Slide 1: CTP N.V. Financial Highlights Q1-2023
CTP N.V. Financial Highlights Q1-2023 11 May 2023 Parkmakers
Slide 2: Q1-2023: delivering on promises
Q1-2023: delivering on promises Financial highlights Operational highlights €628m €131m 94% 6.5 yrs (+22.4% vs. Q1-2022) (+21.9% vs. Q1-2022) (94% as at 31 Dec 2022) (6.3 years in Q1-2022) Next 12 months’ contracted Q1 Net rental income Occupancy WAULT revenues1 €78m €0.18 12.5% 7.8% (4.8% in Q1-202
Slide 3: CTP is active in 10 countries across Western Europe and CEE
CTP is active in 10 countries across Western Europe and CEE 10.9m Core Markets Growth Markets sqm GLA WE Markets Portfolio Value by Country (%) 20.7m sqm landbank 42MWp NL AT DE 3.9% 7.9% 0.8% SL BG 1.5% 0.1% RS 2.7% Installed PV PL 5.8% SK 6.4% €12.0bn GAV CZ 47.1% HU 9.1% RO 14.6% NB: Figures may
Slide 4: Strong leasing activity
Strong leasing activity 297,000 sqm Leases signed in Q1-2023 Size: 27,000 sqm Size: 20,000 sqm Park: Opole Park: Belgrade City Leases signed – rent breakdown (€m) Q1-2023 Take-up of existing space + developments completed in the year 7.2 Other rental movements (rent reviews, renewals) 3.8 Pre-lets s
Slide 5: Strong and diversified international client base
Strong and diversified international client base Low operational and financial risk 36.4% 33.2% of portfolio GLA of Gross Rental Income 3PLS: 10.8% AUTOMOTIVE: 9.0% E-COMMERCE, RETAIL, MANUFACTURING: 3.9% WHOLESALE AND DISTRIBUTION: 5.5% HIGH TECH: 3.6% NB: Figures may not add up due to rounding 5
Slide 6: CTP's long-lasting tenant relations drive operational results
CTP’s long-lasting tenant relations drive operational results Occupancy1 (%) 95% 94% 94% 95% 99.7% 93% Tenant retention Collection rate FY-2020 FY-2021 FY-2022 Q1-2023 7.8% 52% CTP’s market share in core markets2 (%) 28.1% 27.8% 27.5% Like-for-like rental growth3 CPI linked contracts4 expected to be
Slide 7: Consistent revenue growth
Consistent revenue growth Next 12 months’ revenue growth1 €7 million growth vs. €59 million in-place rent at (€ million) time of acquisition Accretive acquisitions Pre-letting Indexation + Letting reversion captured 22% GROWTH Q1-2022 excl. Future Q1-2023 excl. Standing Deliveries Acquisitions CTP G
Slide 8: Higher YoC thanks to decreasing construction costs and increasing rents
Higher YoC thanks to decreasing construction costs and increasing rents Increased pipeline profitability Expected YoC Projects under construction → Construction costs started to decrease from mid-2022 → 2022: ~€550 per sqm 13.5% → 2023E: ~€500 per sqm 11.6% 11.0% 10.8% 10.1% 10.4% → Rents continue t
Slide 9: Continued strong letting of new deliveries in Q1-2023
Continued strong letting of new deliveries in Q1-2023 223,000 sqm 88% Leased at delivery €13m Contracted rental income €2m Additional rental income potential when full occupancy is reached NB: Figures may not add up due to rounding 9
Slide 10: Projects under construction
Projects under construction → In 2023 CTP will have at least the same 1.8m sqm 10.4% amount as deliveries as in 2022, and more if demand remains robust Under construction → 142,000 sqm signed for future projects that Expected YoC haven’t started yet, illustrating ongoing healthy occupier market 62%
Slide 11: Energy
Energy MWp Installed Case Study: → YoC target: DHL ~ 15% 100 → Cost per MWp: ~€750k – below market average thanks to CTP acquiring in bulk → Carbon neutral design 38.4 and roof structures already in place for all new buildings 6.1 42.5 → Income potential for 2023: → Green electricity >90% >€10 milli
Slide 12: Growth plan on track to reach 20 million sqm before end of the decade
Growth plan on track to reach 20 million sqm before end of the decade Standing portfolio & under construction Deliveries 13 Million sqm - owned 1.5 Million sqm 12 1.8 1.7 11 1.0 10 1.0 0.9 9 8 1.0 0.6 10.5 10.9 7 0.5 6 0.7 0.2 7.6 5 5.9 4 0.0 2020 2021 2022 Q1-2023 2020 2021 2022 Q1-2023 Acquisition
Slide 13: Financial results
Financial results 13
Slide 14: Financial highlights
Financial highlights Q1-2023 (€m) Q1-2022 (€m) Increase (%) Net Rental Income 130.7 107.2 +21.9% Net valuation result on investment property 208.3 27.5 +656.8% Profit for the period 225.5 60.2 +274.4% Company specific adjusted EPRA earnings 78.3 59.3 +32.1% Q1-2023 (€) Q1-2022 (€) Increase (%) Compa
Slide 15: Gross Asset Value up 4.5% in Q1-2023
Gross Asset Value up 4.5% in Q1-2023 At Q1 and Q3 results only materially changed IPuD projects are Investment Property (IP), Investment Property under Development (IPuD) externally revalued. and Property, Plant & Equipment (PPE) (€ million) GAV: 5,872 8,460 11,486 12,008 Standing: 180 169 → +5% vs.
Slide 16: Low average cost of debt and favourable maturity profile
Low average cost of debt and favourable maturity profile Conservative residual Cost of debt 5.5 yrs 99.4% maturity of debt (%) 3.0% (€ million due in following years) 1,620 2.5% FIXED / HEDGED AVG DEBT MATURITY 1,488 1,486 2.5% 2.1% 1,235 2.0% 2.0% 1,040 1.6% 1.5% 904 915 1.5% 1.2% 708 1.0% 524 425
Slide 17: Solid liquidity and ample headroom to covenants
Solid liquidity and ample headroom to covenants 31 March €1.1bn 9.7x Covenant 2023 AVAILABLE LIQUIDITY NORMALIZED NET DEBT TO EBITDA Secured Debt Test 16.4% 40% 65% UNSECURED DEBT 45.9% LTV Unencumbered Asset Test 188.4% 125% Interest Cover Ratio 4.4x 1.5x CREDIT RATINGS (S&P & MOODY’S) BBB- Baa3 LT
Slide 18: Good access to credit markets
Good access to credit markets February 2023: February 2023: March 2023: RCF Secured Loan Facility Secured Loan Facility → €500 million → €95 million → €133 million → 3-year with two → 7-year → 7-year 1-year extension options → Fixed all-in cost: 4.3%1 → Fixed all-in cost: 4.6%1 → Potential to make i
Slide 19: Outlook
Outlook → Leasing dynamics remain strong, with robust occupier demand, low vacancy across CTP’s markets and new supply decreasing, leading to continued rental growth. → The Group’s pipeline is highly profitable and tenant led. The YoC target for new projects is increased to 11%, thanks to decreasing
Slide 20: Guidance confirmed
Guidance confirmed Guidance 2023 €0.72 2023 Company specific adjusted EPRA EPS +18% vs. 2022 Dividend policy1 confirmed: 70% - 80% pay-out 1. Default dividend is scrip with option to receive cash 20
Slide 21: Appendices
Appendices 21
Slide 22: EPRA EPS
EPRA EPS EPRA Earnings (€ ’000) Q1-2023 Q1-2022 Earnings per IFRS income statement 225,463 60,575 Adjustments to calculate EPRA Earnings, exclude: Changes in value of investment properties, development properties held for investment and other interests 208,282 27,521 Profits or losses on disposal of
Slide 23: EPRA NAV
EPRA NAV EPRA Net Asset Value Metrics (€ ’000) EPRA NRV EPRA NTA EPRA NDV 31 March 2023 31 December 2022 31 March 2023 31 December 2022 31 March 2023 31 December 2022 IFRS Equity attributable to shareholders 5,508,596 5,284,517 5,508,596 5,284,517 5,508,596 5,284,517 Include / Exclude: i) Hybrid ins
Slide 24: EPRA NIY
EPRA NIY EPRA NIY and 'topped-up' NIY (€ ’000) 31 March 2023 31 Dec 2022 Investment property – wholly owned 11,040,627 10,554,602 Investment property – share of JVs/Funds Trading property (including share of JVs) Less: developments 1,217,505 1,193,343 Completed property portfolio 9,823,122 9,361,259
Slide 25: LTV
LTV LTV (€ ’000) 31 March 2023 31 Dec 2022 Investment Property 10,610,513 10,124,185 Investment Property under Development 1,217,505 1,193,343 Property, Plant and Equipment 179,884 168,905 Gross Asset Value 12,007,902 11,486,433 Bonds 3,983,770 3,981,350 Interest-bearing loans and borrowings from fi
Slide 26: Portfolio
Portfolio GAV1 Standing2 IPuD Landbank2 Portfolio split by value (in %) (€12,008m) (€9,823m) (€1,218m) (€787m) Czech Republic 47% 51% 20% 29% Romania 15% 16% 6% 14% Hungary 9% 9% 9% 11% Germany 8% 9% 0% 4% Slovakia 6% 6% 7% 11% Poland 6% 4% 15% 18% Netherlands 4% 1% 25% 5% Serbia 3% 2% 7% 5% Bulgari
Slide 27: Portfolio
Portfolio Standing IPuD Landbank Portfolio split by sqm (‘000) (10,878 sqm) (1,775 sqm) (20,662 sqm) Czech Republic 3,878 285 6,843 Romania 2,488 216 3,760 Hungary 1,004 208 2,253 Germany 1,684 28 208 Slovakia 776 58 1,755 Poland 274 453 2,275 Netherlands 127 120 1,494 Serbia 281 248 1,178 Bulgaria
Slide 28: Yields
Yields FY-2022 H1-2022 FY-2021 Portfolio yield 6.5% 6.3% 6.4% FY-2022 H1-2022 Reversionary yield1 6.8% 6.4% Czech Republic 6.1% 5.6% Slovakia 6.1% 5.8% Romania 7.7% 7.7% Hungary 6.7% 6.6% Poland 5.4% 5.8% Serbia 9.1% 9.2% Bulgaria 8.2% 7.7% Austria 5.7% 5.4% Netherlands 8.9% n/a Germany 8.7% 8.3% 1.
Slide 29: Financial calendar
Financial calendar Event: Date: Payment 2022 final dividend 18 May 2023 2023 Half-Year results 10 August 2023 Capital Markets Day 20-21 September 2023 2023 Third quarter results 9 November 2023 29
Slide 30: Disclaimer
Disclaimer This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of CTP. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believes”, “estimates”, “pla
Slide 31: Maarten Otte, Head of Investor Relations
Maarten Otte, Head of Investor Relations Mobile: +420 730 197 500 Email: maarten.otte@ctp.eu 31