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Annual Results Presentation 2016

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Annual Results Presentation 2016 ANNUAL RESULTS FOR THE YEAR ENDED 29 FEBRUARY 2016 Proceedings & Speakers Overview Kiriakos Anastasiadis Financial overview Pieter Scholtz Existing portfolio overview Pieter Scholtz Developments - Properties under development - Future opportunities - Other initiatives Kiriakos Anastasiadis Looking ahead Kiriakos Anastasiadis 1 OVERVIEW 2 General Overview Specialist commercial, retail and residential property developer and owner Listed on the JSE on 9 December 2014 with average annual growth target of 20% to 25% over a 3 year period. Capital growth vs REIT Dynamic and highly experienced management team with a proven 18 year track record Existing in-house developed property assets of R4.032bn serves as a NAV underpin going forward Established in-house property, asset management, and development team to deliver continued capital uplift of developed assets Subscribes to high standards of sustainable development practice Value engineering | A way of work developed by Acsion where significant cost savings are realised through an innovative or more effective approach whilst maintaining the highest standards of sustainable development and construction practice Focus on the continuous identification and delivery of capital enhancing development opportunities www.acsionsa.co.za 3 Economic overview: Acsion View 1. Real estate market South Africa Rest of Africa Europe www.acsionsa.co.za 4 Activity Overview 1. Gearing (Loan to value – SA REIT Association) 2016 2015 4.13% 4.83% 2. Cash spend on development R221m Acsiopolis R67m Mall@Moutsiya (Aug 2016) R13m Mall@Carnival R84m Mall@Reds R6m Mall@Emba R19m Mall@55/Trade55 R15m Mall@Mfula (Nov 2016) R12m Other R5m Spend financed mainly from operational cash flow 3. Spend March 2016 to May 2016 R77m . www.acsionsa.co.za 5 New initiatives: Energy 1. Renewable Energy installed at Mall@Emba 1MW commissioned October 2015 2. Renewable Energy installations underway 4MW at Mall@Carnival 2MW at Mall@Reds Commissioning from June 2016 to August 2016 Mall@Mfula, Mall@Moutsiya, Mall@Lebo to receive solar installations www.acsionsa.co.za 6 ACSION at a glance 29 Feb 2016 28 Feb 2015 9 Dec 2014 Total property portfolio R4.617bn R3.755 bn R3.585 bn Net asset value R4 575bn R4 021bn R3 727bn NAV per share (excl. deferred tax) R13.61 R11.56 R10.70 EBITDA R301m R66.7m Operating yield 7.3% 7.4% Headline earnings per share 45.85 41.06 WALE per GLA 4.11 years 4.50 years 4.40 years Total gross lettable area 204 454m² 188 716 m2 188 416 m2 Vacancy rate | Developed 4.43% 5.05% 4.40% portfolio Average escalations 7.17% 7.26% 7.9% Market capitalisation R3.752 bn R4.277 bn R4.345 bn www.acsionsa.co.za 7 ACSION at a glance NAV uplift NAV uplift Operating Direct exp / Total exp / 29 15mnths 12mnths yield income % income % FEBRUARY 27.2% 21.7% 7.3% p.a. 10.42% 17.24% 2016 (7.4%) (11.08%) (18.11%) 1,600 262.5 - 19.5 5.8 1.5 14.2 2.4 1,361 1,400 Value in cents 1,070 1 NAVPS 9 Dec 2014 1,200 23.7 2 Profit 1,000 3 Investment property uplift 800 4 Increase in deferred tax NAV uplift 5 Reduction in gearing 600 6 Repurchase of shares 400 7 Working capital changes 15mnths 8 Other 200 9 NAVPS 29 February 2016 - 1 2 3 4 5 6 7 8 9 www.acsionsa.co.za 8 Group Structure ACSION LIMITED 100% Acsiopolis 100% Anaprop Property Management 100% Hyde Park Terrace 100% Mall@55 & Trade 55 100% Mall@Carnival 100% Mall@Emba 100% Mall@Lebo 100% Mall@Maputo 100% Mall@Moutsiya 100% Mall@Reds 100% Moreleta Square 100% Simarlo Rainbow 55% Mall@Mfula www.acsionsa.co.za 9 FINANCIAL OVERVIEW 10 Simplified statement of financial position 29 Feb 2016 28 Feb 2015 (R’000) (R’000) ASSETS Investment property 4 616 775 3 755 100 Goodwill 625 464 625 464 Prepayments 366 610 409 661 Other assets 47 569 44 556 Total assets 5 656 418 4 834 781 Equity 4 585 833 4 020 749 LIABILITIES Deferred tax 792 810 545 141 Interest bearing liabilities 206 802 198 312 Other liabilities 70 973 70 579 Total liabilities 1 070 585 814 032 SHARES IN ISSUE 394 467 106 394 959 976 NAV (excl. deferred tax) R13.61 R11.56 www.acsionsa.co.za 11 Financial Position 1. Investment property IAS 40– with different disclosure (R’ 000) Investment property 4 311 971 Plant & equipment 92 325 Operating lease 124 548 NC assets held for sale 87 931 Total 4 616 775 2. 2016 2015 Liquidity 0.44:1 0.52:1 Bond prepayment R162m R147m Adjusted liquidity 2.30:1 2.38:1 Interest cover 13.93 15.75 Loan to value 4.13% 4.83% New facility of R1bn secured to fund developments www.acsionsa.co.za 12 Simplified statement of profit & loss 3 months ended 29 Feb 2016 28 Feb 2015 (R’000) (R’000) INCOME 463 968 112 028 Revenue 453 343 107 424 Other income 10 625 4 604 EXPENSES 210 509 56 135 Operating profit 253 459 55 893 Fair value adjustments 633 227 - Sale of non current assets 4 963 - Net finance costs (16 556) (3 255) Income from associates (219) 160 Profit before tax 874 874 52 798 Tax (305 316) (12 005) Net profit 569 558 40 793 HEPS 45.85 41.06 www.acsionsa.co.za 13 Operating and Recoverability Ratios | Portfolio 2016 2015 2016 Assessment rates recovery 71.82% 61.24% Repairs & Maintenance, Other, 5.6% 11.2% Security, Electricity recovery 124.58% 127.37% 5.0% Cleaning, 4.0% Refuse recovery 114.47% 84.22% Municipal, 74.2% Sewerage recovery 93.23% 98.12% 2015 Repairs & Maintenance, Water recovery 89.80% 79.09% 9.1% Other, 7.9% Security, 5.5% Direct property cost/income 10.42% 11.08% Cleaning, 4.6% Municipal, 72.8% Total cost/income 17.24% 18.11% www.acsionsa.co.za 14 PORTFOLIO OVERVIEW 15 Existing Portfolio | Overview Valuation Value (Rm) GLA p/m2 % of Existing portfolio Property name (*)Directors (m2) (excl. portfolio enhancements valuation bulk) 2,000 87,721 22,800 49.6 4 MW renewable energy Mall@Carnival(*) Mall@Reds 980 54,342 18,034 24.3 2 MW renewable energy Mall@Emba 486 24,415 19,906 12.1 Mall@Lebo(*) 380 23,510 16,163 9.4 Phase 2 extension of 8 000m² Moreleta Square(*) 154 8,459 18,205 3.8 Simarlo Rainbow(*) 32 6,007 5,261 0.8 Developed 4,032 204,454 19,719 100.0 portfolio www.acsionsa.co.za 16 Property under development | Overview Valuation (Rm) % of GLA Value p/m2 Existing portfolio Property name (*)Directors develop (m2) (excl. bulk) enhancements valuation ment Mall@Moutsiya 130 15,500 8,300 15.6 Renewable energy Mall@Mfula 170 18,700 9,000 20.5 Renewable energy Mall55/Trade 55(*) 275 25,000 11,000 33.1 Acsiopolis(*) 255 67,000 3,800 30.8 Under 830 126,200 6,600 100.0 development www.acsionsa.co.za 17 Existing portfolioKey- indicators l Legend description Where ever possible, SA REIT Association Best Practice recommendations are used. Key Description Footfall Average footfall per month over the past 12 months Valuation * Indicative of Director’s valuation Operating yield Operating profit yield achieved over the past 12 months Lease escalation Average lease escalation weighted by GLA WALE Weighted average lease expiry by GLA www.acsionsa.co.za 18 Feb 2016 2015 GLA 87 721m² 72 338m² WALE 3.8yrs 3.8yrs Footfall 900 000 700 000 Vacancy 6.5% 5.5% Valuation * R2.00 bn R1.56 bn Value/m2 R22 800 R21 082 Cost/m2 R5 419 R5 509 CNR HEIDELBERG & AIRPORT ROADS, DALPARK EXT 5, BRAKPAN Operating yield 6.2% 7.2% WELL-LOCATED REGIONAL MALL ON N17 OPPOSITE CARNIVAL CITY PRIMARY CATCHMENT AREA OF APPROXIMATELY 100,000 HOUSEHOLDS Lease SHOPPERS IN LSM 6-10 (36% IN LSM 10/10+) 6.85% 6.95% 129 000m2 BULK AVAILABLE FOR DEVELOPMENT escalation 4MW SOLAR PV INSTALLATION 2016/2017 Phase 1: 10yrs Building Phase 2: 4yrs Age Phase 3:6mnths 19 Feb 2016 2015 GLA 54 342m² 53 423m² WALE 4.7yrs 5.3yrs Vacancy 3.3% 6.54% Valuation R980m R820m 2 Value/m R18 034 R15 349 Cost/ m2 R6 397 R 6 420 Operating yield 9.0% 8.3% Lease 7.05% 6.95% escalation CNR ROOIHUISKRAAL & HENDRIK VERWOERD DRIVE, ROOIHUISKRAAL EXT 15, CENTURION ESTABLISHED REGIONAL SHOPPING CENTRE ON A MAIN ARTERIAL ROUTE DENSE, FAST-GROWING MEDIUM TO HIGH INCOME RESIDENTIAL AREA Building Several phases over 2MW SOLAR PV INSTALLATION 2016/2017 Age 12yrs Renovated 2015 20 Feb 2016 2015 GLA 24 415m² 24 477m2 WALE 2.6yrs 2.8yrs Footfall 500 000 500 000 Vacancy 1.2% 4.42% Valuation R486m R491m Value/m2 R19 906 R17 118 Cost/m2 R5 663 R4 969 Operating yield 7.3% 7.5% CNR eMBALENHLE AVENUE & OLD PROVINCIAL ROAD, eMBALENHLE, MPUMALANGA Lease ONLY FORMAL RETAIL OFFERING IN ITS PRIMARY CATCHMENT AREA 7.74% 7.48% WITH APPROX. 300 000 RESIDENTS – SASOL MAIN EMPLOYER escalation AVAILABILITY OF ELECTRICITY LOWERS RISK OF COMPETITION LOCATED ADJACENT TO MAIN TAXI RANK AND TRANSPORT NODE Building Phase 1: 8yrs NEAREST FORMAL RETAIL IN THE SECUNDA CBD IS APPROXIMATELY Phase 2: 3yrs 15KM AWAY COSTING APPROXIMATELY R20 TO TRAVEL BY TAXI Age 1 MW SOLAR PV INSTALLATION IN 2015/2016 21 Feb 2016 2015 GLA 23 510m² 23 964m² WALE 5.8yrs 6.5yrs Footfall 420 000 400 000 Vacancy 0% 1.27% Valuation * R380m R314m Value/m2 R16 163 R13 103 Cost/m2 R6 199 R6 092 CNR R513 & R 579, LEBOWAKGOMO, LIMPOPO Operating yield 9.7% 4.8% ONLY MAJOR FORMAL RETAIL OFFERING WITHIN A 50KM RADIUS CATERING FOR APPROXIMATELY 300 000 RESIDENTS IN ITS PRIMARY CATCHMENT AREA Lease ADJACENT TO MUNICIPAL TAXI RANK AND COMPLEMENTARY INFORMAL 7.50% 7.53% RETAIL OFFERING escalation Building 2yrs Age 22 2016 2015 GLA 8 459m² 8 507m2 WALE 4.1yrs 4.6yrs Vacancy 3.3% 0.58% Valuation * R154m R136m Value/m2 R18 205 R15 987 Cost/m2 R2 275 R2 261 Operating yield 8.6% 8.1% CNR GARSFONTEIN & RUBENSTEIN ST, MORELETA PARK, PRETORIA LONG LEASE EXPIRY UNDERPINNED BY NATIONAL TENANT WELL-ESTABLISHED COMMUNITY SHOPPING CENTRE IN THE Lease 8.06% 8.80% MORELETA PARK NODE escalation ESTABLISHED CONVENIENCE NODE Building 15yrs Age Renovated’12 23 2016 2015 GLA
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