Wereldhave N.v. · EURONEXT:WHA
Wereldhave — Shareholder Meeting (April 2014)
73 slides from Wereldhave's shareholder meeting presentation, Apr 25, 2014
Slide 1: Algemene Vergadering van Aandeelhouders
Algemene Vergadering van Aandeelhouders Den Haag 25 april 2014
Slide 2: Agendapunt 2: Notulen van de AvA
Agendapunt 2 Notulen van de AvA op 22 april 2013 Itis - Finland 2
Slide 3: Agendapunt 3: Verslag van de Directie
Agendapunt 3 Verslag van de Directie Itis - Finland 3
Slide 4: Highlights 2013
Highlights 2013 Solid financial performance 2013 2012 Direct result per share €3.30 €3.91 Indirect result per share €(1.48) €(8.45) EPRA NAV per share €64.99 €66.33 Dividend per share €3.30 €3.30 Portfolio revaluations €8.9m €(193.2)m LTV 27.4% 43.6% Operational excellence: targets have been met 201
Slide 5: Key results 2013
Key results 2013 FY 2013 FY 2012 % growth % LFL growth Total NRI core portfolio €92.9m €90.7m 2.5% 3.4% Total NRI non-core portfolio €12.0m €17.1m (29.8)% (3.3)% Total NRI UK and US €10.2m €43.2m (76.4)% n.a. Total net rental income €115.1m €151.0m (23.8)% 2.7% Occupancy (total portfolio) 96.6% 94.8
Slide 6: Strategy Update
Strategy Update Vier Meren - The Netherlands 6
Slide 7: Strategic approach: Derisk completed, Regroup phase well underway
Strategic approach: Derisk completed, Regroup phase well underway Derisk Regroup Growth Finished Halfway Future Phase I: Derisk Phase II: Regroup Phase III: Growth (2012-2013) (2013 -2015) (2015 onwards) Exit non-core markets Operational excellence Healthy balance sheet Controlled development Cost r
Slide 8: Phase II: Regroup is on track (2013-2015)
Phase II: Regroup is on track (2013-2015) Targets Regroup phase 2013-2015 2013 results 1. Operational excellence Average LfL rental growth of 125 bps above indexation 160 bps ≥ 98% occupancy 98.4% Overhead reduction to ≤ €16m in 2013 and ≤ €14m in 2014 €14.5m Strengthen talent development ≈ In progr
Slide 9: Core retail like-for-like rental growth
Core retail like-for-like rental growth Target 2014 adjusted to 140bps above indexation 4.50% Above 1,6% 3.60% 3.25% 0,35% 3.00% 1.25% 1.60% 1,40% 3,25% Index 2.90% 2.00% 2.00% 1,60% 2012A 2013 target Outperformance 2013A 2014T Strong lease activity 2013 Bps LFL NRI Bps >indexation Bps >target Belgi
Slide 10: Core retail occupancy
Core retail occupancy 0.4% 98.4% 98.0% 98,0% 98,0% 98,0% 2012A 2013 target Outperformance 2013A 2014T Strong letting performance Belgium 99.2% Finland 99.4% The Netherlands 97.0% 2014 target 98.0% 10
Slide 11: Overhead expenses
Overhead expenses Reduction overhead expenses is well on track at €14.5m 22,7 1.5 16,0 14,5 14.5 14,0 2012A 2013 target Outperformance 2013A 2014T Overhead expenses decreased from €22.7m to €14.5m, i.e. €1.5m below target of €16.0m for 2013, mainly due to: Closing offices in US and UK: €(3.0)m One-o
Slide 12: Country Update
Country Update Itis - Finland 12
Slide 13: Indications for GDP growth in core markets
Indications for GDP growth in core markets 2012A 2013A 2014E 2015E +1.8% 1,4% 1,7% Belgium 0,2% -0,1% +2.3% 1,3% Finland 0,2% -1,0% -1,5% +2.5% 1,0% 1,3% The Netherlands -0,8% -1,2% Source: European Commission, Eurostat 13
Slide 14: Consumer confidence set to recover faster than EU
Consumer confidence set to recover faster than EU, but from a lower starting point % m-o-m Based (01-01-2013) 10 (20) 0 (10) (30) (20) (30) (40) (40) Recovery Recovery Jan-13 Jul-13 Jan-14 Jan-13 Jul-13 Jan-14 NL Euro area Source: Eurostat, GFK 14
Slide 15: The Netherlands
The Netherlands Key parameters retail FY 2013 FY 2012 Net rental income €29.8m €29.9m Like-for-like 1.0% 3.7% Occupancy 97.0% 97.1% Valuation result (4.6)% (6.4)%* NIY (EPRA) 5.9% 5.9% Standing investments €477m €491m Under construction €6m €3m Core retail like-for-like NRI +1.0%, i.e. 140 bps below
Slide 16: Retail trends – The Netherlands
Retail trends – The Netherlands Population density Above average income Urbanisation (Inhabitants / sq.km) (Deviation from average) < 500 500-1000 >1000 low medium high < -10% > -10% > + 10% Source: CBS 16
Slide 17: Key focus areas
Key focus areas Top-50 shopping centres Acquisition criteria 1. 90% of shopping needs 2. Top-of-mind in catchment area 3. >100,000 inhabitants in 10 minutes drive 4. Easy accessibility 5. Strong (inter)national brands and local heroes 6. Embedded food, beverage and entertainment 7. Presence of two s
Slide 18: Large supermarkets attract footfall like premium department stores
Large supermarkets attract footfall in similar proportions as premium department stores Footfall 30,000 # per week 27,500 20,000 10,000 5,000 Small Small Medium Large specialty supermarket supermarket supermarket 8 out of 10 Wereldhave shopping centres are anchored by at least two medium-sized super
Slide 19: Overview food retail in Wereldhave centres
Overview food retail in Wereldhave centres City Year Small Small Medium Large Total specialty (# tickets) Arnhem 2014 1 1 1 45,000 2017 1 1 1 1 65,000 Capelle 2014 1 2 45,000 2016 1 3 65,000 Eindhoven 2014 2 1 70,000 Ettenleur 2014 1 20,000 2016 2 40,000 Geldrop 2014 1 1 30,000 Hoofddorp 2014 1 1 50
Slide 20: Belgium
Belgium Key parameters retail FY 2013 FY 2012 Net rental income €25.9m €23.1m Like-for-like 6.3% 4.9% Occupancy 99.2% 98.7% Valuation result +0.7% +1.6%* NIY (EPRA) 6.0% 6.0% Standing investments €381m €378m Under construction €90m €55m Core retail like-for-like NRI +6.3%, i.e. 470 bps above indexat
Slide 21: Finland
Finland Key parameters retail FY 2013 FY 2012 Net rental income €23.9m €23.6m Like-for-like 5.1% 5.3% Occupancy 99.4% 98.5% Valuation result +4.0% +0.2% NIY (EPRA) 5.25% 5.5% Standing investments €482m €458m Under construction €78m €37m Core retail like-for-like NRI +5.1%, i.e. 320 bps above indexat
Slide 22: Paris
Paris Key parameters office FY 2013 FY 2012 Net rental income €9.9m €9.4m Like-for-like 4.5% 2.3% Occupancy 99.0% 99.0% Valuation result +0.6% +5.0% NIY (EPRA) 6.1% 5.9% Standing investments €177m €175m Under construction €220m €116m Strong like-for-like NRI at +4.5% due to lease in Le Cap office bu
Slide 23: Portfolio
Portfolio Nivelles - Belgium 23
Slide 24: Vier Meren
Vier Meren Catchment area characteristics 5 min. 15 min. ► Purchasing power 19,094 19,162 ► # households 16,794 220,535 ► # persons 38,554 477,844 25% 22% 21% 22% 22% 20% 18% 18% 17% 18% ► Age distribution <14 15- 30- 45- >60 <14 15- 30- 45- >60 29 44 59 29 44 59 ► Population wealth a. Low 16% 20% b
Slide 25: Vier Meren shopping centre
Vier Meren shopping centre Facts & figures Location Hoofddorp City centre - dominant Catchment area 250,000+ Visitors (#/yr) 6,000,000 Tenants 60 Parking spaces 1000+ NLA retail (sqm) 33,000 NLA offices (sqm) 3,700 Gross rent € 9.6m 25
Slide 26: Shopping centre Vier Meren
Shopping centre Vier Meren 33,000 m2 retail n.l.a. 3,700 m2 office space 71% stake in parking garage for 1,037 cars Strong destination, part of a larger 74,000 m2 inner city retail offer Growing catchment with above average income profile Annual footfall 6m and rising Potential for 2,500 m2 expansio
Slide 27: Redevelopment plan – key elements
Redevelopment plan – key elements 2,500 sqm Redevelopment Spur operational potential excellence BREEAM Very Good Improve marketing efforts 27
Slide 28: 2,500 sqm redevelopment potential
2,500 sqm redevelopment potential CURRENT NEW 28
Slide 29: De Koperwiek
De Koperwiek Catchment area characteristics 5 min. 15 min. ► Purchasing power 17,400 17,839 ► # households 18,806 222,810 ► # persons 40,051 460,204 26% 22% 20% 20% 21% 22% 19% 16% 16% 17% ► Age distribution <14 15- 30- 45- >60 <14 15- 30- 45- >60 5 min. drive time 29 44 59 29 44 59 ► Population wea
Slide 30: De Koperwiek shopping centre
De Koperwiek shopping centre Facts & figures Location Capelle a/d IJssel City centre - dominant Catchment area (#) 66,000+ Visitors (#/yr) 4,000,000 Shops 100 Residences 86 Parking spaces Public NLA (sqm) 25,000 Gross rent (€) €5.8m Anchors (a.o.) 30
Slide 31: Redevelopment plan – key elements
Redevelopment plan – key elements Accommodate tenants demand Spur operational excellence SC already has 100% occupancy SC now has one AH, C&A, La Place, H&M manager desire expansion BREEAM Very Good Upgrade and uniform Improve routing total shopping centre Total investment €21m | Start construction
Slide 32: Accommodate tenant demand
Accommodate tenant demand 1. Extending Albert Heijn 4. Adding supermarket 2000 m2 2. Extending F&B and retail 5. Extending Jumbo with 500 m2 3. Extending unit for C&A 1 4 5 2 3 32
Slide 33: Developments
Develop- ments Genk - Belgium 33
Slide 34: Committed development pipeline
Committed development pipeline Ghent, Belgium Helsinki (Itis), Finland Total investment €15m Total investment €102m Capex to date €15m Capex to date €83m Expected NIY 6.5% Expected NIY 7% Prelet 90% Prelet 88% Completion Mid 2014 Completion Q4 2014 Genk, Belgium Issy-Les-Moulineaux, France Total inv
Slide 35: Itäkeskus is nu
Itäkeskus is nu: 35
Slide 36: Bulevardi
s o © > o =) faa) Voor Ww WERELDHAVE 36
Slide 37: Bulevardi - Bridge
Bulevardi - Bridge W WERELDHAVE 37
Slide 38: Tallinn Square
Tallinn Square Voor Na W WERELDHAVE 38
Slide 39: Piazza
Piazza Voor Na 39
Slide 40: Little Bulevardi
Little Bulevardi Voor Na W WERELDHAVE 40
Slide 41: Car Park
Voor Na W WERELDHAVE 41
Slide 42: Diagonal
Voor Na W WERELDHAVE 442
Slide 43: The Firewall
The Firewall WERELDHAVE
Slide 44: Financials
+% Genk - Belgium tA = 2 WERELDHAVE
Slide 45: Income statement
Income statement FY 2013 FY 2012 Amounts in € ‘000 Direct Indirect Direct Indirect Gross rental income 130,701 206,129 Service costs charged 23,811 30,031 Total revenues 154,512 236,160 Service costs paid -26,535 -33,494 Property expenses -12,892 -51,712 Total expenses -39,427 -85,206 Net rental inc
Slide 46: Direct result per share
Direct result per share €0.03 €(1.76) €0.05 €0.38 €0,01 €0.68 €3.91 €3.30 2012A Standing Acquisitions Disposals Interest General costs Currency/other 2013A portfolio Direct result per share is mainly influenced by: Lower NRI due to disposals of UK, US and NL non-core assets Lower interest cost due t
Slide 47: Valuation: Core and non-core portfolios
Valuation: Core and non-core portfolios Core portfolios – In €m FY 2013 FY 2012 Revaluation EPRA NIY Belgium 381 378 0.8% 6.0% Finland 482 459 4.0% 5.3% The Netherlands 477 491 (4.6)% 5.9% Paris 187 186 0.6% 6.1% Spain 60 62 (3.9)% 6.0% Total 1,587 1,576 0.1% 5.7% Non-core portfolios – In €m Belgium
Slide 48: EPRA NAV per share
EPRA NAV per share €3.30 €(0.52)*** €(3.30) €(0.67) €(0.17) €0.02 €66.33* €64.99 2012A Direct result Indirect result Dividend Currency & other Effect repurchase Other 2013A convertible IFRS NAV** EPRA NNNAV 31 Dec. 2012: €63.60* 31 Dec. 2012: €63.38* 31 Dec. 2013: €62.24 31 Dec. 2013: €62.12 * Effec
Slide 49: Debt profile
Debt profile Key parameters Q1-14 FY 2013 FY 2012 Covenants Interest bearing debt * € 821m € 687m € 1,282m Average cost of debt 2.7% 2.8% 2.7% Fixed vs floating debt 61% / 39% 57% / 43% 49% / 51% LTV 31.6% 27.4% 43.6% ≤ 60% ICR 7.4x 6.6x 4.6x ≥ 2.0x * Nominal value of interest bearing debt Diversifi
Slide 50: CSR strategy
CSR strategy De Eggert - The Netherlands 50
Slide 51: Our shopping centre management model is aimed at continuous improvement
Our shopping centre management model is aimed at continuous improvement More Improve attractive: tenant mix “Natuurlijk F&B diverse dichtbij” More + + customers Invest -/- + Higher footfall Who stay €120m ROI >5% by 2015 longer + + And spend more Higher Raise rents turnover 51
Slide 52: Sustainability framework 1/2
Sustainability framework 1/2 52
Slide 53: Sustainability framework 2/2
Sustainability framework 2/2 Targets Year-end 1 Improve energy efficiency for our real estate portfolio with 30% 2020 Bricks Continue to achieve BREEAMUrbanisation ‘Outstanding’ for (re)developed offices 2014 Achieve BREEAM ‘Very Good’ for shopping centres 2020 2 Achieve employee satisfaction scores
Slide 54: Outlook 2014
Outlook 2014 Targets Regroup phase 2013-2015 core retail portfolio raised / reconfirmed Like-for-like rental target raised to 140 bps above indexation (was 125 bps) Occupancy retail core portfolio: 98% General costs 2014 below €14.0m The decline in the direct result from net rental income due to pro
Slide 55: Agendapunt 4: Dividend- en reserveringsbeleid
Agendapunt 4 Dividend- en reserveringsbeleid Belle-Ile - België 55
Slide 56: Agendapunt 5: Remuneratierapport 2013
Agendapunt 5 Remuneratierapport 2013 Joinville - Frankrijk 56
Slide 57: Agendapunt 6: Vragen aan de accountant
Agendapunt 6 Mogelijkheid tot het stellen van vragen aan de accountant De Eggert - Nederland 57
Slide 58: Agendapunt 7: Vaststelling jaarrekening 2013 en dividend
Agendapunt 7 Vaststelling van de jaarrekening 2013 alsmede vaststelling van het dividend Nivelles - België 58
Slide 59: Agendapunt 8: Kwijting aan de Directie
Agendapunt 8 Voorstel tot het verlenen van kwijting aan de Directie Itis - Finland 59
Slide 60: Agendapunt 9: Kwijting aan de Commissarissen
Agendapunt 9 Voorstel tot het verlenen van kwijting aan de Commissarissen Itis - Finland 60
Slide 61: Agendapunt 10: Benoeming B. Groenewegen tot commissaris
Agendapunt 10 Voorstel tot benoeming van de heer B. Groenewegen tot commissaris 61
Slide 62: Agendapunt 11: Wijziging van de statuten
Agendapunt 11 Voorstel tot wijziging van de statuten 62
Slide 63: Agendapunt 11.1.a
Agendapunt Voorstel tot 11.1.a goedkeuring aanpassing beschermings- structuur 63
Slide 64: Agendapunt 11.1.b
Agendapunt Voorstel tot 11.1.b aanpassing van de statuten in verband met de vereen- voudiging van de beschermings- structuur 64
Slide 65: Agendapunt 11.2.a
Agendapunt Voorstel tot 11.2.a aanpassing van de statuten in verband met de mogelijke afschaffing van de bmvk status 65
Slide 66: Agendapunt 11.2.b.1
Agendapunt Voorstel tot 11.2.b.1 delegatie van de emissiebevoegdheid 66
Slide 67: Agendapunt 11.2.b.2
Agendapunt Voorstel tot het 11.2.b.2 uitsluiten van het voorkeursrecht 67
Slide 68: Agendapunt 11.2.c
Agendapunt Voorstel tot 11.2.c machtiging van de directie om eigen aandelen in te kopen 68
Slide 69: Agendapunt 11.3.a
Agendapunt Voorstel tot 11.3.a aanpassing van de nominale waarde per aandeel en aanpassing van de statute ivm enkele technische wijzigingen en kapitaalvermindering 69
Slide 70: Agendapunt 11.3.b: Kapitaalvermindering
Agendapunt Voorstel tot 11.3.b kapitaalvermindering 70
Slide 71: Agendapunt 12: Rondvraag
Agendapunt 12 Rondvraag Noda - Frankrijk 71
Slide 72: Agendapunt 13: Sluiting
Agendapunt 13 Sluiting Doornik - België 72
Slide 73: Agendapunt 16: Sluiting
Agendapunt 16 Sluiting Itis - Finland 73