Aradei Capital Sa · CSEMA:ARD
Aradei Capital Sa — Investor Presentation (October 2024)
30 slides from Aradei Capital Sa's investor presentation, October 2024
Slide 1: Platform Presentation October 2024
Platform Presentation October 2024
Slide 2: Table of contents
I. Company and portfolio overview II. A story of growth Table of contents Confidential & Proprietary i. Performance review since the IPO in 2020 ii. H1 2024 Financial performance III. Conclusion and outlook IV. Appendix 2
Slide 3: I. Company and portfolio overview
I. Company and portfolio overview 10
Slide 4: Vision and mission statement
Company and portfolio overview Vision and mission statement Vision To be the premier commercial real estate company delivering growth and return from a resilient and diversified portfolio Mission We acquire, develop and manage a portfolio of innovative assets anchored in their environment. Confident
Slide 5: A portfolio of commercial real estate assets valued at 7.8 billion MAD
Company and portfolio overview A portfolio of commercial real estate assets with a valuation of 7.8 billion MAD Portfolio overview Key business KPIs ▪ Occupancy rate: 96% 34 Assets 466,000 sqm 22 Cities 7.8 billion MAD Confidential & Proprietary Incl. 3 plots GLA* Investment ▪ 45 millions visits in
Slide 6: A growing portfolio and targeted diversification beyond retail
Company and portfolio overview A growing portfolio and targeted diversification beyond retail real estate A diversified portfolio of assets Our main partners Assets types mix (GLA) ➢ 8 categories of operational assets Industrial Healthcare Facilities 3 Shopping centers Units 17% Confidential & Propr
Slide 7: A presence in cities across Morocco
Company and portfolio overview A presence in 22 cities across Morocco Geographical Geographicallocation locationof ofthe theassets assets(*) Geographical mix (Operating assets) Tanger/Tétouan Marrakech, Others, 11% 70,000 sqm Berkane 14% 3,000 sqm Salé, 5% Rabat/Salé/Kénitra/Témara 56,000 sqm Oujda
Slide 8: A portfolio composed of various asset types
Company and portfolio overview Overview | A portfolio composed of various asset types Multi tenants, Retail Parks, Strip Shopping Centers – 94,000 sqm Standalone Assets – 56,000 sqm Offices– 7,000 sqm Malls and Galleries – 165,000 sqm Confidential & Proprietary Example – almazar Example – Sela Park
Slide 9: Creating value through impact: Environment, Communities and People
Company and portfolio overview Creating value trough impact I Environment, Communities and People … A strategy based on 3 main pillars… ✓ A positive impact on the environment Confidential & Proprietary Green building Solar panels LED lights EMS tool ✓ A territorial anchoring of our assets Local infr
Slide 10: II. A story of growth: Performance review since the IPO in 2020
II. A story of growth i. Performance review since the IPO in 2020 10
Slide 11: Key investment milestones since 2020
A story of growth Key investment milestones since 2020 2020 2021 2022 2023 2024 ▪ Three retail park deliveries ▪ First OPCI investment ▪ First investment in ▪ Retail ▪ Retail • Atacadao Inezgane (8,200 sqm GLA) • Acquisition of a 100% stake in the healthcare • Development of the 8th • Launch of the
Slide 12: A strong financing story since the IPO
A story of growth A strong financing story since the IPO Bank financing Since 2020… up to June 2024 05 ▪ More than 2.3 bn MAD of financial debt with major local financial institutions ▪ Equity: c. 1.6 bn MAD ▪ Effective diversification among various financial institutions ▪ Bonds: 1.1 bn MAD 04 ▪ Ba
Slide 13: A dynamic and diversified investment strategy
A story of growth A dynamic and diversified investment strategy December 31st, 2020 June 30, 2024 In % of GLA In % of GLA 90% Retail 68% Retail 29 Assets 346,000 sqm 34 Assets 466,000 sqm Incl. 4 plots GLA Incl. 3 plots GLA & 1 OPCI Confidential & Proprietary 17% Healthcare 15% 10% Industry 16% ▪ Va
Slide 14: 2020-2023 track record beyond the promises made at the IPO (1/2)
A story of growth 2020-2023 I A track record beyond the promises made at the IPO (1/2) ▪ Key financial highlights beyond the BP disclosed ▪ Dividend per share: 12.4 MAD (2020) – 18.2 MAD during the IPO (2021) – 19.2 MAD (2022) – 20.4 MAD (2023): a 13% • Revenues TCAM 20-23 : +21% average growth rate
Slide 15: 2020-2023 track record beyond the promises made at the IPO (2/2)
A story of growth A 2020-2023 I A track record beyond the promises made at the IPO (2/2) Revenues (in MMAD) NOI (in MMAD) +19% 583 +15% +24% 486 491 +11% 421 424 +6% 441 +5% 341 +20% 361 398 340 259 271 +8% 313 260 199 214 Confidential & Proprietary 2020 2021 2022 2023 2020 2021 2022 2023 IPO Actual
Slide 16: II. A story of growth: H1 2024 Financial Performance
II. A story of growth ii. H1 2024 Financial Performance 10
Slide 17: Activity overview
A story of growth Activity overview ▪ H1 2024 revenues (IFRS): 298 MMAD vs. 295 MMAD recorded in June 2023, driven by the Company's organic growth Organic revenue growth ▪ FFO per share (Group share): +0.6 MAD compared to H1 2023 and prior to the impact of Akdital Immo minority interest acquisition
Slide 18: H1 2024 Financial results: key income statement financials
A story of growth H1 2024 Financial results | Key income statement financials H1 2023 H1 2024 Revenue 295 MMAD 298 MMAD + 1% EBITDA 225 MMAD 226 MMAD Confidential & Proprietary Funds From Operations 140 MMAD 152 MMAD + 9% (FFO)* FFO per share** 12.4 MAD 13.0 MAD EBITDA Margin 76.3% 75.8% Source: Aud
Slide 19: H1 2024 Financial results: key income statement financials
A story of growth H1 2024 Financial results | Key income statement financials In KMAD 30/06/2023 30/06/2024 Rental revenue 280,794 280,063 ▪ A +2.7 MMAD increase in revenues, mainly due to the Other revenue 14,490 17,951 Company’s organic growth (net effect of new leasing and lease Confidential & Pr
Slide 20: H1 2024 Financial results: key balance sheet financials
A story of growth H1 2024 Financial results | Key balance sheet financials In KMAD 31/12/2023 30/06/2024 Cash & Cash equivalents 682,328 558,945 ▪ The cash flow change is mainly driven by operational Investment properties 7,630,606 7,799,064 earnings, debt drawdowns and repayment, investment Confide
Slide 21: III. Conclusion and outlook
III.Conclusion and outlook 10
Slide 22: Conclusion and outlook
Conclusion and outlook ✓ A unique strategy and a specific expertise in a changing environment ✓ Completion of the acquisition of minority interests in Akdital Immo in H2 2024 (with retroactive effect as of January 1st, 2024) ✓ A selective investment pipeline targeting key strategic regions within th
Slide 23: IV. Appendices
IV.Appendices 10
Slide 24: Appendix 1a – 2023 Full-Year Results
Appendix 1a – 2023 Full-Year Results A sound balance sheet structure with a controlled LTV In KMAD 31.12.2023 41% LTV and 35% LTV EPRA LTV Below Aradei Capital’s internal financing covenants (60%) ICR 3.5x Net Debt To EBITDA 6.1x Average remaining maturity 5.6 years Confidential & Proprietary Averag
Slide 25: Appendix 1b – A portfolio that doubled in size
Appendix 1b – 2023 Full-Year Results A dynamic investment strategy | A portfolio that doubled in size 100% 97% 97% 96% 96% 95% 95% 94% 93% ▪ 6 retail parks delivered in 2019 and 2020 478 466 ▪ An industrial unit acquired in 2019 Confidential & Proprietary 382 346 312 ▪ Acquisition of an OPCI’s share
Slide 26: Appendix 1c – Portfolio valued at more than MAD 7.6 billion
Appendix 1c – 2023 Full-Year Results A portfolio of assets valued at more than MAD 7.6 billion: a 4x increase in size vs. 2015 Investment properties (in MMAD) : GLA (in thousands sqm) : 7.630 Confidential & Proprietary 7.199 100% 6.150 97% 97% 96% 96% 5.200 95% 95% 5.065 94% 93% 4.326 3.657 3.297 47
Slide 27: Appendix 2a – Shareholders and governance
Appendix 2a – Shareholders and governance A renowned shareholder base PIC Sanam Best BMCI – BNP Label’Vie EBRD Floating on behalf of GEPF Holding Financière Paribas 35.9% 10.5% 6.8% 7.3% 4.7% 3.7% 31.1% Confidential & Proprietary Real Estate Investment Advisory Mandate REIM Partners Main tenant Prop
Slide 28: Appendix 2b – Shareholders and governance
Appendix 2b – Shareholders and governance A governance consistent with REIT standards ▪ The Company’s governance is structured as follows: Board of Directors Investment Committee Conflict Committee Audit Committee The Committee decides on The Board of Directors determines Confidential & Proprietary
Slide 29: Appendix 2c – Investment Management, Property & Facility Management
Appendix 2c – Shareholders and governance Investment Management, Property & Facility Management Property Management Management Company Founded in 2013 by Mr. Nawfal BENDEFA and Mr. Mehdi TAHIRI JOUTEI HASSANI, REIM Aradei Real Estate Services is a wholly owned subsidiary of Aradei Capital Partners i
Slide 30: Contacts
Contacts Aradei Capital : Contacts REIM Partners : Nawfal Bendefa, CFA – CEO Idriss Bensmail – Managing Director n.bendefa@reim-partners.com i.bensmail@reim-partners.com + 212 6 69 18 32 45 + 212 6 64 50 52 92 Omar Yacoubi, CFA – Managing Director Hortense Ghafir – General Secretary o.yacoubi@aradei
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