Zublin Immobilien Holding Ag · SIX:ZUBN
Zublin Immobilien — FY2013/2014 Earnings Presentation
47 slides from Zublin Immobilien's earnings presentation, May 2014
Slide 1: Annual Results Presentation 2013-2014
Annual Results Presentation 2013-2014 Züblin Group Annual results 2013_2014 1
Slide 2: Agenda
Agenda > Facts > Strategic portfolio > Non-strategic portfolio > Portfolio overview > France status > Financials > Corporate Governance > Outlook Züblin Group Annual results 2013_2014 2
Slide 3: Facts 2013/2014
Facts 2013/2014 > Sale of 3 Swiss properties > Refurbishment completed > NSP 5% or CHF 41 Mio. Property value Züblin Group Annual results 2013_2014 3
Slide 4: Strategic Portfolio
Portfolio Strategic Züblin Group Annual results 2013_2014 4
Slide 5: 4 strategic properties sold
4 strategic properties sold Strategic > Switzerland: Zollikofen Talstrasse 80 Talstrasse 82 > France: Lyon Total value CHF 216m Total gain CHF 11m Züblin Group Annual results 2013_2014 5
Slide 6: Non-strategic portfolio
Non-strategic portfolio Züblin Group Annual results 2013_2014 6
Slide 7: Sale non-strategic Portfolio in CHF million
Sale non-strategic Portfolio in CHF million In CHF million Germany Netherland Total Market value as of 31.3.2013 68 77 145 Sales -34 -41 -75 Change in market value -16 -13 -29 Market value as of 31.3.2014 18 23 41 Sold after closing -2 0 -2 Sales Agreements / LOI signed 0 -17 -17 Open to sell as of
Slide 8: Result on non-strategic Portfolio in CHF million
Result on non-strategic Portfolio in CHF million In CHF million Germany Netherland Total Market value as of 31.3.2013 68 77 145 Loss on sales -1 -11 -12 Change in market value -16 -13 -29 Total 2013/2014 -17 -24 -41 In % of market value as of 31.3.2013 -25% -31% -28% Züblin Group Annual results 2013
Slide 9: Non-strategic Portfolio in No. of properties
Non-strategic Portfolio in No. of properties Germany Netherland Total No of properties as of 01.04.2013 12 13 25 Sales -7 -8 -15 No of properties as of 31.04.2014 5 5 10 Sales after closing -1 0 -1 Sales agreements / LOI signed 0 -3 -3 Remaining properties to sell as of 15.5.14 4 2 6 Züblin Group An
Slide 10: Overview Portfolio
Overview Portfolio Züblin Group Annual results 2013_2014 10
Slide 11: Portfolio Overview
Portfolio Overview By investment category Office 96% (91%) Retail 2% ( 6%) Logistics 2% ( 3%) By country Switzerland 24% (30%) France 50% (41%) Germany 23% (22%) Netherlands 3% (7%) Annual rental income CHF 33m (53m) Value of portfolio CHF 791m (1 065m) Züblin Group Annual results 2013_2014 11
Slide 12: Vacancy
Vacancy 70 66.5% 31.03.2013 31.03.2014 60 50 42.9% 40 30 23.8% 19.8% 20.1% 20 17.3% 15.3% 10.5% 10 7.1% 0% 0 Switzerland France Germany Netherlands Total Züblin Group Annual results 2013_2014 12
Slide 13: Status France
France Status Züblin Group Annual results 2013_2014 13
Slide 14: Office Property Market - Paris
Office Property Market - Paris Year 2013 > Take up 1’844’000 sqm > Vacancy 7.5% > Available offer (existing or <1y) 3’925’000 sqm > Rental values Declining > Nb of transactions > 10’000 sqm 24 Year 2014 trend > Take up +19% (Q1) > Vacancy Stable > Available offer (existing or <1y) Increasing > Renta
Slide 15: Newtime
Newtime Renovation > Work completed as at 31.03.14 > Cost (including additional works) 59.5 M€ Marketing > 375 corporates targeted > 15 visits during the last 12 months > Budget (marketing/tenant’s fitting out) 5.7 M€ > http://newtime.zueblin.fr Züblin Group Annual results 2013_2014 15
Slide 16: Newtime
Newtime Züblin Group Annual results 2013_2014 16
Slide 17: Newtime
Newtime Züblin Group Annual results 2013_2014 17
Slide 18: Newtime
Newtime Züblin Group Annual results 2013_2014 18
Slide 19: Imagine
Imagine Renovation > Work completed as at 30.06.13 > Cost 18.2 M€ > EMS installed Marketing > Multi-tenants > 18 visits during the last 12 months > Budget (marketing/tenant’s fitting out) 2.2 M€ > One new lease signed in Nov. 2013 Züblin Group Annual results 2013_2014 19
Slide 20: Imagine
Imagine Züblin Group Annual results 2013_2014 20
Slide 21: Imagine
Imagine Züblin Group Annual results 2013_2014 21
Slide 22: Chaganne
Chaganne Renovation > Work completed as at 31.12.13 > Cost of work 9.0 M€ > Tenant temporary relocation 4.5 M€ Selling process > Mandate given to JLL > Marketing started early May 2014 > Expected closing in September 2014 Züblin Group Annual results 2013_2014 22
Slide 23: Chaganne
Chaganne Züblin Group Annual results 2013_2014 23
Slide 24: Think (ex Jatte 2)
Think (ex Jatte 2) Renovation > Building permit obtained in July 2013 > Permit valid until July 2015 (start of work) > Renovation work will start once a tenant is found (turnkey basis) Marketing > Mandate given to 2 brokers > Marketing will starts end of May 2014 Züblin Group Annual results 2013_201
Slide 25: Think
Think Züblin Group Annual results 2013_2014 25
Slide 26: Financials
Financials Züblin Group Annual results 2013_2014 26
Slide 27: Facts Financials
Facts Financials > Extension of mortgages in France > LTV decreased to 61.3% from 65.7% > Equity ratio increased to 26.6% from 23.1% Züblin Group Annual results 2013_2014 27
Slide 28: Income Statement
Income Statement In CHF million FY 13/14 FY 12/13 Rental income 42.1 55.0 Real Estate expenses - 9.9 - 10.7 Administrative expenses - 8.5 - 9.9 EBITDA (without sale of investment properties) 23.7 34.4 Sale of investment properties strategic 10.6 6.5 Sale of investment properties non strategic - 12.4
Slide 29: Income Statement
Income Statement In CHF million FY 13/14 FY 12/13 Financial expenses and income -32.5 - 35.9 Derecognition Swaps - 16.3 - 10.7 EBT - 62.7 - 89.1 Taxes - 1.1 - 0.3 Earnings - 63.8 - 89.4 Shareholders of Züblin Immobilien Holding AG - 52.6 - 81.5 Non-controlling interests (minorities) - 11.2 - 7.9 Züb
Slide 30: Income Statement - Analysis
Income Statement - Analysis In CHF million FY 13/14 Operating loss (including taxes) - 10 Sale / change market value of strategic properties 3 Sale / change market value of non strategic properties - 41 Derecognition Swaps - 16 Earnings - 64 Thereof non recurring - 57 Züblin Group Annual results 201
Slide 31: Changes in market values strategic
Changes in market values strategic In CHF million CH FR DE Total Positive changes 3 0 3 6 Negative changes -2 -8 -3 -13 Total 1 -8 0 -7 In % of Country Portfolio 0.1% -1.9% 0.1% -1.0% Züblin Group Annual results 2013_2014 31
Slide 32: Changes in market values non strategic
Changes in market values non strategic In CHF million DE NL Total Positive changes 0 0 0 Negative changes -16 -13 -29 Total -16 -13 -29 In % of Country Portfolio -44.3% -27.3% -35.1% Züblin Group Annual results 2013_2014 32
Slide 33: Income Statement – Key Figures
Income Statement – Key Figures In CHF million FY 13/14 FY 12/13 Earnings per share in CHF -0.89 -1.38 Average interest rate 4.1% 4.4% EPRA Net initial yield (strategic portfolio) 2.1% 5.2% Annual rental income 32.7 Potential annual rental income 57.2 Züblin Group Annual results 2013_2014 33
Slide 34: Balance Sheet
Balance Sheet In CHF million 31.3.2014 31.3.2013 Investment properties 791 1 065 Other assets 51 76 Total assets 842 1 141 Equity shareholders 179 212 Non-controlling interests 45 52 Total equity 224 264 Mortgage financing 485 700 Other liabilities 133 177 Total liabilities 618 877 Total equity and
Slide 35: Investment property analysis
Investment property analysis in CHF million +53 -293 1100 1065 1070 1040 1010 980 1206 950 920 890 860 +7 -43 830 +2 791 800 770 740 Balance Capex Sales Positive Negative Currency Balance 31.3.2013 valuation valuation 31.3.2014 Züblin Group Annual results 2013_2014 35
Slide 36: Financing - Mortgages
Financing - Mortgages Switzerland France > CHF 108m outstanding > CHF 211m outstanding > Syndication (Lead UBS) > Aareal and Natixis > Maturity 2017 > Waiver obtained > Maturity 2016 Germany Netherlands > CHF 145m outstanding > CHF 21m outstanding > Helaba and Deutsche > FGH and Helaba Pfandbriefban
Slide 37: Equity – Key Figures
Equity– Key Figures 31.3.2013 31.3.2013 Equity ratio 26.6% 23.1% Net asset Value (NAV) 3.03 3.59 EPRA Equity 265 332 EPRA Equity ratio 31.5% 29.1% EPRA NAV 3.62 4.57 LTV 61.3% 65.7% Züblin Group Annual results 2013_2014 37
Slide 38: Development of NAV per share
Development of NAV per share In CHF NAV 31.3.2013 3.59 Earnings of the shareholders - 0.89 Changes in cash flow hedges valuations 0.32 Other changes 0.01 31.3.2014 3.03 Share price 14.5.2013 1.73 Discount to share price 43% Züblin Group Annual results 2013_2014 38
Slide 39: Analysis NAV per country
Analysis NAV per country In CHF million CH FR DE NL HOL KON Total Assets 222 414 193 25 172 -183 842 Liabilities 136 330 183 79 74 -183 618 Minorities - -45 - - - - -45 Adjustments* - 46 12 55 - 113 - - Equity 86 85 22 1 1 - 179 NAV 1.20 1.43 0.38 0.01 0.01 - 3.03 * Allocation of IC loans and Bond Z
Slide 40: Corporate Governance
Governance Züblin Group Annual results 2013_2014 Corporate 40
Slide 41: Shareholder structure as of 31.3.2014
Shareholder structure as of 31.3.2014 Forum & Bruin 19.8% Lamesa Holding AG 16.2% SUVA 8.2% Barron Investments 6.8% Diversified freefloat 49.0% Züblin Group Annual results 2013_2014 41
Slide 42: Cost reduction program
Cost reduction program > Planned overall savings of CHF 3m > Salaries/BOD fees CHF 1.7m > Advisory fees CHF 0.5m > PR and IR expenses CHF 0.4m > Other administrative exp. CHF 0.4m Züblin Group Annual results 2013_2014 42
Slide 43: Annual General Meeting 17.6.2014: Implication of Minder initiative
Annual General Meeting 17.6.2014 Implication of «Minder» – initiative adopted in 2014 - All mandatory changes in the bylaws - Fixed remuneration of BoD and GM - Variable remuneration GM will be adopted in 2015 - Compensation report - Electronic voting transmission Züblin Group Annual results 2013_20
Slide 44: Annual General Meeting 17.6.2014 Agenda
Annual General Meeting 17.6.2014 Agenda 1. Genehmigung GB 2012/2013, Berichte der Revisionsstelle und Entschädigungen 2. Verwendung des Bilanzverlusts 3. Entlastung der Mitglieder des VR und GL 4. Anpassung der Statuten 5. Wahlen 6. Vergütungen Züblin Group Annual results 2013_2014 44
Slide 45: Outlook
Outlook Züblin Group Annual results 2013_2014 45
Slide 46: Outlook
Outlook > Sale of NSP 1 year to go > Sale of all Swiss Properties > Leasing Paris and Bern Züblin Group Annual results 2013_2014 46
Slide 47: Züblin Group Annual results 2013_2014
Züblin Group Annual results 2013_2014 47
Züblin Immobilien Holding — FY2013/2014 Earnings Presentation on 6ix