Slide 1: CTP N.V. Financial Highlights Q4-2022
CTP N.V. Financial Highlights Q4-2022 3 March 2023 Parkmakers
Slide 2: FY-2022: outperforming guidance
FY-2022: outperforming guidance Financial highlights Operational highlights €589m €724m 94% 6.5 yrs (+34.8% vs. FY-2021) (-34.3% vs. FY-2021) (95% as at 31 Dec 2021) (6.7 years as at 31 Dec 2021) Next 12 months’ contracted Net valuation result on Occupancy2 WAULT revenues1 investment property €266m
Slide 3: CTP is active in 10 countries across Western Europe and CEE
CTP is active in 10 countries across Western Europe and CEE 10.5m Core Markets Growth Markets sqm GLA WE Markets Portfolio Value by Country (%) 20.3m sqm landbank 38MWp NL AT DE 3.9% 8.0% 0.8% SL BG 1.4% 0.1% RS 2.4% Installed PV PL 5.5% SK 6.4% €11.5bn GAV CZ 48.0% HU 9.1% RO 14.3% NB: Figures may
Slide 4: Strong leasing activity with leases signed above ERVs
Strong leasing activity– with leases signed above ERVs 1.9m sqm 12.5% Leases signed in 2022 Reversionary potential Leases signed – rent breakdown (€m) H1-2022 FY-2022 New leases vs. ERV % Take-up of existing space + developments completed in the year 23 41 Q1-2022 +4.6% Q2-2022 +6.0% Other rental mo
Slide 5: Main leasing deals
Main leasing deals New tenants Repeat clients International fashion retailer Size: 100,000 sqm Size: 88,000 sqm Size: 68,000 sqm Size: 41,000 sqm Park: Budapest Sziget Park: Ploiesti Park: Budapest East & Park: Sofia West Bucharest West Size: 66,000 sqm Size: 40,000 sqm Size: 37,000 sqm Size: 37,000
Slide 6: CEE region positioned to outperform
CEE region positioned to outperform Five drivers shaping CEE’s growth potential: Continued economic outperformance Real GDP growth comparison, historic and outlook 1. Business smart PL 2. Untapped nearshoring demand 3% RO 3. Diverse and expanding e-commerce SK 4. Economic outperformance RS CAGR, 200
Slide 7: Business smart region
Business smart region Competitive labour rates Manufacturing employment well represented Labour cost I&L, €/hr, 2021 Top 10 countries in EU-27 with highest share (in %) manufacturing employment of total, 2021 0 10 20 30 40 0 5 10 15 20 25 Serbia Czech Republic Manufacturing Bulgaria Slovenia Transpo
Slide 8: Structural demand drivers
Structural demand drivers Top 10 Sourcing / re-shoring survey among E-commerce in CEE catching up, but from a lower base1 EU companies according to Maersk survey Online sales penetration, % 1. Poland 30 UK-DE-FR av. CEE-7 av. 2026: 2. Germany 25 2026: 25% 3. Turkey 20% 20 4. United Kingdom 15 5. Uni
Slide 9: Real estate fundamentals supports growth outlook
Real estate fundamentals supports growth outlook Undersupplied markets CEE markets underdeveloped but gradually SQM per capita, as of Q4-2022 catching up SQM per capita 0.0 0.5 1.0 1.5 2.0 2.5 Netherlands Belgium 0.9 Germany Czech Republic 0.8 Sweden EU - 19 countries 0.7 France 0.6 Poland United Ki
Slide 10: Strong and diversified international client base
Strong and diversified international client base Low operational and financial risk Top 50 Clients Revenue split by industry 36.7% 32.8% (%) of portfolio GLA of Gross Rental Income 3PLS: 10.8% AUTOMOTIVE: 9.0% E-COMMERCE, RETAIL, MANUFACTURING: 3.9% WHOLESALE AND DISTRIBUTION: 5.5% HIGH TECH: 3.6% N
Slide 11: CTP's long-lasting tenant relations drive operational results
CTP’s long-lasting tenant relations drive operational results Occupancy1 (%) 95% 94% 90% 99.7% 93% Tenant retention Collection rate FY-2020 FY-2021 FY-2022 4.5% 49% CTP’s market share in core markets2 (%) 27.8% 27.5% Like-for-like rental growth3 CPI linked contracts4 of which 1.7% driven expected to
Slide 12: Consistent revenue growth
Consistent revenue growth Next 12 months’ revenue growth1 (€ million) Growth vs. €59 million in-place rent at time of acquisition Accretive acquisitions Pre-letting Indexation + Letting reversion captured 35% GROWTH 1. Rent roll including service charge income (Base rent + other rental income + extr
Slide 13: Industry leading pipeline
Industry leading pipeline Increased pipeline profitability YoC Projects under construction → Construction cost started to decrease from mid-2022 → 2022: ~€550 per sqm 13.5% → 2023E: ~€500 per sqm 11.6% 11.0% 10.8% 10.1% → Rents continue to increase on the back of record low vacancies → CTP’s unique
Slide 14: Deliveries driving growth in 2022
Deliveries driving growth in 2022 1.0m sqm ~80% Leased at delivery €45m Contracted rental income €14m Additional rental income potential when full occupancy is reached NB: Figures may not add up due to rounding 14
Slide 15: Projects under construction
Projects under construction → In 2023 at least the same amount as deliveries 1.7m sqm 10.1% as in 2022, and more if demand remains robust Under construction → 142,000 sqm signed for future projects that Estimated YoC haven’t started yet, illustrating healthy occupier market 58% 46% → 2022 take-up in
Slide 16: Energy
Energy MWp Installed Case Study: → YoC target: DHL At least 15% 100 → Cost per MWp: ~€750k – below market average thanks to CTP acquiring in bulk → Carbon neutral design 38.4 and already in place roof structures for all new buildings 6.1 38.4 → Income potential for 2023: → Green electricity >90% >€1
Slide 17: ESG
ESG Ratings & indices Targets → Sustainalytics: ESG Risk Rating of 10.2 and assessed Low 2023: Risk → Participation in GRESB → 4 new BREEAM outstanding certificates: Clubhouse → Work on SBTi approved roadmap Bucharest West, NU3 warehouse CTPark Prague East, CHR1 warehouse CTPark Prague West and Dome
Slide 18: Growth plan on track to reach 20 million sqm before end of the decade
Growth plan on track to reach 20 million sqm before end of the decade Standing portfolio & under construction Deliveries 13 Million sqm - owned Million sqm 1.5 12 1.7 11 1.0 10 0.9 1.0 9 8 1.0 0.6 7 10.5 0.5 6 0.7 7.6 5 5.9 4 0.0 2020 2021 2022 2020 2021 2022 Acquisitions Landbank 3 Million sqm 25 M
Slide 19: Financial results
Financial results 19
Slide 20: Financial highlights
Financial highlights FY-2022 FY-2021 1 Oct. to 31 Dec. 1 Oct. to 31 Dec. Increase (%) Increase (%) (€m) (€m) 2022 (€m) 2021 (€m) Net Rental Income 452.1 326.9 +38.3% 123.9 87.0 +42.4% Net valuation result on investment property 723.6 1,100.6 -34.3% 165.4 835.3 -80.2% Profit for the period 796.5 1,02
Slide 21: Gross Asset Value up 35.8%
Gross Asset Value up 35.8% Standing: 14,000 Investment Property (IP) and Investment Property under Development (IPuD) → +33% y-o-y driven by deliveries and acquisitions (€ million) IPuD: 12,000 169 763 → +54% y-o-y driven by growth of projects under construction 142 from 1 million sqm of GLA to 1.7
Slide 22: Rental growth and pipeline drive valuation results
Rental growth and pipeline drive valuation results Revaluation (YTD) 800 (€ million) +35.5 723.6 Total standing: +€246.4 +335.3 700 ERV growth > yield widening -22.3 600 +24.9 499.0 500 +113.7 -9.9 400 +370.3 -123.9 300 200 100 0 Standing assets Deliveries + IPuD Acquisitions Landbank H1-2022 Standi
Slide 23: Yield movements
Yield movements Upward yield pressure in second half FY-2022 H1-2022 FY-2021 → 39bps reversionary yield1 widening in H2 – less yield Portfolio yield 6.5% 6.3% 6.4% widening seen in portfolio yield as in-place rent don’t grow as fast as market rents FY-2022 H1-2022 → Yield differential between CEE an
Slide 24: EPRA NTA
EPRA NTA EPRA NTA € per share 1 1. Including share count differences NB: Figures may not add up due to rounding 24
Slide 25: Low average cost of debt and favourable maturity profile
Low average cost of debt and favourable maturity profile Conservative residual Cost of debt 5.7 yrs 100% maturity of debt (%) 3.0% (€ million due in following years) 1,488 2.5% AVG DEBT MATURITY FIXED / HEDGED 2.5% 1,235 2.1% 1,065 1,045 2.0% 2.0% 904 1.5% 1.5% 708 1.2% 524 524 516 512 1.0% 425 427
Slide 26: Solid liquidity and ample headroom to covenants
Solid liquidity and ample headroom to covenants €1.1 bn 9.6x 31 Dec 2022 Covenant AVAILABLE LIQUIDITY NORMALIZED NET DEBT TO EBITDA Secured Debt Test 15% 40% 68% UNSECURED DEBT 45% LTV Unencumbered Asset Test 185% 125% Interest Cover Ratio 4.6x 1.5x CREDIT RATINGS (S&P & MOODY’S) BBB- Baa3 LTV targe
Slide 27: Good access to credit markets
Good access to credit markets January 2022: September 2022: December 2022: Green Bond Loan Facility Loan Facility → €700 million → €400 million → €175 million → 4-year → 9-year → 7-year → Coupon: 0.875% → Interest rate: 4.7% → Interest rate: 4.3% → Consortium of Czech Banks → Two Dutch banks Februar
Slide 28: Outlook
Outlook → Occupier demand remains strong – as illustrated by the → Highly profitable and tenant-led development pipeline, with: increased leasing activity also for future projects – supported → decreasing construction cost and increased rents will allow by structural tail winds like: CTP to continue
Slide 29: Guidance and dividend
Guidance and dividend Guidance 2023 Dividend 2022 €0.72 €0.45 74% pay-out ratio +29% vs. 2021 2023 Company specific adjusted EPRA EPS +18% vs. 2022 Dividend policy confirmed: €0.22 €0.23 70% - 80% pay-out Interim dividend paid Final dividend to be paid in September 2022 on 18 May 2023 29
Slide 30: Appendices
Appendices 30
Slide 31: EPRA EPS
EPRA EPS FY-2022 FY-2021 EPRA Earnings (€m) (€m) Earnings per IFRS income statement 794,649 1,025,936 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests 723,580 1,100,571 Profits or losses on disp
Slide 32: EPRA NAV
EPRA NAV EPRA Net Asset Value Metrics EPRA NRV EPRA NTA EPRA NDV December 2022 December 2021 December 2022 December 2021 December 2022 December 2021 IFRS Equity attributable to shareholders 5,284,517 4,106,830 5,284,517 4,106,830 5,284,517 4,106,830 Include / Exclude: i) Hybrid instruments Diluted N
Slide 33: EPRA NIY
EPRA NIY EPRA NIY and 'topped-up' NIY 31 Dec 2022 (€m) 30 June 2022 (€m) 31 Dec 2021 (€m) Investment property – wholly owned 10,554,602 9,671,692 7,822,472 Investment property – share of JVs/Funds Trading property (including share of JVs) Less: developments 1,193,343 1,057,700 774,204 Completed prop
Slide 34: Portfolio
Portfolio GAV1 Standing2 IPuD Landbank2 Portfolio split by value (in %) (€11,486m) (€9,361m) (€1,193m) (€763m) Czech Republic 48% 53% 16% 31% Romania 14% 16% 5% 13% Hungary 9% 9% 8% 10% Germany 8% 10% 0% 2% Slovakia 6% 6% 6% 11% Poland 5% 2% 26% 19% Netherlands 4% 1% 25% 5% Serbia 2% 2% 5% 4% Bulgar
Slide 35: Portfolio
Portfolio Standing IPuD Landbank Portfolio split by sqm (‘000) (10,467 sqm) (1,726 sqm) (20,297 sqm) Czech Republic 3,805 265 6,592 Romania 2,383 237 3,221 Hungary 1,004 206 2,712 Germany 1,624 - 131 Slovakia 776 38 1,779 Poland 216 500 2,371 Netherlands 127 120 1,479 Serbia 263 170 1,080 Bulgaria 1
Slide 36: Financial calendar
Financial calendar Event: Date: 2023 Annual General Meeting 25 April 2023 Payment 2022 final dividend 18 May 2023 2023 Frist quarter results 11 May 2023 2023 Half-Year results 10 August 2023 Capital Markets Day 20-21 September 2023 2023 Third quarter results 9 November 2023 36
Slide 37: Disclaimer
Disclaimer This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of CTP. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “pla
Slide 38: Maarten Otte, Head of Investor Relations
Maarten Otte, Head of Investor Relations Mobile: +420 730 197 500 Email: maarten.otte@ctp.eu 38