Citicore Energy Reit Corp · PSE:CREIT
Citicore Energy Reit — Q2 2024 Earnings Presentation
25 slides from Citicore Energy Reit's earnings presentation, Aug 12, 2024
Slide 1: Analyst Briefing
Analyst Briefing Q2 2024 Operating and Financial Results August 12, 2024
Slide 2: Disclaimer
Disclaimer This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Citicore Energy REIT Corp. (the “Company”). This presentation, as well as discussions aris
Slide 3: Q2 2024 Highlights and Key Themes
Q2 2024 Highlights and Key Themes Revenue growth driven by full impact contribution of new land parcels acquired in 2023 Revenue at Php 921Mn (+15%), EBITDA at 902Mn (+14%), Net Income at Php 694Mn (+12%) Strong financial position supports future infusions With PhilRatings PRS Aa+ investment grade r
Slide 4: Q2 2024 Financial Performance
Q2 2024 Financial Performance
Slide 5: Revenues and Net Income grew on the back of stable lease operations
Revenues and Net Income grew on the back of stable lease operations +15% Amounts in Mn Php +14% EBITDA Margin at 98% Y-o-Y Growth 921 902 +12% 800 793 694 621 Revenue EBITDA Net Income 1H 2023 1H 2024
Slide 6: Profitability improved due to revenues from newly-acquired properties
Profitability improved due to revenues from newly-acquired properties Amounts in Mn Php 1H 2024 1H 2023 Change Increase driven by full impact from the new parcels of land Revenues 921 800 15% acquired in 2023 Cost of Services (52) (51) 2% Gross Profit 869 749 16% Operating Expenses (4) (4) 3% Income
Slide 7: Geographically Diverse and Growing Revenue Base
Geographically Diverse and Growing Revenue Base Acquisitions in 2023 contributed 28% of Geographically Total Revenues Batangas Spread Assets 20% Luzon, Visayas, Mindanao Silay Toledo 15% 20% Php 921M Revenues Clark Dalayap 3% 15% Armenia 3% Bulacan 11% Pampanga 4% South Cotabato 5% Pangasinan 4%
Slide 8: Strong financial position supports future infusions
Strong financial position supports future infusions Amounts in Mn Php 30 June 2024 31 December 2023 Change Cash and cash equivalents 634 617 3% Other Current Assets 275 266 - Total Current Assets 909 883 3% Property, Plant & Equipment 1,183 1,213 - Investment Properties 7,185 7,182 - Other Non-Curre
Slide 9: Strong financial position supports future infusions
Strong financial position supports future infusions Current Ratio Return on Equity 4.00 4.00 3.42 3.42 15.48% DEBT HEADROOM (Php Bn)3.00 3.00 2.10 14.30% 2.10 Total deposited property 20.7 2.00 2.00 Leverage ratio 1.00 1.00 (PRS Aa+) 70% 0.00 0.00 1H 2023 1H 2024 1H 2023 1H 2024 Leverage limit 14.5
Slide 10: CREIT Green Asset Portfolio
CREIT Green Asset Portfolio == CREIT | Empower Your investments
Slide 11: 145 MW DC 184 GWh ~130k MT
14 Leasable assets totaling to 7.1 million square meters 14 Leasable Assets 145 MWDC Tenants’ Installed Capacity 184 GWh Estimated Annual Net Generation of Operating Tenants ~130k MT 7.1M sqm Estimated Annual Carbon Reduction* Total Leasable Area of Operating Tenants *Emission Factor based on US EPA
Slide 12: Largest Renewable Energy Landlord
Php20.7 Bn estimated Largest Renewable Energy Landlord value of CREIT’s deposited properties 2022 ACQUISITION 2023 ACQUISITION 2022 PRE-IPO DALAYAP – 103k sqms CLARK – 250k sqms ARMENIA– 138k sqms PANGASINAN – 1M sqms PAMPANGA 1 – 420k sqms PAMPANGA 2 – 70k sqms NEGROS OCCIDENTAL – 431k sqms CEBU –
Slide 13: 100% Occupancy and Longest WALE
100% Occupancy and Longest WALE CREIT Property Tenants Lease term (in years) Area (in sqm) Portfolio Clark 15.3 250,000 Occupancy Armenia 22.4 140,000 Toledo 16.9 730,000 Silay 16.3 430,000 Dalayap 16.3 100,000 100% Bulacan 22.5 250,000 South Cotabato 22.5 80,000 Batangas 1 23.5 1,100,000 Batangas 2
Slide 14: Diversified Mix of Tenant's Off-takers
Diversified Mix of Tenant’s Off-takers Off-take Contract Renewal of Tenants’ Customers % of Total Contracted Capacity FIT program 25% 8.1 Years (Weighted Ave) 39.0% 37.0% 24.0% Freeport Area of Bataan 2024 2025 Beyond 2025 Bilateral Contracts 75%
Slide 15: CREC (Sponsor) Project Update
CREC (Sponsor) Project Update
Slide 16: Sponsor projects construction in full swing
Sponsor projects construction in full swing Batangas Property (280 MW) Batangas Property (250 MW) Pangasinan Property (270 MW) Pampanga Property (60 MW)
Slide 17: CREIT Dividend Update
the Philippine stock Exchange, Inc congratulates CITICORE ENERGY REIT on its Initial Public Offering CREIT Dividend Update = CREIT | Empower Your investments
Slide 18: Consistently paying out dividends above minimum requirement of 90% of distributable income
Consistently paying out dividends above minimum requirement of 90% of distributable income In PhP Millions, except ratios and DPS 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 2Q2024 Net income 304.96 316.08 396.09 380.97 359.28 334.14 Straight-line rent adjustment (15.28) (15.28) (94.58) (47.42) (59.65) (34.3
Slide 19: Above minimum requirement of 90% of distributable income
Above minimum requirement of 90% of distributable income Total Dividends Amounts in Mn Php 18 6% 300 318 100% 106% Distributable Income Depreciation Total Dividends
Slide 20: Increasing shareholder value with steady dividends and dividend growth
Increasing shareholder value with steady dividends and dividend growth 0.054 0.051 0.049 0.049 0.049 0.049 0.047 0.044 0.044 0.044 Inclusive of Variable Inclusive of S pecial Divid ends Lease Income 25.7% 0.035 15.9% 10.2% 4.3% 0.0% 0.0% 0.0% 0.0% 0.0% -7.8% -9.3% FY2021 Q1 2022 Q2 2022 Q3 2022 Q4 2
Slide 21: Highlights & Key Takeaways
Highlights & Key Takeaways & CREIT | Empower Your Investments
Slide 22: CREIT bags multiple awards at the Finance Asia Awards 2024
CREIT bags multiple awards at the Finance Asia Awards 2024
Slide 23: Key Takeaways
Key Takeaways Strong Financial Position CREC Supports Projects Growth Construction are in full swing Consistent Revenues Dividend up +15% Payout
Slide 24: Q&A
Scan to view the presentation Q&A
Slide 25: THANK YOU!
THANK YOU! Scan to view the presentation For questions, please contact: Gideon de Villa CREIT Investor Relations Officer investorrelations@creit.com.ph CREIT CREIT.com.ph CiticoreREIT