Polski Holding Nieruchomosci Sa · GPW:PHN
Polski Holding Nieruchomosci Sa — Q3 2015 Earnings Presentation
34 slides from Polski Holding Nieruchomosci Sa's earnings presentation, Nov 17, 2015
Slide 1: Consolidated financial results for Q3 2015
Consolidated financial results for Q3 2015 Presentation Warsaw, November 17, 2015
Slide 2: Agenda
AGENDA 1) PHN GROUP IN Q3 2015 1. KEY ACHIEVEMENTS IN Q3 2015 2. KEY EVENTS IN Q3 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 DEVELOPMENT PROJECTS 3) PHN GROUP’S F
Slide 3: PHN Group in Q3 2015
Presentation of consolidated financial results for Q3 2015: 1) PHN GROUP IN Q3 2015
Slide 4: Key achievements in Q3 2015
KEY ACHIEVEMENTS IN Q3 2015 BUILDING VALUE IMPROVING ECONOMIC EFFICIENCY NET RESULT FOR THE GROUP [PLN mn]: 67.9 9M 2014: 48.8 39 % EBITDA [PLN mn]: 33.3 9M 2014: 15.4 116 % GROUP ASSETS [PLN mn]: 2,497.7 30.09.2014: 2,206.7 13 % EBITDA AFTER ADJUSTMENT [PLN mn]: 22.5 9M 2014: 19.7 14 % NET ASSETS O
Slide 5: Key events in Q3 2015 and after the balance sheet date
KEY EVENTS IN Q3 2015 AND AFTER THE BALANCE SHEET DATE KEY EVENTS IN Q3 2015 KEY CURRENT ACTIVITIES ACQUIRING ANDERSIA BUSINESS CENTRE – A-CLASS OFFICE BUILDING RELEASING PROVISION FOR DEFERRED INCOME TAX In July 2015, PHN purchased Andersia Business Centre, an office building with In Q3 2015, due t
Slide 6: PHN Group's real estate portfolio – capital recycling
Presentation of consolidated financial results for Q3 2015: 2) PHN GROUP’S REAL ESTATE PORTFOLIO – CAPITAL RECYCLING
Slide 7: PHN Group's real estate portfolio – capital recycling
1) PHN GROUP’S REAL ESTATE PORTFOLIO – CAPITAL RECYCLING * REMAINING IN THE PORTFOLIO FOR DIVESTMENT • TOTAL VALUE: PLN 854.3 mn • TOTAL VALUE: PLN 624.0 mn • NUMBER OF PROPERTIES: 18 • NUMBER OF PROPERTIES: 81 • Q1-Q3 2015: PLN 22.7 mn (YIELD: 4.3%) • Q1-Q3 2015: PLN 11.2 mn (YIELD: 2.2%) • GLA: 11
Slide 8: Divestments and acquisitions
DIVESTMENTS AND ACQUISITIONS DIVESTMENTS ACQUISITIONS CONTINUING THE DIVESTMENT PROGRAM COMPLETED ACQUISITIONS: • From January to September 2015, final agreements were signed for the sale • ANDERSIA BUSINESS CENTER – A-CLASS OFFICE BUILDING of 6 properties: ul. Stągiewna in Gdańsk, ul. Łowicka 44 in
Slide 9: Development projects – key information
DEVELOPMENT PROJECTS – KEY INFORMATION Item PROJECT FUNCTION AREA [sq.m.] START COMPLETION CAPEX [PLN million] PROJECTS – COMPLETED AND 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 Q3 2015 177 3
Slide 10: Development projects – schedule
DEVELOPMENT PROJECTS – SCHEDULE Item PROJECT 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 * First phase of the project PROJECTS – COMPLETED AND IN PROGRESS 1. FOKSAL CITY 2. DOMANIEWSKA OFFICE HUB 3. RETKINIA RETAIL HUB (BIEDRONKA) 4. WROCŁAW INDUSTRIAL PARK PROJECTS UNDER PREPAR
Slide 11: Development projects – completed
DEVELOPMENT PROJECTS – COMPLETED 1 FOKSAL CITY 22 DOMANIEWSKA OFFICE HUB COMPLETED PROJECT COMPLETED PROJECT ul. KRYWULTA 2 ul. RODZINY HISZPAŃSKICH 8 KEY BENEFITS: STATUS OF WORKS: KEY BENEFITS: STATUS OF WORKS: Excellent location In 2014, use permit was obtained for Attractive location In May 2015
Slide 12: Development projects – completed and in progress
DEVELOPMENT PROJECTS – COMPLETED AND IN PROGRESS 3 RETKINIA RETAIL HUB 24 SEGRO INDUSTRIAL PARK COMPLETED PROJECT PROJECT IN PROGRESS RETKINIA, ŁÓDŹ ul. BIERUTOWSKA, WROCŁAW KEY BENEFITS: STATUS OF WORKS: KEY BENEFITS: STATUS OF WORKS: Attractive location In H1 2015, construction works Attractive lo
Slide 13: Development projects – under preparation
DEVELOPMENT PROJECTS – UNDER PREPARATION 5 PARZNIEW LOGISTICS CENTER 26 YACHT PARK PROJECT UNDER PREPARATION PROJECT UNDER PREPARATION PARZNIEW near WARSAW ul. HRYNIEWICKIEGO 10, GDYNIA KEY BENEFITS: STATUS OF WORKS: KEY BENEFITS: STATUS OF WORKS: Location close to A2 motorway In January 2015, the G
Slide 14: Development projects – under preparation
DEVELOPMENT PROJECTS – UNDER PREPARATION 7 PRYMASA TYSIĄCLECIA 83 28 INTRACO CITY PROJECT UNDER PREPARATION PROJECT UNDER PREPARATION al. PRYMASA TYSIĄCLECIA 83 ul. STAWKI 2 KEY BENEFITS: STATUS OF WORKS: KEY BENEFITS: STATUS OF WORKS: Attractive location In July 2015, PHN signed an Excellent locati
Slide 15: Development projects – under preparation
DEVELOPMENT PROJECTS – UNDER PREPARATION 9 CITY TOWER PROJECT UNDER PREPARATION 2 WILANOWSKA 10 PROJECT UNDER PREPARATION OFFICE HUB ul. ŚWIĘTOKRZYSKA 36 al. WILANOWSKA 372 KEY BENEFITS: STATUS OF WORKS: KEY BENEFITS: STATUS OF WORKS: Attractive location The project assumes the construction Attracti
Slide 16: Development projects – under preparation and planned
DEVELOPMENT PROJECTS – UNDER PREPARATION AND PLANNED 11 LEWANDÓW RETAIL HUB PROJECT UNDER PREPARATION 2 RETKINIA 12 PLANNED PROJECT RETAIL HUB LEWANDÓW RETKINIA, ŁÓDŹ KEY BENEFITS: STATUS OF WORKS: KEY BENEFITS: STATUS OF WORKS: Attractive location On some of the plots, the Group plans Attractive lo
Slide 17: Development projects – planned
DEVELOPMENT PROJECTS – PLANNED 13 BARTYCKA PLANNED PROJECT RETAIL HUB 2 WILANÓW 14 PLANNED PROJECT RESIDENTIAL ESTATE ul. BARTYCKA 26 WILANÓW RESIDENTIAL ESTATE KEY BENEFITS: STATUS OF WORKS: KEY BENEFITS: STATUS OF WORKS: Excellent location PHN plans to construct a residential Attractive location A
Slide 18: Development projects – planned
DEVELOPMENT PROJECTS – PLANNED 15 JANA PAWŁA II 34 PLANNED PROJECT 2 INSTALATORÓW 16 PLANNED PROJECT 7C al. JANA PAWŁA II 34 ul. INSTALATORÓW 7C KEY BENEFITS: STATUS OF WORKS: KEY BENEFITS: STATUS OF WORKS: Attractive location PHN organized a competition for the Attractive location Initial condition
Slide 19: PHN Group's financial results
Presentation of consolidated financial results for Q3 2015: 3) PHN GROUP’S FINANCIAL RESULTS
Slide 20: Selected profit and loss statement items
SELECTED PROFIT AND LOSS STATEMENT ITEMS [PLN million] 38,7 26,2 Q3 2015 15,3 17,7 12,5 9,3 9,4 9,9 5,7 1,8 0,6 1,3 0,2 -4,0 -8,4 21,2 Q2 2015 15,6 18,4 16,5 14,3 6,7 6,3 6,7 0,9 0,4 -0,4 -2,6 -1,8 -8,9 -6,5 Wynik ze Wynik ze Wynik Skoryg. Wynik Wynik Najem Działalność Pozostała Koszty Wycena 3) Poz
Slide 21: Cash flows
CASH FLOWS [PLN million] Cash flows from operating activities: +29,9 Cash flows from investment Cash flows from financial activities: -79,1 activities: +5,8 +6,8 +10,7 +4,8 +2,6 +66,5 +9,9 -4,1 -0,8 -49,1 +0,9 -60,7 -0,2 -30,9 148,0 104,4 30.06.2015 Skorygowana Restrukturyzacja Rozliczenie Zwrot VAT
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 145.9 million (7%) Purchasing the Andersia Business Centre property in Poznań. Investment properties: +PLN 117.
Slide 23: Equity
EQUITY [PLN million] Total equity: PLN 38.7 million (2.0%) Equity allocated to parent entity shareholders: PLN 37.5 million (1.9%) Non-controlling interests: +PLN 1.2 million (3.7%) +26,2 2 000,1 +0,6 +1,4 +5,1 +9,9 33,5 1 961,4 -0,5 -4,0 32,3 1 966,6 1 929,1 30.06.2015 Skorygowana Korekta EBITDA o
Slide 24: Structure of assets and liabilities
STRUCTURE OF ASSETS AND LIABILITIES [PLN million] ASSETS LIABILITIES 2,335,6 2,497.7 Other (189.9m): 2,335.6 2,497.7 provisions: for benefits from Other (145.7m): 4,0% 4,5% Other (112.6m): 5,8% leased properties and their 8,1% provisions: for benefits from Other (93.1m): 6,3% 4,2% public-law receiva
Slide 25: 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
Slide 26: Additional information
Presentation of consolidated financial results for Q3 2015: 5) ADDITIONAL INFORMATION
Slide 27: Warsaw office market – outlook
WARSAW OFFICE MARKET – OUTLOOK * WARSAW OFFICE MARKET ABSORPTION OF NEW SPACE AND THE VACANCY RATIO [thousands of sq.m.] [%] 500 25% 450 23% ABSORPTION Q3 2015 [sq.m.]: 132,400 2015 F: 274,058 400 350 20% 18% 300 15% 250 13% 200 10% NEW SPACE Q3 2015 [sq.m.]: 91,400 2015 F: 331,334 150 100 8% 5% 50
Slide 28: Polish office market
POLISH OFFICE MARKET* OFFICE SPACE RESOURCES SPACE UNDER CONSTRUCTION DEMAND RENTAL RATES CITY [sq.m.] [sq.m.] [sq.m.] [EUR/sq.m./month] WARSAW 4,627,600 613,800 222,600 11–24 CRACOW 741,506 185,375 21,400 13–15 WROCŁAW 611,121 130,776 24,300 13.5–15.5 TRI-CITY 506,734 90,900 24,000 13–15 POZNAŃ 369
Slide 29: Real estate portfolio structure as at September 30, 2015
REAL ESTATE PORTFOLIO STRUCTURE AS AT SEPTEMBER 30, 2015 GEOGRAPHIC STRUCTURE OF THE REAL ESTATE PORTFOLIO GEOGRAPHIC STRUCTURE OF SEGMENTS: REMAINING AND PROJECTS [% of fair value] [% of fair value] 6% 4% 7% 4% Warsaw and its vicinity Warsaw and its vicinity 15% 21% Tri-City Tri-City Wrocław Wrocła
Slide 30: Continued operations – result
CONTINUED OPERATIONS – RESULT [PLN million] Q3 2015 Q2 2015 Revenue from sale 42.2 35.6 Operating expenses (24.9) (19.7) Gross result from sales 17.3 15.9 Provision for warranty repairs and damages 0.4 (0.3) Gross result from sales after adjustment 17.7 15.6 Selling and administration expenses (8.5)
Slide 31: Rental – segment result
RENTAL – SEGMENT RESULT [PLN million] Q3 2015 Q2 2015 Revenue from sale 32.5 30.1 Operating expenses (17.2) (15.8) Gross result from sales 15.3 14.3 Selling and administration expenses (6.7) (7.3) One-off costs (Group restructuring) 0.1 0.2 Selling and administration expenses after adjustment (6.6)
Slide 32: Development – segment result
DEVELOPMENT – SEGMENT RESULT [PLN million] Q3 2015 Q2 2015 Revenue from sale 7.6 3.9 Operating expenses (6.2) (2.7) Gross result from sales 1.4 1.2 Provision for warranty repairs and damages 0.4 (0.3) Gross result from sales after adjustment 1.8 0.9 Selling and administration expenses (0.9) (0.5) Ne
Slide 33: Other operations and unallocated items – result
OTHER OPERATIONS AND UNALLOCATED ITEMS – RESULT OTHER OPERATIONS – RESULT [PLN million] Q3 2015 Q2 2015 Revenue from sale 2.1 1.6 Operating expenses (1.5) (1.2) Gross result from sales 0.6 0.4 Net result from sales 0.6 0.4 Operating result 0.6 0.4 Depreciation and amortization 0.2 0.0 EBITDA 0.8 0.4
Slide 34: Polski Holding Nieruchomości S.A. contact details
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
Polski Holding Nieruchomości — Q3 2015 Earnings Presentation on 6ix