Baltic Sea Properties As · OSL:BALT
Baltic Sea Properties As — Shareholder Meeting (May 2023)
47 slides from Baltic Sea Properties As's shareholder meeting presentation, May 3, 2023
Slide 1: Annual General Meeting May 2023
Annual General Meeting 3 May 2023 Baltic Sea Properties
Slide 2: Presenters
Presenters General meeting/ Ordinær Generalforsmaling 3 rd of May 2023 Lars Christian Berger James Andrew Clarke CEO Chairman & CIO +47 930 94 319 +370 612 37 515 LCB@BalticSea.no JAC@BalticSea.no
Slide 3: Agenda – annual general meeting
Agenda – annual general meeting Company presentation • Highlights 2022 • Corporate strategy review • Risk management • Portfolio & certification status • Financing overview • Concluding remarks and outlook General meeting General meeting/ Ordinær Generalforsmaling 3 rd of May 2023
Slide 4: About us
About us ◦ Baltic Sea Properties AS (BSP) is among the Baltics’ leading real estate investors and developers – owning a portfolio of logistics, industrial and commercial assets. BNTP ◦ BSP is a public company listed on the Oslo Stock Exchange (OSE, EG: “BALT”) BSP Asset ◦ BSP has a full service, pro
Slide 5: Highlights 2022
Highlights 2022 Company level: - Developed and delivered three developments projects for Delamode and DPD – signed one expansion project for Oribalt (completed in April 2023) - Acquired a 11,900 m 2 neighbourhood shopping centre in Klaipėda - Significant work with project pipeline - Improved capital
Slide 6: About us
About us Vision To be the preferred real estate partner and leading investment company in the region. Mission To foster a great team, to provide high quality and sustainable solutions for our partners, thus creating superior long-term value and returns for our shareholders. Values ◦ Commitment to ou
Slide 7: Corporate & Investment Strategy
Corporate & Investment Strategy Key Success Factors Ownership Stable shareholder base and organisation Structure Fully integrated investment, development & management company People Professional, respectful & innovative team culture Strategy Long term hold & grow strategy with strong diversified cas
Slide 8: Investment & Corporate strategy
Investment & Corporate strategy Goals & Objectives ◦ To target an average annual IRR (Internal Rate of Return) of 10-15%. ◦ To target the company’s equity growth to 100m EUR before Y/E 2027 ◦ To target an annual dividend of 1.5-3.0% of NAV (Net Asset Value) ◦ To monitor and investigate strategic M&A
Slide 9: Corporate & Investment Strategy – Investment Strategy
Corporate & Investment Strategy Investment Strategy Geography Baltic states (primarily) Asset type > 65% Industrial & Logistics < 35% Other/Opportunity (including retail; office; DIY; hotels; residential; social & other infrastructure; renewable energy; and related private equity investment, etc.) E
Slide 10: Corporate & Investment Strategy – Risk Management
Corporate & Investment Strategy Risk Management RISKS MAJOR FACTORS & ISSUES MITIGATION & MANAGEMENT General Political – Invasion of Ukraine & embargos NATO membership, refocus of transit logistics Economic – Inflation, growth & interest rates Contingencies, discipline & cautious growth ambitions So
Slide 11: Corporate & Investment Strategy – Risk Management
Corporate & Investment Strategy Risk Management RISKS MAJOR FACTORS & ISSUES MITIGATION/MANAGEMENT Tenants/Income Profitability stress due to inflation & Tenant partnership approach with long term global economic slowdown leases and good communication. Vacancy New leases and renewals Portfolio weigh
Slide 12: Corporate & Investment Strategy – Risk Management
Corporate & Investment Strategy Risk Management RISKS MAJOR FACTORS & ISSUES MITIGATION/MANAGEMENT Code of Conduct Corruption, gross negligence, Strict policies with high standards of integrity irresponsible business practices and zero-tolerance policy for any breaches and/or partnerships Human Reso
Slide 13: Investment portfolio
Investment portfolio Diversified portfolio of properties Strategic locations Industrial & Mixed use Logistics (64%) Retail (17%) (19%) ■ 7 properties ■ 1 properties (3 stages) ■ 3 properties ■ ~84,279 m2 ■ ~23,990 m2 ■ ~15.795 m2 1 Year built: 2006 2 A1 Year built: 2017/2022 GLA: 17,149 m2 A2 GLA: 1
Slide 14: er as we
er as we
Slide 15: Our development approach
Our development approach Tenant focus Attractive locations Quality buildings Long-term Our built to suite development We acquire land plots in strategic We deliver buildings of high standard We believe in the value of long projects are tailor-made to our locations and secure sufficient land with mod
Slide 16: Development | Track record
Development | Track record Strong development operations Publicly recognised in the industry ■ 13,000 sqm logistics terminal was handed over to Rhenus Logistics in 2017 ■ Repeat business from Rhenus for a ■ “Strongest Brand Baltics – 5,000 sqm expansion delivered in Developers Logistics” in January
Slide 17: Certification status
Certification status DPO- Tait " satus: Ongoing - ) ( 0PD-Sicutos — ‘Bits lw BREEAM In-Use The assessment of: UAB "BSP Logistic Property IV" (Rhenus) Meteliy str. 12 Vilnius LT-02236 Lithuania has been carried out according to Technical Manual: BREEAM International In-Use:Commercial Version 6 by a L
Slide 18: Key figures – financing structure
Key figures – financing structure Debt maturity Interest Swap maturity Year EUR Share % Interest margin EUR Share % Swap fixed rate 0-1 year 1-3 years 22 633 828 100 % 0.60 % 4-5 years 52 126 800 90.8 % 2.1 % Total funding real estate portfolio 1 52 126 800 90.8 % 2.1 % 22 633 828 43 % 0.60 % Mezzan
Slide 19: Concluding remarks and outlook
Concluding remarks and outlook - One of the largest and most recognised developers/owners of logistics and industrial space in the Baltics. - Significant development track record lays a strong fundament for the future. - Continuing our work on professionalisation and systemisation – enabler for grow
Slide 20: Slide 20
Slide 21: Annual General Meeting May 2023
Annual General Meeting 3 May 2023 Baltic Sea Properties
Slide 22: General meeting - Agenda
General meeting - Agenda 1. Opening of the meeting and registration of shareholders present 2. Election of a chairman of the meeting and a person to co-sign the minutes together with the chairman of the meeting 3. Approval of notice and agenda 4. Approval of the annual accounts and the directors rep
Slide 23: General meeting - Agenda
General meeting - Agenda 1. Opening of the meeting and registration of shareholders present Åpning av møte og registrering av fremmøtte aksjonærer 2. Election of a chairman of the meeting and a person to co-sign the minutes together with the chairman of the meeting Valg av møteleder og person til å
Slide 24: General meeting - Agenda
General meeting - Agenda 1. Opening of the meeting and registration of shareholders present 2. Election of a chairman of the meeting and a person to co-sign the minutes together with the chairman of the meeting 3. Approval of notice and agenda 4. Approval of the annual accounts and the directors rep
Slide 25: Consolidated statement of profit or loss
Consolidated statement of profit or loss Amounts in NOK thousand For the year ended 31 December Note 2022 2021 Comments YTD P&L: Rental income 6 69 521 63 803 Gain from sale of fixed assets 13 0 6 596 Change in fair value of investment properties 13 17 252 56 314 Revenue: Other income 6 1 138 2 016
Slide 26: Income from Property management
For the year ended 31 December 2022 2021 2022 2021 Income from Property management Currency NOK NOK EUR EUR thousand thousand thousand thousand Rental income 69 521 63 803 6 882 6 278 Property expenses ex mng (2 184) (1 393) (216) (137) Net rent 67 337 62 410 6 666 6 141 Other operating income 1 138
Slide 27: Consolidated statement of financial position – Assets
Consolidated statement of financial position Amounts in NOK thousand Note 31 December 2022 31 December 2021 1 January 2021 Assets Investment property 13 1 040 278 773 053 575 976 Other operating assets 14 1 727 823 197 Right-of-use assets 18 231 345 494 Financial derivatives, non-current 17 6 581 72
Slide 28: Consolidated statement of financial position – Equity and liabilities
Consolidated statement of financial position Amounts in NOK thousand Note 31 December 2022 31 December 2021 1 January 2021 Equity Share capital 21, 30 669 669 669 Share premium 30 118 788 118 788 118 788 Other paid-in equity 30 -1 -2 -2 Total paid-in equity 119 456 119 455 119 455 Retained earnings
Slide 29: Key figures – NAV development
Key figures – NAV development Net Asset Value (NAV) per share development 31/12/2022 31/12/2021 31/12/2020 NAV (NOK) - BSP method (IFRS) 62.11 53.93 48.08 Dividend (NOK) 1.50 1.50 1.00 Return inc. dividend 18.08 % 15.24 % NAV (EUR) - BSP method (IFRS) 5.91 5.40 4.59 Dividend (EUR) 0.15 0.15 0.10 Ret
Slide 30: Key figures – financing structure
Key figures – financing structure Debt maturity Interest Swap maturity Year EUR Share % Interest margin EUR Share % Swap fixed rate 0-1 year 1-3 years 22 633 828 100 % 0.60 % 4-5 years 52 126 800 90.8 % 2.1 % Total funding real estate portfolio 1 52 126 800 90.8 % 2.1 % 22 633 828 43 % 0.60 % Mezzan
Slide 31: Consolidated statement of cash flows
Consolidated statement of cash flows Amounts in NOK thousand For the year ended 31 December Note 2022 2021 Profit for the period before tax 56 193 93 883 Adjustments for: Changes in value of investment properties 13 (17 252) (56 314) Gain from sale of fixed assets 13 - (6 596) Depreciation, amortisa
Slide 32: Annual Financial Statement 2022 for the Parent Company
Annual Financial Statement 2022 for the Parent Company Amounts in NOK Annual Financial Statement 2022 for the Parent Company Amounts in NOK Income Statement Note 31 December 2022 31 December 2021 Balance Sheet Note 31 December 2022 31 December 2021 Operating income ASSETS Other operating income 14 4
Slide 33: Annual Financial Statement 2022 for the Parent Company
Annual Financial Statement 2022 for the Parent Company Annual Financial Statement 2022 for the Parent Company Amounts in NOK Amounts in NOK Balance Sheet Note 31 December 2022 31 December 2021 Balance Sheet Note 31 December 2022 31 December 2021 ASSETS EQUITY Paid-in equity NON-CURRENT ASSETS Share
Slide 34: 4. Approval of the annual accounts and directors report
4. Approval of the annual accounts and the directors report for the financial year 2022, as well as the profit for the year The board proposes the following resolutions: Norsk oversettelse English translation Godkjenning av årsregnskapet og årsberetning for regnskapsåret 2022, og disponering av Appr
Slide 35: General meeting - Agenda
General meeting - Agenda 1. Opening of the meeting and registration of shareholders present 2. Election of a chairman of the meeting and a person to co-sign the minutes together with the chairman of the meeting 3. Approval of notice and agenda 4. Approval of the annual accounts and the directors rep
Slide 36: Election of the board
Election of the board The board proposes the following resolutions: Norsk oversettelse English translation Valg av styre Election of the board Samtlige styremedlemmer er på valg. All board members are up for election. Dagens styre består av: The current board consists of: James Clarke (styreleder) J
Slide 37: General meeting - Agenda
General meeting - Agenda 1. Opening of the meeting and registration of shareholders present 2. Election of a chairman of the meeting and a person to co-sign the minutes together with the chairman of the meeting 3. Approval of notice and agenda 4. Approval of the annual accounts and the directors rep
Slide 38: Approval of remuneration to the board for 2023/2024
Approval of remuneration to the board for 2023/2024 The board proposes the following resolutions: Norsk oversettelse English translation Fastsettelse av styrets honorar for 2023/2024 Approval of remuneration to the board for 2023/2024 Styret foreslår følgende vedtak i henhold til valgkomiteens innst
Slide 39: General meeting - Agenda
General meeting - Agenda 1. Opening of the meeting and registration of shareholders present 2. Election of a chairman of the meeting and a person to co-sign the minutes together with the chairman of the meeting 3. Approval of notice and agenda 4. Approval of the annual accounts and the directors rep
Slide 40: Election of the nomination committee
Election of the nomination committee The board proposes the following resolutions: Norsk oversettelse English translation Valg av valgkomité Election of the nomination committee Styret foreslår at valgkomiteen, bestående av John Arne Brennsund (valgkomiteens The board proposes that the nomination co
Slide 41: General meeting - Agenda
General meeting - Agenda 1. Opening of the meeting and registration of shareholders present 2. Election of a chairman of the meeting and a person to co-sign the minutes together with the chairman of the meeting 3. Approval of notice and agenda 4. Approval of the annual accounts and the directors rep
Slide 42: Approval of remuneration to the nomination committee for 2023/2024
Approval of remuneration to the nomination committee for 2023/2024 The board proposes the following resolutions: Norsk oversettelse English translation Styret foreslår følgende vedtak: The board proposes the following resolutions: Valgkomiteens honorar for 2023/2024 fastsettes til NOK 20 000 til led
Slide 43: General meeting - Agenda
General meeting - Agenda 1. Opening of the meeting and registration of shareholders present 2. Election of a chairman of the meeting and a person to co-sign the minutes together with the chairman of the meeting 3. Approval of notice and agenda 4. Approval of the annual accounts and the directors rep
Slide 44: Approval of remuneration to the auditor
Approval of remuneration to the nomination committee for 2023/2024 The board proposes the following resolutions: Norsk oversettelse English translation Styret foreslår at revisors honorar dekkes etter regning. The board proposes that the auditor is remunerated per invoice.
Slide 45: General meeting - Agenda
General meeting - Agenda 1. Opening of the meeting and registration of shareholders present 2. Election of a chairman of the meeting and a person to co-sign the minutes together with the chairman of the meeting 3. Approval of notice and agenda 4. Approval of the annual accounts and the directors rep
Slide 46: Board authorisation to increase the share capital
Board authorisation to increase the share capital The board proposes the following resolutions: Norsk oversettelse English translation Styret mener at det er hensiktsmessig at styret har en fullmakt til å kunne gjennomføre The board believes that it is appropriate for the board to have a power of at
Slide 47: Contacts
Contacts Lars Christian Berger CEO +47 930 94 319 LCB@balticsea.no James Andrew Clarke Chairman & CIO +370 (612) 37 515 JAC@balticsea.no
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