AI assistant
Fattal Holdings Investor Presentation 2021
6787_rns_2021-12-12_1292d80b-c852-4dde-983a-869bf4999937.pdf
Investor Presentation
Open in viewerOpens in your device viewer
Capital Market Presentation, November 2021
Disclaimer
This presentation is not the Company's offer of securities to the public and should not be interpreted as an offer of securities to the public. The presentation constitutes the Company's principal and marketing presentation. The information included in this presentation and any other information that shall be delivered during this presentation (hereinafter: "the Information") does not constitute a recommendation or an opinion of an investment consultant or a tax consultant. The Information is only condensed information. Investment in securities, in general, and in the Company, carries risk. You should take into account that past data does not necessarily indicate future performance. The purchase of the Company's securities requires an in-depth review of the information published by the Company and a legal, accounting, taxation and economic analysis thereof.
Data regarding: (i) distribution of hotels that are open by months; (ii) a summary of the number of hotels and hotel rooms according to ownership/ rent/ management, divided by sectors as of September 2021-which are shown in slides No. 4, 7 are provided in this presentation for the first time as additional information.
Including future hotels. 3
SIGNIFICANT EVENTS DURING AND AFTER THE REPORTING PERIOD
2020-2021 COVID 19 Pandemic
Distribution of hotels open over recent months
Distribution of chain occupancy rates by months
Successful dealing with the impacts of the global Corona pandemic
Operational optimization in
Actions of equity: Issue of debentures about NIS 757 million Raising of equity about NIS
Deferrals and waivers of rental payments in the amount of NIS 608 million
Receipt of government guaranteed Europe: about EUR 67 million. Israel: about NIS 134 million.
Receipt of grants
Selling properties in Europe: Net cash flow for the Company about NIS 200 million
Third quarter 2021 – record operating income (EBITDA & EBITDAR)
Occupancy for August 2021: 70% in Israel 74% in the UK
Record occupancy and record prices in tourist areas in Israel
Extensive government support in some European countries alongside progress in the vaccination campaign and lifting of restrictions.
Recovery
Income1 - NIS 1,246 million EBITDAR1 - NIS 577million EBITDA1,2 - NIS 375 million FFO - NIS 287 million
Opening of the businesses in Israel (in mid-February 2021).
Opening of the businesses in UK (in mid-May 2021).
Occupancy rates are rising each month in accordance with the opening of the businesses in Israel and Europe.
A diverse range of hotels adapted to the recovery of the economy in Israel and Europe.
Number of Hotels1 - Fattal Group
1 As of September 30, 2021, including 11 future hotels in Israel (1,269 rooms), 11 future hotels in Europe (3,034 rooms), 5 future hotels in the United Kingdom (1,034 rooms) and 4 future hotels in Greece and Cyprus (744 rooms).
Company Occupancy Data
Main Financial Data (continued)
EBITDAR -Data for the quarters (NIS millions) 1
10
Main Financial Data (continued)
EBITDA -Data for the quarters (NIS millions) 1
11
Main Financial Data Fattal Chain Revenues (NIS millions) 1
Main Financial Data (continued)
13
EBITDAR (NIS millions) 1
1 Including the relative part of hotels under 50% ownership.
Main Financial Data (continued)
EBITDA (NIS millions) 1 Prior to the Impact of Standard IFRS 16
1 Including the relative part of hotels under 50% ownership.
Hotels with Future Opening Date1
| Location | Rooms | Date | ||
|---|---|---|---|---|
| (M.EURO) | ||||
| Dublin, Ireland | Owned (50%) |
175 | 2023 | 6 |
| Tel Aviv, Israel | Owned | 74 | 2022 | 25 |
| Athens, Greece | Leased | 217 | 2022 | 17 |
| Thessaloniki , Greece | Owned (50%) |
135 | 2023 | 7.5 |
| Limassol, Cyprus | Owned (50%) |
194 | 2023 | 11.5 |
| Edinburgh, Scotland | Owned | 90 | 2022 | 18 |
| Haifa, Israel | Owned | 163 | 2022 | 30 |
| Liverpool, England | Owned | 207 | 2023 | 26 |
| Nicosia, Cyprus | Owned (50%) |
198 | 2023 | 10 |
| Hamburg, Germany | Owned | 236 | 2023 | 39 |
| Manchester, England | Owned | 275 | 2023 | 30 |
| Lisbon, Portugal | Owned | 144 | 2023 | 23 |
| Porto, Portugal | Owned (33%) |
560 | 2024 | 23 |
| Dead sea, Israel | Owned | 218 | 2024 | 30 |
| Total ( 14 Hotels ) | 2,886 |
| Location | Rooms | Date | |
|---|---|---|---|
| Eschborn, Germany | Leased | 234 | 2021 |
| Augsburg, Germany | Leased | 235 | 2021 |
| Chester, England | Leased | 94 | 2021 |
| Tel Aviv, Israel | Leased | 56 | 2022 |
| Jerusalem, Israel | Managed | 88 | 2022 |
| Tel Aviv, Israel | Leased | 78 | 2022 |
| Koln, Germany | Leased | 336 | 2022 |
| Hamburg, Germany | Leased | 191 | 2023 |
| Koln, Germany | Leased | 238 | 2023 |
| Jerusalem, Israel | Leased | 90 | 2023 |
| Jerusalem, Israel | Leased | 72 | 2023 |
| Kibbutz Tzuba, Israel | Leased | 152 | 2023 |
| Koln, Germany | Leased | 250 | 2023 |
| Berlin, Germany | Leased | 374 | 2023 |
| Leipzig, Germany | Leased | 236 | 2023 |
| Jerusalem, Israel | Leased | 168 | 2024 |
| Liverpool, England | Leased | 283 | 2024 |
| Jerusalem, Israel | Leased | 55 | 2023 |
| Total ( 18 Hotels ) | 3,230 |
1 Future transactions that were signed up to the date of approval of the financial statements
CONSOLIDATED BALANCE SHEET (NIS millions)
| Sep 2021 | Sep 2020 | Dec 2020 | |||
|---|---|---|---|---|---|
| Data prior to implementation of IFRS16 |
Impacts of IFRS16 |
As shown in the Financial Statements |
|||
| Current Assets | 1,986 | )23( | 1,963 | 1,907 | 2,062 |
| Long Term Investments and Other Assets |
2,767 | 11,469 | 14,236 | 14,233 | 14,030 |
| Fixed Assets | 5,319 | - | 5,319 | 5,492 | 5,383 |
| Total Properties | 10,072 | 11,446 | 21,518 | 21,632 | 21,475 |
| Short Term Credit | 635 | - | 635 | 548 | 526 |
| Other Current Liabilities | 1,420 | 301 | 1,721 | 1,540 | 1,408 |
| Loans and Bonds – Long Term |
4,678 | - | 4,678 | 4,431 | 4,932 |
| Deferred taxes | 259 | - | 259 | 280 | 263 |
| Others | 522 | 11,897 | 12,419 | 12,571 | 12,396 |
| Total Liabilities | 7,514 | 12,198 | 19,712 | 19,370 | 19,525 |
| Shareholders' Equity | 2,558 | )752( | 1,806 | 2,262 | 1,950 |
| Total Liabilities and Equity |
10,072 | 11,446 | 21,518 | 21,632 | 21,475 |
| 16 |
Profit and Loss Statement (NIS million)
| 7-9/2020 | ||||
|---|---|---|---|---|
| Data prior to implementation of IFRS16 |
Impacts of IFRS16 |
As shown in the Financial Statements |
||
| Revenues from Hospitality Services and Others | 1,208 | - | 1,208 | 677 |
| Total Operating Expenses | 656 | - | 656 | 498 |
| Operating income before rent, depreciation and reductions (EBITDAR) |
552 | - | 552 | 179 |
| Total Rent | 213 | )212( | 1 | 1 |
| Operating income before depreciation and amortization (EBITDA) |
339 | 212 | 551 | 178 |
| Depreciation | )73( | )166( | )239( | )246( |
| Other Expenses, Net | 24 | 6 | 30 | )21( |
| Profit before Financing | 290 | 52 | 342 | )89( |
| Financing Expenses, Net | )64( | )165( | )229( | )208( |
| Group's Share in the Subsidiaries' Earnings (Losses) |
6 | 2 | 8 | )7( |
| Tax Expenses (Tax Benefit) | )61( | 34 | )27( | 32 |
| Net Income | 171 | )77( | 94 | )272( |
| Net Earnings Attributed to Shareholders of the company |
94 | )270( | ||
| Net Earnings Attributed to Non-controlling Interests |
)2( | |||
| Real FFO | 287 | 287 | )259( |
Profit and Loss Statement (NIS million)
| 1-9/21 | 1-9/2020 | 1-12/2020 | |||
|---|---|---|---|---|---|
| Data prior to implementation of IFRS16 |
Impacts of IFRS16 |
As shown in the Financial Statements |
|||
| Revenues from Hospitality Services and Others | 2,049 | - | 2,049 | 1,639 | 1,904 |
| Total Operating Expenses | 1,204 | - | 1,204 | 1,356 | 1,657 |
| Operating income before rent, depreciation and reductions (EBITDAR) |
845 | - | 845 | 283 | 247 |
| Total Rent | 635 | )633( | 2 | 3 | 3 |
| Operating income before depreciation and amortization (EBITDA) |
210 | 633 | 843 | 280 | 244 |
| Depreciation | )222( | )495( | )717( | )718 ( | )961( |
| Other Expenses, Net | 82 | 126 | 208 | )66 ( | )41( |
| Profit before Financing | 70 | 264 | 334 | )504 ( | )758( |
| Financing Expenses, Net | )179( | )494( | )673( | )616 ( |
)807( |
| Group's Share in the Subsidiaries' Earnings (Losses) |
- | 5 | 5 | )28 ( | )34( |
| Tax Benefit | 34 | 96 | 130 | 210 | 275 |
| Net loss | )75( | )129( | )204( | ) 938 ( |
)1,324( |
| Net Earnings Attributed to Shareholders of the company |
)207( | ) 936 ( |
)1,315( | ||
| Net Earnings Attributed to Non-controlling Interests |
3 | ) 2 ( |
)10( | ||
| Real FFO | 67 | 67 | )480 ( | )771( |
Cash Flow Statement (NIS millions)
| 1-9/21 | 1-9/20 | 1-12/20 | |
|---|---|---|---|
| Cash flows from operating activities | 343 | 65 | )254( |
| Cash flows for investing activities |
105 | )348( | )327( |
| Cash flows from financing activities | )463( | 375 | 966 |
Debentures (Series B) 1,2
| 09/2021 | As per Trust Deed | |
|---|---|---|
| Shareholders' equity | 2,557 (NIS million) |
Not less than 1,250 (NIS million) |
| Ratio of equity to total assets | 25.4% | Not less than 22.5% |
| Ratio of net financial adjusted debt to adjusted EBITDA |
4.09 | Not more than 8 |
Debentures (Series C) 1,2
| 09/2021 | As per Trust Deed | |
|---|---|---|
| Shareholders' equity | 1,805 (NIS million) |
Not less than 1,400 (NIS million) |
| EBITDA | 1,842 | Not less than 700 (NIS million) |
| Ratio of net financial debt to net CAP | 65.8% | Not more than 76% |
ConvertibleBonds (Series 1) 1,2
| 09/2021 | As per Trust Deed | |
|---|---|---|
| Shareholders' equity | 1,805 (NIS million) |
Not less than 1,400 (NIS million) |
| Ratio of net financial debt to net CAP | 65.8% | Not more than 76% |
Financial Ratios to Repayment
1 As of September 30, 2021, the Company meets all the standards to which it is obligated pursuant to review of the proforma as stated in section 11.3.1 in the Directors' Report . 2 For the definition of the terms "net financial debt", "EBITDA" and net CAP, see section 11.3 of the Company's Board of Directors' Report as of September 30, 2021 which is included in the Company's annual report at that date.
Thank you for your attention!
