Mas P.l.c. · JSE:MSP
Mas P.l.c — H1 FY2025 Earnings Presentation
56 slides from Mas P.l.c's earnings presentation, Dec 31, 2024
Slide 1: Results Presentation and Company Profile
Results Presentation and Company Profile 31 December 2024 GREEN PROPERTY INVESTOR IN CENTRAL AND EASTERN EUROPE
Slide 2: Table of Contents
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Table of Contents Key Insights Financial Performance Highlights3 MAS Distributable Earnings Dec 2423 Company Profile 4 MAS Tangible Net Asset Value Dec 2424 Earnings Guidance 5
Slide 3: Highlights
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Highlights MAS’ CEE investment assets have excellent fundamentals and performed admirably in the six months to 31 December 2024. Significant progress was achieved in raising c
Slide 4: Company Profile
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Company Profile MAS is an internally managed green property investor and operator focused on retail properties in CEE. Over 30% of MAS’ total asset base is represented by its
Slide 5: Earnings Guidance
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Earnings Guidance 2025 Distributable Earnings guidance (eurocents) Distributable Earnings on IFRS basis* IFRS 5.11 5.44 9.37 9.79 55% of Distributable Earnings As published on 2
Slide 6: Rationale for Early Termination of DJV Arrangements
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Rationale for Early Termination of DJV Arrangements Attempts to restructure the DJV arrangements have led, since October 2023, to at least four separate transaction processes,
Slide 7: Proposed Transaction
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Proposed Transaction MAS' Board approved a transaction to repurchase Prime Kapital's 60% interest in the DJV and to terminate DJV arrangements, which is subject to shareholder
Slide 8: Proposed Transaction Illustrated Effects
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Proposed Transaction Illustrated Effects The Transaction Premium (or MAS' TNAV dilution) is estimated to be €96.6million (14 eurocents per share) on 30 June 2025. DJV's remain
Slide 9: Transaction Pricing
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Transaction Pricing The Transaction was priced to provide MAS with a higher return on investment compared to a typical mature income- generating asset. Given the DJV arrangeme
Slide 10: Transaction Pricing continued
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Transaction Pricing continued Effect of Transaction Premium on TNAV -7.4% 8.0% -0.6% The Repurchase Transaction amounts to a €96.6million 14 1 premium to book value of DJV equ
Slide 11: Outcome for MAS: Resuming Dividends
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Outcome for MAS: Resuming Dividends MAS becomes a REIT-style, CEE-focused, directly-owning, commercial property investor and operator, with a clear and simple corporate struct
Slide 12: Outcome for MAS: Improved TSR Perspectives
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Outcome for MAS: Improved TSR Perspectives Changing MAS’ risk profile from a complex business structure with development and residential risk exposure, to a stable, profitable
Slide 13: Impact of the Transaction not being implemented
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Impact of the Transaction not being implemented Continued strategic ambiguity. Prime Kapital retains control of over 30% of MAS’ balance sheet, which creates uncertainty reg
Slide 14: Financial Results and Debt Profile Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Financial Results and Debt Profile Dec 24 Six-month Six-month Twelve-month period to period to period to 31 Dec 2024 31 Dec 2023 30 Jun 2024 FINANCIAL RESULTS PER SHARE (eurocen
Slide 15: Retail Operational Results Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Retail Operational Results Dec 24 On On 31 Dec 2024 31 Dec 2023 PASSING INCOME (€ million) 1 115.8 101.9 13.6% Passing income on preferred equity and revolving credit facility 3
Slide 16: Operational Assets Historical Performance
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Operational Assets Historical Performance Continued focus on value creation through operational excellence delivering robust operational metrics. High quality base of CEE operat
Slide 17: Retail Operational Performance
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Retail Operational Performance Exceptional growth in annualised LFL NRI growth. Annualised LFL NRI growth Occupancy 20% 100% LFL NRI CAGR 8.9% 80% 15% 60% 9.3% 10% 96.6% 97.6% 9
Slide 18: Retail Historical Rent Reversions
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Retail Historical Rent Reversions Consistent positive rent reversions above indexation. 16% €4.4m €7.5m 14% €5.2m €7.9m 12% 5.8% €3.7m 2.7% 10% 9.9% 8% 5.6% 9.5% 6% 9.0% 9.6% 4%
Slide 19: Retail Footfall, Tenants’ Sales & Collection Jul–Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Retail Footfall, Tenants’ Sales & Collection Jul—Dec 24 Strong Central and Eastern European LFL Footfall and Tenants’ Sales. Exceptional Collection Rates. 111% 110% 107% 103% 10
Slide 20: Passing Net Rental Income & Fair Value Movements Jul–Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Passing Net Rental Income & Fair Value Movements Jul—Dec 24 DCF VALUATION ASSUMPTIONS Passing NRI Movements €76.3m 31 Dec 2024 9.1 — 10.4% DISCOUNT RATES (UNLEVERED) Passing NRI
Slide 21: Income Property Schedule Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property Schedule Dec 24 Location Type Acquired Destination GLA GLA Occupancy NI BV Cost NI/BV NI/Cost year m2 m2 % €m €m €m % % INCOME ASSETS 673,900 402,300 97.9% 115.8
Slide 22: Environmental
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Environmental Assessment of investment decisions considers not only the immediate economic implications, but also long-term effects on social well-being and the environment with
Slide 23: MAS Distributable Earnings Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes MAS Distributable Earnings Dec 24 Six-month period to Six-month period to Twelve-month period to 31 Dec 24 31 Dec 23 30 Jun 24 IFRS Earnings 76,085 68,635 123,183 IFRS Distribut
Slide 24: MAS Tangible Net Asset Value Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes MAS Tangible Net Asset Value Dec 24 On On On 31 Dec 24 31 Dec 23 30 Jun 24 Assets 1,809,912 1,525,967 1,643,110 Investment property 1,018,827 994,441 1,030,329 Preferred equity
Slide 25: Debt Capacity and Repayment Profile Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Debt Capacity and Repayment Profile Dec 24 IFRS KEY DEBT RATIOS €(40.4)m €563.5m 2.2% Property Gearing* ND/NRI WACD €(200.2)m 1.9% 37.6% 5.0 5.55% LTV €162.4m €477.0m MAXIMUM NE
Slide 26: Capital Requirements: Implementation to Date Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Capital Requirements: Implementation to Date Dec 24 Available capital sources are used for funding MAS’ commitments within restrictive self-imposed debt limitations. TOTAL COMMI
Slide 27: DJV Retail Operational Performance Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes DJV Retail Operational Performance Dec 24 Six-month performance Footfall – LFL 1 Sales/m2 – LFL 1 Indexation 2 Collection rate OCR 3 Occupancy 7.6% 7.0% 2.7% 99.9% 10.2% 97.2% P
Slide 28: DJV Income Property Schedule Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes DJV Income Property Schedule Dec 24 Location Type Acq/Dev Destination GLA GLA Occupancy NI BV Cost NI/BV NI/Cost Year m2 m2 % €m €m €m % % INCOME ASSETS 249,100 148,500 85.2% 23
Slide 29: DJV Retail Development Property Schedule Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes DJV Retail Development Property Schedule Dec 24 Location Type Property type Status Completion Destination GLA GLA ERV Budget Spent year m2 m2 €m €m €m Development Property 367,5
Slide 30: DJV Residential Property Schedule Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes DJV Residential Property Schedule Dec 24 DJV Residential property delivered a net profit* of €951 thousand for the six-month period to 31 December 2024. Location Total units U
Slide 31: Property Overview
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Property Overview Poland Gorzow Romania Baia Mare Zalau Iasi Cluj-Napoca Gheorgheni Roman Bacau Targu Secuiesc Alba Iulia Sfantu Gheorghe Barlad Fagaras Arad Focsani Sebes Stara
Slide 32: Income Property – MAS Galleria Burgas
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS PU LS E FI TN ES S PI AB ZZ L A SK AR RA AL AD IN www.galleriaburgas.bg TE O D LOCFOOT O R KER I N N IA G Galleria Burgas HO USE G O TO CRO PP G IU LIA N G
Slide 33: Income Property – MAS Dambovita Mall
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS SP MB D C OV A RP I C TA IV D IN IL AN ES D M SS GA RE LA XP LA AY PL T’S LE S OL SM SH ER IF TE F IU PIZ AZ C ZA Y F R BO RIE N S IT A www.dambovitamall.r
Slide 34: Income Property – MAS Atrium Mall
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS OLIS 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 BUBBLE TEA OXO E N IA M O TA YM O
Slide 35: Income Property – MAS Nova Park
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS UND ARM LID ER ZABER PLA OUR AW C A N E R A E M A G DE BY O LUXE LA LA / ECHO FASH L L ION U B IT P MED ICIN E www.nova-park.pl Nova Park Nova Park is the
Slide 36: Income Property – MAS Galleria Stara Zagora
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS E TIC ATHL R AZE BIOL T URAN RESTA IO ED INM CIT P O Y SH O JAR AFE C BMS RA SUB ET www.galleriasz.bg TEL EFB YET H8S SILY SES Galleria Stara Zagora PAU SE
Slide 37: Income Property – MAS Militari Shopping
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS Militari Shopping 53,800m² GLA Located in Militari, a densely populated and expanding residential area in Bucharest, this centre has excellent visibility a
Slide 38: Income Property – MAS DN1 Value Centre
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS LA COLT JERRY’S ATELIERUL YUPI PIZZA DE BURGERI LAND Outdoor terrace PALMIYE LA BUFET NORIEL LET’S PLAY ING MASTER SUSHI GIOIA FLOWERS ESENTA THE PLANT BAR
Slide 39: Income Property – MAS Prahova Value Centre
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS Prahova Value Centre 25,000m² GLA Prahova Value Centre is located in Ploiesti, the capital of Prahova county, near the main train, tram and bus stations. T
Slide 40: Income Property – MAS Zalau Value Centre
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS SILVANA BIO LET’S AVANGARD PLAY BIJUTEERIA KENDRA ONIX CARTURESTI SPLEND’OR INMEDIO BUBBLE www.zalauvaluecentre.ro WAFFLE NEOTIA TRANSILVANIA GURMANZILOR K
Slide 41: Income Property – MAS Sepsi Value Centre
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS NORIEL www.sepsivaluecentre.ro Sepsi Value Centre × 514 Sepsi Value Centre, with a catchment area of approximately 211,000 residents within a 60-minute dri
Slide 42: Income Property – MAS Barlad Value Centre
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS MESOPOTAMIA KUNG FOOD ROMAIA TRAVEL LA TUTU PARFUM EXPRESS CREDIT ROPHARMA NORIEL www.barladvaluecentre.ro LENSA AVANGARD Barlad Value Centre ZIRETO CAFFE
Slide 43: Income Property – MAS & DJV Roman Value Centre
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS & DJV CU SOS PIZZA 21 PIZZA KUNG COCO RIMINI FOOD RINOO LET’S PLAY DULCINELLA EXCHANGE AVANGARD BIJUTERIA LE PREMIER ROYAL TWIST CAFE ROBEST NORIEL MESOPOT
Slide 44: Income Property – MAS & DJV Baia Mare Value Centre
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – MAS & DJV ARES ZOOMANIA www.baiamarevaluecentre.ro DON CASH MAZO PIERRE B-EGO Baia Mare Value Centre AVANGARD CAMELIA GARDEN TABAC XPRESS ZEN CUT Baia Mare Val
Slide 45: Income Property – DJV Arges Mall
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – DJV M GY FIT AY ST PI NITA ZZ BO A C H O SAP PIZZ PS TIX ORI ERIA ITAL IA POPE YES PERF BLEN ECT D M ES O PO MARQSWEE TA UISET M IA A OT GR IN M ED IO EMO JI U
Slide 46: Income Property – DJV Carolina Mall
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Income Property – DJV FAST FO OD ZHAN G UN ICOLUME RN A ILO R T N A R U A T S E R www.carolinamall.ro Carolina Mall TU CO CANO FFEE Located in central Romania, Alba Iulia is an
Slide 47: Office Property – DJV Silk District Office
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Office Property – DJV Silk District Office Silk District Office is located in proximity to Iasi’s city centre, one of Romania’s largest cities. The construction of the A-grade o
Slide 48: Development Property – DJV Mall Moldova – phase II
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Development Property – DJV & E MORFEE COF ZAY PO LE BB BAR P BU TRO O9 UL GAS SOH PA O 9 R TR O PO LE BA BB AS H P BU G SO RE O EE Y &M FF ZA O C ZA I IN PIZ M RIM IT AT Y IT SP
Slide 49: Residential Property – DJV Avalon Estate
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Residential Property – DJV Avalon Estate Avalon Estate is a unique gated community, located in northern Bucharest. The project is being developed on an 8.1ha plot close to the c
Slide 50: Residential Property – DJV Silk District Residential
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Residential Property – DJV Silk District Residential The large 10ha mixed-use, urban regeneration project combines several functions with shared infrastructure, amenities, and s
Slide 51: DJV Relationship Summary
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes DJV Relationship Summary Joint Venture Agreement Summary • Funding Partner • MAS’ investment in DJV was conditional on it irrevocably undertaking to provide preferred equity to
Slide 52: Earnings – Adjusted Proportionate Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Earnings – Adjusted Proportionate Dec 24 Adjusted proportionate accounts Adjusted proportionate accounts Adjusted proportionate accounts Six-month period to 31 Dec 2024 Six-mont
Slide 53: Net Asset Value – Adjusted Proportionate Dec 24
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Net Asset Value – Adjusted Proportionate Dec 24 Adjusted proportionate accounts Adjusted proportionate accounts Adjusted proportionate accounts 31 Dec 2024 31 Dec 2023 30 Jun 20
Slide 54: Glossary
Contents Key Insights Transaction Overview Operational Performance Financial Performance Development Joint Venture Annexes Glossary Acq/Dev Acquired / Developed m million BREEAM/LEED/EDGE Independent third-party certification of the assessment regarding the sustainability of m2 square meter individu
Slide 55: Glossary
Contents Key Insights Transaction Overview 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 segment
Slide 56: www.masrei.com
www.masrei.com By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations. This document, which has been prepared by MAS P.L.C. (the "Company") comprises slides for a presentation in relation to the Company and