Aradei Capital Sa · CSEMA:ARD
Aradei Capital Sa — FY2020 Earnings Presentation
37 slides from Aradei Capital Sa's earnings presentation, Mar 4, 2021
Slide 1: 2020 Full Year Results
2020 Full Year Results March 4, 2021
Slide 2: Agenda
I. Welcome Confidential & Proprietary Sommaire II. 2020 Full Year Results i. FY-20 Activity Overview ii. FY-20 Financial Review iii. Conclusion and Outlook II. Q&A session 2
Slide 3: I. Welcome
I. Welcome 10
Slide 4: II. 2020 Full-Year results: FY-20 Activity Overview
II. 2020 Full-Year results i. FY-20 Activity Overview 10
Slide 5: Introduction
2020 Full Year Results Activity Overview | Introduction The 2020 figures exceeded the IPO forecast*. We witnessed an encouraging recovery in our activity in the fourth quarter of 2020: Confidential & Proprietary • The occupancy rate reached 93% at the end of 2020 compared to 91% as of Q3 2020; •
Slide 6: A year impacted by the Covid
2020 Full Year Results A year impacted by the Covid Closure of non-essential premises for up to 97 days Nearly 3 months 60% of the GLA remained opened during the lockdown (food distribution, pharmacies, banks etc.) of partial closure Strict sanitary measures ensuring the safety of all stakehol
Slide 7: A sustainable growth
2020 Full Year Results A sustainable growth Two fundraisings including an IPO for a total amount of more than 1 billion MAD Financing growth Issuance of two commercial paper credit lines for a total amount of 250 MMAD Three retail parks openings (Sela Park Agadir, Sela Park Temara et Atacadao
Slide 8: Key figures as of the end of 2020
2020 Full Year Results Activity Overview | Key figures as of the end of 2020 29 15 346,000 5.2 bn sqm MAD Confidential & Proprietary Assets Cities GLA Investment properties value 93% 95% 100% Occupancy rate Recovery rate Operational assets (90%*) since June (*) Recovery rate restated from Covid rent
Slide 9: Promising footfall levels since the end of the lockdown
2020 Full Year Results Activity Overview | Promising footfall levels since the end of the lockdown Shopping centers and Galleries 2020 footfall Pré Covid- Confinement Reprise progressive 19 5.000 100% 91% 4.500 90% 81% 4.000 80% 72% Confidential & Proprietary 3.500 70% 3.000 60% More than 31 million
Slide 10: A stronger bond with customers
2020 Full Year Results Activity Overview | A stronger bond with customers Confidential & Proprietary The implemented sanitary measures promote the customer experience and enable interactions while maintaining social distancing 10
Slide 11: A dynamic leasing activity
2020 Full Year Results Activity Overview | A dynamic leasing activity Main partners More than 30,000 sqm signed in 2020 Confidential & Proprietary + 31% vs. 2019* Our partners are pursuing their development strategy in order to anticipate the post-crisis market recovery (*) Excluding intra-group new
Slide 12: Solidarity measures in order to support tenants
2020 Full Year Results Activity Overview | Solidarity measures in order to support tenants Strong sanitary measures in order to satisfy stakeholders Strong recovery rate Confidential & Proprietary Payment flexibilities with tenants 95% in 2020 Solidarity measures for tenants affected by the health c
Slide 13: Concepts combining proximity, innovation and customer experience
2020 Full Year Results Activity Overview | Concepts that combine proximity, innovation and customer experience Atacadao Inezgane Sela Park Temara Sela Park Agadir Confidential & Proprietary GLA: + 17,800 sqm GLA: + 22,300 sqm GLA: + 7,200 sqm Opening: September Opening: October 2020 Opening: January
Slide 14: 4th Sela Park - Temara
2020 Full Year Results Activity Overview | 4th Sela Park - Temara Confidential & Proprietary Opening of Sela Park Temara in September 2020 14
Slide 15: 5th Sela Park – Agadir
2020 Full Year Results Activity Overview | 5th Sela Park – Agadir Confidential & Proprietary Opening of Sela Park Agadir in October 2020 15
Slide 16: Two launched projects in 2020
2020 Full Year Results Activity Overview | Two launched projects in 2020 Office building in Casablanca Sela Plaza Rabat Confidential & Proprietary GLA: + 6,500 sqm GLA: + 2,300 sqm Construction start date: Construction start date: September 2020 October 2020 Expected opening: Q1 2022 Expected openin
Slide 17: The first office building of the Company
2020 Full Year Results Activity Overview | The first office building of the Company Confidential & Proprietary Office building over 6 floors and 2 basements in Ain Chock (Casablanca) with the EDGE Advanced environmental certification 17
Slide 18: A GLA which increased by 34,000 sqm in 2020
2020 Full Year Results Financial Results | A GLA which increased by 34,000 sqm in 2020 3.800 sqm 3.000 sqm 2.400 sqm 600 sqm 6.400 sqm 17.800 sqm 346,000 sqm in 2020 Confidential & Proprietary 346.000 sqm 312.000 sqm + 11% vs. 2019 GLA 2019 Sela Park Sela Park Sela Park El almazar Carrefour Targa Ot
Slide 19: The Sela universe
2020 Full Year Results Activity Overview | The Sela universe : A place for everyone, close to everyone Created In 2019 by Aradei Capital, « Sela » was conceived to Confidential & Proprietary enable the emergence of strong bonds that will link communities. In Arabic, Sela stands for link, connect
Slide 20: The Sela DNA: rooted in the territories
2020 Full Year Results Activity Overview | The Sela DNA: rooted in the territories Confidential & Proprietary At Sela, we favor encounters and sharing. Supporting contemporary and resolutely Moroccan artists, Sela always invites young Moroccan talents to create an artistic work. Sela's points
Slide 21: A destination to enjoy and share
2020 Full Year Results Activity Overview | A destination to enjoy and share Confidential & Proprietary 21
Slide 22: A governance in line with international standards
2020 Full Year Results Activity Overview | A governance in line with international standards Appointment of two independent directors including, Mrs Dayae Oudghiri and Mrs Natasha Braginsky an ESG expert in July 2020 Appointment of an independent director Mr Emmanuel Blouin in December 2020 Confiden
Slide 23: Sustainable growth
2020 Full Year Results Activity Overview | Sustainable growth Initiation of the review of the global ESG strategy through a materiality study in order to identify the major metrics Actions in favor of local communities by supporting local associations and artisans and promoting local employment
Slide 24: A resilient core business and strong growth drivers
2020 Full Year Results Activity Overview | A resilient core business and strong growth drivers 1 2 Strong fundamentals Growth potential Nearby shopping places The customer experience as a driver of differentiation and An established footprint on the Moroccan territory attendance support Stro
Slide 25: ii. FY-20 Financial Review
II. 2020 Full Year Results ii. FY-20 Financial Review 10
Slide 26: Financial Results | Key figures
2020 Full Year Results Financial Results | Key figures* 2019 2020 FCT** 2020 Turnover 288 MMAD 259 MMAD 271 MMAD Confidential & Proprietary NOI Margin 82% 77% 79% Funds From Operations (FFO) 156 MMAD 105 MMAD 131 MMAD Dividend distribution rate 97% 85% 100%*** Dividend per share 15.5 MAD 8.4 MAD 12.
Slide 27: Financial Results | P&L
2020 Full Year Results Financial Results | P&L The 16.5 MMAD drop in the turnover (5.7%), is due to the In KMAD 31/12/2019 31/12/2020 following impacts: Rental revenues 269 340 263 633 • Covid rent concessions for 36.7 MMAD; • The increase in revenues related to new openings for 20.3 Other revenue
Slide 28: Financial Results | Balance sheet
2020 Full Year Results Financial Results | Balance sheet In KMAD 31/12/2019 31/12/2020 The increase in Cash & Cash Equivalents is mainly due to the Cash & Cash equivalents 124 536 664 722 capital increase of 771 MMAD, dividends payment of 152 MMAD Confidential & Proprietary and investing costs of
Slide 29: Financial Results | Covid impact on the 2020 turnover
2020 Full Year Results Financial Results | Covid impact on the 2020 turnover + 20,3 MMAD - 36,7 MMAD + 17,9 MMAD - 16,8 MMAD -1,2 MMAD Covid impact 271 MMAD en 2020 Confidential & Proprietary 287,6 MMAD 271,1 MMAD -6% vs. 2019 +5% vs. 2020 FCT Chiffre d'Affaires Croissance Croissance Avoirs Covid Ba
Slide 30: Financial Results | Covid impact on the FFO
2020 Full Year Results Financial Results | Covid impact on the FFO + 11,3 MMAD - 6,1 MMAD - 16,5 MMAD - 13,3 MMAD 132 MMAD in 2020 Confidential & Proprietary 156,3 MMAD 131,8 MMAD -16% vs. 2019 +26% vs. 2020 FCT FFO 2019 Variation de l'impôt Variation des Variation du chiffre Variation du coût de FF
Slide 31: Financial Results | Investment properties
2020 Full Year Results Financial Results | Investment properties - 65,9 MMAD +191,8 MMAD + 9,5 MMAD 5 200 MMAD in 2020 Confidential & Proprietary 5.200,3 MMAD 5.064,9 MMAD +2.7% vs. 2019 Immeubles de placement Variation 2019 Investment des nouvelles New openings added Nouveaux Variationperimeter Con
Slide 32: Financial Results | Financial structure and LTV
2020 Full Year Results Financial Results | Financial structure and LTV LTV ratio evolution: 60% max (Aradei Capital internal policy) 34% 33% A controlled LTV, below Aradei 31% 26% 26% Capital's internal financing covenants Confidential & Proprietary 2016 2017 2018 2019 2020 Net debt / EBITDA ratio e
Slide 33: Financial Results | Dividends
2020 Full Year Results Financial Results | Dividends 160 120% 152 140 131 152 100% 124 100% 120 97% 100 85% 87% 80% 100%* distribution rate Confidential & Proprietary 80 60% based on the 2020 FFO 60 40% 40 20% 20 0 0% 2017 2018 2019 2020 Dividends Dividendes In % En % of duthe FFOFFO (de l’année N)
Slide 34: iii. Conclusion and Outlook
II. 2020 Full Year Results iii. Conclusion and Outlook 10
Slide 35: Conclusion and Outlook
2020 Full Year Results Conclusion and Outlook Fully opened assets, the increase in the footfall is driven by the vaccination campaign which started in January 2021 An encouraging footfall level since the fourth quarter, which is confirmed in 2021 Confidential & Proprietary A strengthened partnership
Slide 36: III. Q&A session
III. Q&A session 10
Slide 37: Contact
Contact: Nawfal Bendefa, CFA – Managing Partner n.bendefa@reim-partners.com + 212 6 69 18 32 45 Aradei Capital - Route Secondaire 1029, Municipalité de Sidi Maarouf aradeicapital.com