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Housing Contracts SRV Partner of choice in construction projects Investor Presentation 2016 March 2016 Juha Pekka Ojala, CEO Ilkka Pitkänen, CFO Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: The information in this document has been prepared by SRV Group Plc (“SRV") for use as an investor presentation and does not constitute a recommendation regarding securities of SRV. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither SRV nor any of SRV`s advisors or representatives shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. This presentation is based on the economic, regulatory, market and other conditions as in effect on the date hereof. It should be understood that subsequent developments may affect the information contained in this document, which neither SRV nor its advisors are under an obligation to update, revise or affirm. The distribution of this presentation in certain jurisdictions may be restricted by law. Persons into whose possession this presentation comes are required to inform themselves about and to observe any such restrictions. In particular, this presentation may not be distributed into the United States, Australia, Japan or Canada. The following information contains, or may be deemed to contain, “forward-looking statements”. These statements relate to future events or our future financial performance, including, but not limited to, strategic plans, potential growth, planned operational changes, expected capital expenditures, future cash sources and requirements, liquidity and cost savings that involve known and unknown risks, uncertainties and other factors that may cause SRV’s or its businesses’ actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward-looking statements. In some cases, such forward-looking statements can be identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of those terms or other comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the following forward-looking statements, possibly to a material degree. All forward-looking statements made in this presentation are based on information presently available to management and SRV assumes no obligation to update any forward-looking statements. This presentation constitutes neither an offer to sell nor a solicitation to buy any securities in the United States, Germany or any other jurisdiction. Neither this presentation nor anything contained herein shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. In particular, this presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities of SRV in the United States. Securities of SRV may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. SRV does not intend to conduct a public offering or any placement of securities in the United States. 1 AGENDA 1. SRV at a glance 2. Market overview and positioning 3. Track record 4. Financial information 5. Future and outlook 6. Proposed new issuance 7. Appendix SRV in brief SRV at a glance • Finnish construction company, founded in 1987 Selected key figures (MEUR) • Both builder and increasingly real estate developer (more capital intensive) Revenue 2015: 719.1 • Mostly family/founder-owned (53.1%) EBITDA 2015: 27.9 • Profitable ever since foundation EBIT 2015: 24.4 • Employs about 1,000 people • Established network of ca. 3,500 subcontractors & suppliers EBITDA margin 2015: 3.9% • Currently > 100 projects in the order book (5 in Russia), Record order Order backlog 2015: 1,583.4 book of almost EUR 1.6 billion Total equity 2015: 277.2 • Operates in the Helsinki Metropolitan Area as well as in other attractive growth centres in Finland Equity ratio* 2015: 42.5% • Has additional international operations in Russia and Estonia for almost Net debt 2015: 230.8 30 years Balance sheet total 2015: 762.6 • Benefits from megatrends such as urbanisation • Established in European debt and equity capital markets: Share price (24/2/2016): EUR 3.19 - EUR 75m senior unsecured bond issued in 2013 Market cap (24/2/2016): 188.1 - EUR 45m domestic hybrid bond issued in 2012 - Publicly listed (Nasdaq Helsinki; SRV1V FH) since 2007 *) Equity ratio = (total equity / (total assets – advances received)) x 100% • Substantial 1.6m m² landbank for future construction, a small (acquired) part of which, i.e. EUR 187.5m, is recorded on the balance 4 sheet Our business Three pillars of business operations Operations in Finland International operations 91% of group revenue (2015) 9% of group revenue (2015) Business premises Housing International (Russia and Estonia) 66%* 34%* • Shopping centres and retail facilities • Housing for private customers • Shopping centre development and • Public and special facilities (e.g. • Housing for investors and construction as well as shopping centre hospitals and schools) other housing developers management in Moscow and St. • Offices, hotels and logistics facilities • Area development projects Petersburg • Currently no revenues from Estonia * Share of revenue from operations in Finland in 2015 6 Diversification of operations by project type Construction contracts Co-development projects Developer-contracting projects 68 projects (2015) 15 projects (2015) 50 projects (2015) EUR 353 m 2015 revenues EUR 129 m 2015 revenues EUR 237 m 2015 revenues • Focus on selected projects with higher • SRV’s project development activities in • Project idea development and added value co-operation with partners implementation by SRV • Revenue recognition according to • SRV may participate also as an investor • Some developments with own equity percentage-of-completion method and owner contribution • Forward sale • Flexible exit to maximise returns principal responsibility for the site; development and execution based on the SRV designs, builds and markets the construction is mainly subcontracted partner’s idea/specifications site Increasing degree of independence, risk-return profile and financing requirements Increasing margins starting from less than 8% to more than 20% - depending on project type 7 Highly competitive operating model Customer network Mega- LETTING AND MANAGEMENT* trends CONSTRUCTION Use of Customer DESIGN AND ENGINEERING property needs PROJECT DEVELOPMENT Implementation partner network • Strong know-how from project development to construction and owning the real estate • Highly efficient through emphasis on project management • Customer and service-oriented work culture • Light organisational structure enabling flexibility and scalability at low fixed cost • Broad partner network with experienced and well-established sub-contractors • Excellent references encouraging customers to execute the entire project with SRV * To stabilize cash flows and operations in order to maximize exit price 8 Excellent position to seize future opportunities Strong brand and Good financial track record Megatrends support the business excellent references and strong order backlog Highly competitive Efficient, qualified and flexible Experienced key management team operating model organisation • Strong know-how Customer network • Highly efficient at project management Mega- • Customer and service-oriented work trends SRV Use of culture Approach property Customer • Light organisational structure needs Partner network • Broad partner network • Excellent references 9 Excellent references support strong brand Helsinki University Main Library, Music Centre, Helsinki Kamppi Centre, Helsinki Helsinki Torni hotel, Tampere Pearl Plaza, St. Petersburg Flamingo recreational centre, Vantaa … more references: see appendix or www.srv.com 10 Market overview and positioning Megatrends and implications Favourable megatrends Implications for SRV • Migration towards growth centres • While the overall construction market in Finland has been • Increasing need for complex construction projects lackluster, SRV operates in growth centres which have • Increasing number of PPPs* higher demand for construction • Ageing population and increasing number of single • Increasing demand for new kind of living, especially homes for the elderly Finland person households • Digitalisation and changes in working and shopping • Increasing demand for modern business premises habits • Rising energy prices and valuing of ecologically • Increasing competitiveness of new buildings sustainable life habits • More up-to-date renovations and alterations of old buildings • Strong migration towards growth centres and new • Growing population
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