December 31, 2023 and December 31, 2022, the Company has access to a \u20ac250 million syndicated revolving loan facility with BNP Paribas Fortis bank, Soci\u00e9t\u00e9 G\u00e9n\u00e9rale bank and Belfius bank (with BNP Paribas Fortis bank as agent) with maturity of October 16, 2025, bearing interest of Euribor plus a margin varying between 0.45% and 0.95% per annum dependent on the most recent loan-to-value ratio (the \u201cRCF\u201d). There are no mandatory repayments of principal debt due for this facility before its maturity and a commitment fee of 35% of the applicable margin (or 0.16% per annum for the period ended December 31, 2023 and the year ended December 31, 2022) applies to undrawn amounts. As of December 31, 2023 and December 31, 2022, the Company had no outstanding borrowings under this facility. During the period ended December 31, 2023, the Company incurred commitment fees of \u20ac398,125 on the revolving syndicated loan facility (\u20ac400,313 in the year ended December 31, 2022). See Note 9. SHELF NOTES FACILITY On February 23, 2021, the Group entered into an uncommitted Shelf Note Facility for an amount of up to \u20ac250 million, which can be drawn during a three-year period. As of December 31, 2023 and December 31, 2022, the Company had no outstanding borrowings under this facility. TERM LOAN FACILITY On April 28, 2023 and effective the same date, the Company, through its subsidiary Shurgard Luxembourg S.\u00e0.r.l. entered into a committed \u20ac450 million term loan facility agreement with BNP Paribas Fortis Bank NV/SA (acting also as agent), Belfius Bank SA/NV, ABN Amro Bank NV, KBC Bank NV/SA and Banque International \u00e0 Luxembourg SA with a maturity of three years, which can be extended at the option of the Company by an additional period of up to two years (resulting in a maximum tenor of five years) subject to certain conditions being met (including agreement of the lenders). The Term Loan Facility is bearing interest of Euribor plus a margin varying between 1.20% and 1.75% per annum dependent on the most recent loan-to-value ratio, or external rating, if any. The term loan facility under the Facility Agreement is available for drawing by the Company for a period of 12 months as from signing. T he terms and conditions of the Facility Agreement are substantially based on the existing revolving facility agreement entered into by the Company on September 26, 2018 (as amended from time to time) and otherwise contain terms and conditions which are consistent with market practice. The financial covenants and baskets are substantially aligned with the financial covenants and baskets included in the note purchase agreement entered into by the Company on February 23, 2021 in connection with the US private placement of senior notes due July 23, 2031. On October 2, 2023, the Company has drawn \u20ac160 million on the facility. The loan has been repaid on December 18, 2023 with the proceeds of the equity issuance (Note 21). As of December 31, 2023, our borrowing capacity under the term loan facility is \u20ac290 million. During the year ended December 31, 2023, we incurred \u20ac2.6 million interest on the borrowed amount. As of December 31, 2023, we had no outstanding borrowings under this facility, and the commitment fee on the undrawn amount was equal to 35% of the applicable margin, or 0.42%. During the year ended December 31, 2023, the Company incurred \u20ac2.6 million arrangement, commitment and legal fees of which \u20ac0.8 million has been expensed in connection with the \u20ac160 million loan we early repaid, and \u20ac1.8 million have been recorded as other non-current assets (Note 17), as the Group expects drawing on the remainder of the facility in the foreseeable future. PARENT GUARANTOR AND COVENANTS The full and prompt performance and observance by Shurgard Luxembourg S.\u00e0.r.l. of all its obligations under the 2014, 2015 and 2021 note purchase agreements, the revolving syndicated loan facility and the term loan facility is unconditionally guaranteed by Shurgard Self Storage Ltd as Parent Guarantor pursuant to the terms and conditions provided for under the respective note purchase agreements. The 2014, 2015 and 2021 Issuances, the revolving credit facility and the term loan facility are subject to certain customary covenants, including senior leverage, fixed charge cover or fixed interest cover and unencumbered asset value to total unsecured liabilities (2014 and 2015 Notes Issuances only) that we test for compliance on a quarterly basis. As of December 31, 2023, and December 31, 2022, we are in compliance with all such covenants.
28. ANALYSIS OF MOVEMENTS IN INTEREST-BEARING LOANS
AND BORROWINGS
The below tables provide an analysis of financial debt and movements in financial debt for each of the periods
presented.
Interest-bearing loans and
(in \u20ac thousands)
borrowings
Lease obligations
Total financial debt
January 1, 2022
797,579
88,368
885,947
Repayments of debt
-
(4,591)
(4,591)
Interest payments
(18,757)
(2,852)
(21,609)
Addition of lease obligations (net)
-
17,778
17,778
Non-cash movements
1
19,158
1,119
20,277
December 31, 2022
797,980
99,822
897,802
Interest-bearing loans and
(in \u20ac thousands)
borrowings
Lease obligations
Total financial debt
January 1, 2023
797,980
99,822
897,802
Draw down on term loan facility
160,000
-
160,000
Repayments of debt
(160,000)
(4,341)
(164,341)
Interest payments
(20,511)
(3,585)
(24,096)
Addition of lease obligations (net)
-
15,132
15,132
Non-cash movements
1
20,922
3,788
24,710
December 31, 2023
798,391
110,816
909,207
1 Non-cash movements for the years ended December 31, 2023 and December 31, 2022 mainly consist of accrued interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-38": { "value": "PARENT GUARANTOR AND COVENANTS The full and prompt performance and observance by Shurgard Luxembourg S.\u00e0.r.l. of all its obligations under the 2014, 2015 and 2021 note purchase agreements, the revolving syndicated loan facility and the term loan facility is unconditionally guaranteed by Shurgard Self Storage Ltd as Parent Guarantor pursuant to the terms and conditions provided for under the respective note purchase agreements. The 2014, 2015 and 2021 Issuances, the revolving credit facility and the term loan facility are subject to certain customary covenants, including senior leverage, fixed charge cover or fixed interest cover and unencumbered asset value to total unsecured liabilities (2014 and 2015 Notes Issuances only) that we test for compliance on a quarterly basis. As of December 31, 2023, and December 31, 2022, we are in compliance with all such covenants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-81": { "value": "
29. OTHER NON-CURRENT LIABILITIES
Other non-current liabilities consist of VAT due after more than one year.
30. TRADE AND OTHER PAYABLES AND DEFERRED REVENUE Trade and other payables and deferred revenue:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Accrued compensation and employee benefits
10,461
9,955
Accrued share-based compensation expense
1
411
510
Accounts payable (including accrued expenses)
61,730
56,072
Payables to affiliated companies
1,122
1,144
Deferred revenue \u2013 contract liabilities
34,832
32,456
Accrued interest on notes issued and other external
2,033
1,820
borrowings
Other payables
2
7,585
4,574
Trade and other payables and deferred revenue
118,174
106,531
1 See Note 32. 2 Other payables consist of VAT payable and deposits received from customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-39": { "value": "29. OTHER NON-CURRENT LIABILITIES Other non-current liabilities consist of VAT due after more than one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-99": { "value": "29. OTHER NON-CURRENT LIABILITIES Other non-current liabilities consist of VAT due after more than one year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-40": { "value": "30. TRADE AND OTHER PAYABLES AND DEFERRED REVENUE Trade and other payables and deferred revenue:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Accrued compensation and employee benefits
10,461
9,955
Accrued share-based compensation expense
1
411
510
Accounts payable (including accrued expenses)
61,730
56,072
Payables to affiliated companies
1,122
1,144
Deferred revenue \u2013 contract liabilities
34,832
32,456
Accrued interest on notes issued and other external
2,033
1,820
borrowings
Other payables
2
7,585
4,574
Trade and other payables and deferred revenue
118,174
106,531
1 See Note 32. 2 Other payables consist of VAT payable and deposits received from customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-100": { "value": "30. TRADE AND OTHER PAYABLES AND DEFERRED REVENUE Trade and other payables and deferred revenue:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Accrued compensation and employee benefits
10,461
9,955
Accrued share-based compensation expense
1
411
510
Accounts payable (including accrued expenses)
61,730
56,072
Payables to affiliated companies
1,122
1,144
Deferred revenue \u2013 contract liabilities
34,832
32,456
Accrued interest on notes issued and other external
2,033
1,820
borrowings
Other payables
2
7,585
4,574
Trade and other payables and deferred revenue
118,174
106,531
1 See Note 32. 2 Other payables consist of VAT payable and deposits received from customers.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-82": { "value": "31. PENSIONS DEFINED CONTRIBUTION PLANS For each of the years ended December 31, 2023 and December 31, 2022, the Group incurred \u20ac1.2 million pension plan expense. These amounts are included in property operating expenses or general, administrative and other expenses in our consolidated statements of profit and loss. The Company operates a Belgian pension plan that while structured as a defined contribution plan requires to be accounted for as a defined benefit plan in accordance with IAS 19. Du ring the years ended December 31, 2023 and December 31, 2022, we contributed \u20ac0.6 million and \u20ac0.5 million, respectively, to a third-party insurance company. We expect to contribute in 2024 the same amount as in 2023. The insurance company invests the majority of its funds in sovereign and corporate bonds and provides a guaranteed investment return on these funds. Investment decisions are based on strategic asset allocation studies and risk management best practices. As of December 31, 2023, the defined benefit obligation amounted to \u20ac8.5 million (\u20ac6.8 million as of December 31, 2022), offset by plan assets of \u20ac8.8 million as of December 31, 2023 (\u20ac7.0 million as of December 31, 2022). For former plan participants with deferred pension rights, the defined benefit obligation equals plan assets. The weighted average assumptions used to determine net benefit obligations for our pension plans were as follows :
(in \u20ac thousands) December 31, 2023 December 31, 2022
Discount rate 3.20% 3.70%
Inflation 2.20% 2.20%
Rate of salary increases 3.20% 3.20%
Mortality tables MR-5/FR-5 MR-5/FR-5
32. SHARE-BASED COMPENSATION EXPENSE Under various share option plans, the Group granted to a number of employees stock options of the parent entity. The exercise prices equal the fair values of the share at the respective grant dates. The terms of these grants were established by our Board of Directors: \u2022 U nder the 2017 long-term incentive plan, the stock options vested ratably over a four-year period and expire ten years after the grant date. \u2022 Stock options granted under the 2018 equity compensation plan had a three-year cliff vesting period and expire ten years after the grant date. \u2022 Stock options granted under the 2021 equity compensation plan have a two-stage vesting period with (i) 60% of the stock options vesting after three years after the date they are being offered; and (ii) the remaining 40% of the stock options will vest after a period of five years after the date they are being offered. They expire ten years after the grant date. N one of the share-based compensation plans have performance conditions and all plans are accounted for as equity-settled awards and do not contain any cash settlement alternatives. Further details are described in the Remuneration Report on page 154 and following. The following weighted average assumptions were used to determine the fair value of the options that are outstanding as of December 31, 2023 for the options granted under the 2017 and 2018 plans:
2017 grants
2018 grants
Estimated fair value of Shurgard shares
\u20ac23.00
\u20ac26.50
Expected volatility
20.00%
20.00%
Risk free interest rate
-0.08%
0.11%
Expected remaining term (in years)
6.0
7.0
Dividend yield
-
3.68%
Expected forfeiture rate per annum
5.00%
5.00%
Fair value per option
\u20ac2.35
\u20ac3.45
The following weighted average assumptions were used to determine the fair value of the options that are outstanding as of December 31, 2023 for the options granted under the 2021 plan in August and September 2021: August 2021 August 2021 Sept. 2021 Sept. 2021 3-yr vesting5-yr vesting3-yr vesting5-yr vesting Estimated fair value of Shurgard Europe shares \u20ac50.80 \u20ac50.80 \u20ac53.00 \u20ac53.00 Expected volatility 20.00% 20.00% 20.00% 20.00% Risk free interest rate -0.58% -0.05% -0.23% -0.02% Expected remaining term (in years) 7.0 8.0 7.0 8.0 Dividend yield 2.30% 2.30% 2.21% 2.21% Expected forfeiture rate per annum 5.00% 5.00% 5.00% 5.00% Fair value per option \u20ac8.42 \u20ac9.05 \u20ac8.33 \u20ac8.67 On July 18, 2022, the Company granted 19,000 options under the 2021 equity compensation plan at an exercise price of \u20ac46.81 (the \u2018\u20192022 option grants\u2019\u2019). W e used the following weighted average assumptions to determine the fair value of the 2022 option grants as of December 31, 2023:
July 2022 July 2022
3-yr vesting 5-yr vesting
Estimated fair value of Shurgard Europe shares
\u20ac42.90
\u20ac42.90
Expected volatility
20.00%
20.00%
Risk free interest rate
1.77%
1.79%
Expected remaining term (in years)
7.0
8.0
Dividend yield
2.73%
2.73%
Expected forfeiture rate per annum
5.00%
5.00%
Fair value per option
\u20ac5.39
\u20ac5.65
For all plans, we incurred \u20ac4.2 million and \u20ac3.9 million in share-based compensation expense, including social security charges in the periods ended December 31, 2023 and 2022, respectively. The year-on year increase is explained by \u20ac0.4 increased employers\u2019 social security cost due to the increase of the intrinsic value of the share options, partially offset by \u20ac0.1 million decreased gross share option expense. The \u20ac0.4 million and \u20ac0.5 million liabilities, respectively, for share-based compensation as of December 31, 2023 and December 31, 2022 consists of an accrual for employers\u2019 share in social security. As of December 31, 2023, and December 31, 2022, we had \u20ac4.4 million, and \u20ac8.1 million, respectively, of unrecognized share-based compensation expense, net of estimated pre-vesting forfeitures, related to unvested option awards. For the periods ended December 31, 2023 and December 31, 2022, the weighted average remaining vesting period of our share options was 1.1 and 2.3 years, respectively. T he following table sets forth the number of share options granted, forfeited, exercised and outstanding at December 31, 2023 and December 31, 2022:
2023 2022
Number of
Weighted
Number of Weighted
options
average exercise
options average exercise
price price (a)
Outstanding, January 1 2,641,800 \u20ac37.44
2,727,500
\u20ac36.81
Granted (a)
-
-
19,000
\u20ac46.81
Forfeited (b)
(29,000)
\u20ac43.05
(9,000)
\u20ac43.05
Exercised (c)
(17,500)
\u20ac23.00
(95,700)
\u20ac22.26
Outstanding, December 31
2,595,300
\u20ac37.48
2,641,800
\u20ac37.44
Exercisable, December 31
763,300
\u20ac22.78
780,800
\u20ac22.79
T
he following table summarizes information about our share options outstanding as of December 31, 2023 under
the 2017, 2018 and 2021 plans:
As of December 31, 2023
Options outstanding
Options exercisable
Weighted Weighted Weighted Weighted
Fair value Number of average average Number average average
Year of grant per option at Options exercise remaining of exercise remaining
grant date price contractual Options price contractual
life life
2017
\u20ac2.35
112,300
\u20ac21.51
3.5 years
112,300
\u20ac21.51
3.5 years
2018
\u20ac3.45
651,000
\u20ac23.00
4.9 years
651,000
\u20ac23.00
4.9 years
2021-August-3 yr.
\u20ac8.42
967,800
\u20ac43.05
7.6 years
-
-
-
2021-August-5 yr.
\u20ac9.05
645,200
\u20ac43.05
7.6 years
-
-
-
2021-September-3 yr.
\u20ac8.33
120,000
\u20ac47.75
7.7 years
-
-
-
2021-September-5 yr.
\u20ac8.67
80,000
\u20ac47.75
7.7 years
-
-
-
2022-July-3 yr.
\u20ac5.39
11,400
\u20ac46.81
8.6 years
-
-
-
2022-July-5 yr.
\u20ac5.65
7,600
\u20ac46.81
8.6 years
-
-
-
2,595,300
\u20ac37.48
6.7 years
763,300
\u20ac22.78
4.7 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-41": { "value": "31. PENSIONS DEFINED CONTRIBUTION PLANS For each of the years ended December 31, 2023 and December 31, 2022, the Group incurred \u20ac1.2 million pension plan expense. These amounts are included in property operating expenses or general, administrative and other expenses in our consolidated statements of profit and loss. The Company operates a Belgian pension plan that while structured as a defined contribution plan requires to be accounted for as a defined benefit plan in accordance with IAS 19. Du ring the years ended December 31, 2023 and December 31, 2022, we contributed \u20ac0.6 million and \u20ac0.5 million, respectively, to a third-party insurance company. We expect to contribute in 2024 the same amount as in 2023. The insurance company invests the majority of its funds in sovereign and corporate bonds and provides a guaranteed investment return on these funds. Investment decisions are based on strategic asset allocation studies and risk management best practices. As of December 31, 2023, the defined benefit obligation amounted to \u20ac8.5 million (\u20ac6.8 million as of December 31, 2022), offset by plan assets of \u20ac8.8 million as of December 31, 2023 (\u20ac7.0 million as of December 31, 2022). For former plan participants with deferred pension rights, the defined benefit obligation equals plan assets. The weighted average assumptions used to determine net benefit obligations for our pension plans were as follows (in \u20ac thousands) December 31, 2023 December 31, 2022 Discount rate 3.20% 3.70% Inflation 2.20% 2.20% Rate of salary increases 3.20% 3.20% Mortality tables MR-5/FR-5 MR-5/FR-5", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-136": { "value": "
33. RELATED PARTY DISCLOSURES
SUBSIDIARIES
Interests in subsidiaries are set out in Note 38.
K
EY MANAGEMENT PERSONNEL COMPENSATION
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Short term employee benefits
3,484
3,273
Post-employment benefits
105
116
Share-based payments
2,825
2,833
Total
6,414
6,222
Key management personnel consists of the members of the Executive Committee.
In addition, the Company incurred in the year ended December 31, 2023 \u20ac0.8 million expense for the provision
of services by non-executive board members that were provided by separate management entities (\u20ac0.8 million
in the year ended December 31, 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-42": { "value": "33. RELATED PARTY DISCLOSURES SUBSIDIARIES Interests in subsidiaries are set out in Note 38. K EY MANAGEMENT PERSONNEL COMPENSATION
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Short term employee benefits
3,484
3,273
Post-employment benefits
105
116
Share-based payments
2,825
2,833
Total
6,414
6,222
Key management personnel consists of the members of the Executive Committee. In addition, the Company incurred in the year ended December 31, 2023 \u20ac0.8 million expense for the provision of services by non-executive board members that were provided by separate management entities (\u20ac0.8 million in the year ended December 31, 2022). TRANSACTIONS WITH OTHER RELATED PARTIES As of December 31, 2023, the Group had two significant shareholders: Public Storage (\u201cPS\u201d), which owned directly and indirectly in total 35.1% of the interest in Shurgard and the New York State Common Retirement Fund (\u201cNYSCRF\u201d), which held directly and indirectly 33.4%. We pay PS a royalty fee equal to 1.0% of our pro rata equity share of revenues in exchange for the rights to use the \u201cShurgard\u201d trade name and other services. During the years ended December 31, 2023 and December 31, 2022, we incurred royalty fees of \u20ac3.5 million and \u20ac3.3 million, respectively. D uring the years ending December 31, 2023 and December 31, 2022 there were no transactions with NYSCRF. W e also refer to Note 25 in respect of the non-controlling interest held by the two main shareholders in certain subsidiaries in Germany. O UTSTANDING BALANCES ARISING FROM TRANSACTIONS WITH RELATED PARTIES As of December 31, 2023 and 2022, trade and other payables and deferred revenue include short-term cash advances payable to Public Storage totaling \u20ac0.9 million and \u20ac0.9 million, respectively, comprised primarily of royalty fees incurred during each of the three months ended December 31, 2023 and December 31, 2022. W e also refer to Note 25 in respect of the non-controlling interest held by the two main shareholders in certain subsidiaries in Germany. S everal of the Group\u2019s subsidiaries provide post-employment benefit plans for the benefit of employees of the Group. Payments made to these plans and receivables from and payables to these plans have been disclosed, if any, in Note 31.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-43": { "value": "34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES This note explains the Company\u2019s exposure to financial risks and how these risks could affect the Company\u2019s future financial performance. The Company has tenant and other receivables, trade and other payables, deferred revenue and cash and cash equivalents that arise directly from its operations. The Company\u2019s principal financial liabilities consist of loans and borrowings, as well as trade and other payables. The main purpose of the Company\u2019s loans and borrowings is to finance the acquisition and development of the Company\u2019s property portfolio. T he Group is exposed to market risk, credit risk and liquidity risks: \u2022 M arket risk is the risk that the fair value or future cash flows of a financial instrument fluctuates due to change in market prices and can be broken down into interest rate, currency and other price (e.g., equity or commodity) risks; Not all these risks are relevant to the Group, which is mainly exposed to foreign currency risks. The Group is currently not exposed to significant interest rate risk, as it does not have any long-term debt with variable interest rates; \u2022 Credit risk is the risk that one party to an agreement will cause a financial loss to another party by failing to discharge its obligation. For Shurgard, credit risk mainly covers its tenant receivables and financing activities, which include cash and cash equivalents with banks and financial institutions; \u2022 Liquidity risks include the risk that the Group will encounter difficulties in raising financing and in meeting payment obligations when they come due. The Company\u2019s risk management is carried out by senior management, under policies approved by the Board of Directors. The Board of Directors provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, real estate risk and credit risk, the use of derivative and non-derivative financial instruments and investment of excess liquidity. The Board of Directors reviews and agrees policies for managing each of these risks which are summarized below. FORE IGN EXCHANGE RISK We publish our financial statements in euros, however, we record revenue, expenses, assets and liabilities in several different currencies other than the euro, more specifically, the UK Pound Sterling (GBP), the Swedish Krona (SEK) and the Danish Krone (DKK). Assets and liabilities denominated in local currencies are translated into euros at exchange rates prevailing at the balance sheet date and revenues and expenses are translated at average exchange rates over the relevant period. Consequently, variations in the exchange rate of the euro versus these other currencies will affect the amount of these items in our consolidated financial statements, even if their value remains unchanged in their original currency. We implement policies to protect against exchange rate risk only when required to do so by covenants contained in our debt agreements. These translations have resulted in the past and could result in the future in changes to our results of operations, balance sheet and cash flows from period to period. A breakdown of the foreign exchange related amounts recognized in profit or loss and comprehensive income can be found in Note 9 and in the Consolidated statements of changes in equity, respectively. The main statement of financial position items exposed to foreign exchange risk are cash and cash equivalents, trade and other receivables, other current and non-current assets, trade and other payables and deferred revenue, lease obligations and other non-current liabilities. As of December 31, 2023 and December 31, 2022, the net assets (liabilities) exposure on our consolidated statement of financial position is as follows:
(in \u20ac thousands)
EUR
GBP
SEK
DKK
Total
As of December 31, 2023
193,900
(65,488)
6,588
41,012
176,012
As of December 31, 2022
173,616
(57,122)
(342)
25,116
141,268
The following table presents the sensitivity analysis of the year end statement of financial position balances in EUR in case the euro would weaken by 10% versus the GBP, SEK and DKK, respectively:
(in \u20ac thousands)
FY 2023
FY 2022
GBP denominated
Changes in carrying amount of monetary assets and liabilities
1
6,549
5712
SEK denominated
Changes in carrying amount of monetary assets and liabilities
1
(659)
34
DKK denominated
Changes in carrying amount of monetary assets and liabilities
1
(4,101)
(2,512)
1 These are increases in net liabilities. CREDIT RISK Credit risk from balances with banks and financial institutions is managed by the Company\u2019s senior management in accordance with the Company\u2019s policy. Investments of surplus funds are made only with approved counterparties with a minimum investment grade credit rating. The Company\u2019s maximum exposure to credit risk for the balances with banks and financial institutions as of December 31, 2023 is the carrying value of the cash and cash equivalents. Cr edit risk is managed by requiring tenants to pay rentals in advance. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial asset. There are no significant concentrations of credit risk, whether through exposure to individual customers or regions. The Group applies the IFRS 9 simplified approach to measure its expected credit losses, which uses a lifetime expected loss allowance for all lease receivables. Loss allowances are recognized in profit or loss within real estate operating expense. Subsequent recoveries of amounts previously provided for are offset against the previously recognized loss on debtors within real estate operating expense. S et out below is the information about the credit risk exposure on our trade receivables using a provision matrix:
December 31, 2022
(in \u20ac thousands)
Outstanding < 60 days
Past due > 60 days
Total
Expected credit loss rate
6.0%
73.2%
21.9%
Carrying amount
18,256
5,639
23,895
Expected credit loss
(1,095)
(4,129)
(5,224)
Net amount
17,161
1,510
18,671
December 31, 2023
(in \u20ac thousands)
Outstanding < 60 days
Past due > 60 days
Total
Expected credit loss rate
6.0%
76.8%
24.7%
Carrying amount
19,274
6,941
26,215
Expected credit loss
(1,156)
(5,329)
(6,485)
Net amount
18,118
1,612
19,730
L ease receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include among others: \u2022 Significant financial difficulties of the debtor; and \u2022 Probability that the debtor will enter bankruptcy or financial reorganization. T he other classes within trade and other receivables and other current assets do not contain impaired assets and are not past due. It is expected that these amounts will be received when due. The Company does not hold any collateral in relation to these receivables. LIQU IDITY RISK Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. The Company maintains flexibility in funding by maintaining availability under committed credit lines. The operating activities of our subsidiaries and the resulting cash inflows are the main source of liquidity. Our cash pooling system enables us to benefit from surplus funds of certain subsidiaries to cover the financial requirements of other subsidiaries. We invest surplus cash in current accounts and short-term cash equivalents, selecting instruments with appropriate maturities or sufficient liquidity. Man agement monitors rolling forecasts of the Company\u2019s liquidity reserve (comprising the undrawn credit facilities listed below) and cash and cash equivalents (see Note 20) on the basis of expected cash flows. The Company has access to the following undrawn borrowing facilities at the end of the reporting period:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Expiring within one year (floating rate)
540,000
(
1
)
-
Expiring beyond one year (floating rate)
250,000
(
2
)
500,000 (
Total
790,000
500,000
3) 1 The amount consists of the undrawn amount on the TLF (\u20ac290 million) and the uncommitted Shelf Note Facility for an amount of up to \u20ac250 million. 2 The amount consists of the RCF. 3 The amount consists of the RCF (\u20ac250 million) and the uncommitted Shelf Note Facility for the same amount. CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES ON DECEMBER 31, 2022 The tables below analyze the Company\u2019s financial liabilities based on their contractual maturities.
Total
(in \u20ac thousands)
Less than one
Between one contractual
year
and five years
Over five years
cash flows
Interest-bearing loans and borrowings
18,707
488,892
380,190
887,789
Lease liabilities
7,203
27,086
740,574
774,863
(
1
)
Trade and other payables
106,531
-
-
106,531
Total
132,441
515,978
1,120,764
1,769,183
1 The material variances between the lease liabilities the Company carries in its consolidated statement of financial position and the contractual maturities presented in the above table are explained by the perpetual character of certain of our Dutch and Swedish real estate leases. CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES ON DECEMBER 31, 2023
Total
(in \u20ac thousands)
Less than one
Between one contractual
year
and five years
Over five years
cash flows
Interest-bearing loans and borrowings
115,930
382,193
366,703
864,826
Lease liabilities
7,692
28,646
775,377
811,715
(
1
)
Trade and other payables
118,174
-
-
118,174
Total
241,796
410,839
1,142,080
1,794,715
1 The material variances between the lease liabilities the Company carries in its consolidated statement of financial position and the contractual maturities presented in the above table are explained by the perpetual character of certain of our Dutch and Swedish real estate leases. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payments) FA IR VALUES Management has assessed that the fair values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments. Set out below is a comparison of the carrying amounts and fair value of the Company\u2019s guaranteed notes, which have a fixed interest rate:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Carrying value
798,391
797,980
Fair values
744,677
684,878
The following methods and assumptions were used to estimate the fair values: \u2022 The fair values of our senior guaranteed notes (level 2) consist of the discounted value of principal amounts and any future interest payments; \u2022 The discount rates used take into account the various maturities of the notes issued and are based on risk-free interest rates plus spreads that are in line with market spreads for private placements as of the respective reporting dates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-83": { "value": " M arket risk is the risk that the fair value or future cash flows of a financial instrument fluctuates due to change in market prices and can be broken down into interest rate, currency and other price (e.g., equity or commodity) risks; Not all these risks are relevant to the Group, which is mainly exposed to foreign currency risks. The Group is currently not exposed to significant interest rate risk, as it does not have any long-term debt with variable interest rates; FORE IGN EXCHANGE RISK We publish our financial statements in euros, however, we record revenue, expenses, assets and liabilities in several different currencies other than the euro, more specifically, the UK Pound Sterling (GBP), the Swedish Krona (SEK) and the Danish Krone (DKK). Assets and liabilities denominated in local currencies are translated into euros at exchange rates prevailing at the balance sheet date and revenues and expenses are translated at average exchange rates over the relevant period. Consequently, variations in the exchange rate of the euro versus these other currencies will affect the amount of these items in our consolidated financial statements, even if their value remains unchanged in their original currency. We implement policies to protect against exchange rate risk only when required to do so by covenants contained in our debt agreements. These translations have resulted in the past and could result in the future in changes to our results of operations, balance sheet and cash flows from period to period. A breakdown of the foreign exchange related amounts recognized in profit or loss and comprehensive income can be found in Note 9 and in the Consolidated statements of changes in equity, respectively. The main statement of financial position items exposed to foreign exchange risk are cash and cash equivalents, trade and other receivables, other current and non-current assets, trade and other payables and deferred revenue, lease obligations and other non-current liabilities. As of December 31, 2023 and December 31, 2022, the net assets (liabilities) exposure on our consolidated statement of financial position is as follows: (in \u20ac thousands) EUR GBP SEK DKK Total As of December 31, 2023 193,900 (65,488) 6,588 41,012 176,012 As of December 31, 2022 173,616 (57,122) (342) 25,116 141,268 The following table presents the sensitivity analysis of the year end statement of financial position balances in EUR in case the euro would weaken by 10% versus the GBP, SEK and DKK, respectively:
(in \u20ac thousands)
FY 2023
FY 2022
GBP denominated
Changes in carrying amount of monetary assets and liabilities
1
6,549
5712
SEK denominated
Changes in carrying amount of monetary assets and liabilities
1
(659)
34
DKK denominated
Changes in carrying amount of monetary assets and liabilities
1
(4,101)
(2,512)
1 These are increases in net liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-84": { "value": "Credit risk is the risk that one party to an agreement will cause a financial loss to another party by failing to discharge its obligation. For Shurgard, credit risk mainly covers its tenant receivables and financing activities, which include cash and cash equivalents with banks and financial institutions;
C
REDIT RISK
Credit risk from balances with banks and financial institutions is managed by the Company\u2019s senior management
in accordance with the Company\u2019s policy. Investments of surplus funds are made only with approved
counterparties with a minimum investment grade credit rating. The Company\u2019s maximum exposure to credit risk
for the balances with banks and financial institutions as of December 31, 2023 is the carrying value of the cash
and cash equivalents.
Cr
edit risk is managed by requiring tenants to pay rentals in advance. The maximum exposure to credit risk at
the reporting date is the carrying value of each class of financial asset. There are no significant concentrations
of credit risk, whether through exposure to individual customers or regions.
The Group applies the IFRS 9 simplified approach to measure its expected credit losses, which uses a lifetime
expected loss allowance for all lease receivables.
Loss allowances are recognized in profit or loss within real estate operating expense. Subsequent recoveries of
amounts previously provided for are offset against the previously recognized loss on debtors within real estate
operating expense.
S
et out below is the information about the credit risk exposure on our trade receivables using a provision matrix:
December 31, 2022
(in \u20ac thousands)
Outstanding < 60 days
Past due > 60 days
Total
Expected credit loss rate
6.0%
73.2%
21.9%
Carrying amount
18,256
5,639
23,895
Expected credit loss
(1,095)
(4,129)
(5,224)
Net amount
17,161
1,510
18,671
December 31, 2023
(in \u20ac thousands)
Outstanding < 60 days
Past due > 60 days
Total
Expected credit loss rate
6.0%
76.8%
24.7%
Carrying amount
19,274
6,941
26,215
Expected credit loss
(1,156)
(5,329)
(6,485)
Net amount
18,118
1,612
19,730
L ease receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include among others: \u2022 Significant financial difficulties of the debtor; and \u2022 Probability that the debtor will enter bankruptcy or financial reorganization. T he other classes within trade and other receivables and other current assets do not contain impaired assets and are not past due. It is expected that these amounts will be received when due. The Company does not hold any collateral in relation to these receivables", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-85": { "value": "Liquidity risks include the risk that the Group will encounter difficulties in raising financing and in meeting payment obligations when they come due. LIQU IDITY RISK Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. The Company maintains flexibility in funding by maintaining availability under committed credit lines. The operating activities of our subsidiaries and the resulting cash inflows are the main source of liquidity. Our cash pooling system enables us to benefit from surplus funds of certain subsidiaries to cover the financial requirements of other subsidiaries. We invest surplus cash in current accounts and short-term cash equivalents, selecting instruments with appropriate maturities or sufficient liquidity. Man agement monitors rolling forecasts of the Company\u2019s liquidity reserve (comprising the undrawn credit facilities listed below) and cash and cash equivalents (see Note 20) on the basis of expected cash flows. The Company has access to the following undrawn borrowing facilities at the end of the reporting period:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Expiring within one year (floating rate)
540,000
(
1
)
-
Expiring beyond one year (floating rate)
250,000
(
2
)
500,000 (
Total
790,000
500,000
3) 1 The amount consists of the undrawn amount on the TLF (\u20ac290 million) and the uncommitted Shelf Note Facility for an amount of up to \u20ac250 million. 2 The amount consists of the RCF. 3 The amount consists of the RCF (\u20ac250 million) and the uncommitted Shelf Note Facility for the same amount. CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES ON DECEMBER 31, 2022 The tables below analyze the Company\u2019s financial liabilities based on their contractual maturities. Total (in \u20ac thousands) Less than oneBetween one contractual year and five years Over five years cash flows Interest-bearing loans and borrowings 18,707 488,892 380,190 887,789 Lease liabilities 7,203 27,086 740,574 774,863( 1) Trade and other payables 106,531 - - 106,531 Total 132,441 515,978 1,120,764 1,769,183 1 The material variances between the lease liabilities the Company carries in its consolidated statement of financial position and the contractual maturities presented in the above table are explained by the perpetual character of certain of our Dutch and Swedish real estate leases. CONTRACTUAL MATURITIES OF FINANCIAL LIABILITIES ON DECEMBER 31, 2023
Total
(in \u20ac thousands)
Less than one
Between one contractual
year
and five years
Over five years
cash flows
Interest-bearing loans and borrowings
115,930
382,193
366,703
864,826
Lease liabilities
7,692
28,646
775,377
811,715
(
1
)
Trade and other payables
118,174
-
-
118,174
Total
241,796
410,839
1,142,080
1,794,715
1 The material variances between the lease liabilities the Company carries in its consolidated statement of financial position and the contractual maturities presented in the above table are explained by the perpetual character of certain of our Dutch and Swedish real estate leases. The amounts disclosed in the table are the contractual undiscounted cash flows (including interest payments) .", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-86": { "value": "FA IR VALUES Management has assessed that the fair values of cash and cash equivalents, trade and other receivables, trade and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments. Set out below is a comparison of the carrying amounts and fair value of the Company\u2019s guaranteed notes, which have a fixed interest rate:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Carrying value
798,391
797,980
Fair values
744,677
684,878
The following methods and assumptions were used to estimate the fair values: \u2022 The fair values of our senior guaranteed notes (level 2) consist of the discounted value of principal amounts and any future interest payments; \u2022 The discount rates used take into account the various maturities of the notes issued and are based on risk-free interest rates plus spreads that are in line with market spreads for private placements as of the respective reporting dates", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-44": { "value": "35. CAPITAL MANAGEMENT The Group\u2019s Executive Committee reviews the capital structure on an ongoing basis. The primary objective of the Group\u2019s capital management is to ensure that it complies with its covenants. The Group targets a loan-to-value ratio of around 25% with the flexibility to go up to a short- to mid-term maximum amount up to 35%. The Company reviews each reporting period the appropriateness of the loan-to-value ratio. The Company is currently satisfied with its current loan-to-value ratio and the applicable covenants. For all periods disclosed, we are in compliance with the covenants. Th e table below provides an overview of the evolution of the loan-to-value ratio as of December 31, 2023 and December 31, 2022.
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Net financial debt
652,698
812,477
Investment property and investment property under construction (Note
5,035,770
4,523,789
14)
Loan-to-value ratio
13.0%
18.0%
Net financial debt is composed as follows:
(in \u20ac thousands)
December 31, 2023
December 31, 2022
Carrying value of interest-bearing loans and borrowings (Note 26)
798,391
797,980
Unamortized portion of debt financing cost (Note 26)
1,609
2,020
Carrying value of lease obligations (Note 28)
110,816
99,822
Cash and cash equivalents (Note 20)
(258,118)
(87,345)
Net financial debt
652,698
812,477
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-107": { "value": "
36. INSURANCE AND LOSS EXPOSURE
We have historically obtained third-party insurance coverage for property/business interruption and general
liability, through internationally recognized insurance carriers, subject to deductibles. Additionally, we bind
coverage for our cyber and terrorism risk, as well as any local compulsory insurances, such as workers
compensation or strict liability in Belgium.
E
xcept for the local insurance policies, coverage was searched for by means of international programs, insuring
all affiliates of the Company. When acquiring a new location, our aim is to integrate the cover as soon as possible
and economically justified in our insurance programs.
B
esides insurance policies covering our own risks, we carry coverage for the risk of our tenants, via a tenant
insurance program. This program provides insurance to certificate holders (tenants) against claims for property
losses due to perils to goods stored by tenants at our self-storage facilities. Any advice and claims regarding
customer insurance are handled directly by our insurance broker/insurer.
T
he Group manages its insurable risks relating to property damage, business interruption (\u201cPDBI\u201d) and customer
goods-related claims through a combination of self-insurance and commercial insurance coverage. For this, the
Group uses a reinsurance undertaking.
I
n line with this assumption, no division for profitability is necessary. Where required, Shurgard registered as an
insurance intermediary for regulatory purposes.
During the year ended December 31, 2023, the Company paid \u20ac0.2 million (\u20ac0.2 million during the year ended
December 31, 2022) insurance acquisition expense to a third-party insurance company in connection with its re-
insurance undertaking.
G
ENERAL LIABILITY INSURANCE
Our insurance deductible for general liability insurance is \u20ac2,500 per occurrence. Insurance carriers\u2019 limit is
\u20ac5.0 million. In case claims exceed the policy limit, we benefit from excess coverage up to US$100.0 million, or
approximately \u20ac85.6 million at the December 31, 2023 exchange rate, under the Public Storage general liability
program. As such, our insurance limit is higher than estimates of maximum probable losses that could occur
from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of
multiple catastrophic events, these limits could be exceeded.
C
USTOMER GOODS
The income Shurgard earns for extending to its tenants the insurance coverage of the umbrella agreement with
an external insurance company qualifies as revenue in the scope of IFRS 15. This is due to the fact that the
contracts between Shurgard and the tenant do not transfer significant insurance risk between these two parties,
rather the insurance risk is transferred from the tenant to the external insurance company.
For this, the Group has entered into an insurance contract with an external insurance company that provides full
insurance coverage for goods stored to our customers, except for a deductible of \u20ac250 for certain perils, which
are at charge of the tenant, and a deductible of \u20ac5.0 million per year at charge of Shurgard that is re-insured by
Shurgard\u2019s captive entity. The remaining risks reside with the external insurer (with an annual limit of \u20ac7.5 million
in excess of the \u20ac5.0 million deductible).
For the years ended December 31, 2023 and 2022, fee income earned from customer goods insurance was \u20ac33. 7 million and \u20ac32.1 million, respectively. Simultaneously, Shurgard, through its captive re-insurance entity, entered into a re-insurance agreement wit h the external insurance company. This arrangement is in the scope of IFRS 17. Through this agreement, the external insurance company cedes to our captive certain insurance risk in lieu for a re-insurance premium of \u20ac2.8 million for each of the years ended December 31, 2023 and 2022. For the yea r ended December 31, 2023, the Group accounted for re-insurance service expense of \u20ac2.0 million (\u20ac2.2 million fo r the year ended December 31, 2022), consisting of claim charges of \u20ac1.6 million (\u20ac1.9 million for the year ende d December 31, 2022), as well as fronting and handling fees of \u20ac0.4 million (\u20ac0.3 million for the year ende d December 31, 2022). Captive re-insurance revenue and captive insurance service expense are included in other operating expenses i n real estate operating expense. Relevant quantitative disclosures for our re-insurance activities are as follows for the year ende d December 31, 2022: (in \u20ac thousands)
Liabilities remaining
Liabilities for
coverage
incurred claims
Total
-
-
-
Opening liabilities
-
644
644
Net opening balance
-
644
644
Changes in the statement of profit or loss and
Insurance revenue
1
 (2,836)
-
(2,836)
Insurance service expenses
Incurred claims and other insurance service -
2,125
2,125
Amortization of insurance acquisition cash flows
105
-
105
Insurance service result
(2,731)
2,125
(606)
Total changes in the statement of profit and
Cash flows
(2,731)
2,125
(606)
Premiums received
2,836
2,836
Insurance acquisition cash flows
(105)
(105)
Claims and other insurance service expenses paid
-
(1,207)
(1,207)
Total cash flows
2,731
(1,207)
1,524
Closing assets
-
-
-
Closing liabilities
-
1,562
1,562
Net closing balance
-
1,562
1,562
1 Insurance revenue relates revenue from accepted reinsurance contracts. The expense we incurred during the year ended December 31, 2022 in connection with our reinsuranc e undertaking consists of the following:
(in \u20ac thousands) December 31, 2022
Incurred claims customer goods
1,911
Insurance service expenses
214
Amortization of insurance acquisition cash flow
105
Total expense
2,230
Relevant quantitative disclosures for our re-insurance activities are as follows for the period ended December
31, 2023:
(in \u20ac thousands)
Liabilities remaining
Liabilities for
coverage
incurred claims
Total
Opening assets
-
-
-
Opening liabilities
-
1,562
1,562
Net opening balance
-
1,562
1,562
Changes in the statement of profit or loss and
OCI
Insurance revenue
1
 (2,836)
-
(2,836)
Insurance service expenses
Incurred claims and other insurance service
-
1,889
1,889
Amortization of insurance acquisition cash flows
105
-
105
Insurance service result
(2,731)
1,889
(842)
Total changes in the statement of profit and
Cash flows
(2,731)
1,889
(842)
Premiums received
2,836
-
2,836
Insurance acquisition cash flows
(105)
-
(105)
Claims and other insurance service expenses paid
-
(1,647)
(1,647)
Total cash flows
2,731
(1,647)
1,084
Closing assets
-
-
-
Closing liabilities
-
1,804
1,804
Net closing balance
-
1,804
1,804
1 In
surance revenue relates revenue from accepted reinsurance contracts.
The expense we incurred during the year ended December 31, 2023 in connection with our reinsurance
undertaking consists of the following:
(in \u20ac thousands) December 31, 2023
Incurred claims customer goods
1,566
Insurance service expenses
323
Amortization of insurance acquisition cash flow
105
Total expense
1,994
P ROPERTY DAMAGE AND BUSINESS INTERRUPTION The Property Damage and Business Interruption (\u201cPDBI\u201d) insurance program consists of a combination of reinsurance activities through the Company\u2019s captive and insurance through a third-party insurer. T hrough our captive, we cover the damages to our properties up to \u20ac3.5 million per occurrence and \u20ac7.0 million in annual aggregate. In the event of Dutch Flood we cover the damages to our properties located in the Netherlands up to \u20ac5.0 million per occurrence and \u20ac5.0 million in annual aggregate. All claims exceeding these amounts are covered by the external insurance provider up to \u20ac 25 million per occurrence. The deductible is \u20ac100,000 per occurrence. T he ceding of property and business Interruption risk between Shurgard and its re-insurance captive qualifies as self-insurance, hence it is not in scope of IFRS 17.", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-119": { "value": "36. INSURANCE AND LOSS EXPOSURE We have historically obtained third-party insurance coverage for property/business interruption and general liability, through internationally recognized insurance carriers, subject to deductibles. Additionally, we bind coverage for our cyber and terrorism risk, as well as any local compulsory insurances, such as workers compensation or strict liability in Belgium. E xcept for the local insurance policies, coverage was searched for by means of international programs, insuring all affiliates of the Company. When acquiring a new location, our aim is to integrate the cover as soon as possible and economically justified in our insurance programs. Besides insurance policies covering our own risks, we carry coverage for the risk of our tenants, via a tenant insurance program. This program provides insurance to certificate holders (tenants) against claims for property losses due to perils to goods stored by tenants at our self-storage facilities. Any advice and claims regarding customer insurance are handled directly by our insurance broker/insurer. T he Group manages its insurable risks relating to property damage, business interruption (\u201cPDBI\u201d) and customer goods-related claims through a combination of self-insurance and commercial insurance coverage. For this, the Group uses a reinsurance undertaking. I n line with this assumption, no division for profitability is necessary. Where required, Shurgard registered as an insurance intermediary for regulatory purposes. During the year ended December 31, 2023, the Company paid \u20ac0.2 million (\u20ac0.2 million during the year ended December 31, 2022) insurance acquisition expense to a third-party insurance company in connection with its re- insurance undertaking. G ENERAL LIABILITY INSURANCE Our insurance deductible for general liability insurance is \u20ac2,500 per occurrence. Insurance carriers\u2019 limit is \u20ac5.0 million. In case claims exceed the policy limit, we benefit from excess coverage up to US$100.0 million, or approximately \u20ac85.6 million at the December 31, 2023 exchange rate, under the Public Storage general liability program. As such, our insurance limit is higher than estimates of maximum probable losses that could occur from individual catastrophic events determined in recent engineering and actuarial studies; however, in case of multiple catastrophic events, these limits could be exceeded. CUSTOMER GOODS The income Shurgard earns for extending to its tenants the insurance coverage of the umbrella agreement with an external insurance company qualifies as revenue in the scope of IFRS 15. This is due to the fact that the contracts between Shurgard and the tenant do not transfer significant insurance risk between these two parties, rather the insurance risk is transferred from the tenant to the external insurance company. For this, the Group has entered into an insurance contract with an external insurance company that provides full insurance coverage for goods stored to our customers, except for a deductible of \u20ac250 for certain perils, which are at charge of the tenant, and a deductible of \u20ac5.0 million per year at charge of Shurgard that is re-insured by Shurgard\u2019s captive entity. The remaining risks reside with the external insurer (with an annual limit of \u20ac7.5 million in excess of the \u20ac5.0 million deductible). For the years ended December 31, 2023 and 2022, fee income earned from customer goods insurance was \u20ac33. million and \u20ac32.1 million, respectively. Simultaneously, Shurgard, through its captive re-insurance entity, entered into a re-insurance agreement wit the external insurance company. This arrangement is in the scope of IFRS 17. Through this agreement, the external insurance company cedes to our captive certain insurance risk in lieu for re-insurance premium of \u20ac2.8 million for each of the years ended December 31, 2023 and 2022. For the yea ended December 31, 2023, the Group accounted for re-insurance service expense of \u20ac2.0 million (\u20ac2.2 million fo the year ended December 31, 2022), consisting of claim charges of \u20ac1.6 million (\u20ac1.9 million for the year ende December 31, 2022), as well as fronting and handling fees of \u20ac0.4 million (\u20ac0.3 million for the year ende December 31, 2022). Captive re-insurance revenue and captive insurance service expense are included in other operating expenses i real estate operating expense. Relevant quantitative disclosures for our re-insurance activities are as follows for the year ende December 31, 2022: (in \u20ac thousands)
Liabilities remaining
Liabilities for
coverage
incurred claims
Total
-
-
-
Opening liabilities
-
644
644
Net opening balance
-
644
644
Changes in the statement of profit or loss and
Insurance revenue
1
 (2,836)
-
(2,836)
Insurance service expenses
Incurred claims and other insurance service -
2,125
2,125
Amortization of insurance acquisition cash flows
105
-
105
Insurance service result
(2,731)
2,125
(606)
Total changes in the statement of profit and
Cash flows
(2,731)
2,125
(606)
Premiums received
2,836
2,836
Insurance acquisition cash flows
(105)
(105)
Claims and other insurance service expenses paid
-
(1,207)
(1,207)
Total cash flows
2,731
(1,207)
1,524
Closing assets
-
-
-
Closing liabilities
-
1,562
1,562
Net closing balance
-
1,562
1,562
1 Insurance revenue relates revenue from accepted reinsurance contracts. The expense we incurred during the year ended December 31, 2022 in connection with our reinsuranc undertaking consists of the following:
(in \u20ac thousands) December 31, 2022
Incurred claims customer goods
1,911
Insurance service expenses
214
Amortization of insurance acquisition cash flow
105
Total expense
2,230
Relevant quantitative disclosures for our re-insurance activities are as follows for the period ended December 31, 2023: (in \u20ac thousands)
Liabilities remaining
Liabilities for
coverage
incurred claims
Total
Opening assets
-
-
-
Opening liabilities
-
1,562
1,562
Net opening balance
-
1,562
1,562
Changes in the statement of profit or loss and
OCI
Insurance revenue
1
 (2,836)
-
(2,836)
Insurance service expenses
Incurred claims and other insurance service
-
1,889
1,889
Amortization of insurance acquisition cash flows
105
-
105
Insurance service result
(2,731)
1,889
(842)
Total changes in the statement of profit and
Cash flows
(2,731)
1,889
(842)
Premiums received
2,836
-
2,836
Insurance acquisition cash flows
(105)
-
(105)
Claims and other insurance service expenses paid
-
(1,647)
(1,647)
Total cash flows
2,731
(1,647)
1,084
Closing assets
-
-
-
Closing liabilities
-
1,804
1,804
Net closing balance
-
1,804
1,804
1 Insurance revenue relates revenue from accepted reinsurance contracts. The expense we incurred during the year ended December 31, 2023 in connection with our reinsurance undertaking consists of the following:
(in \u20ac thousands) December 31, 2023
Incurred claims customer goods
1,566
Insurance service expenses
323
Amortization of insurance acquisition cash flow
105
Total expense
1,994
P
ROPERTY DAMAGE AND BUSINESS INTERRUPTION
The Property Damage and Business Interruption (\u201cPDBI\u201d) insurance program consists of a combination of
reinsurance activities through the Company\u2019s captive and insurance through a third-party insurer.
T
hrough our captive, we cover the damages to our properties up to \u20ac3.5 million per occurrence and \u20ac7.0 million
in annual aggregate. In the event of Dutch Flood we cover the damages to our properties located in the
Netherlands up to \u20ac5.0 million per occurrence and \u20ac5.0 million in annual aggregate. All claims exceeding these
amounts are covered by the external insurance provider up to \u20ac 25 million per occurrence. The deductible is
\u20ac100,000 per occurrence.
T
he ceding of property and business Interruption risk between Shurgard and its re-insurance captive qualifies as
self-insurance, hence it is not in scope of IFRS 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-120": { "value": "
37. CONTINGENCIES AND COMMITMENTS
CAPITAL EXPENDITURE COMMITMENTS
As of December 31, 2023, we had \u20ac18.2 million (\u20ac18.6 million as of December 31, 2022) of outstanding capital
expenditure commitments under contract in regard to certain self-storage facilities under construction.
CONTINGENT LOSSES
We are a party to various legal proceedings and subject to various claims and complaints; however, we believe
that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in
the aggregate, is remote.
IN
COME TAX
The Group operates in multiple jurisdictions with often complex legal and tax regulatory environments. Shurgard
considers the income tax positions to be supportable and are intended to withstand challenge from tax
authorities. However, the Group continues to be subject to tax audits in the various jurisdictions it conducts
business and the outcome of these audits and the conclusions drawn by the tax authorities are not certain and
therefore it is inherent that some of the positions taken by the Group are uncertain and include interpretations
of complex tax laws which could be disputed by tax authorities.
Shurgard regularly assesses these positions individually on their technical merits with no offset or aggregation
between positions, using all the information available (legislation, case law, regulations, established practice and
authoritative tax guidance). The Group has established tax liabilities that it believes are adequate for the
exposures identified. These liabilities have been estimated by the Group as the best estimate of the current tax
it expects to pay using its best estimate of the likely outcomes of such examinations. These estimates are based
on facts and circumstances existing at the end of the reporting period and assume full access of the tax
authorities to all relevant facts and circumstances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-45": { "value": "37. CONTINGENCIES AND COMMITMENTS CAPITAL EXPENDITURE COMMITMENTS As of December 31, 2023, we had \u20ac18.2 million (\u20ac18.6 million as of December 31, 2022) of outstanding capital expenditure commitments under contract in regard to certain self-storage facilities under construction. CONTINGENT LOSSES We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. IN COME TAX The Group operates in multiple jurisdictions with often complex legal and tax regulatory environments. Shurgard considers the income tax positions to be supportable and are intended to withstand challenge from tax authorities. However, the Group continues to be subject to tax audits in the various jurisdictions it conducts business and the outcome of these audits and the conclusions drawn by the tax authorities are not certain and therefore it is inherent that some of the positions taken by the Group are uncertain and include interpretations of complex tax laws which could be disputed by tax authorities. Shurgard regularly assesses these positions individually on their technical merits with no offset or aggregation between positions, using all the information available (legislation, case law, regulations, established practice and authoritative tax guidance). The Group has established tax liabilities that it believes are adequate for the exposures identified. These liabilities have been estimated by the Group as the best estimate of the current tax it expects to pay using its best estimate of the likely outcomes of such examinations. These estimates are based on facts and circumstances existing at the end of the reporting period and assume full access of the tax authorities to all relevant facts and circumstances.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-87": { "value": "37. CONTINGENCIES AND COMMITMENTS CAPITAL EXPENDITURE COMMITMENTS As of December 31, 2023, we had \u20ac18.2 million (\u20ac18.6 million as of December 31, 2022) of outstanding capital expenditure commitments under contract in regard to certain self-storage facilities under construction. CONTINGENT LOSSES We are a party to various legal proceedings and subject to various claims and complaints; however, we believe that the likelihood of these contingencies resulting in a material loss to the Company, either individually or in the aggregate, is remote. IN COME TAX The Group operates in multiple jurisdictions with often complex legal and tax regulatory environments. Shurgard considers the income tax positions to be supportable and are intended to withstand challenge from tax authorities. However, the Group continues to be subject to tax audits in the various jurisdictions it conducts business and the outcome of these audits and the conclusions drawn by the tax authorities are not certain and therefore it is inherent that some of the positions taken by the Group are uncertain and include interpretations of complex tax laws which could be disputed by tax authorities. Shurgard regularly assesses these positions individually on their technical merits with no offset or aggregation between positions, using all the information available (legislation, case law, regulations, established practice and authoritative tax guidance). The Group has established tax liabilities that it believes are adequate for the exposures identified. These liabilities have been estimated by the Group as the best estimate of the current tax it expects to pay using its best estimate of the likely outcomes of such examinations. These estimates are based on facts and circumstances existing at the end of the reporting period and assume full access of the tax authorities to all relevant facts and circumstances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-88": { "value": "
38. LIST OF CONSOLIDATED ENTITIES
As of December 31, 2023
As of December 31, 2022
Country of % %
incorporation Consolidated Ownership Consolidated Ownership
Shurgard Self Storage Ltd
1
Luxembourg
Yes
100
Yes
100
Shurgard Luxembourg S.\u00e0.r.l.
1
Luxembourg
Yes
100
Yes
100
Shurgard Holding Luxembourg S.\u00e0.r.l.
1
Luxembourg
Yes
100
Yes
100
Eirene RE S.A.
2
Luxembourg
Yes
100
Yes
100
Shurgard Belgium NV
Belgium
Yes
100
Yes
100
Shurgard Europe VOF
Belgium
Yes
100
Yes
100
Second Shurgard Belgium BV
Belgium
Yes
100
Yes
100
Shurgard France SAS
France
Yes
100
Yes
100
Shurgard Nederland B.V.
The Netherlands
Yes
100
Yes
100
VMK5 BV
The Netherlands
Yes
100
Yes
100
Shurgard Germany GmbH
Germany
Yes
100
Yes
100
First Shurgard Deutschland GmbH
3
Germany
Yes
94.8
Yes
94.8
Second Shurgard Deutschland GmbH
3
Germany
Yes
94.8
Yes
94.8
Shurgard Germany ZL MU GmbH
3
Germany
Yes
100
Yes
100
Shurgard Germany ZL LH GmbH
3
Germany
Yes
100
Yes
100
Shurgard Germany ZL FER GmbH
3
Germany
Yes
100
Yes
100
Shurgard Denmark ApS
Denmark
Yes
100
Yes
100
Shurgard UK Ltd
UK
Yes
100
Yes
100
Second Shurgard UK Ltd
UK
Yes
100
Yes
100
Second Shurgard UK Camberley Ltd
UK
Yes
100
Yes
100
Shurgard UK West-London Ltd
UK
Yes
100
Yes
100
Shurgard Sweden AB
Sweden
Yes
100
Yes
100
Shurgard Storage Centers Sweden KB
Sweden
Yes
100
Yes
100
Shurgard Sweden \u00c5rstaberg KB
Sweden
Yes
100
Yes
100
First Shurgard Sweden Invest KB
Sweden
Yes
100
Yes
100
Second Shurgard Sweden Invest KB
Sweden
Yes
100
Yes
100
Shurgard Sweden Stockholm Invest AB
Sweden
Yes
100
Yes
100
Shurgard Sweden RE FUB AB
3
Sweden
Yes
100
Yes
100
Shurgard Sweden RE TF AB
3
Sweden
Yes
100
Yes
100
Shurgard Sweden RE LH AB
3
Sweden
Yes
100
Yes
100
Shurgard Sweden GC AB
3
Sweden
Yes
100
Yes
100
Shurgard Germany TBIH GmbH
3
Germany
Yes
100
No
-
Shurgard Germany SSMH GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBW GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBD GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBM GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBK GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBE GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBL GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TB8F GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TB7K GmbH
3
Germany
Yes
100
No
-
1 Holding an
d/or financing company with no operating activities.
2 Re-insurance entity incorporated in December 2020.
3 These German and Swedish entities make use of an exemption that is based on company size and ownership criteria, and consequently do not file stand-
alone annual accounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-46": { "value": "38. LIST OF CONSOLIDATED ENTITIES
As of December 31, 2023
As of December 31, 2022
Country of % %
incorporation Consolidated Ownership Consolidated Ownership
Shurgard Self Storage Ltd
1
Luxembourg
Yes
100
Yes
100
Shurgard Luxembourg S.\u00e0.r.l.
1
Luxembourg
Yes
100
Yes
100
Shurgard Holding Luxembourg S.\u00e0.r.l.
1
Luxembourg
Yes
100
Yes
100
Eirene RE S.A.
2
Luxembourg
Yes
100
Yes
100
Shurgard Belgium NV
Belgium
Yes
100
Yes
100
Shurgard Europe VOF
Belgium
Yes
100
Yes
100
Second Shurgard Belgium BV
Belgium
Yes
100
Yes
100
Shurgard France SAS
France
Yes
100
Yes
100
Shurgard Nederland B.V.
The Netherlands
Yes
100
Yes
100
VMK5 BV
The Netherlands
Yes
100
Yes
100
Shurgard Germany GmbH
Germany
Yes
100
Yes
100
First Shurgard Deutschland GmbH
3
Germany
Yes
94.8
Yes
94.8
Second Shurgard Deutschland GmbH
3
Germany
Yes
94.8
Yes
94.8
Shurgard Germany ZL MU GmbH
3
Germany
Yes
100
Yes
100
Shurgard Germany ZL LH GmbH
3
Germany
Yes
100
Yes
100
Shurgard Germany ZL FER GmbH
3
Germany
Yes
100
Yes
100
Shurgard Denmark ApS
Denmark
Yes
100
Yes
100
Shurgard UK Ltd
UK
Yes
100
Yes
100
Second Shurgard UK Ltd
UK
Yes
100
Yes
100
Second Shurgard UK Camberley Ltd
UK
Yes
100
Yes
100
Shurgard UK West-London Ltd
UK
Yes
100
Yes
100
Shurgard Sweden AB
Sweden
Yes
100
Yes
100
Shurgard Storage Centers Sweden KB
Sweden
Yes
100
Yes
100
Shurgard Sweden \u00c5rstaberg KB
Sweden
Yes
100
Yes
100
First Shurgard Sweden Invest KB
Sweden
Yes
100
Yes
100
Second Shurgard Sweden Invest KB
Sweden
Yes
100
Yes
100
Shurgard Sweden Stockholm Invest AB
Sweden
Yes
100
Yes
100
Shurgard Sweden RE FUB AB
3
Sweden
Yes
100
Yes
100
Shurgard Sweden RE TF AB
3
Sweden
Yes
100
Yes
100
Shurgard Sweden RE LH AB
3
Sweden
Yes
100
Yes
100
Shurgard Sweden GC AB
3
Sweden
Yes
100
Yes
100
Shurgard Germany TBIH GmbH
3
Germany
Yes
100
No
-
Shurgard Germany SSMH GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBW GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBD GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBM GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBK GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBE GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TBL GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TB8F GmbH
3
Germany
Yes
100
No
-
Shurgard Germany TB7K GmbH
3
Germany
Yes
100
No
-
1 Holding an d/or financing company with no operating activities. 2 Re-insurance entity incorporated in December 2020. 3 These German and Swedish entities make use of an exemption that is based on company size and ownership criteria, and consequently do not file stand- alone annual accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-47": { "value": "39. EVENTS AFTER THE REPORTING PERIOD We have evaluated subsequent events through February 28, 2024, which is the date the financial statements were available for issuance. O n February 6, 2024, the Company announced the extension of its existing German portfolio with the acquisition of Pickens Self-storage for a total cash consideration of \u20ac120.0 million. The transaction consists of three freehold properties located in Berlin, representing 17,600 net Sqm, and three freehold properties in Hamburg representing 13,700 net Sqm (a total of 31,300 Sqm) and improves Shurgard\u2019s position in Germany to second, both in footprint and number of properties. S hurgard signed this transaction at the end of December 2023, conditional to customary receipt of pre-emption waivers for each of the properties. The Group expects to obtain all waivers by April 2024 at the latest.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300J0UEIKU81XO336", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fid-26173d63-0f45-48e2-b1ae-b977e5a4ed0a": { "value": "43.7", "dimensions": { "concept": "xbrl:note", "noteId": "fid-26173d63-0f45-48e2-b1ae-b977e5a4ed0a", "language": "en" } }, "fid-caf8fa5c-721a-4169-949f-d6d7f82afdf2": { "value": "21.0", "dimensions": { "concept": "xbrl:note", "noteId": "fid-caf8fa5c-721a-4169-949f-d6d7f82afdf2", "language": "en" } }, "fid-ad2cdf35-0a7f-412c-b956-34648c06596e": { "value": "42.0", "dimensions": { "concept": "xbrl:note", "noteId": "fid-ad2cdf35-0a7f-412c-b956-34648c06596e", "language": "en" } }, "fid-53db503e-1511-4cc8-869f-e15f945c88c1": { "value": "430,850,000", "dimensions": { "concept": "xbrl:note", "noteId": "fid-53db503e-1511-4cc8-869f-e15f945c88c1", "language": "en" } }, "fid-63ba1784-4081-498a-8852-89303e5ee38a": { "value": "1.9", "dimensions": { "concept": "xbrl:note", "noteId": "fid-63ba1784-4081-498a-8852-89303e5ee38a", "language": "en" } }, "fid-4b55cf3f-1a56-47d5-95c4-cf94bff37b9b": { "value": "0.6", "dimensions": { "concept": "xbrl:note", "noteId": "fid-4b55cf3f-1a56-47d5-95c4-cf94bff37b9b", "language": "en" } } } }