company profile - New Europe Property Investments plc

Transcription

COMPANY PROFILE
15 OCTOBER 2015
NEW EUROPE PROPERTY INVESTMENTS PLC
1
COMPANY PROFILE – 15 OCTOBER 2015
COMPANY PROFILE
1
TRACK RECORD
2
GEOGRAPHICAL FOCUS
3
INVESTMENT CRITERIA
4
MANAGEMENT APPROACH
5
FUNDING STRATEGY
6
MACROECONOMIC OVERVIEW
7
MACROECONOMIC OUTLOOK
8
PRIVATE CONSUMPTION OVERVIEW
9
PRIVATE CONSUMPTION TRENDS
10
TYPICAL LEASE TERMS
11
GROUP STRUCTURE
12
BOARD OF DIRECTORS
13
INCOME PRODUCING PROPERTIES
16
DEVELOPMENTS UNDER CONSTRUCTION
41
SCHEDULE OF PROPERTIES
45
MANAGEMENT ACCOUNTS
46
2
Company profile
INTEGRATED COMMERCIAL PROPERTY DEVELOPER, INVESTOR AND OPERATOR
NEPI is a leading property investment and development group with a highly effective
and skilled internal management team using an integrated approach by combining
investment, development, asset management, property management, leasing and
finance expertise. This results in the company and shareholders benefitting from
development, property management, asset management, leasing and marketing.
INVESTMENT PROPERTY OVERVIEW AS AT 30 SEPTEMBER 2015
Number
GLA
'000m2
Weighted
Valuation
€m
Weighted
Passing rent/ERV
€m
TOTAL PROPERTIES
BUSINESS STRATEGY
Continued above industry growth in recurring distribution per share by:
- Expanding the investment property portfolio via developing, extending, redeveloping and acquiring dominant or potentially dominant retail assets in emerging
European markets with high consumption growth potential;
- Extracting additional revenue from retail assets via active asset management;
- Active re-positioning of portfolio by disposing of non-core and lower growth assets
when opportune, and
- Benefitting from optimal funding costs due to continued increase in scale.
59
1 085
1 762
136.9
30
814
1 559
118.2
97.8
Retail
23
663
1 275
95.8
98.1
Office
5
123
267
20.6
95.9
Industrial
2
28
17
1.8
98.6
9
234
176
17.1
Under construction
5
114
100
17.1
Under permitting and
pre-leasing
4
120
48
–
INCOME PRODUCING
DEVELOPMENTS
Land bank
–
–
28
–
NON-CORE
20
37
27
1.6
82+15+3z 81+17+2z
PROPERTY PORTFOLIO
Exceptional property portfolio and development pipeline in Romania, Slovakia, and
Serbia, progressing with a retail expansion program in other emerging European
retail markets, that generates earnings from long-term, triple net leases in Euro with
strong corporate covenants.
LISTINGS
— the Main Board of the Johannesburg Stock Exchange (JSE)
— the regulated market of the Bucharest Stock Exchange (BVB)
— the Alternative Investment Market (AIM) of the London Stock Exchange (LSE)
The shares are transferable among the three registers.
The JSE is the most liquid in terms of share trading of the three stock exchanges
where NEPI is listed.
DISTRIBUTIONS
GEOGRAPHICAL PROFILE
SECTORAL PROFILE
by rental income
by rental income
Romania
82%
€96.7 million
Retail
81%
€95.8 million
Slovakia
15%
€18.1 million
Office
17%
€20.6 million
3%
€3.4 million
100%
€118.2 million
Serbia
Voluntary, semi-annual distribution of the recurring direct result, with a scrip dividend
election option.
Occupancy
%
1
Industrial
2%
€1.8 million
100%
€118.2 million
Track record
NET OPERATING INCOME (€m)
INVESTMENT PROPERTY (€m)
120
100
80
ADJUSTED NAV PER SHARE (€)
2 000
5
1 600
4
1 200
3
800
2
400
1
60
40
20
0
2009
2010
2011
2012
2013
2014
Sep
2015
0
2009
2010
2011
2012
2013
2014
Sep
2015
0
2009
2010
2011
2012
2013
2014
Sep
2015
Annualised net operating income
MARKET CAPITALISATION (€b)
DISTRIBUTION PER SHARE (euro cents)
SHARE PRICE (€)
3.5
14
30
30%
3.0
12
25
25%
2.5
10
20
20%
2.0
8
15
15%
1.5
6
10
10%
1.0
4
5
5%
2
0.5
2009
2010
2011
2012
2013
2014
Oct
2015
2009
2010
2011
2012
2013
2014
Oct
2015
— Share price — Share price with dividend reinvested
2
0
0%
2009
2010
June
December
2011
2012
2013
2014
2015
Compound annual growth rate (%)
Geographical focus
The Group is focused on expanding its portfolio in Romania, Slovakia, Serbia and
gradually into other CEE countries (which are recent or potential candidates to
EU membership) through acquisition or development of dominant or potentially
dominant regional retail assets that meet its investment criteria.
CEE REGION
ESTONIA
The establishment of scale and strong local management teams are essential to
NEPI’s presence in these countries.
LATVIA
ROMANIA
LITHUANIA
With 11 existing regional malls and 9 value centres, the Group is the largest owner
of retail space in the country. The Group also opportunistically invests in A-grade
office buildings in cities with high multinational tenant demand.
SLOVAKIA
POLAND
After the 2013 acquisition of a dominant regional mall and the establishment of
a strong local management team, the Group further extended in 2014 through
the acquisition of three properties in one transaction. The Group currently owns
two regional malls, one office building and land for the development of a retail or
mixed use scheme. The Group will continue to strengthen its presence in Slovakia
through further acquisitions of retail assets.
CZECH
REPUBLIC
SLOVAKIA
HUNGARY
SERBIA
SLOVENIA
CROATIA
The Group acquired its first Serbian mall in 2014. The country is underdeveloped
in terms of retail offering and the Group is considering to gradually build up a
portfolio of dominant regional retail centres.
ROMANIA
BOSNIA
AND SERBIA
HERZEGOVINA
MONTENEGRO BULGARIA
KOSOVO
MACEDONIA
ALBANIA
EU Member Countries Candidate and Potential Candidate to EU Membership
3
Investment criteria
The Group is focused on expanding its portfolio of dominant regional retail assets and selectively invests in A-grade office buildings.
Investment decisions are forward looking and sustainable income growth is the primary focus.
DOMINANT RETAIL ASSETS
Retail assets must be or have the potential to be dominant.
Size is critical to achieve comprehensive offering and tenant
mix (large proportion of food and fashion anchors with a
substantial leisure offering). Good location, access, visibility,
design, specifications and potential for extension reduce the
threat of significant future competition. Professional active
management of such properties creates significant and
valuable growth opportunities.
MEGA MALL, BUCHAREST
A-GRADE OFFICE BUILDINGS
Offices must have a central location, excellent access to
public transport, up-to-date technical specifications, large
floor areas, high efficiency rates and high parking ratios. As
management of office properties has limited potential for
value creation, investments are made opportunistically in
cases where high initial yields are achievable and the assets
will be disposed of in time.
THE OFFICE, CLUJ-NAPOCA
DEVELOPMENTS
NEPI currently limits its development commitments to
low-risk development, redevelopment and extension
opportunities in Romania (where it is the largest owner of
retail space and has unparalleled knowledge of the market)
in a non-speculative phased manner (construction costs are
committed to on a gradual basis following the achievement
of pre-leasing targets agreed by the Board and are limited to
the availability of internal sources of financing).
SHOPPING CITY TIMISOARA
4
Management approach
NEPI is internally managed combining investment, development, asset and property
Strong corporate culture focused on planning, quality of execution, sustainability, ethics and
management, leasing, accounting and finance expertise in an integrated approach. The team
early risk assessment.
includes more than 250 professionals.
World-class experience of Board members (non-executive directors hold executive
Unparalleled knowledge of the Romanian retail market and outstanding execution and
positions in large listed companies, while Investment Committee members have in excess of
operational excellence illustrated by a number of best-in-class indicators, including
70 years of combined experience).
standards of property management, financial reporting timetables, historically consistent
Strong long-term alignment of interests between management and shareholders achieved
low receivable balances, non-collection ratios and vacancy rates.
through a substantial shareholding in the business.
OCCUPANCY RATE (%)
100%
94.8%
98.2%
94.7%
95.2%
COLLECTION RATE (%)
97.7%
98.2%
97.8%
100%
90%
90%
80%
80%
70%
70%
60%
60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
10%
0%
99.5%
98.1%
97.4%
99.8%
99.9%
99.8%
99.5%
2009
2010
2011
2012
2013
2014
Sep
2015
0%
2009
2010
2011
2012
2013
2014
Sep
2015
5
Funding strategy
EQUITY
The Company has a proven track record of raising equity in the capital markets and has developed a strong following amongst institutional and private shareholders in addition to the continued
support received from strategic shareholders. The JSE is the main equity market for NEPI and the Company is included in relevant JSE indices.
EQUITY RAISED (€m)
NUMBER OF SHAREHOLDERS
SHARES TRADED (m)
500
12 000
70
400
10 000
60
50
8 000
300
40
6 000
200
30
4 000
100
20
2 000
0
2009
2010
2011
2012
2013
2014
Oct
2015
10
0
2009
2010
2011
2012
2013
2014
Sep
2015
0
2009
2010
2011
2012
2013
2014
Sep
2015
DEBT
Long-term debt strategy is to fund assets with 30% debt on an LTV basis (capped at 35%) and diversify financing sources to optimise cost of debt. Current gearing is 21.7%.
NEPI aims at maintaining an adequate liquidity profile and optimising its cost of debt.
Investment grade credit ratings of Baa3 (stable outlook) and BBB- (stable outlook) were received from Moody’s and Standard & Poors in October 2015.
LEVERAGE PROFILE*
DEBT MATURITY PROFILE (€m)
100%
80%
CASH AND SECURITIES (€m)
200
200
150
150
100
100
50
50
60%
40%
20%
0
2009
2010
2011
2012
2013
2014
* (loans – cash)/(investment property + listed securities)
Sep
2015
0
0
2015
2016
2017
Secured debt
2018
2019+
Unsecured term loan
Unsecured RCF
6
2009
2010
Cash and cash equivalents
Unused revolving facilities
2011
2012
2013
2014
Listed securities
Sep
2015
Macroeconomic overview
14 000
14 000
12 000
12 000
10 000
10 000
8 000
8 000
6 000
6 000
4 000
4 000
2 000
2 000
00
2002
GDP per capita (€)
2003
2004
2005
2006
Average annual gross wages (€)
2007
2008
2009
2010
2011
2012
2013
2014
Number of employees ('000)
Serbia
Serbia
Serbia
Romania
Romania
Romania
Slovakia
Slovakia
Slovakia
7
Sources: European Commission’s Directorate
General for Economic and Financial Affairs,
National Statistical Offices, Thomson Reuters
Macroeconomic outlook
ROMANIA
SLOVAKIA
SERBIA
2014*
2015
2016
2017
2018
2019
2014*
2015
2016
2017
2018
2019
2014*
2015
2016
2017
2018
2019
Real GDP growth (%)
2.8
3.7
3.8
3.6
3.5
3.4
2.4
2.9
2.7
2.6
2.5
1.8
(1.8)
(0.2)
2.5
3.2
3.7
4.0
General gov. budget balance
(% of GDP)
(1.9)
(2.3)
(2.5)
(2.4)
(2.2)
(2.0)
(2.9)
(2.5)
(2.3)
(2.2)
(2.1)
(2.0)
(7.0)
(5.0)
(4.2)
(3.7)
(3.3)
(2.7)
General gov. debt (% of GDP)
40.4
40.5
40.0
39.2
38.3
37.5
54.0
53.9
54.0
53.4
52.6
51.7
72.4
76.4
78.4
78.0
76.2
74.6
Unemployment (%)
6.8
6.4
5.9
5.6
5.2
5.2
12.9
11.8
11.6
11.0
10.4
9.8
19.8
19.7
19.4
19.6
19.1
19.2
Price inflation (%) (EU harmonised)
1.4
0.9
1.4
2.1
2.2
2.6
(0.1)
0.4
1.5
1.6
1.9
2.1
2.1
1.8
3.1
3.4
3.0
3.1
Credit rating
Moody’s
S&P
Fitch
Baa3 stable
BBB- stable
BBB- stable
A2 stable
A+ stable
A+ stable
* Actual figures
B1 stable
BB- negative
B+ stable
Sources: Economist Intelligence Unit, IMF, Thomson Reuters
8
Private consumption overview
CEE BY NATIONAL PRIVATE CONSUMPTION (2014 BASE)
120%
Serbia
€25bn
10-year forecasted growth
100%
80%
Bulgaria
€26bn
Baltic
countries
€48bn
Romania
€94bn
60%
Poland
€248bn
Hungary
€52bn
40%
Croatia
€26bn
Czech
Republic
€75bn
Slovenia
€20bn
Slovakia
€43bn
EU 15
20%
0
€2 000
€3 000
€4 000
€5 000
€6 000
€7 000
€ private consumption/year/capita
€8 000
€9 000
€10 000
€18 000
Source: Eurostat, Thomson Reuters, Oxford Economics
9
Private consumption trends
CONVERGENCE WITH REST OF EU
Private consumption as % of EU15 average
60%
54.3%
50%
40%
32.5%
30%
20%
10%
27.4%
24.3%
11.8%
10.5%
0
2002
2003
2004
2005
2006
2007
Romania
2008
2009
2010
2011
Serbia
2012
2013
2014
Slovakia
STRONG GROWTH TO CONTINUE
Estimated private consumption growth
250%
223.4%
200%
169.7%
150%
100%
96%
50%
0
2014
2015
2016
Romania
2017
2018
2019
2020
Serbia
10
2021
2022
Slovakia
2023
Typical lease terms
RENT
Office tenants pay a base rent, while a large portion of retail tenants have an obligation to
report turnovers and pay the higher between a base rent and a turnover rent.
TRIPLE-NET LEASES
Taxes, insurance, property management fees, utility costs and common area costs are
recovered from tenants.
CURRENCY
Leases negotiated in EUR; in Romania, rent is invoiced in local currency equivalent and
currency differences between invoice date and collection date are recovered from tenants.
TERM TO FIRST BREAK OPTION
Ten years for hypermarkets, DIYs and cinemas, and five years for other tenants.
INDEXATION
Rent and marketing charges are adjusted annually in line with EU inflation.
GUARANTEES
Equivalent to three months’ rent, service charge and VAT; parent company guarantee
required for some office tenants.
Annual
rent
Top 10 Office Tenants
Annual
rent
Auchan
8.6%
PricewaterhouseCoopers
1.7%
Carrefour
6.0%
Wipro
1.6%
H&M
2.6%
Huawei
1.1%
Inditex Group
2.2%
Alcatel-Lucent
0.6%
C&A
1.8%
Holcim
0.5%
Kingfisher
1.7%
Regus
0.4%
Altex
1.3%
Visma
0.4%
New Yorker
1.3%
Lenovo
0.4%
Deichmann
1.2%
L’Oreal
0.4%
Metro Cash&Carry
1.0%
Novartis
0.4%
Top 10 Retail Tenants
27.7%
11
7.5%
Group structure outline
SHAREHOLDERS
100%
ISLE OF MAN
100%
NE PROPERTY COOPERATIEF UA
THE NETHERLANDS
100%
100%
100%
Management company
Management company
Management company
Property-owning companies
ROMANIA
SLOVAKIA
SERBIA
12
Board of Directors
BALANCED BOARD STRUCTURE: majority of Independent Non-executive Directors.
WORLD CLASS EXPERIENCE: property management, retail, finance, accounting, legal and administration of listed companies.
DIRECTORS
BOARD
AUDIT
COMMITEE
INVESTMENT
COMMITEE
NOMINATION
COMMITEE
REMUNERATION
COMMITEE
RISK
COMMITEE
Alex Morar
Chief Executive Officer
–
Member
–
–
–
Mirela Covasa
Finance Director
–
–
–
–
Member
Tiberiu Smaranda
Executive Director
–
–
–
–
–
Dan Pascariu
Chair
Independent Non-executive
–
–
Chair
Member
–
Desmond De Beer
–
Chair
–
Member
–
Dewald Joubert
Member
–
–
Chair
–
Jeffrey Zidel
Member
Member
Member
–
–
Michael Mills
Chair
–
Member
–
Member
Nevenka Pergar
–
–
–
–
Chair
MEETINGS PER YEAR
At least four
At least four
As required
As required
At least one
As required
MAIN FUNCTIONS
Approves and monitors:
strategic plans, investments,
capex, disposals, funding, financial
statements, business performance,
effectiveness of internal controls
Reviews:
accounting policies,
financial statements,
internal controls
Assesses:
investments, capex,
disposals
Recommends:
qualified individuals,
composition of
the Board
Recommends:
remuneration for
Directors and
executive
management
Develops and
monitors:
risk management
policies and their
implementation
13
Executive Directors
ALEX MORAR
Chief Executive Officer
Appointed as Director on 25 September 2013 and as CEO on
7 August 2015
MIRELA COVASA
Finance Director
Appointed on 10 February 2015
TIBERIU SMARANDA
Executive Director
Appointed on 25 September 2013
BSc
BCom, ACCA, CAFR
BA
Alex Morar graduated with a dual degree in finance and
information systems from Stern School of Business, New
York University. He began his career as an analyst at
Julius Baer Investment Bank. He later joined the financial
advisory practice of Deloitte Romania where he spent
two years working on an energy-related project as well
as M&A transactions. He joined NEPI upon its founding in
2007 and has contributed to all aspects of the business
since then, being recently focused on the investments
and acquisitions programme, with a view to expanding
NEPI’s portfolio throughout the Central Eastern Europe
region. He was appointed CEO in August 2015.
Mirela Covasa graduated with a finance degree from
Bucharest Academy of Economic Studies and is a
member of the Association of Chartered Certified
Accountants (ACCA) and Chamber of Financial Auditors
of Romania (CAFR). Prior to working for NEPI, she was
senior manager at PricewaterhouseCoopers, where
she spent eight years performing audit assignments
in Romania, Slovenia and India. She has worked in
accounting and auditing for thirteen years.
Ms Covasa joined NEPI in February 2012 and is currently
responsible for the financial management of the
Company.
Tiberiu Smaranda graduated with a degree in
management and marketing. He started his career at
Flamingo Group (Flanco), one of Romania’s leading
electronics and white goods retailers, where he was
involved in retail management, development and
expansion for nearly eight years, and was responsible for
the company’s expansion into Bulgaria, Croatia, Hungary,
Macedonia, Moldova and Serbia. He joined NEPI in 2009
as Leasing Manager, and is currently responsible for
leasing, retail developments, asset management and keytenants relationship.
14
Non-executive Directors
DAN PASCARIU
Chairman
Appointed on 30 March 2009
DESMOND DE BEER
Director
Appointed on 21 October 2008
DEWALD JOUBERT
Independent Non-Executive
Director
Appointed 23 Jul 2007
MBA
BProc, MAP
BCom, LLB, Adv Cert Tax
Dan Pascariu is a prominent figure in Romanian banking.
His career started at the Romanian Bank for Foreign Trade
in 1973, where he held the position of Chairman and CEO.
Mr Pascariu is a non-executive Chairman of the Supervisory
Board of Unicredit Bank, Romania. The founder and first
President of the Romanian Banking Association, as well
as a co-founder and associate professor at the Romanian
Banking Institute, Mr Pascariu is currently on the board of
directors at various financial institutions in Romania and
abroad.
Desmond de Beer has significant experience in property
investment and management. He spent several years in the
banking industry, first at Barclays Bank, South Africa, where
he was Bond Manager at the Barclays Trust. Subsequently,
he was appointed General Manager, Corporate Equity and
became a member of the Executive Committee at Nedcor
Investment Bank. Since 2002, Mr de Beer is the Managing
Director of Resilient Property Income Fund, listed on the
JSE.
JEFFREY ZIDEL
Director
Appointed 11 Nov 2009
Jeffrey Zidel is a successful property developer and investor,
and has been involved in many aspects of the property
industry for over 40 years. He is currently the Chairman of
Fortress Income Fund, and was one of the co-founders of
Resilient Property Income Fund. Mr Zidel is Vice President of
the South African Council of Shopping Centres and director
of the South African Property Owners Association.
MICHAEL MILLS
Director
Appointed 13 Aug 2007
NEVENKA PERGAR
Director
Appointed 10 Feb 2015
BSc, FCA
LLB, MBA
Michael Mills is experienced public company chairman
and managing director with significant operating and
financial experience across a range of sectors, including
technology, engineering, service and distribution, paper and
packaging, food and textiles. A chartered accountant, he
has held senior financial roles in a number of multinational
companies, a private equity house and held lead roles
in restructuring, and refinancing listed companies. His
recent experience includes Chairman or CEO roles on the
boards of UK listed companies operating in the finance
sector, software development, healthcare services and
manufacturing and a US based distribution business.
15
Dewald Joubert has extensive experience in international
tax planning for corporations, transaction structuring and
corporate governance. Formerly a lawyer, his professional
career began with Arthur Andersen South Africa, and was
subsequently appointed partner at the Maitland Group, Isle
of Man. Mr Joubert is joint managing director of a private
equity group and independent non-executive director on
the boards of various listed companies and significant
subsidiaries of listed multinational businesses, such as the
investment holding structure of the Oppenheimer Family
Business, Anglo Gold Ashanti and Nampak.
Nevenka Pergar is the owner and director of NP Consulting,
an independent advisory company that offers legal and
business consultancy, mainly to foreign investors in Slovenia.
She also acts as a local partner of PwC Czech Republic. Ms
Pergar has acquired a wide experience in public services
serving in Slovenia’s Ministry of Economy and she was
member of two Slovenian governments, first as a Secretary
General of the Government and then as a Junior Minister
for Public Administration. She is currently a member of
AmCham and The Managers’ Association of Slovenia.
Income-producing properties
17
RETAIL
16
1 Mega Mall
2 Promenada Mall
3 Iris Titan Shopping Center
4 City Park
5 Braila Mall
6 Shopping City Deva
7 Vulcan Value Centre
8 Shopping City Galati
9 Pitesti Retail Park
10Ploiesti Shopping City
11Shopping City Targu Jiu
12Severin Shopping Center
13Aurora Shopping Mall
14Regional value centres
5
Slovakia
Romania
4
14
14
SERBIA
14
6
3
14
15Kragujevac Plaza
14
13
11
1
2
1
15
16Aupark Kosice Mall
17Aupark Zilina
5
10
9
12
SLOVAKIA
8
1
14
ROMANIA
OFFICE
3
2
7
2
ROMANIA
1
2
3
4
4
14
Floreasca Business Park
The Lakeview
City Business Centre
The Office – Phase I
SLOVAKIA
5 Aupark Kosice Tower
INDUSTRIAL
Serbia
ROMANIA
1 Rasnov Industrial Facility
2 Otopeni Warehouse
16
RETAIL
17
Mega Mall
INCOME-PRODUCING PROPERTIES
RETAIL
Mega Mall has a unique tenant mix and is home to over 200 tenants, including a number of flagship
stores. The mall has a significant entertainment and leisure offering, including a 14-screen Cinema
City, which also features the first 4DX auditorium in Romania, a World Class gym with a
semi-Olympic swimming pool, and 10 000m2 of fast-food and sit-down restaurants.
Ownership
70%
Type
Mall
Year opened
2015
Lettable area
75 000m2
Property value
€240.7 million
Passing rent
€17.2 million
Occupancy
98.7%
Hypermarket
Fashion & Sport
Carrefour
Adidas, Aldo, Bata, Benvenuti, Bershka, C&A, CCC, Claire’s, Colin’s,
Cropp, Deichmann, Ecco, Folli Follie, Geox, H&M, Hervis,
Hilfiger Denim, House, Intersport, Kenvelo, Koton, LC Waikiki,
Lee Cooper, Levi’s, Mango, Marks&Spencer, Mohito, Musette,
New Yorker, Nike, Office Shoes, Orsay, Otter, Pandora,
Peek&Cloppenburg, Pull&Bear, Reserved, Sinsay, Sport Vision,
Stefanel, Stradivarius, Swarovski, Takko, Tom Tailor, Triumph, Zara
IT&C
Flanco, Media Galaxy, Samsung
Health & beauty
dm, Douglas, MAC, Pupa, Sabon, Sephora,
Yves Rocher
DIY & Home decor
Food
English Home, Lem's, Nobila Casa
Brioche Dorée, KFC, Manufaktura by Doncafé, Paul, Pizza
Dominium, Pizza Hut, Subway
Entertainment
4DX cinema, bowling, casino, gym, playground,
sports bar, swimming pool
Other
Lego, Maxi Toys, Next, Noriel
Catchment area (within 30-minutes drive)*
910 000
Purchasing power/inhabitant*
€5 671
Bank deposits/inhabitant*
€4 848
Competition
Shopping City Baneasa - 85 000m2
Sun Plaza - 80 000m2
Afi Palace Cotroceni - 76 000m2
Major businesses in the region
IT&C
Professional & financial services
Property & construction
Local Universities
Romania's largest educational centre
(35 universities)
*Source: Population Explorer, GfK, National Bank of Romania
18
Promenada Mall
RETAIL
Promenada Mall is situated in Bucharest’s new central business district, near NEPI’s Floreasca
Business Park and The Lakeview. The Group plans to extend this mall with 51 000m2 gross leasable
area of mixed-use fashion, leisure, entertainment and office space.
Ownership
100%
Type
Mall
Year opened/acquired
2013/2014
Lettable area
40 300m2
Property value
€156.9 million
Passing rent
€10 million
Occupancy
98.0%
Supermarket
Fashion
Billa
Adidas, Bershka, BSB, C&A, Calzedonia, Colin’s,
Deichmann, H&M, Hervis, Humanic, Intersport,
Lacoste, Massimo Dutti, Musette, Oysho, Pandora,
Peek&Cloppenburg, Promod, Stefanel, Stradivarius,
Tommy Hilfiger, Triumph, US Polo Assn., Zara
IT&C
Altex, Flanco,iCentre
Food
Chopstix, KFC, McDonalds, Paul, Pizza Hut
Health & beauty
dm, Douglas, MAC, Pupa, Sephora, Yves Rocher
Entertainment
billiard, bowling, casino, fitness
385 000
€5 671
€4 848
Competition
Shopping City Baneasa - 85 000m2
Afi Palace Cotroceni - 76 000m2
IT&C
Professional and financial services
Local Universities
(35 universities)
19
Aupark Kosice Mall
RETAIL
Aupark Kosice Mall is located on the southern side of the main shopping street, in the city centre
of Kosice, the second largest city in Slovakia. The mall was completed in November 2011 and
comprises three levels, providing a wide retail offering, complemented with leisure and a
food court area.
Ownership
100%
Type
Regional mall
2011/2014
Lettable area
34 000m2
Property value
€140.1 million
Passing rent
€9.1 million
Occupancy
95.0%
Supermarket
Fashion
Billa
Bata, C&A, Calzedonia, Deichmann, EXIsport,
Gaastra, Geox, Guess, H&M, Intersport, Mango,
Napapijiri, New Yorker, Nike,
Office Shoes, Tom Tailor,
Tommy Hilfiger, Trussardi, US Polo Assn.
IT&C
Health & beauty
Datart, Lenovo, Samsung
Beauty Shop, Marionnaud, Yves Rocher
Entertainment
casino, gym
480 000
€6 816
€3 565
Competition
Atrium Optima - 49 282m2
Galeria Kosice - 29 500m2
Cassovia - 24 000m2
Local Universities
Automotive
Electronics
Steel
Technical University of Kosice
University of Pavol Josef Safarik
University of Veterinary Medicine and Pharmacy
*Source: Population Explorer, GfK, Statistical Office of the Slovak Republic
20
Iris Titan Shopping Center
RETAIL
Iris Titan Shopping Center is located in the most densely populated district of Bucharest. The
property is anchored by the first and largest Auchan hypermarket in Romania.
Ownership
100%
Type
Mall
2008/2015
Lettable area
44 730m2
Property value
€86 million
Passing rent
€7.9 million
Occupancy
99.4%
Hypermarket
Auchan
Fashion
Adidas, C&A, CCC, Deichmann, H&M,
New Yorker, Takko
IT&C
Domo, Flanco
Food
Pizza Hut Delivery, Subway
Health & beauty
dm, Kendra, Marionnaud
Entertainment
Cine Grand
599 000
€5 671
€4 848
Competition
Bucuresti Mall - 37 400m2
IT&C
Professional & financial services
Local Universities
Romania’s largest educational centre
(35 universities)
21
City Park
RETAIL
City Park mall has a prime location in Constanta, the fifth largest Romanian city, close to Mamaia,
the country’s most popular seaside resort. Once the 20 500m2 extension is complete, the mall is
expected to dominate the region.
The first phase of the extension is complete, and Cinema City’s ten-screen cinema, including
Romania’s second 4DX auditorium, opened in July 2015. The second phase is scheduled for
completion by March 2016.
Ownership
100%
Type
Regional mall
2008/2013
Lettable area
29 284m2
Property value
€93.2 million
Passing rent
€7.4 million
Occupancy
99.1%
Hypermarket
Fashion
Cora
Adidas, Bata, BSB, Benvenuti, Bershka,
Columbia, Ecco, Guess, Koton, Lacoste,
LC Waikiki, Mango, Marks&Spencer, Mothercare,
Musette, Nike, Oysho, Pandora, Pull&Bear,
Sport Vision, Stefanel, Stradivarius, Tom Tailor,
US Polo Assn., Zara
IT&C
Domo
Food
KFC, McDonald’s, Pizza Hut, Subway
Entertainment
billiard, bowling, casino, cinema 4DX
541 000
€3 949
€1 918
Competition
Maritimo Mall - 50 000m2
Tom Mall - 32 000m2
Tomis Mall - 18 800m2
Shipping and naval
Tourism
Commerce and education
Local University
Constanta Maritime University
22
Aupark Zilina
RETAIL
This regional mall is located in the historic centre of Zilina (Slovakia), the capital of a region with
700 000 residents. It is the best performing mall in the region, with the largest and widest retail
offering, simple and efficient layout and high occupancy.
Ownership
100%
Type
Regional mall
2010/2013
Lettable area
25 127m2
Property value
€101.7 million
Passing rent
€7.2 million
Occupancy
99.3%
Supermarket
Fashion
IT&C
Billa
C&A, Calzedonia, Camaieu, Deichmann, Ecco,
EXIsport, Guess, H&M, Mango, New Yorker, Nike,
Orsay, Takko, Tom Tailor,
Tommy Hilfiger
Datart, Orange, Slovak Telekom
Entertainment
gym, playground
380 000
€7 357
€3 548
Competition
Mirage Shopping Center - 21 000m2
Max Zilina - 18 500m2
Automotive
Construction & transportation engineering
Chemical
Local University
University of Zilina
*Source: Population Explorer, GfK, Statistical Office of the Slovak Republic
23
Braila Mall
RETAIL
Braila Mall was acquired in 2009, and a subsequent three-phase redevelopment has resulted in a
threefold footfall increase. With a diverse range of tenants, including a large entertainment and
leisure area, this regional mall dominates Braila and Galati counties.
Ownership
100%
Type
Regional mall
2008/2009
Lettable area
54 850m2
Property value
€73.4 million
Passing rent
€5.4 million
Occupancy
98.2%
Hypermarket
Fashion
Carrefour
Benvenuti, C&A, CCC, Deichmann, H&M, Hervis,
Musette, New Yorker, Office Shoes, Orsay,
Pepco, Reserved
DIY & Home decor
Kingfisher, Lems, Naturlich
IT&C
Altex, Flanco
Food
KFC, Segafredo
Entertainment
billiard, bowling, cinema, ice skating
465 000
€3 353
€1 058
Competition
NEPI’s Galati Shopping City
Shipbuilding
Agriculture and warehousing
Metalworking
Local University
Danubius University
24
Shopping City Deva
RETAIL
This regional shopping center was acquired in 2013 and its extension of over 10 700 m GLA has
been completed as planned, in September 2015.
2
The extension includes fashion and entertainment facilities and secures the centre's dominance in
the region.
Ownership
100%
Type
Regional mall
2007/2013
Lettable area
52 950m2
Property value
€62.3 million
Passing rent
€5.6 million
Occupancy
97.0%
Hypermarket
Fashion
Auchan, Metro Cash&Carry
Benvenuti, C&A, CCC, Deichmann, H&M,
New Yorker, Orsay, Pepco, Takko
IT&C
Altex, Domo
DIY & Home decor
Jysk, Praktiker
Health & Beauty
dm, Kendra, Sensiblu
Food
KFC, Spartan
Entertainment
billiard, bowling, cinema
277 000
€3 729
Competition
€1 111
No other modern value centre in the region
Automotive
Commerce
Construction materials
Education
National gymnastics centre
25
Vulcan Value Centre
RETAIL
The Group completed the development of Vulcan Value Centre in September 2014. Due to its prime
location in a densely populated area of Bucharest, tenant mix and convenient access to public
transport, the centre has reported strong trading figures since opening, which was only nine months
after obtaining the building permit.
Ownership
100%
Type
Value centre
2014
Lettable area
24 700m2
Property value
€51.2 million
Passing rent
€3.7 million
Occupancy
95.5%
Hypermarket
Fashion
Carrefour
C&A, CCC, Deichmann, H&M, Hervis, Penti, Takko
IT&C
Domo, Orange, Vodafone
Health & Beauty
dm, Marionnaud, Sensiblu
DIY & Home decor
Jysk, Lems
Other
Noriel
395 000
€5 671
Competition
€4 848
No other modern value centre in the region
IT&C
Local Universities
(35 universities)
26
Shopping City Galati
RETAIL
This mall was developed in 2013, to complement NEPI’s current retail offering in the Braila–Galati
region. It is the city’s only modern mall and the Group owns sufficient land for a substantial extension.
Ownership
100%
Type
Regional mall
Year opened
2013
Lettable area
27 206m2
Land available for extension
40 000m2
Property value
€51.3 million
Passing rent
€3.7 million
Occupancy
97.6%
Hypermarket
Fashion
Carrefour
Benvenuti, BSB, C&A, CCC, Deichmann, H&M,
Intersport, New Yorker, Nike, Otter, US Polo Assn.
IT&C
Altex, Flanco
Health & beauty
dm, Kendra, Marionnaud, Yves Rocher
Food
KFC, Segafredo
Entertainment
billiard, bowling, playground
320 000
€3 354
€1 207
Competition
NEPI’s Braila Mall
Iron & steel
Shipping
Local University
Dunarea de Jos University
27
Pitesti Retail Park
RETAIL
This value centre is adjacent to the best performing hypermarket in Pitesti (sold by NEPI to Auchan
in 2013). The centre has a number of value tenants, including a substantial furniture and
home decor offering.
Type
Value centre
2007/2010
Lettable area
24 836m2
Property value
€41.7 million
Passing rent
€3.7 million
Occupancy
100%
IT&C
DIY & Home decor
Altex, Flanco
Kingfisher, Jysk, Lems, Naturlich, Top Shop
545 000
€3 857
€1 315
Competition
Jupiter City - 36 000m2
Euromall - 24 000m2
Automotive
Oil & Gas
Winery
Local University
University of Pitesti
28
Kragujevac Plaza
RETAIL
Kragujevac Plaza is Serbia’s only mall outside the capital city. It is the Group’s first Serbian
acquisition, and will serve as a platform for prudent further expansion in the former Yugoslavia.
Kragujevac Plaza opened in February 2012 and dominates the region.
Ownership
100%
Type
Regional mall
2012/2014
Lettable area
21 870m2
Property value
€39.4 million
Passing rent
€3.4 million
Occupancy
93.7%
Supermarket
Fashion
Idea
Bata, C&A, Deichmann, New Yorker, Nike, Orsay,
Sport Vision, Terranova, Tom Tailor
DIY & Home decor
Home Centre
Food
Entertainment
Asian Wok, McDonald's
cinema, climbing wall, laser tag, playground
280 000
€2 775
Competition
€1 146
No other modern retail centre in the region
Local University
Automotive
Agriculture
Commerce
University of Kragujevac
*Source: Population Explorer, GfK, Statistical Office of the Republic of Serbia
29
Ploiesti Shopping City
RETAIL
This is the dominant mall in Prahova, a region with 760 000 residents. A smaller competing mall
was developed and opened in late 2013. This development had no impact on trading levels of
Ploiesti Shopping City, which continues its upward trend in sales densities since opening.
Ownership
50%
Type
Regional mall
Year opened
2012
Lettable area
46 436m2
Lettable area weighted by ownership
23 218m2
Land available for extension
19 219m2
Property value weighted by ownership
€40.9 million
Passing rent weighted by ownership
€3 million
Occupancy
98.8%
Hypermarket
Fashion
Carrefour
Bershka, CCC, Colin’s, Deichmann, H&M,
Intersport, Koton, LC Waikiki, New Yorker,
Orsay, Pull&Bear, Stradivarius, Takko, Zara
IT&C
Altex, Domo, Flanco
Food
Chopstix, KFC, Paul, Pizza Hut
Health & beauty
Douglas, Kendra, Marionnaud, Sabon, Sephora,
Yves Rocher
Entertainment
billiard, bowling, casino, cinema, climbing wall,
ice skating, playground
470 000
€3 823
€1 337
Competition
Afi Palace Ploiesti - 33 000m2
Mall Ploiesti Centre - 8 000m2
Oil production and refining
FMCG
Textile manufacturing centre
Local Universities
Oil and Gas University
George Baritiu University
30
Shopping City Targu Jiu
RETAIL
The Group completed the development of this regional mall in Targu Jiu during 2014, within a year
of the issuance of the building permit. The centre is located on one of the city’s main roads in a
densely populated district.
Ownership
100%
Type
Regional mall
2014
Lettable area
26 800m2
Property value
€38.9 million
Passing rent
€3 million
Occupancy
99.6%
Hypermarket
Fashion
Carrefour
Benvenuti, C&A, CCC, Deichmann, H&M,
New Yorker, Orsay, Otter, Pepco, Takko
IT&C
Altex, Flanco
DIY & Home decor
Health & Beauty
Jysk
dm, Kendra, Marionnaud, Sensiblu, Yves Rocher
Food
KFC, Spartan
Entertainment
billiard, bowling, casino, cinema
323 500
€3 750
Competition
€841
Construction materials
Mining
Power generation
Local University
Constantin Brancusi University
31
Severin Shopping Center
RETAIL
This regional mall was acquired in 2013. It has no significant competition. Phase I of the planned
9 700m2 GLA extension includes a six-screen cinema and was completed in October 2015.
Ownership
100%
Type
Regional mall
2009/2013
Lettable area
16 546m2
Property value
€19.8 million
Passing rent
€1.5 million
Occupancy
98.5%
Hypermarket
Fashion
Carrefour
Benvenuti, CCC, Deichmann, Lee Cooper,
New Yorker, Orsay, Pepco, Takko
IT&C
Altex
Health & Beauty
Kendra, Sensiblu
Food
KFC, Spartan
Entertainment
billiard, bowling, cinema
175 500
€3 278
Competition
€770
Shipbuilding
Wind farms & power generation
Tourism
Local University
Gheorghe Anghel University
32
Aurora Shopping Mall
RETAIL
Aurora Shopping Mall is situated on the main boulevard of Buzau, Romania, a major transit hub
for two of the country’s main historical regions. NEPI plans to reconfigure and refurbish the mall,
including building a cinema, improving the layout and tenant configuration.
Ownership
100%
Type
Regional mall
2008/2014
Lettable area
17 959m2
Property value
€7.5 million
Passing rent
€1.5 million
Occupancy
100%
Hypermarket
Fashion
Carrefour
Benvenuti, CCC, Deichmann, New Yorker,
Orsay, Pepco
IT&C
Altex
Health & Beauty
Kendra, Sensiblu
Entertainment
bowling, billiard
430 000
€3 237
€939
Competition
GTC Galleria - 13 400m2
Agriculture
Automotive
Tourism
Local University
BioTerra University
33
Regional value centres
RETAIL
The Group owns a value centre in Brasov, adjacent to an existing Carrefour hypermarket. Five
regional value centres, located in Alexandria, Petrosani, Sfantu Gheorghe, Sighisoara and Vaslui,
all benefiting from adjacent Kaufland hypermarkets, were developed and opened during 2013 and
2014 by NEPI. In August 2014 NEPI acquired a seventh value centre in Alba Iulia.
Type
Regional value centre
2007-2014
Lettable area
85 852m2
24 863m2
Property value weighted by ownership
€30.6 million
Passing rent weighted by ownership
€2.5 million
Occupancy
100%
Fashion
C&A, Deichmann, New Yorker, Takko
IT&C
Altex, Domo
DIY & Home decor
Mobexpert
Health & beauty
dm
Other
Animax, Noriel, Pepco
128 000 - 430 000
€2 810 - €4 061
€582 - €1 826
Agriculture, Automotive
Mining, Pharmaceutical
Textiles, Tourism
Local Universities
Valahia University (Alexandria)
Transylvania University (Brasov)
University of Petrosani (Petrosani)
Spiru Haret University (Vaslui)
34
OFFICE
35
OFFICE
Floreasca Business Park is located in Bucharest’s new central business district, in close proximity to
NEPI’s Promenada Mall and Lakeview office building. In recent years this area has seen significant
development, including new A-grade offices, a shopping mall and infrastructure.
Ownership
100%
Type
Lettable area
A-grade
2009/2010
36 240m2
Property value
€102 million
Passing rent
€7.4 million
Occupancy
IT&C
Electronics & Engineering
Chemicals & Pharma
Others
96.9%
Lenovo, Wipro
Daikin, General Electric
Berlin Chemie, BGP Products, Sandoz
Colliers, DHL, Exxon Mobil, Federal Mogul,
Goodyear, Holcim, L'Oreal, Mars, Regus,
Royal Canin
Bucharest is the largest business centre in Romania, hosting well-known national and international
companies.
Population
1 883 400
Inhabitants with ages between 14-45
894 100
Number of students
139 300
Number of universities
Main universities
Languages
Transportation
Airports
35
University of Bucharest,
Academy of Economic Studies
Carol Davila University of Medicine and Pharmacy
Polytechnic University
IT&C
English, French, German, Greek, Hungarian,
Italian, Russian, Spanish
bus, trolleybus, tram, metro
Henri Coanda International Airport
Aurel Vlaicu International Airport
Rail stations
Modern office stock (A & B grade)
6
3.33 million m2
36
The Lakeview
OFFICE
This A-grade office building was acquired in 2013. It is located close to Floreasca Business Park and
Promenada Mall in Bucharest's new central business district.
Ownership
100%
Type
Lettable area
Property value
Passing rent
A-grade
2010/2013
25 564m2
€67.1 million
€5.1 million
Occupancy
Professional services
IT&C
Pharma
Others
100%
Huawei, Philips
Alcon, Abbvie, Novartis
LeasePlan
Bucharest is the largest business centre in Romania, hosting well-known national and international
companies.
Population
1 883 400
894 100
Number of students
139 300
Main universities
Languages
Transportation
Airports
35
University of Bucharest
Academy of Economic Studies
Carol Davila University of Medicine and Pharmacy
IT&C
English, French, German, Greek, Hungarian,
Italian, Russian, Spanish
Bus, trolleybus, tram, metro
Henri Coanda International Airport
Aurel Vlaicu International Airport
Rail stations
6
3.33 million m2
37
OFFICE
City Business Centre is the largest A-grade office building in Timisoara, the third largest city in
Romania. It comprises three complete office buildings and a forward purchase agreement is in place
for the two adjacent buildings.
Ownership
100%
Type
A-grade
2007/2012
Lettable area
27 151m2
Property value
€57.1 million
Passing rent
€4.7 million
Occupancy
98.3%
Accenture, Deloitte, NNDKP, 3Pillar Global
IT&C
Alcatel-Lucent, EBS, IBM, Toluna, Visma, Wipro
Financial services
Generali, Raiffeisen Bank, UniCredit Tiriac Bank
Timisoara is the third largest business centre in Romania, hosting international IT&C and services
companies.
Population
319 300
170 100
Number of students
33 100
Main universities
Languages
Transportation
Airports
8
West University
Automotive
FMCG
IT&C
English, French, German, Hungarian, Serbian
bus, trolleybus, tram
Traian Vuia International Airport
Rail stations
4
100 000m2
38
The Office
OFFICE
During 2014, the Group completed Phase I of The Office in Cluj-Napoca, the city’s first A-grade
office development. Phase II is under construction and is scheduled for opening in December 2015.
Ownership
50%
Type
A-grade
Year opened/acquired (Phase I)
2014
Lettable area (Phase I)
21 273m2
Lettable area weighted by ownership (Phase I)
10 636m2
Property value weighted by ownership (Phase I)
Passing rent weighted by ownership (Phase I)
€20.7 million
€1.6 million
Occupancy (Phase I)
IT&C
96.5%
3Pillar Global, Lohika Systems, Yardi
COS, Deloitte, Ernst&Young, Wolters Kluwer
Tourism
Others
Planned extension (Phase II & Phase III)
TUI
Betfair, Bombardier, Bosch,
National Instruments, Yonder
36 600m2
Cluj-Napoca is the second largest business centre in Romania, hosting well-known national and
international companies, operating mainly in the IT&C sector.
Population
324 600
167 800
Number of students
50 000
Main universities
Languages
Transportation
Airports
12
Babes-Bolyai University
Technnical University
IT&C
Manufacturing
Pharmaceutical
English, French, German, Hungarian
bus, trolleybus, tram
Avram Iancu International Airport
Rail stations
3
170 000m2
39
Aupark Kosice Tower
OFFICE
Aupark Kosice Tower is a ten-storey office building, connected to Kosice Mall. The building is
adjacent to the main road connecting the centre with the city’s international airport, on the south
side of Kosice’s main shopping street.
Ownership
100%
Type
Lettable area
Property value
Passing rent
A-grade
2012/2014
12 800m2
€20.1 million
€1.8 million
Ocuppancy
IT&C
Others
Population
100%
Eset, IBM
GTS, Holcim
240 000
111 400
Number of students
26 100
Main universities
Languages
Transportation
Airports
3
Technical University of Kosice
University of Pavol Josef Safarik
University of Veterinary Medicine and Pharmacy
Automotive
Electronics
Steel
English, German, Hungarian
Bus, trolleybus, tram
Kosice International Airport
Rail stations
2
70 000m2
40
Developments
3
SATU MARE
5
2
4
CLUJ-NAPOCA
1. Shopping City Timisoara
2. City Park extension - Phase II
PIATRA NEAMT
3. Severin Shopping Center extension
4. Victoriei Office
5. The Office – Phase II
1
DEVELOPMENTS UNDER PERMITTING AND
PRE-LEASING
TIMISOARA
1. Promenada Mall extension
2. Shopping City Piatra Neamt
3. Shopping City Satu Mare
3
4. The Office – Phase III
SEVERIN
4
1
2
BUCHAREST
CONSTANTA
41
Shopping City Timisoara
RETAIL
The Group is developing a regional mall in two phases on an 18ha plot in Timisoara, located in a
densely populated residential area. Construction of Phase I, including a Carrefour hypermarket,
various fashion anchors and extensive modern entertainment and leisure facilities, commenced in
December 2014.
The Carrefour hypermarket and gallery are planned to open in Q4 2015, while the fashion and
entertainment section is scheduled for opening in Q1 2016.
Ownership
RENDER
100%
Type
Regional mall
Lettable area (Phase I)
55 900m2
Estimated rental value
€7.6 million
Opening date (targeted)
Q4 2015/Q1 2016
City Park extension
RENDER
The first phase of the extension is complete, and Cinema City’s ten-screen cinema, including
Romania’s second 4DX auditorium, opened in July 2015. The second phase is scheduled for
completion by April 2016.
Once the 20 500m2 extension is complete, the mall is expected to dominate the region.
Ownership
100%
Lettable area
20 500m2
€4 million
Opening date - Phase II (targeted)
Q2 2016
42
Severin Shopping Center extension
RETAIL
Phase I, consisting of 4,500m2 GLA of the 9,700m2 GLA extension, includes a six-screen Cinema
City and other entertainment facilities and was opened in October 2015, as scheduled.
The second phase of the extension is planned for completion in 2016 and will include additional
international fashion brands.
Ownership
Lettable area
Estimated rental value (Phase I & Phase II)
RENDER
100%
9 700m2
€1 million
Opening date - Phase II (targeted)
2016
Victoriei Office
RENDER
Victoriei Office is a unique concept that includes the development of a modern office, and also the
refurbishment of a historical building. It is located in Victoriei Square, in central Bucharest, near the
Romanian Government building.
Ownership
100%
Type
A-grade
Lettable area
8 400m2
€3 million
Q2 2016
43
The Office - Phase II
RETAIL
During 2014, the Group completed Phase I of The Office in Cluj-Napoca, the city’s first A-grade
office development. Phase II is under construction and is scheduled for opening in December 2015.
Ownership
50%
Type
Lettable area
A-grade
19 400m2
Estimated rental value weighted by ownership
9 700m2
€1.5 million
Q4 2015
44
Schedule of properties as at 30 September 2015
Property name
Year opened/
acquired
Type
Location
GLA
m²
1 085 661
814 348
663 478
75 000
40 300
34 000
44 730
29 284
25 127
52 950
54 850
24 700
27 206
^39 868
21 870
46 436
26 800
16 546
17 959
^85 852
123 028
36 240
25 564
27 151
21 273
12 800
27 842
23 040
4 802
113 900
55 900
20 500
9 700
8 400
19 400
120 200
51 000
25 000
27 000
17 200
GLA
m²
957 485
704 472
564 239
75 000
40 300
34 000
44 730
29 284
25 127
52 950
54 850
24 700
27 206
24 836
21 870
23 218
26 800
16 546
17 959
24 863
112 391
36 240
25 564
27 151
10 636
12 800
27 842
23 040
4 802
104 200
55 900
20 500
9 700
8 400
9 700
111 600
51 000
25 000
27 000
8 600
Weighted by ownership
Valuation/
Cost to date
Passing rent*
€m
€m
1 762.3
136.9
1 559.1
118.2
1 275.6
95.8
240.7
17.2
156.9
10.0
140.1
9.1
86.0
7.9
93.2
7.4
101.7
7.2
62.3
5.6
73.4
5.4
51.2
3.7
51.3
3.7
41.7
3.7
39.4
3.4
40.9
3.0
38.9
3.0
19.8
1.5
7.5
1.5
30.6
2.5
267.0
20.6
102.0
7.4
67.1
5.1
57.1
4.7
20.7
1.6
20.1
1.8
16.5
1.8
11.9
1.3
4.6
0.5
100.3
17.1
48.1
7.6
18.5
4.0
5.1
1.0
21.0
3.0
7.6
1.5
75.8
29.9
10.6
5.3
1.5
28.5
27.1
1.6
Occupancy
TOTAL PROPERTIES
INCOME PRODUCING PROPERTIES
97.8%
RETAIL
98.1%
Mega Mall**
2015
Mall
Romania
98.7%
Promenada Mall
2013/2014
Mall
Romania
98.0%
Aupark Kosice Mall
2011/2014
Mall
Slovakia
95.0%
Iris Titan Shopping Center
2008/2015
Mall
Romania
99.4%
City Park
2008/2013
Mall
Romania
99.1%
Aupark Zilina
2010/2013
Mall
Slovakia
99.3%
Shopping City Deva
2007/2013
Mall
Romania
97.0%
Braila Mall
2008/2009
Mall
Romania
98.2%
Vulcan Value Centre
2014
Value centre
Romania
95.5%
Shopping City Galati
2013
Mall
Romania
97.6%
Pitesti Retail Park
2007/2010
Value centre
Romania
100%
Kragujevac Plaza
2012/2014
Mall
Serbia
93.7%
Ploiesti Shopping City***
2012
Mall
Romania
98.8%
Shopping City Targu Jiu
2014
Mall
Romania
99.6%
Severin Shopping Center
2009/2013
Mall
Romania
98.5%
Aurora Shopping Mall
2008/2014
Mall
Romania
100%
Regional value centres
2007-2014
Value centre
Romania
100%
OFFICE
95.9%
2009/2010
Office
Romania
96.9%
The Lakeview
2010/2013
Office
Romania
100%
2007/2012
Office
Romania
98.3%
The Office - Phase I***
2014
Office
Romania
96.5%
Aupark Kosice Tower
2012/2014
Office
Slovakia
100%
INDUSTRIAL
98.6%
Rasnov Industrial Facility
2007
Industrial
Romania
98.3%
Otopeni Warehouse
2006/2010
Industrial
Romania
100%
Shopping City Timisoara
Mall development
Romania
City Park extension
Mall extension
Romania
Severin Shopping Center extension
Mall extension
Romania
Victoriei Office
Office development
Romania
The Office - Phase II***
Office extension
Romania
DEVELOPMENTS UNDER PERMITTING AND PRE-LEASING
Promenada Mall extension
Mall/Office extension
Romania
Shopping City Piatra Neamt
Mall development
Romania
Shopping City Satu Mare
Mall development
Romania
The Office - Phase III***
Office extension
Romania
Land held for extensions and developments
NON-CORE PROPERTIES
37 213
37 213
* Estimated rental value for developments
** The Group holds 70% interest in Mega Mall. Mega Mall is accounted for at 100% in the IFRS financial statements and a corresponding 30% non-controlling interest is included in Equity
*** The Group holds 50% interest in Ploiesti Shopping City (in partnership with Carrefour Property) and The Office, Cluj-Napoca (in partnership with Ovidiu Sandor, an experienced Romanian office developer)
^ The respective retail centres are part of larger retail schemes. The remaining balance of the GLA is owned by third parties.
45
Management accounts
CONSOLIDATED STATEMENTS OF INCOME
As the Group is focusing on being consistent in those areas of reporting that are seen to be of most relevance to investors and on providing a meaningful basis of comparison for users of the
financial information, it has prepared unaudited management accounts. The main difference between the management accounts and the IFRS financial statements is that the management
accounts are prepared using the proportionate consolidation method for investments in joint-ventures, which is not in accordance with IFRS (but consistent with financial statements prepared
in accordance with IFRS reported before 1 January 2013), while the IFRS financial statements use the equity method for accounting for these investments (following the adoption of IFRS 11 ‘Joint
Arrangements’ effective 1 January 2013).
31 Dec 2010
31 Dec 2011
31 Dec 2012
31 Dec 2013
31 Dec 2014
Gross rental income
17 822
25 975
31 261
45 990
67 459
79 105
Net service charge and operating expenses
(1 598)
(2 248)
(828)
(802)
(1 733)
(2 544)
Service charge and other recoveries
30 Sep 2015
3 447
6 094
8 915
14 937
25 619
30 417
(5 045)
(8 342)
(9 743)
(15 739)
(27 352)
(32 961)
Net operating Income
16 224
23 727
30 433
45 188
65 726
76 561
Corporate expenses
(1 863)
(2 023)
(2 680)
(3 239)
(4 538)
(5 758)
–
–
469
786
1 498
2 251
EBITDA
14 361
21 704
28 222
42 735
62 686
73 054
Net finance (expense)/income
(5 071)
(663)
(6 246)
(3 855)
(1 677)
(1 373)
(5 653)
(7 941)
(9 324)
(10 489)
(15 676)
(11 880)
582
6 254
1 854
3 260
6 374
3 338
–
1 024
1 224
3 374
7 625
7 169
Property operating expenses
Property management net result
Finance expenses
Finance income
Interest capitalised on development costs
Non-controlling interest
Direct investment result
Indirect investment result
–
–
–
878
4 920
(9 449)
9 290
21 041
21 976
39 758
65 929
62 232
(2 379)
(2 269)
11 127
17 706
33 266
57 232
Profit for the year attributable to equity holders
6 911
18 772
33 103
57 464
99 195
119 464
Reverse indirect result
2 379
2 269
(11 127)
(17 706)
(33 266)
(57 232)
50
(287)
10 209
4 035
2 273
13 983
Distributable earnings before issue cum distribution
9 340
20 754
32 185
43 793
68 202
76 215
Issue cum distribution adjustment
2 325
2 323
3 157
3 577
6 870
500
11 665
23 077
35 342
47 370
75 072
76 715
Company specific adjustments
Distributable earnings
Distributable earnings per share (euro cents)
of which recurring distributable earnings per share (euro cents)
Distribution per share (euro cents)
17.61
24.67
25.95
26.79
29.69
27.03
17.61
18.54
20.88
25.79
29.69
26.45
17.61
20.25
23.29
26.79
32.22
18.17
all amounts in €’000 unless otherwise stated
46
Management accounts
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 Dec 2010
31 Dec 2011
31 Dec 2012
31 Dec 2013
31 Dec 2014
30 Sep 2015
ASSETS
Non-current assets
328 992
362 403
444 667
920 924
1 389 772
1 792 252
Investment property
313 755
341 802
416 674
872 465
1 334 512
1 735 265
300 899
316 393
393 966
758 623
1 038 545
1 559 116
12 856
25 409
22 708
113 842
213 894
176 149
Income producing properties at fair value
Developments at cost
Advances paid for investment property
Goodwill
Long-term loans granted
Financial assets at fair value through profit or loss
Current assets
Investment property held for sale
Trade and other receivables
Financial investments at fair value through profit or loss
Cash and cash equivalents
TOTAL ASSETS
–
–
–
–
82 073
–
13 850
13 351
13 189
16 218
17 639
25 240
–
6 213
14 728
29 831
37 446
31 633
1 387
1 037
76
2 410
175
114
31 185
62 816
213 841
149 920
180 526
151 271
–
–
28 665
1 561
27 360
27 143
7 338
7 751
15 799
31 443
41 199
57 014
–
–
81 865
61 079
–
–
23 847
55 065
87 512
55 837
111 967
67 114
360 177
425 219
658 508
1 070 844
1 570 298
1 943 523
LIABILITIES
205 090
189 960
264 886
358 608
329 009
613 710
Loans and borrowings
178 412
164 866
219 148
266 136
218 399
442 952
Deferred tax liabilities
15 586
15 086
22 321
50 160
55 907
93 180
–
–
–
4 059
9 446
14 969
Other long-term liabilities
Financial liabilities at fair value through profit and loss
1 223
2 380
7 730
4 699
5 104
3 713
Trade and other payables
9 869
7 628
15 687
33 554
40 153
58 896
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
155 087
235 259
393 622
712 236
1 241 289
1 329 813
TOTAL LIABILITIES AND EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
360 177
425 219
658 508
1 070 844
1 570 298
1 943 523
2.22
2.43
2.88
3.70
4.63
4.93
Adjusted NAV per share (euro)
all amounts in €’000 unless otherwise stated
47
48
49
50

company profile - New Europe Property Investments plc

Transcription

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