Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — H1 2023 Earnings Presentation
22 slides from Vbare Iberian Properties Socimi's earnings presentation, Jul 27, 2023
Slide 1: H1 2023 Results Presentation
H1 2023 RESULTS PRESENTATION July 27, 2023 1
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by VBARE Iberian Properties SOCIMI, S.A. (the “Company”) and its subsidiaries (the “Group”). This Presentation does not constitute or form part of, and should not be construed as, any offer to sell or issue or invitation to purchase or subscribe for, or any
Slide 3: Index
INDEX 1. H1 2023 Operating Performance 2. H1 2023 Financial Performance 3. Annex: Portfolio Overview 3
Slide 4: 2023 Highlights
2023 HIGHLIGHTS COMMERCIAL ACTIVITY WITH 26 LEASES SIGNED IN H1 2023 AND AN ANNUALIZED RELETTING SPREAD1 OF +8.6% (34 LEASES SIGNED IN H1 2022 WITH AN ANNUALIZED RELETTING SPREAD OF +3.5%) STABLE NET OCCUPANCY ABOVE 95% CONFIRMING STRONG DEMAND AND MARKET MOMENTUM +15% LIKE-FOR-LIKE RENTS INVOICED V
Slide 5: 1. H1 2023 Operating Performance
1. H1 2023 OPERATING PERFORMANCE 5
Slide 6: Leasing Performance
1. H1 2023 Operating Performance LEASING PERFORMANCE Quarterly Leases Signed ¹ Quarterly Net Occupancy ² 32 95.86% 96.43% 97.86% 98.44% 97.41% 95.20% 18 18 16 13 8 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Recovery in the number of contracts sign
Slide 7: Operative Performance
1. H1 2023 Operating Performance OPERATIVE PERFORMANCE Like-for-Like Annualized GRI Evolution (€ k) Annualized Rents Potential Growth (€ k) 2 +26% Bonified Rents1 Total Rents +54% 2,889 2,905 2,651 1,891 1,976 2,599 1,883 1,964 1,993 2,018 Current Rents Temporary Rebates Rents Vacant Under Reversion
Slide 8: Operative Performance: Yield on Invested Capital and GAV
1. H1 2023 Operating Performance OPERATIVE PERFORMANCE Yield1 on Invested Capital 2 Yield1 on GAV 3 Gross Yield Net Yield Gross Yield Net Yield +43% 5.9% 5.8% +44% 4.2% 4.3% 4.2% 5.4% 5.3% 4.3% 4.2% 3.7% 3.8% 3.7% 3.1% 3.1% 3.1% 4.0% 3.9% 2.7% 2.7% 2.7% Jun. 30, 22 Sept. 30, 22 Dec. 31, 22 Mar. 31,
Slide 9: 2. H1 2023 Financial Performance
2. H1 2023 FINANCIAL PERFORMANCE 9
Slide 10: IFRS 2023 Profit & Loss Account
2. H1 2023 Financial Performance IFRS 2023 PROFIT & LOSS ACCOUNT Profit & Loss Account (€ k) June 30, 2023 June 30, 2022 Variation Gross Rental income (Like-for-Like Assets) 1,020 890 14.6% Gross Rental income (Units sold) 7 78 -91.0% Gross Rental Income 1,027 968 6.1% Other operating income 10 5 10
Slide 11: Consolidated Balance Sheet
2. H1 2023 Financial Performance JUNE 30, 2022 CONSOLIDATED BALANCE SHEET Assets (€ k) Liabilities (€ k) June 30, 2023 December 31, 2022 Variation June 30, 2023 December 31, 2022 Variation Non- Current Assets 68,769 66,283 3.8% Net Equity 45,111 44,393 1.6% Property, plant and equipment 12 16 -25.0%
Slide 12: 2023 GAV and NAV Evolution
2. H1 2023 Financial Performance 2023 GAV¹ AND NAV EVOLUTION 2023 GAV Evolution (€ k) 2023 NAV Evolution (€ k) 66,060 (464) 65,596 1,736 1,218 68,551 44,394 817 (91) (8) 45,112 +2.65% +1.86% (+1.84%) (-0.2%) (-0.02%) GAV Pre-Sales Sales GAV Capex Fair Value GAV NAV Own Shares NAV 31/12/2022 31/12/20
Slide 13: VBARE NAV per Share vs. Share Price
2. H1 2023 Financial Performance VBARE NAV PER SHARE vs. SHARE PRICE (47.6%) (44.2%) (42.6%) (42.3%) (43.3%) (54.9%) (61.8%) 12.98 12.99 12.71 12.74 12.74 12.62 12.48 7.25 7.25 7.20 7.20 6.80 5.75 4.86 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 27 July 2023 Significant current share price disco
Slide 14: VBARE Share Price Information
2. H1 2023 Financial Performance VBARE SHARE PRICE INFORMATION Share Price Evolution (€) Market Capitalization (€) 7.20 25,629,509 7.10 7.10 7.10 5.75 5.75 4.86 17,543,579 (32%) (32%) Jan. 2023 Feb. 2023 Mar. 2023 Apr. 2023 May 2023 Jun. 2023 Jul. 2023 Jan. 2023 Feb. 2023 Mar. 2023 Apr. 2023 May 202
Slide 15: June 30, 2023 Financing Information
2. H1 2023 Financial Performance JUNE 30, 2023 FINANCING INFORMATION Outstanding Debt by Institution Loan to Value¹ 36.9% 36.0% 10% 1% 37% 53% 2022 2023 Sabadell Banca Pueyo Bankinter Laboral Kutxa Other 1.78% 17YEARS Portfolio average Portfolio average loans Mortgage Loans Interest Rate2 interest r
Slide 16: Annex: Portfolio Overview
ANNEX: PORTFOLIO OVERVIEW 16
Slide 17: Main KPIs Performance: Operational & Commercial
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: OPERATIONAL & COMMERCIAL 229 17,399 13,599 95.20% 1.5 Total Number Total GLA Total Residential Q2 2023 Tenants of Units ¹ (SQM) GLA (SQM) ² Net Occupancy ³ Per Unit 26 8.6% Total Leases Signed in 84.3% 21.7 31.41% H1 2023 Reletting Q2 2023 VBARE’s Ave
Slide 18: Main KPIs Performance: Financial & Corporate
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: FINANCIAL & CORPORATE €2.0 €2.6mn €14.33 €907 €3.3mn Annual Monthly Passing Monthly Passing Annual Current Rent¹ Rent per Rent per Reversionary Rent Residential SQM2 Residential Unit2 €49.4mn €49.9mn €3,584 €3,206Total €68mn €4,582 Q1 Q2 2023 Total In
Slide 19: 2023 Operational Performance
1. H1 2023 Operating Performance 2023 OPERATIONAL PERFORMANCE GLA (SQM) Units ¹ 2023 17,399 2023 229 2022 19,103 2022 254 2021 21,372 2021 331 Madrid City Center Inside M30 ² Building Ownership > 50% ² 2023 70.83% 2023 90.36% 2022 64.90% 2022 87.46% 2021 65.54% 2021 84.93% 1. Only Residential and Re
Slide 20: 2023 Portfolio Description and Location
1. H1 2023 Operating Performance 2023 PORTFOLIO DESCRIPTION AND LOCATION Type of Ownership ¹ Portfolio Location ¹ Inside M30 Location ¹ Inside M30 10% 3% 3% Entire Building 10% Chamberí 20% Outside M30 13% Tetuán Units in the same 17% building (>50%) Bordering Malasaña M30 17% 60% Units in the same
Slide 21: Portfolio Gallery
Annex: Portfolio Overview PORTFOLIO GALLERY 21
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