NEPI Rockcastle N.V · JSE:NRP
NEPI Rockcastle — FY2016 Earnings Presentation
76 slides from NEPI Rockcastle's earnings presentation, February 2017
Slide 1: Results Presentation 31 December 2016
RESULTS PRESENTATION 31 DECEMBER 2016
Slide 2: Company profile
Company profile Leading property investment and development group in CEE. Largest retail owner and operator in Romania and the second largest in Slovakia. Exceptional property portfolio and development pipeline in five CEE countries: Romania, Slovakia, Serbia, Czech Republic and Croatia. Active mana
Slide 3: Team
Team Balanced Board structure: majority of Independent Non-executives from five countries. Strong internalised management team: high level of knowledge of the CEE market, consistently proving outstanding execution and operational excellence. Effective organisational structure: illustrated by a numbe
Slide 4: Strategy
Strategy Strong strategic positioning oriented towards robust long-term growth • Portfolio of dominant retail assets in high-growth European markets. • Developing, extending and acquiring dominant or potentially dominant retail assets. • Focus on sustainable income growth, high occupancy and collect
Slide 5: NEPI's income-producing portfolio map
NEPI’s income-producing portfolio map RETAIL ROMANIA 1 Mega Mall 23 2 City Park 3 Promenada Mall 4 Shopping City Sibiu 5 Shopping City Timisoara 6 Iris Titan Shopping Center 7 Shopping City Deva 8 Braila Mall Czech Republic 9 Vulcan Value Centre 20 10 Shopping City Galati 11 Pitesti Retail Park 22 1
Slide 6: Highlights
Highlights Significant growth in key indicators • Recurring distributable earnings per share vs Dec 2015 (€) 16.5% • 5-year compound annual growth in distribution 15% • Adjusted NAV per share growth vs Dec 2015 14% • Major increase in operating retail asset base GLA vs Dec 2015 51% • Increase in inv
Slide 7: Portfolio overview
Portfolio overview INVESTMENT PROPERTY OVERVIEW AS AT 31 DEC 2016 Weighted Weighted GLA Valuation Passing rent/ERV Occupancy Number '000m2 €m €m % TOTAL PROPERTIES 60 1,368 2,656 185 INCOME-PRODUCING 37 1,043 2,457 180 98.0 Retail 30 872 2,104 152 97.7 Office 5 144 337 26 98.8 Industrial 2 27 16 2 9
Slide 8: Financial performance
Financial performance Consistent value creation for shareholders DISTRIBUTION PER SHARE (euro cents) DISTRIBUTION PER SHARE (ZAR cents) ADJUSTED NAV PER SHARE (€) 50 35% 750 35% 7.5 40 28% 600 28% 6.0 30 21% 450 21% 4.5 20 14% 300 14% 3.0 10 7% 150 7% 1.5 0 0% 0 0% 0 2009 2010 2011 2012 2013 2014 20
Slide 9: Finance strategy
Finance strategy Robust balance sheet • Funding through a combination of equity and debt. DEBT MATURITY PROFILE (€m) • €219 million - issue of new ordinary shares during 2016. 500 • Investment grade credit ratings: Baa3 (stable outlook) - Moody’s BBB- (positive outlook) - Standard & Poor’s 400 • Fin
Slide 10: Operational highlights
Operational highlights Good operational performance of the portfolio RETAIL OCCUPANCY RATE (%) • Occupancy 97.7% (2015: 97.5%) 100% 94.8% 98.2% 94.7% 95.2% 97.7% 98.2% 97.3% 98.0% • Like-for-like increase in tenants' turnover 11.2% 90% • Like-for-like increase in footfall 6.5% 80% 70% • Decrease in
Slide 11: Operational highlights » continued
Operational highlights » continued RETAIL • Drivers for NOI increase Replacements at higher rents; Rental step-ups; Operational cost efficiency; Increase in turnover rent; Income from media sales. Excellent like-for-like NOI growth for Promenada Mall (23%), Vulcan Value Center (23%), Shopping City G
Slide 12: Retail trends: NEPI vs competition
Retail trends: NEPI vs competition Adaptive retail model for enriching the shopping experience Design & concept • Focus on recreational activities offered by the shopping malls: initiatives to increase by 5% GLA allocated to leisure and entertainment; • Inclusion of green terraces as a feature of NE
Slide 13: Top retail tenants by rent
Top 10 retail tenants by rent Sustainable anchor tenant base 6.7% 5.4% * 2.1% 1.9% 1.8% 1.6% 1.4% 1.2% ** 1.2% 1.1% * Bershka, Massimo Dutti, Oysho, Pull and Bear, Stradivarius and Zara. * *Reserved, Cropp Town, House, Mohito, Sinsay RESULTS PRESENTATION 13 31 DECEMBER 2016
Slide 14: Top office tenants by rent
Top 10 office tenants by rent Diversified international tenant base 1.1% 1.0% 0.8% 0.6% 0.4% 0.4% 0.4% 0.3% 0.3% 0.3% RESULTS PRESENTATION 14 31 DECEMBER 2016
Slide 15: Contracted gross rent
Contracted gross rent Long-term lease duration €m 200 150 100 50 0 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Retail Office Industrial Weigthed average remaining duration is 5.0 years RESULTS PRESENTATION 15 31 DECEMBER 2016
Slide 16: Macroeconomic prospects
Macroeconomic prospects Future growth prospects in CEE % Real GDP growth 5 4 3 2 1 0 2016 2017 2018 2019 2020 2021 Romania Serbia Slovakia Czech Republic Croatia EU28 % Price inflation (EU harmonised) 4 3 2 1 0 (1) (2) 2016 2017 2018 2019 2020 2021 Romania Serbia Slovakia Czech Republic Croatia EU28
Slide 17: Macroeconomic prospects » continued
Macroeconomic prospects » continued % General gov. debt (% of GDP) 100 80 60 40 20 0 2016 2017 2018 2019 2020 2021 Romania Serbia Slovakia Czech Republic Croatia EU28 % Unemployment 20 15 10 5 0 2016 2017 2018 2019 2020 2021 Romania Serbia Slovakia Czech Republic Croatia EU28 Source: Economist Intel
Slide 18: 10-year forecasted growth
CEE private consumption forecasted growth 120% 120% Serbia €26bn 100% 100% Baltic countries 10-year forecasted growth €54bn 80% 80% Bulgaria €30bn Slovenia 60% 60% €21bn Romania €113bn Poland €262bn Slovakia Hungary €46bn €60bn Croatia €28bn Czech 40% Republic 40% €85bn EU 15 20% 20% 0 0 €2 000 €3 0
Slide 19: Romania: recent events
Romania: recent events Copyright: Dan Mihai Balanescu RESULTS PRESENTATION 19 31 DECEMBER 2016
Slide 20: Developments and acquisitions completed in 2016
Developments and acquisitions completed in 2016 Developments - 91 700m2 total GLA Shopping City Timisoara - fashion and entertainment section (31 March 2016) City Park extension (30 September 2016) Severin Shopping Center extension (29 October 2016) Sfantu Gheorghe strip center extension (10 Novembe
Slide 21: Developments and acquisitions completed in 2016 » continued
Developments and acquisitions completed in 2016 » continued 11 Czech Republic 9 Slovakia RETAIL ROMANIA 10 1 Shopping City Timisoara 2 City Park extension 3 Shopping City Piatra Neamt 3 4 Severin Shopping Center extension 5 Braila Mall extension 6 Sfantu Gheorghe strip center extension 7 Mega Mall 3
Slide 22: Aupark Shopping Center Piestany
Aupark Shopping Center Piestany PIESTANY, SLOVAKIA TRNAVA REGION 560 000 INHABITANTS PIESTANY CITY 28 000 RESULTS PRESENTATION 22 31 DECEMBER 2016
Slide 23: Aupark Shopping Center Piestany
Aupark Shopping Center Piestany CATCHMENT AREA 45’ - 791 000 30’ - 288 000 15’ - 60 000 NEPI’s Aupark Shopping Center Piestany (10,300m2) Family Center anchored by Tesco (4,500m2) RESULTS PRESENTATION 23 31 DECEMBER 2016
Slide 24: Aupark Shopping Center Piestany
Aupark Shopping Center Piestany • Dominant retail scheme in Piestany, Slovakia’s main resort and Ownership 100% spa centre with high purchasing power; Type Community Centre • The centre is anchored by a Billa supermarket and houses many international brands; Lettable area 10 300m2 Property value €39
Slide 25: Aupark Shopping Center Piestany
Aupark Shopping Center Piestany RESULTS PRESENTATION 25 31 DECEMBER 2016
Slide 26: Aupark Shopping Center Piestany
Aupark Shopping Center Piestany FLOOR PLAN THIRD FLOOR SECOND FLOOR FIRST FLOOR GROUND FLOOR RESULTS PRESENTATION 26 31 DECEMBER 2016
Slide 27: City Park - extension
City Park - extension CONSTANTA, ROMANIA CONSTANTA COUNTY 684 000INHABITANTS CONSTANTA CITY 319 000 RESULTS PRESENTATION 27 31 DECEMBER 2016
Slide 28: City Park - extension
City Park - extension CATCHMENT AREA 45’ - 541 000 30’ - 435 000 15’ - 305 000 NEPI’s City Park (51,700m2) Maritimo Shopping Center (51,300m2) Tom Mall (32,000m2) Tomis Mall (18,800m2) RESULTS PRESENTATION 28 31 DECEMBER 2016
Slide 29: City Park - extension
City Park - extension • The mall has an excellent location in Constanta, the fifth Ownership 100% largest city in Romania, close to the country’s most popular seaside resort. Type Regional Mall Lettable area 51 700m2 • With the fashion extension completed, the centre is becoming the dominant mall in
Slide 30: City Park - extension
City Park - extension RESULTS PRESENTATION 30 31 DECEMBER 2016
Slide 31: City Park - extension
City Park - extension FLOOR PLAN SKY LEVEL PARK LEVEL LAKE LEVEL EXISTING SHOPPING CENTRE REFURBISHMENT RESULTS PRESENTATION 31 31 DECEMBER 2016
Slide 32: Arena Centar
Arena Centar ZAGREB, CROATIA ZAGREB COUNTY 1 114 000* INHABITANTS ZAGREB CITY 790 000 * Zagreb County together with City of Zagreb RESULTS PRESENTATION 32 31 DECEMBER 2016
Slide 33: Arena Centar
Arena Centar CATCHMENT AREA 45’ - 1 400 000 30’ - 990 000 15’ - 319 000 NEPI’s Arena Centar (62,100m2) West Gate Shopping City (100,000m2) City Center One East (50,000m2) City Center One West (46,000m2) Avenue Mall (36,400m2) RESULTS PRESENTATION 33 31 DECEMBER 2016
Slide 34: Arena Centar
Arena Centar • Acquired in November 2016, Arena Centar is the largest Ownership 100% shopping centre in Zagreb, Croatia’s capital. Type Super-Regional Mall • The shopping centre is situated in a growing residential and commercial hub, neighboring the central business district and Lettable area 62 10
Slide 35: Arena Centar
Arena Centar RESULTS PRESENTATION 35 31 DECEMBER 2016
Slide 36: Arena Centar
Arena Centar FLOOR PLAN SECOND FLOOR FIRST FLOOR GROUND FLOOR one level of underground parking not shown RESULTS PRESENTATION 36 31 DECEMBER 2016
Slide 37: Shopping City Piatra Neamt
Shopping City Piatra Neamt PIATRA NEAMT, ROMANIA NEAMT COUNTY 460 000INHABITANTS PIATRA NEAMT 116 000 RESULTS PRESENTATION 37 31 DECEMBER 2016
Slide 38: Shopping City Piatra Neamt
Shopping City Piatra Neamt CATCHMENT AREA 15’ - 90 000 30’ - 180 000 45’ - 245 000 NEPI’s Shopping City Piatra Neamt (27,900m2) Winmarkt Petrodava (10,460m2) GTC Gallery (13,200m2) RESULTS PRESENTATION 38 31 DECEMBER 2016
Slide 39: Shopping City Piatra Neamt
Shopping City Piatra Neamt • Shopping City Piatra Neamt was completed in December Ownership 100% 2016, only seven months after obtaining the building permit; Type Regional Mall • The mall benefits from a very good location, in a densely populated area of the city, between two main arteries that Lett
Slide 40: Shopping City Piatra Neamt
Shopping City Piatra Neamt RESULTS PRESENTATION 40 31 DECEMBER 2016
Slide 41: Shopping City Piatra Neamt
Shopping City Piatra Neamt FLOOR PLAN FIRST FLOOR GROUND FLOOR As of 14 February 2017, leases were signed with Berska, H&M and LC Waikiki. The spaces were handed over for tenants fit-out. RESULTS PRESENTATION 41 31 DECEMBER 2016
Slide 42: Other extensions
Other extensions Braila Mall extension • Braila extension was initiated as a first step of the Braila-Galati regional strategy, aiming to position Braila Mall as a destination for families/weekend shopping. • Completion of the extension strengthens the mall and ensures that further development of Sh
Slide 43: Acquisitions, developments and extensions pipeline
Acquisitions, developments and extensions pipeline ACQUISITIONS PIPELINE (€ MILLION) DEC 2016 DEC 2015 )600( )400( )200( 0 200 400 600 800 Finalised Committed Further opportunities under due dilligence Further opportunities DEVELOPMENTS AND EXTENSIONS PIPELINE (€ MILLION) DEC 2016 DEC 2015 )600( )40
Slide 44: Schedule of developments and extensions as at 31 December 2016
Schedule of developments and extensions as at 31 December 2016 Target GLA of Weighted opening existing GLA of yield Weighted Weighted Type Category date Ownership property development on cost cost to date total cost % m2 m2 % €m €m Developments under construction 42 800 26 100 12.3 37.0 47.5 The Off
Slide 45: Developments Romania Serbia
Developments 4 Romania SATU MARE UNDER CONSTRUCTION 1 10 CLUJ-NAPOCA 1. The Office Cluj-Napoca extension VASLUI 3 2. Victoriei Office TARGU MURES UNDER PERMITTING AND PRE-LEASING 8 SIBIU GALATI 6 1. Promenada Mall extension 2 2. Promenada Novi Sad 5 NOVI SAD 3. Shopping City Targu Mures 7 RAMNICU VA
Slide 46: The Office Cluj-Napoca - extension
The Office Cluj-Napoca - extension DEVELOPMENT UNDER CONSTRUCTION • The Office Cluj-Napoca is an A-grade office development. Ownership 50% Lettable area - Property in use 42 800m2 • Works on extension (Phase III) started in January 2016. Estimated lettable area - Extension 18 500m2 • Various current
Slide 47: Promenada Novi Sad
Promenada Novi Sad DEVELOPMENT UNDER PERMITTING AND PRE-LEASING CATCHMENT AREA 45’ - 607 000 30’ - 354 000 15’ - 211 000 VOJVODINA REGION 1 902 000 INHABITANTS NOVI SAD CITY - 250 000 NEPI’s Promenada Novi Sad (56,000m2) Mercator Center (18,000m2) BIG Center (34,000m2) RESULTS PRESENTATION 47 31 DEC
Slide 48: Promenada Novi Sad
Promenada Novi Sad DEVELOPMENT UNDER PERMITTING AND PRE-LEASING • Novi Sad is the second largest city in Serbia, 70 km from the Ownership 100% capital, Belgrade, and is connected by international highways Estimated lettable area 56 000m2 to Budapest, Vienna, Belgrade, Zagreb and Skopje. Targeted ope
Slide 49: Promenada Novi Sad
Promenada Novi Sad DEVELOPMENT UNDER PERMITTING AND PRE-LEASING FLOOR PLAN SECOND FLOOR FIRST FLOOR GROUND FLOOR BASEMENT one level of parking on the third floor not included RESULTS PRESENTATION 49 31 DECEMBER 2016
Slide 50: Shopping City Targu Mures
Shopping City Targu Mures DEVELOPMENT UNDER PERMITTING AND PRE-LEASING CATCHMENT AREA 45’ - 306 000 30’ - 198 000 15’ - 129 000 MURES COUNTY 546 000INHABITANTS NEPI’s Shopping City Targu Mures (28,700m2) Mures Mall (10,000m2) TARGU MURES CITY - 151 000 European Retail Park (45,000m ) 2 Intercora Tar
Slide 51: Shopping City Targu Mures
Shopping City Targu Mures DEVELOPMENT UNDER PERMITTING AND PRE-LEASING LAND RENDER RESULTS PRESENTATION 51 31 DECEMBER 2016
Slide 52: Shopping City Satu Mare
Shopping City Satu Mare DEVELOPMENT UNDER PERMITTING AND PRE-LEASING CATCHMENT AREA 45’ - 288 000 30’ - 182 000 15’ - 130 000 SATU MARE COUNTY 340 000 INHABITANTS SATU MARE CITY - 123 000 NEPI’s Shopping City Satu Mare (28,700m2) Ankora Mall (6,000m2) RESULTS PRESENTATION 52 31 DECEMBER 2016
Slide 53: Shopping City Satu Mare
Shopping City Satu Mare DEVELOPMENT UNDER PERMITTING AND PRE-LEASING • The development will be the regionaly dominant retail Ownership 100% scheme, located in the centre of the city. Estimated lettable area 28 700m2 • The tenant mix will include food and fashion anchors, with Targeted opening Q3 201
Slide 54: Shopping City Satu Mare
Shopping City Satu Mare DEVELOPMENT UNDER PERMITTING AND PRE-LEASING FLOOR PLAN FIRST FLOOR GROUND FLOOR RESULTS PRESENTATION 54 31 DECEMBER 2016
Slide 55: Ramnicu Valcea Mall
Ramnicu Valcea Mall DEVELOPMENT UNDER PERMITTING AND PRE-LEASING CATCHMENT AREA 45’ - 315 000 30’ - 156 000 15’ - 115 000 VALCEA COUNTY 363 300 INHABITANTS RAMNICU VALCEA CITY - 119 000 NEPI’s Ramnicu Valcea Mall (27,900m2) River Plaza Mall (12,400m2) Winmarkt (11,400m2) Family Center (6,000m2) RESU
Slide 56: Ramnicu Valcea Mall
Ramnicu Valcea Mall DEVELOPMENT UNDER PERMITTING AND PRE-LEASING • The Group has acquired a 12ha land plot, close to a residential Ownership 100% neighbourhood. Estimated lettable area 27 900m2 • There is no modern dominant retail offering in the city (the Targeted opening Q4 2017 only retail scheme
Slide 57: Ramnicu Valcea Mall
Ramnicu Valcea Mall DEVELOPMENT UNDER PERMITTING AND PRE-LEASING FLOOR PLAN FIRST FLOOR GROUND FLOOR RESULTS PRESENTATION 57 31 DECEMBER 2016
Slide 58: Shopping City Galati - extension
Shopping City Galati - extension DEVELOPMENT UNDER PERMITTING AND PRE-LEASING CATCHMENT AREA 45’ - 559 000 30’ - 368 000 15’ - 310 000 GALATI COUNTY 524 500 INHABITANTS GALATI CITY - 306 000 NEPI’s Shopping City Galati (27,200m2) NEPI’s Braila Mall (55,400m2) RESULTS PRESENTATION 58 31 DECEMBER 2016
Slide 59: Shopping City Galati - extension
Shopping City Galati - extension DEVELOPMENT UNDER PERMITTING AND PRE-LEASING • The extension will include a cinema, food court and additional Ownership 100% fashion offering. Lettable area - Property in use 27 200m2 • The extended mall will share access and parking with the Estimated lettable area
Slide 60: Shopping City Galati - extension
Shopping City Galati - extension DEVELOPMENT UNDER PERMITTING AND PRE-LEASING FLOOR PLAN EXISTING SHOPPING CENTRE REFURBISHMENT EXTENSION RESULTS PRESENTATION 60 31 DECEMBER 2016
Slide 61: Shopping City Sibiu - extension
Shopping City Sibiu - extension DEVELOPMENT UNDER PERMITTING AND PRE-LEASING CATCHMENT AREA 45’ - 286 000 30’ - 231 000 15’ - 172 000 SIBIU COUNTY 400 000 INHABITANTS SIBIU CITY - 170 000 RESULTS PRESENTATION 61 31 DECEMBER 2016
Slide 62: Shopping City Sibiu - extension
Shopping City Sibiu - extension DEVELOPMENT UNDER PERMITTING AND PRE-LEASING The Group plans to refurbish and extend the existing shopping Ownership 100% centre, with new fashion brands as well as a cinema and Lettable area - Property in use 78 200m2 additional food court area. Estimated lettable ar
Slide 63: Shopping City Sibiu - extension
Shopping City Sibiu - extension DEVELOPMENT UNDER PERMITTING AND PRE-LEASING FLOOR PLAN FIRST FLOOR GROUND FLOOR EXISTING SHOPPING CENTRE EXTENSION REFURBISHMENT RESULTS PRESENTATION 63 31 DECEMBER 2016
Slide 64: Ploiesti Shopping City - extension
Ploiesti Shopping City - extension DEVELOPMENT UNDER PERMITTING AND PRE-LEASING CATCHMENT AREA 45’ - 774 000 30’ - 544 000 15’ - 260 000 PRAHOVA COUNTY 748 000INHABITANTS PLOIESTI CITY - 235 000 NEPI’s Ploiesti Shopping City (45,800m2) AFI Palace Ploiesti (33,000m2) OMNIA Winmarkt (15,000m2) RESULTS
Slide 65: Ploiesti Shopping City - extension
Ploiesti Shopping City - extension DEVELOPMENT UNDER PERMITTING AND PRE-LEASING • The Group intends to extend Ploiesti Shopping City, Ownership 50% strengthening the mall's position as a regional dominant center. Lettable area - Property in use 45 800m2 • The extension will improve the retail mix wi
Slide 66: Ploiesti Shopping City - extension
Ploiesti Shopping City - extension DEVELOPMENT UNDER PERMITTING AND PRE-LEASING FLOOR PLAN FIRST FLOOR EXISTING SHOPPING CENTRE EXTENSION REFURBISHMENT GROUND FLOOR RESULTS PRESENTATION 66 31 DECEMBER 2016
Slide 67: NEPI - Rockcastle Merger
NEPI - ROCKCASTLE MERGER RESULTS PRESENTATION 67 31 DECEMBER 2016
Slide 68: Strategic fit
Strategic fit RETAIL POLAND RETAIL ROMANIA 1 Pogoria 1 Mega Mall 2 Karolinka 2 City Park Strategic step by creating key 3 Solaris 3 Promenada Mall 4 Platan 4 Shopping City Sibiu advantages (informational, 10 5 Galeria Tomaszow 5 Shopping City Timisoara 6 Galeria Wolomin Mall 6 Iris Titan Shopping Ce
Slide 69: Scale
Scale CEE focused Real Estate landscape market cap 10 February 2017 (EUR bn) 6 5.6 5 4 3.4 3 2.2 2 1.9 1.8 1.5 1 0.9 0.8 0 NEPI-Rockcastle expected to Nepi-Rockcastle Nepi Rockcastle CA Immo Immofinanz Atrium GTC Echo Polska become the largest CEE retail real estate company and one of the top proper
Slide 70: Scale » continued
Scale » continued 88+6+ 73+13+932 Rockcastle direct property portfolio NEPI direct property portfolio by country by country Poland 88% Romania 73% Czech Republic 3% Czech Republic 6% Slovakia 13% Serbia 2% Other 6% Croatia 9% Increased scale and geographical diversification with primary focus 48+30+
Slide 71: Embedded growth and value creation
Embedded growth and value creation Unique opportunity to merge Retail portfolio: Key Performance Indicators (2016) two high-quality portfolios that NEPI Rockcastle Combined are strategically consistent: Gross Leasable Area (thousand m ) 2 872 450 1,322 • large/dominant shopping Annual footfall (mill
Slide 72: Embedded growth and value creation » continued
Embedded growth and value creation » continued Top 10 retail tenants NEPI and Rockcastle Tenant NEPI % of total* Rockcastle % of total* Combined % of total* Auchan 66,959 7.7% 57,401 12.8% 124,360 9.4% Carrefour 108,840 12.5% 5,000 1.1% 113,840 8.6% Active cooperation in asset H&M 32,334 3.7% 16,180
Slide 73: Annex 1
Annex 1 RESULTS PRESENTATION 73 31 DECEMBER 2016
Slide 74: Summary of Financial Performance
Summary of Financial Performance The Group's financial information presented below has been calculated using the proportionate consolidation method for investments in joint ventures. The primary scope is to enhance focus on those areas of reporting that are seen to be of most relevance to investors
Slide 75: Summary of Financial Performance » continued
Summary of Financial Performance» continued Consolidated Statement of Financial Position 31 Dec 2011 31 Dec 2012 31 Dec 2013 31 Dec 2014 31 Dec 2015 31 Dec 2016 ASSETS Non-current assets 362,403 444,667 920,924 1,389,772 1,858,740 2,715,049 Investment property 341,802 416,674 872,465 1,334,512 1,814
Slide 76: Results Presentation 31 December 2016
RESULTS PRESENTATION 76 31 DECEMBER 2016