Cash flow Grand City Properties S.A.

Equities

GYC

LU0775917882

Real Estate Development & Operations

Market Closed - Xetra Other stock markets 16:35:18 13/02/2026 GMT			5-day change	1st Jan Change
10.24 ^EUR	-0.39%		+4.81%	+4.07%

01-28	DIW Expects Turnaround in Construction Sector - Hope for Apartment Seekers	DP
01-26	GRAND CITY PROPERTIES : Berenberg keeps its Buy rating	ZD

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Published financial data: GRAND CITY PROPERTIES S.A.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Rental Revenues	535M	525M	583M	608M	597M
Other Revenues, Total	3.57M	3.95M	-	-	-
Total Revenues	539M	529M	583M	608M	597M
Property Expenses	226M	218M	266M	279M	254M
Selling General & Admin Expenses, Total	10.72M	11.14M	10.69M	10.91M	10.63M
Depreciation & Amortization - (IS) - (Collected)	5.04M	8.24M	10.49M	9.32M	6.31M
Total Operating Expenses	242M	237M	287M	299M	271M
Operating Income (REIT / Utility Template)	297M	291M	295M	308M	326M
Interest Expense, Total	-52.76M	-46.45M	-46.91M	-56.81M	-58.84M
Net Interest Expenses	-52.76M	-46.45M	-46.91M	-56.81M	-58.84M
Other Non Operating Income (Expenses)	-	-	-	-176M	-11.24M
EBT, Excl. Unusual Items	244M	245M	248M	75.56M	256M
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) on Sale of Assets	53.68M	63.69M	2.72M	-8.64M	-5.53M
Asset Writedown	290M	631M	115M	-881M	49.56M
Other Unusual Items	-45.67M	-149M	-137M	90M	-
EBT, Incl. Unusual Items	542M	791M	229M	-724M	300M
Income Tax Expense	92.65M	174M	49.65M	-86.39M	58.18M
Earnings From Continuing Operations	449M	617M	179M	-638M	242M
Net Income to Company	449M	617M	179M	-638M	242M
Minority Interest	-54M	-68.52M	-25.14M	124M	-3.14M
Net Income - (IS)	395M	549M	154M	-514M	239M
Preferred Dividend and Other Adjustments	32.85M	25.04M	24.75M	33.7M	42.36M
Net Income to Common Incl Extra Items	362M	524M	129M	-548M	197M
Net Income to Common Excl. Extra Items	362M	524M	129M	-548M	197M
Per Share Items
Net EPS - Basic	2.13	3.12	0.77	-3.18	1.14
Basic EPS - Continuing Operations	2.13	3.12	0.77	-3.18	1.14
Basic Weighted Average Shares Outstanding	170M	168M	168M	172M	173M
Net EPS - Diluted	2.01	2.9	0.76	-3.18	1.14
Diluted EPS - Continuing Operations	2.01	2.9	0.76	-3.18	1.14
Diluted Weighted Average Shares Outstanding	182M	182M	172M	172M	173M
Normalized Basic EPS	0.58	0.5	0.77	0.99	0.91
Normalized Diluted EPS	0.54	0.46	0.76	0.99	0.91
Dividend Per Share	0.82	0.83	-	-	-
Payout Ratio	17.97	9.79	36.59	-	-
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	300M	299M	306M	318M	333M
EBITA	297M	295M	300M	314M	328M
EBIT	297M	291M	295M	308M	326M
Effective Tax Rate - (Ratio)	17.1	21.98	21.71	11.92	19.37
Current Foreign Taxes	-	-	-	-	-
Total Current Taxes	15.92M	25.01M	24.38M	26.11M	41.28M
Deferred Foreign Taxes	-	-	-	-	-
Total Deferred Taxes	61.27M	135M	10.53M	-127M	16.9M
Normalized Net Income	98.49M	84.41M	130M	171M	157M
Interest on Long-Term Debt	78.55M	72.54M	68.12M	75.89M	73.97M
Supplemental Operating Expense Items
General and Administrative Expenses	10.72M	11.14M	10.69M	10.91M	10.63M
Maintenance & Repair Expenses, Total	27.28M	22.45M	21.72M	22.19M	22.95M
Stock-Based Comp., G&A Exp. (Total)	-	-	-	-	-
Stock-Based Comp., Other (Total)	1.56M	3.16M	2.57M	1.86M	2.33M
Total Stock-Based Compensation	1.56M	3.16M	2.57M	1.86M	2.33M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	8.03B	9.41B	9.62B	8.71B	8.72B
Accumulated Depreciation	-12.23M	-16.62M	-22.18M	-26.22M	-30.73M
Net Property Plant And Equipment	8.02B	9.4B	9.6B	8.69B	8.69B
Total Real Estate Assets	8.02B	9.4B	9.6B	8.69B	8.69B
Cash And Equivalents	1.41B	895M	325M	1.13B	1.37B
Accounts Receivable, Total	34.63M	37.76M	35.14M	43.17M	-
Other Receivables	45.71M	34.41M	32.35M	48.52M	79.21M
Investment In Debt and Equity Securities	29.13M	199M	82.03M	84.1M	103M
Goodwill	-	-	-	-	-
Other Intangibles, Total	13.91M	14.72M	11M	5.79M	4.78M
Other Current Assets, Total	492M	500M	639M	518M	608M
Trading Asset Securities, Total	280M	212M	102M	101M	141M
Deferred Tax Assets Long-Term (Collected)	50.66M	51.41M	53.77M	65.99M	84.42M
Other Long-Term Assets, Total	489M	223M	255M	235M	137M
Total Assets	10.87B	11.56B	11.13B	10.92B	11.22B
Liabilities
Current Portion of Long-Term Debt	9.67M	5.18M	4.51M	9.81M	12.22M
Short-Term Borrowings	137M	450M	-	289M	258M
Long-Term Debt	4.07B	4B	3.93B	4.13B	4.16B
Long-Term Leases	55.1M	58.7M	57.42M	105M	118M
Accounts Payable, Total	38.32M	40.83M	55.31M	60.2M	75.03M
Current Income Taxes Payable	13.45M	18.54M	17.49M	17.01M	18.27M
Unearned Revenue, Current	151M	143M	155M	185M	188M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	77.62M	116M	76.42M	92.72M	153M
Unearned Revenue Non Current	-	-	-	-	-
Deferred Tax Liability Non-Current	634M	760M	789M	662M	692M
Other Non Current Liabilities	128M	172M	132M	134M	125M
Total Liabilities	5.31B	5.76B	5.22B	5.69B	5.8B
Common Stock, Total	17.19M	17.62M	17.62M	17.62M	17.62M
Additional Paid In Capital	439M	444M	322M	323M	323M
Retained Earnings	3.26B	3.78B	3.83B	3.28B	3.44B
Treasury Stock	-	-248M	-83.87M	-83.23M	-1.92M
Comprehensive Income and Other	1.31B	1.19B	1.16B	1.17B	1.13B
Total Common Equity	5.02B	5.19B	5.25B	4.71B	4.91B
Minority Interest	535M	615M	666M	516M	502M
Total Equity	5.55B	5.8B	5.91B	5.23B	5.41B
Total Liabilities And Equity	10.87B	11.56B	11.13B	10.92B	11.22B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	172M	165M	172M	172M	176M
ECS Total Common Shares Outstanding	172M	165M	172M	172M	176M
Book Value / Share	29.21	24.01	23.33	20.18	21.01
Tangible Book Value	5.01B	5.17B	5.24B	4.71B	4.91B
Tangible Book Value Per Share	29.13	23.92	23.27	20.14	20.99
Total Debt	4.27B	4.51B	3.99B	4.54B	4.55B
Net Debt	2.58B	3.4B	3.57B	3.31B	3.04B
Minority Interest, Total (Incl. Fin. Div)	535M	615M	666M	516M	502M
Equity Method Investments, Total	108M	-	-	-	-
Account Code - Inventory Valuation	3	3	3	3	3
Inventories - Finished Goods, Total	16.46M	-	-	-	-
Buildings, Total	8.01B	9.34B	9.53B	8.63B	8.63B
Machinery, Total	25.76M	72.24M	88.39M	34.39M	39.15M
Full Time Employees	882	809	810	606	614
Assets under Capital Lease - Gross	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	395M	549M	154M	-514M	239M
Depreciation, Depletion & Amortization	2.86M	4.38M	5.57M	4.04M	4.51M
Amortization of Goodwill and Intangible Assets - (CF)	-	3.85M	4.92M	5.28M	1.8M
Total Depreciation, Depletion & Amortization	2.86M	8.24M	10.49M	9.32M	6.31M
Amortization of Deferred Charges, Total	2.18M	-	-	-	-
(Gain) Loss On Sale of Asset - (CF)	-53.68M	-63.69M	-2.72M	8.64M	5.53M
(Gain) Loss on Sale of Investments - (CF)	19.88M	123M	116M	67.02M	-3.88M
Total Asset Writedown	-290M	-631M	-115M	881M	-49.56M
(Income) Loss On Equity Investments - (CF)	-3.57M	-3.95M	-	-	-
Stock-Based Compensation (CF)	1.56M	3.16M	2.57M	1.86M	2.33M
Change in Accounts Receivable	-	-	-	-	-
Change In Inventories	-	-	-	-	-
Change in Accounts Payable	-	-	-	-	-
Change in Other Net Operating Assets (Collected)	-29.44M	-44.83M	-61.13M	-38.01M	-9.9M
Other Operating Activities	197M	278M	112M	-167M	94.63M
Cash from Operations	242M	217M	216M	249M	284M
Acquisition of Real Estate Assets, Total	-513M	-489M	-264M	-117M	-112M
Sale of Real Estate Assets, Total	12.85M	14.99M	18.48M	166M	77.45M
Net Sale / Acquisition of Real Estate Assets	-500M	-474M	-245M	48.93M	-34.5M
Cash Acquisitions	-	-	-	-	-
Divestitures	-	-	-	-	-
Purchase / Sale of Intangible Assets	-	-	-1.21M	-73K	-
Investment in Marketable and Equity Securities, Total	108M	275M	78.62M	98.94M	86.52M
Cash from Investing	-392M	-198M	-168M	148M	52.02M
Long-Term Debt Issued, Total	581M	1.15B	-	584M	550M
Total Debt Issued	581M	1.15B	-	584M	550M
Long-Term Debt Repaid, Total	-21.43M	-1.22B	-486M	-87.75M	-512M
Total Debt Repaid	-21.43M	-1.22B	-486M	-87.75M	-512M
Issuance of Common Stock	207M	17.1M	-	-	43.48M
Repurchase of Common Stock	-	-380M	-24.75M	-24.75M	-93.76M
Common Dividends Paid	-71.01M	-53.72M	-56.34M	-	-
Common & Preferred Stock Dividends Paid	-71.01M	-53.72M	-56.34M	-	-
Other Financing Activities, Total	-44.7M	-50.21M	-49.34M	-66.06M	-80.62M
Cash from Financing	651M	-537M	-617M	405M	-93.37M
Foreign Exchange Rate Adjustments	-3.13M	2.08M	-1.06M	-29K	952K
Miscellaneous Cash Flow Adjustments	171K	-216K	-1.16M	1.76M	-376K
Net Change in Cash	498M	-517M	-571M	804M	244M
Supplemental Items
Cash Interest Paid	51.34M	-	47.34M	49.04M	65.01M
Cash Income Tax Paid (Refund)	28.18M	36.7M	30.85M	32.23M	40.65M
Net Debt Issued / Repaid	559M	-70.69M	-486M	496M	37.53M
Levered Free Cash Flow	4.88M	194M	14.61M	313M	175M
Unlevered Free Cash Flow	37.86M	223M	43.93M	349M	212M
Change In Net Working Capital	147M	-38.35M	149M	-147M	-2.29M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	1.79	1.62	1.63	1.75	1.84
Return on Total Capital	1.99	1.81	1.82	1.96	2.07
Return On Equity %	8.54	10.87	3.06	-11.45	4.55
Return on Common Equity	7.59	10.26	2.48	-10.99	4.08
Margin Analysis
Gross Profit Margin %	57.98	58.75	54.29	54.08	57.5
SG&A Margin	1.99	2.11	1.84	1.79	1.78
EBITDA Margin %	55.59	56.64	52.45	52.29	55.72
EBITA Margin %	55.06	55.81	51.5	51.63	54.97
EBIT Margin %	55.06	55.08	50.65	50.76	54.67
Income From Continuing Operations Margin %	83.32	116.74	30.75	-104.99	40.56
Net Income Margin %	73.3	103.78	26.43	-84.54	40.03
Net Avail. For Common Margin %	67.2	99.04	22.18	-90.09	32.93
Normalized Net Income Margin	18.27	15.97	22.31	28.22	26.3
Levered Free Cash Flow Margin	0.91	36.76	2.51	51.56	29.4
Unlevered Free Cash Flow Margin	7.02	42.25	7.54	57.41	35.56
Asset Turnover
Asset Turnover	0.05	0.05	0.05	0.06	0.05
Fixed Assets Turnover	0.07	0.06	0.06	0.07	0.07
Receivables Turnover (Average Receivables)	16.51	14.49	15.98	15.52	-
Inventory Turnover (Average Inventory)	14.08	-	-	-	-
Short Term Liquidity
Current Ratio	5.3	2.17	3.67	2.82	3.12
Quick Ratio	4.15	1.53	1.6	2.02	2.26
Operating Cash Flow to Current Liabilities	0.57	0.28	0.7	0.38	0.4
Days Sales Outstanding (Average Receivables)	22.17	25.18	22.84	23.51	-
Days Outstanding Inventory (Average Inventory)	25.99	-	-	-	-
Average Days Payable Outstanding	62.1	-	65.89	75.54	97.54
Cash Conversion Cycle (Average Days)	-13.94	-	-	-	-
Long Term Solvency
Total Debt/Equity	76.84	77.7	67.51	86.76	84.1
Total Debt / Total Capital	43.45	43.73	40.3	46.45	45.68
LT Debt/Equity	74.19	69.87	67.44	81.04	79.1
Long-Term Debt / Total Capital	41.95	39.32	40.26	43.4	42.97
Total Liabilities / Total Assets	48.88	49.81	46.87	52.1	51.74
EBIT / Interest Expense	5.62	6.27	6.29	5.43	5.55
EBITDA / Interest Expense	5.68	6.45	6.51	5.59	5.65
(EBITDA - Capex) / Interest Expense	5.54	6.27	6.44	5.55	5.61
Total Debt / EBITDA	14.25	15.06	13.07	14.28	13.69
Net Debt / EBITDA	8.6	11.36	11.67	10.41	9.13
Total Debt / (EBITDA - Capex)	14.61	15.49	13.21	14.39	13.8
Net Debt / (EBITDA - Capex)	8.82	11.69	11.8	10.49	9.21
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-3.81	-1.93	10.2	4.33	-1.76
Gross Profit, 1 Yr. Growth %	1.8	-0.64	1.84	3.94	4.45
EBITDA, 1 Yr. Growth %	1.88	-0.8	2.05	4.01	4.69
EBITA, 1 Yr. Growth %	1.72	-1.32	1.68	4.6	4.6
EBIT, 1 Yr. Growth %	1.72	-1.89	1.34	4.55	5.8
Earnings From Cont. Operations, 1 Yr. Growth %	-8.98	37.41	-70.98	-456.26	-137.95
Net Income, 1 Yr. Growth %	-10.2	38.85	-71.93	-433.72	-146.51
Diluted EPS Before Extra, 1 Yr. Growth %	-12.25	44.09	-73.94	-519.91	-135.86
Normalized Net Income, 1 Yr. Growth %	-2.27	-14.29	53.94	287.69	-31.05
Net Property, Plant and Equip., 1 Yr. Growth %	0.64	17.15	2.14	-9.47	0.01
Inventory, 1 Yr. Growth %	4.76	-	-	-	-
Accounts Receivable, 1 Yr. Growth %	14.57	9.06	-6.95	22.85	-
Total Assets, 1 Yr. Growth %	10.3	6.41	-3.72	-1.92	2.75
Common Equity, 1 Yr. Growth %	10.99	3.34	1.17	-10.18	4.21
Tangible Book Value, 1 Yr. Growth %	11.05	3.34	1.25	-10.1	4.23
Cash From Operations, 1 Yr. Growth %	-2.94	-10.36	-0.44	15.4	14.05
Capital Expenditures, 1 Yr. Growth %	4.09	13.37	-10.3	-25.62	6.51
Levered Free Cash Flow, 1 Yr. Growth %	-97.57	3.88K	-92.48	2.05K	-44
Unlevered Free Cash Flow, 1 Yr. Growth %	-83.5	489.95	-80.33	694.23	-39.16
Dividend Per Share, 1 Yr. Growth %	-0.07	1.31	-	-	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-0.7	-2.88	3.96	7.23	1.24
Gross Profit, 2 Yr. CAGR %	4.95	0.57	0.59	2.88	4.2
EBITDA, 2 Yr. CAGR %	4.34	0.9	0.62	3.03	4.35
EBITA, 2 Yr. CAGR %	4.22	0.56	0.17	3.13	4.6
EBIT, 2 Yr. CAGR %	4.22	-0.1	-0.29	2.93	5.18
Earnings From Cont. Operations, 2 Yr. CAGR %	-12.24	11.84	-36.85	1.69	16.27
Net Income, 2 Yr. CAGR %	-12.74	11.66	-37.57	-3.22	24.59
Diluted EPS Before Extra, 2 Yr. CAGR %	-14.6	12.44	-38.72	4.62	22.72
Normalized Net Income, 2 Yr. CAGR %	12.44	-8.48	14.86	42.53	88.42
Net Property, Plant and Equip., 2 Yr. CAGR %	5.25	8.58	9.39	-3.84	-4.85
Inventory, 2 Yr. CAGR %	-0.5	-	-	-	-
Accounts Receivable, 2 Yr. CAGR %	12.71	11.78	0.74	6.92	-
Total Assets, 2 Yr. CAGR %	10.74	8.33	1.21	-2.82	0.39
Common Equity, 2 Yr. CAGR %	8.58	7.1	2.25	-4.67	-3.25
Tangible Book Value, 2 Yr. CAGR %	8.62	7.12	2.29	-4.6	-3.2
Cash From Operations, 2 Yr. CAGR %	3.85	-6.73	-5.53	7.19	14.73
Capital Expenditures, 2 Yr. CAGR %	7.04	8.63	-32.87	-18.32	-10.99
Levered Free Cash Flow, 2 Yr. CAGR %	-61.07	-1.74	72.95	26.99	246.63
Unlevered Free Cash Flow, 2 Yr. CAGR %	-21.18	-1.33	7.72	24.98	119.83
Dividend Per Share, 2 Yr. CAGR %	3.16	0.62	-	-	-
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.31	-1.11	1.3	4.08	4.14
Gross Profit, 3 Yr. CAGR %	5.92	3.06	0.99	1.7	3.4
EBITDA, 3 Yr. CAGR %	5.71	2.85	1.28	1.74	3.58
EBITA, 3 Yr. CAGR %	5.6	2.59	0.93	1.63	3.62
EBIT, 3 Yr. CAGR %	5.6	2.15	0.38	1.3	3.88
Earnings From Cont. Operations, 3 Yr. CAGR %	-11.1	1.91	-28.66	12.42	-26.79
Net Income, 3 Yr. CAGR %	-10.92	1.87	-29.53	9.15	-24.19
Diluted EPS Before Extra, 3 Yr. CAGR %	-12.98	1.67	-30.93	16.4	-26.78
Normalized Net Income, 3 Yr. CAGR %	23.68	2.71	8.84	20.31	22.99
Net Property, Plant and Equip., 3 Yr. CAGR %	7.88	9.08	6.39	2.7	-2.57
Inventory, 3 Yr. CAGR %	12.23	-	-	-	-
Accounts Receivable, 3 Yr. CAGR %	7.46	11.48	5.15	7.62	-
Total Assets, 3 Yr. CAGR %	13.11	9.28	4.16	0.16	-1
Common Equity, 3 Yr. CAGR %	12.93	6.81	5.09	-2.07	-1.8
Tangible Book Value, 3 Yr. CAGR %	12.94	6.83	5.13	-2.02	-1.74
Cash From Operations, 3 Yr. CAGR %	6.18	-1.12	-4.67	0.99	9.43
Capital Expenditures, 3 Yr. CAGR %	8.16	9.11	-22.3	-30.53	-10.76
Levered Free Cash Flow, 3 Yr. CAGR %	-66.66	82.01	-58.29	300.36	-3.34
Unlevered Free Cash Flow, 3 Yr. CAGR %	-37.74	54.18	-42.36	109.66	-1.68
Dividend Per Share, 3 Yr. CAGR %	4.09	2.54	-	-	-
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	10.08	3.59	2.96	2.14	1.28
Gross Profit, 5 Yr. CAGR %	11.43	5.81	3.76	2.99	2.26
EBITDA, 5 Yr. CAGR %	11.2	5.79	3.79	2.92	2.5
EBITA, 5 Yr. CAGR %	11.17	5.61	3.54	2.81	2.38
EBIT, 5 Yr. CAGR %	11.17	5.33	3.2	2.46	2.27
Earnings From Cont. Operations, 5 Yr. CAGR %	2.67	-1.13	-22.46	1.82	-13.27
Net Income, 5 Yr. CAGR %	1.96	-0.59	-22.73	-0.2	-11.49
Diluted EPS Before Extra, 5 Yr. CAGR %	-3.01	-2.23	-24.37	2.84	-13.07
Normalized Net Income, 5 Yr. CAGR %	11.88	23.27	20.08	17.1	9.28
Net Property, Plant and Equip., 5 Yr. CAGR %	15.79	14.48	8.48	3.71	1.74
Inventory, 5 Yr. CAGR %	6.74	-	-	-	-
Accounts Receivable, 5 Yr. CAGR %	11.72	11.95	4.72	9.63	-
Total Assets, 5 Yr. CAGR %	18.3	13.44	8.19	4.26	2.63
Common Equity, 5 Yr. CAGR %	19.85	12.58	8.53	2.06	1.67
Tangible Book Value, 5 Yr. CAGR %	19.85	12.6	8.55	2.1	1.71
Cash From Operations, 5 Yr. CAGR %	8.99	1.52	1.33	2.12	2.66
Capital Expenditures, 5 Yr. CAGR %	14.93	20.42	-10.63	-17.42	-17.96
Levered Free Cash Flow, 5 Yr. CAGR %	-39.11	34.36	-35.59	57.6	-2.7
Unlevered Free Cash Flow, 5 Yr. CAGR %	-12.65	27.2	-22.48	41.76	-1.54
Dividend Per Share, 5 Yr. CAGR %	26.92	4.09	-	-	-