CARING ROADSHOW PRESENTATION 30.09.2019 LIVING WORKING
Table of contents Q3 2019 highlights ……………………………………………………………………………………………………………………………………….................................................................. p. 3 Company profile ………………………………………………………………………………………………………………………………………....................................................................... p. 4 Property portfolio ………………………………………………………………………………………………………………………………………................................................................. p. 10 Caring ……………………………………………………………………………………………………………………………………….......................................................................... .................. p. 14 Living ……………………………………………………………………………………………………………………………………….......................................................................... .................... p. 23 Working ……………………………………………………………………………………………………………………………………….......................................................................... .............. p. 26 Financial results ………………………………………………………………………………………………………………….................................................................................. .......... p. 32 Financial resources ………………………………………………………………………………………………………………….................................................................................. ... p. 39 2019 Investment pipeline …………………………………………………………………………………………………………………...................................................................... p. 46 Appendices ……………….…………………………………………………………………………………………………………………........................................................................... .......... p. 50 Roadshow presentation – 30.09.2019 2
Q3 2019 Highlights SOLID RESULTS Net result from core activities – Group share : 121 million EUR (vs. 107 million EUR as at 30.09.2018) Confirmation of budgeted gross dividend for 2019, payable in 2020: 5.60 EUR/ordinary share (increase compared to 2018) INVESTMENTS IN HEALTHCARE REAL ESTATE SINCE 01.07.2019 Extension of healthcare portfolio to Spain with five construction projects for a total amount of 45 million EUR Investment of 91 million EUR in Germany, the Netherlands and Spain With 2.4 billion EUR , healthcare real estate accounts for 56% of the total portfolio, which reaches 4.3 billion EUR RECENTERING OF THE OFFICE PORTFOLIO Signature of notary deeds for the sale of two buildings for 12 million EUR and one sales agreement for 4 million EUR in the decentralised area of Brussels Announcement on 18.07.2019 of the sale of buildings Souverain/Vorst 23-25 HIGHER OPERATIONAL PERFORMANCE Gross rental revenues up 9.1% (or 2.2% on a like-for-like basis) High occupancy rate : 96.8% at 30.09.2019 (vs. 95.8% at 31.12.2018) Particularly long residual lease length : 12 years FINANCIAL STRUCTURE MANAGEMENT Early refinancing and extension of the syndicated loan to 400 million EUR (previously 300 million EUR) Decrease in the average cost of debt : 1.5% (1.9 % at 31.12.2018) Debt-to-assets ratio : 42.2% (vs. 43.0% at 31.12.2018) Buy-back of all preference shares completed on 12.07.2019 Roadshow presentation – 30.09.2019 3
Company profile The Lounge Park Lane office building – Brussels Periphery
About Cofinimmo Portfolio breakdown by segment (30.09.2019 – based on a fair value of 4,259 million EUR) Leading Belgian listed Total portfolio REIT invested in fair value: 31% healthcare (56%), offices (31%) 4.3 billion EUR & distribution networks (13%) 13% Leading listed healthcare Office property investor property investor, with in Belgium only 56% pan-European combined presence in Belgium, France, the Netherlands, Germany and Healthcare Offices Distribution networks Spain Portfolio breakdown by country (30.09.2019 – based on a fair value of 4,259 million EUR) Average weighted residual REIT status in lease term of the current Belgium (SIR/GVV), 12% leases: 12 years France (SIIC) 12% and the Netherlands (FBI) 10% 0% Internal real estate Total management platform market capitalisation : 66% Approx. 130 employees > 3 billion EUR Spain* * The construction of a first nursing and care home recently started in Vigo, Galicia (Spain). On 30.09.2019 the total Belgium France Germany Netherlands fair value of the healthcare portfolio in Spain represents 0,1%. Roadshow presentation – 30.09.2019 5
Share of healthcare 56 % Portfolio breakdown by segment (30.09.2019 – based on a fair value of 4,259 million EUR) 100% 90% 99% 95% 74% 56% 40% 38% 38% 34% 31% 62% 58% 49% 46% 41% 47% 80% 70% 16% 13% 60% 17% 18% 19% 17% 50% 17% 18% 18% 40% 15% 14% 16% 30% 40% 42% 45% 45% 56% 50% 18% 20% 37% 35% 26% 30% 34% 10% 5% 22% 1% 8% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q3 2019 Healthcare Distribution networks Offices Roadshow presentation – 30.09.2019 6
Geographical presence Portfolio breakdown by country (30.09.2019 – based on a fair value of 4,259 million EUR) 0% 100% 2% 5% 5% 5% 5% 5% 3% 4% 6% 11% 5% 7% 12% 8% 9% 9% 90% 15% 11% 10% 11% 16% 16% 16% 9% 10% 80% 16% 16% 15% 14% 12% 70% 60% 50% 100% 86% 79% 77% 100% 94% 84% 84% 79% 79% 74% 72% 66% 66% 72% 40% 30% 20% 10% 0% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Q3 2019 Spain * Belgium France Netherlands Germany * The construction of a first nursing and care home recently started in Vigo, Galicia (Spain). On 30.09.2019 the total fair value of the healthcare portfolio in Spain represents 0,1%. Roadshow presentation – 30.09.2019 7
Active portfolio rotation Healthcare real estate: Offices: Net investments: 2,187 million EUR Net divestments: -624 million EUR 600 500 491 403 468 500 400 400 300 306 300 200 116 161 161 92 109 200 105 122 62 97 104 104 88 100 86 43 81 36 37 34 33 67 22 18 19 100 11 48 20 0 0 0 -7 -18 -17 -3 -2 -4 -11 -1 -24 -51 -100 -74 -47 -100 -92 -107 -149 -127 -200 -161 -200 -200 -300 -253 -300 -290 -345 -400 -400 Investments Disposals Investments Disposals Roadshow presentation – 30.09.2019 8
On the stock market High visibility Sound daily liquidity Market cap at 06.11.2019: 3.4 billion EUR Free float: 94% (Euronext criteria: 100%) Number of shares: 25,849,283 Average volume traded daily: 5 million EUR Major indices: Bel20, EPRA Europe, GPR 250 Velocity: 44% Total return from 30.09.2018 to 06.11.2019 : +27% 130 125 120 115 110 105 100 95 90 85 30/09/2018 31/01/2019 31/05/2019 30/09/2019 Bel20 TR index EPRA Europe TR index COFB TR Roadshow presentation – 30.09.2019 9
Property portfolio Belliard 40 office building – Brussels CBD
High occupancy, quality tenants Occupancy rate (31.12.2018 vs. 30.09.2019) 99,1% 99,9% 99,8% 96,8% 98,5% 91,1% 95,8% 100% * 88,8% 80% 60% 40% 30.09.2019 31.12.2018 31.12.2018 30.09.2019 31.12.2018 30.09.2019 31.12.2018 31.12.2018 30.09.2019 30.06.2019 31.12.2018 30.06.2019 30.06.2019 31.12.2018 31.12.2018 30.06.2019 20% 0% Healthcare Distribution networks Offices Total LHS: Top 10 tenants (30.09.2019 - as a % of contractual rents) & RHS: Lease maturity (30.09.2019 - in years) 20% 40,0 15,6% 15% 30,0 11,5% 10,1% 10% 20,0 6,9% 3,8% 3,8% 5% 10,0 3,0% 2,9% 2,5% 1,3% 0% 0,0 Group AB InBev Group Public ORPEA Stella MAAF Aspria Care-Ion RTL Korian Colisée Sector Vitalis *The segment ‘ Others ’ was transfered to the segment ‘Offices’ on 01.01.2019. The occupancy rate of the offices as at 31.12.2018 would have been 89.1 % with this transfer. Roadshow presentation – 30.09.2019 11
Long average residual lease term Weighted average residual lease term Lease maturities in contractual rents (30.09.2019 - in years) (30.09.2019 - in % of global rents) 30 Lease maturities Share of rent 24 25 Lease maturities > 9 years 57.4 % 19 20 Healthcare real estate 42.5 % 15 15 12 Distribution networks - Pubstone 11.5 % 11 10 Offices - public sector 2.0 % 4 4 Offices - private sector 1.3 % 3 5 Lease 6-9 years 3.8 % 0 Offices 2.3 % Healthcare real estate 1.5 % Distribution networks – Cofinimur I 0.0 % Lease < 6 years 38.9 % Offices 25.5 % Healthcare real estate 10.3 % Distribution networks - Cofinimur I 3.1 % 12 Roadshow presentation – 30.09.2019
Recommend
More recommend
