Helios Re Socimi, S.a. · BME:SCHLR
Helios Re Socimi — Lar España Real Estate SOCIMI — H1 2017 Earnings Presentation
21 slides from Helios Re Socimi's earnings presentation, Jul 27, 2017
Slide 1: H1 2017 Results
H1 2017 www.larespana.com Results July 2017 27th July, 2017 H1 2017 Results - Lar España Real Estate As Termas Shopping Centre, Lugo
Slide 2: Disclaimer
Disclaimer This document has been prepared by Lar España Real Estate SOCIMI, S.A. (the “Company”) for information purposes only and it is not a regulated information or information which has been subject to prior registration or control by the Spanish Securities Market Commission. This document neit
Slide 3: Agenda
Agenda 01 02 03 H1 2017 H1 2017 Closing Highlights Financial Remarks Results & Business Performance H1 2017 Results - Lar España Real Estate
Slide 4: H1 2017 Highlights
1 H1 2017 Highlights H1Ánecblau Shopping 2017 Results Centre,Real - Lar España Barcelona Estate
Slide 5: Successful & Strong Key Facts delivered in H1 2017
5 Successful & Strong Key Facts delivered in H1 2017 +38% vs 1.448 Mn GAV 1 H1 2016 +50% vs EPRA NAV EPRA NAV 65 Mn EBT H1 2016 €9.28 859.2 per share (€ Mn) Rental +40% vs EPRA EPRA 37.5 Mn Income H1 2016 5.8% “topped-up” NIY 5.6% Net Initial Yield €0.33 dividend EPRA 30 Mn Dividend 2016 per share 9
Slide 6: Solid Company performance in H1 2017
6 Solid Company performance in H1 2017 37.5 Mn Revenues +40% vs H1 2016 65.0 Mn EBT (Net Profit) +50% vs H1 2016 01 Solid H1 2017 Results and Balance Sheet 17.0 Mn EPRA Earnings +49% vs H1 2016 859.2 Mn EPRA NAV €9.28 p.s.1 39% net LTV; 590.7 Mn Gross Debt 2.18% cost of debt Retail NOI lfl improveme
Slide 7: Portfolio at a glance
7 Portfolio at a glance GAV (€Bn) EPRA Annualized Net Rent (€Mn) Logistics Residential 5% 8% Logistics 6% Offices 7% Offices 12% Retail Dev €1.451 €72.32 Retail 5% 85% Retail 72% EPRA Topped-up NIY Occupancy Rate 7.2% 5.9% 3 100.0% 94.3% 89,5% 3 5.8%3 TOTAL 94.3%3 TOTAL 4.1% LAR ESPAÑA LAR ESPAÑA EP
Slide 8: H1 Financial Results
2 H1 Financial Results Megapark Retail Complex, Bilbao H1 2017 Results - Lar España Real Estate
Slide 9: Constant LfL revaluation of a sizeable portfolio
9 Constant LfL revaluation of a sizeable portfolio Valuation Bridge Since Acquisition € Mn +4.5% LfL +7.7% LfL 1,448 +4.5% 1,275 LfL 1,050 899 1 GAV Acquisitions Revaluation GAV Acquisitions Revaluation GAV Acquisitions Revaluation GAV 2015 H1 2016 H1 2016 H1 2016 H2 2016 H2 2016 2016 H1 2017 H1 201
Slide 10: Strong valuation performance in all asset classes
10 Strong valuation performance in all asset classes Total Portfolio Retail Portfolio Value evolution € Mn Portfolio Value 19.5% 1.508 16.0% 15.2% Valuation growth 10.2% CAGR1: 9.7% 1.275 H1 LfL 2017/16 Since Acquisition H1 LfL 2017/16 Since Acquisition 899 Offices Logistics Developments 40.0 406 31
Slide 11: Consolidated Income Statement (Thousands of €)
11 Consolidated Income Statement (Thousands of €) Recurrent H1 2017 H1 2016 1H17/1H16 Recurring Non-Recurring Total Recurring Non-Recurring1 Total Rental Income 37,547 - 37,547 +40.0% 26,872 - 26,872 Other income 1,002 - 1,002 794 - 7,772 Property Operating Expenses (6,303) - (6,303) (4,966) - (4,96
Slide 12: Creating value through wise debt management
12 Financing during H1 2017 Creating value through wise debt management €139 Mn of financing @ avge fixed rate < 2% Disciplined and prudent financing targeted at creating value Besides, In April 2017, refinancing of €20Mn in € Mn Lagasca99 & Financing of 100% of construction costs agreed 1600 GAV1
Slide 13: Lar España's Debt Profile
13 Lar España’s Debt Profile Back-loaded Amortization Profile €590.7Mn Key Figures of the financing 1 € Mn €140Mn Senior Secured Bond €451.3Mn Bank Debt 446.6 140 39% Net Loan to Value (LTV) 90,9 307,1 35,6 9,6 2,4 5,2 1 Year 2 Years 3 Years 4 Years 5 Years > 5 Years 2.18% Average Cost of Debt2 -42
Slide 14: Retail Operating Trends
14 Retail Operating Trends Top 5 rent generating core Letting Strategy at the core of the strategy dominant shopping center 55 Megapark 18% Operations Gran Vía de 15% 8,961 sqm 2,835 sqm Vigo Portal de la Renovations New Marina 11% 6% Lettings El Rosal 11% Relettings Total GLA1 Anec Blau 9% Sales Fo
Slide 15: On track in the delivery of our developments
15 On track in the delivery of our developments After phase 1 & 2, Construction phase to start Construction licenses approved to start on August 2017 works in Palmas Altas 11,300 New sqm leased c.85% +2 +41% +5 GLA signed & committed 1 Operations signed GLA signed and committed1 Operations signed in
Slide 16: Non-retail assets - Logistics
16 Non-retail assets - Logistics 161,841 5 Logistics GLA Operating Assets 100% €2.6 Mn €6.1 Mn +11% Occupancy GRI H1 2017 Epra Annualized YoY LfL Topped up rent 9.23% 7.2% Initial yield on Cost EPRA Topped-up Net Initial Yield Cheste, Valencia - Prime and strategic location Lar España has the option
Slide 17: Non-retail assets - Offices
17 Non-retail assets - Offices Stabilised Assets +27% offices revaluation since acquisition Offices assets reaching 3 years in the portfolio Asset rotation will be a source of value for Lar España Joan Miró Arturo Soria Egeo 4.0% EPRA Topped 4.9% EPRA Topped 3.8% EPRA Up Yield Up Yield Topped Up
Slide 18: Non-retail assets – Lagasca 99
18 Non-retail assets – Lagasca 99 Q2 2018 Estimated delivery date Construction works on schedule 100% structure completed Façade and rest of the building on In process progress on schedule Financing of 100% High interest from national and international investors of construction Price c.11,000 €/sqm
Slide 19: Closing Remarks
3 Closing Remarks Lagasca 99 Residential Development, Madrid H1 2017 Results - Lar España Real Estate
Slide 20: Closing Remarks
20 Closing Remarks Active Management keeps supporting NOI increase in Retail assets Intense letting activity supports increasing rent visibility for the next years New accretive acquisitions of €112.9 Mn in 1H 2017 pushes annualised net rent by 15%, up to €72.3 Mn Last Asset valuation appraisal yiel
Slide 21: H1 2017 Results - Lar España Real Estate
H1 2017 Results - Lar España Real Estate
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