Nepi Rockcastle N.v · JSE:NRP
Nepi Rockcastle — NEPI — H2 2012 Earnings Presentation
41 slides from Nepi Rockcastle's earnings presentation, December 2012
Slide 1: Results presentation
Results presentation December 2012 1
Slide 2: Introduction
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 multinational leases in Euro In-house property management, asset management, property investment & property d
Slide 3: Romania – Macro economic
Romania – Macro economic Low 2012 growth due to EU slow-down and drought Stable economic outlook Election year 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 (2.2) (2.4) (2.3) (2.2) (2.2) (2.1) (% of GDP) General gov. debt (
Slide 4: Highlights
Highlights 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 4
Slide 5: General strategy
General strategy 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
Slide 6: Financial performance
Financial performance 31 Dec 12 30 Jun 12 31 Dec 11 30 Jun 11 31 Dec 10 30 Jun 10 Distribution per 12.05 11.24 10.48 9.77 9.26 8.35 share (€ cents) Adjusted NAV 2.88 2.63 2.43 2.33 2.22 2.03 per share 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
Slide 7: Interest rate hedge position
Interest rate hedge position 6% 5 year SWAP 3month Euribor CAP SWAP 5% 4% 3% 2% 1% 0% Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec Jun Dec 2006 2007 2008 2009 2010 2011 2012 2.5% Yield Curve SWAP rate Cap rate 2.0% 1.5% 1.0% 0.5% 0.0% 2013 2014 2015 2016 2017 7
Slide 8: Debt repayment profile
Debt repayment profile € million Bank loans reimbursement schedule 120 Alpha Bank Morgan Stanley (listed shares facility) 100 BRD BCR 80 Investkredit Eurohypo 60 Nord LB KBC Bank Unicredit/Banca Romaneasca 40 Raiffeisen 20 0 2013 2014 2015 2016 2016 and beyond 8
Slide 9: Contracted rent profile per sector
Contracted rent profile per sector Expiry profile – contractual rental income € million 35 Retail Office Industrial 30 25 20 15 10 5 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Tenant profile – contractual rental income 80% 5% 15% Type A Type B Type C Weighted average duration of 6.5 years 9
Slide 10: Operational performance
Operational performance Receivables Vacancies Renewals Retail Office Industrial 10
Slide 11: Completed property initiatives
Completed property initiatives 11
Slide 12: Ploiesti Shopping City
Ploiesti Shopping City 12
Slide 13: Ploiesti Shopping City
Ploiesti Shopping City 13
Slide 14: Ploiesti Shopping City
Ploiesti Shopping City 14
Slide 15: Ploiesti Shopping City
Ploiesti Shopping City 15
Slide 16: Ploiesti Shopping City
Ploiesti Shopping City 16
Slide 17: Ploiesti Shopping City
Ploiesti Shopping City 17
Slide 18: Ploiesti Shopping City
Ploiesti Shopping City 18
Slide 19: Ploiesti Shopping City
Ploiesti Shopping City 19
Slide 20: Ploiesti Shopping City
Ploiesti Shopping City ei Zs wi g! | BO! w 4
Slide 21: Promenada Mall Braila
Promenada Mall Braila 21
Slide 22: City Business Centre acquisition (Timisoara)
City Business Centre acquisition (Timisoara) 22
Slide 23: Ongoing property initiatives
Ongoing property initiatives 23 23
Slide 24: Brasov Shopping City
Brasov Shopping City 24
Slide 25: Brasov Shopping City
Brasov Shopping City Fashion & Food & Home & Accessories Entertainment Services Decoration Hyper Adjacent Retail Parking TOTAL GLA EXISTING 4,850m² 60m² 1,200m² 8,600m² 14,700m² 13,200m² 1,300bays 42,610m² ADDED 25,550m² 6,940m² 500m² 2,400m² - - 800bays 35,390m² TOTAL 30,400m² 7,000m² 1,700m² 11,00
Slide 26: Galati Shopping City
Galati Shopping City 26
Slide 27: Galati Shopping City
Galati Shopping City Galati 27
Slide 28: Galati Shopping City
Galati Shopping City HYPERMARKET 13,000 m² HYPER GALLERY 3,000 m² SHOPPING MALL PHASE I 14,000 m² SHOPPING MALL PHASE II + Upper 17,000 m² TOTAL GLA 47,000 m² PARKING 1,800 bays 28
Slide 29: Vulcan Value Centre - Bucharest
Vulcan Value Centre - Bucharest Vulcan 29
Slide 30: Vulcan Value Centre - Bucharest
Vulcan Value Centre - Bucharest 30
Slide 31: Vulcan Value Centre - Bucharest
Vulcan Value Centre - Bucharest 31
Slide 32: Kaufland Value Extensions - Sf Gheorghe
Kaufland Value Extensions - Sf Gheorghe 32
Slide 33: City Business Centre - Building D
City Business Centre - Building D 33
Slide 34: City Business Centre - Building D
City Business Centre - Building D 34
Slide 35: The Office Cluj-Napoca
The Office Cluj-Napoca Railway Intl Station Airport The Office Business Centre Old City Centre Cluj-Napoca 35
Slide 36: The Office Cluj-Napoca
The Office Cluj-Napoca 36
Slide 37: The Office Cluj-Napoca
The Office Cluj-Napoca 37
Slide 38: The Lakeview - Bucharest
The Lakeview - Bucharest 38
Slide 39: Prospects
Prospects 39 39
Slide 40: Investment pipeline
Investment pipeline Two retail development opportunities (Romania) Two retail acquisition opportunities (Romania) with extension potential Retail acquisition opportunities in Central Europe (outside Romania) 40
Slide 41: Questions & Answers
Questions & Answers 41