Citicore Energy Reit Corp · PSE:CREIT
Citicore Energy Reit — FY2023 Earnings Presentation
26 slides from Citicore Energy Reit's earnings presentation, Apr 2, 2024
Slide 1: Analyst Briefing FY2023 Operating and Financial Results
Analyst Briefing FY2023 Operating and Financial Results April 2, 2024
Slide 2: Disclaimer
Disclaimer This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part thereof may not be reproduced, disclosed or used without the prior written consent of Citicore Energy REIT Corp. (the “Company”). This presentation, as well as discussions aris
Slide 3: 2023 Highlights and Key Themes
2023 Highlights and Key Themes Robust revenue growth continued with injection of value accretive assets into CREIT's green portfolio Revenue at Php 1.8B (+31%), EBITDA at Php 1.8B (+32%), Net Income at Php 1.4B (+12%) Solid financial position supports future growth CREIT’s successful listing of ASEA
Slide 4: FY2023 Financial Performance
FY2023 Financial Performance
Slide 5: Profitability improved due to revenues from newly-acquired properties
Profitability improved due to revenues from newly-acquired properties Year ended December 31 Amounts in Mn Php 2023 2022 Change Increase driven by new leases from seven (7) properties across three (3) Revenues 1,798 1,374 31% provinces acquired in 2023, totaling 5.12M sqm Cost of Services (103) (91)
Slide 6: Revenues, EBITDA, net Income grew on the back of stable lease operations
Revenues, EBITDA, net Income grew on the back of stable lease operations Amounts in Mn Php YoY Growth +31% +32% +12% 1,798 1,779 1,375 1,350 1,398 1,252 EBITDA Margin 99% Net Income margin at 78% Revenue EBITDA Net Income 2022 2023 4
Slide 7: Geographically Diverse and Growing Revenue Base
Geographically Diverse and Growing Revenue Base Pangasinan, 2% Geographically Dalayap, 3% Spread Assets Pampanga, 3% Luzon, Visayas, Mindanao Armenia, 4% South Cotabato, 5% Toledo, 21% Bulacan, 11% Php 1,798M Revenues Batangas, 19% Clark, 16% Acquisitions in 2023 Silay, 16% contributed 24% of Total
Slide 8: Solid balance sheet supports future growth
Solid balance sheet supports future growth Year ended December 31 2023 2022 Change Amounts in M Php Cash and cash equivalents 617 571 8% Other Current Assets 266 89 199% Total Current Assets 883 660 34% Property, Plant & Equipment 1,213 1,272 (5%) Higher Investment Properties total driven by the acq
Slide 9: Debt profile allows for more headroom to support growth
Debt profile allows for more headroom to support growth Liabilities Equity (Php Mn) (Php Mn) DEBT HEADROOM (Php Bn) 5,254 Total deposited property 20.7 4,354 4,469 Leverage ratio (PRS Aa+) 70% Leverage limit 14.5 758 Total borrowings and 5.3 2022 2023 2022 2023 deferred payments Allowable additional
Slide 10: CREIT Green Asset Portfolio
CREIT Green Asset Portfolio 2 CREIT | Empower Your Investments
Slide 11: Leasable assets grew over 4.3x to 7.1 million square meters
Leasable assets grew over 4.3x to 7.1 million square meters 14 Leasable Assets 145 MWDC Tenants’ Installed Capacity 184 GWh Estimated Annual Net Generation of Operating Tenants ~130k MT 7.1M sqm Estimated Annual Carbon Reduction* Total Leasable Area of Operating Tenants 11 *Emission Factor based on
Slide 12: Largest Renewable Energy Landlord
Largest Renewable Energy Landlord Php 20.7Bn Est. Value of Deposited ASSETS AS OF 2022 Properties 2022 PRE-IPO 2023 ACQUISITION DALAYAP – 103k sqms CLARK – 250k sqms ARMENIA– 138k sqms PANGASINAN – 1M sqms PAMPANGA 1 – 420k sqms PAMPANGA 2 – 70k sqms NEGROS OCCIDENTAL – 431k sqms CEBU – 730k sqms 20
Slide 13: Over 4.3X increase in leasable space since IPO
Over 4.3X increase in leasable space since IPO 7.1M rowth g re tha n 4.3 x 5.12M sqm Mo 2023 acquisition Land parcels located in • Batangas • Pampanga • Pangasinan 1.98M 1.65M in sqms IPO 2022 Acquisition 2023 Acquisition IPO 2022 Acquisition 2023 Acquisition 13
Slide 14: 100% Occupancy and Longest WALE
100% Occupancy and Longest WALE CREIT Property Area (in sqm) Tenants Lease term (in years) Portfolio Clark 250,000 15.8 Occupancy Armenia 140,000 22.8 Toledo 730,000 17.4 Silay 430,000 16.8 Dalayap 100,000 16.8 100% Bulacan 250,000 23.0 South Cotabato 80,000 23.0 Batangas 1 1,100,000 24.0 Batangas 2
Slide 15: Diversified Mix of Tenant's Off-takers
Diversified Mix of Tenant’s Off-takers Off-take Contract Renewal of Tenants’ Customers % of Total Contracted Capacity FIT program 25% 8.1 Years (Weighted Ave) 39.0% 37.0% 24.0% Freeport Area of Bataan 2024 2025 Beyond 2025 Bilateral Contracts 75% 15
Slide 16: CREC (Sponsor) Project Update
CREC (Sponsor) Project Update
Slide 17: Sponsor Pipeline in Motion for possible REIT infusion
Sponsor Pipeline in Motion for possible REIT infusion Average capacity addition of c.1.5GW p.a. over next 5 years, using cluster development strategy A GR C 85% 6,731 5,583 4,075 2,562 1,393 285 2023 2024 2025 2026 2027 2028 Total in MW gross installed capacity 17
Slide 18: Groundbreaking ceremony, largest solar power plant in Batangas
Slide 19: CREC Central Warehouse
Project Pipeline CREC Central Warehouse
Slide 20: Trimasolar partner
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Slide 21: CREIT Dividend Update
The PHIlIppine Stock Exchange, congratulates CITICORE ENERGY REIT on its Initial Public Offering CREIT Dividend Update 2 CREIT | Empower Your Investments
Slide 22: Consistently paying out dividends above minimum requirement of 90% of distributable income
Consistently paying out dividends above minimum requirement of 90% of distributable income In PhP Millions, except ratios and DPS FY2021 1Q2022 2Q2022 3Q2022 4Q2022 1Q2023 2Q2023 3Q2023 4Q2023 Net income 225.88 300.33 300.81 305.32 345.96 304.96 316.08 396.09 380.97 Straight-line rent adjustment (2.
Slide 23: Increasing shareholder value with higher stock price and dividends
Increasing shareholder value with higher stock price and dividends Computation of Adjusted Funds from Dividends per share and YE stock price Operations (AFFO) and Total Dividends 0.300 (Amounts In Php per Share, except %) 4.5 (Amounts In Php Mn) 4 Dividends as a percentage of 106% 106% ( 173 ) 3.5 D
Slide 24: Key Takeaways
Key Takeaways Revenues up 1GW of +31% from Sponsor on New Assets track Highest Leasable Dividend area grew Payout over 4.3X since IPO 24
Slide 25: Q&A
Q&A 2 CREIT | Empower Your Investments
Slide 26: THANK YOU!
THANK YOU! For questions, please contact: Gideon de Villa CREIT Investor Relations Officer investorrelations@creit.com.ph