Vbare Iberian Properties Socimi S.a. · BME:SCVBA
Vbare Iberian Properties Socimi — H1 2022 Earnings Presentation
21 slides from Vbare Iberian Properties Socimi's earnings presentation, Jul 28, 2022
Slide 1: H1 2022 Results Presentation
H1 2022 RESULTS PRESENTATION July 28, 2022 1
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by VBARE Iberian Properties SOCIMI, S.A. (the “Company”) and its subsidiaries (the “Group”). This Presentation does not constitute or form part of, and should not be construed as, any offer to sell or issue or invitation to purchase or subscribe for, or any
Slide 3: Index
INDEX 1. H1 2022 Operating Performance 2. H1 2022 Financial Performance 3. Annex: Portfolio Overview 3
Slide 4: 2022 Highlights
2022 HIGHLIGHTS STABLE COMMERCIAL ACTIVITY WITH 18 LEASES SIGNED IN Q2 2022 WITH A RELETTING SPREAD OF +8.37% (34 LEASES SIGNED IN H1 2022 WITH A RELETTING SPREAD OF +12.7%) RECORD HIGH NET OCCUPANCY OVER 96.43% SHOWING MARKET STRENGTH LIKE-FOR-LIKE GRI INCREASE +30% Vs. H1 2021 (+16% Vs. H2 2021) C
Slide 5: 1. H1 2022 Operating Performance
1. H1 2022 OPERATING PERFORMANCE 5
Slide 6: Leasing Performance
1. H1 2022 Operating Performance LEASING PERFORMANCE Quarterly Leases Signed Quarterly Net Occupancy ¹ +11% 42 94.81% 97.92% 95.86% 96.43% 37 87.18% 28 18 16 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Jun. 30, 21 Sept. 30, 21 Dec. 31, 21 Mar. 31, 22 Jun. 30, 22 Stable number of signed contracts due to
Slide 7: Operative Performance
1. H1 2022 Operating Performance OPERATIVE PERFORMANCE Like-for-Like Annualized GRI Evolution (€ k) Annualized Rents Potential Growth (€ k) 2 Passing Rents 1 Total Rents +1.5% in H1 22 +57% +20% YoY 1,989 2,007 2,018 1,882 1,686 1,904 1,915 2,009 1,564 1,756 Jun. 30, 21 Sept. 30, 21 Dec. 31, 21 Mar.
Slide 8: Operative Performance
1. H1 2022 Operating Performance OPERATIVE PERFORMANCE Yield1 on Invested Capital 2 over Stabilized Assets 3 Yield1 on GAV 4 over Stabilized Assets3 +5% in H1 22 Gross Yield Net Yield Gross Yield Net Yield +20% YoY 8.0% 8.1% 8.4% 7.9% 7.0% +7% YoY = in H1 22 7.2% 7.4% 6.9% 7.1% 4.7% 4.8% 4.7% 4.7% 6
Slide 9: 2. H1 2022 Financial Performance
2. H1 2022 FINANCIAL PERFORMANCE 9
Slide 10: IFRS 2022 Profit & Loss Account
2. H1 2022 Financial Performance IFRS 2022 PROFIT & LOSS ACCOUNT Profit & Loss Account (€ k) June 30, 2022 June 30, 2021 Variation Gross Rental income (Like-for-Like Assets) 950 730 30.2% Gross Rental income (Units sold) 18 175 -89.8% Gross Rental Income 968 905 7.0% Other operating income 12 14 -12
Slide 11: June 30, 2022 Consolidated Balance Sheet
2. H1 2022 Financial Performance JUNE 30, 2022 CONSOLIDATED BALANCE SHEET Assets (€ k) Liabilities (€ k) June 30, 2022 December 31, 2021 Variation June 30, 2022 December 31, 2021 Variation Non- Current Assets 66,076 64,374 2.6% Net Equity 46,162 46,368 -0.4% Property, plant and equipment 30 32 -6.3%
Slide 12: 2022 GAV and NAV Evolution
2. H1 2022 Financial Performance 2022 GAV¹ AND NAV EVOLUTION 2022 GAV Evolution (€ k) 2022 NAV Evolution (€ k) (-2.35%) +2.36% +2.74% (+2.69%) (+0.23%) (-0.12%) (-3.24%) GAV 31/12/2021 Sales GAV 31/12/2021 CAPEX Fair Value GAV NAV Own Shares Share Premium & NAV Pre-Sales Post-Sales Invested Adjustme
Slide 13: VBARE NAV per Share vs. Share Price
2. H1 2022 Financial Performance VBARE NAV PER SHARE vs. SHARE PRICE (21.0%) (22.0%) (31.4%) (45.3%) (47.6%) (44.2%) (43.9%) 13.92 13.59 12.97 13.07 12.98 12.99 12.66 11.00 10.60 8.90 7.15 6.80 7.25 7.10 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 July 28 2022 Closing NAV per Share Significant C
Slide 14: June 30, 2022 Financing Information
2. H1 2022 Financial Performance JUNE 30, 2022 FINANCING INFORMATION Outstanding Debt by Institution Loan to Value¹ 10% 1% 35.4% 35.2% 43% 46% 2021 2022 Sabadell Banca Pueyo Bankinter Laboral Kutxa Other 1.78% 16YEARS Portfolio average Portfolio average Mortgage Loans Interest Rate interest rate loa
Slide 15: Annex: Portfolio Overview
ANNEX: PORTFOLIO OVERVIEW 15
Slide 16: Main KPIs Performance: Operational & Commercial
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: OPERATIONAL & COMMERCIAL 246 18,557 14,555 96.43% 1.51 Total Number Total GLA Total Residential Q2 2022 Tenants of Units ¹ (SQM) GLA (SQM) ² Net Occupancy ³ Per Unit 18 8.37% Total Leases Signed in 78.10% 21.3 33.15% Q2 2022 Reletting Q2 2022 VBARE’s
Slide 17: Main KPIs Performance: Financial & Corporate
Annex: Portfolio Overview MAIN KPIs PERFORMANCE: FINANCIAL & CORPORATE €2.0mn €13.52 €734 €3.2mn Current Annual Monthly Passing Monthly Passing Annual Passing Rent Rent per Rent per Reversionary Rent Residential SQM ¹ Residential Unit ¹ €47.8mn €3,286 €65.8mn €4,133 Total Total Q2 2022 2022 GAV Inve
Slide 18: H1 2022 Operational Performance
1. H1 2022 Operating Performance H1 2022 OPERATIONAL PERFORMANCE GLA (SQM) Units ¹ 2022 18,557 2022 246 2021 19,103 2021 254 2020 21,372 2020 331 Madrid City Center Inside M30 ² Building Ownership > 50% ² 2022 65.77% 2022 89.31% 2021 64.90% 2021 87.46% 2020 65.54% 2020 84.93% 1. Only Residential and
Slide 19: H1 2022 Portfolio Description and Location
1. H1 2022 Operating Performance H1 2022 PORTFOLIO DESCRIPTION AND LOCATION Type of Ownership ¹ Portfolio Location ¹ Inside M30 Location ¹ 3% 3% 3% 11% 0% Entire Building Chamberí Inside M30 19% Units in the same Tetuán 17% 28% Outside M30 building (>50%) Units in the same Metropolitan Malasaña buil
Slide 20: Portfolio Gallery
Annex: Portfolio Overview PORTFOLIO GALLERY 20
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