Slide 1: Full-Year Results 2015
FULL-YEAR RESULTS 2015 Schiphol 4 February 2016
Slide 2: Highlights FY 2015
HIGHLIGHTS FY 2015 Continued strong operational performance; transformation phase completed Solid operations despite challenging retail environment Positive L-f-L rental growth in all countries: +140 bps above indexation Occupancy trending up in Q4, +1.1% for acquisitions in Fra and NL, on track
Slide 3: Highlights FY 2015
HIGHLIGHTS FY 2015 Financial performance FY 2015 FY 2014 Direct result per share €3.23 €2.97 Indirect result per share €(0.88) €(2.38) of which transaction costs €(1.11) €(1.74) EPRA NAV per share €52.10 €54.35 Dividend per share €3.01 €2.87 LTV 37.5% 35.4% Operations LFL growth sh. cent
Slide 4: Strategy
STRATEGY
Slide 5: Strategy
STRATEGY TRANSFORMATION COMPLETED De-risk, Regroup, Growth strategy executed 2013 - 2015 Integration new portfolios France and NL completed 2015 operational targets reached FOCUS ON OPERATIONS Occupancy, occupancy, occupancy 2016 Strengthen organisation Optimise portfolio quality CAPI
Slide 6: 2015 Targets Reached
2015 TARGETS REACHED CONTINUE STRONG OPERATIONAL LfL rental growth > 100bps above index 2015: 140bps PERFORMANCE Occupancy 1% up per year (base: 93.5% after acquisitions) +0.5% increase in Q4 2015 INTEGRATE NRI French retail stabilise at €46m in 2015 2015: €45.7m ACQUISITIONS LfL Frenc
Slide 7: Focus on Operations
FOCUS ON OPERATIONS Execute business plan per centre Leveraging key-account relationships OCCUPANCY, OCCUPANCY, OCCUPANCY Bring key-functions in-house and decrease service charges Add amenities and facilities to meet Wereldhave standards Adding COO to board of management CEO Wereldhave B
Slide 8: Capital Recycling
CAPITAL RECYCLING REVIEW STRATEGIC OPTIONS ITIS Hold/sell analysis Sell Belgian offices and smaller Dutch centres (non-core) gradually ACQUISITIONS DEPENDENT ON Buy convenience shopping centres in core countries only DISPOSALS No new countries at least until 2017 LTV maintained below 40% M
Slide 9: Operations
OPERATIONS
Slide 10: Visitors
VISITORS 2015 2014 Growth Market (In #m) (In #m) (In %) (In %) Belgium 14.3 14.2 1.1% (1.4%) Finland 16.9 16.3 3.6% 0.4% France 40.8 41.3 (1.1%) (1.0%) Netherlands 81.5 79.0 3.1% (0.1%) Total 153.5 150.8 1.8% Belgium: footfall up 1.1% vs a decrease of 1.4% in the market (top 15 shopping centres)
Slide 11: Occupancy
OCCUPANCY Portfolio value* Q4 2015 Q3 2015 Q4 2014 Q4 2015 (In %) (In %) (In %) (In €m) (In %) Belgium 94.9% 94.4% 94.6% 608 17% Finland 92.5% 93.2% 92.1% 616 17% France 91.1% 90.0% 91.2% 852 23% Netherlands 95.3% 94.7% 98.0% 1,458 40% Shopping centres 93.8% 93.3% 93.9% 3,534 97% Belgium 93.4% 91.4%
Slide 12: New Store Openings
NEW STORE OPENINGS Mango, Save, Rivetoile Côté Seine Finlayson, Helixir, Itis Rivetoile 12
Slide 13: L-f-L Rent Shopping Centres
L-f-L RENT SHOPPING CENTRES 140 bps above indexation 2.3% 1.8% 1.3% 1.8% Above 0.7% 1.4% Indexation 2.3% 1.3% Indexation 0.0% 0.5% 0.6% 0.4% Finland Belgium Netherlands Total 11 13
Slide 14: Netherlands
NETHERLANDS Key parameters shopping centres 2015 2014 Foto sh centre Net rental income € 54.8m € 38.1m LfL 1.3% 1.0% Occupancy 95.3% 98.0% Valuation result 0.8%* -4.9% NIY 5.8% 5.8% NIY (EPRA) 5.6% 6.0% Standing investments € 1,458m € 697m Under construction € 26m € 18m Roselaar, Roosendaal Footf
Slide 15: France
FRANCE Key parameters shopping centres 2015 2014 Net rental income € 45.7m n.a. LfL n.a. n.a. Occupancy 91.1% 91.2% Valuation result 1.8% n.a. NIY 5.4% 5.5% NIY (EPRA) 5.0% 5.5% Standing investments € 852m € 832m Under construction - - Docks Vauban, Le Havre Footfall decreased by 1.1%, in line wit
Slide 16: Belgium
BELGIUM Key parameters shopping centres 2015 2014 Net rental income € 35.7m € 28.0m LfL 1.8% 3.2% Occupancy 94.9% 94.6% Valuation result 1.6% -0.2% NIY 5.9% 5.8% NIY (EPRA) 5.6% 5.7% Standing investments € 608m € 597m Under construction € 33m € 18m Nivelles, Nivelles Footfall +1.1% vs market at -1
Slide 17: Finland
FINLAND Key parameters shopping centres 2015 2014 Net rental income € 28.6m € 27.9m LfL 2.3% 6.7% Occupancy 92.5% 92.1% Valuation result -2.1% 0.0% NIY 4.7% 4.6% NIY (EPRA) 4.7% 5.2% Standing investments € 616m € 605m Under construction - - Footfall (+3.6%) and sales (+5%) continue to increase in
Slide 18: Portfolio
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Slide 19: Committed Development Pipeline
COMMITTED DEVELOPMENT PIPELINE Commited Total Capex (net) Capex Fully let Percentage Year of investment so far spent 2015 NIY prelet completion (In €m) (In €m) (In €m) (In %) (in %) 0.0 Dutch redevelopment program (NL) 72.0 35.5 10.0 5.8% 2018 Dutch refurbishment capex 27.0 15.7 3.6 2018 Tournai - r
Slide 20: New, Refreshed and Refurbished Portfolio
NEW, REFRESHED AND REFURBISHED PORTFOLIO* Dutch refurbishment program (2013 – 2018) 98% Refurbishment of Kronenburg, Eggert, Etten-Leur, De Roselaar and Koningshoek completed or in final stages 85% Winkelhof and De Koperwiek to be upgraded 2016-17 Redevelopment of Itis (2014) 66% Successfully
Slide 21: Milestones
MILESTONES Opening refurbished store ANWB, Eggert New websites 16 Dutch & 6 French shopping centres Opening H&M, Cityplaza, Nieuwegein Opening new passage at Koningshoek, Maassluis 21
Slide 22: Financials
FINANCIALS
Slide 23: Direct Result (in € per share)
DIRECT RESULT (IN € PER SHARE) 1.70 -0.15 0.11 0.08 -0.06 -0.38 -1.04 3.23 2.97 2014 Acquisitions Disposals From Standing General costs Interest costs Other 2015 development portfolio Acquisitions: 2014: shopping centre Vier Meren (Jan), part of sh. centre Koperwiek (March), C&A unit Roosendaal (A
Slide 24: Indirect Result (in € per share)
INDIRECT RESULT (IN € PER SHARE) Valuation results + Other income and Accrued interest Fair value adjustments Recycling FX and results on disposals expenses convertible derivatives Taxes/other revaluation reserve Total indirect result -0.22 -0.08 -0.03 -0.15 -0.06 -0.34 -0.88 Fair value adjustment
Slide 25: EPRA NAV (in € per share)
EPRA NAV (IN € PER SHARE) 54.35 -2.87 52.10 -0.88 0.14 3.23 -1.5 -0.37 Q4 2014 Dividend 2014 Interim € 250m Direct Indirect Other Q4 2015 dividend 2015 share issue result result IFRS NAV* EPRA NNNAV* Dec 2015: € 50.05 Dec 2015: € 50.38 Dec 2014: € 52.07 Dec 2014: € 52.19 * Reconciliation IFR
Slide 26: Valuation
VALUATION Valuation* Revaluation** Revaluation NIY*** EPRA NIY**** ∆ ∆ 2015 2014 H2 H1 2015 2015 2015 (In €m) (In €m) (€m) (€m) (In %) (In %) (In %) Belgium 641 616 (6.6) (In €m) 16.4 (In €m) 1.6 5.9 5.6 Finland 616 605 (16.8) 3.6 -2.1 4.7 4.7 France 852 832 6.6 8.4 1.8 5.4 5.0 Netherlands 1,483 715
Slide 27: FY 2015 Income Statement
FY 2015 INCOME STATEMENT FY 2015 FY 2014 Direct Indirect Direct Indirect (In €m) 2015 2015 2014 2014 Gross rental income 207.3 - 131.6 - Service costs charged 37.3 - 22.7 - Total revenue 244.6 - 154.3 - Service costs paid (42.2) - (25.1) - Property expenses (17.8) - (10.4) - Total expenses (59.9) -
Slide 28: Debt Profile
DEBT PROFILE
Slide 29: Debt Profile
DEBT PROFILE Key parameters Q4-15 Q3-15 Covenants Interest bearing debt * € 1,515m € 1,928m Decrease in interest bearing debt due to the sale of the French offices Noda and Le Cap Average cost of debt 2.2% 2.2% In Q4 new financing was realised: a five-year € 75m bank loan at 1% Borrowing capacit
Slide 30: Outlook
ae WERELDHAVE
Slide 31: Earnings Outlook 2015-2016
EARNINGS OUTLOOK 2015-2016 CAGR 7% - 10% CAGR 4-6% Direct result p/s growth 2016 3.23 between 6-9% 3.01 2.97 2.87 Dividend p/s growth 2016 between 4-6% Based on current portfolio 2014 2015 2016 Direct result per share Dividend per share 31
Slide 32: Appendix
ye WERELDHAVE
Slide 33: Company Profile
COMPANY PROFILE OVERVIEW PORTFOLIO VALUE DISTRIBUTION (PRO-FORMA) 1 Independent property company, founded in 1930 First REIT in Europe Investing & operating convenience shopping centres in the Netherlands, France, Belgium and Finland €627m €1,452m ‘REIT’ status in the Netherlands, Belgium an
Slide 34: Netherlands Largest Core Market
NETHERLANDS LARGEST CORE MARKET 41% 24% 17% 18% NETHERLANDS FRANCE BELGIUM FINLAND Shopping Shopping Shopping Shopping Office centre centre centre centre # of assets 20 # of assets 6 # of assets 8 4 # of assets 1 Average GLA Average Average GLA (m2) 23,336 Average GLA (m2) 33,750 19,682 19,602 104,0
Slide 35: Top 10 Properties
TOP 10 PROPERTIES TOP 10 PROPERTIES # Shopping centre City Country Value Dec 2015 1 ITIS HELSINKI, FIN € 616m 2 CITY PLAZA NIEUWEGEIN NL € 205m 3 RIVETOILE STRASBOURG FRA € 192m 4 DOCKS 76 ROUEN FRA € 186m 5 SAINT-SEVER ROUEN FRA € 179m 6 BELLE-ILE LIEGE BEL € 163m 7 MIDDENWAARD H’HUGOWAARD NL € 154
Slide 36: Top 10 Tenants
TOP 10 TENANTS TOP 10 TENANTS # Tenant Branche % Dec 2015 1 AHOLD-DELHAIZE* FOOD/GROCERIES 3.9% 2 HENNES & MAURITZ FASHION 3.2% 3 BLOKKER HOUSEHOLD GOODS 2.8% 4 C&A FASHION 1.8% 5 AS WATSON GROUP DRUGSTRORE 1.8% 6 STOCKMANN DEPARTMENT STORE 1.8% 7 EXCELLENT RETAIL BRANDS FASHION 1.6% 8 HEMA DEPARTME
Slide 37: Lease Expiry Profile
LEASE EXPIRY PROFILE Offices 0.2% Shopping Centres 1.4% 0.5% 0.5% 0.3% 0.8% 13.0% 0.3% 0.1% 0.4% 12.0% 11.3% 10.9% 10.8% 8.8% 7.8% 6.3% 6.5% 6.3% 0.3% 2.3% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 > 2024 Belgium 1.8% of expiries in 2016; 70% of retail contracts already renewed or re-let,
Slide 38: NAV Reconciliation (IFRS – EPRA)
NAV RECONCELIATION (IFRS – EPRA) (In € per share) IFRS NAV 31 December 2015 50.05 Effect of conversion - Diluted NAV 50.05 Fair value derivatives 0.13 Deferred tax 1.92 EPRA NAV 52.10 Fair value derivatives -0.13 Fair value interest bearing debt -0.44 Deferred tax -1.15 EPRA NNNAV 31 December 2015 5
Slide 39: Dominant Convenience Shopping Centres
DOMINANT CONVENIENCE SHOPPING CENTRES Gain market share in the micro environment 1. 2. 3. 4. BETWEEN 20,000 AND DOMINANT IN ITS TAILORED TO THE MICRO FOOD ANCHORED 50,000M² CATCHMENT ENVIRONMENT m² GLA per shopping centre Average GLA split1 Catchment area >100,000 Socio-demographic adaptation inhabi
Slide 40: Benefits of Convenience Shopping
BENEFITS OF CONVENIENCE SHOPPING 1. 2. 3. RESILIENT EFFECT DRIVES FOOTFALL THROUGH THE CYCLE FROM E-COMMERCE Footfall # per week1 The Netherlands2 Wereldhave categories in portfolio3 Food 20% Food 30.000 110 market Services 8% 27.500 F&B 4% Internet resilient 32% Fashion & accessoires 22% 20.000 Hea
Slide 41: Focus on Dominant Convenience Centres
FOCUS ON DOMINANT CONVENIENCE CENTRES AVERAGE SHOPPING CENTRE SIZE FOR RETAIL PLAYERS IN CONTINENTAL EUROPE (GLA IN M²) 44,176 26,871* 26,687 19,788 16,625 14,879 12,602 5,690 1 2 Source Company information, based on retail assets only for all peers Notes 1. Incl. Corio and recent disposals, based o
Slide 42: CSR Framework
CSR FRAMEWORK SEINE ARGENTEUIL CENTRE
Slide 43: CSR Framework
CSR FRAMEWORK PILLAR TARGETS YEAR Improve energy efficiency by 30% 2020 BRICKS BREEAM-Outstanding r(e)developed offices >2014 BREAAM Very Good shopping centres 2020 Employee satisfaction scores of 7.5 or higher 2017 HR Increase average training to 25 hours 2015 Increase % female managers
Slide 44: CSR Progress
CSR PROGRESS PILLAR PROGRESS Q4 2015 LfL energy consumption -10.3% from Oct 2014 to Oct 2015 BRICKS BREEAM certificate Very Good : 52% of shopping centres now certified. A further 12 centres planned to be done in 2016 New employee survey planned for Q2 2016 HR Average number of training hour
Slide 45: Contact Details
CONTACT DETAILS PRESS IINVESTORS & ANALYSTS Richard Beentjes Jaap-Jan Fit Richard.beentjes@wereldhave.com Jaapjan.fit@wereldhave.com T +31 20 702 78 34 T +31 20 702 78 43 Investor.relations@wereldhave.com www.wereldhave.com 45
Slide 46: WERELUDHAVE
F ¥y WERELUDHAVE