Slide 1: Q1 2016 Results Investors Presentation
Q1 2016 RESULTS INVESTORS PRESENTATION 12 MAY 2016 1
Slide 2: Contents
CONTENTS 1 Key highlights Q1 2016 2 Portfolio 3 Operations and financials 2 | Q1 2016 RESULTS |
Slide 3: Key Highlights Q1 2016
1 KEY HIGHLIGHTS Q1 2016 Portfolio and operations Acquisition of Pixel office building completed (14,500 sq. m, January 2016) Acquisition of land plot for office development in Budapest CBD 90,000 sq. m NLA under construction in three projects 126,000 sq. m NLA in advance pre-construction ph
Slide 4: Execution of the Growth Strategy: Use of Funds
1 EXECUTION OF THE GROWTH STRATEGY: USE OF FUNDS NOI upon Purchase price Equity invested Expected loan Current NOI stabilisation Acquisitions (€m) (€m) (€m) (€m) (€m) Acquisition of completed properties and land plots 95.7 74.2 Exp. 28 6.1 7.2 Acquisition of minority stake in City Gate 18.1 18.1 - 3
Slide 5: Contents
CONTENTS 1 Key highlights Q1 2016 2 Portfolio 3 Operations and financials 5 | Q1 2016 RESULTS |
Slide 6: Portfolio Overview
2 PORTFOLIO OVERVIEW Balanced portfolio Totalproviding stable portfolio by rental income and sector Regional diversification (income generating significant growth potential from secured developments portfolio)(3) As of 31 March 2016 Budapest As of 31 March 2016 Landbank for Non-core(1) Belgrade Proj
Slide 7: Income Generating Assets by Country Post Acquisitions and Completions
2 INCOME GENERATING ASSETS BY COUNTRY POST ACQUISITONS AND COMPLETIONS REALIZED IN APRIL 2016 Completion of University Business Park B (19,200 sq. m, anchor tenants moved in) Acquisition of Premium Point and Premium Plaza (15,000 sq. m) Hungary Serbia €209m €124m 18% 11% Bulgaria €55m Croatia 5%
Slide 8: Contents
CONTENTS 1 Key highlights Q1 2016 2 Portfolio 3 Operations and financials 8 | Q1 2016 RESULTS |
Slide 9: Financial Highlights
3 FINANCIAL HIGHLIGHTS FFO Key metrics (€m) Q1 2016 Q1 2015 €m 12 11 NOI 21 20 10 9 NOI margin 76% 74% 8 EBITDA 18 18 6 FFO I 11 9 4 FFO I / share (€) 0.02 0.02 2 0 Q1 2015 Q1 2016 Total property EPRA NAV 31 March 2016 31 December 2015 €m 1600 1400 0,65 Total property 1,389 1,324 1,389 1400 1,324 12
Slide 10: Balance Sheet
3 BALANCE SHEET (€m) 31 March 2016 31 Dec 2015 Comments Investment property and L.T. assets (incl. IPUC) 1 1,351 1,289 1 Increase in investment Residential landbank and inventory 27 30 property driven by acquisitions and Asset held for sale 11 6 development activity Investment in shares and associat
Slide 11: Conservative Financing Structure
3 CONSERVATIVE FINANCING STRUCTURE Balanced debt split Interest rate split As of 31 March 2016 As of 31 March 2016 Unsecured debt Other 16% currencies Hedges 19% under negotiations 7% Floating 30% Fixed/hedged Secured 63% debt 84% EUR 81% * Other currencies include PLN and HUF Debt maturity Comments
Slide 12: Debt and LTV
3 DEBT AND LTV (€m) 31 March 2016 31 December 2015 Long-term bank debt and financial liabilities 688 659 Short-term bank debt and financial liabilities 73 80 Loans from minorities (25) (27) Deferred issuance debt expense 6 6 Total bank debt and financial liabilities 743 717 Cash & cash equivalents &
Slide 13: Income Statement
3 INCOME STATEMENT (€m) Q1 2016 Q1 2015 Comments Rental and service revenue 27 27 Cost of rental operations (7) (7) 1 Profit from revaluation reflects the progress in the construction of Galeria Residential sale result 1 - Północna Gross margin from operations 21 20 Selling expenses (1) (1) 2 Furthe
Slide 14: Cash Flow Statement
3 CASH FLOW STATEMENT (€m) Q1 2016 Q1 2015 Comments Operating activities Operating cash before working capital changes 18 17 Add / deduct: 1 Investment in real estate Decrease in residential inventory 3 2 includes: acquisition of Pixel and land in Interest paid, net (6) (7) Budapest as well as Effec
Slide 15: FFO Bridge Q1 2016, Totalling €11m
3 FFO BRIDGE Q1 2016, TOTALLING €11M FFO reconciliation Q1 2016 in €m 2 19 1 8 16 1 11 0 0 0 Net income Total income taxes PBT Tax paid FV re- Share based Foreign exchange Unpaid, financial Non-cash loss FFO provision measurement provision differences, net expenses, net from associates 15 | Q1 2016
Slide 16: EPRA NAV Bridge Q1 2016
3 EPRA NAV BRIDGE Q1 2016 EPRA NAV reconciliation Q1 2016 in €m 41 797 91 19 658 6 639 Total equity exc. Non- Non-controlling interest Equity attributable to equity Derivatives Def. tax liab. on RE assets Def. tax liab. on IC loans EPRA NAV controlling interest holders of the Company 16 | Q1 2016 RE
Slide 17: Additional Materials
ADDITIONAL MATERIALS 17 | Q1 2016 RESULTS |
Slide 18: Portfolio of Income Generating Properties
PORTFOLIO OF INCOME GENERATING PROPERTIES As of 31 March 2016 Poland Hungary Serbia Croatia Romania Bulgaria Subtotal Czech(1) Total Office projects Number of assets 12 4 4 - 1 - 21 2 23 GTC consolidated share of 150 117 64 - 48 - 380 11 391 NLA (ths. sqm) Total NLA (ths. sqm) 150 117 64 - 48 - 380
Slide 19: Useful Information
USEFUL INFORMATION Contact ils Małgorzata Czaplicka Director Investor Relations tel:. +48 22 60 60 710 mczaplicka@gtc.com.pl Useful links Q1 2016 presentation Q1 2016 report 19 | Q1 2016 RESULTS |
Slide 20: Disclaimer
DISCLAIMER THIS PRESENTATION IS NOT FOR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN. THIS PRESENTATION IS NOT AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. BY ATTENDING OR VIEWING THIS PRESENTATION, YOU ACKNOWLEDGE AN
Slide 21: Globe Trade Centre SA
GLOBE TRADE CENTRE SA Woloska 5 02-675 Warsaw T (22) 60 60 700 F (22) 60 60 410 www.gtc.com.pl 21