Ascencio Sa · EURONEXT:ASCE
Ascencio Sa — FY2023/2024 Earnings Presentation
49 slides from Ascencio Sa's earnings presentation, November 2024
Slide 1: Presentation annual results 2023/2024
Presentation annual results 2023/2024
Slide 2: Table of contents
Table of contents 01 02 03 04 Financial & Ascencio in Activity Financials real estate a nutshell summary markets 05 06 07 Outlook Q&A Appendices
Slide 3: Financial & real estate markets
Financial & real estate markets
Slide 4: Financial Market
01 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Inflation 15% 10% 5% 0% -5% Financial Market Belgium France Spain Euro Zone Interest rates Stock market (%) 120 5 110 4 100 3 90 80 2 70 1 60 0 50 -1 40 30 EURIBOR 3 Months IRS 5 years (again
Slide 5: Real Estate Market - Retail
01 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Prime yields 7% 6% 5% 4% Real Estate Market - Retail 2019 2020 2021 2022 2023 2T 2024 Belgium France Spain Prime rents Investment volumes 250 8 200 6 €/m²/years 150 € bilion 100 4 50 2 0 0 20
Slide 6: Ascencio in a nutshell
Ascencio in a nutshell
Slide 7: Geographic distribution & by property type
02 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Geographic distribution & by property type Listed Investing in supermarkets Present in Belgium, REIT & retail parks France & Spain Geographic distribution Type of properties Others 4% 5.5% Cl
Slide 8: Key Performance Indicators
02 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Key Performance Indicators 440,000 m2 101 Size of the portfolio Number of properties €750 million €54 million 97.8% Fair value of the Annual rental Occupancy portfolio income rate €123/m² 6.9
Slide 9: Retail sector & tenant distribution
02 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Retail sector & tenant distribution Sectors Tenants Other 11.3% Horeca 2.4% Food 40.3% Intermarché 18.1% Pet shop 3.3% Shoe 3.3% Electro / Multimedia 6.7% Grand Frais 8.6% Other 49.6% Sport 6
Slide 10: Activity summary
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Slide 11: Letting activity summary
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Letting activity summary 10 new leases 15 leases renewed 21,000 m 2 (5% of the portfolio surface) + 12 leases short term Previous rental level -1.9% New rental level +8.7% Estimated rental va
Slide 12: Strengthening of tenants' portfolio
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Strengthening of tenants' portfolio Tenants Number of stores Intermarché 29 Number Main Tenants Grand Frais 17 of stores Food Mestdagh 24 Carrefour 10 Retailers Main Grand Frais 18 Delhaize 3
Slide 13: EPRA occupancy rate
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES EPRA occupancy rate 100% Evolution of EPRA occupancy rate 99% 30.09.24 30.09.23 ∆ 98% Belgium 96.9% 96.9% 0.0% 97% 96% France 98.7% 99.0% -0.3% 95% Spain 100.0% 100.0% 0.0% 94% TOTAL 97.8% 97
Slide 14: Operational activity: acquisition and disposal
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Operational activity €7.0 million €8.5 million Bellefleur, Jemappes Couillet (BE) (BE) Acquisition : Disposal : 3 newly developed & fully let retail retail complex – 10,000 m² units – 3,000 m
Slide 15: Operational activity: investments
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Operational activity Leuze-en- Gosselies Hainaut (BE) (BE) €3.8 million Investments : 5 years CAPEX (€000s) • Roof renovations & insulation in Belgium, France & Spain 4,000 (6 roofs renovated
Slide 16: ESG Achievements
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES ESG Achievements Environment Social Governance Car charging stations : Head office redevelopment Publication of a 3rd EPRA sBPR report : 2 partnerships (260 charging points Gold Award in FR a
Slide 17: Valuations
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Valuations Evolution of portfolio valuation 30.09.24 30.09.23 20% Change in Fair Value 2023/2024 : INVESTMENT Geographical Fair Value Fair Value Δ Fair Value 15% +€6.1 million PROPERTIES spre
Slide 18: Valuations
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Valuations Average rent of the portfolio Portfolio yield vs interest rates evolutions €/m² 8.00% 200 7.00% 180 171 6.00% 160 150 140 5.00% 120 123 4.00% 107 Belgium France 100 Spain Total 3.0
Slide 19: Financial activity
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Financial activity Refinancing activity 2023/2024 Outstanding debt maturities as of 30.09.2024 (€000s) 3 new revolving bank credit lines 110 MTN extension €50 million €20 million 100 Duration
Slide 20: Financial activity: hedging
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Financial activity Hedge Ratio as of 30.09.2024 : 95.5% (vs 95.0%) Review of hedging policy Hedge structure as of 30.09.2024 Confirmation (€ million) of high targeted hedge ratio 100% 300 90%
Slide 21: Cost of debt evolution
03 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Cost of debt evolution Average cost of debt 2.22% (vs 2.02%) 5% 4% 3% 2% 1% 0% -1% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* 2026* Average cost of debt Euribor 3 months IRS
Slide 22: Financials
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Slide 23: Annual consolidated results 2023/2024
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Annual consolidated results 2023/2024 Rental income evolution 30.09.2024 30.09.2023 Δ (€000s) 30.09.2024 30.09.2023 Δ Operating margin 81.6% 82.7% Belgium 29,831 28,638 4.2% Net result per sh
Slide 24: Balance sheet as of 30.09.2024
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Balance sheet as of 30.09.2024 Evolution IFRS NAV 2023/2024 €/share 80.000 78.000 2024 2023 76.000 Total real estate 74.000 portfolio 748.6 740.9 (€ million) 72.000 0.90 Total balance sheet 7
Slide 25: Share price & dividend policy
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Stock market context vs Ascencio Share price & dividend policy 130 110 90 30.09.2024 30.09.2023 70 Closing share price (€/share) 48.65 41.30 50 Premium/discount (vs IFRS NAV) -27.6% -38.8% 30
Slide 26: Outlook
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Slide 27: Portfolio Management
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Portfolio Management • Dynamic letting & property activity • Continuous dialogue with retailers • Consider asset rotation Further implementation of ESG initiatives & value creation within the
Slide 28: Financial calendar 2024/2025
04 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Financial calendar 2024/2025 6 February 2025 31 January 2026 (2:30 p.m.) Coupon payment date Ordinary General Meeting (Ex date) of Shareholders 2024/2025 7 February 2025 13 August 2025 (5:40
Slide 29: Q&A
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Slide 30: Appendices
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Slide 31: Rental income evolution (K€)
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Rental income evolution (K€) 0.329 2.344 0 53.345 -0.415 -0.236 51.322 Base rents evolution Acquisitions Developments projetcs Rental income… Rental income Base rents ESG rents evolution ESG
Slide 32: Consolidated results
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Consolidated results (€000s) 30.09.2024 30.09.2023 Δ% Belgium 29.831 28.638 4.2% France 21.538 20.608 4.5% (€000s) 30.09.2024 30.09.2023 Δ Spain 1.975 2.076 -4.8% RENTAL INCOME 53.345 51.322
Slide 33: Evolution EPRA NTA (€/share)
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Evolution EPRA NTA (€/share) 0.9 65.8 5.49 -0.03 63.59 -4.15 EPRA EPRANTA NTA 30/09/23 30/09/23 Dividend paid Dividend paid EPRA EPRA earnings Earnings RE REportfolio revaluation portfolio re
Slide 34: Balance sheet
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Balance sheet (€000s) 30/09/2024 30/09/2023 ASSETS 780,658 786,469 Intangible assets 375 236 Investment properties 748,621 740,856 Other tangible assets 963 49 Other non-current assets 16,145
Slide 35: Who we are
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Slide 36: REIT Belgium, France & Spain
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Operating in Investing in Listed Belgium, Under the supermarkets on Euronext France & Spain SIR/GVV, SIIC Brussels A Belgian & retail parks & SOCIMI status REIT Since 2007
Slide 37: Supermarkets: Strategic locations
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Supermarkets Strategic locations 40% of Intermarché, Ascencio’s Ottignies (BE) income Meeting consumers’ i primary needs Ascencio’s DNA Limited impact of e-commerce Grand frais, Échirolles (F
Slide 38: Retail parks: Retail mix
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Retail parks Retail mix Parc des Drapeaux, Primary Caen (FR) needs Good conversion rate Accessibility in periphery Size and flexibility of retail spaces (omnicanality) Bellefleur, Charleroi (
Slide 39: Customer-centric approach
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Customer-centric approach Asset Management Marketing & Property Communication Management Tenants Customer Operations services & ESG
Slide 40: Active in Belgium, France & Spain
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Active in Belgium, France & Spain Retail parks Supermarkets Others
Slide 41: Evolution of the portfolio
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Evolution of the portfolio 101 440.000 m2 Retail properties Size of portfolio € million 800 700 600 500 400 300 200 100 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Belgium France
Slide 42: History
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES History 2006 2007 2010 2011 Creation of Ascencio Ascencio is listed on Acquisition of 7 Grand Frais Acquisition of 2 retail parks : Euronext Brussels supermarkets (FR) • « Le parc des Bouchar
Slide 43: Shareholding structure
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Shareholding structure 5% Patronale Life 10% Carl, Eric, John Mestdagh and controlled companies 85% Free float
Slide 44: Status SIR/GVV, SIIC, SOCIMI
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Status SIR/GVV SIIC SOCIMI (Belgium) (France) (Spain) • Risk diversification (20%) • No limitation of debt • Identification of shareholder’s structure • Limitation of debt (65%) • Tax transpa
Slide 45: Ascencio's ESG Strategy
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES ASCENCIO’S ESG STRATEGY Environment Social Governance • Labelling • Training • Governance structure • Decision-making criteria • In-house consultations • IT tools development • Database & man
Slide 46: Ascencio team
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Ascencio team Number of team members : 21 13 08 women men Average age of employees : 42 years Human Resources CEO Marketing, Communication & Investors Relations Asset Legal management Finance
Slide 47: Company values
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Company values Connected Ambition Positive Mind with our customers, our employees, to grow, while respecting Because our projects and adventures are always our partners, our markets market cy
Slide 48: Contacts
07 FINANCIAL & REAL ESTATE MARKETS ASCENCIO IN A NUTSHELL ACTIVITY SUMMARY FINANCIALS OUTLOOK Q&A APPENDICES Contacts Vincent Cédric Aurore H. Querton Biquet Anbergen Chief Executive Officer Chief Financial Officer Head of IR, Marketing & Communication +32 71 91 95 00 +32 71 91 95 00 aurore.anbergen
Slide 49: Ascencio SA
Ascencio SA Avenue Jean Mermoz, 1/4 info@ascencio.be 6041 Gosselies +32 (0) 71 91 95 23 www.ascencio.be