Investor Presentaiton
Group Financial Results for the year ended 31 December 2020
REMU: Asset disposal strategy tackles both value and volume of assets
REMU stock broadly flat at c.€1.5 bn
Group BV (€ mn)
1,641
c. €1.1 bn REMU sales (Book Value) since 2017
Group BV (€ mn)
1,530
1,490
1,467
1,457
92
93
177
158
Greece & Romania
Residential
293
314
Commercial properties
24
24
Hotels
619
606
Land & plots
262
262
Golf
Dec
2017
Dec
Dec
Sep
Dec
2018
2019
2020
20201
€91 mn sales in FY2020, comfortably above Book Value
Sales contract prices 2 - Organic (€ mn)
(1,073)
1,289
1,427
(127)
1,457
(59)
1 Jan 2017
Additions³
3
Sales
Impairment
loss
& FV loss
Transfer to 31 Dec 20201
HFS 4
•
FY2020 sales impacted by 1H2020 lockdown
Asset disposals across all property classes
111%
85%
106%
84%
15
91
50
26
Commercial
Residential
Land
Net Proceeds / BV
113%
110%
Gross Proceeds / OMV
83%
89%
•
Visible pipeline for €53 mn (SPAs signed) as at 31 Dec
2020
•
Offers accepted for €28 mn as at 31 Dec 2020
Total Sales
FY2020
1)
In addition to assets held by REMU, properties classified as "Investment properties" with carrying value of €21 mn as at 31 December
2020 relate to legacy properties
3)
Additions include €21 mn transfer from own properties
4)
2)
Amounts as per Sales purchase Agreements (SPAs)
Stock of property with a carrying value of €59 mn as at 31 December 2020 was transferred to non-current assets and disposal groups
held for sale as it was included in the Helix 2 (both portfolios A & B)
Bank of Cyprus Holdings
37View entire presentation