CLS : 2022 Annual Report and Accounts Report

The best

offices in our locations

CLS Holdings plc

Annual Report and Accounts 2022

CLS Holdings plc

Our vision

To be a leading office space specialist and a supportive, progressive and sustainably focused commercial landlord.

Our purpose

Our purpose is to transform office properties into sustainable, modern spaces that help businesses to grow.

Our values

Our values represent both our strong culture and how we successfully and consistently deliver on our strategy and business model.

Read more online at

www.clsholdings.com/investors

Front cover:

Office Connect, Cologne

CLS Holdings plc  Annual Report and Accounts 2022

Inside this report

Strategic report

02 Group highlights

08 Chairman's statement

1. Our investment proposition

1. Chief Executive's review

1. Country reviews

1. Business model and strategy

1. Our business model in action

1. Key performance indicators

1. Engaging our stakeholders

1. Chief Financial Officer's review

1. Environmental, social and governance review

1. Risk management

1. Going concern and viability

Corporate governance

1. Chairman's introduction
2. UK Corporate Governance Code
3. Governance at a glance

110 Board of Directors

1. Senior Leadership Team

1. Board leadership and Company purpose

1. Division of responsibilities

1. Nomination Committee Report

1. Workforce engagement

1. Audit Committee Report

1. Remuneration Committee Report

1. Directors' Report

1. Directors' responsibility statement

Financial statements

172 Independent Auditor's report to the members of CLS Holdings plc

1. Group income statement
2. Group statement of comprehensive income
3. Group balance sheet
4. Group statement of changes in equity
5. Group statement of cash flows
6. Notes to the Group financial statements

1. Company balance sheet
2. Company statement of changes in equity
3. Notes to the Company financial statements

Additional information

1. Five-yearfinancial summary
2. Extended sustainability metrics

1. Glossary of terms

1. Directors, officers and advisors

CLS has delivered solid and resilient results, reflecting the quality of

our properties. We continue to invest in our properties to meet the changing demands of our tenants ensuring we have the best offices in our locations. 

Apex Tower, London

Strategic reportCorporate governance Financial statements Additional information

CLS Holdings plcAnnual Report and Accounts 2022

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Highlights

Hansaallee 299, Düsseldorf

Financial highlights

see pages 46 to 49
Statutory NAV per share -5.9%				Full year's dividend +3.2%
2022							307.3p		2022							7.95p
2021							326.6p		2021							7.70p
EPRA NTA per share -6.0%				(Loss)/profit before tax - NM²
2022							329.6p		2022							-£82.0m
2021							350.5p		2021							£91.5m
Statutory EPS - NM²				Cost of debt
2022							-20.2p		2022
													2.69%
2021							29.3p		2021						2.22%
EPRA EPS +2.7%				Rental income collection
2022							11.6p		2022
													99%
2021							11.3p		2021							99%
Property portfolio				Balance sheet loan-to-value
2022							£2.35bn		2022
													42.2%
2021							£2.33bn		2021						37.1%
Valuation movement1
2022							-5.3%
2021							1.6%
										1 In local currency - total property portfolio. 2 Not Meaningful.
02												CLS Holdings plcAnnual Report and Accounts 2022

Strategic highlights

see pages 12 to 15 and 22 to 27

Contracted rent which	55.5%
is index-linked
(2021: 50.1%)
EPRA vacancy rate	7.4%
(2021: 5.8%)
Net rental income £107.8m	-0.2%
(2021: £108.0m)
Capital expenditure	£58m
(2021: £36m)
Net property acquisitions	£19m
(2021: £127m)
Amount of Group borrowings	76%
at fixed rates (including caps)
(2021: 90%)

ESG highlights

see pages 50 to 95

Reduction in like-for-like CO2	16%
Scope 1 and 2 emissions from
prior year
Sustainable electricity	99.9%
Renewable/carbon-free
electricity
GRESB rating maintained from prior year
	85
Number of Net Zero Carbon	57
projects completed

Strategic reportCorporate governance Financial statements Additional information

CLS Holdings plcAnnual Report and Accounts 2022

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