Presentation to the Hellenic Fund & Asset
Management Association | April 2024
Presentation team
Kostas Markazos | Nikolaos Baziotis | Constantin Pechlivanidis | Pantelis Voutirakis |
CEO | CFO/CIO | Chief Property Investment | FP&A Manager |
Officer |
2
AGENDA
1
2
3
2023 review
Portfolio & projects
Prospects for 2024
AGENDA
1
2
3
2023 review
Portfolio & projects
Prospects for 2024
At-a-glance
* includes advances related to investment property and investments in affiliates | 5 |
2023: Key highlights
Investments
Asset
Management
Finance
- 7 transactions/projects of which 6 in progress
- Focus on green office space, serviced apartments, logistics, industrial
- Investments in 3 existing properties increasing value and revenues
- Disposal of Votanikos property with significant profit
- 7.0 years WALT
- Like-for-like rental growth at 8.4% versus 2022 & no collection losses
- Weighted average debt cost at 4.3%, with 54% of total debt at fixed cost
- Improved average spread on existing loans by c. 40bps versus 2022
- € 20m RRF loans signed of which € 9mn already drawn in 2023
6
Robust financials (FY2023 snapshot)
Top-line growth & increased operating profitability
Strong asset base & healthy capital structure
Capital discipline & conservative debt profile
Total revenue
€19.0 m
+26% yoy (+€3.9m)
EBITDA / Adjusted EBITDA
€14.1 m / €12.0 m
-42% yoy / +61% yoy (-€10.3 m) / (+€4.5 m)
Net profit
€7.2 m
-54% yoy (-€8.6 m)
FFO
€4.6 m
12M 2023 (+€0.6 m)
Total investments (investments + cash)
€ 352.2m
December 2023 (+€ 31.9m vs FY 2022)
NAV
€147.2 m / €1.71 per share
December 2023 (+€ 6.1m vs FY 2022) / (+€0.07 per share vs FY 2022)
Total cash
€45.0 m
December 2023 (-€ 2.7m vs FY 2022)
Property portfolio
51 properties / 384K sqm GBA / 7.6% Gross yield
December 2023 (+2 properties / + 17.5K sqm vs FY 2022)
Gross debt* / Net debt*
€ 199.6 m / € 154.6 m
December 2023 (€ 176.6 m / € 128.9 m in FY 2022)
Gross LTV / Net LTV
65.0% / 50.3%
December 2023 (64.8% / 47.3% in FY 2022)
Debt maturity
8.0 years
December 2023, weighted average / 6.4 in FY 2022
Cost of debt
4.3%
December 2023, weighted average / 3.7% in FY 2022
* Includes bank debt and leasing related to investment properties | 7 |
Active management of the capital structure maintaining a conservative debt profile
Balance sheet management
- € 26.1m new loans issued of which € 9.1m fixed cost RRF loans
- Fixed interest cost for 54% of total group debt
- 110m unencumbered assets
- Limited refinancing risk in the next 2 years
Leverage (as of 31.12.2023)
50%
47%
37%
31.12.2021 | 31.12.2022 | 31.12.2023 |
Net LTV
Interest rate risk exposure
Debt profile (as of 31.12.2023)
Lease obligations 2%
RRF | |
4% | |
Bank debt | |
44% | Public bond |
49% |
Debt maturity profile (as of 31.12.2023)**
Floating
in € mn
115.7
Weighted average debt maturity incl./ex PPP at 8.0/5.6 years
Weighted
average
Fixed cost 4.3%
54% 31.12.23
46%*
4.7
73.4
Up to 1 year From 2 to 5 | More than 5 |
years | years |
* Hedge contract activation from 2025 amounting 15.0m | ** excluding lease obligations | 8 |
Strong & consistently improving financial performance
Revenue
- mn
25.3
+26%
yoy 19.0
+58%
yoy 15.1
+459% | 9.5 | |||
yoy | ||||
1.7 | ||||
FY 2020 | FY 2021 | FY 2022 | FY 2023 | Revenue capacity ** |
FFO*
- mn
+14% | 4.6 | ||||||
yoy | |||||||
+94% | 4.0 | ||||||
yoy | |||||||
+188% | 2.1 | ||||||
yoy | |||||||
0.7 | |||||||
FY 2020 | FY 2021 | FY 2022 | FY 2023 |
Adjusted EBITDA*
- mn
+61% | 12.0 | ||||||
yoy | |||||||
+100% | 7.5 | ||||||
yoy | |||||||
+697% | |||||||
3.7 | |||||||
yoy | |||||||
0.5 | |||||||
FY 2020 | FY 2021 | FY 2022 | FY 2023 |
NAV | ||||||
€ mn | € 1.64 / share | € 1.71 / share | ||||
3-year CAGR: 57% | € 1.45 / share | +12% yoy | +4% yoy | 147.2 | ||
141.1 | ||||||
+233% yoy | ||||||
125.9 | ||||||
€ 1.08 / share | ||||||
37.9 | ||||||
FY 2020 | FY 2021 | FY 2022 | FY 2023 |
* The relevant definitions are presented in Annual Financial Report for the Period 01.01-31.12.2023 - Adjusted EBITDA excludes fair value gains (2023: € 2.3m) and non recuring expenses (2023: € -0.25m) | 9 |
** Revenue capacity: annualized (12 month) revenue from existing properties + annualized revenue from committed projects and transactions |
AGENDA
1
2
3
2023 review
Portfolio & Projects
Prospects for 2024
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