Mas P.l.c. · JSE:MSP
Mas P.l.c — H1 FY2021 Earnings Presentation
45 slides from Mas P.l.c's earnings presentation, February 2021
Slide 1: Results Presentation and Company Profile as at 31 December 2020
Photo: Galleria Stara Zagora Results Presentation and Company Profile as at 31 December 2020
Slide 2: Table of Contents
TABLE OF CONTENTS 3 RESULTS SUMMARY 14 DEVELOPMENT PROPERTY SCHEDULE Dec 20 4 CEE GLA STATUS, FOOTFALL, TENANTS’ SALES, INVOICING & COLLECTION 15 INCOME PROPERTY HELD FOR SALE SCHEDULE Dec 20 5 EARNINGS Jul — Dec 20 16 PORTFOLIO OVERVIEW 6 NET ASSET VALUE Dec 20 17 INCOME PROPERTY 7 EARNINGS Jul — D
Slide 3: Results Summary
RESULTS SUMMARY FINANCIAL 3.12 eurocents 116 eurocents RESULTS Adjusted distributable Tangible net asset earnings/share value/share HIGHLIGHTS Jul – Dec 2020 Dec 2020 Recovery in CEE tenants' sales 85% Pro-Forma CEE collection rate CEE -14.0% 0.0% OPERATIONAL RESULTS Dambovita Mall opening (Au
Slide 4: CEE GLA Status, Footfall, Tenants' Sales, Invoicing & Collection
CEE GLA STATUS, FOOTFALL, TENANTS’ SALES, INVOICING & COLLECTION Jul 20 Aug 20 Sep 20 Oct 20 Nov 20 Dec 20 Total Open GLA 1 95% 96% 96% 96% 83% 79% 91% Restricted GLA 2 3% 2% 3% 3% 6% 2% 3% Closed GLA 3 2% 2% 1% 1% 11% 19% 6% Footfall (2020 vs. 2019) 79% 78% 85% 85% 70% 65% 77% Open-air malls 91% 84
Slide 5: Earnings Jul – Dec 20
EARNINGS Jul — Dec 20 Proportionate accounts Adjustments Adjusted proportionate accounts Six months ended 31 Dec 2020 Six months ended 31 Dec 2020 Six months ended 31 Dec 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co EARNINGS 21,265 12,112 10,609 (4,646) 3,190 35,773 3,577 1,206 3
Slide 6: Net Asset Value Dec 20
NET ASSET VALUE Dec 20 Proportionate accounts Adjustments Adjusted proportionate accounts 31 Dec 2020 31 Dec 2020 31 Dec 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 816,098 309,222 228,912 237,160 40,804 (20,203) 6,716 (5,008) (21,911) - 795,895 315,938 223,904 2
Slide 7: Earnings Jul – Dec 20 vs. Jan – Jun 20
EARNINGS Jul — Dec 20 vs. Jan — Jun 20 Adjusted proportionate accounts Adjusted proportionate accounts Δ Six months ended 31 Dec 2020 Six months ended 30 Jun 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co EARNINGS 57,038 15,689 11,815 26,133 3,401 (85,535) (23,089) 2,853 (17,843) (
Slide 8: Net Asset Value Dec 20 vs. Jun 20
NET ASSET VALUE Dec 20 vs. Jun 20 Adjusted proportionate accounts Adjusted proportionate accounts Δ 31 Dec 2020 30 Jun 2020 Total CEE DJV WE Co Total CEE DJV WE Co Total CEE DJV WE Co NET ASSET VALUE 795,895 315,938 223,904 215,249 40,804 743,654 303,415 208,918 229,710 1,611 52,241 12,523 14,986 (1
Slide 9: CEE Passing Net Rental Income & Fair Value Movements Jul – Dec 20
CEE PASSING NET RENTAL INCOME & FAIR VALUE MOVEMENTS Jul — Dec 20 CEE Passing Net Rental Income movements Passing NRI at 30 Jun 20 €37.6m DCF VALUATION ASSUMPTIONS Range Passing NRI – completed developments €1.8m Discount rates (unlevered) 9.78 — 11.08% Passing NRI at 31 Dec 20 €39.4m ERV long-term
Slide 10: CEE Development Property Movements Jul – Dec 20
CEE DEVELOPMENT PROPERTY MOVEMENTS Jul — Dec 20 Development pipeline at 1 Jul 20 €425.3m Pipeline budget variances €9.3m Developments completion €(18.3)m Development pipeline at 31 Dec 20 €416.3m Dambovita Mall completed in Aug 20 Dambovita Mall completed in Aug 20 Note: All amounts are calculated o
Slide 11: Debt Capacity and Repayment Profile Dec 20
DEBT CAPACITY AND REPAYMENT PROFILE Dec 20 26% 5.1 4.9 3.04% LTV NRI/INT ND/NRI WACD Maximum net debt capacity (40% LTV; 7xNRI) €435.0m Net debt (debt-cash) €289.2m Cash €93.5m Debt 31 Dec 2020 €382.7m 2021 repayment €(38.3)m 2022 €(99.6)m 2023 €(115.2)m 2024 €(69.9)m 2025 €(24.7)m LIQUIDITY SOURCES
Slide 12: Company Profile
COMPANY PROFILE INTERNALLY MANAGED PROPERTY INVESTOR AND OPERATOR FOCUSED ON RETAIL PROPERTIES IN CEE Capital currently invested in WE will be redeployed directly into income property in CEE and indirectly, on a downside protected basis, into developments via further preference shares in the DJV wit
Slide 13: Income Property Schedule Dec 20
INCOME PROPERTY SCHEDULE Dec 20 Destination Total Asset MAS' share Location Type Acq/Dev Stake Acquired GLA GLA Occup. NRI BV Cost NRI BV Cost NRI/BV NRI/Cost % year m2 m2 % €m €m €m €m €m €m % % INCOME ASSETS 48.3 635.1 557.6 7.6% 8.7% DJV preference shares (60% of the notional) 8.9 119.2 119.2 7.5
Slide 14: Development Property Schedule Dec 20
DEVELOPMENT PROPERTY SCHEDULE Dec 20 Destination Asset MAS' share Location Type Status Stake Compl. GLA GLA/GSA Units ERV Budget Spent ERV Budget Spent Margin ERV/Budget % year m2 m2 # €m €m €m €m €m €m % % DEVELOPMENTS 36.7 556.3 42.0 DJV preference shares outstanding commitment (60% of notional) 1
Slide 15: Income Property Held for Sale Schedule Dec 20
INCOME PROPERTY HELD FOR SALE SCHEDULE Dec 20 Asset MAS' share Location Type Acq/ Stake Acquired GLA Occup. NRI BV Agreed Cost NRI BV Agreed Cost NRI/BV NRI/Cost Dev sale price sale price % year m2 % €m €m €m €m €m €m €m €m % % PROPERTY HELD FOR SALE 304,200 96.8% 19.6 400.2 195.3 427.1 19.6 400.2 1
Slide 16: Portfolio Overview
PORTFOLIO OVERVIEW 5 Isle of Man Office United Kingdom 1 Gorzow Office Poland Income properties 2 30 Developments, extensions and land bank Germany Income properties held for sale Income properties contracted to be sold 15 16 Romania Bucharest Office 2 1 Sofia Office Bulgaria 16
Slide 17: Income Property: Nova Park
INCOME PROPERTY SMY K DIV ERS E NOVA PARK REPO FA FORBRYK YOUN RT G ER TR MODADE E TOP BOB OQ MY A 5.10 TOY ALO IW .15 S PIN O RUCH KAND KU POLSCHNIA BY OH ULSK I KA LA LA NE HOT W YO DO RK BASH G M IR DOBERLIN MAD NO NNER RTH BLUE SHAD OW ELEG AM ANC E E FISH ACA MED SIZE PULCO ICIN E ER 50 S TYL S
Slide 18: Income Property: Galleria Burgas
INCOME PROPERTY ATHLET CI IC NE M AC ITY GALLERIA BURGAS OLA PI ZZ PL IO AY GR CI EL OU A ND M STO C RA DO NA GE LD S IN CA KAH DUKKA VE BM IN OR NI N CA AG ST NT E TO S O RAT ATU I SCA NDA L NS IO AT IN M EX NO TR AV AG FA N PA PEP A NC PO TR E IZ E IN IA T CO LL EC T IV E M ER CA R I WOMONYX AN HA
Slide 19: Income Property: Dambovita Mall
INCOME PROPERTY DAMBOVITA MALL SP MB M D C OV IL A RP I L C TA IO IV N SS RE XP IN SM RA SU AR NC T E C ATA C AR S BL EN PE D RF CA EC FF T E UI SA UL CA AND M GUR M ES O PO TA M IA JU BA C AF FE R ’O ND LE SP RA N KIN M E U M U SO IN VE FIN LO ITY LD MGO N& 17 L UE www.dambovitamall.ro MO IQ visit
Slide 20: Income Property: Atrium Mall
INCOME PROPERTY ATRIUM MALL CITY OLIS METROP G BOWLIN CINEMA MASSAGE CHAIRS IQOS PRONTI IS QUASI HOUSE CRISPY LE RELA BOX PAPA BON MERCATO SALAD WOK KEN GRILL BBQ & SO IZIO DEL ETIA VEN TERIA GELA R U O AM N SU ET RIA IA EN E V LAT E G D E N N LA O Y IR YM FA G STYLE MEN’S R T CA LU SO AB SHOP BY GI
Slide 21: Income Property: Galleria Stara Zagora
INCOME PROPERTY T IC ATHLE CHARM URANT RESTA MA GALLERIA STARA ZAGORA TON BON CINE CITY I YOZZGHURT YO BON MI’S R CAT BMS ONE PIZZIO MR.D RA SUB GUE I VO XIM NOR TELE A1 ILY S ESS ND GRAPTICS N O E IO BOT DOR T VIS TEO SPOR MOM ENTO VIV ACO M TI ESTE EV ELIN ORA FLAIR PAND ER SILVOURT C I RIN LAZA I
Slide 22: Income Property: Militari Shopping
INCOME PROPERTY 54,000m² Located in Militari, a densely populated and expanding residential MILITARI SHOPPING GLA district, this centre has excellent visibility and is located on Bucharest's €8.3m main western artery, which links directly into the E81/A1 highway. NRI The tenant mix includes a large
Slide 23: Income Property: DN1 Value Centre
INCOME PROPERTY DN1 VALUE CENTRE UNION BRANDS ABBRACCIO EMPER PRESTIGE SMART LUX LELAS JUNGLA MOBILE PERFUMES MINIER ASIGURARI DIAMONDS PERFUMES GADGETS MOBIUP COPIILOR LUXURY POLI COVER SHOP MAISONETTE TOTAL WASH BOUTIQUE 17 CAROL BACIUL SIBIAN OPTIC DIGI ALURA MUMUSO CADOR GREIGE TONI GELATO PALMI
Slide 24: Income Property: Roman Value Centre
INCOME PROPERTY GELATERIA PIZZA 21 CU SOS PALLINA DABO DONER Planned Extension ROMAN VALUE CENTRE COCO RINOO PLAY AGAIN SILCA EXCHANGE AVANGARD BUJITERIA BONITO LE PREMIER ROYAL ROBEST EXPRESS KRISTALL CREDIT OPTIC MARCO BOUTIQUE 17 BEBE SUPERSTAR NORIEL Planned GM SHOES Extension CADOR HOCO KOSAROM
Slide 25: Income Property: Baia Mare Value Centre
INCOME PROPERTY BAIA MARE VALUE CENTRE DABO DONER HOPPA SMYK MISCHIATI AVANGARD ROBEST JACK ROZA GAMES ORO CHRISTIAN TOUR COMPAS COVER SHOP SAVOY CETINA VITAMIX JUNGLA COPIILOR CHOCOHOUSE visit www.baiamarevaluecentre.ro NORIEL CADOR 21,300m² Baia Mare Value Centre has good accessibility, × 950 GLA
Slide 26: Income Property: Zalau Value Centre
INCOME PROPERTY ZALAU VALUE CENTRE GAMES JACK MESOPOTAMIA SMITH SMITH & KRYSTA NOBILACASA NORIEL BULEVARD DIGI RANKINE CURATATORIE ARMAN SPORT LOC DE JOACA MAXXIMUS YUPPI KIDS PRESTIGE BOUTIQUE 17 COVER KULSASR CONF SHOP www.zalauvaluecentre.ro PERFUMES RADA visit CADOR BELLA FASHION IN VOGUE 19,300
Slide 27: Income Property: Strip Malls
INCOME PROPERTY STRIP MALLS × 175 owned out of 500 27,800m² This portfolio includes seven convenience NORIEL GLA centres with a high density of national and €3.0m international anchors, including Deichmann, NRI Jysk, and Pepco. They are easily accessible by €37.4m car and public transport, and are c
Slide 28: Development Property: Mall Moldova Extension
DEVELOPMENT PROPERTY On hold MALL MOLDOVA EXTENSION A EM CIN F IT N E S S 0 15 3, × 58,600m² The extension of Mall Moldova, adding to N H N IO R N IO R H N A SH O FA SH O C O C R N I FA NCH A SH O FA GLA A the existing 29,600m2 centre, will create a H N C O H N N IO R R N I A SH O A SH O FA C FA H N
Slide 29: Development Property: Arges Mall
DEVELOPMENT PROPERTY Permitting ARGES MALL CIN EM A FIT NE SS ×2 ,00 FA C FA C SH HO A N IO R SH HO 0 A N N IO R F N AN ASH CH ION OR 52,100m² Centrally located in one of Pitesti's dense F AN ASH CH ION OR FA C SH HO A GLA N IO R FA C N SH HO A N residential areas, next to the main train station IO
Slide 30: Development Property: Alba Iulia Mall
DEVELOPMENT PROPERTY Zoning ALBA IULIA MALL FAS H ION SPE CIA LIS T FAS FAS H ION H ION FAS H ION FAS HION FAS H ION SPE CIA LIS 29,000m² Alba Iulia is an important historical and tourist ELE T GLA CT RO destination, located in central Romania. NICS SPE FAS H ×7 00 ION CIA FAS LIS HION T €3.7m The p
Slide 31: Development Property: Sepsi Value Centre
DEVELOPMENT PROPERTY WIP SEPSI VALUE CENTRE ELECTRONICS SPECIALIST SPECIALIST FASHION FASHION FASHION FASHION FASHION FASHION ANCHOR × 720 17,000m² Sfantu Gheorghe, with a population of GLA approximately 54,000, is the capital of Covasna FASHION ANCHOR €2.1m County. The project is located in a dense
Slide 32: Development Property: Barlad Value Centre
DEVELOPMENT PROPERTY Permitting BARLAD VALUE CENTRE FASHION FASHION HYPERMARKET FURNITURE SPECIALIST FASHION FASHION FASHION 16,300m² Barlad is a municipality in Vaslui County with GLA approximately 70,000 residents. Located €1.7m in southern Barlad, this development ERV enjoys a prominent position
Slide 33: Development Property: Prahova Value Centre
DEVELOPMENT PROPERTY Permitting 20,800m² This planned open-air mall is located in Ploiesti, the capital of Prahova County, PRAHOVA VALUE CENTRE GLA near the main train, tram and bus stations. The development includes a €2.5m high concentration of anchor tenants integrated into the existing, adjacent
Slide 34: Development Property: Marmura Residence
DEVELOPMENT PROPERTY WIP MARMURA RESIDENCE 36,100m² GSA 459 UNITS €42.1m BUDGET 40% OWNED BY MAS Marmura Residence comprises five, high-quality, high-rise apartment buildings above an integrated underground parking, and has several unique features: an urban park linking it to the neighbourhood, vibr
Slide 35: Development Property: Avalon Estate
DEVELOPMENT PROPERTY WIP AVALON ESTATE 96,700m² GSA 746 UNITS €108.6m BUDGET 40% OWNED BY MAS Avalon Estate is an unique gated community, located between Pipera and Aviatiei neighbourhoods, in northern Bucharest. The project is being developed on an 8.1ha plot close to the city's business district,
Slide 36: Development Property: Silk District
DEVELOPMENT PROPERTY Permitting SILK DISTRICT Residential Office 118,100m² 113,700m² GSA GLA 1,609 €165.3m UNITS BUDGET €114.8m €16.7m BUDGET ERV 40% 40% OWNED BY MAS OWNED BY MAS A large 10ha mixed-use, urban renewal development project, that combines several functions increasing the efficiency of
Slide 37: Group Management
GROUP MANAGEMENT Martin Slabbert, CEO Martin has over 25-years of real estate, turn-around and finance industry experience, including 15 years in CEE. He founded Prime Kapital in 2015, and prior to this he was CEO of New Europe Property Investments, which he established with Victor Semionov in 2007.
Slide 38: Group Management
GROUP MANAGEMENT Gabriel Malanca, Director – Asset Management Gabriel has 16-years of real estate industry experience and is currently heading the Asset and Property Management function within MAS Group. Prior to joining Prime Kapital in 2017, he was centre manager at Nepi Rockcastle and retail and
Slide 39: Non-Executive Directors
NON-EXECUTIVE DIRECTORS Brett Nagle, Independent Non-Executive Director Brett is a director of Safe Mode Investment Proprietary trading as Panacea Capital, which focuses on investment management. Prior to this he was Head of Investments for Royal Bafokeng Holdings Proprietary, served as a Non-Execut
Slide 40: Non-Executive Directors
NON-EXECUTIVE DIRECTORS Melt Hamman, Non-Executive Director Melt is CEO of Attacq and has extensive experience in real estate, banking and business. Pierre Goosen, Independent Non-Executive Director Pierre is Managing Director of Argosy Capital, a European-based private equity and venture capital in
Slide 41: Development Joint Venture Structure
DEVELOPMENT JOINT VENTURE STRUCTURE DJV 40% Ordinary Shares 60% Ordinary Shares MAS invested equity, provides preference Prime Kapital invested equity, contributed its secured development share capital, and provides asset and property pipeline at cost, takes responsability for sourcing further devel
Slide 42: Beneficial Shareholders Holding Over 5% Dec 20
BENEFICIAL SHAREHOLDERS HOLDING OVER 5% Dec 20 Shares % Attacq Ltd 146,818,251 20.67 Prime Kapital Holdings Ltd and associates* 114,831,059 16.17 Government Employees Pension Fund 53,519,859 7.53 Argosy 50,611,622 7.13 365,780,791 51.50 * Associates represent shareholdings of DJV, Martin Slabbert, V
Slide 43: Glossary
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 portfolio (CEE, IJV) Income properties located in CEE fully owned and managed by the Group. Until 27 November
Slide 44: Glossary
GLOSSARY Acq/Dev, A/D Acquired / Developed Income property Property held to earn rental income BREEAM Excellent Independent third-party certification of the assessment on the INT Interest expense sustainability of individual buildings, communities and infrastructure Investment property Income proper
Slide 45: MAS Real Estate
MAS REAL ESTATE