Helios Re Socimi, S.a. · BME:SCHLR
Helios Re Socimi — Lar España Real Estate SOCIMI — H1 2016 Earnings Presentation
28 slides from Helios Re Socimi's earnings presentation, Sep 12, 2016
Slide 1: H1 2016 Results
Elegir foto/s nueva/s H1 2016 Results H1 2016 www.larespana.com Results Sep 2016 12th September, 2016 www.larespana.com Anec Blau Shopping Lar España Centre, Real Estate SOCIMI, Barcelona S.A. (LRE) – May, 2016
Slide 2: Disclaimer
Disclaimer This document has been prepared by Lar España Real Estate SOCIMI, S.A. (the “Company”) for information purposes only and it is not a regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission. This document neit
Slide 3: Lar España's presenting team
H1 2016 Results - Lar España Real Estate Lar España’s presenting team MIGUEL PEREDA Board Member and Co-CEO of Grupo Lar SERGIO CRIADO CFO JOSE MANUEL LLOVET Head of Retail Operations of Grupo Lar HERNÁN SAN PEDRO Head of Investor Relations Lar Lar España España Real Real Estate Estate SOCIMI, SOCIM
Slide 4: Key Facts H1 2016
H1 2016 Results - Lar España Real Estate Key Facts H1 2016 1,050Mn +52% vs GAV 1 H1 2015 EPRA NAV €26.9Mn Gross Rental +90% vs €10.1 EPRA NAV +5% vs €8.4 per share pro forma Income H1 2015 per share Dec 2015 post Rights Issue 2.24% 6.1% EPRA “topped-up” NIY 5.8% EPRA 40% Net LTV2 Net Initial Yield C
Slide 5: Agenda
Agenda 1 Highlights 2 H1 2016 Financial Results 3 Business Performance 4 Growth Drivers 5 Closing Remarks Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. (LRE) –– May, S.A. (LRE) September, 2016 2016 5
Slide 6: Highlights
1 Highlights Vistahermosa Lar Lar España RealRetail España Real Estate Park,S.A. Estate SOCIMI, SOCIMI, Alicante S.A. (LRE) –– May, (LRE) September, 2016 2016 6
Slide 7: Delivering Strong Operational and Financial Results in H1 2016
H1 2016 Results - Lar España Real Estate Delivering Strong Operational and Financial Results in H1 2016 Gross Rental Income of €26.9 Mn, +69.5% YoY EBITDA of €24.2 Mn, +192% YoY / Net Income of €43.3 Mn, +124% YoY Financial GAV of €1,050 Mn, +52% vs H1 2015 Results EPRA Net Initial Yield 5.8
Slide 8: H1 2016 Financial Results
2 H1 2016 Financial Results Egeo Lar OfficeReal Lar España España Building, Real Estate Madrid Estate SOCIMI, SOCIMI, S.A. (LRE) –– May, S.A. (LRE) September, 2016 2016 8
Slide 9: Consolidated Income Statement (Thousands of Euros)
H1 2016 Results - Lar España Real Estate Consolidated Income Statement (Thousands of Euros) Chg (%) H1 2016 H1 2015 1H16/1H15 Recurring Non-Recurring Total Recurring Non-Recurring Total Rental Income 26,872 - 26,872 14,116 - 14,116 Other income 794 6,978 7,772 400 - 400 Property Operating Expenses (
Slide 10: Diversified and prudent financing strategy with a highly competitive cost of debt
H1 2016 Results - Lar España Real Estate Diversified and prudent financing strategy with a highly competitive cost of debt Key Figures of the financing as of 30 June 2016 Back-loaded Amortization Profile €457Mn € Mn €140Mn Senior Secured Bond €317Mn Bank Debt 291 40%1 Net Loan to Value (LTV1) 91 151
Slide 11: Business Performance
3 Business Performance Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. (LRE) –– May, S.A. (LRE) September, 2016 2016 11 As Termas Shopping Centre, Lugo
Slide 12: Spanish market benefits from strong macroeconomic tailwinds
H1 2016 Results - Lar España Real Estate Spanish market benefits from strong macroeconomic tailwinds Greatest GDP Growth in Europe Largest Employment Creation in Europe Accelerating Real Private Consumption 2016E, % YoY Change LTM Q1 2016, New employments in Thousands Q2 2016, % YoY Change 2,8% 3,6%
Slide 13: Portfolio at a glance
H1 2016 Results - Lar España Real Estate Portfolio at a glance GAV (Mn€) Rental Income (Mn€) Development & Refurbishment Logistics Residential 6% 14% Logistics 7% 10% Rental Properties 86% Offices Offices 13% 15% €1050 €1050 €53.8 Retail 77% Retail Develop. 5% Retail 67% EPRA NIY & EPRA Topped-up NI
Slide 14: Strong Valuation Performance on the back of value added initiatives
H1 2016 Results - Lar España Real Estate Strong Valuation Performance on the back of value added initiatives Valuation Bridge Since Acquisition € Mn Revaluation H1 2016 42 1,050 118 €42Mn 48 47% Yield Impact 851 53% Management Impact Acquisition & Revaluation Acquisitions H12016 Revaluation H12016 G
Slide 15: Top tenants showing great interest in both our operating and under development assets
H1 2016 Results - Lar España Real Estate Top tenants showing great interest in both our operating and under development assets High quality and diversified tenant base New tenants improve profitability and risk adjusted returns of our assets Signed in H1 2016 8.15% TOTAL RENTS 6.05% TOTAL RENTS 5.32
Slide 16: Torre Spinola: first class offices in Madrid business centre
H1 2016 Results - Lar España Real Estate Offices Torre Spinola: first class offices in Madrid business centre • Works completed • BREEAM certification • The best office building in a consolidated office area • Great visibility from M-30 ring, the most travelled highway in Madrid • Stunning city view
Slide 17: Outperforming the market on an intense letting activity and excellent operating performance
H1 2016 Results - Lar España Real Estate Retail Outperforming the market on an intense letting activity and excellent operating performance +12.5% Sales +4.6% Comparable sales vs +3.1% Retail Sales index1 1H 2016 H1 2016 REPOSITIONING +3.1% GRI Since Acquisition +8.6% Footfall H1 2016 vs 1.5% Avg. F
Slide 18: Rotation rate in SC is increasing the quality of Occupancy
H1 2016 Results - Lar España Real Estate Retail Rotation rate in SC is increasing the quality of Occupancy +1.4 p.p in physical Occupancy since acquisition of the SC platform Rotation Rate in H1 2016 High Rotation rate of 14% since acq. due to active management to increase tenant quality Rotation Ra
Slide 19: Portfolio of high quality assets dominant in their catchment area with strong growth
H1 2016 Results - Lar España Real Estate Retail Portfolio of high quality assets dominant in their catchment area with strong growth LAR España largest assets represent Palmas Portal de Megapark El Rosal Anecblau As Termas Albacenter Vistahermosa Altas la Marina 90% of its retail GAV Dominant in its
Slide 20: Lar España ranks first in Retail by Ownership rate and third retail platform by total GLA
H1 2016 Results - Lar España Real Estate Retail Lar España ranks first in Retail by Ownership rate and third retail platform by total GLA #3 Retail Player in Spain Top retail players by GLA owned in Spain Ranking #3 when we finish our current Owned GLA Estimate % Ownership developments Peer 1 Tenant
Slide 21: Growth Drivers
4 Growth Drivers Marcelo Spínola Office Building, Madrid Lar Lar España España Real Real Estate Estate SOCIMI, SOCIMI, S.A. (LRE) –– May, S.A. (LRE) September, 2016 2016 21
Slide 22: Last Transaction accretive in NRI / c.80% growth in NRI
H1 2016 Results - Lar España Real Estate Last Transaction accretive in NRI (c.+20%) / c.80% growth in NRI on the back of the investment in development projects and new investments Firepower post-transaction 550 € Mn €512 Mn 500 €135 Mn 450 135 Development financing 400 350 300 234 €232 Mn 250 Firepo
Slide 23: Attractive recent investments enhance the existing portfolio
H1 2016 Results - Lar España Real Estate Attractive recent investments enhance the existing portfolio Vistahermosa Gran Vía de Vigo Consolidated retail area in Alicante, a touristic hotspot Large, dominant and prime urban shopping center in the heart of Vigo - large catchment area in the Mediter
Slide 24: Investment in developments will improve our existing portfolio
H1 2016 Results - Lar España Real Estate Retail Investment in developments will improve our existing portfolio Vidanova Parc (Sagunto) Palmas Altas (Seville) 50% Pre-let New and modern retail complex with a strong retail mix, becoming the An iconic, sustainable and upscale centre in Seville, whe
Slide 25: Significant potential upside in rents from reversion potential and developments project
H1 2016 Results - Lar España Real Estate Significant potential upside in rents from reversion potential and developments project – For illustrative purposes – EPRA annualised net rental income Estimated Future € Mn Announced Investments Transaction Existing Developments c.13 c.110 Existing Income Ge
Slide 26: Closing Remarks
5 Closing Remarks Nuevo Lar Alisal Lar España España -Retail Real Real Estate Boxes-, Estate SOCIMI, SOCIMI, S.A.Santander S.A. (LRE) –– May, (LRE) September, 2016 2016 26
Slide 27: Closing Remarks
H1 2016 Results - Lar España Real Estate Closing Remarks Attractive portfolio of €1050Mn of rental assets that generate €53.8Mn of annualised Net Rental Income, an EPRA NIY of 5.8% & EPRA Topped-up NIY of 6.1% Unique exposure to real estate retail assets and the Spanish consumer recovery Upsid
Slide 28: Lar España Real Estate SOCIMI, S.A. (LRE) – May, 2016
Lar España Real Estate SOCIMI, S.A. (LRE) – May, 2016
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