CLERHP Structures presents solid results in the first half of 2024

Madrid, October 31, 2024 – CLERHP Estructuras, SA, a Spanish listed company (CLR.MC) specializing in real estate development, engineering and construction, has presented its results for the first half of 2024, showing significant growth and a positive evolution in its main financial indicators.

Corresponding results
to the first half of 2024

The EBITDA level of the engineering and construction area reached 5,11 million euros, which represents 59,64% of the turnover. The Group's overall EBITDA figure is affected by the significant non-seizable investments that it is making within the Larimar City & Resort project, in the Dominican Republic, which together with non-recurring operations bring the EBITDA to 2,07 million euros. The Group's overall net result reaches almost 2 million euros, 4 million euros without counting atypical items. This is a significant improvement that demonstrates the good performance of the business.

The most notable points of the report presented are the following:

Larimar Land Valuation:

The company reports that the land where the Larimar City & Resort project is being carried out has been valued at 187 million euros, which represents a latent capital gain of 135 million euros for the company. This means that the value of these company assets alone is more than twice the value of the company's share price on BME Growth. This places the company with a much lower risk profile than it had historically. Recent analyses of the company placed the value at around €12 per share.

Larimar City & Resort Sales Progress:

The project's sales figure announced by the
The company has reached 216 million dollars. This means that 56% of the announced sales volume for the entire 2024-2026 Business Plan has already been achieved. This represents a major step forward for the company in achieving the project and demonstrates the good acceptance of the project by the market.

Strengthening the balance sheet:

The company's balance sheet has experienced a considerable increase, going from 39,4 million in 2023 to more than 54 million in June 2024. Shareholders' equity has increased by 2,9 million euros, amounting to 9 million euros, and its working capital exceeds 10 million euros. The pace of growth is accelerating and progress is being made rapidly towards the objectives set out in its Business Plan.

Debt issuance program:

The company reports that it has started the placement of the 50 million euro debt programme approved in June this year by the Board of Directors. The first bonds have been listed on the Vienna Stock Exchange.

Comments by Juan Andrés Romero Hernández (President):

Of all the relevant elements of the report, the CEO of the group highlights the following two points.

The first one refers to what has been achieved, with the following literal wording: “During 2024, CLERHP has achieved great milestones. The Engineering and Construction business continues its upward trend and with good margins, while we see the progress of the Larimar City & Resort urban development every day.” 

The second point he emphasizes refers to the objectives that the group has set for the rest of the exercise, doing so with the following tenor: “In the second half of 2024, we will complete the first stage of the placement of the 50 million euro debt programme, thus concluding the transformation phase…”

Finally, the CEO makes a true declaration of intentions by emphasizing, to this medium, that with the milestones achieved CLERHP Structures, SA is consolidated as a true reference
in the residential and tourism development sector in the Dominican Republic, backed by its solid financial results. Likewise, its vision of sustained long-term growth places the company as a value to be taken into account by any type of medium and long-term investors.

 

About CLERHP Structures

CLERHP Estructuras, SA (CLR.MC) is a multinational listed on the Spanish stock market, standing out as the most profitable company in BME Growth in 2023

It works in the areas of real estate development, engineering and construction. For years, its leadership in the design, calculation and construction of structures continues to set the standard for innovation and excellence. With a consolidated track record, the company demonstrates its commitment to quality, sustainability and efficiency in each project.
 
The group has offices and branches in Spain and the Dominican Republic, developing
high added value projects for both its own and third parties, with a multidisciplinary engineering team, a significant commercial portfolio, an innovative financial model and its own R&D&I developments. With Larimar City & Resort, the Clerhp group is developing its flagship project in real estate development, taking advantage of the experience accumulated over the years in the international arena.
Visit CLERHP Structures

About Larimar City & Resort

Larimar City & Resort is an innovative urban development, a sustainable city concept, which focuses on quality of life and resource optimization.

This resort city perfectly integrates all imaginable services and amenities in a privileged setting located on a cliff with panoramic views of the coast of Bavaro and Punta Cana. Above it, there is a spectacular Mediterranean-style promenade with lagoons and artificial beaches. Larimar has: large green areas with lakes surrounded by parks, apartments, hotels, a school, university, schools, hospital, commercial areas, sports areas and an 18-hole golf course with villas.

For more information, please contact our communications team.

Xavier Castellano

Director of communication

CLERHP Structures, SA

Phone: +34 686 953 909

j.castellano@clerhp.com

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