Bewi Invest Asa · OSL:BINT
Bewi Invest Asa — KMC Properties — Q1 2022 Earnings Presentation
22 slides from Bewi Invest Asa's earnings presentation, May 19, 2022
Slide 1: KMC Properties ASA Q1 2022
KMC Properties ASA Q1 2022 19 May 2022
Slide 2: The preferred partner for logistics and industrial properties
The preferred partner for logistics and industrial properties
Slide 3: Todays' presenters
Todays’ presenters [Photo] [Photo] Liv Malvik Kristoffer Holmen CEO CFO 3
Slide 4: Disclaimer
Disclaimer This presentation, prepared by KMC Properties ASA (the "Company"), may contain statements about future events and expectations that are forward-looking statements. Any statement in this presentation that is not a statement of historical fact including, without limitation, those regarding
Slide 5: First quarter 2022
First quarter 2022 5
Slide 6: KMC Properties at glance
KMC Properties at glance We are KMC Properties … we deliver accretive growth 2 …and have strong growth ambitions 2 Committed NOKm pipeline ’23-24 NOKm 6 000 Est. additional 8 000 5 500 Completed and Completed growth 1 000 Net yield Portfolio value committed M&A 359 780 7 000 5 000 395 NOK ~4.0bn 1 4
Slide 7: Solid customer base of market leading companies with long track records
Solid customer base of market leading companies with long track records and exposure to an attractive industry Company overview Key customers / brands % of net operating income1 ▪ Listed at the Oslo Børs, majority-owned by the Bekken family, the founder of the company in 1980 ▪ Annual revenues of EU
Slide 8: Highlights for the first quarter
Highlights for the first quarter Key events for the quarter Key figures ▪ Acquisition of meat processing facility near Narvik in Northern Norway for NOK 100 NOK million Q1 2022 2021 million at gross yield of 7.8% Gross rental income 62.7 205.0 ▪ Acquisition of herring facility in Sweden from Klädesh
Slide 9: Highlights for the first quarter - continued
Highlights for the first quarter - continued Completed acquisitions year-to-date Re-classification of office building in Moscow, Russia Herring production facility in Sweden ▪ Re-classified property as «asset held for sale» per 31 March 2022 ▪ Consideration of SEK ~94 million ▪ Valued at NOK 75.4 mi
Slide 10: Property value and yield
Property value and yield Gross asset value and NOI yield development over time Total appraisal value and split per country1 NOK million Finland Denmark 6.3% 6.1% 6.2% 6.4% 6.4% 1% 9% Holland 4 002 4 028 10% 3 705 3 307 3 094 11% NOK 4,028 million 2) Sweden 68% Norway Q1 2021 Q2 2021 Q3 2021 Q4 2021
Slide 11: Executing on growth strategy
Executing on growth strategy Company strategy and growth targets Growth initiatives in 2022 Completion Value Investments Type Tenant Yield WAULT Country (estimated) (NOKm)1) in 2022 CAPEX BEWI/ Insula 2022 60 60 7.5% 11 Contract renewal Acquisitions and investments in Greenfield Oppdal Spekemat Q3 2
Slide 12: Financials
12 r Financials
Slide 13: Key reported P&L metrics
Key reported P&L metrics P&L (NOK million) Comments ■ Rental income and costs in Russia is not included Q1 2022 Q1 2021 2021 Q4 2021 in the figures. Gross rental income 62.7 48.2 205,0 55.1 ■ Rental income increased by 13.8% from Q4 2021 to Q1 2022, mainly explained by income from new Direct propert
Slide 14: Development in adjusted annualised run-rate
Development in adjusted annualised run-rate Annualised run-rate (NOK million) Comments Q1 Q4 Q3 Q2 Q1 ■ Q1 2022 is based on final agreements as of 31 2022 2021 2021 2021 2021 March 2022 and does not include income and costs from the Moscow property. The figures Gross rental income 258.9 284.0 247.0
Slide 15: Current run-rate
Current run-rate Run-rate bridge from GRI to IFPM Comments ■ Property cost at NOK 4.1 million after reclassification of costs in Russia (c. 1.6% of 258.9 254.8 GRI). Expected to remain low due to mainly triple 4.1 33.6 net bear house contracts in the portfolio. 221.2 111.3 ■ SG&A related to overhead
Slide 16: Run-rate figures: Key metrics
Run-rate figures: Key metrics Run-rate bridge from GRI to IFPM Comments ■ Additional rental income comes from new 258.8 investments in Q1 2022. 2.0 64.7 62.7 Q1 2022 reported Additional rental Quarterly run-rate Annualised run-rate rental income income from new rental income investments 16
Slide 17: Existing contracts provide solid cash flow
Existing contracts provide solid cash flow Contractual gross rental income for the period 2022-20231 less estimated interests expenses2 Comments NOK million ▪ Contracts with solid tenants, with COVID-19 resilient business models ▪ Low OPEX and SG&A expenses due to triple net bare-house lease contrac
Slide 18: Balance sheet at 31.03.2022
Balance sheet at 31.03.2022 Balance sheet build-up Comments Other Current ■ Portfolio valued by Cushman & Wakefield quarterly assets liabilities 48 ■ In Q1 2022, value of property portfolio increased by Cash and NOK 26,5 million to a total value of NOK 4 028 million 260 cash equivalents 124 ■ Assets
Slide 19: Interest bearing debt
Interest bearing debt Financing activity in the quarter Source of funds ▪ New bank loans of NOK 65 million at 3m NIBOR + 240bps ▪ No utilization of the revolving credit facility in Q1 2022 19% 0% Maturity profile and composition of interest-bearing debt 81% All amounts in NOK million 0-1 yrs 1-2 yrs
Slide 20: Outlook and summary
20 = Outlook and summary
Slide 21: KMC Properties at glance
KMC Properties at glance We are KMC Properties … we deliver accretive growth 2 …and have strong growth ambitions 2 Committed NOKm pipeline ’23-24 NOKm 6 000 Est. additional 8 000 5 500 Completed and Completed growth 1 000 Net yield Portfolio value committed M&A 359 780 7 000 5 000 395 NOK ~4.0bn 1 4
Slide 22: Q&A
Q&A 22