Mas P.l.c. · JSE:MSP
Mas P.l.c — FY2022 Earnings Presentation
56 slides from Mas P.l.c's earnings presentation, Jun 30, 2022
Slide 1: Results Presentation and Company Profile on 30 June 2022
Results Presentation and Company Profile GREEN PROPERTY INVESTOR on 30 June 2022 IN CENTRAL AND EASTERN EUROPE
Slide 2: Table of Contents
TABLE OF CONTENTS 3 RESULTS SUMMARY & HIGHLIGHTS 4 CEE GLA STATUS, FOOTFALL, TENANTS’ SALES, INVOICING & COLLECTION Jan — Jun 22 5 PROGRESS WITH STRATEGIC TARGETS Jun 22 6 EARNINGS GUIDANCE Jun 22 7 EARNINGS Jan — Jun 22 vs. Jul — Dec 21 8 NET ASSET VALUE Jun 22 vs. Dec 21 9 CEE PASSING NET RENTAL I
Slide 3: Results Summary Highlights
RESULTS SUMMARY HIGHLIGHTS Six-month period to Six-month period to 30 Jun 2022 31 Dec 2021 Adjusted distributable EPS 30.8% in six months FINANCIAL RESULTS PER SHARE (eurocents) €3.0m net profit on first residential sales at Marmura 140 131 9 6.9% Tangible NAV ( 12.9% y-o-y) Residence (on a prop
Slide 4: CEE GLA Status, Footfall, Tenants' Sales, Invoicing & Collection
CEE GLA STATUS, FOOTFALL, TENANTS’ SALES, INVOICING & COLLECTION Jan — Jun 22 Jan 22 Feb 22 Mar 22 Apr 22 May 22 Jun 22 Total Open GLA1 9% 24% 85% 100% 100% 100% 70% Restricted GLA2 91% 76% 15% – – – 30% Closed GLA 3 – – – – – – – Footfall (LFL 2022 vs. 2019) 78% 82% 95% 104% 105% 97% 94% Open-air m
Slide 5: Progress with Strategic Targets
PROGRESS WITH STRATEGIC TARGETS Jun 22 OPERATIONAL COMMERCIAL RESIDENTIAL ACQUISITIONS DEVELOPMENTS SALES at least 4% €600m* €200m* €331.6m annualised LFL NRI growth to Jun 2026** completion of developments (at cost) per annum, 20% net after tax total acquisitions at a weighted initial net yield of
Slide 6: Earnings Guidance
EARNINGS GUIDANCE Jun 22 Assumptions WE assets are sold as per management's estimates Listed securities investments perform as expected Asset management targets achieved No equity issues Secured development pipeline is permitted and rolled out as planned Predictable economic environment Adjusted dis
Slide 7: Earnings Jan—Jun 22 vs. Jul—Dec 21
EARNINGS Jan — Jun 22 vs. Jul — Dec 21 Adjusted proportionate accounts Adjusted proportionate accounts Six-month period to 30 Jun 2022 Six-month period to 31 Dec 2021 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co EARNINGS 76,693 66,384 31,289 (164) (20,816) 91,420 39,961 25,709 33,749
Slide 8: Net Asset Value Jun 22 vs. Dec 21
NET ASSET VALUE Jun 22 vs. Dec 21 Adjusted proportionate accounts Adjusted proportionate accounts 30 Jun 2022 31 Dec 2021 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 923,636 757,609 243,332 64,556 (141,861) 888,060 496,440 338,693 75,435 (22,508) 35,576 261,169 (95,36
Slide 9: CEE Passing Net Rental Income & Fair Value Movements
CEE PASSING NET RENTAL INCOME & FAIR VALUE MOVEMENTS Jan — Jun 22 Zalau Value Centre Sepsi Value Centre Barlad Value Centre Dambovita Mall DN1 Value Centre Prahova Value Centre Effective 30 June 2022, MAS acquired six operational properties from the DJV. CEE Passing Net Rental Income movements Passi
Slide 10: Debt Capacity and Repayment Profile
DEBT CAPACITY AND REPAYMENT PROFILE Jun 22 21.5%* 4.3 4.41% LTV ND/NRI WACD Maximum net debt capacity (40% LTV; 7xNRI) €521.0m Net debt (debt-cash) €288.2m Cash €182.7m Debt on 30 Jun 2022 €470.9m Financing costs settled €(7.4)m 2023 repayment €(7.9)m 2024 €(40.9)m 2025 €(7.3)m 2026 €(331.1)m 2027 €
Slide 11: Income Property Schedule
INCOME PROPERTY SCHEDULE Jun 22 Destination Asset MAS’ share Location Type Acq/ Stake Acquired GLA GLA Occupancy NI BV Cost NI BV Cost NI/BV NI/Cost Dev % year m2 m2 % €m €m €m €m €m €m % % INCOME ASSETS 81.6 1,113.6 917.8 7.3% 8.9% DJV preferred equity (60% of the notional) 10.6 141.6 141.6 7.5% 7.
Slide 12: Income Property Held for Sale Schedule
INCOME PROPERTY HELD FOR SALE SCHEDULE Jun 22 Owned Asset MAS’ share Location Type Acq/ Stake Acquired GLA Occupancy NRI BV Agreed Cost NRI BV Agreed Cost NRI/BV NRI/Cost Dev sale price sale price % year m2 % €m €m €m €m €m €m €m €m % % PROPERTY HELD FOR SALE 24,700 81.6% 2.5 78.5 23.5 91.0 2.5 78.5
Slide 13: Development Property Schedule
DEVELOPMENT PROPERTY SCHEDULE Jun 22 Destination Asset MAS’ share Location Type Status Stake Completion GLA GLA/GSA Units ERV Budget Spent ERV Budget Spent Margin ERV/Budget % year m 2 m 2 # €m €m €m €m €m €m % % DEVELOPMENTS 930.8 95.9 DJV preferred equity outstanding commitment (60% of notional) 1
Slide 14: CEE Development Property Movements
CEE DEVELOPMENT PROPERTY MOVEMENTS Jan — Jun 22 COMMERCIAL RESIDENTIAL Development pipeline on 1 Jan 22 €286.7m Development pipeline on 1 Jan 22 €372.9m Pipeline budget changes €15.5m Pipeline budget variances €0.6m Planned extensions €2.9m Secured residential developments €104.4m Secured commercial
Slide 15: Property Overview
PROPERTY OVERVIEW 1 1 Isle of Man Office United 1 Kingdom Gorzow Office 1 Poland Income properties Retail developments, extensions and land bank Germany Residential developments Income properties held for sale Land contracted to be sold 18 13 10 Romania Bucharest Office 2 Sofia Office Bulgaria Malta
Slide 16: Income Property: Galleria Burgas
INCOME PROPERTY GALLERIA BURGAS CO LLECT IVE SKE CHE RS visit www.galleriaburgas.bg 36,700m² Galleria Burgas is the dominant shopping GLA centre in Burgas, the regional urban and €6.5m administrative centre of the most popular NRI holiday destination on the Bulgarian Black Sea €87.7m coast. The cent
Slide 17: Income Property: Nova Park
INCOME PROPERTY NOVA PARK FASH IO N SZNU SPOLROWK KA A I ARGA ENM E A visit www.nova-park.pl 32,400m² Nova Park is the dominant regional shopping GLA centre in central Gorzow, western Poland, €6.5m and has a diverse mix of high-quality tenants. NRI CAF The centre benefits from a catchment area of E
Slide 18: Income Property: Dambovita Mall
INCOME PROPERTY SP MB M DAMBOVITA MALL D C OV IL A RP I LI C TA O IV N D IN IL AN D SS RE XP PL AY T’S LE I LU SA U CA AND RM GU M ES O PO TA M IA D AB O D O N ER JU BA C AF FE R ’O ND LE SP I ST U RE RT CA M R U www.dambovitamall.ro OU M U RT SO visit RA NK IN E MGO LD DE 17 UE IQ UT BO E FIC OE S
Slide 19: Income Property: Atrium Mall
INCOME PROPERTY ATRIUM MALL IS METROPOL AND CITY FAIRYL TABAC CINEMA XPRESS 1 BURGER PAPA BON E IA N M O TA PO SO YM IZIO DEL O K O ES G W M N KE 3F O AT C ER M STYLE MEN’S SHOP GIFT visit www.atriummall.ro FANY LUX D ’S SMARAG ARIANA SALON BEAUTY ND HOUSE ERIA TH TRE ONI ANT N ZEEMA ITH A CASA NOBI
Slide 20: Income Property: Galleria Stara Zagora
INCOME PROPERTY GALLERIA STARA ZAGORA RA SUB R ENO TEL SILY SES ND GRAPTICS O DOR M TEO ACO VIV EVELIN FLAIR ER SILVOURT C I RIN LAZA visit www.galleriasz.bg NA ZLATRIBKA ESTI L 23,900m² Galleria Stara Zagora is the dominant retail GLA destination in Stara Zagora, Bulgaria’s sixth €1.7m largest city
Slide 21: Income Property: Militari Shopping
INCOME PROPERTY 54,000m² Located in Militari, a densely populated and expanding residential area in MILITARI SHOPPING GLA Bucharest, this centre has excellent visibility and is located on Bucharest’s €9.7m main western artery, which links directly into the E81/A1 highway. The NRI open-air mall benef
Slide 22: Income Property: DN1 Value Centre
INCOME PROPERTY DN1 VALUE CENTRE SUSHI MASTER ING visit www.dn1valuecentre.ro 27,400m² DN1 Value Centre is located in Balotesti, GLA Romania, in a rapidly developing and affluent €5.1m residential area, approximately 25km north NRI of Bucharest. The centre has an excellent €75.4m location on the DN1
Slide 23: Income Property: Prahova Value Centre
INCOME PROPERTY 21,700m² Prahova Value Centre is located in Ploiesti, the capital of Prahova County, PRAHOVA VALUE CENTRE GLA near the main train, tram and bus stations. The centre has a catchment €3.4m area consisting of 759,000 inhabitants within a 60-minute drive. The NRI open-air mall hosts a mi
Slide 24: Income Property: Zalau Value Centre
INCOME PROPERTY ZALAU VALUE CENTRE LET’S PLAY AVANGARD DONUTERIE NEOTTIA visit www.zalauvaluecentre.ro 19,300m² Located on the city’s main boulevard, next to a GLA densely populated residential area, and within €3.2m 2.5km of the city centre, Zalau Value Centre’s NRI prominent position is accessible
Slide 25: Income Property: Roman Value Centre
INCOME PROPERTY ROMAN VALUE CENTRE COCO RINOO LET’S PLAY MONEYGRAM BUJITERIA LE PREMIER DRAGON XMAS ROYAL WOK ROBEST MESOPOTAMIA NORIEL EXPRESS JUNGLE KRISTALL KIDDY CREDIT OPTIC RAINBOW MARCO BOUTIQUE 17 FASHION SUPERSTAR DOPO POCO JUBA CAFE 3D X-RAY IQOS POSETTE MINIER GRAZIE MILLE AND CADOR MOBIC
Slide 26: Income Property: Baia Mare Value Centre
INCOME PROPERTY BAIA MARE VALUE CENTRE BURGER PRIME KARAFFE visit www.baiamarevaluecentre.ro 21,300m² Baia Mare Value Centre has good accessibility, GLA with a variety of public transport hubs in close €2.8m proximity, is located on the E58 European road, NRI the main connection between Baia Mare an
Slide 27: Income Property: Sepsi Value Centre
INCOME PROPERTY SEPSI VALUE CENTRE NORIEL × 514 visit www.sepsivaluecentre.ro COLLECTION BOUTIQUE 17 NOBILACASA JUBA CAFE FASHION CADOR BERTIS ADERIX CAPPUCCINO RUFARIE B&B CAFE COVERSHOP HYGEA FARM 16,900m² FINE DRINK EXCHANGE Sepsi Value Centre, with a catchment area XPRESS TABAC STORE KOLUMBAN TA
Slide 28: Income Property: Barlad Value Centre
INCOME PROPERTY MESOPOTAMIA BARLAD VALUE CENTRE LET’S PLAY NEDJOY GSM ROMAIA TRAVEL OZ GOLD LA TUTU PARFUM MINIER ROPHARMA PARFUM D&P NORIEL ALL SPORT IQOS AVANGARD INFINITE LOVE MOBICELL visit www.barladvaluecentre.ro BARBER SHOP 16,400m² Located on the northern side of Barlad, Vaslui GLA county’s
Slide 29: Income Property: Strip Malls
INCOME PROPERTY STRIP MALLS × 1 75 owned out of 5�� NORIEL 27,800m² These properties include seven convenience GLA centres with a high density of national and €3.3m international anchors, including Deichmann, NRI Jysk, and Pepco. They are easily accessible €42.7m by car and public transport and are
Slide 30: Development Property: Mall Moldova Phase II
DEVELOPMENT PROPERTY Permitted MALL MOLDOVA – PHASE II C A S IN O T EN NT M RA IN STAU A RT RE NT TE RA EN STAU RE NT RA STAU RE R E S T A U R A N T NT RA STAU RE NT RA STAU RE A T EM AN UR TA ES IN R C R E S T A U R A N T NT ME AIN RT TE EN M Y G R HO NC NA IO SH FA R HO NC NA 0 IO R SH HO 15 FA NC
Slide 31: Development Property: Arges Mall
DEVELOPMENT PROPERTY Permitted ARGES MALL FI TN ES S FA C SH HO A N IO R N ×2 ,00 FA C FA C SH HO A N IO R SH HO 0 A FA C N SH HO A N N IO R IO R N F N AN ASH CH ION OR 51,300m² Arges Mall is located in Pitesti, the capital and F AN ASH FA C SH HO A CH ION N IO R OR N GLA FA C SH HO A largest city o
Slide 32: Development Property: Alba Iulia Mall
DEVELOPMENT PROPERTY WIP ALBA IULIA MALL CAS INO GY M &F ITN ESS FA SH IO FA N SH IO N SP EC I AL FA IS SH T IO FA N SH FA IO SH IO N FA SH N IO N TO YS TO FA YS SH IO SP FA N EC SH I 28,900m² Located in central Romania, Alba Iulia is an important IO AL IS N T FO GLA O historical and tourist destina
Slide 33: Development Property: Brasov Value Centre
DEVELOPMENT PROPERTY Zoning BRASOV VALUE CENTRE FASHION FASHION FOOTWEAR FASHION FASHION FASHION × 850 FURNITURE 19,800m² Brasov Value Centre is located in north-west GLA Brasov, next to an existing Hornbach and a €2.4m large area of existing and future residential and HYPERMARKET ERV industrial dev
Slide 34: Development Property: Giurgiu Value Centre
DEVELOPMENT PROPERTY Zoning GIURGIU VALUE CENTRE FASHION SPORTSWARE SHOES SPORTSWARE ELECTRONICS × 560 PET CARE DRUG STORE TOYS FASHION 14,200m² Giurgiu Value Centre is located in east Giurgiu, GLA next to Giurgiu/Ruse customs, at the border €1.7m with Bulgaria. The planned project has excellent ERV
Slide 35: Development Property: Spumotim Residential
DEVELOPMENT PROPERTY Zoning SPUMOTIM RESIDENTIAL 181,700m² GSA 2,287 UNITS €193.5m BUDGET 40% OWNED BY MAS The residential project is planned to be developed on a 6.9ha land plot, in the south-east of Timisoara, comprising approximately 2,300 high quality apartments. The former industrial platform b
Slide 36: Development Property: IMGB
DEVELOPMENT PROPERTY Zoning IMGB Residential Retail 242,400m² 28,000m² GSA GLA 3,149 €3.9m UNITS ERV €188.0m €47.0m BUDGET BUDGET 40% 40% OWNED BY MAS OWNED BY MAS The planned residential project is located in the south of Bucharest on a former 17.8ha industrial platform with a 250 meter opening ont
Slide 37: Development Property: Roman Residential
DEVELOPMENT PROPERTY Zoning ROMAN RESIDENTIAL 166,000m² GSA 2,137 UNITS €156.7m BUDGET 40% OWNED BY MAS The residential project is planned to be developed on a 9ha former industrial platform in south-eastern Brasov, southern Transylvania’s major city, with approximately 287,000 inhabitants. The proj
Slide 38: Development Property: Silk District
DEVELOPMENT PROPERTY WIP SILK DISTRICT Residential Office 113,100m² 104,400m² GSA GLA 1,491 €19.1m UNITS ERV €128.1m €177.7m BUDGET BUDGET 40% 40% OWNED BY MAS OWNED BY MAS The large 10ha mixed-use, urban regeneration project combines several functions increasing efficiency of infrastructure, amenit
Slide 39: Development Property: Elba Residential
DEVELOPMENT PROPERTY Zoning ELBA RESIDENTIAL 104,900m² GSA 1,251 UNITS €127.6m BUDGET 40% OWNED BY MAS The residential project is planned to be developed in close proximity to downtown Timisoara on a 5.6ha site comprising approximately 1,250 high quality apartments and integrated parking in low- and
Slide 40: Development Property: Avalon Estate
DEVELOPMENT PROPERTY WIP AVALON ESTATE 93,300m² GSA 746 UNITS €125.7m BUDGET 40% OWNED BY MAS Avalon Estate is a unique gated community, located between Pipera and Aviatiei neighbourhoods, in northern Bucharest. The project is being developed on an 8.1ha plot close to the city’s business district, p
Slide 41: Development Property: Cluj Urban Regeneration Project
DEVELOPMENT PROPERTY Zoning CLUJ URBAN REGENERATION PROJECT Residential Retail Office 113,500m² 73,300m² 49,200m² GSA GLA GLA 1,461 €12.5m €7.9m UNITS ERV ERV €119.2m €140.3m €76.3m BUDGET BUDGET BUDGET 40% 40% 40% OWNED OWNED OWNED BY MAS BY MAS BY MAS A large mixed-use project incorporating retail
Slide 42: Development Property: Marmura Residence
DEVELOPMENT PROPERTY WIP MARMURA RESIDENCE 36,100m² GSA 458 UNITS €49.9m BUDGET 40% OWNED BY MAS Marmura Residence comprises five high-quality, high-rise apartment buildings above an integrated underground parking, and has several unique features: an urban park linking it to the neighbourhood, vibra
Slide 43: Development Property: Pleiades Residence
DEVELOPMENT PROPERTY Permitting PLEIADES RESIDENCE 41,000m² GSA 498 UNITS €38.1m BUDGET 40% OWNED BY MAS A high quality residential project will be developed in Ploiesti, Romania, consisting of 498 apartments integrated with Prahova Value Centre's planned large-scale entertainment and leisure hub ex
Slide 44: Company Profile
COMPANY PROFILE MAS is an internally managed green ANNUAL PASSING NET RENTAL AND DIVIDEND INCOME property investor and operator 73% CEE direct assets €61.0m focused on retail properties in CEE €84.1m 1% CEE DJV €1.2m 3% WE direct assets €2.5m 13% DJV preferred equity €10.6m 10% Listed securities €8.
Slide 45: Environmental
ENVIRONMENTAL INCOME ASSETS CERTIFICATION CERTIFICATION YEAR MAS’ approach to business is built on a foundational EM-Nova Park BREEAM: Excellent 2022 belief that to be successful, businesses must EM-Galleria Burgas LEED: Gold 2012 EM-Atrium Mall BREEAM: Very Good 2022 make a positive contribution to
Slide 46: Development Joint Venture Structure
DEVELOPMENT JOINT VENTURE STRUCTURE Unique low-risk access to exceptional development pipeline with pre-eminent CEE retail developer • Prime Kapital employs an unique, vertically integrated development approach that consistently results in high development margins • DJV provides co-investment access
Slide 47: Earnings Jan—Jun 22
EARNINGS Jan — Jun 22 Reconciliation of Proportionate accounts to Adjusted proportionate accounts Proportionate accounts Adjustments Adjusted proportionate accounts Six-month period to 30 Jun 2022 Six-month period to 30 Jun 2022 Six-month period to 30 Jun 2022 Total CEE DJV WE Co Total CEE DJV WE Co
Slide 48: Net Asset Value Jun 22
NET ASSET VALUE Jun 22 Reconciliation of Proportionate accounts to Adjusted proportionate accounts Proportionate accounts Adjustments Adjusted proportionate accounts 30 Jun 2022 30 Jun 2022 30 Jun 2022 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 928,150 739,969 261,32
Slide 49: Group Management
GROUP MANAGEMENT Irina Grigore, CEO Irina has 14-years of real estate and finance industry experience and she is currently CEO within MAS Group, appointed on 21 April 2022. Prior to joining Prime Kapital in 2019, she worked as Group Reporting and Management Information Systems Manager at NEPI Rockca
Slide 50: Group Management
GROUP MANAGEMENT Gabriel Malanca, Director – Asset Management Gabriel has 17-years of real estate industry experience and is currently heading the Asset and Property Management function within MAS Group. Prior to joining Prime Kapital in 2017, he was centre manager at Nepi Rockcastle and retail and
Slide 51: Non-Executive Directors
NON-EXECUTIVE DIRECTORS Werner Alberts, Independent Non-Executive Chairman Werner was appointed as Chairman of MAS’ Board of Directors in August 2021. He is currently the COO of Capital International Group, and is a qualified chartered accountant with over 25 years’ experience in the finance industr
Slide 52: Non-Executive Directors
NON-EXECUTIVE DIRECTORS Martin Slabbert, Non-Executive Director Martin has over 26-years of real estate, turn-around and finance industry experience, including 15 years in CEE. He co-founded Prime Kapital in 2015, and prior to this he was CEO of New Europe Property Investments, which he established
Slide 53: Beneficial Shareholders Holding Over 5%
BENEFICIAL SHAREHOLDERS HOLDING OVER 5% Jun 22 Shares % Prime Kapital Holdings Ltd and associates* 153,643,517 21.5 Government Employees Pension Fund 61,444,389 8.6 Attacq Ltd 46,157,934 6.5 Argosy 44,612,269 6.2 305,858,109 42.8 * Associates represent shareholdings of DJV, Martin Slabbert and Prime
Slide 54: Glossary
GLOSSARY Proportionate accounts Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. reportable segments CEE direct assets (CEE) Income properties located in CEE fully owned and managed by the Group. CEE development joint vent
Slide 55: Glossary
GLOSSARY Acq/Dev, A/D Acquired / Developed ha Hectare, or 10,000 square meters Adjusted distributable Adjusted distributable earnings divided by the Adjusted number of shares in issue IFRS International Financial Reporting Standards earnings per share IJV Investment joint venture, former joint ventu
Slide 56: www.masrei.com
www.masrei.com