One United Properties S.A. · BVB:ONE

One United Properties — Investor Presentation (June 2022)

66 slides from One United Properties's investor presentation, June 2022

  1. Slide 1: Investor Presentation

    INVESTOR PRESENTATION June 2022 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  2. Slide 2: Disclaimer

    DISCLAIMER This presentation is not, and nothing in it should be construed as, an offer, invitation or recommendation in respect of shares issued by One United Properties S.A. (“ONE”), or an offer, invitation or recommendation to sell, or a solicitation of an offer to buy One United Properties share

  3. Slide 3: Contents

    Contents Executive Summary 1. About One United Properties 2. Portfolio 3. Historical Results Highlights 4. Q1 2022 Results Highlights 5. 2022 Outlook 6. Management 2022 © ONE UNITED PROPERTIES 3 CONFIDENTIAL DOCUMENT

  4. Slide 4: Executive Summary

    EXECUTIVE SUMMARY 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  5. Slide 5: One United Properties

    One United Properties is a leading green investor and developer of residential, mixed- use and commercial real estate in Bucharest, Romania. One United Properties is an ONE UNITED innovative company dedicated to accelerating the adoption of construction practices for energy-efficient, sustainable, a

  6. Slide 6: ONE at a Glance

    ONE AT A GLANCE Residential segment prospect Construction Planning phase phase GDV €551m €835m Estimated gross profit €261m €292m No of units 1,619 4,067 Office segment prospect 31.12.2021 Est. by 31.12.2022 Market Value (Gross Asset €304m €412m1 Value) GLA 101K 136K (1) Calculated for the completio

  7. Slide 7: 2021 Business Highlights

    2021 BUSINESS HIGHLIGHTS RESIDENTIAL OFFICE RETAIL 699 apartments sold in 2021, a Reception of One Cotroceni Park Acquisition of a controlling stake 280% increase compared to 2020, Office Phase 1 (leased out at 78%), of 54.4351% in Bucur Obor driven by excellent sales at One finalization of structur

  8. Slide 8: Key Financial Data

    KEY FINANCIAL DATA Turnover Net profit 1.523.119.443 548.709.933 509.687.153 1.120.016.103 537.436.296 197.406.676 176.936.343 396.372.769 2019 2020 2021 2022 Budget 2019 2020 2021 2022 Budget Sales of residential property Rental income 71.778.670 1.217.899.669 703.317.672 437.503.724 11.973.375 147

  9. Slide 9: Key Indicators

    KEY INDICATORS Built surface1 – residential (m2) GLA office portfolio (m2) 1,047,000 136,000 101,000 483,000 350,000 47,000 270,000 23,000 2019 2020 2021 2022 Budgeted 2019 2020 2021 2022 Budgeted Cumulated, includes both finalized and under construction. 1 Apartments sold2 GLA retail portfolio3 (m2

  10. Slide 10: Key Investment Highlights

    KEY INVESTMENT HIGHLIGHTS 1. FAVOURABLE MARKET DYNAMICS FOR RESIDENTIAL SEGMENT Between 2016-2020, Romania’s GDP per capita increased with CAGR of 3.17%, above EU CAGR of 0.63%. Bucharest-Ilfov region has population of 2.3 million inhabitants and GDP per capita of 160% compared to EU-27 average, mak

  11. Slide 11: Track Record and Risk Reduction Through Pre-Sales

    4. TRACK RECORD OF EXCELLENCE IN EXECUTION ONE so far developed 8 residential projects with GDV of approx. €300m and 2 office buildings, having won numerous awards both locally and internationally. The developments are distinguishable by the exceptional interior design, made by Lemon Interior Design

  12. Slide 12: 1. About One United Properties

    1. ABOUT ONE UNITED PROPERTIES 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  13. Slide 13: Strategic Keypoints

    STRATEGIC One United Properties’ strategy is to invest in premium development opportunities with prospects of sustained returns and to continue leading the high-end residential development sector. The main directions KEYPOINTS of action to achieve this are: • Maintain leadership position in the prim

  14. Slide 14: Residential, Financial, Office & Retail Timeline

    RESIDENTIAL TIMELINE FINANCIAL OFFICE & RETAIL MILESTONES *OFL I – developed under a different company TIMELINE 2022 © ONE UNITED PROPERTIES 14 As of 2022, the delivery dates are estimated. CONFIDENTIAL DOCUMENT

  15. Slide 15: Brands

    BRANDS The ONE brand family is the company’s flagship, standing for ultimate design, top quality and exclusive locations. One United Properties uses a brand strategy with a strong high-end brand umbrella covering multiple income segments: medium, medium-high, high and very-high. CC @ ONE Properties

  16. Slide 16: Interior Design

    INTERIOR DESIGN Superior interior design is at the core of ONE’s business. All of One United Properties developments are distinguishable by the exceptional design, made by Lemon Interior Design. Lemon is a a multi-award-winning interior design and fit-out company based in Bucharest. Lemon received a

  17. Slide 17: Purpose Statement

    PURPOSE STATEMENT One United Properties’ purpose is to improve existing and to build new communities, by developing quality, energy-efficient buildings, as well as to generate long-term value growth for the shareholders. One United Properties has pioneered mixed-use development concept in Romania, b

  18. Slide 18: Sustainability

    SUSTAINABILITY One United Properties is a member of Romanian Green Building Council (RGBC), organization promoting environmental responsibility and energy efficiency. All office developments are WELL Health and Safety certified, the most rigorous certification focused on employee wellbeing, as well

  19. Slide 19: Recognition

    RECOGNITION Uncompromising quality, commitment to the environment and outstanding design, winning accolades year after year. EUROPEAN EUROPEAN PROPERTY PROPERTY AWARD AWARD 2021 2021 2020 2020 2020 2019 2019 2019 One Tower One Tower One Mircea Eliade One Floreasca City Leader Green Developer of the

  20. Slide 20: ONE on BVB

    ONE ON BVB INDICES MARKET MAKERS Average daily liquidity in 2021: RON 1.9 million P/E : 6.9 on 2021 profit, the lowest ratio in BET 2021 DivY: 2.13%, paid semi-annually Shareholder base: 5.510 investors, +55% compared to post-IPO Shareholding structure: ANALYST COVERAGE Free-float Victor Capitanu (t

  21. Slide 21: ONE Shares Development

    ONE SHARES DEVELOPMENT ! ! Since listing on BVB’s Main Market until end of March 2022, One United Properties outperformed the local market, with ONE shares appreciating 21.14%, while the BET index increased 6.86% in the same period. In volatile Q1 2022, ONE shares outperformed the benchmark index BE

  22. Slide 22: BVB Liquidity

    BVB LIQUIDITY Liquidity to free-float Absolute liquidity (m RON) Symbol Liquidity to FF Symbol Traded value TRP 0.1824% TLV 1920 One United Properties is the 10th largest company listed on the Bucharest Stock ONE 0.0817% SNP 1169 Exchange by market capitalization, and SNN 0.0752% BRD 681 the second

  23. Slide 23: 2. Portfolio

    2. PORTFOLIO 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  24. Slide 24: Group Structure

    GROUP STRUCTURE Victor Căpitanu through Vinci VER Holding Andrei Diaconescu through OA Liviu Holding Invest Free-float 29.76% 29.76% 40.52% One United Properties ONE RESIDENTIAL ONE OFFICES OTHER INVESTMENTS OPERATIONAL One Lake District¹ One Long Term One Mircea Eliade One Peninsula One Herăstrău O

  25. Slide 25: ONE Mamaia Nord, ONE Timpuri Noi, ONE Floreasca Vista

    16 20 15 14 14 ONE Mamaia Nord 15 ONE Timpuri Noi 16 ONE Floreasca Vista 20 ONE Athenee 2022 © ONE UNITED PROPERTIES 25 CONFIDENTIAL DOCUMENT

  26. Slide 26: Market Opportunity: Bucharest

    Bucharest Metropolitan Area - GDP MARKET OPPORTUNITY: evolution (EUR bn) BUCHAREST 81 88 96 66 73 58 61 For at least 20 years, in various ways, the EU is using funds to foster convergence, 54 transferring funds from the states in the developing and mature markets towards those in the emerging market

  27. Slide 27: Residential Segment - Target

    RESIDENTIAL Premium residential developments concentrate around the northern area of SEGMENT - TARGET Bucharest The target clients of One United Properties for the residential segment are: • clients looking for developments located in premium areas of Bucharest (Herăstrău, Floreasca, Primăverii, Dor

  28. Slide 28: Residential Segment - Development

    RESIDENTIAL SEGMENT ONE’S RESIDENTIAL DEVELOPMENT PROCESS - DEVELOPMENT Identifying the investment opportunity Feasibility analysis and urban and legal due diligence Prior to making a decision to acquire land for development, the management carries out a thorough analysis on the investment Adoption

  29. Slide 29: Delivered Developments

    ONE MAMAIA NORD ONE HERASTRAU PLAZA ONE MIRCEA ELIADE ONE FLOREASCA LAKE ONE CHARLES ONE HERASTRAU TOWERS DE GAULLE DELIVERED DEVELOPMENTS MADRIGALULUI ONE HERASTRAU PARK RESIDENCE 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  30. Slide 30: ONE Herăstrău Towers, ONE Mamaia Nord, Mircea Eliade, Herăstrău Plaza

    ONE ONE HERĂSTRĂU TOWERS MAMAIA NORD Phase I Phase II Starting date Oct‘18 Starting date Sep‘18 Q3’22 Completion Date Jan’22 Completion Date Jul‘21 Q4’24 RESI UNITS 147 RESI UNITS 50 86 PP 255 PP 69 148 GBA (sqm) 33,007 GBA (sqm) 8,523 19,800 Saleable (sqm) 21,985 Saleable (sqm) 6,285 10,039 - Apart

  31. Slide 31: ONE Herăstrău Park and Other Delivered Developments

    ONE ONE CHARLES DE GAULLE HERĂSTRĂU PARK Starting date Oct‘15 Starting date Aug‘15 Completion Date Jun‘18 Completion Date May‘17 RESI UNITS 33 RESI UNITS 109 PP 55 PP 155 GBA (sqm) 9,197 GBA (sqm) 27,050 Saleable (sqm) 5,378 Saleable (sqm) 17,806 - Apartments 5,378 - Apartments 17,806 GDV (m) € 22.7

  32. Slide 32: Developments Under Construction & in Pipeline

    UNDER CONSTRUCTION & IN PIPELINE DEVELOPMENTS ONE FLOREASCA ONE COTROCENI PARK ONE VISTA VERDI PARK ONE PENINSULA ONE TIMPURI NOI ONE HERASTRAU VISTA ONE LAKE DISTRICT ONE MODROGAN ONE FLOREASCA TOWERS 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  33. Slide 33: ONE Timpuri Noi, Floreasca Vista, Verdi Park, Modrogan

    ONE ONE TIMPURI NOI FLOREASCA VISTA Starting date Apr‘19 Starting date Q2’20 Scheduled Completion Date Q3’22 Scheduled Completion Date Q3’22 RESI UNITS 147 RESI UNITS 63 PP 173 PP 73 GBA (sqm) 18,372 GBA (sqm) 11,719 Saleable (sqm) 14,113 Saleable (sqm) 9,232 - Apartments 13,148 - Apartments 9,232 -

  34. Slide 34: ONE Peninsula, Cotroceni Park, Floreasca Towers, Herăstrău Vista

    ONE ONE PENINSULA COTROCENI PARK Starting date Oct‘20 Jun‘21 Starting date Scheduled Completion Date Q4’23 Q4’23 Estimated Completion Date RESI UNITS 168 868 RESI UNITS PP 287 1,361 PP GBA (sqm) 52,959 132,978 GBA (sqm) Saleable (sqm) 36,087 82,359 Saleable (sqm) - Apartments 36,087 64,651 - Apartme

  35. Slide 35: ONE Lake District, Lake Club, High District, Athenee

    ONE LAKE DISTRICT ONE LAKE CLUB Starting date Q3’22 Starting date Q3’22 Estimated Completion Date Q3’26 Estimated Completion Date Q3’25 RESI UNITS 2,076 RESI UNITS 586 PP 2,614 PP 787 GBA (sqm) 251,663 GBA (sqm) 105,878 Saleable (sqm) 178,047 Saleable (sqm) 59,290 - Apartments 177,068 - Apartments 5

  36. Slide 36: 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

    2022 © ONE UNITED PROPERTIES 36 CONFIDENTIAL DOCUMENT

  37. Slide 37: Office Segment

    OFFICE Building on its residential success, One United Properties entered the office segment in November 2017 through acquisition of One North Gate. ONE focuses on development of Grade A offices, targeting a GLA of 136K sqm by the end of 2022. Out of that, 101K sqm SEGMENT are already finished (One

  38. Slide 38: Office Portfolio

    OFFICE PORTFOLIO ONE ONE COTROCENI PARK TOWER Phase I Phase II Starting date Sep ‘19 Jun ‘21 Starting date Mar ‘18 Completion Date Dec ‘21 Dec ‘22 Completion Date Dec ‘20 TOTAL GLA 46,252 34,456 TOTAL GLA 24,039 - Offices (sqm) 43,261 32,075 - Offices (sqm) 23,287 - Terraces (sqm) 1,975 2,111 - Terr

  39. Slide 39: Retail Portfolio

    RETAIL PORTFOLIO BUCUR OBOR ONE VERDI PARK Starting date Nov’19 Acquisition date Feb ’22 Q4’22 Completion Date RETAIL GLA 26,000 RETAIL GLA 2,000 Tenants Multiple (small Tenant Lidl businesses) ONE GALLERY Starting date Q2’22 Completion Date Q3’24 RETAIL GLA 13,500 Tenant Multiple (high-end) 2022 ©

  40. Slide 40: 3. Historical Results Highlights

    3. HISTORICAL RESULTS HIGHLIGHTS 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  41. Slide 41: Evolution of the Residential Segment

    EVOLUTION OF THE 36% RESIDENTIAL SEGMENT 703.3 • In 2021 the sales of residential properties 35% reached RON 703.3m in 2021, a 64% increase, generated by sales at One 437.5 451.6 Cotroceni Park and One Verdi Park. • Decrease in sales of 33% between 2018 and 2019 was due to units sold in 2019 were in

  42. Slide 42: Gains from Investment Property

    GAINS FROM INVESTMENT PROPERTY 298.6 • Revenue and profits from the development of office buildings increased 412% in 2021, reaching RON 298.6m due to the advanced development of office 189.6 buildings, with the main impact being generated by the reception of OCP Office Phase 1, finalization of stru

  43. Slide 43: Global Result

    GLOBAL RESULT 612.7 604.4 • Accelerated growth in 2021 with over 4,5x increase in the key indicators between 2018 and 2021. 509.7 • Despite a significantly larger scale of business, the administrative costs have grown at a much slower pace, registering in 2021 an increase of 8% compared to 2020, rea

  44. Slide 44: 4. Q1 2022 Financial Results

    4. Q1 2022 FINANCIAL RESULTS 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  45. Slide 45: Financial Highlights

    FINANCIAL 348.7 HIGHLIGHTS 2% +8 212.7 208 190.6 % 197.2 +19 0% % 6 165.9 +2 94 +2 59 52.8 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 CONSOLIDATED CONSOLIDATED GROSS REVENUE FROM EBITDA TURNOVER PROFIT RESIDENTIAL SALES 2022 © ONE UNITED PROPERTIES 45 CONFIDENTIALin RON m DOCUME

  46. Slide 46: Residential Business Highlights

    BUSINESS HIGHLIGHTS RESIDENTIAL OFFICE RETAIL 120 apartments sold in Q1 2022, a More significant revenues coming from Finalization of the acquisition of 193% increase compared to Q1 office segment following the almost full controlling stake Bucur Obor S.A. 2021, driven by continued excellent lease o

  47. Slide 47: Key Financial Figures

    KEY FINANCIAL 348.7 FIGURES % Consolidated turnover of One United Properties +82 grew 82% in Q1 2022 compared to Q1 2021, 208 reaching RON 348.7 million. 190.6 Turnover included revenues from apartment sales (RON 197.2m), gains from bargain purchase (RON 97m) and gains from completed investment % 94

  48. Slide 48: Key Financial Figures - Residential

    KEY FINANCIAL FIGURES - RESIDENTIAL 197.2 +19% Revenues from residential division 165.9 reached RON 197.2m in Q1 2022, a 19% increase. The net income from residential division reached RON 83.8m in Q1 2022, 83.8 % generating a 42.5% margin, 17pp +99 appreciation compared to Q1 2021. 42 Excellent sale

  49. Slide 49: Key Financial Figures - Commercial

    KEY FINANCIAL FIGURES - COMMERCIAL The rental income from the commercial division (office & retail) reached RON 8.6m, a 1,061% increase. The effect has been driven by the revenues coming 8.6 from tenants at One Tower (leased out at 91% as of Q1’22, OCP Phase 1 (leased out at 78% as of Q1’22, 1% howe

  50. Slide 50: Key Financial Figures: G&A and EBITDA

    KEY FINANCIAL 212.7 FIGURES G&A expenses increased by 36%, from RON 6.9 to RON 9.4 million. The administrative costs grew 44% in Q1 2022 due to a significantly larger scale of the business and due to the costs related to public % listing. 0 + 26 Other operating expenses amounted to RON 6.9 million i

  51. Slide 51: Assets – Residential

    ASSETS – RESIDENTIAL The decrease in the residential properties from RON 344m to RON 308.5m since the beginning of 2022 was due to good sales at One Cotroceni Park and One Verdi Park and recognition of the related costs of sales in Q1 2022. Additionally, there was an effect generated by the reclassi

  52. Slide 52: Assets – Office, Retail & Landbank

    ASSETS – OFFICE, RETAIL & LANDBANK The non-current assets increased 29%, reaching RON 1.9 billion, driven by a 30% increase in investment properties which reached RON 1.88 billion as of 31.03.2022. The increase is due to the addition of the Bucur Obor Apartments Apartments (consolidated as of 2022 f

  53. Slide 53: Cash Position

    CASH POSITION 566.2 % 508.3 +11 Cash position increased 11% in 2022, to RON 566.2 million due to positive cash flows generated from sales and rental activity. One United Properties announced a share capital increase in Q1 2022. Funds from the capital increase shall be primarily invested in new devel

  54. Slide 54: Residential Pre-Sales

    RESIDENTIAL PRE-SALES 9,811 m2 120 apartments with a total surface of 9,811 % +37 sqm, 129 parking spaces and 10 commercial spaces and other units were sold and pre-sold 7,172 m2 for a total of EUR 28.6m in Q1 2022. In Q1 2021, the Group sold and pre-sold 41 apartments, with a total surface of 7,172

  55. Slide 55: Resi Trends

    RESI TRENDS Similar to the previous two quarters, most of the apartments sold were part of One Cotroceni Park, One United Properties’ largest development to date. In Q1 2022, the Group pre-sold 76 residential units and as of the end of Q1 2022, there were 96 units remaining available for sale. Apart

  56. Slide 56: Resi Trends

    RESI TRENDS The majority of the apartments sold by One United Properties in Q1 2022 were two- Note: 2 room = 1 bedroom. rooms apartments, the increase being 5+ rooms/villas Studio primarily driven by the demand at One 1% 1% Cotroceni Park. An increase of 67% in the demand was also 4 rooms recorded f

  57. Slide 57: 5. 2022 Outlook

    5. 2022 OUTLOOK 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  58. Slide 58: 2022 Outlook

    2022 OUTLOOK The above-presented Budget for 2022 was approved by the General Meeting of Shareholders from 26.04.2022. For 2022, One United Properties estimates the completion of the following residential developments: One Floreasca Vista, One Timpuri Noi, One Modrogan and One Verdi Park, which will

  59. Slide 59: 2022 New Pipeline

    2022 NEW PIPELINE The real estate market, in particular residential, has significant growth and consolidation potential in Romania. Thus, One United Properties will carry out the share capital increase operation. Funds from the capital increase to be invested in new developments. • Advanced negotiat

  60. Slide 60: 6. Management Team

    6. MANAGEMENT TEAM 2022 © ONE UNITED PROPERTIES CONFIDENTIAL DOCUMENT

  61. Slide 61: Organizational Structure

    ORGANIZATIONAL STRUCTURE GENERAL SHAREHOLDERS MEETING BOARD OF DIRECTORS Nomination & Risk & Audit EXECUTIVE MANAGEMENT Compensation Committee Committee PROJECT FINANCIAL LEGAL SALES INVESTMENTS DEVELOPMENT ESG Committee Internal Audit Accounting Compliance LEASING ASSET ARCHITECTURE (incl. KYC/AML)

  62. Slide 62: Andrei Diaconescu, Victor Căpitanu

    ANDREI DIACONESCU VICTOR CĂPITANU Victor is the co-founder and Executive Andrei is the co-founder and Executive Member of the Board of Directors at One Member of the Board of Directors of United Properties, coordinating Sales, One United Properties, coordinating Marketing and Investments. Operations

  63. Slide 63: Non-Executive Directors

    NON-EXECUTIVE DIRECTORS CLAUDIO HORIA MARIUS AUGUSTA DRAGIC MAGDALENA CISULLO DIACONU SOUCEK MANDA Non-Executive Chairman of the Board Non-Executive Director Non-Executive Director Non-Executive of Directors Director Director Mr. Cisullo is the founder Mr. Diaconu is an active Mrs. Magdalena Soucek

  64. Slide 64: Management Team (I)

    MANAGEMENT TEAM (I) BEATRICE MIHAI COSMIN VICTOR IONUȚ PĂDUROIU SAMOILĂ SAVI - NIMS DUMITRESCU OCTAVIAN ZUZANNA DUMITRAȘCU CEO Office Chief Financial Chief Legal Officer Partner Office AVRĂMOIU KUREK CEO Residential Division Officer Division Partner Investor Relations Division Manager Mihai has a lo

  65. Slide 65: Management Team (II)

    MANAGEMENT TEAM (II) MARIUS ADRIAN ADRIAN ANDRA ANDREI CĂLIN RADU FLORIN CĂLIN ARENDT IONIȚĂ BIZON COROBEA-BÎRCEANU STAN NEACȘU Lead Architect Owner Design Head of Litigation Head of Financing Project Director Project Director Project Director Representative With 30+ years of Adrian has a vast Adria

  66. Slide 66: ONE 2022 Financial Calendar

    ONE 2022 Financial Calendar: 22.08.2022 – H1 2022 Results 23.08.2022 – H1 2022 Results Call 11.11.2022 – Q3 2022 Results 14.11.2022 – Q3 2022 Results Call For any follow-up questions: Zuzanna Kurek IR Manager zuzanna.kurek@one.ro +40 742 431 111 Q1 2022 Report available HERE 2021 Annual Report avail

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