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Citycon Presentations Citycon's Capital Markets Day 22 September 2010 Tallinn, Estonia Strategy Citycon • wants to be the leading shopping centre owner, operator and developer in the Nordic and Baltic countries. • invests in shopping centres and retail properties in major growing cities with good demographics. • seeks growth through matching acquisitions and property development. • adds value on investment across the portfolio by professional active management produced by in-house strong personnel. • operates by high sustainability standards. • seeks actively joint-venture arrangements with high-class investors and manages investment on their behalf. • has a strong balance sheet with competitive and well diversified funding sources and low financial risk exposures. 2 Q2 2010 Citycon's Financial Position CFO, Executive Vice President Eero Sihvonen Main Points Q2 2010 Q2 2010 (vs. Q1 2010) • The fair value change was EUR 22.9 million (EUR 0.8 m) and the market value of property portfolio was EUR 2,229.5 million (EUR 2,193.5 m) • The valuation yield 6.6% (6.6%) by external appraiser • Net rental income was EUR 31.8 million (EUR 30.6m) • Direct result per share (diluted EPRA EPS) EUR 0.05 (EUR 0.05) Q1-Q2 2010 (vs. Q1-Q2 2009) • Turnover increased by 7.3% to EUR 98.1 million (EUR 91.5m) • Direct result per share (EPRA EPS) EUR 0.10 (EUR 0.11) • Direct result was EUR 21.5 million (EUR 24.2 m) • Net cash from operating activities per share EUR 0.05 (EUR 0.19) due to extraordinary and timing items. • Profit before taxes EUR 52.0 million (EUR -28.7 m), incl. EUR 23.7million (EUR -57.6 m) fair value change 4 CMD 2010 Property Portfolio • 4,019 (4,080) leases with an average length of 3.3 (3.0) years • GLA totalled 947 050 sq.m. • Net rental income increased by 1.8% to EUR 62.5 million • Net rental income for like-for-like properties decreased by 1.0% due to higher property operating expenses reflecting seasonal fluctuations and exceptionally cold and snowy winter, slightly increased vacancy and very low indexation-based rental increases Like-for-like properties accounted for 58.2% of the total portfolio and of l-f-l portfolio 80.8% is in Finland and 71.5% of the total Finnish portfolio is included in l-f-l. Shopping centres represent 79.0% of the l-f-l portfolio. • Rolling 12-month occupancy cost ratio for l-f-l shopping centres was 8.4% • Occupancy rate 94.6% (94.8%) • Rents linked to CPI (nearly all the agreements). Year-end, 36.0% (2008 24.2%) of rental agreements were also tied to tenant’s turnover •In 2009, approx. 1% of net rental income came from turn-over based part of the rental agreements 5 CMD 2010 Like-for-like and Other NRI Development by Segments 34.000 sq.m. of GLA is currently out of -Q1-Q2/2009 vs. Q1-Q2/2010 production due to redevelopment the Baltic EUR million Finland Sweden Countries Other Total 1H/2008 44,9 12,2 3,1 0,0 60,1 Acquisitions 0,4 0,0 -0,1 0,0 0,4 (Re)developments 0,5 0,0 1,7 0,0 2,2 Divestments -0,1 0,0 0,0 0,0 -0,1 Like-for-like 0,6 0,3 -0,1 0,0 0,8 Other (incl. exch. diff.) -0,4 -1,7 0,0 0,0 -2,1 1H/2009 46,0 10,8 4,6 0,0 61,3 Acquisitions - - - - 0,0 (Re)developments -2,7 2,1 1,4 0,0 0,7 Divestments -0,2 -0,2 - 0,0 -0,4 Like-for-like -0,4 0,2 -0,2 0,0 -0,4 Other (incl. exch. diff.) 0,0 1,1 0,0 0,0 1,3 1H/2010 42,7 13,9 5,8 0,0 62,5 Around 23,000 sq.m. (on average during 6 Jakobsberg as a Rental discounts in the LFL months) more space off-line due to redevelopment total moved to properties (Mandarinas + Magistral) projects in Myyrmanni, Espoontori, Forum, Hansa, divestment higher by 0.2M€ in 1H’10 than in Myllypuro, Kirkkonummen liikekeskus, Porin portfolio due to 1H’09. LFL-growth was -14.5% in the Isolinnankatu and Martinlaakso. residential sale. Baltic Countries. LFL negative in Finland as around 2,000 sq.m. LFL-growth was Stronger SEK higher vacancy, low indexation and colder winter +2.6 % in contributed to (heating and snow cleaning 0.8M€). LFL-growth was Sweden. NRI positively by -1.4% in Finland. 1.1M€. 6 CMD 2010 Key Figures – Profitability Quarterly Net Rental Income by segments Quarterly Operating Profit1) by segments 40,0 40,0 Finland Sweden CAGR +11.4 % Finland Sweden CAGR +11.5 % 35,0 Baltics Other 35,0 Baltics Other 32,5 31,8 28,6 31,5 31,0 31,6 27,1 26,2 30,5 30,2 30,3 30,6 27,6 26,2 26,1 29,7 30,0 26,0 25,7 30,0 25,9 25,6 23,8 27,3 27,1 23,2 25,8 25,0 21,5 25,0 23,2 17,8 19,3 18,9 21,6 22,1 17,0 20,0 16,4 19,6 20,0 19,4 15,0 15,0 10,0 10,0 5,0 5,0 0,0 0,0 -5,0 Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 • Citycon has posted solid quarterly growth since 2006 both in terms of Net rental income and Operating profit – Performance both in bull and bear market environment • During 2010 Citycon has posted stable quarterly NRI and EBIT performance although some of the growth has been impacted by the various on-going development projects 1) Excluding7 Net fair value gains on investment property and Profit or loss on disposal of investmentCMD property 2010 and other exceptional items Key Figures – Profitability Quarterly Net Rental Income by segments Quarterly Operating Profit1) by segments 40 CAGR +13.7 % 40 CAGR +13.1 % 35 35 33,4 Redevelopment 28,3 32,5 32,7 Winter 27,7 Redevelopment 31,5 31,0 31,6 27,1 28,6 30,5 30,2 30,3 Other 27,6 26,2 Winter 29,7 30 26,0 25,7 30 Other Baltics 25,9 25,6 Baltics Sweden 23,8 27,3 27,1 23,2 Sweden 25,8 Finland 21,5 Finland 25 25 23,2 17,8 19,3 18,9 21,6 22,1 17,0 20 16,4 19,6 20 19,4 15 15 10 10 5 5 0 0 -5 Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- Q3- Q4- Q1- Q2- 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 06 06 06 06 07 07 07 07 08 08 08 08 09 09 09 09 10 10 • Compound annual growth rate (CAGR) has been between 13 - 17 per cent for both quarterly line items since the expansion strategy started in Q1 2006 • Above for illustrative purpose the lost income due to cold winter and redevelopment projects initiated in Finland 1) Excluding8 Net fair value gains on investment property and Profit or loss on disposal of investmentCMD property 2010 and other exceptional items Key Figures – Profitability Rolling 12-month Direct Result (EUR million) Rolling 12-month Direct Result per Share (EUR/ share) 23,0 22,7 22,9 50,9 50,2 50,7 21,9 21,5 48,2 21,2 47,3 20,7 46,6 20,3 20,5 45,0 20,0 44,2 43,8 19,4 41,9 38,3 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 Q4 07 Q1 08 Q2 08 Q3 08 Q4 08 Q1 09 Q2 09 Q3 09 Q4 09 Q1 10 Q2 10 • Citycon’s strong direct result performance highlights the resilience of its business model which has also been supported by the recent decline in the net financial expenses • Grocery anchored retail strategy has supported Citycon’s occupancy and net rental income while lower interest rates have led to meaningful cost savings under financial expenses • Citycon has been able to demonstrate increasing direct result performance both on an absolute and per share basis 9 CMD 2010 Financing Overview • Total asset stood at EUR 2,308.9 million • Total liquidity of EUR 246.2 million incl. unutilized committed debt facilities (EUR 221.2 m) and cash (EUR 25.0 m) • Equity ratio 33.8%, hedging ratio of the loan portfolio 82% • Average year-to-date interest rate 4.0% (4.2%). • Period-end average interest rate was 3.90% for fixed rate borrowings and swaps • The average loan maturity stood at 3.3 years (4.2 years). • Net financial expenses stood at EUR 27.6 million (EUR 24.0 million) • Two covenants • Equity ratio: Covenant level 32.5%, equity ratio as defined in loan agreements was 37.1% • Interest cover ratio: Covenant level 1.8x, Citycon’s period end ICR 2.2x 10 CMD 2010 Breakdown of Financial Expenses 2q 1q 2q Change-% Change-% YTD YTD Change-% Net Financial Expenses (EUR million) 2010 2010 2009 (y-o-y) (q-o-q) 2010 2009 (YTD) Financial Expenses: Interest expenses -13,2 -12,3 -11,3 17 % 7 % -25,6 -22,8 12 % Foreign exchange losses 0,0 0,0 0,0 nm 135 % 0,0 0,0 82 % Capitalised fees -0,3 -0,5 -0,3 20 % -33 % -0,8 -0,4 77 % Non-cash option expense from convertible bonds -0,4 -0,4 -0,3 6 % -2 % -0,7 -0,7 3 % Other expenses -0,4 0,2 -0,3 60 % nm -0,2 -0,9 -75 % Total Expenses -14,3 -13,0 -12,2 17 % 10 % -27,3 -24,8 10 % Financial Income: Interest income 0,1 0,1 0,1 -37 % -30 % 0,1 0,2 -22 % Fair value change in derivatives -0,3 -0,2 0,3 -191 % 16 % -0,5 0,0 nm Gain from Convertible Bond buyback 0,0 - - nm nm 0,0 0,6 -91 % Total Income -0,2 -0,2 0,4 -144 % 5 % -0,3 0,8 -142 % Net Financial Expenses -14,4 -13,1 -11,8 22 % 10 % -27,6 -24,0 15 % • During Q2 interest expenses increased by EUR 0.9 million as the capitalization of interest expenses decreased by EUR 0.6 million.
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