We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Safestore Holdings Plc | LSE:SAFE | London | Ordinary Share | GB00B1N7Z094 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4.50 | 0.60% | 756.00 | 753.50 | 756.00 | 760.00 | 743.50 | 760.00 | 181,908 | 16:35:01 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| General Warehousing, Storage | 224.2M | 200.2M | 0.9179 | 8.21 | 1.64B |
From Apr 2019 to Apr 2024
TIDMSAFE
RNS Number : 1311X
Safestore Holdings plc
17 February 2017
17 February 2017
Safestore Holdings plc ("the Company")
Publication of Annual Report and Accounts 2016 and Notice of 2017 AGM
Safestore Holdings plc ("the Company") released its preliminary announcement of annual results on 9 January 2017 ("Preliminary Results Announcement").
Further to that announcement, the Company can now confirm that it has submitted to the Financial Conduct Authority's national storage mechanism its Annual Report and Accounts for the year ended 31 October 2016 and the Notice of AGM (as required by Listing Rules 9.6.1 and 9.6.3).
The Safestore Holdings plc 2017 Annual General Meeting will be held at Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT at 12'noon on Wednesday, 22 March 2017. In connection with the AGM, the following documents have been posted to those shareholders who have elected to receive hard copy communications, or have otherwise been made available to shareholders today:
-- 2016 Annual Report and Accounts -- Notice of the 2017 AGM -- Form of Proxy for the 2017 AGM
The 2016 Annual Report and Accounts and the Notice of AGM are available to view on the Company's website: www.safestore.com (in compliance with Disclosure and Transparency Rule 6.3.5(3)).
The Company's Annual Report and Accounts for the year ended 31 October 2016 and the Notice of AGM will also shortly be available for inspection at the Financial Conduct Authority's national storage mechanism at www.morningstar.co.uk/uk/nsm.
The Appendix to this announcement contains additional information for the purposes of compliance with the Disclosure and Transparency Rules and should be read together with the Preliminary Results Announcement which included, inter alia, a condensed set of the Company's financial statements and extracts from the management report. Together these constitute the information required by DTR 6.3.5 to be communicated to media in full unedited text. This announcement should be read in conjunction with and is not a substitute for reading the full Annual Report and Accounts 2016.
Appendix
Page and note references in the text below refer to page numbers in the 2016 Annual Report and Accounts.
Statement of Directors' responsibilities
The following responsibility statement is extracted from the Statement of Directors' Responsibilities on page 61 of the 2016 Annual Report and Accounts and is repeated here solely for the purpose of complying with DTR 6.3.5. The statement relates to the full 2016 Annual Report and Accounts and not the extracted information presented in this announcement or the Preliminary Results Announcement.
The Directors are responsible for preparing the Annual Report and Financial Statements, the Directors' remuneration report and the Group and parent company financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the Group financial statements in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and the parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice ("UK GAAP"), including Financial Reporting Standard 101 'Reduced Disclosure Framework' ("FRS 101"). Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of the profit or loss of the Group for that period.
In preparing these financial statements, the Directors are required to:
-- select suitable accounting policies and then apply them consistently; -- make judgements and accounting estimates that are reasonable and prudent;
-- state whether IFRS, as adopted by the European Union, and IFRS issued by the IASB and applicable UK GAAP including FRS 101 have been followed, subject to any material departures disclosed and explained in the Group and parent company financial statements respectively; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and enable them to ensure that the financial statements and the Directors' remuneration report comply with the Companies Act 2006 and, as regards the Group financial statements, Article 4 of the IAS Regulation. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
A copy of the financial statements of the Group is placed on the Company's website. The Directors are responsible for the maintenance and integrity of statutory and audited information on the Company's website at www.safestore.com. Information published on the internet is accessible in many countries with different legal requirements. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' statement under the UK Corporate Governance Code
Having taken all matters considered by the Board and brought to the attention of the Board during the year into account, the Directors consider that the Annual Report and Financial Statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's performance, business model and strategy.
Directors' responsibility statement under the Disclosure and Transparency Rules
Each of the Directors, whose names and functions are listed on pages 30 and 31, confirm that, to the best of their knowledge:
-- the Group financial statements, which have been prepared in accordance with IFRS as adopted by the EU, give a true and fair view of the assets, liabilities, financial position and profit of the Group; and
-- the strategic report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties that it faces.
Disclosure of information to auditor
In accordance with Section 418 of the Companies Act 2006, each Director in office at the date the Directors' report is approved, confirms that:
-- so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
-- the Director has taken all the steps that he or she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
The Annual Report on pages 1 to 103 was approved by the Board of Directors and authorised for issue on 9 January 2017.
The Directors of Safestore Holdings plc are listed in the annual report and accounts for the year ended 31 October 2016 and are listed on the Safestore group's corporate website: www.safestore.com. The Directors of Safestore Holdings plc as at the date of this announcement are as follows:
Alan Lewis - chairman
Frederic Vecchioli - chief executive officer
Andy Jones - chief financial officer
Ian Krieger - senior independent director
Jo Kenrick - non executive director
Claire Balmforth - non executive director
Bill Oliver - non executive director
Principal risks and risk management
The risks and uncertainties set out below are extracted from pages 14 to 16 of the 2016 Annual Report and Accounts and are repeated here solely for the purpose of complying with DTR 6.3.5.
Risks and risk management
Risk management process
The Group faces a number of risks which, if they arise, could affect its ability to achieve its strategic objectives. The Board is responsible for determining the nature of these risks and ensuring appropriate mitigating actions are in place for managing them.
Effective risk management requires awareness and engagement at all levels of our organisation. It is for this reason that risk management is incorporated into the day-to-day management of our business, as well as being reflected in the Group's core processes and controls. The Board oversees the risk management strategy and the effectiveness of the Group's internal control framework. Risks are considered at every business level and are assessed, discussed and taken into account when deciding upon future strategy, approving transactions and monitoring performance.
Strategic risks are identified, assessed and managed by the Main Board and the Audit Committee, with support from the Risk Committee. They are reviewed at Board level to ensure they are valid and that they represent the key risks associated with the current strategic direction of the Group. Operational risks are identified, assessed and managed by the Risk Committee and Executive Team members, and reported to the Main Board and the Audit Committee. These cover all areas of the business, such as finance, operations, investment, development and corporate risks.
The risk management process commences with rigorous risk identification sessions incorporating contributions from functional managers and Executive Team members. The output is reviewed and discussed by the Risk Committee, supported by members of senior management from across the business. The Risk Committee identifies and prioritises the top business risks, which are then challenged by the Board. The process focuses on the identification of key strategic, financial and operational risks. The potential impact and likelihood of the risks occurring are determined, key risk mitigations are identified and the current level of risk is assessed against the Board's risk appetite. These top business risks form the basis for the principal risks and uncertainties detailed in the section below.
Principal risks and uncertainties
The principal risks and uncertainties described are considered to have the most significant effect on Safestore's strategic objectives. This list is not intended to be exhaustive. Some risks, however, remain outside of the Group's full control, for example macro-economic issues, changes in government regulation and acts of terrorism.
The key strategic and operational risks are monitored by the Board and are defined as those which could prevent us from achieving our business goals. Our current strategic and operational risks and key mitigating actions are as follows:
Hot Features
Premium
Risk Current mitigation Developments since
activities 2015
------------------------- ----------------------------------------------------------------- ------------------------
Strategy
----------------------------------------------------------------------------------------------------------------------
The Group develops During the year,
business plans * The strategy development process draws on internal the Group has continued
based on a wide and external analysis of the self-storage market, its programme of
range of variables. emerging customer trends and a range of other operational
Incorrect assumptions factors. improvements
about the self-storage and maintained
market, or changes good trading momentum.
in the needs * Strengthened focus on yield management with regular
of customers, review of demand levels and pricing at each The Group's strategy
or the activities individual store. is regularly reviewed
of customers through the annual
may adversely planning and budgeting
affect the returns * The portfolio is geographically diversified with process, and regular
achieved by the performance monitoring covering the personal and reforecasts are
Group, potentially business customers by segments. prepared during
resulting in the year.
loss of shareholder
value. The addition of
twelve Space Maker
stores and five
new development
stores provides
greater geographical
diversification
to the Group's
store portfolio.
The level of this
risk is broadly
the same as last
year.
------------------------- ----------------------------------------------------------------- ------------------------
Finance Risk
----------------------------------------------------------------------------------------------------------------------
Lack of funding During the year,
resulting in * Funding requirements for business plans and the the Group extended
inability to timing for commitments are reviewed regularly as part its committed borrowing
meet business of the monthly management accounts. facilities by GBP45m
plans, satisfy in anticipation
liabilities or of the Space Maker
breach of covenants. * The Group manages liquidity in accordance with acquisition.
Board-approved policies designed to ensure that the
Group has adequate funds for its ongoing needs. The Group's LTV
decreased in the
year, due to increasing
* The Board regularly monitors financial covenant property values,
ratios and headroom. despite the net
increase in borrowings
to finance the
* The Group's banking facilities run to 30 June 2020 Space Maker acquisition
and the US private placement notes mature in three and new development
and eight years. stores.
The economic
uncertainty
following the UK's
decision in June
to leave the EU
has increased this
risk, as Brexit
may adversely affect
UK property values,
and therefore also
LTV, and may also
result in a decrease
in available funding.
------------------------- ----------------------------------------------------------------- ------------------------
Treasury risk
----------------------------------------------------------------------------------------------------------------------
Adverse currency Fluctuations in
or interest rate * Guidelines are set for our exposure to fixed and the Euro exchange
movements could floating interest rates and use of interest rate and rate during the
see the cost currency swaps to manage this risk. year introduced
of debt rise, greater volatility
or impact the to amounts reported
Sterling value * Foreign currency denominated assets are financed by in respect of our
of income flows borrowings in the same currency where appropriate. French business,
or investments. but the Group's
exposure to movements
* Use of derivative contracts to fix the exchange rate in the US Dollar
applicable to principal and interest payments on the rate is fully hedged.
US private placement debt.
The UK base rate
was reduced following
the EU referendum,
and is forecast
to remain low or
be cut even further.
The risk of adverse
interest rate
fluctuations
has therefore reduced
during the year.
------------------------- ----------------------------------------------------------------- ------------------------
Property investment and development
----------------------------------------------------------------------------------------------------------------------
Acquisition and The Group's investment
development of * Thorough due diligence conducted and detailed appraisal policy
properties that analysis undertaken prior to Board approval for was reviewed during
fail to meet property investment and development. the year.
performance expectations
or overexposure A robust due diligence
to developments * The Group's overall exposure to developments is process was undertaken
within a short monitored and controlled, with projects phased to prior to Space
timeframe may avoid over-commitment. Maker acquisition.
have an adverse
impact on the The capital
portfolio valuation, * The performance of individual properties is requirements
resulting in benchmarked against target returns. of development
loss of shareholder projects undertaken
value. during the year
have been carefully
forecast and monitored.
Although investment
and development
activity increased
during the year,
there has been
no significant
change to this
risk since last
year.
------------------------- ----------------------------------------------------------------- ------------------------
Valuation risk
----------------------------------------------------------------------------------------------------------------------
Value of our The Group's continuing
properties declining * Independent valuations conducted by experienced, operational
as a result of independent, professionally qualified valuers. improvements,
external market which are generating
or internal management increases to both
factors. * A diversified portfolio let to a large number of rate and occupancy,
customers should help to mitigate any negative impact and our ongoing
In the absence arising from changing conditions in the financial and lease re-gear programme
of relevant property market. are both contributing
transactional to increases in
evidence, valuations the Group's property
can be inherently * Headroom of LTV banking covenants is maintained and valuation.
subjective leading reviewed.
to a degree of The addition of
uncertainty. twelve Space Maker
* Current gearing levels provide sizeable headroom on stores and five
Breach of our our portfolio valuation and mitigate the likelihood new development
loan-to-value of covenants being endangered. stores provides
("LTV") borrowing greater diversification
covenant could to the portfolio
arise in the and has strengthened
event of declining the Group's balance
property values, sheet.
possibly triggering
default and/or However, the level
repayment of of this risk is
the facilities. viewed as having
increased since
last year due to
increased uncertainty
following the UK's
decision to leave
the EU.
------------------------- ----------------------------------------------------------------- ------------------------
Occupancy risk
----------------------------------------------------------------------------------------------------------------------
A potential loss Continuing operational
of income and * Personal and business customers cover a wide range of improvements, including
increased vacancy segments, sectors and geographic territories with focus on enquiry
due to falling limited exposure to any single customer. generation and
demand, oversupply conversion, marketing
or customer default, initiatives and
which could also * Dedicated support for improved enquiry capture. yield management,
adversely impact have generated
the portfolio increased occupancy
valuation. * Weekly monitoring of occupancy levels and close during the year.
management of stores.
The purchase of
the Space Maker
* Management of pricing to stimulate demand, when business and opening
appropriate. of five new stores
has diversified
the potential impact
* Monitoring of reasons for customers vacating and exit of underperformance
interviews conducted. of an individual
store.
* Independent feedback facility for customer As a result, the
experience. level of this risk
has reduced since
last year.
* The occupancy rate across the portfolio has continued
to grow due to flexibility offered on deals by
in-house marketing and the customer support centre.
------------------------- ----------------------------------------------------------------- ------------------------
Real estate investment trust ("REIT") risk
----------------------------------------------------------------------------------------------------------------------
Failure to comply The Group has remained
with the REIT * Internal monitoring procedures in place to ensure compliant with
legislation could that the appropriate rules and legislation are all REIT legislation
expose the Group complied with and this is formally reported to the throughout the
to potential Board. year.
tax penalties
or loss of its There has been
REIT status. no significant
change to this
risk since last
year.
------------------------- ----------------------------------------------------------------- ------------------------
Catastrophic event
----------------------------------------------------------------------------------------------------------------------
Major events Continuing focus
mean that the * Business continuity plans are in place and tested. from the Risk
Group is unable Committee,
to carry out with particular
its business * Back-up systems at offsite locations and remote attention to specific
for a sustained working capabilities. issues, such as
period, health fire risk and risks
and safety issues arising from customers
put customers, * Reviews and assessments are undertaken periodically working in units.
staff or property for enhancements to supplement the existing compliant
at risk, or the aspects of buildings and processes. Health and safety
Group suffers procedures have
a cyber-attack, been reviewed and
hacking or malicious * Monitoring and review by the Health and Safety updated.
infiltration Committee.
of websites. IT security reviews
These may result were performed
in reputational * Robust operational procedures, including health and across the Group.
damage, injury safety policies. These policies have been revised
or property damage, during the year, with a specific focus on fire The threat from
or customer prevention and safety procedures. cyber-attacks continues
compensation, to grow, so this
causing a loss risk has increased
of market share * Fire risk assessments in stores. since last year,
and income. and the risk management
and mitigation
* Specialist cyber-security advice and consultancy; actions have been
dedicated in-house monitoring and security review; developed accordingly.
external penetration testing.
* Limited retention of customer data.
------------------------- ----------------------------------------------------------------- ------------------------
Consequences of the UK's decision to leave the
EU ("Brexit")
----------------------------------------------------------------------------------------------------------------------
In June 2016, This is a new risk
the UK voted * The economic uncertainty is not a new risk for the which arose during
to leave the Group, but increases the likelihood of previously the year as a result
EU. The timeframe recognised risks, and is addressed under the finance of the outcome
for this to be risk, treasury risk and valuation risk categories of the UK's EU
achieved remains above. referendum.
unclear, which
has generated The Group is in
significant uncertainty * Potential changes to UK legislation or regulations as the process of
in the economy a result of or following Brexit may include changes developing contingency
and also with to the right of EU citizens to work in the UK, plans for the potential
regard to legislation changes to direct or indirect tax legislation or consequences of
changes both other legislation changes such as health and safety. Brexit.
before and after
Brexit.
------------------------- ----------------------------------------------------------------- ------------------------
END
For further information, please contact:
Safestore Holdings plc
Sam Ahmed, Company Secretary Tel: 020 8732 1500
About Safestore:
-- Safestore is the UK's largest self-storage group with 134 stores, comprising 109 wholly owned stores in the UK (including 63 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool and Bristol) and 25 wholly owned stores in the Paris region.
-- Safestore operates more self-storage sites inside the M25 and in central Paris than any competitor providing more proximity to customers in the wealthiest and densest UK and French markets.
-- Safestore was founded in the UK in 1998. It acquired the French business "Une Pièce en Plus" ("UPP") in 2004 which was founded in 1998 by the current Safestore Group CEO Frederic Vecchioli.
-- Safestore has been listed on the London Stock Exchange since 2007. It entered the FTSE 250 index in October 2015.
-- The Group provides storage to around 55,000 personal and business customers.
-- Safestore has a maximum lettable area ("MLA") of 5.64 million sq ft (excluding expansion pipeline stores).
-- Safestore employs around 600 people in the UK and France.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCVQLFFDLFLBBZ
(END) Dow Jones Newswires
February 17, 2017 02:00 ET (07:00 GMT)
1 Year Safestore Chart |
1 Month Safestore Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
