INTERIM RESULTS PRESENTATION MARCH 2019 1 LIGHTHOUSE CAPITAL - - PowerPoint PPT Presentation

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INTERIM RESULTS PRESENTATION MARCH 2019 1 LIGHTHOUSE CAPITAL - - PowerPoint PPT Presentation

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INTERIM RESULTS PRESENTATION MARCH 2019 1 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION HIGHLIGHTS Interim distribution per share of 1.5000 EUR cents Interim distributable earnings per share of 1.8310 EUR cents Dividend policy

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LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION

INTERIM RESULTS PRESENTATION MARCH 2019

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LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION

  • Interim distribution per share of 1.5000 EUR cents
  • Interim distributable earnings per share of

1.8310 EUR cents

› Dividend policy allows for retained earnings

  • NAV per share 55.59 EUR cents
  • Redevelopment and reconfiguration of Planet Koper
  • Direct property exposure increased to above 80%
  • Changes to the board

HIGHLIGHTS

Forum Viseu

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LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION

Mar 19 Sep 18* Mar 18* Shares in issue 457 790 136 455 969 410 474 405 326 Distributable earnings per share (EUR cents) 1.8310 5.3080 5.7080 Distribution per share (EUR cents) 1.5000 5.1920 5.7700 Payout ratio 81.9% 97.8% 101.1% NAV per share (EUR cents) 55.59 66.70 49.93 Price per share (JSE - ZAR) 6.75 Gearing 28.0% 8.3% 31.3%

KEY INDICATORS AND FINANCIAL PERFORMANCE

* Adjusted for effect of share consolidation and returns of capital

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Asset value Debt Cost of (€ '000) (€ '000) Gearing borrowing Direct property investments 294 801 125 814 39.9% 2.47% Listed investments 71 095 22 184 (19.2)% 0.11% Total / average 365 896 147 998 28.0% 2.11%

GEARING AND COST OF DEBT

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LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION

Listed infrastructure 2.5% Listed real estate 16.9% Direct property 80.6%

Mar 2019

Listed infrastructure 44.6% Listed real estate 25.6% Direct property 29.8%

Sep 2018

INVESTMENT PORTFOLIO – BY SECTOR

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LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION

Listed infrastructure 7.5% Listed real estate 16.7% Direct property 75.8%

Mar 2019

Listed infrastructure 42.3% Listed real estate 36.8% Direct property 20.9%

Sep 2018

REVENUE – BY SECTOR

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LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION

Valuation as at % of total Investment Sector Jurisdiction Mar 2019 (€ '000) investments Forum Coimbra Direct property Europe 194 754 53.2% Planet Koper Direct property Europe 59 856 16.4% Unibail-Rodamco-Westfield Listed real estate Europe 50 491 13.8% Forum Viseu Direct property Europe 40 191 11.0% Klepierre Listed real estate Europe 11 225 3.1% Total 356 517 97.4%

TOP FIVE INVESTMENTS

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DIRECT PROPERTY PORTFOLIO ANCHOR TENANTS BY GROSS RENTAL

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Pingo Doce Calzedonia C&A FNAC Cortefiel Primark Tus H&M NOS Inditex

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LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION

DIRECT PROPERTY PORTFOLIO LEASE EXPIRY PROFILE BY GROSS RENTAL

0% 5% 10% 15% 20% 25% 2019 2020 2021 2022 2023 2024 2025 2026 >2027

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LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION

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  • Total sales growth increased by 3.2%
  • Last 12 months effort rate of 11,1%
  • 100% occupancy
  • Over 8.4 million visitors in 2018, and growing
  • Core catchment of 204 000 people
  • Excellent tenant mix with anchors such as FNAC, Primark,

H&M, C&A, Zara, Bershka, Cortefiel, Lefties

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Ground Level Level 1

SHOPPING CENTRE LAYOUT

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2.28

Crazy Bowling

Sqm 813 2.11

Tun Fon

Sqm 110

2.10d+e

Italian Republic

Sqm 94

2.10f

Bifanas de Vendas Novas

2.15 Sopas&So57

2.19

Sqm 67 Monte Fuji

2.20

Comapnhia das

2.21

Ali Kebab

2.21a

Sqm 37

2.22

Portugália Balcão

2.23

Vitaminas

2.24

Pateo

2.25

Sqm 59 Tomatino

2.04

Chimarrão / Bifão

Sqm 204

2.08

Joshua’s Shoarma Sqm 78

2.09

Alentejo

Sqm 133

2.10c

Hanami Sushi

Sqm 64

2.10b

Pizzarte

Sqm 54

2.10a

Wok to Walk

Sqm 54

2.2 9

Nicola Sqm 8

Olá

2.12

Talho Burguer

Sqm 134

2.27 Sr Frango da Guia

Sqm 164

2.01

Brasil ao Peso

Sqm 222

Level 2

SHOPPING CENTRE LAYOUT (cont.)

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IKEA

DECATHLON

EXTENSION OPPORTUNITY

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OVERALL LOOK & FEEL REFURBISHMENT TO KICK OFF IN 2019/2020 The project will involve a complete revamping of the center, updating its ‘Look & Feel’. While valuing the existing Architecture the project will improve the comfort of the center through better facilities like lounges, new sitting areas, toilets and modernized parking. Lighting, park entrances and way finding signage will also be intervened, improving the standard of the center, further facilitating customers visiting and elevating their shopping experience.

REFURBISHMENT

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  • Last 12 months effort rate of 12.0%
  • Approximately 98% occupancy post redevelopment
  • Commenced redevelopment and reconfiguration

› Approximately 7 760 m2 of GLA

  • Letting has been very successful and new shops include:

› Mladinska, Office Shoes, Superdry, Sportina, Europa 92, Ciciban, Optika Clarus, Pepperoncino, Lars&Sven, Teta Frida, Subway, Polleo Sport, Simple, Rayher, Champion, SportVision, and LPP will introduce Mohito, Sinsay, Cropp and House for the first time in Slovenia

  • New racetrack layout on ground and first floors
  • Updated food court – will compliment and enhance the entertainment offering
  • Tenants expected to be trading by October 2019
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SHOPPING CENTRE LAYOUT / REFURBISHMENT KEY TENANT ADDITIONS:

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98% OCCUPANCY (post redevelopment)

%

LTM EFFORT RATE OF 12.0%

REFURBISHMENT

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  • Strong high street location in Viseu
  • 50% of footfall is pedestrian
  • Catchment of 121 000 people within 30 minute drive
  • 4.6 million visits per annum
  • 11% increase in footfall for first quarter of 2019

› Introduction of Fitness Hut

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SHOPPING CENTRE LAYOUT

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SHOPPING CENTRE LAYOUT (cont.)

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Cex

SHOPPING CENTRE LAYOUT (cont.)

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LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION

  • Defensive balance sheet with flexibility
  • Evaluating a number of direct investment opportunities
  • Remains prudent and selective
  • Forecast distribution

› FY2019: Approximately 3,0 EUR cents per share

OUTLOOK

Forum Coimbra

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Q&A