Von der Heyden Group’s holding company TIMAN Investments Holdings Limited, has published the consolidated results for 2021 and reported an improvement in its adjusted EBITDA margin, the generation of positive cash flow from operating activities, increased investment levels while maintaining a strong liquidity position.
The Group holds for capital growth and income generation investments in 37 subsidiaries and associated companies across eight countries in Europe. The Group’s diverse portfolio is spread across four lines of business; its real estate developments, investments and services; hotel accommodation and catering; asset management; and private equity, venture capital and capital markets investments.
These achievements have been recorded despite the longer-term effects of COVID-19 on the global economy, namely the ongoing travel and quarantine restrictions on the tourism sector as well as the disruption in logistics and increase in costs on the real estate industry.
Notwithstanding, the Group managed to improve its adjusted EBITDA margin to 37.2% (2020: 32.1%) of €4,284,456 (2020: €7,540,798) despite the decrease in overall revenue for the year to €11,518,975 (2020: €23,505,636) due to the cyclical nature of the real estate industry.
The Group managed a significant positive turnaround of €3,670,749 in its total comprehensive income from a loss of €3,830,459 in 2020 to despite the loss, a near break-even position of €159,710 in 2021. A significant achievement considering the challenging economic climate the Group was operating in.
The Group continued with its deployment strategy into new investments, while maintained sufficient liquidity to meet short-term liabilities including the liabilities for leases under IFRS 16. Applying the cash ratio as a measurement of the Group's liquidity, the Group has a cash ratio of 1.26x. This demonstrates that the Group has the ability to meet the liquidity requirements of its short-term liabilities.
The Group’s Andersia Silver €110 million investment is the current flagship commercial A Class Building investment to be completed over the next three years. The 40,000 sqm project will commence its above-ground civil works phase imminently after the successful financing from a consortium of three reputable banks in Poland in March of this year and will conclude a highly regarded 25-year public-private partnership with the City of Poznań.
The Group’s trusted reputation in generating significant returns in new and emerging communities has enabled the Group to enter three new markets including Algarve, Portugal, Reževići, Montenegro and an investment in the renovation of two luxury Villas in Tuscany, Italy with another one planned in Menorca, Spain.
As the Groups’ hospitality subsidiary continues to focus into more profitable and upmarket divisions, the revenue increased by 11% over 2021 to €7,269,136 (2020: €6,525,526), also surpassing by 8% the forecasts for the year of €6,729,607.
Correspondingly, the Catering segment also saw significant improvements, with an increase of 25% in sales to €2,234,564 (2020: €1,788,830). This success is synonymous with the growth of Hammett’s Collection and given the arduous economic conditions caused by the continuing global pandemic, such a result is highly positive for both segments.
Another significant development in 2021 for the Group is the licensing of a special purpose vehicle by the Bank of Italy to acquire asset backed credits on the Italian market.
The strong liquidity position maintained allows the Group to continue financing its investments and seize opportunities in expanding its existing portfolio of private equity and venture capital investments as well as selective capital markets instruments.
The Group looks forward for 2022 with reinvigorated optimism despite the ongoing challenges brought about by inflationary pressures, the war in Ukraine, the remaining effects of the COVID-19 pandemic and other external pressures.