Wrap Text
Audited condensed consolidated financial results for the year to 30 June 2024
MAS P.L.C.
Registered in Malta
Registration number: C99355
JSE share code: MSP
ISIN: VGG5884M1041
LEI code: 213800T1TZPGQ7HS4Q13
(MAS, the Company or the Group)
AUDITED CONDENSED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR TO 30 JUNE 2024
INTRODUCTION AND BACKGROUND
MAS (hereafter referred to as the Group or Company) performed satisfactorily during the second half of the financial
year ended 30 June 2024, achieving adjusted distributable earnings for the year of 8.01eurocents per share, resulting
from the continued exceptional operational results in commercial retail properties operated by the Group, combined
with net results from the residential business of the development joint venture (DJV(1)) with developer Prime Kapital.
With the release of MAS' financial results for the financial year to 30 June 2023, the outcome of the Group's strategy
review at the time was discussed in detail. A revised debt management plan was put in place to raise bank funding
secured against all of MAS' unencumbered properties in Central and Eastern Europe (CEE) aimed at reducing
refinancing risks associated with its bond maturity in May 2026. The plan also takes into account MAS' other funding
commitments to the same date, as well as suspension of dividend payments to cover the shortfall. Updates with
respect to progress thereon, as well as financial results to 30 June 2024 are elaborated in detail within. In addition to
the reported International Financial Reporting Standards (IFRS) results, this commentary also includes segmental
reporting prepared on a proportionate consolidated basis, which assists the interpretation of the former rather than
replacing it. Detailed financial results and the Company Profile, for the year ended 30 June 2024, including highlights
and supplemental operational information, are available on MAS' corporate website. Unless otherwise stated, all
amounts in the Directors' commentary are presented on an adjusted proportionate consolidated basis.
MAS primarily invests in, and operates, retail assets in CEE. The Group is well positioned to leverage the region's
long-term, continual, high growth in consumption and generate strong like-for-like (LFL) net rental income (NRI)
growth from retail holdings through increasing tenants' sales and implementing asset management initiatives. MAS
remains committed to maximising total long-term returns from property investments on a per share basis. This is
aimed to be achieved by concentrating on capital allocation, operational excellence, sensible leveraging, and cost
efficiency, thereby sustainably growing distributable earnings per share.
FINANCIAL RESULTS
Group adjusted total earnings are, on a segmented basis, the combined return of: (i) directly-owned income property
and operations in CEE; (ii) Central and Eastern European investments with Prime Kapital in the DJV (including
earnings from a proportion of completed DJV-owned income properties, net income from DJV's residential business,
development activities and income from funding provided to the DJV); (iii) the remaining directly-owned income
property operations in Western Europe (WE), and (iv) investments in listed securities and other elements disclosed
as Corporate.
Adjusted total earnings for the six months to 30 June 2024 were EUR63.9million and consisted of adjusted distributable
earnings of EUR20.7million and adjusted non-distributable earnings of EUR43.2million. Tangible net asset value (NAV)
was EUR1.73 per share on 30 June 2024, an 8.1% increase from 31 December 2023 (19.3% increase from Tangible
NAV on 30 June 2023). Adjusted distributable earnings for the financial year were 8.01eurocents per share (10.3%
decrease compared to financial year to 30 June 2023) and resulted from 3.22eurocents per share for the six
months to 30 June 2024 and 4.79eurocents per share for the preceding six months. MAS achieved diluted adjusted
distributable earnings for the financial year of 7.87eurocents per share. Of this, commercial and corporate operations
contributed 9.63eurocents per share. Excluding DJV's residential business net realisable value impairments,
adjusted distributable earnings from the Group's operations were 9.19eurocents per share, within the earnings
guidance range of 8.83-9.31eurocents per share provided in March 2024.
The variance in MAS' adjusted total earnings compared to the six months to 31 December 2023, is due to positive
outcomes arising from:
(i) continued outstanding performance of, and increase in, fair value and passing NRI from retail properties in
CEE, enhanced by excellent rental and service charge collections and exceptional trading at commercial centres
operated by MAS, partly attributable to the newly opened Carolina Mall (August 2023) and Arges Mall (April 2024);
(ii) interest rate derivatives' valuations for the Group's secured debt stabilising in the second half of the financial
year, therefore not repeating losses in the previous six-month period, leading to a positive variation more than
offsetting increases in net interest expenses (increased interest on debt financing and lower interest capitalised
on developments as a result of Carolina Mall and Arges Mall completing development during the financial year
and a number of residential projects being on hold) for the six months to 30 June 2024;
(iii) lower fair value losses than recognised in the previous period resulting from Flensburg Galerie, the last Western
European asset remaining to be sold, as well as foreign exchange gains related to the disposal of Arches street
retail units (UK), and
(iv) increased income from preferred equity, resulting from additional investments during the current and previous
six-month periods.
These positives have been offset by (i) gains in the previous period resulting from the removal of management's
estimate for disposal realisation costs and losses for Western European assets remaining to be sold, not being
repeated, (ii) net losses derived from the DJV's residential business caused by the continuing challenging residential
sales market environment requiring the DJV to recognise a significant decrease in net realisable value for its
residential projects, (iii) realised gains on MAS bonds repurchased during the six months to 31 December 2023 not
being repeated in the current six-month period.
RETAIL OPERATIONS
There was excellent trading in all Central and Eastern European countries where the Group operates retail properties
during the first six months of the 2024 calendar year, with all the Group's properties benefiting from robust footfall
and tenant sales.
Information regarding MAS' Central and Eastern European like-for-like (LFL) footfall and tenants' sales (compared
to the same period of the previous financial year), and collection rates for the six months to 30 June 2024, is detailed
in Table 1.
Table 1
Jan 24 Feb 24 Mar 24 Apr 24 May 24 Jun 24 Total
Footfall (2024 compared to 2023) % 106 111 106 99 104 109 106
Open-air malls % 107 112 105 100 105 111 106
Enclosed malls % 105 108 107 98 103 104 104
Tenants' sales per m2 (2024 compared to 2023) % 106 107 112 100 110 110 108
Open-air malls % 108 108 110 101 112 113 108
Enclosed malls % 104 106 115 98 108 106 106
Collection rate % 99.8 99.8 99.7 99.7 99.8 99.8 99.8
Footfall (LFL) performance was satisfactory for the six months to 30 June 2024, increasing 6% compared to the same
period in the previous year, confirming the continued robust demand for the Group's retail offering.
Overall, LFL tenants' sales outperformed levels achieved in the six-month period to 30 June 2023 by 8% in
open-air malls and 6% in enclosed malls. Certain categories, services, home appliances, health and beauty, shoes,
toys and food service have delivered impressive results, surpassing the overall growth trend during the six months to
30 June 2024, with complements, clothing and DIY categories also continuing to outperform during the six months
to 30 June 2024.
Passing NRI increased significantly, by 8.7% compared to 31 December 2023 and by 16.6% compared to 30 June 2023.
Over half of the improvement is attributable to new developments becoming operational during the financial year
(Carolina Mall in August 2023, and Arges Mall in April 2024), with the balance of improvement being attributable to
exceptional operational performance of standing assets, and delivering passing NRI increases on a LFL basis by 7.2%
compared to 30 June 2023.
Tenants' excellent sales performance underpinned both the stability of occupancy cost ratios (OCR) (excluding
certain tenant categories: supermarkets, DIYs, entertainment, and services), at 10.6% on 30 June 2024 (10.7% on
31 December 2023), as well as exceptional collection rates at over 99.8% for the entire six-month period.
In addition, occupancy of Central and Eastern European retail assets continues to be impressive at 97.4% (97.7%
on 31 December 2023). The Group's occupancy with respect to CEE retail assets on a LFL basis increased during
the financial year to 98.2% on 30 June 2024 (97.4% on 30 June 2023), and leasing efforts to sustainably increase
occupancy are ongoing.
At Flensburg Galerie (Germany), the property's occupancy increased substantially, to 97.1% (89.6% on 31 December
2023), and passing NRI by 10.3% compared to 31 December 2023, positioning the property well for a disposal when
the German market is suitable. The property's operational metrics continued to be healthy, with footfall levels for
the six months to 30 June 2024 increasing by 6.2%, and tenants' sales increasing by 11.6% compared to the same
period in 2023.
The DJV's residential operations reflected a EUR10.6million loss (on a proportionate basis) for the six months to
30 June 2024 (EUR11.7million for the financial year). Of this, net losses on residential sales comprise EUR3.1million,
attributable to units handed over at Avalon Estate, Silk District and Marmura Residence. Residential results also
include EUR7.3million in net realisable value loss adjustments on residential units in respect of all projects. The results
from sales of units do not include Silk District Phase 2 and Pleiades Residence, previously scheduled for delivery to
clients starting July 2024. However, the projects were also tested for net realisable value loss adjustments.
DEBT, COST OF DEBT AND LIQUIDITY
On 30 June 2024, MAS had EUR101.3million in cash and undrawn credit facilities (figures not proportionally
consolidated). On the same date, the Group's outstanding debt amounted to EUR487.5million on a proportionate
consolidation basis. This comprised EUR212.5million in unsecured bonds, and EUR275million in bank loans secured on
the Group's properties, which includes EUR12.1million DJV's secured debt.
MAS monitors its financial resources closely and has communicated updates to shareholders regularly since
30 June 2023. With the 30 June 2023 results, management set out the expected new capital requirements to be in
a position to repay the bond in May 2026 and to fulfil other commitments (including its capital commitments to DJV,
capital expenditure requirements, and debt amortisation payments), assuming MAS suspends dividend payments
and receives no dividends from the DJV until the bond's maturity.
Since then, management has made significant progress with raising new secured debt finance, finalising and
drawing down EUR156million in new secured loans. A further EUR40.5million is available for drawdown (all approvals
and agreements are in place).
With respect to unsecured funding, conditions for sub-investment grade real estate companies remain challenging.
However, in April 2024 the Group issued EUR40.2million in unsecured debt via a private placement to an existing
noteholder ('New Notes'). The New Notes mature in April 2029 and were issued in exchange for existing notes
maturing in May 2026. The New Notes have a coupon of 6.5% per annum and include a dividend payment restriction
in the form of a financial covenant. Should the Company declare and pay a dividend in respect of a period for which
the adjusted consolidated coverage ratio was less than the relevant covenant level, a put option would be triggered,
potentially requiring the Company to immediately redeem the New Notes.
On 30 June 2024 MAS' remaining capital commitments to 30 June 2026 were EUR354million. Envisaged sources of
capital comprised EUR69million in cash and near cash instruments available, EUR109.5million in additional secured debt,
of which EUR40.5million is available for drawdown and EUR69million is under negotiation, with the balance including
retained earnings and other ongoing processes for sourcing additional capital.
The Group's LTV ratio on 30 June 2024 was 25.7% on a proportionate consolidation basis and 26.3% on an IFRS
consolidation basis. The weighted average cost of debt was 5.52% per annum for the financial year ended
30 June 2024 (on an IFRS consolidation basis).
Covenant ratios on the Group's unsecured debt (comprising the Group's bond maturing in May 2026, the New Notes
maturing in April 2029 as well as the revolving credit facility) demonstrated comfortable headroom compared to
covenant tolerances, as illustrated in Table 2 below.
Table 2
Tolerance Actual IFRS Actual proportionate consolidation basis
Solvency ratio Shall not exceed 0.6 0.29 0.29
Consolidated coverage ratio At least 2.5:1 3.70 3.90
Unencumbered consolidated total assets/
unsecured consolidated total debt Minimum 180% 422% 440%
Adjusted consolidated coverage ratio At least 2.8:1 n/a 3.22
Unencumbered consolidated total adjusted
assets/unsecured consolidated total debt Minimum 120% n/a 308%
FUNDING COMMITMENTS TO THE DJV
On 30 June 2024, PK Investments Limited, a wholly-owned subsidiary of PKM Development, owned a total of
133,978,198 MAS shares, as a result of additional acquisitions during the six-month period then ended. One of the
funding sources for the additional investment was preferred equity funding drawn down from MAS, which MAS has
a contractual obligation to provide. Consequently, by 30 June 2024, MAS had invested a total of EUR428.1million in
preferred equity and had ongoing undrawn commitments to DJV of EUR71.9million, of which EUR30million in the undrawn
revolving credit facility (figures not proportionally consolidated).
PROPERTY VALUATIONS
The income property fair value uplift of EUR42.0million for the six months to 30 June 2024 reflects positive fair value
adjustments to income property in CEE of EUR44.7million (an improvement of 4.4% compared to the CEE valuations
on 31 December 2023 and 9% compared to 30 June 2023). Western European property had a fair value decrease of
EUR2.7million (4.6% decrease compared to 31 December 2023), mainly driven by an increase in the valuation discount
rate used for Flensburg Galerie, the Group's last property in WE after finalising the disposal process for the Arches
street retail units in June 2024.
Valuations of MAS' (and the DJV's) properties are determined biannually by external, independent professional
valuers, with appropriate, recognised qualifications and recent experience in the relevant location and category
of property. Valuations are primarily based on discounted forecast cash flows and are therefore forward-looking.
Income property fair value gains were a result of passing NRI increases on a LFL basis of 3.2% since December 2023
(7.2% since June 2023) driven by strong operational performance, while the weighted average unlevered discount
rate for income property valuations in CEE imperceptibly increased to 9.59% from 9.56% compared to valuations for
the six months to 31 December 2023 (and decreased from 9.94% on 30 June 2023).
DEVELOPMENTS, EXTENSIONS AND REFURBISHMENTS IN THE DJV
Progress with commercial and residential developments and changes to secured commercial development pipeline
are detailed below.
Completed commercial developments
Arges Mall, the dominant 51,200m2 GLA regional enclosed mall, was completed and opened on 25 April 2024 with
95% of the GLA occupied. The mall is the DJV's largest commercial development to date and has consolidated the
region's modern retail offering in the city of Pitesti, the capital and largest city of Arges county, with a population of
approximately 170,000. The mall's catchment area comprises approximately 621,000 residents. Since opening, the
centre's footfall and tenants' sales were exceptional.
Commercial developments
Construction continues at Mall Moldova, in Iasi, Romania, to extend and redevelop Era Shopping Centre (previously
29,600m2 GLA) into a super-regional enclosed mall, part of a retail node incorporating approximately 125,700m2 of
destination GLA. Leasing is progressing well with high demand from national and international tenants.
Zoning is ongoing for the DJV's commercial projects in Bucharest (28,000m2 GLA open-air mall component on
54ha of a former industrial platform, where a mixed-use urban regeneration project is planned), Bacau (51,200m2
enclosed mall component of a transformational project on a former industrial platform of approximately 34.2ha) and
Cluj (130,000m2 GLA enclosed mall component on a 17ha land plot where the DJV plans a large-scale mixed-use
urban regeneration project).
Several other retail development opportunities are being pursued, and further updates will be provided in due course.
Residential developments
The first phase of the Avalon Estate residential project, comprising 352 residential units as well as the perimeter
walls, clubhouse, and internal and external infrastructure works are complete, with over 80% sold and handed over
to clients, and an additional 8% of units currently rented.
Construction on the first two phases of Silk District's residential component was finalised during the financial year,
and of the first phase's 315 units, 300 were handed over to clients. The second phase's 346 units are substantially
contracted (320 units: 92%), with handover to clients scheduled to commence in September 2024. Sales commenced
for the project's third phase (380 units) in March 2024, whilst construction works have started in July 2024 with
126 units contracted.
At Pleiades Residence, construction of the 142 units in two buildings planned for the residential component of
the 10.1ha mixed use urban regeneration in downtown Ploiesti, completed by 30 June 2024. Sales continue and
66% of the completed units were contracted, and the first units are scheduled to be handed over to clients starting
September 2024.
EXTENSIONS AND REFURBISHMENTS TO DIRECTLY-OWNED ASSETS
Galleria Burgas's refurbishment was completed in May 2024, as scheduled, improving the centre's overall leisure
and entertainment facilities. Similarly, the Group's 2,900m2 extension to Prahova Value Centre, was completed as
scheduled in May 2024. Further updates regarding other extension and refurbishment projects to directly owned
assets in CEE, will be provided when appropriate.
CHANGES TO THE BOARD OF DIRECTORS AND COMMITTEES
Brett Nagle has stepped down as Non-Executive Director from MAS' Board of Directors with effect from 22 August
2024. The Board expressed its gratitude for Brett's contribution to MAS during his tenure and wished him the best in
his future endeavours. Following this change and having considered the most appropriate restructuring of the Audit
and Risk Committee, the Board has appointed Claudia Pendred as Committee member.
As a result of changes mentioned, the Board's Committees are structured as follows:
- Audit and Risk Committee Chair: Vasile Iuga; Members: Claudia Pendred, Mihail Vasilescu
- Remuneration and Nomination Committee Chair: Dan Pascariu; Members: Mihail Vasilescu, Werner Alberts
- Environmental, Social and Ethics Committee Chair: Claudia Pendred; Members: Werner Alberts, Irina Grigore
EARNINGS GUIDANCE
Diluted adjusted distributable earnings per share for the 2025 financial year is expected to range from 9.54eurocents
to 10.45eurocents per share. This guidance is based on the assumptions that MAS implements its current debt
management plan as scheduled, no additional material macroeconomic disruption occurs, a stable political
environment prevails in the Group's markets, developments are delivered as scheduled, residential units are handed
over to clients by DJV as scheduled and at current estimated selling prices and no major corporate failures occur.
Shareholders should note that the Company's estimates and distributable earnings per share targets are subject
to change. Inevitably, some assumptions will not materialise, plans will change, and unanticipated events and
circumstances may affect the ultimate financial results. The Company will not hesitate to adopt changes in strategy,
or to take action that may impact negatively on distributable income per share, if this is considered appropriate from
a long-term, risk-adjusted, total return perspective.
This forecast has not been audited or reviewed by MAS' auditors and is the responsibility of the Board.
Irina Grigore
Chief Executive Officer
Nadine Bird 29 August 2024, Malta
Chief Financial Officer Released on 2 September 2024
(1) DJV is an abbreviation for a separate corporate entity named PKM Development Ltd (PKM Development), an associate of MAS since 2016 with
independent governance. MAS owns 40% of PKM Development's ordinary equity (EUR20million), an investment conditional on it irrevocably
undertaking to provide preferred equity to PKM Development on notice of drawdown. By 30 June 2024, MAS had invested EUR428.1million in
preferred equity and had an obligation of EUR41.9million outstanding. In addition, MAS has committed to provide PKM Development a revolving
credit facility of EUR30million at a 7.5% fixed rate, which was undrawn on 30 June 2024 (figures not proportionally consolidated).
The balance of the ordinary equity in PKM Development (EUR30million) was taken up by Prime Kapital in 2016 in cash.
In terms of applicable contractual undertakings and restrictions, Prime Kapital:
(i) is not permitted to undertake real estate development in CEE outside of PKM Development until the DJV's capital commitments are fully drawn
and invested or 2030 (end of exclusivity period);
(ii) contributes secured development pipeline to PKM Development at cost;
(iii) takes responsibility for sourcing further developments, and
(iv) provides PKM Development with all necessary construction and development services via integrated in-house platform.
All amounts in EUR thousand unless otherwise stated.
CONDENSED CONSOLIDATED STATEMENT Audited Audited
OF FINANCIAL POSITION 30 Jun 24 30 Jun 23
Non-current assets 1,543,847 1,280,460
Current assets 99,263 193,565
Total assets 1,643,110 1,474,025
Equity attributable to owners of the Group 1,086,655 964,656
Total equity 1,086,655 964,656
Non-current liabilities 519,904 441,850
Current liabilities 36,551 67,519
Total liabilities 556,455 509,369
Total shareholder equity and liabilities 1,643,110 1,474,025
Audited Audited
CONDENSED CONSOLIDATED Year to Year to
STATEMENT OF PROFIT OR LOSS 30 Jun 24 30 Jun 23
Continuing operations
Rental income 72,237 66,519
Service charge income and other recoveries 23,557 21,369
Gross revenue 95,794 87,888
Impairment of receivables (427) (76)
Service charge and other property operating expenses (28,247) (25,617)
Net rental income 67,120 62,195
Corporate expenses (7,143) (6,965)
Other income 7,694 10,097
Investment expenses (1,414) (1,129)
Fair value adjustments 55,237 40,392
Foreign currency exchange differences (53) (2,213)
Share of profit from equity-accounted investee, net of tax 7,686 4,315
Reversal of impairment/(impairment) of share- 184 (9,624)
based payment prepayments
Profit before finance income/(costs) 129,311 97,068
Finance income 31,571 20,628
Finance costs (25,325) (19,993)
Profit before tax 135,557 97,703
Current tax (3,402) (4,165)
Deferred tax (10,981) (6,542)
Profit from continuing operations 121,174 86,996
Discontinued operations
Profit from discontinued operations, net of tax 2,009 3,836
Profit for the year 123,183 90,832
Attributable to:
Owners of the Group 123,183 90,832
Profit for the year 123,183 90,832
Audited Audited
FINANCIAL PERFORMANCE 30 Jun 24 30 Jun 23
IFRS Net Asset Value attributable to owners 1,086,655 964,656
of the Group (EUR thousand)
IFRS Net Asset Value per share (eurocents) 157.9 140.2
IFRS Gross revenue from continuing operations (EUR thousand) 95,794 87,888
IFRS Earnings per share (eurocents) 17.91 13.20
Adjusted distributable earnings (EUR thousand) 52,223 58,937
Adjusted distributable earnings per share (eurocents) 8.01 8.93
Cash dividend (eurocents) - 4.36
Headline earnings (EUR thousand) 51,593 76,879
Headline earnings per share (eurocents) 7.50 11.18
Closing number of shares in issue* 688,045,349 687,906,892
* Excluding treasury shares.
The condensed consolidated statement of profit or loss for the comparative year, has been represented
as a result of reclassifying certain assets between discontinued and continuing operations, in accordance
with IFRS 5.
SEGMENTAL ANALYSIS Proportionate accounts
STATEMENT OF PROFIT OR LOSS (JAN - JUN 2024) Six-month period to 30 Jun 2024
Total CEE DJV WE Co*
EARNINGS 54,548 47,605 14,981 (384) (7,654)
DISTRIBUTABLE EARNINGS 20,343 24,253 2,612 (181) (6,341)
Net rental income - income property 35,914 32,900 2,381 633 -
Net result - residential property (10,574) - (10,574) - -
Net income - preferred equity and revolving credit facility 9,220 - 9,220 - -
Net corporate expenses (3,614) (1,393) (232) (70) (1,919)
Interest on debt financing (12,400) (6,092) (295) (759) (5,254)
Interest capitalised on developments 2,295 - 2,295 - -
Other distributable net income/(cost) 1,100 114 142 22 822
Income tax (1,598) (1,276) (325) (7) 10
NON-DISTRIBUTABLE EARNINGS 34,205 23,352 12,369 (203) (1,313)
Fair value adjustments - income property 41,991 29,895 14,785 (2,689) -
Fair value adjustments - interest rate derivatives (186) (214) 37 (9) -
Foreign currency exchange differences 1,706 - - 1,706 -
Investment expenses (557) (370) (38) 298 (447)
Share-based payment expense (38) 49 - - (87)
Other non-distributable income/(costs) (442) - 412 - (854)
Tax on sale of property 198 - - 198 -
Deferred tax (8,467) (6,008) (2,827) 293 75
Estimation for WE disposal realisation costs - - - - -
Weighted average adjusted number of shares (million)
Diluted weighted average adjusted number of shares (million)**
Adjusted distributable earnings per share (eurocents)
Diluted adjusted distributable earnings per share (eurocents)
SEGMENTAL ANALYSIS Adjustments
STATEMENT OF PROFIT OR LOSS (JAN - JUN 2024) Six-month period to 30 Jun 2024
Total CEE DJV WE Co
EARNINGS 9,312 5,959 2,827 201 325
DISTRIBUTABLE EARNINGS 313 - - - 313
Net rental income - income property - - - - -
Net result - residential property - - - - -
Net income - preferred equity and revolving credit facility - - - - -
Net corporate expenses - - - - -
Interest on debt financing - - - - -
Interest capitalised on developments - - - - -
Other distributable net income/(cost) 313 - - - 313
Income tax - - - - -
NON-DISTRIBUTABLE EARNINGS 8,999 5,959 2,827 201 12
Fair value adjustments - income property - - - - -
Fair value adjustments - interest rate derivatives - - - - -
Foreign currency exchange differences - - - - -
Investment expenses - - - - -
Share-based payment expense 38 (49) - - 87
Other non-distributable income/(costs) - - - - -
Tax on sale of property - - - - -
Deferred tax 8,760 6,008 2,827 - (75)
Estimation for WE disposal realisation costs 201 - - 201 -
Weighted average adjusted number of shares (million)
Diluted weighted average adjusted number of shares (million)**
Adjusted distributable earnings per share (eurocents)
Diluted adjusted distributable earnings per share (eurocents)
SEGMENTAL ANALYSIS Adjusted proportionate accounts
STATEMENT OF PROFIT OR LOSS (JAN - JUN 2024) Six-month period to 30 Jun 2024
Total CEE DJV WE Co
EARNINGS 63,860 53,564 17,808 (183) (7,329)
DISTRIBUTABLE EARNINGS 20,656 24,253 2,612 (181) (6,028)
Net rental income - income property 35,914 32,900 2,381 633 -
Net result - residential property (10,574) - (10,574) - -
Net income - preferred equity and revolving credit facility 9,220 - 9,220 - -
Net corporate expenses (3,614) (1,393) (232) (70) (1,919)
Interest on debt financing (12,400) (6,092) (295) (759) (5,254)
Interest capitalised on developments 2,295 - 2,295 - -
Other distributable net income/(cost) 1,413 114 142 22 1,135
Income tax (1,598) (1,276) (325) (7) 10
NON-DISTRIBUTABLE EARNINGS 43,204 29,311 15,196 (2) (1,301)
Fair value adjustments - income property 41,991 29,895 14,785 (2,689) -
Fair value adjustments - interest rate derivatives (186) (214) 37 (9) -
Foreign currency exchange differences 1,706 - - 1,706 -
Investment expenses (557) (370) (38) 298 (447)
Share-based payment expense - - - - -
Other non-distributable income/(costs) (442) - 412 - (854)
Tax on sale of property 198 - - 198 -
Deferred tax 293 - - 293 -
Estimation for WE disposal realisation costs 201 - - 201 -
Weighted average adjusted number of shares (million) 645.0
Diluted weighted average adjusted number of shares (million)** 656.5
Adjusted distributable earnings per share (eurocents) 3.22
Diluted adjusted distributable earnings per share (eurocents) 3.17
SEGMENTAL ANALYSIS Proportionate accounts
STATEMENT OF FINANCIAL POSITION (JUN 2024) 30 Jun 2024
Total CEE DJV WE Co*
NET ASSET VALUE 1,086,655 717,096 500,647 36,460 (167,548)
ASSETS 1,682,847 1,036,174 540,388 59,960 46,325
Income property 1,160,223 973,093 135,369 51,761 -
Developments - income property 29,205 5,475 23,730 - -
Developments - residential property 47,499 - 47,499 - -
Preferred equity and revolving credit facility 280,498 - 280,498 - -
Listed securities 40,337 - 40,337 - -
Goodwill 1,696 1,696 - - -
Deferred tax asset 4,263 1,036 1,270 1,882 75
Interest rate derivative financial assets 6,881 6,325 528 28 -
Other assets 673 64 280 133 196
VAT receivable 2,361 161 1,987 124 89
Share-based payment prepayments 475 475 - - -
Trade and other receivables 21,042 13,686 2,498 2,831 2,027
Cash and cash equivalents 87,694 34,163 6,392 3,201 43,938
LIABILITIES 596,192 319,078 39,741 23,500 213,873
Debt financing 487,532 243,180 12,120 19,709 212,523
Deferred tax liability 53,843 47,338 6,505 - -
Trade and other payables 54,817 28,560 21,116 3,791 1,350
Estimation for WE disposal realisation costs - - - - -
Adjusted number of shares in issue (million)
Tangible net asset value per share (eurocents)
TSR
SEGMENTAL ANALYSIS Adjustments
STATEMENT OF FINANCIAL POSITION (JUN 2024) 30 Jun 2024
Total CEE DJV WE Co
NET ASSET VALUE 11,081 45,167 (33,832) (254) -
ASSETS (42,508) (2,171) (40,337) - -
Income property - - - - -
Developments - income property - - - - -
Developments - residential property - - - - -
Preferred equity and revolving credit facility - - - - -
Listed securities (40,337) - (40,337) - -
Goodwill (1,696) (1,696) - - -
Deferred tax asset - - - - -
Interest rate derivative financial assets - - - - -
Other assets - - - - -
VAT receivable - - - - -
Share-based payment prepayments (475) (475) - - -
Trade and other receivables - - - - -
Cash and cash equivalents - - - - -
LIABILITIES (53,589) (47,338) (6,505) 254 -
Debt financing - - - - -
Deferred tax liability (53,843) (47,338) (6,505) - -
Trade and other payables - - - - -
Estimation for WE disposal realisation costs 254 - - 254 -
Adjusted number of shares in issue (million)
Tangible net asset value per share (eurocents)
TSR
SEGMENTAL ANALYSIS Adjusted proportionate accounts
STATEMENT OF FINANCIAL POSITION (JUN 2024) 30 Jun 2024
Total CEE DJV WE Co
NET ASSET VALUE 1,097,736 762,263 466,815 36,206 (167,548)
ASSETS 1,640,339 1,034,003 500,051 59,960 46,325
Income property 1,160,223 973,093 135,369 51,761 -
Developments - income property 29,205 5,475 23,730 - -
Developments - residential property 47,499 - 47,499 - -
Preferred equity and revolving credit facility 280,498 - 280,498 - -
Listed securities - - - - -
Goodwill - - - - -
Deferred tax asset 4,263 1,036 1,270 1,882 75
Interest rate derivative financial assets 6,881 6,325 528 28 -
Other assets 673 64 280 133 196
VAT receivable 2,361 161 1,987 124 89
Share-based payment prepayments - - - - -
Trade and other receivables 21,042 13,686 2,498 2,831 2,027
Cash and cash equivalents 87,694 34,163 6,392 3,201 43,938
LIABILITIES 542,603 271,740 33,236 23,754 213,873
Debt financing 487,532 243,180 12,120 19,709 212,523
Deferred tax liability - - - - -
Trade and other payables 54,817 28,560 21,116 3,791 1,350
Estimation for WE disposal realisation costs 254 - - 254 -
Adjusted number of shares in issue (million) 634.5
Tangible net asset value per share (eurocents) 173
TSR 19.3%
* Corporate (Co), other assets, liabilities and activities related to the Group's management, including investments in listed securities, Group
level financing, as well as corporate level administration.
** Diluted weighted average adjusted number of shares in issue is computed by elimination of MAS' 40% proportion of shares owned by the DJV in MAS
and increased by the number of share purchase plan shares (on a proportionate consolidation basis).
This results announcement is the responsibility of the Directors and is only a summary of the information contained in the audited annual financial
statements released on SENS on Monday, 2 September 2024 and available at: https://senspdf.jse.co.za/documents/2024/jse/isse/msp/MASFS24.pdf or on the
Company's website: https://www.masrei.com/investors/financials. This results announcement does not contain full or complete details, any investment
decisions by investors and/or shareholders should be based on consideration of the audited annual financial statements. The audited annual financial
statements are available for inspection or may be requested and obtained in person, at no charge, at the head office of the Company on Suite 11,
Marina Business Centre, Abate Rigord Street, Ta' Xbiex, XBX1129, Malta, and at the offices of our sponsor, Java Capital Trustees and
Sponsors Proprietary Limited, at 6th Floor, 1 Park Lane, Wierda Valley, Sandton, Johannesburg, 2196, South Africa, during office hours from
2 September 2024 to 13 September 2024. The consolidated annual financial statements have been audited by the Company's auditors,
PricewaterhouseCoopers (Malta), who expressed an unmodified audit opinion thereon.
Date: 02-09-2024 08:30:00
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