Ctp N.v. · EURONEXT:CTPNV
Ctp — Debt Investor Presentation (September 2020)
60 slides from Ctp's debt investor presentation, September 2020
Slide 1: CTP - A Leading Vertically-Integrated European Logistics Property Platform
CTP - A Leading Vertically- Integrated European Logistics Property Platform Parkmakers
Slide 2: Today's Presenters
Today’s Presenters Remon L. Vos Richard Wilkinson Jan-Evert Post Head of Funding Founder & CEO Group CFO & Deputy CEO & Investors Relations Remon founded CTP together with two Richard has been working with CTP since Jan-Evert has been working with CTP for other investors in 1998 to develop ful
Slide 3: CTP Proposed Green Bond Terms
CTP Proposed Green Bond Terms €4 Bn European Medium Term Note Programme Issuer CTP B.V. Issuer Rating Baa3 (Stable) by Moody’s / BBB- (Stable) by S&P Ranking/Security Senior unsecured obligations ranking pari passu with all other senior unsecured obligations outstanding Format Fixed Rate Notes Curre
Slide 4: Meeting Agenda
Meeting Agenda Pages Presenters Remon L. Vos 1 Introduction to CTP 05 – 11 Richard Wilkinson 2 CTP’s Key Credit Highlights 12 – 28 Jan-Evert Post 3 Financial Policy 29 – 32 Richard Wilkinson 4 Green Bond Framework 33 – 40 Richard Wilkinson 5 Concluding Points 41 – 42 Richard Wilkinson A Supplemental
Slide 5: Introduction to CTP
Draft – 03 Sep – 17:30 01 Introduction to CTP 5 ctPark Prague East 5 Czech Republic
Slide 6: CTP - A Leading Vertically-Integrated European Logistics Property Platform
CTP’s Key Financial Green Bond Concluding Supplemental Introduction to CTP Credit Highlights Policy Framework Points Materials CTP - A Leading Vertically-Integrated European Logistics Property Platform CTP Business Model At a Glance Premium Class-A Asset Base • Among Top 5 largest logistics property
Slide 7: CTP - A Leading Vertically-Integrated European Logistics Property Platform (Cont'd)
CTP’s Key Financial Green Bond Concluding Supplemental Introduction to CTP Credit Highlights Policy Framework Points Materials CTP - A Leading Vertically-Integrated European Logistics Property Platform (Cont’d) Portfolio KPI’s as of Jun-20A €5.5 Bn Platform Across CEE €5.5 Bn 500+ 100 5.8 MM sqm Tot
Slide 8: 22-Year Established Track-Record of Controlled, Organic Growth
CTP’s Key Financial Green Bond Concluding Supplemental Introduction to CTP Credit Highlights Policy Framework Points Materials 22-Year Established Track-Record of Controlled, Organic Growth Combined with Profitable Operations ~15% Annual Growth in GLA Since 2011 with Steady ~95% Occupancy 2011 2013
Slide 9: CTP is Among Top European Logistics Property Companies
CTP’s Key Financial Green Bond Concluding Supplemental Introduction to CTP Credit Highlights Policy Framework Points Materials CTP is Among Top 5 European Logistics Property Companies and Maintains Market Leading Positions in Five CEE Markets Top 5 Logistics Property Company in Europe #1 Logistics P
Slide 10: Full Service Owner-Developer Business Model
CTP’s Key Financial Green Bond Concluding Supplemental Introduction to CTP Credit Highlights Policy Framework Points Materials Full Service Owner-Developer Business Model Underpins Resilient Cash Flow Profile and Low Risk Development Strategy Full Control Over Entire Value Chain – Powerful Model for
Slide 11: Focus on Top Asset Quality and Sustainability
CTP’s Key Financial Green Bond Concluding Supplemental Introduction to CTP Credit Highlights Policy Framework Points Materials Focus on Top Asset Quality and Sustainability Reflective of Our “Build to Long-Term Own” Strategy CTP’S #1 GREEN MARKET SHARE(1) 1 CTP has always been committed to sustainab
Slide 12: CTP's Key Credit Highlights
Draft – 03 Sep – 17:30 02 CTP’s Key Credit Highlights 12 ctPark Plzen Czech Republic
Slide 13: CTP's Key Credit Highlights
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials CTP’s Key Credit Highlights CTP Committed to Diversify Funding Sources and Bring Down Leverage to Support the Continuous Demand-Led Growth of the Company Secular Tailwinds f
Slide 14: CEE Markets Exhibit Favourable Macroeconomic Trends
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials CEE Markets In Which We Operate Exhibit Favourable Macroeconomic Trends 1 1 Average Real GDP Growth in 2017-19A(1)(2) • Czech Republic, Romania, Hungary, (%) Slovakia and Po
Slide 15: Demand for Industrial Space in CEE Driven by e-Commerce
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials Demand for Industrial Space in CEE Driven By Increasing 1 e-Commerce Penetration and Deep Integration of Supply Chains with Western Europe 1 e-Commerce Sales 19-21E CAGR (%)
Slide 16: Enduring Demand Drivers Combined With Constrained Supply
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials Enduring Demand Drivers Combined With Constrained Supply Translate into Robust Real Estate Trends in CEE 1 GROWING INVESTOR DEMAND FOR EUROPEAN LOGISTICS ASSETS… … WITH STEA
Slide 17: Among Top 5 European Logistics Players and #1 in CEE
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials Among Top 5 European Logistics Players and #1 in CEE with €5.5 Bn Total Portfolio 2 CTP’s Portfolio of 100 Business Parks(1) Organized Into Strategic Regional Clusters CTPar
Slide 18: Premium Asset Base Grouped in Large Multi-Use Parks
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials Premium Asset Base Grouped in Large Multi-Use Parks 3 “Park Makers” – Strategic Focus on the Development of Large Multi-Use Industrial / Logistics Parks Typical Features of
Slide 19: Premium Asset Base Grouped in Large Multi-Use Parks (Cont'd)
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials Premium Asset Base Grouped in Large Multi-Use Parks (Cont’d) 3 ctPark 1 ctPark Brno CZ 2 Bucharest West RO 3 ctPark Bor CZ 4 ctPark Bucharest RO 5 ctPark Ostrava CZ Occupi
Slide 20: High Quality Tenant Base with Diversified Rent Roll
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials 4 High Quality Tenant Base with Diversified Rent Roll Primarily Blue-chip International + Domestic Corporates, Present on Multiple Sites Across the Portfolio Broad and Diver
Slide 21: Well Balanced Lease Expiry Profile with >5-Year WAULT
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials 4 Well Balanced Lease Expiry Profile with >5-Year WAULT Maintained Over Time LEASE ROLLOVER / EXPIRING GLA BREAKDOWN(1) EURO DENOMINATED INSTITUTIONAL ‘000 SQM – AS OF JUNE
Slide 22: Proven Vertically-Integrated Business Model with Resilient Portfolio Performance
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials Proven Vertically-Integrated Business Model with Resilient Portfolio Performance 5 STABLE OCCUPANCY OF ~95%(1) POSITIVE LIKE-FOR-LIKE RENTAL GROWTH(2) % at year-end Y/Y % CA
Slide 23: Resilient H1 2020 Performance Despite COVID-19
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials Resilient H1 2020 Performance Confirms Strength 5 of CTP’s Business Model Despite COVID-19 Pandemic Response to Tenant Rental Take-up Construction Financing Covid-19 Perform
Slide 24: Prudent Customer-Led Development Strategy
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials 5 Prudent Customer-Led Development Strategy c.860k sqm Committed Development Pipeline with 76% Pre-let CTP’s Approach to Development Illustrative Development Projects 1• 8.5
Slide 25: Experienced Senior Management Team Led by Visionary Owner-CEO
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials Experienced Senior Management Team Led by Visionary Owner-CEO 6 Visionary Founder and Shareholder and Highly Experienced and Engaged Management Team… Remon L. Vos, Frics Ric
Slide 26: Secure Financial Profile with Investment Grade Ratings
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials Secure Financial Profile with Investment Grade Ratings from S&P and Moody's 7 €5.5 Bn Freehold Portfolio Solid Cash Flow Generation Tenant-Led Development Strategy • Profits
Slide 27: Historical Financial Statements (1/2)
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials 7 Historical Financial Statements (1/2) €MM Dec-17A (1) Dec-18A Dec-19A Jun-20A Profit & Loss and Other Comprehensive Income Statement Gross Rental Income (2) 222.3 262.0 28
Slide 28: Historical Financial Statements (2/2)
Introduction to CTP’s Key Financial Green Bond Concluding Supplemental CTP Credit Highlights Policy Framework Points Materials 7 Historical Financial Statements (2/2) €MM Dec-17A Dec-18A Dec-19A Jun-20A Balance Sheet (+) Total Investment Property 4,097 4,409 5,235 5,458 Investment Property 3,787 4,0
Slide 29: Financial Policy
Draft – 03 Sep – 17:30 03 Financial Policy 29 ctPark Bor Czech Republic
Slide 30: Financial Policy Framework
Introduction to CTP’s Key Green Bond Concluding Supplemental CTP Credit Highlights Financial Policy Framework Points Materials Financial Policy Framework Strategic Objective to Gradually Diversify Funding, Bring Down Leverage, and Maintain Financial Policy Consistent with Investment Grade Rating • C
Slide 31: Objective to Bring Down Leverage and Maintain LTV Between 40-50%
Introduction to CTP’s Key Green Bond Concluding Supplemental CTP Credit Highlights Financial Policy Framework Points Materials Objective to Bring Down Leverage and Maintain LTV Between 40-50% CTP Has Several Tangible Options at Its Disposal to Delever Equity Syndication on • CTP actively considering
Slide 32: Funding Structure to Move to Largely Unsecured
Introduction to CTP’s Key Green Bond Concluding Supplemental CTP Credit Highlights Financial Policy Framework Points Materials Funding Structure to Move to Largely Unsecured Future Long Term Funding Structure Planned Funding Structure Simplified Issue Structure • Move unsecured funding to CTP B.V. H
Slide 33: Green Bond Framework
Draft – 03 Sep – 17:30 04 Green Bond Framework 33 ctPark Bor Czech Republic
Slide 34: CTP Green Bond Framework – Overview
Introduction to CTP’s Key Financial Concluding Supplemental CTP Credit Highlights Policy Green Bond Framework Points Materials CTP Green Bond Framework – Overview Developed in Accordance with ICMA Green Bond Principles, 2018 I Use of Proceeds II Process for Project Evaluation and Selection • Green B
Slide 35: CTP Green Bond Framework – Use of Proceeds
Introduction to CTP’s Key Financial Concluding Supplemental CTP Credit Highlights Policy Green Bond Framework Points Materials CTP Green Bond Framework – Use of Proceeds GBP Category Eligible Project Description SDG Target 1. Existing buildings owned and managed by CTP that have received the below c
Slide 36: Our Focus on Protecting the Environment – Tangible Actions
Introduction to CTP’s Key Financial Concluding Supplemental CTP Credit Highlights Policy Green Bond Framework Points Materials Our Focus on Protecting the Environment – Tangible Actions BREEAM • 80% of our portfolio is BREEAM certified as “Very Good” or “Excellent” 1 Certification • Plan to have all
Slide 37: Green Features of CTP's Buildings/Parks (1/2)
Introduction to CTP’s Key Financial Concluding Supplemental CTP Credit Highlights Policy Green Bond Framework Points Materials Green Features of CTP’s Buildings/Parks (1/2) ctPark Bor (416,282 sqm) CZ Green Park Water Containment Facility Trees Plantation ctPark Brno (495,222 sqm) CZ BREEAM Excellen
Slide 38: Green Features of CTP's Buildings/Parks (2/2)
Introduction to CTP’s Key Financial Concluding Supplemental CTP Credit Highlights Policy Green Bond Framework Points Materials Green Features of CTP’s Buildings/Parks (2/2) ctPark Prague East (60,292 sqm) CZ BREEAM Very Good Facility Vegetal Environment Green Surroundings ctPark Ponavka CZ ctPark Os
Slide 39: CTP Green Bond Framework - Reporting
Introduction to CTP’s Key Financial Concluding Supplemental CTP Credit Highlights Policy Green Bond Framework Points Materials CTP Green Bond Framework - Reporting CTP will Report, Annually and Until Full Allocation, on the Use of Proceeds and Environmental Impact 1 Allocation reporting Green Bond R
Slide 40: Green Bond Framework – Second Party Opinion and Verification
Introduction to CTP’s Key Financial Concluding Supplemental CTP Credit Highlights Policy Green Bond Framework Points Materials CTP Green Bond Framework – Second Party Opinion and Verification Starting one year after the issuance of any green financing issuance, an independent external party will ver
Slide 41: Concluding Points
Draft – 03 Sep – 17:30 05 Concluding Points 41 ctPark Ostrava Czech Republic
Slide 42: CTP's Key Credit Highlights
Introduction to CTP’s Key Financial Green Bond Supplemental CTP Credit Highlights Policy Framework Concluding Points Materials CTP’s Key Credit Highlights • Excellent AA- sovereign credit rating of Czech Republic where majority of CTP assets are located (58% based on GLA) – Beneficiary of supportive
Slide 43: Appendix A: Additional Materials on CTP
AP PE ND IX A Appendix Additional Materials on CTP ctPark Bor 43 Czech Republic
Slide 44: Experienced Senior Management Team Led by Visionary Owner-CEO
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials Experienced Senior Management Team Led by Visionary Owner-CEO Country Management Top Management Czech Republic Romania Remon Vos Richard Wilkinson Jan-Evert Post David Chlád
Slide 45: Portfolio ERV and Valuation Yield Evolution of Owned Assets
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials Portfolio ERV and Valuation Yield Evolution of Owned Assets ERV PER SQM / MONTH EUR 2015 2016 2017 2018 2019 Industrial Premises 3.00 – 6.00 3.50 – 6.00 3.75 – 4.50 3.55 – 6
Slide 46: CZ Logistics / Industrial Portfolio Snapshot
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials CZ Logistics / Industrial Portfolio Snapshot 40% Market Share (#1) KEY STATISTICS MARKET OVERVIEW & TRENDS STRATEGICALLY LOCATES ASSETS (As of June 2020) • The high demand f
Slide 47: RO Portfolio Snapshot
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials RO Portfolio Snapshot 33% Market Share (#1) KEY STATISTICS MARKET OVERVIEW & TRENDS STRATEGICALLY LOCATES ASSETS (As of June 2020) • The logistics market in Romania continue
Slide 48: HU Portfolio Snapshot
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials HU Portfolio Snapshot 34% Market Share (#1) KEY STATISTICS MARKET OVERVIEW & TRENDS STRATEGICALLY LOCATES ASSETS (As of June 2020) • The Hungarian industrial market is suppo
Slide 49: Appendix B: Overview of Selected Business Parks
AP PE ND IX B Appendix Overview of Selected Business Parks ctPark Brno 49 Czech Republic
Slide 50: CTPark Brno Overview
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials 1 CTPark Brno Overview Location: Tuřanka, 627 00 Brno, Czech Republic BERLIN CTPark Brno occupies a prime location near Brno’s city centre on the D1 motorway between Prague/
Slide 51: CTPark Ostrava Overview
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials 2 CTPark Ostrava Overview Location: Na Rovince 879, 720 00 Ostrava – Hrabová, Czech Republic CTPark Ostrava is located just 10km from Ostrava city centre is well served by p
Slide 52: CTPark Bor Overview
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials 4 CTPark Bor Overview Location: 348 02 Bor U Tachova, Czech Republic CTPark Bor is strategically located in Western Bohemia, just 15 km from the German border. it is an idea
Slide 53: CTPark Bucharest West Overview
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials 7 CTPark Bucharest West Overview Location: Bolintin Deal Commune, DC149 Road, Giurgiu County, 077096, Romania CTPark Bucharest West is prominently located on the city’s west
Slide 54: Appendix C: Additional Materials on Logistics Markets
AP PE ND IX C Appendix Additional Materials on Logistics Markets ctPark Plzen 54 Czech Republic
Slide 55: Czech Republic Logistics / Industrial Market Snapshot
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials Czech Republic Logistics / Industrial Market Snapshot Market Key Highlights Czech Republic Market Shares by Industrial Stock and Take-up • The logistics market in Czech Repu
Slide 56: Romania Logistics / Industrial Market Snapshot
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials Romania Logistics / Industrial Market Snapshot Market Key Highlights Romania Market Shares by Industrial Stock and Take-up • The logistics market in Romania continues to Rom
Slide 57: Hungary Logistics / Industrial Market Snapshot
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials Hungary Logistics / Industrial Market Snapshot Market Key Highlights Hungary Market Shares by Industrial Stock and Take-up • According to CBRE, total leasing demand for Hung
Slide 58: Slovakia Logistics / Industrial Market Snapshot
Introduction to CTP’s Key Financial Green Bond Concluding CTP Credit Highlights Policy Framework Points Supplemental Materials Slovakia Logistics / Industrial Market Snapshot Market Key Highlights Slovakia Market Shares by Industrial Stock and Take-up • According to CBRE, Slovakia’s market of Class-
Slide 59: Legal Disclaimer
Legal Disclaimer IMPORTANT: You must read the following before continuing. The following applies to this document, the oral presentation of the information in this document by CTP B.V. (the “Company” or “we”) or any person on behalf of the Company, and any question-and-answer session that follows th
Slide 60: Parkmakers
Parkmakers