Slide 1: Interim report presentation
Interim report presentation 4 May, 2017 Anders Nissen, CEO Liia Nõu, CFO Forward-looking statements This presentation contains forward- looking statements. Such statements are subject to risks and uncertainties as various factors, many of which are beyond the control of Pandox AB (publ), may cause a
Slide 2: Good growth and a very dynamic quarter
Good growth and a very dynamic quarter 1 Profitable acquisitions. 23% 2 A strong underlying hotel market. Growth in cash earnings 3 Positive calendar effect due to Easter. 16% 8% 14% Growth in NOI Growth in NOI Return on equity1 Property Management2 Operator Activities2 1) Measured as growth in EPRA
Slide 3: Solid increase in net operating income (total NOI)
Solid increase in net operating income (total NOI) Several positive factors supported + Acquisitions + Improved underlying demand + Positive Easter effect + Continued recovery in Brussels Net +104m - Divestments in the comparable period - Renovation effects in Berlin and Montreal PANDOX – EXCELLENCE
Slide 4: Portfolio overview
Portfolio overview Well-diversified portfolio dominated by leases Focused strategy on large hotel properties in the upper-medium to high-end segments in strategic locations. 3% Active ownership model combining a large, attractive portfolio with excellent operational skills. 9% 8% 36% Property Operat
Slide 5: Good growth in key hotel markets (RevPAR Q1 y/y)
Good growth in key hotel markets (RevPAR Q1 y/y) Key markets Europe 7% 7% 16% 15% 14% 14% 6% 14% 12% 11% 5% 10% 4% 8% 3% 3% 3% 6% 3% 6% 5% 5% 2% 2% 4% 2% 1% 1% 0% 0% Oslo Brussels Helsinki Berlin Stockholm Frankfurt Copenhagen Montreal Q3 2016 Q1 2016 Q2 2016 Q4 2016 Q1 2017 PANDOX – EXCELLENCE IN H
Slide 6: Financial highlights
Financial highlights Solid growth in earnings Key figures Comments on the quarter Q1 Q1 chg FY Property Management: LFL1 growth in (MSEK) 2017 2016 % 2016 revenue and net operating income of 9 Revenue percent and 8 percent, respectively. Property Management (Note 1,2) 474 386 23 1,787 Net operating
Slide 7: Strong organic growth in rental income and NOI
Strong organic growth in rental income and NOI Property Management Net operating income Rental income Jan-Mar 2017 in % Q1 Q1 FY (MSEK) 2017 2016 2016 11% Rental income 456 374 1,717 7% Other property income 18 12 70 Costs* -78 -66 -292 7% 42% Net operating income 396 320 1,495 *Including property a
Slide 8: Profitability continued to improve in Brussels
Profitability continued to improve in Brussels Operator Activities Net operating income Revenues Jan-Mar 2017 in % (MSEK) Q1 Q1 FY 3% 3% 1% 2017 2016 2016 Revenue 521 442 2,158 Costs -479 -424 -1,866 18% 36% Gross Profit 42 18 292 Add: Depreciation included in costs 40 36 147 Net operating income 20
Slide 9: Property portfolio
Property portfolio Primarily yield driven with support from market and cash flow Change in value (MSEK) Comments per 31 March, 2017 Total property portfolio market value amounted to MSEK 38,630. Average valuation yield for Investment Properties was 5.6 (5.7) percent and for +1.0% Operating Propertie
Slide 10: Financing and capital structure
Financing and capital structure Continued growth in EPRA NAV and high financial flexibility Liquid funds and long-term unutilised EPRA Net Asset Value (MSEK) Loan to value (net) (%) credit facilities (MSEK) EPRANAV per share, SEK Mandate from the AGM 2017 to issue new shares up to a maximum of 2,329
Slide 11: The main drivers for growth in cash earnings
The main drivers for growth in cash earnings Opportunistic acquisitions Operations Portfolio investments Quality portfolio Market growth Organic growth PANDOX – EXCELLENCE IN HOTEL OWNERSHIP & OPERATIONS 11
Slide 12: Q&A
Q&A PANDOX – EXCELLENCE IN HOTEL OWNERSHIP & OPERATIONS 12
Slide 13: Financial calendar
Financial calendar 9 May Capital Market Day 13 July 2017 Interim report Q2 10 November 2017 Interim report Q3 Pandox AB (publ) Box 15 SE-101 20 Stockholm Sweden Visiting address: Vasagatan 11, 9th floor Stockholm Sweden www.pandox.se PANDOX – EXCELLENCE IN HOTEL OWNERSHIP & OPERATIONS