Technopolis Innova, Jyväskylä, Finland. TECHNOPOLIS GROUP Full Year 2012

Transcription

1 Technopolis Innova, Jyväskylä, Finland TECHNOPOLIS GROUP Full Year 2012

2 2012 Recap Achieved sales & earnings growth targets Occupancy healthy & increased overall Average lease period increased to 39 months Successful project completions in tough conditions Average interest rate dropped below 2% Tampere & Oulu acquisitions support 2013 growth 2

3 IFRS Results Summary of Income Statement, EUR million Δ y/y, % Net sales , Other operating income , EBITDA Operating profit Profit before taxes Net profit for the year attributable to parent company shareholders Summary of Balance Sheet, EUR million Δ y/y, % Total assets Cash and bank Shareholders equity Interest-bearing liabilities Key Indicators and Financial Ratios Δ y/y, % Operating profit/net sales, % pp Dividend/share, EUR e 0.0% Return on equity (ROE), % ,4-7.6 pp Return on investment (ROI), % pp Net debt/equity (gearing), % pp Employees in Group companies, average

4 EPRA and Real Estate Figures EPRA-based and Real Estate Indicators Direct result, EUR million Increase, y/y 43.2% -3.3% 17.6% 17.2% EPS (from direct result, undiluted) Increase, y/y Net asset value/share, EUR 1) Financial occupancy rate, % Net rental yield, % Total floor area, sqm 438, , , , ,300 Increase, y/y 3.5% 16.4% 9.3% 11.7% Fair value of competed investment properties, EUR million Fair value changes, EUR million Average fair value per floor area sqm, EUR ) Reporting started in

5 Investments and Financing Investments, EUR million CAGR Investments in investment properties, EUR million % Increase, y/y -10.3% -14.0% 81.0% 9.3% Debt and Financing, EUR million CAGR Interest-bearing liabilities, EUR million % Increase, y/y 11.0% 17.8% 19.6% 11.0% Untapped credit facilities, EUR million % Average interest rate, % Average capital-weighted loan maturity, yrs Hedge ratio, % Interest coverage ratio Equity ratio, % Loan to value, % CAGR = Compound Annual Growth Rate 5

6 Tohloppi Acquisition Tohloppi EUR 23.3 million Net initial yield 10.1% Market yield 7.7% Financial occupancy 100% 20-year lease with Yleisradio University of Applied Sciences moving in in minutes from CBD Rentable space 32,000 sqm 15,000 sqm building rights Location: Tampere, Finland Second largest city in Finland > 340,000 inhabitants and growing Universities and brisk growth 6

7 Peltola Acquisition Peltola EUR 31.7 million Net stabilized yield >11% Financial occupancy 64.0%* Rentable space 37,600 sqm Modern, flexible and excellent location Up and coming life sciences sector *as of July 1, 2013 Location: Oulu, Finland The fifth largest city in Finland Approximately 190,000 inhabitants Capital and business center of Northern Finland 7

8 Ruoholahti 2 Completion Location: Helsinki Largest city in Finland Ruoholahti 2 EUR 26.8 million Net initial yield 6.1% Market yield 6.75% Financial occupancy 89.2%* Scales up the 1 st phase Total floor area 15,600 sqm Excellent location at city entrance *February 12, 2013 >600,000 inhabitants Metro area population ca. 1,4 million Capital and main business center of Finland 8

9 Yliopistonrinne 2 Completion Yliopistonrinne 2 EUR 22.5 million Net initial yield 6.4% Market yield 7.0% Financial occupancy 93.4%* Scales up the 1 st phase Total floor area 19,900 sqm Next to the railway station and university Location: Tampere, Finland Second largest city in Finland > 340,000 inhabitants and growing Universities and brisk growth *February 12,

10 Viestikatu 7B and C Under Construction Location: Kuopio, Finland Viestikatu 7B&C EUR 16.5 million Net initial yield 8.5% Rentable space 9,300 sqm 89.9% pre-lets* Estimated completion in 2/2013 Next to the international airport 8 th largest city in Finland >100,000 inhabitants and growing University city with healthcare and cleantech focus 10 *January 31, 2013

11 Lõõtsa 8, Under Construction Lõõtsa 8A, B&C EUR 32.6 million Net initial yield 8.4% 10-year lease with Tax and Customs Next to the airport Rentable space 26,000 sqm C has 98.9% and A and B 54.9% pre-lets* Estimated completion 8C in 3/2013 and 8A&B in 10/2013 *January 31, 2013 Location: Tallinn, Estonia Largest city in Estonia > 420,000 inhabitants and growing Capital and main business center of Estonia 11

12 Pulkovo 2, Under Construction Location: St. Petersburg, Russia Pulkovo 2 EUR 42.0 million Net initial yield 8.5% Rentable space 18,700 sqm 8.8% pre-lets* Estimated completion in 10/2013 Next to the international airport *January 31, 2013 Second largest city in Russia Ca. 5,000,000 inhabitants Russian gateway to the Western Europe and Baltic Sea 12

13 Innova 4 Under Construction Innova 4 EUR 23.1 million Net initial yield 7.7% Total space 8,900 sqm 37.0% pre-lets of which 24.6% with 15 yrs agreement* Estimated completion in 10/2013 Next to the city center in growing Lutakko area *January 31, 2013 Location: Jyväskylä, Finland Ca. 133,000 inhabitants and growing Brisk business and university city with physics, sports and health sciences focus 13

14 Growth Drivers in 2013 New acquisitions e.g. Peltola and others under negotiations 59,400 sqm of expansion projects to be completed Floor area increase year-on-year ca.10% Since 2008 floor area has been increasing ca. 8% p.a. Area Pre-let, % sqm Investment, M Initial yield Completion Under construction Kuopio Viestikatu 7B&C , % 02/2013 Tallinn Löötsa 8C , % 03/2013 St. Petersburg Pulkovo , % 10/2013 Tallinn Löötsa 8A&B , % 10/2013 Jyväskylä Innova , % 10/

15 Guidance vs. Actual Growth GUIDANCE 2013 Net Sales and EBITDA growth guidance is 9%-12% Actual Net Sales 27,5% 5,3% 6,3% 14,4% 15,6% EBITDA 29,2% 8,1% 3,6% 14,8% 17,3% Net sales, guidance Net Sales, guidance, high, % 22% 8% 2% 11% 15% 12% Net Sales, guidance, low, % 18% 5% 0% 9% 12% 9% EBITDA, guidance EBITDA, high, % 22% 8% 0% 11% 15% 12% EBITDA, low, % 18% 5% 0% 9% 12% 9% 15

16 Appendices: Additional Data 16

17 Markets Are Holding Up and Growing Finland 2013E GDP growth 1.0% Unemployment 8.2% Credit rating AAA Russia 2013E GDP growth (%) 4.8% Unemployment 6.4% Credit rating BBB+ Sweden 2013E GDP growth (%) 0.8% Unemployment 8.4% Credit rating AAA Finland Existing operations in 8 cities Estonia 2013E GDP growth (%) 3.5% Unemployment 14.0% Credit rating AA- Sweden No operations as of today Norway 2013E Latvia 2013E GDP growth (%) 3.0% Unemployment 3.0% Credit rating AAA Norway No operations as of today Russia Existing operations in St. Petersburg GDP growth (%) 2.5% Unemployment 13.6% Credit rating BBB Denmark 2013E GDP growth (%) 1.5% Unemployment 6.5% Credit rating AAA Denmark No operations as of today Estonia Existing operations in Tallinn Latvia Lithuania Lithuania 2013E GDP growth (%) 3.3% Unemployment 14.0% Credit rating BBB Source: Eurostat, Nordea Research, Standard & Poors Germany Poland 17

18 Fair values and Space Fair value, EUR million December 31, 2012 September 30, 2012 June 30, 2012 March 31, 2012 December 31, 2011 Group 1, Finland Oulu HMA Tampere Kuopio Jyväskylä Lappeenranta Estonia Russia Under construction Fair value y/y EUR -5.7 million Net market yield 8.0% (8.0%) 1,000 sqm December September June 30, March 31, December 31, , , 2011 Group Finland Oulu HMA Tampere Kuopio Jyväskylä Lappeenranta Estonia Russia Space increased y/y 11.7% 18

19 Customers in December, 2012 Customer Segments Top 20 Customers As of 31 December 2012 the 20 largest customers were renting less ca. 34% of the company s space 19

20 Lease Portfolio Average Lease Term, Months Lease Stock, EUR million As of the end of the period the average lease period was 39 (26) months Lease stock was EUR (215.4) million 20

21 Investments in 2012 Area a) Occupancy, % sqm Investment, M Initial yield Completion Acquired Tampere Tohloppi , % 10/2012 Completed Kuopio Viestikatu 2B , % 01/2012 Tampere Hermia 15B , % 01/2012 Jyväskylä Innova , % 03/2012 HMA Ruoholahti 2 b) , % 06/2012 Tampere Yliopistonrinne 2 b) , % 10/2012 Oulu Peltola Under construction Kuopio Viestikatu 7B&C , % 02/2013 Tallinn Löötsa 8C , % 03/2013 St. Petersburg Pulkovo , % 10/2013 Tallinn Löötsa 8A&B , % 10/2013 Jyväskylä Innova , % 10/2013 a) January 31, 2013 b) February 12, 2013 Acquired, completed and under construction altogether ca. EUR 225 million. Doesn t include Peltola campus acquisition executed in February 12 worth EUR 31.7 million. 21

22 Equity and Debt Interest Cover Ratio, % Loan to Value Equity Ratio Average Interest Rate 22

23 Loan Maturities The Group s loan maturities on average is 8.5 (8.7) years Within 12 months EUR million of loans are coming to due 23

24 Strategic Targets Net sales and EBITDA growth 15% on average per annum Net sales outside Finland over EUR 50 million by 2016 At least 6% return on capital employed per annum Equity ratio over 35% over the cycle Dividend payout 40-50% of net profit (excluding fair value changes and their tax effects) 24

25 Technopolis Investment Criteria Property Criteria Excellent location in the growth hubs and additional building rights Good quality, flexible assets > 40,000 m2 Customer Criteria Corporate and/or public sector and/or academic anchors Well balanced customer mix Management & financial criteria Experienced, skilled and connected local teams Positive cash flow and EPS impact 25

26 Breakdown of Debts and Covenants 26

27 Fixed and Floating-rate Loans 27

28 Hedged with Swaps 28