Adg dgar ar In Inve vest stmen ents ts an and Dev d Devel elopmen opment In Inves vestor tor Pr Presentati esentation on Mar arch ch 2015 1
Forwar Fo rward-Looking Looking Info nformation rmation The information included in this presentation is information based on information included in the Company’s December 31 2014 yearly report as published in the MAGNA as well as on prior presentations and reports published by the Company and cannot replace study of the Company reports in question. In addition, the presentation includes data and information presented in a manner and/or edited and/or presented at a different cross-section than the data included in the reports in question, or such that can be calculated from the data included in the Company’s reports. The report does not constitute an offer to purchase Company securities or an invitation to accept such offers and was intended solely to provide information to investors and its contents do not constitute advice, recommendation, opinion or proposals regarding the feasibility of investment, and cannot replace judgment, independent examination and personal advice in accordance with each investor’s personal information. The Company is not responsible for the completeness and/or precision of the information, and shall bear no responsibility for any damages and/or losses that may be caused as a result of use of the information. This presentation features forward-looking information, as defined in the Securities Law, 1968. Such information includes, among other things, forecasts, goals, assessments and estimates made by Adgar Investments and Development Ltd. (“the Company”) referring to future events or matters, the realization of which is not certain and is not under the Company's control and which are known to the Company as of the publication of this presentation. By its nature, forward-looking information is subject to the risk of it not being realized and such information is uncertain. Realization of the forward-looking information shall be influenced by risk factors that characterize the Company's activity as well as developments in the economic environment in which the Company is active and in outside elements that may influence the Company’s activity. Therefore, readers of this presentation are hereby warned that the Company's actual future results and achievements may be materially different from those presented in the forward-looking information presented in this presentation. Furthermore, forward-looking forecasts and estimates are based on data and knowledge in the Company’s possession upon publication of the presentation and the Company is not required to make any update or change any such forecast and/or estimate so that they reflect events or circumstances applying after the presentation date. To be clear, the Company is under no responsibility to update the information included in the presentation. 2
The real l estate ate arm of the e Zur r Shamir mir Holdi dings ngs Group up. 31 31 assets ets in majo jor r city y centers ters – Toronto, onto, Tel Aviv, v, Warsaw, aw, Antwer werp. p. 283 283,000 000 m ² , , mainl nly y offices. ces. abou out 300 300 tenan nants. ts. Deben benture ture rating ing – A3 3
The Company’s Strategy Th The Financi ancial al Level el The Re Th Real al Estate tate Level vel Significant yield gap over Location cost of finance Betterment potential; Financial flexibility Building quality Cost per m² The Ad Admi ministr nistrative ative Level vel Professional management staff Local management Critical mass in each country 4
Zur Shamir Holdings Ltd. Direct Insurance Financial Investments Ltd. Adgar Investments and Developments Ltd. Adgar International Holdings Ltd. Additional Canadian Partnerships (1) Migdal Additional Belgian Companies Polish Companies 1) All partnerships are held at a rate of 100% and hold most Canadian assets at 50% 5
Real l estate tate with th a value ue of 3.3 bill llio ion n NIS. Equi uity to balan ance ce sheet eet ratio tio (less ss cash) sh) of 27 27%. %. Loan an to value ue ratio io (LTV) ) of 46 46%. %. Total al net financial ancial debt bt to investm vestment ent prop operty erty and d real l estat ate e under der construction nstruction ratio io of 64 64%. %. NOI for 2014 4 – 173 173 milli lion on NIS (afte fter selling ing an additional ditional 25 25% in Cana nada da and nd inve vestme tment nt in pro rope perti ties es that at have ve yet to create eate thei eir r full ll yield). ld). 6
Geograp graphic hic Br Breakdown kdown by Rent nt for 1-12/14 12/14 Poland 34% Canada 30% Israel 26% Belgium 10% 7
Sa Sale le of Pr Properties perties in in at at Bo Book ok Val alue an and Hig igher her May 2012 – sale of 25% of the rights to most properties in Canadian in return for a gross sum of $99 million Canadian. Real alization ation of ca capita tal gai ains to the e sum of 92 million on NIS. Migdal has a 19.39% investment in the Company’s activity in Poland. January 2014 – completion of the agreement to sell an additional 25% of most of the properties in Canada in return for a gross total of $110 million Canadian. Realization of ca capita tal gai ains to the sum of 109 million on NIS. Pr Proje jects cts under der deve velop lopment ment 78% signed leases, the property was purchased in June 2013 24% leased. APW - 78% Adga gar r 360 – 49 49% % signed leases (an additional 5% in negotiations), a project expected to be completed at q2 2015. 2 Fras aser er - 50% a project expected to be completed by the end of 2015. 8
Cas ash-Gene Generating ating Prop opertie erties s – December cember 31 1 2014 14 Occupancy cupancy Rate te Building lding areas eas Book ok Value lue of Nu Numb mber er of As of ( Thous Prope opertie ties ousands ds of Countr untry Building ldings Decembe cember 31 2014 14 Meters ters) (Million ons of NIS) Isra rael el 6 61 94% 701 Cana nada da 15 86 95% 916 Poland and 6 107 89% (1) 1,122 Belgiu ium 4 29 86% 226 Total tal 31 283 2,965 (2) 1) Without APW, the occupancy rate in Poland is 97%. 2) Not including investment property under construction and construction rights. 9
50% 45% 40% Link 4 Belgian Govern- Pfizer Thomas Cook- 35% ment Offices Canada CIBC Polish IDI Insurance Symantec 30% Government Israeli Offices 25% Govern- Bank of Montreal ment 20% 15% 10% 5% 0% Over 5% 5% - 3% 3% - 2% 2% - 1% Under 1% State of Israel 10
NOI De NO I Deve velopme opment nt (in Millions ns of NIS) S) 235 205 200 192 (* 190 (* 173 174 173 171 167 150 146 124 105 100 50 Expected 2005 2006 2007 2008 2009 2010 2011 2012 *) 2013 2014 2015 NOI Forecast **) *) After selling ng 25 25% of of most st of of the prope pert rties in in Cana nada da in in May 2012 and an an additio tiona nal 25 25% in in Janu nuary ry 2014. **) After occupyi cupying ng the APW Project ct and d the Adgar r 360 project ct (on the basi sis of exist sting ng prope perties, ties, ass ssum umpti ption ons regardi ding ng contr ntrac act t renewal al and exchang hange rates s as of Decemb mber r 31 2014). ). On the matte ter r of forwar ard-look ooking ng infor ormati mation on see Slide de 2 11
FF FFO O (in n Millions ions of NIS) Yearly FFO Yearly FFO rate on the rate on the Basis of Basis of Q4/2016 Q4/2015 2014 2013 FFO as defined by the authority 30.2 28.4 Real FFO (*) 70 52 33.7 50.7 *) *) On On th the bas basis of of exist sting rental ntal contr contrac act (i (in th the event nt of of th the di disc scon onti tinu nuati ation on of of a re rental ntal agre ag reement, nt, renewal al was as assume sumed with th no no ch chang ange in in terms) rms) and and occ ccup upati ation on assumpti sumption ons re regardi arding ng pr proj ojects cts un under der developm opment nt. Withou Without th the inf nflue uenc nce of of addi additio tional nal pos possi sible ble cha changes, s, suc such as as cha chang nges in in exchan change rat ates and and chan changes in in finan inanci cing expenses ses foll ollow owing ing chan changes in in int interest st rates ates. Furth Furthermo rmore re, do does no not incl clud ude addi additio tional nal FFO FFO fr from om th the pu purch rchase se of of ne new pr prop opert rties (a (as well as as a decre creas ase in in th the event nt of of th the sale sale of of pr prop opert rties) s); on on th the matt matter of of fo forward ard-look ooking ng inf nfor ormati mation on se see Slide de 2 12
Sharehol reholder der Capi pital tal Develo elopm pment ent (in n Millio ions ns of NIS) S) 950 30 30 35 35 876 30 30 20 20 849 800 836 828 745 8 686 650 500 2009 2010 2011 2012 2013 2014 Equity Attributed to Shareholders Dividend Distribution 13
Equity ity to Ba Balan ance ce Sh Shee eet Rat atio (Less Cas ash) 30% 29.0% 28.1% 28% 27.4% 27.0% 26.3% 26% 24.8% 24.0% 24% 21.8% 22% 20% 2009 2010 2011 2012 2013 2014 Ratio of Capital to Balance Sheet (Less Cash) Ratio of Capital to Balance Sheet (Less Cash) Attribution of Migdal Loan to Capital 14
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