Barcelona, 7 de noviembre 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 tercer 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.
Q3 2024 and H1 2024 Results Presentation
NOVEMBER 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.
TABLEOF
CONTENTS01/
02/
03/
04/
Business Review
Q3 2024 results
Q3 2024 KPIs
Remaining capex
06/
07/
08/
H1 2024 results
H1 2024 balance sheet
Appendix
05/ Guidance
4 - BARCINO PROPERTY SOCIMI, S.A.
01/BUSINESSREVIEW
OPERATING RESULTS BROADLY IN LINE WITH EXPECTATIONS
- Q3 2024 Gross Operating Income €648k, down -3% YoY
- Q3 2024 Adjusted Net Operating Income (*) €370k, down -6% YoY
- Q3 2024 EBITDA (*) €0.6m
Increasing mid-term supply resulting in rental prices stabilizing.
Excluding the impact of empty units for sale and units sold GOI is up +13% YoY
Q3 2024 and Q3 2023 unaudited figures
(*) Reconciled on the next slide
DISPOSALS
- During Q3 2024, Barcino has completed the sale of 6 residential units for €1.5m. Barcino has deposit agreements for the sale of 8 additional residential units for €3.1m as of September 30.
- Gains related to the 6 completed sales amount to €229k.
CAPEX AND FINANCING
- Formalised the mortgage extension of one of our mortgages in order to finance the remaining capex of one of our buildings for a maximum value of €755k.
- Repaid the mortgage loan of one of our buildings of €498k
- As Q3 2024 debt amounted to €13.5m, cash and cash equivalents to €2.1m and bank deposits to €0.3m.
5 - BARCINO PROPERTY SOCIMI, S.A.
02/Q32024RESULTS
GROSS OPERATING INCOME:
- Decrease in GOI of €21k, -3% YoY.
- Ramp up of two new buildings have contributed €66k to
GOI compared to Q3 2023. - BA GOI up €11.5k compared to Q3 2023, an increase of
+8% YoY. - Impact of units sold after Q3 2023 on GOI of -€79k.
- Impact of empty units for sale on GOI of -€18k.
- GOI of the remainder of the portfolio including mid-term, long-term and commercial leases, are down €1k, a -0.3% increase YoY.
OPERATING EXPENSES:
- Letting and platform fees up €3k, of which €2.1k are related to BA asset.
- Short-termand mid-term costs in line with Q3 2023.
STAFF COSTS:
- Personnel costs down €1k from Q3 2023.
GENERAL AND
ADMINISTRATIVE COSTS:
- In line with Q3 2023.
ADJUSTED NOI:
- Decrease of €22k, -6% YoY.
NOI:
- Property management fees €29k.
INTEREST:
- Interest expenses decrease of €9k due to the repayment of two mortgages.
BARCINO PROPERTY | |||
In EUROS | Q3 2024 (*) | Q3 2023 (*) | Var 24/23 % |
P & L | |||
Rental Income | 648,424 | 669,035 | |
GROSS OPERATING INCOME (GOI) | 648,424 | 669,035 | -3% |
OPERATING EXPENSES | (197,216) | (196,953) | 0% |
NET RENTAL INCOME (NRI) | 451,208 | 472,081 | -4% |
% margin | 70% | 71% | |
Staff costs | (47,918) | (46,781) | |
General and administrative expenses | (33,263) | (33,546) | |
ADJUSTED NET OPERATING INCOME (NOI) | 370,027 | 391,754 | -6% |
Management Fee | (29,357) | (29,357) | |
NET OPERATING INCOME (NOI) | 340,669 | 362,397 | -6% |
Non recurring expenses | (8,420) | (31,585) | |
Excess provisions & other income and expenses | 129 | (1) | |
Gains or losses on disposals | 229,140 | 0 | |
EBITDA | 561,518 | 330,810 | |
Depreciation & amortisations | (210,150) | (195,783) | |
EBIT | 351,368 | 135,027 | |
Net interest | (208,576) | (217,319) | |
EBT | 142,792 | (82,292) |
(*) Q3 2024 and Q3 2023 Unaudited figures
6 - BARCINO PROPERTY SOCIMI, S.A.
LFL MID TERM-REVENUES | OCCUPANCY MID-TERM |
03/Q42023KPIs
230,000 | 95% | ||||
91% | |||||
225,000 | |||||
87% | |||||
220,000 | |||||
215,000 | 83% | ||||
210,000 | |||||
79% | |||||
205,000 | |||||
75% | |||||
200,000 | |||||
Q3 2023 * | Q3 2024 * | ||||
Q3 2023 * | Q3 2024 * | ||||
LFL mid term Q3 revenue decline based on 38 units -1% YOY | Occupancy up from 86% to 87% |
(**) -1% YOY |
(*) Q3 2024 and Q3 2023 Unaudited figures
7 - BARCINO PROPERTY SOCIMI, S.A.
04/REMAININGCAPEX
- Currently remaining expected capex for last building requiring significant refurbishement is of c.€0.6m.
Works started 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 | Q1-Q3 2024* | REMAINING |
Major Capex | 2.5 | 0.1 | 0.5 |
Minor | - | - | 0.0 |
PLANNED CAPEX | 2.5 | 0.1 | 0.5 |
(*) Q1-Q3 2024 Unaudited figures
8 - BARCINO PROPERTY SOCIMI, S.A.
05/GUIDANCE
2024 Guidance:
- 2024 Gross Operating Income expected to be to €2.5-2.6m instead of €3.0m due to empty units for sale and asset disposals
- 2024 EBITDA expected to be significantly above guidance due to gains on disposals
Q3 2024 (*) | 2024 E | % compliance |
GOI | 2.0m | 3.0m | 68% |
EBITDA | 1.7m | 1.6m | 104% |
Note: EBITDA excluding gains on disposals has 64% compliance
(*) Q3 2024 Unaudited figures
9 - BARCINO PROPERTY SOCIMI, S.A.
06/H12024RESULTS
INTERIMSTATEMENTOFPROFIT ORLOSSTHESIX-MONTH PERIOD
ENDED 30 JUNE 2024-2023 (in Euros)
STATEMENT OF PROFIT OR LOSS | 30/06/2024 (*) | 30/06/2023 (*) |
1. Revenue | 1,379,107 | 1,183,730 |
Real estate leases | 1,379,107 | 1,183,730 |
5. Other operating income | 3,009 | 6,630 |
Other operating income | 3,009 | 6,630 |
6. Staff costs | (96,376) | (76,771) |
a) Wages, salaries and similar expenses | (73,664) | (60,530) |
b) Employee benefit costs | (22,713) | (16,241) |
7. Other operating expenses | (647,328) | (521,950) |
a) Outside services | (597,462) | (479,901) |
b) Taxes | (41,368) | (35,523) |
c) Losses, impairment and changes in trade provisions | (8,495) | (6,522) |
d) Other current operating expenses | (3) | (4) |
8. Depreciation and amortisation charge | (415,857) | (323,426) |
10. Excess provisions | 0 | 0 |
11. Impairment and gains or losses on disposals of non-current assets | 483,698 | 0 |
12. Other income and expenses | (2,369) | (2,212) |
PROFIT/LOSS FROM OPERATIONS | 703,884 | 266,001 |
13. Finance income | 436 | 4 |
From marketable securities and other financial instruments | 436 | 4 |
From third parties | 436 | 4 |
14. Finance costs | (420,808) | (332,635) |
On debts with third parties | (420,808) | (332,635) |
FINANCIAL LOSS | (420,372) | (332,631) |
PROFIT/LOSS BEFORE TAX | 283,512 | (66,630) |
Income tax | 0 | 0 |
PROFIT/LOSS FROM CONTINUING OPERATIONS | 283,512 | (66,630) |
PROFIT/LOSS FOR THE YEAR | 283,512 | (66,630) |
(*) Limited Review Report correspondingto the Individual Interim Financial statements for the six-month period ending 30 June 2024 and 30 June 2023
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