9M 2023 RESULTS PRESENTATION
24 November 2023
Disclaimer
This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's 9M 2023 Results Conference Call/Live Webcast.
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 Results Highlights | page | 4 |
Group 9M 2023 Financial Information | page | 22 |
Appendix | page | 27 |
Group Income Statement & Balance Sheet | page | 28 |
Detailed Analysis: Investment Assets (Malls & Marinas) | page | 31 |
Detailed Analysis: Development Assets (The Ellinikon) | page | 42 |
Independent Valuation Sensitivity Analysis | page | 57 |
Macroeconomic Fundamentals | page | 61 |
O1
Group Results Highlights
| 4
9M 2023 Performance at a glance
Group Consolidated
EBITDA | EBITDA | NAV | ||||
€35m | €77m | €1.32bn | ||||
Before Assets | After Assets | |||||
Valuation | Valuation | |||||
Investment Assets | Development Assets | |||||
Malls, Marinas & Other Assets | The Ellinikon | |||||
Malls | Marinas | Ellinikon | Cash | |||
EBITDA | EBITDA | EBITDA | Proceeds1 | |||
€62m | €14m | €22m loss | €241m | |||
New Record | +7% | Gross Profit: €42m | €448m | |||
+28%1 vs. 9M 2022 | vs. 9M 2022 | since project start1 | ||||
before Assets Valuation | ||||||
Malls | Other Assets2 |
NAV | NAV |
€0.6bn | €0.1bn |
+8% vs. 2022 | +6% vs. 2022 |
- 9M 2023 includes Designer Outlet Athens €7.8m contribution (acquired in August 2022). Like- for-like growth (excl. Designer Outlet Athens) 15% vs. 9M 2022
- Land plots, Flisvos Marina, Offices and other assets
Ellinikon | Infrastructure |
& Buildings | |
NAV | |
CAPEX | |
€0.7bn | |
€122m | |
+5% vs. 2022 | €282m |
since project start2 | |
before Assets Valuation |
1. Cash proceeds from (i) signed contracts/agreements with counterparties (excl. intragroup)
and (ii) pre-agreement deposits. Data from project start until 06.11.2023| 5 2. Data from project start until 06.11.2023
Group Income Statement Highlights 9M 2023
9M EBITDA
Malls | €62m | 28% |
y-o-y | ||
Ellinikon | €22m | €36m loss |
loss | 9M 2022 | |
Group | €35m | 11x |
Before Assets | y-o-y | |
Valuation | ||
Group | €77m | 121% |
After Assets | y-o-y | |
Valuation |
- New record on 9M basis even before Designer Outlet's (c€8m) contribution
- Key drivers: net base rents (+14% like-for-like vs. 2022) and strong KPIs growth
- Gross Profit: €42m
- Total cash proceeds from property sales/leases in 9M 2023: €241m
- Malls: +15% y-o-y(like-for-like excluding Designer Outlet Athens)
- Marinas: +7% y-o-y
- Ellinikon Investment Property: €22m fair value gain
- Malls & Other Assets: €20m fair value gain
9M Net Result (after taxes and minorities)
Group | €6m loss |
Ellinikon | €15m loss |
€55m loss
9M 2022
€60m loss
9M 2022
- Net cash finance costs (-€53m)
- Net non-cash finance costs (-€30m)
- Taxes (+€8m), depreciation (-€8m)
- Non-cashaccounting recognition of Ellinikon obligations for land purchase and Infra Works (-€33m)
| 6
Group Income Statement Snapshot
EBITDA before Assets Valuation & Ellinikon | (in €m) | EBITDA before Assets Valuation |
+47% | 57,7 | |
39,1 | ||
9M 2023 | 9M 2022 |
+11x | 35,3 | |
2,9 | ||
9M 2023 | 9M 2022 |
EBITDA after Assets Valuation | (in €m) | Net Result after taxes and minorities |
+121% | 76,9 | |
34,8 | ||
9M 2023 | 9M 2022 |
-6,1 | Ellinikon | |
-15 | ||
Ellinikon | ||
-60 | -55,2 | |
9M 2023 | 9M 2022 | |
| 7 |
Group EBITDA 9M 2023 vs 2022
Before Assets Valuation
(in €m) | |||||||||||||
9M 2023 | 9M 2022 | ||||||||||||
+28% | +7% | +47% | +11x | ||||||||||
61,6 | 57,7 | ||||||||||||
48,1 | |||||||||||||
39,1 | 35,3 | ||||||||||||
13,9 | 12,9 | ||||||||||||
2,9 | |||||||||||||
-0,3-2,5 | -0,5-0,5 | ||||||||||||
-17,1-19,0 | -22,4 | ||||||||||||
-36,2 | |||||||||||||
MALLS | MARINAS | OTHER BUSINESS | NON-RECURRING | OVERHEADS | EBITDA | ELLINIKON | EBITDA | ||||||
UNITS | (before valuations | (before valuations) |
& Ellinikon)
MALLS 9M 2023 | MARINAS 9M 2023 |
Designer Outlet Athens €7.8m | tariff increases introduced in |
(vs. €1.3m in 9M 2022 for c.2 | 2022, based on the new pricing |
months since 06.08.2022) | policy, c15% on average |
ELLINIKON 9M 2023
Please refer to slide #43 for the detailed P&L analysis
| 8
Group EBITDA 9M 2023 vs 2022
After Assets Valuation
(in €m) | +121% | ||||||
9M 2023 | 9M 2022 | ||||||
+11x | |||||||
76,9 |
35,3 | 34,8 | |||
19,9 | 21,3 | 21,8 | ||
10,5 | ||||
2,9 | ||||
EBITDA | VALUATIONS - INVESTMENT ASSETS | VALUATIONS - ELLINIKON | EBITDA | |
(before valuations) | ||||
VALUATIONS - INVESTMENT ASSETS (Malls & Other Assets) | VALUATIONS - ELLINIKON INVESTMENT PROPERTY | |||
Key driver: | Key driver: | |||
• 4 Malls (€21m fair value gain) | • Ellinikon Malls (€24m fair value gain) |
| 9
Group Balance Sheet Snapshot
Assets Valuation (Gross Asset Value - GAV) | (in €m) |
NAV (Net Asset Value)
3.226
176
1.053
1.997
3.159
175
1.033
1.952
2.842
177
872
1.793
Other
Malls
Ellinikon
7.61
1.321
31
617
672
7.787.73
1.357 | 1.362 | |
145 | 217 | |
574 | 596 | |
638 | 549 | |
NAV per
share1 (€)
Other
Malls Ellinikon
30.09.2023 | 31.12.2022 | 31.12.2021 | 30.09.2023 | 31.12.2022 | 31.12.2021 | |
1. NAV per share adjusted for own shares: 3.32m shares as of 30.09.2023 vs. 2.38m shares as of 31.12.2022 | ||||||
Group Borrowings (Bank Loans & Bonds) | (in €m) | Group Total Cash |
1.183 | 1.163 | Additions: |
• Green Bond €230m (July 2022) | ||
• Acquisition financing €151m | ||
• Designer Outlet €69m | ||
721 | ||
30.09.2023 | 31.12.2022 | 31.12.2021 |
694 | ||
523 | Payment | 539 |
€167m for the | ||
Ellinikon land | ||
(2nd instalment) | ||
30.09.2023 | 31.12.2022 | 31.12.2021 |
| 10 |
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Lamda Development SA published this content on 24 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2023 12:14:22 UTC.