Slide 1: Results Presentation for the year ended 31 December 2023
RESULTS PRESENTATION for the year ended 31 December 2023
Slide 2: Strategy
STRATEGY • Own dominant retail centres • Address the structural changes in retail • Maintain conservative risk management including financing, interest rate hedging and quality of income • Aggressively reduce reliance on Eskom and municipal services • Remain leaders in all aspects of green energy an
Slide 3: Boardwalk Inkwazi
Mine Mul, ™ W777 Mk ~s
Slide 4: Highlights
HIGHLIGHTS • Total dividend of 406,24 cents per share (FY2022: 438,03 cents per share) – Higher interest rates – Lower income from investee companies (Hammerson and Lighthouse) – Performance of French portfolio – Impact of less loadshedding experienced by the portfolio • SA comparable sales growth +
Slide 5: Galleria Mall
Z « os —— ee” 2 Galleria Mall
Slide 6: Jubilee Mall
Jubilee Mall
Slide 7: Soshanguve Crossing
Soshanguve Crossing
Slide 8: Comparable Sales Growth per Province
COMPARABLE SALES GROWTH PER PROVINCE Year ended: Dec 2023 South African vs properties Dec 2022 by value % % Northern Cape 10,9 6,6 Mpumalanga 6,7 13,7 Limpopo 6,2 29,1 Gauteng 6,1 24,0 Eastern Cape 5,2 3,5 North West 2,1 6,3 KwaZulu-Natal 0,3 16,8 8
Slide 9: Lease Expiry Profile (SA)
LEASE EXPIRY PROFILE (SA) at 31 December 2023 Rentable area (%) Contractual rental revenue (%) Vacant 1,5 Dec 2024 30,3 Dec 2024 31,7 Dec 2025 12,2 Dec 2025 13,3 Dec 2026 15,5 Dec 2026 17,6 Dec 2027 14,4 Dec 2027 14,8 Dec 2028 14,3 Dec 2028 14,2 > Dec 2028 11,8 > Dec 2028 8,4 0 5 10 15 20 25 30 35 9
Slide 10: National Tenant Groups
% 10 12 % 0 2 4 6 8 TFG Mr Price Group Pepkor Shoprite Checkers Massmart Pick n Pay Truworths Retailability Group NATIONAL TENANT GROUPS Woolworths Clicks Group as a percentage of contractual rental revenue as at 31 December 2023 Famous Brands Spur Corporation Dis-Chem Absa FirstRand Group Standard
Slide 11: Investment Portfolio
INVESTMENT PORTFOLIO At At Dec 2023 adjusted for Dec 2023 Nigeria disposal and Spain acquisition Direct property (88,0%) R30 476m Direct property (88,4%) R31 705m SA (78,0%) R27 013m SA (75,3%) R27 013m France (8,5%) R2 927m France (8,2%) R2 927m Nigeria (1,5%) R536m Spain (4,9%) R1 765m Listed prop
Slide 12: Energy Projects
ENERGY PROJECTS • Continued roll-out of solar and battery installations • December 2023 installed capacity 59,9MWp (27,7% of total consumption) • Installed capacity to increase by 16,5MWp during FY2024 • Expansion of battery installations approved (The Grove Mall and Irene Village Mall) • Developmen
Slide 13: The Grove Mall
The Grove Mall
Slide 14: Developments and Extensions
DEVELOPMENTS AND EXTENSIONS • Mahikeng Mall extension • The Village in Klerksdorp • Subject to regulatory approval: Irene Village Mall, Tubatse Crossing and Tzaneen Lifestyle Centre 14
Slide 15: The Village Klerksdorp / Mahikeng Mall
The Village Klerskdorp Mahikeng Mall
Slide 16: France
FRANCE • Comparable sales growth +6,5% • Successful opening of Primark in Saint Sever • Reducing vacancy and improving tenant profile – 1H2023: 9,0% – 2H2023: 7,9% – Terms agreed pending lease signature for 3 877m2 will reduce to 5,2% – New tenants: Primark, Chaussea, Bershka, Action, Normal, New Yo
Slide 17: Saint Sever
Saint Sever
Slide 18: Docks Vauban
Docks Vauban
Slide 19: Nigeria
NIGERIA • Resilient owns 60,94% of Resilient Africa in partnership with Shoprite • Share of negative revaluation – USD11,7 million • Property valuations exceed value of funding • Resilient Africa funding expired 3 March 2024 • Subsequent to year-end, effectively agreed that share of properties will
Slide 20: Listed Portfolio
LISTED PORTFOLIO Dec 2023 Dec 2022 Number Fair value Number Fair value Counter of shares R’000 of shares R’000 Lighthouse Properties (LTE) 564 089 431 4 146 057 523 610 673 3 560 553 Hammerson (HMSO/HMN) – – 197 927 768 971 682 4 146 057 4 532 235 • Interest in Hammerson sold during FY2023 • Proceed
Slide 21: Acquisition of 50% of Salera
ACQUISITION OF 50% OF SALERA • 68 752m2 shopping centre, including 13 693m2 Alcampo Hypermarket separately owned, located in Castellón de la Plana, Spain • Annual footfall of 9 million and fully let • Acquisition of 50% interest for EUR87,25 million (R1,765bn) • Joint venture with Lighthouse • Initi
Slide 22: Salera Centro Comercial
Salera Centro Comercial
Slide 23: Salera Centro Comercial
Salera Centro Comercial
Slide 24: Summary of Financial Performance
SUMMARY OF FINANCIAL PERFORMANCE Dec 2023 Jun 2023 Dec 2022 Jun 2022 Dividend per share (cents) 203,02 203,22 203,98 234,05 Shares in issue for IFRS 334 334 849 334 334 849 340 575 147 347 037 531 Shares held in treasury: Resilient Properties 30 156 041 30 156 041 30 156 041 30 156 041 Shares held i
Slide 25: Funding and Facilities
FUNDING AND FACILITIES • Unencumbered assets – listed R4,15bn – property R5,7bn Current • Undrawn facilities of R1,1bn profile • Average cost of funding of 8,63% DMTN R3 650m LibFin R1 160m RMB R3 140m Standard Bank R3 708m Nedbank R2 465m Nigerian funding* R505m French funding* R968m * Converted at
Slide 26: Facility Expiries
FACILITY EXPIRIES R’million 3 500 3 000 2 500 2 000 1 500 1 000 500 0 FY2024 FY2025 FY2026 FY2027 FY2028 FY2029 DMTN Nedbank LibFin Nigerian funding RMB French funding* Standard Bank * This includes the two year extension option from 2025 to 2027. 26
Slide 27: Hedges
HEDGES Interest rate derivatives South African interest rate risk (average hedge term is 3,1 years): Average Average Amount swap rate Amount cap rate Interest rate swap expiry R’000 % Interest rate cap expiry R’000 % Jul 2024 1 000 000 4,51 Mar 2024 200 000 8,74 Nov 2024 100 000 7,78 May 2024 200 00
Slide 28: Indicative LTV Ratio
INDICATIVE LTV RATIO Assume all capital At Remove Adjusted Salera Adjusted commitments Adjusted Dec 2023 Nigeria LTV ratio acquisition LTV ratio once-off LTV ratio Assets (R’000) 34 886 297 (671 967) 34 214 330 1 764 872 35 979 202 1 127 177 37 106 379 Net debt (R’000) 12 277 013 (495 117) 11 781 89
Slide 29: Challenges
CHALLENGES • Higher interest rates • Low economic growth • Decline of local authorities and state-managed infrastructure • Cost and reliability of electricity and water supply • Impact of loadshedding • Pressure on consumer • Structural changes in retail 29
Slide 30: Slide 30
Slide 31: What's New at Atlanga Mall
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Slide 32: Tzaneng Mall
Tzaneng Mall
Slide 33: Tzaneng Mall
Tzaneng Mall
Slide 34: Outlook and Opportunities
OUTLOOK AND OPPORTUNITIES • Appointment of Head of Retail • Continued expansion of battery and solar initiatives • Rightsizing retail offerings and expanding centres where appropriate • Ongoing demand from retailers for Resilient’s centres • Well-located properties with strong corporate tenant profi
Slide 35: Q & A