Cpi Fim S.a. · GPW:OPG
Cpi Fim — ORCO Property Group — H1 2013 Earnings Presentation
19 slides from Cpi Fim's earnings presentation, Aug 29, 2013
Slide 1: Analyst Presentation Half Year 2013
August 2013 Analyst Presentation Half Year 2013 ORCO PROPERTY GROUP 29 August 2013
Slide 2: Summary
Summary I. Financial highlights & Key Events II. Operational Review III. GAV to NAV IV. Financial Review 2
Slide 3: Financial highlights & Key Events
25/01/2012 Financial highlights & Key Events
Slide 4: Financial highlights
Financial highlights Revenue increased year‐on‐year by 15% to EUR 71 M (EUR 62 M in 2012) Bubny retail plot sale generated revenue of EUR 20 M Property Investments revenue stable at EUR 46 Million Operating profit at EUR 11 M compared to EUR ‐9 M in June 2012 Adjusted EBITDA at EUR 17 M compared to
Slide 5: Key events
Key events Equity EGM’s approval of an the increase up to EUR 63 M of the Company’s authorized share capital Reserved capital increase for EUR 15 M in July 2013 Financial assets Sale of 10% Orco Germany for EUR 8 M Sale of the Endurance fund units for EUR 10 M Operational Zlota 44 sales journey read
Slide 6: Operational Review
25/01/2012 Operational Review
Slide 7: Property Investments – Rental assets
Property Investments– Rental assets Occupancy rate Improving performance Average rent increases to 5.33 96% 92% EUR/SQM/Month (vs 5.21 YoY) 86% 86% 88% 89% 82% 82% 82% 79% 80% 82% Occupancy increases to 81% (vs 78% YoY) Berlin confirms 21% 14% 16% Average rent increase to 4.99 EUR/SQM/Month (vs 4.83
Slide 8: Hospitality portfolio
Hospitality portfolio CEE Hotels GOP ADR Occupancy in EUR million in EUR 61% 59% CEE Hotels 103 94 Stable revenue at EUR 14.3 M 5.2 5.1 GOP reached EUR 5.1 M in June 2013 June 2012 June 2013 June 2012 June 2013 June 2012 June 2013 Suncani Hvar Hotels Increase revenue to EUR 4.5 M (vs EUR 3.8 Suncani
Slide 9: Agreements & Execution
Development and assets held for development Mezihori in Prague Rental portfolio Berlin • Successful pre‐sales of 72% as of mid of August • Mixed commercial building construction on • Occupancy permit received Gebauer Hofe to be launched upon pre lease • First deliveries planned for Q4 2013 Identifie
Slide 10: GAV to NAV
25/01/2012 GAV to NAV
Slide 11: Gross Asset Value
Gross Asset Value Total Portfolio - Data in EUR Million GAV by Business Line as of June 2013 Increase 1,360 EUR Million Decrease 1,340 1,348 Land Bank Residential Commercial Assets Held For Development Rental Assets Hospitality Financial assets 10 33 19 31 1,320 77 22 1,300 15 158 Property investmen
Slide 12: Bank debt and other borrowings
Bank debt and other borrowings 36% are short term debt 650 Increase 7 640 Decrease 630 35 620 49% are 641 short term 610 5 debt 6 600 602 590 Opening restated Issue of new loans and Repayments of loans Loan equitization Translation differences Closing drawdowns Main loan repayments EUR 15 M : Buybac
Slide 13: LTV & NAV
LTV & NAV Loan To Value 84.4% 67.9% 70.1% 52.6% 51.4% 58.1% 53.8% 52.3% 48.0% 46.3% Clear deleveraging of the Group Dec‐09 Dec‐10 Dec‐11 Dec‐12 Jun‐13 LTV without bonds LTV Deleveraging through the repayment of bank loans for EUR 40 Million (sale of Bubny and Hungarian loan buy back) Increase of cas
Slide 14: Financial Review
25/01/2012 Financial Review
Slide 15: Income statement summary
Income statement summary in Euro millions H1 2013 H1 2012 variation Variation in % Revenue 71.4 62.2 9.1 15% Operating profit 11.2 ‐9.1 20.3 NA Margin 16% ‐15% 0.3 NA Financial result ‐0.6 1.3 ‐1.9 ‐150% Net profit group share 7.0 ‐9.0 16.0 NA 15
Slide 16: Revenue
Revenue 0,0 0,5 15,7 0,0 Increase Decrease 0,7 71 62 6,5 Residential Decreased inventories sales mainly in projects Koliba/Parkville (EUR ‐1.4 M), Klonowa Aleja (EUR ‐2.2 M), Pivovar Vrchlabi (EUR ‐2.2M). On the other hand, project Benice has recorded a positive change YoY of EUR 0.6 M Commercial In
Slide 17: Adjusted EBITDA
Adjusted EBITDA Increase 2 2 1 0 Decrease 19 4 0 17 Residential development Driven by the control of the costs on Mezihori (EUR 0.2 M) and in the services companies (EUR 0.4 M), the sales of the period on Mostecka & Klonowa Aleja (EUR 0.8 M) Commercial development Mainly impacted by the sale of Sky
Slide 18: Analysis of cost of debt
Analysis of cost of debt in Euro millions H1 2013 H1 2012 Total interests expenses 22.2 41.0 non cash interests ‐1.2 0.0 Capitalized interests ‐2.3 ‐2.7 Total cash interest 18.7 38.3 Average gross debt 618 801 Average interest rate in gross debt 3.02% 4.78% Penalty interest 2.7 0.0 Cash Interest Cov
Slide 19: IORCO,
IORCO, PROPERTY GROUP