Wrap Text
Unaudited consolidated interim results for the six months ended 30 June 2024
Lighthouse Properties p.l.c.
(Registered in Malta)
(Registration number: C 100848)
ISIN: MU0461N00015
Share code: LTE
LEI: 549300UG27SWRF0X2U62
("Lighthouse" or the "Company" or the "Group")
Unaudited consolidated interim results for the six months ended 30 June 2024
Nature of the business
Lighthouse is domiciled in Malta and is listed on the Main Board of the JSE Limited.
The Group invests in dominant and defensive malls located in large western European
cities with a strong economic underpin and economic growth. A key component of the
Group's strategy is to evolve and adapt malls to cater for the ever-changing
demands of retailers and consumers.
Distributable earnings and commentary on results
The board of directors of Lighthouse (the "Board") has declared an interim
distribution of 1,21660 EUR cents per share for the six months ended 30 June 2024.
The interim distribution represents 100% of the distributable earnings achieved
during 1H2024 and is payable in cash.
Shareholders will have the option to elect a scrip distribution instead of cash.
A circular in this regard will be released in due course.
Unaudited Unaudited
for the for the
six months six months
ended ended
Jun 2024 Jun 2023 Movement
Total revenue (EUR) 41 334 467 38 141 263 3 193 204
Basic earnings from continued
operations per share (EUR cents) 0,82 1,12 (0,30)
Basic earnings from discontinued
operations per share (EUR cents) 0,02 0,72 (0,70)
Total basic earnings per share
(EUR cents) 0,84 1,84 (1,00)
Diluted earnings from continued
operations per share (EUR cents) 0,82 1,12 (0,30)
Diluted earnings from discontinued
operations per share (EUR cents) 0,02 0,72 (0,70)
Total diluted earnings per share
(EUR cents) 0,84 1,84 (1,00)
Headline earnings from continued
operations per share (EUR cents) 0,82 0,40 0,42
Headline earnings from discontinued
operations per share (EUR cents) 0,08 0,09 (0,01)
Total headline earnings per share
(EUR cents) 0,90 0,49 0,41
Diluted headline earnings from continued
operations per share (EUR cents) 0,82 0,40 0,42
Diluted headline earnings from discontinued
operations per share (EUR cents) 0,08 0,09 (0,01)
Total diluted headline earnings per
share (EUR cents) 0,90 0,49 0,41
Total distribution (EUR cents per
share) 1,2166 1,3500 (0,1334)
Interim 1,2166 1,3500 (0,1334)
Final –
Management accounts information:
Net asset value per share (EUR cents) 41,46 40,40 1,06
Loan-to-value (%)# 21,08 14,04 7,04
# The loan-to-value ratio is calculated by dividing the management account values
of gross interest-bearing borrowings, adjusted for the fair value of interest rate
derivatives, restricted cash and cash and cash equivalents by the total of
investments in property, listed equity securities at fair value and investments
at fair value.
Outlook
Lighthouse continues to expand its Iberian portfolio of quality malls with strong
underlying fundamentals. These malls are being acquired at cyclical high yields.
Since FY2023 three malls have been acquired (one in the process of closing) and
management anticipates closing a further acquisition during 4Q2024. The execution
and timing thereof has a material impact on the FY2024 distributable income.
Dominant malls have proven their resilience in recent years and continue
to perform well.
The Board expects a FY2024 distribution of approximately 2,50 EUR cents per share
(subject to the timing of the Alegro Montijo acquisition and there being no
material movements in long-term interest rates).
This forecast statement and the forecasts underlying such statement have not been
reviewed or reported on by the Company's external auditor.
This announcement is the responsibility of the Board and is only a summary of the
information in the 1H2024 results announcement and does not include full or
complete details. The 1H2024 results announcement was released on SENS on
14 August 2024 and can be accessed by visiting the Company's website at
https://www.lighthouse.mt/investors/#financial-reporting or by following
this hyperlink: https://senspdf.jse.co.za/documents/2024/jse/isse/LTEE/1H2024.pdf.
The 1H2024 results announcement is available for inspection at the registered
offices of the Company or its JSE sponsor, at no charge, during office hours
from today, Wednesday, 14 August 2024 to Thursday, 22 August 2024. Any investment
decision should be based on the 1H2024 results announcement published on SENS
and available on the Company's website.
14 August 2024
Directors: Mark Olivier (Chairperson); Stuart Bird; Karen Bodenstein;
Desmond de Beer (Alternate: Nicolaas Hanekom); Anthony Doublet; Stephen Paris;
Justin Muller (CEO)*; Edward Mc Donald (COO)*; Jacobus van Biljon (CFO)*
(*Executive director)
Registered address: 4th Floor, Office 41, Block A, IL-Piazzetta, Tower Road,
Sliema, SLM, 1605, Malta
Transfer secretary in South Africa: JSE Investor Services Proprietary Limited
JSE sponsor: Java Capital, 6th Floor, 1 Park Lane, Wierda Valley, Sandton, 2196
Maltese management company and company secretary: Stonehage Fleming Malta Limited
www.lighthouse.mt
Date: 14-08-2024 07:55:00
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