Slide 1: Financial Results Presentation
FINANCIAL RESULTS PRESENTATION for the year ended 31 December 2022
Slide 2: OVERVIEW
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Slide 3: Strategy
Strategy Dominant and defensive malls in Western Europe OVERVIEW Large and mid-sized growing cities with a strong economic underpin Beneficiary of trend of fewer but larger stores by leading retailers Adaptable approach to the changes in retail environment Alignment with and focus on large
Slide 4: Investment portfolio
Investment portfolio OVERVIEW Listed (HMSO) Slovenia 30% 11% Iberia 55% France 34% Direct property 70% LIGHTHOUSE RESULTS PRESENTATION 2022 4
Slide 5: Highlights for 2022
Highlights for 2022 Distributable earnings of 3,659 EUR cents per share OVERVIEW Payout ratio 88,8% Distribution of 3,25 EUR cents per share NAV per share decrease to 40,50 EUR cents › Affected by movement in the Hammerson share price Sales increased by 24,3% compared to the prior year (ab
Slide 6: Highlights for 2022
Highlights for 2022 Successful delivery of major tenant projects: OVERVIEW › Docks Vauban: Lidl grocer › Docks 76: Biltoki market › Saint Sever: Action Continued execution of projects: › Saint Sever: Primark (opening scheduled Q3 2023) › Saint Sever: New Yorker (works in progress) › Rivetoile: A
Slide 7: Listed Real Estate
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Slide 8: Hammerson
Hammerson LISTED REAL ESTATE Shareholding 22,8% Quality retail portfolio Admin cost reduction disappointing During 2022 recognised 4,0 GBp dividend per share No dividend paid for 2H2022 Potential upside: › Reduction in admin costs › Disposal of Value Retail business › Right-size exposure
Slide 9: Financial Results
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Slide 10: Key indicators
Key indicators FINANCIAL RESULTS 31 Dec 2022 31 Dec 2021 Shares in issue 1 696 976 208 1 624 873 544 Distributable earnings per share (EUR cents) 3,659 3,684 Distribution per share (EUR cents) 3,250 3,220 Pay-out ratio (%) 88,8 87,4 NAV per share (EUR cents) 40,50 46,64 Price per share (JSE-ZAR) 6,8
Slide 11: Funding
Funding FINANCIAL RESULTS Balance Long term borrowings Interest rate Maturity date EUR LTV ING Consortium Fixed 2,15% Nov 2024 78 496 574 44,7% Santander Caixa Consortium Euribor (12m) + 2,50% Jul 2025 77 499 730 46,0% Natixis Consortium¹ Euribor (3m) + 3,00% Mar 2027 77 692 500 39,0% Banca Sparkass
Slide 12: Interest rate hedging
Interest rate hedging FINANCIAL RESULTS Nominal Base Fixed Hedging Instrument Counterparty Maturity date EUR Interest Rate Interest Rate Swap Santander Jul 2024 30 797 550 1,176% Interest Rate Cap Santander Jul 2025 28 798 542 0,000% Interest Rate Cap Caixa Bank Jul 2025 22 770 388 0,000% Interest R
Slide 13: Property valuations
Property valuations FINANCIAL RESULTS JLL valued portfolio at 31 December 2022 Portfolio value EUR 633,8 million Like-for-like valuation increased by EUR 23,2 million (+3,8%) › Weighted average capitalisation rate: 6,6% › Weighted average discount rate: 8,6% › Like-for-like NOI: +6,4% LIGHTHOU
Slide 14: Direct Portfolio
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Slide 15: Direct property portfolio
Direct property portfolio DIRECT PORTFOLIO Weighted average rental (per m² per Geographical Ownership Acquisition Occupancy month) Fair value Property name location % date Rate % Retail GLA (m²) EUR EUR Forum Coimbra Coimbra, Portugal 100 31 May 2017 99,8 ¹ 33,930 29,15 184,125,000 Torrecárdenas Alm
Slide 16: Tenants by income
Tenants by income DIRECT PORTFOLIO Inditex Group 2 LPP Group 26,4% of rental income 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% % of monthly contractual revenue 1 1. Excludes grocers E’Leclerc (at Saint Sever) and Continente (at Forum Coimbra) as these are separately owned 2. Excludes Primark at Saint Sever a
Slide 17: Performance metrics
Performance metrics DIRECT PORTFOLIO Footfall and sales vs. 2019 20% 0% -20% -40% -60% -80% -100% Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Footfall Sales Image: Docks Vauban (Le Havre, France) LIGHTHOUSE RESULTS PRESENTATION 2022 17
Slide 18: Performance metrics
Performance metrics DIRECT PORTFOLIO Portfolio vacancy: 3,2% Lease expiry profile by monthly rental % 2023 13,0 Collection rate: 96,1% for the year 2024 12,7 December Portfolio average OCR: 12,5% 2025 6,8 2026 6,7 Leasing activity: 8,1 2027 › 59 leases signed 52,7 After Dec 2027 › 17,365m² a
Slide 19: Tenant activity
Tenant activity DIRECT PORTFOLIO New tenants Tenant renewals Target tenants LIGHTHOUSE RESULTS PRESENTATION 2022 19
Slide 20: Projects
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Slide 21: Saint Sever - Primark
SAINT SEVER - PRIMARK PROJECTS
Slide 22: Saint Sever - Primark
SAINT SEVER - PRIMARK PROJECTS
Slide 23: Saint Sever - Action
SAINT SEVER - ACTION PROJECTS
Slide 24: Docks - Biltoki Market
DOCKS 76 – BILTOKI MARKET PROJECTS
Slide 25: Docks Vauban - Lidl
DOCKS VAUBAN - LIDL PROJECTS
Slide 26: Rivetoile - Land Acquisition
RIVETOILE – LAND ACQUISITION PROJECTS
Slide 27: Rivetoile - Land Acquisition
RIVETOILE – LAND ACQUISITION PROJECTS
Slide 28: Rivetoile - Land Acquisition
RIVETOILE – LAND ACQUISITION PROJECTS
Slide 29: Forum Coimbra
FORUM COIMBRA PROJECTS
Slide 30: Outlook
O6 OUTLOOK
Slide 31: Outlook
Outlook Challenging macro-economic environment OUTLOOK › Inflation offset by indexation › Affordable OCR’s Conservative balance sheet and interest rate hedging profile Continued execution of asset management opportunities Substantial outperformance projected from French portfolio LIGHTHOUSE
Slide 32: Guidance
Guidance OUTLOOK Property net France: EUR 12 million (Lighthouse 60% share) for FY2023 with 15% - 20% CAGR for 2024 and 2025 operating income Balance of the portfolio (Iberia and Slovenia): EUR 28 million with CPI linked escalations for 2024 and 2025 Finance costs EUR 11 million in FY2023 92
Slide 33: Questions
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