Helios Re Socimi, S.a. · BME:SCHLR
Helios Re Socimi — Lar España Real Estate SOCIMI — H1 2018 Earnings Presentation
27 slides from Helios Re Socimi's earnings presentation, Jul 27, 2018
Slide 1: H1 2018 Results
H1 2018 www.larespana.com Results July 2018 July 27th, 2018 H1 2018 Results - Lar España Real Estate
Slide 2: Agenda
Agenda 01 02 03 04 05 H1 2018 Corporate H1 2018 Business Closing Highlights Activity Financial Performance Remarks Results H1 2018 Results - Lar España Real Estate
Slide 3: H1 2018 Highlights
01 H1 2018 Highlights H1 2018 Results - Lar España Real Estate As Termas Shopping Centre, Lugo
Slide 4: Solid performance & successful asset rotation
4 Solid performance & successful asset rotation +20.9% 33.8% 10 quarters in Property operating result Portfolio revaluation outperforming the market Operating since acquisition in retailers declared sales (+2.0%) Results +12.4% Recurring EBITDA (before invested capex) & footfall (+1.1%) VidaNova Par
Slide 5: Corporate Activity: towards Growth & Value Creation
02 Corporate Activity: towards Growth & Value Creation H1 2018 Results - Lar España Real Estate Lagasca 99 Residential Development, Madrid
Slide 6: Successful 2018-21 Business Plan execution
6 Successful 2018-21 Business Plan execution Arturo Soria Sale Rivas Futura Logistics Portfolio & Office Building Retail Park Cheste Sale 34.5% €61.6 Mn 82.5% over acq. price acquisition price over acq. price Abadía’s Commercial Gallery €14 Mn 2018 acquisition price 2019 2021 2017 2020 SEP OCT JAN F
Slide 7: Lar España crystalizes value through the logistics portfolio disposal
7 Lar España crystalizes value through the logistics portfolio disposal Lar España shows its ability to unlock the value created over the last years of market improvement and active asset management of the existing portfolio Successful active management of The sale of the logistics portfolio Non-cor
Slide 8: Remaining non-core assets will add value in the coming months
8 Remaining non-core assets will add value in the coming months OFFICES LAGASCA99 VALUATION1 VALUATION2 €97.5 Mn €188 Mn MARCELO SPÍNOLA ELOY GONZALO JOAN MIRÓ VALUATION1 VALUATION1 VALUATION1 €38.5 Mn €37.5 Mn €21.5 Mn 100% Occupancy 1. Valuation as of 30th June 2018 2. Valuation as of 30th June 20
Slide 9: VidaNova Parc has already opened its 1st phase
9 VidaNova Parc has already opened its 1st phase Leroy Merlin, Norauto already opened. VidaNova’s main anchor, The rest of the retailers will has already started to gradually open their locations welcome customers in the coming months 100% GLA signed Smart and balanced mix of attractive retailers, l
Slide 10: Palmas Altas is going to be an additional source of value creation
10 Palmas Altas is going to be an additional source of value creation Excellent location, Q2 2019 4 km from Seville’s city centre Opening 73% 8 Inditex GLA signed and committed Brands signed 14 Mn/year 200 €88.5 Mn Exp. Visits Tenants Valuation1 1.5 hours c.15 Mn €151.6 Mn Est. construction Exp. Avg
Slide 11: Lagasca99 sales reached 86% and increases average price
11 Lagasca99 sales reached 86% and increases average price New residential concept €188 Mn in the centre of Madrid Valuation1 80% 86% 70% 44% 30% FY 2015 FY 2016 9M 2017 Q1 2018 July 2018 Last construction phase, focused on interior works Extraordinary dividend 500,000 tons of travertine marble anno
Slide 12: Albacenter successfully refurbished and reopened in June
12 Albacenter successfully refurbished and reopened in June €3.0 Mn +11.3% Main entrance Areas of Invested Capex Revaluation vs H1 2017 dynamic traffic Full Renewal Project ▪ Reposition the SC as an urban square ▪ Improve commercial mix Comfortable and bright ▪ Modern and complete renovation of the
Slide 13: H1 2018 Financial Results
03 H1 2018 Financial Results H1 2018 Results - Lar España Real Estate VidaNova Parc Retail Complex, Sagunto
Slide 14: Successful & strong key facts delivered in H1 2018
14 Successful & strong key facts delivered in H1 2018 €1,580 Mn +9.1% GAV vs H1 2017 €39.8 Mn +6.1% €10.34 €979.3 Mn 10.7% GRI vs H1 2017 EPRA NAV per share EPRA NAV ROE €33.5 Mn +20.9% 5.5% 5.4% 6.3% Property vs H1 2017 EPRA “topped-up” NIY EPRA NIY ROA Operating Result €29.6 Mn +12.4% 93.3% €74.3
Slide 15: H1 2018 Lar España Asset Appraisal
15 H1 2018 Lar España Asset Appraisal Total Portfolio Total Retail H1 2018 Valuation H1 2018 Valuation €1,580 Mn €1,288 Mn 33.8% 27.0% 13.2% 10.4% LfL H1 2018/17 Since Acquisition LfL H1 2018/17 Since Acquisition Before Invested Capex Before Invested Capex H1 2018 Results - Lar España Real Estate
Slide 16: Consolidated Income Statement (€ Millions)
16 Consolidated Income Statement (€ Millions) RECURRING3 Chg% NON-RECURRING3 TOTAL3 Chg% H1 2018/17 H1 2018/17 H1 2018 H1 2017 H1 2018 H1 2017 H1 2018 H1 2017 Rental Income 39.8 37.5 - - 39.8 37.5 Other Income 2.5 1.0 - - 2.5 1.0 Property Operating Expenses (7.7) (6.3) - - (7.7) (6.3) Base Fee (4.3)
Slide 17: Debt structure and cost aimed at delivering value on the business plan
17 Debt structure and cost aimed at delivering value on the business plan Debt Structure and Amortization Profile € Mn €140 Mn €474.3 Mn Gross Financial Debt Senior Secured Bond Bank Debt €614.3 Mn 258.6 Net LTV Avg. Cost of Debt 210.4 36% 2.19% 140.0 Interest Cover Ratio1 (ICR) 100.7 4.5x 118.6 28.
Slide 18: New flexible debt structure for capex, developments and acquisitions
18 New flexible debt structure for capex, developments and acquisitions €614.3 Mn €48.2 Mn €566.1 Mn €119.7 Mn €446.4 Mn €130 .1 Mn Debt as of Cash & Net Debt as of Logistics Portfolio Net Debt Undrawn 30 Jun 2018 cash equivalents 30 Jun 2018 Disposal Pro-forma Available Funds 30 Jun 2018 July 2018
Slide 19: Lar España raises c.€100 Mn in financing for Palmas Altas
19 Lar España raises c.€100 Mn in financing for Palmas Altas The first financing of this size & the first for a retail greenfield development secured since 2007 Lar España has secured a c.€100 Mn development facility to fund the Palmas Altas’ construction and its operational phase, supporting a land
Slide 20: Business Performance
04 Business Performance H1 2018 Results - Lar España Real Estate Gran Vía Shopping Centre, Vigo
Slide 21: Sound retail letting activity keep pushing KPI's above market
21 Sound retail letting activity keep pushing KPI’s above market Lar España continues outperforming the market Letting activity at the core of the strategy Sales1 H1 2018 Visits H1 2018 +8.6% €303.6 Mn 26.9 Mn RENTAL GROWTH Lar España Retail Sales +2.0% 11,508 sqm 5% ANNUALIZED ROTATED ROTATION RATE
Slide 22: Retail operating trends keep up throughout the year
22 Retail operating trends keep up throughout the year All figures refer to H1 2018 period Vs H1 2017 Active Asset & Tenant €36.4 Mn Management LfL Occupancy Rate LfL NOI LfL GRI Incentives reduction to + Growth Growth Growth tenants Smart Capex in Operating Assets +2.1 p.p. +4.6% +2.9% 9.4% Sales1
Slide 23: Retail Portfolio's potential
23 Retail Portfolio’s potential +c.60% +5.8% +c.8% >6% Estimated Rental Retail Expected Expected Increase Potential Topped-Up NIY NIY NIY Future Investments Ongoing Opened 15 c.110 Development 1st Phase 15 95 Existing Income Generating Assets 5 4 2 75 69 Annualised Topped Reversionary Reversionary R
Slide 24: Closing Remarks
05 Closing Remarks H1 2018 Results - Lar España Real Estate Txingudi Shopping Centre, Guipuzcoa
Slide 25: Closing Remarks
25 Closing Remarks +20.9% Property operating result in H1 2018 vs H1 2017 +12.4% Recurring EBITDA in H1 2018 vs H1 2017 Operating Results +8.64% Average stay in our shopping centres in H1 2018 vs H1 2017 VidaNova Parc already opened with 100% GLA signed Palmas Altas reached 73% of GLA leased and com
Slide 26: 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 27: H1 2018 Results Presentation
H1 2018 Results Presentation Follow us: www.larespana.com Lar España Real Estate SOCIMI info@larespana.com Lar España App H1 2018 Results - Lar España Real Estate
Lar España Real Estate SOCIMI — H1 2018 Earnings Presentation on 6ix