Trade Estates Real Estate Investment Company · ATHEX:TRESTATES
Trade Estates Real Estate Investment — H1 2024 Earnings Presentation
28 slides from Trade Estates Real Estate Investment's earnings presentation, Nov 19, 2024
Slide 1: Financial Results H1 2024
Financial Results H1 2024
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by TRADE ESTATES REAL ESTATE INVESTMENT COMPANY (the "Company") for informational purposes only. The information contained herein does not constitute an offer, solicitation, or recommendation to buy or sell any securities of the Company or any other ent
Slide 3: Who We Are
Trade Estates REIC (the “Company”) is a REIC, licensed in 2019 by the HCMC under the provisions of Law 2778/1999 and Law 4209/2013 in 2019. Established in July 2021 and began operating in the field of real estate investment, with a portfolio of real estate assets worth €185 mn and today is one of th
Slide 4: What We Do
Early recognition of the lack of organized commercial parks and modern new generation logistics centers in the Greek market. Focus on providing integrated "end to end" services to established domestic and international retail players What We Do Retail Parks Retail Parks are the latest and strongest
Slide 5: What We Do
Omni-Channel Logistics Centers New generation logistics centers are an integral part of the Omni-Channel approach currently evolving in global commerce Omni-Channel logistics centers fully meet the What We Do latest requirements in terms of new technology and low environmental footprint, using moder
Slide 6: Differential Business Model
Specialization on Retail Parks & Differential Business Model Omni-Channel Logistics delivering operational synergies and promoting strategic relationships with leading retail companies Rental Income based on long-term guaranteed minimum rent agreements and linked to the overperformance of retail ten
Slide 7: Our Portfolio (1/2)
SMART PARK FLORIDA 1 RETAIL PARK TOP PARKS LARISSA GLA (in '000) 49,0 m2 GLA (in '000) 38,6 m2 GLA (in '000) 58,0 m2 Annual Footfall Annual Footfall Annual Footfall (in 7.090 4.786 312 (in '000) (in '000) '000) Tenants TO (in Tenants TO (in Tenants TO (in 142.144 101.766 7.755 '000) '000) '000) Our
Slide 8: Our Portfolio (2/2)
SOFIA RETAIL PARK SCHIMATARI LOGISTICS CENTER GLA (in '000) 20,3 m2 Land (in '000) 113,1 m2 Annual Footfall (in 1.710 '000) GLA (in '000) 46,9 m2 Tenants TO (in Our Portfolio (2/2) 48.312 Occupancy 100% '000) OINOFYTA LOGISTICS CENTER ELEFSINA LOGISTICS CENTER Land (in '000) 69,3 m2 Land (in '000) 4
Slide 9: Our Tenants
Our Tenants Financial Results Η1 2024
Slide 10: Upcoming Projects & Maturation
Under Construction TOP PARKS PATRA TOP PARKS HERAKLION ASPROPYRGOS LOGISTIC CENTER Upcoming Projects & Maturation Land (in '000) 20,98 m2 Land (in '000) 40,00 m2 Land (in '000) 111 m2 GLA (in'000) GLA (in'000) GLA (in '000) 51,1 m2 13,8 m2 10,6 m2 (main use) (main use) Projects in Maturity Stage (ur
Slide 11: Sustainability Commitments (ESG)
Sustainability Commitments (ESG) EV’s Super Fast Charger hubs Solar Panels on rooftops Gradual Green up of our larger land-plots - Top Park Piraeus - Schimatari Logistics Center and green roofs where applicable - Top Park Larisa - Top Parks Piraeus (under installation) - Top Park Ioannina - Top Park
Slide 12: Key Milestones 2024
Signing of HoT with InterIkea Group for the development of international distribution center. Key Milestones 2024 Completion of renegotiation of financing terms (Spread Target :1.5-1.7%) with cooperating banks to reduce interest costs and secure new credit lines (161 Mn€) for the financing on new de
Slide 13: H1 2024 Results at a Glance
Total Gross Income 20,19 Mn€ (+8,4 Mn€ or +71,0% vs H1 2023) H1 2024 Results at a Glance EBITDA 20,13 Mn€ (+2,9 Mn€ or +16,6% vs H1 2023) Adj EBITDA* 14,06 Mn€ (+5,4 Mn€ or +62,6% vs H1 2023) Adj PROFIT AFTER TAX* 6,87 Mn€ (+2,5Mn€ or +57,0% vs H1 2023) FFO 7,25 Mn€ (+2,7 Mn€ or +60,1% vs H1 2023) G
Slide 14: Group Key Metrics H1 2024
Key Metrics Actual Actual Actual Η1 2024 vs Η1 2024 ΥΕ 2023 ΥΕ 2023 Number of Income Producing Properties 13 13 0,0% Total GLA (in sq.m.) 344.006 344.006 0,0% Gross Asset Value (in € 000΄s)* 499.104 484.007 3,1% Group Key Metrics H1 2024 Gross Asset Value (in € 000΄s)** 491.699 477.153 3,0% Net Asse
Slide 15: Gross Asset Value Evolution
Gross Asset Value Evolution Financial Results Η1 2024
Slide 16: Rental Income Analysis H1 2024 vs H1 2023
Rental Income Analysis H1 2024 vs H1 2023 Sources of Gross Rental Income in € 000's 30.06.2024 % 30.06.2023 % Housemarket (IKEA) 5.817 32,7% 5.269 48,9% Third Parties 10.216 57,5% 3.977 36,9% Trade Logistics 1.397 7,9% 1.369 12,7% Intersport 353 2,0% 158 1,5% Total 17.782 10.774 Financial Results Η1
Slide 17: Portfolio Development
484,0 Mn€ +3,1% 499,1Mn€ Portfolio Development Gross Asset Value Gross Asset Value 31.12.2023 30.06.2024 2024 - 2028 219,5Mn € 720,0Μn€-740,0 Μn€ Cost of Investment Gross Asset Value Plan 2024-2028 Estimation 31.12.2028 Financial Results Η1 2024
Slide 18: Our Investment Plan
TrTrade Estates Investment Plan 2024-2028 Our Investment Plan Amounts in Mn€ Up to Year 2023 1st Half 2024 2nd Half 2024 Year 2025 Year 2026 Year 2027 Year 2028 Total Year 2024 - 2028 Total Year 2023-2028 Total Budgeted Projects Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX Plot/Shares CAPEX
Slide 19: H1 2024 vs Guidance 2024
Gross Rental Income Adj. Ebitda* Η1 2024 vs Guidance 2024 17,8 Μn € 52,35% 14,6Μn € 57,25% Guidance 2024 achievement Guidance 2024 achievement 33Mn€ – 35Mn€ 25Mn € - 26 Mn € Funds From Operation (FFO) 7,3Mn € 63,47% Guidance 2024 achievement 11Mn € - 12Mn € *excl. asset revaluation impact Financial
Slide 20: Solid Financial Profile
1 NET DEBT 2 NET LTV 3 WEIGHTED AVERAGE COST OF LT DEBT Solid Financial Profile 2023 2023 203,0 Mn € 41,28% 3,93 % FY FiscalH1 2024 Year 4 SOLIDCASH POSITION 5 LOANS MATURITY 20,8 Mn € 9,1 years Financial Results Η1 2024
Slide 21: Cash Flows 2024 - 2028
amounts in € m Cash and Cash Equivalents 19,1 YE 2023 Total Debt 216,3 Net Debt 197,2 Recovery and Resilience Facility Loans (RRF)/ Total Debt * 7,65% Weighted Average Cost of Debt 3,99% Cash Flows 2024 - 2028 Cash outflows Investment Plan -219,5 2024 - 2028 Dividends -72,2 Loan Repayments -67,0 Tot
Slide 22: Share as at 30.08.2024
Share Capital € 192.846.034 Share as at 30.08.2024 ISIN GRS534003009 No of Shares 120.528.771 Reuters: TRESTATESr.AT Nominal Value € 1,60 Tickers Market Capitalization € 197.426.127 Bloomberg: TRESTATE:GA Current Price € 1,6380 NAV 30.06.2024 € 303.630.070 Market Segment Main Market Current Price /N
Slide 23: Shareholders Structure 30.06.2024
Shareholders Structure 30.06.2024 Financial Results Η1 2024
Slide 24: Trade Estates Group in Numbers
Adjusted* Profit After Tax Net Asset Value Evolution H1 2024 (ΝΑV) H1 2024 +57,0% +1,8% Trade Estates Group in Numbers Gross Asset Value 6,87 Mn€ 303,63Mn€ (GAV) H1 2024 +3,1% (vs 4,38 Mn€ H1 2023) (vs 298,41 Mn€ YE 2023) 499,10 Mn€ approx. 68% of the estimated GAV 2028 Stock Liquidity (vs 484,00 Mn
Slide 25: Strong Trade Estates
1 SOLID OPERATING MODEL 2 NOTABLE INCREASEIN PROFIT 3 HIGH PERFORMANCE ASSETS Strong Trade Estates 4 MODERATE DEBT LEVEL 5 IMPROVEMENT IN ALLKEY FIGURES 6 EXCEPTIONAL FFO RESULT by the hand of our strategy STRONG ACTIVE ASSET HIGHLY EXPERIENCED PORTFOLIO MANAGEMENT TEAM Financial Results Η1 2024
Slide 26: Appendix 1: Consolidated P&L Statement
Consolidated P&L Statement Actual Actual Actual Η1 2024 vs Η1 2024 Η1 2023 Η1 2023 (%) Gross Rental Income 17.782 10.774 65,0% Marketing Income 327 0 - Service Income 2.078 1.028 102,2% Total Gross Income 20.187 11.802 71,0% Service Expenses (2.423) (1.002) 141,9% Property Taxes (1.237) (522) 136,8%
Slide 27: Appendix 2: Consolidated Balance Sheet Statement
Consolidated Balance Sheet Statement Actual Actual Actual H1 2024 vs H1 2024 YE 2023 YE 2023 Property, Plant and Equipment 417 442 -5,8% Right of Use Asset 704 242 190,8% Investment Properties* 506.652 492.091 3,0% Investment on Subsidiaries 5.000 5.136 -2,7% Other Non Current Assets 9.881 12.761 -2
Slide 28: Thank you!
Thank you! TRADE ESTATES REIC|H. Sabbagh & S. Khoury 3, 15125 Marousi| info@trade-estates.gr HCCM Reg. No. 15/838/28.02.2019 | GEMI No 160110060000 www.trade-estates.com Financial Results Η1 2024
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