First Property Group Plc · LSE:FPO

First Property — FY2009 Earnings Presentation

21 slides from First Property's earnings presentation, Mar 31, 2009

  1. Slide 1: First Property Group plc Final Results

    First Property Group plc Final Results For the year ended 31 March 2009 Ben Habib – Chief Executive George Digby – Finance Director -1- 1

  2. Slide 2: Contents

    Contents ƒ Our Business ƒ Our Markets ƒ Financial and Operational Highlights ƒ Outlook ƒ Appendices -2- 2

  3. Slide 3: Our Business

    Our Business First Property Group plc 100% 100% 60% Property Fund Property Facilities Management Trading Management First Property Services -3- 3

  4. Slide 4: Fund Management Division

    Fund Management Division ƒ 4 funds under management at 31 March 2009 : £310 million ƒ Geographical split by value: Poland 88% Romania 7% UK 5% ƒ Sector split by value: Offices 68% Retail 22% Industrial 10% ƒ Over 70% of leases by value expire after end 2012. ƒ Fees earned during the year of £4.57 mi

  5. Slide 5: Property Trading Division

    Property Trading Division ƒ 2 office properties owned by the Company: Property 1: Located in the Mokotow district of Warsaw - Acquired in December 2007 - Price : PLN 11.5 million (£2.3 million) - Net rental income : PLN 1.3 million (£260,000) pa - Yield : 11.3% - No debt Property 2: Located in the C

  6. Slide 6: Property Services Division

    Property Services Division ƒ First Property Services is in the business of installing and maintaining air cooling/heating systems. ƒ 60% owned by the Group. ƒ Clients including the BBC, Canary Wharf, Credit Swiss, Moody’s and Coutts. ƒ Revenues during the year of £5.35 million (2008: £4.94 million)

  7. Slide 7: Polish economy and market

    Polish economy and market ƒ Poland fared particularly well in 2008, ending that year with GDP growth of 4.8%, a low budget deficit of some 2% of GDP and a low current account deficit of some 4%. ƒ Flight of capital from CEE in late 2008/early 2009. ƒ Consequential reduction in the value of CEE curre

  8. Slide 8: UK economy and market

    UK economy and market ƒ The UK economy has and is going through a sharp contraction and debt levels are high both at a Government and consumer level. ƒ Yields on commercial property have increased substantially over the last 2 years, with a total reduction in value of some 40%. ƒ There are signs tha

  9. Slide 9: Financial Highlights

    Financial Highlights ƒ Profit on ordinary activities before performance fees and taxation of £3.27 million (2008: £2.92 million). ƒ Diluted earnings per share of 2.74p (2008: 3.81p). ƒ Increased dividend for the year of 1 pence per share (2008: 0.8 pence per share). ƒ The Group ended the year with n

  10. Slide 10: Operational Highlights

    Operational Highlights ƒ Actively extended tenant leases and increased rents so that over 70% of the leases in the portfolio (by value) now expire after the end of 2012 and rent on the portfolio increased by some 3% during 2008. ƒ Recently completed purchase of a new warehouse, let to Indesit, in Ra

  11. Slide 11: Segmental Performance

    Segmental Performance Segment Information Year to 31 March 2008 Year to 31 March 2009 Revenue (£m) Prop. Fund Mgt 8.34 4.57 Prop. Trading 2.11 1.20 Property facilities management 4.94 5.35 Other fees and income 0.18 0.1 Total Sales 15.57 11.22 Operating Profits (£m) Prop. Fund Mgt 5.74 2.85 Prop. Tr

  12. Slide 12: Outlook

    Outlook ƒ Despite the Global economic environment, Fprop remains a secure and growing business capable of delivering excellent returns to its clients and shareholders. ƒ We do expect some reduction in values of the properties (and possibly the Euro) currently managed by the Group, with a consequenti

  13. Slide 13: Appendices

    Appendices ƒ Market statistics ƒ Management Team ƒ Our Team on the Ground ƒ Fund Performance ƒ Contact Details -13- 13

  14. Slide 14: Market Statistics

    Market Statistics ƒ Number of shares in issue: 108.2 million ƒ Number of shares held in treasury: 3.43 million ƒ Diluted EPS: 2.74p ƒ Share price: 15.25p ƒ Market capitalisation: £16.5 million ƒ Major shareholders: Benyamin Naeem Habib 15,500,000 14.33% J C Kottler 14,471,783 13.38% Universities Sup

  15. Slide 15: Management Team

    Management Team Non-executive Chairman, Alasdair Locke, MA (Oxon) Alasdair is also Executive Chairman of Abbot Group plc, a company providing wide ranging services to the oils services industry. He was voted Scottish Entrepreneur of the Year in 1999. Chief Executive, Ben Habib, MA (Cantab) Ben is th

  16. Slide 16: Management Team, continued

    Management Team, continued Property Director, Martin Pryce, B.Sc, MRICS, IMC Having been Managing Director of Propertytrade plc, a commercial property portal, Martin joined the Fprop team in 2001, following its acquisition by Fprop. He brings with him a solid background in chartered surveying, havin

  17. Slide 17: Management Team continued

    Management Team continued FJB Capital Advisers; MD, Jeremy Barkes Following 10 years in equity sales, latterly specialising in real estate, Jeremy joined the Group in February 2009 to raise equity for investment by FPAM, as well as on behalf of 3rd parties. Facilities Management (First Property Serv

  18. Slide 18: Our Team on the Ground

    Our Team on the Ground The Group has a policy of managing its property portfolio in-house, as much as possible. It employs: ƒ 8 staff in the UK in fund management and property trading. ƒ 18 staff in Poland in fund. management and property trading ƒ 18 staff in facilities management. Full in-house ca

  19. Slide 19: Fund Performance

    Fund Performance ƒ Fund 1 (UK commercial) launched in 2002 and dissolved in 2006: IRR earned from properties of 52%. ƒ Fund 2 (UK commercial) launched in 2002 and dissolved in 2007: IRR earned from properties of 73%. ƒ Fund 3 (UK commercial) launched in 2003 and dissolved in 2007: IRR earned from pr

  20. Slide 20: Ongoing Fund Performance

    Ongoing Fund Performance ƒ Fund 6 (UK & CEE commercial) launched in 2004 and still running: If properties held by the fund had been sold at their value at 31 March 2009, the annualised IRR earned by the fund would have been some 19%. [The fund earned a pre-tax profit (excluding notional capital gain

  21. Slide 21: Advisers and Contact Details

    Advisers and Contact Details Website: www.fprop.com Telephone: 020 7731 2844 Address: First Property Group plc 17 Quayside Lodge William Morris Way London SW6 2UZ Email: enquiries@fprop.com Financial PR Enquiries: 0207 7566 6700 Adam Leviton / Kathryn Hurford Email: firstproperty@redleafpr.com -21-

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