Successful real estate development for over 10 years EYEMAXX Real Estate bond investment EYEMAXX, June 2011
Disclaimer This publication does not constitute an offer to sell nor an invitation to buy Amictus AG securities, in future: Eyemaxx Real Estate AG. An offer will be made exclusively by means of and on the basis of a prospectus, which will be published in connection with the offer. In accordance with Section 14 (2) no. 3a of the Securities Prospectus Act (Wertpapierprospektgesetz – WpPG), plans are to publish the prospectus on the website of the issuer and on other websites, including Amictus AG, in future: Eyemaxx Real Estate AG (Auhofstrasse 25, 63741 Aschaffenburg, Germany, phone: +49+6021 386 69 – 10) where it will be available for downloaded free of charge.
Mission Statement EYEMAXX is one of the leading companies to develop, sell and utilise commercial real estate in Central Europe. This provides EYEMAXX with a presence in regions that are recording far above-average growth but also offer a large degree of stability and security. EYEMAXX builds its success on long-standing and successful partnerships with top anchor tenants and an experienced management team. EYEMAXX successfully implemented its profitable business model even during the financial and real estate crisis and is now starting into another period of sustained and rapid growth.
Content 1. Investment Highlights 2. At a Glance 3. Business Concept and Product Strategy 4. Market Environment and Competition 5. Private Equity Financing vs. Internal Financing 6. Performance Indicators 7. Projects and Structure 8. Allocation of Resources: Project Pipeline 9. EYEMAXX Bond 2011 – 2016 10. EYEMAXX – Strengths – An Overview
1. Investment Highlights 7.50% return and triple security Profitable Net annual profit on account of successful real estate business development, even during the crisis Investment in Clearly defined project pipeline for investments in specialist stores, tangible assets logistics centres and hotels in Central Europe Additional, external Almost entirely external real estate portfolio of company founder collateralisation provides additional collateralisation for bond
1. Investment Highlights Central Europe has above-average growth perspectives Strong markets Weak Great demand for specialist stores, logistics centres and budget hotels competition in Central Europe, but only small, regional competitors International trade and hotel chains with top credit ratings are anchor tenants Strong partners and long-terms partners Proven concepts and construction technology, approximately Highly experienced EUR 200 million realised and sold Own brands such as BIG BOX, MyBOX and STOP.SHOP. (licensed by Strong brands IMMOFINANZ AG ) Profitable business, around EUR 14 million equity Solid figures
2. At a Glance Foundation 1996 – Establishment of operating subsidiary EYEMAXX International Holding & Consulting GmbH, Austria Integration Q2 2011 – Eyemaxx International is integrated in the company shell (General Standard) of Amictus AG (ISIN DE000A0V9L94) as part of a non-cash capital increase. Future company name: EYEMAXX Real Estate AG Focus Specialising in developing, selling and utilising real estate in the specialist store and logistics sectors as well as constructing buildings according to customers’ requirements with focus on Poland, the Czech Republic, Slovakia, Germany and Austria Track record Developing real estate with an approximate volume of EUR 200 million between 2006 and 2011 alone (even during the real estate crisis)
2. At a Glance / Experienced Management Team Mag. Dr. Michael Müller CEO and founder Long-standing experience in project and general management KR Ing. Norbert Adelmann Jon A. Pirtle Mag. Christian Künz Manager Brands Manager Hotel Dev. Manager EYEMAXX Prev. Management 35 years experience in real Finance estate acquisition, planning Ritz-Carlton, Long-standing and project management over 40 successful hotel experience in banking developments and financial services Maximilian Pasquali LL.M Mag. Georg Dobler Mag. Helmut Herglot CFO Head of Legal Dept. Manager Project 7 years’ experience in Extensive expertise in Companies management functio business, trade and capital Over 10 years’ experience accounting (IFRS), markets law in acquisition, planning, controlling and proje construction management financing and controlling
3. Business Concept and Product Strategy
3. Business Concept, Core Markets and Product Strategy Specialist stores Budget hotels (tailor-made solutions) Other (logistics centres, DIY stores etc.)
3. Business Concept and Product Strategy Along the entire value added chain Pre-selecting a Facility Sale to strategic Technical planning Appointing general location Contractor management investors Planning or construction and Location analysis Business Construction operating license administration phase institutional Anchor tenant investors Developing rent Reporting Project agreements Concluding option management & as agreements Controlling Call for tender individual projec or portfolio Connecting Project financing Infrastructure Final inspection
3. Business Concept and Product Strategy Strong anchor tenants and customer traffic generators
3. Business Concept and Product Strategy (1) Specialist stores Market leader in Central Europe - Market leader for local consumer supplies via own specialist store concepts - Long-standing partners are anchor tenants under the brand names BIG BOX, MyBOX and STOP.SHOP. (brand of IMMOFINANZ) Low risk for investment cost planning - Low planning and construction risks thanks to proven concepts and construction technology - Short realisation periods due to high degree of standardisation - Real estate prices in target markets are still largely stable at present Highly secure in terms of achievable rent income / cash flow - Proven brands are reliable tenants with top credit ratings and generally long-term rent agreements - Indexed rent agreements, dependent on general price performance, provide permanent hedge against inflation - General contractors provide comprehensive performance guarantees, secured by bank guarantees High planning security with regard to current operating costs - If additional bank loans are used, they have fixed interest rates for the entire term - Long-term comprehensive facility management agreements to ensure maintenance
3. Business Concept and Product Strategy (2) Budget hotels – tailor-made solutions Own image: EUROPEAN HOTEL PARTNER - Team has gathered experience from numerous projects for leading brands such as ACCOR Group, including Dorin NOVOTEL, ibis, etap etc. - Cooperation with ACCOR for the joint development and construction of sustainable hotels - Pre-selection of location (pipeline) already defined by ACCOR - Extensive experience from other tailor-made solutions, e.g. for BAUHAUS - Risks are minimised by signing rent agreement prior to commencing work, then sale afterwards Budget hotel segment - Largely standardised customer-specific construction concepts - Standardised repair and maintenance agreement concepts - Indexed 15-year rent agreements with operators, including group guarantee Tailor-made projects for operators and investors - Accredited, high-calibre team of hotel experts with long-standing market know-how - Rent agreements with minimum 15-year terms provide for long-term investment security - Tailor-made solutions – no blind pool development New projects in the pipeline - Nuremberg, Aschaffenburg, Munich
3. Business Concept and Product Strategy (3) Other – Logistics Centres Long-standing experience - 14 logistics centres in Germany and Austria in the portfolio of sister company Birkart KG - Tenants include: LOGWIN, RABEN, QUEHENBERGER, BRENO Competitive advantage in the logistics sector - Short realisation periods thanks to high degree of standardisation and proven concepts - Close to potential tenants via portfolio of sister company Birkart Tailor-made projects for operators and investors - Highly secure return due to budgets being adhered to in a professional and timely manner - Operator focusses on operating business – EYEMAXX plans, finances and constructs - No blind pool development New projects in the pipeline - Airport Logistic Center Nis (third-largest city in Serbia, north of Belgrade) with 22,000 sqm floor space
4. Market Environment and Competition Growth markets – a quick guide GDP growth Above-average consumer spending rises 2011 e 2012 e (Poland +9.9% p.a. from 2009 – 2012) Eurozone +1.4% +1.9% Not enough specialist stores and hotels Poland +3.9% +4.5% up to now Slovakia +4.0% +4.5% Economic growth increases demand for Czech Republic +1.5% +2.3% logistics Austria +2.5% +2.0% Stable legal framework in Central Europe Germany +3.4% +2.5% provides security Source: Raiffeisen Research 2011
4. Market Environment and Competition Specialist stores – competition - Special focus on cities with a population between 30,000 and 50,000 → low competition and large catch-up potential - Investment volume per specialist store from EUR 5 million to EUR 15 million, depending on location → to little for large international real estate developers - Regional developers at the most, in individual cases as competitors - Market potential in Poland alone expected to be 200 specialist stores
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