Aradei Capital Sa · CSEMA:ARD
Aradei Capital Sa — CFG Bank - Equity Conference Morocco 2023
33 slides from Aradei Capital Sa's conference presentation, October 2023
Slide 1: CFG Bank - Equity Conference Morocco 2023
CFG Bank - Equity Conference Morocco 2023 October 5th & 6th, 2023
Slide 2: Table of content
I. Company and portfolio overview i. Key business highlights Table of content Confidential & Proprietary ii. A growth story II. A dynamic first half of 2023 III. Conclusion and outlook IV. Appendix 2
Slide 3: I. Company and portfolio overview
I. Company and portfolio overview i. Key business highlights 10
Slide 4: Vision and mission statement
Company and portfolio overview Vision and mission statement Vision To be the premier commercial real estate company delivering growth and return from a resilient and diversified portfolio Mission We acquire, develop and manage a portfolio of innovative assets anchored in their environment. Confident
Slide 5: Portfolio overview at a glance as of June 30, 2023
Company and portfolio overview Overview | Portfolio overview at a glance as of June 30, 2023 Portfolio overview Key business KPIs ▪ Occupancy rate: 97% (stable vs. 30 June 2022) 37 Assets 466,000 sqm 25 Cities 7.2 billion MAD ▪ 43 millions visits in 2022*** (+6% vs.2021) Confidential & Proprietary I
Slide 6: A growing portfolio and targeted diversification beyond retail
Company and portfolio overview Overview | A growing portfolio and targeted diversification beyond retail real estate A diversified portfolio of assets Our main partners Assets types mix (GLA) ➢ 8 categories of operational assets Industrial Healthcare Facilities Units 17% 3 Shopping centers 8% Office
Slide 7: A presence in cities across Morocco
Company and portfolio overview Overview | A presence in 25 cities across Morocco Geographical Geographicallocation locationof ofthe theassets assets(*) Geographical mix (Operating assets) Tanger/Tétouan Other cities 67, 000 sqm Berkane 6% 3,000 sqm El Jadida Casablanca Rabat/Salé/Kénitra/Témara 7% 1
Slide 8: A portfolio composed of various asset types
Company and portfolio overview Overview | A portfolio composed of various asset types Multi tenants, Retail Parks, Strip Shopping Centers – 94,000 sqm Standalone Assets – 56,000 sqm Offices– 7,000 sqm Malls and Galleries – 165,000 sqm Confidential & Proprietary Example – almazar Example – Sela Park
Slide 9: ii. A growth story
I. Company and portfolio Overview ii. A growth story 10
Slide 10: A dynamic investment strategy
Company and portfolio overview A dynamic investment strategy I A portfolio size that has more than doubled since 2016 31 December 2016 30 June 2023 In % of GLA 68% Retail 19 Assets 218,000 sqm 100% 37 Assets 466,000 sqm GLA Incl. 6 plots GLA 17% Healthcare Retail & 1 OPCI In % of GLA 7% Industry Con
Slide 11: Healthcare: strategic partnership with the JV Akdital Immo
Company and portfolio overview Healthcare I A strategic partnership with the JV Akdital Immo Initial pipeline Achievements in 2022 Multi-disciplinary and Multi-disciplinary and Multi-disciplinary and The specialties clinic - Safi Private hospital - Salé Oncology center - El Jadida Oncology center -
Slide 12: Offices: first office building in Casablanca
Company and portfolio overview Offices I Aradei Capital’s first office building in Casablanca in Q4 2022 PRISM – Office building GLA : 6,900 sqm Delivery : May 2022 Tenants : LabelVie , Aradei Real Estate Services et Confidential & Proprietary REIM Partners Occupancy rate : 100% ▪ The Company’s firs
Slide 13: Operating assets: delivery of two asset extensions
Company and portfolio overview Operating assets I Delivery of two asset extensions in Q4 2022 Atacadao Meknes Extension Our partners Atacadao Inzegane Extension Confidential & Proprietary Total GLA : 4,390 sqm Total GLA : 5,300 sqm Anchor tenants : Mr Bricolage, Anchor tenants : Atacadao, Cosmos, Is
Slide 14: Retail: construction of 8th Sela in Casablanca
Company and portfolio overview Retail I Ongoing contruction works on our 8th Sela in Casablanca ▪ The 8th Sela in Casablanca ▪ Expected 30.000 sqm GLA ▪ A strategic location at the intersection of several major city roads Confidential & Proprietary ▪ Arapidly expanding catchment area estimated at ne
Slide 15: A strong financing story
Company and portfolio overview A strong financing story I Diversification of funding sources 05 Bank financing ▪ More than 4.5 mds MAD of financial debt subscribed since 2016 with major local financial institutions 04 Three bond issuances 03 ▪ 2018: first public offering (600 MMAD) oversubscribed 15
Slide 16: Key Financial Highlights: a proven track record
Company and Portfolio Overview Key Financial Highlights I A proven track record Revenues (in MMAD) : FFO (in MMAD) : Distributed dividends (in n+1) (in MMAD) : Confidential & Proprietary 240 486 204 421 100% 215 156 97% 194 139 143 131 95% 288 271 152 265 268 269 124 131 84 90% 87% 82 2015 2016 2017
Slide 17: A sustainable growth
Company and Portfolio Overview A sustainable growth I Consolidation of our E&S commitment into a structured strategy and an action plan … A strategy based on 3 main pillars… Confidential & Proprietary ✓ A positive impact on the environment Green building Solar panels LED lights EMS tool ✓ A territor
Slide 18: II. A dynamic first half of 2023
II. A dynamic first half of 2023 10
Slide 19: Activity overview
A dynamic first half of 2023 Activity overview ▪ H1 2023 revenues (IFRS): 295 MMAD, up by +65 MMAD (+28%) vs. H1 2022 Ongoing revenue growth ▪ Growth mainly driven by the new perimeter (nearly 60% contribution to the increase), following deliveries achieved in the second half of 2022 Confidential &
Slide 20: H1 2023 Financial results: key income statement
A dynamic first half of 2023 H1 2023 Financial results | Key income statement financials H1 2022 H1 2023 Revenues 230 MMAD 295 MMAD EBITDA 170 MMAD 225 MMAD Confidential & Proprietary Funds From Operations (FFO)* 111 MMAD 140 MMAD FFO per share 10.4 MAD 12.4 MAD EBITDA Margin 74.1% 76.3% Growing act
Slide 21: H1 2023 Financial results: key income statement financials
A dynamic first half of 2023 H1 2023 Financial results | Key income statement financials ▪ A +65.8 MMAD growth in revenues (+28.3%) : In KMAD 30/06/2022 30/06/2023 • Performance of the operating business on a like-for-like Rental revenues 219,055 280,794 basis: contribution for +26 MMAD (net effect
Slide 22: H1 2023 revenues bridge
A dynamic first half of 2023 H1 2023 Financial results | Revenues bridge (in MMAD) H1 2023 revenues (Global) 295 MMAD Confidential & Proprietary +28.3% vs. H1 2022 Strong revenues growth, driven by the contribution of the new perimeter (60%) as well as the like-for-like perimeter (40%) 22
Slide 23: H1 2023 FFO bridge
A dynamic first half of 2023 H1 2023 Financial results | FFO bridge (in MMAD) H1 2023 FFO (Global) 147 MMAD Confidential & Proprietary +12% vs. H1 2022 An FFO growth in line with the revenues increase and higher operating expenses mainly due to the new perimeter 23
Slide 24: H1 2023 key balance sheet financials
A dynamic first half of 2023 H1 2023 Financial results | Key balance sheet financials In KMAD 31/12/2022 30/06/2023 ▪ The main movement cash is mainly due to income from Cash & Cash equivalents 378,459 399,701 operations, net effect of financial debt, capital expenditure and the payment of dividends
Slide 25: III. Conclusion and outlook
III. Conclusion and outlook 10
Slide 26: Conclusion and 2023 outlook
Conclusion and 2023 outlook ✓ A dynamic investment strategy in healthcare sector ✓ A full-year effect from the 2022 openings, generating FFO from the 1st half of 2023 onwards ✓ An identified pipeline of investment opportunities that will support the Company’s growth Confidential & Proprietary ✓ A we
Slide 27: IV. Appendices
IV. Appendices 10
Slide 28: Appendix 1a – 2022 Full-Year Results
Appendix 1a – 2022 Full-Year Results A dynamic investment strategy | A portfolio size that doubled in 4 years 100% 97% 97% 96% 95% 95% 94% 93% ▪ 6 retail parks delivered in 2019 and 2020 478 ▪ An industrial unit acquired in 2019 Confidential & Proprietary 382 346 312 218 217 217 ▪ Acquisition of an
Slide 29: Appendix 1b – 2022 Full-Year Results
Appendix 1b – 2022 Full-Year Results A portfolio of assets valued at more than MAD 7.2 billion: a 4x increase in size vs. 2015 Investment properties (in MMAD) : GLA (in thousands sqm) : Confidential & Proprietary 100% 7.199 97% 97% 96% 6.150 95% 95% 94% 5.200 93% 5.065 4.326 3.657 478 3.297 382 346
Slide 30: Appendix 2a – Shareholders and governance
Appendix 2a – Shareholders and governance A renowned shareholder base PIC Sanam Best BMCI – BNP Label’Vie EBRD Floating on behalf of GEPF Holding Financière Paribas 37.8% 11% 7.6% 7.5% 4.9% 3.8% 27.1% Confidential & Proprietary Real Estate Investment Advisory Mandate REIM Partners Main tenant Proper
Slide 31: Appendix 2b – Shareholders and governance
Appendix 2b – Shareholders and governance A governance consistent with REIT standards ▪ The Company’s governance is structured as follows: Board of Directors Investment Committee Conflict Committee Audit Committee The Committee decides on The Board of Directors determines Confidential & Proprietary
Slide 32: Appendix 2c – Investment and property management
Appendix 2c – Shareholders and governance Investment Management, Property & Facility Management Property Management Management Company Founded in 2013 by Mr. Nawfal BENDEFA and Mr. Mehdi TAHIRI JOUTEI HASSANI, REIM Aradei Real Estate Services is a wholly owned subsidiary of Aradei Capital Partners i
Slide 33: Contacts
Contacts Aradei Capital : Contacts REIM Partners : Nawfal Bendefa, CFA – CEO Idriss Bensmail – Managing Director n.bendefa@reim-partners.com i.bensmail@reim-partners.com + 212 6 69 18 32 45 + 212 6 64 50 52 92 Omar Yacoubi, CFA – Managing Director Hortense Ghafir – FP&A Director o.yacoubi@aradeiserv
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