Results presentation. December 2012

Transcription

1 Results presentation December

2 Introduction A Romanian focused property investment company Distribute dividends (or return of capital & share subscription) on a semi-annual basis Focus on properties with long term multinational leases in Euro In-house property management, asset management, property investment & property development in an integrated approach 12.15% naca growth in distribution per share since

3 Romania Macro economic Low 2012 growth due to EU slow-down and drought Stable economic outlook Election year Key indicators Real GDP growth (%) General gov. budget balance (% of GDP) (2.2) (2.4) (2.3) (2.2) (2.2) (2.1) General gov. debt (% of GDP) Unemployment (%) Price inflation (%) *Source: EIU January

4 Highlights Distribution per share 15.0% Recurring distributable income per share 12.6% Adjusted NAV per share 18.5% No. of shareholders 79.0% Cost : income ratio 11.7% Conclusion of office acquisition Completion of major retail development Expansion of development pipeline 4

5 General strategy The relationship between retained distributable earnings, property developments, cash holdings & distribution growth per share Listed securities Retail regional dominance Office A-grade in prime locations, cities with significant multi-national tenant presence Increase in scale Expansion beyond Romania 5

6 Financial performance Distribution per share ( cents) Adjusted NAV per share 31 Dec Jun Dec Jun Dec Jun Gearing* 25.0% 33.9% 32.1% 41.9% 49.0% 42.3% Shares in issue Property portfolio analysis % by gross rental % by value % by area Retail 49% 50% 52% Office 46% 46% 38% Industrial 5% 4% 10% * (Debt cash) / investment property + listed securities 6

7 Interest rate hedge position 6% 5% 4% 3% 2% 1% 0% 5 year SWAP 3month Euribor CAP SWAP Jun Dec Jun Dec Jun Dec Jun Dec Jun 2010 Dec Jun 2011 Dec Jun 2012 Dec 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% Yield Curve SWAP rate Cap rate

8 Debt repayment profile million Bank loans reimbursement schedule Alpha Bank Morgan Stanley (listed shares facility) BRD BCR Investkredit Eurohypo Nord LB KBC Bank Unicredit/Banca Romaneasca Raiffeisen and beyond 8

9 Contracted rent profile per sector million Expiry profile contractual rental income Retail Office Industrial Tenant profile contractual rental income 80% 5% 15% Type A Type B Type C Weighted average duration of 6.5 years 9

10 Operational performance Receivables Vacancies Renewals Retail Office Industrial 10

11 Completed property initiatives 11

12 Ploiesti Shopping City 12

13 Ploiesti Shopping City 13

14 Ploiesti Shopping City 14

15 Ploiesti Shopping City 15

16 Ploiesti Shopping City 16

17 Ploiesti Shopping City 17

18 Ploiesti Shopping City 18

19 Ploiesti Shopping City 19

20 Ploiesti Shopping City 20

21 Promenada Mall Braila 21

22 City Business Centre acquisition (Timisoara) 22

23 Ongoing property initiatives 23 23

24 Brasov Shopping City 24

25 Brasov Shopping City EXISTING ADDED TOTAL Fashion & Food & Home & Services Accessories Entertainment Decoration Hyper Adjacent Retail Parking 4,850m² 60m² 1,200m² 8,600m² 14,700m² 13,200m² 1,300bays 25,550m² 6,940m² 500m² 2,400m² bays 30,400m² 7,000m² 1,700m² 11,000m² 14,700m² 13,200m² 2,100bays TOTAL GLA 42,610m² 35,390m² 78,000m² 13 screens UPPER FLOOR BASEMENT PARKING 25

26 Galati Shopping City 26

27 Galati Shopping City Galati 27

28 Galati Shopping City HYPERMARKET HYPER GALLERY SHOPPING MALL PHASE I SHOPPING MALL PHASE II + Upper TOTAL GLA PARKING 13,000 m² 3,000 m² 14,000 m² 17,000 m² 47,000 m² 1,800 bays 28

29 Vulcan Value Centre - Bucharest Vulcan 29

30 Vulcan Value Centre - Bucharest 30

31 Vulcan Value Centre - Bucharest 31

32 Kaufland Value Extensions - Sf Gheorghe 32

33 City Business Centre - Building D 33

34 City Business Centre - Building D 34

35 The Office Cluj-Napoca Railway Station Intl Airport The Office Business Centre Old City Centre Cluj-Napoca 35

36 The Office Cluj-Napoca 36

37 The Office Cluj-Napoca 37

38 The Lakeview - Bucharest 38

39 Prospects 39 39

40 Investment pipeline Two retail development opportunities (Romania) Two retail acquisition opportunities (Romania) with extension potential Retail acquisition opportunities in Central Europe (outside Romania) 40

41 Questions & Answers 41