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MarketScreener Homepage  >  Equities  >  Euronext Bruxelles  >  Wereldhave Belgium    WEHB   BE0003724383

WERELDHAVE BELGIUM

(WEHB)
  Report
Real-time Quote. Real-time Euronext Bruxelles - 01/27 11:35:01 am
42 EUR   +0.24%
01/06Wereldhave Sells Two Shopping Centers In Netherlands, France
MT
01/06Wereldhave Sells Two Shopping Centers to Vinci for EUR57 Million
DJ
2020Wereldhave Belgium Appoints CEO, COO
MT
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Wereldhave Belgium : Corporate presentation 30 June 2020

08/17/2020 | 05:28am EST

Corporate presentation 30 June 2020

1

Key investment highlights

p4

2

Portfolio overview

p7

3

Operational results HY 2020

p9

4

Financial results HY 2020

p18

5

Belgium retail real estate market

p25

6

Corporate strategy

p29

7

Development projects

p32

8

Appendix

p36

9

Q&A - Contact

p52

1 Key investment highlights

4

1 Key investment highlights

High quality real estate portfolio, consisting primarily of shopping centres and retail parks in Belgium and Luxembourg with a high and stable occupancy ratio (c.95%)

Solid balance sheet with conservative LTV (< 30%) and low cost of debt (< 1%)

Covid-19 resilient portfolio valuation, rental income and direct result

Identified growth potential via various development projects

(with strategic focus of developing additional services into retail assets)

5

2 Portfolio overview

7

2 Portfolio overview

High quality real estate portfolio, consisting primarily of shopping centres and retail parks in Belgium and Luxembourg with a high and stable occupancy ratio (c.95%)

Figures as of 30 June 2020

AntwerpenTurnhout

Brugge Gent

Shopping 1

Genk

Ring

Belle-île

Shopping

Liège

Kortrijk

Shopping

Bastions

Tournai Shopping

Nivelles

Diversification

Number of

Lettable area

Contract rent

Occupancy rate

of the portfolio

assets

(in sqm x 1,000)

at 30 June '20

at 30 June '20

(in % of valuation)

(in Mio €)

Retail

88.9%

12

220.7

49.5

96.0%

Offices

9.8%

2

60.5

7.7

87.0%

Development

1.3%

3

-

-

-

in commercial

projects

Total

100%

17

281.3

57.1

94.6%

(936 Mio €)

Waterloo Vilvoorde

8

3 Operational results HY 2020

9

3 Operational results HY 2020

Solid leasing activity despite Covid-19 and constructive tenant discussions

40 leasing activities

  • Representing 5.7% of the rental income
  • 15.8% above ERV and 8.6% above previous rent

Succesful openings of Action on 1,000 m² in Ring Shopping Kortrijk and of Courir in Shopping Bastions and Belle-Île

Covid-19 discussions

Q2 2020 rent collection ± 60%

10

3 Operational results HY 2020

Although visitor numbers suffered from Covid-19,

Wereldhave Belgium's assets outperformed the market in this regard

Number of visitors

(x 1,000)

2019

2020

500

400

300

200

100

0

Week

1

5

10

15

20

25

Number of visitors in January and

February: +14.65% (market figure +5.96%) compared to the same period last year

Number of visitors in June:

-13.6% (market figure -24%) compared to the same period last year

11

3 Operational results HY 2020

Constructive Covid-19 related tenant discussions

Tenants situation

Textile under pressure

Break options used: 5 contracts until now (all textile)

Some difficult negotiations for renewals (lower rents)

Several retailers under 'chapter 11' (±15 contracts)

Tenants

Covid-19 discussions

TO DO before YE 2020:

±475 contracts to negotiate with ±300 different tenants (±615 contracts under management with ±400 tenants)

DONE on 30/06:

±200 contracts negotiated with ±130 tenants

Receivables cancellation / rents reduction (lockdown & after lock- down)

Broader discussions (win/win)

Tenants expansion

Limited but several deals signed and several ongoing discussions

12

3 Operational results HY 2020

Outstanding receivables on 30 June 2020:

€ 1.5 Mio receivable cancellations already granted

€ 0.5 Mio receivable amounts payments already postponed

€ 3.0 Mio additional receivable cancellations estimated

€ 5.5 Mio in total

13

3 Operational results HY 2020

Our support & actions during Covid-19

Visitor

Key

Safety Plan

priorities

Laptop donations local Triage-centre

Central and local measures taken to ensure that people, entrepreneurs and partners feel safe and welcome to visit, work and do business in the centres

Create a safe & healthy space that minimizes the risk of an outbreak of Covid-19

Provide visitors with clear information before and during centre visits

Spread visits with crowd management tooling, strict centre guidelines, communication and signing

Wereldhave Belgium donated laptops to support a local triage- centre where doctors are referring Covid-19 patients to the hospital

14

3 Operational results HY 2020

Operational Wereldhave Belgium Centre measures

Campaign 'good to see you again'

Additional cleaning services

Additional safety guards

1,5 meter communication, signing and services

Vending machines with facemasks

Hand disinfection totems

Busy overview 'pick your moment' (visitors)

Crowd monitoring (tenants)

Busy Alarm button (tenants)

2,000 m² of free space granted to

Food & Beverage tenants

15

3 Operational results HY 2020

Development / Building & Maintenance / Divestment

Development CAPEX (€ 7 Mio) - Mainly Belle-Île renovation

Additional maintenance and tenant CAPEX (€ 3 Mio)

Disposal of student housing in Ghent (€ 7,8 Mio)

  • Capital gain of € 0,3 Mio against last fair value

16

4 Financial results HY 2020

18

4 Financial results HY 2020

Solid H1 2020 performance in light of Covid-19 impact

Balance Sheet

2018

2019

HY 2020

Real Estate Portfolio (Mio €)

956.7

961.3

936.5

EPRA Occupancy Ratio (in %)

96.2

95.2

94.6%

Net Asset Value (Mio €)

678.4

689.2

670.9

Financial Debts (Mio €)

286.0

273.0

260.8

NAV per Share (in €)

89.97

88.27

85.92

LTV (in %)

29.7

29.3

28.9%

  • Low portfolio value volatility following Covid-19 impact (-3.6%)
  • High occupancy ratio (c.96% in retail)
  • Solid balance sheet structure with conservative LTV (< 30%)

Profit and Loss Account

2018

HY 2019

2019

HY 2020

Gross Rental Income (in Mio€)

57.78

32.22

63.94

29.70

Direct Result (in Mio €)

40.73

23.44

45.62

16.99

Indirect Result (in Mio €)

-0.19

-2.33

-16.66

-35.35

Total Result (in Mio €)

40.54

21.11

28.96

-18.36

EPRA Earnings per Share

5.74

3.08

5.92

2.18

Dividend per Share

5.20

-

4.50*

TBD

*FROM 5.20 TO 4.50 DUE TO COVID-19 SITUATION /

SUBJECT TO APPROVAL OF AGM 2 SEPTEMBER

  • Resilient rental income / direct result despite Covid-19 impact

19

4 Financial results HY 2020

In the light of Covid-19, Wereldhave Belgium took various liquidity management measures

Liquidity Management in Covid-19 context:

  • Screening of costs and investments
  • Cash collection
  • Treasury management
  • Anticipation of April 2021 debt maturities (€ 130 Mio)

Restructuring of IRS instruments (€ 50 Mio)

20

4 Financial results HY 2020

Wereldhave Belgium has a solid balance sheet with conservative LTV and low cost of debt

Financing structure overview

(in Mio €)

2018

2019

HY 2020

Equity

678.4

689.2

670.9

Financial debt

286.0

273.0

260.8

Bank loans

110.0

180.0

230.0

Interco loans

141.0

0.0

0.0

DCM loans

35.0

93.0

30.8

Other debt

15.7

31.4

29.7

Total Equity & debt

980.1

993.6

961.4

LTV ratio

29.7%

29.3%

28.9%

Average cost of debt

1.09%

0.81%

0.83%

Hedge Ratio

38.5%

58.6%

61.3%

Debt maturity schedule

Debt duration

200

180

150

130

100

50

50

30

26

0

0

2020

2021

2022

2023

2024

>2024

  • Financing availabilities 30 June 2020: € 155.2 Mio
  • Average cost of debt: 0.83%
  • Debt duration: 2.3 years

21

4 Financial results HY 2020

Resilient portfolio values

Total Portfolio Value

(in mio €)

820

854

957

961

937

15

13

12

92

Development

35

67

95

92

projects

Offices

124

104

Retail

661

683

847

856

833

2016

2017

2018

2019

HY 2020

Portfolio Revaluations

(in mio €)

2,6%

1,5%

0%

-1,7%

-3,6%

2016

2017

2018

2019

HY 2020

EPRA net initial yield:

  • Retail: 5.9%
  • Offices: 8.3%

22

4 Financial results HY 2020

Wereldhave Belgium offers an attractive dividend yield

Dividend

Dividend yield*

Gross dividend

8.6%*

6.33%

5.35%

5.10

5.20

4.50

2017

2018

2019

FROM 5.20 TO 4.50 DUE TO COVID-19 SITUATION /

SUBJECT TO APPROVAL OF AGM 2 SEPTEMBER

*SHAREPRICE PER 17 JULY 2020

Actuals 2019

EPRA Earnings per share

€ 5.92

Dividend per share

€ 4.50

*

Pay-out ratio

81%

Distribution method (cash-optional) still to be confirmed

Forecast 2020

EPS 2020 indication of € 4.50 per share

* SUBJECT TO APPROVAL OF THE GENERAL ASSEMBLY

23

5 Belgium retail real estate market

25

5 Belgium retail real estate market

New retail formats are developing on the back of various trends in the retail real estate market

Increasing overlap between physical and online retail (accelerated by the Covid-19 crisis)

Population growth and tourism are major drivers

Growing importance of technology & data

Continued growth in lifestyle, well being, leisure and food & beverage sectors

Consumers' increasing need of experimental and convenience retail

26

5 Belgium retail real estate market

Challenges in the retail market are limiting leasing / occupation activity, decreasing rents and increasing yields

Leasing and owner-occupation activity

Number of deals

500

Shopping

75

64

400

Centre

300

Out of

225

204

200

town retail

23

75

100

Main

130

133

street

40

0

2018

2019

HY 2020

Prime rent evolution

Prime yields by segment

Average prime rent (in €/m2/Y)

In %

2,000

190

7

High

1,800

street

6

180

Out of town retail

5.25

1,600

1,700

5

Retail

170

Shopping centre

4.25

1,400

warehouse

4

165

160

High street

3.75

Shopping centre

1,200

3

1,150

1,000

2014

'15

'16

'17

'18

'19 HY 2020

150

2

2014

'15

'16

'17

'18

'19

HY 2020

SOURCE: CUSHMAN & WAKEFIELD

SOURCE: CUSHMAN & WAKEFIELD

SOURCE: CUSHMAN & WAKEFIELD

27

'Retailers still focus on AAA locations. Adaptability is key and rents are slightly under pressure in the high street and shopping centres.' Due to the Covid-19 crisis, retailers will probably have to reconsider their real-estate strategy.

28

6 Corporate strategy

29

6 Corporate strategy

Wereldhave Belgium is a specialised Shopping Centres and Retail Parks investor and operator, aiming to transform its assets into Full Service Centres.

Full Service Centres offer

a much

broader focus than retail

Full Service Centres help consumers fulfill everyday life needs

Work

space & offices

Residential & hotels

Health, relax

&

Groceries,

F

fresh & services

i

beauty

g

xi

n

n

g

i

e

t

b

h

-

e

l

W

e

l

Full-service

b

i

a

s

centres

c

s

(

for better

Transport

everyday

S

e

l

life

)

if

e

l

f

g

e

in

x

p

y

r

e

o

s

j

n

s

E

i

o

n

Horeca & leisure Fashion,

accessoires

& home

Nearby

30

6 Corporate strategy

We are well-positioned to transform our assets into Full Service Centres

1

2

3

4

Favorable

Attractive

Scale

Total return

locations

rents

and skill

strategy

Densely populated

Current rent levels

Size of portfolio

Capital allocation

and well-connected

enable conversion

and local market

based on total

locations

to new uses

knowledge in

return

Belux make

transformation

achievable

31

7 Development projects

32

7 Development projects Commited: Belle-Île - Liège

Identified growth potential

via various development projects

Additional

New extension

car park

capacity

Opened in

1995

New shops

+30

Renovation /

Extension

2019-

2022

Mixed-

Use

Shops

99

GLA+200 30,000m2

Additional GLA

+11,000 m2

Investment

60 MIO €

33

7 Development projects Uncommited

Waterloo

Mixed-use development project, located in the city centre having underground parking boutique- style retail and F&B, residential program and public space.

Ring Shopping Kortrijk

Renovation of outdoor facades and entrances including topping up to improve visibility and signing of anchor tenants. Upgrade of outdoor parking area and outdoor rest areas.

Brugge retail park

Refurbishing single tenant building to multi-tenant concept with small kiosks for services. Renovation of façade and circulation to roof parking including new parking deck. Development of mixed-use cluster with retail on ground floor and topping up with residential program.

34

8 Appendix

36

8 Appendix General

Company founded in 1972 and listed on

Euronext Brussels since 1998

Focused on investment in Retail Real Estate (Shopping Centres and Retail Parks) in Belgium and Luxembourg

Holds a total real estate portfolio of 936.5 Mio € as of 30 June 2020

Status of a Belgian REIT since 1998

37

8 Appendix

Belgian REIT (GVV / SIR status)

Company specialized in Real Estate investment

Favourable tax status

Main conditions:

Portfolio diversification:

  • 20% per single asset/tenant Loan-to-Value: < 65% Pay-out: > 80% of net proceeds

38

8 Appendix Shareholding

Market capitalisation

±410 Mio €*

Free

Wereldhave

Float

Group (NL)

33.5%

66.5%

*MARKET CAPITALISATION ON 17 JULY 2020

39

8 Appendix

Structure of the company

Shopping 1 Genk

Development

Ring Shopping Kortrijk

Legal

Finance

Shopping Nivelles

CEO

Shopping Bastions Tournai

Leasing/Investment

HR

Belle-Île Liège

Operations/Building & Maintenance

Retail Parks, Offices & other

40

8 Appendix

Solid balance sheet structure

Assets

(in mio €)

Liabilities

(in mio €)

Other assets

Development projects

Properties available for lease

980

994

32

23

32

15

13

942949

961

25

12

924

980

994

961

Other

16

32

30

liabilities

Financial

286

273

261

debts

Equity

678

689

671

2018

2019

HY 2020

2018

2019

HY 2020

41

8 Appendix

Total result characterized by resilient direct result and fluctuating revaluation

(in k€)

2018

HY 2019

2019

HY 2020

Gross rental income

57,779

32,222

63,936

29,700

Service costs charged

11,576

4,806

7,880

4,928

Service costs paid

-13,566

-6,057

-10,407

-5,881

Net Service costs

-1,990

-1,251

-2,528

-953

Property expenses

-7,627

-3,705

-8,397

-7,822

Net rental income

48,162

27,266

53,011

20,926

General costs

-4,102

-2,303

-4,854

-2,582

Operational result

44,060

24,963

48,157

18,343

Net interest

-3,025

-1,428

-2,606

-1,288

Tax on direct result

-305

-95

67

-66

Direct result

40,730

23,440

45,617

16,989

EPS per share

5.74

3.08

5.92

2.18

Valuation result

-478

-2,005

-16,535

-34,794

Result on disposal

-35

13

6

342

Other indirect

-652

-713

-899

Tax on indirect result

323

310

582

0

Indirect result

-191

-2,333

-16,660

-35,350

Total result

40,540

21,107

28,957

-18,361

Total result per share

5.71

2.77

3.76

-2.35

42

8 Appendix

Main portfolio events

Operations

+5%

traffic over all the assets in 2019 (cfr. -0.88% Belgian Market Index) results in + 1.1% sales

"Outperforming the market is only possible with a balanced and relevant commercial mix and an active management."

- INE BEETERENS, HEAD OF OPERATIONS

100%

Breeam in Use certifed

buildings (excl. development projects)

"Breeam is more than a checklist,

it's providing well thought assets to our tenants in order to minimize their costs."

  • FRANK VAN CAUWENBERGE, BUILDING & MAINTENANCE DIRECTOR

43

- EMILIE THOMAS, SHOPPING MANAGER"

8 Appendix

Main portfolio events

Operations

1,634 users

active on flow with 80% involvement

"When we actively want to manage our buildings, we need to be at all times communicating with our tenants and stimulating the shopping community. Flow enables us to stay ahead of things."

Customer Journey Implementation -

Accelerating through concept design and central management

44

8 Appendix

Corporate social responsibility

Better tomorrow

Enriching communities & protecting the environment where we operate

Better

Better

Better

footprint

nature

living

01. Energy + carbon

04. Résilience

06. Wellbeing

02. Materials

05. Habitats

07. Employees

03. Value chain

08. Community

impacts

CSR

Priorities

45

8 Appendix Shopping centres

Ring Shopping - Kortrijk

Belle-Île - Liège

Shopping 1 - Genk

Opening / renovation date

1973 / 2005

1994 / 2020

1968 / 2014

GLA

32,200m2

30,000m2

21,400m2

Number of tenants

90

100

60

Parking #

2,000

2,200

1,250

Anchor tenants

H&M, Albert Heijn, JBC,

Decathlon, H&M, C&A,

Albert Heijn, Action,

Sportsdirect.com, C&A, Hema,

A.S. Adventure, Action,

New Yorker, Lunch Garden,

Action

Carrefour

The Fashion Store

46

8 Appendix Shopping centres

Stadsplein - Genk

Shopping Bastions - Tournai

Shopping Nivelles

Opening / renovation date

2007

1979 / 2018

1974 / 2012

GLA

15,500m2

34,500m2

29,200m2

Number of tenants

25

100

110

Parking #

44

2,000

1,452

Anchor tenants

Zara, H&M, C&A, JBC,

Delhaize, Zara, H&M,

Delhaize, H&M, C&A,

Delhaize, Kruidvat

C&A, New Yorker, JBC

A.S. Adventure, Decathlon

47

8 Appendix Retail parks

Turnhout

Brugge

Tournai

Opening / renovation date

1979

1970

2016

GLA

20,000m2

20,300m2

10,300m2

Number of tenants

12

12

8

Parking #

765

650

360

Anchor tenants

Carrefour, Brico, Auto 5,

Carrefour, Brico, Media

Brico, Maison du Monde,

Lunch Garden

Markt, Lunch garden

Action, Zeb

48

8 Appendix Offices

Antwerpen - De Veldekens

Vilvoorde - Business & Media Park

Opening / renovation date

1999 / 2002

1998 / 2002

GLA

38,400m2

22,100m2

Number of tenants

36

16

Parking #

760

630

Anchor tenants

Argenta, ABN Amro,

Ricoh

Amadeus

49

8 Appendix Other assets

Gent

Opening / renovation date

2014

GLA 4,000m2

Number of tenants 5

Parking # 0

Anchor tenants Albert Heijn, Jim's, Kruidvat

Waterloo

1967

3,500m2

13

95

Exki, Press Shop, Club, Planet Parfum

50

8 Appendix

Wereldhave Belgium Team

Passion for your client

Entrepreneurship

Collaboration

51

9 Q&A - Contact

52

9 Contact

  • Wereldhave Belgium Medialaan 30/6
    1800 Vilvoorde België
    +32 (0)2 732 19 00
  • CEO
    Kasper Deforche Kasper.Deforche@Wereldhave.com
  • CFO & Investor Relations Cédric Biquet Cedric.biquet@Wereldhave.com

53

Disclaimer

Wereldhave Belgium SCA published this content on 16 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2020 09:27:18 UTC


© Publicnow 2020
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Financials
Sales 2019 60,5 M 73,3 M 73,3 M
Net income 2019 29,0 M 35,1 M 35,1 M
Net Debt 2019 276 M 334 M 334 M
P/E ratio 2019 22,9x
Yield 2019 6,03%
Capitalization 349 M 423 M 423 M
EV / Sales 2018 15,7x
EV / Sales 2019 15,7x
Nbr of Employees 49
Free-Float 38,5%
Chart WERELDHAVE BELGIUM
Duration : Period :
Wereldhave Belgium Technical Analysis Chart | WEHB | BE0003724383 | MarketScreener
Technical analysis trends WERELDHAVE BELGIUM
Short TermMid-TermLong Term
TrendsBullishNeutralBearish
Income Statement Evolution
Managers and Directors
NameTitle
Nicolas Beaussillon Chief Executive Officer & Managing Director
Dirk Roger Goeminne Chairman
Ine Beeterens Chief Operating Officer
Cédric Biquet Finance Director
Anne Claes Independent Director
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