Mas P.l.c. · JSE:MSP
Mas P.l.c — H1 FY2022 Earnings Presentation
54 slides from Mas P.l.c's earnings presentation, Dec 31, 2021
Slide 1: Results Presentation and Company Profile
GREEN PROPERTY INVESTOR IN CENTRAL AND EASTERN EUROPE Results Presentation and Company Profile on 31 December 2021
Slide 2: Table of Contents
TABLE OF CONTENTS 3 RESULTS SUMMARY & HIGHLIGHTS 15 PROPERTY OVERVIEW 4 CEE GLA STATUS, FOOTFALL, TENANTS’ SALES, INVOICING & COLLECTION Jul — Dec 21 16 INCOME PROPERTY 5 PROGRESS WITH STRATEGIC TARGETS Dec 21 30 DEVELOPMENT PROPERTY 6 EARNINGS GUIDANCE Dec 21 42 COMPANY PROFILE 7 EARNINGS Jul — Dec
Slide 3: Results Summary Highlights
RESULTS SUMMARY HIGHLIGHTS Six-month period to Six-month period to 31 Dec 2021 30 Jun 2021 Adjusted distributable EPS 5.3% in six months FINANCIAL RESULTS (eurocents/share) CEE valuation €40.2m 131 124 7 5.6% Tangible NAV ( 12.9% y-o-y) 98% pro forma CEE collection rate Earnings 13.52 6.97 6.5
Slide 4: CEE GLA Status, Footfall, Tenants' Sales, Invoicing & Collection
CEE GLA STATUS, FOOTFALL, TENANTS’ SALES, INVOICING & COLLECTION Jul — Dec 21 Jul 21 Aug 21 Sep 21 Oct 21 Nov 21 Dec 21 Total Open GLA1 97% 97% 96% 71% 9% 8% 62% Restricted GLA 2 3% 3% 4% 29% 91% 92% 38% Closed GLA 3 – – – – – – – Footfall (LFL 2021 vs. 2019) 96% 94% 93% 86% 60% 71% 83% Open-air mal
Slide 5: Progress with Strategic Targets
PROGRESS WITH STRATEGIC TARGETS Dec 21 OPERATIONAL COMMERCIAL RESIDENTIAL ACQUISITIONS DEVELOPMENTS SALES 4% €600m* €200m* €150m annualised LFL NRI growth to Jun 2026 completion of developments (at cost) per annum, 20% net after tax by Jun 2022 and a further at a weighted initial net yield of more m
Slide 6: Earnings Guidance
EARNINGS GUIDANCE Dec 21 Assumptions WE assets sold at book value Acquisition targets are achieved Asset management targets achieved No further share issues or buy-backs Secured development pipeline is permitted and rolled out as planned Stable economic environment NEPI Rockcastle plc performs as ex
Slide 7: Earnings Jul–Dec 21 vs. Jan–Jun 21
EARNINGS Jul — Dec 21 vs. Jan — Jun 21 Adjusted proportionate accounts Adjusted proportionate accounts Six-month period to 31 Dec 2021 Six-month period to 30 Jun 2021 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co EARNINGS 91,420 39,961 25,709 33,749 (7,999) 47,403 20,791 14,133 4,943 7
Slide 8: Net Asset Value Dec 21 vs. Jun 21
NET ASSET VALUE Dec 21 vs. Jun 21 Adjusted proportionate accounts Adjusted proportionate accounts 31 Dec 2021 30 Jun 2021 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 888,060 496,440 338,693 75,435 (22,508) 836,958 474,513 269,737 118,916 (26,208) 51,102 21,927 68,956
Slide 9: CEE Passing Net Rental Income & Fair Value Movements
CEE PASSING NET RENTAL INCOME & FAIR VALUE MOVEMENTS Jul — Dec 21 Developments completed during the period Opening of Opening of Barlad Value Prahova Value Centre Centre Jul 21 Dec 21 Nov 21 Dec 21 DCF VALUATION ASSUMPTIONS Range CEE Passing Net Rental Income movements Discount rates (unlevered) 9.6
Slide 10: Debt Capacity and Repayment Profile
DEBT CAPACITY AND REPAYMENT PROFILE Dec 21 14.9% 3.2 4.34% LTV ND/NRI WACD Maximum net debt capacity (40% LTV; 7xNRI) €352.0m Net debt (debt-cash) €168.2m Cash €201.5m Debt on 31 Dec 2021 €369.7m Financing costs settled €(6.6)m 2022 repayment €(20.6)m 2023 €(34.9)m 2024 €(1.0)m 2025 €(10.8)m LIQUIDI
Slide 11: Income Property Schedule Dec 21
INCOME PROPERTY SCHEDULE Dec 21 Destination Total Asset MAS’ share Location Type Acq/Dev Stake Acquired GLA GLA Occupancy NI BV Cost NI BV Cost NI/BV NI/Cost % year m2 m2 % €m €m €m €m €m €m % % INCOME ASSETS 68.4 901.9 759.9 7.6% 9.0% DJV preference shares (60% of the notional) 13.5 180.0 180.0 7.5
Slide 12: Income Property Held for Sale Schedule Dec 21
INCOME PROPERTY HELD FOR SALE SCHEDULE Dec 21 Asset MAS’ share Location Type Acq/ Stake Acquired GLA Occupancy NRI BV Agreed Cost NRI BV Agreed Cost NRI/BV NRI/Cost Dev sale price sale price % year m2 % €m €m €m €m €m €m €m €m % % PROPERTY HELD FOR SALE 34,100 85.4% 3.4 88.7 7.4 103.2 3.4 88.7 7.4 1
Slide 13: Development Property Schedule Dec 21
DEVELOPMENT PROPERTY SCHEDULE Dec 21 Destination Asset MAS’ share Location Type Status Stake Completion GLA GLA/GSA Units ERV Budget Spent ERV Budget Spent Margin ERV/Budget % year m2 m2 # €m €m €m €m €m €m % % DEVELOPMENTS 799.6 71.0 DJV preference shares outstanding commitment (60% of notional) 10
Slide 14: CEE Development Property Movements Jul–Dec 21
CEE DEVELOPMENT PROPERTY MOVEMENTS Jul — Dec 21 Development pipeline on 1 Jul 2021 €480.4m Income property planned extensions, under re-assessment €(114.1)m Developments and refurbishments completed €(25.0)m Pipeline budget changes €17.5m New developments – Commercial €114.6m New developments – Resi
Slide 15: Property Overview
PROPERTY OVERVIEW Isle of Man Office 2 1 United Kingdom Gorzow Office Poland Income properties 1 1 Developments, extensions and land bank Germany Income properties and land bank held for sale Income properties contracted to be sold 18 21 Romania Bucharest Office 2 Sofia Office Bulgaria Malta Office
Slide 16: Income Property: Nova Park
INCOME PROPERTY DIV ERS E NOVA PARK REPO YOUN RT G ER TR MODADE BOB OQ E TOP TOY 5.10 ALO IW .15 S PIN O RUCH KAND KU POLSCHNIA SZNU ULSK I KA PRIM SPOKROW NE FAM HOT W YO KA KA ILIAA BASH DO RK G M DO BERL IR NNER IN NO KEBA RTH BLUE SHAD MAD OW AM FISH P E ACA MED SIZE PU LCO ICIN E ER 50 S TYL SO
Slide 17: 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 KAH DUKKA VE BM IN OR NI N CA AG ST NT E TO S O SCA NDA L NS IO AT IN M NO FA N PA PEP PO TR E IZ IN IA T CO LL EC T IV E M ER CA R I WOMONYX AN HA RIZ MA FU TW SI LE IN O O N
Slide 18: Income Property: Atrium Mall
INCOME PROPERTY ATRIUM MALL IS METROPOL AND CITY FAIRYL G PLANET BOWLIN CINEMA 1 IS BURGER HOUSE CRISPY LE RELA PAPA BON CRISPY OFFICE BELLY BIG E IA N M O TA PO SO YM IZIO DEL K O O ES G W M N KE R 3F OU AM SUN O AT C ER M STYLE MEN’S R T CA LU SO AB SHOP BY GIFT visit www.atriummall.ro FANY LUX D
Slide 19: Income Property: Dambovita Mall
INCOME PROPERTY DAMBOVITA MALL SP MB M D C OV IL A RP I L C TA IO IV N D IN IL AN D SS RE XP MES GA ITE EL IN SM RA SU AR NC T E C RS ATA C A BL EN PE D RF CA EC FF T E UI SA UL CA AND M GUR M ES O PO TA M IA D AB O D O N ER JU BA C AF FE R ’O ND LE SP RA N KIN M E U M U SO IN VE FIN LO E ITY IN NK
Slide 20: Income Property: Galleria Stara Zagora
INCOME PROPERTY T IC ATHLE URANT RESTA MA GALLERIA STARA ZAGORA TON BON CINE CITY I YOZZGHURT YO BON MI’S R CAT BMS ONE PIZZIO MR.D RA SUB NOR TELE SILY SES ND GRAPTICS O E BOT DOR M TEO CASY OPEA ACO VIV TI ESTE EV ELIN ORA FLAIR PAND ER SILVOURT C I RIN LAZA IQOS visit www.galleriasz.bg NA ZLATRIB
Slide 21: Income Property: Militari Shopping
INCOME PROPERTY 54,100m² Located in Militari, a densely populated and expanding residential area in MILITARI SHOPPING GLA Bucharest, this centre has excellent visibility and is located on Bucharest’s main €9.4m western artery, which links directly into the E81/A1 highway. The open-air NRI mall benef
Slide 22: Income Property: DN1 Value Centre
INCOME PROPERTY DN1 VALUE CENTRE UNION BRANDS EMPER PRESTIGE SMART LUX LELAS ANOUSH JUNGLA MOBILE MINIER GADGETS GHEISHA MOBIUP ABBRACCIO PERFUMES ASIGURARI DIAMONDS PERFUMES BUTIK COPIILOR LUXURY COVER SHOP MAISONETTE CAROL TOTAL WASH BOUTIQUE 17 BACIUL SIBIAN OPTIC DIGI ALURA MUMUSO CADOR GREIGE S
Slide 23: Income Property: Prahova Value Centre
INCOME PROPERTY 21,700m² Prahova Value Centre is located in Ploiesti, the capital of Prahova County, PRAHOVA VALUE CENTRE GLA near the main train, tram and bus stations. The centre has a catchment €3.0m area consisting of 759,000 inhabitants. The open-air mall, which opened NRI on 3 December 2021, h
Slide 24: Income Property: Zalau Value Centre
INCOME PROPERTY ZALAU VALUE CENTRE LET’S PLAY MESOPOTAMIA SMITH SMITH & SHANGHAI RESTAURANT REFUGIUL GURMANZILOR NOBILACASA COPIILOR JUNGLA BUNATATI NORIEL BULEVARD DIN SIBIU DIGI RANKINE CURATATORIE ARMAN SPORT LOC DE JOACA MAXXIMUS YUPPI KIDS BOUTIQUE 17 COVER KULSASR CONF SHOP www.zalauvaluecentr
Slide 25: Income Property: Roman Value Centre
INCOME PROPERTY ROMAN VALUE CENTRE COCO RINOO LET’S PLAY MONEYGRAM BUJITERIA LE PREMIER DRAGON XMAS ROYAL WOK ROBEST MESOPOTAMIA NORIEL EXPRESS JUNGLE KRISTALL KIDDY CREDIT OPTIC RAINBOW MARCO BOUTIQUE 17 FASHION SUPERSTAR DOPO POCO JUBA CAFE 3D X-RAY IQOS POSETTE MINIER GRAZIE MILLE AND CADOR MOBIC
Slide 26: Income Property: Baia Mare Value Centre
INCOME PROPERTY BAIA MARE VALUE CENTRE DABO DONER HAPPY HOPPA MISCHIATI DREAM CAKE RUTIERA POLITIA ROBEST JACK ROZA KAVOS GAMES ORO CHRISTIAN RAMONA TOUR WASHING COMPAS COVER SHOP SAVOY POLITIA RUTIERA VITAMIX COPIILOR JUNGLA ROBEST EPSON NORIEL MINIER visit www.baiamarevaluecentre.ro CADOR × 950 21
Slide 27: Income Property: Sepsi Value Centre
INCOME PROPERTY SEPSI VALUE CENTRE NORIEL × 514 visit www.sepsivaluecentre.ro COLLECTION BOUTIQUE 17 NOBILACASA JUBA CAFE FASHION CADOR BERTIS ADERIX CAPPUCCINO RUFARIE B&B CAFE HYGEA FARM TALMA FINE DRINK 16,900m² EXCHANGE KORALL Sepsi Value Centre, with a catchment area XPRESS GSM TABAC SHOP KOLUM
Slide 28: Income Property: Barlad Value Centre
INCOME PROPERTY MESOPOTAMIA BARLAD VALUE CENTRE LET’S PLAY NEDJOY RIMMINI GSM PIZZA LA MOLDOVENI OZ GOLD LA TUTU PARFUM Planned Extension MINIER ROPHARMA PARFUM D&P NORIEL ALL SPORT CONACUL BACIULUI AVANGARD CASA VLADIMIR x 880 SPORTIVE PARIURI INFINITE LOVE MOBICELL visit www.barladvaluecentre.ro M
Slide 29: Income Property: Strip Malls
INCOME PROPERTY STRIP MALLS × 175 owned out of 500 CASINO MAGIC 27,800m² These properties include seven convenience NORIEL GLA centres with a high density of national and €3.2m international anchors, including Deichmann, NRI Jysk, and Pepco. They are easily accessible €40.4m by car and public transp
Slide 30: Development Property: Mall Moldova Phase II
DEVELOPMENT PROPERTY Permitting MALL MOLDOVA – PHASE II FI TN ES S H N C O R N I A SH O FA 0 15 H N C O R N I A SH O FA 3, H N C O R × N I A SH O FA 58,600m² The extension of the former Era Shopping Centre H N N IO R H N A SH O FA C O C R N I A SH O FA GLA (29,600m2) into Mall Moldova will create a
Slide 31: Development Property: Arges Mall
DEVELOPMENT PROPERTY Permitting ARGES MALL FI TN ES S FA C SH HO A N IO R N ×2 ,00 FA C FA C SH HO A N IO R SH HO 0 A FA C N SH HO A N N IO R IO R N F N AN ASH CH ION OR 52,100m² Arges Mall is located in Pitesti, the capital and F AN ASH FA C SH HO A CH ION N IO R OR N GLA FA C SH HO A largest city
Slide 32: Development Property: Alba Iulia Mall
DEVELOPMENT PROPERTY WIP ALBA IULIA MALL CAS INO GY M &F ITN ESS FA SH IO FA N SH IO N SP EC I AL FA IS SH T IO FA N SH FA IO SH IO N FA SH N IO N TO YS TO FA YS SH IO SP FA N EC SH I 28,900m² Located in central Romania, Alba Iulia is an important IO AL IS N T FO GLA O historical and tourist destina
Slide 33: Development Property: VGP Value Centre
DEVELOPMENT PROPERTY Zoning VGP VALUE CENTRE FASHION FASHION FOOTWEAR FASHION FASHION FASHION × 850 FURNITURE 19,800m² VGP Value Centre is located north-west of GLA Brasov, next to an existing Hornbach and a €2.4m large area of existing and future residential and HYPERMARKET ERV industrial developme
Slide 34: Development Property: IMGB
DEVELOPMENT PROPERTY Zoning IMGB Residential Retail 242,400m² 28,000m² GSA GLA 3,149 €3.9m UNITS ERV €189.1m €43.8m BUDGET BUDGET 40% 40% OWNED BY MAS OWNED BY MAS The new residential project is located in the south of Bucharest on a former 17.8ha industrial platform with a 250 meter opening onto Be
Slide 35: Development Property: Roman Residential
DEVELOPMENT PROPERTY Zoning ROMAN RESIDENTIAL 166,000m² GSA 2,137 UNITS €155.6m BUDGET 40% OWNED BY MAS The residential project is planned to be developed on a 9ha former industrial platform in south-eastern Brasov, southern Transylvania’s major city, with approximately 287,000 inhabitants. The proj
Slide 36: Development Property: Elba Residential
DEVELOPMENT PROPERTY Zoning ELBA RESIDENTIAL 128,600m² GSA 1,252 UNITS €133.6m BUDGET 40% OWNED BY MAS The residential project is planned to be developed in close proximity to downtown Timisoara on a 5.6ha site comprising 1,200 high quality apartments and integrated parking in low- and high-rise apa
Slide 37: Development Property: Silk District
DEVELOPMENT PROPERTY WIP SILK DISTRICT Residential Office 113,100m² 103,700m² GSA GLA 1,491 €18.3m UNITS ERV €126.7m €170.7m BUDGET BUDGET 40% 40% OWNED BY MAS OWNED BY MAS The large 10ha mixed-use, urban renewal development project combines several functions increasing the efficiency of infrastruct
Slide 38: Development Property: Avalon Estate
DEVELOPMENT PROPERTY WIP AVALON ESTATE 93,300m² GSA 746 UNITS €125.3m BUDGET 40% OWNED BY MAS Avalon Estate is a 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 district, p
Slide 39: Development Property: Cesarom
DEVELOPMENT PROPERTY Zoning CESAROM Residential Retail Office 113,500m² 73,300m² 49,200m² GSA GLA GLA 1,461 €12.5m €7.9m UNITS ERV ERV €120.7m €140.3m €76.3m BUDGET BUDGET BUDGET 40% 40% 40% OWNED OWNED OWNED BY MAS BY MAS BY MAS A large mixed-use project incorporating retail, office and residential
Slide 40: Development Property: Marmura Residence
DEVELOPMENT PROPERTY WIP MARMURA RESIDENCE 36,100m² GSA 459 UNITS €47.8m 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, vibra
Slide 41: Development Property: Pleiades Residence
DEVELOPMENT PROPERTY Permitting PLEIADES RESIDENCE 41,000m² GSA 498 UNITS €33.6m BUDGET 40% OWNED BY MAS A high quality residential project will be developed in Ploiesti, Romania, consisting of 498 apartments integrated with Prahova Value Centre's planned large-scale entertainment and leisure hub ex
Slide 42: Company Profile
52+13+51911S COMPANY PROFILE ANNUAL PASSING NET RENTAL AND DIVIDEND INCOME 52% CEE direct assets €37.6m MAS is an internally managed green €71.8m 13% 5% CEE DJV WE direct assets €9.3m €3.4m property investor and operator 19% DJV preference shares €13.5m 11% Listed securities €8.0m focused on retail
Slide 43: Environmental
ENVIRONMENTAL MAS’ approach to business is built on a foundational INCOME ASSETS CERTIFICATION CERTIFICATION YEAR EM-Nova Park BREEAM: Excellent 2021 belief that to be successful, businesses must EM-Galleria Burgas LEED: Gold 2012 make a positive contribution to society. Therefore, EM-Atrium Mall BR
Slide 44: Development Joint Venture Structure
DEVELOPMENT JOINT VENTURE STRUCTURE UNIQUE LOW-RISK ACCESS TO EXCEPTIONAL DEVELOPMENT PIPELINE WITH PRE-EMINENT CEE RETAIL DEVELOPER • Prime Kapital employs an unique, vertically integrated development approach that consistently results in high development margins • DJV provides co-investment access
Slide 45: Earnings Jul–Dec 21 Reconciliation
EARNINGS Jul — Dec 21 Reconciliation of Proportionate accounts to Adjusted proportionate accounts Proportionate accounts Adjustments Adjusted proportionate accounts Six-month period to 31 Dec 2021 Six-month period to 31 Dec 2021 Six-month period to 31 Dec 2021 Total CEE DJV WE Co Total CEE DJV WE Co
Slide 46: Net Asset Value Dec 21 Reconciliation
NET ASSET VALUE Dec 21 Reconciliation of Proportionate accounts to Adjusted proportionate accounts Proportionate accounts Adjustments Adjusted proportionate accounts 31 Dec 2021 31 Dec 2021 31 Dec 2021 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 895,039 486,165 352,04
Slide 47: Group Management
GROUP MANAGEMENT Martin Slabbert, CEO Martin has over 26-years of real estate, turn-around and finance industry experience, including 15 years in CEE. He co-founded Prime Kapital in 2015, and prior to this he was CEO of New Europe Property Investments, which he established with Victor Semionov in 20
Slide 48: Group Management
GROUP MANAGEMENT Gabriel Malanca, Director – Asset Management Gabriel has 17-years of real estate industry experience and is currently heading the Asset and Property Management function within MAS Group. Prior to joining Prime Kapital in 2017, he was centre manager at Nepi Rockcastle and retail and
Slide 49: Non-Executive Directors
NON-EXECUTIVE DIRECTORS Werner Alberts, Independent Non-Executive Chairman Werner was appointed as Chairman of MAS’ Board of Directors in August 2021. He is currently the COO of Capital International Group, and is a qualified chartered accountant with over 25 years’ experience in the finance industr
Slide 50: Non-Executive Directors
NON-EXECUTIVE DIRECTORS Malcolm Levy, Non-Executive Director 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 in London. Melt Hamman, Ind
Slide 51: Beneficial Shareholders Holding Over 5% Feb 22
BENEFICIAL SHAREHOLDERS HOLDING OVER 5% Feb 22 Shares % Prime Kapital Holdings Ltd and associates* 153,628,167 21.5 Government Employees Pension Fund 67,180,387 9.4 Attacq Ltd 46,157,934 6.5 Argosy 44,612,269 6.3 312,578,757 43.7 * Associates represent shareholdings of DJV, Martin Slabbert and Prime
Slide 52: 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 assets (CEE) Income properties located in CEE fully owned and managed by the Group. CEE development joint vent
Slide 53: Glossary
GLOSSARY Acq/Dev, A/D Acquired / Developed IJV Investment joint venture, former joint venture with Prime Kapital, 80% owned BREEAM/LEED/EDGE Independent third-party certification of the assessment regarding the and controlled by the Company, for investing in CEE Income properties sustainability of i
Slide 54: MAS Real Estate
MAS REAL ESTATE