PRODEA REAL ESTATE INVESTMENT COMPANY SOCIÉTÉ ANONYME

Cash flow Prodea Real Estate Investment Company Société Anonyme

Equities

PRODEA

GRS509003018

Commercial REITs

Market Closed - Athens S.E. Other stock markets 15:10:02 12/09/2024 BST			5-day change	1st Jan Change
7.150 ^EUR	0.00%		0.00%	-2.72%

04-24	Prodea Real Estate Investment Company Société Anonyme Reports Earnings Results for the Full Year Ended December 31, 2023	CI
01-24	Prodea Real Estate Investment Company Société Anonyme completed the acquisition of additional 55% majority stake in MHV Mediterranean Hospitality Venture Plc from Ascetico Limited for approximately ?250 million.	CI

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Published financial data: PRODEA REAL ESTATE INVESTMENT COMPANY SOCIÉTÉ ANONYME

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Rental Revenues	175M	134M	134M	187M	169M
Other Revenues, Total	331K	3.9M	20.22M	928K	-131K
Total Revenues	175M	138M	154M	188M	169M
Property Expenses	27.73M	17.9M	27.65M	28.12M	30.31M
Selling General & Admin Expenses, Total	1.11M	1.17M	1.01M	1.65M	1.85M
Depreciation & Amortization - (IS) - (Collected)	3.55M	464K	556K	549K	505K
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Provision for Bad Debts	-	-	-	1.53M	1.59M
Other Operating Expenses	13.7M	16.52M	15.21M	14.13M	13.12M
Total Operating Expenses	46.09M	36.07M	44.43M	45.99M	47.37M
Operating Income (REIT / Utility Template)	129M	102M	110M	142M	121M
Interest Expense, Total	-27.38M	-26.48M	-29.26M	-37.56M	-66.36M
Interest and Investment Income	23K	2.42M	882K	529K	-
Net Interest Expenses	-27.36M	-24.06M	-28.38M	-37.03M	-66.36M
Currency Exchange Gains (Loss)	-156K	-118K	-120K	16K	104K
Other Non Operating Income (Expenses)	-3.27M	-4.84M	-5.1M	-3.67M	-13.26M
EBT, Excl. Unusual Items	98.51M	72.72M	76.39M	101M	41.84M
Total Merger & Related Restructuring Charges	-840K	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) on Sale of Investments	-2.03M	-1.89M	-	-	-
Gain (Loss) on Sale of Assets	19.12M	4.75M	197K	1.37M	5.89M
Asset Writedown	177M	-7.57M	96.72M	18.57M	36.43M
Other Unusual Items	21.95M	-2.8M	4.99M	3.52M	-166K
EBT, Incl. Unusual Items	313M	65.21M	178M	125M	83.99M
Income Tax Expense	14.44M	2.26M	3.22M	861K	10.16M
Earnings From Continuing Operations	299M	62.95M	175M	124M	73.83M
Earnings Of Discontinued Operations	-	-9.21M	6.61M	-	-
Net Income to Company	299M	53.73M	182M	124M	73.83M
Minority Interest	-5.01M	3.84M	-3.8M	4.88M	13.25M
Net Income - (IS)	294M	57.58M	178M	129M	87.08M
Net Income to Common Incl Extra Items	294M	57.58M	178M	129M	87.08M
Net Income to Common Excl. Extra Items	294M	66.79M	171M	129M	87.08M
Per Share Items
Net EPS - Basic	1.15	0.23	0.7	0.5	0.34
Basic EPS - Continuing Operations	1.15	0.26	0.67	0.5	0.34
Basic Weighted Average Shares Outstanding	255M	255M	255M	255M	255M
Net EPS - Diluted	1.15	0.23	0.7	0.5	0.34
Diluted EPS - Continuing Operations	1.15	0.26	0.67	0.5	0.34
Diluted Weighted Average Shares Outstanding	255M	255M	255M	255M	255M
Normalized Basic EPS	0.22	0.19	0.17	0.27	0.15
Normalized Diluted EPS	0.22	0.19	0.17	0.27	0.15
Dividend Per Share	0.61	0.35	0.28	0.26	0.25
Payout Ratio	44.68	194.08	46.51	56.08	76.1
Supplemental Items
EBITDA	132M	102M	111M	142M	122M
EBITA	130M	102M	110M	142M	121M
EBIT	129M	102M	110M	142M	121M
Total Revenues (As Reported)	175M	134M	134M	187M	169M
Effective Tax Rate - (Ratio)	4.61	3.47	1.81	0.69	12.1
Total Current Taxes	7.73M	2.05M	2.09M	3.59M	11.98M
Total Deferred Taxes	6.1M	-154K	718K	-3.18M	-2.6M
Normalized Net Income	56.56M	49.29M	43.94M	68.11M	39.4M
Non-Cash Pension Expense	4K	3K	-	1K	4K
Supplemental Operating Expense Items
Advertising Expense	789K	620K	670K	926K	1.21M
Selling and Marketing Expenses	789K	620K	670K	926K	1.21M
General and Administrative Expenses	317K	554K	336K	726K	639K
Maintenance & Repair Expenses, Total	652K	453K	868K	910K	2.22M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Gross Property Plant And Equipment	2.21B	1.93B	2.29B	2.5B	2.33B
Accumulated Depreciation	-6.53M	-823K	-1.35M	-1.88M	-2.38M
Net Property Plant And Equipment	2.2B	1.93B	2.29B	2.5B	2.32B
Total Real Estate Assets	2.2B	1.93B	2.29B	2.5B	2.32B
Cash And Equivalents	71.17M	105M	305M	183M	198M
Accounts Receivable, Total	68.52M	63.19M	56.25M	29.06M	15.96M
Other Receivables	12.66M	12.41M	37.37M	31.67M	14.86M
Investment In Debt and Equity Securities	-	-	-	14.77M	7.85M
Goodwill	1.83M	0	-	-	-
Other Intangibles, Total	12.64M	51K	17K	20K	112K
Restricted Cash	-	-	-	14K	5.16M
Other Current Assets, Total	35.73M	303M	43.07M	70.81M	139M
Deferred Tax Assets Long-Term (Collected)	-	-	-	-	-
Other Long-Term Assets, Total	24.92M	36.51M	125M	182M	282M
Total Assets	2.43B	2.45B	2.86B	3.01B	2.99B
Liabilities
Current Portion of Long-Term Debt	36.04M	603M	203M	129M	366M
Current Portion of Leases	803K	90K	92K	118K	120K
Short-Term Borrowings	4K	-	-	-	-
Long-Term Debt	840M	299M	1.05B	1.22B	962M
Accounts Payable, Total	11.57M	6.71M	26.22M	26.45M	21.92M
Accrued Expenses, Total	8.37M	10.14M	8.67M	9.06M	15.96M
Current Income Taxes Payable	1.21M	1.07M	1.39M	2.47M	6.92M
Unearned Revenue, Current	9.52M	4.39M	5.02M	4.27M	4.25M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	14.07M	102M	15.38M	29.45M	6.99M
Unearned Revenue Non Current	-	-	-	-	-
Pension & Other Post Retirement Benefits	276K	323K	149K	162K	135K
Deferred Tax Liability Non-Current	28.59M	13.35M	14.1M	10.89M	8.29M
Other Non Current Liabilities	15.96M	6.13M	6.58M	7.19M	10.14M
Total Liabilities	967M	1.05B	1.33B	1.44B	1.4B
Common Stock, Total	766M	766M	692M	692M	692M
Additional Paid In Capital	15.89M	15.89M	15.89M	15.89M	15.89M
Retained Earnings	320M	266M	363M	406M	524M
Comprehensive Income and Other	316M	317M	325M	352M	260M
Total Common Equity	1.42B	1.37B	1.4B	1.47B	1.49B
Minority Interest	42.46M	37.61M	130M	108M	93.13M
Total Equity	1.46B	1.4B	1.53B	1.57B	1.59B
Total Liabilities And Equity	2.43B	2.45B	2.86B	3.01B	2.99B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	255M	255M	255M	255M	255M
ECS Total Common Shares Outstanding	255M	255M	255M	255M	255M
Book Value / Share	5.55	5.35	5.46	5.74	5.84
Tangible Book Value	1.4B	1.37B	1.4B	1.47B	1.49B
Tangible Book Value Per Share	5.5	5.35	5.46	5.74	5.84
Total Debt	877M	902M	1.25B	1.35B	1.33B
Net Debt	806M	797M	949M	1.17B	1.13B
Debt Equivalent of Unfunded Proj. Benefit Obligation	276K	323K	-	162K	135K
Minority Interest, Total (Incl. Fin. Div)	42.46M	37.61M	130M	108M	93.13M
Equity Method Investments, Total	11.01M	16M	105M	157M	161M
Account Code - Inventory Valuation	6	6	6	3	3
Inventories - Raw Materials, Total	820K	-	-	-	-
Inventories - Work In Process, Total	25.96M	-	37.96M	16.63M	28.64M
Inventories - Finished Goods, Total	9.71M	-	-	-	-
Land - (BS)	107M	9.38M	9.53M	9.56M	9.74M
Machinery, Total	8.32M	1.71M	1.76M	1.81M	1.84M
Full Time Employees	689	607	42	48	55
Accumulated Allowance for Doubtful Accounts (Supple)	-	-	2.73M	3.88M	4.54M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	294M	57.58M	178M	129M	87.08M
Depreciation, Depletion & Amortization	2.73M	464K	556K	532K	505K
Amortization of Goodwill and Intangible Assets - (CF)	768K	-	-	-	-
Total Depreciation, Depletion & Amortization	3.5M	464K	556K	532K	505K
Amortization of Deferred Charges, Total	54K	-	-	17K	-
(Gain) Loss On Sale of Asset - (CF)	-19.12M	-4.75M	-197K	-1.37M	-5.89M
(Gain) Loss on Sale of Investments - (CF)	1.97M	2.15M	205K	-2.44M	7.29M
Total Asset Writedown	-174M	5.27M	-96.7M	-55.57M	-39.34M
(Income) Loss On Equity Investments - (CF)	-	-	-20.3M	-928K	131K
Provision and Write-off of Bad Debts	-	-	-	-	-
Change in Accounts Receivable	4.44M	1.62M	2.63M	6.43M	9.31M
Change In Inventories	759K	1.91M	-12.54M	25.94M	-12.23M
Change in Other Net Operating Assets (Collected)	-4.47M	4.33M	-8.72M	-11.03M	-19.7M
Other Operating Activities	-14.62M	2.11M	-1.8M	353K	-5.24M
Net Cash From Discontinued Operations	-	-290K	5.05M	-	-
Cash from Operations	92.89M	70.38M	46.06M	90.58M	21.93M
Acquisition of Real Estate Assets, Total	-20.52M	-57.37M	-59.27M	-177M	-111M
Sale of Real Estate Assets, Total	32.55M	143M	76.2M	4.01M	224M
Net Sale / Acquisition of Real Estate Assets	12.04M	86.04M	16.94M	-173M	113M
Cash Acquisitions	-193M	-505K	-25.05M	-21.65M	-15.97M
Divestitures	-	-	20.65M	45.9M	9.46M
Investment in Marketable and Equity Securities, Total	-10.42M	-1.51M	-42.12M	-9.45M	-4.79M
Other Investing Activities, Total	103K	2.43M	162K	346K	1.57M
Cash from Investing	-192M	86.46M	-29.43M	-157M	103M
Long-Term Debt Issued, Total	660M	155M	608M	303M	169M
Total Debt Issued	660M	155M	608M	303M	169M
Long-Term Debt Repaid, Total	-403M	-80.63M	-343M	-234M	-212M
Total Debt Repaid	-403M	-80.63M	-343M	-234M	-212M
Issuance of Common Stock	-	48K	-	-	-
Repurchase of Common Stock	-	-	-74.09M	-30.78M	-
Common Dividends Paid	-131M	-112M	-82.74M	-72.15M	-66.27M
Common & Preferred Stock Dividends Paid	-131M	-112M	-82.74M	-72.15M	-66.27M
Other Financing Activities, Total	-1.08M	-81.3M	70.36M	-21.2M	-1.11M
Cash from Financing	124M	-119M	179M	-54.42M	-110M
Foreign Exchange Rate Adjustments	-20K	4K	-44K	-128K	-43K
Net Change in Cash	25.39M	37.8M	196M	-121M	15.35M
Supplemental Items
Cash Interest Paid	29.42M	28.03M	28.24M	36.85M	65.64M
Cash Income Tax Paid (Refund)	13.42M	2.56M	2.46M	2.71M	8.45M
Net Debt Issued / Repaid	257M	73.96M	266M	69.71M	-42.58M
Levered Free Cash Flow	10.23M	-138M	225M	85.85M	-24.05M
Unlevered Free Cash Flow	27.35M	-122M	243M	109M	17.42M
Change In Net Working Capital	54.79M	183M	-175M	-20.16M	58.72M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	3.75	2.61	2.59	3.02	2.53
Return on Total Capital	3.86	2.74	2.7	3.11	2.6
Return On Equity %	21.76	4.4	11.95	7.99	4.67
Return on Common Equity	21.73	4.8	12.4	8.99	5.89
Margin Analysis
Gross Profit Margin %	84.19	87.01	82.09	85.03	82.04
SG&A Margin	10.59	9.48	5.7	5.43	6.67
EBITDA Margin %	75.45	74.16	71.59	75.75	72.16
EBITA Margin %	74.16	73.83	71.23	75.52	71.92
EBIT Margin %	73.72	73.83	71.23	75.52	71.92
Income From Continuing Operations Margin %	170.42	45.68	113.38	65.89	43.76
Net Income Margin %	167.57	41.78	115.2	68.48	51.61
Net Avail. For Common Margin %	167.57	48.47	110.92	68.48	51.61
Normalized Net Income Margin	32.25	35.77	28.46	36.26	23.35
Levered Free Cash Flow Margin	5.83	-100.32	145.8	45.7	-14.26
Unlevered Free Cash Flow Margin	15.59	-88.31	157.64	58.2	10.33
Asset Turnover
Asset Turnover	0.08	0.06	0.06	0.06	0.06
Fixed Assets Turnover	0.09	0.07	0.07	0.08	0.07
Receivables Turnover (Average Receivables)	4.65	2.03	2.25	4.38	7.5
Inventory Turnover (Average Inventory)	-	-	-	1.08	1.34
Short Term Liquidity
Current Ratio	2.31	0.67	1.7	1.56	0.88
Quick Ratio	1.87	0.25	1.53	1.21	0.54
Operating Cash Flow to Current Liabilities	1.14	0.1	0.18	0.45	0.05
Days Sales Outstanding (Average Receivables)	78.57	180.01	162.35	83.3	48.66
Days Outstanding Inventory (Average Inventory)	-	-	-	337.12	272.52
Average Days Payable Outstanding	-	-	-	1.02K	208.58
Cash Conversion Cycle (Average Days)	-	-	-	-598.92	112.61
Long Term Solvency
Total Debt/Equity	60.04	64.27	82.14	85.81	83.76
Total Debt / Total Capital