Mas P.l.c. · JSE:MSP
Mas P.l.c — FY2024 Earnings Presentation
49 slides from Mas P.l.c's earnings presentation, August 2024
Slide 1: Results Presentation and Company Profile
GREEN PROPERTY INVESTOR Results Presentation and Company Profile IN CENTRAL AND EASTERN EUROPE 30 June 2024
Slide 2: Table of Contents
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes TABLE OF CONTENTS Photo: Galleria Burgas Overview Financial Performance Highlights3 Earnings Jan – Jun 24 vs. Jul – Dec 2316 Company Profile 4 Adjusted Distributable Earnings Per Share Movements 17 Fina
Slide 3: Highlights
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes HIGHLIGHTS Tangible NAV per share Occupancy LTV 173 eurocents I 97.4% 25.7% Adjusted distributable EPS twelve months to 30 Jun 2024 Collection Rate twelve months to 30 Jun 2024 ND/NRI twelve months to 3
Slide 4: Company Profile
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes COMPANY PROFILE MAS is an internally managed green property investor and operator focused on retail properties in CEE. INCOME PROPERTY AND ANNUAL PASSING INCOME GREEN CERTIFICATION OTHER INVESTMENTS €10
Slide 5: Financial Results and Debt Profile
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes FINANCIAL RESULTS AND DEBT PROFILE Six-month Six-month Twelve-month Twelve-month period to period to period to period to 30 Jun 2024 31 Dec 2023 30 Jun 2024 30 Jun 2023 FINANCIAL RESULTS PER SHARE (euro
Slide 6: Retail Operational Results
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RETAIL OPERATIONAL RESULTS Six-month Six-month Twelve-month Twelve-month period to period to period to period to 30 Jun 2024 31 Dec 2023 30 Jun 2024 30 Jun 2023 OPERATIONAL RESULTS Footfall – LFL 1, 2 5
Slide 7: Passing Income
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes PASSING INCOME Jun 24 On On On On 30 Jun 2024 31 Dec 2023 30 Jun 2024 30 Jun 2023 Twelve Twelve Six months Six months months months increase increase increase increase PASSING INCOME (€ million) 1 106.6
Slide 8: Earnings Guidance
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes EARNINGS GUIDANCE Jun 24 Earnings guidance range 2025 Diluted adjusted distributable earnings per share 9.54 10.45 eurocents per share eurocents per share +21.2% y-o-y +32.8% y-o-y Assumptions Asset man
Slide 9: Operational Assets Historical Performance
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes OPERATIONAL ASSETS HISTORICAL PERFORMANCE Continued focus on value creation through operational excellence delivering robust operational metrics. High quality base of CEE operational assets delivered co
Slide 10: Retail Operational Performance
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RETAIL OPERATIONAL PERFORMANCE Exceptional growth in annualised LFL NRI growth. Annualised LFL NRI growth Occupancy 20% 100% LFL NRI CAGR 8.8% 80% 15% 60% 9.0% 10% 93.2% 96.3% 97.3% 97.4% 40% 13.6% 12.4
Slide 11: Retail Historical Rent Reversions
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RETAIL HISTORICAL RENT REVERSIONS Consistent positive rental reversions above indexation. 16% €4.6m €3.3m €7.6m 14% €5.6m 12% 6.0% €3.8m 2.9% 10% €2.2m 9.9% 5.8% 8% 12.6% €3.6m 6% €3.8m 2.7% 6.4% 0.9% 9
Slide 12: Retail Footfall, Tenants' Sales & Collection
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RETAIL FOOTFALL, TENANTS’ SALES & COLLECTION Jan — Jun 24 Strong Central and Eastern European LFL Footfall and Tenants’ Sales. Exceptional Collection Rates. 112% 108% 111% 107% 105% 105% 107% 105% 103%
Slide 13: Passing Net Rental Income & Fair Value Movements
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes PASSING NET RENTAL INCOME & FAIR VALUE MOVEMENTS Jan — Jun 24 DCF VALUATION ASSUMPTIONS Passing Net Rental Income Movements €82.3m 30 Jun 2024 9.3 — 10.5% DISCOUNT RATES (UNLEVERED) Passing NRI – comple
Slide 14: Income Property Schedule
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SCHEDULE Jun 24 Destination Asset MAS’ share Location Type Acq/Dev Stake Acquired GLA GLA Occupancy NI BV Cost NI BV Cost NI/BV NI/Cost % year m2 m2 % €m €m €m €m €m €m % % INCOME ASSETS
Slide 15: Environmental
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes ENVIRONMENTAL Assessment of investment decisions considers not only the immediate economic implications, but also long-term effects on social well-being and the environment within communities. The prope
Slide 16: Earnings Jan–Jun 24 vs. Jul–Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes EARNINGS Jan — Jun 24 vs. Jul — Dec 23 Adjusted proportionate accounts Adjusted proportionate accounts Six-month period to 30 Jun 2024 Six-month period to 31 Dec 2023 Total CEE DJV WE Co Total CEE DJV W
Slide 17: Adjusted Distributable Earnings Per Share Movements
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes ADJUSTED DISTRIBUTABLE EARNINGS PER SHARE MOVEMENTS 6 months movements (eurocents) 0.22 (1.47) Operational result Residential result 1 (0.34) 0.02 Interest result 2 Other distributable net income/(cost)
Slide 18: Cash Available from Distributable Earnings
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CASH AVAILABLE FROM DISTRIBUTABLE EARNINGS Six-month Six-month Six-month Six-month period to period to period to period to 30 Jun 2024 31 Dec 2023 30 Jun 2023 31 Dec 2022 DISTRIBUTABLE EARNINGS 20,656 3
Slide 19: Net Asset Value Jun 24 vs. Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes NET ASSET VALUE Jun 24 vs. Dec 23 Adjusted proportionate accounts Adjusted proportionate accounts On 30 Jun 2024 On 31 Dec 2023 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALU
Slide 20: Debt Capacity and Repayment Profile
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes DEBT CAPACITY AND REPAYMENT PROFILE Jun 24 KEY DEBT RATIOS €545.2m MAXIMUM NET DEBT CAPACITY (35% LTV; 7×NRI) IFRS consolidated Property Gearing* LTV ND/NRI WACD €487.5m €(9.9)m €(202.2)m 38.3% 26.3% 5.
Slide 21: Capital Requirements: Implementation to Date
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CAPITAL REQUIREMENTS: IMPLEMENTATION TO DATE Jun 24 Available capital sources are used for funding MAS’ commitments within restrictive self-imposed debt limitations. TOTAL COMMITMENTS TO 30 JUNE 2026: €
Slide 22: Commercial Development Property Schedule
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes COMMERCIAL DEVELOPMENT PROPERTY SCHEDULE Jun 24 Destination Asset MAS’ share Location Type Property type Stake Completion GLA GLA ERV Budget Spent ERV Budget Spent ERV/ Budget % year m2 m2 €m €m €m €m €
Slide 23: Residential Stock and Development Property Schedule
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RESIDENTIAL STOCK AND DEVELOPMENT PROPERTY SCHEDULE Jun 24 Location Stake Total units Units sold Units contracted Units rented Units for sale or rent % # # # # # Residential Property 1,999 1,032 553 34
Slide 24: Property Overview
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes PROPERTY OVERVIEW Poland Gorzow Romania Baia Mare Zalau Iasi Cluj-Napoca Gheorgheni Roman Bacau Targu Secuiesc Alba Iulia Sfantu Gheorghe Barlad Fagaras Arad Focsani Sebes Stara Zagora Burgas Bulgaria R
Slide 25: Income Property: Arges Mall
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY M GY FIT AY ST PI NITA ZZ BO A C H O SAP PIZZ PS TIX ORI ERIA ITAL IA POPE YES PERF BLEN ECT D M ES O PO MARQSWEE TA UISET M IA A OT GR IN M ED IO EMO JI UPLO AD E RI WAFFAMO SE IS FLESU
Slide 26: Income Property: Galleria Burgas
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY PU LS E FI TN ES S SK AR RA AL AD IN TEO DO www.galleriaburgas.bg R C O I LL NN EC GIA TI V E Galleria Burgas GO H TO O U SE GIU LIA C N RO PP Galleria Burgas is the dominant shopping ce
Slide 27: Income Property: Dambovita Mall
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SP MB M D C OV IL A RP I LI C TA O IV N D IN IL AN ES D M SS GA RE LA XP LA AY PL T’S LE S OL SM IFF ER I SH SA U CA AND LU TE RM GU IU AM IA P OT SO ME PIZ ZA BO N IT A www.dambovitamal
Slide 28: Income Property: Atrium Mall
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY S OLI AND METROP CITY FAIRYL TE E DRPCIV AR D TABAC CINEMA PO IUL XPRESS ENERGY GAMES SA IC PA RV SE PLANET GAMES PAPA BON BUBBLE TEA OXO E N IA M O TA YM PO SO IZIO EZ OD DEL C O ES ES
Slide 29: Income Property: Nova Park
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY LID ZABER PLA AW C A N E R A E M A G DE BY O LUXE LA LA / ECHO FASH L L ION U B IT P MED ICIN E www.nova-park.pl Nova Park Nova Park is the dominant regional shopping centre in central G
Slide 30: Income Property: Carolina Mall
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY FAST FO OD ZHAN G UN ICOLUME RN A ILO R T N A R U A T S E R www.carolinamall.ro Carolina Mall TU CO CANO FFEE Located in central Romania, Alba Iulia is an important historical and touris
Slide 31: Income Property: Galleria Stara Zagora
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY E TIC ATHL R AZE BIOL N T AURA REST IO ED INM CIT P O Y SH O JAR AFE C MI’S CAT BMS RA SUB ET EFB www.galleriasz.bg YETT EL H8S SILY SES Galleria Stara Zagora ND GRAPTICS O DOR OO KEYS T
Slide 32: Income Property: Militari Shopping
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY 53,800m² Militari Shopping GLA Located in Militari, a densely populated and expanding €11.5m residential area in Bucharest, this centre has excellent NRI visibility and is located on Buc
Slide 33: Income Property: DN1 Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY LA JERRY’S ATELIERUL YUPPI PIZZA PUII DE MEI COLT BURGERI LAND Outdoor terrace PALMIYE LA BUFET SHEIKH NORIEL JACK GAMES ING DIVERTA GIOIA FLOWERS ESENTA PLANT LILA ROSSA TEZAUR LAS VEGA
Slide 34: Income Property: Prahova Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY 24,600m² Prahova Value Centre GLA Prahova Value Centre is located in Ploiesti, the capital of Prahova €4.1m county, near the main train, tram and bus stations. The centre has a NRI catch
Slide 35: Income Property: Zalau Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SILVANA BIO LET’S PLAY AVANGARD BIJUTEERIA KENDRA PIERRE ONIX CARTURESTI INMEDIO SPLEND’OR INMEDIO WAFFLE BUBBLE www.zalauvaluecentre.ro NEOTIA TRANSILVANIA GURMANZILOR IN VOGUE Zalau Va
Slide 36: Income Property: Roman Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY CU SOS PIZZA 21 DABO KUNG COCO DONER FOOD RINOO LET’S PLAY MONEY GRAM DULCINELLA TWIST CAFE BIJUTERIA LE PREMIER ROYAL ROBEST NORIEL MESOPOTAMIA EXPRESS CREDIT ARSIS JUBA CAFFE CORINT SH
Slide 37: Income Property: Strip Malls
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY Strip Malls These properties include seven convenience centres with a high density of national and international anchors, including Deichmann, Jysk, and Pepco. They are easily accessible
Slide 38: Income Property: Baia Mare Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY www.baiamarevaluecentre.ro MAZZO PIERRE Baia Mare Value Centre ZEN CUT Baia Mare Value Centre has good accessibility, with a variety of public transport BARBERSHOP hubs in close proximit
Slide 39: Income Property: Sepsi Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY NORIEL www.sepsivaluecentre.ro Sepsi Value Centre × 514 Sepsi Value Centre, with a catchment area of approximately 216,000 residents within a 60-minute drive, is located in Sfantu Gheorg
Slide 40: Income Property: Barlad Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY MESOPOTAMIA LET’S PLAY ROMAIA TRAVEL LA TUTU PARFUM EXPRESS CREDIT ROPHARMA www.barladvaluecentre.ro NORIEL LENSA Barlad Value Centre AVANGARD JUST SEVEN BUBLE Located on the northern si
Slide 41: Residential Property: Marmura Residence
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RESIDENTIAL PROPERTY Marmura Residence Marmura Residence comprises five high-quality, high-rise apartment buildings above an integrated underground parking, and has several unique features, such as an u
Slide 42: Residential Property: Avalon Estate
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RESIDENTIAL PROPERTY Avalon Estate Avalon Estate is a unique gated community, located in northern Bucharest. The project is being developed on an 8.1ha plot close to the city’s business district, provid
Slide 43: Residential Property: Silk District Residential
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RESIDENTIAL PROPERTY Silk District Residential The large 10ha mixed-use, urban regeneration project combines several functions with shared infrastructure, amenities, and services increasing overall effi
Slide 44: Residential Property: Pleiades Residence
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RESIDENTIAL PROPERTY Pleiades Residence Pleiades Residence is a high quality residential project in Ploiesti, integrated with Prahova Value Centre’s planned large-scale entertainment and leisure hub ext
Slide 45: Office Property
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes OFFICE PROPERTY Silk District Office Silk District Office is located in proximity to Iasi’s city centre, Romania’s second largest city. The construction of the A-grade office building (23,300m2 GLA) was
Slide 46: Development Property
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY D O D FO O FO ST FA TS FA D O FO ST FA T EN M AIN RT D TE O FO ST EN FA D O FO ST FA D O FO ST D O FA FO ST FA T N RA AU ST T RE N RA AU ST RE T N RA U Y TA S IT RE T N RA C AU ST A
Slide 47: Glossary
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes 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)
Slide 48: Glossary
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes GLOSSARY Acq/Dev, A/D Acquired / Developed Income property Property held to earn rental income Adjusted distributable Adjusted distributable earnings divided by the Adjusted number of shares in issue In
Slide 49: www.masrei.com
www.masrei.com