FY2023 RESULTS PRESENTATION
18 April 2024
Disclaimer
This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's FY2023 Results Conference Call/Live Webcast (18.04.2024).
The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
This document is not intended to be relied upon as legal, accounting, regulatory, tax or other advice, does not take into consideration the goals, or the legal, accounting, regulatory, tax or financial situation or the needs of a potential investor and do not form the basis for an informed investment decision.
On this basis, the Company does not and will not undertake any liability whatsoever from the information included herein. Furthermore, none of the Company nor any of its respective shareholders, affiliates, directors, advisers, officers, managers, representatives or agents, accepts any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss or damage arising from any use of this document or its contents or otherwise arising in connection with this document and explicitly disclaim any and all liability whatsoever arising from this document and any error contained therein and/or omissions arising from it or from any use of this document or its contents or otherwise in connection with it.
All financials contained herein are based on Company's management accounts.
This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This presentation does not constitute a recommendation regarding the securities of the Company.
The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notices.
This presentation is subject to any future announcements of material information made by the Company in accordance with the law.
The information in this presentation must not be used in any way which would constitute "market abuse".
The document contains several renderings related to The Ellinikon project developments. The completed project may differ significantly from the mock-ups that the Company has currently developed with its partners.
FORWARD LOOKING STATEMENTS
This document contains certain forward-looking statements pertaining to the Company and its Group. All projections are rounded figures, except for historical information. Forward-looking statements are based on current expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "fair", "continue," "may," "should," "seek," "approximately," "predict," "forecast", "project", "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters, but any such words are not the exclusive means of identifying these statements.
These forward-looking statements are based on the Company's beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or within its control. These include, among other factors, the uncertainty of the national and global economy; economic conditions generally and the Company's sector specifically; competition from other Companies, changing business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management, fluctuations in market conditions affecting the Company's income and the exposure to risks associated with borrowings as a result of the Company's leverage. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein and could cause the actual results of operations, financial condition, liquidity, performance, prospects and opportunities of the Company and its Group to differ materially.
Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Therefore, there can be no assurance that developments will transpire as forecasted. Past performance is no guarantee of future results.
All forward-looking statements speak only as of the date of the document. The Company does not undertake any obligation to update or revise any forward-lookingstatements to reflect circumstances, the receipt of new information, or events that occur after the date of this document. As such, you should not place undue reliance on forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and that it has used all reasonable assumptions for the targets, estimates or expectations expressed or reflected in the forward-looking statements included herein, it can give no assurance that such targets, estimates or expectations will be attained.
This document also includes certain non-IFRS and other operating and performance measures, which have not been subject to any financial audit for any period. These non-IFRS measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with IFRS and may not include all items that are significant to an investor's analysis of the Company's financial results.
Contents
Group FY2023 Financial Information | page | 24 |
Appendix | page | 30 |
Group Income Statement | page | 31 |
Detailed Analysis: Investment Assets (Malls & Marinas) | page | 33 |
Detailed Analysis: Development Assets (The Ellinikon) | page | 48 |
Independent Valuation Sensitivity Analysis | page | 59 |
Macroeconomic Fundamentals | page | 63 |
O1
Group Results Highlights
| 4
Group 2023 Financial Highlights
Group
Malls &
Marinas
Ellinikon
Ellinikon
Malls
Strong Group EBITDA of €206m
Including positive contribution from Ellinikon (€65m), for the first time since acquisition (June 2021)
New Record High EBITDA, driven by solid business performance
Significant commercial and construction progress, against adverse conditions
Outstanding commercial leasing progress with 70% of The Ellinikon Mall and 53% of Riviera Galleria GLA agreed with tenants (HoT)
| 5
FY2023 Performance at a glance
Group Consolidated
EBITDA | EBITDA | Net Profit | NAV | |
€132m | €206m | €27m | €1.4bn | |
Before Assets | After Assets | After Taxes & | €8.02/share | |
Valuation | Valuation | Minorities | ||
Investment Assets | Development Assets | |||
Malls, Marinas & Other | The Ellinikon | |||
Malls1 | Marinas | EBITDA | Cash | |
EBITDA | EBITDA | Proceeds3 | ||
€65m | ||||
€72m | €18m | €641m | ||
New Record | New Record | New Record | cumulative since | |
+10% vs. FY2022 | +5% vs. FY2022 | before Assets Valuation | project start3 |
before Assets Valuation
Malls1 | Other2 |
NAV | NAV |
€0.9bn | €0.1bn |
+10% vs. 2022 | -2% vs. 2022 |
- LAMDA MALLS Group: consolidated EBITDA before valuations and NAV. Please refer to slides #12 and #15 for the relevant details
- Represents the NAV for Land plots, Flisvos Marina, Offices and other assets. Does not include HoldCo Debt/Cash, Minorities and other adjustments
CAPEX4NAV
€314m€0.4bn
cumulative since | +9% vs. 2022 |
project start4 | |
3. Cash proceeds from (i) signed contracts/agreements with counterparties (excl. intragroup) and
(ii) pre-agreement deposits. Aggregate cash proceeds from project start until 31.03.2024 | | 6 |
4. Buildings & Infrastructure. Aggregate CAPEX from project start until 31.03.2024 |
Group Income Statement Highlights
FY2023
EBITDA
Retail
(4 Malls)
Ellinikon
Group
Before Assets
Valuation
Group
After Assets
Valuation
€81m 18% y-o-y
€65m | €67m loss |
FY2022 | |
€132m | €13m loss |
FY2022 | |
€206m 69% y-o-y
- A new historic record
- Key drivers: net base rents (+20% vs. 2022) and strong KPIs growth
- New LAMDA MALLS Group EBITDA (before valuations): €72m (+10% vs. 2022)
- Revenue: €314m (c12x vs. 2022)
- Gross Profit: €151m (c25x vs. 2022)
- Total OPEX: €86m (+18% vs. 2022)
- Ellinikon: achieved significant EBITDA profit in just 2.5 years since acquisition
- Malls: +10% y-o-y
- Marinas: +5% y-o-y
- Malls & Ellinikon Malls fair value change: +€95m
- Ellinikon Investment Property fair value change: +c€2m
- Group Inventory one-off impairment charge: -c€29m
Net Result (after taxes and minorities)
Group | €27m profit |
Ellinikon | €7m loss |
€31m loss
FY2022
€43m loss
FY2022
- Net cash finance costs (-€71m)
- Net non-cash finance costs (-€59m)
- Taxes (-€30m), depreciation (-€11m)
- Non-cashaccounting recognition of Ellinikon obligations for land purchase and Infra Works (-€44m)
- One-offitemsburdened Ellinikon net result (-c€9m)
| 7
Group Income Statement Snapshot
FY 2023 vs 2022
EBITDA before Assets Valuation & Ellinikon | (in €m) |
25% | |
67,1 | |
53,9 | |
FY2023 | FY2022 |
EBITDA after Assets Valuation | (in €m) |
69% | |
206,2 | |
121,8 | |
FY2023 | FY2022 |
EBITDA before Assets Valuation
131,9
-12,6 | |
FY2023 | FY2022 |
Net Result after taxes and minorities
27,0 Ellinikon
-7
Ellinikon | -31,4 | |
-43 | ||
FY2023 | FY2022 | |
| 8
Group EBITDA Before Assets Valuation
FY 2023 vs 2022
(in €m) | New | |||||||||||||
FY2023 | FY2022 | |||||||||||||
10% | 5% | 25% | Record | |||||||||||
131,9 | ||||||||||||||
New | New | New | ||||||||||||
Record | Record | Record | ||||||||||||
72,3 | 66,1 | 67,1 | 64,8 | |||||||||||
53,9 | ||||||||||||||
17,9 | 17,1 | |||||||||||||
-1,3 | -4,1 | -12,6 | ||||||||||||
-21,9 | -25,1 | |||||||||||||
-66,5 | ||||||||||||||
MALLS | MARINAS | OTHER BUSINESS UNITS | OVERHEADS | EBITDA | ELLINIKON | EBITDA | ||||||||
(before valuations & | (before valuations) | |||||||||||||
Ellinikon) | ||||||||||||||
New LAMDA MALLS Group | MARINAS | OTHER BUSINESS UNITS | ELLINIKON | |||||||||||
Detailed analysis slide #18 | Detailed analysis slide #47 | Office, Land Plots & Other | Detailed analysis slide #49 | |||||||||||
investments |
| 9
Group EBITDA After Assets Valuation
FY 2023 vs 2022
(in €m) | 69% | |||||||||||
FY2023 | FY2022 | |||||||||||
206,2 | ||||||||||||
New | ||||||||||||
Record | ||||||||||||
131,9 | 121,8 | |||||||||||
84,0 | 87,6 | |||||||||||
46,7 | ||||||||||||
6,0 | 0,1 | |||||||||||
-12,6 | -15,8 | |||||||||||
EBITDA | VALUATIONS - INVESTMENT | VALUATIONS - ELLINIKON | ASSET DISPOSALS | EBITDA | ||||||||
(before valuations) | ASSETS | |||||||||||
VALUATIONS - INVESTMENT ASSETS (Malls, Ellinikon Malls & Other Assets) | VALUATIONS - ELLINIKON INVESTMENT PROPERTY | ASSET DISPOSALS | ||||||||||
Key drivers: | Key drivers: | FY2023 includes €6m gain from the liquidation | ||||||||||
• 4 Operating Malls: €65m fair value gain | • Investment Property: €2m fair value gain | of the investment in R Energy 1 Holding | ||||||||||
• Ellinikon Malls: €30m fair value gain | • Assets derecognition (one-offimpairment): €18m |
- Inventory one-offimpairmentcharge: c€12m
| 10
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Lamda Development SA published this content on 18 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2024 13:18:07 UTC.