Citicore Energy Reit Corp · PSE:CREIT
Citicore Energy Reit — Q1 2024 Earnings Presentation
28 slides from Citicore Energy Reit's earnings presentation, May 15, 2024
Slide 1: Analyst Briefing: Q1 2024 Operating and Financial Results
Analyst Briefing Q1 2024 Operating and Financial Results May 15, 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: Q1 2024 Highlights and Key Themes
Q1 2024 Highlights and Key Themes Revenue growth continued on the back of 7.1M sqm of leasable space Revenue at Php 473Mn (+26%), EBITDA at 463Mn (+19%), Net Income at Php 359Mn (+18%) Solid financial position supports future growth With PhilRatings PRS Aa+ investment grade rating, CREIT has an avai
Slide 4: Q1 2024 Financial Performance
Q1 2024 Financial Performance
Slide 5: Profitability improved due to revenues from newly-acquired properties
Profitability improved due to revenues from newly-acquired properties Amounts in Mn Php Q1 2024 Q1 2023 Change Increase driven by strong guaranteed base lease Revenues 473 376 26% from 14 assets Cost of Services (26) (24) 8% Gross Profit 447 352 27% Normalized OPEX due to absence of bond Operating E
Slide 6: Revenues and Net Income grew on the back of stable lease operations
Revenues and Net Income grew on the back of stable lease operations Amounts in Mn Php +26% +19% Steady EBITDA Margin above 98% Q-o-Q 473 463 Growth +18% 376 373 359 305 Revenue EBITDA Net Income Q1 2023 Q1 2024
Slide 7: Geographically Diverse and Growing Revenue Base
Geographically Diverse and Growing Revenue Base Acquisitions in 2023 contributed 24% of Geographically Total Revenues Batangas Spread Assets 18% Luzon, Visayas, Mindanao Silay 15% Toledo 19% Php 473M Revenues Clark 15% Dalayap 3% Armenia 3% Bulacan 11% Pampanga 4% South Cotabato 5% Pangasinan 7%
Slide 8: Solid balance sheet supports future growth
Solid balance sheet supports future growth Amounts in Mn Php Q1 2024 Q4 2023 Change Cash and cash equivalents 644 617 4% Other Current Assets 268 266 1% Total Current Assets 912 883 3% Property, Plant & Equipment 1,198 1,213 0% Investment Properties 7,180 7,182 0% Other Non-Current Assets 41 41 0% T
Slide 9: Debt profile allows for more headroom to support growth
Debt profile allows for more headroom to support growth Liabilities 5,000 Equity (Php Mn) (Php Mn) 6,000 4,469 4,475 5,254 5,311 4,500 DEBT HEADROOM (Php Bn)5,000 4,000 4,000 Total deposited property 20.7 3,000 2,000 3,500 Leverage ratio (PRS Aa+) 70% 1,000 0 3,000 FY 2023 Q1 2024 FY 2023 Q1 2024 Le
Slide 10: CREIT Green Asset Portfolio
CREIT Green Asset Portfolio 2 CREIT | Empower Your Investments
Slide 11: Leasable assets totaling to 7.1 million square meters
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 Area (in sqm) Tenants Lease term (in years) Portfolio Clark 250,000 15.5 Occupancy Armenia 140,000 22.6 Toledo 730,000 17.2 Silay 430,000 16.6 Dalayap 100,000 16.6 100% Bulacan 250,000 22.8 South Cotabato 80,000 22.8 Batangas 1 1,100,000 23.8 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 Pipeline in Motion for possible REIT infusion
Sponsor Pipeline in Motion for possible REIT infusion Average capacity addition of 1.5GW p.a. over next 5 years, using clustering strategy A GR C 85% 6,731 5,583 4,075 2,562 1,393 285 2023 2024 2025 2026 2027 2028 Total in MW gross installed capacity
Slide 17: Groundbreaking ceremony at Citicore Solar Negros Occidental 2
Slide 18: Groundbreaking ceremony for first solar plant in Binalonan, Pangasinan
Slide 19: CREIT Dividend Update
The PHIlIppine Stock Exchange, congratulates CITICORE ENERGY REIT on its Initial Public Offering CREIT Dividend Update 2 CREIT | Empower Your Investments
Slide 20: 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 FY2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 1Q2024 Net income 225.88 300.33 300.81 305.32 345.96 304.96 316.08 396.09 380.97 359.28 Straight-line rent
Slide 21: Increasing shareholder value with steady dividends and higher stock price
Increasing shareholder value with steady dividends and higher stock price 3 Total Dividends Stock Price Amounts in Mn Php Amounts in Mn Php 2.9 2.86 2.8 17 2.7 2.6 2.56 2.5 300 317 2.4 2.3 2.2 2.1 2 Distributable Income Depreciation Total Dividends 4Q2023 1Q2024
Slide 22: 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 0.047 Inclusive of 0.044 0.044 0.044 Variable Lease Inclusive of Special Income Dividends 25.7% 0.035 15.9% 10.2% 4.3% 0.0% 0.0% 0.0% 0.0% -7.8% -9.3% FY2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q
Slide 23: Highlights & Key Takeaways
Highlights & Key Takeaways “a Ecrerr | Empower Your Investments
Slide 24: SMIC Acquires 28.79% of CREIT
SMIC Acquires 28.79% of CREIT Ownership Structure Post Transaction Transaction Details Date March 27, 2024 Sellers Citicore Renewable Energy Corporation and Citicore Public Float Solar Tarlac 1, Inc. 1,884,374,000 shares 33% 28.79% 38.21% Size Price Php2.6534/share Buyer SM Investments Corporation 2
Slide 25: CREIT Awards
CREIT Awards Best Investor Relations Best Green Bond First REIT to Issue ASEAN Green Bond International Finance Awards The Asset Triple A Awards PDS Annual Awards Night
Slide 26: Key Takeaways
Key Takeaways 9.2 Bn in additional borrowing headroom 1GW of Sponsor on track Stable Revenues Dividend up +26%, Payout since IPO
Slide 27: Q & A
Q&A Scan to view the presentation
Slide 28: THANK YOU!
THANK YOU! For questions, please contact: Gideon de Villa CREIT Investor Relations Officer investorrelations@creit.com.ph Facebook Website Instagram CREIT CREIT.com.ph CiticoreREIT