Slide 1: Preliminary Results, 21 June 2011
Preliminary Results, 21 June 2011 First Property Group plc 21 June 2011
Slide 2: Table of Contents
Table of Contents Business Model 3 Fund Raising Market 13 Highlights 4-7 Investment Markets 13-14 Financial Highlights 4 Poland 14 Dividend 5 United Kingdom 15 Earnings Breakdown 6 Operational Highlights 7 Outlook 16 Segmental Analysis 8-12 APPENDICES 17-22 Share Statistics 17 FPAM 8 Shareholders 18
Slide 3: Business Model
Business Model First Property Group plc is a property fund manager with operations in the United Kingdom and Central Europe. Its business model is to: Raise third party funds to invest in income producing commercial property; Co-invest in these funds; Earn fees for the management of these fund
Slide 4: Prelims 2011 Financial Highlights
Prelims 2011 Financial Highlights Year to 31-Mar-2011 Year to 31-Mar-2010 Percentage (Unaudited) (Audited) change Profit on ordinary activities before tax – continuing operations £2.95m £2.61m +13% Net Assets £16.49m £15.65m +5.9% Cash and cash equivalents £5.44m £10.13m -46.3% Diluted earnings per
Slide 5: Prelims 2011 Dividend
Prelims 2011 Dividend GBP Board recommends increased final dividend of 0.74p (2010: 0.72p). Record Date 26 Aug 2011 Payment Date 23 Sep 2011 Total dividend for the year of 1.06p (2010: 1.03p). 5
Slide 6: Financial Highlights - Earnings breakdown
Prelims 2011 Financial Highlights - Earnings breakdown In monetary terms: In percentage terms: £m 3 2.5 2 Group 2010 Properties Cash, 3% 1.5 (incl FOP), 2011 30% 1 0.5 FPAM, 67% 0 FPAM Group Properties Cash (incl FOP) 6
Slide 7: Prelims 2011 Operational Highlights
Prelims 2011 Operational Highlights Assets under management (AUM) grew by Retained ranking as the best performing fund 22% to £366 million (2010: £300 million). manager versus the Investment Property Databank (IPD) Central and Eastern European New Pan-European fund, focused initially on (CEE)
Slide 8: FPAM – Assets Under Management (AUM)
Segmental Analysis FPAM – Assets Under Management (AUM) Termination Assets under Fund Established Date (unless Management at extended) 31 March 2011 Not subject to SAM Property Company Ltd 2004 Rolling recent revaluation Regional Property Trading (RPT) 2004 Aug 2012 £8.1 million 5th Property Trading
Slide 9: FPAM – AUM breakdown
Segmental Analysis FPAM – AUM breakdown By fund: By investor category: By geography: Pension Poland USS, Funds 75% 68% 87% (2010:85%) Family Offices Romania 1% 3% High net (2010:4%) 5PT UK PPP FOP worth 3% RPT 21% Fprop 6% investors UK 22% 2% 9% 3% (2010:11%) 9
Slide 10: Group Properties – Indirectly held assets
Segmental Analysis Group Properties – Indirectly held assets First Property Group plc is a shareholder in four of FPAM’s six funds: FPG shareholding Book Value (IFRS) Earnings to FUND 31 Mar 2011 31 Mar 2011 31 Mar 2011 5th Property Trading Ltd (5PT) 37.8% £495,000 £168,000 Regional Property Trading
Slide 11: Group Properties – Directly held assets
Segmental Analysis Group Properties – Directly held assets Valuation Contribution to Property Name Purchase date Purchase price Bank loan Net rent at 31.3.11 pre-tax profit PLN 12.8 m Bacha St, Mokotow, Warsaw Nov 2007 PLN 11.7 m (£2.3m) Nil £299,000 £281,000 (£2.8 m) Blue Tower, Central Business US
Slide 12: Group Properties - Earnings breakdown
Segmental Analysis Group Properties - Earnings breakdown In monetary terms: In percentage terms: £m 0.9 0.8 0.7 0.6 FOP 18% 2010 0.5 2011 0.4 2x direct 0.3 properties 63% 0.2 3x fund 0.1 shareholdings 0 2x direct properties 3x fund shareholdings FOP 12
Slide 13: Fund Raising Market
Fund Raising Market General: FOP Raising blind pools is still very challenging, Investor appetite for Polish commercial real estate particularly in non core markets (such as Poland). is growing again. But our excellent track record should help our fund We have expressions of interest to inve
Slide 14: Investment Markets: Poland
Investment Markets Poland Economy: Commercial property market: 7th largest economy in the Euro area Tenant demand has remained resilient. GDP Growth: Property values for core assets now rising. 2009: 1.7%(1); Opportunities at 8%+ yields still exist in the major cities and conurbations..
Slide 15: Investment Markets: United Kingdom
Investment Markets United Kingdom Commercial property market: We remain cautious: Our strategy: Significant uplift in values from the lows of Target secure long term income streams let 2009 in many cases mask the economic at sustainable rental levels, ideally new pressure on occupants; lease
Slide 16: Outlook
Outlook FPAM: Group Properties: AUM (and therefore FPAM fee income) is Earnings from Group Properties expected to expected to continue to grow due to: grow due to: Continued investment of FOP; Shareholdings in our funds continuing to perform well; New subscriptions into FOP; Additional a
Slide 17: Share statistics at March 2011
Appendices Share statistics at 31 Mar 2011 2011 2010 % change LSE (AIM) Symbol FPO.L Issued & Fully Paid 114,851,115 113,601,115 + 1.1% Share price 24p Issued (excl Treasury ) 111,046,501 109,770,527 + 1.2% Market Cap £26,650,000 Shares held in Treasury 3,804,614 3,830,588 - 0.7% 1.06p (subject to O
Slide 18: Shareholders > 3% at March 2011
Appendices Shareholders > 3% at 31 March 2011 % held (of issued Shareholders > 3% No of shares and fully paid) Benyamin Habib (Chief Executive Officer) 16,700,000 14.5% J C Kottler Esq 14,746,783 12.8% Universities Superannuation Scheme Limited 9,550,000 8.3% Alasdair Locke (Non Executive Chairman)
Slide 19: Plc Management Team – Non Executives
Appendices Plc Management Team – Non Executives Non-Executive Chairman — Alasdair Locke, MA (Oxon) Alasdair is the former executive Chairman of Abbot Group plc, an oil services company which he founded in 1992. It was listed on the London Stock Exchange from 1995 until its sale in 2008 for £906 mill
Slide 20: PLC Management Team - Executives
Appendices PLC Management Team - Executives Group Chief Executive & FPAM Chief Investment Officer — Ben Habib, MA (Cantab) Ben founded First Property Group plc in 2000. He is responsible for all aspects of the operations of Fprop and its fund management business. Subject to the terms and conditions
Slide 21: Contact Details
Contact Details Website http://www.fprop.com Financial PR Telephone +44 20 7340 0270 Redleaf Polhill www.redleafpolhill.com Address First Property Group plc 35 Old Queen Street Mike Ward London George Parrett SW1H 9JA firstproperty@redleafpr.com +44 207 566 6750 Marketing Director Jeremy Barkes jere