Final Results

Big Yellow Group PLC 8 May 2002 Under embargo for 07.00 8 May 2002 Big Yellow Group PLC Results for the Twelve Months and Fourth Quarter ended 31 March 2002 Big Yellow Group PLC ("Big Yellow" or "the Group"), the AIM listed self storage company, announces results for the twelve months and for the fourth quarter ended 31 March 2002. Fourth quarter ended 31 Third quarter ended 31 Year Year March 2002 December ended 31 ended 31 2001 March March 2002 2001 Annualised revenue Â£11.7m Â£9.6m +22% Â£11.7m Â£5.6m +109% Turnover Â£2.6m Â£2.3m +14% Â£8.4m Â£4.2m +100% Loss before Â£2.3m Â£1.8m +28% tax Loss per 1.70p *0.35p - share Number of customers 8,100 6,800 +19% 8,100 3,900 +108% Occupied space 550,000 sq ft 462,000 sq ft +19% 550,000 sq ft 262,000 sq ft +110% * restated â€¢ 31 stores committed, (30 in the UK and one in France), totalling 1.8m sq ft of which 20 are trading â€¢ Like for like annualised sales for 12 stores open throughout the year up 74% â€¢ Merchandise, insurance and other sales up to 12.9% of storage income (March 2001: 9.6%) â€¢ Following the commitment given at flotation, seeking Admission to the Official List â€¢ New five year loan facility from Morgan Stanley, secured against three freehold assets Commenting on the outlook for the year, David White, Chairman, said: "All stores performed strongly over the past year and we look forward therefore to what we anticipate will be a buoyant summer and the impact of the new stores scheduled to open this financial year. Trading since the year end has been strong and we hope to see that continuing throughout the year." Big Yellow Group PLC Results for the Twelve Months and Fourth Quarter ended 31 March 2002 CHAIRMAN'S STATEMENT Results The Board of Big Yellow Group PLC ("Big Yellow" or "Group") is pleased to announce results for the twelve months and for the fourth quarter ended 31 March 2002. The Group has enjoyed excellent growth over the year both in revenue and numbers of customers, a reflection of the Group's strong brand and market position. Consequently, Big Yellow is now well established, by a significant margin, as the fastest growing quoted UK self storage company by revenue, customers, store numbers and square footage. Financial Results Turnover for the year was Â£8.4 million (2001: Â£4.2 million), a rise of 100%, with underlying revenues on an annualised basis at the year end rising to Â£11.7 million (2001: Â£5.6 million), an increase of 109% compared to the previous year. On a like for like basis annualised revenue for the 12 stores, which were open throughout the year, rose by 74%. The Group incurred a pre-tax loss of Â£2.3 million (2001: Â£1.8 million), made up of Â£1.9 million in the UK and Â£0.4 million in France, after a UK management charge of Â£0.1 million. In the UK Â£1.7 million was accounted for by depreciation and goodwill amortisation, which resulted in a cash loss for the year of Â£0.2 million (2001: Â£0.9 million). After absorbing the initial trading losses from the opening of eight new stores in the year, the loss per share was 1.70 pence (2001 (restated): loss 0.35 pence). In the fourth quarter to 31 March 2002, annualised revenue rose by 22% to Â£11.7 million, compared to Â£9.6 million in the third quarter to 31 December 2001, and turnover for the same period rose by 14% to Â£2.6 million (third quarter to 31 December 2001: Â£2.3 million). This is particularly pleasing given the normal seasonal slow down we would have expected for this quarter. At the end of the year the number of customers had risen to 8,100 from 3,900 at 31 March 2001, a rise of 108%. The Group is now trading from 20 stores, one of which opened after the year end, with a further 10 committed (one subject to planning), totalling 30 in the UK. In addition one store has been secured (subject to planning) in Paris. Introduction to the Official List Following the commitment given at the time of flotation two years ago, the Group has today announced that it intends to apply to the UK Listing Authority for admission to the Official List. Admission to the Official List and cancellation from AIM is expected to take place on 7 June 2002. Funding The Group has put in place a new Â£16.6 million five year loan facility with Morgan Stanley, secured against three of the Group's freehold assets. The cost of developing these stores was Â£13.7 million and the loan releases the total cost of development with an additional Â£2.9 million of cash to use for developing new stores. Interest cover from net operating income from the three stores is currently 155% and we expect this to rise to 180% in due course. The Group currently has cash and undrawn facilities totalling Â£34 million. The funding strategy remains to increase gearing in line with cash flow generation and secured against the Group's quality asset base. Future Strategy The Group remains committed to the 50 store target in the UK. We currently trade from 20 stores, with a further 10 committed, leaving 20 stores to secure. At the time of the Interim Results announcement, we indicated we would take a more cautious approach to expansion. However we have acquired three new stores in the past quarter and are confident that the 50 store target will be achieved. France As part of our cautious European expansion strategy, we have secured, subject to planning permission, a store in Paris which we hope will open later this year. As previously indicated further expansion into mainland Europe will be implemented on a conservative basis. Outlook All stores performed strongly over the past year and we look forward therefore to what we anticipate will be a buoyant summer and the impact of the new stores scheduled to open this financial year. Trading since the year end has been strong and we hope to see that continuing throughout the year. We believe that these results and the evidence of individual store performances, unequivocally bears out our conviction that the formula of large, well located, highly branded, customer focused stores is the right one. It delivers significant revenues, high margins through economies of scale, and the opportunity to debt leverage resulting in high returns on equity employed. Lastly, cognisant that the Group's brand and future performance lies entirely in the hands of the people who work at Big Yellow, I should like to thank them all for their continuing loyalty and hard work over the year. David White Chairman 8 May 2002 OPERATING AND FINANCIAL REVIEW Operating Review The Stores The Group opened eight new stores in the year, resulting in 20 stores now open which provide capacity of 1.2 million sq. ft. On completion of the 11 stores in the pipeline the Group will have a total capacity of 1.8 million sq. ft.. At the year end 550,000 sq. ft. of the existing capacity was occupied reflecting a range in occupancy from in excess of 90% for the mature stores to lower levels of occupancy on those more recently opened. Of particular note is our recently relocated store at Staples Corner where we have nearly doubled occupancy to in excess of 80,000 sq. ft. and 1,300 customers, with an additional capacity of 30,000 sq. ft. remaining. Customer move-ins per store averaged 75 per month over the year, a level which we believe substantially exceeds most of our competitors. At the year end, 15 of the stores had positive operating cash flow (after charging an allocation of central overheads), of which eight were profitable at the pre-tax level. Other sales, comprising largely of merchandise and insurance, represented 12.9% of storage income for the year (2001: 9.6%). Property & Construction UK Of the 30 stores the Group has opened or is committed to open in the UK, 19 are freehold and 11 are leasehold. This is in line with our stated strategy of maintaining two thirds of our estate freehold. In addition, 16 of our stores are located within Greater London in line with our ambition to achieve 50% of our stores within that area. New stores have been acquired in New Malden, Guildford, Battersea, Chelmsford, Bow, and Orpington. The average store size of the current UK portfolio of 30 stores, when fully built out, will be approximately 59,000 sq. ft. of net lettable space. We have planning permissions on 28 (one subject to judicial review) of the 30 stores and the two remaining stores are currently subject to planning applications. Whilst we have been successful in securing planning permissions this has not been without some difficulty and delay, and has resulted in two planning appeals and two consents being granted on the eve of an Appeal Hearing. We anticipate that the securing of planning permissions will continue to be a difficult objective. Whilst we are confident that we will achieve the 50 store target in the UK, securing sites or buildings of sufficient size with sufficient prominence in our target areas, predominantly the South East, remains challenging. France We have entered into a contract, conditional on planning, to acquire a store in Creteil, South-East Paris. We are hopeful of opening the 36,000 sq.ft. store towards the end of this year. Marketing & Sales Marketing spend for the year was approximately Â£750,000, a 34% increase on last year due to new store openings, but representing a drop as a percentage of turnover to 9% from 13% in the previous year. We believe our overall target of 5% of turnover will be achievable on an ongoing basis. The location and visibility of our buildings themselves remains our most effective marketing medium. People We believe the Group has succeeded in establishing itself as an attractive place for people to work, evidenced by our high retention levels and what we believe to be extremely high morale at both the stores and head office. Systems Our IT systems strategy remains unchanged with the continued development of our specialist software applications in store operations, customer management, security, finance and the network. In particular we have increased the capacity of our systems to manage the projected data requirement from our expanding store portfolio. FINANCIAL REVIEW Results The results for the year show strong growth with annualised revenue increasing to Â£11.7 million from Â£5.6 million last year, an increase of 110%. Turnover for the year increased by 100% to Â£8.4 million (2001: Â£4.2 million). In addition a further Â£103,000 of revenue was derived from an insurance claim. The loss before tax for the year was Â£2.3 million (2001: Â£1.8 million) of which a loss of Â£0.3 million is in relation to the first year of overheads in France. The loss before depreciation and amortisation in the UK of Â£0.2 million was an improvement on the previous year loss of Â£0.9 million despite having to absorb the initial trading loses from a further eight stores opened in the year. The costs of the Staples Corner relocation were in line with the Â£300,000 exceptional provision made in the prior year. In common with many businesses we will incur higher insurance costs in future, estimated to rise by Â£130,000 per annum in the next financial year across the 20 stores currently open. In anticipation, we raised the premiums we charge to our customers by 20% at the beginning of the calendar year, which will currently defray half the additional cost and all, on maturity of the stores currently open. Notwithstanding this increase, the number of customers taking out our insurance has continued to rise. The Company had 98 employees at the year end with the average number employed during the year increasing to 79 (2001: 56). UK administration expenses, including the cost of construction management, were Â£2.66 million compared to Â£2.47 million last year. The first year local overhead for France was Â£0.34 million. All administration expenses including construction management are charged to the profit and loss account. Net interest income has fallen from Â£1.07 million last year to Â£0.47 million reflecting the reduction in net cash balances over the year in line with capital expenditure. The total depreciation charge and goodwill amortisation for the year increased to Â£1.7 million from Â£0.95 million. Financing After funding the initial growth of the business from equity, including the Â£22.7 million proceeds from the Placing in May 2001, the Group has now entered the next phase of funding from bank borrowing. As at the end of the year the Group had net borrowings of Â£1.4 million, after taking account of Â£18.5 million cash in the balance sheet, against an historical cost equity base of Â£74 million. In addition the Group has available a new committed bank facility of Â£16.6 million, secured against 3 freehold assets, with a term expiring in 2007, and with no amortisation. Treasury Management Treasury risk is closely monitored with policy approval by the Board. At today's date the Group has total borrowings of Â£20 million which incurs interest based on floating interbank rates. On draw down of the new Â£16.6 million facility, it is the current intention to fix interest rates on this element of borrowings based on the five year SWAP rate. The Board will continue to review policy in relation to any potential future interest rate exposure based on an assessment of prevailing market conditions. Cash deposits are only placed with approved financial institutions in accordance with Group policy. Balance Sheet and Cashflow At 31 March 2002 the Group had net current assets of Â£17.5 million (2001 (restated): Â£8.8 million). The increase of Â£8.7 million is primarily due to an increase in cash on deposit. The cash outflow from operating activities for the year was Â£0.61 million from (2001: Â£0.21 million). During the year Â£35.0 million has been used to fund capital expenditure. Dividends In line with our stated strategy, the Board recommends that no dividend be paid in respect of the current year. Taxation No liability to corporation tax arises on the Group's results for the as the Group has made a taxable loss during the year. We have adopted the new accounting policy FRS 19 "Deferred Tax" this year which has resulted in a deferred tax asset of Â£1.9 million with a tax credit charged to the profit and loss account in the current year of Â£0.4 million (2001 (restated): Â£1.5 million). For further information, please contact: Big Yellow Group PLC 01276 470190 Nicholas Vetch, Chief Executive James Gibson, Finance Director Weber Shandwick Square Mile 020 7950 2800 Louise Robson or Sally Lewis Big Yellow Group PLC Consolidated Profit and Loss Account Year ended 31 March 2002 Note 2002 2001 Â£ Â£ (restated) TURNOVER 2 8,407,475 4,174,300 Exceptional item 5 - (300,000) Cost of sales (8,288,937) (4,544,560) --------------- --------------- Total cost of sales (8,288,937) (4,844,560) --------------- --------------- GROSS PROFIT/(LOSS) 118,538 (670,260) Administrative expenses (2,997,017) (2,469,313) Other operating income 102,948 230,622 --------------- --------------- OPERATING LOSS 4 (2,775,531) (2,908,951) Other interest receivable and similar income 511,436 1,259,684 Interest payable and similar charges 6 (42,109) (186,854) --------------- --------------- LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION (2,306,204) (1,836,121) Taxation 8 388,295 1,477,158 --------------- --------------- LOSS ON ORDINARY ACTIVITIES AFTER TAXATION (1,917,909) (358,963) Dividends 9 - 36,750 --------------- --------------- LOSS FOR THE FINANCIAL YEAR 20 (1,917,909) (322,213) ========== ========== Basic and diluted loss per share 10 (1.70)p (0.35)p ========== ========== All activities in the profit and loss account relate to continuing operations. Big Yellow Group PLC Consolidated Balance Sheet 31 March 2002 Note 2002 2001 Â£ Â£ (restated) FIXED ASSETS Intangible assets 11 1,626,483 1,723,479 Tangible assets 12 74,780,848 42,697,471 --------------- --------------- 76,407,331 44,420,950 --------------- --------------- CURRENT ASSETS Stocks 150,651 94,149 Debtors 14 4,715,393 3,935,598 Cash at bank and in hand 18,527,905 10,967,581 --------------- --------------- 23,393,949 14,997,328 CREDITORS: amounts falling due within one year 15 (5,916,172) (6,193,861) --------------- --------------- NET CURRENT ASSETS 17,477,777 8,803,467 --------------- --------------- TOTAL ASSETS LESS CURRENT LIABILITIES 93,885,108 53,224,417 CREDITORS: amounts falling due after more than one year 16 (19,858,268) - --------------- --------------- TOTAL NET ASSETS 74,026,840 53,224,417 ========== ========== CAPITAL AND RESERVES Called up share capital 19 11,578,267 9,648,559 Share premium account 20 66,923,236 46,122,121 Profit and loss account 20 (4,474,663) (2,546,263) --------------- --------------- EQUITY SHAREHOLDERS' FUNDS 74,026,840 53,224,417 ========== ========== These financial statements were approved by the Board of Directors on 8 May 2002. Big Yellow Group PLC Reconciliation of Movement in Shareholders' Funds Year ended 31 March 2002 Group Company Group Company 2002 2002 2001 2001 Â£ Â£ Â£ Â£ (restated) Group (Loss)/profit for the financial year (1,917,909) 13,559 (358,963) 34,408 Foreign exchange differences (10,491) - - - Dividends - - 36,750 36,750 ----------- ----------- ----------- ----------- (1,928,400) 13,559 (322,213) 71,158 Issue of shares (net of issue costs) 22,730,823 22,730,823 43,603,003 43,603,003 Redemption of preference shares - - (1,044,110) (1,044,110) ---------- ---------- ---------- ---------- Net addition to shareholders' funds 20,802,423 22,744,382 42,236,680 42,630,051 ---------- ---------- ---------- ---------- Opening shareholders' funds as previously reported 51,747,259 55,881,376 10,987,737 13,251,325 Prior year adjustment (see note 1) 1,477,158 - - - ---------- ---------- ---------- ---------- Opening shareholders' funds restated 53,224,417 55,881,376 10,987,737 13,251,325 ---------- ---------- ---------- ---------- Closing shareholders' funds 74,026,840 78,625,758 53,224,417 55,881,376 ======= ======= ======= ======= Statement of Total Recognised Gains and Losses Year ended 31 March 2002 2002 2001 Â£ Â£ (restated) Loss for the financial year (1,917,909) (358,963) Foreign exchange differences (10,491) - ------------ ------------ Total recognised gains and losses for the year (1,928,400) (358,963) ======== ======== Note on prior year adjustment Total recognised gains and losses for the year as above (1,928,400) - Prior year adjustment (see note 1) 1,477,158 - ------------ ------------ Total gains and losses recognised since last annual report (451,242) - ======== ======== Big Yellow Group PLC Consolidated Cash Flow Statement Year ended 31 March 2002 Note 2002 2001 Â£ Â£ Â£ Â£ Cash outflow from operating activities 23 (613,944) (208,906) Returns on investments and servicing of finance 24(a) 443,632 594,633 Capital expenditure and financial investment 24(a) (34,936,577) (25,658,079) -------------- -------------- Cash outflow before financing (35,106,889) (25,272,352) Financing Issue of ordinary share capital (net of expenses) 24(a) 22,728,945 43,603,003 Repurchase of preference shares 24(a) - (1,044,110) Increase/(decrease) in debt 24(a) 19,938,268 (6,116,000) (Repayment) of financing transaction 24(a) - (4,731,800) ------------- ------------- 42,667,213 31,711,093 ------------- ------------- Increase in cash in the year 24(b) 7,560,324 6,438,741 ======== ======== Reconciliation of Net cash Flow to Movement in Net Funds Note 2002 2001 Â£ Â£ Â£ Â£ Increase in cash in the year 7,560,324 6,438,741 Cash (inflow)/outflow from (increase)/ decrease in debt financing 24(b) (19,938,268) 10,847,800 -------------- -------------- Change in net debt resulting from cash (12,377,944) 17,286,541 flows -------------- -------------- Movement in net (debt)/funds in the year 24(b) (12,377,944) 17,286,541 Net funds/(debt) at start of year 10,967,581 (6,318,960) -------------- -------------- Net (debt)/funds at end of year (1,410,363) 10,967,581 ======== ======== Big Yellow Group PLC 31 March 2002 Company Balance Sheet Note 2002 2001 Â£ Â£ FIXED ASSETS Tangible assets 12 222,167 202,516 Investments 13 2,054,959 2,041,189 ------------ ------------ 2,277,126 2,243,705 ------------ ------------ CURRENT ASSETS Debtors 14 57,924,225 43,332,489 Cash at bank and in hand 18,841,806 10,662,111 ------------ ------------ 76,766,031 53,994,600 CREDITORS: amounts falling due (417,399) (356,929) within one year 15 ------------ ------------ NET CURRENT ASSETS 76,348,632 53,637,671 ------------ ------------ TOTAL ASSETS LESS CURRENT LIABILITIES 78,625,758 55,881,376 ======== ======== CAPITAL AND RESERVES Called up share capital 19 11,578,267 9,648,559 Share premium account 20 66,923,236 46,122,121 Profit and loss account 20 124,255 110,696 ------------ ------------ EQUITY SHAREHOLDERS' FUNDS 78,625,758 55,881,376 ======== ======== These financial statements were approved by the Board of Directors on 8 May 2002. Big Yellow Group PLC Notes to the Accounts ACCOUNTING POLICIES 1. Basis of preparation The financial information set out above does not constitute the company's statutory accounts for the years ended 31 March 2002 or 31 March 2001, but is derived from those accounts. The statutory accounts for the year ended 31 March 2001 have been filed with the Registrar of Companies and those for 2002 will be filed following the Company's annual general meeting. The auditors have reported on those accounts. Their reports were unqualified and did not contain a statement under Section 237(2) or 237(3) of the Companies Act 1985. The financial statements are prepared in accordance with applicable United Kingdom accounting standards. The particular accounting policies adopted are described below. The comparatives for the year ended 31 March 2001 have been restated to reflect a change in accounting policy following the adoption of FRS 19 "Deferred Tax". The effect of this change on the accounts for the year ended 31 March 2001 is to record a debtor of Â£1,477,158, and a corresponding tax credit for the same amount. The effect on the current year of the change in accounting policy is a reduction in the retained loss of Â£388,295, with the recognition of the reciprocal amount as a debtor, thereby increasing net assets by Â£388,295. Accounting convention The financial statements are prepared under the historical cost convention. Basis of consolidation The Group accounts consolidate the accounts of Big Yellow Group PLC and all its subsidiaries at the year end using acquisition accounting principles. Goodwill and intangible assets Purchased goodwill is capitalised in the year in which it arises and amortised over 20 years. The Directors regard 20 years as a reasonable maximum for the estimated useful life of goodwill since it is difficult to make projections exceeding this period. Capitalised purchased goodwill in respect of subsidiaries is included within intangible fixed assets. Tangible fixed assets No depreciation is provided on land and assets in the course of construction. Interest, overhead and pre-opening launch costs are not capitalised. Depreciation is provided on cost in equal annual instalments over the estimated useful lives of the assets. The useful economic lives of the assets are as follows: Freehold property 50 years Mezzanine flooring and staircases 25 years Short leasehold improvements Over period of the lease Plant and machinery 10 years Motor vehicles 4 years Fixtures and fittings 5 years Computer equipment 3 years Mezzanine flooring and staircases are disclosed in note 12 under freehold property or short leasehold improvements as appropriate. Investments Investments held as fixed assets are stated at cost less provision for any impairment. Stocks Stocks represent goods held for resale and are held at the lower of cost and net realisable value. Pension contributions Pension contributions represent payments to defined contribution schemes, the assets of which are held separately from those of the Group. Deferred taxation Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. A net deferred tax asset is regarded as recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a discounted basis. Leases Operating lease rentals are charged to income in equal annual amounts over the lease term. Foreign Exchange Transactions denominated in foreign currencies are translated at the exchange rate at the date of the transaction. Foreign currency assets and liabilities held at the year end are translated at year-end exchange rates. The resulting exchange gain or loss is dealt with through the profit and loss account. 2. Segmental information Turnover represents amounts derived from the provision of services which fall within the Group's ordinary activities after deduction of trade discounts and value added tax. The Group's net assets, turnover and loss before tax are attributable to one activity, the provision of self storage and related services. Other than a loss before tax of Â£440,514 and net liabilities of Â£423,105 all the Group's net assets, turnover and loss before tax arise in the United Kingdom. The loss before tax of Â£440,514 is in relation to the Group's French operations, which includes Â£100,000 of management charges from the United Kingdom. 3. Information regarding Directors and Employees Directors' remuneration 2002 2001 Salary/ Taxable fees Bonus benefits Sub total Pension Total Total Â£ Â£ Â£ Â£ Â£ Â£ Â£ Nicholas Vetch 98,000 24,500 22,453 144,953 9,800 154,753 135,514 Philip Burks 105,100* 21,900 7,937 134,937 8,760 143,697 123,060 James Gibson 92,800* 19,325 5,998 118,123 7,730 125,853 108,478 Adrian Lee 86,600* 18,025 4,968 109,593 7,210 116,803 101,231 Stephen Homer 80,500* 16,750 4,968 102,218 6,700 108,918 94,607 David White 25,000 - - 25,000 - 25,000 25,000 David Ross 22,500 - - 22,500 - 22,500 22,500 Jonathan Short - - - - - - - --------- --------- --------- --------- --------- --------- --------- 510,500 100,500 46,324 657,324 40,200 697,524 610,390 ====== ====== ====== ====== ====== ====== ====== * Includes car allowances Directors' interests The interests of the Directors in the ordinary share capital of the Company are shown below: At 1 April At 31 March At 7 May 2001 2002 2002 Ordinary shares of 10p each No. No. No. Nicholas Vetch (including trusts) 12,500,000 12,455,000 12,455,000 Philip Burks (including trusts) 12,500,000 12,455,000 12,455,000 James Gibson (including trusts) 1,816,000 1,816,000 1,816,000 Adrian Lee (including trusts) 791,880 791,880 791,880 Stephen Homer (including trusts) 791,800 803,880 803,880 David White - 200,000 200,000 David Ross - 1,040,020 1,040,020 None of the Directors had any direct interests in the share capital of any of the subsidiary undertakings of the Company in the year. Share option schemes Options in respect of ordinary shares held by the Directors at 31 March 2002 under the Company's share option schemes are as follows: Option price Date on which the Number of per ordinary exercise period ordinary Date option share Date first expires shares granted exercisable Name Nicholas Vetch 5 May 2000 100p 5 May 2003 4 May 2010 1,000,000 4 June 2001 131.5p 4 June 2004 3 June 2011 300,000 Philip Burks 5 May 2000 100p 5 May 2003 4 May 2010 1,000,000 4 June 2001 131.5p 4 June 2004 3 June 2011 268,000 James Gibson 24 September 1998 10p 24 September 2001 23 September 2008 1,000,000 5 May 2000 100p 5 May 2003 4 May 2010 100,000 4 June 2001 131.5p 4 June 2004 3 June 2011 237,000 Stephen Homer 18 January 1999 13.3p 18 January 2002 17 January 2009 375,940 5 May 2000 100p 5 May 2003 4 May 2010 150,000 4 June 2001 131.5p 4 June 2004 3 June 2011 206,000 Adrian Lee 18 January 1999 13.3p 18 January 2002 17 January 2009 375,940 5 March 1999 25p 5 March 2002 4 March 2009 125,000 5 May 2000 100p 5 May 2003 4 May 2010 100,000 4 June 2001 131.5p 4 June 2004 3 June 2011 221,000 The market price of the Company's shares at 31 March 2002 was 110p per share. The highest market price during the year was 134p per share, the lowest market price during the year was 93.5p, and the average price during the year was 113p. Pursuant to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001, it should be noted that past performance of the Company's share price cannot be relied on as a guide to future performance. 2002 2001 Employees Â£ Â£ Wages and salaries (including Directors) 2,543,897 1,871,761 Social security costs 257,147 212,325 Other pension costs 83,132 68,930 ------------ ------------ 2,884,176 2,153,016 ======= ======= The average number of employees (including Directors) employed by the Group during the year: No. No. Sales 50 32 Administration 29 24 ======= ======= 79 56 ======= ======= 4. Operating Loss 2002 2001 Â£ Â£ Operating loss is stated after charging/(crediting): Depreciation 1,605,049 849,558 Amortisation of goodwill 96,996 96,995 Auditors' remuneration - Group audit fees 60,000 40,000 - non-audit services 25,000 12,000 Operating leases - other 1,593,065 932,797 Loss of income insurance claim (102,948) (230,622) ======= ======= Included in Group audit fees are Â£10,000 (2001: Â£10,000) in respect of the Company. The non-audit services provided during the year were for general advice. In addition to the amounts disclosed above, the auditors received remuneration of Â£60,000 in respect of the Company's Placing in May 2001, which has been charged to the share premium account. 5. Exceptional Item The Group opened a new store at Staples Corner in March 2001 and transferred trading to that store from an existing store at Staples Corner. The exceptional costs of this transfer of Â£300,000, being the write off of redundant fixed assets, the cost of transferring customers' assets and lease break costs, were provided for as at 31 March 2001. 6. Interest Payable and Similar Charges 2002 2001 Â£ Â£ Loan stock (see note 25) - 59,326 Bank loan 41,071 - Bank overdraft and other borrowings 1,038 31,369 Option finance fee (see note 25) - 96,159 ---------- ---------- 42,109 186,854 ======= ======= 7. Profit of Parent Company As permitted by section 230 of the Companies Act 1985, the profit and loss account of the parent Company is not presented as part of these accounts. The consolidated loss for the financial year includes a profit of Â£13,559 (2001: profit of Â£34,408) which is dealt with in the accounts of the parent Company. 8. Taxation No liability to corporation tax arises on the Group's result for the year as the Group made a taxable loss during the year. The Group has unrelieved tax losses for which a deferred tax asset has been recognised (see note 18). 9. Non-Equity Dividends 2002 2001 Â£ Â£ 7.5% preference shares - (36,750) ======= ======= An accrual was made as at 31 March 2000 for a dividend of Â£36,750 payable on the preference shares in issue at that date. On 8 May 2000, the preference shares were redeemed by way of a share buy-back financed from the issue of new ordinary shares for consideration of Â£1,044,110. The dividend became no longer payable. It was therefore credited to the profit and loss account for the year ended 31 March 2001. Dividends have not been paid in respect of the ordinary shares of the Company in any of the periods reported upon and no dividend is proposed. 10. Loss per Ordinary Share Loss per ordinary share has been calculated on the retained loss for the financial year of Â£1,917,909 (2001 (restated): Â£322,213) and on the weighted average number of shares in issue during the year of 112,489,228 (2001: 91,794,721). There is no dilutive effect from the conversion of share options. 11. Intangible Fixed Assets Group Goodwill Â£ Cost At 1 April 2001 and 31 March 2002 1,940,729 ------------ Amortisation At 1 April 2001 217,250 Charge for the year 96,996 ------------ At 31 March 2002 314,246 ------------ Net book value At 31 March 2002 1,626,483 ======== At 31 March 2001 1,723,479 ======== 12 Tangible Fixed Assets Fixtures, Short fittings Freehold leasehold Assets under Plant and Motor and office Property improvements construction machinery vehicles equipment Total Group Â£ Â£ Â£ Â£ Â£ Â£ Â£ Cost At 1 April 2001 19,824,871 7,244,129 11,180,827 5,348,863 70,041 945,706 44,614,437 Additions 12,722,055 3,732,159 15,984,198 1,061,380 18,212 285,663 33,803,667 Reclassifications 6,184,973 72,226 (6,313,581) 56,382 - - - Disposals - (22,250) - (789,048) (8,000) (97,913) (917,211) ----------- ----------- ----------- ----------- ----------- ----------- ----------- At 31 March 2002 38,731,899 11,026,264 20,851,444 5,677,577 80,253 1,133,456 77,500,893 ----------- ----------- ----------- ----------- ----------- ----------- ----------- Accumulated depreciation At 1 April 2001 (281,536) (328,139) - (1,058,448) (14,626) (234,217) (1,916,966) Disposals - 12,758 - 732,935 7,236 49,041 801,970 Charge for the year (449,978) (405,387) - (512,850) (18,307) (218,527) (1,605,049) ----------- ----------- ----------- ----------- ----------- ----------- ----------- At 31 March 2002 (731,514) (720,768) - (838,363) (25,697) (403,703) (2,720,045) ----------- ----------- ----------- ----------- ----------- ----------- ----------- Net book value At 31 March 2002 38,000,385 10,305,496 20,851,444 4,839,214 54,556 729,753 74,780,848 ======= ======= ======= ======= ======= ======= ======= At 31 March 2001 19,543,335 6,915,990 11,180,827 4,290,415 55,415 711,489 42,697,471 ======= ======= ======= ======= ======= ======= ======= Fixtures, Short fittings and leasehold Motor office Company property vehicles equipment Total Â£ Â£ Â£ Â£ Cost At 1 April 2001 - 56,861 229,236 286,097 Disposals - - (3,709) (3,709) Additions 5,985 3,678 95,849 105,512 ------------ ------------ ------------ ------------ At 31 March 2002 5,985 60,539 321,376 387,900 ------------ ------------ ------------ ------------ Accumulated depreciation At 1 April 2001 - (6,535) (77,046) (83,581) Disposals - - 512 512 Charge for the year (689) (13,682) (68,293) (82,664) ------------ ------------ ------------ ------------ At 31 March 2002 (689) (20,217) (144,827) (165,733) ------------ ------------ ------------ ------------ Net book value At 31 March 2002 5,296 40,322 176,549 222,167 ======== ======== ======== ======== At 31 March 2001 - 50,326 152,190 202,516 ======== ======== ======== ======== 13. Investments held as Fixed Assets Investment in subsidiary undertakings Company Â£ Cost At 1 April 2001 2,041,189 Additions 13,770 ------------ At 31 March 2002 2,054,959 ======== The investments relate to the 100% ownership of the ordinary share capital of the Group's subsidiaries. All of the Group's subsidiaries are registered at the same address as the Company, with the exception of Big Yellow Self Stockage Company SAS, which is registered at 15, rue Vignon, 75008, Paris, France. The additions in the year relate principally to further investment in Big Yellow Self Stockage Company SAS. Details of the Group's principal subsidiaries are shown below: Big Yellow Self Storage Company Limited is incorporated in Great Britain and provides self storage services to private individuals and businesses. The Big Yellow Property Company Limited is incorporated in Great Britain and its principal activity is property management and ownership. The Big Yellow Construction Company Limited is incorporated in Great Britain and its principal activity is property construction. The Big Yellow Holding Company Limited is incorporated in Great Britain and its principal activity is acting as an intermediate holding Company. Big Yellow Self Stockage Company SAS is incorporated in France, and its principal activity is to provide self storage services to private individuals and businesses. 14. Debtors Group Company Group Company 2002 2002 2001 2001 Â£ Â£ Â£ Â£ (restated) Trade debtors 353,380 - 122,557 - Amounts owed by Group undertakings - 57,830,363 - 43,210,071 Other debtors 588,388 9,331 1,368,974 86,949 Deferred tax (see note 18) 1,865,453 - 1,477,158 - Prepayments and accrued income 1,908,172 84,531 966,909 35,469 ----------- ----------- ----------- ----------- 4,715,393 57,924,225 3,935,598 43,332,489 ======= ======= ======= ======= 15. Creditors: Amounts falling due within one year Group Company Group Company 2002 2002 2001 2001 Â£ Â£ Â£ Â£ Trade creditors 2,333,338 49,897 2,307,679 30,382 Taxation and social security 124,440 72,597 59,026 35,558 Other creditors 765,522 9,250 413,124 - Accruals and deferred income 2,692,872 285,655 3,414,032 290,989 ----------- ----------- ----------- ----------- 5,916,172 417,399 6,193,861 356,929 ======= ======= ======= ======= 16. Creditors: Amounts falling due after more than one year Group Company Group Company 2002 2002 2001 2001 Â£ Â£ Â£ Â£ Bank loan 19,938,268 - - - Unamortised loan arrangement costs (80,000) - - - ----------- ----------- ----------- ----------- 19,858,268 - - - ======= ======= ======= ======= The bank loan is repayable in full on 3 April 2005. The loan bears interest based on floating interbank rates plus a margin of 1.5%. It is secured on certain of the Group's properties. 17. Financial Instruments The Group's only financial instruments as at 31 March 2002 are a bank loan of Â£19,938,268 (2001: Â£nil), cash of Â£18,527,905 (2001: Â£10,967,581) and trade debtors and trade creditors which arise directly from its operations. Short term debtors and creditors have been omitted from all disclosures below. The Group does not trade in financial instruments. Maturity profile of financial liabilities 2002 2001 Financial Financial Financial Financial assets liabilities assets Liabilities Â£ Â£ Â£ Â£ Within one year or on demand 18,527,905 - 10,967,581 - Between one and five years - (19,938,268) - - ----------- ----------- ----------- ----------- Gross financial liabilities 18,527,905 (19,938,268) 10,967,581 - ======= ======= ======= ======= The Group had no undrawn borrowing facilities at 31 March 2002 (2001: Â£nil), however see Note 26. Interest rate profile of financial assets and liabilities The Group's financial assets and financial liabilities attracted interest at floating rates at 31 March 2002 and 31 March 2001. The interest rate on floating rate assets and liabilities is linked to Sterling and Euro Inter Bank Offer Rates. Currency profile of financial assets and liabilities 2002 2001 Â£ Â£ Financial assets Sterling 8,589,637 10,967,581 Euro 9,938,268 - ------------ ------------ 18,527,905 10,967,581 ======== ======== Financial liabilities Sterling 10,000,000 - Euro 9,938,268 - ------------ ------------ 19,938,268 - ======== ======== All monetary assets and liabilities are denominated in sterling or Euros. The monetary assets denominated in Euros are offset by an equal monetary liability in Euros, therefore the Group has no exposure to currency risk. Fair values of financial assets and liabilities There is no material difference between the fair values of financial assets and liabilities calculated by discounting expected cash flows at prevailing interest rates at the year end and the book values of financial assets and liabilities. 18. Provisions for Liabilities and Charges Deferred taxation Provided Provided Provided Provided Group Company Group Company 2002 2002 2001 2001 Â£ Â£ Â£ Â£ (restated) The amounts provided in the accounts are: Capital allowances in advance of depreciation (278,911) - 3,851 - Short term timing differences (11,611) - (96,973) - Less trading losses carried forward (1,574,931) - (1,384,036) - ------------ ------------ ------------ ------------ (1,865,453) - (1,477,158) - ======== ======== ======== ======== The 2001 comparatives have been restated to reflect the adoption of FRS 19, as described in note 1. There is no unprovided deferred tax at 31 March 2002 and 31 March 2001. The deferred tax balance prior to discounting at 31 March 2002 is Â£1,992,474 (2001: Â£1,577,739). 19. Called up share capital 2002 2001 Â£ Â£ Authorised: 200,000,000 (2001: 150,000,000) ordinary shares of 10p each 20,000,000 15,000,000 ======== ======== Called up, allotted and fully paid: 115,782,666 (2001: 96,485,590) ordinary shares of 10p each 11,578,267 9,648,559 ======== ======== Movements in issued share capital during the year were as follows: No. Â£ At 1 April 2002 Ordinary shares of 10p each 96,485,590 9,648,559 Issue of 19,297,076 ordinary shares of 10p each for cash 19,297,076 1,929,708 ----------- ----------- At 31 March 2002 115,782,666 11,578,267 ======== ======== The shares were issued in May 2001 by way of a Placing, which raised Â£22,728,945 (net of expenses), to provide additional funding for continued growth of the business. The new shares rank pari passu with the existing ordinary shares that were in issue at the date of the Placing. Details of Directors' share options are given in note 3. At 31 March 2002 there were a further 865,175 (2001:543,625) options in issue to other employees of the Group. Details of these options are as follows: Option price Date first Date on which the Number of ordinary per ordinary exercisable exercise period shares Date option granted share expires 16 November 1999 62.5p 16 November 2002 15 November 2009 51,400 5 May 2000 100p 5 May 2003 4 May 2010 134,475 30 November 2000 137.5p 30 November 2003 29 November 2010 72,750 1 June 2001 125.5p 1 June 2004 31 May 2011 41,750 8 November 2001 98p 8 November 2004 7 November 2011 514,800 30 November 2001 94p 30 November 2004 29 November 2011 50,000 No options were exercised in the year and 3,350 options lapsed in the year. 20. Statement of Movements on Reserves Share premium Profit and account loss account Group Â£ Â£ Balance at 1 April 2001 as previously reported 46,122,121 4,023,421 Prior period adjustment for FRS 19 - (1,477,158) ------------ ------------ Balance at 1 April 2001 - restated 46,122,121 (2,546,263) Shares issued (net of expenses) 20,801,115 - Loss retained for year - (1,917,909) Foreign exchange translation differences - (10,491) ------------ ------------ Balance at 31 March 2002 66,923,236 (4,474,663) ======== ======== Company Balance at 1 April 2001 46,122,121 110,696 Shares issued (net of expenses) 20,801,115 - Profit retained for the year - 13,559 ------------ ------------ Balance at 31 March 2002 66,923,236 124,255 ======== ======== 21. Financial Commitments Group Company Group Company Land and Land and Land and Land and buildings buildings buildings buildings 2002 2002 2001 2001 The Group has operating lease commitments payable Â£ Â£ Â£ Â£ within the next year, expiring as follows: Within one year 25,500 25,500 27,656 27,656 Within two to five years 49,400 49,400 25,500 25,500 After five years 2,128,279 - 1,678,650 - ------------ ------------ ------------ ------------ 2,203,179 74,900 1,731,806 53,156 ======== ======== ======== ======== 22. Capital Commitments Group Company Group Company 2002 2002 2001 2001 Â£ Â£ Â£ Â£ Amounts contracted but not provided in respect of the Group's properties 11,718,076 - 6,787,300 - ======== ======== ======== ======== 23. Reconciliation of Operating Loss to Net Cash Outflow from Operating Activities 2002 2001 Â£ Â£ Operating loss (2,775,531) (2,908,951) Depreciation 1,605,049 849,558 Amortisation of goodwill 96,996 96,995 Foreign exchange gain (10,491) - Increase in stock (56,502) (62,435) Increase in debtors (431,353) (1,359,529) Increase in creditors 957,888 3,175,456 ----------- ----------- Net cash outflow from operating activities (613,944) (208,906) ======= ======= 24. (A) Analysis of Cash Flows for Headings Netted in the Cash Flow Statement 2002 2002 2001 2001 Â£ Â£ Â£ Â£ Returns on investments and servicing of finance Interest received 551,289 1,257,182 Interest paid (27,657) (662,549) Loan arrangement fees (80,000) - ----------- ----------- 443,632 594,633 ======= ======= Capital expenditure and financial investment Purchase of tangible fixed assets (34,936,577) (25,658,079) ======= ======= Financing Issue of ordinary share capital (net of expenses) 22,728,945 43,603,003 Repurchase of preference shares - (1,044,110) Debt due within a year: Loans repaid - (2,116,000) Repayment of financing transaction - (4,731,800) ----------- ----------- - (6,847,800) Debt due after more than one year: Loans repaid - (4,000,000) New loans acquired 19,938,268 - ----------- ----------- 19,938,268 (4,000,000) ----------- ----------- Net cash inflow from financing 42,667,213 31,711,093 ======= ======= 24. (B) Analysis of Net Debt At At 31 March Cash 31 March flow 2001 2002 Â£ Â£ Â£ Cash at bank and in hand 10,967,581 7,560,324 18,527,905 Debt due after one year - (19,938,268) (19,938,268) ----------- ----------- ----------- Total net funds/(debt) 10,967,581 (12,377,944) (1,410,363) ======= ======= ======= 25. Related Party Transactions No related party transactions took place during the year ended 31 March 2002. The following transactions occurred in the prior year. During the year ended 31 March 2000 the Group entered into a financing transaction in respect of two of its properties with TR Property Investment Trust PLC ("TRPIT"), one of the Company's shareholders. The Group sold the properties to TRPIT for Â£4,731,800, but retained an option to repurchase the properties and retained the beneficial ownership of these properties. The Group repurchased these properties on 26 June 2000 for consideration of Â£5,364,829. The profit and loss account for the year ended 31 March 2001 included within interest payable and similar charges a charge of Â£96,159 in respect of the option finance fee. During the year ended 31 March 2000 the Company issued loan stock to Prudential Financial Inc., who was then one of the Company's shareholders. The charge for the total return for the year ended 31 March 2001 in respect of the loan stock is shown in note 6. The loan stock was redeemed on 8 May 2000. 26. Post Balance Sheet Events Subsequent to the year end, the Group has secured an additional banking facility of Â£16.6 million. This information is provided by RNS The company news service from the London Stock Exchange

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