Financing and capital structure

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1 Financing and capital structure Hannu Linnoinen Executive Vice President, CFO 1 3 Dec Capital Markets Day

2 Project type s effect on return, risk and financing Project margin % ~ 20% ~ 15% ~ 10% Construction => Cashflow positive Development projects Developercontracted projects Development costs Low financing requirement Ownership of developercontracted projects Development costs Project and cofinancing needed Development costs Development and construction financing 2 Construction Taking agreed additional responsibilities Temporary ownership Longer term ownership Risk level

3 Core capabilities in real estate development End-investor s market know-how End-investor yield-% => sales value Own investor sales Efficient construction Eur/m2, construction costs, quality & implementation time Scalable business model Own project development Acquisition of plots, zoning Concepts and business expertise Target market Finland and Russia SRV Approach Rent revenue management Eur/m2 Tenant leasing Strong retailing know-how Shopping centre management in Russia Management of project capital Project financing (debt capital) SRV s own investment capacity Co-investors Investment vehicles Refinancing during operating period 3

4 Relationship banking & equity level target Group s core financing is based on long term relationships with highly rated banks at unified terms - All relationships banks have strong credit rating (S&P: AA- to A-; Moody s: AA3 to A3) - SRV follows a common Group borrowing policy with standard financial covenants M committed revolving credit facility is underwritten by relationship banks and matures in December Previous revolving credit was also refinanced in 6/2012 with current relationship banks Equity level target at least 30% - The financial covenant for SRV's loans is equity ratio, which is also reported to for developer contracting projects as a ratio based on percentage of completion - Q3/13 equity ratio 40.4% 4

5 Debt maturity structure and financing reserves Debt maturity structure Short term debt consists of commercial paper issued and maturing loans from financial institutions. Commercial paper issued is fully covered by standby facilities - Long term debt consist of housing loans (20+ yr maturities) and loans from financial institutions Long term financing reserves support liquidity - Standby committed financial reserves are 100 M syndicated loan maturing in December 2015 and 22,3 M current account limits - Additional financial capacity available by refinancing cashflow generating projects 5

6 Financing reserves & liquidity reserves 2009-Q3/2013 Financing reserves 148 M (Q3/13) - Financing reserves consist of cash and undrawn committed loan facities and limits - Committed facilities are preferred reserves. Therefore SRV has limited investment counterparty risks and in a lean treasury organisation Financial liquidity risk in domestic developer contracting is low - Construction costs of domestic development projects (36 M Q3/13) are covered by undrawn committed project loans and sales receivables (42 M Q3/13) - SRV s liquidity is not adversely affected in case of slow down of housing sales 6

7 Finance structure and hybrid bond issue The share of non-interest bearing debt as a financing source has increased - Scalable subcontractor based business model has limitations on the use of supplier credits Hybrid bond has been used to support equity to assets and gearing ratios - SRV issued a 45 M domestic hybrid bond The bond has no set maturity date but the company may exercise an early redemption option after four years 7

8 SRV Model and its effect on financial ratios A. SRV has a comparable equity ratio than its peer group companies, but gearing is not comparable with peers - SRV s equity to assets ratio was 39.3% (IFRS, Q3/2013) and POC-% 40,4% - SRV s gearing ratio was 103 (Q3/2013) B. SRV s equity ratio and gearing is affected by following factors 1. SRV s strategy to increase developer contracting in housing construction in Finland 2. Effects of SRV s business model on gearing and liquidity 3. Investments in development projects especially in Russia 8

9 1. Developer contracting and financial ratios 1. SRV s strategy is to increase developer contracting in housing construction in Finland SRV is among TOP-5 housing construction companies in Finland. - IFRS standard for revenue recognition for developer contracting lowers the equity ratio and increases the gearing, since also the sold inventory is reported on SRV s balance sheet SRV secures the financing of the construction of housing developer contracting utilizing housing corporation loans - SRV finances the construction of its development projects with upto 70% housing corporation loans, which are most cost efficient long term financing available - 70% loan level reduces financial risk in case of housing sales downturn, since the loan covers most of the construction costs - Completion of own production has therefore only a limited effect on on SRV s liquidity - Securing of liquidity with high level of housing loans increases the gearing during construction 9

10 2. SRV s business model and financial ratios 2. Effects of SRV s scalable business model on gearing and liquidity Project management contracting model reduces non-interest bearing current liabilities on balance sheet - 1) employment related liabilities, 2) trade payables, 3) advance payments and 4) other current liabilities are lower than those of SRV s peer group s - SRV uses extensively small enterprises in subcontracting SRV has a policy to abstain from fixed price traditional contracting. These contracts are awarded with fixed payment schedule In project management contracting construction bids are often requested with preliminary plans. This affects the payment schedules and reduces advances as a financing source 3. Investments in development projects (mainly in Russia) SRV s capital employed in International operations was 172 M (Q3/13) and mainly in Russia. Local financing sources prior construction phase are very limited. Since development times are long in Russia, Group s financial resources can be tied up for a long time in development, construction and ownership phases 10

11 Summary of SRV s project development financing Financing for developer contracting projects is secured by sales process, project loans and use of general liquidity reserves Domestic developer contracting - Housing developments for consumer sales are financed with housing loans from domestic relationship banks. SRV s policy is to use 70% LTV in these projects - For other developments under construction either a project loan is arranged or construction is financed with SRV s financing reserves International developer contracting especially in Russia - Local project loan is prefered financing for Russian projects. Project loans have long maturities covering also operations time Project loan for Pearl Plaza is 95 M, Okhta Mall loan target is 160 M. SRV does not guarantee these loans. Project loans in associated companies are not consolidated on SRV s balance sheet - Co-investors and Investment vehicles provide equity investment capacity - Construction of smaller developments may be also financed with SRV s financial reserves 11

12 Case Etmia: SRV s financing and subsequent refinancing SRV s capital employed in Etmia Construction & Construction financing 0 -> 35.9 M 33 M Operating period Russian bank refinancing NOI 4 M p.a. Repayment of SRV s loan and interest > 1.7 M SRV (50%) SRV (50%) EXIT 2014? Remaining capital and profit SRV (50%) Etmia construction was fully financed by SRV with interest bearing secured loans SRV owns 50% of Etmia After successfully leasing out the premises local project financing was arranged Refinancing enabled SRV to release most of capital tied in Etmia 12

13 Case Pearl Plaza; co-investor & project loan SRV s fee for 120 M project management contracts 95M Construction Project loan 22 M Operating period 8/ Refinancing xx/201x? 1XX M Repayment of part of invested capital EXIT 201? Remaining capital and profit SRV (50%) SRV (50%) SRV (50%) Investment value 140 M Project term loan 95 M SRV s investment 22 M The value of Pearl Plaza increases with operating cashflow Capital tied can be reduced during operating period by refinancing the project loan 13

14 Russia Invest investment vehicle developed by SRV Investment company Russia Invest - Co-investor concept developed by SRV - Russia Invest will invest in SRV s development projects in Moscow and St. Petersburg - SRV will be in charge of project development and acts as a project management contractor - Partners investment commitments 95.5 M : SRV, Ilmarinen, Sponda 26 M, each Etera 12.5 M Onvest 5.0 M - Development projects will be funded by project-specific bank loans, the whole investment can rise up to 300 M - St. Petersburg s Okhta Mall is the company s first investment, ca. 50 M Russia Invest Moscow & St. Petersburg focus Max 95.5 M ca. 50 M 55% Okhta Mall 6% Investment vehicle Investments in Russia Project loans 14

15 Case Okhta Mall; SRV s co-investor partnership & project loan SRV s fee for 160+ M project management contracts Construction M Project Loan (LOI) 45% SRV 55% Russia Invest Sale of the holding (Q2 13) Operating period Q Refinancing xx/201x? XXX M Repayment of part of invested capital SRV (60%) EXIT 201? Remaining capital and profit SRV (60%) Investment value 250 M Project term loan 160 M Shareholders investment 90 M SRV s commitment during construction is 44 M, which is covered by cash flows from project management agreements and the sale of the holding) Capital tied can be reduced during operating period by refinancing the project loan 15

16 Life cycle of selected SRV s projects in Russia Construction period Operating period Exit Yr Target SRV Yr 1 Yr 2 Yr n NOI % Okhta Mall 8/ Q1/2016 Q1/2016 -> 33 M 60 % over 25% let *) Pearl Plaza 8/2013 -> 18 M 50 % 100% let/reserved Etmia 2010 (& 2012) -> 2014? 4.2 M 50 % fully let Pearl Plaza II 2014? 2015? 50 % over 30% let *), no investment decision made Mitishi 2014? 2015? 25% **) ca. 30% let *), investor negotiations on-going *) preliminary lease agreements **) current ownership LOI signed for 160 M project loan 95 M project loan SRV s financing for construction 33 M refinancing The illustration is based on estimation of the Okhta Mall shopping centre project - The purpose of the illustration is to describe the timing of financial results and it is based on current knowledge. The actual figures may be significantly different. 16

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