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).
II. Consolidated Financial Statements 31.12.2018 (IFRS)
III. 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:
IV. 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.
Shareholder Rate of Return 13.24%
V. 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: 0.80€/share +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 7.5%
Dividend Yield over market capitalization (31.12.18) 10.7%
VI. Share price information and performance
Lar España share price performance vs Ibex 35 and EPRA Index (January-December 2018)