Slide 1: Lok'nStore Group Plc Results for the year ended 31 July 2022
Lok’nStore Group Plc Results for the year ended 31 July 2022 1
Slide 2: Lok'nStore Results Highlights
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Lok’nStore Results Highlights Year ended 31 July 2022 • Group Revenue £26.9 million up 22.9% - Same store up 30.7% • Group Adjusted EBITDA £16.35 million up 37.5% - Same store up 39.1% (See appendix 1 for all Headli
Slide 3: Strong underlying revenue and profit growth enhanced by one-off items
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Strong underlying revenue and profit growth - enhanced by one-off items • £5.7 million of exceptional operating profit includes fair value gain on sale and managed back of 4 mature stores sold at half year • Non-rec
Slide 4: More Highlights – Increasing Asset and Dividend Growth
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 More Highlights – Increasing Asset and Dividend Growth • Adjusted Net Asset Value per share up 33.0% to £9.72 • Cash available for Distribution (CAD) per share 38.74 pence up 36.7% • Full year dividend 17.25p per sh
Slide 5: Excellent Operating Metrics
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Excellent Operating Metrics • Two-thirds of stores over 80% occupied at year end • Same store Unit Occupied space broadly level yoy • Achieved rate per sq.ft £25.62 up 13.0% yoy • Rates to new customers now 10.0% ab
Slide 6: Sale and Manage-Back of 4 Stores
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Sale and Manage-Back of 4 Stores - Provides funds for more growth • Sale price £39 million • Book value £13.75 million • 22.8% above 31 July 2021 valuation of £31.75 million • Objective is to recycle capital into ne
Slide 7: Store Management Fees and Number of Managed Stores
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Store Management Fees £3,000,000.00 18 16 £2,500,000.00 14 Number of Managed Stores £2,000,000.00 12 10 £'s £1,500,000.00 8 £1,000,000.00 6 4 £500,000.00 2 £0.00 0 2016 2017 2018 2019 2020 2021 2022 Year Recurring N
Slide 8: Warrington – Open
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 WARRINGTON – OPEN 8
Slide 9: Wolverhampton – Open
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 WOLVERHAMPTON – OPEN 9
Slide 10: Stevenage – Open
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 STEVENAGE – OPEN PV on roof generates 50kw of power – 22% of electricity requirement is generated on-site. All new stores will have 80kw generating 35% of requirement. See page 23 and appendices 9 & 10 10
Slide 11: Flexible Business Model Provides Strength in an Uncertain World
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Flexible Business Model Provides Strength in an Uncertain World • 17,000 customers – diverse reasons for storing • No self storage customer accounts for more than 0.3% of revenue • All customers on a rolling up fron
Slide 12: Strong Balance Sheet Low net debt, low leverage
Lok’nStore Group Plc Investor Presentation – Results for the Year Ended 31 January 2022 Strong Balance Sheet Low net debt, low leverage • Loan facility increased by £25 million to £100 million – now runs to April 2026 • Adjusted Total Assets up 27.3% to £370.9 million • At year-end • Gross Bank Debt
Slide 13: Future Growth – driven by fully funded Landmark store programme
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Future Growth – driven by fully funded Landmark store programme • 2.05 million sq.ft. trading today • Increases to 2.65 million sq.ft • These 10 stores will add 44.1% to owned trading space Looking at many more oppo
Slide 14: Bedford - Opening Early 2023
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 BEDFORD - Opening Early 2023 14
Slide 15: Staines - Opening Summer 2023
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 STAINES - Opening Summer 2023 4 storeys above an Aldi supermarket 15
Slide 16: Basildon - Opening Autumn 2023
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 BASILDON - Opening Autumn 2023 First purpose built leasehold store 16
Slide 17: Pro-forma Value Creation from 4 Stores on Site
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Pro-forma Value Creation from 4 Stores on Site Expected mature Expected mature Store Tenure Total project cost EBITDA valuation Bedford Freehold £7.8 million £1.1 million £18.3 million Pro forma Staines Long Leaseho
Slide 18: Flexibility of Store Opening Programme
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Flexibility of Store Opening Programme Owned Stores Total Portfolio Lok’nStore Store Lok’nStore % growth % cumulative % growth % cumulative Financial Capital Opening Committed lettable growth lettable growth Year Ex
Slide 19: Profit & Loss
Lok’nStore Group Plc Investor Presentation – Results for the Year Ended 31 July 2022 Year Year ended ended 31 Jul 22 31 Jul 21 £’000 £’000 Revenue 26,902 21,892 Retail COS and Operating (10,553) (10,001) Profit & Loss Costs Group Adjusted EBITDA 16,349 11,891 Year ended 31 July 2022 Depreciation & a
Slide 20: Consolidated Statement of Financial Position
Lok’nStore Group Plc Investor Presentation – Results for the Year Ended 31 July 2022 31 Jul 2022 31 Jul 2021 £’000 £’000 Non-current assets - Property, Plant 292,848 255,652 & Equipment Right of Use assets 10,424 10,503 Total non-current assets 303,272 266,155 Net current assets 40,766 6,713 Consoli
Slide 21: Consolidated Statement of Cash Flow
Lok’nStore Group Plc Investor Presentation – Results for the Year Ended 31 July 2022 Year Year Ended ended 31 Jul 22 31 Jul 21 £’000 £’000 Cash generated from operating activities 18,569 12,187 Income tax paid (1,060) (800) Net cash inflow from operating activities 17,509 11,387 Investing activities
Slide 22: Robust Asset Backing
Lok’nStore Group Plc Investor Presentation – Results for the Year Ended 31 July 2022 31 Jul 31 July Analysis of NAV per Share 2022 2021 £’000 £’000 Net assets 205,346 151,259 Add: JLL leasehold valuation 24,250 22,100 Deduct: leasehold properties (7,224) (7,630) and their FF&E at NBV Adjusted net as
Slide 23: Reduction in Environmental Impact – Operational GHG emissions
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Lok’nStore Reduction in Environmental Impact – Operational GHG emissions – See appendices 9 & 10 How it could have been - if Lok'nStore had taken no action to limit it's impact on the environment - and how it 3,000
Slide 24: Business Model Provides Strength and Opportunity in Uncertain World
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Business Model Provides Strength and Opportunity in Uncertain World • FY2022 good growth in revenue, profits and assets • Secured Landmark store pipeline to deliver 44.1% more owned space • Strong balance sheet and
Slide 25: 25 years since first equity raise – disciplined use of equity
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 25 years since first equity raise – disciplined use of equity • Total equity raised £22.6 m vs £28.3 million dividends paid out • Equity value of c.£290 million (Market Capitalisation c.£240 million) • Conservative
Slide 26: Lok'nStore Group plc
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Lok’nStore Group plc Executive Chairman Finance Director Andrew Jacobs Ray Davies Email: andrewjacobs@loknstore.co.uk Email: raydavies@loknstore.co.uk Tel: 01252 52 10 10 Tel: 01252 52 10 10 Managing Director Neil N
Slide 27: Appendix 1: Results Highlights – headline and same store basis
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Appendix 1: Lok’nStore Results Highlights – headline and same store basis Year ended 31 July 2022 Headline 31 July 2022 Same Store 31 July 2022 Increase Increase £ million £ million % % Group revenue £26.9 22.9% £25
Slide 28: Appendix 2: Analysis of Underlying Business
Lok’nStore Group Plc Investor Presentation – Results for the Year Ended 31 July 2022 Appendix 2: Analysis of Underlying Business Year ended 31 Jul 2022 2022 2022 2022 2021 2021 2021 £’000 £’000 £’000 £’000 £’000 £’000 Non-underlying items and Non-underlying items and Underlying non-recurring Underly
Slide 29: Appendix 3: Consistent Growth & Record Profits
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Appendix 3: Consistent Growth & Record Profits 10-year compound NAV growth of 15.6% £18,000,000.00 10 £16,000,000.00 9 8 £14,000,000.00 7 £12,000,000.00 NAV per Share (£'s) Group EBITDA (£'s) 6 £10,000,000.00 5 £8,0
Slide 30: Appendix 4: Rising store EBITDA Margins
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Appendix 4: Rising store EBITDA Margins 70% 65% 66% 63% 63% 64% 63% 63% 62% 62% 61% 62% 60% 59% 59% 58% 57% 57% 56% 55% 55% 56% 54% 53% 50% 51% 49% 47% 47% 46% 44% Store Ebitda Margins 43% 43% 43% 41% 42% 42% 40% 37
Slide 31: Appendix 5: Movement of Valuation Metrics
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Appendix 5: Movement of Valuation Metrics FY2020 FY2021 FY2022 Average Exit Yield Freehold 6.5% 6.15% 5.47% Leasehold 15.6% 23.1% 23.6% Average Stabilised 84.9% 88.9% 88.2% Occupancy Rate Sensitivity • A 50 bpts dec
Slide 32: Appendix 6: Calculation of CAD
Lok’nStore Group Plc Investor Presentation – Results for the Year Ended 31 July 2022 Appendix 6: Analysis of Cash Available for Distribution Group Group (CAD) Year ended Year ended 31 Jul 2022 31 July 2021 £’000 £’000 Group Adjusted EBITDA (Per Statement of Comprehensive Income) 16,349 11,890 Proper
Slide 33: Appendix 7: Growth of Stores by Tenure
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Appendix 7: Growth of Stores by Tenure – flexibility of business model Lok'nStore Number of Stores Trading Since Inception with pipeline of secured stores and stores with lawyers 60 50 40 Number of Stores 30 20 10 0
Slide 34: Appendix 8:
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Appendix 8: 34
Slide 35: Appendix 9: Environmental Targets and Commitments
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Appendix 9: Lok’nStore Environmental Targets and Commitments Our Targets Our Commitments To obtain Energy Performance Install EV charging across all new stores Certificates for all owned stores To complete a feasibi
Slide 36: Appendix 10: Environmental Impact
Lok’nStore Group Plc Investor Presentation – Results for the Year ended 31 July 2022 Appendix 10: Lok’nStore Environmental Impact Impact 2005 2022 Increase or Result decrease % Number of Stores 19 40 Operational GHG Emissions (Scope 1 1189 metric tones 89 metric tones 92.5% decrease and 2) C0²e C0²e