Lighthouse Properties Plc · JSE:LTE
Lighthouse Properties — Lighthouse Capital — H1 2019 Earnings Presentation
26 slides from Lighthouse Properties's earnings presentation, May 21, 2019
Slide 1: Interim Results Presentation March 2019
INTERIM RESULTS PRESENTATION MARCH 2019 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 1
Slide 2: Highlights
HIGHLIGHTS • Interim distribution per share of 1.5000 EUR cents • Interim distributable earnings per share of 1.8310 EUR cents › Dividend policy allows for retained earnings • NAV per share 55.59 EUR cents • Redevelopment and reconfiguration of Planet Koper • Direct property exposure increased to ab
Slide 3: Key Indicators and Financial Performance
KEY INDICATORS AND FINANCIAL PERFORMANCE Mar 19 Sep 18* Mar 18* Shares in issue 457 790 136 455 969 410 474 405 326 Distributable earnings per share (EUR cents) 1.8310 5.3080 5.7080 Distribution per share (EUR cents) 1.5000 5.1920 5.7700 Payout ratio 81.9% 97.8% 101.1% NAV per share (EUR cents) 55.5
Slide 4: Gearing and Cost of Debt
GEARING AND COST OF DEBT Asset value Debt Cost of (€ '000) (€ '000) Gearing borrowing Direct property investments 294 801 125 814 39.9% 2.47% Listed investments 71 095 22 184 (19.2)% 0.11% Total / average 365 896 147 998 28.0% 2.11% LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 4
Slide 5: Investment Portfolio – By Sector
INVESTMENT PORTFOLIO – BY SECTOR Mar 2019 Listed Sep 2018 infrastructure 2.5% Listed real Listed estate Direct property infrastructure 16.9% 29.8% 44.6% Direct property 80.6% Listed real estate 25.6% LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 5
Slide 6: Revenue – By Sector
REVENUE – BY SECTOR Mar 2019 Listed Sep 2018 infrastructure 7.5% Direct property Listed 20.9% infrastructure Listed real 42.3% estate 16.7% Direct property 75.8% Listed real estate 36.8% LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 6
Slide 7: Top Five Investments
TOP FIVE INVESTMENTS Valuation as at % of total Investment Sector Jurisdiction Mar 2019 (€ '000) investments Forum Coimbra Direct property Europe 194 754 53.2% Planet Koper Direct property Europe 59 856 16.4% Unibail-Rodamco-Westfield Listed real estate Europe 50 491 13.8% Forum Viseu Direct propert
Slide 8: Direct Property Portfolio Anchor Tenants by Gross Rental
DIRECT PROPERTY PORTFOLIO ANCHOR TENANTS BY GROSS RENTAL Inditex NOS H&M Tus Primark Cortefiel FNAC C&A Calzedonia Pingo Doce 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 8
Slide 9: Direct Property Portfolio Lease Expiry Profile by Gross Rental
DIRECT PROPERTY PORTFOLIO LEASE EXPIRY PROFILE BY GROSS RENTAL 25% 20% 15% 10% 5% 0% 2019 2020 2021 2022 2023 2024 2025 2026 >2027 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 9
Slide 10: LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 10
Slide 11: Forum Coimbra Key Statistics
• Total sales growth increased by 3.2% • Last 12 months effort rate of 11,1% • 100% occupancy • Over 8.4 million visitors in 2018, and growing • Core catchment of 204 000 people • Excellent tenant mix with anchors such as FNAC, Primark, H&M, C&A, Zara, Bershka, Cortefiel, Lefties LIGHTHOUSE CAPITAL
Slide 12: Shopping Centre Layout
SHOPPING CENTRE LAYOUT Ground Level Level 1 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 12
Slide 13: Shopping Centre Layout (cont.)
SHOPPING CENTRE LAYOUT (cont.) Level 2 2.28 Crazy Bowling Sqm 813 2.01 Portugália Balcão Sqm 59 Tomatino Sopas&So57 Sqm 67 Monte Fuji Vitaminas 2.27 2.23 2.22 Comapnhia das Pateo 2.24 2.15 Brasil 2.25 Sr Frango 2.19 2.12 ao Peso 2.20 2.21a Ali Kebab da Guia Sqm 37 2.21 Sqm 164 Sqm 222 Talho Burguer
Slide 14: Extension Opportunity
EXTENSION OPPORTUNITY DECATHLON IKEA LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 14
Slide 15: Refurbishment
REFURBISHMENT OVERALL LOOK & FEEL REFURBISHMENT TO KICK OFF IN 2019/2020 The project will involve a complete revamping of the center, updating its ‘Look & Feel’. While valuing the existing Architecture the project will improve the comfort of the center through better facilities like lounges, new sit
Slide 16: LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 16
Slide 17: Planet Koper Redevelopment and Letting
• Last 12 months effort rate of 12.0% • Approximately 98% occupancy post redevelopment • Commenced redevelopment and reconfiguration › Approximately 7 760 m2 of GLA • Letting has been very successful and new shops include: › Mladinska, Office Shoes, Superdry, Sportina, Europa 92, Ciciban, Optika Cla
Slide 18: Shopping Centre Layout / Refurbishment Key Tenant Additions
SHOPPING CENTRE LAYOUT / REFURBISHMENT KEY TENANT ADDITIONS: LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 18
Slide 19: Refurbishment
REFURBISHMENT % 98% OCCUPANCY LTM EFFORT (post RATE OF 12.0% redevelopment) LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 19
Slide 20: LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 20
Slide 21: Forum Viseu Key Statistics
• Strong high street location in Viseu • 50% of footfall is pedestrian • Catchment of 121 000 people within 30 minute drive • 4.6 million visits per annum • 11% increase in footfall for first quarter of 2019 › Introduction of Fitness Hut LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 21
Slide 22: Shopping Centre Layout
SHOPPING CENTRE LAYOUT LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 22
Slide 23: Shopping Centre Layout (cont.)
SHOPPING CENTRE LAYOUT (cont.) LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 23
Slide 24: Shopping Centre Layout (cont.)
SHOPPING CENTRE LAYOUT (cont.) Cex LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 24
Slide 25: Outlook
OUTLOOK • Defensive balance sheet with flexibility • Evaluating a number of direct investment opportunities • Remains prudent and selective • Forecast distribution › FY2019: Approximately 3,0 EUR cents per share Forum Coimbra LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 25
Slide 26: Q&A
Q&A LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 26