Mas P.l.c. · JSE:MSP
Mas P.l.c — FY2021 Earnings Presentation
49 slides from Mas P.l.c's earnings presentation, Jun 30, 2021
Slide 1: Results Presentation and Company Profile on 30 June 2021
Photo: Dambovita Mall Results Presentation and Company Profile on 30 June 2021
Slide 2: Table of Contents
TABLE OF CONTENTS 3 RESULTS SUMMARY 15 INCOME PROPERTY SCHEDULE Jun 21 4 CEE GLA STATUS, FOOTFALL, TENANTS’ SALES, INVOICING & COLLECTION Jan — Jun 21 16 DEVELOPMENT PROPERTY SCHEDULE Jun 21 5 EARNINGS Jan — Jun 21 17 INCOME PROPERTY HELD FOR SALE SCHEDULE Jun 21 6 NET ASSET VALUE Jun 21 18 PORTFOLI
Slide 3: Results Summary
RESULTS SUMMARY FINANCIAL HIGHLIGHTS 2.81 eurocents 124 eurocents RESULTS Adjusted distributable earnings/share Tangible net asset value/share CEE tenants' sales above 2019 levels Jan – Jun 2021 Jun 2021 87% Pro-Forma CEE collection rate CEE Sepsi Value Centre opening (Mar 2021) 23.3% 2.8% OPE
Slide 4: CEE GLA Status, Footfall, Tenants' Sales, Invoicing & Collection
CEE GLA STATUS, FOOTFALL, TENANTS’ SALES, INVOICING & COLLECTION Jan 21 Feb 21 Mar 21 Apr 21 May 21 Jun 21 Total Open GLA 1 73% 87% 86% 81% 92% 93% 85% Restricted GLA 2 3% 4% 2% 3% 6% 7% 4% Closed GLA 3 24% 9% 12% 16% 2% – 11% Footfall (LFL 2021 vs. 2019) 73% 94% 77% 78% 95% 91% 85% Open-air malls 1
Slide 5: Earnings Jan – Jun 21
EARNINGS Jan 21 — Jun 21 Proportionate accounts Adjustments Adjusted proportionate accounts Six months ended 30 Jun 2021 Six months ended 30 Jun 2021 Six months ended 30 Jun 2021 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co EARNINGS 50,477 17,837 15,348 10,165 7,127 (3,074) 2,954 (1,2
Slide 6: Net Asset Value Jun 21
NET ASSET VALUE Jun 21 Proportionate accounts Adjustments Adjusted proportionate accounts 30 Jun 2021 30 Jun 2021 30 Jun 2021 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 869,423 464,427 285,155 146,049 (26,208) (32,465) 10,086 (15,418) (27,133) – 836,958 474,513 269,7
Slide 7: Earnings Jan – Jun 21 vs. Jul – Dec 20
EARNINGS Jan — Jun 21 vs. Jul — Dec 20 Adjusted proportionate accounts Adjusted proportionate accounts Δ Six months ended 30 Jun 2021 Six months ended 31 Dec 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co EARNINGS 47,403 20,791 14,133 4,943 7,536 57,038 15,689 11,815 26,133 3,401 (
Slide 8: Net Asset Value Jun 21 vs. Dec 20
NET ASSET VALUE Jun 21 vs. Dec 20 Adjusted proportionate accounts Adjusted proportionate accounts Δ 30 Jun 2021 31 Dec 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 836,958 474,513 269,737 118,916 (26,208) 795,895 315,938 223,904 215,249 40,804 41,063 158,575 45,83
Slide 9: CEE Passing Net Rental Income & Fair Value Movements Jan – Jun 21
CEE PASSING NET RENTAL INCOME & FAIR VALUE MOVEMENTS Jan — Jun 21 Developments completed during the period Planned Planned Opening of opening of opening of Sepsi Value Barlad Value Prahova Value Centre Jan 21 Jun 21 Nov 21 Centre Centre Mar 21 DCF VALUATION ASSUMPTIONS Range CEE Passing Net Rental I
Slide 10: CEE Development Property Movements Jan – Jun 21
CEE DEVELOPMENT PROPERTY MOVEMENTS Jan — Jun 21 Development pipeline at 1 Jan 2021 €416.3m Pipeline budget variances €13.6m Developments completion €(9.0)m New developments €59.5m Development pipeline at 30 Jun 2021 €480.4m Sepsi Value Centre completed in March 2021 Sepsi Value Centre completed in M
Slide 11: Debt Capacity and Repayment Profile Jun 21
DEBT CAPACITY AND REPAYMENT PROFILE Jun 21 13% 4.1 2.5 3.01% LTV NRI/INT ND/NRI WACD Maximum net debt capacity (40% LTV; 7xNRI) €360.0m Net debt (debt-cash) €128.2m Cash €291.1m Debt 30 Jun 2021 €419.3m 2022 repayment €(64.8)m 2023 €(2.1)m 2024 €(42.0)m 2025 €(1.2)m 2026 €(301.3)m LIQUIDITY SOURCES*
Slide 12: Credit Ratings
CREDIT RATINGS BB (positive) Access to debt finance at optimal cost forms an integral Ba1 part of the long-term strategy. The Company aims to achieve an investment grade rating by end of financial year 2026 $2bn by growing gross assets to approximately $2 billion whilst maintaining conservative leve
Slide 13: Company Profile
COMPANY PROFILE INTERNALLY MANAGED PROPERTY INVESTOR AND OPERATOR FOCUSED ON RETAIL PROPERTIES IN CEE Capital currently invested in WE will be redeployed directly in income property in CEE and indirectly, on a downside protected basis, in developments via further preference shares in the DJV with co
Slide 14: Environmental
ENVIRONMENTAL MAS’ approach to business is built on a foundational belief that to be successful, businesses must play a positive role in society. For this reason, assessment of investment decisions include their short and long-term economic, social and environmental impact on the communities they se
Slide 15: Income Property Schedule Jun 21
INCOME PROPERTY SCHEDULE Jun 21 Destination Total Asset MAS' share Location Type Acq/Dev Stake Acquired GLA GLA Occup. NRI BV Cost NRI BV Cost NRI/BV NRI/Cost % year m2 m2 % €m €m €m €m €m €m % % INCOME ASSETS 52.4 692.7 599.0 7.6% 8.8% DJV preference shares (60% of the notional) 11.1 148.6 148.6 7.
Slide 16: Development Property Schedule Jun 21
DEVELOPMENT PROPERTY SCHEDULE Jun 21 Destination Asset MAS' share Location Type Status Stake Compl. GLA GLA/GSA Units ERV Budget Spent ERV Budget Spent Margin ERV/Budget % year m2 m2 # €m €m €m €m €m €m % % DEVELOPMENTS 37.0 620.4 52.5 DJV preference shares outstanding commitment (60% of notional) 1
Slide 17: Income Property Held for Sale Schedule Jun 21
INCOME PROPERTY HELD FOR SALE SCHEDULE Jun 21 Asset MAS' share Location Type Acq/ Stake Acquired GLA Occup. NRI BV Agreed Cost NRI BV Agreed Cost NRI/BV NRI/Cost Dev sale price sale price % year m2 % €m €m €m €m €m €m €m €m % % PROPERTY HELD FOR SALE 100,600 91.9% 10.1 211.6 91.6 220.7 10.1 211.6 91
Slide 18: Portfolio Overview
PORTFOLIO OVERVIEW 1 1 Isle of Man Office 2 United 1 Kingdom Gorzow Office Poland Income properties 2 Developments, extensions and land bank Germany Income properties held for sale Income properties contracted to be sold 16 15 Romania Bucharest Office 1 1 Sofia Office Bulgaria Malta Office 18
Slide 19: Income Property: Nova Park
INCOME PROPERTY DIV ERS E NOVA PARK TAT UU M REPO YOUN RT G ER TR MODADE BOB OQ E TOP TOY 5.10 ALO IW .15 S PIN O RUCH KAND KU POLSCHNIA SZNU ULSK I KA SPOKROW NE HOT W YO KA KA DO RK BASH G M DO BERL IR NNER IN NO KEBA RTH BLUE SHAD BY O OW LA LA FISH P ACA MED SIZE PULCO ICIN E ER 50 S TYL SOL E V
Slide 20: Income Property: Galleria Burgas
INCOME PROPERTY ATHLET CI IC NE M AC ITY GALLERIA BURGAS OLA PI ZZ PL IO AY GR CI EL OU A ND M STO C RA DO NA GE LD S IN CA KAH DUKKA VE BM IN OR NI N CA AG ST NT E TO S O SCA NDA L NS IO AT IN M NO FA N PA PEP PO TR E IZ IN IA T CO LL EC T IV E M ER CA R I WOMONYX AN HA RIZ MA FU TW SI LE IN O O N
Slide 21: Income Property: Dambovita Mall
INCOME PROPERTY DAMBOVITA MALL SP MB M D C OV IL A RP I L C TA IO IV N D IN IL AN D SS RE XP MES GA ITE EL IN SM RA SU AR NC T E C RS ATA C A BL EN PE D RF CA EC FF T E UI SA UL CA AND M GUR M ES O PO TA M IA D AB O D O N ER PO LI JU BA C AF FE R ’O ND LE SP RA N KIN M E U M U SO IN VE FIN LO ITY LD
Slide 22: Income Property: Atrium Mall
INCOME PROPERTY ATRIUM MALL IS METROPOL AND CITY FAIRYL G BOWLIN CINEMA IS HOUSE CRISPY LE RELA PAPA BON GRILL BBQ & E IA N M O TA PO SO YM IZIO DEL O K O ES G W M N KE 3F ET RIA IA EN E V LAT E G O AT C ER M STYLE MEN’S R T CA LU SO AB SHOP BY GIFT L NORIE visit www.atriummall.ro LENTO CAFE FANY LU
Slide 23: Income Property: Galleria Stara Zagora
INCOME PROPERTY T IC ATHLE URANT RESTA MA GALLERIA STARA ZAGORA TON BON CINE CITY I YOZZGHURT YO BON MI’S R CAT BMS ONE PIZZIO MR.D RA SUB NOR TELE SILY SES ND GRAPTICS O E BOT DOR M TEO ENTO ACO MOM VIV TI ESTE EV ELIN ORA FLAIR PAND ER SILVOURT C I RIN LAZA IQOS visit www.galleriasz.bg NA ZLATRIBK
Slide 24: Income Property: Militari Shopping
INCOME PROPERTY 54,100m² Located in Militari, a densely populated and expanding residential in Bucharest, MILITARI SHOPPING GLA this centre has excellent visibility and is located on city's main western artery, €8.8m which links directly into the E81/A1 highway. The tenant mix includes a NRI large h
Slide 25: Income Property: DN1 Value Centre
INCOME PROPERTY DN1 VALUE CENTRE UNION BRANDS EMPER PRESTIGE SMART LUX LELAS ANOUSH JUNGLA MOBILE MINIER GADGETS MOBIUP ABBRACCIO PERFUMES ASIGURARI DIAMONDS PERFUMES BUTIK COPIILOR LUXURY POLI COVER SHOP MAISONETTE CAROL TOTAL WASH BOUTIQUE 17 BACIUL SIBIAN OPTIC DIGI ALURA MUMUSO CADOR GREIGE TONI
Slide 26: Income Property: Roman Value Centre
INCOME PROPERTY PIZZA 21 PRAVALIA LUI MIHAI DONER DABO CUSOS Planned Extension ROMAN VALUE CENTRE COCO RINOO PLAY AGAIN EXCHANGE AVANGARD BUJITERIA LE PREMIER DRAGON ROYAL WOK ROBEST MESOPOTAMIA EXPRESS JUNGLE KRISTALL KIDDY CREDIT OPTIC MARCO BOUTIQUE 17 BEBE SUPERSTAR DOPO POCO IQOS NORIEL POSETTE
Slide 27: Income Property: Baia Mare Value Centre
INCOME PROPERTY BAIA MARE VALUE CENTRE DABO DONER MISCHIATI DREAM CAKE RUTIERA POLITIA ROBEST JACK ROZA GAMES ORO CHRISTIAN TOUR COMPAS COVER SHOP POLITIA RUTIERA SAVOY POLITIA RUTIERA VITAMIX COPIILOR JUNGLA ROBEST CHOCOHOUSE visit www.baiamarevaluecentre.ro NORIEL MINIER CADOR 21,300m² Baia Mare V
Slide 28: Income Property: Zalau Value Centre
INCOME PROPERTY ZALAU VALUE CENTRE LET’S PLAY MESOPOTAMIA SMITH SMITH & KRYSTA NOBILACASA BUNATATI NORIEL BULEVARD DIN SIBIU DIGI RANKINE CURATATORIE ARMAN SPORT LOC DE JOACA MAXXIMUS YUPPI KIDS BOUTIQUE 17 COVER KULSASR CONF SHOP www.zalauvaluecentre.ro PERFUMES RADA visit CADOR ROBEST BELLA FASHIO
Slide 29: Income Property: Sepsi Value Centre
INCOME PROPERTY SEPSI VALUE CENTRE NORIEL × 514 visit www.sepsivaluecentre.ro COLLECTION BOUTIQUE 17 NOBILACASA CAFFE 42 FASHION CADOR DR.MAX+ BERTIS ADERIX CAPPUCCINO RUFARIE DIGI B&B CAFE COVERSHOP HYGEA FARM TALMA FINE DRINK EXCHANGE XPRESS GSM TABAC STORE 16,900m² KOLUMBAN Sfantu Gheorghe, with
Slide 30: Income Property: Strip Malls
INCOME PROPERTY STRIP MALLS × 175 owned out of 500 CASINO MAGIC 27,800m² This portfolio includes seven convenience NORIEL GLA centres with a high density of national and €3.2m international anchors, including Deichmann, NRI Jysk, and Pepco. They are easily accessible by €38.2m car and public transpo
Slide 31: Development Property: Mall Moldova – Phase II
DEVELOPMENT PROPERTY Permitting MALL MOLDOVA – PHASE II F IT N E S S 0 15 3, × 58,600m² The extension of Mall Moldova, adding to the N H N IO R N IO R H N A SH O FA SH O C O C R N I FA NCH A SH O FA GLA A existing 29,600 m2 centre, will create a super- H N C O H N N IO R R N I A SH O A SH O FA C FA
Slide 32: Development Property: Arges Mall
DEVELOPMENT PROPERTY Permitting ARGES MALL FI TN ES S FA C SH HO A N IO R N ×2 ,00 FA C FA C SH HO 0 A SH HO A N N IO R N IO R F N AN ASH CH ION OR 52,100m² Centrally located in one of Pitesti's dense F AN ASH FA C SH HO A CH ION N IO R OR N GLA FA C SH HO A residential areas, next to the main train
Slide 33: Development Property: Alba Iulia Mall
DEVELOPMENT PROPERTY Zoning ALBA IULIA MALL GYM & FITNE SS FAS H ION FAS H ION SPE CIA LIS T FAS FAS HION H ION FAS H ION FAS 29,000m² Alba Iulia is an important historical and tourist H TO ION YS FAS GLA H ION destination, located in central Romania. The TO YS FAS €3.7m planned enclosed mall is sit
Slide 34: Development Property: Prahova Value Centre
DEVELOPMENT PROPERTY WIP 21,900m² This planned open-air mall is located in Ploiesti, the capital of Prahova PRAHOVA VALUE CENTRE GLA County, near the main train, tram and bus stations. The development €2.9m includes a high concentration of anchor tenants integrated into the ERV existing, adjacent Ka
Slide 35: Development Property: Barlad Value Centre
DEVELOPMENT PROPERTY WIP BARLAD VALUE CENTRE FASHION FASHION HYPERMARKET FURNITURE Planned Extension SPECIALIST FASHION FASHION FASHION 16,300m² Barlad is a municipality in Vaslui County with GLA approximately 70,000 residents. Located €1.7m in southern Barlad, this development ERV enjoys a prominen
Slide 36: Development Property: Marmura Residence
DEVELOPMENT PROPERTY WIP MARMURA RESIDENCE 36,100m² GSA 459 UNITS €45.0m BUDGET 40% OWNED BY MAS Marmura Residence comprises five, high-quality, high-rise apartment buildings above an integrated underground parking, and has several unique features: an urban park linking it to the neighbourhood, vibr
Slide 37: Development Property: Avalon Estate
DEVELOPMENT PROPERTY WIP AVALON ESTATE 93,300m² GSA 746 UNITS €117.6m BUDGET 40% OWNED BY MAS Avalon Estate is a unique gated community, located between Pipera and Aviatiei neighbourhoods, in northern Bucharest. The project is being developed on an 8.1ha plot close to the city's business district, p
Slide 38: Development Property: Silk District
DEVELOPMENT PROPERTY Permitting SILK DISTRICT Residential Office 111,500m² 113,800m² GSA GLA 1,491 €166.9m UNITS BUDGET €120.3m €18.3m BUDGET ERV 40% 40% OWNED BY MAS OWNED BY MAS A large 10ha mixed-use, urban renewal development project, that combines several functions increasing the efficiency of
Slide 39: Development Property: Ploiesti Residential
DEVELOPMENT PROPERTY Permitting PLOIESTI RESIDENTIAL 41,300m² GSA 498 UNITS €33.4m BUDGET 40% OWNED BY MAS A high quality residential project will be developed consisting of approximately 500 apartments that will have a direct connection to the Prahova Value Centre on a 1.8 ha land plot. The develop
Slide 40: Development Property: Elba Residential
DEVELOPMENT PROPERTY Zoning ELBA RESIDENTIAL 97,300m² GSA 1,252 UNITS €115.2m BUDGET 40% OWNED BY MAS A new residential project with an excellent connection to the historical downtown area of Timisoara will be developed on a 5.6 ha site. The project will see a former industrial platform being redeve
Slide 41: Group Management
GROUP MANAGEMENT Martin Slabbert, CEO* Martin has over 25-years of real estate, turn-around and finance industry experience, including 15 years in CEE. He co-founded Prime Kapital in 2015, and prior to this, he was CEO of New Europe Property Investments, which he established with Victor Semionov in
Slide 42: Group Management
GROUP MANAGEMENT Gabriel Malanca, Director – Asset Management Gabriel has 16-years of real estate industry experience and is currently heading the Asset and Property Management function within MAS Group. Prior to joining Prime Kapital in 2017, he was centre manager at Nepi Rockcastle and retail and
Slide 43: Non-Executive Directors
NON-EXECUTIVE DIRECTORS Brett Nagle, Independent Non-Executive Director Brett is a director of Safe Mode Investment Proprietary trading as Panacea Capital, which focuses on investment management. Prior to this, he was Head of Investments for Royal Bafokeng Holdings Proprietary, served as a Non-Execu
Slide 44: Non-Executive Directors
NON-EXECUTIVE DIRECTORS Melt Hamman, Independent Non-Executive Director Melt was CEO of Attacq until April 2021, and has extensive experience in real estate, banking, and business. Pierre Goosen, Independent Non-Executive Director Pierre is Managing Director of Argosy, a European-based private equit
Slide 45: Development Joint Venture Structure (DJV)
DEVELOPMENT JOINT VENTURE STRUCTURE (DJV) UNIQUE LOW-RISK ACCESS TO EXCEPTIONAL DEVELOPMENT PIPELINE WITH PRE-EMINENT CEE RETAIL DEVELOPER • Prime Kapital employs an unique, vertically integrated development approach that consistently results in high development yields • DJV provides co-investment a
Slide 46: Beneficial Shareholders Holding Over 5% Jun 21
BENEFICIAL SHAREHOLDERS HOLDING OVER 5% Jun 21 Shares % Prime Kapital Holdings Ltd and associates* 153,324,709 21.6 Government Employees Pension Fund 55,581,280 7.8 Argosy 49,657,166 7.0 Attacq Ltd 46,157,934 6.5 Mary Oppenheimer family interests 41,666,667 5.8 346,387,756 48.7 * Associates represen
Slide 47: Glossary
GLOSSARY Proportionate accounts Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. reportable segments CEE direct portfolio (CEE, IJV) Income properties located in CEE fully owned and managed by the Group. Until 27 November
Slide 48: Glossary
GLOSSARY Acq/Dev, A/D Acquired / Developed Income property Property held to earn rental income BREEAM/LEED Independent third-party certification of the assessment on the INT Interest expense sustainability of individual buildings, communities and infrastructure Investment property Income property, D
Slide 49: MAS Real Estate
MAS REAL ESTATE