Home - Lar España in 2018

Key performance indicators

a) Performance of main economic and financial result

Rental income obtained at the close of the financial year was 77,841 thousand Euros, 94% of which was rental income from retail assets, whilst EBITDA amounted to 54,465 thousand Euros. This, combined with the revaluation of the assets held in our portfolio, gave a net profit figure of 129,308 thousand Euros.

Performance throughout the course of 2018 is shown in the following figure (amounts shown in thousands of euros):

b) Performance of main EPRA indicators

As regards the performance of EPRA Yields during 2018 and their comparison with the Reversionary NIY, one can see the notable profitability of Lar España’s portfolio and the potential growth that the company could still obtain, thanks to the active management of the portfolio.


Million €
Rental Income

EPRA Topped-up NIY

Retail 31.12.18

The EPRA Vacancy ratio fell during the year as the result of active and efficient sales and letting activity, standing at 6.8% at the close of 2018, despite of several refurbishment projects being implemented during he period.

The following figure shows the performance of the company’s EPRA NAV, which indicates the value creation achieved during the course of 2018. At 31 December 2018, the EPRA NAV stood at 1,036,683 thousand Euros (11.14 €/share), an increase of 8.5% on the previous year


EPRA Vacancy
Retail 31.12.18

per share 31.12.18

11.14 €/share

+8.5% vs. 31.12.17

The following graph shows the change in the operating income figure (EPRA Earnings), which at the close of 2018 stood at 29,240 thousand Euros. This is mainly due to the efficient management of the assets held in the portfolio, along with some excellent sales and letting work.

The performance of the EPRA Cost Ratio over the course of the year demonstrates Lar España’s efficiency in reducing the costs associated with operational management:

c) Major operative milestones evolution

The performance of the key retail indicators in 2018 is detailed below. Lar España booked total sales in the shopping centres of 708.4 million Euros, driven by the growing number of people visiting our shopping centres (63.0 million visits). A total of 38,723 sqm has been rotated..