Cpi Property Group S.a. · XETR:O5G
Cpi Property — Investor Presentation (April 2022)
45 slides from Cpi Property's investor presentation, April 2022
Slide 1: Investor Presentation April 2022
Investor Presentation ril 2022
Slide 2: Group overview
Group overview Active asset manager Property portfolio by segment (as at 31 December 2021) Local m €13.1 bn expertise ro ert and teams m ort olio Portfolio m value billion 48% Diversified portfolio o ce m m Berlin, Prague Market-leading and Warsaw platforms Property portfolio by geography (as at 31
Slide 3: Key figures
Key TOTAL ASSETS PROPERTY PORTFOLIO NET LTV figures €14.4 bn +22% versus end of 2020 €13.1 bn +27% versus end of 2020 35.7% -5.0 p.p. versus end of 2020 NET RENTAL INCOME CONSOLIDATED ADJUSTED EBITDA FUNDS FROM OPERATIONS (FFO) €363 m+7% versus 2020 €368 m +9% versus 2020 €254 m +12% versus 2020 OCC
Slide 4: Consistent increase in scale and income, stable occupancy
Consistent increase in scale and income, stable occupancy Growth of the Group's property portfolio (€ million) Gross and net rental income (€ million) % YoY change 402 +13% bn 356 363 +7% +12% 338 2 031 319 +15% +6% 302 294 +8% bn 823 272 1 121 1 214 bn 1 111 749 2 697 bn 889 851 880 2 220 763 725 2
Slide 5: Business segments
Business segments e rou o erates in ve segments: O ce Retail Residential Hotels Resorts and Complementary Assets Office n eac segment, e ave market • eading landlord in Berlin, Prague and arsa 48% leading lat orms t at ene t rom scale active local asset management • trategic investment in lo al ort
Slide 6: Primary locations
Primary locations 1:2 Berlin 1: 5 1:2 arsa o t e rou s ro ert ort olio is located in POLAND Central uro e €1,705 m 3:3 GERMANY 1:1 €3,268 m Investments in Italy the Prague Croatia and other 1:1 locations CZECH REPUBLIC €4,794 m 2:3 Brno SLOVAKIA 1:3 €183 m Bratislava 2: Buda est Cit lig t time rs ri
Slide 7: Recent developments update
Recent developments update Bubenská 1, Prague, Czech Republic CPI Property Group | Investor Presentation | April 2022 7
Slide 8: Strong portfolio performance throughout 2021
Strong portfolio performance throughout 2021 Segment of portfolio value Comments Office • • O ce utilisation ig as orkers return to o ces olid occu anc increase in Prague, Berlin and arsa , decline in Buda est 48% • ro ing like or like rents, es eciall in Berlin 91 of portfolio • trong leasing activ
Slide 9: CPIPG's portfolio passed the COVID stress test
CPIPG’s portfolio passed the COVID “stress test” • es ite t e c allenges, t e Group s collection rates remained high during it 96 6 e ore discounts and iscounts 99 a ter discounts • argest tenant re resents less t an 2 o gross rental o income, ile our top tenants represent only of Large gross rental
Slide 10: CPIPG, IMMOFINANZ and S Immo: Key figures
CPIPG, IMMOFINANZ and S Immo: Key figures million CPIPG s current shareholding in Immo nan and S Immo * Not including approx. 261,712 voting rights that may be acquired if the convertible bonds conversion is exercised. Balance Sheet CPIPG IMMOFINANZ S IMMO otal ssets 2 14,369 6,482 3,265 Pro ert Por
Slide 11: Rationale of the IMMOFINANZ and S IMMO acquisitions
Rationale of the IMMOFINANZ and S IMMO acquisitions Consolidation and control at a great price • With our controlling shareholding at 54.9%, CPIPG has clear control of IMMOFINANZ and has implemented changes to the Supervisory Board on 31 March 2022. • At €23 per share, CPIPG was able to achieve cont
Slide 12: High-quality complementary portfolios
High-quality complementary portfolios O Z and O ave ell diversi ed ort olios and signi cant geogra ical and Country CPIPG IMMOFINANZ S IMMO segmentation overla s it CP P C ech Republic 4,794 574 Germany 3,268 586 1,347 Poland 1,705 978 Hungary 741 453 160 Austria 918 486 Slovakia 139 327 183 otal Ce
Slide 13: No direct impact from Russian invasion of Ukraine on CPIPG
No direct impact from Russian invasion of Ukraine on CPIPG • More than million krainian refugees since 24 e ruar 2022 • e rou o ns one small otel in osco last valued at €17 million 0 1 o total assets • krainians receive access to the E labor market education and residence permits • o ot er direct im
Slide 14: Portfolio overview
Portfolio overview Zlatý Anděl, Prague, Czech Republic CPI Property Group | Investor Presentation | April 2022 14
Slide 15: Well-diversified by assets and tenants with a balanced lease profile
Well-diversified by assets and tenants with a balanced lease profile Top 10 income-generating assets Maturity profile of fixed rental agreements Value GLA Asset Location million Total m SC Ma imo 306 23 61,000 ome, tal arsaw inancial Centre 289 22 50,000 arsa , Poland Eurocentrum 258 20 85,000 arsa
Slide 16: Office segment
Office segment CPIPG is a leading office landlord in Europe, Leading • leading landlord in Berlin with robust platforms across several core markets. The portfolio is centred around our market leading positions in Berlin, Prague and Warsaw. positions • 1 o ce landlord in Prague Office net rental inco
Slide 17: Berlin office
Berlin office • leading commercial real estate lat orm Berlin office net rental income (€ million) in Berlin ssets across Berlin • Port olio uni uel suited to creative and sectors Occu anc • out 1,800 tenants 2020 2021 • trong market it 2 5 overall vacanc gro t GSG tenants by type (according to head
Slide 18: Significant upside potential in GSG's rents
Significant upside potential in GSG’s rents • GSG s average rents remain well below the Berlin market average • Average rents have consistently increased since • CO ID- has had a limited impact as average rents increased by in 2021 versus 2020 • avills anal sis suggests t at average rents or t e ort
Slide 19: Prague office
Prague office Prague office net rental income (€ million) Occu anc o ce 2020 2021 landlord in Prague Prague office tenants by type (according to headline rent) Tokovo, Prague, Czech Republic CP Pro ert rou nvestor Presentation ril 2022
Slide 20: Warsaw office
Warsaw office Warsaw tenants by type (according to headline rent) Modern bn and green arsa o ce ort olio portfolio o ce landlord in arsaw Warsaw office net rental income (€ million) 2020 2021 Central Tower (left) and Chałubinskiego 8 (right), Warsaw, Poland CP Pro ert rou nvestor Presentation ril 20
Slide 21: CPIPG's office platform in Warsaw is unmatched
CPIPG’s office platform in Warsaw is unmatched Cit Centre est Cit Centre CB average ac uisition ield in 2019 2020 er ero olimskie Corridor Strong green m certi cations ac uired in 2019 2020 Warsaw Office portfolio acquisition timeline Green Corner A Equator II Equator I Acquisition Date GLA (m2) Gre
Slide 22: Stake in Globalworth enhances CPIPG's office exposure
Stake in Globalworth enhances CPIPG’s office exposure Globalworth owns an income-generating property portfolio valued at billion consisting of high- uality • oint majorit s are older it roundto n properties in Poland and Romania • leading lat orm in t e C region Globalworth at a glance (as at 31 Dec
Slide 23: Retail segment
Retail segment CPIPG is the leading retail landlord in the Czech Republic and has other CEE platforms. The Retail landlord portfolio in the Czech Republic is mainly focused on dominant regional shopping centres and in the Czech retail parks. Our assets and tenants are part of people’s daily lives. R
Slide 24: CPIPG's defensive retail portfolio was resilient to COVID-19
CPIPG’s defensive retail portfolio was resilient to COVID-19 C shopping centre density below E high street very limited Shopping centre GLA (m2 ⁄ 1,000 inhabitants) CPIPG geographies US*** estern Europe** CPIPG % of retail assets in each country* Poland tal lovakia C ec e Hungar inland eden et erlan
Slide 25: Residential segment
Residential segment Residential property portfolio by country cca 500 units i erec st nad a em m m m Prague Ostrava m Total million m m Group residential NRI Czech portfolio occupancy improvement Czech portfolio increases in gross rental income (€ million) (based on rented units) (€ million) 2020 20
Slide 26: Hotels & Resorts segment
Hotels & Resorts segment CPIPG owns and operates hotels primarily located in the CEE region. Diversi ed We benefit from local knowledge, scale, and the ability to control costs tightly. portfolio operated by e rou s otel usiness, CP Hotels, is one o t e largest otel o ners in central uro e and o era
Slide 27: Complementary assets segment
Complementary assets segment • e rou s Com lementar ssets segment consists rimaril o land ank in t e C ec e u lic, Berlin and tal , as ell as selective develo ment rojects and smaller ort olios t at com lement to CP P s overall strateg • e rou s land ank is a strategic asset t at can e eld and otent
Slide 28: Financial policy & debt profile
Financial policy & debt profile Aqua Höfe, Lobeckstrasse 30-35, Berlin, Germany CPI Property Group | Investor Presentation | April 2022 28
Slide 29: Financial policy & credit metrics
Financial policy & credit metrics Net LTV solute commitment to strong investment grade ratings Our financial policy was introduced in April 2018 ocused on ac ieving high BBB ratings in coming ears Rating Max LTV: 45% for acquisitions of high strategic merit commitment e target a et L of or below Tar
Slide 30: Financial metrics
Financial metrics Split of secured versus unsecured debt Composition of unencumbered asset portfolio m m m m Total e ternal debt Total million m million m m m m High level of unencumbered assets Fixed versus floating rate debt Net debt/EBITDA measurements 10% 7% 93% 90% 2018 2019 2020 2021 2020 2021
Slide 31: Frequent international debt capital markets issuer
Frequent international debt capital markets issuer Pro forma debt maturity profile as of 31 December 2021 (€ million) Well-established issuer on the capital markets Bank loans Bonds c uldsc ein Ot er Outstanding e uivalent Coupon Maturity Issue Date Currency amount ormat swapped million Date ncrease
Slide 32: CPIPG's approach to ESG and sustainability
CPIPG’s approach to ESG and sustainability GSG Solar PV, Berlin, Germany CPI Property Group | Investor Presentation | April 2022 32
Slide 33: CPIPG is dedicated to high sustainability standards
CPIPG is dedicated to high sustainability standards CPIPG has over 3,400 employees and fosters an CPIPG follows the X Principles of Governance published CPIPG’s Code of Ethics, established in 2019, together with inclusive and diverse culture. In a 2021 survey, 97% by the Luxembourg Stock Exchange an
Slide 34: CPIPG's ESG journey
CPIPG’s ESG journey CPIPG combines a Sustainability-Linked Bond and Green Bond Framework into a Sustainability Finance Framework 2022 CPIPG revises its environmental strategy Environmental Targets submitted for validation by Science-Based CPIPG joins the Polish Green Building Council Target Initiati
Slide 35: Significant strides made in ESG
Significant strides made in ESG Ambitious environmental strategy and targets Strong and improving ESG ratings op of issuers globally - - H intensit 2030 ater intensit 2030 Low Risk rom 15 2 100 2020 “The company is at low risk of experiencing material financial Increase the impacts from ESG factors,
Slide 36: Appendix
Appendix Eurocentrum, Warsaw, Poland CPI Property Group | Investor Presentation | April 2022 36
Slide 37: Key office properties in Berlin
Key office properties in Berlin Pankstraße 8–10 PP value: €81 million GLA: 41,000 m² Wolfener Straße 32–34 Voltastraße 5 PP value: €106 million PP value: €124 million GLA: 75,000 m² GLA: 33,000 m² Gustav-Meyer-Allee 25 PP value: €158 million GLA: 75,000 m² Reuchlinstraße 10–11 Plauener Straße 163–16
Slide 38: Key office properties in Prague
Key office properties in Prague Bubenská 1 Tokovo PP value: €90 million PP value: €38 million GLA: 22,000 m² Hradčanská GLA: 22,000 m² Office Centre Libeň PP value: €25 million GLA: 12,000 m² Holešovice Hradčany Žižkov Quadrio Meteor Centre PP value: €122 million Office Park GLA: 17,000 m² PP value:
Slide 39: CPIPG's office footprint in Warsaw
CPIPG’s office footprint in Warsaw Green Corner A Moniuszki 1A PP value: €53 million PP value: €35 million Atrium Centrum Atrium Plaza GLA: 15,000 m² GLA: 10,000 m² PP value: €56 million PP value: €47 million GLA: 18,000 m² GLA: 15,000 m² Concept Tower PP value: €26 million GLA: 9,000 m² Eurocentrum
Slide 40: CPIPG's shopping centre footprint in the Czech Republic
CPIPG’s shopping centre footprint in the Czech Republic Nisa City: Liberec Olympia Mladá Boleslav PP value: €99 million City: Mladá Boleslav GLA: 49,000 m² PP value: €56 million GLA: 20,000 m² Olympia Teplice City: Teplice PP value: €62 million Futurum Hradec Králové GLA: 29,000 m² City: Hradec Král
Slide 41: Key Hotel & Resort properties
Key Hotel & Resort properties um er o otel rooms in eac countr Mamaison Residence Mamaison Hotel Downtown Prague Le Regina Prague, CZ Poland Warsaw, PL PP value: €31 million 107 PP value: €15 million Hotel rooms: 173 Hotel rooms: 61 Clarion Congress Hotel Prague Czech Republic Prague, CZ 4,476 PP va
Slide 42: Landbank in the Czech Republic
COMPLEME AR ASSE S SEGME Landbank in the Czech Republic n t e C ec e u lic, landbank holdings amount to more than million Landbank summary in figures Landbank Landbank e majorit o t e C ec land ank more t an €600 million is situated in Prague, mainl relating to Bu n , a 201,000m area strategicall lo
Slide 43: Landbank & development in Berlin
COMPLEME AR ASSE S SEGME Landbank & development in Berlin In Berlin the Group owns landbank currently valued at million located in attractive Sch nefeld land plot areas his provides opportunities for low-risk e tensions and developments CP P s su sidiar as com leted several o ce develo ments in Berl
Slide 44: Landbank & development in Italy
COMPLEME AR ASSE S SEGME Landbank & development in Italy In Italy the Group holds landbank currently valued at million e majorit o land ank in tal is rimaril located in t e eri er o ome and strategicall ocused on olistic mi ed use residential and commercial develo ment it am le green u lic communit
Slide 45: Disclaimer
Disclaimer This presentation and its contents are intended for use for information purposes only and may not be reproduced, redistributed, published or passed onto any other person or published, directly or indirectly, in whole or in part, for any purpose. Failure to comply with this restriction may
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