www.carepropertyinvest.be
TRACK RECORD CEO Care Property Invest CEO of Care Property Invest since September 2009 Director of Serviceflats Invest since June 2003 General Manager Public Finance at KBC Bank from 1996 to 2009 I strongly believe in a thriving future for this Company, as we go beyond investing, by trying to assume the role of innovator in the field of health care real estate. Peter Van Heukelom CEO Manager Marketing and Sales at Dexia from 1988 to 1996 Sales Manager at Mercator Verzekeringen from 1977 to 1988 Contact /PeterVanHeukelom peter.vanheukelom@carepropertyinvest.be 00 32 (0) 3 222 94 94
TRACK RECORD CFO Care Property Invest CFO of Care Property Invest since July 2016 until July 2016 -Company lawyer of Care Property Invest I strongly believe in a thriving future for this Company, as we go beyond investing, by trying to assume the role of innovator in the field of health care real estate. Filip Van Zeebroeck CFO Contact /FilipVanZeebroeck filip.vanzeebroeck@carepropertyinvest.be 00 32 (0) 3 222 94 94
AGENDA Agenda 1. Serviceflats Invest A solid foundation 2. Care Property Invest Business model 3. Care Property Invest Investments and pipeline 4. Care Property Invest Financial information 5. Care Property Invest The share 4
KEY INVESTMENT HIGHLIGHTS 5. Experienced management team 1. High visibilty/ solid existing cashflows Majority of the members of the management committee has been involved in CPI since its foundation in 1995. Valuable experience in the niche market of service flats through the realization of 1,988 service flats. Long duration of lease contracts with adjusted debt maturities at a fixed interest rate (1). Annually indexed triple net contracts, no vacancy risk and strong solvency profile of the tenants. 4. Strong track record CPI share 3. Attractive dividend yield 2. perfect placement to seize new growth opportunities First listed Belgian RECC in 1995. The share was traded at a plusvalue of 39.15% compared to the actual net asset value per share on 31 December 2017. Gross dividend yield of 3.66% (2). Solid relationship with the PCSWs (OCMW/CPAS). Market with a favorable demographic evolution. (1) The average remaining term of the contracts is 17.45 years on 31 December 2017. (2) Based on the share price on 31 December 2017 and the dividend for the 2017 financial year of 0.68 per share, which corresponds to a pay-out ratio of 92% as compared to an EPRA EPS of 0.7388. The dividend is subject to the decision of the annual general meeting of shareholders and must comply with Article 13 of the Belgian Royal Decree concerning RRECs and Article 617of the Companies Code.
1. Serviceflats Invest A solid foundation www.carepropertyinvest.be 6
Serviceflats Invest 20 YEARS OF EXPERIENCE Serviceflats Invest: BEVAK (now: RREC - BE-REIT) founded in October 1995 Initiative of the Flemish government NV OPENBARE BE VA K NAAR BELGISCH RECH T Building and financing of 2,000 qualitative and affordable service flats targeted at 75+ year-olds (assisted living units) in Flanders and Brussels Cooperation with: Public Centres for Social Welfare ( OCMWs /CPAS or PCSWs ) and municipalities Non Profit Organisations ( Caritatieve VZWs /ASBL caritative or NPOs )(1) Subsidised structure by the Flemish government Realised (2): 1,988 assisted living units built on 76 sites in Flanders Investments of 171.13m(3) generating a rental income of 13.82m (1) Part of Zorgnet Vlaanderen, structure with a Catholic background (2) As of 31 December 2016 (3) Sum of receivables financial lease ( 160.25m) and trade payables related to fixed assets (real estate a.o.) ( 10.88m) (31 December 2017) 7
NV OPENBARE BE VA K NAAR BELGISCH RECH T Serviceflats Invest PROJECT STRUCTURE general contractor/ Architect Design - Build - Finance structure Development Financing Structure: Local PCSW receives a yearly subsidy from the Flemish government per service flat Upon termination of the building right period, ownership right of the building automatically gets transferred back to the local PCSW Right of superficie (1) min. 32 years Leasehold building(2) min. 27 years SFI is not responsible for maintenance or renting: economical occupancy rate of 100% Structuur subsidised by the Flemish Government Client: PCSW (3) Triple net leasehold contracts with 100% investment repayment at end of leasehold. Unique earnings visibility with 17.45 years remaining on average as of 31 December 2017. (1) Recht van opstal/droit de superficie; (2) Erfpacht/droit d emphythéose (3) Same structure applies for NPOs 8
Serviceflats Invest LOW-RISK HIGH VISIBILITY A) Due to solvency profile of tenants (1) NPO (9%) PCSW (91%) Contracts backed by a mortgage mandate on the properties. Guaranteed by the municipalities. In case of default by the local government, Serviceflats Invest is entitled to a claim on the government fund (dotation from the Flemish government rated AA2/AA). Subsidy stream on blocked account used to partially reimburse Serviceflats Invest at end of building right(2) (1) Split based on rental income per 31 December 2017 for Serviceflats Invest portfolio (2) 1.140,43 since 2008 per flat per year of the Flemish Government 9
Serviceflats Invest LOW-RISK HIGH VISIBILITY B) Duration of the leasehold contracts are fully matched with the debt maturities 10
2. Care Property Invest The business model www.carepropertyinvest.be 11
The business model BUSINESS MODEL-AS FROM 2015 NV OPENBARE BE VA K NAAR BELGISCH RECH T Service flats only («closed investment program») Also development and acquisition of healthcare properties (Care decree of Flanders) and residential solutions for people with disabilities Nursing homes, short-stay centers,... Service flats (groups of assisted living residences) Local service centres Protected or assisted living facilities Flanders and Brussels Outside Flanders (EEA) same scope in accordance with local regulations Fixed subsidised structure New assets are not subsidised anymore PCSWs and NPOs PCSWs and NPOs + private market 12
The business model UNIQUE COMBINATION PUBLIC AND PRIVATE MARKET SPLIT IN INVESTMENT PROPERTIES VS FINANCE LEASES AT FAIR VALUE (AS AT 31 DECEMBER 2017) Million 500 400 350 EVOLUTION OF FAIR VALUE OF TOTAL PORTFOLIO 434.5 300 330.3 250 271.8 47% 53% Finance leases (IAS 17) Investment properties (IAS 40) 200 150 100 106.9 111.4 122.9 141.0 166.6 163.8 219.4 50 88.8 95.8 Million ACCELERATING GROWTH OF FAIR PORTFOLIO VALUE OVER RECENT YEARS 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 500 400 350 300 250 200 150 100 50 163.85 (100%) 2013 217.19 (99%) 2.25 (1%) 2014 221.89 (82%) 49.96 (18%) 2015 245.29 (74%) 85.04 (26%) 2016 232.20 (54%) 201.66 (46%) 2017 13
The business model GEOGRAPHICAL DISTRIBUTION The 92 projects in portfolio are geographically spread as follows: GEOGRAPHICAL SPREAD OF THE NUMBER OF PROJECTS GEOGRAPHICAL SPREAD OF THE NUMBER OF RESIDENTIAL UNITS 13% 2% 1% Antwerp (1) 8% 4% 13% 33% BCR (2) Limburg Luxembourg 12% 34% East Flanders (3) Flemish Brabant 13% 18% 20% West Flanders 14% 15% Figures as at 31 December 2017 Figures as at 31 December 2017 (1) On 31 December 2017, the project Hof Driane in Herenthout is still under development. (2) Including the development of the residential care centre Les Saules in Vorst, for which building land was acquired on 28 February 2017 and was also stated in the category investment properties. As from 31 December 2017 this item is stated at fair value less the forecast construction costs. The construction works for the realisation of this project were started on 15 September 2017. (3) As at 31 December 2017, the project De Nieuwe Ceder in Deinze, for which the DBF contract was signed on 30 October 2017, is still in the preparation phase. The works will start in the spring of 2018. 14
The business model DISTRIBUTION OPERATORS 0perator base with proven track record 1% 8% 3% 3% 1% 4% Anima Care (1) Armonea Non-profit organisations (NPOs) PCSWs 13% 9% 7% 1% 3% 80% Senior Living Group (2) Vulpia Care Group 67% Figures as at 31 December 2017 based upon the number of projects Figures as at 31 December 2016 based upon the rental income (1) The construction works for the residential care centre Les Saules in Vorst were started on 15 September 2017. After the provisional acceptance, a subsidiary of Anima Care nv (which is a full subsidiary of Ackermans & Van Haaren) will operate the property. (2) A subsidiary of the French listed company Korian. 15
The business model AGEING POPULATION, RISING DEMAND Evolution demographics Belgian population 2016-2060 The total Belgian population is projected to grow from 11.30 million in 2016 to 12.41 million in 2060 which represents an increase of 15%. 11.30 11.63 12.41 13.04 +108% +36% As can be seen from the graph on the right this increase is skewed to the highest age brackets: 36% for the 67-79 years bracket 108% for the 80+ years bracket In absolute terms this means that for the two highest age brackets the total population will increase from 1.83 million in 2016 to 2.94 million in 2060 or an increase of more than 1 million. +4% +16% 2016 2022 2040 2060 0 17 years 67 79 years 18 66 years 80+ years 16
Care Property Invest AGEING POPULATION, RISING DEMAND Trends Almost all seniors prefer to continue to stay at home People become older and stay healthier for a longer time Moving to a residential care centre (nursing home) is a non-obvious and often unwanted final solution Alternatives for senior residential care Making homes life-proof (Adaptable for different life stages) Informal care in an environment such as kangaroo living Focus on home care Timely move into an apartment, service flat or assisted living apartment Cohousing for seniors (living together): eg. Abbeyfield Increasing demand for new residential care centres Regardless of the previous findings and alternatives, pressure to build more residential care centres will continue to grow through a gradual doubling of the over-80s with high care needs. 17
Care Property Invest AGEING POPULATION, RISING DEMAND Why do people have to leave their homes? TYPES OF HOUSING IN BELGIUM Almost 75% of houses are hardly or not liveable for people with limited mobility. 27% 27% Maintenance of gardens and oversized houses is expensive and requires a great amount of effort, especially when physical activities become increasingly difficult. 27% 19% From a social point of view, it would be better to leave large family homes to young families and choose for a safe and more suitable environment such as an apartment, service flat or assisted living apartment. Apartments Detached housing Semi-detached housing Terraced housing 18
Care Property Invest AGEING POPULATION, RISING DEMAND Who is responsible for the costs? GOVERNMENT: Government pays for care (compensations based on care needs). PRIVATE INDIVIDUALS: Private individuals pay for accommodation and stay (daily rate) 80% of Belgians with a pensionable age own a home. Government provides financial support for those who are struggling. 19
Care Property Invest AGEING POPULATION, RISING DEMAND Care landscape in Belgium and the Netherlands CARE LANDSCAPE IN BELGIUM CARE LANDSCAPE IN THE NETHERLANDS 2% 25% 40% 25% 98% Private/ commercial sector Public sector Non-profit organisations (NPOs) Private/ commercial sector Foundations (non-profit) 20
The business model BUSINESS MODEL PUBLIC MARKET public -private Own developments Design-Build-Finance (Maintain) Land with building right of 30y Leasehold of 27 years to the operator Investment repayment to CPInvest through a repayment plan(1) Adding maintenance, frees PCSW from including the debt of the project on balance sheet (2) No DFBMO Joint DBFMO efforts Joint DBFMO efforts for assisted living units Architect, general contractor, CPInvest, care partner and operations partner Occupancy risk remains with CPInvest Acquisition of land or building(s) Development of a care property in close collaboration with the future operators Building remains the property of CPInvest (1) instead of at end of building right period; (2) Following 2010 ESA rule 21
The business model BUSINESS MODEL PRIVATE MARKET Own developments Purchase existing sites Acquisition of land or buildings Development of a care facility in close collaboration with the future operators Building remains the property of CPInvest Care real estate in line with the vision of CPInvest Leases or building rights of at least 27 years Care real estate with renovation potential 22
3. Care Property Invest Investments and pipeline www.carepropertyinvest.be 23
are Property Invest haalt ruim 33,5 miljoen op. 2013 Amendments to the Articles of Association to expand the objective. 2014 Serviceflats Invest becomes Care Property Invest. Share split 1: 1000 Capital increase within the framework of an interim dividend. Recognition as a Regulated Real Estate Company (RREC). 2012 Investment program 2,000 service flats nearly completed. Decision to amend the Articles of Association for the re-start of Serviceflats Invest. History 2015 22 June 2015: Capital increase in cash Through a decision by the Board of Directors Total amount of capital increase: approx. 38m 2,825,295 new ordinary shares were issued Issue price per share on 22/6/2015: 13,45 (share price on 31/12/2016: 20,45) Distribution 16.8m capital and 21.1m share premium 32% of offered shares subscribed by existing shareholders; offer fully subscribed 7 new investments for a total conventional value of approximately 74m. 2017 Investments and pipeline Capital increase in kind 15 March 2017 Total amount of capital increase: 33,563,407 1,844,160 new ordinary shares were issued Issue price per share on 15/3/2017: 18,20 (share price on 31/12/2016: 20,45) More than double subscriptions for the offer at the subsequent placement by the project s vendor As from 15 March 2017 15,028,880 fully paid-up shares 2016 Establishment Management Board Inclusion in the BEL MID index / EPRA 2 new investments for a total conventional value of approx. 32.4 million. Capital increase enabled Care Property Invest to: Grow & invest Enhance the liquidity of its shares Welcome new institutional and retail investors 24
are Property Invest haalt ruim 33,5 miljoen op. History Investments and pipeline Capital increase in cash 27 October 2017 Total amount of the capital increase: 72,138,612.00. 4,293,965 new ordinary shares were issued Issue price per share on 27/10/2017: 16.80. Share capital on 27/10/2017: 114,961,266.36 Total number of securities with voting rights of 19,322,845 shares, of which 19,172,845 ordinary shares and 150,000 special shares. The new shares will share in the result of the 2017 financial year on a pro rata basis (coupon no. 9). For the existing shares, coupon no. 8 (01/01/2017-26/10/2017) has been detached. Dividend represented by both coupons will be paid out after the ordinary general meeting of 30 May 2018. OVERVIEW OF THE COMMITTED INVESTMENTS FINANCED THROUGH THE OCTOBER 2017 CAPITAL INCREASE An overview of the committed investments, within the framework of the October 2017 capital increase as described in the Securities note. Committed investments Type of project Location Conventional value (in million ) QALY@BEERSEL Residential care centre Beersel, Flemish Brabant OASE Residential care centre Meise (Wolvertem), Flemish Brabant DE NIEUWE CEDER Housing complex to be developed for persons with disabilities and acquired brain injuries Deinze, East Flanders HOF DRIANE Group of assisted living apartments Herenthout, Antwerp LES SAULES Residential care centre Vorst, Brussels Capital Region 16.7 16.0 11.0 (1) 3.6 (2) 15.2 RESIDENTIE MORETUS Residential care centre Berchem, Antwerp PARK KEMMELBERG Group of assisted living apartments Berchem, Antwerp 23.0 7.0 As from 27 October 2017 19,322,845 fully paid-up shares Total conventional value 92.5 % Net total amount of capital increase invested on 31/12/2017 128% (1) On 31 December 2017, an amount of 3,003,773.04 was capitalised. (2) On 31 December 2017, an amount of 6,352,697.56 was recognised. This concerns the fair value less the forecast construction costs. 1,8 million and 11 million respectively, this is 78%. 25
Investments and pipeline INVESTMENTS 2015 Turnhout Aan de Kaai Turnhout De Nieuwe Kaai Herenthout Boeyendaalhof Gullegem Tilia Capacity: Contr. value/ Expected investment: Information transaction: Operator: Agreement type: RCC with 82 residential places and possibility for 10 additional rooms Approx. 16.50m Deal closed on 18/09/2015 Vulpia Vlaanderen Leasehold agreement triple net with indexed canon Capacity: Contr. value/ Expected investment: Information transaction: Operator: Agreement type: RCC with 94 residential places and 13 assisted living units Approx. 17.26 m Deal closed on 18/09/2015 Vulpia Vlaanderen Leasehold agreement triple net with indexed canon Capacity: Contr. value/ Expected investment: Information transaction: Operator: Agreement type: RCC with 105 residential places and 17 assisted living units Approx. 14.7m Rental income as from 1/01/2016. Deal closed on 23/12/2015. Vulpia Vlaanderen Leasehold agreement triple net with indexed canon Capacity: Contr. value/ Expected investment: Information transaction Operator: Agreement type: Extra information: 15 assisted living units Approx. 2.25m Purchase on 12/05/2015 Rental income as from 1/06/2015 PCSW Wevelgem LT agreement with indexed rent Occupancy risk and maintenance of property with Care Property Invest (only 1 investment in portfolio) General remark: RCC is the abbreviation for Residential Care Care Centre Investments resulting from the capital increase of june 2015: Total amount spent 26
Investments and pipeline INVESTMENTS 2016 Lanaken 3 Eiken Bonheiden- Rijmenam Ter Bleuk Capacity RCC with 122 residential places Capacity 52 assisted living units Contr. value/ Expected investment: Information transaction Approx. 19,0 m Deal closed on 30/12/2016 Contr. value/ Expected investment: Information transaction Approx. 13,4 m Deal closed on 22/12/2016 Operator: Agreement type Subsidiary of the Senior Living Group Leasehold agreement triple net with indexed canon Operator: Agreement type Subsidiary of the Senior Living Group LT lease agreement triple net with indexed rent 27
Investments and pipeline INVESTMENTS 2017 Moerbeke Herfstvrede Watermaal-Bosvoorde Les Terrasses du Bois Libramont Bois de Bernihè Beersel (Alsemberg) Seniorencampus Qaly@ Beersel Capacity Investment value Information transaction Operator: 22 assisted living units Approx. 3.7 m Provisonal delivery: 23/2/2017. Rental income as from 1/4/2017. DBF-structure. PCSW Moerbeke Capacity RCC with 143 residential places and 34 assisted living units Contr. value/ Expected investment: Information transaction Approx. 34.0 m Contribution in kind Capacity: Contractual value: Info transaction: RCC with 108 residential places and 18 assisted living units Approx. 11.9 m Rental income as from 01/08/2017 Capacity: Contractual value: Info transaction: RCC with 78 residential places and a short stay centre with 9 residential places Approx. 16.7 m Rental income as from 03/10/2017 Agreement type Leasehold agreement triple net with indexed canon Operator: Agreement type Subsidiary of Armonea Leasehold agreement double net with indexed canon Operator: Agreement type: Vulpia Wallonië Leasehold agreement triple net with indexed canon Operator: Qaly@Beersel BVBA Agreement type: LT lease agreement triple net with indexed rent 28
Investments and pipeline INVESTMENTS 2017 Meise (Wolvertem) Oase Berchem Residentie Moretus Berchem Park Kemmelberg Capacity: RCC with 80 residential places Contractual Approx. 16.0 m value: Info transaction: Operator: Rental income as from 01/11/2017. vzw Den Binner Capacity: RCC with 150 residential places Contractual value: Info transaction: Approx. 23.0 m Financed through equity capital increase october 2017 and acquisition of existing loans Capacity: Contractual value: Info transaction: Operator: 31 assisted living units Approx. 7.0 m Financed through equity capital increase october 2017 and acquisition of existing loans Subsidiary of Armonea Agreement type: LT lease agreement triple net with indexed rent Operator: Agreement type: Subsidiary of Armonea LT lease agreement triple net with indexed rent Agreement type: LT lease agreement triple net with indexed rent 29
Investments and pipeline INVESTMENTS 2018 Herenthout Hof Driane Brakel Residentie t Neerhof Koekelberg Home Aldante Capacity 22 assisted living units Capacity RCC with 108 residential places Capacity RCC with 60 residential places Expected investment Approx. 3.6 m Contractual value Approx. 14.8 m Contractual value Approx. 3.5 m Information transaction Provisional delivery; 20/2/2018 Information transaction Rental income as from 3/4/2018 Information transaction Rental income as from 3/4/2018 Rental income as from 1/3/2018 Operator: Vulpia Vlaanderen Operator: Vulpia Brussel Operator: Agreement type PCSW Herenthout Leasehold agreement triple net with indexed canon Agreement type LT lease agreement triple net with indexed rent Agreement type LT lease agreement triple net with indexed rent 30
Investments and pipeline PROJECTS UNDER DEVELOPMENT 2018 Vorst Les Saules Capacity Contr. value/ Expected investment: Information transaction Operator: RCC with 118 licensed residential places Expected investment of approx. 15.2 m upon provisional delivery (expected H1 2019) Building ground + development approx. 4.3 m Subsidiary of the Anima Care Group Deinze De Nieuwe Ceder Capacity: Contr. value/ Expected investment: Info transaction: Operator: Housing complex for persons with disabilities and acquired brain injuries Approx. 11.0 m Signing of a DBF agreement (Design, Build and Finance) vzw Zorghuizen Middelkerke Assistentiewoningen Welzijnshuis Capacity: 60 assisted living units Contr. value/ Expected investment: Info transaction: Operator: Approx. 8.2 m Tender from the PCSW Middelkerke. DBF contract PCSW Middelkerke Agreement type LT lease agreement triple net with indexed rent Agreement type: Leasehold agreement triple net with indexed canon Agreement type: Leasehold agreement triple net with indexed canon 31
Investments and pipeline OUTLOOK INVESTMENTS outlook financial year 2018: Investment opportunities exist in the private and public markets Contributions in kind are also being considered. Care Property Invest is also investigating possible markets outside of Belgium (primarily the Netherlands) Investment pipeline of minimum 50-75 million in 2018 France Belgium Netherlands Germany Luxemburg 32
4. Care Property Invest Financial information www.carepropertyinvest.be 33
Financial information EPRA KEY PERFORMANCE INDICATORS FY 2017 Inclusion of ratios after EPRA membership in 2016 - Winner EPRA BPR Gold Award Improved KPI s compared to 2016 Financial year closed on 31 December 2017 2016 EPRA Earnings (in /share) 0.81 0.62 EPRA NAV (in /share) 15.98 15.76 EPRA NNNAV (in /share) 13.79 13.13 EPRA netto initieel rendement (NIR) (in %) 4.41 4.54 EPRA Net Initial Yield (NIY) (in%) 4.41 4.54 EPRA Vacancy Rate (in%)(*) 0.00 0.00 EPRA Cost Ratio (including direct vacancy costs) (in %) 10.57 14.81 EPRA Cost Ratio (excluding direct vacancy costs) (in %) 10.57 14.81 34
Financial information KEY FIGURES P&L STATEMENT (*) Increased operational result (29.77%) compared to 2016, net rental income increased through acquisitions Increased financial result due to inclusion of the fair value of closed financial instruments CPI will pay paid out a gross dividend of 0.68/ share for 2017 and has set the goal of creating an increase of the gross dividend to 0.72 per share for 2018 Consolidated FY 2017 FY 2016 FY 2015 Net rental income 19,947,118.72 15,629,497.09 13,731,516.84 general expenses of the Company -3,004,090.78-2,375,962.76-2,403,404.92 other operating income and expenses 895,789.05 61,780.72 80,936.67 Operating result before result on portfolio 17,838,816.99 13,315,315.05 11,409,048.59 changes in fair value of real estate investments 457,476.20 1,925,213.00 1,690,056.08 Other results on portfolio -1,017,477.82 0.00 0.00 Operating result 17,278,815.37 15,240,528.05 13,099,104.67 financial income 8,650.77 12,431.90 59,437.52 financial costs -4,244,912.44-4,870,059.27-3,810,759.29 changes in fair value of financial instruments 2,049,040.70-2,153,469.00 2,847,152.52 Financial result -2,388,097.99-7,018,922.19-904,169.25 Financial result before taxes 14,890,717.38 8,221,605.86 12,194,935.42 Taxes -603,003.08-326,322.44-181,645.33 Net result 14,287,714.30 7,895,283.43 12,013,830.09 net cash result / EPRA result net cash result / EPRA result per share (Gross) dividend per share Pay-out ratio (as % of the net cash result) 11,804,861.97 8,410,270.50 7.841.408,13 0.81 0.62 0.63 0.68 0.63 0,63 91% 99% 95% (*)Current expression: Global result statement 35
Financial information RENTAL INCOME VS GENERAL EXPENSES Million 20 EVOLUTION OF CONSOLIDATED RENTAL INCOME VERSUS GENERAL EXPENSES (IN MILLION ) 19 18 17 16 15 >60% 14 13 12 11 10 9 8 7 6 5 4 3 2 1 2013 2014 2015 2016 2017 Percentage increase rental income since 2013: >60% Income General expenses 36
Financial information KEY FIGURES BALANCE SHEET Accelerated growth in 2017 is noticeable by the sharp rise in property investments compared to FY 2016 Increased financial leases thanks to inclusion project Moerbeke Increase in equity because of capital increase (contribution in kind) Consolidated FY 2017 FY 2016 FY 2015 Receivables financial lease 160,251,205 156,938,252.98 157,005,329 Trade payables related to fixed assets 10,885,750 11,845,645 12,254,002 Investment properties 201,664,978 85,040,501 49,960,748 Other assets included in debt ratio 5,670,226.66 5,533,552 2,510,302 Cash & cash equivalents 5,641,055 3,657,309 8,547,846 Total assets 384,113,215 263,015,260 230,278,228 Equity 218,157,243 108,698,809 100,299,745 financial debt & liabilities included in debt 135,942,791.05 131,301,154 105,466,068 ratio other liabilities not included in debt ratio 30,013,181.13 23,015,297 24,512,415 total equity and liabilities 384,113,215.44 263,015,260 230,278,228 Debt ratio 35.39% 49.92% 45.80% Weighted average interest rate 3.76% 4.01% 4.17% 37
Financial information KEY FIGURES NET ASSET VALUE IFRS NAVPS: NAVPS according to IFRS Excl. IAS 39: the variations of the hedging instruments are hypothetical and depend on the market interest rate: no realised losses/ gains IAS 17 obliges to book leasings at nominal value of initial investment ( 160m) which is lower than the fair value ( 245m at 31/12/2016; 232m at 31/12/2017) Consolidated FY 2017 FY 2016 FY 2015 Net assets of the Company 218,157,243.26 108,698,809 100,299,744 IFRS NAVPS 11.29 8.24 7.62 Net assets of the Company, excluding authorised hedging instruments IFRS NAVPS excl. IAS 39 : Net value per share excluding authorised hedging instruments Net assets of the Company, excluding authorised hedging instruments, including fair value of lease receivables ( EPRA NAV) IFRS NAVPS excl. IAS 39, IAS 17 fair value: Net value per share excluding authorised hedging instruments, including fair value of lease receivables 237,571,206.56 130,161,813 119,609,280 12.29 9.87 9.08 298,629,933.96 206,677,221 172,239,426 15.45 15.68 13.08 38
5. Care Property Invest The share www.carepropertyinvest.be 39
The share SOLID TRACK RECORD Since 2003 30 Share price (in EUR, LH scale) 80 300 25 Volume (in thousands, RH scale) 70 250 60 20 50 200 15 40 150 10 30 100 20 5 10 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 IPO on 7 February 1996 at EUR 5.95 (adjusted for stock split). Enhanced liquidity and increasing share price since capital increase of March 2015. As from 19 December 2016: Inclusion share in the Euronext Brussels BEL Mid Index As from December 2016: member of the EPRA organisation 40
The share MARKET CAPITALISATION SHARE EVOLUTION MARKET CAPITALISATION Million 400 350 300 358,535,389 250 269,627,524 200 200,407,744 150 165,647,206 100 134,733,519 50 0 2013 2014 2015 2016 2017 Market cap increased with 166% over the last 5 years and 18% last year 41
The share DIVIDENDS EVOLUTION OF THE GROSS DIVIDEND (IN /SHARE) SINCE INITIAL PUBLIC OFFERING) EVOLUTION OF THE GROSS DIVIDEND (IN /SHARE) SINCE INITIAL PUBLIC OFFERING) A dividend of 0.68 per share will be paid out for FY 2017, the gross dividend yield amounts to 3.66%. Dividend paid out in 2018 will be subject to 15% WHT 0.80 0.75 0.70 0.65 0.60 0.55 0.50 0.45 0.40 0.35 0.30 0.25 0.20 0.15 0.10 0.5 0.0 /share 0.37 0.34 1996 0.32 0.34 0.29 0.30 0.30 0.30 Gross dividend (in /share) - On 24 March 2014 a share split took place (1/1000) Net result IFRS (in /share) 0.35 0.35 0.39 0.39 0.41 0.41 0.48 0.46 0.52 0.47 (1) through creation of additional shares through an optional dividend (2) through creation of additional shares through a capital increase in 2015 0.50 0.48 0.47 0.49 (3) subject to approval at the general meeting of 16 May 2018 (4) Forecast 0.49 0.49 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (3) 2018 (4) 0.51 0.51 0.51 0.51 0.53 0.51 0.55 0.51 0.61 0.55 0.77 0.63 (1) 0.73 0.63 (2) 0.66 0.63 0.65 0.63 0,63 0.74 0.68 42 0.78 0.72
Horstebaan 3 2900 Schoten T 03/222.94.94 F 03/222.94.95 E info@carepropertyinvest.be www.carepropertyinvest.be www.carepropertyinvest.be