Care Property Invest Sa · EURONEXT:CPINV

Care Property Invest Sa — Non-Deal Roadshow (October 2017)

56 slides from Care Property Invest Sa's roadshow presentation, Oct 10, 2017

  1. Slide 1: Taking care of the future: 2017 Capital increase Roadshow presentation

    Taking care of the future 2017 Capital increase Roadshow presentation

  2. Slide 2: Disclaimer

    Disclaimer “This presentation has been prepared by the management of Care Property Invest (or the “Company” ) solely for use by you at the investor presentations and solely for your information and background and is subject to updating, completion, revision and amendment and such information may cha

  3. Slide 3: Forward looking statements

    Forward looking statements This Presentation includes forward-looking statements that reflect the Company's intentions, beliefs or current expectations concerning, among other things, the Company’s results, condition, performance, prospects, growth, strategies and the industry in which the Company o

  4. Slide 4: Risk factors

    Risk factors Investing in shares involves considerable risks. Before investing in the new shares, irrevocable allocation rights or scrips, investors are requested to read the prospectus, particularly the risk factors described in chapter 1 ‘Risk Factors’ of the securities note, including, inter alia

  5. Slide 5: Risk factors: market risks

    Risk factors • Key risks that are specific to Care Property Invest and its activities • Market risks • Risks associated with the health care real estate market – A reduction in demand for or an oversupply of health care real estate or a weakening of the financial situation of the various market part

  6. Slide 6: Risk factors: financial risks

    Risk factors • Key risks that are specific to Care Property Invest and its activities • Financial risks • Liquidity risk – The termination, late extension or lack of renewal of financing agreements or non-compliance with covenants in such agreements could lead to a cash shortage for the Company, whi

  7. Slide 7: Risk factors: offer and offered shares

    Risk factors • Key risks associated with the Offer and the offered shares • Risks associated with the investment in the New Shares – Investing in the Shares offered involves risks that might lead to the loss of the entire investment in the Shares offered. • Liquidity of the share – The Shares provid

  8. Slide 8: Risk factors: offer and offered shares

    Risk factors • Key risks associated with the Offer and the offered shares • Withdrawal of the subscription – If subscription orders are withdrawn after the Subscription Period closes when this is permitted by law following the announcement of a supplement to the Prospectus, the holders of Irrevocabl

  9. Slide 9: Risk factors: offer and offered shares

    Risk factors • Key risks associated with the Offer and the offered shares • Risks associated with takeover provisions in Belgian legislation – Various provisions of the Belgian Companies Code and certain other provisions of Belgian law may apply to the Company and may make an unsolicited takeover bi

  10. Slide 10: Today's presenters

    Today’s presenters Peter Van Heukelom  CEO of Care Property Invest since September 2009  Director of Serviceflats Invest since June 2003  General Manager Public Finance at KBC Bank from 1996 to 2009  Manager Marketing and Sales at Dexia from 1988 to 1996  Sales Manager at Mercator Verzekeringen

  11. Slide 11: Agenda

    Agenda 1 Key investment highlights p. 12 2 Business model: A unique combination of both public and private market models p. 14 3 Activity update since 2015 p. 25 4 Use of proceeds p. 32 5 Financial review 30/06/2017 p. 34 6 Care Property Invest share p. 41 7 Overview of the key offering terms p. 44

  12. Slide 12: Key investment highlights

    93 care “th property invest Hi) Key investment highlights

  13. Slide 13: Key investment highlights

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Key investment highlights 5 1 Experienced management High visibility / certainty on  The majority of management existing cash flows committee members is  Long duration of leasehold involved since inceptio

  14. Slide 14: Business model: A unique combination of both public and private market models

    2 Business model: A unique combination of both public and private market models

  15. Slide 15: A unique combination of public and private market models

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Care Property Invest: A unique combination of public and private market models Real value split in public and private participations Evolution of real value of total portfolio EUR 360.1m 350 35% 300 250 200

  16. Slide 16: Business model for the public market

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Business model for the public market 1 (58% and 65% of total portfolio book and real value resp. per 30/06/17) Public-Private Partnership Own developments Design-Building-Finance(- Maintain) ≈ Serviceflats

  17. Slide 17: More than 20 years of experience since foundation as Serviceflats Invest

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering More than 20 years of experience since its foundation as “Serviceflats Invest”  Serviceflats Invest: first BEVAK (now: REIT) founded in October 1995 as initiative of the Flemish government  Building and f

  18. Slide 18: Similar low-risk investment structure across all 76 projects

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Similar low-risk investment structure across all 76 projects Design-Build-Finance (DBF) structure  Local PCSW grants building right on their grounds General contractor and architect to Care Property Invest

  19. Slide 19: Triple net leasehold contracts provide low risk and high visibility

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Triple net leasehold contracts provide low risk and high visibility  Annual adjustment of the canon to consumer price index increases  100% leasehold remuneration / canon  De facto occupancy of 100%  Fu

  20. Slide 20: Counterparties and matched debt maturities provide low risk and high visibility

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Counterparties and matched debt maturities provide low risk and high visibility  Solvency profile of tenants(1):  Subsidy stream on blocked account used to partially reimburse Care Property Invest at end

  21. Slide 21: Business model for the private market

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Business model for the private market 2 (35% and 42% of total portfolio book and real value resp. per 30/06/17) Own developments Purchase existing sites  Acquisition of land or buildings  Buildings in lin

  22. Slide 22: Combined portfolio: Geographical spread of investments

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Combined portfolio: Geographical spread of investments (30/06/2017) Number of projects per region(1) Number of residential units per region(1)(2) 84 projects 2% 6% 12% 10% 32% 35% 14% 16% 19% 15% 21% 18% An

  23. Slide 23: Combined portfolio: projects and rental income per operator

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Combined portfolio: Number of projects & rental income per operator (30/06/2017) Projects per operator(1) 1H17 rental income per operator(2) 84 projects EUR 9.5m 2% 5% 11% 8% 11% 13% 52% 3% 17% 71% 2% PCSWs

  24. Slide 24: Favourable demographics push increasing need for residential care

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Favourable demographics push increasing need for residential care Demographic evolution in Belgium 2016-2060 (in millions)  The total Belgian population is 13.04 +15% 12.41 projected to grow from 11.30 mil

  25. Slide 25: Activity update since 2015

    93 care “th property invest Ei] Activity update since 2015

  26. Slide 26: Activity update since 2015

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Activity update since 2015 05/2015 12/2015 12/2016 07/2017 02/2017 Closing of Acquisition of Acquisition of Acquistion of Acquisition of Vorst Gullegem Herenthout Lanaken Libramont Contractual value: Contra

  27. Slide 27: Investments realised in 2015

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Investments realised in 2015 Turnhout Aan de Kaai Turnhout De Nieuwe Kaai Herenthout Gullegem  105 licensed nursing  84 licensed nursing home home beds + 17 assisted  15 assisted living units  94 licens

  28. Slide 28: Investments realised in 2016

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Investments realised in 2016 Lanaken Bonheiden-Rijmenam  122 licensed nursing home beds  52 assisted living units  Contractual value of approx. EUR 19 million  Contractual value of approx. EUR 13.4 mill

  29. Slide 29: Investments realised in 2017

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Investments realised in 2017 Watermaal – Bosvoorde Libramont  34 service flats + residential care centre with 130 rooms  Residential care centre with 108 licensed beds + group of 18 assisted  Contractual

  30. Slide 30: Project completed in 2017

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Project completed in 2017 Moerbeke  22 assisted living units  Investment value of approx. EUR 3.6 million  Provisional delivery: 23/2/2017 and rental income from 1/04/2017  DBF-structure  Leasehold agr

  31. Slide 31: Projects under development in 2017

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Projects under development in 2017 Herenthout Vorst  22 assisted living units  Residential care centre with 118 licensed beds  Expected investment of approx. EUR 3.6 million upon provisional  Expected i

  32. Slide 32: Use of proceeds

    93 care “th property invest Ei) Use of proceeds

  33. Slide 33: Use of proceeds

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Use of proceeds Maximum gross proceeds of approximately EUR 72.1 million Approximately EUR 61.9 million committed investments(1)  Two care centers in the province of Flemish Brabant  One site in the provi

  34. Slide 34: Financial review 30/06/2017

    5 Financial review 30/06/2017

  35. Slide 35: EPRA Key Performance Indicators

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering EPRA Key Performance Indicators Full year H1 Care Property Invest has EUR (‘000) FY 2015 FY 2016 H1 2016 H1 2017 included ratios EPRA result after becoming member of EPRA EUR 7,477 8,124 4,243 7,366 in 2016

  36. Slide 36: Key figures: P&L statement

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Key figures: P&L statement(1) Full year H1 Increased EUR (‘000) FY 2015 FY 2016 H1 2016 H1 2017 operational result Net rental income 13,732 15,629 7,800 9,462 (47.39%) vs H1 2016, net rental Corporate manag

  37. Slide 37: Key figures: Balance sheet

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Key figures: Balance sheet Full year H1 Further increase EUR (‘000) FY 2015 FY 2016 H1 2016 H1 2017 in investment properties thanks Receivables financial lease 157,005 156,938 156,938 160,603 to inclusion o

  38. Slide 38: Key figures: NAV

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Key figures: NAV Full year H1 NAVPS according EUR (‘000) FY 2015 FY 2016 H1 2016 H1 2017 to IFRS Net assets of the Company 100,300 108,699 98,710 143,846 Excl. IAS 39: the variations of the IFRS NAVPS 7.62

  39. Slide 39: Rental income General expenses

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Rental income General expenses Evolution of consolidated rental income versus general expenses (in EURm) 25 The Company expects rental income amounting 20 to at least EUR 20 million for the 15 2017 financia

  40. Slide 40: Forecasts

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Forecasts Total rental guidance 2017: at least EUR 20 million(1) • 2016 total rental income: EUR 15.6 million • 2017 guidance represents an increase of 28% compared to 2016 EPRA result guidance 2017: at lea

  41. Slide 41: Care Property Invest share

    93 care “th property invest G| Care Property Invest share

  42. Slide 42: An appealing track record

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering An appealing track record Since 2003 30 80 300 Share price (in EUR, LH scale) 70 25 Volume (in thousands, RH scale) 250 60 20 200 50 15 40 150 30 10 100 20 5 50 10 CPI BEL20 EPRA BeLux EPRA Developed Europe

  43. Slide 43: A dividend growth story

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering A dividend growth story Gross dividend (EUR per share) since IPO The forecasted EPRA result will 0.77 0.73(1) 0.74 amount to at least 0.66(2) 0.65 EUR 0.7388 per 0.61 share. The 0.52 0.53 0.55 Company 0.52

  44. Slide 44: Overview of key offering terms

    7 Overview of key offering terms

  45. Slide 45: Offering structure & modalities

    Highlights Business model Activity update Use of proceeds Financial review CPI share Offering Offering structure & modalities • Priority allocation transaction with irrevocable priority allocation rights (tradable on the regulated Transaction calendar market of Euronext Brussels) for existing shareh

  46. Slide 46: Prospectus

    Prospectus The Prospectus, which is composed of the securities note (and the documents incorporated by reference therein), the registration document (and the documents incorporated by reference therein) and the summary, are made available to investors as from Wednesday 12 October 2017, before openin

  47. Slide 47: Q&A

    x! care }- property Invest Q&A

  48. Slide 48: Appendix

    x! care }- property Invest Appendix

  49. Slide 49: Portfolio – investment properties

    Portfolio – investment properties Construction Lettable res. Number of Contractual (1) Fair value Project Occupancy 2 ERV – renovation floor area (m ) res. units rents (in EURm) Tilia 2014 – 2015 100% 1,454 15 128,446 130,960 2.72 Aan de Kaai 2012 100% 7,950 84 825,000 892,502 16.80 De Nieuwe Kaai 2

  50. Slide 50: Portfolio – finance leases – new developments

    Portfolio – finance leases – new developments Moerbeke (Herfstvrede) Herenthout (Huis Driane)  Address: Herfstvrede 1A, 9180 Moerbeke  Address: Molenstraat 56, 2270 Herenthout  Capacity: 22 assisted-living apartments  Capacity: 22 assisted-living apartments  Location: centrally located, within

  51. Slide 51: Portfolio – finance leases – initial investment programme (1/5)

    Portfolio – finance leases – initial investment programme (1/5) (1) (2) Commencement Ground rent Insured value (3) Region/city Number of flats Acquisition cost of leasehold (in EUR) (in EUR) ZWIJNDRECHT - Dorp 26 October 1997 199,605 1,429,613 1,651,930 NINOVE - Denderwindeke 20 November 1997 146,52

  52. Slide 52: Portfolio – finance leases – initial investment programme (2/5)

    Portfolio – finance leases – initial investment programme (2/5) (1) (2) Commencement Ground rent Insured value (3) Region/city Number of flats Acquisition cost of leasehold (in EUR) (in EUR) HAMONT – De Kempkens 16 November 2000 130,341 972,543 1,078,707 HAMONT-ACHEL - Achel 25 November 2000 135,225

  53. Slide 53: Portfolio – finance leases – initial investment programme (3/5)

    Portfolio – finance leases – initial investment programme (3/5) (1) (2) Commencement Ground rent Insured value (3) Region/city Number of flats Acquisition cost of leasehold (in EUR) (in EUR) RAVELS - Mgr. Paapsstraat 25 August 2004 217,158 561,882 1,836,289 LEOPOLDSBURG - Centrum 31 September 2004 2

  54. Slide 54: Portfolio – finance leases – initial investment programme (4/5)

    Portfolio – finance leases – initial investment programme (4/5) (1) (2) Commencement Ground rent Insured value (3) Region/city Number of flats Acquisition cost of leasehold (in EUR) (in EUR) TIENEN – Houtemstraat (phase 2) 31 April 2010 230,536 1,249,238 3,455,560 ZAVENTEM - Sint-Stevens-Woluwe 18 D

  55. Slide 55: Portfolio – finance leases – initial investment programme (5/5)

    Portfolio – finance leases – initial investment programme (5/5) (1) (2) Commencement Ground rent Insured value (3) Region/city Number of flats Acquisition cost of leasehold (in EUR) (in EUR) MOL - JakobSmitslaan 50 January 2013 143,376 4,165,829 5,622,719 HAM - Speelstraat 37 May 2013 124,684 1,297,

  56. Slide 56: Peter Van Heukelom CEO, Filip Van Zeebroeck CFO

    Peter Van Heukelom Filip Van Zeebroeck CEO CFO peter.vanheukelom@carepropertyinvest.be filip.vanzeebroeck@carepropertyinvest.be +32 3 222 94 94 +32 3 222 94 94 Care Property Invest NV Care Property Invest NV Horstebaan 3 Horstebaan 3 2900 Schoten 2900 Schoten Belgium Belgium

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