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Annual Financial Report Company Profile 2016 annual financial report Company profile Our business Europe is a leading real estate development and investment company, operating throughout Central reportannual financial 2016 and Eastern Europe, and focusing on the development of large- scale commercial and residential projects. 2 Our diversified assets portfolio currently consists of: • shopping malls and retail properties • business parks and office complexes • large-scale residential and mixed-use projects • Income-yielding residential properties • land-bank designated for future projects At the end of 2016, we own, develop and manage properties and projects in Bulgaria, Czech Republic, Germany, Hungary, Latvia, Poland, Romania and Serbia, with on-the-ground teams comprising nearly 200 professionals. Our company’s head-office is based in the Netherlands. AFI Europe is part of the AFI Group, an international holdings and investments conglomerate. Total asset value Competitive advantage €1.393m Proven track-record in the development and management of successful large-scale projects and properties Residential Ability to attract and retain high caliber tenants including projects reputable retailers and multinational corporations Commercial 4% properties (€51m) On-the-ground presence by in-house multidisciplinary 78% teams of highly skilled professionals with local knowledge (€1,086m) and connections, as well as international networks Land bank 18% Good relationships with banks and (€256m) ability to raise debt financing As at 31 December 2016 based on CBRE valuation as of 30 September 2016, taking Mixed portfolio combining income-generating into account AFI Europe’s actual percentage interest in each project/property properties and further growth through the development The figure for commercial properties includes €297m property held for sale and of additional properties in the company’s land bank €58m under development The figures for residential projects and land bank include equity companies Financial highlights in €’000 NOI for 20161 €63,234 annual financial reportannual financial 2016 Operating profit for 2016² €121,218 Net profit for 20163 €74,139 3 Total equity on 31 Dec 20164 €774,215 Total balance sheet on 31 Dec 2016 €1,586,634 NOI for 20155 €56,148 1. Excluding €3,299 discontinued operation (German portfolio) 2. Excluding €38,237 discontinued operation (German portfolio) 3. Excluding €15,132 discontinued operation (German portfolio) and €3,040 interest expenses in relation to a shareholder loan 4. Including a shareholder’s loan of €271,486 5. Excluding €5,351 discontinued operation (German portfolio) Financial highlights Countries of operation annual financial reportannual financial 2016 4 6 1. Romania 2. Czech Republic 3. Serbia 9 5 4 4. Germany 2 5. Poland 8 6. Latvia 1 7. Bulgaria 3 8. Hungary 7 9. Netherlands (Headquarters) Revenues by country Asset value by country €57m €1,393m 0.1% 1% 1% 5 11% 10.1%* 7 68 8 1 3 5 4 2% 78% 59% 7 1% 5 6 10% 3 4% 2 27 10% 4 3 1 11 2 12 13% In 2016, taking into account the actual percentage interest in each project, As at 31 December 2016, based on CBRE valuation as at 30 September 2016, taking into and excluding €6.196m discontinued operation (German portfolio) account AFI Europe’s actual percentage interest in each project, and including €297m property held for sale Financial highlights Commercial property GLA (m2) annual financial reportannual financial 2016 600,000 510,053* 5 500,000 425,495 404,532 389,508 400,000 360,568 293,106 292,163 300,000 233,508 190,169 200,000 134,472 100,000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 * Including commercial property under development, and AFI Europe’s property portfolio in Germany (which transaction for its partial sale was completed in January 2017) Rental income and sale of residential units (€’000) 70,000 66,243 64,335 62,795* 60,213 60,000 51,324 50,000 47,500 48,860 40,000 33,384 33,823 30,374 30,000 23,058 19,459 20,000 13,466 10,757 10,000 7,159 7,732 0 2009 2010 2011 2012 2013 2014 2015 2016 Rental income Sale of residential units * Excluding €6,196 discontinued operation (German portfolio) Financial highlights Leverage breakdown and key accounting policies As at 31 December 2016, in €’000 annual financial reportannual financial 2016 Leverage breakdown 6 Commercial properties Residential units for sale Commercial properties* under development and under development Land bank Total Assets value 1,110,078 64,837 54,145 248,187 1,477,247 Bank Loans 500,013 0 19,856 13,556 533,425 Loan to value ratio 45% 0% 37% 5% 36% Net asset value 610,065 64,837 34,289 234,631 943,822 * Including €297m property held for sale (€141m German portfolio, €156m Afi Park 4 & 5 in Romania) Key accounting policies • IFRS accounting since 2005, audited by KPMG • Reporting in Euros • Assets valued by independent appraisers at least once a year • Investment properties and investment properties under development stated at fair value • Figures represent AFI Europe’s percentage interest in its subsidiaries and exclude equity companies Commercial properties by country In €’000 Country Number of properties GLA m2 Annual rent income* Market value December 2016** Average occupancy rate Bulgaria 1 43 622 22,815 30% Czech Republic 2 42 5,699 92,931 92% Romania 6 183 47,456 684,837 98% Serbia 1 43 6,682 86,364 84% Germany 22 75 6,196 141,175 93% TOTAL 32 386 66,655 1,028,122 * Taking into account AFI Europe’s actual percentage interest in each property ** Market value based on CBRE valuation as at 30 September 2016 Financial highlights Commercial properties In €’000 annual financial reportannual financial 2016 Market Value Average Occupancy Name Country City Type % Holding GLA* m2 December 2016* Annual NOI 2016 Rate December 2016 7 AFI Cotroceni Romania Bucharest Retail 98% 79,226 460,805 31,069 99% AFI Park 1 ** Romania Bucharest Offices 100% 12,407 28,975 2,020 97% AFI Park 2 ** Romania Bucharest Offices 100% 12,418 28,597 2,043 100% AFI Park 3 ** Romania Bucharest Offices 100% 12,530 28,297 1,142 100% AFI Park 4+5 ** Romania Bucharest Offices 100% 32,475 70,022 5,154 95% AFI Ploiesti Romania Ploiesti Retail 100% 33,958 68,141 4,965 99% Broadway Palace Czech Republic Prague Retail, offices 100% 8,886 14,105 1,459 71% Classic 7 (1-3) Czech Republic Prague Retail, offices 100% 33,166 78,826 4,240 98% Airport city Serbia Belgrade Offices 53.70% 43,418 86,364 6,682 84% Belgrade Business Park Bulgaria Varna Offices 100% 43,093 22,815 622 30% Varna Rental AFI Germany Germany Berlin 100% 75,409 141,175 6,196 93% Portfolio *** appartments TOTAL 386,986 1,028,122 66,655 * Taking into account AFI Europe’s actual percentage interest in each property ** Property held for sale *** Property held for sale in 2016 (sale transaction completed in January 2017) Commercial properties under development In €’000 Annual rent income based Expected cost Completion Name City % Holding GLA m2 on full occupancy Book value to complete the project date ACB phase 4.2 Belgrade 53.70% 7,142 1,331 8,346 2,349 Q1 2017 AFI Vokovice Prague 100% 13,985 3,386 8,375 28,910 Q3 2018 AFI Karlin Prague 100% 20,528 4,332 19,908 25,512 Q4 2017 AFI Brasov Brasov 100% 59,488 12,354 13,551 107,230 Q4 2018 AFI TECH Park Bucharest 100% 21,924 2,774 7,462 25,701 Q2 2018 Total - - 123,067 24,177 57,641 189,702 - Figures reflect AFI Europe’s actual percentage interest in each property Main events in 2016 Sale of the Berlin property portfolio In August 2016 AFI Europe signed an agreement for the sale of 18 properties in Berlin for a total purchase price of €125.5m. This transaction was completed in January 2017. reportannual financial 2016 Earlier in 2016 AFI Europe sold an additional property in Berlin for €9m, as well as 8 properties in other cities in Germany for €20.2m. 8 127 apartments delivered during 2016 During 2016 AFI Europe delivered a total of 127 apartments in its residential projects, including 63 apartments in Sofia, Bulgaria: Lagera Tulip (36) and Vitosha Tulip (27), and 64 apartments in its residential project Osiedle Europejskie in Krakow. Main events in 2016 Additional phase completed in Classic 7 Business Park in Prague The construction of a new office building, which forms the third phase of Classic 7 Business Park, was completed in the second quarter of 2016. The building with GLA of 6,094 m2 is fully leased. reportannual financial 2016 9 Purchase of land for a large-scale project in Belgrade In June 2016 AFI Europe completed the acquisition of a land plot at the city center of Belgrade for €15.8m. The company plans to develop on that site a mixed-use project comprising high-end residential units alongside offices and retail. Main events in 2016 Purchase of land for a new residential project on Sapiezynska 10, Warsaw AFI Europe signed in 2016 a preliminary agreement for purchasing the rights with respect to a land plot at the center of Warsaw. This transaction was completed in February 2017, for a purchase reportannual financial 2016 price of PLN 23.3m. The company plans to develop on that plot a project comprising high-end residential units with GSA of 6,000 m2. 10 Expansion of project Złota 83 in Warsaw In September 2016 AFI Europe completed the purchase of a land plot adjacent to its project on Złota 83 in Warsaw city center, for a purchase price of PLN 11m.
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