Sponda Financial Results Q November 2015
|
|
- Jonathan Joseph
- 5 years ago
- Views:
Transcription
1 Sponda Financial Results Q November 2015
2 1. Highlights for the Period Kari Inkinen 2. Strategy Implementation Pia Arrhenius 3. Business environment and Business Update Kari Inkinen 4. Financials Kari Inkinen 2
3 1. Highlights for the period
4 Sponda s Q in brief Core portfolio performance is strong. - Confirms the company s transformation strategy. The decline in NOI is due to the realized property disposals. Like-for-like rents are positive except in Russia. Occupancy rate at 86.2% (Q3 2014: 86.5%). - Disposal of assets in Russia at the end of June had a slightly negative impact on the occupancy rate (40 bps). 4
5 Sponda s Q in brief Keskuskatu 1 renovation completed at the end of September. Divestment of Certeum s shares agreed in October. - Transaction price EUR 190 million including EUR 7 million profit. - Transaction set to close by 16 December Income from Certeum will cease at the end of September. 5
6 Development and modernization investments For the two greenfield projects Sponda expects 15% development gain. Leasable area m² Estimated completion Total investment M Investment by the end of September 2015 Pre-let % Estimated market rent Eur/m²/month Greenfield developments Ratina shopping centre, Tampere 53,000 Summer N/A Ilmala office property, Helsinki 18,500 End of Modernization investments Keskuskatu 1b, Helsinki 2,048 September Total 73,
7 Sponda Q3 2015: Performance highlights 7-9/15 Change, % 7-9/14 1-9/15 Change, % 1-9/ /14 Total revenue, M 56.7 (10.3) (8.5) Net Operating Income, M 42.2 (8.7) (8.3) Operating profit, M 38.3 (9.2) Cash flow from operations/share, 0.10 (9.0) Earnings/share, 0.06 (14.2) NAV/share, EPRA NAV/share, Economic occupancy rate, % 86.2 (0.3)
8 Risk allocation of Sponda s portfolio Total of the office and shopping centres properties portfolio, EUR 2.6 billion (excl. Russia, Property Development, Logistics) Vantaa total 0.5% Rest of HMA 14% Oulu 3.0% Tampere 9.5% Espoo total 7.0% 22% 44% 8
9 9
10 Sponda s priorities in 2015 Occupancy rate development Our target is to keep occupancy rate at the end-of-2014 level at minimum. At the end of Sep 2015, our occupancy rate was 86.2%. Implementing our strategy We will continue the non-core property divestments. To-date we have sold properties for EUR 57.8 m. Stable cash flow from operations per share Focus in property development We aim to maintain our ability to pay stable dividend. During 2015, four large property development projects will be completed. Our target is to start at least one large development project in Dividend paid for fy 2014 was EUR In March we announced a start of Ratina shopping centre. 10
11 2. Strategy Implementation
12 What we set out to do in 2013 The main goals are to simplify the business structure, more focused property ownership and profitable growth. The timeline for these goals was originally set to 3-5 years. After two years this is where we are: - 50% of the targeted sales has been completed. - We have made total profit from the sales for EUR 10 million. Sell our Property Funds business Sell our logistics property portfolio We sold the Funds business and the properties in the Fund to new logistics company Certeum. Our shares in Certeum will be sold by the end of We have sold logistics properties for EUR 220 million to-date. Sell our properties in Russia We have sold properties for EUR 49 million. Sell our properties in Turku We have sold all but one small office property. 12
13 What we set out to do in 2013 The capital received from the disposals will be invested in Sponda s main markets in Helsinki and Tampere. Investments include both property development projects and office and shopping centre properties. The investments we have made and will make are: Property development business We have active development projects ongoing in Helsinki and Tampere for about EUR 300 million. Property acquisitions We have acquired an office property in Tampere for EUR 63.7 million. 13
14 3. Business Environment and Business Update
15 Finnish Market Growth in Finland is still limited with an estimated 0.2% GDP growth for However, MofF estimates a slightly positive turn for the second half of the year. Property transaction volume has remained record-high at EUR 4.1 billion during the nine months of the year. - International investors accounted for 30% of the deals. Sources: KTI, Mof F 15
16 Market Vacancy Rate in HMA, office properties Source: Catella Property 16
17 Segment performance Office Shopping Centres Logistics Russia 1-9/15 1-9/14 1-9/15 1-9/14 1-9/15 1-9/14 1-9/15 1-9/14 Net Operating Income, M Fair Value of Properties, M 1, Change in Fair Value of Properties, m (6.6) (2.6) (21.9) (9.9) Economic Occupancy Rate, % Divestments, M Acquisitions, M
18 Like-for-like development in Q Like-for-like net rental growth has been calculated from a portfolio that Sponda has held for 2 years excluding acquisitions, disposals and property development. Like-for-like net rental growth, % 20,0 % 15,0 % 16,2 % 10,0 % 5,0 % 0,0 % 3,7 % 1,7 % -6,9 % -5,0 % -10,0 % Office Retail Logistics Russia 4,0 3,4 Like-for-like net rental growth, M 3,0 2,7 2,0 1,0 0,0 0,7 0,9 0,9 0,6 0,5 0,2 0,0-1,5-0,9-0,6-1,0-2,0 Office Retail Logistics Russia Change in turnover Change in maintenance Net change 18
19 Economic vacancy rate 2009 Q Q4/2009 Q4/2010 Q4/2011 Q4/12 Q4/13 Q4/14 Q3/15 Office 12.0% Shopping Centres 9.4 % Logistics 32.2 % Russia 17.7 % Total property portfolio 13.8 % HMA market office vacancy 13.4 % 19
20 Lease agreements in Q Pcs M² /m²/month (avg)* New agreements that came into force during the period Agreements that ended during the period Agreements that were extended during the period *) Agreements that came into force and ended do not necessarily correlate with same sector or space. All lease agreements in Finland are linked to CPI. Ten largest tenants account for 31 % of rental income. 20
21 Investment portfolio development We are creating value by property development and active portfolio management. Our aim is to sell non-core assets classified as such either by location or development potential. M Q Property development investments Maintenance investments/ Tenant improvements Acquisitions Divestments
22 4. Financials
23 Profit & loss statement M 7-9/ / / / /2014 Total revenue Expenses (14.5) (17.1) (48.9) (53.7) (70.6) Net operating income Profit on sale of inv. properties (1.5) Valuation gain / loss (1.8) (0.2) Amortisation of goodwill (2.6) 0.0. (2.6) Profit on sale of trading properties SGA expenses (5.2) (5.5) (16.1) (16.5) (22.1) Share of profit from associated companies (3.5) Other operating income/expenses 0.0 (0.5) 0.3 (1.1) (1.2) Operating profit Financial income and expenses (13.0) (14.4) (36.8) (44.3) (55.9) Profit before taxes Taxes from previous and current fin. years (0.3) (0.5) (1.7) (1.7) (1.8) Deferred taxes (7.1) (5.4) (22.5) (12.5) (20.4) Profit for the period
24 Valuation gains/losses M 7-9/ / / / /2014 Changes in yield requirements (Finland) Changes in yield requirements (Russia) (7.4) 0.0 (10.0) Profit/loss from property development projects Modernization investments (6.8) (11.5) (27.5) (27.7) (42.0) Change in market rents and maintenance costs (Finland) Change in market rents and maintenance costs (Russia) (8.2) (14.3) (15.1) (19.3) Change in exchange rates (2.4) 4.1 (0.2) Investment properties, total 0.5 (2.6) 12.9 (5.3) (3.9) Real estate funds (1.9) (1.8) Realised gains/losses in re funds Group, total (1.8) (0.2) 24
25 Financing Q3/2015 Q2/2015 Q1/2015 Q4/2014 Q3/2014 Equity ratio, % Average interest rate, % Hedging, % Average loan maturity, yrs Average fixed interest rate period, yrs Interest cover ratio 3.4x 3.4x 3.5x 3.3x 3.3x Loan to Value, % Covenants at: Equity ratio, 28% (long-term ER target: 40% ICR 1.75x 25
26 M Loan maturities, 30 September 2015 Interest-bearing debt EUR 1,724.7million Unused financing limits EUR 510 million Bank loans Syndicated loans Bonds Commercial papers
27 Syndicated credit limit On 2 November, Sponda signed a syndicated credit limit with three Nordic banks. Limit is for EUR 80 million and maturity is for 5 years. Replaces a maturing EUR 150 million credit limit. 27
28 Prospects and financial targets Net operating income Sponda estimates that the net operating income for 2015 will amount to EUR (previously ) million. The estimate is based on the company s view of property sales to be completed and the development of rental operations during the year. EPRA Earnings Sponda estimates that company adjusted EPRA Earnings in 2015 will amount to EUR (previously ) million. This outlook is based on the development of net operating income and the company s estimate of the development of financial expenses. Financial targets Long-term equity ratio target is 40 %. Dividend policy is to pay approx. 50 % of the operational cash earnings per share, taking into account of the economic situation and company s development needs. 28
29
30 Strategy Main goals of Sponda s strategy are to simplify the business as a whole, to have more focused property portfolio, and to grow profitably. To achieve the strategic goals, Sponda is: - Selling the logistics portfolio; - Selling the Russian portfolio; and - Investing in prime properties in Helsinki and Tampere. 30
31 Largest Shareholders 30 September 2015 Major shareholders No. of shares Holding % 1. Oy PALSK Ab 42,163, Varma Mutual Pension Insurance Company 29,083, HC Fastigheter Holding Oy Ab 28,484, The State Pension Fund 3,200, Tiiviste-Group Oy 1,000, OP-Finland Value Fund 980, Norvestia plc 718, Danske Bank AS Helsinki Branch 689, I.A. von Julins STB 570, Odin Eiendom 569, Nominee-registered shareholders 50.0% of the total 31
32 Overview of the current reporting segments Fair value 1 Valuation yield 2 Net initial yield 3 % of portfolio 4 60% Office M 6.2% 5.8% Shopping Centres M 5.7% 4.8% 23% Logistics M 8.3% 4.4% 7% Property Development M n/m n/m 5% Russia M 10.4% 4.81% 5% Property Investment Companies 21.4 M (Equity invested) Notes: 1) Fair value of investment properties as at 30 September ) Average valuation yield requirement as at 30 September ) Net initial yield of the segment as at 30 September ) Share of total fair value of properties as 30 September
33 Office market statistics and Sponda s holdings Source: Catella Property, Sponda Vacancy 11.2% Rental level avg /m²/yr Yield avg % 3% Vacancy 11.0% Rental levels /m²/yr Yield avg % 8% 85% Vacancy avg 17% Rental levels $ /m²/yr Yield 10-15% Vacancy avg 13.0% Rental levels /m²/yr Yield % <1% 4% 33
34 Lease agreement composition Q Lease maturity profile, % of rental income Tenant breakdown by sector¹ Average lease maturity Office Shopping centres Logistics Russia Q Q Note 1: Based on rental income Total 0,0 2,0 4,0 6,0 34
35 Balance sheet M ASSETS Investment properties 3, , ,142.1 Other non-current assets Fixed assets & other non-current assets, total , ,393.0 Current assets, total Non-current assets held for sale Assets, total 3, , ,449.2 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity, total 1, , ,411.5 Non-current liabilities, total 1, , ,413.6 Current liabilities, total Shareholders equity and liabilities, total 3, , ,
36 NAV/share and EPRA NAV/share 6 5,5 5 4,5 4 3,5 5,58 5,07 5,12 5,22 5,29 5,18 5,31 5,39 5,30 4,83 4,77 4,82 4,88 4,84 4,64 4,50 4,45 4,38 4,43 4,49 4,56 4,63 4,71 4,59 4,56 4,66 4,68 4,50 4,27 4,12 4,19 4,17 4,10 4,01 4,01 4,06 4,03 3,99 3,88 3,92 3,93 3,90 3,82 3,82 3,60 3,63 3,68 3,56 3,62 3,55 3,58 3,46 3,42 3,45 3,49 Closing price NAV EPRANAV 3 3,09 3,19 3,12 3,09 2,95 2,82 2,5 2,
37 EPRA NAV calculation 5.58 /share ,1 17,4 0, , , Equity attributable to equity holders of parent company Other equity reserve Fair value of financial instruments Goodwill relating to deferred tax liability on properties Deferred tax from investment properties*) Deferred tax from shares in associated companies*) Capitalized borrowing cost Total *) Deferred tax relating to fair valuation of property and interest rate derivatives 37
Financial Results Q November 2012
Financial Results Q3 2012 2 November 2012 Conference call 11.00 am EET Dial-in number: +44 (0)20 3364 5381 Webcast available on our website: Investors > performance > results and presentations Agenda 1.
More informationFinancial Results Year February 2013
Financial Results Year 2012 1 February 2013 Agenda 1. Performance highlights and our priorities Kari Inkinen 2. Market Update Kari Inkinen 3. Financials Erik Hjelt 4. Business Update Kari Inkinen 2 Performance
More informationFinancial Results Q May 2012
Financial Results Q1 2012 4 May 2012 Conference call 11.00 am EET Dial-in number: +44 (0)20 3450 9987 Webcast available at our website: Investors > performance > results and presentations Agenda Performance
More informationFinancial Results Q August 2012
Financial Results Q2 2012 3 August 2012 Agenda 1. Performance highlights and our priorities Kari Inkinen 2. Market Update Kari Inkinen 3. Financials Erik Hjelt 4. Business Update Kari Inkinen 2 1. Performance
More informationFinancial Results Q Kari Inkinen, President and CEO Erik Hjelt, CFO Pia Arrhenius, SVP, IR
Financial Results Q2 2009 Kari Inkinen, President and CEO Erik Hjelt, CFO Pia Arrhenius, SVP, IR Introduction Market review Business overview Financial overview Appendix 2 Overview of reporting segments
More informationInterim Report 1 Jan 30 Jun August 2008 Kari Inkinen, President and CEO Robert Öhman, CFO
Interim Report 1 Jan 30 Jun 2008 7 August 2008 Kari Inkinen, President and CEO Robert Öhman, CFO Financial review Market overview Operational review Business areas Appendix 2 Financial review Market overview
More informationAnnual General Meeting Sponda Plc. 18 March 2013 Finlandia Hall
Annual General Meeting Sponda Plc 18 March 2013 Finlandia Hall Composition of the Board of Directors of Sponda Plc Lauri Ratia (Chairman) Arja Talma Erkki Virtanen Raimo Valo Klaus Cawén Tuula Entelä 2
More informationFinancial Year February 2009 Kari Inkinen, President and CEO Robert Öhman, CFO
Financial Year 2008 6 February 2009 Kari Inkinen, President and CEO Robert Öhman, CFO Year 2008 in a nutshell Financial position Property market Operational review Year 2009 Appendix 2 Year 2008 in a nutshell
More informationInterim Report 1 Jan 31 Mar Kari Inkinen, President and CEO Robert Öhman, CFO
Interim Report 1 Jan 31 Mar 2008 Kari Inkinen, President and CEO Robert Öhman, CFO Result Q1/2008 Market overview Sponda s operations in Q1/2008 Business areas Appendix 2 Result Q1/2008 Market overview
More informationInterim report 1 Jan -30 Sep Kari Inkinen CEO
Interim report 1 Jan -30 Sep 2006 Kari Inkinen CEO 1 2 Market review Business conditions for 2006 Finnish GDP growth estimate is just under 5 %. Inflation estimate for 2006 is 1.6 %. Unemployment estimated
More informationInterim report 1 Jan - 30 Sep Kari Inkinen CEO
Interim report 1 Jan - 30 Sep 2007 Kari Inkinen CEO 1 2 Market review GDP growth % Finland Euro Area United States Japan 7 6 5 4 3 2 1 0-1 -2-3 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006* 2007**
More informationAnnual General Meeting Sponda Plc. Finlandia Hall, Helsinki
Annual General Meeting Sponda Plc 16 March 2011 Finlandia Hall, Helsinki Composition of the Board of Directors of Sponda Plc Lauri Ratia (chairman) Timo Korvenpää (deputy chairman) Klaus Cawén Tuula Entelä
More informationSponda Plc s interim report January September 2013
1.1. 30.9.2013 Sponda owns, leases and develops business properties in the Helsinki metropolitan area and the largest cities in Finland. Sponda s operations are organised into four business units: Investment
More informationFinancial Year Kari Inkinen CEO
Financial Year 2005 Kari Inkinen CEO Strategy Target: to increase business volume and profitability Possible development projects are approximately 300 000 m² Development target 50 meur/year Profitability
More informationSponda Plc's interim report January-September 2011
1.1. 30.9.2011 Sponda Plc's interim report January-September 2011 Sponda Plc's total revenue in January-September 2011 was EUR 183.3 million (30 September 2010: EUR 173.6 million). Net operating income
More informationBOARD OF DIRECTORS REPORT AND FINANCIAL STATEMENTS
2015 BOARD OF DIRECTORS REPORT AND FINANCIAL STATEMENTS Table of Contents Report by the board of directors 2015.... 3 Shareholders... 15 Group key figures.... 17 EPRA key figures... 18 Formulas used in
More informationStock Exchange Release 9 November 2005, 9.00 am
Sponda Plc Stock Exchange Release 9 November 2005, 9.00 am Sponda Plc s interim report January-September 2005 Sponda s nine-month operating profit improved 42 % on the same period last year. The operating
More informationOsavuosikatsaus
1.1. 31.3.2011 Sponda Plc's interim report January-March 2011 Sponda Plc's total revenue in the first quarter of 2011 was EUR 58.6 million (31 March 2010: EUR 57.6 million). Net operating income after
More informationFULL YEAR RESULT
FULL YEAR RESULT 1.1. 31.12.2017 FULL YEAR RESULT 1.1.-31.12.2017 1 Sponda owns, leases and develops business properties in the Helsinki metropolitan area and the largest cities in Finland. Sponda s reporting
More information1 January - 31 March 2009
1 January - 31 March 2009 Sponda Plc Interim report 7 May 2009, at 8.30 am Sponda Plc s interim report January March 2009 Sponda Group s operations continued to grow strongly. Total revenue rose 17 % from
More informationA Strong Year for Technopolis
A Strong Year for Technopolis Full Year 2017 Results Technopolis Plc Keith Silverang, CEO Key Messages on Full Year 2o17 Revised strategy well received execution started immediately Macroeconomic tailwind
More informationFinancing risks 53 Financing and financial risk management 53 Treasury strategy 53 Managing financial risks 54 Financing in Prospects for
Table of Contents Year 2011 9 Year 2011 in brief 9 Chief Executive's review 11 Property assets 13 Key figures 16 20th anniversary 18 The 1990s 20 The 2000s 20 The 2010s 21 Sponda 23 Business environment
More informationSponda Plc Financial Statements Bulletin 9 February 2006, 9.00
Sponda Plc Financial Statements Bulletin 9 February 2006, 9.00 Sponda Plc s 2005 Financial Statements Bulletin Sponda s result for 2005 distinctly better than in the previous year Sponda s result in 2005
More informationSTATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2014
STATEMENT 0 Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2014 1 EVALUATION OF THE FAIR VALUE OF SPONDA PLC S INVESTMENT PROPERTIES Sponda Plc (hereinafter referred
More informationHealthy Operational Performance
Healthy Operational Performance Half-Year Financial Report 2018 Technopolis Plc Keith Silverang, CEO Key Messages on First Half 2o18 Like-for-like net sales and EBITDA up 3.4% and 4.4%, respectively Occupancy
More informationA Solid Start to the Year
A Solid Start to the Year Q1/2018 Results Technopolis Plc Keith Silverang, CEO Key Messages on Q1/2o18 Comparable net sales and EBITDA up over 5%, year-on-year Occupancy rates continued to rise Service
More informationSTATEMENT. Evaluation of the fair value of Sponda Oyj s investment properties on 31 March 2009
STATEMENT Evaluation of the fair value of Sponda Oyj s investment properties on 31 March 2009 0 1 EVALUATION OF THE FAIR VALUE OF SPONDA OYJ S INVESTMENT PROPERTIES Sponda Oyj conducts its own quarterly
More informationSTATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2015
STATEMENT 0 Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2015 1 EVALUATION OF THE FAIR VALUE OF SPONDA PLC S INVESTMENT PROPERTIES Sponda Plc (hereinafter referred
More informationSTATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 30 June 2014
STATEMENT Evaluation of the fair value of Sponda Plc s investment properties on June 4 Aleksanterinkatu B, FI- Helsinki Tel. +8, Fax +8 8, www.catella.fi EVALUATION OF THE FAIR VALUE OF SPONDA PLC S INVESTMENT
More informationTechnopolis Plc. Q3 Interim Report, 2017: Growth Continues into the Second Half. Keith Silverang, CEO October 31, 2017
Technopolis Plc Q3 Interim Report, 2017: Growth Continues into the Second Half Keith Silverang, CEO Key Messages on Jan-Sep 2o17 Macroeconomic tailwind continues Growth continues at a more moderate pace
More informationSTATEMENT. Evaluation of the fair value of Sponda Oyj s investment properties on 30 September 2009
STATEMENT Evaluation of the fair value of Sponda Oyj s investment properties on 30 September 2009 0 1 EVALUATION OF THE FAIR VALUE OF SPONDA OYJ S INVESTMENT PROPERTIES Sponda Oyj conducts its own quarterly
More informationTechnopolis Plc Roadshow with Nordea
Technopolis Plc Roadshow with Nordea Zürich, Geneva and Paris 19-20 June, 2017 Technopolis in Brief We are an international chain of multiuser business campuses established in 1982 in Oulu, Finland We
More informationSTATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2009
STATEMENT Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2009 0 1 EVALUATION OF THE FAIR VALUE OF SPONDA PLC S INVESTMENT PROPERTIES Sponda Plc conducts its own quarterly
More informationResults for 1-6/2015. August 20, 2015
Results for 1-6/2015 August 20, 2015 Q2 in Brief A Strong Performance Occupancy remained strong at 94.1* (93.5)% Net sales up 11.3% & EBITDA up 17.8% EBITDA margin at 56.4 (53.3)% Service revenues up 18.1%
More information... SPONDA PLC REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS
... SPONDA PLC REPORT BY THE BOARD OF DIRECTORS AND FINANCIAL STATEMENTS 2017 Contents Report by the Board of Directors... 3 Corporate governance statement... 11 Group key figures... 14 Formulas for the
More informationTechnopolis Plc Interim Report Q3/2013
Technopolis Plc Interim Report Q3/2013 Q3/2013 Recap Profitable growth continued, EBITDA up 17.1% Financial occupancy to rise 92.7% in Q4 Signed prelets of 11,400 smq, effective in 2014 Avg. lease up to
More informationFinancial Statements Release 2018
14 February 2019 Jani Nieminen, CEO Erik Hjelt, CFO Financial Statements Release 2018 Kojamo plc Agenda Summary of year 2018 Financial development Outlook, financial targets and dividend policy Lauri Korpisen
More informationContinuously improved performance in Stockmann Retail and Real Estate Group s operating result negatively impacted by Lindex
Interim report Q3 2017 2 STOCKMANN S INTERIM REPORT Q3 2017 STOCKMANN plc, Interim report 27.10.2017 at 8:00 EET Continuously improved performance in Stockmann Retail and Real Estate Group s operating
More informationSponda Plc Financial Statements Bulletin 4 February 2005, at 9 am
Sponda Plc Financial Statements Bulletin 4 February 2005, at 9 am SPONDA S RESULT IMPROVED 10 % IN 2004 Sponda Group s result in 2004 was better than the previous year s due to profits on property sales.
More informationTECHNOPOLIS GROUP Q3/2010
TECHNOPOLIS GROUP Q3/2010 Technopolis Group A profitable growth company A real estate-service hybrid Business environments for knowledge-intensive companies Our specialty is the creation, management and
More informationNew strategy well under way, operating profit up in the second quarter
Interim Report Q2 2015 2 STOCKMANN S INTERIM REPORT Q2 2015 STOCKMANN plc, Interim Report 29.4.2015 at 8.00 EET New strategy well under way, operating profit up in the second quarter April-June 2015: Consolidated
More informationInterim Report Q3/2014. October 30, 2014
Interim Report Q3/2014 October 30, 2014 Q3 Highlights Net sales up 31.3% EBITDA up 38.3%, costs up 20.9%* EPRA Direct result rose 33.5% Occupancy solid at 93.5% Equity ratio 40.6% and LTV 58.1% Divesture
More informationSTATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2012
STATEMENT 0 Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2012 1 EVALUATION OF THE FAIR VALUE OF SPONDA PLC S INVESTMENT PROPERTIES Sponda Plc (hereinafter referred
More informationTechnopolis Plc Quarterly report January-September 2017
Technopolis Plc Quarterly report January-September October 31, GROWTH CONTINUES INTO THE SECOND HALF January September Net sales up 5.4% y-o-y to EUR 134.2 (127.3) million EBITDA up 5.4% y-o-y to EUR 74.5
More informationKTI Market Review. Spring 2018
KTI Market Review Spring 2018 Transaction volumes remain high Yields bottoming out? Office vacancy rates decreasing Helsinki CBD office rental growth accelerating Residential rents continue increasing
More informationSTATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 30 June 2017
STATEMENT 0 Evaluation of the fair value of Sponda Plc s investment properties on 30 June 2017 1 EVALUATION OF THE FAIR VALUE OF SPONDA PLC S INVESTMENT PROPERTIES Sponda Plc (hereinafter referred to as
More informationFINLAND. Country Snapshots. Second quarter Please click on the appropriate sector to view. Offices Retail Industrial.
Country s Second quarter 2017 Please click on the appropriate sector to view Offices Retail Industrial About & Contacts Office Market MARKET INDICATORS Market Outlook Prime Rents: Prime Yields: Vacancy
More informationSPONDA PLC P.O. Box 940, FI Helsinki Telephone +358 (0) Telefax +358 (0)
SPONDA PLC P.O. Box 940, FI-00101 Helsinki Telephone +358 (0)20 431 31 Telefax +358 (0)20 431 3333 www.sponda.fi Annual Report Contents PORTGATE LOGISTICS AREA IN VUOSAARI HARBOUR, HELSINKI SPONDA PLC
More informationTechnopolis expects its net sales and EBITDA in 2016 to remain on the same level (+/- 5%) as in 2015.
TECHNOPOLIS PLC INTERIM REPORT May 10, 2016 Technopolis Group Interim Report January 1 March 31, 2016 Steady Start to Year, Guidance Unchanged - Net sales EUR 41.1 (41.2) million, down 0.3%. On a constant
More informationCapMan Plc. Half-Year Financial Report CapMan exited Skanssi shopping centre in May HELSINKI STOCKHOLM COPENHAGEN MOSCOW LONDON LUXEMBOURG
CapMan Plc Half-Year Financial Report 2017 CapMan exited Skanssi shopping centre in May 2017. HELSINKI STOCKHOLM COPENHAGEN MOSCOW LONDON LUXEMBOURG CapMan Plc Half-Year Financial Report 2017 PERFORMANCE
More informationInterim Report January March Kari Kauniskangas, President and CEO
Interim Report January March 2017 Kari Kauniskangas, President and CEO Contents 1 Group development in Q1/2017 2 Housing Finland and CEE 3 Housing Russia 4 Business Premises and Infrastructure 5 Financial
More informationThere s no place like home. #customerfirst #homeswithcustomerservice #myhomeisthebesthome
There s no place like home #customerfirst #homeswithcustomerservice #myhomeisthebesthome Q1 INTERIM REPORT 1.1. 31.3.2017 CONTENTS KEY FIGURES... 3 STRATEGY... 4 SATO CORPORATION S INTERIM REPORT 1 JAN
More informationAUDIOCAST PRESENTATION Q3/2017
19.10.2017 AUDIOCAST PRESENTATION Q3/2017 Q3/2017: GOOD OPERATIONAL RESULTS IN SWEDEN AND NORWAY HIGHLIGHTS Q3/2017 4.7% INCREASE IN EPRA EPS TO EUR 0.133 - Overall net rental income growth and lower administrative
More informationCITYCON S INTERIM REPORT JANUARY JUNE 2015
2015 Q2 CITYCON S INTERIM REPORT JANUARY JUNE 2015 01 Citycon Q2: Stable results supported by lower financing expenses SECOND QUARTER OF 2015 Turnover decreased to EUR 60.2 million (Q2/2014: EUR 61.9 million)
More informationQ INTERIM REPORT JANUARY JUNE
Q2 2016 INTERIM REPORT JANUARY JUNE 02 Citycon Q2: Stable results, cost savings programme implemented APRIL JUNE 2016 Gross rental income increased to EUR 62.2 million (Q2/2015: 46.6) mainly due to the
More informationINTERIM REPORT Q Stockmann Group 27 October 2017
INTERIM REPORT Q3 2017 Stockmann Group 27 October 2017 Q3 2017 IN BRIEF Group s gross margin 56.2% (56.6) Group s adjusted operating result, EUR mill. -1.4 (4.8) Retail s operating result, EUR mill. -10.8
More informationQ1 Q4 Q1 Q4. Full Year Results. Audiocast presentation. CEO Marcel Kokkeel CFO, Exec. VP Eero Sihvonen
Full Year Results Audiocast presentation CEO Marcel Kokkeel CFO, Exec. VP Eero Sihvonen 2 : A YEAR OF ACTION WITH SOLID PERFORMANCE AND A MUCH STRONGER BALANCE SHEET : A year of action EUR 200 million
More informationTechnopolis Plc Quarterly report January-March 2018
Technopolis Plc Quarterly report January-March 2018 April 25, 2018 SOLID START TO THE YEAR COMPARABLE SALES AND EBITDA UP BY OVER 5% Q1/2018 IFRS Net sales were EUR 42.9 (44.3) million, down 3.1% y-o-y
More informationORAVA RESIDENTIAL REIT PLC HALF YEAR FINANCIAL REPORT 1 JANUARY 30 JUNE 2018
ORAVA RESIDENTIAL REIT PLC HALF YEAR FINANCIAL REPORT 1 JANUARY 30 JUNE 2018 1 TABLE OF CONTENTS TABLE OF CONTENTS 2 CEO S COMMENTS: 3 OPERATING ENVIRONMENT 4 Demand in the housing market 4 Supply in the
More information2007 Interim Report 1 January 30 September 2007
2007 Interim Report 1 January 30 September 2007 Q2 Q4 Q1 Q3 Citycon s Interim Report 1 January 30 September 2007 Summary of the Third Quarter Compared with the Second Quarter - Net rental income increased
More informationTechnopolis Plc Half-Year Financial Report 2018
Technopolis Plc Half-Year Financial Report August 23, HEALTHY OPERATIONAL PERFORMANCE LIKE-FOR-LIKE SALES AND EBITDA UP BY 3.4% AND 4.4%, RESPECTIVELY January June IFRS Net sales down 3.2% y-o-y to EUR
More informationBusiness review Record number of new construction projects underway
Business review 1.1. 31.3.2018 Record number of new construction projects underway 1-3 / 2018 (1-3 / 2017) Total revenue 4 M (2,5 M ) Value of investment properties 268 M (173 M ) Occypancy rate 100 %
More informationSponda Plc Corporate Governance Statement
Sponda Plc Corporate Governance Statement This Corporate Governance Statement has been reviewed by the Audit Committee of Sponda Plc s Board of Directors at its meeting on 30 January 2017. 1 Contents I
More informationFinancial Statements 20 17
Financial Statements 20 17 2 Financial Statements 2017 Contents Board of Directors Report...3 Five-Year Review...14 Consolidated Income Statement...16 Consolidated Statement of Comprehensive Income...16
More informationQ INTERIM REPORT JANUARY SEPTEMBER
Q3 2018 INTERIM REPORT JANUARY SEPTEMBER CITYCON Q3/2018: SOLID OPERATING PERFORMANCE CONTINUED AND ADMINISTRATIVE EXPENSES DECLINED SIGNIFICANTLY. Q3/2018 2 Occupancy remained at a high level of 96.1%.
More informationTechnopolis expects its net sales and EBITDA in 2016 to remain on the same level (+/- 5%) as in 2015.
TECHNOPOLIS PLC INTERIM REPORT October 28, 2016 Technopolis Group Interim Report January 1 September 30, 2016 Positive Earnings Trend - Net sales EUR 127.3 (128.9) million, down 1.2% mainly due to 2015
More informationTechnopolis Plc Interim Report Q1/2013
Technopolis Plc Interim Report Q1/2013 Q1/2013 Recap Profitable 2012 growth trend continued in Q1/2013 Oulu and Vilnius acquisitions support 2013 growth Occupancy dropped from 94.3% to 92.2% EUR 75 million
More informationLounais-Suomen Rakennuspäivä Kokemuksia & näkemyksiä Turun kiinteistösijoitusmarkkinoista ja vähän muutakin
Copenhagen Denmark Copenhagen Denmark Stockholm Sweden Copenhagen Denmark Esbjerg Helsinki Denmark Finland Espoo Finland Turku Finland Helsinki Finland Stockholm Sweden Copenhagen Denmark Helsinki Finland
More informationSPONDA S 9-MONTH RESULT GOOD IN TIGHT MARKET CONDITIONS
1-9SPONDA PLC INTERIM REPORT January September 2004 SPONDA S 9-MONTH RESULT GOOD IN TIGHT MARKET CONDITIONS Sponda s net sales decreased roughly one per cent on the same period last year to EUR 73.9 million
More informationTECHNOPOLIS PLC FINANCIAL STATEMENTS RELEASE February 1, 2012 at 7:00 p.m.
TECHNOPOLIS PLC FINANCIAL STATEMENTS RELEASE February 1, 2012 at 7:00 p.m. Technopolis Group Financial Statements for 2011 Highlights of 2011 compared to 2010: - Net sales rose to EUR 92.8 (81.2) million
More informationCitycon Oyj's Interim Report. for 1 January 30 June 2011
Citycon Oyj's Interim Report for 1 January 30 June 2011 1 Citycon in Brief Citycon focuses on the shopping centre business in the Nordic and Baltic countries. The company s shopping centres are actively
More informationCapMan Plc. Interim Report. 1 January 30 September 2017
CapMan Plc Interim Report 1 January 30 September 2017 CapMan Real Estate II reached its maximum size with EUR 425 million of equity commitments in its first and final closing in September 2017. HELSINKI
More informationTechnopolis Plc Q Interim Report
Technopolis Plc Q3 Interim Report October 25, NEW ERA FOR TECHNOPOLIS January September IFRS Net sales down 2.1% to EUR 131.4 (134.2) million Earnings per share were EUR 0.33 (0.33) Equity per share was
More information9M 2018 RESULTS 09 NOVEMBER 2018 TLG IMMOBILIEN AG 9M 2018 RESULTS
TLG IMMOBILIEN AG 9M 208 RESULTS DISCLAIMER This presentation includes statements, estimates, opinions and projections with respect to anticipated future performance of TLG IMMOBILIEN ("Forward-Looking
More informationFINANCIAL RESULTS Q3 2018
FINANCIAL RESULTS Q3 2018 November 14, 2018 OVERVIEW & INVESTMENT HIGHLIGHTS Chapter 01 Kapitel Titel ADO THE PURE PLAY BERLIN RESIDENTIAL SPECIALIST Investment highlights 1 Berlin residential pure play
More informationThe Group s adjusted operating result back to profit in Q3
Interim report Q3 2018 2 STOCKMANN S INTERIM REPORT Q3 2018 STOCKMANN plc, Interim report 26.10.2018 at 8:00 EET The Group s adjusted operating result back to profit in Q3 July-September 2018, continuing
More informationPOHJOLA S CORPORATE BOND SEMINAR
POHJOLA S CORPORATE BOND SEMINAR Technopolis is Different A Nordic Baltic Approach A focused real estate company with service DNA We develop, own & operate dynamic, smart campuses Profitable growth, geographic
More informationTechnopolis Innova, Jyväskylä, Finland. TECHNOPOLIS GROUP Full Year 2012
Technopolis Innova, Jyväskylä, Finland TECHNOPOLIS GROUP Full Year 2012 2012 Recap Achieved sales & earnings growth targets Occupancy healthy & increased overall Average lease period increased to 39 months
More informationFINLAND. Country Snapshots. Second quarter I Please click on the appropriate sector to view. Economy Offices Retail Industrial.
Country Snapshots Second quarter I 2016 Please click on the appropriate sector to view Economy Offices Retail Industrial About & Contacts Economic Snapshot The Finnish economy maintained a steady momentum
More informationEarnings, Balance Sheet and Cash Flow Analysis
IMMOFINANZ AG Financial Report on the first three quarters of the 2017 Financial Year Earnings, Balance Sheet and Cash Flow Analysis General information: Due to the harmonisation of the financial year
More informationINTERIM REPORT Q Stockmann Group 27 April 2018
INTERIM REPORT Q1 2018 Stockmann Group 27 April 2018 Q1 2018 IN BRIEF Group s gross margin 55.1% (53.3) Group s adjusted operating result, EUR mill. -24.8 ( 25.1) Stockmann Group Adjusted operating result
More informationCITYCON CAPITAL MARKETS DAY 16 MAY 2017, ISO OMENA CFO, EERO SIHVONEN
STRONG FINANCING FUNDAMENTALS CITYCON CAPITAL MARKETS DAY 16 MAY 2017, ISO OMENA CFO, EERO SIHVONEN MAIN FINANCING TARGETS Loan to Value 40-45% 47.1% Average maturity of loan portfolio > 5 yrs 5.2 Debt
More informationKempen conference. Amsterdam 30 May 2013
Kempen conference Amsterdam 30 May 2013 Company snapshot Description Dutch REIT: NSI is a real estate asset management company and qualifies as fiscal investment institution under Dutch law (REIT) Full
More informationRoadshow Oslo 5 September 2012
Lemminkäinen Corporation Roadshow Oslo 5 September 212 CFO Robert Öhman IR Kati Sundström Contents Lemminkäinen in brief and financial development Strategy 21-213 and strategy update H1/212 result and
More informationSTATEMENT. Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2016
STATEMENT Evaluation of the fair value of Sponda Plc s investment properties on 31 December 2016 0 1 EVALUATION OF THE FAIR VALUE OF SPONDA PLC S INVESTMENT PROPERTIES Sponda Plc (hereinafter referred
More informationNew steps taken in strategy implementation, further slight improvement of operating result
Interim Report Q3 2015 2 STOCKMANN S INTERIM REPORT Q3 2015 STOCKMANN plc, Interim Report 28.10.2015 at 8.00 EET New steps taken in strategy implementation, further slight improvement of operating result
More informationQ INTERIM REPORT JANUARY MARCH
Q1 2016 INTERIM REPORT JANUARY MARCH 02 Citycon Q1: Solid quarterly results supported by good performance in Norway JANUARY MARCH 2016 Gross rental income increased to EUR 63.3 million (Q1/2015: 46.1)
More informationINTERIM REPORT 5 NOVEMBER 2015
Q3 INTERIM REPORT JANUARY SEPTEMBER 2015 5 NOVEMBER 2015 Contents 3 Summary 5 Third quarter 2015 in brief 6 Change in reporting practices as of 1 January 2016 7 Business areas 7 P&C insurance 10 Associated
More informationAnnual General Meeting 2018 Fund Manager s Comment on the Year. East Capital Baltic Property Investors AB (publ.)
Annual General Meeting 2018 Fund Manager s Comment on the Year East Capital Baltic Property Investors AB (publ.) Summary Positive and supportive macro-economic backdrop Baltic Property fund continues to
More informationContents. Sampo Group Interim Report January September Contents. Summary 3
Contents Contents Summary 3 THIRD quarter 2013 in brief 4 Business areas 5 P&C insurance 5 Associated company Nordea Bank Ab 8 Life insurance 10 Holding 12 Other developments 13 Personnel 13 Remuneration
More informationRamirent s Year Kari Kallio, CEO Annual General Meeting 9 April 2008, Pörssisali
Ramirent s Year 2007 Kari Kallio, CEO Annual General Meeting 9 April 2008, Pörssisali Ramirent in Brief Leading equipment rental company in Northern, Central and Eastern Europe Net Sales of EUR 634 million
More informationGood revenue growth continued; Q3 operating profit somewhat down on Q3 2010
STOCKMANN GROUP S INTERIM REPORT Q3/2011 Stockmann Group, Interim report 1 January - 30 September 2011 Good revenue growth continued; Q3 operating profit somewhat down on Q3 2010 July - September 2011:
More informationHalf Yearly Report January June 2017
Half Yearly Report January June 2017 Ari Lehtoranta, President and CEO Martti Ala-Härkönen, CFO July 20, 2017 Contents Group development Cash flow and financing Market outlook and guidance for 2017 Operating
More informationTECHNOPOLIS PLC INTERIM REPORT May 4, Technopolis Group Interim Report January 1 - March 31, Strong increase in net sales and earnings
TECHNOPOLIS PLC INTERIM REPORT May 4, 2017 Technopolis Group Interim Report January 1 - March 31, 2017 Strong increase in net sales and earnings - Net sales EUR 44.3 (41.1) million, up 7.8% - EBITDA EUR
More informationMany strategic steps taken comparable revenue up, earnings still down on 2014
Interim Report Q1 2015 2 STOCKMANN S INTERIM REPORT Q1 2015 STOCKMANN plc, Interim Report 29.4.2015 at 8.00 EET Many strategic steps taken comparable revenue up, earnings still down on 2014 January-March
More informationSATO Interim report
Interim report 1.1. 30.9.2007 SATO Interim report 1.1. 30.9.2007 Summary of the period 1-9/2007 (1-9/2006) The Group s turnover was 201.5 (213.6) million euros. Profit before taxes was 27.5 (32.9) million
More informationTECHNOPOLIS GROUP INTERIM REPORT JANUARY 1 SEPTEMBER 30, 2009
TECHNOPOLIS PLC INTERIM REPORT October 29, 2009 at 11.45 a.m. TECHNOPOLIS GROUP INTERIM REPORT JANUARY 1 SEPTEMBER 30, 2009 Highlights for the period 1 9/2009 compared with 2008 equivalent - Net sales
More informationWebcast Presentation. Financial Results 2009
Webcast Presentation Financial Results 2009 Strategy Citycon wants to be the leading shopping centre owner, operator and developer in the Nordic and Baltic countries. invests in shopping centres and retail
More informationInterim Report January September 2017
Interim Report January September 2017 Ari Lehtoranta, President and CEO Martti Ala-Härkönen, CFO October 27, 2017 Contents Group development Cash flow and financing Market outlook and guidance for 2017
More informationINTERIM REPORT For the period January March 2007
INTERIM REPORT For the period January March 2007 The report period in brief Consolidated net operating profit rose by 28 per cent to 8.1 million euros (Jan Mar 2006: EUR 6.4 M) The profit increase was
More information