Ascencio Sa · EURONEXT:ASCE
Ascencio Sa — FY2022/2023 Earnings Presentation
37 slides from Ascencio Sa's earnings presentation, Dec 1, 2023
Slide 1: Presentation Annual Results 2022/2023
P R E S E N TAT I O N A N N UA L R E S U LT S 2022 / 2023
Slide 2: Who we are
WHO WE ARE WHO WE ARE 2
Slide 3: A Belgian REIT operating in Belgium, France & Spain
A Belgian Operating in Investing in REIT Belgium, supermarkets France & retail parks & Spain Under the Listed on SIR/GVV, SIIC & SOCIMI Euronext Brussels Since 2007 status WHO WE ARE 3
Slide 4: Supermarkets
SUPERMARKETS STRATEGIC LOCATIONS 40% OF ASCENCIO’S Grand Frais, Echirolles (FR) INCOME MEETING CONSUMERS’ PRIMARY NEEDS ASCENCIO’S DNA LIMITED IMPACT Intermarché, Ottignies (BE) OF E-COMMERCE WHO WE ARE 4
Slide 5: Retail parks
RETAIL PARKS RETAIL MIX PRIMARY Parc des Drapeaux, Caen (FR) NEEDS GOOD CONVERSION RATE ACCESSIBILITY IN PERIPHERY SIZE AND FLEXIBILITY Bellefleur, Charleroi (BE) OF RETAIL SPACES (OMNICANALITY) WHO WE ARE 5
Slide 6: Active in Belgium, France & Spain
ACTIVE IN BELGIUM, FRANCE & SPAIN • Retail parks • Others WHO WE ARE 6
Slide 7: Evolution of the portfolio
EVOLUTION OF THE PORTFOLIO Retail properties 104 Size of portfolio 450.000 m2 Belgium France Spain WHO WE ARE 7
Slide 8: Diversification of tenants & retail sectors
DIVERSIFICATION OF TENANTS & RETAIL SECTORS WHO WE ARE 8
Slide 9: Evolution of the occupancy rate
EVOLUTION OF THE OCCUPANCY RATE 97.9% at 30/09/2023 WHO WE ARE 9
Slide 10: Customer-centric approach
CUSTOMER-CENTRIC APPROACH Asset Management Marketing & Property Communication Management TENANTS Customer Operations services & ESG WHO WE ARE 10
Slide 11: Financial & real estate markets
FINANCIAL & REAL ESTATE MARKETS REAL ESTATES & 11 FINANCIAL MARKETS
Slide 12: Financial market
• Inflation FINANCIAL MARKET • Interest rates context • Stock market context 130 125 120 115 110 IRS 5 years (vs E3M) 105 100 95 90 09-22 10-22 11-22 12-22 01-23 02-23 03-23 04-23 05-23 06-23 07-23 08-23 09-23 REAL ESTATE & 12 FINANCIAL MARKETS
Slide 13: Real estate market
• Retail prime yields • Retail prime rents REAL ESTATE MARKET In €/m2/year • Investment volumes Belgium France Spain In € billion REAL ESTATE & 13 FINANCIAL MARKETS
Slide 14: Activity summary
ACTIVITY SUMMARY ACTIVITY SUMMARY 14
Slide 15: Letting activity summary
LETTING ACTIVITY SUMMARY Passing rent Rental level -1.5% 10 +8.5% new leases ERV 52 leases renewed • EPRA OCCUPANCY RATE 30/09/2023 30/09/2022 ∆ • 75,000 m2 Belgium France 96.9% 99.0% 96.1% 98.3% 0.8% 0.7% (17% of portfolio’s surface) • €8.2 million Spain Total 100.0% 97.9% 83.5% 96.5% 16.5% 1.4% (1
Slide 16: Operational activity: investments & developments
OPERATIONAL ACTIVITY • INVESTMENTS & DEVELOPMENTS Total 2022/2023 €2.1 million Intermarché, Ottignies (BE) Casino, Aix-en-Provence (FR) Bio Planet, Hannut (BE) ACTIVITY SUMMARY 16
Slide 17: Valuations
VALUATIONS Geographical Fair value Fair value Δ Fair value spread (€000s) (€000s) (invest. excl.) (30/09/2023) (30/09/2023) (30/09/2022) 2022/2023 Belgium 54% 404,493 393,826 +2.1% France 42% 305,863 313,936 -2.7% Spain 4% 30,500 30,850 -1.1% Total operating portfolio 100% 740,856 738,612 -0.02% Dev
Slide 18: ESG achievements
ESG ACHIEVEMENTS + DIGITALISATION PROGRAM Environment Social Governance ✓ Tenants consumption data ✓ Training courses ✓ sBPR reporting : gold award sBPR collection ✓ Electromobility ✓ A director of Operations & ESG joined the executive committee ✓ Green appendix to new ✓ New offices leases ✓ Promoti
Slide 19: Financial activity: debt maturities and refinancing
FINANCIAL ACTIVITY • DEBT MATURITIES AS OF 30/09/2023 • REFINANCING 2022/2023 ✓ 7 new bank credit loans ✓ Counterparties : Belfius, BNP, CBC, CEHDF € million ✓ Total nominal amount : €80 millions ✓ Average duration new loans : 5.8 years Bank loans Bond Bank loans new MTN Bank loans refinanced CP CP
Slide 20: Financial activity: hedging
• HEDGE STRUCTURE AS OF 30/09/2023 FINANCIAL ACTIVITY ✓ Fully compliant with hedging strategy • HEDGING ACTIVITY 2022/2023 ✓ Reduced volatility of financing costs over 5 years ✓ June 2023 : acquisition of 2 IRS • Nominal : €20 million 75% • Period : 30/06/2023 → 31/12/2029 ✓ August 2023 : acquisitio
Slide 21: Financials
FINANCIALS FINANCIALS 21
Slide 22: Annual consolidated results
ANNUAL CONSOLIDATED RESULTS (€000s) 30/09/2023 30/09/2022 Δ (€000s) 30/09/2023 30/09/2022 Δ RENTAL INCOME 51,322 47,849 7.3% EPRA EARNINGS 36,009 33,773 6.6% Rental related charges -223 684 Result on sales of investment properties 0 -159 Recovery of property charges 956 681 Change in the fair value
Slide 23: Year-end balance sheet
YEAR-END BALANCE SHEET 30/09/2023 30/09/2022 Total balance sheet (€ million) 786.5 783.3 Total portfolio (€ million) 740.9 738.9 Total equity (€ million) 444.8 437.0 IFRS NAV (€/share) 67.43 66.25 EPRA NTA (€/share) 63.59 62.35 Total debt (€ million) 320.5 326.7 Debt Ratio 44.0% 44.9% EPRA LTV 43.4%
Slide 24: Share price & dividend policy
SHARE PRICE & DIVIDEND POLICY 2022-2023 30/09/23 30/09/22 Closing Price 41.30€ 50.70€ Premium/discount (EPRA NTA) -38.8% -23.5% Market cap (€ million) 272.4 334.4 Dividend per share 4.15* 3.95 Dividend yield 10%* 7,8% * Dividend proposed at the AGM 2021-2022 EPRA Retail Europe BEL 20 total Ascencio
Slide 25: Outlook
OUTLOOK OUTLOOK 25
Slide 26: Outlook
✓ Stick to its strategic vision • Proactive portfolio management • Customer-centric approach • Selective investment policy • Developing a team of highly qualified professionals ✓ Preservation of a strong balance sheet structure & sufficient liquidity OUTLOOK 26
Slide 27: Q&A
Q&A Q & A 27
Slide 28: Appendix
APPENDIX APPENDIX 28
Slide 29: History
HISTORY • 2006 • 2007 • 2010 • 2011 Ascencio is listed on Acquisition of Acquisition of 2 retail parks in Creation of Ascencio Euronext Brussels 7 Grand Frais France (« Le parc des Bouchardes » and « Le Parc des Cyprès ») • 2012 • 2013 • 2014 • 2015 • Contribution in kind Acquisitions: Capital incre
Slide 30: Shareholding structure
SHAREHOLDING STRUCTURE APPENDIX 30
Slide 31: Status: SIR/GVV, SIIC, SOCIMI
STATUS SIR/GVV SIIC SOCIMI (Belgium) (France) (Spain) • Risk diversification (20%) • No limitation of debt • Identification of shareholder’s structure (> 95%) • Limitation of debt (65%) • Tax transparency • At least 80% of eligible assets • Obligation of distribution (80%) • Obligation of distributi
Slide 32: Consolidated balance sheet
Consolidated balance sheet CONSOLIDATED BALANCE SHEET (€000s) 30/09/2023 30/09/2022 ASSETS 786,469 783,312 Intangible assets 236 24 Investment properties 740,856 738,933 Other tangible assets 49 35 Other non-current assets 30,670 31,514 Current financial assets 867 885 Trade receivables 5,556 4,956
Slide 33: Ascencio's ESG strategy
ESG STRATEGY ASCENCIO’S ESG STRATEGY Environment Social Governance • Labelling • Training • Governance structure • Decision-making criteria • Internal satisfaction survey • Remuneration policy • Database & management • Positive office • Communication of ESG standards platform • Telework policy • Opt
Slide 34: Ascencio team
ASCENCIO TEAM • Number of employees: 21 13 8 women men • Average age of employees : 41 years APPENDIX 34
Slide 35: Company values
COMPANY VALUES “Connected” “Ambition” with our customers, to grow, while our employees, respecting market cycles our partners, our markets “Positive Mind” Because our projects and adventures are always more attractive thanks to the positive energy brought to them by our talented team APPENDIX 35
Slide 36: Contacts
CONTACTS Vincent H. Querton Cédric Biquet Aurore Anbergen Chief Executive Officer Chief Financial Officer Head of IR, Marketing +32 71 91 95 00 cedric.biquet@ascencio.be & Communication +32 71 91 95 00 aurore.anbergen@ascencio.be +32 71 91 95 23 APPENDIX 36
Slide 37: Ascencio SA
Ascencio SA Av e n u e J e a n M e r m o z , 1 / 4 6041 Gosselies - aurore.anbergen@ascencio.be +32 (0) 71 91 95 23 w w w. a s c e n c i o . b e 37