Interim report 1 Jan - 30 Sep Kari Inkinen CEO
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1 Interim report 1 Jan - 30 Sep 2007 Kari Inkinen CEO 1
2 2 Market review
3 GDP growth % Finland Euro Area United States Japan * 2007** 2008** ** Estimated growth 3 Source: Statistics Finland, Ministry of Finance, KTI
4 Finnish economy , consensus estimates GDP change 3.2 % (2008: 2.8 %) Inflation estimate 2.5 % (2008: 2.6 %) Unemployment rate in September 2007: 6.4 % (2007: 6.7 % and 2008: 6.4 %) Private consumption 3.5 % (2008: 3 %) 4 Source: Statistics Finland, Tapiola, Nordea
5 Transaction volume ,0 5,0 1000MEUR 4,0 3,0 2,0 1,0 0, Q1-Q3/2007 (preliminary) 5 Source: KTI
6 Prime office yields in Helsinki HMA % 8,5 8,0 7,5 7,0 6,5 6,0 5,5 5,0 4,5 4, CBD Leppävaara Ruoholahti Keilaniemi Aviapolis 6 Source: Catella Property Oy
7 Vacancy rate in HMA, 14 % ,4 % 6 5,0 % 4 2 2,6 % 1,7 % Retail Office Warehouse&industrial All premises together Source: Catella Property Oy
8 Rental levels of office premises /m 2 /year Source: Catella Property Oy Helsinki, CBD, Prime Helsinki, CBD Tapiola Tikkurila Keilaniemi, Prime Ruoholahti, Prime Aviapolis, Prime
9 Rental levels of retail premises HELSINKI METROPOLITAN AREA /m 2 /year Helsinki CBD, prime Helsinki CBD, average Tapiola, prime Tikkurila, prime 9 Source: Catella Property Oy
10 Rental levels of warehouse and industrial premises 125 Helsinki Metropolitan Area Source: Catella Property Oy
11 Net take-up of office premises m² Helsinki Metropolitan Area Initiated constructions Completed building projects Net take-up 11 Source: Statistics Finland, Catella Property Oy
12 12 Q3/2007 Results
13 Q3/2007 in brief 7-9/ / / / /2006 Total revenue, meur Net operating income, meur Operating profit, meur Profit for the period, meur Earnings / share, eur Operating cash flow / share, eur Fair value of properties, meur NAV / share, eur EPRA NAV / share, eur Economic occupancy rate, %
14 Profit & loss statement 7-9/2007 meur 7-9/2006 meur 1-9/2007 meur 1-9/2006 meur 1-12/2006 Meur Total revenue 49,2 26,5 157,4 79,8 117,4 Maintenance expenses -13,0-6,2-43,7-18,9-29,8 Net operating income 36,2 20,3 113,7 60,9 87,6 Profit on sale of inv. properties 0,1-1,2 - - Valuation gain / loss 36,0 8,9 92,4 19,1 26,2 Profit on sale of trading properties 0,2-27,0-1,6 SGA expenses -3,9-2,4-19,3-7,2-11,9 Other operating income/expenses 0,1-0,2 0,3 0,4 Operating profit 68,7 26,8 215,2 73,1 103,9 Financial income and expenses -16,7-7,7-55,4-22,1-38,5 Profit before taxes 52,0 19,1 159,8 51,0 65,4 Taxes from previous and current fin. years -0,1-0,5-0,1-0,9-0,4 Deferred taxes -12,9-4,5-41,0-12,4-16,7 Net income for the period 39,0 14,1 118,7 37,7 48,3 14
15 Balance sheet ASSETS meur meur meur Long-term assets Short-term assets Assets total SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity total Long-term liabilities Interest-bearing debt Liabilities Other liabilities Deferred tax liabilities ,2 Long-term liabilities total Short-term liabilities total Liabilities total , Shareholders equity and liabilities ,
16 Financing Q3/2007 /2007 Q1/ Equity ratio 35 % 35 % 36 % 20 % Average interest rate 4.5 % 4.5 % 4.6 % 4.6 % Hedging 78 % 87 % 88 % 74 % Average loan maturity 2.9 yrs 3.1 yrs 1.8 yrs 1.7 yrs Average interest-bearing period 3.3 yrs 3.5 yrs 3.3 yrs 1.7 yrs Interest cover
17 Loan maturity % 16 % 26 % 18 % Total amount of interestbearing debt EUR 1 427,7 million 1 % 25 % 7 %
18 Sponda Plc Operational review 18
19 Strategy The Board of Directors has revised Sponda s strategy emphasizing the company s further growth in the future. During the coming years particular focus is in property development and stronger growth in Russia: Target for growth in Russia is to invest % of the company s balance sheet, ie million euros, by the end of
20 Property portfolio Properties divided by fair value, EUR million Office and retail properties divided by leasable area, altogether m² 9 % 1 % 25 % 12 % Office & Retail Logistics Property Development Office Retail 78 % Russia & the Baltic Countries 75 % 20
21 Office & retail and logistics properties by geographical area Office & retail and logistics properties divided by leasable area, 1.3 milj. m² Office & retail and logistics properties (EUR million) divided by fair value 5 % 3 % 1 % 5 % 2 % 1 % HMA Tampere Turku Oulu HMA Tampere Turku Oulu 91 % 92 % 21
22 Yield requirements in property valuation 30 Sep 2007, % Sponda CBD Helsinki/Vantaa Espoo Turku Tampere Oulu Office and retail Logistics Average yield for the whole portfolio: 6.4 ( : 6.6) % 22
23 Cash yield for fair value 10,0 % 8,0 % 6,0 % 4,0 % 2,0 % 0,0 % Office & retail Logistics Russia Total 5.9 % 8.3 % 10.9 % 6.2 % 23
24 Economic vacancy rate Sponda (figures withouth the Kapiteeli portfolio) 16,01 14,0 1 12,0 1 10,0 1 8,0 6,0 4,0 2,0 0,0 Office & retail Logistics Total property portfolio Russia and the Baltic Countries 10.0 % 9.0 % 9.7 % 0 % Q3/
25 Lease contracts 30 Sep ,0 % 20,0 % 15,0 % 10,0 % Future cash flows 779 meur Average length of contracts 4.3 years O&R 4.6 years Log 3.1 years 5,0 % 0,0 % 1 yr 2 yrs 3 yrs 4 yrs 5 yrs 6 yrs over 6 yrs Openended 25
26 Events for the period Two property development projects started Lautatarhankatu 2 Office building with leasable area of m² Estimated investment EUR 22 million Main tenant will be Tradeka Oy who will move their Head Office Itäinen Valkoisenlähteentie 18, Vantaa Logistics property near Ring Road III with leasable area of m² Estimated investment EUR 5 million More than 50 % pre-let Sponda increased its holding in Ovenia Oy from 51 % to 70 % 26
27 Lautatarhankatu
28 Office and Retail properties Leasable area of properties m² in total Fair value of properties on 30 September 2007 was EUR million, value change Jan- Sep EUR 72.0 million During the period three significant lease agreements were signed: new building in City- Center, Pikku Roobertinkatu and Kumpulantie 7-9/ / / / /2006 Total revenue, meur Net operating income, meur Operating profit, meur Economic occupancy rate, % % Geographical division of office and retail properties by fair value 25 % 41 % CBD Ruoholahti HMA Others %
29 Logistics properties Leasable area of properties m² in total Fair value of properties on 30 September 2007 was EUR million, fair value change during Jan-Sep was EUR 23.7 million Acquisition of Holkkitie 8 for EUR 4.9 million / / / /2006 Total revenue, meur Net operating income, meur Operating profit, meur Economic occupancy rate, %
30 Property development in Q3/2007 Two property development projects started Lautatarhankatu 2 Office building in Eastern Helsinki Estimated investment EUR 22 million Main tenant Tradeka Oy Itäinen Valkoisenlähteentie 18, Vantaa Logistics property near Ring Road III Estimated investment EUR 5 million More than 50 % pre-let 30
31 Office building in the centre of the City-Center project to be built for Evli Bank Plc - Leasable area m² - Construction will start early 2009
32 Active property development PROJECT PROGRESS LEASABLE M² INVESTMENTS TO DATE City-Center Second phase Additional m² Vuosaari harbour Retail building, Itäkeskus Office building, Porkkalankatu Office building, Sörnäinen Logistics building, Vantaa Ratina, Tampere Started Logistics m² (1st phase), in total m² Office + passenger terminal m² TOTAL INVESTMENT 39 meur 110 meur meur 95 meur (First phase), in total 140 meur Started m² 8.7 meur 56 meur 2008 Started m² 3.1 meur 29 meur 2008 Started m² meur 2008 Started m² meur 2008 N/A m² N/A 200 meur N/A COMPLETION 2008 (First phase) 32
33 Some of Sponda s future projects in the development pipeline PROJECT Office building, Pasila (in co-operation with Yle Pension Fund) ~ 2009 PLANNED START OF THE PROJECT Shopping centre, Vaasa N/A N/A Office building, Salmisaari, Ruoholahti (renovation) TOTAL INVESTMENT 95 meur (Sponda s share 60 %, 57 meur) ~ meur Office building, Ruoholahti ~ meur Retail, Turku (Kauneenkulma) ~ meur Office building, Ruoholahti ~ meur - The requirements for any of the projects listed are to have at least 50 % pre-let and all planning processes approved by authorities - The listed pipeline, together with the active property development projects, will amount to annual investments of approx. EUR million Office building, Vantaa (Aviapolis), I phase ~ meur Logistics building, Vantaa (Honkatalo) ~ meur Office building, Ring I, Helsinki ~ meur Office building, Naulakatu, Tampere ~ meur 33
34 Real Estate Funds Sponda manages assets in three different funds, in two of which it also is an equity investor Currently assets under management total EUR 645 million 1. An office and retail fund with 20 % stake On 30 Sep 2007 the fair value of properties in the fund was EUR million 2. Sponda Real Estate Fund I Ky (logistics fund) with 46 % stake On 30 Sep 2007 the fair value of properties in the fund totalled EUR 138 million Fund is expected to be fully invested by the end of Sponda manages a real estate portfolio for EUR 400 million 34
35 Russia and the Baltic Countries Investments in Russia by 30 Sep 2007: EUR 30 million. In October Sponda made two acquisitions: Office building in Moscow for USD 47.5 million Building is under construction and will be completed by the end of Total leasable area will be m² and, in addition, the building will have parking facilities for 54 cars. Office building in St Petersburg for USD 11.5 million Total leasable area is m² and parking facilities for 27 cars Property is fully leased 35
36 Events after the period In October 2007 the Market Court decided not to proceed with the Tampere Ratina shopping centre appeal. The decision will be effective from 12 Nov 2007 unless no appeal is made against it. Sponda is planning a m² shopping centre with an estimated investment of approximately EUR 200 million. In October the city government of Vaasa chose Sponda Plc to be its partner in developing the shopping centre planned to replace the disused bus station. The goal is for Sponda and the City of Vaasa to design and plan the piece of land for the shopping centre together. It is hoped to obtain building rights of m² for the land as well as parking space for cars. The shopping centre will be completed at the earliest in
37 Events after the period On 31 October Sponda purchased a logistics property in Tulppatie 1 (in Eastern Helsinki) for EUR 17 million. Leasable area m² Fully let to one tenant The tax office has decided to deviate from the 2006 tax returns given by Sponda Kiinteistöt Oy (former Kapiteeli Ltd) and considers that the company's taxable profit for the year is EUR 192 million. The reason for the decision is that, since the company's personnel were transferred to Sponda Plc, the company's business cannot be considered to have continued essentially in the same way as described in the special dispensation granted by the tax office. Sponda Kiinteistöt Oy has decided to appeal against the decision. The tax loss carry-forward for the years is approximately EUR 558 million. 37
38 IR contacts: Kari Inkinen President and CEO Tel: Robert Öhman CFO Tel: Pia Arrhenius Manager, Corporate Communications and IR Tel:
39 Appendix
40 Total building stock in Finland RETAIL OFFICE WAREHOUSE&INDUSTR. COMMERCIAL, TOTAL m 2 m 2 m 2 m 2 Helsinki MPA Tampere Turku Oulu Lahti Jyväskylä Kuopio Vaasa Rovaniemi Joensuu Lappeenranta Seinäjoki Total Finland i Source: Catella Property Group
41 Major shareholders Shareholder No of shares % of total shares 1. The Finnish State ,3 2. The State Pension Fund ,63 3. Ilmarinen Mutual Pension Insurance Company 4. Etera Mutual Pension Insurance Company , ,38 5. Yleisradion Eläkesäätiö S.r ,31 6. Support Fund for commercial and technical sciences ,24 7. Livränteanstalten Hereditas ,14 8. Åbo Akademi University Foundation ,15 9. Medicinska Understödsföreningen Liv och Hälsa , Finnish Science Academy ry ,09 ii Nominee registered shareholders: pcs, 55.3 %
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