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Key Indicators

During 2018 Lar España generated revenues of 77,841 thousand Euros and a net profit of 129,308 thousand Euros, being the most relevant figures the following:

(*) For more clarity as regards these figures, see the Consolidated Income of Financial Position

Other Financial Indicators

The Group presents the following financial indicators:

At 31 December 2018, and 31 December 2017, the Group presented ratios related to liquidity (working capital and liquidity ratio) with very high values, showing that the Group has sufficient liquidity and a high safety margin to meet its payments.

At 31 December 2018, the ROE (“Return on Equity”), which measures the Group’s profitability as a percentage of its shareholders equity, amounted to 13.42% (15.77% at 31 December 2017) whilst the ROA (“Return on Assets”), which measures the efficiency of the Group’s total assets regardless of the sources of financing used, i.e. the ability of a company’s assets to generate income, was 8.03% (9.15% at 31 December 2017).

Consolidated Financial Statements 31.12.2018 (IFRS)

Financial debt

At 31 December 2018, Lar España’s debt stood at EUR621.7 million, with an average cost of 2.16%. The net LTV ratio was 28%, complying with the objective of not exceeding 50%, whilst the average debt maturity stood at 5.6 years. The main debt indicators and the amortisation schedule is detailed below:

Shareholder return

The shareholder rate of return in 2018 stood at 13.24%. To calculate the rate of return, we use the growth per share over the financial year, which is the sum of:

  • The variation in the Company’s EPRA NAV per share.
  • Dividend per share distributed during the financial year.

Rate of Return

Proposed shareholder remuneration

In line with the most recent announcement made by Lar España at the Investor Day, the proposed shareholder remuneration will be as follows:

  • 5% of 2018´s average quarterly EPRA NAV: 50 million Euros, aproximately
  • 2018´s average quarterly EPRA NAV amounted to 1,000,715 thousand Euros:
  • Dividend:
    +63% vs. 2017

  • Lagasca99 extraordinary dividend linked to deliveries: 25 million Euros.

As a result, the amount to be put to the General Shareholders Meeting as the proposed shareholder dividend for the financial year ending 31 December 2018 will be 75 million Euros, representing a payment of 0.80 Euros per share.

Dividend Yield over
average NAV

Dividend Yield over
market capitalization

Share price information and performance

Lar España share price performance vs Ibex 35 and EPRA Index (January-December 2018)