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 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 Forum Viseu 2 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
KEY INDICATORS AND FINANCIAL PERFORMANCE Mar 19 Sep 18* Mar 18* Shares in issue 455 969 410 457 790 136 474 405 326 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% * Adjusted for effect of share consolidation and returns of capital 3 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
GEARING AND COST OF DEBT 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% 4 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
INVESTMENT PORTFOLIO – BY SECTOR Mar 2019 Sep 2018 Listed infrastructure 2.5% Listed real Listed Direct property estate infrastructure 29.8% 16.9% 44.6% Direct property 80.6% Listed real estate 25.6% 5 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
REVENUE – BY SECTOR Mar 2019 Sep 2018 Listed infrastructure 7.5% Direct property Listed 20.9% infrastructure Listed real 42.3% estate 16.7% Direct property 75.8% Listed real estate 36.8% 6 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
TOP FIVE INVESTMENTS 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% 7 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
DIRECT PROPERTY PORTFOLIO ANCHOR TENANTS BY GROSS RENTAL Inditex NOS H&M Tus Primark Cortefiel FNAC C&A Calzedonia Pingo Doce 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 8 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
DIRECT PROPERTY PORTFOLIO LEASE EXPIRY PROFILE BY GROSS RENTAL 25% 20% 15% 10% 5% 0% 2019 2020 2021 2022 2023 2024 2025 2026 >2027 9 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 11 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
SHOPPING CENTRE LAYOUT Ground Level Level 1 12 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
SHOPPING CENTRE LAYOUT (cont.) Level 2 2.28 Crazy Bowling Sqm 813 2.01 Portugália Balcão Sqm 59 Tomatino Sopas&So 57 Sqm 67 Monte Fuji Vitaminas 2.23 2.27 Comapnhia das 2.22 2.15 2.24 Pateo Brasil 2.25 2.19 Sr Frango ao Peso 2.12 2.20 Ali Kebab 2.21a Sqm 37 da Guia 2.21 Sqm 222 Talho Burguer Sqm 164 Olá Sqm 134 2.2 2.11 9 Tun Fon Nicola Sqm 8 Sqm 110 Bifanas de Vendas Novas 2.10 d+e 2.10f Italian Republic Sqm 94 2.10a 2.04 Wok to Walk Chimarrão / Bifão Sqm 54 Joshua’s Shoarma 2.10b Sqm 204 2.09 2.08 Sqm 78 Pizzarte Alentejo Sqm 54 Sqm 133 2.10c Hanami Sushi Sqm 64 13 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
EXTENSION OPPORTUNITY DECATHLON IKEA 14 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
REFURBISHMENT 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. 15 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
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• Last 12 months effort rate of 12.0% • Approximately 98% occupancy post redevelopment • Commenced redevelopment and reconfiguration Approximately 7 760 m 2 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 17 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
SHOPPING CENTRE LAYOUT / REFURBISHMENT KEY TENANT ADDITIONS: 18 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
REFURBISHMENT % 98% OCCUPANCY LTM EFFORT (post RATE OF 12.0% redevelopment) 19 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
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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 21 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
SHOPPING CENTRE LAYOUT 22 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
SHOPPING CENTRE LAYOUT (cont.) 23 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
SHOPPING CENTRE LAYOUT (cont.) Cex 24 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
OUTLOOK • 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 Forum Coimbra 25 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
Q&A 26 LIGHTHOUSE CAPITAL LIMITED RESULTS PRESENTATION
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