Mas P.l.c. · JSE:MSP
Mas P.l.c — Investor Presentation (June 2024)
30 slides from Mas P.l.c's investor presentation, June 2024
Slide 1: Investor Presentation June 2024
Investor Presentation June 2024
Slide 2: Table of Contents
TABLE OF CONTENTS Overview Highlights Jan-May 243 Company Profile Dec 234 Operational Performance Update Jan-Apr 245 Environmental Apr 246 Debt Repayment Profile Apr 247 Capital Requirements: Implementation to Date Apr 248 Development Joint Venture Structure 9 Value Creation Track Record 10 Investor
Slide 3: Highlights
HIGHLIGHTS DEBT progress achieved since 1 January 2024 Secured debt drawn New unsecured notes issued due Apr 2029 Debt subject to signed term sheets €61m €40m €91m OPERATIONS LFL Footfall LFL Tenants' sales Occupancy Collection rate 5% Jan–Apr 2024 6% Jan–Apr 2024 97.8% Apr 2024 99% Jan–Apr 2024 DJV
Slide 4: Company Profile
COMPANY PROFILE Dec 23 MAS is an internally managed green property investor and operator focused on retail properties in CEE. INCOME PROPERTY AND ANNUAL PASSING INCOME GREEN CERTIFICATION OTHER INVESTMENTS €95.5m €1,286.4m 491,300m2 75% CEE direct assets €71.2m 73% CEE direct assets €934.9m 77% CEE
Slide 5: Operational Performance Update Jan-Apr
OPERATIONAL PERFORMANCE UPDATE Jan — Apr 24 Strong Central and Eastern European LFL Footfall and Tenants’ Sales. Exceptional Collection Rates. 112% 108% 107% 105% 105% 107% 100% 98% 5% FOOTFALL LFL 2024 vs 2023 Open-air malls 5% Enclosed malls 4% 115% 108% 104% 108% 106% 110% 101% 98% 6% TENANTS’ SA
Slide 6: Environmental
ENVIRONMENTAL Apr 24 Assessment of investment decisions considers not only the immediate economic implications, but also long-term effects on social well-being and the environment within communities. The properties MAS manages are 89% green certified buildings, with the rest in process of certificat
Slide 7: Debt Repayment Profile
DEBT REPAYMENT PROFILE Apr 24 €490.6m €(2.0)m €(9.5)m €(204.0)m 0.40% 1.94% 1.85% €(25.9)m 1.60% €(65.6)m €490.6m 1.34% €(51.1)m 0.32% €(1.5)m €(131.0)m 0.31% 0.16% Debt Jun 2024 Jun 2025 Jun 2026 Jun 2027 Jun 2028 Jun 2029 Jun 2030 Jun 2031 30 Apr 2024 Debt amortisation repayments excluding accrued
Slide 8: Capital Requirements: Implementation to Date
CAPITAL REQUIREMENTS: IMPLEMENTATION TO DATE Apr 24 Available capital sources are used for funding MAS’ commitments within restrictive self-imposed debt limitations. Retained earnings (discretionary dividends) to fund shortfall in liquidity. TOTAL COMMITMENTS UNTIL 30 JUNE 2026: €350m €173m €80m €42
Slide 9: Development Joint Venture Structure
DEVELOPMENT JOINT VENTURE STRUCTURE Low-risk access to high-quality development pipeline with pre-eminent CEE retail developer • Prime Kapital employs a vertically integrated development approach that consistently results in high development margins • DJV provides co-investment access to highly lucr
Slide 10: Value Creation Track Record
VALUE CREATION TRACK RECORD Acquisition/opening NRI CAGR since acquisition/opening* NRI growth since acquisition/opening Nova Park Nov 2016 4% 28% Galleria Burgas May 2017 11% 98% Galleria Stara Zagora May 2017 11% 100% Mall Moldova – phase I Oct 2017 11% 94% Militari Shopping Jul 2018 9% 57% Roman
Slide 11: Property Tour and Itinerary Map
PROPERTY TOUR AND ITINERARY MAP 2 June Dinner in Bucharest (RO) Iasi 3 June Iasi (RO) — Silk District and Mall Moldova Burgas (BG) — Galleria Burgas Alba Iulia Bucharest (RO) 4 June Bucharest (RO) — Militari Shopping Alba Iulia (RO) — Carolina Mall Pitesti (RO) — Arges Mall Bucharest (RO) — Av
Slide 12: Silk District
PROPERTY TOUR ITINERARY Silk District IASI 12
Slide 13: Silk District
PROPERTY TOUR ITINERARY Silk District SILK DISTRICT RESIDENTIAL SILK DISTRICT OFFICE The large 10ha mixed-use, urban regeneration project combines several functions increasing efficiency of infrastructure, Construction of the Silk District A-grade office building amenities, and services. The develop
Slide 14: Mall Moldova
PROPERTY TOUR ITINERARY Mall Moldova IASI 14
Slide 15: Mall Moldova
PROPERTY TOUR ITINERARY Mall Moldova Era Shopping Iasi is being transformed into a modern 122,200m2 super-regional mall, catering to the sizeable and growing DESTINATION GLA purchasing power of eastern Romania and Republic of €16.1m Moldova. This cutting-edge, flagship shopping centre, NRI anchored
Slide 16: Mall Moldova
PROPERTY TOUR ITINERARY Mall Moldova Mall Moldova is strategically located in the western part of Iasi on the E85 European road which, together with planned highways, provides a direct connection to regional city centres, including Suceava, Botosani, Piatra Neamt, Bacau, Vaslui, Roman and Chisinau,
Slide 17: Galleria Burgas
PROPERTY TOUR ITINERARY Galleria Burgas BURGAS 17
Slide 18: Galleria Burgas
PROPERTY TOUR ITINERARY Galleria Burgas Galleria Burgas is the dominant shopping centre in 36,700m2 Burgas, the regional urban and administrative centre of GLA the most popular holiday destination on the Bulgarian €8.5m coast of the Black Sea. The centre has a comprehensive NRI fashion offering as w
Slide 19: Militari Shopping
PROPERTY TOUR ITINERARY Militari Shopping BUCHAREST 19
Slide 20: Militari Shopping
PROPERTY TOUR ITINERARY Militari Shopping Located in Militari, a densely populated and expanding 54,000m2 residential area in Bucharest, this centre has excellent GLA visibility and is located on Bucharest’s main western €11.0m artery, which links directly into the E81/A1 highway. NRI The open-air m
Slide 21: Carolina Mall
PROPERTY TOUR ITINERARY Carolina Mall ALBA-IULIA 21
Slide 22: Carolina Mall
PROPERTY TOUR ITINERARY Carolina Mall Alba Iulia is the largest city in Alba County with excellent 28,900m2 road connections to Cluj and all other major cities in GLA Transilvania and the Hungarian border. The city and €4.9m region supports a diversified economy with automotive, NRI food manufacturi
Slide 23: Carolina Mall
PROPERTY TOUR ITINERARY Carolina Mall 23
Slide 24: Arges Mall
PROPERTY TOUR ITINERARY Arges Mall PITESTI 24
Slide 25: Arges Mall
PROPERTY TOUR ITINERARY Arges Mall Arges Mall is located in Pitesti, the capital and largest city of 51,200m2 Arges County, with a population of approximately 155,000. GLA Centrally located in a densely populated residential area €9.8m next to the main train station and the main boulevard, NRI and e
Slide 26: Arges Mall
PROPERTY TOUR ITINERARY Arges Mall 26
Slide 27: DN1 Value Centre
PROPERTY TOUR ITINERARY DN1 Value Centre BUCHAREST 27
Slide 28: DN1 Value Centre
PROPERTY TOUR ITINERARY DN1 Value Centre DN1 Value Centre is located in Balotesti, Romania, in 27,400m2 a rapidly developing and affluent residential area, GLA approximately 25km north of Bucharest. The centre €5.8m has an excellent location on Romania’s busiest national NRI road, DN1/E60. The open-
Slide 29: Glossary
GLOSSARY bn billion BG Bulgaria BREEAM/LEED/EDGE Independent third-party certification of the assessment regarding the sustainability of individual buildings, communities and infrastructure projects, that recognises and reflects the sustainability of assets CAGR Compound annual growth rate Capex Cap
Slide 30: www.masrei.com
www.masrei.com