Cpi Fim S.a. · GPW:OPG
Cpi Fim — Orco Property Group — H1 2012 Earnings Presentation
24 slides from Cpi Fim's earnings presentation, Aug 30, 2012
Slide 1: Half Year 2012
August 2012 Half Year 2012 ORCO PROPERTY GROUP 30 August 2012
Slide 2: Summary
Summary I. Key events & Figures II. Operational performance i. Property Investments ii. Development iii. GAV evolution III. GAV to NAV IV. Financial results 2
Slide 3: Key Events & Figures
25/01/2012 Key Events & Figures
Slide 4: Key figures
Key figures GAV ‐ EUR Million EBITDA adjusted ‐ EUR Million 1,855 1,744 21.3 21.2 1,600 1,513 11.4 11.8 December 2009 December 2010 December 2011 June 2012 June 2009 June 2010 June 2011 June 2012 Loan To Value NAV ‐ EUR Million & Per Share 84.4% 600 40.0 451 70.1% 402 382 67.9% 28.6 30.0 400 54.6% 2
Slide 5: Key events 1/2
Key events 1/2 Successful bonds’ restructuring - Completion of equitization expected in Q3 2012 Current status of the restructuring Debt Equity Swap The “New Orco”, post equitization Timeline Step completed & expected 18 July 2012 CSSF approval of prospectus for admission to trading of 18,4 Million
Slide 6: Key events 2/2
Key events 2/2 Portfolio evolution Progress in the process of refinancing GSG : unbinding term sheet signed for approximately EUR 270 Million. Identification of plots and buildings for (re)development Bubny : approbation by the city council of the master plan change procedure May 2012 Disposal of Ra
Slide 7: Operational Performance
25/01/2012 Operational Performance
Slide 8: Property Investments– occupancy rate
Property Investments– occupancy rate Occupancy rate evolution (%) Occupancy rate by country (%) 95 84 86 86 86 81 82 77 78 79 73 74 52 41 36 15 17 9 Prague Budapest Warsaw Bratislava Luxembourg Berlin June 2011 Dec 2011* June 2012* Orco achieved an increase of occupancy rate from 75% in December 201
Slide 9: Property Investments– average rent
Property Investments– average rent Average rent evolution (EUR/SQM) Average rent by county (EUR/SQM) 22.3 22.8 21.6 22.0 14.9 13.6 6.2 6.6 5.8 5.1 5.0 5.2 4.8 4.9 4.8 2.8 2.8 3.2 Prague Budapest Warsaw Bratislava Luxembourg Berlin June 2011* December 2011* June 2012* Pro forma of the disposal of Rad
Slide 10: Property investments – hospitality portfolio
Property investments – hospitality portfolio CEE Hotels Suncani Hvar Hotels Revenue GOP ADR Revenue GOP* ADR in EUR million in EUR million in EUR in EUR million in EUR million in EUR 88 103 3.9 3.7 78 14.9 6.1 0.9 5.8 0.8 14.3 97 June 2011 June 2012 June 2011 June 2012 June 2011 June 2012 June 2011
Slide 11: Development
Development New orders contracted ‐ In Units New orders contracted 105 In EUR Million 22 78 18 H2 2011 H1 2012 H2 2011 H1 2012 Increase of 22% of contract signed in unit and 35% in revenue due to : In Prague, successful start of Mezihori in H1 2012 (project 33% pre sold as of the date of presentat
Slide 12: Agreements & Execution
Project progress Mezihori in Prague Praga in Prague • Successful pre‐sales of 33% of the project • Change of master plan effective since Q4 • Financing secured with disposal of Pivovar 2011 Vrchlabi to contractor • Opportunistic arbitrage to develop with minimal equity need high value inventory in P
Slide 13: GAV to NAV
25/01/2012 GAV to NAV
Slide 14: Gross Asset Value as of June 2012
Gross Asset Value as of June 2012 GAV by Business Line as of June 2012 Total Portfolio ‐ Data in EUR Million EUR Million 1,650 1,600 Land Bank Residential Commercial Rental Assets Hospitality Financial assets 1,600 109 1,550 42 10 12 114 24 1,500 151 1,513 1,450 68% 179 286 32% 1,400 1,350 1,300 1,2
Slide 15: Bank financing
Bank financing Easing of short term debt pressure Debt Maturity analysis ‐ EUR Million Evolution of Short Term & Long Term ‐ Total Debt As at 31 December 2011 As at 30 June 2012 900 756.7 73 % are short 880 term debt 860 876 566.6 840 85 820 71% are short term debt 800 1 6 798 780 217.1 219.4 760 74
Slide 16: Improving NAV and consolidating NAV
Improving NAV and consolidating NAV A stronger Balance sheet with a clear deleveraging trend Loan To Value NAV ‐ EUR Million & Per Share 80.0% 500 40.0 67.9% 70.1% 70.0% 450 28.6 30.0 22.4 451 60.0% 53.8% 52.1% 54.6% 400 20.0 49.6% 402 50.0% 350 382 10.4 10.0 40.0% 300 0.0 December 2010 December 201
Slide 17: Financial Results H1 2012
25/01/2012 Financial Results H1 2012
Slide 18: Revenues
Revenues Good performance of the Property Investments and rescaling of Development Revenue evolution ‐ EUR Million H1 2011 H1 2012 +6% 38.5 40.7 ‐28% +3% 23.5 16.9 11.6 11.9 Rental & Management services Hospitality Development Property Investments : +5% Development : -28% Strengthening of the Proper
Slide 19: Adjusted EBITDA & Interest Coverage Ratio
Adjusted EBITDA & Interest Coverage Ratio Improvement of Interest Coverage Adj. EBITDA H1 2011 H1 2012 Interest Coverage Ratio 22.7 H1 2011 H1 2012 21.2 14.7 X 1.6 11.8 X 1.1 X 0.8 X 0.8 X 0.5 X 0.3 (1.5) (2.9) X (0.4) Adj. EBITDA ‐ Development Adj. EBITDA ‐ Property Adj. EBITDA ‐ Hospitality X (0.7
Slide 20: Operating expenses evolution FY 2008 - FY 2011
Operating expenses evolution FY 2008 ‐ FY 2011 Operational Costs evolution between 2008 and 2011 ‐ EUR Million HQ 38% ‐ 8 4 2 7 1 3 5 5 14 HQ 33% Headquarter: EUR ‐ 22 Million 140 Operations : EUR ‐ 24 Million 94 Total 2008 Salaries & Office & Lawyers, audit Administration Travel, cars & Advertising
Slide 21: Operating expenses H1 2012 vs. H1 2011
Operating expenses H1 2012 vs. H1 2011 1 498 1 421 1 375 1 285 1 255 1 192 1 185 In H1 2012 operating expenses of the Group 1 249 1 211 1 082 decreased by 11% y‐o‐y from EUR 45.3 Million 1 190 1 187 1 035 1 026 to EUR 40.1 Million, the lowest level since March 1 077 1 067 2010 . 1 045 1 032 1 016
Slide 22: Focus on Financial result
Focus on Financial result Exceptional impact of restructuring Financial Resuls ‐ EUR Million H1 2012 H1 2011 Var Interest on bonds (20.9) (18.0) (2.9) Interest on bank loans (18.7) (23.6) 4.9 Interest income 1.7 2.4 (0.7) Net interests expenses (37.9) (39.2) 1.3 ‐ Foreign exchange result 9.9 12.7 (2
Slide 23: P&L
P&L 6 months 6 months Changes 2012 2011 Decrease of EUR 4.1 Million of revenues mainly is due to the lower Revenue 69,455 73,571 (4,116) Sale of goods 14,002 19,599 (5,597) level of residential sales Rent 35,096 34,214 882 Hotels, Extended Stay & Restaurants Services 10,749 9,608 10,595 9,163 154
Slide 24: Q&A
Q&A PROPERTY GROUP