Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — FY2013 Earnings Presentation
17 slides from Sirius Real Estate's earnings presentation, Jun 27, 2013
Slide 1: Sirius Real Estate Ltd Year End Results 2013
Sirius Real Estate Ltd Year End Results 2013
Slide 2: Who are we
Sirius Real Estate Limited Year End Results 2013 Who are we: We are the leading provider of branded mixed-use flexible workspace in Germany 2
Slide 3: Financial Highlights
Sirius Real Estate Limited Year End Results 2013 Financial Highlights 2.66c €8.7m €4.44 adjusted earnings per share recurring profit before tax Average rate per sqm – Substantial increase in recurring profit before tax to €8.7m (2012: €2.9m) due mainly to: 1. Total income of €46.1m (2012: €45.7m) de
Slide 4: Disposals & Refinancing Highlights
Sirius Real Estate Limited Year End Results 2013 Disposals & Refinancing Highlights €40.4m €23.1m €43.3m Total completed or notarised disposals reduction in total borrowings borrowing facility with ABN Amro Bank Disposals Disposed of a further 31,795 sqm of non-core assets for €16.3m in the period.
Slide 5: Lettings Update
Sirius Real Estate Limited Year End Results 2013 Lettings Update 117,982 sqm 32,145 sqm let in the period post year end lettings** Occupancy remained stable at 77% (2012: 77%)* New lettings in period of 117,982 sqm at €5.13 psm (2012: 118,579 sqm at €5.08 psm)* 107,402 sqm of move outs in period at
Slide 6: Enquiry & Viewing Stats
Sirius Real Estate Limited Year End Results 2013 Enquiry & Viewing Stats enquiries 1,316 1,151 1,127 enquiries 1,090 1,084 1,036 1,055 1,002 1,018 average per month 1,000 899 1,120 899 837 1,048 1,012 1,003 1,007 995 1,010 980 965 12 months 12 months 894 819 2011/12 to Mar 12 to Mar 13 732 2012/13 9
Slide 7: New Deals Analysis
Sirius Real Estate Limited Year End Results 2013 New Deals Analysis new deals 152 130 115 131 127 116 new deals 111 111 102 128 93 average per month 93 92 83 80 94 93 95 12 months to 12 months 87 89 90 89 84 77 78 Mar 12 to Mar 13 2011/12 68 2012/13 93 107 30 Apr May Jun Jul Aug Sept Oct Nov Dec Jan
Slide 8: Renewals Analysis 2013/14
Sirius Real Estate Limited Year End Results 2013 Renewals Analysis 2013/14 192,069 €10.3m 991 sqm up for renewal annual income up for renewal tenants up for renewal Thousands € Core Up for Renewal (Sqm, Income & No. Tenants) 2013/14 No. Tenants 300 250 250 200 200 150 150 100 100 50 50 0 Apr-13 Ma
Slide 9: Core Portfolio Analysis – Rental Analysis
Sirius Real Estate Limited Year End Results 2013 Core Portfolio Analysis – Rental Analysis €39.4m 1,617 2.9 yrs 452 sqm 910k sqm 3.4% rent roll as at 31 Mar 13 total number of tenants average lease length average space let per total portfolio sqm increase in rental income (Mar 12: €38.1m) at March 2
Slide 10: Disposals
Sirius Real Estate Limited Year End Results 2013 Disposals €17.3m €40.4m 98% total completed deals total completed or notarised of DTZ valuation to to 31 March 2013 deals to date Sales Price Disposals Summary Sale Price m € Brinkmann Land 1.1 Total Completed Disposals to 31 March 2013 17.3m € Munich
Slide 11: Cost Saving Initiatives
Sirius Real Estate Limited Year End Results 2013 Cost Saving Initiatives Since March 2010 the cost reduction non-recoverable costs €m programme has reduced annualised costs Mar 10 Mar 13 Improvement by over €7 million through: prepayments 20.3 28.8 8.5 Improved service charge cost recovery (€3.8m):
Slide 12: Financials – Recurring Adjusted Profit Before Tax
Sirius Real Estate Limited Year End Results 2013 Financials – Recurring Adjusted Profit Before Tax Year to March 13 Year to March 12 Movement €m €m €m Rental income 45.4 45.1 0.3 Service charge irrecoverable costs (7.1) (7.6) 0.5 Non-recoverable maintenance (1.2) (1.1) (0.1) Net rental Income 37.1 3
Slide 13: Financials – Statement of Financial Position
Sirius Real Estate Limited Year End Results 2013 Financials – Statement of Financial Position As at March 13 As at March 12 Movement €m €m €m Non-current assets Investment Properties 410.5 476.8 (66.3) Plant and equipment 2.5 3.5 (1.0) Goodwill 3.7 3.7 0.0 416.7 484.0 (67.3) Current assets Trade and
Slide 14: Banking
Sirius Real Estate Limited Year End Results 2013 Banking €286m €16.7m bank borrowings cash Bank borrowings as at 31 March 2013: €286.4m* (LTV 65.4% on latest DTZ valuation) Weighted average interest rate of this debt: 3.9% (March 12: 5.4%) Cash at 31 March 2013: €16.7m (2012: €9.1m) – inc. €5.3m dis
Slide 15: Bank Loan Covenants
Sirius Real Estate Limited Year End Results 2013 Bank Loan Covenants DTZ Bank Valuation Sept 2012 Net Rent Current Loan Annual Interest LTV ICR RBS Current Covenant Current Covenant Consolidated 72,650,000 4,556,518 49,200,847 2,028,690 68% 80% 2.25 1.30 DTZ Valuation Annual Interest + March 2013 Ne
Slide 16: Property Valuations
Sirius Real Estate Limited Year End Results 2013 Property Valuations €438.1m 9.9% portfolio book value gross yield on core portfolio Portfolio book value of €438.1m at 31 March 2013 (2012: €486.1m) Valuation Rental Income Gross Yield Capital Value psm Core Assets € 396.2m € 39.4m 9.9% 435 Non-Core A
Slide 17: Conclusion
Sirius Real Estate Limited Year End Results 2013 Conclusion Non-core disposals programme going according to plan First phase of long-term refinancing progressing well with discussions underway regarding subsequent phases Asset management initiatives continue to produce consistently good results Cont