Slide 1: Interim Results Update
Interim Results Update For the six months ended 30 September 2018 November 2018
Slide 2: Highlights for the six months ended 30 September 2018
Highlights for the six months ended 30 September 2018 Adjusted funds Net profit after tax from operations AA Centre Multiple number of $3.20m, a (AFFO*) of $2.78m Settled on of leasing initiatives increase of 33% were 10% lower than 12 July completed at both against 1H18 1H18. This represents 2018 S
Slide 3: Financial Performance
ASSET PLUS+ Financial Performance
Slide 4: Financial Performance
___ Financial Performance 6 months 6 months Sep-18 Sep-17 Var ➢ Net profit after tax of $3.20m a 33% increase $m $m % on 1H18 Net Revenue 4.83 6.11 (21%) Corporate Costs (0.88) (1.10) 20% ➢ AFFO of $2.78m was down 10% from $3.08m EBIT 3.95 5.01 (21%) in 1H18. The half year’s AFFO performance was imp
Slide 5: Financial Position
___ Financial Position 6 months 12 months ➢ Net tangible asset backing per share is $0.71 Sep-18 Mar-18 per share which is unchanged from 31 March $m $m 2018 Cash 0.9 0.5 Investments Properties 124.5 124.6 ➢ The current Group gearing is 8.0%. (Interest Investment Properties Held for Sale - 43.8 bear
Slide 6: Net Rental
___ Net Rental ➢ Net rental income is $1.28m / 21% lower than 1H18 6 months 6 months Sep-18 Sep-17 primarily due to: $m $m Eastgate Shopping Centre 1.70 1.92 Roskill Centre 1.20 1.20 • Divestment of the AA Centre and Print Place Heinz Watties Distribution Centre 1.05 1.10 reduced net rental by $0.55
Slide 7: Administration Expenses
___ Administration Expenses ➢ Administration expenses of $0.88m are 6 months 6 months $0.22m / 20% lower in 1H19, driven by Sep-18 Sep-17 $m $m lower management costs under the Audit Fees 0.07 0.06 Directors Fees 0.15 0.14 externalised management contract with Employee Costs 0.03 0.44 Augusta Funds
Slide 8: Funding
___ Funding ➢ Facility limit reduced to $20m post balance date and $10m remains undrawn ➢ Loan term expires in July 2020 ➢ All swap positions held at 31 March 2018 were exited in August 2018 ➢ Holding costs of facility limit and interest rate > swaps outweighed the short term benefit of holding $70m
Slide 9: Portfolio Summary
Portfolio Summary
Slide 10: Portfolio Summary as at 30 September 2018
___ Portfolio Summary as at 30 Sept 2018 Fair Value Occupancy WALE Passing ($m) (%) (Years) Rent Yield (%) Eastgate 58.9 94 4.0 6.6% Heinz 27.4 100 8.3 >7.6% Watties NDC Roskill 38.0 100 3.3 6.6% Centre TOTAL 124.3 97.2 5.0
Slide 11: Eastgate Shopping Centre
___ Eastgate Shopping Centre ➢ Management have been very active with this property, with a number of new leases agreed or renewed during the past 6 months ➢ A lease extension proposal for a major tenant is expected to be finalised shortly. Collectively these renewals represent 28% of the centres gro
Slide 12: Heinz Watties National Distribution Centre
___ Heinz Watties National Distribution Centre ➢ Management are continuing to work hard in improving a number of aspects of this property ➢ We remain in discussions with the > existing tenants in relation to leasing and potential redevelopment opportunities, whilst ensuring the asset continues to be
Slide 13: Roskill Centre, Stoddard Road
___ Roskill Centre, Stoddard Road ➢ There have been four lease renewals and one additional tenant added since April 2018, (reflecting 6.87% of total net rental for the property) > ➢ A further four leases renewals or new leases expected to be finalised before December 2018 (17.43% of net rental)
Slide 14: Lease Expiry Summary
___ Lease Expiry Summary Asset Plus Lease Expiry Analysis ($m) ➢ 52% of the 2019 lease expiry relates to a 3.43 single tenant. Management are confident a 2.02 new lease will be finalised in December 2018 1.26 ➢ The 2020 expiry consists of 19 separate > 0.82 1.22 0.50 0.40 0.24 tenancies across Eastg
Slide 15: Outlook
Outlook
Slide 16: Outlook
___ Outlook The future strategic operating priorities include: “The immediate focus ➢ Completing the legacy stairwell issues remains the progression of at the AA Centre the development at > Eastgate in Christchurch, ➢ Progression of the value-add opportunities within the existing which will create n
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Slide 18: Appendix 1: AFFO
___ Appendix 1 : AFFO 6 months 6 months Sep-18 Sep-17 $m $m ➢ AFFO* is $0.31m / 10% lower in 1H19 Total Comprehensive Income Net of Tax 3.20 2.41 primarily due to lower rental income due to Add Back divestment Loss From Sales of Investment Property 0.41 - ➢ Partly offset by lower administration and
Slide 19: Important Notice
Important Notice This presentation contains not only a review of operations, but may also contain some forward looking statements (including forecasts and projections) about Asset Plus Limited (APL) and the environment in which APL operates. Because these statements are forward looking, APL’s actual