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Citycon Equity Story

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Citycon Equity Story CITYCON INVESTOR PRESENTATION Q2/2020 TABLE OF CONTENTS 1. COMPANY CITYCON IS A LEADING NORDIC PLAYER… OVERVIEW 2. OPERATING …OPERATING IN STABLE BUSINESS ENVIRONMENT… ENVIRONMENT 3. BUSINESS …WITH A BUSINESS MODEL THAT PROVIDES PROTECTION EVEN DURING CRISIS… MODEL 4. MAXIMIZING … AND SERVES AS A PLATFORM FOR ATTRACTIVE LONG-TERM OPPORTUNITIES... VALUE 5. SUSTAINABILITY … WITH AMBITIOUS SUSTAINABILITY TARGETS… STRATEGY 6. KEY FINANCIALS … AND HIGHLIGHTING VERY GOOD Q1 RESULT AND STRONG LIQUIDITY. APPENDIX FINANCIAL AND OPERATIONAL INFORMATION 2 1. COMPANY OVERVIEW 3 LEADING OWNER, MANAGER AND DEVELOPER OF URBAN COMMUNITY HUBS IN THE NORDICS ▪ Net rental income in 2019 MEUR 217 1) ▪ Portfolio value EUR 4.4BN 2,3) ▪ 40 premises 2,3) ▪ 223 employees 2) ▪ 170 million visitors p.a. 1) ▪ Investment grade credit ratings: ▪ GLA 1.2 million sq.m. 2) Baa3, BBB- & BBB- 10 Finland Stable business model and diversified tenant mix Pan-Nordic reach with leading positions in Finland, 17 9 2 Norway Sweden 2 Sweden, Norway and Estonia Estonia Nordic countries less severely affected by COVID-19 than rest of Europe and better equipped to support companies through the crises 2 1) As of 31 December 2019 2 4 2) Key figures 30 June 2020 Denmark 3) Including Kista Galleria Number of shopping centres LEADING OWNER, MANAGER AND DEVELOPER OF URBAN COMMUNITY HUBS IN THE NORDICS LEADING OPERATOR AND DEVELOPER OF – A €4.4bn portfolio of urban community hubs in the heart where people live and work and connect to 1 public transportation provides natural visitor flow URBAN COMMUNITY HUBS IN NORDICS – Centres with retail, municipal services and entertainment under one roof CONSISTENTLY HIGH OCCUPANCY LEVELS – Consistently high occupancy levels around 93.5% with a 3.1 year average lease term and with top 5 2 FROM DIVERSIFIED TENANT BASE BRINGS A tenants representing only 18% of rental income STABLE CASH FLOW – Ca 85% of rental income linked to indexation FOCUS ON AFFLUENT AND STABLE NORDIC – Strong pan-nordic asset portfolio brings stability and diversification 3 COUNTRIES – Operating countries with high credit ratings and residents with high purchasing power - Demonstrated ability to convert our property portfolio more towards larger and higher quality urban EARNINGS GROWTH UNDERPINNED BY 4 assets and to develop individual assets DEVELOPMENT PIPELINE OF OWNED ASSETS - Significant residential potential ROBUST BALANCE SHEET, MODERATE LTV – 5 LTV target of 40-45% AND ASSETS LARGELY UNENCUMBERED – 90.4% of debt is unsecured – Fitch: BBB- (stable outlook) 6 INVESTMENT GRADE RATINGS – Moody’s: Baa3 (negative outlook) – S&P: BBB- (negative outlook) – Citycon is committed to maintaining investment grade credit ratings 5 2. OPERATING ENVIRONMENT 6 NORDICS HAVE BEEN A SAFE HAVEN IN AN UNSTABLE WORLD KEY ECONOMIC INDICATORS IN OUR OPERATING COUNTRIES Finland Norway Sweden Denmark Estonia Credit ratings AA+ AAA AAA AAA AA- 5.5M GDP growth, 2019 1.4% 2.5% 1.1% 2.0% 3.2% Unemployment, 5/2020 7.3 % 4.6 % 9.2 % 5.0 % 6.0 % 5.3M 10M 1.3M Inflation, 5/2020 -0.2 % 1.3 % 0.0 % 0.0 % -1.7 % Retail sales growth, 1- 2.5 % 2.8 % 2.3 % 0.3 % -1.0 % 4/2020 5.8M 7 Sources: SEB Nordic Outlook, Nordea Economic Outlook, European Commission, Eurostat, Population Statistics Finland/Norway/Sweden/Estonia/Denmark. Some figures are based on estimates. UNPRECEDENTED SUPPORT TO RETAILERS FROM NORDIC COUNTRIES POSITIVELY AFFECTED SECTOR AND Q2 PERFORMANCE Actions Taken By Governments ▪ Gvt package 3,2 bill EUR to support businesses with a decrease of income with 30% or more in March and April. ▪ Credit guarantees to specific industries, plus specific SME measures ▪ 3 months of tax deferrals ▪ New regulations for short-term layoffs including 65%+ of salary capped at SEK44,000 month. Government also to pay full cost of sick-pay in April & May ▪ Norwegian Government has announced a significant relief program covering 80-90% of fixed costs of companies with a revenue decline above 30%. Implementation of the package already started ▪ Rent reduction for the landlords to tenants, will reduce the tenant support from the government. Uncertainty about details in the government packages has made landlords to postpone decisions about discounts. ▪ New loans offered and various stimulus/support packages for specific industries including loans for SMEs ▪ 2 month cut in social security payments; postpone wealth tax payments and re-allocate losses to previous years taxed surplus ▪ Self-employed are paid 80% of their average income over the past three years. Unemployment benefits already high and in-situ ▪ Comprehensive rent relief program launched for March-May ▪ 75% Government loan guarantee; irrecoverable cost compensation of 25%-80% ▪ VAT, corporate tax and social security contributions postponed ▪ 75% of salaries for 3 months, up to 90% for PT / hourly paid staff ▪ It has been decided to compensate rental reliefs of retail tenants in the SC-s in maximum amount 25% of monthly rent. Max amount is EUR 4 million. Period support will be given and conditions are under planning. Most likely support will be given for the period after re-opening. ▪ Government has announced and is working on several additional aid programs ▪ Aid package for business, including loans via Finnvera, plus support for SMEs and midcaps. The Finnish Government has prepared an extensive package of approximately €1.45bn to support companies and alleviate the negative effects of COVID-19 epidemic ▪ It has also increased the financing mandate of the Finnish Export Credit Agency to €12bn ▪ Specific labour market support TBD, but unemployment benefits high and in-situ 8 FISCAL MEASURES RANK AMONGST HIGHEST REGARDING DEPTH AND BREADTH OF RESPONSE EUROPEAN MAP DEPTH & BREADTH OF NATIONAL POLICY RESPONSE Slovakia 2.5 Sweden Netherlands 5.0 Norway Croatia 2.5 Denmark Norway 4.0 Germany Ireland 2.5 Finland Sweden 4.0 Netherlands Israel 2.5 Belgium Denmark 4.0 Russia Italy 2.5 United Kingdom Latvia United Kingdom 4.0 Czechia Latvia 2.5 Ireland Germany 4.0 Poland Portugal 2.5 Finland 3.5 Switzerland Slovakia France Austria 2.0 Austria Romania Belgium 3.0 Spain 2.0 France 3.0 Portugal Spain Italy Bulgaria United Arab Emirates 2.0 Greece Romania 2.5 Croatia Serbia 2.0 Hungary Israel Switzerland 2.5 Poland 1.5 Serbia Greece 2.5 United Arab Kingdom of Saudi Arabia 1.5 Emirates Czechia 2.5 Hungary 1.5 Bulgaria 2.5 Kingdom of Russia 1.0 Saudi Arabia Nordic countries 1 5 Source: Colliers COVID-19 European Real Estate Markets Government Response (Apr-20) 1.0 1.5 2.0 2.5 3.0 3.5 4.0 5.0 9 10 PUBLIC (as a %ofGDP) DEBT MEASURES SUPPORT ANDFUTURE CURRENT SUSTAINABILITY OF AND CONFIDENCE PUBLIC STRONG FINANCES PROVIDE SE Source: EIU Source: 34,9 34,6 CountryData DK 32,8 40,1 NO 38,5 51,4 Debt (2019A,%) to GDP FI 59,2 68 AT 71 76,2 Debt to GDP (2024E, %) Debt (2024E, to GDP FR 99,1 105,9 DE 58,8 63,5 IE 59 70 Nordic countries Nordic IT 134,554 147,2 NL 49,3 62,1 PT 117,2 121,6 ES 95,5 102,4 Average: 94.4% Average: 85.5% GB 85,1 100,8 MORE RELAXED NORDIC GOVERNMENT LOCKDOWN MEASURES… EUROPE: CORONAVIRUS INTERVENTIONS LOCKDOWNS SELF -ISOLATION, CASES SOCIAL DISTANCING PUBLIC EVENTS SCHOOL CLOSURES ORDERED MANDATED ENCOURAGED BANNED ORDERED MARCH 01 07 13 19 25 01 07 13 19 25 01 07 13 19 25 01 07 13 19 25 01 07 13 19 25 Nordic countries 11 Source: Imperial College London …HAVE ERODED CONSUMER CONFIDENCE TO A LESSER EXTENT DURING APR-20 VS. WESTERN AND SOUTHERN EUROPE CONSUMER CONFIDENCE INDICATOR — June 2020 (0,8) (2,0) (4,9) (8,3) (10,8) (12,9) (14,7) (15,8) (18,5) (25,5) (25,6) Average: (16.5%) 12 Source: EU Programme of Business and Consumer Surveys (June-20) Nordic countries STRONGER NORDIC HOUSEHOLD FINANCIAL SITUATION SUPPORTS A POTENTIAL REBOUND IN CONSUMER SPENDING FINANCIAL SITUATION OF HOUSEHOLDS OVER NEXT 12 MONTHS — June 2020 11,4 11,1 8,8 Average: (5.2%) 0,1 (0,3) (4,4) (5,7) (5,3) (5,3) (10,0) (10,6) DK SE FI AT FR DE IE IT NL PT ES 13 Source: EU Programme of Business and Consumer Surveys (Apr-20) Nordic countries OVER LONG-TERM OUR OPERATING ENVIRONMENT IS CHARACTERISED BY STRONG URBANISATION... PERCENTAGE OF POPULATION IN URBAN AREAS POPULATION GROWTH 2015–2035 100% Sweden 93% 95% Denmark 92% 90% Norway 85% and Finland TAMPERE 12% 90% 80% HELSINKI Estonia 15% 77% 75% OSLO STOCKHOLM 29% 25% TALLINN 70% 10% GOTHEN- BURG 65% 22% 1980 2018 2030 2050 COPEN- Finland Norway Sweden Denmark Estonia HAGEN 16% 14 Source: UN World Urbanization Prospects 2018 …AND STRONG PURCHASING POWER GDP PER CAPITA GDP OF NORDICS 67,900 Estonia EUR 1.7% Denmark Finland 21.2% 16.4% 50,000 47,100 40,500 Euro area average 34,500 1.4 Equivalent approx. to Canada EU average EUR trillion 29,900 19,800 Norway 25.7% Sweden 35.1% Norway Denmark Sweden Finland Estonia 15 Source: IMF 3. BUSINESS MODEL 16 OUR OPERATIONAL MODEL BASED ON EFFICIENT URBAN HUBS AND LARGE SHARE OF NECESSITY TENANTS BRINGS STABILITY GROCERY-ANCHORED CENTRES − Large proportion of resilient necessity-based tenants OPERATIONAL EXCELLENCE − Harmonizing practices − Centralizing procurement − Maintain strict control on operating expenses and capital expenditure. MIX USE DEVELOPMENT − Developing urban community hubs with retail, public services and entertainment under same roof − Further value to all stakeholders through densification and increased catchment GROWTH FROM SPECIALITY LEASING − 170 million visitors provide strong basis for specialty leasing opportunities 17 CONNECTION TO PUBLIC TRANSPORTATION PROVIDES NATURAL FOOTFALL 100% OF OUR SHOPPING ➢All of our centres are accessible by bus CENTRES ➢10 centres directly connected to metro lines, 17 to CONNECTED TO train lines and 6 to tram lines.
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