Ascencio Sa · EURONEXT:ASCE
Ascencio Sa — Degroof Petercam's Real Estate Conference 2024
38 slides from Ascencio Sa's conference presentation, Oct 4, 2024
Slide 1: Degroof Petercam's Real Estate Conference
DEGROOF PETERCAM’S R E A L E S TAT E C O N F E R E N C E 04.10.2024
Slide 2: Who We Are
WHO WE ARE WHO WE ARE 2
Slide 3: Belgian REIT operating in Belgium, France & Spain
A Belgian Operating in Investing in REIT Belgium, supermarkets France & retail parks & Spain Under the Listed on SIR/GVV, SIIC & SOCIMI Euronext Brussels Since 2007 status WHO WE ARE 3
Slide 4: Supermarkets
SUPERMARKETS STRATEGIC LOCATIONS 40% OF ASCENCIO’S Grand Frais, Echirolles (FR) INCOME MEETING CONSUMERS’ PRIMARY NEEDS ASCENCIO’S DNA LIMITED IMPACT Intermarché, Ottignies (BE) OF E-COMMERCE WHO WE ARE 4
Slide 5: Retail Parks
RETAIL PARKS RETAIL MIX PRIMARY NEEDS Parc des Drapeaux, Caen (FR) GOOD CONVERSION RATE ACCESSIBILITY IN PERIPHERY SIZE AND FLEXIBILITY Bellefleur, Charleroi (BE) OF RETAIL SPACES (OMNICANALITY) WHO WE ARE 5
Slide 6: Active in Belgium, France & Spain
ACTIVE IN BELGIUM, FRANCE & SPAIN Retail parks Others WHO WE ARE 6
Slide 7: Evolution of the Portfolio
EVOLUTION OF THE PORTFOLIO Total portfolio value €743 million Average porfolio yield 6.94% Average rent 120 €/m² Retail properties +/- 100 Size of portfolio 450.000 m2 Belgium France Spain WHO WE ARE 7
Slide 8: Diversification of Tenants & Retail Sectors
DIVERSIFICATION OF TENANTS & RETAIL SECTORS (at 30/09/2023) WHO WE ARE 8
Slide 9: Shareholding Structure
SHAREHOLDING STRUCTURE Patronale Life APPENDIX 9
Slide 10: Ascencio Team
ASCENCIO TEAM • Number of employees: 21 13 8 women men • Average age of employees : 41 years APPENDIX 10
Slide 11: Financial & Real Estate Markets 2023/2024
FINANCIAL & REAL ESTATE MARKETS 2023/2024 FINANCIAL & 11 REAL ESTATE MARKETS 2023/2024
Slide 12: Financial Market
• Inflation FINANCIAL MARKET 14% 12% 10% 8% 6% • Interest rates context 4% 2% 4,50 0% -2% 4,00 -4% 09-22 10-22 11-22 12-22 01-23 02-23 03-23 04-23 05-23 06-23 07-23 08-23 09-23 10-23 11-23 12-23 01-24 02-24 03-24 04-24 05-24 06-24 3,50 3,00 Belgium France Spain Euro Zone 2,50 • Stock market context
Slide 13: Real Estate Market
• Retail prime yields • Retail prime rents REAL ESTATE In €/m2/year 7,0% MARKET 6,5% 6,0% 5,5% 5,0% 4,5% 4,0% 2018 2019 2020 2021 2022 2023 • Investment volumes 7 Belgium 6 France 5 Average Spain In € billion 4 3 2 Average 1 Average 0 FINANCIAL & 13 2018 2019 2020 2021 2022 2023 REAL ESTATE MARKETS
Slide 14: Activity Summary 2023/2024
ACTIVITY SUMMARY 2023/2024 ACTIVITY SUMMARY 14 2023/2024
Slide 15: Letting Activity Summary as of 31/03/2024
LETTING ACTIVITY SUMMARY AS OF 31/03/2024 Previous rental level -3.9% 3 New rental level +12.2% new leases Estimated Rental Value 8 Confirmation of the takeover of the 5 Casino stores : leases renewed • 4 by Intermarché (total rental income ITM : +/-18%) • 1 by Auchan (new tenant) • 9.500 m2 (2.2% o
Slide 16: EPRA Occupancy Rate
• EPRA OCCUPANCY RATE • Evolution of EPRA occupancy rate 100% 99% 98% 97% 30/06/2024 31/03/2024 30/09/2023 ∆ (9M 23/24) 96% Belgium 96.4% 97.8% 96.9% -0.5% 95% France 99.1% 99.5% 99.0% 0.1% 94% 93% Spain 100.0% 100.0% 100.0% 0.0% 92% Total 97.7% 98,6% 97.9% -0.2% 91% 90% 13/14 14/15 15/16 16/17 17/1
Slide 17: Operational Activity
OPERATIONAL ACTIVITY • ACQUISITION : • DISPOSAL : Acquisition of 3 newly developed & fully let Disposal of a shopping complex in Jemappes retail units in the Bellefleur retail park (Belgium) – 10,000 m² (Belgium) – 3,000 m2 €7.0 million €8.5 million Bellefleur, Couillet (BE) Jemappes (BE) ACTIVITY S
Slide 18: Operational Activity
OPERATIONAL ACTIVITY €2.2 million As of 30/06/2024 • INVESTMENTS : ‒ Roof renovations in Belgium & France ‒ Head office renovation ‒ Tenants' installation works Bruges (BE) Gosselies (BE) ACTIVITY SUMMARY 18 2023/2024
Slide 19: ESG Achievements
ESG ACHIEVEMENTS ( a s o f 3 0 / 0 6 / 2 0 2 4 ) Environment Social Governance Car charging stations : start Head office redevelopment Publication of a 3rd EPRA sBPR report : Gold Award of installation works (FR) Car policy adaptation : to Car parks relighting : 100% electric vehicles 15 s
Slide 20: Valuations
VALUATIONS 30/06/2024 31/03/2024 30/09/2023 Fair Value Fair Value Fair Value Δ Fair Value 2023/2024 Investment properties % Gross yield Gross yield Gross yield (€000s) (€000s) (€000s) (9m) Belgium 54,8% 406.799 7,15% 404,822 7.23% 404,493 7.23% 1,1% France 40,8% 303.171 6,72% 300,038 6.77% 305,863 6
Slide 21: Financial Activity
FINANCIAL ACTIVITY • REFINANCING 9M 2023/2024 2 new bank credit loans (1 with new financial partner) : As of 31/03/2024 €40 million New emission of Medium Term Notes : €20 million Average duration : 4.2 years As of 30/06/2024 ― Total financial debt : €320.6 million ― EPRA debt ratio : 43.4% ―
Slide 22: Financial Activity
FINANCIAL ACTIVITY • INTEREST RATE CONTEXT VS • DEBT MATURITIES AS OF 30/06/2024 ASCENCIO’S COST OF FINANCING (€ million) 110 4,5% 100 4,0% 90 3,5% 80 3,0% 70 2,5% 60 2,0% 50 1,5% 40 1,0% 30 0,5% 20 0,0% -0,5% 10 -1,0% 0 2019 2020 2021 2022 2023 2024 (9m) 2023/24 2024/25 2025/26 2026/27 2027/28 2028
Slide 23: Financial Activity
FINANCIAL ACTIVITY • HEDGE RATIO AS OF 30/06/2024 • REVIEW OF HEDGING POLICY Confirmation of strong targeted hedging ratio Introduction of ranges for increased flexibility Extended time scope (from 5 to 7 years) • HEDGING ACTIVITY 9M 2023/2024 Acquisition/restructuring of 7 IRS (€120 million
Slide 24: Financials 2023/2024
FINANCIALS 2023/2024 FINANCIALS 24 2023/2024
Slide 25: Consolidated Results
CONSOLIDATED RESULTS (€000s) 30/06/2024 30/06/2023 Δ% Belgium 22,417 21,372 4.9% France 16,054 15,429 4.1% Like for Like : 5.1% Spain 1,467 1,546 -5.1% (€000s) 30/06/2024 30/06/2023 Δ TOTAL 39,938 38,348 4.1% RENTAL INCOME 39,938 38,348 4,1% Rental related charges -160 -201 (€000s) 30/06/2024 30/06/
Slide 26: Balance Sheet
BALANCE SHEET 30/06/2024 31/03/2024 30/09/2023 Total balance sheet 782,9 775,8 786,5 (€ million) Total portfolio 743,0 738,6 740,9 (€ million) Total equity (€ million) 438,4 423,1 444,8 IFRS NAV (€/share) 66,46 64,15 67,43 EPRA NTA (€/share) 63,88 61,88 63,59 Total debt (€ million) 320,6 328,5 320,5
Slide 27: Share Price & Dividend Policy
SHARE PRICE • Ascencio’s Share Price VS NAV & DIVIDEND POLICY € 75 € 70 € 65 € 60 € 55 € 50 € 45 € 40 30/06/2024 31/03/2024 30/09/2023 € 35 Closing Price 45.10€ 47.60€ 41.30€ € 30 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Premium/discount -29.4% -23.1%
Slide 28: Outlook
OUTLOOK OUTLOOK 28
Slide 29: Outlook
Portfolio Management • Focus on letting & property activities • Asset rotation - Targeted divestments - Seize investment opportunities Further implementation of ESG initiatives • Portfolio energy efficiency improvement • Training program of Ascencio team • Further development of IT management sys
Slide 30: Q&A
Q&A Q & A 30
Slide 31: Appendices
APPENDICES APPENDICES 31
Slide 32: History
HISTORY • 2006 • 2007 • 2010 • 2011 Ascencio is listed on Acquisition of Acquisition of 2 retail parks in Creation of Ascencio Euronext Brussels 7 Grand Frais France (« Le parc des Bouchardes » and « Le Parc des Cyprès ») • 2012 • 2013 • 2014 • 2015 • Contribution in kind Acquisitions: Capital incre
Slide 33: Status
STATUS SIR/GVV SIIC SOCIMI (Belgium) (France) (Spain) • Risk diversification (20%) • No limitation of debt • Identification of shareholder’s structure (> 95%) • Limitation of debt (65%) • Tax transparency • At least 80% of eligible assets • Obligation of distribution (80%) • Obligation of distributi
Slide 34: Ascencio's ESG Strategy
ESG STRATEGY ASCENCIO’S ESG STRATEGY Environment Social Governance • Labelling • Training • Governance structure • Decision-making criteria • Internal satisfaction survey • Remuneration policy • Database & management • Positive office • Communication of ESG standards platform • Telework policy • Opt
Slide 35: Customer-Centric Approach
CUSTOMER-CENTRIC APPROACH Asset Management Marketing & Property Communication Management TENANTS Customer Operations services & ESG APPENDICES 35
Slide 36: Company Values
COMPANY VALUES “Connected” “Ambition” with our customers, to grow, while our employees, respecting market cycles our partners, our markets “Positive Mind” Because our projects and adventures are always more attractive thanks to the positive energy brought to them by our talented team APPENDICES 36
Slide 37: Contacts
CONTACTS Aurore Anbergen Cédric Biquet Head of IR, Marketing Chief Financial Officer & Communication cedric.biquet@ascencio.be aurore.anbergen@ascencio.be +32 71 91 95 00 +32 71 91 95 23 APPENDICES 37
Slide 38: Ascencio SA
Ascencio SA Av e n u e J e a n M e r m o z , 1 / 4 6041 Gosselies - aurore.anbergen@ascencio.be +32 (0) 71 91 95 23 w w w. a s c e n c i o . b e 38
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