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Summarised consolidated financial statements for the year ended 31 December 2022

Published: 2023-03-20 08:05:51 ET

                                                        Registration number: C 100848
                                ISIN: MU0461N00015 | JSE share code: LTE | LEI: 549300UG27SWRF0X2U62
                                                (“Lighthouse” or the “Company” or the “Group”)



                      SHORT-FORM ANNOUNCEMENT: SUMMARISED
                         CONSOLIDATED FINANCIAL RESULTS
                                                          for the year ended 31 December 2022

NATURE OF THE BUSINESS
Lighthouse Properties p.l.c. (“Lighthouse”, the “Company”, or the “Group”) is domiciled in Malta and is listed on the Main Board of
the JSE Limited (“JSE”). The Group invests directly and indirectly in dominant and defensive malls located in large and mid-sized
cities with strong economic fundamentals.

DISTRIBUTABLE EARNINGS AND COMMENTARY ON RESULTS
Lighthouse achieved 1,905 EUR cents of distributable earnings per share for 2H2022. Together with the 1,754 EUR cents per
share for 1H2022, the total distributable earnings for FY2022 amounted to 3,659 EUR cents per share.
Lighthouse’s board of directors (the “Board”) has a dividend policy which allows for the retention of distributable earnings.
The total distribution of 3,250 EUR cents per share for the 2022 financial year represents a pay-out ratio of 88,8%.
The Board has declared a final distribution of 1,625 EUR cents per share for 2H2022. Shareholders will have the option to receive
a scrip distribution of 1,625 EUR cents per share or a cash distribution of 1,4625 EUR cents per share. A circular in this regard
will be distributed in due course.

                                                                                                          Audited             Restated*
                                                                                                            for the              for the
                                                                                                       year ended           year ended
                                                                                                         Dec 2022             Dec 2021             Movement

Total revenue (EUR)                                                                                     77 014 407           35 728 702           41 285 705
Basic and diluted earnings/(loss) per share (EUR cents)                                                          1,53                (3,39)                4,92
Headline earnings/(loss) and diluted headline
earnings/(loss) per share (EUR cents)                                                                            1,68                (1,98)                3,66
Total distribution (EUR cents per share)                                                                    3,25000              3,22000              0,03000
    Interim                                                                                                 1,62500              1,61000              0,01500
    Final                                                                                                   1,62500              1,61000              0,01500
Management accounts information:
Net asset value per share (EUR cents)                                                                          40,50                46,64                  (6,14)
Loan-to-value (%)#                                                                                             23,84                13,64                 10,20
* Refer to the Group’s consolidated financial statements for the year ended 31 December 2022 for details of the restatement.
#
     he Loan-to-Value ratio is calculated by dividing the management account values of gross interest-bearing borrowings, adjusted for the fair value of
    T
    interest rate derivatives, restricted cash and cash and cash equivalents by the total of investments in property, listed securities at fair value and investment
    in associate at fair value.

OUTLOOK
Markets are negatively impacted by inflation and elevated interest rates. Lighthouse is well positioned with 92% of its debt hedged
and no loan maturities until November 2024. As a result rising rates will have little impact on earnings for FY2023 and FY2024.
Lighthouse forecasts a distribution of 2,80 (2022: 3,25) EUR cents per share for FY2023. The direct property portfolio is forecast
to continue to grow strongly in 2024 and 2025.
The distribution forecast is based on the following assumptions:
• No material change in the current macroeconomic environment
• No further acquisitions or disposals of investment properties or listed investments
• A Hammerson payout ratio of 85% of 1H2023 adjusted earnings as a dividend
This forecast statement and the forecasts underlying such statement are the responsibility of the Board and have not been
reviewed or reported on by the Company’s external auditor.
This short-form announcement is the responsibility of the Board and is only a summary of the information in the
fullannouncement and does not include full or complete details. The full announcement was released on SENS on 17March 2023
and can be accessed by visiting the Company’s website at https://www.lighthouse.mt/financials/ or by following this
hyperlink: https://senspdf.jse.co.za/documents/2023/jse/isse/LTEE/FY2022.pdf
PricewaterhouseCoopers have issued their unmodified audit opinion on the Group’s consolidated financial statements for the year
ended 31 December 2022. The audit opinion includes communication of key audit matters. This opinion can be viewed along with
the full consolidated financial statements by visiting the Company’s website at https://www.lighthouse.mt/financials/
The full announcement is available for inspection at the registered offices of the Company or its JSE sponsor, at no charge, during
office hours from today, Friday, 17 March 2023 to Friday, 24 March 2023. Any investment decision should be based on the full
announcement published on SENS and available on the Company’s website.

By order of the board
Stonehage Fleming Malta Limited
Company secretary
Malta – 17 March 2023

                                                                                                                                  www.lighthouse.mt
Directors: Mark Olivier (chairperson); Stuart Bird; Karen Bodenstein; Des de Beer; Anthony Doublet; Stephen Paris; Barry Stuhler; Justin Muller (CEO)*;
Eddie Mc Donald (COO)*; Kobus 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

Enhanced Investments, Inc.
329 South Oyster Bay Road #2085
Plainview, NY 11803
team@eninvs.com

Important disclosures

Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
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Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.

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Performance results were prepared by Enhanced Investments, and have not been compiled, reviewed or audited by an independent accountant. Performance estimates are subject to future adjustment and revision. Investors should be aware that a loss of investment is possible. Account holdings are for illustrative purposes only and are not investment recommendations. Additional information, including (i) the calculation methodology; and (ii) a list showing the contribution of each holding to the portfolio’s performance during the time period will be provided upon request.
All statements made via social media sites sponsored or maintained by Enhanced Investments and its affiliates are for informational purposes only and do not constitute a comprehensive description of Enhanced Investments' investment advisory services.
Certain investments are not suitable for all investors. Before investing, consider your investment objectives and applicable fees. The rate of return on investments can vary widely over time, especially for long term investments. Investment losses are possible, including the potential loss of all amounts invested. Information provided by Enhanced Investments is for informational and general educational purposes only and is not investment or financial advice.