Sirius Real Estate Limited · LSE:SRE
Sirius Real Estate — FY2009 Earnings Presentation
21 slides from Sirius Real Estate's earnings presentation, June 2009
Slide 1: Full year results to March 2009
Sirius Real Estate Limited Full year results to March 2009
Slide 2: Highlights
2 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany highlights Î Occupancy at 74% while average rate per m2 increased to €4.15 per m2 (31 March 2008: €3.84 per m2) 74% occupancy Î Signed banking facilities of €224.0m in the year, at an a
Slide 3: Operational highlights
3 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany operational highlights Î Signed new leases (excluding renewals) on 55,900 m2 at €4.50 per m2 in the period. 9,144 m2 further let since 31 March 2009 at €4.71 per m2 65,044 m2 new leases
Slide 4: Property portfolio
4 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany property portfolio Acquired 9 properties in period As at 31 March 2009, the portfolio consists of 38 properties. The properties are located throughout the whole of Germany with our main
Slide 5: Lettings update
5 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany lettings update Î 55,900 m2 let to 31 March 2009 at an average rate of €4.50 per m2 Î A further 9,144 m2 further let since 31 March 2009 at €4.71m2 1 29,425 m2 lettings since 1 April 20
Slide 6: Adapting to the current climate: smartspace
6 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany adapting to the current climate smartspace Î Branded offices, production and storage units under 250 m2 Î Pricing fully inclusive of added value services including refreshments, interne
Slide 7: Transformation
7 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany transformation Î Transformation process underway at 25 locations with €20.5m invested in period €20.5m invested in transformation process Î €65.0m expected to be invested over next 3 ye
Slide 8: Development
8 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany development Î Nine pre-let new build deals signed in total since IPO adding an additional 5,877 m2 of let space at 12.4% ROI1 9 development deals signed in total Î Annual rental increas
Slide 9: Case study: Kiel
9 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany acquisition case study: Kiel purchase price €2.1m total lettable 10,120m2 total net rent (€ -0.1m) Î 3,000 m2 of surplus land suitable for development rate psm €3.76 occupancy 18% net y
Slide 10: Case study: Bonn Konigswinterer
10 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany acquisition case study: Bonn Konigswinterer allocated purchase price €4.0m total lettable 7,732m2 total net rent €0.1m Î 1,400 m2 of surplus land suitable for development rate psm € 3.
Slide 11: Case study: Mannheim
11 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany acquisition case study: Mannheim purchase price €13.8m total lettable 67,204m2 total net rent €1.8m rate psm €3.70 Î Projected investment of €2.0m on new buildings on surplus land crea
Slide 12: Property valuations
12 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany property valuations Î Portfolio valued at €500.4m1 at 31 March 2009 (€42.7m write off) €500.4m revaluation Î Write off of purchase costs in revaluation of €7.4m 74% Î Write off of Cape
Slide 13: Financials – income statement
13 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany financials – income statement period to 31 March 09 €m rental income 43.7 direct costs (19.3) net rental income 24.4 deficit on revaluation of investment properties (42.7) administrati
Slide 14: Financials – balance sheet
14 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany financials – balance sheet as at 31 March 2009 €m non current assets investment properties 502.6 other non current assets 3.5 current assets cash and cash equivalents 29.7 others 7.7 5
Slide 15: Banking
15 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany banking Î Bank borrowings as at 31 March 2009 were €274.2m €274.2m bank borrowings Î Weighted average interest rate of this debt 5.6% €29.7m Î Cash at 31 March 2009 €29.7m cash €224.0m
Slide 16: Banking covenants
16 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany banking covenants Mar 09 DTZ Current Annual Net Rent LTV ICR Value Loan Interest Current Covenant Current Covenant RBS Portfolio I 53,900,000 3,035,021 23,754,725 1,266,399 44% 85% 2.4
Slide 17: Conclusion
17 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany conclusion Î Demand remains encouraging Î Focus on Asset Management Î Sirius model is working Î Banking to be resolved
Slide 18: Appendix
18 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany appendix
Slide 19: Organisational chart
19 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany organisational chart 31 March 2009 CEO Technical Director Managing Director Finance Director Legal Asset Marketing Reception Sales (8) Development (8) Acquisition (2) HR (4) IT (4) lb2
Slide 20: Acquisitions in period
20 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany acquisitions in period Total Cost m € Occupancy Net Rent m € Rent Psm € Initial Yield Siemens Portfolio (5 props) 102.7 89% 8.5 5.11 8.2% Düsseldorf (Am Tripp) 5.9 97% 0.7 3.02 12.1% D
Slide 21: Bonn Dransdorf
21 Sirius Real Estate Limited Full year results to March 2009 Leading operator of branded business parks in Germany Bonn Dransdorf