Pro Kapital Grupp As · OMXTSE:PKG1T
Pro Kapital Grupp As — AS Pro Kapital Grupp — Debt Investor Presentation (March 2019)
22 slides from Pro Kapital Grupp As's debt investor presentation, Mar 21, 2019
Slide 1: Company presentation – AS Pro Kapital Grupp
Company presentation – AS Pro Kapital Grupp Pareto Securities’ Nordic Corporate Bond Conference 21 March 2019
Slide 2: Today's presenters
Today’s presenters CEO Paolo Michelozzi and CFO Angelika Annus Paolo Michelozzi – CEO Angelika Annus – CFO • With Pro Kapital since 1994, CEO since 2001 • First hired by Pro Kapital in 1998, CFO since 2014 • General Certificate of Education (building surveyor), • BBA, International Business Administ
Slide 3: Table of contents
Table of contents 1. Pro Kapital at a glance 2. Portfolio overview and project pipeline 3. Financial overview
Slide 4: Pro Kapital in brief
Pro Kapital in brief Real estate development and property management in prime locations in all Baltic capital cities Geographic footprint and share of book value The leading Baltic real estate development and property management company, mainly active in the Baltic capital cities • Company headquart
Slide 5: Business segments
Business segments Residential properties are usually sold, commercial held for cash flow or sold Commercial Typical project • Development and management Size retail (GLA): >50,000m2 of large-scale commercial Size office (GLA): ~10,000m2 properties, including office IRR: ~20% Commercial buildings and
Slide 6: Recent history and financial development
Recent history and financial development Founded in 1994, Pro Kapital has a long and successful history EURm 2015 2017 EURm 2012 The beginning of the Sale of hotels in 600 Pro Kapital’s shares are listed on the secondary construction of the 30 Riga & Tallinn list of Tallinn Stock Exchange. The Itali
Slide 7: Table of contents
Table of contents 1. Pro Kapital at a glance 2. Portfolio overview and project pipeline 3. Financial overview
Slide 8: Overview of current portfolio
Overview of current portfolio Book value of EUR 234 million out of which ~58% are cash flow producing Portfolio book value by country and operations Book value of property and project assets amount to EUR 234 million 3% 91% of commercial out of which 58% are cash flow generating properties are cash
Slide 9: T1 Mall of Tallinn
T1 Mall of Tallinn First new-generation shopping and entertainment center in Estonia The T1 Mall of Tallinn is the first new generation commercial and entertainment center in Estonia, opened in November 2018 Prime location on Peterburi tee 2, where public transport, highways and air transport meets,
Slide 10: T1 Mall of Tallinn
T1 Mall of Tallinn Ideally located, reachable from everywhere and in the most populous district of Tallinn Location Residential area • Ideally located on the border between Lasnamäe and the city center • Close to major intersection that is high in passenger traffic Planned • In close vicinity of the
Slide 11: T1 Mall of Tallinn
T1 Mall of Tallinn Only 4.5% of the current annual income is related to leases that will expire prior to 2023 Leasable area and vacant premises (31.12.2018) Total annual income of signed lease agreements (12/18) by lease expiry % of Ʃ 3.6% 0.7% 0.2% - 73.1% 22.5% 15% 7,000 6,344.4 54,973 54,973 6,00
Slide 12: Other operational and completed properties
Other operational and completed properties Additional revenues provided by other operational properties and completed properties to be sold PK Parkhotel Kurhaus (Bad Kreuznach, DE) Completed properties to be sold (as of 28.2.2019) • Gracious hotel built in 1913 situated in The River Breeze Residence
Slide 13: Project Pipeline
Project Pipeline Estonia Kristiine City Residential Building Complex • One of the largest residential developments in the Baltics located in the historical Kristiine district near the city center of Tallinn • Gross building area is 139,000 m² of which sellable area is ca 74,500 m² and rentable 24,00
Slide 14: Project Pipeline
Project Pipeline Latvia Kliversala Residential Complex • A sight to see in Riga city center - on the bank of the Daugava river on the shore of Agenskalna bay • Gross building area under development is 61,000 m² of which sellable area is ca 43,000 m² River Breeze Residence • 48 apartments with terrac
Slide 15: Project Pipeline
Project Pipeline Latvia Tallinas Quarter • The project foresees a series of apartments and buildings with commercial premises on the first floor. The building complex will consist of new buildings and restored historical buildings that will create a unique atmosphere in the area • Gross building are
Slide 16: Expected completion of properties
Expected completion of properties Cash flows consist of completed and sold properties and rents from operational properties Expected completion of apartments Expected completion of commercial GLA (m2) Profit recognition • Pro Kapital recognizes profits when the Kristiine City Saltiniu Namai Kalarann
Slide 17: Table of contents
Table of contents 1. Pro Kapital at a glance 2. Portfolio overview and project pipeline 3. Financial overview
Slide 18: Income statement
Income statement Historical financials 2016 – 2018 Income statement (EURk) 2016 20172 20181 Recurring revenue split 2018 Revenue 20,652 12,077 27,991 Cost of goods sold -14,598 -7,516 -18,415 Gross profit 6,054 4,561 9,576 4% Gross margin 29.3% 37.8% 34.2% Marketing expenses -518 -822 -1,336 14% 14%
Slide 19: Balance sheet
Balance sheet Historic financials 2016 – 2018 and current overview Balance sheet (EURk) 2016 2017 20181 Total interest bearing debt, equity and equity ratio (LTM, EURm) Current assets 24,001 53,229 69,308 Non-current assets 118,313 121,929 175,797 150 54% 60% 51% 49% TOTAL ASSETS 142,314 175,158 245
Slide 20: Real estate assets and debt overview
Real estate assets and debt overview The completion of the T1 Mall has contributed to an increased real estate asset base Real estate portfolio balance sheet value as of 31.12.2018 Debt structure overview as of 31.12.2018 1% Except for overdrafts of 3% 7% 8% EUR 3k, bank Saleable inventory 23% loans
Slide 21: Cash flow
Cash flow Historical financials 2016 – 2018 Cash flow statement (EURk) 2016 2017 20181 LTM Cash flow (EURm) Cash flows from operating activities Profit/ loss for the year -4,025 -518 18,040 50 Depreciation and amortisation of non-current assets 695 455 214 Change in fair value of investment property
Slide 22: Thank you!
Thank you! PROKAPITAL
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