Barcelona, 9 de agosto de 2024
Barcino Property SOCIMI, S.A. (en adelante "Barcino", la "Sociedad" o la "Compañía"), en virtud de lo previsto en el artículo 17 del Reglamento (UE) nº 596/2014 sobre abuso de mercado y en el artículo 227 de la Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión, y disposiciones concordantes, así como en la Circular 3/2020 de BME MFT Equity sobre información a suministrar por empresas incorporadas a negociación en el segmento BME Growth de BME MTF Equity, (en adelante "BME Growth") pone en su conocimiento la siguiente:
OTRA INFORMACIÓN RELEVANTE
Barcino ha publicado en su página web el informe trimestral correspondiente al segundo trimestre de 2024. La presentación se adjunta al presente documento, sin perjuicio de la posibilidad de consultar el mismo en la página web de la Sociedad (www.barcinoproperty.com)
De conformidad con lo dispuesto en la Circular 3/2020, se hace constar que la información comunicada por la presente ha sido elaborada bajo la exclusiva responsabilidad de la Sociedad y de sus administradores.
Quedamos a su disposición para cuantas aclaraciones precisen.
BARCINO PROPERTY SOCIMI, S.A.
BARCINO PROPERTY SOCIMI, S.A.
Q2 2024 Results Presentation
AUGUST 2024
2 - BARCINO PROPERTY SOCIMI, S.A.
DISCLAIMER
This presentation (the "Presentation") has been prepared by Barcino Property SOCIMI, S.A. ("Barcino") and Vistalegre Property Management, S.L., -the Barcino's managing company- ("VPM"). This Presentation does not constitute and should not be construed as an offer, inducement, invitation to sell or issue, or the solicitation, inducement or invitation of an offer to buy, subscribe or acquire securities of Barcino and/or VPM. This Presentation is solely for informational purposes and should not be treated as investment advice or as any recommendation to take any decision. In addition, this Presentation does not consider the specific investment objectives, financial situation or particular needs of any recipient in any jurisdiction nor does it contain all the information necessary to fully evaluate any investment or transaction.
Accordingly, no part of this Presentation nor the fact of its distribution or communication should form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract, commitment or investment decision whatsoever in relation to any securities or otherwise. This Presentation was not prepared for the purpose of being used in connection with any offering of securities. This Presentation has not been independently verified and Barcino and/or VPM do not make any representation, warranty or undertaking, express or implied, and no reliance should be placed on the fairness, accuracy, completeness or correctness of the information, opinions or projections contained in the Presentation. Barcino and VMP and its respective current shareholders, advisers, officers, employees or agents shall have no liability whatsoever for any direct or consequential loss, damages, costs or prejudices whatsoever arising from any use of this Presentation or its contents or otherwise arising in connection with this Presentation.
Some of the information contained in the Presentation including, among other things, forecasts, goals, strategies, assessments and estimates are related to events factors, changing economic, business or other market conditions or prospect of growth anticipated by Barcino and/or VPM which are other than statements of historical facts and which realization is uncertain and is beyond the control of Barcino and/or VPM (the "Forward Looking Statements"). Forward Looking Statements can be identified from the context they are made. By their nature, Forward Looking Statements involve known and unknown risks, uncertainties, assumptions, estimates and other factors which do not constitute a proven fact, are based solely on Barcino's and VPM's subjective estimates and are not intended to give any assurances as to future results. There can be no assurance that Forward Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward Looking Statements due to the inherent uncertainty therein. Whether or not the information will materialize and will be affected, amongst other things, by risk factors inherent in the Public Investment Vehicle's operations, as well as developments in the general environs and external factors that affect the Public Investment Vehicle's operation, which cannot be estimated in advance and that are not within the control of Barcino and/or VPM.
Market and competitive position data in the Presentation has generally been obtained from industry publications and studies conducted by third parties. Certain statements in the Presentation regarding the market and competitive position data are based on the internal analyses of Barcino and/or VPM, which involve certain assumptions and estimates. These internal analyses have not been verified by any independent sources and there can be no assurance that the assumptions or estimates are accurate. Accordingly undue reliance should not be placed on any of the industry, market or competitive position data contained in the Presentation.
This Presentation and the information contained in the Presentation are provided as of the date of this Presentation and are subject to change, and Barcino and/or VPM are not under any obligation to update, complete, revise, verify, amend or keep current the information contained herein, whether as a result of new information, future events or results or otherwise. The information contained in the Presentation must not be relied upon for any purpose. Furthermore, anyone who is interested in making an investment, should inform itself independently and conduct its own investigation and analysis of the information contained in this Presentation, consult with legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that he deems necessary, and should make his own investment decisions based upon his own judgment and advice from such advisers as he deems necessary and not upon any view expressed by Barcino and/or VPM or expressed in this Presentation.
This Presentation shall be governed and construed in accordance with the laws of Spain without regard to its conflict of law provisions and the receiver of this Presentation hereby irrevocably consents to the exclusive jurisdiction of, and venue in, the competent jurisdiction located in Barcelona, Spain.
3 - BARCINO PROPERTY SOCIMI, S.A.
TABLE OF
CONTENTS
01/
Business Review
02/
Q2 2024 results
04/
Remaining capex
05/
Guidance
03/ 06/
Q2 2024 KPIs | Appendix |
4 - BARCINO PROPERTY SOCIMI, S.A.
01/BUSINESSREVIEW
OPERATING RESULTS BROADLY IN LINE WITH EXPECTATIONS
- Q2 2024 Gross Operating Income €730k, up +14% YoY
- Q2 2024 Adjusted Net Operating Income (*) €429k, up +15% YoY
- Q2 2024 EBITDA (*) €0.4m
- Normalisinglevel of activity and increasing mid-term supply resulting in rental price growth moderating
Q2 2024and Q2 2023unaudited figures
DISPOSALS
- During Q2 2024, Barcino has completed the sale of 1 residential unit for €130k. Barcino has deposit agreements for the sale of 4 additional residential units for €1m
- Gains related to completed transactions amount to €41k
- The completion of the sale of 5 assets is taking longer than expected due to exceptional delays at the property registry
FINANCING
- Request for capex line of €755k for remaining capex approved
(*) Reconciled on the next slide
5 - BARCINO PROPERTY SOCIMI, S.A.
02/Q22024
GROSS OPERATING INCOME:
- Increase in GOI of €90k, +14% YoY
- Completion of works at two new buildings have contributed €152k to GOI in Q2 2024
- BA GOI up €6k compared to Q2 2023, an increase of +4% YoY
- Impact of units sold after Q2 2023 on GOI of -€57k
- Impact of empty units for sale on GOI of -€28k
- GOI of the remainder of the portfolio including mid- term, long term and commercial leases, are up €17k, a
+5% increase YoY
OPERATING EXPENSES:
- Letting and platform fees up €5k, due mainly to two new buildings coming online
-
Short-termand mid-term costs
(Utilities, Cleaning, Household replacement…) are up €25k, +54% YoY, due two buildingscoming online
STAFF COSTS:
- Personnel costs up €6k, mainly due to the addition of a maintenance staff member
GENERAL AND ADMINISTRATIVE COSTS:
- Decrease of €3k
ADJUSTED NOI:
- Up €55k, +15% YoY
NOI:
- Property management fees €29k
INTEREST:
- Interest expenses up €12k due to two new mortgages
BARCINO PROPERTY
In EUROS | Q2 2024 (*) | Q2 2023 (*) | Var 24/23 % |
P & L | |||
Rental Income | 729,956 | 639,729 | |
GROSS OPERATING INCOME (GOI) | 729,956 | 639,729 | 14% |
OPERATING EXPENSES | (202,178) | (170,052) | 19% |
NET RENTAL INCOME (NRI) | 527,778 | 469,677 | 12% |
% margin | 72% | 73% | |
Staff costs | (44,849) | (39,115) | |
General and administrative expenses | (54,090) | (57,014) | |
ADJUSTEDNETOPERATINGINCOME(NOI) | 428,839 | 373,548 | 15% |
Management Fee | (29,358) | (29,358) | |
NET OPERATING INCOME (NOI) | 399,481 | 344,191 | 16% |
Non recurring expenses | (13,103) | (12,966) | |
Excessprovisions & other incomeand expenses | (3,856) | (5,536) | |
Gains or losses on disposals | 40,516 | 0 | |
EBITDA | 423,039 | 325,688 | |
Depreciation & amortisations | (207,731) | (162,859) | |
EBIT | 215,307 | 162,829 | |
Net interest | (208,592) | (196,824) | |
EBT | 6,715 | (33,995) | |
(*) Q2 2024 and Q2 2023 Unaudited figures
6 - BARCINO PROPERTY SOCIMI, S.A.
03/Q22024KPIs
LFL MID TERM-REVENUES | OCCUPANCY MID-TERM |
270.000 | 97% |
+3%
260.000
93%
250.000
89%
240.000
230.000 | 85% | ||||
Q2 2023 * | Q2 2024 * | ||||
Q2 2023 * | Q2 2024 * | ||||
LFL mid term Q2 revenue growth based on 43 units +3% YoY | Occupancy remains constant from 95% |
Based on 43 units |
(*) Q2 2024 and Q2 2023 Unaudited figures
(**) These 43 units have been leased for the entire Q2 2024 and Q2 2023
7 - BARCINO PROPERTY SOCIMI, S.A.
04/REMAININGCAPEX
⎼
⎼
Currently remaining expected capex for last building requiring significant refurbishement is of c.€0.6m. Works expected to start in July.
There are still life leases and long-term lease units that may benefit from refurbishment in the future. Additional capex could add up to €1.5-2.5m over time
CAPEX | 2023 | H1 2024* | REMAINING |
Major Capex | 2.5 | - | 0.6 |
Minor | - | - | 0.0 |
PLANNED CAPEX | 2.5 | - | 0.6 |
(*) Q1-Q2 2024 Unaudited figures
8 - BARCINO PROPERTY SOCIMI, S.A.
05/GUIDANCE
2024 Guidance maintained:
- 2024 Gross Operating Income expected to be €3.0m
- 2024 EBITDA expected to be €1.6m
H1 2024 (*) | 2024 E | % compliance | |
GOI | 1.4m | 3.0m | 46% |
EBITDA | 1.1m | 1.6m | 70% |
Note: EBITDA excluding gains on disposal has 44% compliance
(*) H1 2024 Unaudited figures
BARCINO PROPERTY SOCIMI, S.A.
06/APPENDIX
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