Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — FY2021 Earnings Presentation
24 slides from Vbare Iberian Properties Socimi's earnings presentation, Mar 28, 2022
Slide 1: 2021 Results Presentation
2021 RESULTS PRESENTATION March 28, 2022 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. 2021 Operating Performance 2. 2021 Financial Performance 3. Annex: Portfolio Overview 3
Slide 4: 2021 Highlights
2021 HIGHLIGHTS STRONG COMMERCIAL ACTIVITY WITH 126 LEASES SIGNED IN 2021 NET OCCUPANCY ON MAXIMUM LEVEL (97.92%) AFTER PANDEMIC SLOWDOWN 69 UNITS SOLD FOR €8.7mn, GENERATING A FREE CASH FLOW OF €5.6mn LIKE-FOR-LIKE GRI INCREASE +4.8% Vs. 2020 CONFIRMING RENTS AND OCCUPANCY RECOVERY €0.932 PER SHARE
Slide 5: 1. 2021 Operating Performance
1. 2021 OPERATING PERFORMANCE 5
Slide 6: Leasing Performance
1. 2021 Operating Performance LEASING PERFORMANCE Quarterly Leases Signed ¹ Quarterly Net Occupancy ² 42 37 +22% 94.81% 97.92% 28 90.41% 90.87% 85.85% 87.76% 87.18% 26 80.41% 19 19 19 17 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Mar. 31, 20 Jun. 30, 20 Sept. 30, 20 Dec. 31, 20
Slide 7: Operative Performance
1. 2021 Operating Performance OPERATIVE PERFORMANCE Like-for-Like Annualized GRI Evolution (€ k) Annualized Rents Potential Growth (€ k) ¹ Passing Rents Total Rents +6% +60% +28% 2,061 1,946 1,760 1,967 1,587 1,820 1,651 1,653 1,746 1,627 1,638 1,610 1,486 Dec. 31, Mar. 31, Jun. 30, Sept. 30, Dec. 3
Slide 8: Operative Performance: Yields
1. 2021 Operating Performance OPERATIVE PERFORMANCE Yield on Invested Capital 1 over Stabilized Assets 2 Yield on GAV 3 over Stabilized Assets 2 Gross Yield Net Yield +1% Gross Yield Net Yield +16% 7.9% 8.0% 7.5% 7.4% 7.5% 7.1% 6.9% 7.0% +2% 6.4% 6.9% 7.1% +9% 6.6% 6.6% 6.5% 4.6% 4.6% 4.6% 4.7% 4.8%
Slide 9: 2021 Sales Update
1. 2021 Operating Performance 2021 SALES UPDATE 2021 Investment ¹ Vs. Selling Price (€ k) 2021 Quarterly Number of Units Sold 8,707 47 +36% 6,382 15 4 3 Total Investment Selling Price Q1 2021 Q2 2021 Q3 2021 Q4 2021 69 units sold in 2021 with the following excellent results: Free Cash Flow: € 5,597k
Slide 10: 2. 2021 Financial Performance
2. 2021 FINANCIAL PERFORMANCE 10
Slide 11: 2021 Stand-Alone Profit & Loss Account
2. 2021 Financial Performance 2021 STAND-ALONE PROFIT & LOSS ACCOUNT Profit & Loss Account (€ k) €k December 31, 2021 December 31, 2020 Variation Gross Rental income (Like for Like Assets) 1,427 1,348 5.9% Gross Rental income (Units sold) 227 496 -54.2% Gross Rental Income 1,654 1,844 -10.3% Other o
Slide 12: 2021 Profit Allocation Proposal (€k)
2. 2021 Financial Performance 2021 PROFIT ALLOCATION PROPOSAL (€ K) 673 75 748 2021 Profit According to Spanish GAAP Mandatory Legal Reserve to constitute Dividend Proposal 10% “allocated” to Legal Reserve constitution 100% of remaining Profit proposed for Dividend distribution 12
Slide 13: IFRS 2021 Consolidated Profit & Loss Account
2. 2021 Financial Performance IFRS 2021 CONSOLIDATED PROFIT & LOSS ACCOUNT Profit & Loss Account (€ k) €k December 31, 2021 December 31, 2020 Variation Gross Rental income (Like for Like Assets) 1,565 1,494 4.8% Gross Rental income (Units sold) 227 496 -54.2% Gross Rental Income 1,792 1,990 -9.9% Ot
Slide 14: December 31, 2021 Consolidated Balance Sheet
2. 2021 Financial Performance DECEMBER 31, 2021 CONSOLIDATED BALANCE SHEET Assets (€ k) Liabilities (€ k) December 31, 2021 December 31, 2020 Variation December 31, 2021 December 31, 2020 Variation Non- Current Assets 64,373 69,459 -7.3% Net Equity 46,368 49,858 -7.0% Property, plant and equipment 3
Slide 15: 2021 GAV and NAV Evolution
2. 2021 Financial Performance 2021 GAV AND NAV EVOLUTION 2021 GAV Evolution¹ (€ k) 2021 NAV Evolution (€ k) (12.8%) +3.3% +3% (0.05%) (0.33%) (0.05%) (6.67%) GAV 31/12/2020 Sales GAV 31/12/2020 CAPEX Fair Value GAV NAV Own Shares Share Premium NAV Pre-Sales Post-Sales Invested Adjustment 31/12/2021
Slide 16: VBARE NAV per Share vs. Share Price
2. 2021 Financial Performance VBARE NAV PER SHARE vs. SHARE PRICE (21.1%) (21.0%) (22.0%) (31.4%) (45.3%) (48.4%) 13.94 13.92 13.59 12.97 13.07 13.07 11.00 11.00 10.60 8.90 7.15 6.75 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 March 22, 2022 Closing NAV per Share Significant Current Discount vs NAV (-48
Slide 17: December 31, 2021 Financing Information
2. 2021 Financial Performance DECEMBER 31, 2021 FINANCING INFORMATION Outstanding Debt by Institution Loan to Value¹ 35.4% 9% 2% 33.1% 42% 46% 2020 2021 Sabadell Banca Pueyo Bankinter Laboral Kutxa 1.78% 16YEARS Portfolio average Portfolio average Mortgage Loans Interest Rate interest rate loans mat
Slide 18: Annex: Portfolio Overview
ANNEX: PORTFOLIO OVERVIEW 18
Slide 19: Main KPIs Performance: Operational & Commercial
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: OPERATIONAL & COMMERCIAL 254 18,569 15,092 97.92% 1.54 Total Number Total GLA Total Residential Q4 2021 Tenants of Units ¹ (SQM) GLA (SQM) ² Net Occupancy ³ Per Unit 126 16.38% Total Leases Signed in 78.70% 21.7 31.03% 2021 Q4 2021 VBARE’s Average Ave
Slide 20: Main KPIs Performance: Financial & Corporate
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: FINANCIAL & CORPORATE € 2.1mn € 13.35 € 732 € 3.1mn Current Annual Monthly Passing Monthly Passing Annual Passing Rent Rent Per Rent Per Reversionary Rent Residential SQM ¹ Residential Unit ¹ € 47.3mn € 2,728 € 64.1mn € 3,874 Total Total 2021 2021 GAV
Slide 21: Q4 2021 Operational Performance
Annex: Portfolio Overview Q4 2021 OPERATIONAL PERFORMANCE GLA (SQM) Units ¹ 2021 18,569 2021 254 2020 21,372 2020 331 2019 22,070 2019 345 Madrid City Center Inside M30 ² Building Ownership > 50% ² 2021 64.90% 2021 87.46% 2020 65.54% 2020 84.93% 2019 63.91% 2019 82.21% 1. Only Residential and Retail
Slide 22: Q4 2021 Portfolio Description and Location
Annex: Portfolio Overview Q4 2021 PORTFOLIO DESCRIPTION AND LOCATION Type of Ownership ¹ Portfolio Location ¹ Inside M30 Location ¹ 12% 0% Entire Building 3% 3% Inside M30 3% 18% Chamberí Units in the same 17% building (>50%) 29% Outside Tetuán M30 Units in the same Malasaña building (<50%) Metropol
Slide 23: Portfolio Gallery
Annex: Portfolio Overview PORTFOLIO GALLERY 23
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