POHJOLA’S CORPORATE BOND SEMINAR
Technopolis is Different
A Nordic Baltic Approach
• A focused real estate
company with service DNA

• We develop, own & op...
Smart Business Environments
Technopolis’ business idea is to combine premises and services into a carefully thought-out
of...
A Sales Driven Approach
Property Investor

Company

Company

Property Portfolio

Portfolio Manager
Sales Manager(s)
Broker...
Market Segments, in Fair Value
Current Portfolio, Sept 30, 2013

After Investments, before Year-end 2013

Oulu

8%
2%

6%
...
A Diversified Customer Mix
Customer Segments

Top 20 Customers

Professional
Services
Information and
Communication
Public...
Lease Portfolio
% of lease stock

Lease length in months

60%

50
45
40
35
30
25
20
15
10
5
0

50%
40%
30%
20%
10%
0%
0-3 ...
Strategic Financial Targets
Target 2014-2016

1-9/2013

Net sales +15% p.a.

y/y 16.5%

EBITDA +15% p.a.

y/y 17.1%

Inter...
Strategy and Financials
Key Indicatorors
Turnover Growth, %
EBITDA Growth
EBITDA-%

2012A
15,6 %
17,3 %
51,9 %

2013F
15,6...
NOTE:
2013 figures are based on analysts’
consensus and are only illustrative
- not a guidance!

Financials in Brief
140

...
Investments in Last 12 Months
Area
Name
Acquired
Tampere
Tohloppi
Oulu
Peltola
Vilnius
Alfa & Beta
Completed
Tampere
Yliop...
Equity Issues
98,6

100
90
80

74,3*

70
59,6

60
50
40

32,1

30
19,9

20
10

5,9 4,2

6,9 5,7 6,3
0,5

19,4
8,5 10,3
2,3...
Interest Rates
Technopolis
average
interest rate
2.51%
(Q4/08 – Q3/13)

5,0
4,5
4,0
3,5
3,0
2,5
2,0
1,5
1,0
0,5
1.12.08
1....
Breakdown of Debts (1/3)
DNB Others
1%
2%
Ilmarinen
6%

700 €m

EBRD
5%

600
EIB *
31%

SEB
7%

500

Interest bearing liab...
Breakdown of Debts (2/3)
100%

45%

90%

40%

80%

35%

70%

30%

60%
25%

50%
20%

40%
15%

30%
20%

10%

10%

5%

0%

0%...
Breakdown of Debts (3/3)
7,2%

1,7%

5,5%

18%
25%
3%

28%
26%

85,5%

Bank Loan

Leasing Debt

Loans without Covenants or...
Loan Maturities

• The Group’s loan maturities on average is 8.1 (9.0) years
• Within 12 months EUR 130.2 million of loans...
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Technopolis Corporate Bond Seminar Presentation, Dec 2013

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Technopolis is a focused real estate company with service DNA. We develop, own and operate dynamic, smart campuses. We emphasize profitable growth, geographic diversification and chain thinking.

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Technopolis Corporate Bond Seminar Presentation, Dec 2013

  1. 1. POHJOLA’S CORPORATE BOND SEMINAR
  2. 2. Technopolis is Different A Nordic Baltic Approach • A focused real estate company with service DNA • We develop, own & operate dynamic, smart campuses • Profitable growth, geographic diversification, chain thinking • Multiuser facilities, shared, bundled services • Hands-on sales & account management 2
  3. 3. Smart Business Environments Technopolis’ business idea is to combine premises and services into a carefully thought-out offering that supports the growth and success of customers Service Portfolio Net Sales, Q1-Q3/2013 90 80 70 EUR million 60 50 40 30 20 10 0 Rental income Service income 3
  4. 4. A Sales Driven Approach Property Investor Company Company Property Portfolio Portfolio Manager Sales Manager(s) Broker(s) Property Portfolio • • • Property Property Property Sales and Support Team at the Property Sales and Support Team at the Property Sales and Support Team at the Property Dedicated account managers for every campus located on site for fast response Incentives aim to maximize occupancy, revenue/sqm and customer satisfaction Low volatility in occupancy over the cycle shows that the concept works 4
  5. 5. Market Segments, in Fair Value Current Portfolio, Sept 30, 2013 After Investments, before Year-end 2013 Oulu 8% 2% 6% Oulu 15% HMA 22% 8% Tampere Kuopio Tampere 4% Kuopio 7% Jyväskylä 10% 17% 10% Lappeenranta St. Petersburg 17% Tallinn HMA 17% 19% 7% Jyväskylä Lappeenranta St. Petersburg 2% 8% 8% Vilnius 13% Tallinn Vilnius Oslo “After investments before year-end 2013” calculation method: Fair value September 30, 2013 + purchase price or estimated investment cost 5
  6. 6. A Diversified Customer Mix Customer Segments Top 20 Customers Professional Services Information and Communication Public Sector 14% 14% Real Estate 8% Education 2% 22% 11% Food Services Financial Services Manufacturing 7% 8% 4% 7% 3% Healthcare Wholesale and Retail Other As of 30 September 2013 the 20 largest customers were renting ca. 38% of the company’s space
  7. 7. Lease Portfolio % of lease stock Lease length in months 60% 50 45 40 35 30 25 20 15 10 5 0 50% 40% 30% 20% 10% 0% 0-3 mo 3-6 mo 1-9/2012 6-9 mo 1-9/2013 9-12 mo Over 12 mo LEASE LENGTH, MO • Long-term leases boosted the average lease length and lease stock • At the end of the period the average lease period was 43 (25) months • Lease stock was EUR 347.2 (238.2) million 7
  8. 8. Strategic Financial Targets Target 2014-2016 1-9/2013 Net sales +15% p.a. y/y 16.5% EBITDA +15% p.a. y/y 17.1% International net sales EUR 50 million by 2016 EUR 10.6 million ROCE >6% p.a. 6.1%* Equity Ratio >35% over the cycle 39.4% Dividend policy avg. 1/3 of net income 50.6% of net income * Calculated from EPRA EBIT, rolling 12 months 8
  9. 9. Strategy and Financials Key Indicatorors Turnover Growth, % EBITDA Growth EBITDA-% 2012A 15,6 % 17,3 % 51,9 % 2013F 15,6 % 15,1 % 51,7 % Equity Ratio-% Gearing, % Loan to Value, % 36% 156% 60% 40% 140% 59% 40% 142% 59% 38% 154% 61% 40% 142% 60% Avg. Int. rate for debts ROE-% 1,8 % 7,4 % 2,1 % 3,9 % 2,3 % 7,9 % 2,3 % 8,2 % 2,3 % 8,1 % Cash Flow (m€) EBITDA Net Financial Expenses Taxes Other adjustements Operating CF Net Investments CF After Investments Chage in IB Liabilities "Capital injection" Dividends Change in cash 1 Net Sales and EBITDA growth rates according to strategy plan. Equity ratio assumption >35% 2014F 2015F 37,7 % 8,5 % 40,3 % 9,4 % 52,7 % 53,1 % 2016F 16,3 % 17,6 % 53,7 % 2012A 2013F 2014F 2015F 2016F 55,8 64,2 90,0 98,5 115,8 13,6 17,7 21,4 23,6 26,7 7,5 6,1 13,1 14,2 17,0 4,5 3,0 -5,2 -1,5 -3,2 39,2 43,3 50,3 59,2 68,9 116,6 494,5 94,0 168,4 267,7 -77,4 -451,3 -43,7 -109,2 -198,9 59,0 250,0 56,0 129,2 129,0 34,5 175,0 ,0 ,0 100,0 -12,7 -15,1 -13,5 -18,3 -19,9 3,3 -41,4 -1,2 1,7 10,2 2 Interest rates are assumed to increase moderately 1 2 Income statement (m€) 2012A 2013F 2014F 2015F 2016F Turnover 107,3 124,0 170,8 185,3 215,5 EBITDA 55,8 64,2 90,0 98,5 115,8 FV Gains/Losses (Inv. Prop.) -5,7 -13,0 ,0 ,0 ,0 3 Depreciations 2,0 2,7 3,2 3,6 4,1 EBIT 48,0 48,5 86,9 94,8 111,7 Net Financial Expenses 13,6 17,7 21,4 23,6 26,7 Profit (loss) before taxes 34,4 30,7 65,4 71,2 85,0 Taxes 7,5 6,1 13,1 14,2 17,0 Net loss/profit 26,9 24,6 52,4 57,0 68,0 Balance Sheet (m€) Investment properties Other Non-Current Assets Current Assets Cash Total assets 4 5 2012A 2013F 2014F 2015F 2016F 1014,1 1504,1 1593,1 1756,0 2017,7 34,5 36,4 38,2 40,1 42,0 18,4 21,3 28,9 31,1 35,8 15,7 11,3 6,5 3,7 9,4 1082,7 1573,0 1666,7 1830,8 2104,9 Equity Hybrid bond IB Liabilities Non IB Liabilities Total Equity and Liabilities 389,5 549,0 584,2 618,4 762,0 0 75,0 75,0 75,0 75,0 637,5 887,5 943,5 1072,7 1201,7 55,7 61,6 64,0 64,7 66,2 1082,7 1573,0 1666,7 1830,8 2104,9 3 No FV-changes in investment properties are assumed for the forecast period *) FV changes of investment properties may cause significant fluctuations to ROE-% NOTE: This is for illustrative purposes only – not a guidance! 4 Net CAPEX €180m/y in average. Dividend pay-out ca. 33% 5 Solid financial outstanding requires capital injection
  10. 10. NOTE: 2013 figures are based on analysts’ consensus and are only illustrative - not a guidance! Financials in Brief 140 40 120 100 107 60 57 15 40 48 10 29 5 2008 2009 2010 Net Sales (m€) Linear (Net Sales (m€)) 2011 2012 40% EBITDA (m€) Linear (EBITDA (m€)) 0% 2009 2010 2011 Dividends (m€) 2012 2013 Dividends / Direct result-% 500 9% 494 35% 8% 400 6% 300 4% 200 2% 100 6% 25% 5% 20% 15% 4% 2% 10% 5% 2008 10% 600 10% 10% 7% 7 9 Direct result (m€) 12% 30% 7 20% 13 0 2013 50% 45% 13 11 2007 0 2007 15 15 14 39% 41% 37% 37% 36% 36% 2007 2008 2009 2010 2011 2012 2013 0% 0% Equity Ratio-% (left scale) ROI-% (right scale) Linear (Equity Ratio-% (left scale)) Linear (ROI-% (right scale)) 134 143 89 40% 40% 30% 21 22 56 41 38% 25 20 40 50% 34 40% 30 64 37 45% 51% 25 81 76 73 48% 30 93 80 20 35 124 60% 51% 51% 150 2010 2011 116 66 0 2007 2008 2009 Gross Capex (m€) 2012 Linear (Gross Capex (m€)) 2013
  11. 11. Investments in Last 12 Months Area Name Acquired Tampere Tohloppi Oulu Peltola Vilnius Alfa & Beta Completed Tampere Yliopistonrinne 2 Kuopio Viestikatu 7B&C Tallinn Löötsa 8C Under construction **) Vilnius Gamma Tallinn Occupancy rate, % Löötsa 8A&B St. Petersburg Pulkovo 2 Jyväskylä Innova 4 Signed investments HMA Falcon Oslo Fornebu Total *) total value of the Vilnius deal including all phases **) pre-let rate October 30, 2013 ***) commissioning in phases sqm EUR million Stabilized yield, % Completion 100.0 73.6 99.8 32,000 37,600 31,200 23.3 31.7 62.6 *) 11.8 11.2 9.6 10/2012 02/2013 05/2013 97.5 93.2 95.4 7,500 9,300 6,200 22.5 17.4 8.3 7.6 9.2 9.1 10/2012 02/2013 03/2013 85.0 62.6 *) 24.3 8.8 9.1 10/2013 81.5 11,000 16,300 32.7 91.0 18,700 8,900 42.0 23.7 12.6 8.1 10/13-02/14***) 10/2013 10/2013 97.0 90.0 26,300 70,500 275.5 77.5 153.8 487.1 7.8 7.7 11-12/2013e 12/2013e 11
  12. 12. Equity Issues 98,6 100 90 80 74,3* 70 59,6 60 50 40 32,1 30 19,9 20 10 5,9 4,2 6,9 5,7 6,3 0,5 19,4 8,5 10,3 2,3 10,5 11,3 5,3 0 Excludes minor compensation share issues and option subscriptions *) Hybrid bond issue 12
  13. 13. Interest Rates Technopolis average interest rate 2.51% (Q4/08 – Q3/13) 5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 1.12.08 1.2.09 1.4.09 1.6.09 1.8.09 1.10.09 1.12.09 1.2.10 1.4.10 1.6.10 1.8.10 1.10.10 1.12.10 1.2.11 1.4.11 1.6.11 1.8.11 1.10.11 1.12.11 1.2.12 1.4.12 1.6.12 1.8.12 1.10.12 1.12.12 1.2.13 1.4.13 1.6.13 1.8.13 1.10.13 0,0 Technopolis average interest rate 3-month Euribor 10-year swap ECB refinance rate 5-year swap Sources: Bloomberg and Technopolis interim reports. Method: Technopolis interest rates are quarterly average interest rates include interest rate swaps. For Q4/13 the company has used the interest rates reported in Q3/13 13
  14. 14. Breakdown of Debts (1/3) DNB Others 1% 2% Ilmarinen 6% 700 €m EBRD 5% 600 EIB * 31% SEB 7% 500 Interest bearing liabilities 332 400 Swedbank 8% 300 60 118 200 Danske 8% OP 9% SHB 12% Nordea 11% 100 0 106 43 2013 2014 2015 2016 • Total IBD EUR 658.3 million at Q3/2013 • Banks are main IBD funding source, but the loan portfolio is welldiversified • Annual amortization are well-diversified easing the refinancing 2017+
  15. 15. Breakdown of Debts (2/3) 100% 45% 90% 40% 80% 35% 70% 30% 60% 25% 50% 20% 40% 15% 30% 20% 10% 10% 5% 0% 0% Floating-rate loans (0-12 months) Fixed-rate loans (> 12 months) Hedging ratio
  16. 16. Breakdown of Debts (3/3) 7,2% 1,7% 5,5% 18% 25% 3% 28% 26% 85,5% Bank Loan Leasing Debt Loans without Covenants or Bank Guarantees Commercial Paper Credit Lines + other Loans with Covenants (equity ratio) Loans Requiring Bank Guarantees with Covenants Loans Requiring Bank Guarantees without Covenants Loans with Covenants
  17. 17. Loan Maturities • The Group’s loan maturities on average is 8.1 (9.0) years • Within 12 months EUR 130.2 million of loans are coming due • EUR 116.7 (110.3) million untapped credit facilities 17

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