akiş reit 1h20 performance presentation august 2020 · telephone: +902123930100/53544 disclosure:...
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Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 1
Akiş REIT 1H20 Performance Presentation – August 2020
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 2
Portfolio Performance 1
2 Financials’ Overview
Akiş REIT 1H20 Performance Presentation – August 2020
3 What measures have we taken against Covid–19 ?
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 3
Portfolio Performance (Akasya Shopping Mall)1
Akiş REIT 1H20 Performance Presentation – August 2020
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 4
96,7%
95,3%94,8%
94,3%
92,2%
2Q16 2Q17 2Q18 2Q19 2Q20
2Q16 2Q17 2Q18 2Q19 2Q20
Akasya Shopping Mall – General Overview
Occupancy Ratio by sqm Akasya Shopping Mall Expenses Evolution (YoY)
Akasya Shopping Mall Turnover per sqm* (YoY) Akasya Shopping Mall Revenue Breakdown
- 70%
Akiş REIT 1H20 Performance Presentation – August 2020
* Open sqm only
Akasya was closed in
April & May 2020 due
to Covid - 19
2Q16 2Q17 2Q18 2Q19 2Q20
Rental Revenue Revenue on Turnover Other Revenue
With the opening of 3 new brands in 3Q20,
our occupancy rate will reach 97%.
H&M, on its own, will cover 3200 sqm.
-27%-21%
6%
30%
-79%
-12%-1%
22%29%
-64%
16% 11%4%
22%
-69%
2Q16 2Q17 2Q18 2Q19 2Q20
Marketing Expenses Energy Expenses Service Sub Contractor Expenses
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 5
Akasya Shopping Mall – Financials
Income yield
Akasya Shopping Mall closed its doors on 19th of March before re-opening on 1st of June.
During the first month of re-opening (June 2020),
Rental Incentives materialized at 50% of contractual figures
On the second month of re-opening (July 2020),
Turnover was only down by 15% YoY
Rental Incentives materialized at 29% of contractual figures
Akiş REIT 1H20 Performance Presentation – August 2020
Akasya Shopping Mall (TLmn) 2015 2016 2017 2018 2019 1H19 1H20 YoY
Revenue 158,7 177,7 205,8 249,6 270,6 135,2 74,4 -45%
EBITDA 123,8 138,5 164,2 201,9 218,2 108,7 50,8 -53%
Latest Appraisal Value 1.760,0 2.200,0 2.410,0 3.331,0 3.650,0
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 6
Portfolio Performance (Akbatı Shopping Mall)1
Akiş REIT 1H20 Performance Presentation – August 2020
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 7
2Q16 2Q17 2Q18 2Q19 2Q20
Akbatı Shopping Mall – General Overview
Occupancy Ratio by sqm Akbatı Shopping Mall Expenses Evolution (YoY)
Akbatı Shopping Mall Turnover per sqm* (YoY) Akbatı Shopping Mall Revenue Breakdown
Akiş REIT 1H20 Performance Presentation – August 2020
* Open sqm only
- 71%
Akbatı was closed in
April & May 2020 due
to Covid - 19
2Q16 2Q17 2Q18 2Q19 2Q20
Rental Revenue Revenue on Turnover Other Revenue
98,3% 97,9%99,1%
97,8% 97,7%
2Q16 2Q17 2Q18 2Q19 2Q20
-41%
8%
-23%
-80%
-4%
-27%
-1%
17%
-62%
29%19% 15% 16%
-69%
2Q16 2Q17 2Q18 2Q19 2Q20
Marketing Expenses Energy Expenses Service Sub Contractor Expenses
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 8
Akbatı Shopping Mall – Financials
Income yield
Akiş REIT 1H20 Performance Presentation – August 2020
Akbatı Shopping Mall (TLmn) 2015 2016 2017 2018 2019 1H19 1H20 YoY
Revenue 64,8 72,7 84,6 106,1 117,7 57,6 33,9 -41%
EBITDA 45,2 50,8 62,2 81,3 89,2 43,4 21,6 -50%
Latest Appraisal Value 778,8 893,7 912,1 1.216,0 1.465,0
Akbatı Shopping Mall closed its doors on 19th of March before re-opening on 1st of June.
During the first month of re-opening (June 2020),
Rental Incentives materialized at 50% of contractual figures
On the second month of re-opening (July 2020),
Turnover was almost flat YoY
Rental Incentives materialized at 19% of contractual figures
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 9
186218
135123 147
65
466
246
-213
1H18 1H19 1H20
Revenue EBITDA Net Income
Financials’ Overview (TLmn)2
Our EBITDA margin decline is larger than that of Gross Margin due to some our operational expenses, although at very low levels, continued even when our
shopping malls were closed down in April and May 2020.
Akiş REIT 1H20 Performance Presentation – August 2020
Covid – 19 related closure of 2 months (April, May 2020) had a net impact of rental loss of TL70-
75mn based on 2019 figures without making any inflation adjustment.
Considering inflation and other income loss, total impact on revenue is around TL85-90mn.
75,4% 74,7%
58,3%
66,1% 67,4%
47,8%
1H18 1H19 1H20
Gross Margin EBITDA margin
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 10
7,2
6,5
7,6
1H18 1H19 1H20
Financials’ Overview (TLmn)2
Although our average debt maturity is still low we are in constructive discussion with banks to increase our average debt maturity to above 3 years.
Our Net Debt/EBITDA has risen due to falling EBITDA.
Akiş REIT 1H20 Performance Presentation – August 2020
1,972,12
1,62
1H18 1H19 1H20
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 11
What measures have we taken against Covid–19 (operational) ?3
Akiş REIT 1H20 Performance Presentation – August 2020
i. For moving stairways inside the malls, a sterilising UV system equipment is placed
ii. Inside the air conditioning system, there is another UV system equipment as a sanitizer which is unique for the industry
iii. Service providers are wearing masks and other required equipment
iv. There is a heating measurement system (thermal camera) in place for every single visitor
v. Regular sanitization is in place
vi. In the dining hall for employees, queues are avoided, table replacement is done with strict distances, hand sanitizers are provided at the
entrance
vii. Used masks and other equipment are collected in a medical waste container
viii. Moreover, all air conditioning filters are replaced before mall re-openings
ix. A system to track visitors inside the malls is placed to limit the number of visitors at a specific time period
x. Food court sitting area is rearranged having regard to required distances
xi. Masks are provided to visitors at entrance and number of sanitizers inside the malls will increase in number
xii. All works are explained and showed to visitors via the screens inside the malls
xiii. There are stickers inside the malls emphasizing the importance of social distancing
xiv. Also please note that, we have efficiently and far more than our competitors, promoted what we have done our live TV programs,
printed news/magazines and on our social media account.
Total cost of this reconfiguration has been around US$300.000 and it will not be reflected to our tenants.
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 12
What measures have we taken against Covid–19 (financial) ?3
Akiş REIT 1H20 Performance Presentation – August 2020
i. Postponed our Erenköy project (65-70% completed high street project) for a few months. For other projects on the pipeline, namely
Caddebostan and Beykoz, we were already waiting for construction permit for the first and zoning plan for the second.
ii. Planned to distribute US$5mn cash and US$15mn bonus share as dividend. However, in the General Assembly, US$20mn all bonus share
dividend was proposed and accepted.
iii. Have applied for short term working grant for our own employees. Some taxes and social security premiums for April, May and June
have been postponed by the government for 6 months. We benefited from that option as well.
iv. Reduced our common area expenses by c.50% as there were fewer sub-contractor employees inside the malls for cleaning/security etc.
Moreover, they have also applied to some government incentives for their employees. On the other hand, energy expenses and
marketing expenses have all declined significantly during lockdown.
v. All service and maintenance supplier contracts have also been revised either with discounts and/or with no payments for the lockdown
period.
vi. TL76mn short term loan have been renewed with lower interest rates and US$12mn equivalent loan repayment have been postponed for
up to 6 months.
Akiş Gayrimenkul Yatırım Ortaklığı A.Ş. Akiş Real Estate Investment Trust 13
Communication
Ozan Hançer
Director
Strategic Planning, Business Development and Investor Relations
E-mail: ozan@akisgyo.com
Telephone: +902123930100
Sercan Uzun, CFA, CAIA
Assistant Manager
Investor Relations, Strategic Planning and Business Development
E-mail: sercan.uzun@akisgyo.com
Telephone: +902123930100/53544
Disclosure:
This presentation has been prepared in order to inform investors. Since the presentation has been prepared regarding the previous period, the data in it may not reflect the current situation. The
estimations regarding projects are given in accordance with feasibility studies prepared on basis of certain assumptions and may be updated any time. Akiş REIT management and employees
can not be held responsible for any damages or losses arising from the direct/indirect use of content in this presentation.
For more information : investor.relations@akisgyo.com
Akiş REIT 1H20 Performance Presentation – August 2020
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