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Derwent London PLC (DWVYF) (FY 2024) Earnings Call Highlights: Strong Lettings and Dividend ...
Fri 28 Feb 25, 07:03 AM| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 161.50M | 116.00M | -475.90000M | -279.50000M | 252.50M |
| Minority interest | - | - | - | 0.00000M | -1.50000M |
| Net income | 161.10M | 115.90M | -476.40000M | -280.50000M | 252.30M |
| Selling general administrative | 39.10M | 41.10M | 39.10M | 36.40M | 37.10M |
| Selling and marketing expenses | - | 0.10M | 1.70M | - | - |
| Gross profit | 199.90M | 192.70M | 195.30M | 193.80M | 189.70M |
| Reconciled depreciation | 0.80M | 1.00M | 1.10M | - | - |
| Ebit | 212.00M | 151.50M | -439.10000M | -238.30000M | 291.60M |
| Ebitda | 212.80M | 152.50M | -438.00000M | -249.70000M | 276.40M |
| Depreciation and amortization | 0.80M | 1.00M | 1.10M | -11.40000M | -15.20000M |
| Non operating income net other | - | - | - | - | - |
| Operating income | 159.90M | 156.40M | -428.90000M | -238.30000M | 291.60M |
| Other operating expenses | 228.80M | 115.30M | 696.90M | 91.90M | 88.50M |
| Interest expense | 50.50M | 36.60M | 36.80M | 36.10M | 24.60M |
| Tax provision | 0.40M | 0.10M | 0.50M | 1.00M | -1.30000M |
| Interest income | 2.10M | 0.30M | 0.90M | 0.20M | 1.30M |
| Net interest income | -47.20000M | -39.60000M | -39.50000M | -39.40000M | -28.10000M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 0.40M | 0.10M | 0.50M | 1.00M | -1.30000M |
| Total revenue | 388.70M | 271.70M | 267.80M | 249.30M | 241.10M |
| Total operating expenses | 40.00M | 36.30M | 622.40M | 36.40M | 37.10M |
| Cost of revenue | 188.80M | 79.00M | 72.50M | 55.50M | 51.40M |
| Total other income expense net | 1.60M | -40.40000M | -47.00000M | -41.20000M | -39.10000M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | 161.10M | 115.90M | -476.40000M | -280.50000M | 253.80M |
| Net income applicable to common shares | - | - | - | -280.50000M | 252.30M |
| Preferred stock and other adjustments | - | - | - | - | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 5313.70M | 5214.00M | 5028.00M | 5509.40M | 5892.00M |
| Intangible assets | - | - | - | - | - |
| Earning assets | - | - | - | - | - |
| Other current assets | -26.80000M | 42.10M | 30.70M | 92.10M | 61.70M |
| Total liab | 1696.10M | 1674.20M | 1519.20M | 1433.90M | 1450.20M |
| Total stockholder equity | 3615.30M | 3539.80M | 3508.80M | 4075.50M | 4441.80M |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | -8.00000M | 167.00M | 144.10M | 148.60M | 126.30M |
| Common stock | 5.60M | 5.60M | 5.60M | 5.60M | 5.60M |
| Capital stock | 5.60M | 5.60M | 5.60M | 5.60M | 5.60M |
| Retained earnings | 2465.80M | 2394.40M | 2367.30M | 2931.40M | 3299.70M |
| Other liab | - | - | - | 0.80M | 0.30M |
| Good will | - | - | - | - | - |
| Other assets | - | - | 5028.00M | 5196.30M | 161.40M |
| Cash | 131.70M | 71.40M | 73.00M | 26.90M | 68.50M |
| Cash and equivalents | - | - | - | - | - |
| Total current liabilities | 232.10M | 369.40M | 251.40M | 169.20M | 193.00M |
| Current deferred revenue | - | - | 77.80M | - | - |
| Net debt | 1436.40M | 1426.70M | 1297.70M | 1257.20M | 1251.50M |
| Short term debt | 232.10M | 194.50M | 103.30M | 20.20M | 63.50M |
| Short long term debt | 231.60M | 194.10M | 102.90M | 19.70M | 12.30M |
| Short long term debt total | 1568.10M | 1498.10M | 1370.70M | 1284.10M | 1320.00M |
| Other stockholder equity | 1143.90M | 1107.10M | 196.60M | 1138.50M | 1136.50M |
| Property plant equipment | - | - | - | 54.30M | 5413.90M |
| Total current assets | 137.80M | 289.10M | 185.00M | 160.70M | 162.80M |
| Long term investments | - | - | - | - | - |
| Net tangible assets | - | - | - | 4075.50M | 4441.80M |
| Short term investments | - | - | 2.90M | - | - |
| Net receivables | 32.90M | 42.40M | 12.40M | 4.90M | 6.90M |
| Long term debt | 1255.00M | 1269.40M | 1233.20M | 1229.40M | 1237.10M |
| Inventory | 32.90M | 133.20M | 68.90M | 41.70M | 32.60M |
| Accounts payable | 8.00M | 0.60M | 0.70M | 0.40M | 3.20M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | - | - | - | - | - |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | - | 32.70M | 939.30M | - | - |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | - | - | - | - | - |
| Preferred stock total equity | - | - | - | - | - |
| Retained earnings total equity | - | - | - | - | - |
| Treasury stock | - | - | - | - | - |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | 279.20M | 202.80M | 4757.30M | 5294.40M | 5674.90M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 5175.90M | 4924.90M | 4843.00M | 5348.70M | 5729.20M |
| Capital lease obligations | 41.00M | 34.60M | 34.60M | 35.00M | 70.60M |
| Long term debt total | - | - | - | - | - |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | -101.90000M | -98.00000M | -51.70000M | -182.60000M |
| Change to liabilities | - | - | - | 0.00000M | 0.00000M |
| Total cashflows from investing activities | -96.70000M | -101.90000M | -98.00000M | -51.70000M | -182.60000M |
| Net borrowings | 24.90M | 126.00M | 84.30M | -2.70000M | 212.50M |
| Total cash from financing activities | -71.00000M | 35.70M | -2.60000M | -88.60000M | 74.70M |
| Change to operating activities | - | - | - | - | - |
| Net income | 161.10M | 115.90M | -476.40000M | -280.50000M | 252.30M |
| Change in cash | 60.30M | -1.60000M | -3.60000M | -28.90000M | 17.80M |
| Begin period cash flow | 71.40M | 73.00M | 76.60M | 105.50M | 50.70M |
| End period cash flow | 131.70M | 71.40M | 73.00M | 76.60M | 68.50M |
| Total cash from operating activities | 228.00M | 64.60M | 97.00M | -280.50000M | 252.30M |
| Issuance of capital stock | - | - | 0.00000M | 1.20M | 1.80M |
| Depreciation | 0.80M | 1.00M | 1.10M | - | 0.90M |
| Other cashflows from investing activities | -3.00000M | -101.90000M | -97.90000M | 2.20M | 9.50M |
| Dividends paid | 90.80M | 89.60M | 88.70M | 86.80M | 84.30M |
| Change to inventory | 104.50M | -53.30000M | -27.20000M | - | - |
| Change to account receivables | 7.30M | -8.80000M | -3.70000M | - | - |
| Sale purchase of stock | - | - | - | - | 358.30M |
| Other cashflows from financing activities | -1.20000M | -0.70000M | 1.80M | -3.00000M | -55.30000M |
| Change to netincome | - | - | - | 391.90M | -127.50000M |
| Capital expenditures | 10.00M | 141.50M | 0.70M | 122.70M | 173.70M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | - | - | - | - | - |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | - | - | - | - | - |
| Change in working capital | 117.20M | -52.60000M | -13.40000M | - | - |
| Stock based compensation | 2.00M | 3.10M | 2.50M | - | - |
| Other non cash items | -51.10000M | -2.80000M | 574.10M | 280.50M | -252.30000M |
| Free cash flow | 218.00M | -76.90000M | 96.30M | -403.20000M | -173.70000M |
Sector: Real Estate Industry: REIT - Office
| Company | Change (GBX) | Price (GBX) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| DLN Derwent London PLC |
7.00 0.39% | 1785.00 | 11.50 | 16.95 | 4.54 | 0.50 | 7.99 | 15.61 |
| GPE GREAT PORTLAND ESTATES PLC |
2.60 0.85% | 309.00 | 8.21 | 28.65 | 10.74 | 0.61 | 22.42 | 14.66 |
| WKP Workspace Group PLC |
1.72 0.51% | 340.72 | - | 10.92 | 3.97 | 0.48 | 8.40 | 42.20 |
| CLI CLS Holdings plc |
1.50 3.19% | 48.50 | - | 6.17 | 1.34 | 0.26 | 7.85 | 13.46 |
| RGL Regional REIT Ltd |
-0.88 0.97% | 89.52 | - | 9.23 | 1.89 | 0.44 | 14.61 | 19.56 |
Derwent London plc owns a commercial real estate portfolio predominantly in central London valued at 5.2 billion euros as at 30 June 2025, making it the largest London office-focused real estate investment trust (REIT). Our experienced team has a long track record of creating value throughout the property cycle by regenerating our buildings via redevelopment or refurbishment, effective asset management and capital recycling. We typically acquire central London properties off market with low capital values and modest rents in improving locations, most of which are either in the West End or City Borders. We capitalise on the unique qualities of each of our properties taking a fresh approach to the regeneration of every building with a focus on anticipating tenant requirements and an emphasis on design. Reflecting and supporting our long-term success, the business has a strong balance sheet with modest leverage, a robust income stream and flexible financing. We are frequently recognized in industry awards for the quality, design and innovation of our projects. Landmark buildings in our 5.3 million sq ft portfolio include 1 Soho Place W1, 80 Charlotte Street W1, Brunel Building W2, White Collar Factory EC1, Angel Building EC1, 1-2 Stephen Street W1 and Tea Building E1. As part of our commitment to lead the industry in mitigating climate change, Derwent London has committed to becoming a net zero carbon business by 2030, publishing its pathway to achieving this goal in July 2020. Our science-based carbon targets validated by the Science Based Targets initiative (SBTi). In 2013 the Company launched a voluntary Community Fund which has to date supported 180 community projects in central London. The Company is a public limited company, which is listed on the London Stock Exchange and incorporated and domiciled in the UK. The address of its registered office is 25 Savile Row, London, W1S 2ER.
25 Savile Row, London, United Kingdom, W1S 2ER
| Name | Title | Year Born |
|---|---|---|
| Mr. Paul Malcolm Williams | CEO & Director | 1961 |
| Mr. Simon P. Silver | Co-Founder & Consultant | 1951 |
| Mr. Damian Mark Alan Wisniewski | CFO & Exec. Director | 1962 |
| Mr. Nigel Quentin George | Exec. Director | 1963 |
| Ms. Emily Prideaux | Exec. Director | 1980 |
| Mr. Giles Sheehan | Head of Investment | NA |
| Mr. Matt Cook | Head of Digital Innovation & Technology | NA |
| Mr. Robert Andrew Duncan | Head of Investor Relations & Strategic Planning | NA |
| Ms. Katy Levine | Head of HR | NA |
| Mr. John Davies | Head of Sustainability | NA |
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