Helios Re Socimi, S.a. · BME:SCHLR
Helios Re Socimi — Lar España Real Estate SOCIMI — Investor Presentation (November 2020)
32 slides from Helios Re Socimi's investor presentation, November 2020
Slide 1: Corporate Presentation November 2020
Corporate Presentation _ November 2020 www.larespana.com
Slide 2: Index
November 2020 Index 1. 2. 3. 4. 5. Company Financial ESG COVID-19 Highlights & Overview Results Results Update drivers
Slide 3: Company Overview
Pe lar Real Estate Lge Bd 01 COMPANY OVERVIEW
Slide 4: Lar España
November 2020 Lar España Real retail value First Spanish REIT to IPO on the Spanish Stock Exchange with an 15 +23.6% outstanding quality, dominant and 100% owned portfolio. Assets NOI vs 9M 2019 Focused on creating both sustainable income and strong capital growth for shareholders. Solid and recurre
Slide 5: Diversified, multiproduct and dominant portfolio
November 2020 Diversified, multiproduct and dominant portfolio To be the retail leaders in Spain Lagoh Gran Vía de Vigo Megapark 69,720 sqm Size: 41,453 m2 81,561 sqm Visits: 2.6 Mn1 Visits: 7.3 Mn Visits: 11.8 Mn Sales: €44.5 Mn1 Sales: €109.6 Mn Sales: €115 Mn Dominant SC Dominant SC Dominant SC R
Slide 6: Retail leadership in Spain
November 2020 Retail leadership in Spain Lar España has consolidated its position among the top retail operators in Spain Main shopping centres and retail parks market players RETAIL LEADERS IN SPAIN Avg. GLA #1 IN SPAIN #1 IN SPAIN #1 IN SPAIN Owned GLA (est.) # Shopping Centres ownership per asset
Slide 7: Strong management capacity
November 2020 Strong management capacity External manager: Grupo Lar, real estate reference with 50y track-record Family-owned Company +50Y of 1 experience 2 Strong Management Team Investment Management Agreement International Experience with Tier 1 3 New IMA signed in 2018 investors 4 Geographical
Slide 8: A player in the Spanish retail market
November 2020 A player in the Spanish retail market Differences vs UK/US markets OMNICHANNEL CHALLENGE DIFFERENT RETAIL MARKETS Vs. Retailers are having fewer stores but more spaced to provide customer experience but at the same time an online product RENTS COMMERCIAL DENSITY collection point. Rents
Slide 9: The results of our strategy
November 2020 The results of our strategy: A different company for a changing market ASSETS & MANAGEMENT CLIENTS & INNOVATION Multiproduct retail offer 43% GLA Highly protected SSCC (65%), RRPP (31%) & Optimal and comfortable crisis resilient activities: and resilient portfolio RRUU (4%)1 activity m
Slide 10: Financial Results 9M 2020
02 FINANCIAL RESULTS 9M 2020 _
Slide 11: Operational results in 9M 2020
November 2020 Operational results in 9M 2020 +23.6% NOI vs 9M 2019 +42% +61% €10.79 +2.5% EBITDA Adj. EPRA Earnings EPRA NAV RESULTS vs 9M 2019 p.s.2 LfL1 NOI vs 9M 2019 p.s. vs 9M 2019 Outperforming the 5.9% 96% 3.4 years EPRA ‘topped-up’ Occupancy3 ASSETS Spanish market NIY 30 Sep 2020 WAULT 1. Li
Slide 12: Corporate results in 9M 2020
November 2020 Corporate results in 9M 2020 3rd SBB Net LTV €55 Mn dividend 1 c.€140 Mn liquidity2 41% Programme €0.63 p.s. Expenses covered CORPORATE extended Avg. cost of debt Dividend paid over the next 4 years 5% share capital 2.2% 100% AENOR Univesal 100% 100% Recommendations of the Accesibility
Slide 13: Financial key figures 9M 2020
November 2020 Financial key figures 9M 2020 15 €71.4 Mn +24% Assets GRI vs 9M 2019 €1,509 Mn €53.6 Mn +42% €915.7 Mn €38.3 Mn GAV1 EBITDA vs 9M 2019 EPRA NAV EPRA Earnings 578,345 €729.3 Mn 2.2% €10.79 €0.45 GLA sqm Financial debt Cost of Debt EPRA NAV per share2 EPRA Earnings per share 3.4 y €621.1
Slide 14: Retail performance 9M 2020
November 2020 Retail performance 9M 2020 Operating results Retail yields Potential 6.5% +22.9% +23.6% +12.4% +11.0% growth Food Other resilient GRI NOI 9M 2020 9M 2020 sales activities sales2 September 2020 September 2020 5.9% 5.7% +1.6% +2.5% 96% LfL GRI1 LfL NOI1 Occupancy3 9M 2020 9M 2020 EPRA NI
Slide 15: Solid asset valuation with a minimum impact of COVID
November 2020 Solid asset valuation with a minimum impact of COVID Our assets make the difference in each of their locations Gross Asset Value ▪ A resilient portfolio of dominant shopping €1,509 Mn centres in attractive catchment areas ▪ Cherry-picked portfolio, assets carefully % Increase analysed
Slide 16: Consolidated Income Statement 9M 2020
November 2020 Consolidated Income Statement 9M 2020 (€ Millions) Chg% 9M 2020 9M 2019 Recurring 9M 20/19 Recurring Non-Recurring Total Recurring Non-Recurring Total Rental Income 71.4 - 71.4 57.8 - 57.8 +24% Other Income 1.7 - 1.7 1.7 - 1.7 Personnel expenses (0.4) - (0.4) (0.3) - (0.3) Other expens
Slide 17: Financial pillars and liquidity
November 2020 Financial pillars and liquidity: No significant maturities in the next 16 months Expenses covered over Debt Structure and As at 30.09.2020 the next 4 years Amortization Profile € Mn € Mn Gross Net €140 Mn €589.3 Mn financial debt financial debt Senior Bank €729.3 Mn €621.1 Mn c.1401 Se
Slide 18: 2019 dividend paid on April 16th, 2020
November 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 Di
Slide 19: ESG Summary
Pe lar Real Estate on action! 03 ESG SUMMARY
Slide 20: Lar España's approach to ESG
November 2020 Lar España´s approach to ESG E S G Environment Corporate Governance Lar España promotes Lar España’s portfolio Lar España continues Sustainability assets generate social to make great strides Creating shared certification measures. In impacts that transform forward in terms of value fo
Slide 21: Environmental
November 2020 Environmental Responsible management Sustainable Management Energy 100% of shopping centres are BREEAM® certified, rated “good” or PV solar panels in retail assets. “very good” Home automation systems to maximise energy efficiency in residential properties. New developments are designe
Slide 22: Social
November 2020 Social Society-based initiatives in our communities AACESIBILITY SGS 100% AENOR 67% €834,000 Accessibility of SCs & RPs have Universal Accessibility of assets are in the COVID-19 protocol undergone process of obtaining invested diagnosis verification of certification in 13% of in impro
Slide 23: Governance
November 2020 Governance Structure BoD Composition (7 members, 5 independent) Board & Committees General Shareholders Meeting Jose Luis del Valle Chairman Board of Directors Alec Emmott Leticia Iglesias 17 Meetings in 2019 Audit & Control Appointments & Remuneration Miguel Pereda Roger Maxwell Cooke
Slide 24: COVID-19 Update
Pe lar Real Estate (epee Bd 04 COVID-19 UPDATE
Slide 25: Footfall and sales numbers recovered
November 2020 Footfall and sales numbers recovered GLA opened Footfall recovery Sales recovery 112% 105% Pre-COVID 95% 94% 96% levels 109% 91% 104% 94% 96% Partially 91% 92% recovered 49% 100% 98% 49% 33% 14% 33% COVID-19 impact 11% Jan Feb Mar Apr May Jun Jul Aug Sep 14 21 State of Alarm Mar Jun 25
Slide 26: 85% of rent collected over invoiced up to September
November 2020 85% of rent collected over invoiced up to September AGREEMENTS AND CONVERSATIONS WITH TENANTS ESTIMATED IMPACT OF COVID-19 IN P&L2 One-on-one Contracts agreements reached >2024 >95% GLA +60% Agreed rent reliefs INVOICED COLLECTED RENTS and deferrals RENTS OVER INVOICED due to COVID e.I
Slide 27: Capacity to assume this scenario
November 2020 Capacity to assume this scenario RESILIENT PORTFOLIO FINANCIAL STRENTGH MULTIPRODUCT OFFER c.20% Food NO RELEVANT MATURITIES IN THE NEXT 16 MONTHS Balanced portfolio that has been key to High percentage react better and sooner than others of food tenants 65% 31% 4% BIG BRANDS 41% 2.2%
Slide 28: Highlights & Drivers
Pe lar Real Estate ele Bd 05 HIGHLIGHTS & DRIVERS
Slide 29: Reasons to be confident in Lar España
November 2020 Reasons to be confident in Lar España MARKET OPPORTUNITY UNIQUE PORTFOLIO STRONG COMPANY 1 4 7 10 13 Solid relationships with Fast recovery of footfall in retailers Spain, Only prime assets Multiproduct offer with Sep 2020 (96%), a differentiated in dominant catchment shopping centres
Slide 30: Next drivers
November 2020 Next drivers TARGET COMMENTS Maintaining prudent control Dividends ▪ To maintain attractive dividend of the cash position Additional 22 supermarkets, Txingudi & ▪ Disposals Las Huertas held for sale cash generation Commitment to not increase capital Capital increase ▪ No share capital
Slide 31: Disclaimer
November 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
Slide 32: Follow us
Follow us www.larespana.com info@laespana.com Lar España Real Estate SOCIMI Lar España App
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