Castellana Properties Socimi Sa · BME:YCPS
Castellana Properties Socimi Sa — FY2022 Earnings Presentation
34 slides from Castellana Properties Socimi Sa's earnings presentation, May 2022
Slide 1: FY2022 Financial Results Presentation
FY2022 April 2021 – March 2022 FINANCIAL RESULTS PRESENTATION
Slide 2: Key Highlights
KEY HIGHLIGHTS MAIN ACHIEVEMENTS HIGHLIGHTS MAIN KPI’s PERFORMANCE 2
Slide 3: Main Achievements
KEY HIGHLIGHTS / RESULTS PRESENTATION MAIN ACHIEVEMENTS FITCH ASSIGNS CASTELLANA CASTELLANA PROPERTIES SIGNS CASTELLANA PROPERTIES ACQUIRES PROPERTIES FIRST-TIME IDR 'BBB-’; €185 MILLION 7-YEAR FINANCING 21.7% OF LAR ESPAÑA REAL ESTATE INVESTMENT GRADE CREDIT AGREEMENT RATING; OUTLOOK STABLE Finan
Slide 4: Highlights: Financial, Operational, Value Creation
KEY HIGHLIGHTS / RESULTS PRESENTATION HIGHLIGHTS FINANCIAL OPERATIONAL VALUE PERFORMANCE PERFORMANCE CREATION GAV of €1.091 million at March 2022 including Lar Capex investments of c. €21 million in FY2022 in Repositioning projects are already completed. 100% España stake acquisition (Like-for
Slide 5: Main KPI's Performance
KEY HIGHLIGHTS / RESULTS PRESENTATION MAIN KPI’s PERFORMANCE 16 350,271 sqm 5.94% 98.4 % 13.2 years 98.7% OPERATIONAL ASSETS GLA NOI OCCUPANCY WAULT RENT LIKE-FOR-LIKE COLLECTION GROWTH(1) €59m €46m €469m 2.45% 43.04% 0.23€/share GRI(2) NET PROFIT(3) NET DEBT(4) ALL-IN COST NET LTV(5) FY2022 DIVIDEN
Slide 6: Operational Highlights
OPERATIONAL HIGHLIGHTS FOOTFALL & SALES RECOVERY SALES PERFORMANCE PER TENANT CATEGORY DISPOSAL OFFICE PORTFOLIO STRATEGIC ACQUISITION IN LAR ESPAÑA
Slide 7: Footfall & Sales Recovery
OPERATIONAL HIGHLIGHTS / RESULTS PRESENTATION FOOTFALL & SALES RECOVERY FOOTFALL1) AND SALES2) HAVE RETURNED TO PRE-COVID LEVELS CONSOLIDATING THE RECOVERY Positive trend experienced during all the 140% 18 FY2022 in both Footfall and Sales. Excellent performance of Castellana’s portfolio, always 1
Slide 8: Sales Performance per Tenant Category
OPERATIONAL HIGHLIGHTS / RESULTS PRESENTATION SALES PERFORMANCE PER TENANT CATEGORY LIKE-FOR-LIKE SALES CONTINUE TO RECOVER ACROSS MOST RETAIL SECTORS YTD INDEX EVOLUTION – DIY YTD INDEX EVOLUTION – PETS 150% 190% Portfolio sales FY2022 versus FY2020 138.9% 181.3% 140% 180% 176.5% 178.8% 176.6% in
Slide 9: Disposal Office Portfolio
OPERATIONAL HIGHLIGHTS / RESULTS PRESENTATION DISPOSAL OFFICE PORTFOLIO CASTELLANA BECOMES A 100% RETAIL SOCIMI KEY DIVESTMENT HIGHLIGHTS JUNE 2021 €26.5m 5 YEARS +18% 19% 2.09x ATTRACTIVE PRICING Significant premium to original purchase Exit Date Selling Price Investment Premium to IRR(1) Money pri
Slide 10: Strategic Acquisition in Lar España
OPERATIONAL HIGHLIGHTS / RESULTS PRESENTATION STRATEGIC ACQUISITION IN LAR ESPAÑA OPPORTUNISTIC PURCHASE OF C. 22% MINORITY IN LAR ESPAÑA AT AN AVERAGE DISCOUNT TO EPRA NTA OF C. 48% TRANSACTION INVESTMENT HIGHLIGHTS Castellana has secured a c. 22% minority in Lar España at c. €5.35 per share. 1 C
Slide 11: FY2022 Financial Results
FY2022 FINANCIAL RESULTS CONSOLIDATED INCOME STATEMENT FINANCIAL DEBT POSITION DEBT REFINANCING ANALYSIS CASTELLANA PROPERTIES INVESTMENT GRADE CREDIT RATING GRI BRIDGE AND BREAKDOWN GAV BRIDGE AND BREAKDOWN
Slide 12: Consolidated Income Statement
FY2022 FINANCIAL RESULTS / RESULTS PRESENTATION CONSOLIDATED INCOME STATEMENT CASTELLANA PROPERTIES POSTS NET PROFIT OF €46 MILLION AS GROSS RENTAL INCOME CLIMBS 3% € thousand FY2021 FY2022 FINANCIAL PERFORMANCE Gross rental income (GRI) 58,585 58,769 Property operating expenses (6,357) (5,064) To
Slide 13: Financial Debt Position
FY2022 FINANCIAL RESULTS / RESULTS PRESENTATION FINANCIAL DEBT POSITION € million 31/03/2021 31/03/2022 Syndicated Loan debt amortized by €13.4m mainly Gross Asset Value (GAV) (1) 987.2 1,090.7 regarding Konecta Office Buildings sale Gross Debt(2) 502.7 498.1 Cash 33.5 28.9 Net Debt (2)(4) 473.0 469
Slide 14: Debt Refinancing Analysis
FY2022 FINANCIAL RESULTS / RESULTS PRESENTATION DEBT REFINANCING ANALYSIS A WELL BALANCED, ROBUST CAPITAL STRUCTURE AND A CLEAR PLAN TO FURTHER EXTEND MATURITIES CAPITAL STRUCTURE AS OF MARCH 2021 CAPITAL STRUCTURE AS OF MARCH 2022 AMORTIZATION SCHEDULE €m AMORTIZATION SCHEDULE €m AVG. DEBT MATURITY
Slide 15: Castellana Properties Investment Grade Credit Rating
FY2022 FINANCIAL RESULTS / RESULTS PRESENTATION CASTELLANA PROPERTIES INVESTMENT GRADE CREDIT RATING BENEFITS TO CASTELLANA FITCH ASSIGNS CASTELLANA PROPERTIES BBB- INVESTMENT 1 Greater access to capital markets, benefiting from wider GRADE CREDIT RATING; OUTLOOK STABLE windows of issuance than unra
Slide 16: GRI Bridge and Breakdown
FY2022 FINANCIAL RESULTS / RESULTS PRESENTATION GRI BRIDGE AND BREAKDOWN HEADLINE GRI HAS GROWN 3.8% VS PRE-COVID LEVELS GRI GROWTH OF 45.5% LIKE-FOR-LIKE VERSUS FY2021 SHOPPING CENTRES €45m 69.6% LfL GROWTH Vs RETAIL PARKS GROWTH FY2020 45.5%(2) 3.8%(5) €19m 30.4% 64 58.8 17.2 55.5 €m 39.8 (1.5) GR
Slide 17: GAV Bridge and Breakdown
FY2022 FINANCIAL RESULTS / RESULTS PRESENTATION GAV BRIDGE AND BREAKDOWN CURRENT VALUATIONS EXCEED PRE-COVID LEVELS BY 0.2% REFLECTING THE STRENGTH OF THE PORTFOLIO ACCUMULATED COVID-19 IMPACT FROM SEPTEMBER 2019 (2.6%) ALREADY RECOVERED Revaluation from Total pre-Covid Covid-19 Covid-19 Revaluation
Slide 18: Value Creation
VALUE CREATION LEASING ACTIVITY FY2022 REPOSITIONING PROJECTS ACCOMPLISHMENT INNOVATION & DIGITALIZATION IMPACTING COMMUNITIES ESG 18
Slide 19: Leasing Activity FY2022
VALUE CREATION / RESULTS PRESENTATION LEASING ACTIVITY FY2022 COMMERCIAL PERFORMANCE MAIN BUSINESS KPI´S PORTFOLIO FULLY LET 170 €9.5m 31 MARCH 2022 98.4% LEASES SIGNED NEW RENT SIGNED 31 MARCH 2021 98.3% 52 118 €2.9m €6.6m RENEWALS NEW CONTRACTS RENEWALS NEW CONTRACTS RENT ARREARS 31 MARCH 2022 1.3
Slide 20: Repositioning Projects Accomplishment
VALUE CREATION / RESULTS PRESENTATION REPOSITIONING PROJECTS ACCOMPLISHMENT SUCCESSFUL ASSET REPOSITIONING AND ENHANCEMENT TO BOOST VALUE CREATION AND RECURRENT RENT GENERATION ALL PROJECTS BAHÍA SUR LOS ARCOS EL FARO GLA AFFECTED 37,897sqm 19,320sqm 10,729sqm 7,848sqm NUMBER OF NEW BRANDS 51 18 20
Slide 21: Innovation & Digitalization
VALUE CREATION / RESULTS PRESENTATION INNOVATION & DIGITALIZATION LEADING DATA-DRIVEN SHOPPING TRANSFORMATION Implementation of a new Geolocation system to amplify customer knowledge into the company, providing real-time data into how people interact within the physical world: Creation data insigh
Slide 22: Innovation & Digitalization: Digital Advent Calendar
VALUE CREATION / RESULTS PRESENTATION INNOVATION & DIGITALIZATION AND ALSO…. BRINGING STORE EXPERIENCE FROM ONLINE WORLD! DIGITAL ADVENT CALENDAR CARRIED OUT FROM 1ST TO 25TH DECEMBER With this action we have achieved a great impact bringing new visitors to the stores from the online environment. 1
Slide 23: Impacting Communities
VALUE CREATION / RESULTS PRESENTATION IMPACTING COMMUNITIES CASTELLANA PROPERTIES ENGAGES ITS CUSTOMERS AND REINFORCES THEIR SHOPPING CENTRES AS THE SOCIAL HUB WITH INNOVATIVE ROADSHOWS 4 +7.1K +1.4K +€110K +6% SHOPPING PARTICIPANTS NEW MEMBERS INCENTIVE SALES IN FOOTFALL CENTERS IN FAIR GAMES IN LP
Slide 24: ESG 1/4 – ESG Strategic Plan
VALUE CREATION / RESULTS PRESENTATION ESG 1/4 – ESG STRATEGIC PLAN The 2030 Agenda for Sustainable Development, adopted by all United Nations Member States in 2015, provides a shared SUSTAINABLE CITIES AND COMMUNITIES blueprint for peace and prosperity for people and the planet, now and into the fut
Slide 25: ESG 2/4 – Environmental
VALUE CREATION / RESULTS PRESENTATION ESG 2/4 – ENVIRONMENTAL ENVIRONMENTAL WE IMPROVE OUR BUILDINGS TO REDUCE OUR CARBON FOOTPRINT AND COMBAT CLIMATE CHANGE. ACHIEVEMENTS OBJECTIVES CERTIFICATIONS CERTIFICATIONS BREEAM Certificate obtained or renewed for all of our Shopping Centers and Updating
Slide 26: ESG 3/4 – Social
VALUE CREATION / RESULTS PRESENTATION ESG 3/4 – SOCIAL SOCIAL WE ARE COMMITTED FOR WORKING TOGETHER WITH THE COMMUNITIES IN WHICH WE OPERATE. ACHIEVEMENTS OBJECTIVES SOCIAL INITIATIVES AT OUR PROPERTIES: SOCIAL INITIATIVES AT OUR PROPERTIES: In FY22, Our shopping centres have invested more than €1
Slide 27: ESG 4/4 – Governance
VALUE CREATION / RESULTS PRESENTATION ESG 4/4 – GOVERNANCE GOVERNANCE THE HIGHEST STANDARDS OF GOVERNANCE IN OUR COMPANY AND IN THE RELATIONSHIP WITH ALL OUR STAKEHOLDERS ACHIEVEMENTS OBJECTIVES SOCIAL INITIATIVES AT OUR PROPERTIES BOARD OF DIRECTORS With a firm commitment to ensuring compliance wit
Slide 28: Thank You
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Slide 29: Appendix
APPENDIX OUR PORTFOLIO TOP 10 ASSETS
Slide 30: Our Portfolio
APPENDIX / RESULTS PRESENTATION OUR PORTFOLIO WELL DIVERSIFIED ACROSS SPAIN 1 El Faro 9 4% 2 Bahía Sur 3 Los Arcos 4 Granaita 5 10% 5 Vallsur 6 Habaneras 7 Puerta Europa 8 4% 16 8 Parque Oeste de Alcorcón 15 21% 9 Parque Principado 11 8% 10 Marismas de Polvorín 1 12 11 La Heredad 6 12 La Serena 4% 3
Slide 31: Spanish Portfolio Overview: Top Assets
APPENDIX / RESULTS PRESENTATION SPANISH PORTFOLIO OVERVIEW TOP 10 ASSETS EL FARO BAHÍA SUR LOS ARCOS GRANAITA (1) HABANERAS GAV €171.8m €147.2m €137.1m €107.2m €86.5m Province Badajoz Cádiz Seville Granada Alicante Catchment Area (Inhabitants) 517,491 674,250 1,499,884 628,002 531,670 Gross Lettable
Slide 32: Spanish Portfolio Overview: Top Assets
APPENDIX / RESULTS PRESENTATION SPANISH PORTFOLIO OVERVIEW TOP 10 ASSETS VALLSUR PUERTA EUROPA PARQUE OESTE (1) PARQUE PRINCIPADO MARIS. DEL POLVORÍN GAV €83.0m €71.7m €52.0m €37.2m €28.1m Province Valladolid Cádiz Madrid Oviedo Huelva Catchment Area (Inhabitants) 477,746 311,110 5,856,325 866,511 3
Slide 33: Disclaimer
RESULTS PRESENTATION DISCLAIMER PURPOSE OF THIS PRESENTATION AND LIABILITY ACCOUNTING STANDARDS APPLIED This document has been prepared by Castellana Properties SOCIMI, S.A. ("Castellana Properties") This document and the information presented herein was prepared by Castellana Properties solely with
Slide 34: Rubén Darío, 3 28010 Madrid www.castellanaproperties.es
Rubén Darío, 3 28010 Madrid (+34) 91 426 86 86 www.castellanaproperties.es
Castellana Properties SOCIMI — FY2022 Earnings Presentation on 6ix