Mas P.l.c. · JSE:MSP
Mas P.l.c — FY2023 Earnings Presentation
52 slides from Mas P.l.c's earnings presentation, Jun 30, 2023
Slide 1: Results Presentation and Company Profile
Results Presentation and Company Profile 30 June 2023 GREEN PROPERTY INVESTOR IN CENTRAL AND EASTERN EUROPE
Slide 2: Table of Contents
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes TABLE OF CONTENTS Photo: Avalon Estate Overview Financial Performance Highlights3 Earnings Jan – Jun 23 vs. Jul – Dec 2217 Company Profile 4 Net Asset Value Jun 23 vs. Dec 2218 Results Summary
Slide 3: Highlights
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes HIGHLIGHTS Adjusted distributable EPS six month increase LFL CEE Passing NRI six month increase LTV 2.0% 6.4% 28.1% Adjusted distributable EPS six months to 30 Jun 2023 CEE Occupancy WACD 4.51
Slide 4: Company Profile
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes COMPANY PROFILE ANNUAL PASSING NET RENTAL MAS is an internally managed green AND DIVIDEND INCOME property investor and operator focused 78% CEE direct assets €68.4m on retail properties in CEE
Slide 5: Results Summary
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes RESULTS SUMMARY Six-month period to Six-month period to Year to Year to 30 Jun 2023 31 Dec 2022 30 Jun 2023 30 Jun 2022 FINANCIAL RESULTS PER SHARE (eurocents) Tangible NAV 145 144 1 0.7% 145 1
Slide 6: Passing Income Dec 19 – Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes PASSING INCOME Dec 19 — Jun 23 Nov 21: Barlad Value Centre Dec 21: Prahova Value Centre Nov 19: Zalau Value Centre Sep 22: Baia Mare Value Centre extension Dec 19: DN1 Value Centre Oct 22: Marm
Slide 7: Earnings Guidance Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes EARNINGS GUIDANCE Jun 23 Earnings guidance range 2024 Diluted adjusted distributable earnings per share 2023 8.80 9.81 10.65 eurocents per share eurocents per share eurocents per share +11.5% y
Slide 8: Liquidity and Commitments Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes LIQUIDITY AND COMMITMENTS Jun 23 Available capital sources will be used for funding MAS’ commitments within more restrictive self-imposed debt limitations. LTV limited to 35% on both IFRS and p
Slide 9: Environmental
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes ENVIRONMENTAL INCOME PROPERTY CERTIFICATION CERTIFICATION YEAR EM-Nova Park BREEAM: Excellent 2023 MAS’ approach to business is built on a foundational EM-Galleria Burgas LEED: Gold 2012 EM-Atr
Slide 10: Western European Assets Disposal Summary Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes WESTERN EUROPEAN ASSETS DISPOSAL SUMMARY Jun 23 89% €519.4m Sold €460.6m TOTAL VALUATION Convenience 11% Office Neighbourhood Held for sale €58.8m Industrial Photo: Flensburg Galerie DIY Land M
Slide 11: CEE Operational Assets Historical Performance
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes CEE OPERATIONAL ASSETS HISTORICAL PERFORMANCE Continued focus on value creation through operational excellence delivering robust operational metrics. High quality base of CEE operational assets
Slide 12: CEE Operational Performance
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes CEE OPERATIONAL PERFORMANCE Progress with commercial operational targets previously set achieved exceptional growth in annualised LFL NRI growth. Annualised LFL NRI growth Occupancy 20% 100% 99
Slide 13: CEE Historical Rent Reversions
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes CEE HISTORICAL RENT REVERSIONS Consistent positive rental reversions above indexation. Indexation Rent during the reversion period €5.4m Jun 23 9.5% 2.9% €5.6m €4.3m Dec 22 9.0% 6.0% €4.6m €3.5
Slide 14: CEE Footfall, Tenants' Sales & Collection Jan – Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes CEE FOOTFALL, TENANTS’ SALES & COLLECTION Jan — Jun 23 Strong Central and Eastern European LFL Footfall and Tenants’ Sales. Exceptional Collection Rates. 41% 38% 18% 36% 33% FOOTFALL LFL 2023 v
Slide 15: CEE Passing Net Rental Income & Fair Value Movements
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes CEE PASSING NET RENTAL INCOME & FAIR VALUE MOVEMENTS Jan — Jun 23 DCF VALUATION ASSUMPTIONS CEE Passing Net Rental Income Movements €70.6m 9.1 — 11.3% 30 Jun 2023 DISCOUNT RATES (UNLEVERED) Pas
Slide 16: Income Property Schedule Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SCHEDULE Jun 23 Destination Asset MAS’ share Location Type Acq/Dev Stake Acquired GLA GLA Occupancy NI BV Cost NI BV Cost NI/BV NI/Cost % year m2 m2 % €m €m €m €m €m €m % % INCO
Slide 17: Earnings Jan – Jun 23 vs. Jul – Dec 22
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes EARNINGS Jan — Jun 23 vs. Jul — Dec 22 Adjusted proportionate accounts Adjusted proportionate accounts Six-month period to 30 Jun 2023 Six-month period to 31 Dec 2022 Total CEE DJV WE Co Total
Slide 18: Net Asset Value Jun 23 vs. Dec 22
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes NET ASSET VALUE Jun 23 vs. Dec 22 Adjusted proportionate accounts Adjusted proportionate accounts 30 Jun 2023 31 Dec 2022 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET V
Slide 19: Historic Debt Profile Dec 19 – Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes HISTORIC DEBT PROFILE Dec 19 — Jun 23 — 40% LTV limit 35% 28.0% 28.5% 28.1% — 30% 33.0% 25.7% 21.5% 14.9% — 20% 12.6% — 10% €500m — 485.3 456.5 463.5 455.9 452.7 61.9 7.1 419.3 5.0 59.6 €400m —
Slide 20: Debt Capacity and Repayment Profile Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEBT CAPACITY AND REPAYMENT PROFILE Jun 23 KEY DEBT RATIOS IFRS consolidated €513.6m MAXIMUM NET DEBT CAPACITY (35% LTV; 7 × NRI) Property Gearing* LTV ND/NRI WACD 40.0% 28.8% 5.4 4.42% €452.7m
Slide 21: Development Joint Venture Structure
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT JOINT VENTURE STRUCTURE Low-risk access to high-quality development pipeline with pre-eminent CEE retail developer • Prime Kapital employs a vertically integrated development approa
Slide 22: Development Property Schedule Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY SCHEDULE Jun 23 Destination Asset MAS’ share Location Type Status Stake Completion GLA GLA/GSA Units ERV Budget Spent ERV Budget Spent ERV/Budget % year m2 m2 # €m €m €m €m
Slide 23: CEE Commercial Development Property Movements Jan – Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes CEE COMMERCIAL DEVELOPMENT PROPERTY MOVEMENTS Jan — Jun 23 Development pipeline on 1 Jan 2023 €352.1m Developments and extensions completed €(2.4)m Budget variances €9.0m Development pipeline o
Slide 24: Carolina Mall Opening
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes CAROLINA MALL OPENING Carolina Mall opened on 31 August 2023 and is located in north-east Alba Iulia, with excellent visibility and access to the E81 European road. The city’s first and only mo
Slide 25: Property Overview
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes PROPERTY OVERVIEW Poland Gorzow Romania Baia Mare Zalau Iasi Cluj-Napoca Gheorgheni Roman Barlad Targu Secuiesc Alba Iulia Sfantu Gheorghe Fagaras Arad Focsani Sebes Stara Zagora Burgas Brasov
Slide 26: Income Property: Galleria Burgas
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY PU L SE FI TN ES S TEO www.galleriaburgas.bg D OR C O LL EC TI V E Galleria Burgas GO TO C O M SE D I N N IA G N IA L IU Galleria Burgas is the dominant shopping centre in Burga
Slide 27: Income Property: Nova Park
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SZNU SPOLROWK KA A I ECHO FASH ION ARGA ENM E A www.nova-park.pl Nova Park Nova Park is the dominant regional shopping centre in central Gorzow, western Poland, and has a divers
Slide 28: Income Property: Dambovita Mall
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SP MB M D C OV IL A RP I LI C TA O IV N D IN IL AN ES D M SS GA RE LA XP LA AY PL T’S LE I LU SA U CA AND RM GU IA AM P OT SO ME www.dambovitamall.ro Dambovita Mall FRUMUSETEA Î
Slide 29: Income Property: Atrium Mall
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY S OLI AND METROP CITY FAIRYL TE E DRPCIV AR D TABAC CINEMA PO IUL XPRESS ENERGY GAMES SA IC PA RV SE PLANET GAMES PAPA BON E N IA M O TA YM PO SO IZIO EZ OD DEL C O ES ES IN O G
Slide 30: Income Property: Galleria Stara Zagora
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY E TIC ATHL R AZE BIOL N T AURA REST Ton bon EMA Bon CIN CITY IO ED INM MI’S R CAT BMS ONE PIZZIO MR.D RA SUB ET EFB www.galleriasz.bg R ENO TEL SILY SES Galleria Stara Zagora ND
Slide 31: Income Property: Militari Shopping
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY 54,000m² Militari Shopping GLA Located in Militari, a densely populated and expanding €10.9m residential area in Bucharest, this centre has excellent NRI visibility and is locat
Slide 32: Income Property: DN1 Value Centre
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY UNION BRANDS CAROL OPTIC TOTAL WASH MAISONETTE BACIUL SIBIAN DIGI PROFI ART CADOR GOLD CITY PALMIYE JERRY’S PIZZA SUSHI MASTER LA BUFET GAMES JACK www.dn1valuecentre.ro FLOWERS
Slide 33: Income Property: Strip Malls
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY × 203 Strip Malls These properties include seven convenience centres with a high density of national and international anchors, including Deichmann, Jysk, and Pepco. They are ea
Slide 34: Income Property: Prahova Value Centre
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY 21,700m² Prahova Value Centre GLA Prahova Value Centre is located in Ploiesti, the capital of €3.6m Prahova county, near the main train, tram and bus stations. NRI The centre ha
Slide 35: Income Property: Zalau Value Centre
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SILVANA BIO LET’S PLAY AVANGARD BIJUTEERIA KENDRA ONIX BUNATATI DIN SIBIU CARTURESTI SPLEND’OR INMEDIO DONUTERIE www.zalauvaluecentre.ro NEOTIA TRANSILVANIA GURMANZILOR BUCCATE
Slide 36: Income Property: Roman Value Centre
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY CU SOS PIZZA 21 DABO COCO DONER RINOO LET’S PLAY DULCINELLA EXCHANGE AVANGARD BIJUTERIA LE PREMIER ROYAL ROBEST NORIEL MESOPOTAMIA EXPRESS CREDIT BOUTIQUE 17 SUPERSTAR DOPO POCO
Slide 37: Income Property: Baia Mare Value Centre
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY MAZZO PIERRE www.baiamarevaluecentre.ro Baia Mare Value Centre ZEN CUT BARBERSHOP Baia Mare Value Centre has good accessibility, with a variety of public KULCSARCONF transport h
Slide 38: Income Property: Sepsi Value Centre
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY NORIEL www.sepsivaluecentre.ro Sepsi Value Centre × 514 Sepsi Value Centre, with a catchment area of approximately 216,000 residents within a 60-minute drive, is located in Sfan
Slide 39: Income Property: Barlad Value Centre
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY MESOPOTAMIA LET’S PLAY ROMAIA TRAVEL LA TUTU PARFUM ROPHARMA www.barladvaluecentre.ro NORIEL ALL SPORT CORINT SHOES LENSA Barlad Value Centre AVANGARD BUBLE TEA Located on the n
Slide 40: Development Property: Carolina Mall
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY REST AURA NT REST AURA NT REST AURA NT REST AURA NT ENTE RTAI T N NM A R ENT U A T S E T R N A R U A T S E R Carolina Mall completed FAS HI TU CO CANO FFEE ON Located in ce
Slide 41: Development Property: Arges Mall
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY N IO SH IE S FA RIT TO AU M GY RE RE ST AU ST RA AU NT RE RA ST NT RE AU ST RA AU NT RA NT RE ST AU RA NT RE ST AU RA NT RE ST AU RA NT T N A R U A T T S AN E R UR STA RE T
Slide 42: Development Property: Mall Moldova phase II
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY T AN UR STA RE T AN UR STA T RE AN UR STA T RE AN UR STA RE T AN UR T STA AN RE UR STA T RE AN UR STA T RE AN UR STA RE T AN UR STA T RE AN UR STA RE T AN UR STA RE T AN UR
Slide 43: Development Property: Brasov Value Centre
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY FASHION FASHION FASHION FASHION FASHION FASHION FASHION FASHION FASHION FASHION FASHION FASHION Brasov Value Centre zoning Brasov Value Centre is located in north-west Bras
Slide 44: Development Property: Marmura Residence
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY Marmura Residence completed Marmura Residence comprises five high-quality, high-rise apartment buildings above an integrated underground parking, and has several unique fea
Slide 45: Development Property: Avalon Estate
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY Avalon Estate wip Avalon Estate is a unique gated community, located in northern Bucharest. The project is being developed on an 8.1ha plot close to the city’s business dis
Slide 46: Development Property: Silk District
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY Silk District wip The large 10ha mixed-use, urban regeneration project combines several functions increasing efficiency of infrastructure, amenities, and services. The deve
Slide 47: Development Property: Pleiades Residence
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY Pleiades Residence wip Pleiades Residence is a high quality residential project in Ploiesti, integrated with Prahova Value Centre’s planned large-scale entertainment and le
Slide 48: Earnings Jan – Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes EARNINGS Jan — Jun 23 Reconciliation of Proportionate accounts to Adjusted proportionate accounts Proportionate accounts Adjustments Adjusted proportionate accounts Six-month period to 30 Jun 2
Slide 49: Net Asset Value Jun 23
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes NET ASSET VALUE Jun 23 Reconciliation of Proportionate accounts to Adjusted proportionate accounts Proportionate accounts Adjustments Adjusted proportionate accounts 30 Jun 2023 30 Jun 2023 30
Slide 50: Glossary
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes 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 ass
Slide 51: Glossary
Contents Overview Strategy Operational Performance Financial Performance Development Joint Venture Annexes GLOSSARY Acq/Dev, A/D Acquired / Developed Group MAS P.L.C. and its subsidiaries Adjusted distributable Adjusted distributable earnings divided by the Adjusted number of shares in issue GSA Tot
Slide 52: www.masrei.com
www.masrei.com