Polski Holding Nieruchomosci Sa · GPW:PHN

Polski Holding Nieruchomosci Sa — H1 2015 Earnings Presentation

35 slides from Polski Holding Nieruchomosci Sa's earnings presentation, Aug 31, 2015

  1. Slide 1: Consolidated financial results for H1 2015

    Consolidated financial results for H1 2015 Presentation Warsaw, August 31, 2015

  2. Slide 2: Agenda

    AGENDA 1) PHN GROUP IN H1 2015 1. KEY ACHIEVEMENTS IN H1 2015 2. KEY EVENTS IN H1 2015 AND AFTER THE BALANCE SHEET DATE 2) PHN GROUP’S REAL ESTATE PORTFOLIO – CAPITAL RECYCLING 1. PROPERTIES REMAINING IN THE PORTFOLIO, DIVESTMENTS AND ACQUISITIONS 2. PHN GROUP’S CONSTRUCTION PROJECTS 3) PHN GROUP FI

  3. Slide 3: 1) PHN Group in H1 2015

    Presentation of consolidated financial results for H1 2015: 1) PHN GROUP IN H1 2015

  4. Slide 4: Key achievements in H1 2015

    KEY ACHIEVEMENTS IN H1 2015  BUILDING VALUE  IMPROVING ECONOMIC EFFICIENCY    NET RESULT FOR THE GROUP [PLN million]: 29.2 H1 2014: 13.4  118 %  EBITDA [PLN million]: 22.8 H1 2014: 10.0  128 %  GROUP ASSETS [PLN million]: 2,335.6 30.06.2014: 2,181.4  7%  EBITDA AFTER ADJUSTMENT [PLN milli

  5. Slide 5: Key events in H1 and after the balance sheet date

    KEY EVENTS IN H1 AND AFTER THE BALANCE SHEET DATE  KEY EVENTS IN H1 2015  KEY CURRENT ACTIVITIES  SIGNING A JV AGREEMENT ON THE PARZNIEW LOGISTIC CENTER PROJECT  COMMENCING COOPERATION WITH SARP In January 2015, PHN concluded a JV agreement with Parzniew Partners B.V. (a In May 2015, PHN conclud

  6. Slide 6: 2) PHN Group's real estate portfolio – capital recycling

    Presentation of consolidated financial results for H1 2015: 2) PHN GROUP’S REAL ESTATE PORTFOLIO – CAPITAL RECYCLING

  7. Slide 7: PHN Group's real estate portfolio – capital recycling

    PHN GROUP’S REAL ESTATE PORTFOLIO – CAPITAL RECYCLING * REMAINING IN THE PORTFOLIO CONSTRUCTION PROJECTS • TOTAL VALUE: PLN 656.8 million • TOTAL VALUE: PLN 843.8 million • NUMBER OF PROPERTIES: 16 • NUMBER OF PROPERTIES: 43 (19 PROJECTS) • NOI H1 2015: PLN 13.3 million (YIELD: 4.9%) • NOI H1 2015:

  8. Slide 8: Divestments and acquisitions

    DIVESTMENTS AND ACQUISITIONS  DIVESTMENTS  ACQUISITIONS  CONTINUING THE DIVESTMENT PROGRAM  PURCHASING ANDERSIA BUSINESS CENTER – AN A-CLASS OFFICE BUILDING • In H1 2015, PHN signed four agreements for the final sale of properties: located In July 2015, PHN purchased Andersia Business Centre, an

  9. Slide 9: Construction projects – key information

    CONSTRUCTION PROJECTS – KEY INFORMATION No. PROJECT FUNCTION AREA [sq.m.] START COMPLETION CAPEX [PLN million]  COMPLETED PROJECTS AND PROJECTS IN PROGRESS 1.  FOKSAL CITY A-class office building GLA: 3,340 Q3 2012 Q2 2014 30 2.  DOMANIEWSKA OFFICE HUB A-class office building GLA: 26,200 Q1 2014

  10. Slide 10: Construction projects – schedule

    CONSTRUCTION PROJECTS – SCHEDULE No. PROJECT 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 * First phase of the project  COMPLETED PROJECTS AND PROJECTS IN PROGRESS 1.  FOKSAL CITY 2.  DOMANIEWSKA OFFICE HUB 3.  RETKINIA RETAIL HUB (BIEDRONKA) 4.  WROCŁAW INDUSTRIAL PARK  PR

  11. Slide 11: Construction projects – completed

    CONSTRUCTION PROJECTS – COMPLETED 1 FOKSAL CITY 22 DOMANIEWSKA OFFICE HUB COMPLETED PROJECT COMPLETED PROJECT ul. KRYWULTA 2 ul. RODZINY HISZPAŃSKICH 8 KEY ASSETS: STATUS OF WORKS: KEY ASSETS: STATUS OF WORKS: Excellent location In 2014, use permit was obtained for Attractive location In Q3 2015

  12. Slide 12: Construction projects – completed and in progress

    CONSTRUCTION PROJECTS – COMPLETED AND IN PROGRESS 3 RETKINIA RETAIL HUB 24 SEGRO INDUSTRIAL PARK COMPLETED PROJECT PROJECT IN PROGRESS RETKINIA, ŁÓDŹ ul. BIERUTOWSKA, WROCŁAW KEY ASSETS: STATUS OF WORKS: KEY ASSETS: STATUS OF WORKS: Attractive location In H1 2015, works on the construction Attrac

  13. Slide 13: Construction projects – under preparation

    CONSTRUCTION PROJECTS – UNDER PREPARATION 5 PARZNIEW LOGISTICS CENTER 26 YACHT PARK PROJECT UNDER PREPARATION PROJECT UNDER PREPARATION PARZNIEW near WARSAW ul. HRYNIEWICKIEGO 10, GDYNIA KEY ASSETS: STATUS OF WORKS: KEY ASSETS: STATUS OF WORKS: Location close to A2 motorway In January 2015, the Gr

  14. Slide 14: Construction projects – under preparation

    CONSTRUCTION PROJECTS – UNDER PREPARATION 7 PRYMASA TYSIĄCLECIA 83 28 INTRACO CITY PROJECT UNDER PREPARATION PROJECT UNDER PREPARATION al. PRYMASA TYSIĄCLECIA 83 ul. STAWKI 2 KEY ASSETS: STATUS OF WORKS: KEY ASSETS: STATUS OF WORKS: Attractive location The project assumes the creation of a Excell

  15. Slide 15: Construction projects – under preparation

    CONSTRUCTION PROJECTS – UNDER PREPARATION 9 CITY TOWER PROJECT UNDER PREPARATION 2 WILANOWSKA 10 PROJECT UNDER PREPARATION OFFICE HUB ul. ŚWIĘTOKRZYSKA 36 al. WILANOWSKA 372 KEY ASSETS: STATUS OF WORKS: KEY ASSETS: STATUS OF WORKS: Attractive location The project assumes the construction Attracti

  16. Slide 16: Construction projects – planned and under preparation

    CONSTRUCTION PROJECTS – PLANNED AND UNDER PREPARATION 11 LEWANDÓW REATIL HUB PROJECT UNDER PREPARATION 2 RETKINIA 12 PLANNED PROJECT RETAIL HUB LEWANDÓW RETKINIA, ŁÓDŹ KEY ASSETS: STATUS OF WORKS: KEY ASSETS: STATUS OF WORKS: Attractive location PHN is currently in the course of Attractive locati

  17. Slide 17: Construction projects – planned

    CONSTRUCTION PROJECTS – PLANNED 13 BARTYCKA PLANNED PROJECT REATIL HUB 2 WILANÓW 14 PLANNED PROJECT RESIDENTIAL ESTATE ul. BARTYCKA 26 WILANÓW RESIDENTIAL ESTATE KEY ASSETS: STATUS OF WORKS: KEY ASSETS: STATUS OF WORKS: Excellent location Talks are conducted with potential Attractive location Th

  18. Slide 18: Construction projects – planned

    CONSTRUCTION PROJECTS – PLANNED 15 JANA PAWŁA II 34 PLANNED PROJECT 2 INSTALATORÓW 16 PLANNED PROJECT 7C al. JANA PAWŁA II 34 ul. INSTALATORÓW 7C KEY ASSETS: STATUS OF WORKS: KEY ASSETS: STATUS OF WORKS: Attractive location A competition was finalized to select Attractive location Preliminary fi

  19. Slide 19: 3) PHN Group financial results

    Presentation of consolidated financial results for H1 2015: 3) PHN GROUP FINANCIAL RESULTS

  20. Slide 20: Selected profit and loss statement items

    SELECTED PROFIT AND LOSS STATEMENT ITEMS [PLN million] 18,4 14,3 15,6 16,5 6,7 6,3 6,7 Q22015 0,9 -0,4 -1,8 -2,8 -6,6 -8,9 -21,2 Najem Działalność Koszty Wycena 3) Pozostałe One-off 5) Działalność Podatek deweloperska administracyjne koszty finansowa dochodowy Wynik ze Wynik ze Wynik Skoryg. Wynik W

  21. Slide 21: Cash flows

    CASH FLOWS PLN million] Cash flows from operating activities: +42,6 Cash flow from investment Cash flows from financial activities: -48,1 activities: +51,7 +4,6 +57,2 +0,2 +35,7 -5,6 -0,7 -5,5 +6,6 +2,6 +0,5 -0,6 -46,9 -1,7 148,0 101,6 31.03.2015 Skorygowana Restrukturyzacja Rozliczenie Zwrot VAT od

  22. Slide 22: Investment properties, properties held for sale, and inventory

    INVESTMENT PROPERTIES, PROPERTIES HELD FOR SALE, AND INVENTORY  INVESTMENT PROPERTIES AND PROPERTIES HELD FOR SALE (IFRS 5) [PLN million] Investment properties and properties for sale: +PLN 52.7 million (3%)  Purchasing part of property at Al. Jana Pawła II 12 in Warsaw (Kaskada) Investment proper

  23. Slide 23: Equity

    EQUITY  EQUITY [PLN million] Total equity: -PLN 52.0 million (-2.6%)  Decrease in equity allocated to parent entity Equity allocated to parent entity shareholders: -PLN 33.9 million (-1.6%) shareholders as a result of allocating PLN 60.7 Non-controlling interests: -PLN 18.1 million (-35.8%) millio

  24. Slide 24: EPRA lease yield indicators

    EPRA LEASE YIELD INDICATORS  Adjusted net result for the lease segment acc. to EPRA  EPRA NIY ** [PLN million] [PLN million] 9,2 6,9 4,0% 4,0% 1Q2015 2Q2015 2015 (1Q) 2015 (2Q) Q2 2015 Q1 2015 2015 2015 (Q1) Net result for the rental segment* 17.8 13.1 (Q2)*** *** Adjustments -11.0 3.1 Investment

  25. Slide 25: Structure of assets and liabilities

    STRUCTURE OF ASSETS AND LIABILITIES [PLN million]  ASSETS  LIABILITIES 2,243.6 2,335.6 Other (139.0m): 2 243,6 2 335,6 provisions: for benefits from Other (189.9m): 5,5% 4,0% leased properties and their use 6,2% provisions: for benefits from Other (93.1m): 8,1% Other (123.0m): 4,5% 6,3% public-law

  26. Slide 26: Thank you

    Thank you Polski Holding Nieruchomości S.A. 00-124 Warsaw, al. Jana Pawła II 12 phone +48 22 850 91 00, fax +48 22 850 91 01 www.phnsa.pl NIP 525-250-49-78, KRS 0000383595, REGON 142900541

  27. Slide 27: 5) Additional information

    Presentation of consolidated financial results for H1 2015: 5) ADDITIONAL INFORMATION

  28. Slide 28: Warsaw office market – outlook

    WARSAW OFFICE MARKET – OUTLOOK  WARSAW OFFICE MARKET  ABSORPTION OF NEW SPACE AND THE VACANCY RATIO [sq.m.] [%] 500 000 25% 450 000  ABSORPTION H1 2015 [sq.m.]: 91,675 2015 F: 180 000 400 000 20% 350 000 300 000 15% 250 000 200 000 10%  NEW SPACE H1 2015 [sq.m.]: 146,952 2015 F: 348,000 150 000

  29. Slide 29: Polish office market

    POLISH OFFICE MARKET* OFFICE AREA RESOURCES AREA UNDER CONSTRUCTION PLANNED SUPPLY RENTAL RATES CITY [sq.m.] [sq.m.] [sq.m.] [EUR/sq.m./month] KRAKÓW 741,506 185,375 46,500 13–15 WROCŁAW 611,121 130,776 35,000 13.5–15.5 TRI-CITY 506,734 90,900 48,800 13–15 POZNAŃ 369,658 25,500 40,000 14–16 KATOWICE

  30. Slide 30: Real estate portfolio structure as at June 30, 2015

    REAL ESTATE PORTFOLIO STRUCTURE AS AT JUNE 30, 2015  GEOGRAPHIC STRUCTURE OF REAL ESTATE PORTFOLIO  GEOGRAPHIC STRUCTURE OF SEGMENTS: REMAINING IN THE PORTFOLIO AND PROJECT [of fair value] [% of fair value] 6% 4% 8% 5% Warszawa i okolice Warszawa i okolice 8% 11% Trójmiasto Trójmiasto Wrocław Wroc

  31. Slide 31: Continued operations – result

    CONTINUED OPERATIONS – RESULT [PLN million] Q2 2015 Q1 2015 Revenue from sale 35.6 37.4 Operating expenses (19.7) (22.2) Gross result from sales 15.9 15.2 Provision for warranty repairs and damages (0.3) (0.2) Gross result from sales after adjustment 15.6 15.0 Selling and administration expenses (9.

  32. Slide 32: Rental – segment result

    RENTAL – SEGMENT RESULT [PLN million] Q2 2015 Q1 2015 Revenue from sale 30.1 30.3 Operating expenses (15.8) (16.6) Gross result from sales 14.3 13.7 Selling and administration expenses (7.3) (5.8) One-off costs (Group privatization and restructuring) 0.2 0.1 Selling and administration expenses after

  33. Slide 33: Development – segment result

    DEVELOPMENT – SEGMENT RESULT [PLN million] Q2 2015 Q1 2015 Revenue from sale 3.9 7.1 Operating expenses (2.7) (5.5) Gross result from sales 1.2 1.6 Provision for warranty repairs and damages (0.3) (0.2) Gross result from sales after adjustment 0.9 1.4 Selling and administration expenses (0.5) (0.8)

  34. Slide 34: Other operations and unallocated items – result

    OTHER OPERATIONS AND UNALLOCATED ITEMS – RESULT  OTHER OPERATIONS – RESULT [PLN million] Q2 2015 Q1 2015 Revenue from sale 1.6 - Operating expenses (1.2) (0.1) Gross result from sales 0.4 (0.1) Net result from sales 0.4 (0.1) Operating result 0.4 (0.1) EBITDA 0.4 (0.1) Adjusted EBITDA 0.4 (0.1)  U

  35. Slide 35: Polski Holding Nieruchomości S.A. contact details

    Polski Holding Nieruchomości S.A. 00-124 Warszawa, Al. Jana Pawła II 12 phone +48 22 850 91 00, fax +48 22 850 91 01 www.phnsa.pl NIP 525-250-49-78, KRS 0000383595, REGON 142900541

Polski Holding Nieruchomości — H1 2015 Earnings Presentation on 6ix