Cash flow Workspace Group Plc

Equities

WKP

GB00B67G5X01

Commercial REITs

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340.60 ^GBX	-2.85%		-8.55%	-14.74%

04:42am	Deutsche cuts Workspace; Keefe cuts NatWest	AN
Apr. 17	UK stocks end week higher after Iran says Strait of Hormuz is open	RE

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Published financial data: WORKSPACE GROUP PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Rental Revenues	142M	133M	174M	184M	185M
Other Revenues, Total	-	-	-	-	-
Total Revenues	142M	133M	174M	184M	185M
Property Expenses	60.8M	46.2M	57.6M	58.1M	63.1M
Selling General & Admin Expenses, Total	19M	19.3M	21.5M	25.3M	23.3M
Other Operating Expenses	-	-	-	-	-
Total Operating Expenses	79.8M	65.5M	79.1M	83.4M	86.4M
Operating Income (REIT / Utility Template)	62.5M	67.4M	95.1M	101M	98.8M
Interest Expense, Total	-23.8M	-20.5M	-34.6M	-35.1M	-32.6M
Interest and Investment Income	-	-	200K	200K	600K
Net Interest Expenses	-23.8M	-20.5M	-34.4M	-34.9M	-32M
Currency Exchange Gains (Loss)	0	-	-	-	-
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	38.7M	46.9M	60.7M	66M	66.8M
Total Merger & Related Restructuring Charges	-	-	-1.9M	-	-
Gain (Loss) on Sale of Investments	-	600K	-	-	-
Gain (Loss) on Sale of Assets	-300K	7.8M	-5.9M	-6.4M	-1.9M
Asset Writedown	-258M	68.7M	-88M	-251M	-55.9M
Other Unusual Items	-16.4M	-	-2.4M	-1.2M	-3.6M
EBT, Incl. Unusual Items	-236M	124M	-37.5M	-193M	5.4M
Income Tax Expense	-	100K	300K	-300K	-
Earnings From Continuing Operations	-236M	124M	-37.8M	-192M	5.4M
Net Income to Company	-236M	124M	-37.8M	-192M	5.4M
Net Income - (IS)	-236M	124M	-37.8M	-192M	5.4M
Net Income to Common Incl Extra Items	-236M	124M	-37.8M	-192M	5.4M
Net Income to Common Excl. Extra Items	-236M	124M	-37.8M	-192M	5.4M
Per Share Items
Net EPS - Basic	-1.3	0.68	-0.2	-1	0.03
Basic EPS - Continuing Operations	-1.3	0.68	-0.2	-1	0.03
Basic Weighted Average Shares Outstanding	181M	181M	190M	192M	192M
Net EPS - Diluted	-1.3	0.68	-0.2	-1	0.03
Diluted EPS - Continuing Operations	-1.3	0.68	-0.2	-1	0.03
Diluted Weighted Average Shares Outstanding	181M	182M	190M	192M	194M
Normalized Basic EPS	0.13	0.16	0.2	0.22	0.22
Normalized Diluted EPS	0.13	0.16	0.2	0.22	0.22
Dividend Per Share	0.18	0.22	0.26	0.28	0.28
Payout Ratio	-19.64	36.16	-116.14	-26.29	1.01K
Supplemental Items
EBITDA	65.4M	70.1M	97.4M	103M	101M
EBITA	63.4M	68.3M	95.8M	102M	99.7M
EBIT	62.5M	67.4M	95.1M	101M	98.8M
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	-	0.08	-0.8	0.16	-
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	-	-	-	-	-
Deferred Domestic Taxes	-	100K	300K	-300K	-
Total Deferred Taxes	-	100K	300K	-300K	-
Normalized Net Income	24.19M	29.31M	37.94M	41.25M	41.75M
Interest Capitalized	400K	400K	200K	3M	3.4M
Interest on Long-Term Debt	21.1M	19.5M	3.9M	3.8M	3.9M
Supplemental Operating Expense Items
General and Administrative Expenses	19M	19.3M	21.5M	25.3M	23.3M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Maintenance & Repair Expenses, Total	2.5M	2M	5.4M	3.7M	5.3M
Stock-Based Comp., G&A Exp. (Total)	2.5M	1.6M	1.4M	3.3M	2.6M
Stock-Based Comp., Other (Total)	-	-	-	-	100K
Total Stock-Based Compensation	2.5M	1.6M	1.4M	3.3M	2.7M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Gross Property Plant And Equipment	2.36B	2.38B	2.66B	2.42B	2.36B
Accumulated Depreciation	-6.6M	-6.6M	-8.1M	-5.2M	-6.5M
Net Property Plant And Equipment	2.35B	2.37B	2.65B	2.41B	2.36B
Total Real Estate Assets	2.35B	2.37B	2.65B	2.41B	2.36B
Cash And Equivalents	191M	49M	18.5M	11.6M	32.7M
Accounts Receivable, Total	11.4M	6.7M	12.3M	18.7M	15.7M
Other Receivables	5.1M	600K	11.2M	1.1M	3.1M
Investment In Debt and Equity Securities	7.9M	1.7M	2.1M	3.2M	3.3M
Other Intangibles, Total	2.4M	1.9M	2M	2.2M	1.1M
Other Current Assets, Total	12.8M	82.1M	145M	82.6M	59.2M
Deferred Tax Assets Long-Term (Collected)	400K	300K	-	300K	300K
Other Long-Term Assets, Total	8.7M	-	-	200K	-
Total Assets	2.59B	2.51B	2.84B	2.53B	2.47B
Liabilities
Current Portion of Long-Term Debt	157M	-	49.8M	-	79.9M
Short-Term Borrowings	-	-	-	-	100K
Long-Term Debt	596M	596M	859M	855M	761M
Long-Term Leases	26.3M	31M	34.7M	34.7M	34.7M
Accounts Payable, Total	10.4M	13.2M	15.4M	7.4M	6.8M
Accrued Expenses, Total	47M	27.4M	26.1M	28.5M	31.7M
Current Income Taxes Payable	-	3.8M	15.9M	4.8M	3.2M
Unearned Revenue, Current	9.5M	8.2M	13.4M	12.1M	11.1M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	28.1M	33.2M	37M	40.2M	39.4M
Total Liabilities	874M	712M	1.05B	982M	968M
Common Stock, Total	181M	181M	192M	192M	192M
Additional Paid In Capital	296M	296M	296M	297M	296M
Retained Earnings	1.22B	1.3B	1.22B	977M	944M
Treasury Stock	-9.6M	-9.9M	-9.9M	-9.9M	-300K
Comprehensive Income and Other	33.1M	32.6M	91M	93M	71.2M
Total Common Equity	1.72B	1.8B	1.79B	1.55B	1.5B
Total Equity	1.72B	1.8B	1.79B	1.55B	1.5B
Total Liabilities And Equity	2.59B	2.51B	2.84B	2.53B	2.47B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	181M	181M	191M	192M	192M
ECS Total Common Shares Outstanding	181M	181M	191M	192M	192M
Book Value / Share	9.5	9.94	9.34	8.08	7.82
Tangible Book Value	1.72B	1.8B	1.79B	1.55B	1.5B
Tangible Book Value Per Share	9.49	9.93	9.33	8.07	7.81
Total Debt	779M	626M	944M	890M	876M
Net Debt	588M	578M	925M	878M	843M
Debt Equivalent Oper. Leases	-	-	-	-	-
Equity Method Investments, Total	-	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	245M	284M	287M	282M	257M
Machinery, Total	10.6M	9.5M	12.5M	8.2M	9.9M
Full Time Employees	210	266	293	329	322
Assets under Capital Lease - Gross	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	4.6M	5.2M	4.6M	3.9M	3.5M

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	-236M	124M	-37.8M	-192M	5.4M
Depreciation, Depletion & Amortization	2M	1.8M	1.6M	1.7M	1.4M
Amortization of Goodwill and Intangible Assets - (CF)	900K	900K	700K	600K	900K
Total Depreciation, Depletion & Amortization	2.9M	2.7M	2.3M	2.3M	2.3M
Amortization of Deferred Charges, Total	900K	1.1M	2.5M	2M	2.4M
(Gain) Loss On Sale of Asset - (CF)	300K	-7.8M	5.8M	6.4M	1.9M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	258M	-68.7M	88M	251M	55.9M
(Income) Loss On Equity Investments - (CF)	-	-	-	-	-
Stock-Based Compensation (CF)	2.5M	1.6M	1.4M	3.3M	2.7M
Change in Accounts Receivable	-4.4M	1.4M	-6.4M	-2.9M	5.7M
Change in Accounts Payable	-1.1M	7.4M	17.6M	-16.2M	-2.1M
Other Operating Activities	15.3M	-3.7M	5.4M	300K	2.4M
Cash from Operations	38.4M	57.9M	78.8M	53.9M	76.6M
Acquisition of Real Estate Assets, Total	-24.8M	-119M	-244M	-72.1M	-60.7M
Sale of Real Estate Assets, Total	11M	117M	48.5M	118M	76.9M
Net Sale / Acquisition of Real Estate Assets	-13.8M	-1.6M	-195M	46.4M	16.2M
Purchase / Sale of Intangible Assets	-1.2M	-500K	-800K	-800K	-400K
Investment in Marketable and Equity Securities, Total	-	6.8M	-	-	-
Other Investing Activities, Total	100K	4.5M	-4.2M	300K	700K
Cash from Investing	-14.9M	9.2M	-200M	45.9M	16.5M
Long-Term Debt Issued, Total	354M	25M	286M	156M	342M
Total Debt Issued	354M	25M	286M	156M	342M
Long-Term Debt Repaid, Total	-217M	-174M	-150M	-211M	-356M
Total Debt Repaid	-217M	-174M	-150M	-211M	-356M
Issuance of Common Stock	100K	-	-	-	-
Repurchase of Common Stock	-	-300K	-	-	-
Common Dividends Paid	-46.3M	-44.8M	-43.9M	-50.6M	-54.5M
Common & Preferred Stock Dividends Paid	-46.3M	-44.8M	-43.9M	-50.6M	-54.5M
Other Financing Activities, Total	-2M	-15.5M	-1.2M	-1.1M	-3.5M
Cash from Financing	88.3M	-209M	90.9M	-107M	-72M
Net Change in Cash	112M	-142M	-30.5M	-6.9M	21.1M
Supplemental Items
Cash Interest Paid	25.4M	23.9M	33.3M	34.6M	29.8M
Cash Income Tax Paid (Refund)	600K	-	-	-	-
Net Debt Issued / Repaid	136M	-148M	136M	-55M	-14M
Levered Free Cash Flow	48.09M	-35.09M	-14.19M	99.52M	71.98M
Unlevered Free Cash Flow	62.06M	-23.38M	5.44M	120M	90.55M
Change In Net Working Capital	-18.8M	69.3M	57.4M	-51.6M	-23.6M

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	1.47	1.65	2.22	2.35	2.47
Return on Total Capital	1.52	1.71	2.3	2.44	2.56
Return On Equity %	-12.68	7.04	-2.11	-11.54	0.35
Return on Common Equity	-12.68	7.04	-2.11	-11.54	0.35
Margin Analysis
Gross Profit Margin %	57.27	65.24	66.93	68.48	65.93
SG&A Margin	13.35	14.52	12.34	13.73	12.58
EBITDA Margin %	45.96	52.75	55.91	56	54.59
EBITA Margin %	44.55	51.39	54.99	55.07	53.83
EBIT Margin %	43.92	50.71	54.59	54.75	53.35
Income From Continuing Operations Margin %	-165.64	93.23	-21.7	-104.45	2.92
Net Income Margin %	-165.64	93.23	-21.7	-104.45	2.92
Net Avail. For Common Margin %	-165.64	93.23	-21.7	-104.45	2.92
Normalized Net Income Margin	17	22.06	21.78	22.38	22.54
Levered Free Cash Flow Margin	33.79	-26.4	-8.14	54	38.86
Unlevered Free Cash Flow Margin	43.61	-17.59	3.12	64.98	48.89
Asset Turnover
Asset Turnover	0.05	0.05	0.07	0.07	0.07
Fixed Assets Turnover	0.06	0.06	0.07	0.07	0.08
Receivables Turnover (Average Receivables)	13.3	14.69	18.34	11.89	10.77
Short Term Liquidity
Current Ratio	0.88	1.61	1.19	1.23	0.64
Quick Ratio	0.82	0.66	0.27	0.34	0.3
Operating Cash Flow to Current Liabilities	0.15	0.67	0.5	0.58	0.44
Days Sales Outstanding (Average Receivables)	27.45	24.86	19.91	30.78	33.9
Average Days Payable Outstanding	45.62	93.23	90.62	71.81	41.07
Long Term Solvency
Total Debt/Equity	45.31	34.81	52.78	57.43	58.32
Total Debt / Total Capital	31.18	25.82	34.55	36.48	36.84
LT Debt/Equity	36.2	34.81	50	57.43	53
Long-Term Debt / Total Capital	24.91	25.82	32.72	36.48	33.47
Total Liabilities / Total Assets	33.7	28.36	37.03	38.81	39.19
EBIT / Interest Expense	2.63	3.29	2.75	2.87	3.03
EBITDA / Interest Expense	2.75	3.42	2.82	2.94	3.1
(EBITDA - Capex) / Interest Expense	2.75	3.42	2.82	2.94	3.1
Total Debt / EBITDA	11.91	8.94	9.69	8.62	8.67
Net Debt / EBITDA	8.99	8.24	9.5	8.51	8.34
Total Debt / (EBITDA - Capex)	11.91	8.94	9.69	8.62	8.67
Net Debt / (EBITDA - Capex)	8.99	8.24	9.5	8.51	8.34
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-11.83	-6.61	31.08	5.8	0.49
Gross Profit, 1 Yr. Growth %	-33.2	6.38	34.49	8.23	-3.25
EBITDA, 1 Yr. Growth %	-38.13	7.19	38.94	5.95	-2.03
EBITA, 1 Yr. Growth %	-39.5	7.73	40.26	5.95	-1.77
EBIT, 1 Yr. Growth %	-40.08	7.84	41.1	6.1	-2.08
Earnings From Cont. Operations, 1 Yr. Growth %	-426.91	-152.57	-130.51	409.26	-102.81
Net Income, 1 Yr. Growth %	-426.91	-152.57	-130.51	409.26	-102.81
Diluted EPS Before Extra, 1 Yr. Growth %	-428.3	-152.25	-129.22	404.67	-102.79
Normalized Net Income, 1 Yr. Growth %	-52.22	21.19	29.42	8.73	1.21
Net Property, Plant and Equip., 1 Yr. Growth %	-9.15	0.67	11.74	-8.92	-2.34
Accounts Receivable, 1 Yr. Growth %	14	-41.23	83.58	52.03	-16.04
Total Assets, 1 Yr. Growth %	-5.19	-3.15	13.03	-10.84	-2.41
Common Equity, 1 Yr. Growth %	-13.94	4.66	-0.66	-13.36	-3.02
Tangible Book Value, 1 Yr. Growth %	-13.97	4.69	-0.67	-13.38	-2.95
Cash From Operations, 1 Yr. Growth %	-54.66	50.78	36.1	-31.6	42.12
Levered Free Cash Flow, 1 Yr. Growth %	-24.3	-172.97	-59.57	-801.5	-27.68
Unlevered Free Cash Flow, 1 Yr. Growth %	-19.8	-137.66	-123.26	2.1K	-24.39
Dividend Per Share, 1 Yr. Growth %	-50.91	21.13	20	8.53	1.43
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-2.41	-9.26	10.64	17.76	3.11
Gross Profit, 2 Yr. CAGR %	-14.31	-15.7	19.61	20.65	2.33
EBITDA, 2 Yr. CAGR %	-17.16	-18.56	22.04	21.33	1.88
EBITA, 2 Yr. CAGR %	-18	-19.27	22.92	21.91	2.02
EBIT, 2 Yr. CAGR %	-18.42	-19.61	23.35	22.35	1.93
Earnings From Cont. Operations, 2 Yr. CAGR %	31.02	31.09	-59.95	24.65	-62.2
Net Income, 2 Yr. CAGR %	31.02	31.09	-59.95	24.65	-62.2
Diluted EPS Before Extra, 2 Yr. CAGR %	30.1	30.97	-60.93	21.44	-62.49
Normalized Net Income, 2 Yr. CAGR %	-26.89	-23.91	25.24	18.63	4.9
Net Property, Plant and Equip., 2 Yr. CAGR %	-4.76	-4.37	6.06	0.88	-5.69
Accounts Receivable, 2 Yr. CAGR %	62.82	-18.15	3.87	67.06	12.98
Total Assets, 2 Yr. CAGR %	-1.67	-4.17	4.63	0.39	-6.72
Common Equity, 2 Yr. CAGR %	-6.86	-5.09	1.96	-7.23	-8.33
Tangible Book Value, 2 Yr. CAGR %	-6.88	-5.1	1.98	-7.24	-8.31
Cash From Operations, 2 Yr. CAGR %	-28.96	-17.32	43.25	-3.52	-1.41
Levered Free Cash Flow, 2 Yr. CAGR %	18.49	-25.68	-45.68	68.42	125.24
Unlevered Free Cash Flow, 2 Yr. CAGR %	15.67	-45.04	-70.4	126.35	308.08
Dividend Per Share, 2 Yr. CAGR %	-26.51	-22.89	20.56	14.12	4.92
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	3.35	-3.83	2.58	9	11.7
Gross Profit, 3 Yr. CAGR %	-5.18	-7.91	-1.5	15.69	12.09
EBITDA, 3 Yr. CAGR %	-6.84	-9.73	-2.69	16.42	12.98
EBITA, 3 Yr. CAGR %	-7.38	-10.19	-2.95	16.98	13.44
EBIT, 3 Yr. CAGR %	-7.71	-10.46	-3.03	17.31	13.6
Earnings From Cont. Operations, 3 Yr. CAGR %	11.2	-3.37	-19.37	-6.53	-64.81
Net Income, 3 Yr. CAGR %	11.2	-3.37	-19.37	-6.53	-64.81
Diluted EPS Before Extra, 3 Yr. CAGR %	7.81	-4.01	-20.56	-8.32	-65.49
Normalized Net Income, 3 Yr. CAGR %	-14.03	-13.47	-9.17	19.48	12.51
Net Property, Plant and Equip., 3 Yr. CAGR %	0.9	-2.98	0.72	0.81	-0.2
Accounts Receivable, 3 Yr. CAGR %	52.73	15.93	7.14	17.94	32.82
Total Assets, 3 Yr. CAGR %	3.5	-2.16	1.25	-0.81	-0.55
Common Equity, 3 Yr. CAGR %	0.13	-3.17	-3.64	-3.42	-5.84
Tangible Book Value, 3 Yr. CAGR %	0.11	-3.17	-3.64	-3.42	-5.83
Cash From Operations, 3 Yr. CAGR %	-19.71	-8.71	-2.38	11.97	9.78
Levered Free Cash Flow, 3 Yr. CAGR %	-10.21	0.81	-39.33	27.44	27.06
Unlevered Free Cash Flow, 3 Yr. CAGR %	-7.13	-20.42	-58.74	24.5	57.05
Dividend Per Share, 3 Yr. CAGR %	-13.46	-13.19	-10.64	16.41	9.72
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.19	4.06	6.21	4.29	2.79
Gross Profit, 5 Yr. CAGR %	0.8	1.8	4.05	2.6	0.02
EBITDA, 5 Yr. CAGR %	-7.06	0.64	3.78	1.61	-0.89
EBITA, 5 Yr. CAGR %	-7.48	0.39	3.72	1.48	-0.99
EBIT, 5 Yr. CAGR %	-7.68	0.18	3.65	1.45	-1.08
Earnings From Cont. Operations, 5 Yr. CAGR %	-9.53	6.91	-26.09	6.99	-40.45
Net Income, 5 Yr. CAGR %	-9.53	6.91	-26.09	6.99	-40.45
Diluted EPS Before Extra, 5 Yr. CAGR %	-11.29	4.94	-28.16	5.46	-41.16
Normalized Net Income, 5 Yr. CAGR %	-12.9	-2.49	-0.07	-1.83	-3.78
Net Property, Plant and Equip., 5 Yr. CAGR %	6.09	5.17	2.93	-1.45	-1.89
Accounts Receivable, 5 Yr. CAGR %	30.6	15.93	30.9	34.18	9.44
Total Assets, 5 Yr. CAGR %	6.69	5.77	3.95	-1.15	-2.02
Common Equity, 5 Yr. CAGR %	2.53	2.66	0.86	-4.81	-5.54
Tangible Book Value, 5 Yr. CAGR %	2.51	2.64	0.85	-4.82	-5.54
Cash From Operations, 5 Yr. CAGR %	-5.07	1.63	1.21	-6.67	-1.99
Levered Free Cash Flow, 5 Yr. CAGR %	15.67	-12.21	-26.57	23.78	2.53
Unlevered Free Cash Flow, 5 Yr. CAGR %	13.43	-20.83	-41.22	20.89	3.19
Dividend Per Share, 5 Yr. CAGR %	3.36	0.4	-1.19	-3.16	-4.72