NOVAL PROPERTY REIC
FY '24 Financial Results
Feb 2025
0
Table of contents
1 | NOVAL PROPERTY 2024 Highlights |
2
Highlights
2024 Key Highlights | Key Portfolio Metrics(3) | Key Financials(3) |
Successful Share Capital increase of €52.7mn (1) and listing | |
in Athens Stock Exchange | |
| €77.1mn increase in Gross Asset Value representing a 13% |
YoY increase | |
Double digit growth (14% YoY) in Rental Revenue | |
| Strong pre-leasing performance in development projects |
at 10-12 Chimaras str. (The GRID) and at 40-42 Ardittou str., | |
located in Athens | |
Delivered to the tenant the modern logistics center in | |
Mandra, Attica, and obtained LEED Gold environmental | |
certification in July 2024 | |
| Active portfolio management maintained high occupancy |
rates and attractive Annualized Gross Rental yields | |
Improved WAULT, driven mainly by the IKEA lease term | |
expiring in 2048 | |
| Increased Dividend payment for fiscal year 2024 at €0.043 |
per share (2023: €0.025 per share) |
€648mn
GAV(2)
343,000/61
sqm GLA/properties(2)
€34.4mn
Annualized Gross Rental Income (GRI)(8)
9.0(5) / 10.5(6) years
WAULT (8)
7.3%
Gross Rental Yield (4)(8)
98.7%
Occupancy Rate (8)
€519mn (FY 2023: €427mn)
NAV
€45.1mn (FY 2023: €65.4mn)
EBITDA
€20.6mn (FY 2023: €17.8mn) Adj. EBITDA (7)
€10.9mn (FY 2023: €6.3mn) FFO (7)
31.8% (FY 2023: 38.5%)
LTV (7)
22.3% (FY 2023: 27.6%)
Net LTV (7)
(1) | Approximately €48.3mn raised through the public offering and c.€4.4mn from the conversion of the |
(2) | convertible loan issued by EBRD |
Gross Asset Value and number of properties refer to Investment Property and Right-of-Use assets at Fair | |
Value, including also the loan and participation of 50% in the JV "THE GRID SA" that owns an asset in | |
(3) | Marousi. Refer to appendix for detailed calculations |
As of and for the 12m-period ending 31.12.2024, unless otherwise stated | |
(4) | Based on annualized contracted rent in relation to income-producing assets only |
- Based on the minimum contractual expiration of the leases, excluding break options (including the break options: 7.4 years)
- Based on the maximum contractual expiration of the leases, taking into account the tenants' extension rights
- Refer to appendix for detailed calculations
- Company data
3
Table of contents
2 | Business Model and Strategy |
4
Business Model and Strategy
Who we are
- fully-integrated real estate organization managed by a highly- experienced management team
Footprint across Greece, with emphasis in Athens, both in terms of development projects as well as acquisition of commercial properties that offer high yield and value appreciation potential
Ideally positioned to capitalize on Greece's real estate market prospects, having a captive pipeline of projects that can be developed to unlock capital value and maximize income generation
Focus on developing or transforming old building stock into Environmentally Certified "Green" properties (LEED or BREEAM), in accordance with high sustainability standards
Backed by a strong & committed shareholder (Viohalco) and supported by the European Bank for Reconstruction and Development (EBRD)
Our Strategy
Execute on our exceptional captive pipeline of development projects
Actively manage our portfolio
Acquire and develop new properties
5
Table of contents
3 | 2024 Financial Results and Capital Structure |
6
2024 Financial Results
€ mn | Rental Revenue | ||||||
40,0 | 33,4 | ||||||
29,3 | |||||||
30,0 | 24,9 | ||||||
20,0 | 13,9 | 15,9 | |||||
10,0 | 3,6 | ||||||
0,0 | |||||||
10-12.2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||
€ mn | a-EBITDA | ||||||
25,0 | 20,6 | ||||||
20,0 | 17,8 | ||||||
15,0 | 9,7 | 12,8 | |||||
10,0 | 7,2 | ||||||
5,0 | 2,0 | ||||||
0,0 | |||||||
10-12.2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||
€ mn | Funds from Operations (FFO)* | ||||||
15,0 | |||||||
10,0 | 10,9 | ||||||
6,3 | |||||||
5,0 | 4,4 | ||||||
5,0 | 3,8 | ||||||
1,3 | |||||||
0,0 | |||||||
10-12.2019 | 2020 | 2021 | 2022 | 2023 | 2024 | ||
- Significant growth in rental revenue in 2024 (+14% vs. 2023), primarily driven by strong performance of the retail asset class (+€2.1mn vs. 2023), followed by the industrial asset class (+€0.8mn vs. 2023) and the office asset class (+€0.6mn vs. 2023)
- Increased footfall at River West (+10% vs. 2023) and robust consumer sales (+17% vs. 2023) are the result of our strategy to reposition our tenant mix and enhance our product offering to the consumer
- Hands-on,proactive, asset management and improved operational efficiency contained direct property expenses, contributing to an operating profitability (a-EBITDA)of €20.6mn (+16% vs. 2023), despite of an increase in payroll expenses
- Funds from Operations* (FFO) as of 31 December 2024 amounted to €10.9mn compared to €6.3mn in 2023 (€8.3mn including interest income), increased by €2.6mn (+31% vs. 2023) on a comparable basis
* Starting with the fiscal year 2024, the Company has elected to include interest income earned on deposits in the calculation of Funds from Operations in line with general practices applied in the sector it operates. | 7 |
The amount for the period ending 31 December 2024 is at EUR 2.2 million (2023: EUR 2.0 million) | |
Based on data as reported in the Financial Statements in accordance with IFRS |
2024 Financial Results
Gross Asset Value (GAV)
€ mn | +84.9 | +77.1 | ||||
+73.1 | 648,3 | |||||
700 | +48.7 | 571,2 | ||||
600 | +66.1 | 486,4 | ||||
500 | 413,3 | |||||
364,6 | ||||||
400 | 298,5 | |||||
300 | ||||||
200 | ||||||
100 | ||||||
0 | 31.12.2019 | 31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 | 31.12.2024 |
- Investment portfolio grew by €77mn in 2024 (+13% vs. 2023) mainly driven by capital expenditure of €34.4mn, fair value gains of €24.5mn and an increase of €18.1mn in the JV participation and related shareholder loan
Net Asset Value (NAV) & NAV per share*
NAV increased by €91.7mn in 2024 (+21%), following the |
€ mn
+91,7
successful share capital increase and IPO in Athens Stock |
600 | |||||
500 | +28,2 | +33,0 | |||
400 | 314,9 | ||||
281,9 | 2,85 | ||||
300 | 253,7 | 2,81 | |||
+50,9
365,9
3,18
+61,5
519,1
427,4
3,40 | 3,98 | 4,11 € / share |
Exchange in June 2024 and also driven by the 2024 profit after |
tax of €47.3mn |
200
100
0
31.12.2019 | 31.12.2020 | 31.12.2021 | 31.12.2022 | 31.12.2023 | 31.12.2024 |
NAV NAV/SHARE
*Number of shares has been adjusted for the reverse split 1/2.5 that took place in 2023 | |
Based on data as reported in the Financial Statements in accordance with IFRS | 8 |
Capital Structure
Debt Key Figures(1) | NOVAL PROPERTY's Shareholder Structure | ||
(in € mn unless otherwise stated) | |||
Cash and Cash equivalents | 72.8 | Other | |
15,1% | |||
Investment Property | 616.7 | ||
Right-of-Use asset | 2.8 | Free-Float | |
Loan and Participation in JV | 40.6 | ||
15,6% | Viohalco | ||
Net Asset Value | 519.1 | ||
direct | |||
61,8% | |||
Total Lease Liabilities (3) | 14.3 | Viohalco | |
Gross Debt (excl. Lease Liabilities) | 195.9 | indirect | |
7,5% | |||
Gross LTV (%) | 32% | ||
Net LTV (%) | 22% | ||
Weighted Average cost of Debt (WACD %)(2) | 3,3% |
Total Debt (including lease liabilities) & LTV(1) | Total Gross Debt Split by Rate Type(2,5) | ||||||||||||||||||||||
€ mn | |||||||||||||||||||||||
300,0 | 55% | 60% | Variable Rate | Fixed Rate | |||||||||||||||||||
228,3 | Loans (non- | ||||||||||||||||||||||
250,0 | 224,2 | 50% | Loans | ||||||||||||||||||||
210,2 | hedged) | ||||||||||||||||||||||
245,4 | 60% | ||||||||||||||||||||||
200,0 | 40% | 31% | |||||||||||||||||||||
44% | |||||||||||||||||||||||
150,0 | 24% | 39% | 32% | 30% | Total Gross | ||||||||||||||||||
18% | 106,4 | Debt | |||||||||||||||||||||
100,0 | 20% | €199,5mn | |||||||||||||||||||||
50,0 | 10% | Hedged | |||||||||||||||||||||
72,7 | |||||||||||||||||||||||
0,0 | 0% | ||||||||||||||||||||||
Loans | |||||||||||||||||||||||
31.12.2019 31.12.2020 31.12.2021 31.12.2022 31.12.2023 31.12.2024 | |||||||||||||||||||||||
9% | |||||||||||||||||||||||
Total Debt (incl. Lease Liabilities) | LTV | ||||||||||||||||||||||
(1) All data as reported in the Financial Statements in accordance with IFRS, unless otherwise stated | (5) Excluding Lease liabilities | ||||||||||||||||||||||
(2) | Company data | ||||||||||||||||||||||
(3) Lease liabilities concerning three properties as well as other operational lease liabilities | |||||||||||||||||||||||
(4) Represents scheduled annual debt amortizations |
Debt Amortization Schedule(2,4)
€ mn
140,0125,3
120,0
100,0
80,0
60,0
40,0 | 11,1 | 9,7 | 10,4 | 18,9 | ||||
20,0 | 4,1 | 4,4 | 5,7 | 6,7 | ||||
3,1 | ||||||||
0,0 | ||||||||
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
9
Table of contents
4 | Greek Macro and Real Estate Market | ||
10
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |