Lighthouse Properties Plc · JSE:LTE
Lighthouse Properties — Lighthouse Capital — FY2019 Earnings Presentation
20 slides from Lighthouse Properties's earnings presentation, Nov 13, 2019
Slide 1: Final Results Presentation 2019
2019 FINAL RESULTS PRESENTATION LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 1
Slide 2: Highlights
HIGHLIGHTS • Distribution per share of 3.0000 EUR cents › Interim: 1.5000 EUR cents › Final: 1.5000 EUR cents • Distributable earnings per share of 3.3094 EUR cents › Distribution policy allows for retained earnings › Pay-out ratio is 90.7% • NAV per share: 54.02 EUR cents • Completed refurbishment
Slide 3: Key Indicators and Financial Performance
KEY INDICATORS AND FINANCIAL PERFORMANCE Sep 19 Mar 19 Sep 18* Shares in issue 457 790 136 457 790 136 455 969 410 Distributable earnings per share (EUR cents) 1.4784 1.8310 5.3080 Distribution per share (EUR cents) 1.5000 1.5000 5.1920 Pay-out ratio 101.5% 81.9% 97.8% NAV per share (EUR cents) 54.0
Slide 4: Gearing and Cost of Debt
GEARING AND COST OF DEBT Fair value Debt Cost of (€ '000) (€ '000) Gearing borrowing Direct property investments 301 202 125 279 39.3% 2.47% Listed investments 72 493 26 344 (8.3)% 0.00% Total / average 373 695 151 623 31.0% 2.04% LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 4
Slide 5: Investment Portfolio – By Sector
INVESTMENT PORTFOLIO – BY SECTOR Sep 2019 Listed Sep 2018 infrastructure 3.7% Listed real Listed Direct property infrastructure estate 29.8% 44.6% 15.7% Direct property 80.6% Listed real estate 25.6% LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 5
Slide 6: Revenue – By Sector
REVENUE – BY SECTOR Sep 2019 Listed Sep 2018 infrastructure 8.3% Direct property Listed Listed real 20.9% infrastructure estate 42.3% 11.6% Direct property 80.1% Listed real estate 36.8% LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 6
Slide 7: Top Five Investments
TOP FIVE INVESTMENTS Fair value as at % of total Investment Sector Jurisdiction Sep 2019 (€ '000) investments Forum Coimbra Direct property Europe 194 267 52.0% Planet Koper Direct property Europe 67 615 18.1% Unibail-Rodamco-Westfield Listed real estate Europe 48 967 13.1% Forum Viseu Direct proper
Slide 8: Direct Property Portfolio Anchor Tenants by Rental
DIRECT PROPERTY PORTFOLIO ANCHOR TENANTS BY RENTAL Inditex (Brands: Zara, Massimo Dutti, Pull & Bear, Bershka, Stradivarius, Oysho, and Lefties) LPP (Brands: Cropp, House, Mohito, and Sinsay) C&A H&M Lusomundo (Brands: Cinema Nos, etc.) Cortefiel (Brands: Cortefiel, Womens' Secret, and Springfield)
Slide 9: Direct Property Portfolio Lease Expiry Profile by Rental
DIRECT PROPERTY PORTFOLIO LEASE EXPIRY PROFILE BY RENTAL 35% 30% 25% 20% 15% 10% 5% 0% 2019 2020 2021 2022 2023 2024 >2025 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 9
Slide 10: LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 10
Slide 11: Property operating highlights: sales growth, occupancy, refurbishment
• Total sales growth of 6.6% • Average effort ratio of 10.7% for the past year • 100.0% occupancy • Year-on-year increase in footfall • Excellent tenant mix with anchors such as FNAC, Primark, H&M, C&A, Zara, Bershka, Cortefiel, Lefties • Planned refurbishment project of EUR 4.4 million LIGHTHOUSE C
Slide 12: LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 12
Slide 13: Property operating highlights: occupancy, letting, refurbishment completed
• Average effort ratio of 13.0% for the past year • 98.7% occupancy • Letting has been very successful and new shops include: › Mladinska, Office Shoes, Superdry, Sportina, Europa 92, Ciciban, Optika Clarus, Pepperoncino, Lars&Sven, Teta Frida, Subway, Polleo Sport, Simple, Rayher, Champion, SportVi
Slide 14: Key Tenant Additions
KEY TENANT ADDITIONS LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 14
Slide 15: LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
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Slide 16: LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
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Slide 17: LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
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Slide 18: Property operating highlights: occupancy, retail sales, offer to purchase
• Average effort ratio of 10.6% for the past year • 98.5% occupancy • Retail sales growth increased by 7.5% • Benefited from introduction of Fitness Hut • Received an offer to purchase › Bidder conducting due diligence LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 18
Slide 19: Outlook
OUTLOOK • Defensive balance sheet with low gearing • Evaluating a number of direct investment opportunities › Due diligence on Iberian mall › Remains prudent and selective • Rights issue to raise up to EUR 70.5 million • Forecast distribution › Lighthouse’s distributions are forecast to increase by
Slide 20: Q&A
Q&A LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION 20