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Technopolis Plc
Half-Year Financial Results 2017: Strong Numbers Across the Board
August 29, 2017
Keith Silverang, CEO
Key Messages on January-June 2o17
• Very solid first half
– Financial occupancy rate rose by 1%-point to 94.4%
– Net sales...
Key Financials
Group net sales development
EURm
Very Solid First Half 2017
• FX changes increased net sales by EUR 1.1 (-1.6)
• On a cons...
FOCR by Business Unit
%
FinancialOccupancy Rate Hit 94.4%
• Group average in January-June 2017 was 94.4 (93.4)%.
• Group 1...
Service Income
EURm
Services on the Rise
• Service income grew in all campuses.
16.9
20.3
22.4
11.0
12.8
0
5
10
15
20
25
2...
FairValue of Investment Properties
EURm
August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO7
YieldCompr...
Strong Balance Sheet Supports Strategy Implementation
M€ 30 Jun '17 30 Jun '16 Change, % 31 Dec '16 Change, %
Balance shee...
Strategy Implementation
Our long-term financial targets are:
• EPS growth of 8–10% per annum on an EPRA Earnings
basis
• ROE over 8% per annum on ...
We are targeting to increase the like-for-like share
of services above 20% on all campuses. We will
also increasingly focu...
Service Income
EURm
Services on the Rise
• Service income grew in all campuses.
16.9
20.3
22.4
11.0
12.8
0
5
10
15
20
25
2...
The plan is to allocate approximately EUR 30
million to development of UMA coworking
network during the next five years.
-...
We expect to spend EUR 200‒250 million on
organic development projects by 2020, including
10–15 new projects.
- We are cur...
EUR 93.9 millionWorth Organic Projects in Progress
Area Name Pre-let rate,% Rentable area, m²
Total investment,
EURm
Stabi...
Aviapolis
Building H
• Building H was launched in
Q2/17.
• The extension will grow the
campus to around 30,000
m².
• After...
Finland
64%Baltic
Rim
23%
Scandinavia
13%
There Is Potential
August 29, 201717
Finland
50%
Baltic
Rim
40%
Scandinavia
10%
...
We currently foresee EUR 100-200 million
spend on acquisitions during 2017-2020, but
will only act if a compelling value c...
We Still Miss Spots on the Map
August 29, 201719
• We will do selective acquisitions in the
Nordic – Baltic Sea Area
• We ...
.
Technopolis will also evaluate divestiture
opportunities … based on the
competitiveness, future prospects and value
crea...
It’s Nothing New,We’ve DoneThis in the Past
Divestitures
from 2000-
Time of
Divestiture
Sales Price,
EUR million vs FairVa...
Outlook
At the moment everything looks good!Guidance unchanged.
Macro EconomicTailwind
% Finland Norway Sweden Estonia Lithuania Russia
GDP growth forecast
y-o-y change '16-17 +2.0 +1.3 ...
Prime OfficeYield Development inTechnopolis Markets
%
August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, C...
Financial Occupancy Rate, Group
%
August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO25
Our Business Is...
Guidance unchanged:The company expects its
net sales and EBITDA to improve from 2016
based on its current investment prope...
Capital Markets Day
on Nov 22, 2017 in Helsinki
Save-the-date invitations will be sent out shortly.
If you wish to partici...
ThankYou!
Time for questions.
www.tehcnopolis.fi
APPENDICES
Detailed Financial Information
Segment information: Finland
30
Finland
Q2/
2017
Q2/
2016
Change,
%
H1/
2017
H1/
2016
Change,
%
2016
Net sales, EURm 30.4 ...
Segment information: Baltic Rim
31
Baltic Rim
Q2/
2017
Q2/
2016
Change,
%
H1/
2017
H1/
2016
Change,
%
2016
Net sales, EURm...
Segment information: Scandinavia
32
Scandinavia
Q2/
2017
Q2/
2016
Change
%
H1/
2017
H1/
2016
Change
%
2016
Net sales, EURm...
Changes in FairValues, January-June 2017
EURm
August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO33
Cha...
August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO34
Lease Stock and Customer Base
• A total of approx...
Interest-Bearing Liabilities, June 30, 2017
Total EUR 887.4 (905.0) million
Division of IB Debt
In addition, the Group has...
Maturity Profile of IB Debt*, EUR million
Maturity Profile of IB Debt
• The EUR 75.0 million hybrid loan has a redemption ...
Share Information:Trading
August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO37
Share trading
Q2/
2017
...
Share Information: Largest Shareholders* on June 30, 2017
38
# of shares % of shares
Varma Mutual Pension Insurance Comp. ...
Technopolis Presentation Q2
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Half-Year Financial Results 2017: Strong Numbers Across the Board

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Technopolis Presentation Q2

  1. 1. Technopolis Plc Half-Year Financial Results 2017: Strong Numbers Across the Board August 29, 2017 Keith Silverang, CEO
  2. 2. Key Messages on January-June 2o17 • Very solid first half – Financial occupancy rate rose by 1%-point to 94.4% – Net sales up 6.9% y-o-y, like-for-like growth 4.9% – EBITDA up 8.2% y-o-y, like-for-like growth 6.0% • Services are rapidly becoming a material contributor to our numbers – Service income growth +16.7% y-o-y to EUR 12.8 million – EBITDA growth +81.0% y-o-y to EUR 1.6 million • Macroeconomic tail-wind for the first time in a long time • Revised strategy now in the implementation phase, progressing as planned • Guidance unchanged August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO2
  3. 3. Key Financials
  4. 4. Group net sales development EURm Very Solid First Half 2017 • FX changes increased net sales by EUR 1.1 (-1.6) • On a constant currency basis net sales were up 5.5% 0 50 100 150 200 2014 2015 2016 H1/16 H1/17 Rental income Service income 161.7 170.6 172.1 84.3 90.1 Group EBITDA and EBITDA-margin EURm, % • FX changes increased EBITDA by EUR 0.8 (-1.1) million • On a constant currency basis, EBITDA grew 6.5%, and EBITDA margin was 54.3%. August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO4 87.2 93.0 93.1 45.4 49.1 54.5% 50% 51% 52% 53% 54% 55% 0 20 40 60 80 100 2014 2015 2016 H1/16 H1/17 EBITDA Margin-% +6.9% +8.2%
  5. 5. FOCR by Business Unit % FinancialOccupancy Rate Hit 94.4% • Group average in January-June 2017 was 94.4 (93.4)%. • Group 10-year average FOCR is 94.3% 93.3 92.5 94.8 90.0 97.2 100.0 92.9 100.0 97.3 97.9 0 20 40 60 80 100 120 HMA Jyväskylä Kuopio Oulu Tampere Gothenburg Oslo St. Petersburg Tallinn Vilnius Q2/16 Q2/17 August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO5 Finland average: 93.2 (91.7)% Scandinavia average: 94.9 (95.6)% Baltic Rim average: 98.3 (99.3)% n/a
  6. 6. Service Income EURm Services on the Rise • Service income grew in all campuses. 16.9 20.3 22.4 11.0 12.8 0 5 10 15 20 25 2014 2015 2016 H1/2016 H1/2017 Service EBITDA and EBITDA-margin EURm, % • Margin improvement through scale benefits i.e. higher service income and growth in more profitable services. Service Penetration H1/17* % • Service penetration in Q2 was 14.9%. Service income as % of Group net sales 14.2% August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO6 * Service Income’s share of Group net sales. +16.7% 0.9 0.8 2.1 0.9 1.6 12.6% 0% 2% 4% 6% 8% 10% 12% 14% 0.0 0.5 1.0 1.5 2.0 2.5 2014 2015 2016 H1/16 H1/17 EBITDA Margin-% +81.0%
  7. 7. FairValue of Investment Properties EURm August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO7 YieldCompression Increased FairValues the Most Division of FairValue by Segment % Finland 61% Baltic Rim 19% Scandinavia 20% 1 378.4 1 426.0 1 624.2 1 631.5 1 200 1 300 1 400 1 500 1 600 1 700 1 800 12/14 12/15 12/16 6/17 EUR +9.6 m
  8. 8. Strong Balance Sheet Supports Strategy Implementation M€ 30 Jun '17 30 Jun '16 Change, % 31 Dec '16 Change, % Balance sheet total, EURm 1,746.5 1,602.8 9.0 1,825.1 -4.3 Interest-bearing debt, EURm 887.4 905.0 -1.9 959.9 -7.5 Cash and equivalents, EURm 31.0 26.1 18.5 128.0 -75.8 Average loan maturity, yrs 4.8 5.5 -12.7 5.1 -5.9 Loan-to-value (LTV), % 53.2 59.4 - 58.2 - Equity Ratio, % 43.9 36.5 - 41.5 - Interest coverage, multiple 5.1 4.8 6.3 4.6 36.3 August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO8
  9. 9. Strategy Implementation
  10. 10. Our long-term financial targets are: • EPS growth of 8–10% per annum on an EPRA Earnings basis • ROE over 8% per annum on an EPRA Earnings basis • EPRA NAV / share growth of at least 5% per annum • Equity ratio over 35%
  11. 11. We are targeting to increase the like-for-like share of services above 20% on all campuses. We will also increasingly focus on the profitability of the service business … targeting a margin of at least 20% by 2020. - We are currently at 14.9% penetration in Q2 and at margin of 13.4%.
  12. 12. Service Income EURm Services on the Rise • Service income grew in all campuses. 16.9 20.3 22.4 11.0 12.8 0 5 10 15 20 25 2014 2015 2016 H1/2016 H1/2017 Service EBITDA and EBITDA-margin EURm, % • Margin improvement through scale benefits i.e. higher service income and growth in more profitable services. Service Penetration H1/17* % • Service penetration in Q2 was 14.9%. Service income as % of Group net sales 14.2% August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO12 * Service Income’s share of Group net sales. +16.7% 0.9 0.8 2.1 0.9 1.6 12.6% 0% 2% 4% 6% 8% 10% 12% 14% 0.0 0.5 1.0 1.5 2.0 2.5 2014 2015 2016 H1/16 H1/17 EBITDA Margin-% +81.0%
  13. 13. The plan is to allocate approximately EUR 30 million to development of UMA coworking network during the next five years. - We are currently scouting for new locations.
  14. 14. We expect to spend EUR 200‒250 million on organic development projects by 2020, including 10–15 new projects. - We are currently at around EUR 130 million and 5 projects.
  15. 15. EUR 93.9 millionWorth Organic Projects in Progress Area Name Pre-let rate,% Rentable area, m² Total investment, EURm Stabilized yield, % 1) Completion Helsinki Ruoholahti 3 41.2 10,300 33.2 7.0 7/2018 Tallinn Lõõtsa 12 23.1 9,700 13.6 9.0 7/2018 Vilnius2) Penta 46.4 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 August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO15 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. • Building H on the Aviapolis campus was launched in Q2/17.
  16. 16. Aviapolis Building H • Building H was launched in Q2/17. • The extension will grow the campus to around 30,000 m². • After this project, we can still expand the campus by another 25,000 m². August 29, 201716
  17. 17. Finland 64%Baltic Rim 23% Scandinavia 13% There Is Potential August 29, 201717 Finland 50% Baltic Rim 40% Scandinavia 10% Rentable Area by Segment Total: 758,200 m2 Existing Building Rights Total: approx. 450,000 m2
  18. 18. We currently foresee EUR 100-200 million spend on acquisitions during 2017-2020, but will only act if a compelling value creation opportunity presents itself.
  19. 19. We Still Miss Spots on the Map August 29, 201719 • We will do selective acquisitions in the Nordic – Baltic Sea Area • We have a clear set of criteria • The focus will be more on assets with development potential rather than fully standing assets
  20. 20. . Technopolis will also evaluate divestiture opportunities … based on the competitiveness, future prospects and value creation potential of individual campuses and sites.
  21. 21. It’s Nothing New,We’ve DoneThis in the Past Divestitures from 2000- Time of Divestiture Sales Price, EUR million vs FairValue Tampere Hepolamminkatu 2007 2.3 N/A Oulu Hanhitie 13 2010 2.2 positive Tampere Metso telatehdas 2010 3.7 positive Tampere Inion 2010 0.5 slightly negative Oulu PKC house,Technocenter 2011 0.8 neutral Oulu Others in total 2011-2016 12.5 neutral Lappeenranta Vapaudenaukio 2013 5.1 negative Kuopio minority 40% 2015 126.2 positive Tampere & Lappeenranta Finnmedi & Skinnarila 2016 60.6 positive
  22. 22. Outlook At the moment everything looks good!Guidance unchanged.
  23. 23. Macro EconomicTailwind % 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 August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO23 Source: OECD, June 2017
  24. 24. Prime OfficeYield Development inTechnopolis Markets % August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO24 Yields are on the 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
  25. 25. Financial Occupancy Rate, Group % August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO25 Our Business Is Doing Fine 90 92 94 96 98 100 2008 2009 2010 2011 2012 2013 2014 2015 2016 6/17 Group 10-yr average
  26. 26. 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.
  27. 27. Capital Markets Day on Nov 22, 2017 in Helsinki Save-the-date invitations will be sent out shortly. If you wish to participate, please send an e-mail with your contact details at ir@technopolis.fi
  28. 28. ThankYou! Time for questions. www.tehcnopolis.fi
  29. 29. APPENDICES Detailed Financial Information
  30. 30. Segment information: Finland 30 Finland Q2/ 2017 Q2/ 2016 Change, % H1/ 2017 H1/ 2016 Change, % 2016 Net sales, EURm 30.4 31.4 -3.1 59.1 61.0 -3.1 120.5 Rental income, EURm 24.9 26.7 -6.8 48.8 51.9 -6.0 102.0 Service income, EURm 5.5 4.7 17.7 10.3 9.1 13.4 18.6 EBITDA, EURm 16.4 17.7 -7.1 31.2 33.5 -6.8 64.3 EBITDA-% 54.0 56.3 - 52.7 54.8 - 53.4 Fair value of investment properties, EURm* - - - 999.1 998.2 0.1 997.6 Number of campuses* - - - 16 16 0.0 15 Rentable area, m2 * - - - 485,700 527,140 -7.9 486,500 Average rent, EUR/m2/month* - - - 17.4 17.2 1.5 17.0 Financial occupancy rate, %* - - - 93.2 91.7 - 90.7 Market yield requirement, average, %* - - - 7.5 7.8 - 7.6 * At the end of the period. Note: 6/17: 10,100 m2 under renovation, 6/16: 10,500 m2 under renovation.
  31. 31. Segment information: Baltic Rim 31 Baltic Rim Q2/ 2017 Q2/ 2016 Change, % H1/ 2017 H1/ 2016 Change, % 2016 Net sales, EURm 8.9 7.4 20.4 17.8 14.4 24.0 29.5 Rental income, EURm 8.0 6.6 21.8 16.1 13.0 23.7 26.7 Service income, EURm 0.9 0.8 9.1 1.8 1.4 27.0 2.7 EBITDA, EURm 5.3 3.5 50.0 10.6 7.5 41.1 16.6 EBITDA-% 59.8 48.0 - 59.3 52.1 - 56.1 Fair value of investment properties, EURm* - - - 307.9 260.1 18.4 292.3 Number of campuses* - - - 3 3 0.0 3 Rentable area, m2 * - - - 170,400 148,650 14.6 161,200 Average rent, EUR/m2/month* - - - 15.5 14.2 9.2 14.9 Financial occupancy rate, %* - - - 98.3 99.3 - 99.7 Market yield requirement, average, %* - - - 8.3 8.7 - 8.7 * At the end of the period.
  32. 32. Segment information: Scandinavia 32 Scandinavia Q2/ 2017 Q2/ 2016 Change % H1/ 2017 H1/ 2016 Change % 2016 Net sales, EURm 6.5 4.4 46.2 13.1 8.9 47.7 22.0 Rental income, EURm 6.1 4.1 47.9 12.4 8.3 49.5 20.7 Service income, EURm 0.4 0.3 22.7 0.7 0.6 23.3 1.4 EBITDA, EURm 3.8 2.3 67.9 7.4 4.4 66.6 12.2 EBITDA-% 58.9 51.3 56.1 49.7 - 55.4 Fair value of investment properties, EURm* - - - 324.5 199.6 62.6 334.3 Number of campuses* - - - 2 1 100.0 2 Rentable area, m2 * - - - 102,100 64,500 58.3 98,700 Average rent, EUR/m2/month* - - - 20.8 19.6 6.5 22.3 Financial occupancy rate, %* - - - 94.9 95.6 - 96.8 Market yield requirement, average, %* - - - 5.5 6.1 - 5.5 * At the end of the period. Note: 6/17: 0 m2 under renovation, 6/16: 3,000 m2 under renovation.
  33. 33. Changes in FairValues, January-June 2017 EURm August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO33 Changes in FairValues EURm Yield requirement Occupancy assumption Moderniz- ation Other changes Projects in progress Total Finland 10.3 -6.2 -4.3 0.4 0.5 0.7 Baltic Rim 6.3 0.6 -1.2 -2.9 5.7 8.5 Scandinavia 2.6 0.0 -1.3 -0.9 0.0 0.4 TOTAL 19.2 -5.6 -6.8 -3.4 6.2 9.6 * Other changes include changes in market rents, operative expenses, exchange rates as well as inflation assumptions.
  34. 34. August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO34 Lease Stock and Customer Base • A total of approximately 1,700 customers • 10 largest customers let approximately 21.9% of rented space and the single largest customer 4.1% • In January–June, 10 largest customers accounted for 20.8% of rental income and the single largest customer 4.6% Lease stock, % of space Maturity, years Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 < 1 21 21 19 18 17 1 – 3 19 20 21 22 22 3 – 5 18 18 17 17 15 > 5 16 15 16 15 18 Open-ended leases 26 25 27 28 28 Average lease term in months 34 34 35 35 36 Lease stock, EUR million 397.6 389.1 392.7 430.0 424.8
  35. 35. Interest-Bearing Liabilities, June 30, 2017 Total EUR 887.4 (905.0) million Division of IB Debt 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 2.47%. 635.3 150.0 34.9 32.2 35.0 Bank Loans Unsecured Senior Bond Commercial Papers Financial Leases Other* August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO35
  36. 36. Maturity Profile of IB Debt*, EUR million Maturity Profile of IB 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 at 101.88. 85.2 190.7 86.3 235.1 124.2 165.8 0 50 100 150 200 250 300 2017 2018 2019 2020 2021 2022- August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO36 * Not including EUR 75 million hybrid loan.
  37. 37. Share Information:Trading August 29, 2017 Half-Year Financial Result 2017 | Keith Silverang, CEO37 Share trading Q2/ 2017 Q2/ 2016 Change % H1/ 2017 H1/ 2016 Change % 2016 Lowest price, EUR 2.99 2.92 2.4 2.96 2.89 2.4 2.89 Highest price, EUR 3.75 3.33 12.6 3.75 3.43 9.3 3.48 Closing price (end of period), EUR - - - 3.69 3.09 19.4 3.13 Volume weighted average price, EUR - - - 3.21 3.13 2.6 3.16 Share turnover, million shares 16.0 9.7 64.9 28.7 17.0 68.8 49.70 Share turnover, EURm 52.9 30.3 74.6 92.1 53.1 73.4 157.10 Market capitalization (end of period), EURm - - - 585.95 329.12 78.0 497.02
  38. 38. Share Information: Largest Shareholders* on June 30, 2017 38 # 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 55,220,234 34.8 Others, total 35,222,191 22.2 Total amount of shares 158,793,662 100.0 * Not including nominee-registered shareholders

Half-Year Financial Results 2017: Strong Numbers Across the Board

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