Cpi Fim S.a. · GPW:OPG
Cpi Fim — Orco Property Group — FY2012 Earnings Presentation
22 slides from Cpi Fim's earnings presentation, Mar 28, 2013
Slide 1: Analyst Presentation Full Year 2012 Unaudited
March 2013 Analyst Presentation Full Year 2012 Unaudited ORCO PROPERTY GROUP 28 March 2013
Slide 2: Summary
Summary I. Key events & Figures II. Operational performance i. Property Investments ii. Development III. GAV to NAV IV. Unaudited financial results Unaudited 2
Slide 3: Key Events & Figures
25/01/2012 Key Events & Figures Unaudited
Slide 4: Key figures
Key figures GAV - EUR Million Adjusted EBITDA - EUR Million 1 855 36.8 36.5 1 744 1 600 30.3 29.9 1 329 Dec-09 Dec-10 Dec-11 Dec-12 Dec-09 Dec-10 Dec-11 Dec-12 Loan To Value NAV - EUR Million & Per Share 84.4% 528 600 50.0 67.9% 70.1% 402 378 400 28.6 30.0 53.8% 22.2 200 8.2 10.0 58.1% 4.9 53.8% 52.
Slide 5: Key events
Key events Successful deleveraging of the Balance Sheet Bonds’ restructuring The “New Orco”, post equitization Summary of the equitization terms €73 Million of €678 Million of 91m shares corporate bond corporate debt at €6.6 108 Million shares Berlin GSG refinancing finalized : RBS loan fully re
Slide 6: Stock market performance
Stock market performance Share price evolution in EUR 6 5 1 2 4 3 4 7 3 5 6 2 1 0 High: EUR 4.95 Low: EUR 1.37 Total volume over 2012: 83 879 157 1. OG Bonds conversion approved by Bondholders and Warrantholders meetings 5. General Shareholder meeting and Bondholder meetings 2. Publication of unaudi
Slide 7: Operational Performance
25/01/2012 Operational Performance Unaudited
Slide 8: Property Investments– occupancy rate & average rent
Property Investments– occupancy rate & average rent Occupancy rate evolution (%) Average rent evolution (EUR/SQM) 81% 5.15 79% 5.05 78% 4.92 December June December December June December 2011 2012 2012 2011 2012 2012 Occupancy rate by country (%) Average rent by country (EUR/SQM) 95% 86%86%86% 24.1
Slide 9: Property investments – hospitality portfolio
Property investments – hospitality portfolio CEE Hotels Suncani Hvar Hotels Revenue GOP ADR Revenue ADR GOP* in EUR million in EUR million in EUR in EUR million in EUR million in EUR 120 30.7 8.3 12.8 99 17.2 6.4 29.9 12.2 15.7 95 108 Dec. 2011 Dec. 2012 Dec. 2011 Dec. 2012 Dec. 2011 Dec. 2012 Dec.
Slide 10: Agreements & Execution
Development project progress Mezihori in Prague Rental portfolio Berlin – GSG, Gebauer Hofe • Successful pre-sales of 55% as of mid March • Identified land plots part located in Berlin of 19,635 • Financing secured with disposal of Pivovar Vrchlabi to SQM with over 55,000 SQM GFA potential* contract
Slide 11: GAV to NAV
25/01/2012 GAV to NAV Unaudited
Slide 12: GAV evolution
GAV evolution GAV by Business Line as of Dec 2012 Total Portfolio - Data in EUR Million EUR Million 1,700 Land Bank Residential Commercial Assets Held For Development Rental Assets Hospitality Financial assets 1,600 1,600 94 33 1,500 Property Investments Development 1001 162 328 32 1,400 9 169 246 4
Slide 13: Bank and bond financing
Bank and bond financing Easing of short term debt pressure ST & LT debt - Total including bonds Debt Maturity analysis - EUR Million 65 % are short 757 term debt 154 275 224 391 320 31 % are short 1,159 term debt 234 217 6 3 11 95 114 745 71 25 Opening Conversion of Issue of new Repayment Repayments
Slide 14: LTV & NAV
LTV & NAV A Stronger Balance sheet with a clear deleveraging trend Loan To Value NAV - EUR Million & Per Share 84.4% 528 600 50.0 67.9% 70.1% 402 378 400 28.6 30.0 53.80% 22.2 200 8.2 10.0 58.1% 4.9 53.8% 52.3% 89 49.30% 0 -10.0 Dec-09 Dec-10 Dec-11 Dec-12 Dec-09 Dec-10 Dec-11 Dec-12 LTV without bon
Slide 15: Unaudited financial Results FY 2012
25/01/2012 Unaudited financial Results FY 2012 Unaudited
Slide 16: Revenue
Revenue Revenue evolution - EUR Million 2011 2012 +211% 147 +1% 73 74 +6% 47 -11% 32 34 5.2 4.6 Rental Management services Hospitality Development Property Investments : +2% Development : +211% Property Investments business line revenue increased by 2% mainly driven by: Berlin rental portfolio EUR
Slide 17: Opex evolution from 2011 to 2012
Opex evolution from 2011 to 2012 35.0 1,600 1,498 Opex decreased by EUR 50 Million or 36% between 1,421 1,375 2008 and 2012, driven by headquarter costs for EUR 1,400 30.0 1,285 26 M 1,255 1,249 1,192 1,185 1,200 Operating expenses of the Group decreased by 3% 1,114 25.0 1,211 1,190 1,187 1,082 1,03
Slide 18: Adjusted EBITDA & Interest Coverage Ratio
Adjusted EBITDA & Interest Coverage Ratio Improvement of Cash Interests Coverage Ratio at 1 Adj. EBITDA - in EUR Million 2011* 2012 Interest Coverage Ratio 41.8 35.5 36.5 2011* 2012 30.3 X 1.3 X 1.0 X 1.0 X 0.6 X (0.4) (5.2) (4.8) Adj. EBITDA - Development Adj. EBITDA - Property Total Adj. EBITDA (I
Slide 19: Impairments tests and valuation of real estate assets
Impairments tests and valuation of real estate assets 12 months to December 2012 12 months to December 2011 Revaluation Impairment Total Revaluation Impairment Total Germany 18,050 (24,258) (6,208) 13,095 546 13,641 Czech Republic (5,517) (7,798) (13,315) 8,299 (8,832) (533) Poland (2,695) (1,893) (
Slide 20: Focus on Financial results
Focus on Financial results Exceptional impact of restructuring EUR Thousands FY 2012 FY 2011 VAR Interest on bonds (29 384) (33 880) 4 496 Interest on bank loans (37 278) (48 784) 11 506 Interest income 3 374 4 077 (703) Net interest (63 288) (78 587) 15 299 Foreign exchange result 8 943 (12 074) 21
Slide 21: Income statement
Income statement 12 months 12 months Variance Increase of EUR 102 M of 2012 2011 revenues is mainly due to the Revenue 259,559 157,602 101,957 sale of Sky Office building in Sale of goods 142,742 40,150 102,593 Düsseldorf Rent 66,499 68,488 (1,989) Hotels, Extended Stay & Restaurants 31,421 30,014
Slide 22: Q&A
Q&A Unaudited |ORCO} 22 PROPERTY GROUP.