HEL HELICAL AL HAL HALF Y YEA EAR RESUL R RESULTS S to o 30 Se Septemb mber 2 r 2016 Helical Half Year Results Helical Half Year Results 1
AGEND ENDA Hi High ghligh ghts ts On One Geral Ger ald K Kaye Fin inan ancials ials Tw Two Tim M Murph rphy Portf ortfol olio Thre ree Matthe hew B Bonni nning ng-Snook an and Duncan an Wal alker er Outl Ou tlook ook Fo Four Ger Geral ald K Kaye Five ve Q & A Q A Helical Half Year Results Helical Half Year Results 2
Highlight ighlights Ger Gerald ald K Kaye Helical Half Year Results Helical Half Year Results 3
RESUL ESULTS HI S HIGHL HLIGHT HTS S EPR PRA NAV P Per S Shar are 471p 1p Pr Profit it Before Tax ax £ £31. 1.1m 1m Div ivide idend P d Per S Shar are 2.4p p In Increas ease o e of 1 15p (3.3% 3.3%) ) fr from 4 456p 6p (201 (2015 - £85 85.9 .9m) Increas In eased ed 4. 4.3% % from om 2.3p 2.3p (adj (a djusted) d) Net R t Renta tal I Income ome Valuation G Gain Loan an To V Valu alue £2 £24. 4.6m – up up 18.3% 8.3% £28.6 28.6m (+4 (+4.0% 0%) 53% 3% (pr (pro-forma 4 a 49%) %) C Space Helical Half Year Results Helical Half Year Results 4
STRA TRATE TEGY Continued focus - London offices, Manchester offices, Logistics • Value enhancement by: • − letting vacant space − asset management opportunities Bring forward new opportunities e.g. King Street, Hammersmith and Drury Lane • Manage LTV to between 40 – 50% • The Bower Helical Half Year Results Helical Half Year Results 5
OP OPER ERATIONAL ONAL HI HIGHL HLIGHT HTS S – LETTING NGS S TO D O DATE E Lon ondon on Lon ondon on Lon ondon on The T e Tower er, The L Loom oom C S Spac pace The B e Bower er 24,724 sq ft 15,387 sq ft 59,000 sq ft Retail: ail: 87,46 ,461 sq sq ft Lon ondon on O Offi fice: 102 02,246 sq sq ft Regio ional al Offic ice: 26,129 sq sq ft Logist stics: s: 93,364 sq sq ft Cortonwood Power Road Studios Manchester, Churchgate and Burton-on-Trent Lee House TOTAL L LETTI TTINGS 309 09,200 00 SQ FT FT rd June rd June 23 rd t 23 rd 95 95,66 669 9 sq sq ft ft pr pre 23 une 213,5 21 3,531 31 sq sq ft ft pos post 23 une 96,754 SQ FT LONDON POST 23 rd JUNE Helical Half Year Results Helical Half Year Results 6
OP OPER ERATIONAL ONAL HI HIGHL HLIGHT HTS S – SAL ALES ES TO D O DATE Lon ondon on O Offi fice: £34.5 4.5m Logist stics: s: £ £53.8m One King Street, Hammersmith Stevenage Regio ional O al Offic ice: £ £7.0 .0m Retail: ail: £ £49 49.4m .4m Cheadle Huddersfield TOTAL L SALE LES £1 £145m rd June rd June £18.6 8.6m pr pre 23 23 rd une £126 26.4 .4m pos post 23 t 23 rd une Helical Half Year Results Helical Half Year Results 7
POR ORTFOL OLIO AL O ALLOC OCATION ON Retirement Villages, Retirement Villages, £97.8m, 7.8% £103.5m, 8.3% Other, £6.0m, 0.5% Other, £8.7m 0.7% London Office, -0.5% London Office, Regional Retail, £611.2m, 49.3% £673.3m, 53.9% Regional Retail, £96.9m, 7.7% £142.6m 11.5% -3.8 .8% Regional Offices, £102.2m, 8.2% -0. 0.2% +4.6 4.6% Regional Offices, £103.5m 8.4% -0.5% Regional - Industrial, £205.5m, 16.5% Regional - Industrial, £210.5m, 17.0% +0.6 .6% London - Residential, London - Residential, £67.8m, 5.4% £60.0m, 4.8% TOTAL V VAL ALUE E MAR ARCH 2 2016: £1 £1.24bn TOTAL V VAL ALUE E SEP EPT 2016: £1 £1.25bn Helical Half Year Results Helical Half Year Results 8
GROWING NG RENT ENTAL AL S STREAM EAM INT NTO T O THE F HE FUT UTUR URE £80 Millions ERV = V = £ £ 72.9 .9 m m £70 The Bower Phase 2 London Offices £60 London Offices The Bower Phase 2 £50 London Offices The Bower Phase 1 London Offices London Offices £40 The Bower Phase 1 £30 London Offices Regional £20 Industrial *Post Half Year Sales included £10 Retail Regional Offices £0 Passing Rent as at Passing Rent as at Contracted Rent H2 Contracted Rent H1 Contracted Rent H2 Reversionary Rent Unlet Space 24 Nov 2016 Nov 2016 2016/2017 2017/2018 2017/2018 2018/2019 Helical Half Year Results Helical Half Year Results 9
LOND ONDON P ON PROG OGRAM AMME E COM OMPLETION ON DATES ES Sq ft 2015 201 2016 201 2017 201 2018 201 300,000 ONE CREECHURCH PLACE 250,000 ONE BARTHOLOMEW CLOSE 200,000 THE TOWER 150,000 THE WAREHOUSE THE LOOM 100,000 POWER ROAD C-SPACE STUDIOS 25 CHARTERHOUSE 50,000 SQUARE 90 BARTHOLOMEW CLOSE THE STUDIO 0 Oct Nov Nov Sept Nov Mar Aug Sept June Aug Let Space Let Since March 2016 Space to Let Space to Let – Forward Funded Helical Half Year Results Helical Half Year Results 10
STRONG ONG T TRACK R K REC ECOR ORD OF OF VAL ALUE C UE CREA EATION ON EPRA net assets per share (pence) Dividend per ordinary share (pence) 600 10 Final 8.17p 471p 500 456p Interim 8 7.25p 6.75p 385p 400 5.55p 6 313p pence pence 300 264p 4 200 2 100 2.40p 2.30p 2.00p 2.10p 1.85p 0 0 03/13 03/14 03/15 03/16 09/16 2013 2014 2015 2016 2017 Growth 18.6% 23.0% 18.4% 3.3% Growth 21.6% 7.4% 12.7% 4.3% Helical Half Year Results Helical Half Year Results 11
MAR ARKE KET C COM OMMENT ENT Market slowed down pre-Brexit and during post-Brexit uncertainty • Investment volumes down in Q2 and Q3. Anticipated to pick up in Q4 • • Take up in City and Tech Belt below last three years and equivalent to 2012 Total occupational demand above average. Decisions taking longer/delayed • Availability increasing but not over supply – start of some schemes delayed • Rents holding firm – rent free periods increasing by a few months in some cases • 23 rd rd “We a are co committed to t the UK a and exci cited to co continue “London wa was the g greatest ci city in the w world b before 2 rd Jun 23 rd our ur inv nvestment nt in o our new K King’s Cross campus us.” June an and s still is ill is af after 2 une.” Blake H Hut utchi hins nson Sund undar Pic ichai President and d CEO Oxf xford Prope perties Chie ief E Executiv ive at G Google le 01/ 1/11/ 11/2016 16 16/11/ 16 11/2016 16 Helical Half Year Results Helical Half Year Results 12
SUM SUMMAR ARY • Lettings – de-risking Sales • Continued focus • • Recycle capital Manage LTV • Upside potential • One Creechurch Place Helical Half Year Results Helical Half Year Results 13
Fina Financia ncials ls Tim M Murph rphy Helical Half Year Results Helical Half Year Results 14
HEADLINE NUM HEAD NE NUMBER ERS SEE EE-THR HROUG UGH I H INCOME STATEM EMEN ENT Sep 2 2014 014 Sept 2015 015 Sept pt 2016 016 Net rental income £18.8m £20.8m £24.6m +18% Development profits / (losses) £15.6m £18.7m (£2.6m) Gain on sale and revaluation of investment properties £34.8m £68.1m £25.8m IFRS profit before tax £42.9m £85.9m £31.1m EPRA earnings £6.5m £14.9m £5.0m EPRA earnings per share 5.3p 13.0p 4.4p 2.1p 2.3p 2.4p +4.3% Interim dividend per share SEE EE-THROUGH BAL BALANC ANCE SHEET EET Mar 2015 015 Mar 2016 016 Sep Sept 2016 016 Pr Pro-Forma ma 3 Total portfolio at fair value £1,021m £1,240m £1,250m £1,160m EPRA net asset value per share 385p 456p 471p +3.3% 471p Net Debt £532m £682m £664m £569m - Secured 2 34% 40% 39% 34% Loan to value ratio - Overall 52% 55% 53% 49% Notes: 1 All figures include share of joint ventures 2 Ratio of secured debt to total property portfolio 3 Adjusted for £91.5m of sales since the half year end Helical Half Year Results Helical Half Year Results 15
INC NCOM OME E STATEM EMENT ENT 35 £0.3m £31.1m £25.8m 30 £24.6m 25 £2.6m 20 15 £5.9m 10 £5.0m 5 £0.6m £11.7m 0 Net Rents Development Administration Net finance Other EPRA earnings Net gain on Other IFRS profit losses costs sale and before tax revaluation Net rents have increased by 18% • • Development profits of £4m were offset by stock provisions of £6.6m EPRA earnings of £5.0m equate to 4.4p per share • • Revaluation gains of £28.6m, primarily in London, were offset by losses on sale of £2.8m Helical Half Year Results Helical Half Year Results 16
EPRA PRA NE NET ASSE SETS S PER ER SHAR SHARE Adjustment to opening NAV per share from full adoption of IAS 40 – Investment Property • Development surpluses realised relate mainly to Cortonwood Retail Park and Retirement Villages • p 500 21.7p 471.4p 475 4.9p 4.8p 0.7p 460.8p 4.4p 455.7p 5.1p 450 425 400 375 31 March 2016 Lease Adjusted EPRA EPS Investment Development Other Dividends 30 Sept 2016 incentives 31 March 2016 gains surpluses realised Helical Half Year Results Helical Half Year Results 17
DEB EBT SUM SUMMAR ARY Loan Maturity Mar arch 2016 016 Sept 2016 016 £m £m £m £m 500 450 Total facilities £881.7m £897.6m 400 Gross debt £775.1m £742.2m 350 300 Unutilised facilities £106.5m £155.4m £m 250 Percentage of unsecured debt 23% 24% 200 150 Uncharged properties £153m £93m 100 50 Gearing: 0 LTV ratio 55% 53% < 1 1 - 2 2 - 3 3 - 4 4 - 5 5 - 6 6 - 10 Years NAV 456p 471p Unsecured Bonds Secured Helical Half Year Results Helical Half Year Results 18
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