Annual Report
& Accounts 2023
Enabling
extraordinary
things
Contents
Overview
An ‘at a glance’ look at SEGRO: what we do, where we
do it, who we do it for and what drives performance.
2023 highlights 2
SEGRO overview 4
Investment case 5
Strategic Report
A deep dive into our business: the key external factors
that impact SEGRO, an overview of our business model,
strategy and KPIs, a review of our 2023 performance, and
some thoughts on the outlook for 2024 and beyond.
Strategic Report 6
Chief Executive’s statement 8
Market overview 12
Our business model 16
Our stakeholders 18
Our strategy 20
Responsible SEGRO 23
Key performance indicators 32
Performance review 36
Regional updates 44
Financial review 48
Managing risks 54
Viability statement 65
Non-inancial information and sustainability
statement
66
Streamlined energy and carbon reporting 67
Climate-related inancial disclosures 68
Governance
An overview of our corporate governance structure,
policies and practices as well as the key activities
undertaken by the Board and its Committees.
Governance Report 76
Chair’s introduction to governance 78
Application of UK Corporate Governance Code 80
Board of Directors 81
Key activities of the Board 84
Governance Framework 89
Section 172(1) Statement 90
Stakeholder engagement from the Board's
perspective
90
Internal Board evaluation 93
Nomination Committee Report 95
Audit Committee Report 100
Directors’ Remuneration Report 107
Directors’ Remuneration Policy – summary 126
Directors’ Report 131
Statement of Directors’ responsibilities 133
Financial Statements
Independent Auditors’ Report to the members of
SEGRO plc
134
Group income statement 142
Group statement of comprehensive income 142
Balance sheets 143
Statements of changes in equity 144
Cash low statements 146
Notes to the Financial Statements 147
Five-year inancial results 193
Further Information
Further information 194
Shareholder information 195
Glossary of terms 196
The Directors present the Annual Report for the
year ended 31 December 2023, which includes the
Strategic Report, Governance Report and audited
Financial Statements for the year. References to 'SEGRO',
the 'Group', the 'Company', 'we' or 'our' are to SEGRO plc
and/or its subsidiaries, or any of them as the context may
require. Pages 107 to 130 inclusive comprise the Directors'
Remuneration Report and pages 131 to 132 inclusive
comprise the Directors' Report. These have been drawn
up and presented in accordance with English company
law and the liabilities of the Directors, in connection with
these sections, and shall be subject to the limitations and
restrictions provided by such law. The Annual Report
contains forward-looking statements. For further
information see page 198.
Our portfolio includes both urban and big box warehouses*.
Urban warehouses Big box warehouses
66%
asset type by value
32%
asset type by value
Urban warehouses are located in,
or close to, population centres and
business districts and provide lexible
space suitable for a wide-range of
activities. They are used by a variety
of businesses who need rapid
access to end customers, as well
as labour. They are generally
situated close to main roads
and public transport.
Big box warehouses are typically used
for storage and processing of goods
for regional, national and international
distribution and are much larger than
urban warehouses. They are often
located far from the end customer but
are situated on major transport routes
(mainly motorways, ports, rail freight
terminals and airports) to allow
rapid transit.
*Other 2% – includes oices and retail uses such as trade counters, car showrooms
and self storage facilities
Responsible SEGRO as a key part of our future success
How this works for our business
Responsible SEGRO is embedded into the day-to-day running of our business and
all of our decision making. This helps us to ensure that our business remains it for
the future and delivers long-term beneits for all of our stakeholders.
What we do
Responsible SEGRO
For more information on
Responsible SEGRO
go to page 23
SEGRO.com
For more information on
SEGRO's activities and performance
please visit our website:
www.segro.com
Scan the QR code to watch our video
and learn more about our business
www.segro.com/ara23/what-we-do