PRESENTATION OF RESULTS FOR H1/ September 2016

Transcription

1 PRESENTATION OF RESULTS FOR H1/ September 2016

2 Agenda About us The most important events in the first six months of Market environment Financial data Property portfolio Office projects Multi-purpose projects Commercial projects Other projects 2

3 About us We are among the leading and most dynamically developing investment companies on the property market in Poland. We have been involved in building and managing property projects for more than 11 years, specializing in complicated projects with above-average margins. Gdańsk 69 properties 249thousa nd sq.m. portfolio area Warsa 34 cities in Poland 83 % property value in Warsaw Kraków 2.0bn PLN present value of property portfolio 3.1 bn PLN target value of property portfolio 3

4 Most important events THE MOST IMPORTANT EVENTS DURING THE FIRST SIX MONTHS OF 2016: Lease of 12 thousand sq.m. of new office space and signing LOI for further 2 thousand sq.m. of new office space. Commencement of reconstruction of CH Swarzędz. Delivery for use of the Delta EC office project in Warsaw and Topos in the center of Kraków. 6 April 2016 opening of Galeria Zaspa in Gdańsk after renovation. Completion of phase I of the construciton of Neptun House. A consistent growth in rents from space in completed projects. Payment of the next dividend from REIA FIZ AN in July. Euro 2016, Royal Wilanów 4

5 Most important events in the H1/ % LEVEL OF LEASED AREA IN SLECTED OFFICE PROJECTS 90% In the first six months of 2016 we leased 12 thousand sq.m. of office space and signed a LOI for 2 thousand sq.m. of office space, which confirms the effectivness of our innovative Office Plus concept. 80% 70% 60% 50% 40% 30% 20% 10% 0% Alfa RW EC etap I EC etap II Occupancy rate as at Occupancy rate as at Occupancy rate as at

6 Market environment Annual gross demand and net absorption figures (thousand sq.m.) Rents for top office space (Euro/sq.m./month) Annual supply figures (thousand sq,m,) Largest office buildings completed in the first half of 2016r. 6

7 Financial data SELECTED DATA FROM THE PROFIT AND LOSS ACCOUNT in PLN thousand H H Operating revenues Operating costs Property revaluation Interest expenses % 75% 50% 25% STRUCTURE OF RENT REVENUES BY SEGMENT 1% 1% 41% 37% 27% 6% 10% 24% 53% 52% 48% Gross profit Net profit % H H Office Mixed Retail Other RENT REVENUES BY SEGMENT Office Multi-purpose Commercial H H H H H H

8 Financial data VALUE OF PROPERTY PORTFOLIO CAPEX Sale of property Revaluation VALUE INCREASE OF COMPLETED PROPERTIES CASH 100% 75% 50% 25% 23% 21% 19% 11% 1% 27% 80% 69% 50% % H H Completed Under construction In the pipeline 0 H H

9 mln PLN Financial data NAV without minority interests VALUE OF PROPERTY PORTFOLIO , ,11 9,16 H H ,0 10,5 10,0 9,5 9,0 8,5 8, H H NAV wothout minority interest PLN mln) NAV/share (PLN) NET DEBT RATIO 75,0% CREDIT AND BOND MATURITY WITHIN 5 YEARS (as at ) ,0% 25,0% 0,0% 46% 48% 50% H H * Wskaźnik zadłużenia zadłużenie netto / (kapitał własny + zadłużenie netto) Bonds Credits 9

10 Office projects Project name Type of investment City GLA (thousand sq.m.) Current occupancy Book value (PLN thousand) EC Beta, Gamma completed Warsaw 43 82% % EC Alpha completed Warsaw 14 85% % Racławicka Point completed Warsaw 2 100% % EC Delta completed Warsaw 27 44% % Topos completed Kraków 1 100% % Total Yield EUROCENTRUM BETA, GAMMA EUROCENTRUM DELTA RACŁAWICKA POINT 43 thousand sq.m. GLA June 2014 completion date 27 thousand sq.m. GLA February 2016 completion date 2 thousand sq.m. GLA May 2011 completion date 10

11 Multi-purpose projects Project name Type of investment City GLA (thousand sq.m.) Current occupancy Book value (PLN thousand) Yield Royal Wilanów (biura) completed Warsaw 36 79% % ArtN (handel) pipe-line Warsaw 65 40% % Sobieskiego 104 completed Warsaw 4 96% % Neptun House pipe-line Gdańsk 7 81% % suma ROYAL WILANÓW ARTN HAMPTON BY HILTON 36 thousand sq.m. GLA August 2015 completion date 65 thousand sq.m. GLA 1Q 2019 completion date 7 thousand sq.m. GLA (156 rooms) 1Q 2018 completion date 11

12 Commercial projects Project name Type of investment City GLA (thousand sq.m.) Current occupancy Book value (PLN thousand) Vis à Vis Radom completed Radom 4 100% % Vis à Vis Łódź completed Łódź 6 93% % Vis à Vis Toruń completed Toruń 3 94% % ETC Gdańsk completed Gdańsk 9 82% 0* 8.00% Other, including administered on contract completed Poland 17 n/a n/a Total Yield * nieruchomość niekonsolidowana VIS À VIS RADOM VIS À VIS ŁÓDŹ VIS À VIS TORUŃ 4 thousand sq.m. GLA November 2013 completion date 6 thousand sq. m. GLA December 2014 completion date 3 thousand sq.m. GLA September 2014 purchase date 12

13 Other projects OTHER INVESTMENTS OTHER INVESTMENTS Book value (PLN thousand) housing projects 0 land in Warsaw land outside Warsaw other (for sale) Total TOTAL Type of investment GLA (thousand sq.m.) Book value (PLN thousand) OFFICE MULTI-PURPOSE COMMERCIAL OTHER INVESTMENTS Total

14 Contact TO OBTAIN MORE INFORMATION PLEASE CONTACT: Joanna Zielińska M: