2013-05-08 07:25:00 CEST
2013-05-08 07:25:50 CEST
REGULATED INFORMATION
Technopolis - Interim report (Q1 and Q3)
Technopolis Group Interim Report January 1 - March 31, 2013
TECHNOPOLIS PLC INTERIM REPORT May 8, 2013 at 8:21 a.m.
Technopolis Group Interim Report January 1 - March 31, 2013
Highlights for Q1/2013 compared to Q1/2012:
- Net sales rose to EUR 29.7 (25.4) million, an increase of 16.8%
- EBITDA rose to EUR 14.0 (12.2) million, an increase of 14.4%
- Operating profit increased to EUR 16.7 (13.0) million, which included a EUR
3.3 (1.2) million increase in the fair value of investment properties
- Profit attributable to the shareholders of the parent company amounted to EUR
10.8 (8.5) million
- Earnings per share were EUR 0.14 (0.13)
- Cash flow from operations per share was EUR 0.12 (0.11)
- Net asset value per share was EUR 6.62 (5.65)
- The financial occupancy rate was 92.2% (94.3)%
The increase in net sales and EBITDA was mainly due to an increase of 14.3% in
space and a rise of 2.1% in like-for-like rental income. Changes of EUR 3.3
(1.2) million in the fair value of investment properties had a positive effect
on the financial performance. Excluding changes in fair value and the related
tax effects, the operating profit was EUR 13.3 (11.8) million, and profit
attributable to the shareholders of the parent company rose to EUR 8.3 (7.4)
million. Results were negatively impacted by non-recurring costs of EUR 0.5
million from the service business rearrangement, investments and incorporation
of the Finnish business.
1-3/ 1-3/ 1-12/
Key indicators 2013 2012 2012
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Net sales, EUR million 29.7 25.4 107.3
EBITDA, EUR million 14.0 12.2 55.8
Operating profit, EUR million 16.7 13.0 48.0
Net result for the period, EUR million 10.8 8.5 25.8
Earnings/share, basic, EUR 0.14 0.13 0.37
Earnings/share, diluted, EUR 0.14 0.13 0.37
Cash flow from operations/share, EUR 0.12 0.11 0.56
Equity ratio, % 40.1 34.9 36.2
Equity/share, EUR 6.00 4.91 5.34
The 1-3/2012 share-related figures have been adjusted for the 2012 share issue.
EPRA-based 1-3/ 1-3/ 1-12/
Key indicators 2013 2012 2012
----------------------------------------------------
Direct result, EUR million 8.0 5.4 29.9
Direct result/share, diluted, EUR 0.11 0.08 0.43
Net asset value/share, EUR 6.62 5.65 5.67
Net rental yield, % 7.2 7.3 7.8
Financial occupancy rate, % 92.2 94.3 95.3
Keith Silverang, CEO:
The profitable growth trend which characterized last year has continued in the
first quarter of year 2013. Specifically the Group's net sales and EBITDA
continued to develop favorably while we were able to safeguard the company's
liquidity and capital structure.
The Peltola acquisition brought us an excellent multiuser campus in a very good
location right next to our Kontinkangas campus with strong academic and life
sciences sectors. Peltola brings us the opportunity to add value by building
occupancy and new growth around a long-term anchor.
Technopolis signed a deal in the first quarter of year 2013 to acquire a campus
in Vilnius. The company expects to close the Vilnius deal by the end of May.
The acquisition will bring us once again a good location, new buildings, high
occupancy and significant growth potential. This case will generate good
profitability and healthy cash flow from day one. The first two properties are
already fully let.
The Group's financial occupancy declined from 94.3% to 92.2%. Of this decline
1.6% came from the Peltola acquisition. At the time it was acquired, the
financial occupancy rate was 55.0% and, by the end of the quarter, it had
increased to 63.3%. Peltola's occupancy has developed favorably since the
acquisition and we expect this trend to continue. The remainder of the decline
came primarily from a single vacant space in Kuopio being prepared for a
significant group of customers. We currently expect this space to be filled
starting from the second half of the year.
In addition we issued a EUR 75 million hybrid bond, which strengthened the
Group's balance sheet. In consequence the equity ratio rose to 40.1%.The coupon
was 7.5%.
Business conditions remained challenging in the Group's operating region. We
expect them to continue like this for the rest of the year. In spite of this we
believe that our concept and sales machine will continue to bring us robust and
profitable growth.
Business Environment
According to Etla's forecast Finland's GDP will increase by approximately 0.3%
in 2013, with the growth mainly taking place during the second half of the
year. Growth is being weakened by the unemployment rate increasing to 8.1%, and
lower consumer spending due to increased taxes. According to Etla, inflation
will rise to 2.4%, partly driven by a 1% increase in value added tax rates.
The Russian economy, which depends on commodities exports, has remained
relatively strong. In 2013, GDP is expected to grow by approximately 3.1% in
real terms. Early in the year, growth has been supported by high oil price.
Inflation has been estimated to increase to 6.4%, and the unemployment rate to
decrease to 5.8%.
Estonia's real GDP is expected to grow by approximately 3.0% in 2013, supported
by the good price competitiveness of the export sector. The country's
government debt is the lowest in the eurozone, at 12% of GDP. The unemployment
rate is estimated to decrease to 9.6%, and inflation to slow slightly to 3.4%.
Financial Occupancy Rates
In spite of the macroeconomic uncertainty and recent weakening of GDP, the
demand for Technopolis business space has remained good. The Group's financial
occupancy rates are as follows:
March December 31, September 30, June March
31, 2012 2012 30, 31,
2013 2012 2012
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Group 92.2 95.3 94.8 94.1 94.3
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Finland 91.5 95.1 94.7 93.9 94.4
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Oulu a) 85.9 94.5 93.3 91.8 92.2
HMA 94.1 91.9 92.0 88.4 95.5
Tampere 97.1 97.6 98.1 98.7 98.6
Kuopio 87.6 94.9 94.3 96.4 96.1
Jyväskylä 98.9 98.6 98.4 98.2 91.4
Lappeenranta 93.6 92.5 93.5 92.3 94.7
Estonia, Tallinn 96.1 94.9 92.5 92.9 90.2
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Russia, St. 100.0 100.0 100.0 99.4 97.1
Petersburg
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1. Occupancy rates are not comparable due to the acquisition of the Peltola
campus on February 12, 2013
Business Segments
Geographical Segments
The net sales and EBITDA of Finnish operations developed favorably. Net sales
were EUR 26.8 (23.1) million and EBITDA was EUR 13.1 (11.3) million. The EBITDA
margin was stable at 49.0% (49.2%). Compared to the first quarter of 2012, net
sales increased by 16.2% and EBITDA by 15.6%.
In Tallinn, the net sales of the Technopolis Ülemiste airport campus were EUR
1.6 (1.2) million and EBITDA was EUR 0.8 (0.5) million. The EBITDA margin was
49.0% (45.8%). Net sales increased by 35.4% and EBITDA by 44.7% compared to the
first quarter of 2012. Net sales were higher due to a change in the accounting
policy of maintenance charges and the higher financial occupancy rate. A change
in accounting policy and higher financial occupancy increased net sales.
Adjusted by the change in accounting policy the comparable net sales in the
first quarter of 2012, was EUR 1.4 million.
In St. Petersburg, the net sales of the Technopolis Pulkovo airport campus were
EUR 1.3 (1.2) million and EBITDA was EUR 0.3 (0.3) million. The EBITDA margin
was 20.2% (26.8%).
Space and Service Business
Rental revenue accounted for 87.8 % (87.4%) and service revenue for 12.2%
(12.6%) of net sales.
Breakdown of net sales and EBITDA by business function (excluding eliminations):
EUR million, unless otherwise specified 1-3/2013 1-3/2012 1-12/2012
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Space
----------------------------------------------------------------------
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Net sales 26.1 22.2 93.0
EBITDA 15.7 13.8 61.9
EBITDA % 60.0 62.2 66.5
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Services
----------------------------------------------------------------------
----------------------------------------------------------------------
Net sales 3.7 3.2 14.2
EBITDA 0.5 0.2 1.3
EBITDA % 14.5 6.8 9.4
----------------------------------------------------------------------
The EBITDA margin of the office space rental business decreased by 2.2% during
the first quarter compared to the previous year. The change was attributable to
Peltola's low initial financial occupancy rate and a higher real estate
management costs. The EBITDA margin increased to 14.5% (6.8%) in the service
business. The change was mainly related to non-recurring items.
Financial Performance
The Group's net sales for the period under review were EUR 29.7 (25.4) million,
an increase of 16.8%. The growth comprised a 14.3% increase in space and an
increase of 2.1% in like-for-like rental income. This was mainly due to index
increases. The Group's EBITDA was EUR 14.0 (12.2) million, up 14.4%. EBITDA
growth was effected by the lower financial occupancy rate. Changes of EUR 3.3
(1.2) million in the fair value of investment properties had a positive effect
on financial performance. The Group's operating profit was EUR 16.7 (13.0)
million. Excluding changes in the fair value and the related tax effects, the
operating profit was EUR 13.3 (11.8) million.
The Group's net financial expenses totaled EUR 2.4 (1.4) million. Net financial
expenses were impacted by EUR 1.7 million in lower gains from currency rates,
which added EUR 0.5 (2.2) million to net financial expenses. The Group's result
before taxes totaled EUR 14.3 (11.5) million. Without changes in fair value,
the result before taxes was EUR 10.9 (10.3) million.
The EPRA-based direct result increased to EUR 8.0 (5.4) million and direct
result to EUR 0.11 (0.08) per share. Financial expenses decreased to EUR 2.8
(3.6) million and taxes to EUR 2.1 (2.5) million, which contributed to the
direct result.
Customers and Lease Stock
Technopolis has a total of approximately 1,400 customers, and 24,000 people
working in Technopolis facilities. The twenty largest customers lease
approximately 33% of the company's rentable space.
Lease stock, % of space Sept 30, June 30, March 31,
2012 2012 2012
------------------------------
Notice period in months March 31, Dec 31,
2013 2012
-------------------------------------------------
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0 - 3 13.7 13.8 17.3 16.1 16.7
3 - 6 25.5 25.3 28.1 30.5 29.4
6 - 9 7.0 7.4 7.4 4.9 5.8
9 - 12 6.5 6.7 7.6 7.7 5.6>12 months, total 47.2 46.8 39.6 40.8 42.5
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Average lease term in months 35 39 25 27 26
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Lease stock, EUR million 311.1 296.1 238.2 239.7 215.6
Compared to the March 31, 2012 the average lease term has increased by 9
months. This is a result of long fixed-term leases signed by the company.
Properties and Investments
Technopolis' facilities are located next to good traffic connections in the
vicinity of universities, airports or downtown areas. The Group has invested in
Finland, Russia and Estonia so far in 2013.
The fair value of the Group's investment properties at the end of the period
totaled EUR 1,067.2 (932.8) million, of which completed investment properties
accounted for EUR 1,010.3 (883.2) million. Investment properties under
construction were EUR 56.9 (49.6) million.
Fair value, March 31, December 31, September 30, June 30, March 31,
EUR million 2013 2012 2012 2012 2012
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Group 1067.2 1014.1 963.2 944.0 932.8
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Finland 888.0 838.9 784.7 786.3 765.3
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Oulu 259.5 225.3 224.2 224.9 229.2
HMA 203.9 205.2 206.5 206.9 179.7
Tampere 186.4 189.2 134.1 133.9 134.4
Kuopio 110.5 92.2 93.6 94.5 95.7
Jyväskylä 98.4 97.9 97.1 96.7 96.8
Lappeenran 29.3 29.2 29.1 29.4 29.5
ta
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Estonia 65.6 63.9 64.4 64.5 63.8
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Russia 56.6 53.6 53.5 51.8 54
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Under 56.9 57.6 60.7 41.4 49.6
construction
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The Group's average net rental yield on investment properties was 7.2% (7.3%)
and the average market yield requirement used in fair value calculations was
8.0% (8.0%).
The Group's total floor space in completed investment properties at the end of
the period was 690,300 (595,200) sqm.
1,000 sqm March 31, Dec 31, Sept 30, June 30, March 31,
2013 2012 2012 2012 2012
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The Group 690.3 644.3 604.1 604.2 595.2
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Finland 586.0 541.0 500.8 500.9 491.9
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Oulu 229.8 194.3 194.3 194.4 194.4
HMA 86.6 86.6 86.6 86.6 77.6
Tampere 112.1 112.1 71.9 71.9 71.9
Kuopio 69.8 60.3 60.3 60.3 60.3
Jyväskylä 60.4 60.4 60.4 60.4 60.4
Lappeenranta 27.3 27.3 27.3 27.3 27.3
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Estonia, Tallinn 80.2 79.2 79.2 79.2 79.2
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Russia, St. Petersburg 24.1 24.1 24.1 24.1 24.1
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The Group finances its investments, almost without exception, with 35 percent
shareholders' equity and the remaining 65 percent share with debt financing,
for which the target property is given as collateral. Properties acquired or
investments completed during the last 12 months and projects under construction
during the period and their rentable space are as follows:
Area Name Occupanc sqm EUR 1) Yield, Completion
y rate, million %
%
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Acquired
--------------------------------------------------------------------------------
-
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Tampere Tohloppi 100.0 32,000 23.3 11.9 10/2012
Oulu Peltola 63.3 37,600 31.7 11.6 02/2013
Completed
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-
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Kuopio Viestikatu 2B 91.5 3,100 5.0 8.7 01/2012
Tampere Hermia 15B 100.0 4,500 10.9 7.4 01/2012
Jyväskylä Innova 2 100.0 8,000 20.5 8.2 03/2012
HMA Ruoholahti 2 95.1 8,600 27.1 7.0 06/2012
Tampere Yliopistonrinne 93.6 7,500 22.5 7.1 10/2012
2
Kuopio Viestikatu 82.8 9,300 17.4 9.1 02/2013
7B&C
Tallinn Löötsa 8C 100.0 6,200 8.3 9.2 03/2013
Under construction 2)
--------------------------------------------------------------------------------
-
Tallinn Löötsa 54.9 16,300 24.3 9.2 3)10/13-02/
8A&B 14
St. Pulkovo 2 9.8 18,700 42.0 12.6 10/2013
Petersburg
Jyväskylä Innova 4 48.0 8,900 23.7 8.2 10/2013
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1. stabilized yield = estimated net rental revenue / fair value at the end of
the period
2. pre-let rate May 7, 2013
3. commissioning in phases
All of the Technopolis projects under construction at the closing date are
expansions of existing campuses.
Financing
The Group's balance sheet totaled EUR 1,178.8 (982.8) million, of which
liabilities totaled EUR 709.0 (641.8) million. The Group's equity per share was
EUR 6.00 (4.91). The Group's equity ratio was 40.1% (34.9%) and the
loan-to-value ratio was 57.5% (62.3%). At the end of the period, the Group's
net gearing was 119.5% (161.0%) and the interest coverage ratio was 5.0 (3.4).
At the end of the period, the Group's interest-bearing liabilities from
financial institutions amounted to EUR 618.9 (555.1) million, and the average
capital-weighted loan period was 8.5 (8.5) years. The average interest rate on
interest-bearing liabilities was 1.95% (2.45%). The Group's interest fixing
period was 2.1 (1.6) years at the end of the period. Of interest-bearing
liabilities, at the end of the period 67.1% (64.9%) were floating-rate loans
and 32.9% (35.1%) were fixed-rate loans with maturities of 13 - 60 months. The
share of floating-rate loans was affected by the higher use of commercial paper
program. Some 9.6% of interest-bearing liabilities were pegged to the
under-3-month Euribor rate, and 57.5% were pegged to Euribor rates from 3 to 12
months.
Technopolis issued a EUR 75 million hybrid bond in March 2013. The coupon of
the bond is 7.5% per annum. The bond is perpetual but the company may exercise
an early redemption option after five years.
A hybrid bond is an instrument which is subordinated to the company's other
debt obligations and which is treated as equity in the IFRS financial
statements. A hybrid bond does not confer to its holder the right to vote at
shareholder meetings and does not dilute the holdings of the current
shareholders.
At the end of the reporting period, Technopolis had EUR 158.5 (140.7) million
in untapped credit facilities and cash reserves amounting to EUR 57.5 (6.3)
million. The credit facilities contained a EUR 133.4 (139.7) million credit
line and a EUR 25.1 (1.0) million revolving credit facility. In addition, the
company has a EUR 120.0 (120.0) million commercial paper program, of which EUR
59.8 (20.0) million was issued at the end of the reporting period.
During the 12-month period following the period under review, EUR 134.6 (70.3)
million in existing interest-bearing loans will mature.
The company's five largest creditors at the end of the period under review were
the European Investment Bank, Handelsbanken, Danske Bank, Nordea, and
OP-Pohjola Group. Their total lending to the company amounted to EUR 478.5
million.
A one % change in market rates would cause a EUR 2.8 (2.6) million change in
interest costs per annum. At the end of the reporting period, there were
interest rate swaps covering EUR 217.2 (163.0) million of principal. The
hedging ratio of interest-bearing liabilities was 35.1% (29.4%).
The Group had interest-bearing liabilities with covenants worth EUR 401.9
(348.3) million. Loans amounting to EUR 360.2 (308.5) million include covenants
relating to the equity ratio. Of these loans, EUR 203.7 (119.2) million include
a repayment term. The repayment covenant is breached if the equity ratio falls
below 30%. If the equity ratio falls below 33%, the additional impact on
interest expenses would be EUR 0.5 (0.4) million per annum.
Organization and Personnel
The CEO of Technopolis Plc is Keith Silverang. Reijo Tauriainen, CFO, is the
company's Deputy CEO.
On March 31, 2013, the Group Management Team comprised Keith Silverang, Reijo
Tauriainen, Juha Juntunen, Sami Juutinen, Kari Kokkonen, and Outi Raekivi.
The Technopolis operational organization consists of three geographic units:
Finland, Russia, and Estonia. The Group organization also has matrix support
functions for the Group's real estate development, services, and support
services.
During the period, the Group employed an average of 184 (176) people. Rental
operations employed 26 (28) people, and the service business 74 (70) people and
the Group's administration 41 (37) people. At the end of the period under
review, the Group's personnel totaled 186 (178).
Environment
Key objectives of the company's environmental strategy for 2011 - 2015 include
reducing comparable energy consumption by 10%, water consumption by 8%, and
carbon dioxide emissions by 20% compared to 2010.
The Technopolis Tallinn office was granted the right to use the WWF Green
Office label in February 2013. The company estimates that 5 - 6 new properties
will be LEED-certified during 2013.
Quarterly comparison of Finnish units:
1-3/2013 1-3/2012 % change
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Energy consumption, kWh/gross sqm 77.0 79.0 -2.5
Water consumption, m3/person 1.22 1.68 -27.3
Carbon dioxide emissions, CO2e kg/gross sqm 14.6 15.9 -8.2
-------------------------------------------------------------------------
The comparison only includes comparable properties owned by the company
throughout the year. The significant decline in water consumption is primary
due to lowered water pressure. The decline in carbon dioxide is attributable to
lower energy usage.
Strategy and Financial Targets
In September 2012, the company's Board of Directors approved the company's
financial targets for the period 2012 - 2016 as follows:
- net sales and EBITDA growth average of 15% per annum
- over EUR 50 million in net sales outside Finland
- at least a 6% return on capital employed per annum
- an equity ratio above 35% over the cycle
- a 40% - 50% dividend distribution on net profit excluding changes in fair
value and their tax effects
The company is strengthening the proportion of the health and education sectors
in its customer portfolio by investing in these segments and the services they
employ. Technopolis is working to diversify its customer portfolio
geographically and by sector.
As part of its international growth targets, Technopolis has been analyzing
potential international investment targets in the Baltic Sea and Nordic
regions. The key criteria for potential acquisitions are sufficient size and
growth potential, excellent locations in growth centers, a high-quality and
flexible property portfolio, and positive cash flow. In addition, the
acquisition must have a positive impact on earnings per share, and the customer
base of the property should be a good match with the Technopolis business
concept. The company is also investigating opportunities to divest properties
that are not optimal for its concept.
Evaluation of Operational Risks and Uncertainties
Technopolis' most significant business risks relate primarily to general
economic development associated with financing and customers, as well as
international business risks.
The objective of interest rate risk management is to mitigate the negative
impact of market rate fluctuations on the Group's earnings, financial position,
and cash flow. If necessary, the company uses forwards, interest rate swaps and
interest rate options to hedge interest rate risks. The company's policy
concerning interest rate risks also aims to diversify the interest rate risk of
loan contracts over different loan periods based on the prevailing market
situation and the interest rate forecast created by the company.
The objective of refinancing risk management is to ensure that the Group's loan
portfolio is sufficiently diversified with regard to repayment schedules and
financing instruments. In order to manage the financing risk, Technopolis draws
upon the resources of a wide range of financers and a variety of financing
instruments, and maintains a sufficient degree of solvency.
Uncertainty in the financial markets may adversely affect the availability of
growth financing, refinancing, and loan margins in the future.
The differences between Russian, Estonian, and Finnish legislation and
administrative procedures may create risks.
Changes in the exchange rates between the Russian ruble and the euro may have
an effect on the company's financial performance and operations.
Ruble-denominated transactions are recorded at the exchange rate on the
transaction date. Any translation differences are entered in the comprehensive
income statement under other operating expenses or financial income and
expenses according to the type of transaction involved.
Customer risk management aims to minimize the negative impact of potential
changes of customers' financial position on the company's business and
financial performance. Customer risk management focuses on having a profound
understanding of the customer's business and actively monitoring customer
information. Customer risks are diversified by acquiring customers from all
sectors, including the public sector. As part of client risk management,
Technopolis leases include rental security arrangements.
The company's leases fall into two categories: fixed-term and open-ended. The
company aims to apply both lease types depending on the market situation, the
property in question, and the sector in which the customer operates.
Declining financial occupancy rates may reduce rental and service revenue and
profit, and reduce the fair value of investment properties and, thus, the
equity ratio. The current lease structure allows customers to flexibly adjust
the space they need as their business needs change. Although the flexibility of
the lease structure may pose a risk to the Group, it is an essential element of
Technopolis' service concept. The company has solid, long-term experience in
this business model over a wide variety of economic cycles.
In new construction projects, Technopolis focuses on quality and the management
of the property's entire life cycle. In the design phase, consideration is
given to the property's maintenance and repair requirements in order to
implement environmentally sustainable solutions for energy consumption,
adaptability of premises, and recycling potential. When purchasing properties,
Technopolis carries out standard property and environmental audits before
committing to the transaction. All properties are covered by full value
insurance.
Changes in market yields may have a significant impact on the company's
financial performance through the fair values of investment properties. As the
yields increase, the fair value of properties decreases. Conversely, as the
yields decrease, the fair value of properties increases. Such changes either
decrease or increase the Group's operating profit. Changes in market yields do
not have any direct impact on the company's net sales, EBITDA, or cash flow,
but a negative change in the value of investment properties may reduce the
company's equity ratio and, as a result of this, the covenant terms of the
leases may be affected. In that case, the change in value can have an impact on
the cash flow and result for the period.
Group Structure
Technopolis Group comprises the parent company Technopolis Plc, whose
subsidiaries have operations in Finland, Russia, and Estonia. The parent
company has several subsidiaries and associates in Finland. The parent company
has two subsidiaries in Russia: Technopolis Neudorf LLC and Technopolis St.
Petersburg LLC, both wholly owned. The Estonian subsidiary Technopolis Baltic
Holding OÜ (wholly owned) manages the holdings in Technopolis Ülemiste AS
(51%).
New subsidiaries, Kiinteistö Oy Technopolis Peltola and Kiinteistö Oy
Yrttiparkki, were established during the review period. Tehnopolis Plc owns
five regional real estate companies, which after the business transfer and
capital contribution executed on February 28, 2013, each owns shares in
properties and leases located in the respective region.
Annual General Meeting 2013
The Annual General Meeting of Shareholders (AGM) of Technopolis was held in
Oulu on March 27, 2013.
Resolutions of the Annual General Meeting
The AGM 2013 adopted the Group and parent company's financial statements for
the financial year 2012 and discharged the company's Board of Directors and CEO
from liability. The AGM decided, in accordance with the proposal of the Board
of Directors, to distribute a dividend of EUR 0.20 per share. The dividend was
paid to shareholders who were registered in the company shareholders register
kept by Euroclear Finland Ltd on the record date of April 3, 2013. The dividend
payment date was April 10, 2013.
Board of Directors and Remuneration of the Members of the Board of Directors
The number of members of the Board of Directors was confirmed at six. Sari
Aitokallio, Carl-Johan Granvik, Jorma Haapamäki, Pekka Korhonen, Matti
Pennanen, and Timo Ritakallio were elected members of the Board for a term of
office expiring at the end of the next Annual General Meeting. Carl-Johan
Granvik was elected Chairman of the Board of Directors and Matti Pennanen was
elected Vice Chairman.
It was resolved to pay the members of the Board of Directors annual
remuneration as follows: EUR 50,000 to the Chairman of the Board, EUR 30,000 to
the Vice Chairman of the Board and EUR 25,000 to each of the other members of
the Board. In addition, it was decided that for participation in meetings of
the Board of Directors each member of the Board of Directors shall, in addition
to the annual remuneration, be paid a fee of EUR 600 and the Chairman of the
Board of Directors a fee of EUR 1,200 for each Board meeting. The chairpersons
of the committees will be paid a fee of EUR 800 and each member of the
committees a fee of EUR 600 for each meeting of the committees. The travel
expenses of the members of the Board of Directors and the members of the
committees shall be compensated in accordance with the company's travel policy.
The AGM decided that the annual remuneration is paid on the condition that the
Board member commits to using 50% of his or her annual remuneration to acquire
Technopolis Plc shares on the market at the price determined in public trading.
The shares are to be acquired within three weeks of the publication of the
Interim Report for the period January 1 - March 31, 2013. If the shares cannot
be purchased during this period due to insider regulations, they will be
acquired on the first occasion possible according to valid insider regulations.
Board members are not allowed to transfer the shares obtained as annual
remuneration before their membership of the Board has ended.
In the first organizational meeting of the Board of Directors following the
AGM, the Board appointed an audit committee and a remuneration committee from
among its members. The Audit Committee consists of Carl-Johan Granvik, Chair,
Sari Aitokallio and Pekka Korhonen. The remuneration committee consists of Timo
Ritakallio, Chair, Jorma Haapamäki and Matti Pennanen. The Board of Directors'
view is that all of the Board members, are independent of the company, and
excluding Timo Ritakallio, of its major shareholders.
Auditor
KPMG Oy Ab, authorized public accountants, was re-elected as auditor of the
company, with Mr. Ari Eskelinen, APA, as the Auditor-in-Charge.
Shareholders' Nomination Board
The Annual General Meeting decided to establish a Shareholders' Nomination
Board to prepare proposals concerning the election and remuneration of the
members of Board of Directors to the General Meeting and adopted the Charter of
the Shareholders' Nomination Board. The Nomination Board is established for an
indefinite period.
The Nomination Board shall consist of three members nominated by the
shareholders of the company. In addition, the Chairman of the Board of
Directors of the company participates in the work of the Nomination Board as an
expert.
The right to nominate members shall be vested with the three shareholders of
the company having the largest share of the votes represented by all the shares
in the company annually on September 1 based on the company's shareholders'
register held by Euroclear Finland Ltd. However, if a shareholder who has
distributed his/her holdings e.g. into several funds, and has an obligation
under the Finnish Securities Markets Act to take these holdings into account
when disclosing changes in his/her share of ownership, makes a written request
to such effect to the Chairman of the Board of Directors no later than on
August 31, said shareholder's holdings in several funds or registers will be
combined when calculating the share of votes which determines the nomination
right. Should a shareholder not wish to exercise his/her nomination right, the
right shall be transferred to the next largest shareholder who otherwise would
not be entitled to nominate a member. The term of office of the members of the
Nomination Board expires annually when the new Nomination Board has been
appointed.
Based on shareholding on October 1, 2012, the members of the Nominating
Committee are Risto Murto, Vice President of Varma Mutual Pension Insurance
Company, as the chairman, and Harri Sailas, President and CEO of Ilmarinen
Mutual Pension Insurance Company, and Timo Kenakkala, Deputy Mayor of the City
of Oulu. In addition, Carl-Johan Granvik, chair of the company's Board of
Directors, acts as the Nomination Board's expert member.
Board Authorizations
The AGM authorized the Board of Directors to decide on the repurchase and/or on
the acceptance as pledge of the company's own shares as follows.
The amount of treasury shares to be repurchased and/or accepted as pledge shall
not exceed 7,556,100 shares, which corresponds to approximately 10% of all the
shares in the company. Under the authorization, the company's own shares may
only be purchased using unrestricted equity. The company's own shares may be
purchased at a price set in public trading on the date of purchase or at a
price otherwise determined on the market. The Board of Directors decides how
treasury shares will be repurchased and/or accepted as pledge. Treasury shares
can be repurchased using, inter alia, derivatives. The company's own shares can
be repurchased otherwise than in proportion to the shareholdings of the
shareholders (directed repurchase). The authorization is effective until the
end of the next Annual General Meeting; however, no later than June 30, 2014.
The Annual General Meeting authorized the Board of Directors to decide on the
issuance of shares and other special rights entitling to shares referred to in
Chapter 10, Section 1 of the Limited Liability Companies Act as follows:
Pursuant to this authorization, the maximum number of shares to be issued will
be 15,112,200, equaling approximately 20% of the company's shares. However, no
more than 170,000 shares may be issued on the basis of the authorization for
the purpose of implementing incentive schemes decided upon by the General
Meeting or the Board of Directors. The Board of Directors decides on all the
terms and conditions of the issuance of shares and of special rights entitling
to shares. The issuance of shares and of special rights entitling to shares may
be carried out in deviation from the shareholders' pre-emptive rights (directed
issue). The Board of Director's may decide on the company's share-based
incentive schemes. The authorization is effective until the end of the next
Annual General Meeting; however, no later than June 30, 2014.
Stock-Related Events and Disclosures of Changes in Holdings
The company had 75,561,227 shares outstanding on March 31, 2013. The shares are
in a single series, and each share entitles the holder to one vote at the
Annual General Meeting. The company's share capital is EUR 96,913,626.29.
Untapped Board Authorizations
The Board of Directors has been authorized by the Annual General Meeting of
2013 to decide on the issuance of shares as well as the issuance of special
rights entitling holders to shares referred to in the Limited Liability
Companies Act, as well as on the repurchase and/or on the acceptance as pledge
of the company's own shares. The company's Board of Directors has not exercised
the authorizations, and the company did not hold any treasury shares at the end
of the reporting period.
Post-Fiscal Events
On April 2, 2013, 14,859 new Technopolis Plc's shares based upon the 2007C
stock options and 69,379 new shares related to the share-based incentive scheme
were entered into the Trade Register. The number of shares in Technopolis
increased to 75,645,465.
The company stated in its stock exchange release of March 15, 2013 that it
would close the Vilnius campus deal by May 1, 2013. On May 3, 2013, Technopolis
updated the schedule and, according to the new estimate, the deal will be
closed by the end of May 2013.
Future Outlook
The company estimates its net sales and EBITDA will grow 9% -12% in 2013 from
the previous year.
The company will upgrade its future outlook for net sales and EBITDA growth
from 9 - 12% to 14 - 17% for 2013 when the Vilnius deal is closed.
The Group's financial performance depends on the development of the overall
business environment, customer operations, financial markets, and market yield
requirements. Furthermore, any property transactions that take place will have
an impact on the guidance.
Helsinki, May 7, 2013
TECHNOPOLIS PLC
Board of Directors
Additional information:
Keith Silverang
CEO
tel. +358 40 566 7785
APPENDICES:
A presentation of the Interim Report is available on the company's website at
www.technopolis.fi. To request a printed copy of the document, please call +358
46 712 000 /Technopolis info. The company's financial review for 2012 was
published on March 4, 2013, on the company's website.
Technopolis offers a service for receiving reports and releases on the
company's website at http://www.technopolis.fi. Individuals who sign up to the
service will receive the company's bulletins electronically.
Tables
The accounting policies applied in the interim report are the same as in the
2012 annual report. During the interim period under review the company has
issued an equity related bond, so called hybrid bond. The interest costs of the
hybrid bond affect earnings/share and equity/share indicators. The formulas for
calculating key indicators are available on the company website. The
share-related result and balance sheet figures for the comparison period of
1-3/2012 have been adjusted for the 2012 share issue.
The Company has amended the recognition principle of deferred taxes as of the
beginning of 2013 in accordance with IAS 8 paragraph 14(b). The Company
estimates that it will liquidate its shareholdings in real estate companies by
selling the shares it holds. The prior assumption was a direct sale of a real
estate. The effect amounts to EUR 5.5 million. The change has also a future
effect on the accrual of deferred taxes and equity ratio. Change in group
structure also contributed a EUR 3.5 million change on deferred taxes. The
changes are recognized in retained earnings. If used December 31, 2012 the
equity ratio of the company would have been 36.7% and equity/share EUR 5.06.
Comparison figures for the prior periods have not been calculated.
The financial report has been prepared in accordance with the IFRS recognition
and valuation principles; the IAS 34 requirements have also been complied with.
The figures are unaudited.
Technopolis Group:
STATEMENT OF COMPREHENSIVE INCOME 1-3/ 1-3/ 1-12/
Currency unit: EUR million 2013 2012 2012
--------------------------------------------------------------------------------
Net sales 29.7 25.4 107.3
Other operating income 1) 0.8 0.2 1.7
Other operating expenses -16.5 -13.4 -53.3
Change in fair value of investment properties 3.3 1.2 -5.7
Depreciation -0.6 -0.5 -2.0
--------------------------------------------------------------------------------
Operating profit/loss 16.7 13.0 48.0
Finance income and expenses -2.4 -1.4 -13.6
--------------------------------------------------------------------------------
Result before taxes 14.3 11.5 34.5
Current taxes -3.0 -2.7 -7.5
--------------------------------------------------------------------------------
Net result for the period 11.3 8.8 27.0
Other comprehensive income items
Translation difference 0.4 1.7 0.9
Available-for-sale financial assets 0.0 0.0 0.0
Derivatives 0.5 -0.9 -4.0
Taxes related to other comprehensive income items -0.1 0.2 1.0
--------------------------------------------------------------------------------
Other comprehensive income items after taxes for 0.7 1.0 -2.0
the period
Comprehensive income for the period, total 12.0 9.8 24.9
Distribution of profit for the period:
To parent company shareholders 10.8 8.5 25.8
To non-controlling shareholders 0.4 0.3 1.1
--------------------------------------------------------------------------------
11.3 8.8 27.0
Distribution of comprehensive income for the
period:
To parent company shareholders 11.5 9.5 23.8
To non-controlling shareholders 0.4 0.3 1.1
--------------------------------------------------------------------------------
12.0 9.8 24.9
Earnings per share based on result of flowing to parent company shareholders
adjusted by interest expenses on an equity related bond:
Net profit to parent company shareholders 10.8 8.5 25.8
Interest expenses on an equity related bond -0.1
Tax effect 0.0
-----------------------------
Adjusted net profit 10.7 8.5 25.8
Earnings per share, basic, EUR 0.14 0.13 0.37
Earnings per share, diluted, EUR 0.14 0.13 0.37
1) Other operating income consists of operating subsidies received for
development services; an equal amount is recorded under operating expenses for
development services.
STATEMENT OF FINANCIAL POSITION, ASSETS
Currency unit: EUR million 03/31/20 03/31/20 12/31/20
13 12 12
--------------------------------------------------------------------------------
Non-current assets
Intangible assets 5.6 4.2 5.6
Tangible assets 14.6 12.0 13.7
Completed investment properties 1,010.3 883.2 956.5
Investment properties under construction 56.9 49.6 57.6
Investments 12.8 12.7 12.5
Deferred tax assets 4.6 2.3 2.7
--------------------------------------------------------------------------------
Non-current assets 1,104.9 964.0 1,048.6
--------------------------------------------------------------------------------
Current assets 73.9 18.8 34.1
--------------------------------------------------------------------------------
Assets, total 1,178.8 982.8 1,082.7
--------------------------------------------------------------------------------
STATEMENT OF FINANCIAL POSITION, SHAREHOLDERS'
EQUITY AND LIABILITIES
Currency unit: EUR million 03/31/20 03/31/20 12/31/20 13 12 12
--------------------------------------------------------------------------------
Shareholders' equity
Share capital 96.9 96.9 96.9
Premium fund 18.6 18.6 18.6
Other funds 184.8 80.4 110.2
Translation difference 0.7 1.0 0.3
Retained earnings 141.5 121.3 121.7
Net profit for the period 10.8 8.5 25.8
--------------------------------------------------------------------------------
Parent company's shareholders' interests 453.3 326.7 373.5
Non-controlling interests 16.5 14.2 16.1
--------------------------------------------------------------------------------
Shareholders' equity, total 469.8 341.0 389.5
Liabilities
Non-current liabilities
Interest-bearing liabilities 484.3 485.4 499.7
Non-interest-bearing liabilities 0.3 0.8 0.3
Deferred tax liabilities 44.4 47.2 49.7
--------------------------------------------------------------------------------
Non-current liabilities, total 529.0 533.4 549.7
Current liabilities
Interest-bearing liabilities 134.6 69.7 108.4
Non-interest-bearing liabilities 45.4 38.7 35.0
--------------------------------------------------------------------------------
Current liabilities, total 180.0 108.5 143.5
Liabilities, total 709.0 641.8 693.2
--------------------------------------------------------------------------------
Shareholders' equity and liabilities, total 1,178.8 982.8 1,082.7
--------------------------------------------------------------------------------
STATEMENT OF CASH FLOWS 1-3/ 1-3/ 1-12/
Currency unit: EUR million 2013 2012 2012
--------------------------------------------------------------------------
Cash flows from operating activities
Net result for the period 11.3 8.8 27.0
Adjustments:
Change in fair value of investment properties -3.3 -1.2 5.7
Depreciation 0.6 0.5 2.0
Share of profits of associates 0.0
Gains from disposals -0.1
Other adjustments for non-cash transactions 0.0 0.1 0.2
Financial income and expenses 2.4 1.4 13.6
Taxes 3.0 2.7 7.5
Increase / decrease in working capital 0.2 0.0 1.0
Interests received 0.0 0.0 0.2
Dividends received 0.0
Interests paid and fees -2.2 -3.5 -10.3
Other financial items in operating activities -1.7 -0.6 -4.4
Taxes paid -0.9 -1.1 -3.3
--------------------------------------------------------------------------
Net cash provided by operating activities 9.5 7.2 39.2
Cash flows from investing activities
Investments in other securities 0.0
Investments in investment properties -52.0 -19.9 -107.2
Investments in tangible and intangible assets -0.4 -0.7 -8.2
Granted loans -0.5
Repayments of loan receivables 0.0 0.0
Proceeds from sale of investments 0.0
Proceeds from sale of tangible and intangible assets 0.0 0.0 0.1
Acquisition of subsidiaries -0.2 -0.7
Acquisition of associates -0.5 -0.7
--------------------------------------------------------------------------
Net cash used in investing activities -52.8 -21.3 -116.6
Cash flows from financing activities
Withdrawal of an equity related bond 75.0
Increase in long-term loans 20.9 37.0 96.3
Decrease in long-term loans -24.8 -25.0 -58.2
Dividends paid -12.7
Paid share issue 0.0 32.7
Capital investment by the minority 0.8 1.8
Change in short-term loans 14.0 -5.0 20.9
--------------------------------------------------------------------------
Net cash provided by financing activities 85.2 7.7 80.8
Net increase/decrease in cash assets 41.8 -6.4 3.3
Effects of exchange rate fluctuations on cash held 0.1 0.2 -0.2
Cash and cash equivalents at period-start 15.7 12.5 12.5
Cash and cash equivalents at period-end 57.5 6.3 15.7
STATEMENT
OF
CHANGES
IN EQUITY
Currency Equity attributable to owners of the parent
unit: EUR
million
---------------------------------------------------------------------
Share Premi- Other Trans-lat Re-taine Share of Total
capi-t um rese-r ion d non-control share-hold
al fund ves differed- earn-ing -ling ers'
ces s interests equity
Equity 96.9 18.6 81.1 -0.6 134.1 13.1 343.2
January
1, 2012
--------------------------------------------------------------------------------
Comprehens
ive income
Net profit 8.5 0.3 8.8
for the
period
Other
comprehensive
income items
Translatio 1.7 1.7
n
differenc
e
Derivative -0.7 -0.7
s
Available-for-sale 0.0 0.0
financial assets
--------------------------------------------------------------------------------
Comprehensive -0.7 1.7 8.5 0.3 9.8
income for the
period
Related
party
transacti
ons
Dividend -12.7 -12.7
Change in ownership 0.1 0.1
interests in subsidiaries
2)
Other -0.2 0.8 0.6
changes
--------------------------------------------------------------------------------
Related -12.8 0.8 -12.0
party
transacti
ons
--------------------------------------------------------------------------------
Equity 96.9 18.6 80.4 1.0 129.8 14.2 341.0
March 31,
2012
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Equity 96.9 18.6 110.2 0.3 156.5 16.1 398.5
January
1, 2013
3)
--------------------------------------------------------------------------------
Comprehens
ive income
Net profit 10.8 0.4 11.3
for the
period
Other
comprehensive
income items
Translatio 0.4 0.4
n
differenc
e
Derivative 0.3 0.0 0.3
s
Available-for-sale 0.0 0.0 0.0
financial assets
--------------------------------------------------------------------------------
Comprehensive 0.3 0.4 10.8 0.4 12.0
income for the
period
Related
party
transacti
ons
Dividend -15.1 -15.1
Equity related bond issue 74.3 74.3
Other 0.0 0.1 0.1
changes
--------------------------------------------------------------------------------
Related 74.3 -15.0 59.3
party
transacti
ons
--------------------------------------------------------------------------------
Equity 96.9 18.6 184.8 0.7 152.3 16.5 469.8
March 31,
2013
--------------------------------------------------------------------------------
2) Acquisition of non-controlling interests without change in control
3) Effect of changes in recognition principle of deferred taxes, EUR 5.5
million, and in group structure, EUR 3.5 million, total of EUR 9.0 million, has
been recognized in opening balance of 2013 in retained earnings.
FINANCIAL INFORMATION BY SEGMENTS
Technopolis Group has three operating segments based on geographical units:
Finland, Russia and Estonia. The segment division presented in this interim
report is based on the Group's existing internal reporting procedures and the
organization of the Group's operations. The Group's net sales or EBITDA do not
include significant inter-segment items.
SEGMENT INFORMATION 1-3/ 1-3/ 1-12/
Currency unit: EUR million 2013 2012 2012
---------------------------------------------------
Net sales
Finland 26.8 23.1 97.4
Russia 1.3 1.2 5.0
Estonia 1.6 1.2 4.8
Unallocated 0.0 0.0 0.0
Total 29.7 25.4 107.3
---------------------------------------------------
EBITDA
Finland 13.1 11.3 51.2
Russia 0.3 0.3 1.4
Estonia 0.8 0.5 3.1
Unallocated -0.2 0.0 0.0
Total 14.0 12.2 55.8
---------------------------------------------------
Assets
Finland 1,020.8 853.9 935.7
Russia 97.9 70.4 90.9
Estonia 93.4 82.0 89.8
Eliminations -33.3 -23.5 -33.6
Total 1,178.8 982.8 1,082.7
---------------------------------------------------
EPRA EARNINGS
Technopolis presents its official financial statements by applying the IFRS
standards. The statement of comprehensive income includes a number of items
unrelated to the company's actual business operations. Therefore, the company
presents its direct result, which better reflects its real result.
The direct result presents the company's financial result for the period
excluding the change in the fair value of investment properties, the change in
the fair value of financial instruments, unrealized exchange rate gains and
losses and any non-recurring items, such as gains and losses on disposals.
Additionally, the statement of comprehensive income showing the direct result
presents the related taxes, deferred tax assets and liabilities and share of
non-controlling interests.
Items excluded from the direct result and their tax effects and share of
non-controlling interests are presented in the statement of income showing the
indirect result. Earnings per share have been calculated both from the direct
and indirect results in accordance with the instructions issued by the European
Public Real Estate Association EPRA.
The direct and indirect result and the earnings per share calculated from them
are consistent with the company's financial result and earnings per share for
the period.
DIRECT RESULT 1-3/ 1-3/ 1-12/
Currency unit: EUR million 2013 2012 2012
--------------------------------------------------------------------------------
Net sales 29.7 25.4 107.3
Other operating income 0.7 0.2 1.3
Other operating expenses -16.5 -13.4 -53.3
Depreciation -0.6 -0.5 -2.0
--------------------------------------------------------------------------------
Operating profit/loss 13.3 11.8 53.3
Finance income and expenses, total -2.8 -3.6 -13.0
--------------------------------------------------------------------------------
Result before taxes 10.5 8.2 40.3
Taxes for direct result items -2.1 -2.5 -9.2
Non-controlling interests -0.4 -0.3 -1.2
--------------------------------------------------------------------------------
Direct result for the period 8.0 5.4 29.9
INDIRECT RESULT
Non-recurring items 0.0 0.0 0.4
Change in fair value of investment properties 3.3 1.2 -5.7
--------------------------------------------------------------------------------
Operating profit/loss 3.4 1.2 -5.3
Change in fair value of financial instruments 0.4 2.1 -0.5
--------------------------------------------------------------------------------
Result before taxes 3.7 3.3 -5.8
Taxes for indirect result items -0.9 -0.2 1.7
Non-controlling interests -0.1 0.0 0.1
--------------------------------------------------------------------------------
Indirect result for the period 2.8 3.1 -4.0
Result for the period to the parent company shareholders, 10.8 8.5 25.8
total
Earnings per share, diluted 4)
From direct result 0.11 0.08 0.43
From indirect result 0.04 0.05 -0.06
--------------------------------------------------------------------------------
From net result for the period 0.14 0.13 0.37
4) Earnings per share calculated according to EPRA's instructions.
KEY INDICATORS 1-3/ 1-3/ 1-12/
2013 2012 2012
--------------------------------------------------------------------------------
Change in net sales, % 16.8 14.5 15.6
Operating profit/loss/net sales, % 56.0 51.0 44.8
Interest coverage ratio 5.0 3.4 4.5
Equity ratio, % 40.1 34.9 36.2
Loan to value, % 57.5 59.0 59.5
Group company personnel during the period, 184 176 178
average
Gross expenditure on assets, MEUR 50.6 27.9 115.8
Net rental income of investment properties, 7.2 7.3 7.8
% 5)
Financial occupancy rate, % 92.2 94.3 95.3
Earnings/share
basic, EUR 0.14 0.13 0.37
diluted, EUR 0.14 0.13 0.37
Cash flows from operating activities/share, 0.12 0.11 0.56
EUR
Equity/share, EUR 6.00 4.91 4.94
Average issue-adjusted number of shares
basic 75,561,227 66,586,727 69,913,841
diluted 75,840,997 66,787,804 70,146,318
Issue-adjusted number of shares at the end 75,561,227 66,586,727 75,561,227
of period
5) The figure does not include properties commissioned and acquired during the
fiscal year.
SPACE AND SERVICE BUSINESS 1-3/ 1-3/ 1-12/
2013 2012 2012
---------------------------------------------------------------------
Space
Net sales 26.1 22.2 93.0
Other operating income 0.0 0.0 0.3
Expenses for properties -9.3 -7.3 -27.2
Allocated sales, group and administration expenses -1.2 -1.1 -4.3
EBITDA 15.7 13.8 61.9
EBITDA % 60.0 62.2 66.5
---------------------------------------------------------------------
Services
Net sales 3.7 3.2 14.2
Other operating income 0.7 0.2 1.3
Expenses -3.4 -2.6 -12.0
Allocated sales, group and administration expenses -0.4 -0.5 -2.1
EBITDA 0.5 0.2 1.3
EBITDA % 14.5 6.8 9.4
---------------------------------------------------------------------
CHANGE IN VALUE OF INVESTMENT PROPERTIES 1-3/ 1-3/ 1-12/
2013 2012 2012
--------------------------------------------------------------------------------
Change in fair value, Finland -1.6 -1.0 -6.3
Change in fair value, Russia 2.2 0.6 1.6
Change in fair value, Estonia -0.2 0.0 0.0
--------------------------------------------------------------------------------
Change in fair value 0.3 -0.4 -4.7
Changes in acquisition costs of investment properties in -0.1 -1.0 -10.7
financial year
Changes in fair value of projects in progress 3.1 2.7 9.7
--------------------------------------------------------------------------------
Effect on profit of change in value of investment properties 3.3 1.2 -5.7
CONTINGENT LIABILITIES
Currency unit: EUR million 03/31/2013 03/31/2012 12/31/2012
--------------------------------------------------------------------------------
Pledges and guarantees on own debt
Mortgages of properties 191,1 525,5 605,6
Pledged securities and investment properties 734,6 204,7 201,5
Other guarantee liabilities 52,1 58,4 53,5
Leasing liabilities, machinery and equipment 6,3 4,4 5,3
Project liabilities 0,2 0,2 0,2
Interest rate and currency swaps
Nominal values 217,2 163,0 190,4
Fair values -8,8 -4,8 -9,0
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