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Technopolis Plc
Q3 Interim Report, 2017:
Growth Continues into the Second Half
October 31, 2017
Keith Silverang, CEO
Key Messages on Jan-Sep 2o17
• Macroeconomic tailwind continues
• Growth continues at a more moderate pace
– Financial occ...
Key Financials
Group net sales development
EURm
YTD Net Sales and EBITDA up 5.4%
• FX changes increased net sales by EUR 1.2 (-1.7)
• On ...
Service Income
EURm
Services Continue to Rise
• Service income grew across all campuses
16.9
20.3
22.4
15.9
18.4
0
5
10
15...
FOCR by Business Unit
%
FinancialOccupancy Rate Hit 94.4%
• Group average at the end of September 2017 was 94.4 (92.7)%.
•...
FairValue of Investment Properties
EURm
October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO7
YieldCompression ...
Balance Sheet & Funding
Sami Laine,CFO
Strong Balance Sheet Supports Strategy Implementation
M€ 30 Sep '17 30 Sep '16 Change, % 31 Dec '16 Change, %
Balance shee...
Interest-Bearing Liabilities, September 30, 2017
Total EUR 887.7 (991.2) million
Loan PortfolioWell Covered for Interest R...
Maturity Profile of IB Debt*, EUR million
Maturity Profile of Interest Bearing Debt
• The EUR 75.0 million hybrid loan has...
Strategy Implementation
The Primary Focus of the Revised
Strategy Is ShareholderValueCreation
• Accelerated organic expansion of current campuses
...
EUR 93.9 Million in Organic Projects in Progress
Area Name Pre-let rate,% Rentable area, m²
Total investment,
EURm
Stabili...
Agreement on New Stand-Alone UMA in Stockholm Signed
October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO15
• N...
Outlook
Guidance unchanged.
Macro EconomicTailwindContinues
% Finland Norway Sweden Estonia Lithuania Russia
GDP growth forecast
y-o-y change '16-17 +...
Prime OfficeYield Development inTechnopolis Markets
%
October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO18
Yi...
Financial Occupancy Rate, Group
%
October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO19
Our Business Is Doing ...
Guidance unchanged:The company expects its
net sales and EBITDA to improve from 2016
based on its current investment prope...
Capital Markets Day
on Dec 13, 2017 in Helsinki
Save-the-date invitations are out. More detailed agenda available
soon.
If...
ThankYou!
Time for questions.
www.tehcnopolis.fi
APPENDICES
Detailed Financial Information
Segment information: Finland
24
Finland
Q3/
2017
Q3/
2016
Change
%
Jan–Sep,
2017
Jan–Sep,
2016
Change
%
2016
Net sales, EU...
Segment information: Baltic Rim
25
Baltic Rim
Q3/
2017
Q3/
2016
Change
%
Jan–Sep,
2017
Jan–Sep,
2016
Change
%
2016
Net sal...
Segment information: Scandinavia
26
Scandinavia
Q3/
2017
Q3/
2016
Change
%
Jan–Sep,
2017
Jan–Sep,
2016
Change
%
2016
Net s...
Changes in FairValues, January-September 2017
EURm
October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO27
Chang...
October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO28
Lease Stock and Customer Base
• A total of approximately...
Share Information:Trading
October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO29
Share trading
Q3/
2017
Q3/
201...
Share Information: Largest Shareholders* on Sep 30, 2017
30
# of shares % of shares
Varma Mutual Pension Insurance Comp. 3...
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Q3 Interim Report, 2017

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Technopolis Plc Interim Report

  1. 1. Technopolis Plc Q3 Interim Report, 2017: Growth Continues into the Second Half October 31, 2017 Keith Silverang, CEO
  2. 2. Key Messages on Jan-Sep 2o17 • Macroeconomic tailwind continues • Growth continues at a more moderate pace – Financial occupancy rate rose by 1.7%-points y-o-y to 94.4% – Net sales up 5.4% y-o-y, like-for-like growth 4.8% – EBITDA up 5.4% y-o-y, like-for-like growth 4.1% • Services continue growing – Service income growth +15.7% y-o-y to EUR 18.4 (15.9)million – EBITDA growth +72.8% y-o-y to EUR 2.1 (1.2) million – Q3 service income 17.6% down from Q2 due to summer break • Implementation of revised strategy continues – First agreement on a new stand-alone UMA coworking space in Stockholm, Sweden signed last week, will continue expanding our footprint • Guidance unchanged October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO2
  3. 3. Key Financials
  4. 4. Group net sales development EURm YTD Net Sales and EBITDA up 5.4% • FX changes increased net sales by EUR 1.2 (-1.7) • On a constant currency basis net sales were up 4.4% 0 50 100 150 200 2014 2015 2016 1-9/2016 1-9/2017 Rental income Service income 161.7 170.6 172.1 127.3 134.2 Group EBITDA and EBITDA margin EURm, % • FX changes increased EBITDA by EUR 0.9 (-1.2) million • On a constant currency basis, EBITDA grew 4.1%, and EBITDA margin was 55.4%. October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO4 87.2 93.0 93.1 70.7 74.5 55.5% 50% 51% 52% 53% 54% 55% 56% 0 20 40 60 80 100 2014 2015 2016 1-9/2016 1-9/2017 EBITDA Margin-% +5.4% +5.4%
  5. 5. Service Income EURm Services Continue to Rise • Service income grew across all campuses 16.9 20.3 22.4 15.9 18.4 0 5 10 15 20 25 2014 2015 2016 1-9/2016 1-9/2017 Service EBITDA and EBITDA margin EURm, % • Margin improvement through scale benefits i.e. higher service income and growth in more profitable services Service Penetration Jan-Sep/17* % • Service penetration in Q3 was 12.7%: low due to seasonal fluctuation Service income as % of Group net sales 13.7% October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO5 * Service Income’s share in Group net sales. +15.7% 0.9 0.8 2.1 1.2 2.1 11.4% 0% 2% 4% 6% 8% 10% 12% 0.0 0.5 1.0 1.5 2.0 2.5 2014 2015 2016 1-9/20161-9/2017 EBITDA Margin-% +72.8%
  6. 6. FOCR by Business Unit % FinancialOccupancy Rate Hit 94.4% • Group average at the end of September 2017 was 94.4 (92.7)%. • Group 10-year average FOCR is 94.2% 92.1 92.4 95.6 90.5 96.4 100.0 91.7 100.0 99.0 99.4 75 80 85 90 95 100 105 HMA Jyväskylä Kuopio Oulu Tampere Gothenburg Oslo St. Petersburg Tallinn Vilnius Q3/16 Q3/17 October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO6 Finland average: 93.0 (90.7)% Scandinavia average: 94.1 (94.8)% Baltic Rim average: 99.4 (98.9)%
  7. 7. FairValue of Investment Properties EURm October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO7 YieldCompression Increased FairValues Most Division of FairValue by Segment % Finland 61% Baltic Rim 19% Scandinavia 20% 1 378.4 1 425.9 1 624.2 1 635.9 1 200 1 300 1 400 1 500 1 600 1 700 1 800 12/14 12/15 12/16 9/17 EURm +16.4 * * Change of fair values in the Income Statement
  8. 8. Balance Sheet & Funding Sami Laine,CFO
  9. 9. Strong Balance Sheet Supports Strategy Implementation M€ 30 Sep '17 30 Sep '16 Change, % 31 Dec '16 Change, % Balance sheet total, EURm 1,771.8 1,841.0 -3.8 1,825.1 -2.9 Interest-bearing debt, EURm 887.7 991.2 -10.4 959.9 -7.5 Cash and equivalents, EURm 39.3 98.7 -60.2 128.0 -69.3 Average loan maturity, yrs 4.6 5.1 -10.0 5.1 -10.0 Loan-to-value (LTV), % 52.4 58.7 - 58.2 - Equity Ratio, % 44.4 39.5 - 41.5 - Interest coverage, multiple 5.2 4.7 10.6 4.6 130.9 October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO9 • The EUR 75.0 million hybrid loan has a redemption option in March 2018
  10. 10. Interest-Bearing Liabilities, September 30, 2017 Total EUR 887.7 (991.2) million Loan PortfolioWell Covered for Interest Rate Risk In addition, the Group has an outstanding hybrid loan of EUR 75 million, which is not included in the interest-bearing liabilities. The average interest rate on interest-bearing liabilities (excluding the hybrid loan) was 2.44%. The average interest interest fixing period was 4.5 (2.1) years. Hedge ratio 64 (56)%.643.2 150.0 34.9 24.5 35.1 Bank Loans Unsecured Senior Bond Commercial Papers Financial Leases Other October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO10
  11. 11. Maturity Profile of IB Debt*, EUR million Maturity Profile of Interest Bearing Debt • The EUR 75.0 million hybrid loan has a redemption option in March 2018. • EUR 150 million unsecured bond (maturity in 2020), callable in May 2018 62.5 198.2 86.4 222.9 119.2 198.5 0 50 100 150 200 250 300 2017 2018 2019 2020 2021 2022- October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO11 * Not including EUR 75 million hybrid loan
  12. 12. Strategy Implementation
  13. 13. The Primary Focus of the Revised Strategy Is ShareholderValueCreation • Accelerated organic expansion of current campuses • Exploiting value-creating acquisition opportunities in the Nordic-Baltic Sea region • Expansion & increasing profitability of our service business • Significant expansion of the UMA coworking network • Execution of the strategy and investments without new equity issues October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO13
  14. 14. EUR 93.9 Million in Organic Projects in Progress Area Name Pre-let rate,% Rentable area, m² Total investment, EURm Stabilized yield, % 1) Completion Helsinki Ruoholahti 3 41.8 10,300 33.2 7.0 7/2018 Tallinn Lõõtsa 12 39.6 9,700 13.6 9.0 7/2018 Vilnius2) Penta 48.8 13,800 32.02) 8.4 10/2017 Vantaa Aviapolis Bldg H 0.0 5,100 15.1 8.0 11/2018 TOTAL 38,900 93.9 October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO14 1) Stabilized yield = estimated net operating income / cost 2)Total investment including also the neighboring land plot with an expansion potential of at least 20,000 m2 for which a purchase agreement has been signed. • Penta campus inVilnius Lithuania was partly completed after the review period in October • 45.1% of the rentable area was handed over to an anchor customer on October 4, 2017
  15. 15. Agreement on New Stand-Alone UMA in Stockholm Signed October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO15 • Next to CityTerminal and Arlanda Express station in downtown Stockholm • Around 2,350 m2: 50 private offices, 90 hot desks, 10 meeting rooms • Targeted opening inApril 2018 Central Station UMA Kungsbron Cityterminal/ Arlanda Express
  16. 16. Outlook Guidance unchanged.
  17. 17. Macro EconomicTailwindContinues % Finland Norway Sweden Estonia Lithuania Russia GDP growth forecast y-o-y change '16-17 +2.0 +1.3 +2.7 +3.5 +3.1 +1.4 y-o-y change '17-18 +1.5 +1.5 +2.3 +3.3 +2.9 +1.6 CPI growth forecast y-o-y change '16-17 +1.2 +1.9 +1.6 +3.2 +3.3 +4.2 y-o-y change '17-18 +1.5 +1.8 +1.8 +2.8 +2.7 +4.0 October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO17 Source: OECD, June 2017
  18. 18. Prime OfficeYield Development inTechnopolis Markets % October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO18 YieldsAre onThe Decline Source: JLL (8/17), for Tallinn: Seven Real Estate Advisors (8/17) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13 12/14 12/15 12/16 6/17 Helsinki Oslo Gothenburg St Petersburg Tallinn
  19. 19. Financial Occupancy Rate, Group % October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO19 Our Business Is Doing Fine 90 92 94 96 98 100 2008 2009 2010 2011 2012 2013 2014 2015 2016 9/17 Group 10-yr average
  20. 20. Guidance unchanged:The company expects its net sales and EBITDA to improve from 2016 based on its current investment property portfolio and foreign exchange rates. The Group’s financial performance depends on the development of the overall business environment, customer operations, financial markets, market yields, and exchange rates. Furthermore, any changes in the property portfolio may have an impact on the guidance.
  21. 21. Capital Markets Day on Dec 13, 2017 in Helsinki Save-the-date invitations are out. More detailed agenda available soon. If you wish to participate, please send an e-mail with your contact details at ir@technopolis.fi
  22. 22. ThankYou! Time for questions. www.tehcnopolis.fi
  23. 23. APPENDICES Detailed Financial Information
  24. 24. Segment information: Finland 24 Finland Q3/ 2017 Q3/ 2016 Change % Jan–Sep, 2017 Jan–Sep, 2016 Change % 2016 Net sales, EURm 29.0 29.6 -1.8 88.1 90.6 -2.7 120.5 Rental income, EURm 24.6 25.4 -3.0 73.4 77.3 -5.0 102.0 Service income, EURm 4.4 4.2 6.1 14.7 13.2 11.1 18.6 EBITDA, EURm 16.3 16.8 -2.8 47.4 50.2 -5.5 64.3 EBITDA-% 56.1 56.7 - 53.8 55.4 - 53.4 Fair value of investment properties, EURm* - - - 994.2 1,183.0 -16.0 997.6 Number of campuses* - - - 16 16 0.0 15 Rentable area, m2 * - - - 478,500 530,000 -9.7 486,500 Average rent, EUR/m2/month* - - - 17.6 17.3 1.5 17.0 Financial occupancy rate, %* - - - 93.0 90.7 - 90.7 Market yield requirement, average, %* - - - 7.5 7.7 - 7.6 * At the end of the period. Note: 9/17: 10,900 m2 under renovation, 9/16: 7,200 m2 under renovation.
  25. 25. Segment information: Baltic Rim 25 Baltic Rim Q3/ 2017 Q3/ 2016 Change % Jan–Sep, 2017 Jan–Sep, 2016 Change % 2016 Net sales, EURm 8.8 7.2 22.5 26.6 21.6 23.5 29.5 Rental income, EURm 7.9 6.9 14.7 24.0 19.9 20.6 26.9 Service income, EURm 0.9 0.4 99.4 2.6 1.8 44.3 2.6 EBITDA, EURm 5.5 4.5 22.0 16.0 12.0 34.0 16.6 EBITDA-% 62.0 62.3 - 60.2 55.5 - 56.1 Fair value of investment properties, EURm* - - - 313.2 261.8 19.6 292.3 Number of campuses* - - - 3 3 0.0 3 Rentable area, m2 * - - - 170 100 148 300 14.7 161 200 Average rent, EUR/m2/month* - - - 15.2 14.4 5.1 14.9 Financial occupancy rate, %* - - - 99.4 98.9 - 99.7 Market yield requirement, average, %* - - - 8.2 8.7 - 8.7 * At the end of the period. Note: 9/17: 500 m2 under renovation, 9/16: 0 m2 under renovation.
  26. 26. Segment information: Scandinavia 26 Scandinavia Q3/ 2017 Q3/ 2016 Change % Jan–Sep, 2017 Jan–Sep, 2016 Change % 2016 Net sales, EURm 6.3 6.3 0.1 19.4 15.2 28.0 22.0 Rental income, EURm 6.0 6.1 -2.6 18.4 14.4 27.4 20.7 Service income, EURm 0.3 0.3 23.6 1.1 0.9 23.4 1.4 EBITDA, EURm 3.7 4.1 -10.7 11.0 8.5 29.3 12.2 EBITDA-% 58.3 65.4 56.8 56.2 - 55.4 Fair value of investment properties, EURm* - - - 328.5 334.0 -1.6 334.3 Number of campuses* - - - 2 2 0.0 2 Rentable area, m2 * - - - 102,100 99,900 2.2 98,700 Average rent, EUR/m2/month* - - - 19.5 19.5 0.0 22.3 Financial occupancy rate, %* - - - 94.1 94.8 - 96.8 Market yield requirement, average, %* - - - 5.4 5.5 - 5.5 * At the end of the period. Note: 9/17: 0 m2 under renovation, 9/16: 2,300 m2 under renovation.
  27. 27. Changes in FairValues, January-September 2017 EURm October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO27 Changes in FairValues EURm Yield requirement Occupancy assumption Moderniz- ation Other changes Projects in progress Total Finland 14.3 -6.1 -5.5 0.4 1.3 4.4 Baltic Rim 8.8 0.7 -2.5 -2.7 6.5 10.8 Scandinavia 3.3 0.0 -1.5 -0.6 0.0 1.2 TOTAL 26.4 -5.4 -9.5 -2.9 7.8 16.4 * Other changes include changes in market rents, operative expenses, exchange rates as well as inflation assumptions.
  28. 28. October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO28 Lease Stock and Customer Base • A total of approximately 1,700 customers and 2,914 lease agreements • The ten largest customers let approximately 22.0% of rented space and the single largest customer 4.2% • In January–September, the ten largest customers accounted for 20.8% of rental income and the single largest customer 4.6% Lease stock, % of space Maturity, years Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 < 1 16 16 21 19 18 1 – 3 21 21 20 21 22 3 – 5 19 19 18 17 17 > 5 16 16 15 16 15 Open-ended leases 29 29 25 27 28 Average lease term in months 34 34 34 35 35 Lease stock, EUR million 389.9 397.6 389.1 392.7 430.0
  29. 29. Share Information:Trading October 31, 2017 Q3 Interim Report, 2017 | Keith Silverang, CEO29 Share trading Q3/ 2017 Q3/ 2016 Change % Jan–Sep, 2017 Jan–Sep, 2016 Change % 2016 Lowest price, EUR 3.63 3.00 21.0 2.96 2.89 2.4 2.89 Highest price, EUR 4.04 3.48 16.1 4.04 3.48 16.1 3.48 Closing price (end of period), EUR - - - 3.93 3.26 20.6 3.13 Volume weighted average price, EUR 3.79 3.26 16.3 3.34 3.20 4.4 3.16 Share turnover, million shares 8.5 15.4 -44.9 37.2 32.3 15.3 49.7 Share turnover, EURm 32.2 50.3 -36.0 124.3 103.5 20.1 157.1 Market capitalization (end of period), EURm - - - 624.1 517.7 20.6 497.0
  30. 30. Share Information: Largest Shareholders* on Sep 30, 2017 30 # of shares % of shares Varma Mutual Pension Insurance Comp. 38,172,288 24.0 Ilmarinen Mutual Pension Insurance Comp. 16,634,470 10.5 City of Oulu 3,917,926 2.5 Laakkonen Mikko 2,139,276 1.4 Technopolis Plc 1,903,373 1.2 The Finnish Cultural Foundation 1,782,063 1.1 Jenny and AnttiWihuri’s Foundation 1,107,597 0.7 Jyrki Hallikainen and company 1,000,000 0.6 Etola Erkki 865,500 0.6 National Broadcasting Company’s Pension F. 828,744 0.5 10 largest shareholders, total 68,351,237 43.1 Foreign and nominee registered, total 56,527,531 35.6 Others, total 33,914,894 21.3 Total amount of shares 158,793,662 100.0 * Not including nominee-registered shareholders

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