Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — H1 2012/13 Earnings Presentation
16 slides from Sirius Real Estate's earnings presentation, 2012
Slide 1: Sirius Real Estate Limited Half year presentation 2012
Sirius Real Estate Limited Half year presentation 2012 Sirius Real Estate Limited Interim Report 2012 1
Slide 2: Key highlights
Business Review Financial Statements key highlights Strong trading performance Significant increase in recurring PBT to €3.9m (2011: €0.9m)** which includes a surrender premium of €1.1m 0.96c Average rent per sqm increased to €4.36 (2011: €4.27)* eps Gross annualised rent roll increased to €43.2m (2
Slide 3: Lettings update
Business Review Financial Statements lettings update Occupancy at 76% (2011: 77%)* New lettings in period of 59,175 sqm at €5.32 psm (2011: 2.7% 65,153 sqm at €5.18 psm) increase in the average rate psm for new lettings 57,444 sqm of move outs in period (2011: 37,275 sqm) Continue to average around
Slide 4: Refinancing & disposals
Business Review Financial Statements refinancing & disposals Extension agreement with ABN AMRO (“ABN”) to June 2013 to allow time to finalise new facilities and disposals €12.2m A total of €17.7m of asset sales have been completed or reduction in ABN debt facility since 30 September 2011 notarised o
Slide 5: Enquiry & viewing stats
Business Review Financial Statements enquiry & viewing stats enquiries 1,087 1,209 1,119 1,151 1,036 1,090 1,055 enquiries 1,009 1,002 1,120 899 1,000 1,048 899 average per month 995 837 1,010 1,012 1,003 1,007 980 965 894 12 months 12 months 819 2010/11 798 2011/12 to Sept 11 to Sept 12 500 1,010 9
Slide 6: New deals stats
Business Review Financial Statements new deals stats new deals 131 new deals 130 115 108 102 102 90 97 93 93 92 average per month 110 85 83 87 80 95 89 94 93 89 76 84 12 months 12 months 78 2010/11 68 77 to Sept 11 to Sept 12 2011/12 30 93 93 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sept Sirius R
Slide 7: Renewals analysis - 2012/13
Business Review Financial Statements renewals analysis - 2012/13 Up for Renewal (Sqm, Income & No. Tenants) H2 2012/13 Tausende 300 350 250 300 Sqm/ 250 No. Tenants monthly 200 income € 200 150 150 100 100 50 50 2012/13 Total 0 244,856 sqm 0 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 annual income €1
Slide 8: Portfolio analysis – lease expiry
Business Review Financial Statements portfolio analysis – lease expiry Portfolio - Lease Expiry by Annual Rent (Sep 11/Sep 12) Annual Rent Sep-12 Sep-11 Millions € Rent Roll as at 30 Sept 12: €43.2m (Sept 14 11.5 11: €42.5m) 12 10 10.0 Total no. of tenants: 1,820* 8.8 8 Average lease length remainin
Slide 9: Smartspace update
Business Review Financial Statements smartspace update smartspace product now available on 22 sites (Sept 11: 22 sites) 27,950 sqm now let (Sept 11: 23,935 sqm) at an average rate of €7.89* psm (Sept 11: €7.67*) 49,674 sqm now converted to smartspace (Sept 11: 46,205 sqm) * All-inclusive, net rent a
Slide 10: Conferencing & catering
Business Review Financial Statements conferencing & catering 4,205 sqm of conferencing space across 20 sites offering a total of 74 conferencing rooms. Revenue for Sept 2012 gives an annualised income in excess of €730k Top 5 Key Accounts: GATE, TÜV, Commerzbank, Siemens, Höher Management, Grollmus
Slide 11: Cost saving initiatives
Business Review Financial Statements cost saving initiatives Since March 2010 the cost reduction programme has non-recoverable costs €m reduced annualised costs by over €7 million through: Mar 10 Mar 13 Improvement Improved service charge cost recovery (€2.6m): (forecast) o Reduction of facility man
Slide 12: Financials – recurring adjusted profit before tax
Business Review Financial Statements financials – recurring adjusted profit before tax Six months to Six months to September 12 September 11 Movement €m €m €m Rental income 23.5 21.8 1.7 Service charge irrecoverable costs (4.4) (3.9) (0.5) Non-recoverable maintenance (0.5) (0.5) 0.0 Net rental Incom
Slide 13: Financials – statement of financial position
Business Review Financial Statements financials – statement of financial position As at Sep 12 As at March 12 Movement €m €m €m Non-current assets Investment Properties 446.4 476.8 (30.4) Plant and equipment 3.1 3.5 (0.4) Goodwill 3.7 3.7 0.0 453.2 484.0 (30.8) Current assets Trade and other receiva
Slide 14: Banking
Business Review Financial Statements banking Bank borrowings as at 30 September 2012: €286m (LTV 60.7%) Weighted average interest rate of this debt: 5.32% €286m bank borrowings Cash at 30 September 2012: €7.1m ABN facility of €85m (€80.6m at Nov 12) expired in Oct 2012 and extension to June 2013 agr
Slide 15: Bank loan covenants - post RBS extension agreement
Business Review Financial Statements bank loan covenants - post RBS extension agreement DTZ Bank Valuation Sept 11 Net Rent Current Loan Annual Interest LTV ICR RBS Current Covenant Current Covenant Consolidated 115,091,500 6,770,792 80,556,903 3,417,313 70% 80% 1.98 1.30 DTZ Valuation Annual Intere
Slide 16: Conclusion
Business Review Financial Statements conclusion Continued improved rates from new lettings and renewals Focus to achieve increased yields from the portfolio Continue to make progress on refinancing On-going negotiations to dispose of selected non-core sites Significant progress on cost reduction and
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