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| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.50 | 0.20% | 753.00 | 752.00 | 753.00 | 760.00 | 743.50 | 760.00 | 57,358 | 16:18:32 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| General Warehousing, Storage | 224.2M | 200.2M | 0.9179 | 8.20 | 1.64B |
From Apr 2019 to Apr 2024
TIDMSAFE
RNS Number : 2221O
Safestore Holdings plc
05 February 2021
Safestore Holdings plc
Annual Report and Accounts and AGM documents
5 February 2021
Safestore Holdings plc ("the Company" or "the Group") Publication of Annual Report and Accounts 2020, Notice of 2021 Annual General Meeting and Proxy Voting Arrangements
Safestore Holdings plc ("the Company") announces, in accordance with Listing Rules 9.6.1 and 9.6.3, that copies of the Annual Report and Accounts 2020, Notice of 2021 Annual General Meeting have been submitted to the Financial Conduct Authority and will shortly be available for inspection on the national storage mechanism at https://data.fca.org.uk/#/nsm/nationalstoragemechanism .
These documents have been posted to those shareholders who have elected to receive hard copy communications or have otherwise been made available to shareholders today.
The Company's 2021 Annual General Meeting will be held at Brittanic House, Stirling Way, Borehamwood, Hertfordshire WD6 2BT at 12 noon on Wednesday, 17 March 2021. Full details of the proposed resolutions are set out in the Notice of Meeting.
The Annual Report and Accounts for the year ended 31 October 2020 is now available for download from the Company's website at:
https://www.safestore.co.uk/corporate/investors/report - and - presentations/
The Notice of 2021 Annual General Meeting is also available for download from the Group's website at:
https://www.safestore.co.uk/corporate/investors/report - and - presentations/
All shareholders are encouraged to complete and submit a proxy appointment online by using our electronic proxy appointment service offered by our Registrar, Link Group, at www.signalshares.com . All votes must be received by 12 noon on 15 March 2021.
Shareholders unable to locate any of the documents on the web page, need help with voting online or require a paper proxy form, please contact our Registrar, Link Group by email to enquiries@linkgroup.co.uk or you may call Link on +44 (0)371 664 0391. Calls are charged at the standard geographic rate and will vary by provider. Calls outside the United Kingdom will be charged at the applicable international rate. Lines are open between 9.00am and 5.30pm Monday to Friday, excluding public holidays in England and Wales.
The information included in the appendix to this announcement has been extracted from the Annual Report and is reproduced here solely for the purpose of complying with Disclosure Guidance and Transparency Rule ("DTR") 6.3.5 on respect of how to make annual financial reports available to the public.
The content of this announcement, including the appendix, should be read in conjunction with the preliminary announcement of annual results, released on 14 January 2021, which is available on the Company's website at:
https://www.safestore.co.uk/corporate/investors/report-and-presentations/
Together these announcements constitute the material required by DTR 6.3.5 to be communicated in full unedited text through a Regulatory Information Service. This material is not a substitute for reading the full Annual Report. Defined terms used in the appendix refer to terms as defined in the Annual Report. Page numbers in the appendix refer to pages in the Annual Report.
For further information, please contact:
Safestore Holdings plc
Helen Bramall, Company Secretary Tel: 020 8732 1500
LEI Code : 213800WGA3YSJC1YOH73
Appendix
Statement of Directors' responsibilities
Page 99 of the Annual Report contains the following statement regarding responsibility for the financial statements and the management report included in the Annual Report.
The Directors, who are named on pages 60 and 61, are responsible for preparing the Annual Report and Financial Statements in accordance with applicable law and regulation.
Company law requires the Directors to prepare such financial statements for each financial year. Under that law the Directors are required to prepare the Group financial statements in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union and Article 4 of the IAS Regulation and have also chosen to prepare the parent company financial statements in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'. 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 parent company and of the profit or loss of the Group for that period.
In preparing the parent company 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 Financial Reporting Standard 101 'Reduced Disclosure Framework' has been followed, subject to any material departures disclosed and explained in the financial statements; and
-- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
In preparing the Group financial statements, International Accounting Standard 1 requires that Directors:
-- properly select and apply accounting policies;
-- present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
-- provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
-- make an assessment of the Group's ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's transactions and disclose with reasonable accuracy at any time the financial position of the parent company and the Group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the parent company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Group's website at www.safestore.co.uk. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Directors' responsibility statement
We confirm that, to the best of our knowledge:
-- the financial statements, prepared in accordance with the relevant financial reporting framework, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group and the undertakings included in the consolidation taken as a whole;
-- the strategic report includes a fair review of the development and performance of the business and the position of the Group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face; and
-- 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 Group's position and performance, business model and strategy.
Principal risks and risk management
Pages 29 to 34 of the Annual Report contain the following statement on principal risks and uncertainties faced by the Group.
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
Risks and risk management
The Board recognises that effective risk management requires awareness and engagement at all levels of our organisation.
Risk management process
The Board is responsible for determining the nature of the risks the Group faces, and for ensuring that appropriate mitigating actions are in place to manage them in a manner that enables the Group to achieve its strategic objectives.
Effective risk management requires awareness and engagement at all levels of our organisation. It is for this reason that the risk management process 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 has defined the Group's risk appetite and 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 Board, with support from the Audit Committee, which in turn is supported by the Risk Committee. Strategic risks are reviewed by the Audit Committee 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 Board and the Audit Committee. These risks 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 Board, supported by the Risk Committee, identifies and prioritises the top business risks, with a focus 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.
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 activities Developments since 2019
--------------------------- ----------------------------------------------------------- ----------------------------
Strategy
----------------------------------------------------------------------------------------------------------------------
The Group develops The Covid-19 pandemic has
business plans * The strategy development process draws on internal resulted
based on a wide and external analysis of the self-storage market, in a significant reduction
range of variables. emerging customer trends and a range of other in
Incorrect assumptions factors. the economic growth of the
about the economic UK
environment, the and Europe in 2020.
self-storage market, * Continuing focus on yield-management with regular The implications of Covid-19
or changes in the review of demand levels and pricing at each have been thoroughly
needs of customers, individual store. considered
or the activities with respect to the Group's
of customers may strategy
adversely affect * Continuing focus on building the Safestore brand, is regularly reviewed
the returns achieved acquisitions and development projects. through
by the Group, potentially the annual planning and
resulting in loss budgeting
of shareholder * The portfolio is geographically diversified with process, and. Covid-19 will
value or loss of performance monitoring covering the personal and continue
the Group's status business customers by segments. to be monitored through
as the UK's largest regular
self storage provider. and periodic reforecasts and
* Detailed and comprehensive sensitivity and scenario scenario analysis during the
modelling taking into consideration variable 2021 year.
assumptions. The Group expanded the joint
venture with Carlyle, which
acquired
* Robust cost management. Lokabox Self Storage in
Belgium.
Lokabox has six stores in
Belgium.
The Group continues to earn
management
fees and a 20% share of the
profits
of the joint venture.
The acquisition of a stores
at
St John's Wood and Chelsea
together
with three new store
openings
have been fully integrated
in
the Group's store portfolio.
--------------------------- ----------------------------------------------------------- ----------------------------
Finance risk
--------------------------- ----------------------------------------------------------- ----------------------------
Lack of funding In October 2019, the Group
resulting in inability * Funding requirements for business plans and the issued
to meet business timing for commitments are reviewed regularly as part a further GBP125 million
plans or satisfy of the monthly management accounts. Sterling
liabilities or and Euro loan notes,
a breach of covenants. maturing
* The Group manages liquidity in accordance with in seven and ten years.
Board-approved policies designed to ensure that the The Group's loan-to-value
Group has adequate funds for its ongoing needs. ratio
("LTV") has broadly remained
constant during the year,
* The Board regularly monitors financial covenant decreasing
ratios and headroom. 2ppts from 31% to 29%, with
increased
debt due to development and
* All of the Group's banking facilities now run to 30 acquisition
June 2023. The US Private Placement Notes mature in activity being partially
five, seven, eight and ten years. offset
by the valuation increase in
the store portfolio.
Following the issue of new
loan
notes in October 2019, this
risk
remains low and broadly
unchanged
from the prior year.
--------------------------- ----------------------------------------------------------- ----------------------------
Treasury risk
--------------------------- ----------------------------------------------------------- ----------------------------
Adverse currency Euro denominated borrowings
or interest rate * Guidelines are set for our exposure to fixed and continue
movements could floating interest rates and use of interest rate to provide an effective,
see the cost of swaps to manage this risk. natural
debt rise, or impact hedge against the
the Sterling value Euro-denominated
of income flows * Foreign currency denominated assets are financed by net assets of our French and
or investments. borrowings in the same currency where appropriate. Spanish businesses.
This risk remains low.
Mitigation
of future rate increases is
provided
by our interest rate swaps
and
fixed interest borrowings,
so
the risk of adverse interest
rate fluctuations remains
broadly
unchanged since the prior
year.
--------------------------- ----------------------------------------------------------- ----------------------------
Property investment and development
----------------------------------------------------------------------------------------------------------------------
Acquisition and Projects are not pursued
development of * Thorough due diligence is conducted and detailed when
properties that analysis is undertaken prior to Board approval for they fail to meet our
fail to meet performance property investment and development. rigorous
expectations, overexposure investment criteria, and
to developments post-investment
within a short * Execution of targeted acquisitions and disposals. reviews indicate that sound
timeframe or the and
inability to find appropriate investment
and open new stores * The Group's overall exposure to developments is decisions
may have an adverse monitored and controlled, with projects phased to have been made.
impact on the portfolio avoid over-commitment. The capital requirements of
valuation, resulting development
in loss of shareholder projects undertaken during
value. * The performance of individual properties is the
Corporate transactions benchmarked against target returns and year have been carefully
may be at risk post-investment reviews are undertaken. forecasted
of competition and monitored, and we
referral or post continue
transaction legal to maintain significant
or banking formalities. capacity
within our financing
arrangements.
We continue to pursue
investment
and development
opportunities,
and consider our recent
track
record to have been
successful.
Therefore, the Board
considers
that there has been no
significant
change to this risk since
last
year.
--------------------------- ----------------------------------------------------------- ----------------------------
Valuation risk
--------------------------- ----------------------------------------------------------- ----------------------------
Value of our properties The valuation of the Group's
declining as a * Independent valuations are conducted regularly by portfolio has continued to
result of external experienced, independent, professionally qualified grow
market or internal valuers. during the year, reflecting
management factors both
could result in valuation gains arising from
a breach of borrowing * A diversified portfolio which is let to a large the increasing profitability
covenants. number of customers helps to mitigate any negative of our portfolio and
In the absence impact arising from changing conditions in the additions
of relevant transactional financial and property markets. to our portfolio through
evidence, valuations corporate
can be inherently acquisitions and the opening
subjective leading * Headroom of LTV banking covenants is maintained and of new development stores.
to a degree of reviewed. The level of this risk is
uncertainty. viewed
as broadly similar to last
* Current gearing levels provide sizeable headroom on year.
our portfolio valuation and mitigate the likelihood
of covenants being endangered.
--------------------------- ----------------------------------------------------------- ----------------------------
Occupancy risk
--------------------------- ----------------------------------------------------------- ----------------------------
A potential loss Covid-19 has resulted in a
of income and increased * Personal and business customers cover a wide range of contraction
vacancy due to segments, sectors and geographic territories with in economic growth. However,
falling demand, limited exposure to any single customer. recent like-for-like
oversupply or customer occupancy
default, which trends have been strong and
could also adversely * Dedicated support for enquiry capture. the
impact the portfolio newly opened stores are
valuation. performing
* Weekly monitoring of occupancy levels and close well.
management of stores. Growth in our store
portfolio
diversifies the potential
* Management of pricing to stimulate demand, when impact
appropriate. of underperformance of an
individual
store ; however , with the
* Monitoring of reasons for customers vacating and exit Covid-19
interviews conducted. pandemic the level of this
risk
is considered to have
* Independent feedback facility for customer increased
experience. from last year.
* The like-for-like 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 legislation * Internal monitoring procedures are in place to ensure compliant
could expose the that the appropriate rules and legislation are with all REIT legislation
Group to potential complied with and this is formally reported to the throughout
tax penalties or Board. the year.
loss of its REIT There has been no
status. significant
change to this risk since
last
year.
--------------------------- ----------------------------------------------------------- ----------------------------
Catastrophic event
--------------------------- ----------------------------------------------------------- ----------------------------
Major events mean Continuing focus from the
that the Group * Business continuity plans are in place and tested. Risk
is unable to carry Committee, with particular
out its business attention
for a sustained * Back-up systems at offsite locations and remote to specific issues.
period; health working capabilities. The threat from
and safety issues cyber-attacks
put customers, continues to grow. The risk
staff or property * Reviews and assessments are undertaken periodically management
at risk; or the for enhancements to supplement the existing compliant and mitigation actions have
Group suffers a aspects of buildings and processes. been
cyber-attack, hacking developed accordingly.
or malicious infiltration The level of risk is
of websites. These * Monitoring and review by the Health and Safety considered
may result in reputational Committee. similar to last year.
damage, injury
or property damage,
or customer compensation, * Robust operational procedures, including health and
causing a loss safety policies, and a specific focus on fire
of market share prevention and safety procedures.
and income.
* Fire risk assessments in stores.
* Periodic security review of all systems supported by
external monitoring and penetration testing.
* Limited retention of customer data.
* Online colleague training modules.
--------------------------- ----------------------------------------------------------- ----------------------------
Regulatory compliance risk
---------------------------------------------------------------------------------------- ----------------------------
The regulatory The framework of tax
landscape for UK * Monitoring and review by the Risk Committee. controls
listed companies has been reviewed during the
is constantly developing year, ensuring key tax risks
and becoming more * Project-specific steering committees to address the are in line with the Group's
demanding, with implementation of new regulatory requirements. obligations. All regulatory
new reporting and compliance
compliance requirements risks have been monitored
arising frequently. * Liaison with relevant authorities and trade during
Non- compliance associations. the year.
with these regulations The level of risk is
can lead to penalties, considered
fines or reputational * Where a store is at risk of compulsory purchase, similar to last year.
damage. contingency plans are developed.
Changes in tax
regimes could affect
tax costs. * Legal and professional advice.
The Group is also
subject to the
risk of compulsory * Online colleague training modules.
purchases of property,
which could result
in a loss of income
and impact the
portfolio valuation.
--------------------------- ----------------------------------------------------------- ----------------------------
Marketing risk
---------------------------------------------------------------------------------------- ----------------------------
Our marketing strategy We continue to build
is critical to * Constant measuring and monitoring of our web presence functional
the success of and ensuring compliance with rules and regulations. expertise at Group level in
the business. This performance
includes maintaining marketing, organic and local
web leadership * Market leading website. searches and analytics.
and our relationship The Group marketing forum
with Google. A continues
lack of effective * Use of online techniques to drive brand visibility. to review performance,
strategy would market
result in loss developments and our ongoing
of income and market * Our pricing strategy monitors and adapts to evolving improvement plan.
share and adversely customer behaviour. We have implemented a new
impact the portfolio value
valuation. and quality focused
performance
marketing strategy.
The level of risk is
considered
to be slightly reduced from
last
year.
--------------------------- ----------------------------------------------------------- ----------------------------
Consequences of the UK's decision to leave
the EU ("Brexit")
---------------------------------------------------------------------------------------- ----------------------------
Whilst the UK has Whilst the Group has only
now departed the * Economic uncertainty is not a new risk for the Group, limited
EU, there is potential but Brexit increases the likelihood of previously exposure to the direct risks
for economic disruption recognised risks, and is addressed under the finance arising from Brexit, it
and uncertainty risk, treasury risk and valuation risk categories believes
in the short term. above. that Brexit increases
There is a risk economic
that this could uncertainty, so the level of
have an impact * Self-storage is a localised industry, with a broad this risk is considered to
on Safestore's and diversified customer base, so demand is unlikely have
business. to be significantly impacted by Brexit related slightly increased since
changes. last
year.
* The Group's workforce in the UK includes a low
proportion of employees whose right to work in the UK
may be impacted by potential Brexit-related
legislation changes.
--------------------------- ----------------------------------------------------------- ----------------------------
Viability statement
The UK Corporate Governance Code requires us to issue a "viability statement" declaring whether we believe Safestore can continue to operate and meet its liabilities, taking into account its current position and principal risks. The overriding aim is to encourage Directors to focus on the longer term and be more actively involved in risk management and internal controls. In assessing viability, the Board considered a number of key factors, including our strategy (see page 6), our business model (see page 12), our risk appetite and our principal risks and uncertainties (see pages 29 to 33 of the strategic report).
The Board is required to assess the Company's viability over a period greater than twelve months, and in keeping with the way that the Board views the development of our business over the long term a period of three years is considered appropriate, and is consistent with the timeframes incorporated into the Group's strategic planning cycle, with the review considering the Group's cash flows, dividend cover, REIT compliance, financial covenants and other key financial performance metrics over the period with no borrowings falling due to be repaid during this three-year outlook period. Our assessment of viability therefore continues to align with this three-year outlook.
The Covid-19 pandemic has resulted in a significant reduction in the economic growth of the UK and Europe in 2020. The implications of Covid-19 have been thoroughly considered with respect to the Group's strategy through the annual planning and budgeting process. Covid-19 will continue to be monitored through regular and periodic reforecasts and scenario analysis over the next 12 months and align with the three-year outlook of this review during the 2021 year.
In assessing viability, the Directors considered the position presented in the budget and three-year plan recently approved by the Board. In the context of the current environment, four plausible sensitivities were applied to the plan, including a stress test scenario. These were based on the potential financial impact of the Group's principal risks and uncertainties and the specific risks associated with the Covid-19 pandemic. These scenarios are differentiated by the impact of lockdowns, demand levels post lockdowns and the level of cost savings. A stress test sensitivity was also performed where we have carried out a reverse stress test to model what would be required to breach ICR and LTV covenants which indicated highly improbable changes would be needed before any issues were to arise.
The impact of these scenarios and sensitivities has been reviewed against the Group's projected cash flow position and financial covenants over the three-year viability period. Should any of these scenarios occur, clear mitigating actions are available to ensure that the Group remains liquid and financially viable.
Such mitigating actions available, but not limited to, are reducing planned capital and marketing spend, pay and recruitment measures, making technology and operating expenditure cuts and utilisation of available headroom on existing debt facilities.
The Audit Committee reviews the output of the viability assessment in advance of final evaluation by the Board. The Directors have also satisfied themselves that they have the evidence necessary to support the statement in terms of the effectiveness of the internal control environment in place to mitigate risk.
Having reviewed the current performance, forecasts, debt servicing requirements, total facilities and risks, the Board has a reasonable expectation that the Group has adequate resources to continue in operation, meets its liabilities as they fall due, retain sufficient available cash across all three years of the assessment period and not breach any covenant under the debt facilities. The Board therefore has a reasonable expectation that the Group will remain commercially viable over the three-year period of assessment.
Notes to editors:
-- Safestore is the UK's largest self-storage group with 159 stores at 31 January 2021 comprising 127 wholly owned stores in the UK (including 71 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle and Bristol) and 28 wholly owned stores in the Paris region and 4 stores in Barcelona. In addition, the Group operates 9 stores in the Netherlands and 6 stores in Belgium under a joint venture agreement with Carlyle.
-- 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 75,000 personal and business customers.
-- As at 31 January 2021, Safestore had a maximum lettable area ("MLA") of 6.871 million sq ft (excluding the expansion pipeline stores, and the Carlyle Joint Venture ) of which 5.506 million sq ft was occupied.
-- Safestore employs around 660 people in the UK, Paris and Barcelona.
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