41 slides from Lamda Development's shareholder meeting presentation, Jun 27, 2024
Slide 1: |
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Slide 2: Disclaimer
Disclaimer This presentation has been prepared by LAMDA Development S.A. (the “Company”) for the purposes of FORWARD LOOKING STATEMENTS the Company’s Annual General Meeting (AGM)(27.06.2024). This document contains certain forward-looking statements pertaining to the Company and its Group. All The i
Slide 3: Agenda
Agenda O1. 2023 Group results overview O2. Investment Assets: Malls & Marinas O3. Development Assets: The Ellinikon O4. Share price performance considerations O5. International Media Campaign | 3
Slide 4: Group Results Overview
O1 Group Results Overview | 4
Slide 5: LAMDA Development
LAMDA ager DEVELOPMENT — —
Slide 6: 2023 Group Results Overview
Group 2023 Results Overview 69% Increase in Group EBITDA over 2022 at €206m after valuations Group 18% Increase in Operating Malls EBITDA over 2022 Malls New Record High at €81m 5% Increase in Marinas EBITDA over 2022 Marinas New Record High at €18m EBITDA of €65m achieving profitability in only 2.5
Slide 7: Group Balance Sheet Snapshot – March 31, 2024
Group Balance Sheet Snapshot – March 31, 2024 €1.4bn OR €8.04 /share NAV €0.6bn Investment €3.3bn Cash Portfolio €1.2bn Net Borrowings 18% Borrowings /Inv. Portfolio | 7
Slide 8: The Ellinikon | Funding
The Ellinikon | Funding • Total Cash Proceeds from property sales have reached €0.7bn • Very healthy group cash position €0.6bn • No Bank Financing to-date Funding for The Ellinikon is secured on the back of the project’s exceptional Commercial Success | 8
Slide 9: Investment Assets: Malls & Marinas
O2 Investment Assets Malls & Marinas | 9
Slide 10: Four Operating Malls
Four Operating Malls EBITDA +18% - New record high Tenant Sales Footfall +18% €823m +17% 25m 4 Malls1 Rent Collection Occupancy 100% 100% 1. Designer Outlet Athens was acquired in early August 2022. FY2022 EBITDA included Designer Outlet for c.5 months (since 06.08.2022) | 10
Slide 11: The Ellinikon Shopping Destinations: The Ellinikon Mall
The Ellinikon Shopping Destinations Outstanding commercial leasing progress 3 years ahead of opening Completion 2027 280 stores 70% Agreed (Heads of Terms1) The Ellinikon Mall 1. Data as of 31.05.2024 | 11
Slide 12: The Ellinikon Shopping Destinations: Riviera Galleria
The Ellinikon Shopping Destinations Outstanding commercial leasing progress 3 years ahead of opening Completion 2026 100 stores 62% Agreed (Heads of Terms1) Riviera Galleria 1. Data as of 31.05.2024 | 12
Slide 13: The Ellinikon Shopping Destinations: Riviera Galleria
The Ellinikon Shopping Destinations Outstanding commercial leasing progress 3 years ahead of opening Riviera Galleria | 13
Slide 14: Marinas: Flisvos Marina
Marinas: A record-breaking performance across all metrics Flisvos Marina EBITDA €13m (+3% vs. 2022) Revenues €21m (+6% vs. 2022) 310 berths 100% occupancy | 14
Slide 15: Marinas: Agios Kosmas Marina
Marinas: A record-breaking performance across all metrics Agios Kosmas Marina EBITDA €5m (+11% vs. 2022) Revenues €8m (+6% vs. 2022) 337 berths 100% occupancy | 15
Slide 16: Development Assets: The Ellinikon
O3 Development Assets The Ellinikon | 16
Slide 17: Development Assets: The Ellinikon
Development Assets: The Ellinikon Europe's pioneering 15-minute, green, smart, coastline city-within-a-city 6.2M sqm 2.7M GFA 2.0M sqm 75,000 – 85,000 +2.5% 3x the size GFA to be Metropolitan Park New Jobs Est. GDP Impact of Monaco developed | 17
Slide 18: Phase I
Phase I Residential Phase 1 (2021-2027) Office Park PwD Other Developments Education Mixed-Use Tower Phase 1 (2021-2027) The Ellinikon Mall Experience Park & Experience Centre Retail Park Sports Education Residential Complex Healthcare Posidonos Underpass Park Integrated Resort Rise Complex (IRC) Th
Slide 19: The Ellinikon | Residential Progress of Sales
The Ellinikon | Residential Progress of Sales All Coastal Front units have been sold-out €1.1bn of Contractual Value achieved to date The Cove Villas 27 100% Units Of the units under SPA or final stages of Riviera Tower negotiation 173 The Cove Residences Units 100% 115 100% Of the units Units Of th
Slide 20: The Ellinikon | Residential Progress of Sales
The Ellinikon | Residential Progress of Sales 5 New Developments consisting of some 500 mid-scale to luxury apartments have been launched as part of the “Little Athens” neighborhood Park Rise Pavilion Terraces Promenade Heights Outstanding pre-sales progress 65% of units brought to the market alread
Slide 21: Share Price Performance
O4 Share Price Performance | 21
Slide 22: LAMDA Development Share Price Performance
| 22 Jun-24 May-24 Apr-24 Mar-24 Feb-24 Jan-24 Jan-24 Dec-23 Nov-23 LAMDA Development Share Price Performance Oct-23 Sep-23 Aug-23 Jul-23 Jun-23 May-23 Apr-23 Mar-23 Feb-23 Jan-23 Jan-23 6,6 5,8 7,4 7,2 7,0 6,8 6,4 6,2 6,0 5,6 5,4
Slide 23: Global Real Estate Sector Performance (1)
Global Real Estate Sector Performance (1) • Long period of historically high interest rates on record impacting valuations • National and International peers are trading at significant discounts to NAV • Malls are considered saturated globally LAMDA’s Malls uniquely positioned in an undersupplied ma
Slide 24: Global Real Estate Sector Performance (2)
Global Real Estate Sector Performance (2) Share Price discount vs NAV per Share -16% -18% -31% -32% -34% -34% -35% -36% -36% -44% -52% -81% Mercialys Klépierre Merlin Eurocom LAMDA Carmila URW Citycon Lar Espana IGD DES Weighted Avg LAMDA is trading significantly better against NAV vs. EU peers Shar
Slide 25: The Ellinikon | Commercial Performance
The Ellinikon | Commercial Performance • Coastal front developments are sold out • Exceptional performance of Little Athens developments with 65% of units brought to the market already reserved • JV Agreements with Brooklane, TEMES, Orilina, University of Nicosia, Costeas Geitonas School have been c
Slide 26: LAMDA’s “hidden” value in simple words
LAMDA’s “hidden” value in simple words Phase 1 (2021-2027) Other Phases (2027-2037) Residential Park Rise The Cove Residences The Cove Villas Residential Riviera Tower | |2626
Slide 27: Share Price Scenario – Hidden Value | Residential Land Plot Example
Share Price Scenario – Hidden Value | The Residential Land Plot Example Land Plots for sale: assumed price/sqm. GFA € 2,100/sqm Cost of Land & Infra € 770/sqm NAV/Share € 8.04/share “Hidden” value € 1,330/sqm Implied “hidden” value for unsold residential € 7/share Available sqm. for Residential Deve
Slide 28: International Media Campaign
O5 International Media Campaign | 28
Slide 29: International Airports
International Airports On Air Next On Air • Germany (Düsseldorf, • Hong Kong Frankfurt, Stuttgart, Berlin) • Doha • Amsterdam • Geneva • Nice • Istanbul • Dubai • JFK • Zurich • Dallas • London • Chicago | 29
Slide 30: Germany | 2024
Germany (Düsseldorf- Frankfurt – Stuttgart – Berlin) | 2024 | 30
Slide 31: Amsterdam | 2024
Amsterdam | 2024 | 31
Slide 32: Nice | 2024
Nice | 2024 | 32
Slide 33: Dubai | 2024
Dubai | 2024 | 33
Slide 34: Zurich | 2024
Zurich | 2024 | 34
Slide 35: Top Clippings | 2024
Top Clippings | 2024 Financial Times group. 5K articles 6bn viewers | 35
Slide 36: Thank you
DEVELOPMENT TAKTIKH FENIKH ORDINARY GENERAL ZYNEAEYZH MEETING 27.06.2024 EUXxaploTOUUE Thank you AX\|AeShareholdersMeeting@athexgroup.gr
Slide 37: Appendix
O6 Appendix | 37
Slide 38: LAMDA’s NAV & The Pillars
LAMDA’s NAV & The Pillars December 2023 Development Investment Other Assets Assets LAMDA MALLS Group Parent The Ellinikon1 Other Company Net TOTAL Ellinikon Operating Properties3 Debt, Minority, 31.12.2023 Malls2 Malls2 Other4 925 NAV (€m) 406 315 610 109 (49) 1,392 5.33 NAV per share5 (€) 2.34 1.82
Slide 39: Portfolio of Assets
Portfolio of Assets Key growth drivers: Malls and Ellinikon revaluation (in €m) 31.12.2023 31.12.2022 Notes The Ellinikon Offices, Hotels, IRC, Sports 625 617 Assets measured at Fair Value (independent valuer: Savills). Excluding Ellinikon Malls (Investment Property) Residential (Inventory) 1,014 1,
Slide 40: Consolidated Balance Sheet Summary
Consolidated Balance Sheet Summary (in €m) 31.12.2023 31.12.2022 Notes: 31.12.2023 Investment Property 2,068 1,932 Ellinikon €625m, Malls & other properties €1,443m (incl. Ellinikon Malls) Fixed & Intangible Assets 103 118 Ellinikon €39m, Flisvos Marina €55m Total Ellinikon (excl. Ellinikon Malls) I
Slide 41: Key Financial Metrics (Group)
Key Financial Metrics (Group) (in €m) 31.12.2023 31.12.2022 Notes & definitions of Alternative Performance Measures (APM) Free Cash 464 516 Restricted Cash (Short & Long Term) 24 178 Total Cash 488 694 Total Debt 1,705 1,863 = Borrowings (incl. Accrued Interest) + Lease Liability + PV Transaction Co