Mas P.l.c. · JSE:MSP
Mas P.l.c — MAS Real Estate — FY2020 Earnings Presentation
46 slides from Mas P.l.c's earnings presentation, August 2020
Slide 1: Results Presentation and Company Profile as at 30 June 2020
Photo: Dambovita Mall Results Presentation and Company Profile as at 30 June 2020
Slide 2: Table of Contents
TABLE OF CONTENTS 3 RESULTS SUMMARY 4 COVID–19 5 COLLECTION as at 27 Aug 20 6 EARNINGS Jan — Jun 20 7 NET ASSET VALUE Jun 20 8 EARNINGS Jan — Jun 20 vs. Jul — Dec 19 9 NET ASSET VALUE Jun 20 vs. Dec 19 10 CEE PASSING NET RENTAL INCOME & FAIR VALUE MOVEMENTS Jan — Jun 20 11 CEE DEVELOPMENT PROPERTY M
Slide 3: Results Summary
RESULTS SUMMARY FINANCIAL HIGHLIGHTS 3.11 eurocents 107 eurocents RESULTS Adjusted distributable Tangible net asset earnings/share value/share Delisting from Luxembourg Stock Jan – Jun 2020 Jun 2020 Exchange CEE Measures to safely reopen shopping -30.9% -1.8% OPERATIONAL RESULTS centres after Co
Slide 4: Covid-19
COVID–19 MAIN IMPACT INITIAL RESPONSE ONGOING MEASURES Disruption in operations Contingency plans implemented by 31 March Re-opening shopping centres CEE: all non-essential retailers’ operations IT frameworks enabling telecommuting Discounts, or conditional rental holidays, for closed Operat
Slide 5: Collection as at 27 Aug 20
COLLECTION as at 27 Aug 20 Group Collection — Total Income €m CEE Collection — Total Income €m WE Collection — Total Income €m 8.0 8.0 8.0 7.0 7.0 7.0 0.2 0.1 0.1 6.0 0.4 6.0 6.0 0.8 1.0 1.3 0.9 2.5 5.0 5.0 5.0 0.7 4.0 4.0 4.0 0.1 0.1 0.3 0.1 0.9 0.8 6.6 6.6 0.8 3.0 3.0 3.0 1.2 0.1 0.7 0.2 0.1 0.1 5
Slide 6: Earnings Jan — Jun 20
EARNINGS Jan — Jun 20 Proportionate accounts Adjustments Adjusted proportionate accounts Six months ended 30 Jun 2020 Six months ended 30 Jun 2020 Six months ended 30 Jun 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co EARNINGS (74,182) (27,787) 2,423 (1,225) (47,593) (11,353) 4,698
Slide 7: Net Asset Value Jun 20
NET ASSET VALUE Jun 20 Proportionate accounts Adjustments Adjusted proportionate accounts 30 Jun 2020 30 Jun 2020 30 Jun 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 796,023 299,283 212,729 282,400 1,611 (52,369) 4,132 (3,811) (52,690) – 743,654 303,415 208,918 22
Slide 8: Earnings Jan — Jun 20 vs. Jul — Dec 19
EARNINGS Jan — Jun 20 vs. Jul — Dec 19 Adjusted proportionate accounts Adjusted proportionate accounts Δ Six months ended 30 Jun 2020 Six months ended 31 Dec 2019 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co EARNINGS (85,535) (23,089) 2,852 (17,842) (47,456) 46,542 39,646 17,185 (27,4
Slide 9: Net Asset Value Jun 20 vs. Dec 19
NET ASSET VALUE Jun 20 vs. Dec 19 Adjusted proportionate accounts Adjusted proportionate accounts Δ 30 Jun 2020 31 Dec 2019 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 743,654 303,415 208,918 229,710 1,611 874,810 344,706 175,433 261,978 92,693 (131,156) (41,291) 33,4
Slide 10: CEE Passing Net Rental Income & Fair Value Movements Jan — Jun 20
CEE PASSING NET RENTAL INCOME & FAIR VALUE MOVEMENTS Jan — Jun 20 Developments and acquisitions completed during the period Dambovita Mall Dec 19 Jun 20 Aug 20 CEE Passing Net Rental Income movements Passing NRI at 31 Dec 19 €38.3m DCF VALUATION ASSUMPTIONS Range Passing NRI – LFL portfolio €(0.7)m
Slide 11: CEE Development Property Movements Jan — Jun 20
CEE DEVELOPMENT PROPERTY MOVEMENTS Jan — Jun 20 Development pipeline at 31 Dec 19 €423.3m Pipeline budget variances €(7.4)m New developments €9.4m Development pipeline at 30 Jun 20 €425.3m Dambovita Mall completed in Aug 20 Dambovita Mall completed in Aug 20 Note: All amounts are calculated on a pro
Slide 12: Debt Capacity and Repayment Profile Jun 20
DEBT CAPACITY AND REPAYMENT PROFILE Jun 20 33% 4.3 6.3 3.28% LTV NRI/INT ND/NRI WACD Maximum net debt capacity (40% LTV; 7xNRI) €445.2m Net debt (debt-cash) €401.7 Cash €54.8 Debt 30 Jun 2020 €456.5m 2021 repayment €(21.0)m 2022 €(160.1)m 2023 €(50.9)m 2024 €(110.2)m 2025 €(40.7)m 2026 €(27.5)m 2027
Slide 13: Company Profile
COMPANY PROFILE 53+6+41S INTERNALLY MANAGED PROPERTY INVESTOR AND OPERATOR FOCUSED ON RETAIL PROPERTIES IN CEE Capital currently invested in WE will be redeployed directly into PASSING NET RENTAL INCOME income property in CEE and indirectly, on a downside protected 53% CEE direct portfolio €34.0m ba
Slide 14: Earnings Jun 18 — Jun 20
EARNINGS Jun 18 — Jun 20 Adjusted proportionate accounts Adjusted proportionate accounts Adjusted proportionate accounts 2018 2019 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co EARNINGS 22,135 14,454 13,111 7,309 (12,739) 63,120 40,326 23,057 26,784 (27,047) (38,993) 16,557 20,037
Slide 15: Net Asset Value Jun 18 — Jun 20
NET ASSET VALUE Jun 18 — Jun 20 Adjusted proportionate accounts Adjusted proportionate accounts Adjusted proportionate accounts 30 Jun 2018 30 Jun 2019 30 Jun 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 835,648 99,756 130,276 284,004 321,612 847,420 272,490 123,7
Slide 16: Income Property Schedule Jun 20
INCOME PROPERTY SCHEDULE Jun 20 Destination Asset MAS' share Location Type Acq/Dev Stake Acquired GLA GLA Occup. NRI BV Cost NRI BV Cost NRI/BV NRI/Cost % year m2 m2 % €m €m €m €m €m €m % % INCOME PROPERTY 727,100 95.6% 69.0 1,075.3 1,009.1 63.6 1,007.7 956.3 6.8% 7.3% CEE – income property 460,500
Slide 17: Development Property Schedule Jun 20
DEVELOPMENT PROPERTY SCHEDULE Jun 20 Destination Asset MAS' share Location Type Status Stake Compl. GLA GLA/GSA ERV Units Spent Budget ERV Spent Budget Margin ERV/Budget % year m2 m2 €m # €m €m €m €m €m % % DEVELOPMENT PROPERTY 640,200 57.0 2,805 131.3 892.2 27.8 53.1 425.3 28.8% 8.7% Developments –
Slide 18: Portfolio Overview
PORTFOLIO OVERVIEW 3 4 Isle of Man Office United Kingdom 1 Poland 35 Warsaw Office Germany Income properties Developments, extensions and land bank 1 Switzerland 14 17 Romania Bucharest Office 2 1 Sofia Office Bulgaria BACK TO TOP 18
Slide 19: Income Property: Militari Shopping
INCOME PROPERTY 54,000m² Located in Militari, a densely populated and expanding residential MILITARI SHOPPING GLA district, this centre has excellent visibility and is located on Bucharest's €7.9m main western artery, which links directly into the E81/A1 highway. NRI The tenant mix includes a large
Slide 20: Income Property: Galleria Burgas
INCOME PROPERTY ATHLET CI IC NE M AC ITY GALLERIA BURGAS OLA PI ZZ PL IO AY GR CI EL OU A ND M STO C RA DO NA GE LD S IN CA BM IN OR N CA AG ST NT E TO S O SCA NDA L COFAN PO STORNCEP INT EX TR E T AV AG FA N PA PEP A NC PO TR E IZ E IN IA T CO LL EC T IV E TR IU M PH M ER CA R I WOMONYX AN HA RIZ F
Slide 21: Income Property: Nova Park
INCOME PROPERTY SM YK DIV ERS NOVA PARK E C O C C O D RIL LO RE O PO UN Y RT G ER S FRE COT TR AD E E M O D E TOYTOP FA OR AL BO O IW BR M BO 5. S F 10 Q YK Y .1 5 A PIN O RUCH FASHSPORT KAND ION BY ULSK KU OH I POLSCHN 4F LA LA KA IA ECH NE BL DO SH HO W YO U W A E T DO RK O G ACA PU NO BE NN M GA
Slide 22: Income Property: Atrium Mall
NRI GLA 100% 85.5% €4.4m €54.9m 28,400m² OCCUPANCY BOOK VALUE OWNED BY MAS visit INCOME PROPERTY ATRIUM MALL www.atriummall.ro reached by car, the shopping centre is Atrium Mall is Arad's largest shopping located next to the main train and bus 160,000, the city is the county capital, stations, five
Slide 23: Income Property: Kaufland Centres
INCOME PROPERTY KAUFLAND CENTRES × 175 owned out of 500 ANIMAX SPORTISIMO 27,800m² This portfolio includes seven convenience NORIEL GLA centres with a high density of national €2.9m and international anchors, including NRI Deichmann, Jysk, and Pepco. They are €37.0m easily accessible by car and publ
Slide 24: Income Property: Baia Mare Value Centre
INCOME PROPERTY BAIA MARE VALUE CENTRE DABO BUY DONER HOUDIN SPORTISIMO HOPPA SMYK MISCHIATI AVANGARD ROBEST JACK ROZA GAMES ORO CHRISTIAN TOUR RUSTIKA COMPAS COVER SHOP SAVOY CETINA JUNGLA COPIILOR ANIMAX ROBEST SILCA visit www.baiamarevaluecentre.ro NORIEL CADOR 21,300m² Baia Mare Value Centre has
Slide 25: Income Property: Roman Value Centre
INCOME PROPERTY GELATERIA PIZZA 21 CU SOS PALLINA DABO DONER Planned Extension ROMAN VALUE CENTRE COCO RINOO PLAY AGAIN SILCA SPARTAN EXCHANGE AVANGARD BUJITERIA BONITO LE PREMIER ROYAL ROBEST EXPRESS KRISTALL CREDIT OPTIC MARCO BOUTIQUE 17 BEBE SUPERSTAR CAFENEA ANTURAJ NORIEL Planned GM SHOES Exte
Slide 26: Income Property: Galleria Stara Zagora
INCOME PROPERTY T IC ATHLE CHARM URANT RESTA MA GALLERIA STARA ZAGORA KIDS LAY P CINE CITY A INEM 5D C MI’S R CAT BMS ONE PIZZIO MR.D RA SUB GUE I VO XIM NOR TELE A1 ILY S ESS ND GRAPTICS N O E IO BOT DOR T VIS TEO SPOR VIV ACO M EV ELIN FLAIR ER S SILVOURT EXES C I RIN LAZA www.galleriasz.bg A PAUL
Slide 27: Income Property: DN1 Value Centre
INCOME PROPERTY DN1 VALUE CENTRE HOMELUX ASKONA UNION BRANDS ANIMAX DIVERTA ABBRACCIO COVER PRESTIGE BIJOUSIM LELAS MOBIUP BIJUTERII ASIGURARI PERFUMES HANDMADE SHOP ALINA POLI PLANTE VESELE COVER SHOP TOTAL WASH BOUTIQUE 17 CAROL TRIUMPH OPTIC DIGI MUMUSO CADOR SILCA GREIGE TONI PALMIYE GREGORY’S G
Slide 28: Income Property: Zalau Value Centre
INCOME PROPERTY ZALAU VALUE CENTRE SPARTAN GAMES JACK MESOPOTAMIA SMITH SMITH & SILCA KRYSTA NOBILACASA JUICE BAR NORIEL BULEVARD DIGI POSETTE CURATATORIE COVER SHOP ARMAN SPORT LOC DE JOACA MAXXIMUS YUHUU KIDS YUPPI KIDS BOUTIQUE 17 CONTAKT KULSASR CONF www.zalauvaluecentre.ro RADA PERFUMES visit C
Slide 29: Development Property: Dambovita Mall
DEVELOPMENT PROPERTY Completed DAMBOVITA MALL SP MB M D C OV IL A RP I L C TA IO IV N SS RE XP M IS TW IS T S M ES O PO TA M IA SP AR TA N JU BA C AF R FE ILO TE R ’O ND LE SP IG EB N. TL S LIT AS LO . PO U.S RA N KIN M E U M I U TU RA SO IN VE ND FIN LO ITY KE YK LD MGO 17 SM MO UE BIC www.dambovit
Slide 30: Development Property: Sepsi Value Centre
DEVELOPMENT PROPERTY WIP SEPSI VALUE CENTRE SPORTISSIMO FASHION FASHION NORIEL × 720 16,300m² Sfantu Gheorghe, with a population of ECD CAFE BOUTIQUE 17 NOBILCASA NO WASTE COFFEE GLA approximately 54,000, is the capital of Covasna AVANGARD COVER SHOP XPRESS TABAC PRIMA FASHION ICECREAM €1.8m County.
Slide 31: Development Property: Arges Mall
DEVELOPMENT PROPERTY Permitting ARGES MALL CIN EM A FIT NE SS ×2 ,00 FA C FA C SH HO A N IO R SH HO 0 A N N IO R F N AN ASH CH ION OR 56,100m² Centrally located in one of Pitesti's dense F AN ASH CH ION OR FA C SH HO A GLA N IO R FA C N SH HO A N residential areas, next to the main train station IO
Slide 32: Development Property: Prahova Value Centre
DEVELOPMENT PROPERTY Permitting PRAHOVA VALUE CENTRE 20,800m² GLA €2.5m ERV €28.1m BUDGET ELECTRONICS ELECTRONICS FASHION FASHION FASHION FASHION FASHION FASHION FASHION SPORTS TOYS 40% OWNED BY MAS FURNITURE HYPERMARKET This planned open-air mall is located in Ploiesti, the capital of Prahova Count
Slide 33: Development Property: Barlad Value Centre
DEVELOPMENT PROPERTY Permitting BARLAD VALUE CENTRE SPARTAN FASHION FASHION PLAY AGAIN INMEDIO NORIEL FASHION AVANGARD JACK CASINO 16,700m² Barlad is a municipality in Vaslui County with GLA approximately 70,000 residents. Located €1.7m in southern Barlad, this development ERV enjoys a prominent pos
Slide 34: Development Property: Alba Iulia Value Centre
DEVELOPMENT PROPERTY Zoning ALBA IULIA VALUE CENTRE FASHION 19,300m² GLA TOYS €2.2m ERV ELECTRONICS €23.4m SPORTSWEAR × 700 BUDGET FASHION 40% OWNED BY MAS FOOTWEAR DRUGSTORE Alba Iulia is an important historical and tourist destination, located in central Romania. The planned open-air mall is situa
Slide 35: Development Property: Mall Moldova Extension
DEVELOPMENT PROPERTY On hold MALL MOLDOVA EXTENSION A EM CIN F IT N E S S 0 15 3, × 58,600m² The extension of Mall Moldova will create N H N IO R N IO R H N A SH O FA SH O C O C R N I FA NCH A SH O FA GLA A a super-regional mall serving eastern H N C O H N N IO R R N I A SH O A SH O FA C FA H N H N
Slide 36: Development Property: Marmura Residence
DEVELOPMENT PROPERTY WIP MARMURA RESIDENCE 36,100m² GSA 459 UNITS €41.7m BUDGET 40% OWNED BY MAS Marmura Residence comprises five, high-quality, high-rise apartment buildings above an integrated underground parking, and has several unique features: an urban park linking it to the neighbourhood, vibr
Slide 37: Development Property: Avalon Estate
DEVELOPMENT PROPERTY Permitting AVALON ESTATE 96,700m² GSA 746 UNITS €106.7m BUDGET 40% OWNED BY MAS Avalon Estate is an unique gated community, located between Pipera and Aviatiei neighbourhoods, in northern Bucharest. The project is being developed on an 8.1ha plot close to the city's business dis
Slide 38: Development Property: Silk District
DEVELOPMENT PROPERTY Permitting SILK DISTRICT Residential Office 118,100m² 113,700m² GSA GLA 1,600 €163.6m UNITS BUDGET €113.6m 40% BUDGET OWNED BY MAS 40% OWNED BY MAS A large 10ha mixed-use, urban renewal development project, that combines several functions increasing the efficiency of infrastruct
Slide 39: Board of Directors
BOARD OF DIRECTORS Martin Slabbert, CEO BCom, LLB (cum laude), MCom (cum laude), Dip FMI, CF (England and Wales) Martin has over 25-years of real estate, turn-around and finance industry experience, including 15 years in CEE. He founded Prime Kapital in 2015, and prior to this he was CEO of New Euro
Slide 40: Board of Directors
BOARD OF DIRECTORS Werner Alberts, Independent Non-Executive Interim Chairman BCom Hons (Acc), CA (SA), ACA (ICAEW) Werner was appointed as Interim Chairman of MAS’ Board of Directors in November 2019. He is currently the COO of Capital International Group, and is a qualified chartered accountant wi
Slide 41: Board of Directors
BOARD OF DIRECTORS Malcolm Levy, Non-Executive Director MCom, MBA (Oxon), CA (SA), CFA Malcolm co-founded MAS and served as CFO for over 9 years following the Group’s inception, becoming a Non-Executive Director in June 2019. Prior to joining, he was an equities fund manager and investment analyst i
Slide 42: Development Joint Venture Structure
DEVELOPMENT JOINT VENTURE STRUCTURE 40% Ordinary Shares 60% Ordinary Shares €20m €30m MAS invested equity, provides preference share capital, and provides asset and property DJV Prime Kapital invested equity, contributed its secured development pipeline at cost, takes responsability for sourcing fur
Slide 43: Beneficial Shareholders Holding Over 5% Jun 20
BENEFICIAL SHAREHOLDERS HOLDING OVER 5% Jun 20 Shares % Attacq Ltd 146,818,251 20.73 Prime Kapital Holdings Ltd and associates* 96,673,222 13.65 Government Employees Pension Fund 53,212,358 7.51 Argosy Capital Ltd 50,611,622 7.15 347,315,453 49.04 * Associates represent shareholdings of DJV, Martin
Slide 44: Glossary
GLOSSARY Proportionate accounts Segment results include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. reportable segments CEE direct portfolio (CEE, IJV) Income properties located in CEE fully owned and managed by the Group. Until 27 November
Slide 45: Glossary
GLOSSARY Acq/Dev, A/D Acquired / Developed Income property Property held to earn rental income BREEAM Excellent Independent third-party certification of the assessment on the INT Interest expense sustainability of individual buildings, communities and infrastructure Investment property Income proper
Slide 46: MAS Real Estate
MAS REAL ESTATE