Results presentation. December A central and eastern European property development and investment company
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1 Results presentation December Introduction A central and eastern European property development and investment company Distribute cash dividends (or return of capital & share subscription) on a semi-annual basis Invest in properties with long term multinational tenants with leases in Euro In-house property management, asset management, property investment & property development via an integrated approach 2 1
2 Financial performance Dec 2013 Dec 2012 Dec 2011 Dec 2010 Dec 2009 Distribution per share ( cents) Distribution per share (ZAR cents)* Adjusted NAV per share ( ) Gearing** 22.5% 25.0% 32.0% 49.0% 46.0% Shares in issue (million) Annual trading (million shares) No of shareholders * Final distribution assumed at ZAR15.00 per ** (Debt cash) / (investment property + listed securities) 3 Highlights Recurring distributable earnings ( ) 23.5% 4-year compound annual growth in distribution ( ) 14.2% 4-year compound annual growth in distribution (ZAR) 22.0% Adjusted NAV per share 28.5% Major increase in development pipeline Major increase in retail asset base 4 2
3 Operational highlights Retail: Increase in foot-fall Vacancy down to 1.7% Negligible arrears Office: Increased supply in Floreasca Strong demand in Timisoara Vacancy down to 3.9% Negligible arrears 5 Portfolio structure by gross rental Dec 2012 Dec % 5% 49% Retail Office Industrial 33% 3% 64% 6 3
4 Top 10 retail tenants Auchan Carrefour Bricostore Metro Cash & Carry Cora C&A H&M Altex Deichmann New Yorker 1.9% 1.3% 1.3% 1.2% 1.2% 1.1% 1.1% 3.2% 5.2% 6.0% 0% 1% 2% 3% 4% 5% 6% 7% % of total monthly rent in Dec Top 10 office tenants Raiffeisen Bank PricewaterhouseCoopers Oracle The Royal Bank of Scotland Alcatel-Lucent Huawei Honeywell Wipro Technologies Xerox Regus 1.4% 1.3% 1.3% 1.2% 1.0% 0.9% 0.8% 2.9% 3.2% 3.5% 0% 1% 2% 3% 4% % of total monthly rent in Dec
5 Rent expiry profile per sector Gross rentals ( million) Industrial Office Retail Tenant profile gross rentals 64% 7% 29% Type A Type B Type C Weighted average duration of 4.8 years 9 Debt repayment profile Bank loans reimbursement schedule million and beyond 10 5
6 Romania macro-economic Key indicators Real GDP growth (%) General gov. budget balance (% of GDP) (2.6) (2.4) (2.2) (2.4) (2.2) General gov. debt (% of GDP) Unemployment (%) Price inflation (%) (EU harmonised) 3.2* Improved macro-economic environment RON interest rates vs. Continued EU judicial reform pressure Moody s Country rating Baa3 * Source: Eurostat Source for estimates: EIU - Country Forecast January Slovakia macro-economic Key indicators Real GDP growth (%) General gov. budget balance (% of GDP) (3.1) (3.0) (2.9) (2.7) (2.5) General gov. debt (% of GDP) Unemployment (%) Price inflation (%) (EU harmonised) 1.5* Improving macro-economic environment Functional banking system Moody s Country rating A2 * Source: Eurostat Source for estimates: EIU - Country Forecast January
7 Sales Per capita (2009 level in ) Growth strategy Retail regional dominance Office opportunistic development of A-grade offices in prime locations in cities with significant multinational tenant presence Increase in scale Continued expansion beyond Romania 13 Comparative retail sales Aggregate retail sales Slovenia Slovakia Czech Republic Estonia Hungary Poland Lithuania Latvia 500 Bulgaria Romania - 10% 20% 30% 40% 50% 60% Forecast growth from 2011 to
8 million Development pipeline (46) Dec 2012 Dec 2013 Finalised Controlled Committed Money spent Committed: projects currently under construction Controlled: projects where the land is controlled, but not yet under construction Note that capitalised interest is not included 15 Acquisitions and development pipeline Zilina Cluj-Napoca Vaslui Sighisoara Timisoara Deva Petrosani Sfantu Gheorghe Brasov Galati Targu Jiu Braila Drobeta-Turnu Severin Bucharest Constanta Alexandria 16 8
9 Completed acquisitions and developments Completed during 2013 Aupark (Zilina) City Park Constanta Deva Shopping Centre Severin Shopping Center Shopping City Galati Four Kaufland Value Extensions The Lakeview Office Building (Bucharest) Timisoara Building D 17 Aupark (Zilina, Slovakia) Slovakia 18 9
10 Aupark (Zilina, Slovakia) Retail space Office space 22,000 m² 1,700 m² 99% let Fully let residents Seat of a region of 700,000 residents Major Tenants Billa C&A Deichmann H&M New Yorker Catchment Population 10 minutes minutes minutes Aupark (Zilina, Slovakia) 20 10
11 Aupark (Zilina, Slovakia) 21 Aupark (Zilina, Slovakia) 22 11
12 City Park Mall (Constanta, Romania) 23 City Park Mall (Constanta, Romania) Major Tenants Bershka Cora (Hypermarket) Domo KFC Koton LC Waikiki McDonald s Pull&Bear Zara 350,000 residents GLA 29,200 m² Occupancy 99.7% Extension planned 15,800 m² Catchment Population 15 minutes minutes minutes Constanta County 684,000 inhabitants 24 12
13 Mamaia beach resort 25 City Park Mall (Constanta, Romania) 26 13
14 City Park Mall (Constanta, Romania) 27 City Park Mall (Constanta, Romania) 28 14
15 City Park Mall (Constanta, Romania) 29 City Park Mall (Constanta, Romania) 30 15
16 City Park Mall (Constanta, Romania) 31 City Park Mall (Constanta, Romania) 32 16
17 City Park Mall (Constanta, Romania) Lake level (-1) FUTURE EXTENSION 33 City Park Mall (Constanta, Romania) Lake level (0) FUTURE EXTENSION 34 17
18 City Park Mall (Constanta, Romania) Sky level FUTURE EXTENSION RECONFIGURED UNITS 35 Deva Shopping Centre (Deva, Romania) 36 18
19 Deva Shopping Centre (Deva, Romania) Major Tenants Metro Real (will become Auchan) Praktiker DIY Domo Jysk Takko DM 56,650 residents GLA 41,700 m² Occupancy 100% Extension planned 12,400 m² Catchment Population 15 minutes minutes minutes Hunedoara County 396,000 inhabitants 37 Deva Shopping Centre (Deva, Romania) 38 19
20 Deva Shopping Centre (Deva, Romania) Possible Extension Land Plot 29,390m² 39 Deva Shopping Centre (Deva, Romania) 40 20
21 Deva Shopping Centre (Deva, Romania) 41 Deva Shopping Centre (Deva, Romania) 42 21
22 Severin Shopping Center (Drobeta-Turnu Severin, Romania) 43 Severin Shopping Center (Drobeta-Turnu Severin, Romania) Major Tenants Carrefour Altex Deichmann Takko Lee Cooper 86,475 residents Existing GLA 16,574 m² Occupancy 100% Extension planned 9,500 m² Catchment Population 15 minutes minutes minutes Mehedinti County 255,000 inhabitants 44 22
23 Severin Shopping Center (Drobeta-Turnu Severin, Romania) 45 Severin Shopping Center (Drobeta-Turnu Severin, Romania) 46 23
24 Severin Shopping Center (Drobeta-Turnu Severin, Romania) 47 Severin Shopping Center (Drobeta-Turnu Severin, Romania) 48 24
25 Severin Shopping Center (Drobeta-Turnu Severin, Romania) 49 Shopping City Galati (Galati, Romania) 50 25
26 Shopping City Galati (Galati, Romania) Braila Galati Region is known as Lower Danube Metropolitan Area Galati Shopping City Galati 400,000 residents in the two cities Braila Braila & Galati Counties Promenada Mall 812,300 inhabitants 51 Shopping City Galati (Galati, Romania) 52 26
27 Shopping City Galati (Galati, Romania) Phase 1 53 Shopping City Galati (Galati, Romania) Phase 2 cinema 54 27
28 Shopping City Galati (Galati, Romania) 55 Shopping City Galati (Galati, Romania) 56 28
29 Shopping City Galati (Galati, Romania) 57 Shopping City Galati (Galati, Romania) 58 29
30 Shopping City Galati (Galati, Romania) 59 Shopping City Galati (Galati, Romania) 60 30
31 Shopping City Galati (Galati, Romania) 61 Shopping City Galati (Galati, Romania) 62 31
32 Kaufland value extension (Alexandria, Romania) 63 Kaufland value extension (Alexandria, Romania) Tenants Animax Deichmann Domo Noriel Takko 45,434 residents GLA 2,027 m² Occupancy 100% Catchment Population 15 minutes 68, minutes 128, minutes 234,000 Teleorman County 360,180 inhabitants 64 32
33 Kaufland value extension (Alexandria, Romania) 65 Kaufland value extension (Petrosani, Romania) 66 33
34 Kaufland value extension (Petrosani, Romania) Tenants Altex Deichmann DM Takko 45,434 residents GLA 1,933 m² Occupancy 100% Catchment Population 15 minutes 91, minutes 103, minutes 128,000 Hunedoara County 396,000 inhabitants 67 Kaufland value extension (Petrosani, Romania) 68 34
35 Kaufland value extension (Sfantu Gheorghe, Romania) 69 Kaufland value extension (Sfantu Gheorghe, Romania) Tenants Altex Deichmann Takko 56,000 residents GLA 1,602 m² Occupancy 100% Catchment Population 15 minutes 71, minutes 118, minutes 147,500 Covasna County 206,260 inhabitants 70 35
36 Kaufland value extension (Sfantu Gheorghe, Romania) 71 Kaufland value extension (Sighisoara, Romania) 72 36
37 Kaufland value extension (Sighisoara, Romania) Tenants Altex Deichmann DM Takko 28,120 residents GLA 1,860 m² Occupancy 100% Catchment Population 15 minutes 53, minutes 85, minutes 178,600 Mures County 531,380 inhabitants 73 Kaufland value extension (Sighisoara, Romania) 74 37
38 The Lakeview (Bucharest, Romania) 75 The Lakeview (Bucharest, Romania) The Lakeview OLD CBD NEW BUSINESS DISTRICT 76 38
39 The Lakeview (Bucharest, Romania) 77 Development pipeline Under construction MegaMall (Bucharest) Shopping City Targu Jiu Vulcan Retail Park (Bucharest) Kaufland Value Extension (Vaslui) City Business Centre Building E (Timisoara) The Office (Cluj) 78 39
40 Mega Mall (Bucharest, Romania) 79 Mega Mall (Bucharest, Romania) Mega Mall 80 40
41 Mega Mall (Bucharest, Romania) 81 Mega Mall (Bucharest, Romania) 82 41
42 Mega Mall (Bucharest, Romania) 83 Mega Mall (Bucharest, Romania) 84 42
43 Mega Mall (Bucharest, Romania) 85 Mega Mall (Bucharest, Romania) 86 43
44 Mega Mall (Bucharest, Romania) 87 Mega Mall (Bucharest, Romania) 88 44
45 Mega Mall (Bucharest, Romania) 89 Mega Mall (Bucharest, Romania) 90 45
46 Mega Mall (Bucharest, Romania) 91 Targu-Jiu Shopping City (Targu-Jiu, Romania) 92 46
47 Targu-Jiu Shopping City (Targu-Jiu, Romania) 78,550 residents GLA 26,799 m² Catchment Population 15 minutes minutes minutes Gorj County 335,000 inhabitants 93 Targu-Jiu Shopping City (Targu-Jiu, Romania) 94 47
48 Targu-Jiu Shopping City (Targu-Jiu, Romania) 95 Targu-Jiu Shopping City (Targu-Jiu, Romania) New Layouts 96 48
49 Targu-Jiu Shopping City (Targu-Jiu, Romania) 97 Targu-Jiu Shopping City (Targu-Jiu, Romania) 98 49
50 Targu-Jiu Shopping City (Targu-Jiu, Romania) 99 Vulcan (Bucharest, Romania)
51 Vulcan (Bucharest, Romania) Vulcan 101 Vulcan (Bucharest, Romania)
52 Vulcan (Bucharest, Romania) 103 Vulcan (Bucharest, Romania)
53 Vulcan (Bucharest, Romania) 105 Kaufland value extension (Vaslui, Romania)
54 Kaufland value extension (Vaslui, Romania) Tenants Altex Deichmann Takko 55,407 residents GLA 1,800 m² Catchment Population 15 minutes 80, minutes 112, minutes 221,900 Vaslui County 375,150 inhabitants 107 Kaufland value extension (Vaslui, Romania)
55 City Business Centre (Timisoara, Romania) 109 City Business Centre (Timisoara, Romania)
56 City Business Centre (Timisoara, Romania) 111 City Business Centre (Timisoara, Romania) 37,580 m² of Office Area, occupancy 99.8%, major tenants: Alcatel, Deloitte, IBM, Microsoft, PricewaterhouseCoopers, Raiffeisen Bank, UniCredit Tiriac Bank, Wipro
57 The Office (Cluj, Romania) 113 The Office (Cluj, Romania) Railway Station Intl Airport The Office Business Centre Old City Centre
58 The Office (Cluj, Romania) 1 st & 2 nd FLOOR 3 rd,4 th,5 th FLOOR PENTHOUSE 53,287m² of office area in 3 phases GROUND FLOOR 115 The Office (Cluj, Romania)
59 The Office (Cluj, Romania) 117 Prospects Earnings guidance Further retail acquisitions and developments Continued increase in scale
60 Questions & Answers
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