Helios Re Socimi, S.a. · BME:SCHLR
Helios Re Socimi — Lar España Real Estate SOCIMI — H1 2020 Earnings Presentation
29 slides from Helios Re Socimi's earnings presentation, Jul 29, 2020
Slide 1: H1 2020 Results
H1 2020 RESULTS _ 29-July-2020 www.larespana.com
Slide 2: Index
29 07 2020 Index 1. 2. 3. 4. 5. COVID-19 H1 2020 H1 2020 H1 2020 H1 2020 Update Highlights Financials & Operating Closing situation ESG results remarks
Slide 3: COVID-19 Update Situation
01 COVID-19 UPDATE SITUATION _
Slide 4: COVID-19 effects
29 07 2020 COVID-19 effects I Business model II GLA and visitor numbers III Protected portfolio IV Effects in valuations and balance sheet V Estimated impact 4
Slide 5: I. Solid business model to overcome current situation
29 07 2020 I. Solid business model to overcome current situation • Lar España assets are in a position to guarantee all health-hygiene safety, social distancing and customer communication measures. DIFFERENTIATED, • Pioneering COVID certification with SGS to guarantee hygiene safety in all 100% ASSE
Slide 6: II. Positive pickup in GLA opened and visitor numbers
29 07 2020 II. Positive pickup in GLA opened and visitor numbers GLA opened Footfall recovery 100% 98% 92% 95% 48% 32% 10% Jan Feb Mar Apr May Jun Jul 14 State of Alarm 21 Mar Jun 6
Slide 7: III. Protected portfolio with an optimal activity mix, dominance and solid tenants
29 07 2020 III. Protected portfolio with an optimal activity mix, dominance and solid tenants Dominant assets in COVID-19 100% assets Diversified High percentage Differential brands its catchment areas least affected SGS certified multiproduct of food tenants in the portfolio (not MAD or BCN) areas
Slide 8: IV. COVID-19 effects (valuations and balance sheet)
29 07 2020 IV. COVID-19 effects (valuations and balance sheet) Effect on valuations Effect on balance sheet +24.4% increase in rental income +65.5% recurring profit increase isolating the valuations’ impact vs Jun 19 vs Dec 19 Chg% H1 2020 H1 2019 Recurring H1 20/19 Including Capex Invested +3.7% (2
Slide 9: V. COVID-19 effects (agreements with tenants and estimated impact)
29 07 2020 V. COVID-19 effects (agreements with tenants and estimated impact) AGREEMENTS AND CONVERSATIONS WITH TENANTS ESTIMATED IMPACT OF COVID-19 IN P&L Agreements reached Contracts >2024 85-90% GLA +60% Total rents Total rents Total rents Agreed rent reliefs Q1 2020 Q2 2020 H1 2020 and deferrals
Slide 10: H1 2020 Highlights
Pe lar Real Estate Ue on action! 02 H1 2020 HIGHLIGHTS
Slide 11: Operational results in H1 2020
29 07 2020 Operational results in H1 2020 +27.2% 1,506 NOI vs H1 2019 +60% +82% GAV2 €10.64 EBITDA Adj. EPRA Earnings p.s. EPRA NAV RESULTS +3.5% vs H1 2019 vs H1 2019 (2.9%) +3.7% p.s.3 LfL1 NOI vs H1 2019 vs Dec 2019 vs Jun 2019 Resilient operating +8% 95% performance Rent uplift Occupancy4 3.3 ye
Slide 12: Corporate results in H1 2020
29 07 2020 Corporate results in H1 2020 3rd SBB Net LTV €55 Mn dividend 1 c.€140 Mn liquidity 41% Programme €0.63 p.s. Expenses covered CORPORATE maintained Avg. cost of debt Dividend paid over the next 4 years 5% share capital 2.1% 100% AENOR Univesal 100% 100% Recommendations of the Accesibility C
Slide 13: H1 2020 Financials & ESG
03 H1 2020 FINANCIALS & ESG _
Slide 14: Financial key figures
29 07 2020 Financial key figures delivered in H1 2020 15 €47.9 Mn +24.4% Assets GRI vs H1 2019 €1,506 Mn €37.2 Mn +60.5% €905.3 Mn €26.9 Mn GAV EBITDA vs H1 2019 EPRA NAV EPRA Earnings 578,460 €754.2 Mn 2.1% €10.64 €0.31 GLA sqm Financial debt Cost of Debt EPRA NAV per share1 EPRA Earnings per share
Slide 15: Retail performance
29 07 2020 Retail performance delivered in H1 2020 Operating results Commercial activity +23.6% +27.2% +4.1% (15.1%) €2.7 Mn 10,758 sqm Minimum Non-recoverable GRI NOI Negotiated rent Rotated area guaranteed rent1 costs1 +1.1% +3.5% 95% 46 +8% LfL GRI1 LfL NOI1 % Occupancy2 Operations Rent uplift 1.
Slide 16: Solid asset valuation with a minimum impact of COVID
29 07 2020 Solid asset valuation with a minimum impact of COVID Our assets make the difference in each of their locations H1 2020 Valuation ▪ A resilient portfolio of dominant shopping €1,506 Mn centres in attractive catchment areas ▪ Cherry-picked portfolio, assets carefully % Increase analysed and
Slide 17: Consolidated Income Statement (€ Millions)
29 07 2020 Consolidated Income Statement (€ Millions) Chg% H1 2020 H1 2019 Recurring H1 20/19 Recurring Non-Recurring Total Recurring Non-Recurring Total Rental Income 47.9 - 47.9 38.5 - 38.5 +24.4% Other Income 1.1 - 1.1 1.2 - 1.2 Personnel expenses (0.2) - (0.2) (0.2) - (0.2) Other expenses (10.9)
Slide 18: Financial pillars and liquidity
29 07 2020 Financial pillars and liquidity No significant maturities in the next two years Expenses covered over Debt Structure and As at 30.06.2020 the next 4 years Amortization Profile € Mn € Mn Gross Net €140 Mn €614.2 Mn financial debt financial debt Senior Bank €754.2 Mn €620.9 Mn c.140 Secured
Slide 19: 2019 dividend paid on April 16th, 2020
29 07 2020 2019 dividend paid on April 16th, 2020 Following a detailed liquidity analysis +€5 Mn vs 2018 Among the leading Spanish listed +111% companies in terms of direct €0.63 ps 2 CAGR1 Cash dividend shareholder remuneration €0.54 ps €0.49 ps €55.0 Mn 2 €50.0 Mn 5.5% 8.9% €0.33 ps €45.0 Mn Divid
Slide 20: Capacity to maintain the current share Buy-Back Programme
29 07 2020 Similarly, capacity to maintain the current share Buy-Back Programme 57%1 of targeted share capital already acquired The purpose of the Buy-Back Programme is the further reduction of Lar España’s share capital through the amortization of shares 1st 2nd 3rd Share Buy-Back Programme Share B
Slide 21: Exemplary property management and good governance
29 07 2020 Exemplary property management and good governance Most stringent environmental, social & corporate governance standards ENVIRONMENTAL COMMITMENT SOCIETY COMMITMENT CORPORATE GOVERNANCE Data automation in shopping malls 100% of the portfolio audited in United commitment Greater periodicity
Slide 22: H1 2020 Operating Results
04 H1 2020 OPERATING RESULTS _
Slide 23: Resilient operating performance
29 07 2020 Resilient operating performance Fast recovery of footfall and sales since the reopening Sales1 Footfall Jun 2020 Jun 2020 Vs June 2019 Vs June 2019 +1.3% (3.5%) (8.9%) (8.1%) (36.9%)3 LfL2 Total LfL2 Total 1. Declared sales 2. Like for Like (excluding Lagoh and Ànec Blau shopping centres)
Slide 24: Solid, diversified and high-quality tenant base with long-term relationships
29 07 2020 Solid, diversified and high-quality tenant base with long-term relationships >60% of contracts with tenants have maturities beyond 2024 Solid ratios convey comfort to our retailers Letting activity with 8% rental growth >60% 9.5% 3.3y 95% +23.6% contracts WAULT Effort rate1 (including Occ
Slide 25: Capex programme nearly completed before health crisis
29 07 2020 Capex programme nearly completed before health crisis Ànec Blau & Megapark refurbishments completed during the State of Alarm and already fully reopened Ambitious transformation Financial prudence Ànec Blau & Megapark plan completed in capex reopened after refurbishment ▪ Capex programme
Slide 26: H1 2020 Closing Remarks
Pe lor Real Estate on action! 05 Me H1 2020 \ 3 CLOSING REMARKS
Slide 27: Closing remarks
29 07 2020 Closing remarks Resistance capacity against unforeseen elements Successful Pioneering COVID Valuations 95% +27.2% reopening certification with recovery of footfall NOI (2.9%) vs Dec 2019 with transformation SGS to guarantee in July vs H1 2019 +3.7% vs Jun 2019 plan completed hygiene safet
Slide 28: Disclaimer
29 07 2020 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 with, or control by, the Spanish National Securities Market Com
Slide 29: Follow us
Follow us www.larespana.com info@laespana.com Lar España Real Estate SOCIMI Lar España App
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