PREZENTACJA WYNIKÓW ZA 2014 R. 1 September 3th, 2015 H 1 2015 results
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PREZENTACJA WYNIKÓW ZA 2014 R.
1September 3th, 2015
H 1 2015 results
Agenda
• About us
• Competitive advantage
• Financial insights
• Market landscape
• Unique selling points
• Property portfolio
‒ Office
‒ Multipurpose
‒ Commercial
‒ Other
2
About us
What we do:
• We develop and manage real estate. We specialize in complex development and revitalization projects with above-average profit margins
How we do it:
• We invest in our key projects and create comfortable, highest-quality space for our tenants
• We execute our projects comprehensively, employing over 60 specialists from different fields of the real estate business
Why we do it:
• We want to create projects unique in the Polish market, adhering to the principles of sustainable development and meeting the needs of a wide range of tenants
3
Through our „Office Plus” concept we aim to create the most sought-after office space in Poland.
About Capital Park Key events in the first half of 2015
• Since January 2015 we have let 17,529 square metres of office space.
• On August 19th we opened Royal Wilanów, a modern mixed-use project located in the centre of the Wilanów district of Warsaw, again increasing the area of completed projects that generate rental income.
• Capital Park signed an agreement with GTC S.A. concerning free-of-charge lease of land adjacent to the Royal Wilanów building, to develop public amenities in the area, offering a more attractive space for tenants.
• Polskie Sieci Elektroenergetyczne S.A. leased 6,291 squar metres of office space in the Delta Eurocentrum Office Complex.
• A new mall, with a floor area of 3,000 square metres, was added to the portfolio of the Vis à Vis shopping centres, located in Toruń at ul. Szosa Lubicka 111.
About us
4
76PROPERTIES
258.000 m2
PORTFOLIO AREA
37CITIES ACROSS POLAND
80%OF PROPERTY VALUEIS IN WARSAW
PLN 1.7 bnVALUE OF PROPERTY PORTFOLIO
PLN 2.8 bnTARGET PORTFOLIO VALUE
Currently we are developing two properties in Warsaw with a total area of over 64thousand m2 and a mid sized office property in Krakow. We are also preparing theconstruction of a hotel property in Gdańsk.
5
Competitive advantages
5
People can now choose where to work and work becomes their life. Tenants need work-friendly spaceand that is what we offer. Thanks to our unique Office Plus concept our properties are unlike any otherand their commercialization continues despite a negative market trend.
FOCUS ON TENANTS' NEEDS
Our solutions include Warsaw's firstconcierge service for tenants, a wide varietyof catering services, a mini SPA, fitnessofferings, a car wash and personalizedinterior arrangement
QUALITY & ARCHITECTURE
It positions our properties above marketstandards and positively impacts thecorporate identity of our tenants
SUSTAINABLE DEVELOPMENT
Thanks to the principles of sustainabledevelopment our properties offer lowermaintenance costs and meet the goals ofour tenants
6
Key events in the H 1 2015
6
Since January 2015 we have let 17,529 square metres of office space, which proves that ourinnovative Office Plus concept is effective.
6
Percentage leased for selected office projects
Leasd area in H 1 201531th of December 2014
77
Key events in the H 1 2015The grand opening of the Royal Wilanow
88
• Construction completed on schedule and within budget
• 37,000 square metres of GLA:• 30,000 square metres of office space GLA,
63% let• 7,000 square metres of retail space GLA, 88%
leased to 14 reputable tenants• Plazas and public space development
8
Royal Wilanów offices, shops and restaurants
Key events in the H 1 2015The grand opening of the Royal Wilanow
Financial insights
9
Selected insights from the profit and loss statement Revenue by segment
Multipurpose
Office
Commercial
Revenue structure by segment
PLN ’000 H1 2015 2014 H1 2014
Lease income 36 131 56 393 22 881
Net operating income (17 930) (30 577) (14 639)
Revaluation of properties (48 112) (60 976) 12 849
Interest cost (17 617) (18 906) (6 467)
Net income (39 033) (63 615) 10 760
Office Multipurpose Commercial Other
propertiesOthers
H 1 2014
H 1 2014
H 1 2014
H 1 2015
H 1 2015
H 1 2015
H 1 2015H 1 2014 2014
Financial insights
10
Increase in property value Capital expenditures split
Increase in completed properties share Stable financial situation
31.12.2014 Capital
expenditures
Acquiring
property
Sale of
property
Revaluation 30.06.2015
Completed Under
construction
In preparation
149mln
Others, 5%
H 1 2015
+ 105%
H 1 2015H 1 2014
Financial insights
11
NAV Increase in portfolio value
Net debt ratio 5-year loan and bond maturity (as of 2/28/2015)
Notes Credit facilities
985 983915
861 8699,41 9,39
8,74
8,17 8,25
7,5
8
8,5
9
9,5
10
400
600
800
1 000
1 200
NAV NAV/akcjęNAV/share
H1 2014 31.12.2014 H1 2015
H1 2014 31.12.2014 H1 2015
Market overview
12
Projected compression of capitalization rates
Decreasing unemployment Upcoming trend reversal
Largest office properties scheduled for completion in 2015
Source: Raport Savillis, Capital Park
Source: Savillis Source: Cushman & Wakefield
North Gate
DEKA
Immobilien
2011
Crown
Square
Invesco
2011
Orange HQ
Qatar
Investment
Authority
2011
Focus
Filtrowa
RREEF
2011
Zebra Tower
Union
Investment
2011
International
Business Centre
DEKAImmobilien
2012
Green
Corner
RREEF
2013
Senator
Union
Investment
2013
Lipowy
Business Park
WP. Carey
2014
Source: Cushman & Wakefield
8%
7%
6%
Office projects
13
EUROCENTRUM BETA, GAMMA EUROCENTRUM DELTA
2 444 m2 GLA
May 2011 completion date
42 337 m2 GLA
June 2014 completion date
27 241 m2 GLA
Q4 2015 scheduled completion
RACŁAWICKA POINT
Project name Project stage CityGLA
(m2, thousands)Parking capacity
Current leasedarea
Book value12/31/2014
(PLN, thousands)Yield
EC Beta, Gamma Completed Warsaw 43 320 76% 411 090 6,70%
EC Alpha Completed Warsaw 15 221 75% 106 291 7,50%
Racławicka Point Completed Warsaw 2 48 100% 32 556 7,00%
EC Delta Under construction Warsaw 27 214 26% 120 661 6,70%
Topos Under construction Krakow 1 - 40% 2 150 7,50%
Piano House In preparation Gdańsk 5 102 - 8 914 7,50%
Total 93 905 681 662
Mixed-use projects
14
37 257 m2 GLA
Q III 2015 scheduled completion
64 656 m2 GLA
Q I 2018 scheduled completion
3 748 m2 GLA
Q III 2007 date of acquisition
ROYAL WILANÓW ARTN SOBIESKIEGO 104
Project name Project stage CityGLA
(m2, thousands)Parking capacity
Current leasedarea
Book value12/31/2014
(PLN, thousands)Yield
Royal Wilanów Office Completed Warsaw 37 925 62% 223 726 7,00%
Royal Wilanów Retail 88%
ArtN In preparation Warsaw 65 470 9% 259 285 6,50%
Sobieskiego 104 Completed Warsaw 4 79 96% 34 779 7,50%
Neptun House In preparation Gdańsk 7 34 81% 19 156 7,50%
suma 113 1 508 536 946
Commercial projects
15
3 698 m2 GLA
Nov 2013 completion date
5 711 m2 GLA
Dec 2014 completion date
2 890 m2 GLA
Sep 2014 date of acquisition
Vis à Vis Radom Vis à Vis Łódź Vis à Vis Toruń
Project name Project stage CityGLA
(m2, thousands)Parking capacity
Current leased area
Book value12/31/2014
(PLN, thousands)Yield
Projected NOI1
(PLN, thousands)
Projected investment after 12/31/2014(PLN, thousands)
Vis à Vis Radom Completed Radom 4 - 100% 31 678 8,50% 2 693 -
Vis à Vis Łódź Completed Łódź 6 - 93% 38 573 8,00% 3 086 -
Vis à Vis Toruń Completed Toruń 3 - 94% 19 435 8,25% 1 603 -
Pozostałe, w tym zarządzane na zlecenie
Completed Polska 17 - 90% 195 804 16 205 -
suma 29 - 285 490 23 587 0
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