Mas P.l.c. · JSE:MSP
Mas P.l.c — H1 FY2024 Earnings Presentation
51 slides from Mas P.l.c's earnings presentation, February 2024
Slide 1: Results Presentation and Company Profile
GREEN PROPERTY INVESTOR IN CENTRAL AND EASTERN EUROPE Results Presentation and Company Profile
Slide 2: Table of Contents
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes TABLE OF CONTENTS Photo: Avalon Estate Overview Financial Performance Highlights3 Earnings Jul – Dec 23 vs. Jan – Jun 2318 Company Profile 4 Cash Available from Distributable Earnings 19 Financial Resul
Slide 3: Highlights
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes HIGHLIGHTS Adjusted distributable EPS six months to 31 Dec 2023 CEE Occupancy LTV 4.79 eurocents 97.7% 24.3% 12.2% y-o-y increase Tangible NAV per share CEE Collection Rate WACD 160 eurocents 99.6% 5.39
Slide 4: Company Profile
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes COMPANY PROFILE MAS is an internally managed green property investor and operator focused on retail properties in CEE. INCOME PROPERTY AND ANNUAL PASSING INCOME GREEN CERTIFICATION OTHER INVESTMENTS €95
Slide 5: Financial Results and Debt Profile
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes FINANCIAL RESULTS AND DEBT PROFILE Six-month Six-month Twelve-month Twelve-month period to period to period to period to 31 Dec 2023 30 Jun 2023 31 Dec 2023 31 Dec 2022 FINANCIAL RESULTS PER SHARE (euro
Slide 6: CEE Retail Operational Results
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CEE RETAIL OPERATIONAL RESULTS Six-month Six-month Twelve-month Twelve-month period to period to period to period to 31 Dec 2023 30 Jun 2023 31 Dec 2023 31 Dec 2022 CEE OPERATIONAL RESULTS Footfall – LF
Slide 7: Passing Income Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes PASSING INCOME Dec 23 On On On On 31 Dec 2023 30 Jun 2023 31 Dec 2023 31 Dec 2022 Twelve Twelve Six months Six months months months increase increase increase increase PASSING INCOME (€ million) 1 95.5
Slide 8: Passing Income Dec 19 – Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes PASSING INCOME Dec 19 — Dec 23 Nov 21: Barlad Value Centre Dec 21: Prahova Value Centre Aug 23: Carolina Mall Sep 22: Baia Mare Value Centre extension Dec 23: Silk District Office Nov 19: Zalau Value Ce
Slide 9: Capital Requirements: Strategy
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CAPITAL REQUIREMENTS: STRATEGY The overarching goal remains to maximise total long-term returns per share. Plans were put in place and implementation continues to raise new secured debt on all unencumbe
Slide 10: Earnings Guidance Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes EARNINGS GUIDANCE Dec 23 Earnings guidance range 2024 8.83 9.31 eurocents per share eurocents per share +0.3% y-o-y +5.8% y-o-y Assumptions Asset management progress in line with long-term planned inita
Slide 11: CEE Operational Assets Historical Performance
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CEE OPERATIONAL ASSETS HISTORICAL PERFORMANCE Continued focus on value creation through operational excellence delivering robust operational metrics. High quality base of CEE operational assets delivere
Slide 12: CEE Retail Operational Performance
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CEE RETAIL OPERATIONAL PERFORMANCE Progress with retail operations previously set achieved exceptional growth in annualised LFL NRI growth. Annualised LFL NRI growth Occupancy 20% 100% LFL NRI CAGR 9.2%
Slide 13: CEE Retail Historical Rent Reversions
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CEE RETAIL HISTORICAL RENT REVERSIONS Consistent positive rental reversions above indexation. 16% €4.6m €3.3m 14% €5.6m 12% 6.0% €3.8m 2.9% 10% €2.2m 5.8% 8% 12.6% €3.6m 6% €3.8m 2.7% 6.4% 0.9% 9.0% 9.5
Slide 14: CEE Retail Footfall, Tenants' Sales & Collection
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CEE RETAIL FOOTFALL, TENANTS’ SALES & COLLECTION Jul — Dec 23 Strong Central and Eastern European LFL Footfall and Tenants’ Sales. Exceptional Collection Rates. 8% 10% 9% 11% 12% 9% FOOTFALL LFL 2023 vs
Slide 15: CEE Passing NRI & Fair Value Movements Jul – Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CEE PASSING NET RENTAL INCOME & FAIR VALUE MOVEMENTS Jul — Dec 23 DCF VALUATION ASSUMPTIONS CEE Passing Net Rental Income Movements €75.7m 31 Dec 2023 9.3 — 10.4% DISCOUNT RATES (UNLEVERED) Passing NRI
Slide 16: Income Property Schedule Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SCHEDULE Dec 23 Destination 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
Slide 17: Environmental
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes ENVIRONMENTAL CEE INCOME PROPERTY* CERTIFICATION CERTIFICATION YEAR EM-Nova Park BREEAM: Excellent 2023 EM-Galleria Burgas LEED: Gold 2012 MAS’ approach to business is built on a foundational EM-Dambovi
Slide 18: Earnings Jul – Dec 23 vs. Jan – Jun 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes EARNINGS Jul — Dec 23 vs. Jan — Jun 23 Adjusted proportionate accounts Adjusted proportionate accounts Six-month period to 31 Dec 2023 Six-month period to 30 Jun 2023 Total CEE DJV WE Co Total CEE DJV W
Slide 19: Cash Available from Distributable Earnings
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CASH AVAILABLE FROM DISTRIBUTABLE EARNINGS Six-month period to 31 Dec 2023 Six-month period to 30 Jun 2023 Six-month period to 31 Dec 2022 DISTRIBUTABLE EARNINGS 31,567 29,769 29,168 (–) PKM Development
Slide 20: Net Asset Value Dec 23 vs. Jun 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes NET ASSET VALUE Dec 23 vs. Jun 23 Adjusted proportionate accounts Adjusted proportionate accounts On 31 Dec 2023 On 30 Jun 2023 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALU
Slide 21: Debt Capacity and Repayment Profile Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes DEBT CAPACITY AND REPAYMENT PROFILE Dec 23 KEY DEBT RATIOS €552.3m MAXIMUM NET DEBT CAPACITY (35% LTV; 7×NRI) IFRS consolidated Property Gearing* LTV ND/NRI WACD 34.1% 24.8% 4.6 5.34% €436.0m €(15.5)m €
Slide 22: Capital Requirements: Implementation to Date Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes CAPITAL REQUIREMENTS: IMPLEMENTATION TO DATE Dec 23 Available capital sources are used for funding MAS’ commitments within restrictive self-imposed debt limitations. Retained earnings (discretionary div
Slide 23: Development Joint Venture Structure
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT JOINT VENTURE STRUCTURE Low-risk access to high-quality development pipeline with pre-eminent CEE retail developer • Prime Kapital employs a vertically integrated development approach that c
Slide 24: Commercial Development Property Schedule Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes COMMERCIAL DEVELOPMENT PROPERTY SCHEDULE Dec 23 Destination Asset MAS’ share Location Type Property type Stake Completion GLA GLA ERV Budget Spent ERV Budget Spent ERV/ Budget % year m2 m2 €m €m €m €m €
Slide 25: Residential Stock and Development Property Schedule Dec 23
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RESIDENTIAL STOCK AND DEVELOPMENT PROPERTY SCHEDULE Dec 23 Location Stake Total units Units sold Units contracted Units rented Units for sale or rent % # # # # # Residential Property 1,619 845 510 41 22
Slide 26: Property Overview
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes PROPERTY OVERVIEW Poland Gorzow Romania Baia Mare Zalau Iasi Cluj-Napoca Gheorgheni Roman Bacau Targu Secuiesc Alba Iulia Sfantu Gheorghe Barlad Fagaras Arad Focsani Sebes Stara Zagora Burgas Bulgaria R
Slide 27: Income Property: Galleria Burgas
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY PU LS E FI TN ES S SK AR RA AL AD IN TEO www.galleriaburgas.bg DOR C O I LL NN EC TI GIA V E Galleria Burgas H O U SE GIU LIA C N RO PP Galleria Burgas is the dominant shopping centre in
Slide 28: Income Property: Nova Park
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY A 5 N -1 E 0 R -1 5 A E M A IK C G E T Z S A P SZNU SPOLROWK KA A I ECHO FASH L L ION U B IT P MED ICIN E www.nova-park.pl Nova Park Nova Park is the dominant regional shopping centre in
Slide 29: Income Property: Dambovita Mall
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SP MB M D C OV IL A RP I LI C TA O IV N D IN IL AN ES D M SS GA RE LA XP LA AY PL T’S LE IFF ER I SH SA U CA AND LU TE RM GU IU AM IA P OT SO ME PIZ ZA BO N IT A www.dambovitamall.ro Dam
Slide 30: Income Property: Atrium Mall
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY S OLI AND METROP CITY FAIRYL TE E DRPCIV AR D TABAC CINEMA PO IUL XPRESS ENERGY GAMES SA IC PA RV SE PLANET GAMES PAPA BON E N IA M O TA YM PO SO IZIO EZ OD DEL C O ES ES IN O G H F M C
Slide 31: Income Property: Galleria Stara Zagora
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY E TIC ATHL R AZE BIOL N T AURA REST IO ED INM O JAR AFE C MI’S CAT BMS RA SUB ET EFB www.galleriasz.bg YETT EL SILY SES Galleria Stara Zagora ND GRAPTICS O DOR OO KEYS TEO Galleria Stara
Slide 32: Income Property: Carolina Mall
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY REST AURA NT REST AURA NT REST AURA NT REST AURA NT ENTE RTAI T N NM A R ENT U A T S E T R N A R U A T S E R www.carolinamall.ro Carolina Mall TU CO CANO FAS FFEE HION Located in central
Slide 33: Income Property: Militari Shopping
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY 54,000m² Militari Shopping GLA Located in Militari, a densely populated and expanding €11.0m residential area in Bucharest, this centre has excellent NRI visibility and is located on Buc
Slide 34: Income Property: DN1 Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY JERRY’S ATELIERUL YUPPI PIZZA DE BURGERI LAND Outdoor terrace PALMIYE LA BUFET NORIEL JACK GAMES ING GIOIA FLOWERS MAISONETTE LILA ROSSA TEZAUR LAS VEGAS SKIN CASINO MED SPA BRO BISTRO w
Slide 35: Income Property: Strip Malls
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY × 203 Strip Malls These properties include seven convenience centres with a high density of national and international anchors, including Deichmann, Jysk, and Pepco. They are easily acce
Slide 36: Income Property: Prahova Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY 21,700m² Prahova Value Centre GLA Prahova Value Centre is located in Ploiesti, the capital of Prahova €3.8m county, near the main train, tram and bus stations. The centre NRI has a catch
Slide 37: Income Property: Zalau Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY SILVANA BIO LET’S PLAY AVANGARD BIJUTEERIA KENDRA ONIX CARTURESTI SPLEND’OR INMEDIO DONUTERIE www.zalauvaluecentre.ro NEOTIA TRANSILVANIA GURMANZILOR Zalau Value Centre REFUGIUL BANCA JO
Slide 38: Income Property: Roman Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY CU SOS PIZZA 21 DABO KUNG COCO DONER FOOD RINOO LET’S PLAY MONEY GRAM DULCINELLA TWIST CAFE BIJUTERIA LE PREMIER ROYAL ROBEST NORIEL MESOPOTAMIA EXPRESS CREDIT ARSIS JUBA CAFFE CORINT SH
Slide 39: Income Property: Baia Mare Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY ARES MAZZO PIERRE www.baiamarevaluecentre.ro ZEN CUT BARBERSHOP Baia Mare Value Centre Baia Mare Value Centre has good accessibility, with a variety of public transport hubs in close pro
Slide 40: Income Property: Sepsi Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY NORIEL www.sepsivaluecentre.ro Sepsi Value Centre × 514 Sepsi Value Centre, with a catchment area of approximately 216,000 residents within a 60-minute drive, is located in Sfantu Gheorg
Slide 41: Income Property: Barlad Value Centre
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes INCOME PROPERTY MESOPOTAMIA LET’S PLAY ROMAIA TRAVEL LA TUTU PARFUM EXPRESS CREDIT ROPHARMA www.barladvaluecentre.ro NORIEL ALL SPORT CORINT SHOES LENSA Barlad Value Centre AVANGARD JUST SEVEN BUBLE Loc
Slide 42: Residential Property: Marmura Residence
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RESIDENTIAL PROPERTY Marmura Residence Marmura Residence comprises five high-quality, high-rise apartment buildings above an integrated underground parking, and has several unique features, such as an u
Slide 43: Residential Property: Avalon Estate
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes RESIDENTIAL PROPERTY Avalon Estate phase i Avalon Estate is a unique gated community, located in northern Bucharest. The project is being developed on an 8.1ha plot close to the city’s business district
Slide 44: Office Property: Silk District Office
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes OFFICE PROPERTY Silk District Office Silk District Office is located in proximity to Iasi’s city centre, Romania’s second largest city. The construction of the A-grade building office (23,300m2 GLA) was
Slide 45: Development Property: Arges Mall
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY N IO SH IE S FA RIT TO AU M GY RE ST AU RA R NT ES TA U R A R N ES T TA U R R ES A N TA T U R A N T R ES TA U R A N T R ES TA U R A N T R ES TA U R A N T NT RA AU ST T RE UR AN STA
Slide 46: Development Property: Mall Moldova phase II
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY D O FO T D S FA O FO S T FA D O FO T S FA D O D FO O ST FO FA FO OD S T ST FO D FA O FA T S FA D O F O ST D O FA FO ST D FA O FO ST FA D O FO ST T FA EN D O M FO AIN ST RT FA T TE N
Slide 47: Development Property: Silk District Residential
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY Silk District Residential wip The large 10ha mixed-use, urban regeneration project combines several functions increasing efficiency of infrastructure, amenities, and services. The d
Slide 48: Development Property: Pleiades Residence
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes DEVELOPMENT PROPERTY Pleiades Residence wip Pleiades Residence is a high quality residential project in Ploiesti, integrated with Prahova Value Centre’s planned large-scale entertainment and leisure hub
Slide 49: Glossary
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes 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)
Slide 50: Glossary
Contents Overview Operational Performance Financial Performance Development Joint Venture Annexes GLOSSARY Acq/Dev, A/D Acquired / Developed IG Investment Grade Adjusted distributable Adjusted distributable earnings divided by the Adjusted number of shares in issue IJV Investment joint venture, form
Slide 51: www.masrei.com
www.masrei.com