Stop parsing PDFs. Get the API. Request Access

AI Terminal

MODULE: AI_ANALYST
Interactive Q&A, Risk Assessment, Summarization
MODULE: DATA_EXTRACT
Excel Export, XBRL Parsing, Table Digitization
MODULE: PEER_COMP
Sector Benchmarking, Sentiment Analysis
SYSTEM ACCESS LOCKED
Authenticate / Register Log In

KMC Properties ASA

Investor Presentation • Feb 12, 2016

3645_rns_2016-02-12_6f4b492c-1b04-4072-aaac-7365c517f2d4.pdf

Investor Presentation

Open in Viewer

Opens in native device viewer

4th quarter 2015 FINANCIAL RESULTS PRESENTATION12 February 2016

DISCLAIMER

This document is being furnished for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to purchase any security, future or other financial instrument or product. It is not intended to form the basis of an investment decision and has not been verified. Storm Capital Management Ltd. ("Storm") makes no recommendation or representation as to, and accepts no responsibility or liability for, the accuracy or completeness of the information contained herein or any other information, whether written or oral, made available and any liability therefore is expressly disclaimed. Such information is presented as of the date and, if applicable, time indicated and Storm does not accept any responsibility for updating any such information.

Any simulations, projections, valuations and statistical analyses contained herein have been provided to assist the recipient in the evaluation of the matters described herein; such simulations, projections, valuations and analyses may be based on subjective assessments and assumptions and may utilise one among alternative methodologies that produce differing results; accordingly, such simulations, projections, valuations and statistical analyses are not to be viewed as facts and should not be relied upon as an accurate representation of future events. No representation or warranty is given as to any of the simulations or analyses, or as to the achievement or reasonableness of any future projections or estimates, contained in this document.

This document has been prepared by Storm Capital Management Ltd. and should not be considered impartial research under FCA Rules. The views expressed may not be supported by independent analysis. The author of this document may be remunerated as a result of transactions generated by this information.

Storm Capital Management Ltd. is authorised and regulated in the United Kingdom by the Financial Conduct Authority. Its registered office is at 100 New Bond Street, London W1S 1SP, United Kingdom.

KEY TAKE AWAYS Q4 2015

Total Comprehensive Income of USD -2.8m in Q4

Russia values written down further

3. Disposal of Grifon House in the quarter

NAV per share at NOK 10.56

P&L – MAJOR ITEMS

i
l
l.
U
S
D
m		 Q
4
2
0
1
5		 Q
4
2
0
1
4		 1
2
M
2
0
1
5		 1
2
M
2
0
1
4
C
T
l
h
i
I
t
o
a
o
m
p
r
e
e
n
s
e
n
c
o
m
e
v		 2.
8
-		 2
1.
3
-		 1
6.
8
-		 3
4.
2
-
S
f
j
i
t
m
m
a
r
o
m
a
o
r
e
m
s
u
y
:
N
O
I
f
i
i
t
t
t
r
o
m
n
v
e
s
m
e
n
p
r
o
p
e
r
e
s		 1.
8		 2.
5		 8.
7		 1
0.
3
V
l
h
i
i
t
t
t
a
u
e
c
a
n
g
e
n
v
e
s
m
e
n
p
r
o
p
e
r
e
s		 -0
7		 -1
7.
9		 -1
9.
0		 -3
2.
8
V
l
h
h
i
l
i
t
t
a
e
c
a
n
g
e
s
a
r
e
s
n
r
e
a
e
s
a
e
c
o
m
p
a
n
e
s
u		 -0
2		 -0
7		 -0
1		 3.
2
O
h
i
t
t
t
e
r
o
p
e
r
a
n
g
c
o
s
s		 -0
4		 -0
7		 -1
8		 -2
9
F
d
d
l
i
i
d
i
t
t
u
n
s
a
n
q
u
n
v
e
s
m
e
n
s		 0.
0		 -1
3		 -0
2		 -0
6
B
i
t
o
r
r
o
w
n
g
c
o
s
s		 -0
8		 -0
8		 -3
2		 -3
0
C
/
i
l
u
r
r
e
n
c
y
g
a
n
s
o
s
s
e
s		 0.
0		 -0
4		 -1
1		 -2
4
C
d
i
d
i
i
t
t-
t
t
t
o
n
r
a
c
a
n
n
e
r
e
s
e
r
a
e
s
v
v		 0.
6		 -0
5		 -0
1		 -1
0
T
a
x
e
s		 -0
9		 -1
6		 2.
3		 -4
7
R
i
d
l
d
i
l
f
b
i
d
i
e
c
o
g
n
s
e
o
s
s
o
n
s
p
o
s
a
o
s
u
s
a
r
y		 -1
8		 0.
0		 -1
8		 0.
0

BALANCE SHEET – MAJOR ITEMS

\$
(
U
S
'0
)
0
0		 3
1
/
1
2
/
1
4
/
/
3
1
0
3
0
7		 (
1)
3
1
/
1
2
/
1
5
P
F
r
o
o
r
m
a		 3
1
/
1
2
/
1
4
/
/
3
1
0
3
0
7		 (
1)
3
1
/
1
2
/
1
5
P
F
r
o
o
r
m
a
I
t
t
t
n
v
e
s
m
e
n
p
r
o
p
e
r
y		 \$
0,
3
4
3
7		 \$
3
8,
9
0
5		 B
k
l
a
n
o
a
n
s		 \$
4
2,
4
3
8		 \$
2
4,
7
0
7
I
h
t
t
t
n
e
s
m
e
n
s
p
r
o
p
e
r
s
a
r
e
s
v
y		 \$
1
4,
1
9
2		 \$
1
2,
6
4
1		 f
D
d
t
e
e
r
r
e
a
x		 \$
1
0,
8
2
4		 \$
4,
5
1
3
T
l
t
t
t
o
a
n
o
n-
c
u
r
r
e
n
a
s
s
e
s		 \$
5
8
4,
6
8		 \$
5
1,
6
1
1		 O
h
l
i
b
i
l
i
i
t
t
e
r
a
e
s		 \$
5,
2
5
1		 \$
7,
1
3
2
(
2)
C
h
&
l
i
i
d
i
t
t
a
s
q
u
n
v
e
s
m
e
n
s		 \$
1
2,
2
2
1		 \$
6,
3
5
3		 T
l
l
i
b
i
l
i
i
t
t
o
a
a
e
s		 \$
5
8,
5
1
3		 \$
3
6,
3
5
1
T
l
t
t
t
o
a
c
r
r
e
n
a
s
s
e
s
u		 \$
1
2,
7
3
1		 \$
6,
7
4
1		 E
i
t
q
u
y		 \$
3
8,
7
8
6		 \$
2
2,
0
0
0
T
l
t
t
o
a
a
s
s
e
s		 \$
9
7,
2
9
9		 \$
5
8,
3
5
2		 T
l
i
d
l
i
b
i
l
i
i
t
t
t
o
a
e
q
a
n
a
e
s
u
y		 \$
9
7,
2
9
9		 \$
5
8,
3
5
2
E
i
i
t
t
q
u
y
r
a
o		 4
0
%		 3
8
%

(1) Unaudited.

(2) Includes cash invested in liquid securities for cash management purposes.

NAV PER SHARE

As at 31 December 2015. Numbers in NOK per share.

DEVELOPMENT OF ASSET VALUE 2009 – 2015

(1) Grifon sold. Value as per valuation from independent valuer.

(2) Yield is calculated on the 2015 NOI / Asset value at year end of the remaining asset (Gasfield)

CASH & INVESTMENTS

Source: Storm Capital Management Ltd.

(1) As per 31 December 2015. Includes investment in Storm Bond Fund and direct investments in bonds.

(2) Sector split as per 31 December 2015.

DISPOSAL OF GRIFON HOUSE

  • Grifon House was sold on 15 December 2015 by selling shares in a subsidiary
  • The total consideration for the shares was 13.2 million USD, which implies a gross property value for Storm Real Estate of 14.1 million USD, adjusted for working capital and recognised deferred tax.
  • The transaction had a NAV effect of -1,8 million USD as at the transaction date.
  • The existing financing was due in June 2016, hence a requirement for refinancing or sale
  • The deal is done without any major reps & warranties
  • Estimated IRR in the ownership period was 8.3%

STORM REAL ESTATE SHARE PRICE PERFORMANCE

Source: Oslo Stock Exchange, Bloomberg

(1) SRE and OSEBX adjusted for dividends. As per 11 February 2016.

OSEBX

SRE ASA

PROPERTY VALUES VS OIL PRICE AND ROUBLE DEPRECIATION

RUSSIA – INFLATION

RUSSIA – INDUSTRIAL PRODUCTION

Economic activity (as measured by industrial production) stabilising at lower levels

Source: Bloomberg 4 February 2016.

RUSSIA – INVESTMENT VOLUME BY SOURCE OF CAPITAL

  • Investment volume reached c. US\$ 2.8 billion in 2015.
  • Domestic capital constituted 70% of total investment volume YTD 2015
  • Russia55% Of foreign investors, European and American investors most active. Little activity from Asian investors.

Investment volumes low

MOSCOW OFFICE MARKET – VACANCY RATE

MOSCOW OFFICE MARKET - AVERAGE RENTAL RATES IN USD(1)

Source: Cushman & Wakefield

(1) Average rental rates is a weighted average rental rate of asking rents of deals closed within the period, US\$ / m²/ annum/ triple net

MOSCOW OFFICE MARKET - AVERAGE RENTAL RATES IN RUB (1)

Source: Cushman & Wakefield

(1) Average rental rates is a weighted average rental rate of asking rents of deals closed within the period, RUB / m²/ annum/ triple net

MOSCOW OFFICE MARKET – NEW CONSTRUCTION AND ABSORPTION

New construction at low levels, negative absorbtion

EUROPEAN OFFICE CLOCK Q2 2010 – Q4 2015

TK DEVELOPMENT A/S – SHARE PRICE PERFORMANCE

TK DEVELOPMENT – INVESTMENT UPDATE

(1) Share price as per 11 February 2016. NAV = latest published quarterly accounts.

KEY TAKE AWAYS Q4 2015

Total Comprehensive Income of USD -2.8m in Q4

Russia values written down further

3. Disposal of Grifon House in the quarter

NAV per share at NOK 10.56

APPENDIX

GASFIELD BUILDING, MOSCOW & GRIFON HOUSE, ST. PETERSBURG

Major Tenant Gazprom Tsentrremont

Gross Area c. 6,250 m²

Sold in December 2015.Estimated IRR in the ownership period = 8.3%

PERFORMANCE OF THE RUSSIAN MICEX INDEX

  • The Russian stock market has shown some positive movements lately
  • The MICEX index was up 26,1% in 2015
  • The index is down 3.0% YTD 2016 (1)

Source: MICEX .

(1) As per 11 February 2016. The MICEX Index is denominated in rubles, the RTS Index is denominated in dollar.

RUSSIA – US\$/RUB AND NOK/RUB EXCHANGE RATE MOVEMENTS AND CBR KEY RATE

5,0% 7,5% 10,0% 12,5% 15,0% 17,5% 20,0% 01/10/2014 01/11/2014 01/12/2014 01/01/2015 01/02/2015 01/03/2015 01/04/2015 01/05/2015 01/06/2015 01/07/2015 01/08/2015 01/09/2015 01/10/2015 01/11/2015 01/12/2015 01/01/2016 01/02/2016

BRENT OIL PRICE AND OIL PRICE FUTURES

Brent Oil Price (US\$)

CONTACTCONTACT

100 New Bond Street London, W1S 1SP United Kingdom

E-mail: [email protected] Tel: +44 (0)207 409 3378 Fax: +44 (0)207 491 3464

Web: www.stormcapital.co.uk

More from KMC Properties ASA

Report Publication Announcement 2025
Dec 17
M&A Activity 2025
Nov 12
M&A Activity 2025
Nov 7
Share Issue/Capital Change 2025
Nov 7
M&A Activity 2025
Oct 31
M&A Activity 2025
Oct 31
Board/Management Information 2025
Oct 28
Major Shareholding Notification 2025
Oct 25
AGM Information 2025
Oct 23
AGM Information 2025
Oct 23
View all filings →

Talk to a Data Expert

Have a question? We'll get back to you promptly.