Property & Building Corp. Ltd. · TASE:PTBL
Property & Building — Q1 2023 Earnings Presentation
29 slides from Property & Building's earnings presentation, Aug 3, 2023
Slide 1: Capital Market Presentation Q1 2023
Capital Market Q1 2023 Presentation Property & Building
Slide 2: Disclaimer
Disclaimer This presentation is intended for the presentation of information only, and does not constitute any offer to purchase securities of the company’s, or any call to receive any such offers. It does not constitute an exhaustive presentation of all information regarding the company and its act
Slide 3: Property & Building
Property & Formation 1961 Building Stock exchange Listed on the Tel Aviv Stock Exchange since 1963 Ownership Public company controlled by DIC (63.18%) Market value NIS 1,233 million (as of May 21, 2023) Rating Maalot A/Negative (report dated May 23, 2023) 3
Slide 4: Holding structure
Presented below is a diagram showing the company’s current main investees: Property & Building Corp. Ltd. International Activity in activity Israel 100% 86.65% 100% HSBC Other Gav-Yam Naveh Holding structure 4
Slide 5: Operational parameters
Q1 2023 Q1 2022 * 2022 * Rental revenue 178 40 533 Rental revenue - discontinued activities 68 61 243 NOI - continuing activities 359 34 455 NOI - discontinued activities 37 35 127 EBITDA - continuing activities 249 205 923 Operational EBITDA - discontinued activities 37 35 127 Total EBITDA 286 240
Slide 6: Balance sheet
Balance sheet Financial statements as of March 31, 2023, NIS millions Properties 31.03.23 31.12.22 Liabilities and equity 31.03.23 31.12.22 Cash and cash equivalents and short Debentures and liabilities to 1,999 2,306 12,643 12,622 term deposits * financial institutions Investment property and prope
Slide 7: Operating segments
Revenue-generating properties in Main international activity Operating Israel • Gav-Yam has revenue-generating • HSBC Tower in Manhattan, with an area of 80,000 square meters segments properties with a total area of approximately 1.1 million square meters, in various sites throughout the country, wi
Slide 8: Gav-Yam
Presented below are data regarding Gav-Yam’s activities as of March 31, 2023: Revenue-generating areas 1,090,000 square meters In construction, planning and licensing stages 516,000 square meters Available building rights 470,000 square meters Investment property NIS 13.1 billion Revenues from build
Slide 9: Major transactions
Major • Major transactions in 2023 and transactions which have not yet been closed: transactions Property Total Notes Nahalat Yehuda NIS 160-175 million * Agreement signed in November 2022 Mordot HaCarmel NIS 110 million Closed in March 2023 Agreement signed in March 2023 Hadera NIS 256 million The
Slide 10: Major events
• In February, the company performed a new issuance of debentures (Series J) in the amount of NIS Major 1,261 million, the proceeds from which were used, inter alia, to perform a full early redemption of the company’s debentures (Series F and G), for a total consideration of NIS 345 million. events
Slide 11: Revenue-generating properties in Israel
Revenue- generating properties in Israel 11
Slide 12: Main existing properties
Park Matam (50.01%) Main - Area: 317,000 square meters - Under development: 106,000 square meters existing - NOI in 2022: NIS 156 million - Additional NOI from projects under development: NIS 97 million properties * The figures are 100% (Gav-Yam’s share: 50.1%) Gav-Yam Herzliya - Area: 250,000 squar
Slide 13: Main existing properties
ToHa (50%) – Area of ToHa 1: 89,000 square meters Main – ToHa 2, under development: 205,000 square meters existing – NOI in 2022: NIS 94 million – Additional NOI from projects under properties development: NIS 280 million * The figures are 100% (Gav-Yam’s share: 50%) Gav-Yam Negev (73.25%) – Area: 6
Slide 14: Projects under construction
Matam 3 eastern towers Projects – Area: 42,500 square meters (including 29,500 square meters aboveground) under – Completion date: Q3 2025 – Total cost: NIS 314 million construction – NOI: NIS 31 million * The figures are 100% (Gav-Yam’s share: 50.01%) Gav-Yam - O2 – Area: 60,000 square meters (incl
Slide 15: Projects under construction
ToHa 2 Projects – Area: 205,000 square meters (including 160,000 square meters aboveground) under – Completion date: Q4 2026 – Total cost: NIS 3.1 billion – NOI: NIS 280 million construction * The figures are 100% (Gav-Yam’s share: 50%) Gav-Yam Ra’anana Park – Area: 72,600 square meters (including 4
Slide 16: Projects under construction
Gav-Yam - Hebrew University Hi- Projects Tech Park – Area: 89,000 square meters (including Projects Building 1 Building 2 under 57,000 square meters aboveground) – Completion date: Q2 2024 under – Construction costs (the company’s construction share): NIS 654 million construction – Additional NOI: N
Slide 17: Residential
Residential me TYEE TTP PY?
Slide 18: Residential
Residential • The company is working on several urban renewal projects (Tel Aviv, Petach Tikva) and on residential development projects in Hadera and Kiryat Ono at a total scope of approximately 2,000 residential units (the company’s share: 70%-60%). • Gav-Yam is also promoting various zoning plans
Slide 19: Urban renewal
Dafna Arlozorov, Tel Aviv (65%) • The company is active in 3 complexes which includes 824 residential units, including 270 units for the existing tenants, 440 units for sale, and 114 units for rental. • An architectural design plan for all of the complexes has been approved. • 98.5% tenant signature
Slide 20: Urban renewal
Nahalat Yehuda, Rishon Letzion (70%) • 800 residential units, including 237 units for existing tenants, and 563 units for sale • 2,600 square meters of commercial areas • 6,500 square meters of office areas • Zoning plan approved in November 2018 • Consolidation and distribution plan - approved by t
Slide 21: Urban renewal – Petach Tikva
Petach Tikva (60%) • In July 2020, the company signed an agreement involving its engagement in a partnership regarding an urban renewal project in Petach Tikva (Verber neighborhood), Katzanelson complex located at the intersection of Jabotinsky, Yitzchak Sadeh 336 residential units and Katzanelson s
Slide 22: Hadera
Hadera (65%) • In November 2019, the company acquired 65% of the land, which is intended for approximately 420 residential units, in the eastern part of Hadera, in the amount of approximately NIS 85 million. • The land has an approved zoning plan for condominium complexes and detached houses. • The
Slide 23: Activity in the United States
Activity in the United States 23
Slide 24: HSBC
- The HSBC Tower, located on Fifth Avenue in Manhattan - Tower area: 80,000 square meters - Occupancy as of the publication date of the report - 95% Q1 2023 2022 Rental revenue * USD 20 million USD 78 million NOI* USD 10.5 million USD 45 million HSBC * Not including IFRS adjustments • In May 2022, a
Slide 25: Financial strength over time
Financial strength over time 25
Slide 26: Obligo and liquid resources
Obligo and Consolidated Standalone extended ** Debentures 11,092 3,848 liquid Banks and institutional investors 1,614 1,614 resources HSBC debt - non recourse Total financial debt * 12,706 5,462 * NIS millions (principal + accrued interest) Liquid resources 1,958 1,007 31.03.2023 Net financial debt
Slide 27: Repayment of financial liabilities - excluding Gav-Yam
NIS Repayment of millions 2,000 1,973 financial 1,800 1,781 liabilities - 1,600 1,400 1,420 excluding 1,200 1,400 1,392 Gav-Yam 1,000 800 1,420 Cash flow (principal only), in 600 millions of NIS. Financial 200 419 419 419 381 statements as of March 31, 2023 400 200 381 381 381 419 419 419 0 2023 202
Slide 28: Other associates
Other associates Financial statements as of March 31, 2023, NIS millions Balance sheet balance Balance sheet balance The 31.03.23 31.03.23 company’s (as presented in the Without adoption of IAS 28 share financial statements) International India 45% - 45 In Israel: Bartan * 31% 3 3 SBI 50% 89 89 Gav-
Slide 29: Thank You
Thank You ("221 D'03 Es