REG - Safestore Hldgs plc - Preliminary Results <Origin Href="QuoteRef">SAFE.L</Origin> - Part 4

Safestore HoldingsAnnouncement

21/01/2016 07:11

- Part 4: For the preceding part double click  ID:nRSU5165Mc 

lease payments           Present value of minimumlease payments  
                                                 2015£'m                 2014£'m                                          2015£'m  2014£'m  
 Within one year                                 7.6                     8.9                                              7.2      8.0      
 Within two to five years                        26.0                    31.5                                             20.8     23.9     
 Greater than five years                         41.6                    40.1                                             19.1     19.1     
                                                 75.2                    80.5                                             47.1     51.0     
 Less: future finance charges on finance leases  (28.1)                  (29.5)                                           -        -        
 Present value of finance lease obligations      47.1                    51.0                                             47.1     51.0     
 
 
              2015£'m  2014£'m  
 Current      7.2      8.0      
 Non-current  39.9     43.0     
              47.1     51.0     
 
 
13. Called up share capital 
 
                                                                    2015£'m  2014£'m  
 Called up, allotted and fully paid                                                   
 207,683,636 (FY2014: 207,134,266) ordinary shares of 1 pence each  2.1      2.1      
 
 
14. Cash flow from operating activities 
 
Reconciliation of operating profit to net cash inflow from operating activities: 
 
 Cash generated from continuing operations                                                      2015£'m  2014£'m  
 Profit before income tax                                                                       118.2    52.4     
 Gain on investment properties                                                                  (78.9)   (24.1)   
                                            Depreciation                                                 0.4      0.5    
                                            Change in fair value of derivatives                          0.3      (1.2)  
                                            Net finance expense                                          16.0     23.2   
                                            Employee share options                                       1.0      1.0    
                                            Changes in working capital:                                                  
                                            Increase in inventories                                      -        (0.1)  
                                            Decrease/(increase) in trade and other receivables           0.2      (3.5)  
 Increase in trade and other payables                                                           0.6      4.4      
 Cash generated from continuing operations                                                      57.8     52.6     
                                                                                                                             
 
 
15. Analysis of movement in net debt 
 
                                          2014£'m  Cash flows£'m  Non-cashmovements£'m  2015£'m  
 Cash in hand                             15.3     (1.2)          (0.3)                 13.8     
 Debt due within one year                 (5.0)    -              5.0                   -        
 Debt due after one year                  (259.6)  14.4           (4.3)                 (249.5)  
 Total net debt excluding finance leases  (249.3)  13.2           0.4                   (235.7)  
 Finance leases due within one year       (8.0)    4.1            (3.3)                 (7.2)    
 Finance leases due after one year        (43.0)   -              3.1                   (39.9)   
 Total finance leases                     (51.0)   4.1            (0.2)                 (47.1)   
 Total net debt                           (300.3)  17.3           0.2                   (282.8)  
 
 
Non-cash movements relate to reclassification of non-current debt to current debt, amortisation of debt issue costs,
foreign exchange movements and unwinding of discount. 
 
16. Contingent liabilities 
 
As part of the Group banking facility, the Company has guaranteed the borrowings totalling £251.3 million (FY2014: £265.2
million) of fellow Group undertakings by way of a charge over all of its property and assets. There are similar cross
guarantees provided by the Group companies in respect of any bank borrowings which the Company may draw under a Group
facility agreement. The financial liability associated with this guarantee is considered remote and therefore no provision
has been recorded. 
 
17. Capital commitments 
 
The Group had £4.6 million of capital commitments as at 31 October 2015 (FY2014: £0.3 million). 
 
18. Related party transactions 
 
The Group's shares are widely held. 
 
During the year £nil (FY2014: £nil) transactions were carried out with related parties. 
 
This information is provided by RNS
The company news service from the London Stock Exchange