Kardan Company Overview. June 2009

Transcription

1 Kardan Company Overview June 2009

2 Corporate Overview

3 Major Holdings Corporate Overview Kardan NV 9.5% Financial Services Infrastructure 74% Kardan Israel 100% 96% 100% GTC Holdings KFS Tahal 46% 100% 90% 40% 100% 100% GTC SA (Poland) GTC China TBIF (Banking and Finance) TBIH (Insurance and Pension) Tahal Projects Tahal Assets 3

4 History Corporate Overview Start of real estate activities in Poland (GTC) 1994 Kardan capital increase Acquisition of Tahal infrastructure business GTC IPO on WSE Reorganization financial services Merger of Kardan and GTC RE Purchase of Kardan - a listed Israeli company for USD3mn 1998 Establishment of TBIH as regional platform for financial services 2003 Incorporation and listing of Kardan as holding in the Netherlands 2005 Listing of Kardan Israel Strategic partnership with Vienna Insurance Group Real estate activities expand into China 2007 Kardan and GTC RE bond issues Chinese water infrastructure JV established & two investments KFS agrees equity and debt investment from Israel Discount Bank Entrepreneurial growth path 4

5 Vision Mission Vision Corporate Overview Emerging countries increasing i political l and economic importance Middle class growth Demand for water, housing, financial services Mission Cater basic needs of middle class Create long term value for shareholders h 5

6 Strategy Decentralization Corporate Overview Develop local platforms to minimize risk and originate deal flow Cooperate with local partners while maintaining control Combine local management relevant expertise with Group strengths Incentivize management to align interest Organic and acquisitive iti growth Synergies Emerging market expertise Local partner joining international group Funding at various levels Short-term: Watch and hold 6

7 Risk Management Corporate Overview Geographical diversification activities in over 40 countries, 15,000 employees Segmental diversification 3 operating segments No oversized projects no project value/cost exceeds 5% of the consolidated balance sheet Low leverage Decentralization: local expertise and commitment Experienced management across business lines 7

8 Low Leverage As of March 31, 2009 Corporate Overview Equity to Total Assets (EUR mn) Kardan NV GTC Holding GTC SA KFS Tahal 1 Kardan Israel 2 Company Only Equity * 82 Total balance sheet Ratio 37% 62% 23% 99% 62% Consolidated Equity (including minority interest) 1,133 1,079 1, * 110 Total consolidated balance sheet 5,509 2,912 2,599 1, Rti Ratio 21% 37% 45% 7% 41% 20% Notes: 1) Tahal s equity includes shareholders loan from Kardan NV 2)Starting , Kardan Israel consolidates the financial results of DVT (Avis Israel) a car leasing company 8

9 Maturities of Financial Liabilities (Consolidated) Corporate Overview (EUR mn) Free Cash & S-T Investments Debt/Loans Maturing Before March 31, 2010 Before March 31, 2011 Before March 31, 2012 Before March 31, 2013 After March 31, 2013 Total Kardan NV GTC Holdings ,206 KFS 1, Tahal Kardan Israel Total ,614 2,851 Notes: 1) An amount of EUR 182 million has been classified as due before March 31, 2010, because of a cross default covenant; the default relates to an ROE covenant (25%) of a subsidiary of TBIF (the loan amounts to EUR 16mn). A waiver is expected in due course; EUR 100 million of the liability of KFS redeemable in 2009 is borrowed from the Russian Central Bank and Ukrainian Central Bank. 2) The data in the table do not include the cash and the liabilities due to deposit holders of the banking activities in Russia and Ukraine. 9

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11 GTC Holding B.V. Overview Ownership structure GTC SA: one of the largest public real estate companies in the CEE; 2.3mn m 2 completed and under development (GTC SA share) GTC China: property development in China ; 1.6mn m 2 under development (GTC China Share) 46.3% GTC Investments: investment properties in Western Europe Consolidated assets EUR 2.9bn ( EUR 2.9bn) EU UR mn GTC Investments Kardan NV 100% GTC Holdings 46.2% GTC SA Financial performance 1, % GTC Asia Q1-09 Notes: 1) Kardan NV consolidated IFRS (segment note) 2) Profit from operations before unallocated expenses (segment note) Revenues Results 11

12 GTC SA

13 A Leading Developer in Central & Eastern Europe Residential Shopping Centers Office Buildings Active in the ten countries in the region Poland l d Ukraine Hungary Czech Republic Bulgaria l i Romania Serbia Russia 13 Croatia Slovakia

14 Complete and Under Construction Projects Total NRA & selling rights - c. 770,000 m 2 * Residential 14% Czech Republic 9% Bulgaria 6% Croatia 3% Slovakia 1% Poland 45% Serbia 7% Office 57% Hungary Retail 13% 29% Romania 16% In addition, GTC has lands with total NRA & selling rights potential of c. 1,495,000 m 2* * GTC s stake as of March 31,

15 Q Highlights Revenues - EUR 45 mn T t la Total Assets t EUR 2.6bn 183% increase YoY Equity / total assets 45% 31% increase YoY Cash & S-T deposits as of q quarter end EUR 192mn 15

16 Risk Management Diversification by geography and product Land purchase with GTC s equity Each project in separate SPV Healthy loan-to-value ratios Phased development of large projects Experienced managers in all countries Kardan Amsterdam 16

17 Diversification in Commercial Sectors Completed NRA NRA- c. 317,000 m2* Under Construction NRA - c. 342,000 m2* Retail 40% Retail 27% Office 60% Office 73% * GTC s stake as of March 31,

18 High Occupancy Name of Project Property Type NRA 1 (m 2 ) Occupancy Rate 2 Name of Project Property Type NRA 1 (m 2 ) Occupancy Rate 2 Poland Hungary Galleria Mokotow (50%) Retail 62, % Galleria Kazimierz (50%) Retail 38, % Nefryt Office 15,300 99% Globis Wroclaw Office 14,700 99% Romania Globis Poznan Office 13, % Platinium 1 Office 9, % Topaz Office 11, % Czech Republic Platinium 2 Office 8,900 91% Edison Office 10,480 95% Sarka Business Park Okęcie BP2 Zephirus Office 9,140 94% (35%) Okęcie BP 1 Nothus Office 9, % Serbia Newton Office 10, % Galileo Office 10, % Croatia Center Point Office 41, % Riverloft office Office 6,500 65% Galleria Buzau (50%) 3 Retail 13,300 80% Galleria Suceava (50%) 3 Retail 7,300 63% Office 23,400 91% Avenue 19 Office 17,400 89% GTC House Office 13, % GTC Square 1 3 Office 23,000 38% Avenue Mall (70%) Retail 26, % Avenue Center (70%) Office 7, % Notes: 1) Represents 100% 2) As of March 31, ) Completed in Q Total / Average - GTC's Stake 317,000 92% 18

19 Completion of Commercial Properties Schedule NRA 000 m 2 GTC s Stake 700 Prelease of Completions NRA '000 m 2 GTC's Stake As of Q2-Q Q2-09 Q3-09 Q4-09 Q1-10 Leased Unleased 19

20 Value Creation (Recent Examples) Completion of GTC Square 1A, Belgrade Completion of Platinum 2, Warsaw Date Sep 2008 NRA 11,500 m 2 Total cost EUR 16mn Rental income EUR 2.2mn Book value EUR 26mn Date Sep 2008 NRA 9,300 m 2 Total cost EUR 21mn Rental income EUR 2.2mn Book value EUR 35.5mn Profit EUR 10mn Profit EUR 14.5mn EUR mn 30 EUR mn Investment Profit Debt Equity Investment Profit Debt Equity 20

21 Residential Sector Under Construction - c. 112,000 m 2* Marketing Status* Units Total units - 1,177 Czech Republic 21% Hungary 8% Slovakia 9% % 400 Romania 55% Poland 7% Romania 84% Czech Republic 77% 30% 93% Hungary Slovakia Poland Sold Units Unsold Units % of Completion * GTC s stake as of March 31,

22 Balance Sheet - March 31, 2009 (EUR mn) Commercial Commercial Residential Under Under Construction Construction Land Total Real estate 1, ,243 Deferred tax (145) (25) - - (170) Book value 1, ,073 Short term debt (20) (9) (18) - (47) Long term debt (526) (101) (60) - (687) Total debt (546) (110) (78) - (734) Loan to book value ratio 54% 23% 66% 0% 35% Net asset value ,339 Cash and S-T deposits 192 Short term assets (mainly EUR 38mn Government agencies) 71 Short term liabilities (mainly EUR 51mn advances received) (164) Long term assets 92 Long term liabilities (111) Debentures (243) (163) Equity 1,176 22

23 GTC China