Citicore Energy Reit Corp · PSE:CREIT
Citicore Energy Reit — Q1 2023 Earnings Presentation
23 slides from Citicore Energy Reit's earnings presentation, May 16, 2023
Slide 1: Analyst Briefing
Analyst Briefing Q1 2023 Operating and Financial Results 16 May 2023
Slide 2: Disclaimer
Disclaimer This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Citicore Energy REIT Corp. (the “Company”). This presentation, as well as discussions aris
Slide 3: Key Themes
Key Themes • 1Q2023 revenues 13% higher from new asset infusion • Leasable area more than doubled to 5.4M sqms • 680MW under construction from Sponsor • 1Q2023 dividend increased by 6% • Q&A 3
Slide 4: Q1 2023 Financial Performance
Q1 2023 Financial Performance
Slide 5: Revenue Boosted by New Properties
Revenue Boosted by New Properties In PhP March 2023 March 2022 %△ Higher from newly Revenues 376,449,818 331,791,550 13% acquired parcels of Guaranteed base lease 361,170,291 298,746,786 21% land. PFRS 16 – applied PFRS 16 15,279,528 33,044,764 -54% equal revenue recognition of existing Cost of serv
Slide 6: Geographically Diverse Revenue Base
Geographically Diverse Revenue Base Silay 19% Bulacan 14% P376mn Toledo Dalayap Q1 2023 24% 3% Gross Armenia Revenues 4% Value accretive Batangas acquisition 11% South Clark Cotabato Immediate revenue 19% 6% contribution 6
Slide 7: Asset Growth from Acquisitions
Asset Growth from Acquisitions In PhP Thousands March 2023 December 2022 %△ Proceeds from Green Cash and cash equivalents 353% 2,587,556,884 571,423,465 Bond Offering Other current assets 46,395,390 88,577,472 -48% Total Current Assets 2,633,952,274 660,000,937 299% Property, plant and equipment 1,2
Slide 8: Comfortable Debt Headroom
Comfortable Debt Headroom (in Php Mn) Total Liabilities Total Equity 5,305 4,325 4,354 DEBT HEADROOM (PhpM) Total deposited property 19.54 Leverage ratio (PRS Aa+) 70% 758 Leverage limit 13.68 Total borrowings and Mar 2023 Dec 2022 Mar 2023 Dec 2022 5.30 Significant debt deferred payments (in Php /
Slide 9: CREIT Asset Portfolio
CREIT Asset Portfolio #3 CITICORE ENERGY REIT
Slide 10: Leasable Area More than 2X to 5.4M sqms
Leasable Area More than 2X to 5.4M sqms 8 Leasable Assets 145 MWDC Tenants’ Installed Capacity 184 GWh Estimated Annual Net Generation of Operating Tenants ~130k MT 5.4 M sqm Estimated Annual Carbon Reduction* Total Leasable Area of Operating Tenants *Emission Factor based on US EPA Avoided Emission
Slide 11: Largest Green Landlord
Largest Green Landlord Php 19.54Bn Est. Value of Deposited Properties CLARK – 22 MW CEBU – 60MW Luzon, BULACAN – 15 MW 77% Visayas, 22% 5.40M square meters NEGROS OCCIDENTAL – 25 MW DALAYAP – 7.5 MW Mindanao, Geographically 1% Spread Assets Across Luzon, Visayas, Mindanao SOUTH COTABATO – 6.2 MW ARM
Slide 12: Land Acquisition Update
Land Acquisition Update Tuy, Batangas 3.4M sqm acquired and leased to 2 solar developers constructing solar plants totaling 680MWdc Spread over three barangays in Tuy, Batangas 12
Slide 13: 100% Occupancy and Longest WALE
100% Occupancy and Longest WALE Portfolio Tenants Lease term CREIT Property Occupancy (in years) Clark 16.4 Armenia 23.6 Toledo 18.8 100% Silay 17.6 Dalayap 17.6 Bulacan 24.8 South Cotabato 23.8 Batangas 24.8 21.9 1:1 Asset to years Tenant Ratio WALE Acquired in 2023 13
Slide 14: Diversified Mix of Tenant's Off-takers
Diversified Mix of Tenant’s Off-takers Off-take Contract Renewal of Tenants’ Customers % of Total Contracted Capacity FIT program 67.0% 27% 6.3 Years (Weighted Ave) 13.6% 8.7% 10.7% Freeport Area of Bataan 2023 2024 2025 Beyond 2025 Note: Contracts expiring in 2023 decreased from 23.5% as of 3Q 2022
Slide 15: CREC (Sponsor) Project Update
CREC (Sponsor) Project Update
Slide 16: Sponsor Pipeline in Motion for possible REIT infusion
Sponsor Pipeline in Motion for possible REIT infusion 5GW Project Pipeline CREC Development Clusters Committed to build 1GW annually 3,500MWdc 1,500MWdc Greenfield Projects Brownfield Expansion Projects Development of new projects Optimizing the capacity in existing areas of operations Batangas Pamp
Slide 17: 680MW Groundbreaking Ceremony
680MW Groundbreaking Ceremony | March 21, 2023 17
Slide 18: CREIT Dividend Update
CREIT Dividend Update CITICORE ‘ENERGY REIT the PHIMBPine Stock Exchange, Inc congratulates CITICORE ENERGY REIT on its Initial Public Offering
Slide 19: Highest Dividend Payout Todate (1Q2023)
Highest Dividend Payout Todate (1Q2023) FY2022 FY2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 Actual Actual Actual Actual Actual Actual Actual In PhP Millions (Variable) Net income 225.88 300.33 300.81 305.32 302.08 43.88 304.96 Straight-line rent (2.72) (32.94) (32.94) (32.94) (33.36) - (15.28) adjustme
Slide 20: Best IPO (Philippines)
23 February 2023 Best IPO (Philippines)
Slide 21: Key Takeaways
Key Takeaways 680MW of Revenues up Sponsor +13% from Pipeline in New Assets 1Q2023 Motion Leasable Dividend Up Area More 6% - Highest than 2X todate Growth 21
Slide 22: Q&A
Q&A Ss CITICORE ENERGY REIT
Slide 23: Thank You!
THANK YOU! For questions, please contact: Katrina Flores CREIT Investor Relations Officer investorrelations@creit.com.ph