Wereldhave N.v. · EURONEXT:WHA
Wereldhave — Shareholder Meeting (April 2023)
48 slides from Wereldhave's shareholder meeting presentation, April 2023
Slide 1: Wereldhave
Wereldhave
Slide 2: Wereldhave
Wereldhave
Slide 3: 2a. Verslag van de Directie
2a. Ver van de Wereldhave
Slide 4: 2a. Verslag van de Directie
2a. Verslag van de Directie 1. Results: FY 2022 & Q1 2023 Trading Update 2. —LifeCentral Strategy Wereldhave
Slide 5: 5
5
Slide 6: Huurdersmix — 62% van de huur uit Daily Life categorieën
Huurdersmix — 62% van de huur uit Daily Life categorieén Verdeling jaarlijkse huur % van jaarlijkse huurinkomsten Multimedia & Electronica Overig Non-Daily Life Retail Schoenen Supermarkten & Vers Top 10 huurders Ahold Delhaize 5,9 % Jumbo Group 41% C&A 3,2 % Gezondheid & Verzorging A.S. Watson Grou
Slide 7: Ontwikkeling koers Wereldhave
Ontwikkeling koers Wereldhave €; 2019-2023 YTD 25 Aankondiging LifeCentral F : Strategie & Start aillissement 20 Covi penidemie Aankondiging ilicon Valley Nieuwe Covid afschaffing FB Bank Aanstelling fediclonn regime 15 | huidige Board of Directors 10 Aankondiging VaKSGNL verkoop 4 Franse Jaarcijfer
Slide 8: Waarom beleggen in Wereldhave?
Waarom beleggen in Wereldhave? (a) Strategie: Eerste Europese winkel vastgoedbedrijf met een transformatiestrategie en daarmee groeiperspectief voor de aandeelhouder Dividendbeleid: Dividend heeft de bodem bereikt en zal vanaf 2023 in lijn meegroeien met het direct resultaat Aandeelhouderswaarde: St
Slide 9: Key Messages Full Year 2022 Results
Key Messages Full Year 2022 Results * Total result increased to +€ 76m vs. a loss of € 213m in 2021 * Direct result 2022 at € 1.63 per share, well within guidance range of € 1.60-1.65 * Proposed dividend for 2022 at € 1.16 per share (+5.5%) * Tenant sales above pre-Covid levels; leasing spreads posi
Slide 10: Highlights FY 2022
Excluding disposals Highlights FY 2022 18% increase DRPS Strategy gaining traction: significant mixed use increase FY 2021 FY 2022 Change Direct result per share (€) 1.88 1.63 (0.25) Indirect result per share (€) (7.52) (0.20) 7.32 Total result per share (€) (5.64) 1.43 7.07 FY 2021 FY 2022 Change E
Slide 11: Operations FY 2022
Operations FY 2022 Positive overall leasing spread and occupancy highest since 2014 # of Leasing 3) Occupancy ~ “_ ~ a REE Belgium 1.6% 5.9 15.4% 977% Netherlands 77 21.3% 0.0% 44% 96.1% France 10.3% (0.7%) 971% th New leases and renewals excluding other conmeca actives such as temporary leases popu
Slide 12: Continued strong FSC performance
Continued strong FSC performance Three assets only very recently completed as FSC KPI Full Service Center —_In Transformation Shopping Center # Assets 5 6 6 Mixed Use Percentage 16% 16% 9% MGR Uplift G12%) (4.3%) +1.6% MGR vs. ERV +2.7% +11.6% +8.1% Tenant Sales vs. 2019 +7.4% +6.2% +9.0% NPS 18 +23
Slide 13: Footfall outperforming in our core markets
Footfall outperforming in our core markets Footfall growth vs. same period 2019: Belgium Footfall growth vs. same period 2019: Netherlands FY 2022; % FY 2022; % 10 ie) -20 N 4s 3 fo) ° b ro) January February March April May June July August September October November December January February March
Slide 14: Wereldhave tenant sales vs. 2019 on upper hand of peer range
Wereldhave tenant sales vs. 2019 on upper hand of peer range Tenant sales 2022 vs. 2019 FY 2022 & FY 2019; % 6.2% 6.1% 5.0% 2.0% 1.0% -2.0% Peer 1 Wereldhave Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peers: Carmilla, Citycon ECP, Klepierre, Mercialys URW eS Wereldhave
Slide 15: Due to LifeCentral Wereldhave third OCR amongst peers
Due to LifeCentral Wereldhave third OCR amongst peers Occupancy Cost Rati |. service costs) / Turnove OCR FY 2022; % 15.5% -- === ce ----- --- €O11.2% Peer 1 Peer 2 Wereldhave Peer 3 Peer 4 Peer 5 Peer 6 Core Portfolio Post FSC transformations we expect WH OCR to be c9% Peers: Carmilla, Citycon ECP,
Slide 16: Direct result
Direct result 13% increase in Direct Result excluding disposals € 88.5m € 17.8m (91m (#13%) i €57 €04 €1.2m €79.8m Oe oe Eo4m | a € 3.0m _ con Actuals Disposals Actuals 2021 NRI Netherlands NRI NRI General Interest Actuals 2021 excl. disposals Belgium France Cost 2022 16 Wereldhave
Slide 17: Changing Headquarters
Changing Headquarters P Signed Implemented, as per Aligning staff with smaller asset base P press release of 20 March 2023 LifeCentral phase 2 (growth phase) should result in Exploring phase 2 of lower cost ratio by realizing operational synergies LifeCentral
Slide 18: Stable valuations, with higher yields offset by increase in market rents
Stable valuations, with higher yields offset by increase in market rents Value (€ m) Revaluation FY 2022 EPRA NIY (%) Country FY 2021 FY 2022 €m % FY 2021 FY 2022 Belgium 832 849 (3.3) (0.4%) 5.7% 6.2% Netherlands 843 876 (2.9) (0.3%) 6.5% 6.9% France 170 175, 0.5 0.3% 46% 47% Offices Belgium 94 100
Slide 19: Debt profile
Debt profile Q4 2021 Q4 2022 Covenants Comments Debt increased following FSC capital expenditure and , ‘) Interest bearing debt" (€) 817m 859m dividend payments Cost of debt increased following refinancings at Average cost of debt 2.3% 2.5% higher spreads, and risen benchmark rates Undrawn committed
Slide 20: LifeCentral CAPEX decreased while FSC transformations will still be fully completed
LifeCentral CAPEX decreased while FSC transformations will still be fully completed Investments only done in Total LifeCentral investments” in NL and BE, excl. FR ~~~) NU & BE assets with RRs above threshold of 7.0% € m, 2020-2025+ 350 Given the current macro economic 138 circumstances and price lev
Slide 21: We face limited price risk on ongoing transformations
We face limited price risk on ongoing transformations LifeCentral CAPEX breakdown Raw Materials Deepdive €m €m 153 31 122 31 oy 5 |? To Spend Non- Construction Raw Labor Other Raw Materials Committed with Development At risk Construction CAPEX Materials fixed prices start 2024+ CAPEX by Source een W
Slide 22: Q1 Trading Update
Q1 Trading Update Like-for-like GRI growth core portfolio +12% Wereldhave organization aligned with current asset base and LifeCentral strategy Wereldhave’s fifth Full Service Center, Sterrenburg in Dordrecht, officially opened Full Service Center Tilburg awarded the 2023 Kern annual development awa
Slide 23: Outlook 2023 DRPS at € 1.65 — 1.75
Outlook 2023 DRPS at € 1.65 — 1.75 Direct Result per Share Dividend per Share € € 2.01 1.16 188 110 163 1.65175 / 0.50 2020 2021 2022 2023FC 2020 2021 2022P 2a Wereldhave
Slide 24: 2a. Verslag van de Directie
2a. Verslag van de Directie 1. Results: FY 2022 & Q1 2023 Trading Update 2. LifeCentral Strategy Wereldhave 24
Slide 25: LifeCentral progress 2022
LifeCentral progress 2022 * Delivered three additional FSCs: In The Netherlands Sterrenburg in Dordrecht and City-Center Tilburg and in Belgium Ring Kortrijk in Courtrai + Allthree FSCs delivered, of which Kortrijk and Tilburg 100% let and Sterrenburg 96% * Six ongoing transformations, of which four
Slide 26: Presikhaaf: The first finalized Full Service Center
Presikhaaf: The first finalized Full Service Center The new beating heart of the neighbourhood, attracting more visitors and a younger audience FSC Highlights + Four supermarkets and Fresh street with butcher, fish, fruit & vegatebales, nuts & cheese * Healthcare cluster with dentist, dietician, las
Slide 27: FSC Presikhaaf is delivering on all key KPIs
FSC Presikhaaf is delivering on all key KPls Total Return Yield NPS Mixed Use % %, Net % of floor space 11.2% 5.93% 571% 9 21% 6.0% 4% Target FY 2022 Pre Dec-22 -33 Pre Dec-22 transformation Pre Dec-22 transformation transformation GRI Footfall Occupancy €Mn Mn, annual % 47 47 96% 79% 3.6 3.2 Pre FY
Slide 28: FSC Transformation Sterrenburg, Dordrecht
FSC Transformation Sterrenburg, Dordrecht A convenience-focused Full Service Center that perfectly fits the characteristics of the catchment area 28 Construction works finished Q4 2022 Key items: + Extension traditional Jumbo supermarket (2,200 m2) to a Jumbo Foodmarket (4,500 m2) - opened February
Slide 29: FSC Sterrenburg already delivering, further increase on key KPIs expected
FSC Sterrenburg already delivering, further increase on key KPIs expected Total Return % 78% 6.0% Target FY 2022 GRI €Mn 2.9 Pre transformation 29 3.6 Yield %, Net 5.76% 5.39% Pre Dec-22 transformation Footfall K, quarterly 746 FY 2022 Q1 2019 (Pre transformation) transformation Mixed Use % of floor
Slide 30: FSC Transformation City-Center Tilburg
FSC Transformation City- Center Tilburg Becoming ‘The shopping destination’ of the complete area with an optimal combination of retail, a broad variety of F&B, leisure and multiple services * FSC opened on 24 November 2022 with 100% occupancy * Key items: + Full re-build of the Emmapassage * Constru
Slide 31: Continued evidence for FSC yield compression
Continued evidence for FSC yield compression Yield compression since start of FSC Transformation bps Vier Meren - Sterrenburg Presikhaaf Eggert Kronenburg De Koperwiek NL Market Yield” 70 Shopping Belle-ile Ring Kortrijk BE Market Yield?) 60 31
Slide 32: Relative performance since LifeCentral launch
Relative performance since LifeCentral launch Total Return Cumulative total shareholder return index; 7 February 2020 — 17 April 2023 150 Peer 1 /Wereldhave Peer 2 100 Peer 3 Peer 4 Peer 5 50 Peer 6 Oo Q12020 Q2 2020 Q3 2020 @4 2020 Q12021 Q2 2021 Q3 2021 Q42021 Q12022 Q2 2022 Q3 2022 Q4 2022 Q1 202
Slide 33: Maintaining our strong ESG position
Maintaining our strong ESG position ESG performance on sector-specific, climate and investor benchmarks and ratings / B ¢ 9 consecutive years 982828220 91939192 I 89% 8.9% 8%, “eres bs CLIMATE A list 2022 7 consecutive years rt) SUSTAINALYTICS MORNINGSTAR. ESG Risk Rating (= |@ 12.7 isk 33 RATED BY
Slide 34: Clear and ambitious ESG strategy
Clear and ambitious ESG strategy Our main commitments 1. Maintain GRESB 5-star rating 2. Reduce carbon emissions with 30% by 2030, and become Paris Proof by 2045 3. Mitigate physical climate risks by improving adaptation to heat stress and extreme rain showers 4. Increase our local impact with commu
Slide 35: 2b. Voorstel tot vaststelling van de Jaarrekening 2022
2b. Voorste van de Ja | to{vaststelling ing 2022 stemming Wereldhave
Slide 36: AGM Wereldhave N.V. April 2023
AGM Wereldhave N.V. 21 April 2023
Slide 37: Our audit
Our audit 01. Our report 02. Materiality Financial statements Materiality of EUR 11 million • Auditor’s report on consolidated and parent • 0.5% of 2022 total assets company financial statements • Lower materiality for results from net rental income: • Our opinion: unqualified EUR 5.5 million. • Man
Slide 38: Reserveringsbeleid en dividend
reserveringsbeleid Voorstel tot vaststellinG Vai Gen dividend voor 2022 per gewoon adanGeel Vane 1,16 in contanten stemming Wereldhave
Slide 39: 2d. Voorstel tot het verlenen van kwijting aan de Directie
2d. Voorstel/tot het verlenen van kwijting aanide Directie stemming Wereldhave
Slide 40: 2e. Voorstel tot het verlenen van kwijting
2e. Voorstel tot het verlenen van a ting aan de stemming Wereldhave
Slide 41: 2f. Uitvoering van het remuneratiebeleid in 2022
2f. Uitvoering van het remuneratiebeleid in 2022 Adviserende Stemm Wereldhave
Slide 42: 3. Voordracht tot herbenoeming mevrouw F. Dechesne als Commissaris
3. Voordracht tot herbenoeming Van mevrouw F. Dechesne alS Commissaris Stemming Wereldhave
Slide 43: 4. Voordracht tot benoeming de heer W. Bontes als Commissaris
4. Voordracht tot benoeming Van de heer W. Bontes als Gommissaris Stemming Wereldhave
Slide 44: Stemming
stemming Wereldhave
Slide 45: 6. Voorstel tot herbenoeming van KPMG accountants
6. Voorstel tot herbenoeming van KPMG accountants stemming Wereldhave
Slide 46: 7. Bevoegdheid tot uitgifte van aandelen
7. Bevoegdhelid tot uitgifte van aandelen Voorstel tot het verlenen van de bevoegdheid aan de Directie tot heg uitgeven van aandelen en/of het verlenen van/#echten tot het nemen van die aandelen Stemming Wereldhave
Slide 47: Wereldhave
Wereldhave
Slide 48: Wereldhave
Wereldhave