Financial Highlights - Big Yellow Group PLC Annual Report and Accounts 2012

Continued growth in occupancy, revenue, cash flow, adjusted earnings and dividend.

Occupancy growth of 328,000 sq ft across all stores (2011: growth of 215,000 sq ft)
The 51 wholly owned stores open at 1 April 2011 have grown in occupancy from 59.3% to 64.9% at 31 March 2012
Store revenue for the year up 8% to £64.3 million (2011: £59.6 million)
Store revenue for the fourth quarter increased by 10% to £16.1 million from £14.6 million for the same quarter last year
Store revenue for the second half of the year of £32.4 million up 9% compared to the second half of the prior year of £29.7 million
Revenue of £65.7 million, an increase of £3.8 million (6%) compared to £61.9 million for the prior year
Store REVPAF¹ up 5% to £19.43 (2011: £18.47)
Store EBITDA up 10% to £40.8 million (2011: £37.1 million)
Adjusted profit before tax² of £23.6 million up 17% (2011: £20.2 million)
Adjusted EPRA earnings per share³ up 18% to 18.22 pence (2011: 15.49 pence)
Cash flows from operating activities (post interest) increased by 17% to £27.4 million (2011: £23.5 million)
Group net debt increased by £7.9 million to £273.9 million (31 March 2011: £266.0 million)
Final dividend of 5.5 pence per share declared (2011: 5 pence per share), full year dividend of 10 pence per share (2011: 9 pence per share)
New £100 million 15 year loan facility secured with Aviva Commercial Finance Limited
In August 2011, we acquired 1.4 million shares in the Company at an average price of 260p. These are currently being held in treasury

There has been a £51.4 million (6%) fall in the valuation of our store portfolio compared to 31 March 2011, principally caused by the impact of the proposed introduction of VAT on self storage from 1 October 2012. The following results reflect this valuation fall:

Loss before tax for the year of £35.6 million (2011: profit of £6.9 million)
Basic loss per share of 27.68 pence (2011: earnings per share of 5.34 pence)
Adjusted net assets per share⁴ down 4.6% to 429.2 pence (31 March 2011: 449.8 pence)

¹ See Portfolio Summary. ² See note 10. ³ See note 12. ⁴ See notes 12 and 14.

“The Group’s occupancy, revenue and cash flow growth measures well against the weak macroeconomic background.”

Occupancy growth of
328,000 sq ft across all
stores (2011: growth of
215,000 sq ft)

Store revenue for
the year up 8% to
£64.3 million
(2011: £59.6 million)

Adjusted profit before
tax of £23.6 million up 17% (2011: £20.2 million)

Diluted EPRA earnings
per share up 18% to 18.22
pence (2011: 15.49 pence)

Full year dividend of
10 pence per
share declared
(2011: 9 pence per share)

Cash inflows from
operating activities
increased by 17% to
£27.4 million
(2011: £23.5 million)