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POHJOLA’S CORPORATE BOND SEMINAR
Technopolis is Different A Nordic Baltic Approach
• A focused real estate
company with service DNA
• We develop, own & operate
dynamic, smart campuses
• Profitable growth, geographic
diversification, chain thinking
• Multiuser facilities, shared,
bundled services
• Hands-on sales & account
management
2
3
Smart Business Environments
Net Sales, Q1-Q3/2013
Technopolis’ business idea is to combine premises and services into a carefully thought-out
offering that supports the growth and success of customers
0
10
20
30
40
50
60
70
80
90
Rental income Service income
EU
R m
illio
n
Service Portfolio
Sales and
Support
Team at
the
Property
Sales and
Support
Team at
the
Property
Property Portfolio
Broker(s)
Sales Manager(s)
Sales and
Support
Team at
the
Property
Property Property Property
4
A Sales Driven Approach
• Dedicated account managers for every campus located on site for fast response
• Incentives aim to maximize occupancy, revenue/sqm and customer satisfaction
• Low volatility in occupancy over the cycle shows that the concept works
Property Investor
Company
Property Portfolio
Company
Portfolio Manager
17%
19%
13% 8%
8% 2%
7%
7%
4%
15%
Oulu
HMA
Tampere
Kuopio
Jyväskylä
Lappeenranta
St. Petersburg
Tallinn
Vilnius
Oslo
22%
17%
17%
10%
10%
2% 8%
8% 6%
Oulu
HMA
Tampere
Kuopio
Jyväskylä
Lappeenranta
St. Petersburg
Tallinn
Vilnius
Market Segments, in Fair Value
5
After Investments, before Year-end 2013 Current Portfolio, Sept 30, 2013
“After investments before year-end 2013” calculation method:
Fair value September 30, 2013 + purchase price or estimated investment cost
A Diversified Customer Mix
14%
22%
3% 7% 8%
4%
7%
11%
2%
8%
14%
ProfessionalServicesInformation andCommunicationPublic Sector
Real Estate
Education
Food Services
Financial Services
Manufacturing
Healthcare
Wholesale andRetailOther
Top 20 Customers Customer Segments
As of 30 September 2013 the 20 largest customers were renting ca. 38% of the company’s space
7
Lease Portfolio
• Long-term leases boosted the average lease length and lease stock
• At the end of the period the average lease period was 43 (25) months
• Lease stock was EUR 347.2 (238.2) million
% of lease stock Lease length in months
0
5
10
15
20
25
30
35
40
45
50
0%
10%
20%
30%
40%
50%
60%
0-3 mo 3-6 mo 6-9 mo 9-12 mo Over 12 mo
1-9/2012 1-9/2013 LEASE LENGTH, MO
Strategic Financial Targets
Target 2014-2016 1-9/2013
Net sales +15% p.a. y/y 16.5%
EBITDA +15% p.a. y/y 17.1%
International net sales EUR 50 million by 2016 EUR 10.6 million
ROCE >6% p.a. 6.1%*
Equity Ratio >35% over the cycle 39.4%
Dividend policy avg. 1/3 of net income 50.6% of net income
8
* Calculated from EPRA EBIT, rolling 12 months
Strategy and Financials
1
1 Net Sales and EBITDA
growth rates according to
strategy plan. Equity ratio
assumption >35%
3
2 Interest rates are
assumed to increase
moderately
2
4 Net CAPEX
€180m/y in average.
Dividend pay-out ca.
33%
4
3 No FV-changes in investment
properties are assumed for the
forecast period
5 Solid financial
outstanding requires
capital injection
5
*) FV changes of investment properties may cause significant fluctuations to ROE-%
NOTE:
This is for illustrative
purposes only – not a
guidance!
Key Indicatorors 2012A 2013F 2014F 2015F 2016F
Turnover Growth, % 15,6 % 15,6 % 37,7 % 8,5 % 16,3 %
EBITDA Growth 17,3 % 15,1 % 40,3 % 9,4 % 17,6 %
EBITDA-% 51,9 % 51,7 % 52,7 % 53,1 % 53,7 %
Equity Ratio-% 36% 40% 40% 38% 40%
Gearing, % 156% 140% 142% 154% 142%
Loan to Value, % 60% 59% 59% 61% 60%
Avg. Int. rate for debts 1,8 % 2,1 % 2,3 % 2,3 % 2,3 %
ROE-% 7,4 % 3,9 % 7,9 % 8,2 % 8,1 %
Cash Flow (m€) 2012A 2013F 2014F 2015F 2016F
EBITDA 55,8 64,2 90,0 98,5 115,8
Net Financial Expenses 13,6 17,7 21,4 23,6 26,7
Taxes 7,5 6,1 13,1 14,2 17,0
Other adjustements 4,5 3,0 -5,2 -1,5 -3,2
Operating CF 39,2 43,3 50,3 59,2 68,9
Net Investments 116,6 494,5 94,0 168,4 267,7
CF After Investments -77,4 -451,3 -43,7 -109,2 -198,9
Chage in IB Liabilities 59,0 250,0 56,0 129,2 129,0
"Capital injection" 34,5 175,0 ,0 ,0 100,0
Dividends -12,7 -15,1 -13,5 -18,3 -19,9
Change in cash 3,3 -41,4 -1,2 1,7 10,2
Income statement (m€) 2012A 2013F 2014F 2015F 2016F
Turnover 107,3 124,0 170,8 185,3 215,5
EBITDA 55,8 64,2 90,0 98,5 115,8
FV Gains/Losses (Inv. Prop.) -5,7 -13,0 ,0 ,0 ,0
Depreciations 2,0 2,7 3,2 3,6 4,1
EBIT 48,0 48,5 86,9 94,8 111,7
Net Financial Expenses 13,6 17,7 21,4 23,6 26,7
Profit (loss) before taxes 34,4 30,7 65,4 71,2 85,0
Taxes 7,5 6,1 13,1 14,2 17,0
Net loss/profit 26,9 24,6 52,4 57,0 68,0
Balance Sheet (m€) 2012A 2013F 2014F 2015F 2016F
Investment properties 1014,1 1504,1 1593,1 1756,0 2017,7
Other Non-Current Assets 34,5 36,4 38,2 40,1 42,0
Current Assets 18,4 21,3 28,9 31,1 35,8
Cash 15,7 11,3 6,5 3,7 9,4
Total assets 1082,7 1573,0 1666,7 1830,8 2104,9
Equity 389,5 549,0 584,2 618,4 762,0
Hybrid bond 0 75,0 75,0 75,0 75,0
IB Liabilities 637,5 887,5 943,5 1072,7 1201,7
Non IB Liabilities 55,7 61,6 64,0 64,7 66,2
Total Equity and Liabilities 1082,7 1573,0 1666,7 1830,8 2104,9
Financials in Brief
14 15
22 21
25
30
34
7 7 9
11 13
15 13
48%
45% 40%
51% 51% 51%
38%
0%
10%
20%
30%
40%
50%
60%
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011 2012 2013
Direct result (m€) Dividends (m€) Dividends / Direct result-%
57
73 76
81
93
107
124
29 37 40 41
48 56
64
0
20
40
60
80
100
120
140
2007 2008 2009 2010 2011 2012 2013
Net Sales (m€) EBITDA (m€) Linear (Net Sales (m€)) Linear (EBITDA (m€))
89
143
66
134 150 116
494
0
100
200
300
400
500
600
2007 2008 2009 2010 2011 2012 2013
Gross Capex (m€) Linear (Gross Capex (m€))
39% 41% 37% 37% 36% 36% 40%
10%
7%
2%
6%
9%
5%
4%
0%
2%
4%
6%
8%
10%
12%
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
2007 2008 2009 2010 2011 2012 2013
Equity Ratio-% (left scale) ROI-% (right scale)
Linear (Equity Ratio-% (left scale)) Linear (ROI-% (right scale))
NOTE:
2013 figures are based on analysts’
consensus and are only illustrative
- not a guidance!
11
*) total value of the Vilnius deal including all phases
**) pre-let rate October 30, 2013
***) commissioning in phases
Investments in Last 12 Months
Area Name
Occupancy
rate, % sqm
EUR
million
Stabilized
yield, % Completion
Acquired
Tampere Tohloppi 100.0 32,000 23.3 11.8 10/2012
Oulu Peltola 73.6 37,600 31.7 11.2 02/2013
Vilnius Alfa & Beta 99.8 31,200 62.6 *) 9.6 05/2013
Completed
Tampere Yliopistonrinne 2 97.5 7,500 22.5 7.6 10/2012
Kuopio Viestikatu 7B&C 93.2 9,300 17.4 9.2 02/2013
Tallinn Löötsa 8C 95.4 6,200 8.3 9.1 03/2013
Under construction **)
Vilnius Gamma 85.0 11,000 62.6 *) 8.8 10/2013
Tallinn Löötsa 8A&B 81.5 16,300 24.3 9.1 10/13-02/14***)
St. Petersburg Pulkovo 2 32.7 18,700 42.0 12.6 10/2013
Jyväskylä Innova 4 91.0 8,900 23.7 8.1 10/2013
Signed investments
HMA Falcon 97.0 26,300 77.5 7.8 11-12/2013e
Oslo Fornebu 90.0 70,500 153.8 7.7 12/2013e
Total 275.5 487.1
Equity Issues
12
Excludes minor compensation share issues and option subscriptions
*) Hybrid bond issue
5,9 4,2 0,5
6,9 5,7 6,3
19,9
2,3 8,5 10,3
5,3 10,5 11,3
59,6
19,4
32,1
74,3*
98,6
0
10
20
30
40
50
60
70
80
90
100
Interest Rates
13
0,0
0,5
1,0
1,5
2,0
2,5
3,0
3,5
4,0
4,5
5,0
1.1
2.0
8
1.2
.09
1.4
.09
1.6
.09
1.8
.09
1.1
0.0
9
1.1
2.0
9
1.2
.10
1.4
.10
1.6
.10
1.8
.10
1.1
0.1
0
1.1
2.1
0
1.2
.11
1.4
.11
1.6
.11
1.8
.11
1.1
0.1
1
1.1
2.1
1
1.2
.12
1.4
.12
1.6
.12
1.8
.12
1.1
0.1
2
1.1
2.1
2
1.2
.13
1.4
.13
1.6
.13
1.8
.13
1.1
0.1
3
Technopolis average interest rate ECB refinance rate3-month Euribor 5-year swap10-year swap
Technopolis
average
interest rate
2.51%
(Q4/08 – Q3/13)
Sources: Bloomberg and Technopolis interim reports.
Method: Technopolis interest rates are quarterly average interest rates include
interest rate swaps. For Q4/13 the company has used the interest rates reported in
Q3/13
Breakdown of Debts (1/3)
• Total IBD EUR 658.3 million at Q3/2013
• Banks are main IBD funding source, but the loan portfolio is well-
diversified
• Annual amortization are well-diversified easing the refinancing
43
106
118
60
332
0
100
200
300
400
500
600
700
2013 2014 2015 2016 2017+
€m
Interest bearing liabilitiesEIB * 31%
SHB 12%
Nordea 11%
OP 9%
Danske 8%
Swedbank 8%
SEB 7%
Ilmarinen 6%
EBRD 5%
DNB 2%
Others 1%
Breakdown of Debts (2/3)
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Floating-rate loans (0-12 months) Fixed-rate loans (> 12 months) Hedging ratio
Breakdown of Debts (3/3)
25%
26% 28%
3%
18%
Loans without Covenants or Bank Guarantees
Loans with Covenants (equity ratio)
Loans Requiring Bank Guarantees with Covenants
Loans Requiring Bank Guarantees without Covenants
Loans with Covenants
85,5%
5,5%
7,2% 1,7%
Bank Loan Leasing Debt
Commercial Paper Credit Lines + other
Loan Maturities
17
• The Group’s loan maturities on average is 8.1 (9.0) years
• Within 12 months EUR 130.2 million of loans are coming due
• EUR 116.7 (110.3) million untapped credit facilities