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Dimand S.A.
Earnings Release • Apr 3, 2025
2656_rns_2025-04-03_b23e7267-fc49-4fd7-8ce8-2d58002cce51.pdf
Earnings Release
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Maroussi, 03.04.2025
DIMAND – Flash Note of 2024 Financial Results
- Significant increase in the Group's profit before tax attributable to its shareholders: c. €40.0 mn in 2024 vs €17.0 mn in 2023
- Acceleration of the Group's growth rate with an increase of the Group's NAV to c. €180.3 mn as of 31.12.2024 (31.12.2023: €140.0 mn)
- Further strengthening of the capital structure and expansion of the Group's investment activity and pipeline
As of December 31, 2024, following the Group's exits from projects, the total portfolio developed and managed by the Group (Assets under Management - AuM), through the Company, subsidiaries, and joint ventures, consisted of 13 projects in various stages of completion, in urban areas throughout Greece, with uses of offices, residences, logistics, residential and hotel complexes, as well as mixed uses. As of December 31, 2024, the total estimated gross development value (GDV) upon completion amounted to c. €1,023.7 mn (31.12.2023: 20 investment projects with a GDV of c. €1,194.9 mn).
The fair value of the Group's investment properties (incl. inventories) amounted on December 31, 2024, to €141.8 mn vs €167.5 mn as of December 31, 2023, and the fair value of the investments in joint ventures1 amounted on December 31, 2024, to €87.1 mn vs €53.2 mn as of December 31, 2023.
Cash and cash equivalents as of December 31, 2024, amounted to €38.3 mn vs €12.4 mn as of December 31, 2023.
As of December 31, 2024, net borrowings of the Group amounted to €33.6 mn (31.12.2023: €67.0 mn).
| Summary Presentation of Group's Financial Position | ||||
|---|---|---|---|---|
| Amounts in € mn | 31.12.2024 | 31.12.2023 | ||
| Investment property | 141.8 | 117.1 | ||
| Investment property classified as inventories | 0.0 | 50.4 | ||
| Investment in joint ventures1 | 87.1 | 53.2 | ||
| Net Debt 2 | 33.6 | 67.0 | ||
| Total equity attributable to the Company's shareholders |
172.6 | 133.6 |
1 As of December 31, 2023, investments in joint ventures include joint ventures classified as "Assets held for sale" of c. €4 mn.
2 Borrowings less cash and cash equivalents less restricted cash.
Dimand Group operating performance:
In fiscal year 2024, the Group and the Company continued the implementation of their investment plan, through addition as well as sale of properties and the undertaking of new service business.
The most important events of 2024 were the following:
- The commencement of the Piraeus Tower's operation.
- The transfer by Citrus S.M.S.A. (100% subsidiary) to the Black Sea Trade and Development Bank of a property, located on 26th October in Thessalonki, which will house the bank's new headquarters,
- The transfer, as part of the strategic cooperation with Piraeus Bank, of the shares of Iovis S.A. (100% subsidiary), owner of a property at 30 Korai and 4 Stadiou str. in Athens, which (property), following its reconstruction by Dimand, will host the bank's divisions.
- The transfer of 65% of the shares of Ourania Ependitiki S.A., owner of the first largescale, sustainable business park in Northern Greece located at 26th October str. in Thessaloniki.
- The transfer of the shares of Severdor Ltd (100% subsidiary), sole shareholder of Insignio S.M.S.A., owner of the new, state-of-the-art PWC office complex located at 65 Kifissias Avenue in Maroussi.
In addition, the Group's participation in the Skyline investment scheme, one of the largest and most complex real estate transactions in Greece, was completed on 20.12.2024, through which the Company expands its activity to the exploitation of real estate, in collaboration with Alpha Bank, Premia Properties REIC and the European Bank for Reconstruction and Development (EBRD).
As a result, in FY 2024 the Group recorded its strongest operating performance to date, with an increase in profit before tax attributable to the Company's shareholders by 135% from €17.0 mn in 2023 to c. €40.0 mn in 2024.
| Summary Presentation of Group's Financial Results | ||||
|---|---|---|---|---|
| Amounts in € mn | 01.01 - 31.12.2024 | 01.01 - 31.12.2023 | ||
| Revenue | 28.4 | 9.4 | ||
| Operating profit | 23.1 | 18.4 | ||
| EBITDA3 | 58.0 | 19.2 | ||
| Profit before tax attributable to the Company's shareholders |
40.0 | 17.0 | ||
| Profit for the period attributable to the Company's shareholders |
37.0 | 13.2 |
Excluding the non-recurring expenses4 , the adjusted financial results are as follows:
| Amounts in € mn | 01.01 - 31.12.2024 | 01.01 - 31.12.2023 |
|---|---|---|
| Adjusted operating profit | 24.0 | 19.0 |
| Adjusted EBITDA3 | 58.9 | 19.8 |
| Adjusted profit before tax attributable to the Company's shareholders |
40.9 | 17.6 |
| Adjusted profit for the period attributable to the Company's shareholders |
37.8 | 13.8 |
| KPIs (on a Group level) | 31.12.2024 | 31.12.2023 |
|---|---|---|
| Net Asset Value (NAV) 5 | €180.3mn | €140.0mn |
| Net Debt / Total Assets 3 | 11% | 26% |
| Net LTV 3 | 23% | 38% |
Strategy Implementation – Prospects 2025
For the year 2025, the Group looks forward to continuing its growth path and improving its financial results, through the implementation of its business strategy and its investment program.
Specifically, in the year 2025, the Group aims at:
- (a) the divestment (exit) of investment property developments which are expected to become fully operational and income producing,
- (b) continuing of the investment program and commercial exploitation of its secured property pipeline with a completion horizon in 2026 and 2027,
3 The relevant definition is included in the Annual Financial Report for the year ended December 31, 2024.
4 The non-recurring expenses are analysed in the Annual Financial Report for the year ended December 31, 2024.
5 Total equity attributable to the Company's shareholders plus deferred tax liabilities less deferred tax assets.
- (c) the addition of new properties for development (preliminary agreed and under negotiation) that meet the Group's investment criteria, with a completion horizon in 2028-2030,
- (d) in the maturation, through development or sale, of Skyline's real estate portfolio.
At the same time, the Group is examining new investment opportunities in both the field of real estate development and in the exploitation of real estate in general, independently or through strategic partnerships with domestic and/or foreign institutional investors.
For more information, please refer to the annual financial report for the year ended December 31, 2024, which is posted on the Company's website: https://dimand.gr/.
A few words about DIMAND
DIMAND SA is one of the leading real estate development companies in Greece. Since its inception in 2005, it has incorporated the philosophy of sustainability into the core of its business, creating a new market in Real Estate which has now become a global model. Its business activity focuses on the implementation of modern bioclimatic office buildings, logistics, large-scale urban renovations, complex mixed-use projects, as well as private sports facilities. The shares of DIMAND are listed on the Athens Stock Exchange (ATHEX).