Sponda Financial Results February 2016

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1 Sponda Financial Results February 2016

2 1. Highlights for the Period Kari Inkinen 2. Forum Acquisition Pia Arrhenius 3. Business environment and Business Update Kari Inkinen 4. Financials Niklas Nylander 2

3 1. Highlights for the period

4 Sponda s Q in brief The occupancy rate increased to 87.7% ( : 87.0%). The decline in NOI is due to the realized property divestments. Like-for-like rents were positive except in Russia. Certeum shares and Vuosaari properties transactions were closed mid-december Office building in Ilmala was completed at the end of the year. 4

5 M.O.W. Fueled by Sponda Mothership of Work opened on 1 February M.O.W. is filling up fast - nearly half of the seats are already taken. Good mix of different types of companies and freelancers. Hits just the right spot with the flexible space and lease agreements. 5

6 Development and modernization investments For greenfield projects Sponda expects 15% development gain. Leasable area m² Estimated completion Total investment M Investment by the end of 2015 Pre-let % Estimated market rent Eur/m²/month Greenfield developments Ratina shopping centre, Tampere 53,000 Spring N/A Ilmala office property, Helsinki 18,500 End of Total 71,

7 Sponda Q4 2015: Performance highlights 10-12/15 Change, % 10-12/ /15 Change, % 1-12/14 Total revenue, M 57.2 (0.2) (6.6) Net Operating Income, M (5.9) Operating profit, M Cash flow from operations/share, 0.07 (22.2) (2.7) 0.37 Earnings/share, NAV/share, EPRA NAV/share, Economic occupancy rate, % Dividend/share, *) 0.19*) 0.19 *) Board proposal 7

8 Sponda s priorities in 2015 Occupancy rate development Our target is to keep occupancy rate at the end-of-2014 level at minimum. At the end of 2015, our occupancy rate was 87.7%. Implementing our strategy We will continue the non-core property divestments. In 2015 we sold properties for EUR million and Certum s Shares for EUR 180 million. Stable cash flow from operations per share Focus in property development We aim to maintain our ability to pay stable dividend. During 2015, four large property development projects will be completed. Our target is to start at least one large development project in Board proposal for fy 2015 is EUR In March we announced a start of Ratina shopping centre. 8

9 Sponda s priorities in 2016 Occupancy rate development Our target is to increase the occupancy rate from 87.7% ( ) level. Implementing our strategy Stable cash flow from operations per share Focus in property development We will continue the non-core property divestments and the core property acquisitions. We aim to maintain our ability to pay stable dividend. Our target is to start at least one large development project in 2016 and to keep our property development gain of 15% on each project. 9

10 2. Forum Acquisition

11 Acquisition details Sponda signed an agreement to acquire six properties in the heart of Helsinki. Properties include five office properties and Forum Shopping Centre. Acquisition price is EUR 576 million. Net yield after the first year is approximately 4.9%. Closing is by 29th February

12 12

13 Properties included in the acquisition Forum shopping centre has: 14 million visitors annually; 140 shops; Annual sales of EUR 200 million; 8,000 m² more shopping area after recent renovation. 13

14 Properties included in the acquisition Address Leasable area, m² Occupancy rate (m²), % Mannerheimintie 14 16, Mannerheimintie 16 and Yrjönkatu 23 11, Mannerheimintie 18 7, Mannerheimintie 20 22, Yrjönkatu 29 11, Yrjönkatu 31 ja Simonkatu 8 7, Total 76,

15 Acquisition details Total turnover for the six properties was EUR 36.6 million in In 2015, the shopping centre was partly under renovation and thus the turnover did not cover the full year. - Estimated turnover with the current occupancy rate for 2016 will be EUR 37.7 million. The acquisition is planned to be financed with: - Cash received from the asset disposals; - Short-term bridge loan; and - Possible rights issue. 15

16 3. Business Environment and Business Update

17 Finnish Market GDP growth in Finland is estimated to be 0.2% for In 2016, the GDP growth estimate is 1.2%. Property transaction volume was record-high at EUR 5.5 billion in International investors accounted for 34% of the deals. - Only in 2007 transaction volume was higher. The office vacancy rates remained stable at the end of the year Sources: KTI, Mof F, Catella Property 17

18 Market Vacancy Rate in HMA, office properties 24.2 % 20.7 % 17.1 % 11.5 % 8.9 % Source: Catella Property 18

19 Risk allocation of Sponda s portfolio Total of the office and shopping centres properties portfolio, EUR 2.6 billion (excl. Russia, Property Development, Logistics) Vantaa total 1.0% Rest of HMA 14% Oulu 3.0% Tampere 9.0% Espoo total 7.0% 22% 44% 19

20 Segment performance Office Shopping Centres Logistics Russia Net Operating Income, M Fair Value of Properties, M 1, , Change in Fair Value of Properties, m (7.4) (6.0) (33.9) (23.8) Economic Occupancy Rate, % Divestments, M Acquisitions, M

21 30,0 % 25,0 % 20,0 % Like-for-like development in 2015 Like-for-like net rental growth has been calculated from a portfolio that Sponda has held for 2 years excluding acquisitions, divestments and property development. Like for Like net rental growth, % 27,9 % 26,6 % 15,0 % 10,0 % 5,0 % 0,0 % 3,0 % 3,3 % 1,8 % 1,2 % 11,8 % 1,7 % -5,0 % -10,0 % -15,0 % -2,0 % -3,7 % -4,3 % Office Shopping centres Logistics Russia -10,8 % Change in turnover Change in maintenance expenses Net change 5,0 4,0 4,0 3,0 Like for Like net rental growth, M 2,0 1,0 0,0-1,0-2,0 3,3 0,8 0,7 0,4 0,4 0,8 0,9-1,7-0,1-1,2-0,5 Office Shopping centres Logistics Russia Change in turnover Change in maintenance expenses Net change

22 Economic vacancy rate Q4/2009 Q4/2010 Q4/2011 Q4/12 Q4/13 Q4/14 Q4/15 Office 11.8% Shopping Centres 8.7 % Logistics 31.7 % Russia 15.4 % Total property portfolio 12.2 % HMA market office vacancy 13.3 % 22

23 Lease agreements in Q Pcs M² /m²/month (avg)* New agreements that came into force during the period Agreements that ended during the period Agreements that were extended during the period *) Agreements that came into force and ended do not necessarily correlate with same sector or space. All lease agreements in Finland are linked to CPI. Ten largest tenants account for 33% of rental income. 23

24 Investment portfolio development We are creating value by property development and active portfolio management. Our aim is to sell non-core assets classified as such either by location or development potential. M Property development investments Maintenance investments/ Tenant improvements Acquisitions Divestments

25 4. Financials

26 Profit & loss statement M 10-12/ / / /2014 Total revenue Expenses (15.9) (16.9) (64.8) (70.6) Net operating income Profit on sale of inv. properties (3.0) 0.0 (4.5) 0.6 Valuation gain / loss (0.2) Depreciation of goodwill (0.4) 0.0 (3.0) 0.0 Profit/loss on sales of associated companies Profit on sale of trading properties SGA expenses (5.6) (5.6) (21.7) (22.1) Share of profit from associated companies 0.0 (3.5) 10.2 (3.5) Other operating income/expenses (0.1) (0.2) 0.2 (1.2) Operating profit Financial income and expenses (12.1) (11.7) (48.9) (55.9) Profit before taxes Taxes from previous and current fin. years (7.5) (0.1) (9.3) (1.8) Deferred taxes (7.9) (20.4) Profit for the period

27 Valuation gains/losses M 10-12/ / / /2014 Changes in yield requirements (Finland) Changes in yield requirements (Russia) 0.0 (10.0) (7.4) (10.0) Profit/loss from property development projects Modernization investments (10.2) (14.3) (37.8) (42.0) Change in market rents and maintenance costs (Finland) Change in market rents and maintenance costs (Russia) (12.5) (4.2) (26.8) (19.3) Change in exchange rates Investment properties, total (3.9) Real estate funds (1.8) Realised gains/losses in re funds Group, total (0.2) 27

28 Financing Q4/2015 Q3/2015 Q2/2015 Q1/2015 Q4/2014 Equity ratio, % Average interest rate, % Hedging, % Average loan maturity, yrs Average fixed interest rate period, yrs Interest cover ratio 3.5x 3.4x 3.4x 3.5x 3.3x Loan to Value, % Covenants at: Equity ratio, 28% (long-term ER target: 40% ICR 1.75x 28

29 M Loan maturities, 31 December 2015 Interest-bearing debt EUR 1,660.9 million Unused financing limits EUR 440 million Bank loans Syndicated loans Bonds Commercial papers

30 Prospects and financial targets* Net operating income Sponda estimates that the net operating income for 2016 will amount to EUR million. The estimate is based on the company s view of property acquisitions and divestments to be completed and the development of rental operations during the year. EPRA Earnings Sponda estimates that company adjusted EPRA Earnings in 2016 will amount to EUR million. This outlook is based on the development of net operating income and the company s estimate of the development of financial expenses. Financial targets Long-term equity ratio target is 40 %. Dividend policy is to pay approx. 50 % of the operational cash earnings per share, taking into account of the economic situation and company s development needs. *) The prospects do not include the effect of the acquisition of six properties on Sponda s result 30

31

32 Strategy Main goals of Sponda s strategy are to simplify the business as a whole, to have more focused property portfolio, and to grow profitably. To achieve the strategic goals, Sponda is: - Selling the logistics portfolio; - Selling the Russian portfolio; and - Investing in prime properties in Helsinki and Tampere. 32

33 What we set out to do in 2013 The main goals are to simplify the business structure, more focused property ownership and profitable growth. The timeline for these goals was originally set to 3-5 years. Sell our Property Funds business Sell our logistics property portfolio We sold the Funds business and the properties in the Fund to new logistics company Certeum. Our shares in Certeum were sold at the end of We have sold logistics properties for EUR 320 million to-date. Sell our properties in Russia We have sold properties for EUR 49 million. Sell our properties in Turku We have sold all but one small office property. 33

34 What we set out to do in 2013 The capital received from the disposals will be invested in Sponda s main markets in Helsinki and Tampere. Investments include both property development projects and office and shopping centre properties. The investments we have made and will make are: Property development business We have active development projects ongoing in Helsinki and Tampere for about EUR 240 million. Property acquisitions We have acquired an office property in Tampere for EUR 63.7 million. Property acquisitions After the reporting period we announced acquisition of six properties in Helsinki CBD for EUR 576 million. 34

35 Largest Shareholders 31 January 2016 Major shareholders No. of shares Holding % 1. Oy PALSK Ab 42,163, Varma Mutual Pension Insurance Company 29,083, HC Fastigheter Holding Oy Ab 28,484, The State Pension Fund 3,300, OP-Finland Value Fund 1,453, Odin Eiendom 1,089, Tiiviste-Group OY 1,000, Danske Invest Finnish Equity Fund 803, SR Arvo Finland Value 768, Norvestia plc 718, Nominee-registered shareholders 48.22% of the total 35

36 Overview of the current reporting segments Fair value 1 Valuation yield 2 Net initial yield 3 % of portfolio 4 64% Office M 6.2% 5.9% Shopping Centres M 5.7% 4.7% 24% Logistics 92.9 M 9.1% 7.4% 3% Property Development M n/m n/m 4% Russia M 10.3% 5.8% 5% Property Investment Companies 21.4 M (Equity invested) Notes: 1) Fair value of investment properties as at 31 December ) Average valuation yield requirement as at 31 December ) Net initial yield of the segment as at 31 December ) Share of total fair value of properties as 31 December

37 Office market statistics and Sponda s holdings Source: Catella Property, Sponda Vacancy 11.2% Rental level avg /m²/yr Yield avg % 3% Vacancy 11.0% Rental levels /m²/yr Yield avg % 8% 85% Vacancy avg 18% Rental levels $ /m²/yr Yield 10-15% Vacancy avg 13.3% Rental levels /m²/yr Yield % <1% 4% 37

38 Lease agreement composition Q Lease maturity profile, % of rental income Tenant breakdown by sector¹ Average lease maturity Office Shopping centres Logistics Russia Q Q Note 1: Based on rental income Total 0,0 2,0 4,0 6,0 38

39 Balance sheet M ASSETS Investment properties 3, ,142.1 Other non-current assets Fixed assets & other non-current assets, total 3, ,393.0 Current assets, total Non-current assets held for sale Assets, total 3, ,449.2 SHAREHOLDERS EQUITY AND LIABILITIES Shareholders equity, total 1, ,411.5 Non-current liabilities, total 1, ,413.6 Current liabilities, total Shareholders equity and liabilities, total 3, ,

40 NAV/share and EPRA NAV/share 6 5,5 5 4,5 4,56 4,66 4,68 5,07 5,12 5,22 5,29 5,31 5,39 5,30 5,18 4,83 4,77 4,82 4,88 4,84 4,50 4,64 4,56 4,63 4,45 4,38 4,43 4,49 4,50 5,47 5,58 5,60 4,65 4,71 5,26 4 3,5 3 4,17 4,01 4,01 4,06 3,82 3,92 3,93 3,12 3,09 2,82 4,03 4,12 2,95 3,19 3,60 3,68 3,62 3,82 3,42 3,45 3,90 3,58 3,99 3,31 3,49 3,92 Closing price NAV EPRANAV 2,5 2 Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q413Q114Q214Q314Q115Q215 Q3 Q

41 EPRA NAV calculation 5.60 /share ,2 1489,2 1515,4 1586,5 1586, ,2 1515, Equity attributable to equity holders of parent company Other equity reserve Fair value of financial instruments Goodwill relating to deferred tax liability on properties Deferred tax Capitalized from investment borrowing cost properties*) Total *) Deferred tax relating to fair valuation of property and interest rate derivatives 41

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