Investor presentation Q1 2010 results - PowerPoint PPT Presentation

Loading...

PPT – Investor presentation Q1 2010 results PowerPoint presentation | free to download - id: 407870-MzQ1N



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

Investor presentation Q1 2010 results

Description:

Investor presentation Q1 2010 results * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Belgium, Tournai ... – PowerPoint PPT presentation

Number of Views:19
Avg rating:3.0/5.0
Slides: 64
Provided by: Isendoor
Learn more at: http://www.wereldhave.com
Category:

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: Investor presentation Q1 2010 results


1
Investor presentation Q1 2010 results
2
Q1 10 highlights
  • Occupancy rate stabilised
  • Cap rates virtually unchanged
  • Succesful refinancing of 2010 Syndicated Term
    Facility
  • Additional reletting in Paris
  • Acquisition of shopping centre Koningshoek in
    Maassluis, the Netherlands for 40m. Four small
    assets sold in UK for 5m
  • Completion office space San Antonio project in Q3
    10

3
Business environment
  • Macro picture slowly improving with GDP
    forecasts, producer- and consumer trust on the
    rise
  • But consumer spending remained subdued in Q1 and
    outlook on further recovery is blurred by
    possible impact from Greek crisis
  • Property markets investment volumes gradually
    rising again (especially prime properties/long
    leases). Forced selling remains limited, for
    now. Prime yields stable in most- and slightly
    lower in some markets
  • Letting markets no significant improvements yet.
    Office markets still mostly face negative net
    take-up and lowering rents. Retail rents stable
    in good shopping centres/locations but under
    pressure in weaker centres/locations

4
Q1 2010 key figures
  • Direct result p/s 1.20 (-5 yoy)
  • Total result p/s 0.50
  • Revaluation portfolio -0.5
  • NAV p/s 75.19 (-11 yoy)
  • Investment portfolio 2,663m (10)
  • Development pipeline 250m
  • LTV 36 ( 37 after Maassluis-acquisition in
    Q2 2010)

5

Total result (m) Q1 10 Q1 09 yoy

Direct result 27.5 28.1 -2
Indirect result - 15.0 - 29.6 50
Profit 12.6 -1.5 -
Minority interest 2.0 1.9 9
Profit for shareholders 10.6 -3.3 -




6

Direct result (m) Q1 10 Q1 09 yoy

Gross rental income 54.0 53.6 1
Operational costs -17.6 -17.3 2
General costs -3.2 -3.1 3
Other 0.6 0.6 5
Net financial costs - 5.2 -4.9 5
Taxes - 1.2 -0.7 -77
Direct result 27.5 28.1 -2
Minority interest -1.9 -1.9 -2
Direct Result Shareholders 25.6 26.2 -2
7
Gross rental income ( m)
Q1 10 total yoy l-f-l

Total 42.4 100 1 1
Belgium 6.3 15 -3 -3
Finland 7.2 17 -1 -1
France 1.8 4 26 26
The Netherlands 8.0 19 11 2
Spain 2.8 7 -1 -1
United Kingdom 5.1 12 -8 9
U.S.A. 11.1 26 -6 -1
in local currency
8
Occupancy Mar 010
Retail Office Logistics Resi Total Q1 10 Total FY 09
Belgium 99.7 82.6 - - 92.0 92.8
Finland 98.8 97.0 - - 98.8 99.0
France 100.0 41.8 - - 53.3 37.5
The Netherlands 99.2 93.8 99.9 100.0 99.2 99.4
Spain 74.4 93.6 100.0 - 89.2 89.9
United Kingdom 97.3 88.7 91.1 - 91.1 91.3
U.S.A. 79.1 89.8 - 85.4 88.8 90.2

Total Q1 10 97.3 83.0 99.3 85.6 90.2 89.7
Total FY 09 97.8 81.3 98.9 88.1 89.7
9
Financial costs
10
Financial cost ( m)
Q1 10 Q1 10 Q1 09 Q1 09 yoy yoy
DIR IIR DIR IIR DIR IIR
Interest expense -5.1 -5.0 2
Amortized costs of loans -0.4 -0.2 100
Non-cash option expense convertible bonds -0.8 -0.4 100
Other non-cash costs -0.3 -1.4 -0.3 -1.0 0 40
Interest income 0.1 0.2 -50
Capitalized interest 0.5 0.4 25
Other non-cash income
Net financial cost -5.2 -2.2 -4.9 -1.4 5 57
11
Interest rate currency sensitivity Mar 2010
  • Floating rate loans 55 of debt (FY09 38)
  • Average interest 2.2 (2009 2.6)
  • 0.5 change in interest rates
  • EPS change 0,12 (or 2.5 of DR)
  • Hedge on investments (end of period)
  • - USD 62 (2009 62, H1 09 68)
  • - GBP 60 (2009 61, H1 09 66)
  • A change of 10 on period-end exchange rates has
    an impact of 1.78 (or 2.4) on the NAV p/s
  • On earnings a change of 10 of average exchange
    rates (USDGBP) has an impact of 0.17 (or 3.4)
    on DIR p/s

On nominal basis. On IFRS basis 2.7 (2009
3.3)
11
12
Indirect result
13

Indirect result ( m)
Q1 010 Q1 09

Revaluation -12.0 -31.8
Result on sales -0.1 0
Deferred tax -0.5 3.6
Net financial -2.2 -1.4
Other - -
Indirect result -14.9 -29.6
Shareholders -15.0 -29.5
Minority interest 0.1 -0
14
Revaluation Q1 2010
14
15
Yield movements cap rates Q1 2010
Retail Office Ind. Resi Cap rate
Belgium 0.1 0.0 - - 6.3
Finland 0.0 0.0 - - 5.9
France 0.0 0.0 - - 6.4
The Netherlands 0.1 0.0 0.1 0.0 6.4
Spain 0.0 0.0 0.0 - 7.1
United Kingdom -0.4 -0.2 0.5 - 7.9
U.S.A. 0.0 0.0 - 0.0 7.1
Cap rate 6.1 7.0 7.6 7.3 6.6

Cap rate movement total portfolio -4 bps in Q1 2010 Cap rate movement total portfolio -4 bps in Q1 2010 Cap rate movement total portfolio -4 bps in Q1 2010 Cap rate movement total portfolio -4 bps in Q1 2010 Cap rate movement total portfolio -4 bps in Q1 2010 Cap rate movement total portfolio -4 bps in Q1 2010
Cap rate net market rent divided by gross
market value including transaction costs
16
Balance sheet Debt profile
17
Sound Balance sheet ( m) Sound Balance sheet ( m) Sound Balance sheet ( m) Sound Balance sheet ( m)
Q1 2010 2009 2008
Total assets 2,867.7 2,597.0 2,823.2
Interest bearing debt long 553.3 572.1 715.6
Interest bearing debt short 398.0 140.8 24.0
Deferred tax liabilities 121.4 119.0 151.8
Other liabilities 76.1 78.6 71.6
Equity 1,718.8 1,686.5 1,860.2

NAV per share (IFRS) 75.19 73.77 83.74
NAV per share (EPRA) 80.62 79.25
NNNAV per share (EPRA) 72.12 73.65

18
Debt conservative ratios at low cost
  • Interest bearing debt 951m (2009 713m)
  • Fixed/floating 45/55 (2009 62/38)
  • Average cost 2.2 (2009 2.6)
  • LTV 36 (37 after Maassluis-acquisition
    2009 28)
  • ICR 7.0x (2009 8.1x)
  • 90m of committed credit facilities and cash
    available after 40m Maassluis-acquisition,
    dividend payment and EUR 270m refinancing of 2010
    STF
  • Wereldhave in top 5 of lowest geared listed
    property companies in Europe

On nominal basis. On IFRS basis 2.7 (2009
3.3)
19
Debt profile Pro forma after 40m Maassluis
acquisition, dividend payment and
refinancing 2010 STF
STF syndicated term facility on nominal basis
20
Development pipeline overview
Project Location Total investment Capex sofar Expected net yield Estimated completion Remarks
San Antonio I Texas, US 190m 78m 7.0-7.5 2010-2011 offices completed in early Q3 2010
Nivelles I Belgium 42m 6m 7.0-7.5 2012 Start construction in June 2010, contractor hired
Tournai I Belgium 23m 0 7.0-7.5 2012
Tournai II Belgium 15m 0 7.0-7.5 2012
Leiderdorp Neth. 35m 1m 6.0-6.5 2012-2014
Total 250m 61m
Phase II USD 140m decision based on success of
phase I Phase II decision based on success of
phase I and granting of permits
21
Future 2010 and onwards
  • Focus on increasing occupancy rate. Expiries in
    US and Belgian office portfolio challenging in
    current markets
  • Portfolio size per country to increase to gt
    400m
  • Focus on retail to increase from 50 to 50-60
  • Main targets UK (retail), France (offices) and
    Spain (offices) opportunities in other countries
    also pursued
  • Dutch portfolio focus on next stage ? active
    management and refurbishments- /extension-plans
  • Sale of industrial assets and assets lt 20m
  • Completion of developments projects to contribute
    to results from 2011 onwards

22
Expanding in Dutch retail
Appendix I
23
Maassluis De Koningshoek
24
Maassluis De Koningshoek
  • Function Citys dominant shopping centre
  • Owners Wereldhave and ASR
  • Opening 1971
  • Refurb/Extension 1985
  • GLA Total 20,500 m2
  • W have 12,600 m2 retail
  • 3,900 m2 other
  • Catchment area Primary 31.500 persons
  • Secundary 6.500 persons
  • Gross rent 2.8 m
  • Parking 1000 p.p. (owned by city)
  • Anchor tenants Hema, Albert Heijn, Hoogvliet,
    Supercoop
  • Remarks Plans for refurbishment extension
    with 8,000 - 10,000 m2, targeting net yield of
    7

24
25
Purmerend Eggert
  • Function Part of city centre retail structure
  • Opening 1979
  • Refurbishment 1992
  • GLA Total 20,555 m2
  • Whave 19,456 m2 retail
  • 277 m2 other
  • Catchment area Primary 78,450 persons
  • Secundary 82,100 persons
  • Gross rent 5.0m
  • Parking 390 p.p. (owned)
  • Remarks - Growing catchment area
  • - Solid market position
  • - Strong tenant mix with further potential

25
26
Capelle a/d IJssel De Koperwiek
  • Function Citys dominant shopping centre
  • Owners Wereldhave and Van der Vorm Vastgoed
  • Opening 1965 (Van der Vorm)
  • Extension 1995
  • GLA Total 22,000 m2
  • W have 9,021 m2 retail
  • 78 m2 other
  • 61 app.
  • Catchment area Primary 63,350 persons
  • Secundary 28,000 persons
  • Gross rent 2.8m
  • Parking 925 p.p. (owned by city)
  • Remarks - Above average spending power
  • - Extension possibilities

26
27
Eindhoven Woensel XL
  • Function Large district centre
  • Owners Wereldhave, Redevco,
  • IEF, private investors
  • Opening 1967
  • Refurb extension 2004-2006
  • GLA Total 41,000 m2
  • Whave 9,858 m2 retail
  • 484 m2 office
  • Catchment area Primary 100,800 persons
  • Secundary 133,000 persons
  • Gross rent 3.7m
  • Parking 1000 p.p. (not owned)
  • Remarks - Growing catchment area
  • - Solid market position
  • - Expand ownership

27
28
Roosendaal De Roselaar
  • Function Part of city centre retail structure
  • Opening 1968
  • Refurbishment 1996
  • GLA Total 28,000 m2
  • W have 12,407 m2 retail
  • 167 m2 other
  • Catchment area Primary 77,700 persons
  • Secundary 50,000 persons
  • Gross rent 3.5m
  • Parking 415 p.p. (not owned)
  • Remarks - Expand ownership
  • - Solid market position
  • - Stable catchment area
  • - Strong tenant mix with further potential

28
29
Outlook Dutch retail markets
  • Dutch retail market below-average risk profile
    in European perspective
  • Rental income from retail relatively resilient
  • No turnover based rent less volatility on
    up- and downside
  • Rent reviews smoothening impact due to legal
    framework
  • Supply new developments subdued due to long
    planning process and physical restrictions
  • Increasing divergence in performance of core- and
    secondary locations expected to continue
    Wereldhave only present on core locations with
    well established centers

29
30
Primary shopping centres in Holland
  • Around 53 shopping centres larger than 20.000 m2
    GLA
  • Strong concentration around the larger cities /
    Randstad XL
  • After the acquisition Wereldhave owns gt13 in
    this segment of primary shopping centres

Eggert
Winkelhof
Kronenburg
De Koperwiek
Etten-Leur
Woensel XL
De Roselaar
30
31
Development pipeline
Appendix II
32
Nivelles, Belgium
  • Description
  • Extension shopping center Mixed-use area
  • Size
  • Existing 16,195 m2 (renovation completed)
  • Extension I 12,000 m2 (shopping center)
  • Extension II offices, apartments hotel
  • Sustainability
  • Energy saving installations
  • Use of materials
  • Investment
  • Extension shopping center 42 mln
  • Planning
  • Shopping centre 2012
  • Other functions 2012 - 2015

33
Nivelles, Belgium
34
Belgium, Tournai
  • Description
  • Extension current shopping center
  • Size
  • Existing 15,540 m2
  • Extension 4,500 m2 (shopping center)
  • 10,000 m2 (retail park)
  • 500 parkings
  • 26 apartments
  • Sustainability
  • Energy saving installations
  • Use of materials
  • Investment 38m
  • Planning
  • Retail park phase I 2012
  • Extension shopping 2012

35
San Antonio, Texas, USA
  • Description
  • Mixed use area with 1,400
  • apartments 20,000 m2 offices
  • 6,500 m2 retail and a 165 room
  • Hotel amphitheater chapel
  • Size Land 119 acres
  • Sustainability
  • Water recycling solar energy
  • Investment
  • Total USD 330m
  • Phase I USD 190m
  • Planning
  • Phase I 532 apartments
  • 6,500 m2 retail 20,000 m2
  • offices hotel

36
San Antonio, progress report
Number or m2 Completion Market rent USD Comments
Offices 20,000 2010 Q3 21 22 per sqf, net marketed
Hotel 165 rooms 2011 Q2 100 net Rev.PAR Management contract with Gemstone upscale hotel
Retail 6,500 2011 Q1 10 per sqf, net Grocer
Apartments 532 2011 Q1 2011 Q3 1.- per sqf net Mostly apartments of 800 sqf
Amenities 2011 Q3 Restaurant, amphitheater, fitness, chapel, trolley
37
Hotel
38
Office
39
Residential
40
SP/Case Shiller home price indices (sa)
41
(No Transcript)
42
Unemployment rate, Texas (, end of period nsa)
43
Profile, objectives, strategy
Appendix III
44
Wereldhave profile
  • Independent property company, founded in 1930
  • Dutch REIT status
  • Property portfolio 2.7 bn
  • Development pipeline max. 10 of assets
  • Present in Continental Europe 68, UK 8 and USA
    24
  • 85 properties average size 30m
  • Market cap 1.3bn
  • Free float 100
  • High dividend yield ( 7.5 )
  • Pay-out ratio 95
  • Included in major indices AEX, EPRA, GPR, MSCI

45
Diversification of investments Mar 2010
46
Financial objectives
  • Stable growth direct result and dividend
  • while maintaining solid balance sheet ratios
    solvency between 55 - 65
  • Pay-out ratio 85-95 of direct result

47
Strategy value creation
  • Investment in and management of shopping centres
  • in-house active management
  • Investment in offices and residential complexes
  • timing acquisitions and sales
  • In-house property development
  • cost control
  • quality control
  • retaining development margin

48
Strategy risk management
  • Portfolio well diversified over 7 countries and 3
    sectors
  • Only mature, liquid and professional property
    markets
  • Diversified tenant base
  • Portfolio renewal development max. 10 of assets
  • Solid balance sheet solvency 55-65
  • Currency exposure hedged

49
Market approach
  • Local knowledge and presence
  • experienced local teams in all countries/regions
  • In-house property management and development
  • direct relations with tenants and markets
  • In-house market research 
  • timing of acquisitions and sales supported by
    in-house market analyses

50
Sustainability I
  • 1998 In-house development and letting of
    XX-building (Delft, NL)
  • 2003 Formal introduction business principle
    focus on sustainable, innovative property
    products providing enhanced user value, lower
    life-cycle costs and reduced environment impact
  • 2003 Procedure sustainable investment as
    internal guideline
  • 2006 First privately developed LEED Platinum
    office building (Mc Kinney) realized in Dallas,
    Texas
  • 2008 Internal sustainability manual compiled,
    defining objectives and plans of action
  • 2009 start carbon footprint evaluation
    stimulation sustainability of suppliers
    cooperation contract with construction companies
    appointment of sustainability development manager

51
Sustainability II
  • 2009 choice to invest in inner-city areas
    offering ample public transport and variety of
    facilities
  • 2010 and onwards in development of new
    buildings, sustainability starts in initiation
    phase. Performance criteria continually
    tightened. Core themes energy, water, materials,
    vicinity, flexibility and interior environment
    (health and comfort).
  • ? Example new 3000 sqm project on Ypenburg
    industrial park (2009)
  • ? Example BREEAM sustainability-upgrade
    Ilot-Kleber, Paris (2009)
  • Objective BREEAM rating GOOD on all new
    development projects
  • Sustainability themes in property management
    green electricity, accessibility physically
    challenged, assessing energy labels,
    sustainability brochures for tenants
  • Examples of measures taken sustainable
    cooling ground water combined with ice
    storage upgrade to an energy-efficient heating
    system high-frequency lighting cradle-to-cradle
    carpeting (Desso).

52
Historic perspective
Appendix IV
53
Direct Result and dividend per share
54
Net asset Value / Share Price
55
Sector allocation (in )
56
Occupancy (in )
02 03 04 05 06 07 08 09
Belgium 96 91 80 83 84 87 92 93
Finland 99 98 90 99 99 99 99 99
France 98 94 96 97 98 96 96 38
The Netherlands 90 86 88 89 94 97 98 99
Spain 99 95 92 93 99 99 95 90
United Kingdom 99 98 91 97 98 92 91 91
U.S.A. 96 94 93 90 89 92 93 90
Total 96 94 91 92 93 94 95 90
57
Revaluation (in )
02 03 04 05 06 07 08 09
Belgium 3.9 0.9 0.7 2.3 7.6 5.6 1.2 -1.8
Finland -0.9 2.7 2.2 9.3 22.9 9.5 0.9 -12.2
France 1.2 1.8 0.1 4.6 32.2 8.2 -11.1 -6.1
The Netherlands -2.6 1.1 1.3 3.5 7.0 10.2 -0.5 -6.4
Spain -2.5 -3.3 2.2 0.8 12.8 4.7 -4.3 -11.1
United Kingdom 0.5 -0.6 9.7 1.6 11.3 -3.1 -22.6 -9.9
U.S.A. -4.4 -5.3 3.3 8.0 4.0 2.1 -2.0 -12.3

Total -1.1 -0.2 3.1 4.8 12.0 5.1 -3.7 -9.1
58
Cap rates (in )
06 07 08 09 Q1 10
Belgium 6.2 5.8 6.1 6.2 6.3
Finland 5.6 5.1 5.3 5.9 5.9
France 5.7 5.6 6.0 6.4 6.4
The Netherlands 6.5 5.9 6.0 6.5 6.4
Spain 6.4 6.1 6.6 7.1 7.1
United Kingdom 6.3 6.6 7.9 8.2 7.9
U.S.A. 6.9 6.2 6.3 7.1 7.1

Total 6.3 5.9 6.2 6.7 6.6
net market rent divided by gross market value
including transaction costs
59
Quarterly result
60
Investments and Equity
61
Equity in of total assets(before distribution
of dividend)
62
Wereldhave long-term outperformance vs EPRA and
AEX
63
Investor relations Charles Bloema tel
31(0)703469325 investor.relations_at_wereldhave.com

www.wereldhave.com
About PowerShow.com