Ascencio Sa · EURONEXT:ASCE

Ascencio Sa — FY2018/2019 Earnings Presentation

32 slides from Ascencio Sa's earnings presentation, Dec 13, 2019

  1. Slide 1: Annual Results Financial Year 2018/2019

    A N N U A L R E S U LT S FINANCIAL YEAR 2018/2019 - 13/12/2019 1

  2. Slide 2: Agenda

    Agenda Overview 2018/2019 Real Estate Portfolio Results Financing Structure Data per share Strategy p. 14 Appendix 2

  3. Slide 3: Overview 2018/2019

    Overview 2018/2019

  4. Slide 4: Overview 2018/2019

    Overview 2018/2019 RESULTS  Rental revenues: 41,59 millions EUR (+1,5 %)  Strong decrease of the average cost of debt : 1,87 % compared to 2,69 % in FY 2017/2018  EPRA Earnings : 28,63 millions EUR (+7,1 %)  Gross dividend up by 2,9% (3,50 EUR) FINANCIAL STRUCTURE  Debt ratio : 40,5% at 30/09/2

  5. Slide 5: Real Estate Portfolio

    rr ascencio Real Estate Portfolio

  6. Slide 6: Real Estate Portfolio (30/09/2019)

    Real Estate Portfolio ( 3 0 / 0 9 / 2 0 1 9 ) 5,4% 10,7% Stand alone Cluster - other 11,7% Grands Frais 14,6% Stand alone - food 57,6% Retail Park Retail park: Open-air commercial complex including at least 5 renting units for a global GLA > 3.000 m2. Retail properties that form part of an integrate

  7. Slide 7: Real Estate Portfolio (30/09/2019)

    Real Estate Portfolio ( 3 0 / 0 9 / 2 0 1 9 ) Affordable Average Occupancy rate Rent : 97,3% Belgium : 96 EUR/m² France : 130 EUR/m² Spain : 159 EUR/m² Low unpaid rents 0,35 % (last 5 FY average)

  8. Slide 8: Real Estate Portfolio (30/09/2019) key figures

    Real Estate Portfolio ( 3 0 / 0 9 / 2 0 1 9 )  Key figures : KEY FIGURES - INVESTMENT PROPERTIES 30/09/19 30/09/18 30/09/17 30/09/16 30/09/15 30/09/14 30/09/13 FAIR VALUE 623 MEUR 619 MEUR 613 MEUR 572 MEUR 521 MEUR 477 MEUR 374 MEUR of which : Belgium 60,3% 61,4% 62,2% 60,4% 67,8% 67,6% 65,9% Fran

  9. Slide 9: Good tenants diversification

    Real Estate Portfolio ( 3 0 / 0 9 / 2 0 1 9 )  Good tenants diversification : Top 10 tenants: High profile (inter)national brands :

  10. Slide 10: Good sectorial diversification

    Real Estate Portfolio ( 3 0 / 0 9 / 2 0 1 9 )  Good sectorial diversification 2% 13% Horeca Other 14% Fashion 33% Food 11% Sports & Leisure 8% Electrical appliances 10% DIY 9% Home Deco - Furniture

  11. Slide 11: 33% of rental revenue in the food sector

    Real Estate Portfolio ( 3 0 / 0 9 / 2 0 1 9 ) 33% of rental revenue in the food sector Defensive & resilient „ Good locations Consumers’ basic needs Limited e-commerce competition Non-cyclical sector 11

  12. Slide 12: Results

    <a ascenclio Results

  13. Slide 13: Results key figures

    Results  Key figures : KEY FIGURES - RESULTS 30/09/19 30/09/18 30/09/17 30/09/16 30/09/15 30/09/14 30/09/13 RENTAL INCOME 41,6 MEUR 41,0 MEUR 40,8 MEUR 38,8 MEUR 36,0 MEUR 32,7 MEUR 26,5 MEUR PROPERTY OPERATING RESULT 37,6 MEUR 38,3 MEUR 37,6 MEUR 36,1 MEUR 33,2 MEUR 30,3 MEUR 23,8 MEUR EPRA EARNIN

  14. Slide 14: Rental income

    Results  Rental income: Rental Income 30/09/2019 30/09/2018 ∆ (000 EUR) Belgium 25.435 61% 25.240 62% 0,8% France 14.224 34% 13.803 34% 3,1% Spain 1.926 5% 1.912 5% 0,7% TOTAL 41.585 100% 40.954 100% 1,5% Variation on a like-for-like basis : Belgium : 0,52% France : 0,76% Spain : 0,71% Total : 0,61

  15. Slide 15: Financing structure

    ——— ascencio Financing structure

  16. Slide 16: Financing structure key figures

    Financing structure  Key figures: KEY FIGURES - Financing 30/09/19 30/09/18 30/09/17 30/09/16 30/09/15 30/09/14 30/09/13 DEBT RATIO (AR 13/07/2014) 40,5% 40,8% 42,6% 42,7% 42,2% 38,1% 44,7% AVERAGE COST OF DEBT 1,87% 2,69% 2,94% 3,09% 3,47% 3,69% 3,79% HEDGING RATIO 87,2% 89,9% 85,1% 84,3% 73,5% 75

  17. Slide 17: Sources of financing and revolving credits maturity

    Financing structure  Sources of financing :  Revolving credits maturity: (000 EUR) 30/09/2019 30/09/2018 € 80.000.000 Revolving credits 190.300 188.200 € 70.000.000 Commercial paper 50.000 50.000 € 60.000.000 Leasings 544 1.582 € 50.000.000 Investment loans 6.327 7.687 € 40.000.000 Total financial

  18. Slide 18: Average cost of debt

    Financing structure  Average cost of debt (%) 3,79% 3,69% 3,47% 3,09% 2,94% 2,69% 1,87% 2012-2013 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018 2018-2019

  19. Slide 19: Hedging policy

    Financing structure  Hedging policy 100% 10% 13% 15% 14% 14% 15% 19% 0% 0% 0% 0% 80% 35% 22% 4% 22% 47% 64% 0% 60% 0% Non hedged 85% 85% 86% 86% Hedged - CAP 40% 77% 0% Hedged - Fixed rate 68% 65% 65% 53% 20% 36% 0%

  20. Slide 20: Data per share

    ——— ascencio Data per share

  21. Slide 21: Data per share

    Data per share 30/09/2019 30/09/2018 4,50 € Total number of 6.595.985 6.497.594 4,00 € NAV IFRS € 55,05 € 55,19 3,50 € NAV EPRA € 57,13 € 56,34 Gross dividend per share 3,00 € EPRA Earnings per share € 4,34 € 4,05 EPRA Result Gross dividend per share € 3,50 € 3,40 2,50 € Net dividend per share € 2,4

  22. Slide 22: Data per share: share price and yield

    Data per share 11/12/2019 30/09/2019 30/09/2018 Share price € 56,60 € 56,60 € 51,00 Premium/discount -0,9% -0,9% -9,5% (NAV EPRA) Gross yield 6,2% (***) 6,2% (**) 6,7% (*) (*) Based on gross dividend 2017/2018 (€ 3,40) and on share price at 30/09/2018 (**) Based on gross dividend 2018/2019 (€ 3,50)

  23. Slide 23: Strategy

    ascenclo Strategy

  24. Slide 24: Strategy

    Strategy Target investments • Retail Park out-of-town • Stand alone with top location • Structures urban retail complex Sectorial diversification • Optimization of the commercial mix • Focus on food sector • Progressive inclusion of entertainment experience • Collecting digital data on site Risk • C

  25. Slide 25: Appendix

    a ascencio Appendix

  26. Slide 26: EPRA KPI

    Appendix  EPRA KPI 30/09/2019 30/09/2018 EPRA Earnings (000 EUR) 28.628 26.728 1 EPRA Earnings per share Earnings from operational activities 4,34 4,05 (EUR) EPRA NAV (000 EUR) 376.827 371.620 Net Asset Value adjusted to include properties and other investment interests at 2 fair value and to exclu

  27. Slide 27: Portfolio breakdown per country

    Appendix  Porfolio - Breakdown per country : Contractual % total Investment Contractual ERV on rents + ERV Occupancy Total ERV 30/09/2019 Fair value (€) Gross yield Fair Value value (€) rents (€) vacancy (€) on vacancy rate (€) (€) BELGIUM 60,3% 385.080.007 375.664.396 26.053.549 1.041.587 27.095.1

  28. Slide 28: Consolidated financial statements

    Appendix  Consolidated financial statements CONSOLIDATED BALANCE SHEET (EUR 000) 30/09/2019 30/09/2018 ASSETS 635.806 631.258 Investment properties 622.894 619.029 Other non-current assets 1.736 2.193 Assets held for sale 847 0 Trade receivables 4.107 4.307 Cash and cash equivalents 4.650 4.027 Oth

  29. Slide 29: Consolidated financial statements - Analytical

    Appendix  Consolidated financial statements -Analytical CONSOLIDATED RESULTS (€000s) 30/09/2019 30/09/2018 RENTAL INCOME 41.585 40.954 Rental related charges -225 50 Taxes and charges not recovered -162 -120 PROPERTY RESULT 41.198 40.884 Property charges -3.585 -2.575 Corporate overheads -3.807 -4.

  30. Slide 30: Consolidated financial statements

    Appendix  Consolidated financial statements CONSOLIDATED NET RESULT (€000s) 30/09/2019 30/09/2018 I Rental income 41.585 40.954 III Rental related charges -225 50 NET RENTAL RESULT 41.359 41.004 IV Recovery of property charges 0 0 Recovery of rental charges and taxes normally paid by tenants on let

  31. Slide 31: Consolidated financial statements

    Appendix  Consolidated financial statements CONSOLIDATED NET RESULT (€000s) 30/09/2019 30/09/2018 OPERATING RESULT BEFORE RESULT ON PORTFOLIO 33.879 33.912 XVI Net gains and losses on disposals of investment properties 963 -15 XVIII Changes in the fair value of investment properties -399 4.141 XIX

  32. Slide 32: Thank you for your time. Any questions?

    Thank you for your time Any questions? 32

Ascencio — FY2018/2019 Earnings Presentation on 6ix