Investor Presentaiton
Stable Cash Flow from Operations Underpinned by Substantial Re-investment in
the Business
Key Cash Flow Items
31-Dec YE € MM
Net result for the year
Net valuation result on investment property
2018 A
2019 A
ΥΟΥ Δ
364.9
392.2
+7.5%
(239.4)
(406.8)
B
D&A
5.8
9.8
Net interest expense and expenses from derivatives
42.3
53.8
Change in fair value of derivatives
10.5
32.3
Other changes
0.6
5.3
Income from non-controlling interest
(3.4)
(0.0)
A
Gain from sale of Investment property and subsidiaries
Income Taxes
(35.0)
23.9
96.5
B
Change in Working Capital
34.8
(5.4)
Interest expense (net)
(52.8)
(54.0)
Net Cash Flow from Operating Activities (1)
152.3
123.7
(18.8)%
Acquisition of investment property
(46.6)
(48.7)
Acquisition of PP&E
(21.4)
(3.2)
F
Proceeds from disposal of investment property and PPE
37.1
12.1
Acquisition of subsidiaries, net of cash acquired
(39.7)
(20.4)
C
Proceeds from disposal of subsidiaries, net of cash disposed
398.2
G
D
Additions due to development of investment property
(346.8)
(322.1)
Net Cash Flow from Investing Activities (2)
(19.3)
(382.2)
Repayment of borrowings
(273.8)
(1,508.8)
E
Proceeds from interest-bearing loans and borrowings
357.5
2,042.1
G
Loan and borrowings granted to related companies, net
(1.9)
(225.0)
F
Transaction costs related to loans and borrowings
(2.4)
(31.7)
G
Distribution of funds to shareholders
(195.6)
Payment of lease liabilities
(0.6)
(0.5)
Net Cash Flow from Financing Activities (3)
(116.8)
276.1
Opening Cash & Cash Equivalents
25.5
46.3
+81.6%
Net Change in Cash & Cash Equivalents (1) + (2) + (3)
16.3
17.5
+7.9%
Cash and cash equivalents reclassified to asset held for sale
Closing Cash & Cash Equivalents
4.5
46.3
63.8
+37.9%
Source: Company information
A Primarily related to deferred taxes on
revaluation result on investment properties
Business requires minimal working capital
to support trade receivables
C Represents asset portfolio sale to Deka in
2018
D Addition to GAV due to ongoing
development of investment properties,
typically recorded at cost, and addition to
land bank (€65.9 MM in 2018 and €52.4
MM in 2019)
E Refinancing of the Czech industrial
portfolio by the €1.9 Bn syndicate loan
facility
2018 and 2019 reflect the impact from
corporate restructuring process which has
now been completed
Distribution of funds in 2018 and 2019 to
facilitate consolidation of 100% ownership
in CTP by Remon Vos
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