Results presentation December 2012 1 Introduction A Romanian - - PowerPoint PPT Presentation

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Results presentation December 2012 1 Introduction A Romanian - - PowerPoint PPT Presentation

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Results presentation December 2012 1 Introduction A Romanian focused property investment company Distribute dividends (or return of capital & share subscription) on a semi-annual basis Focus on properties with long term

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Results presentation

December 2012

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  • A Romanian focused property investment company
  • Distribute dividends (or return of capital & share

subscription) on a semi-annual basis

  • Focus on properties with long term multinational

leases in Euro

  • In-house property management, asset management,

property investment & property development in an integrated approach

  • 12.15% naca € growth in distribution per share

since 2008

Introduction

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  • Low 2012 growth due to EU slow-down and drought
  • Stable economic outlook
  • Election year

*Source: EIU – January 2013

Key indicators 2012 2013 2014 2015 2016 2017 Real GDP growth (%) 0.5 1.3 4.0 4.2 4.6 4.9 General gov. budget balance (% of GDP) (2.2) (2.4) (2.3) (2.2) (2.2) (2.1) General gov. debt (% of GDP) 33.5 35.7 35.1 34.7 33.7 32.8 Unemployment (%) 4.7 4.1 3.8 3.6 3.5 3.2 Price inflation (%) 3.3 4.6 3.2 3.1 3.0 2.8

Romania – Macro economic

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  • Distribution per share

15.0%

  • Recurring distributable income per share

12.6%

  • Adjusted NAV per share

18.5%

  • No. of shareholders

79.0%

  • Cost : income ratio

11.7%

  • Conclusion of office acquisition
  • Completion of major retail development
  • Expansion of development pipeline

Highlights

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  • The relationship between retained distributable

earnings, property developments, cash holdings & distribution growth per share

  • Listed securities
  • Retail – regional dominance
  • Office – A-grade in prime locations, cities with

significant multi-national tenant presence

  • Increase in scale
  • Expansion beyond Romania

General strategy

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31 Dec 12 30 Jun 12 31 Dec 11 30 Jun 11 31 Dec 10 30 Jun 10 Distribution per share (€ cents) 12.05 11.24 10.48 9.77 9.26 8.35 Adjusted NAV per share 2.88 2.63 2.43 2.33 2.22 2.03 Gearing* 25.0% 33.9% 32.1% 41.9% 49.0% 42.3% Shares in issue 144 362 152 125 461 951 102 783 693 88 497 979 76 533 734 61 933 734

Property portfolio analysis % by gross rental % by value % by area Retail 49% 50% 52% Office 46% 46% 38% Industrial 5% 4% 10%

* (Debt – cash) / investment property + listed securities

Financial performance

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2006 2008 Jun Dec Jun Dec 2009 Jun Dec Jun 2010 Dec Jun 2007 Dec Jun 2011 Dec Jun 2012 Dec 0% 1% 2% 3% 4% 5% 6% 5 year SWAP 3month Euribor CAP SWAP 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 2013 2014 2015 2016 2017 Yield Curve SWAP rate Cap rate

Interest rate hedge position

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Bank loans reimbursement schedule

€ million

20 40 60 80 100 120 2013 2014 2015 2016 2016 and beyond Alpha Bank Morgan Stanley (listed shares facility) BRD BCR Investkredit Eurohypo Nord LB KBC Bank Unicredit/Banca Romaneasca Raiffeisen

Debt repayment profile

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Expiry profile – contractual rental income

€ million

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Retail Office Industrial 10 20 15 5 25 30 35

Tenant profile – contractual rental income

80% 5% 15%

Type A Type B Type C

Weighted average duration of 6.5 years

Contracted rent profile per sector

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  • Receivables
  • Vacancies
  • Renewals
  • Retail
  • Office
  • Industrial

Operational performance

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Completed property initiatives

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Ploiesti Shopping City

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Ploiesti Shopping City

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Ploiesti Shopping City

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Ploiesti Shopping City

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Ploiesti Shopping City

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Ploiesti Shopping City

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Ploiesti Shopping City

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Ploiesti Shopping City

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Ploiesti Shopping City

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Promenada Mall Braila

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City Business Centre acquisition (Timisoara)

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Ongoing property initiatives

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Brasov Shopping City

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UPPER FLOOR BASEMENT PARKING

Fashion & Accessories

4,850m²

Food & Entertainment

60m²

Services

1,200m²

Home & Decoration

8,600m²

Hyper

14,700m²

Parking

1,300bays 25,550m² 6,940m² 500m² 2,400m²

  • 800bays

30,400m² 7,000m² 1,700m² 11,000m² 14,700m² 2,100bays EXISTING ADDED TOTAL TOTAL GLA 42,610m² 35,390m² 78,000m²

Adjacent Retail

13,200m²

  • 13,200m²

13 screens

Brasov Shopping City

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Galati Shopping City

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Galati

Galati Shopping City

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28 13,000 m² HYPERMARKET 3,000 m² HYPER GALLERY 14,000 m² SHOPPING MALL PHASE I 47,000 m² TOTAL GLA 1,800 bays PARKING 17,000 m² SHOPPING MALL PHASE II + Upper

Galati Shopping City

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Vulcan

Vulcan Value Centre - Bucharest

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Vulcan Value Centre - Bucharest

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Vulcan Value Centre - Bucharest

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Kaufland Value Extensions - Sf Gheorghe

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City Business Centre - Building D

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City Business Centre - Building D

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Railway Station Intl Airport

The Office

Old City Centre Business Centre

The Office Cluj-Napoca

Cluj-Napoca

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The Office Cluj-Napoca

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The Office Cluj-Napoca

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The Lakeview - Bucharest

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Prospects

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  • Two retail development opportunities (Romania)
  • Two retail acquisition opportunities (Romania)

with extension potential

  • Retail acquisition opportunities in

Central Europe (outside Romania)

Investment pipeline

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Questions & Answers