Wereldhave N.V. · EURONEXT:WHA
Wereldhave — Debt Investor Presentation (June 2020)
15 slides from Wereldhave's debt investor presentation, June 2020
Slide 1: Company presentation for USPP investors
Wereldhave Company presentation for USPP investors June 2020
Slide 2: Impact of Covid-19
Impact of Covid-19 • Reduced capex obligations by € 75m • Obtained new credit facility € 100m Liquidity preservation • Opex and genex reductions • Final dividend 2019 cancelled; no interim dividends will be paid in 2020 • France: All centers reopened on May 11th Operations • Belgium: All centers reo
Slide 3: Debt Profile
Debt Profile 2019 FY 2020 Q1 Covenants Policy Interest bearing debt1 (€) 1,337m 1,366m Average cost of debt 1.89% 1.88% Undrawn committed (€) 220m 192m Cash position (€) 21m 62m Fixed vs floating debt 77% / 23% 76% / 24% min. 50% fixed LTV 44.8% 44.8% ≤ 60% 30% - 40% ICR 6.6x 6.3x >2.0x >2.0x Solven
Slide 4: Debt maturity calendar
Debt maturity calendar Debt expiry profile post Green Financing, pro-forma 31 March 2020 €M 400 350 300 250 200 150 100 50 - Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn Drawn Undrawn 2020 2021 2022 2023 2024 > 2024 Commercial Paper Uncommiited bank loan Bank loan USPP EMTN
Slide 5: Liquidity preservation: March 2021 debt maturities covered
Liquidity preservation: March 2021 debt maturities covered • Non-essential capex postponed Reducing capex • Commitments to capex reduced by € 75m • Uncommitted projects put on hold • New green revolving credit facilities for € 100m with maturity of 2 years Improving funding profile • Debt maturities
Slide 6: Covid-19 leads to increased cost awareness
Covid-19 leads to increased cost awareness Capital General expenditures expenditures Operational expenses Temporary Postponing the unemployment development pipeline Service charge Cost saving reduction programme Cleaning, energy Security, technical 6
Slide 7: LifeCentral funded by divestments
LifeCentral funded by divestments Targeted divestments Committed capex LifeCentral 2020-2025 € Mn, 2020-2022 € Mn 1,075 38 26 23 1,049 9 15 Book Value H2 ’19 2020 2021 2022 2023 2024 2025 Already sold Targeted Divestments Spent Q1 Committed 7
Slide 8: Phase out France
Phase out France1 1 Lack of scale in French market leads to low bargaining Scale power and relatively expensive Wereldhave organization Use proceeds of phase 2 out to strengthen Large investments are required to convert French Investment need assets to FSCs balance sheet and fund investments in FSCs
Slide 9: Operations: we have taken measures to prepare for a 1.5 meter economy
Operations: we have taken measures to prepare for a 1.5 meter economy Phase 1 Phase 2 Phase 3 Phase 4 Implementation 1.5 meter measures 2020 Timeline Jan – March 2020 March 2020 March – May 2020 11 May – onwards onwards 2. Covid-19 stay at 3. Living the 1.5 4. Recovery and Covid-19 0. Pre- Covid-19
Slide 10: Phase 1: Nearly half of the rent-roll caters for everyday life
Phase 1: Nearly half of the Breakdown annualised rent rent-roll caters for everyday Restaurants Leisure 7% life 3% Essential retail 10% Everyday retail 17% Other retail 43% Services 10% Other 1% Healthcare DIY / Garden Drug store 6% 1% 2% Rental income related to everyday life Essential retail: (org
Slide 11: Phase 2 operations: situation March 31, 2020
Phase 2 operations: situation March 31, 2020 March 31, 2020 % of annualized rent 92% Wereldhave generally acts in line with landlord association (CNCC) proposal for differentiated by size of tenants: France 8% Small : April+May rent & service charges postponed Medium: Case-by-case approach Open Clos
Slide 12: We are now in phase 3: all our centers are open since May 11
We are now in phase 3: all our centers are open since May 11 • France: All centers reopened on May 11, with Footfall (% yoy) nearly all stores open. F&B and leisure to open 40% June 2, cinemas to open June 22: then 95-97% of stores will be open. 20% 0% 8 9 10 11 12 13 14 15 16 17 18 19 20 21 • Belgi
Slide 13: Phase 4: Impact Covid-19 on our strategy
Phase 4: Impact Covid-19 on our strategy • Financial position & liquidity becomes first priority • Blueprints under review • Prioritization review, due to differentiated impact on assets of Covid-19 • Shifting preferences in mixed-use from F&B, leisure and entertainment to residential and healthcare
Slide 14: Final remarks
Final remarks • Strong Q1 performance pre-Covid-19 on footfall and leasing above market rents • LifeCentral already prepared us for transformation: review of plans for the post-Covid- 19 world in progress • All centers of the portfolio back in business as of May 11 • Dutch market already showing sig
Slide 15: Q&A
Q&A 15