Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — H1 2021 Earnings Presentation
24 slides from Vbare Iberian Properties Socimi's earnings presentation, Jul 30, 2021
Slide 1: H1 2021 Results Presentation
H1 2021 RESULTS PRESENTATION July 30, 2021 1
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by VBARE Iberian Properties SOCIMI, S.A. (the “Company”) and its subsidiaries (the “Group”). This Presentation does not constitute or form part of, and should not be construed as, any offer to sell or issue or invitation to purchase or subscribe for, or any
Slide 3: Index
INDEX 1. H1 2021 Operating Performance 2. H1 2021 Financial Performance 3. Annex: Portfolio Overview 3
Slide 4: Highlights
HIGHLIGHTS STRONGER COMMERCIAL ACTIVITY WITH 42 LEASES SIGNED IN Q2 2021 WITH A RELETTING SPREAD OF +17.04% (61 LEASES SIGNED IN H1 2021 WITH A RELETTING SPREAD OF +17.01%) OCCUPANCY STILL LOWER THAN PRE-COVID LEVELS BUT WITH GOOD PERSPECTIVES FOR THE SECOND HALF OF 2021 AFTER STRONG SIGNS OF RECOVE
Slide 5: 1. H1 2021 Operating Performance
1. H1 2021 OPERATING PERFORMANCE 5
Slide 6: Leasing Performance
1. H1 2021 Operating Performance LEASING PERFORMANCE Quarterly Leases Signed ¹ Quarterly Reletting Spread ¹ 45 42 25% 20.94% 40 18.42% +121% 20% 16.95% 17.04% 35 14.90% 30 26 15% 13.08% 10.93% 10.52% 25 19 19 19 10% 7.05% 20 17 5.40% 15 5% 3.41% 1.90% 10 5 0% 0 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 202
Slide 7: Operative Performance
1. H1 2021 Operating Performance OPERATIVE PERFORMANCE Like-for-Like Annualized GRI Evolution (€ k) Annualized Rents Potential Growth (€ k) ¹ 2,158 +7% 2,075 2,071 2,027 1,974 2,014 1,888 Rents Jun. Units Rented Vacant Units Under Reversionary Dec. 31, 19 Mar. 31, 20 Jun. 30, 20 Sept. 30, 20 Dec. 31
Slide 8: Overall Portfolio Rent Collection
1. H1 2021 Operating Performance OVERALL PORTFOLIO RENT COLLECTION Stabilized Assets ¹ Default ² % of GRI Covered Net Debt Gross Debt 71.7% 75.5% 46.8% 5.7% 4.5% 3.2% 2.5% 3.5% 2.1% 2019 2020 H1 2021 2019 2020 Q2 2021 Net default remains controlled and very concentrated in very few tenants 75.5% of
Slide 9: 2021 Sales Update
1. H1 2021 Operating Performance 2021 SALES UPDATE Selling Total Loan Free IRR MOIC IRR MOIC Period Nº Units Price Investment Amortization Cash Flow (unlevered) (unlevered) (levered) (levered) (€ k) (€ k) (€ k) (€ k) Q1 2021 Sales 4 384 270 133 235 9.82% 1.55x 11.43% 1.53x Q2 2021 Sales 3 544 374 17
Slide 10: 2. H1 2021 Financial Performance
2. H1 2021 FINANCIAL PERFORMANCE 10
Slide 11: H1 2021 Consolidated Profit & Loss Account
2. H1 2021 Financial Performance H1 2021 CONSOLIDATED PROFIT & LOSS ACCOUNT¹ Profit & Loss Account (€ k) June 30, 2021 June 30, 2020 Variation Gross Rental income 897 1,057 -15.2% Other operating income 10 10 1.5% Property Operating expenses -353 -300 17.7% Gross profit 554 767 -27.8% Realize gain (
Slide 12: June 30, 2021 Consolidated Balance Sheet
2. H1 2021 Financial Performance JUNE 30, 2021 CONSOLIDATED BALANCE SHEET Assets (€ k) June 30, 2021 December 31, 2020 Variation Non- Current Assets 69,370 69,459 -0.1% Property, plant and equipment 33 35 -5.5% Investment properties 69,142 69,210 -0.1% Non - Current financial assets 194 214 -9.1% Cu
Slide 13: June 30, 2021 Consolidated Balance Sheet
2. H1 2021 Financial Performance JUNE 30, 2021 CONSOLIDATED BALANCE SHEET Liabilities (€ k) June 30, 2021 December 31, 2020 Variation Net Equity 48,494 49,870 -2.8% Share capital 18,049 18,049 0.0% Share Premium 19,777 20,605 -4.0% Treasury shares -528 -518 2.0% Retained earnings 11,196 11,734 -4.6%
Slide 14: H1 2021 GAV and NAV Evolution
2. H1 2021 Financial Performance H1 2021 GAV AND NAV EVOLUTION 2021 GAV Evolution 2021 NAV Evolution (1.33%) +1.14% +0.11% (1.08%) (1.66%) (0.02%) GAV 31/12/2020 Sales GAV 31/12/2020 CAPEX Fair Value GAV NAV 2021 2021 Own 2021 Share NAV Pre-Sales Post-Sales Invested Adjustment 30/06/2021 31/12/2020
Slide 15: VBARE NAV per Share vs. Share Price
2. H1 2021 Financial Performance VBARE NAV PER SHARE vs. SHARE PRICE (7.7%) (9.5%) (17.0%) (21.1%) (21.0%) (22.0%) Closing NAV per Share 15.16 14.92 14.58 14.00 13.94 13.92 13.59 13.50 12.10 11.00 11.00 10.60 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Still significant discount between share pr
Slide 16: H1 2021 Debt Evolution
2. H1 2021 Financial Performance H1 2021 DEBT EVOLUTION 24,724 22,900 2,400 -302 -274 Principal Outstanding New Loan Early Amortization Principal Principal Outstanding 31/12/2020 Formalized Due To Sales Amortized 30/06/2021 One €2.4mn mortgage loan formalized in 2021 € 576k principal amortized in 20
Slide 17: June 30, 2021 Financing Information
2. H1 2021 Financial Performance JUNE 30, 2021 FINANCING INFORMATION Outstanding Debt by Institution Loan to Value ¹ 10% 1% 36.9% 34.2% 9% Sabadell 32.5% 44% Banca Pueyo Bankinter Laboral Kutxa Other 36% 2019 2020 2021 1.75% 15.5 YEARS Portfolio average Portfolio average Mortgage Loans Interest Rate
Slide 18: Annex: Portfolio Overview
ANNEX: PORTFOLIO OVERVIEW 18
Slide 19: Main KPIs Performance: Operational & Commercial
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: OPERATIONAL & COMMERCIAL 324 20,870 17,313 87.18% 1.56 Total Number Total GLA Total Residential Q2 2021 Tenants of Units ¹ (SQM) GLA (SQM) ² Net Occupancy ³ Per Unit 42 17.04% 75.5% 21.5 33.42% Total Leases Signed Q2 2021 Q2 2021 VBARE’s Average Avera
Slide 20: Main KPIs Performance: Financial & Corporate
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: FINANCIAL & CORPORATE € 2.0mn € 13.84 € 704 € 3.5mn Current Anual Passing Monthly Passing Monthly Passing Annual Rent Rent Per Rent Per Reversionary Rent Residential SQM ¹ Residential Unit ¹ € 51.7mn € 2,636 € 69.1mn € 3,647 Total Total Q2 2021 Q2 202
Slide 21: Q2 2021 Operational Performance
Annex: Portfolio Overview Q2 2021 OPERATIONAL PERFORMANCE GLA (SQM) ¹ Units ¹ Q2 2021 20,870 Q2 2021 324 2020 21,372 2020 331 2019 22,070 2019 345 Madrid City Center Inside M30 ² Building Ownership > 50% ² Q2 2021 66.61% Q2 2021 86.40% 2020 65.54% 2020 84.93% 2019 63.91% 2019 82.21% 1. Only Resident
Slide 22: Q2 2021 Portfolio Description and Location
Annex: Portfolio Overview Q2 2021 PORTFOLIO DESCRIPTION AND LOCATION Type of Ownership ¹ Portfolio Location Inside M30 Location ¹ 11% 2% 3%3% 3% Entire Building Inside M30 17% 27% Outside M30 Chamberí 15% Units in the same building (>50%) Tetuán Units in the same building Metropolitan Area 50% Malas
Slide 23: Portfolio Gallery
Annex: Portfolio Overview PORTFOLIO GALLERY 23
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