Aradei Capital Sa · CSEMA:ARD
Aradei Capital Sa — Investor Presentation (May 2024)
29 slides from Aradei Capital Sa's investor presentation, May 2024
Slide 1: The Platform Presentation May 2024
The Platform Presentation May 2024
Slide 2: Table of content
I. Company and portfolio overview II. A growth story Table of content Confidential & Proprietary i. Performance review since the IPO in 2020 ii. 2023 Financial performance III. Conclusion and outlook IV. Appendix 2
Slide 3: I. Company and Portfolio Overview
I. Company and Portfolio Overview 10
Slide 4: Vision and mission statement
Company and portfolio overview Vision and mission statement Vision To be the premier commercial real estate company delivering growth and return from a resilient and diversified portfolio Mission We acquire, develop and manage a portfolio of innovative assets anchored in their environment. Confident
Slide 5: A portfolio of commercial real estate assets valued at more than 7.5 billion MAD
Company and portfolio overview A portfolio of commercial real estate assets with a valuation of more than 7.5 billion MAD Portfolio overview as of December 31, 2023 ▪ A diversified real estate platform beyond retail 40 Assets 466,000 sqm 28 Cities 7.6 billion MAD (68% vs. 90% in 2020) Confidential &
Slide 6: A strong operational performance
Company and portfolio overview A strong operational performance Key business KPIs Our main partners ▪ Occupancy rate: 96% (stable vs.2022) ▪ 45 millions visits in 2023* (+4% vs.2022) Confidential & Proprietary ▪ Footfall level* : 103% compared to 2022 and 94% compared to its pre-crisis level in 2019
Slide 7: A presence in cities across Morocco
Company and portfolio overview A presence in 28 cities across Morocco Geographical Geographicallocation locationof ofthe theassets assets(*) Geographical mix (Operating assets) Tanger area Other cities; Marrakech; 68,000 sqm 11% 14% Berkane 3,000 sqm Salé; 5% Rabat/Salé/Témara 56,000 sqm Oujda Temar
Slide 8: A portfolio composed of various category of assets
Company and portfolio overview A portfolio composed of various category of assets Multi tenants, Retail Parks, Strip Shopping Centers – 94,000 sqm Standalone Assets – 56,000 sqm Offices– 7,000 sqm Malls and Galleries – 165,000 sqm Confidential & Proprietary Example – almazar Example – Sela Park El J
Slide 9: Creating value through impact: Environment, Communities and People
Company and portfolio overview Creating value trough impact I Environment, Communities and People … A strategy based on 3 main pillars… ✓ A positive impact on the environment Confidential & Proprietary Green building Solar panels LED lights EMS tool ✓ A territorial anchoring of our assets Local infr
Slide 10: II. A growth story
II. A growth story i. Performance review since the IPO in 2020 10
Slide 11: Key investment milestones since 2020
A growth story Key investment milestones since 2020 2020 2021 2022 2023 ▪ Three retail park deliveries ▪ First OPCI investment ▪ First investment in healthcare ▪ Retail • Atacadao Inezgane (8,200 sqm GLA) • Acquisition of a 100% stake • Acquisition of a 51% majority • Development of the 8th in the O
Slide 12: A strong financing story since the IPO
A growth story A strong financing story since the IPO Since 2020: ▪ Equity: c. 1.3 bn MAD ▪ Bonds: 1.1 bn MAD Bank financing ▪ Bank loans: c. 1.3 bn MAD 05 ▪ More than 1.3 bn MAD of financial debt with major local A 35% LTV EPRA at 31.12.2023 financial institutions ▪ Effective diversification amon
Slide 13: A dynamic and diversified investment strategy
A growth story A dynamic and diversified investment strategy December 31st, 2020 December 31st, 2023 In % of GLA In % of GLA 90% Retail 68% Retail 29 Assets 346,000 sqm 40 Assets 466,000 sqm Incl. 4 plots GLA Incl. 9 plots GLA & 1 OPCI Confidential & Proprietary 17% Healthcare 15% 10% Industry 16% ▪
Slide 14: A track record beyond the promises made at the IPO (1/2)
A growth story A track record beyond the promises made at the IPO (1/2) ▪ Key financial highlights beyond the BP disclosed ▪ Dividend per share: 12.4 MAD (2020) – 18.2 MAD during the IPO (2021) – 19.2 MAD (2022), a 16% average growth rate • Revenues TCAM 20-23 : +21% • NOI TCAM 20-23 : +20% ▪ Payout
Slide 15: A track record beyond the promises made at the IPO (2/2)
A growth story A track record beyond the promises made at the IPO (2/2) Revenues (in MMAD) NOI (in MMAD) +19% 583 +15% +24% 486 491 +11% 421 424 +6% 441 +5% 341 +20% 361 398 340 259 271 +8% 313 260 199 214 Confidential & Proprietary 2020 2021 2022 2023 2020 2021 2022 2023 IPO Actual IPO Actual FFO –
Slide 16: Outperformance of the stock price vs. the market
Outperformance of the stock price vs. the market The share price increased by +33.8% since the IPO with a liquidity ratio of 28.1% Aradei Capital's share price evolution 600 350.000.000 550 542 (+33,8%) 300.000.000 499 505 500 250.000.000 470 463 (+18,1%) 450 478 200.000.000 415 430 400 150.000.000
Slide 17: ii. 2023 Financial Performance
II. A growth story ii. 2023 Financial Performance 10
Slide 18: 2023 Financial performance: Key highlights
A growth story 2023 Financial performance I Key highlights ▪ 2023 revenues (IFRS): 583 MMAD, a 20% YoY growth (+97 MMAD) Ongoing revenue ▪ Growth mainly driven by the new perimeter (nearly 70% contribution to the increase), due to the full year impact of growth the deliveries achieved in the second
Slide 19: 2023 Financial performance: Financial wrap-up
A growth story 2023 Financial performance I Financial wrap-up 2022 2023 Revenues 486 MMAD 583 MMAD EBITDA 361 MMAD 441 MMAD Confidential & Proprietary Funds From Operations (FFO)* 239 MMAD 270 MMAD FFO per share 21.3 MAD 24.1 MAD EBITDA Margin 74% 76% Dividend per share** 19.19 MAD 20.47 MAD ▪ A fin
Slide 20: Revenues performance led by the new perimeter
A growth story 2023 Financial performance I Revenues performance led by the new perimeter In KMAD 2022 2023 ▪ A +97 MMAD growth in revenues (+20%) : Rental revenues 464,384 554,875 • Like-for-like basis (+30 MMAD): net effect of leasing, indexation, and revenue generated from leisure activities Othe
Slide 21: A well-balanced financial structure
A growth story 2023 Financial performance I A well-balanced financial structure ▪ The cash variation is mainly due to revenues form In KMAD 31/12/2022 31/12/2023 operations (+246 MMAD), capex (-474 MMAD), net effect Cash & Cash equivalents 378,459 682,328 of financing (+534 MMAD), dividends (-215 MM
Slide 22: A sound balance sheet structure with a controlled LTV
A growth story 2023 Financial performance I A sound balance sheet structure with a controlled LTV 31.12.2023 In KMAD Actual 41% LTV and 35% LTV EPRA LTV Below Aradei Capital’s internal financing covenants (60%) ICR 3.5x Net Debt To EBITDA 6.1x Average remaining maturity 5.6 years Confidential & Prop
Slide 23: III. Conclusion and outlook
III. Conclusion and outlook 10
Slide 24: Conclusion and outlook
Conclusion and outlook ✓ A unique strategy and a specific know how in a moving environment ✓ A highly selective retail investment strategy mainly focused in the strategic city of Casablanca ✓ A consistent operating performance on operational assets Confidential & Proprietary ✓ Identification and dep
Slide 25: IV. Appendices
IV. Appendices 10
Slide 26: Appendix – Shareholding
Appendix 1 – Shareholding A renowned shareholder base PIC Sanam Best BMCI – BNP Label’Vie EBRD Floating on behalf of GEPF Holding Financière Paribas 37.8% 11% 7.6% 7.5% 4.9% 3.8% 27.1% Confidential & Proprietary Real Estate Investment Advisory Mandate REIM Partners Main tenant Property and Facility
Slide 27: Appendix – Governance and Committees
Appendix 2 – Governance and Committes A governance consistent with REIT standards ▪ The Company’s governance is structured as follows: Board of Directors Investment Committee Conflict Committee Audit Committee The Committee decides on The Board of Directors determines Confidential & Proprietary inve
Slide 28: Appendix – Management Company & Property Manager
Appendix 3 – Management Company & Property Manager Investment Management, Property & Facility Management Property Management Management Company Founded in 2013 by Mr. Nawfal BENDEFA and Mr. Mehdi TAHIRI JOUTEI HASSANI, REIM Aradei Real Estate Services is a wholly owned subsidiary of Aradei Capital P
Slide 29: Contact Aradei Capital / Contact REIM Partners
Contact Aradei Capital Contact REIM Partners Nawfal Bendefa, CFA – CEO Idriss Bensmail – Managing Director n.bendefa@reim-partners.com i.bensmail@reim-partners.com + 212 6 69 18 32 45 + 212 6 64 50 52 92 Aradei Capital - Route Secondaire 1029, Municipalité de Sidi Maarouf aradeicapital.com