Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — FY2012 Earnings Presentation
17 slides from Sirius Real Estate's earnings presentation, 2012
Slide 1: Sirius Real Estate Limited Annual Report and Accounts 2012
Business Review Financial Statements Sirius Real Estate Limited Sirius Real Estate Limited Annual Report 2012 Annual Report and Accounts 2012
Slide 2: Key highlights
Business Review Financial Statements key highlights Current annualised rent roll increased to €45.3m (2011: €43.6m) Adjusted PBT €2.9m (2011: loss €1.0m)1 Higher rate achieved on new lettings at €5.24 psm (2011: €4.41 €2.9m psm) Adjusted earnings 1 Higher tenant retention with 92,636 sqm of vacating
Slide 3: Lettings update
Business Review Financial Statements lettings update Occupancy increased to 78% (2011: 76%) New lettings in period of 128,345 sqm at €5.24 psm (2011: 19% 159,292 sqm at €4.41 psm) increase in the average rate psm on new sales 92,636 sqm of move outs in period (2011: 123,768 sqm) Continued to average
Slide 4: Enquiry & viewing stats
Business Review Financial Statements enquiry & viewing stats enquiries 1,000 884 1,002 899 1,012 1,003 1,007 1,009 1,087 837 1,209 1,120 1,119 1,151 enquiries 1,010 1,048 995 965 average per month 960 819 819 844 838 878 798 2010/11 500 2011/12 12 months 12 months to Mar 11 to Mar 12 0 966 976 Apr M
Slide 5: New deals analysis
Business Review Financial Statements new deals analysis new deals 150 131 108 102 new deals 102 102 97 94 83 93 100 90 83 110 85 average per month 93 89 95 89 77 88 78 50 70 70 76 2010/11 12 months to 12 months 56 2011/12 Mar 11 to Mar 12 0 87 93 Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar Siri
Slide 6: Renewals analysis 2012/13
Business Review Financial Statements renewals analysis 2012/13 Up for Renewal (Sqm, Income & No. Tenants) 2012/13 250 250 200 200 150 150 No. Tenants € Thousands 100 100 50 50 0 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 0 2012/13 Total 244,856 sqm Sqm 17,8
Slide 7: Portfolio analysis – lease expiry
Business Review Financial Statements portfolio analysis – lease expiry Portfolio - Lease Expiry by Annual Rent (Mar 11/Mar 12) Mar-12 Mar-11 14 Rent Roll as at 31 Mar 12: €45.3m (Mar 12 11: €43.6m) Annual Rent Millions - € 10 Total no. of tenants: 1,327 8 12.7 Average lease length remaining: 3.0 yrs
Slide 8: Smartspace update
Business Review Financial Statements smartspace update smartspace product now available on 22 sites (Mar 11: 17 sites) 25,464 sqm now let (Mar 11: 17,230 sqm) at an average rate of €8.84 psm (Mar 11: €8.55) 46,205 sqm now converted to smartspace (Mar 11: 32,199 sqm) Sirius Real Estate Limited Annual
Slide 9: Smartspace divides into three clear sub products
Business Review Financial Statements smartspace divides into three clear sub products smartspace office smartspace storage smartspace workbox* small offices with shared facilities, secure storage units with production and workshop with < 5 max. workstations controlled access, 5 sqm-50 sqm shared fac
Slide 10: Conferencing & catering
Business Review Financial Statements conferencing & catering 3,768 sqm of conferencing space across 20 sites offering a total of 70 conferencing rooms. Revenue for March 2012 gives an annualised income in excess of €900k Top 5 Key Accounts: GATE, TÜV, Commerzbank, Siemens, Höher Management, Grollmus
Slide 11: Cost saving initiatives
Business Review Financial Statements cost saving initiatives Continuation of the successful cost reduction non-recoverable costs €m programme has saved a further €2.0m in the Jan 10 Mar 12 Improvement period and €7.7m on run rate from when programme commenced in Jan 10 through: prepayments 20.9 27.5
Slide 12: Financials – recurring adjusted profit before tax
Business Review Financial Statements financials – recurring adjusted profit before tax Year to March 12 Year to March 11 Movement €m €m €m Rental income 45.1 44.8 0.3 Service charge irrecoverable costs (7.6) (8.4) 0.8 Non-recoverable maintenance (1.1) (1.2) 0.1 Net rental Income 36.4 35.2 1.2 Manage
Slide 13: Financials – statement of financial position
Business Review Financial Statements financials – statement of financial position As at March 12 As at March 11 Movement €m €m €m Non-current assets Investment Properties 476.8 505.5 (28.7) Plant and equipment 3.4 4.7 (1.3) Goodwill 3.7 0.0 3.7 484.0 510.2 (26.2) Current assets Trade and other recei
Slide 14: Banking
Business Review Financial Statements banking Bank borrowings as at 31 March 2012: €305m (LTV 61.1%) Weighted average interest rate of this debt: 5.43% €305m Cash at 31 March 2011: €9.1m bank borrowings ABN facility of €91m matures Oct 12 Initial discussions commenced and plan agreed with ABN €9.1m c
Slide 15: Bank loan covenants
Business Review Financial Statements bank loan covenants DTZ Bank Valuation Net Rent Current Loan Annual Interest Sept 11 LTV ICR Current Covenant Current Covenant RBS Consolidated 124,850,000 7,817,440 91,217,120 5,405,947 73% 85% 1.45 1.25 DTZ Valuation Annual Interest + Mar 12 Net Rent Current Lo
Slide 16: Property valuations
Business Review Financial Statements property valuations Portfolio valued at €486m at 31 March 2012 (2011: €492m) Capex was €7.9m in the year (2011: €5.9m) €486m revaluation Valued on an average net yield of 7.9% Capital value per m2 of €421 (2011: €438) 78% occupancy Sirius Real Estate Limited Annu
Slide 17: Conclusion
Business Review Financial Statements conclusion Continued strong letting performance driven occupancy to 78% with potential further increases Improved tenant retention Focus to achieve increased yields from the portfolio Progress made on refinancing Ongoing negotiations to dispose of selected sites