Wereldhave N.v. · EURONEXT:WHA
Wereldhave — Shareholder Meeting (April 2017)
62 slides from Wereldhave's shareholder meeting presentation, Apr 21, 2017
Slide 1: Algemene Vergadering van Aandeelhouders
ALGEMENE VERGADERING VAN AANDEELHOUDERS 1 April 21, 2017 Amsterdam
Slide 2: Agendapunt 1: Opening
AGENDAPUNT 1 2 Opening 2
Slide 3: Agendapunt 2: Verslag van de Directie
AGENDAPUNT 2 3 Verslag van de Directie 3
Slide 4: 2016 highlights and occupancy
• Recovering consumer confidence in Finland and the Netherlands, subdued in Belgium and France • Overall retail occupancy at 95.3% (Q4 2016: 95.5%). • Occupancy increase in Finland, stable in the Netherlands, decreases in Belgium and France • Disposal of two shopping centres in the Netherlands for E
Slide 5: Financial performance & Operations
Financial performance & Operations OPERATIONS FY 2016 FY 2015 Direct result per share €3.45 €3.23 LFL growth sh. centre portfolio Indirect result per share €(0.95) €(0.88) 100bps > indexation EPRA NAV per share €51.47 €52.10 40bps > indexation Dividend per share € 3.08 €3.01 LTV 39.0% 37.5% Occupanc
Slide 6: Acquisitions France and Netherlands: targets and progress
• Targets at acquisition: French 94.4% • Establish French country team shopping 91% 93% • Stabilize NRI at €46m in 2015 centres • Increase NIY by1 +/- • 20bps in 2016 No inflation, Saint Sever Acquired December • 20bps in 2017 partially under development 2014 Occupancy Occupancy at acquisition 2
Slide 7: Dutch consumer confidence increasing
• Dutch consumer confidence increasing • Unemployment at very low level • Retail sales are bottoming out 20 July 2016 20 October 2016 18 January 2017 “Consumenten geven “Aanhoudende groei “Fors meer hypotheek • House prices increasing strongly meer uit dan trekt arbeidsmarkt in aanvragen in 2016, vo
Slide 8: Finland strategic review and outlook
• Strategic review finalised in 2016 as target price level was not achieved • Challenging macro economic situation Finland • Brexit impacting investment climate • Anttila bankruptcy • Base performance indicators are strong • Occupancy increased from 92.5% in 2015 to 95.7% in 2016 • Footfall increase
Slide 9: Convenience Shopping Centres
CONVENIENCE SHOPPING CENTRES 9
Slide 10: Convenience shopping centre profile
Prime locations in Between 20,000 and Food anchored Dominant in their regional cities 50,000 sqm catchment areas sqm GLA per shopping centre Average GLA split Catchment area >100,000 inhabitants within 10 min 50,000 drive time Food incl. 28% F&B / 25,965 25% Leisure 7,500 72% Gallery Regional Other
Slide 11: Supermarket anchors and resilience
Drives footfall Resilient through the cycle Resilient to online Footfall # per week1 The Netherlands Wereldhave categories in portfolio2 30,000 140 Supermarkets 25,000 130 28% 33% Internet GDP resilient 20,000 120 110 48% 10,000 48% Omnichannel 100 Fashion 5,000 90 24% 19% Internet risk 80 Small Sma
Slide 12: Strategic Management Agenda 2017-2019
STRATEGIC MANAGEMENT AGENDA 2017-2019 12
Slide 13: Strategic direction and targets 2017-2019
Strategic direction Targets 2017 - 2019 2016 • FI + Respond to • Optimise customer journey • Drive footfall above • NL + consumer trends • Continue tenant intimacy market • BE +/- • FR +/- • Improve resilience of tenant base1 • >85% resilient • 81% Drive EPS • Increase occupancy • 97% occupancy • 95
Slide 14: Trends and Wereldhave response
Ageing & Proximity, Shopping Mobile Trends urbanisation time efficiency experience world Wereldhave Regional Easy in, Convenience & Internet resilient response cities easy out social experience tenant mix Realise Ensure Enhance Maintain asset all centres customer leasing rotation refreshed (2018)1 j
Slide 15: Operations
OPERATIONS 15
Slide 16: Occupancy increasing in all countries
Increasing in all countries Dec 2016 Jun 2016 Dec 2015 Belgium 95.9% 95.1% 94.9% Finland 95.7% 95.3% 92.5% France 94.4% 93.2% 91.1% Netherlands 95.8% 95.2% 95.3% Shopping centres 95.5% 94.8% 93.8% Belgian offices 90.9% 91.9% 93.4% Total 95.3% 94.6% 93.8% • Belgium: +0.8% in H2; Courtrai +4% to 93.4%
Slide 17: Footfall better than market in all countries
Better than market in all countries • Belgium: footfall slowing down but still above -3,3% Belgium -2,4% market-average • Finland: continued above-market increase in footfall, now above 17m 1,0%* Finland 2,3% • France: slightly lower y-o-y but above market- average • Netherlands: 1.8% above market a
Slide 18: Like-for-like rental growth
4.9% -2.7% 1.4% 0.4% 1.0% 2,8% 0,4% 2,1% 1,3% 0,4% 0,0% 0,1% Belgium Finland France 0,1% Netherlands Total 0,6% -2,8% indexation Above indexation 18
Slide 19: Average rents by country
BELGIUM FINLAND FRANCE NETHERLANDS • € 355 per sqm • € 308 per sqm • € 516*per sqm • € 262 per sqm average rent average rent average rent average rent Average rents from re-lettings and renewals combined * Includes Primark and Kinepolis leases (large area at relatively low rent per sqm) 19
Slide 20: New tenants in the Netherlands
Ici Paris at Koningshoek, Maassluis Flying Tiger at Vier Meren Albert Heijn at Eggert, Purmerend 20
Slide 21: New tenants in France
JD sports Docks Vauban, Le Havre Rituals at Docks 76, Rouen Spingfield at Meriadeck, Bordeaux 21
Slide 22: New tenants in Finland
Flormar kiosk at ITIS, Helsinki Nespresso kiosk at ITIS, Helsinki Pasta Box at ITIS, Helsinki Espresso House at ITIS, Helsinki 22
Slide 23: Direct result, dividend and outlook
Direct result (€ per share) Dividend (€ per share) Outlook 3.50 - 2017 3.45 3.40 3.23 3.01 3.08 3.08 • Recurring EPS on a positive track 2.871 2.87 2.97 2.861 • Including impact of reorganisation costs (€1.5m) and disposals in H1 2017 (at least €50m) EPS will be in range €3.40 - €3.502 • Dividend pe
Slide 24: Financials
FINANCIALS 24
Slide 25: Net rental income development
(IN €M) -11.6 27.7 -1.0 1.7 201.5 184.7 2015 Acquisitions Disposals From/to development & L-f-L rental growth 2016 Other • Acquisitions: full-year impact nine Dutch shopping centres for € 770m in August 2015 • Disposals: French office portfolio for € 401m in Q4 2015, Pathé cinema Tilburg in Q3 2016
Slide 26: Direct result per share
(IN € PER SHARE) 0,69 (0,29) 0,02 (0,03) 0.00 (0,20) 0,00 0,03 3,45 3,23 2015 Acquisitions Disposals From Standing General Interest Share issue Other 2016 development portfolio costs costs 2015 • Main impact from Dutch acquisition and sale of French offices in 2015 • General costs increased moderate
Slide 27: Bankruptcies impact by country
Netherlands Bankruptcies MGR € 6.9m (7% Gross Rental Income) GRI loss 2016 € 3.5m Signed leases MGR € 3.9m GRI recovered 2016 € 2.1m Finland MGR Anttila € 1.4m (5% Gross Rental Income) GRI loss Anttila 2016 € 0.6m (= 2.0%) France MGR € 2.0m (4% Gross Rental Income) GRI loss € 0.8m Bad debt € 0.4m 27
Slide 28: Indirect result per share
(IN € PER SHARE) Change transfer tax rate Belgium Other valuation result Result on disposal Hedge result Other Total indirect result 0,95 -1.89 -0,94 -0,02 -0,05 0,06 -0,95 • Effect on valuation result of use lower transfer tax for Belgian portfolio: € 0.95 p/s • Positive valuation result in Belgium
Slide 29: IFRS NAV and EPRA NNNAV
(IN € PER SHARE) 52,10 -0,95 -1,51 3,45 -0,33 0.25 51,47 -1,54 Dec 2015 Final dividend 2015 Interim dividend Direct result Indirect result Hedge reserve Other Dec 2016 2016 IFRS NAV* EPRA NNNAV* Dec 2016: € 49.16 Dec 2016: € 48.32 Dec 2015: € 50.05 Dec 2015: € 50.38 29
Slide 30: Valuation result and EPRA NIY by country
Result Value EPRA NIY FY 2016 Dec 2016 Dec 2016 (In €m) (In €m) (In %) Belgium 28.3 696 5.6 Finland -58.5 566 4.8 France 27.1 900 4.7 Netherlands -24.6 1,517 5.2 Shopping centres -27.7 3,679 5.1 Belgium offices -1.9 124 6.5 Total portfolio -29.6 3,803 5.1 • Belgium: increase mainly due to use of low
Slide 31: LTV, cost of debt and credit rating
AVERAGE FIXED VS LTV COST FLOATING OF DEBT DEBT ≤ 60% 86% vs 14% • Moody’s credit rating (initially obtained in February 39.0% 79% vs 21% 2.2% 2016): Baa1, with a stable outlook (unchanged) 1.9% 37.5% • Increased (floating interest rate) drawings on Revolving Credit Facilities following repayment $
Slide 32: Debt structure and maturity
STABLE DEBT LEVEL, INCREASED AVERAGE MATURITY DECREASED SHARE OF BANK LOANS FROM 5.5 TO 5.1 YEARS (IN €MILLION) Q4 2015 0 Year & amount of maturity 16% USPP 2017 45 € 1,515m Bank loans (incl. RCF) 23% 30 61% 2018 33 Convertible bond 112 2019 547 Q4 2016 0 2020 16% 75 € 1,570m 49% 40 >2020 35% 869 Un
Slide 33: CSR Framework
‘nk — i | WERELDHAVE AA
Slide 34: CSR: bricks, HR, partners, society
BRICKS HR PARTNERS SOCIETY • LfL energy • 2016 employee • 897 new retail jobs • Results 2016: Fin 7.4, consumption 2016 survey: 89.5% created in 2014-16 Fra 7.8, Ned 7.6, Bel in -3.5% y-o-y response rate, score 2017 7.6 • Green leases Bel, • BREEAM certificate Fin and Fra 100%, • Bel 0.81%, Fin 1.24
Slide 35: Solar panels at shopping centres
Solar panels at Winkelhof, Leiderdorp Solar panels at Vier Meren, Hoofddorp Solar panels at Vier Meren, Hoofddorp 35
Slide 36: Direct & indirect result 2016
Direct & Indirect Result for the year ended December 31, 2016 (x € 1,000) 2016 2015 direct indirect direct indirect result result result result Gross rental income 230,184 - 207,313 - Service costs charged 37,893 - 37,258 - Total revenues 268,077 - 244,571 - Service costs paid -43,625 - -42,164 - Pr
Slide 37: Balance sheet
(x € 1,000) December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Assets Equity and Liabilities Non-current assets Equity Investment property in operation 3,696,221 3,655,269 Share capital 40,271 40,271 Lease incentives 5,110 3,985 Share premium 1,711,031 1,711,031 Investment prope
Slide 38: Agendapunt 3: Remuneratierapport 2016
AGENDAPUNT 3 38 Remuneratierapport 2016 uitvoering van het remuneratiebeleid 38
Slide 39: Agendapunt 4: Vragen aan de accountant
AGENDAPUNT 4 39 Mogelijkheid tot het stellen van vragen aan de accountant 39
Slide 40: Agendapunt 5: Dividend- en reserveringsbeleid
AGENDAPUNT 5 40 Dividend- en reserveringsbeleid 40
Slide 41: Agendapunt 6.A: Vaststelling jaarrekening 2016
AGENDAPUNT 6.A 41 Voorstel tot vaststelling van de jaarrekening 2016 41
Slide 42: Stemming agendapunt 6.A
STEMMING AGENDAPUNT 6.A Voorstel tot vaststelling van de jaarrekening 2016 42 42
Slide 43: Agendapunt 6.B: Dividend 2016
AGENDAPUNT 6.B 43 Voorstel van een dividend voor 2016 per gewoon aandeel van € 3,08 in contanten, waarvan € 0,77 betaalbaar wordt gesteld als slotdividend 43
Slide 44: Stemming agendapunt 6.B
STEMMING AGENDAPUNT 6.B Voorstel van een dividend voor 2016 per gewoon aandeel van € 3,08 in contanten, waarvan € 0,77 betaalbaar wordt gesteld als slotdividend 44 44
Slide 45: Agendapunt 7: Kwijting aan de Directie
AGENDAPUNT 7 45 Voorstel tot het verlenen van kwijting aan de Directie 45
Slide 46: Stemming agendapunt 7
STEMMNING AGENDAPUNT 7 Voorstel tot het verlenen van kwijting aan de Directie 46 46
Slide 47: Agendapunt 8: Kwijting Raad van Commissarissen
AGENDAPUNT 8 47 Voorstel tot het verlenen van kwijting aan de Raad van Commissarissen 47
Slide 48: Stemming agendapunt 8
STEMMING AGENDAPUNT 8 Voorstel tot het verlenen van kwijting aan de Raad van Commissarissen 48 48
Slide 49: Agendapunt 9: Benoeming A. Nühn
AGENDAPUNT 9 49 Voorstel tot benoeming van de heer A. Nühn als Commissaris 49
Slide 50: Stemming agendapunt 9
STEMMING AGENDAPUNT 9 Voorstel tot benoeming van de heer A. Nühn als Commissaris 50 50
Slide 51: Agendapunt 10: Benoeming H. Brand
AGENDAPUNT 10 51 Voorstel tot benoeming van de heer H. Brand als Commissaris 51
Slide 52: Stemming agendapunt 10
STEMMING AGENDAPUNT 10 Voorstel tot benoeming van de heer H. Brand als Commissaris 52 52
Slide 53: Agendapunt 11: Herbenoeming D.J. Anbeek
AGENDAPUNT 11 53 Voorstel tot herbenoeming van de heer D.J. Anbeek als Bestuurder
Slide 54: Stemming agendapunt 11
STEMMING AGENDAPUNT 11 Voorstel tot herbenoeming van de heer D.J. Anbeek als Bestuurder 54 54
Slide 55: Agendapunt 12.A: Uitgifte van aandelen
AGENDAPUNT 12.A 55 Voorstel tot vernieuwing van de bevoegdheid van de Directie tot het uitgeven van aandelen en/of het verlenen van rechten tot het nemen van die aandelen 55
Slide 56: Stemming agendapunt 12.A
STEMMING AGENDAPUNT 12.A Voorstel tot vernieuwing van de bevoegdheid van de Directie tot het uitgeven van aandelen en/of het verlenen van rechten tot het nemen van die aandelen 56 56
Slide 57: Agendapunt 12.B: Voorkeursrechten
AGENDAPUNT 12.B 57 Voorstel tot vernieuwing van de bevoegdheid van de Directie tot het beperken of uitsluiten van voorkeursrechten 57
Slide 58: Stemming agendapunt 12.B
STEMMING AGENDAPUNT 12.B Voorstel tot vernieuwing van de bevoegdheid van de Directie tot het beperken of uitsluiten van voorkeursrechten 58 58
Slide 59: Agendapunt 13: Inkoop eigen aandelen
AGENDAPUNT 13 59 Voorstel tot machtiging van de Directie om eigen aandelen in te kopen 59
Slide 60: Stemming agendapunt 13
STEMMING AGENDAPUNT 13 Voorstel tot machtiging van de Directie om eigen aandelen in te kopen 60 60
Slide 61: Agendapunt 14: Rondvraag
AGENDAPUNT 14 61 Rondvraag 61
Slide 62: Agendapunt 15: Sluiting
AGENDAPUNT 15 62 Sluiting 62