Παρουσίαση του powerpoint - lamda dev · 2020. 7. 23. · consolidated financial...

LAMDA DEVELOPMENT

YTD March 2020

Consolidated Financial Results

Significant Developments

• Successful completion of €320m bond issue ( fixed coupon rate at 3.40% , maturing in 7 years )

• FLISVOS MARINA share increase from 32,2% to 64,4% , contributing a step-up gain of €8,5m

• The Mall Athens has completed debt refinancing with NBG

• Demolition and other preparatory works at Hellinikon started in June 2020

The Company’s Highlights

Consolidated Financial Results – March YTD 2020 2

• Retail EBITDA drop by 12,7% to €14,5m due to malls shutdown (Lfl EBITDA would be +3,5%)

• EBITDA before valuations, Hellinikon expenses and Flisvos Marina acquisition impact, decreased by 17,7% to €11,6m

• Total EBITDA reached €6,1m

• Net profit of the period stood at €1,2m

• NAV €1.154,7m & NAV per share €6,53 @ 31/03/2020

Retail Performance

• Tenant sales recorded an increase of 4,2% and Customer visits increased by 6,2% in the first two-months of 2020

• Malls were closed from 13.03.2020 until 17.05.2020 as per government`s legislative act.

• Average shopping centers occupancy approaching 99% ( in essence 100% from commercial perspective)

• Collection rate approaching 100% at 31.03.20 (90% at 30.06.20)

Retail KPIs

Customer visitsShopkeeper sales

3Consolidated Financial Results – March YTD 2020

Note : Due to malls shutdown in March , the above charts present performance indicators only for January and February.

-3,7%

1,5%

5,3%

0,1%0,8%

-0,2%

1,6%

0,2%

6,2%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

H1 2013 H2 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 JAN - FEB2020

-4,9%

6,1%

8,1%

4,2%

2,9%

-1,1%

3,0%2,5%

4,2%

-6,0%

-4,0%

-2,0%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

H1 2013 H2 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 JAN - FEB2020

Consolidated Financial Results – March YTD 2020

EBITDA From Retail Sector

Mar. YTD: 2020 vs 2019

(in € million)EBITDA from retail sector decreased by 12,7%

4

14,3

30,2

6,8

22,0

Retail EBITDA includes a decrease of €2,2m in March which represents a 40% discount as per government`s decision.

6,3

4,1 4,1

14,5

7,5

4,6 4,5

16,6

THE MALL ATHENS MED. COSMOS GOLDEN HALL TOTAL RETAIL EBITDA

2020 2019

Like-for-like EBITDA excluding COVID-19

impact was+3,5%

Mar. YTD: 2020 vs 2019(in € million)

5

Performance Drivers

The Mall Athens / EBITDA Breakdown

-12,7%

-12,9%

-16,0%


KPI’s Feb. YTD 2020

Occupancy 98%

Sales -2,2%

Visitors 1,0% 6,2

0,3 0,6

0,2

7,4

(0,2) (0,9)

6,3

7,1

0,3 0,9

0,2

8,5

(0,2) (0,8)

7,5

BASE RENT TURNOVER PARKING OTHER INCOME

TOTAL REVENUES

PM FEE OPERATING EXPENSES

EBITDA

2020 2019

Note : Due to malls shutdown in March , theabove table presents performance indicatorsonly for February YTD.

Base Rent policy: 40% discount on rents inMarch as per legislative act .Like-for-like BaseRent would have been +0,6% .

Med. Cosmos / EBITDA Breakdown


6

Performance Drivers

-12,5%

-9,1%

-10,9%



Occupancy 99%

Sales 7,4%

Visitors 9,9%


Base Rent policy: 40% discount on rents inMarch as per legislative act .Like-for-like BaseRent would have been +2,5% .

4,2

0,1 0,4

0,2

5,0

(0,3) (0,6)

4,1

4,8

0,1 0,5

0,1

5,5

(0,3) (0,6)

4,6


TOTAL REVENUES

LAND LEASE OPERATING EXPENSES

EBITDA

2020 2019


7

Performance Drivers

Golden Hall / EBITDA Breakdown


-2,0%

-8,9%-2,4%


Occupancy 99%

Sales* 10,1%

Visitors 15,4%


Base Rent policy: 40% discount on rents inMarch as per legislative Act .Like-for-like BaseRent would have been +11,8%.

4,0

-

0,5 0,3

4,8

(0,1) (0,5)

4,1 4,1

-

0,5 0,3

4,9

(0,1) (0,3)

4,5


TOTAL REVENUES

PM FEE OPERATING EXPENSES

EBITDA

2020 2019

Total EBITDA bf Valuations , Hellinikon expenses & Flisvos Marina acq`n impact

Total EBITDA drop by 17,7%(in € million)

-3,0 vs -2,5

Mar. YTD: 2020 vs 2019

8

-17,7%


*Marinas’ EBITDA for 2020 represents the total EBITDA after acquisition date. For 2019, EBITDA figure represents LD share of 32,2% over Net results for the period

14,5

0,6

(0,0)

-

(0,8)

(2,8)

11,6

16,6

(0,4)

0,3 -

(0,1)

(2,3)

14,1

RETAIL MARINAS* OFFICES AND

PARTICIPATIONS

PROPERTY TAXES EXTRAORDINARY

ITEMS

OVERHEADS TOTAL

2020 2019

Profitability Drivers

(in € million)

(in € million)


Mar. YTD: 2020 vs 2019

11,6

(12,8)

8,5

(1,2)

6,1

(6,6)

(0,7)

1,7 0,8 1,2

14,1

- - -

14,1

(6,6)

(0,2)

(2,9) (1,5)

2,9

EBITDA BF VALUATIONS

VALUATIONS FLISVOS MARINA ACQUITISION

IMPACT

HELLINIKON EXPENSES

EBITDA NET INTEREST DEPRECIATION TAXES MINORITIES NET PROFIT

2020 2019

NAV Evolution

(in € million)

Net Asset Value €1.154,7m.


1.155,0 1.154,78,5 1,4

NAV 31/12/2019 Valuation losses Marina FlisvosAcquisition impact

Hellinikon expenses Net profit beforevaluations

Other NAV 31/03/2020

-10,4

1,5

-1,2

Investment Portfolio - Retail

(In € million)


RETAILBalance Sheet Value EBITDA EBITDA yield

Mar.20 Dec. 19 Dec. 19 Mar.20 Dec. 19

The Mall Athens 445,7 451,0 28,8 6,5% 6,4%

Mediterranean Cosmos* 186,0 189,2 15,0 8,1% 7,9%

Golden Hall 248,9 251,8 16,9 6,8% 6,7%

Total 880,6 892,0 60,7 6,9% 6,8%

*EBITDA adjusted for IFRS 16.Taking into account the additional EBITDA of the extension, implied yield for Golden Hall could be increased at a range of 7,3% to 7,5%.EBITDA Yields are calculated as Actual EBITDA 2019 / Valuation.

Investment Portfolio – Land Plots

(In € million)


Initial costLAMDA

Dev. %

Balance

Sheet

Valuation

MethodLamda Portion

Spata 16,0 100 13,8 Fair Value

Viltanioti 4,2 50 2,5 Fair Value

Aegina (Residential) 13,8 100 5,5 Fair Value

Belgrade (Mixed) 51,1 78,3 60,6 Fair Value

Montenegro / Budva (Residential) 4,0 100 1,0 Fair Value

Bucharest / Pitesti (Logistics) 3,0 90 1,9 Fair Value

Bucharest (Residential) 9,8 100 2,5 Fair Value

Land Plots 101,9 87,7

Other Fixed Assets 8,9

Investment Portfolio

In € million

By Country

By Sector


*In Q1 2020 LAMDA Development acquired indirectly an additional 32,2% share in

Flisvos Marina resulting in goodwill & intangible assets recognition in group accounts.

The Total Investment Portfolio represents Group’s share on investments.

Under IFRS, assets consolidated using equity method are presented in the Balance

Sheet under the line “Investment in Associates”.

Retail80,5%

Offices 4,5%

Marinas 5,5%

Other Income Generating

Assets 0,6%

Land 8,0%Other Assets

0,8%

Greece93,8%

Serbia5,6%

Romania0,6%

Investment Portfolio Mar. 2020 Dec. 2019

Retail 880,6 892,0

Offices 49,3 49,3

Other income generating Assets*

66,8 18,7

Land 87,7 86,4

Other Assets 8,9 8,6

Total 1.093,2 1.055,0

EBITDA 2006 - 2019 (MC, GH, TMA)

14

TOTAL

TMA

MC

GH

€ 28,8m.

€ 18,6m.

€ 16,9m.

€64,3m.

Record EBITDA in 2019

€50m.

€32,5m.

€12,4m.€14m.

-10

0

10

20

30

40

50

60

70

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


+c.30% from 2009 peak

15

SHOPKEEPERS’ TURNOVER 2006 - 2019

TOTAL

TMA

MCGH

€243m

€ 161m

€191m

€595m

€331m

€186m

€138m

€655m

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

The Mall Athens Med. Cosmos Golden Hal TOTAL


(In € million)

16

Investment Portfolio - RETAIL

Valuations

545*

179*

181

397

*Historical Peak Values. Golden Hall and Med Cosmos have exceeded the historical peak values.


Balance Sheet Summary

• Investment Property value has decreased due

to revaluations.

• The Group applied IFRS 16 “Leases” using the

modified retrospective approach from 1/1/2019.

• The Right-of-use assets and Lease liability

recognized on Balance Sheet mainly correspond

to Med. Cosmos land lease and Flisvos Marina

concession agreement.

• Equity and Cash increased in 2019 due to share

capital increase.

(in € million)


Right-of-use assets 179,7 78,8

26,3 26,6

Lease Liability 178,4 78,7

Total Equity & Liabilities 1.963,5 1.870,7

Deferred Tax Liability 121,8 121,7

Total Liabilities 806,5 727,6

Borrowings 434,3 439,1

Payables 72,1 88,1

Total Equity 1.157,0 1.143,1

Reserves 8,1 6,9

Retained earnings

Minority Interests 98,6 85,7

Equity 1.023,9 1.023,9

Other Receivables & accruals 70,7 73,9

Total Assets 1.963,5 1.870,7

Cash 652,3 702,8

Investments in associates 36,3 39,9

Total Investment Portfolio 1.061,0 1.015,3

Investment Property 949,4 960,8

Fixed - Intagible Assets & Inventory 75,3 14,6

Mar. 2020 Dec. 2019

(in € million)

Basic Financial Metrics


31/3/2020 31/12/2019

Cash 652,3 702,8

Debt 434,3 439,1

Investment Portfolio 1.061,0 1.015,3

Book Equity (including minorities) 1.157,0 1.143,1

Net Asset Value (including minorities) 1.270,5 1.221,9

Debt / Investment portfolio 40,9% 43,3%

Debt / Book Equity 37,5% 38,4%

Debt / N.A.V 34,2% 35,9%

Average interest rate 4,2% 4,2%

Share Performance 01/01/2016 – 17/07/2020


FTSE/ATHEX Large Cap Net Total Return Index was decommissioned on 22.06.20 and replaced by FTSE/ATHEX Large Cap index.

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2/1

5

30/0

1/1

6

29/0

2/1

6

30/0

3/1

6

29/0

4/1

6

29/0

5/1

6

28/0

6/1

6

28/0

7/1

6

27/0

8/1

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26/0

9/1

6

26/1

0/1

6

25/1

1/1

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1/1

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24/0

5/1

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23/0

7/1

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22/0

8/1

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21/0

9/1

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21/1

0/1

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20/1

1/1

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20/1

2/1

7

19/0

1/1

8

18/0

2/1

8

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3/1

8

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4/1

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19/0

5/1

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18/0

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18/0

7/1

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17/0

8/1

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9/1

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0/1

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1/1

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2/1

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14/0

1/1

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13/0

2/1

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15/0

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14/0

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0

LAMDA=46,04% - 5,9

ASE=1,6% - 641,48

LARGE CAP= -15,5% - 1.549,77

Shareholders Composition as of 15/07/2020


Total number of shares : 176.736.715

COLSOLIDATED LAMDA HOLDINGS; 50,62%

VOXCOVE HOLDINGS LTD; 10,00%

EBRD; 1,77%

AEGEAN AIRLINES S.A.; 1,66%

GREEK INSTITUTIONAL; 7,14%

GREEK PRIVATE INVESTORS; 8,78%

INTERNATIONAL INVESTORS; 20,03%

DISCLAIMER

This presentation has been prepared by Lamda Development S.A. (the “Company”).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 (innegligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.Unless otherwise stated, all financials contained herein are stated in accordance with International Financial Reporting Standards (‘IFRS’).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 orcommitment whatsoever.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 keepcurrent 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 materialinformation made by the Company in accordance with law.This presentation is only for persons having professional experience in matters relating to investments and must not be acted or relied on by persons who are not Relevant Persons (as defined below). Solicitationsresulting from this presentation will only be responded to if the person concerned is a Relevant Person.This presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person, whether or not they are a Relevant Person.Nor should the recipient use the information in this presentation in any way which would constitute "market abuse". If you have received this presentation and you are not a Relevant Person you must return itimmediately to the Company. This presentation does not constitute a recommendation regarding the securities of the Company.

FORWARD LOOKING STATEMENTSThis document contains forward-looking statements.Except for historical information, the matters discussed in this presentation are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results of operations, financialcondition, liquidity, performance, prospects and opportunities to differ materially, including but not limited to the following: the uncertainty of the national and global economy; economic conditions generally and theCompany’s sector specifically; competition from other Companies.Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-

looking statements are made as of the date of this presentation, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events orotherwise.By attending this presentation, you agree to be bound by the foregoing limitations.

LAMDA Development S.A. ● 37Α Kifissias Ave. (Golden Hall) ● 151 23 Maroussi ● GreeceTel: +30.210.74 50 600 ● Fax: +30.210.74 50 645

Web site : www.lamdadev.com

CEO : Mr. Odisseas Athanassiou ● E-mail : [email protected] Relations : Mr. Alexandros Kokkidis ● E-mail : [email protected]


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