Embed Size (px)
Citation preview
2012 results
March 2013
Unique investment
March 2013
gateway to emerging
markets
We initiate, develop and manage
cash flow generating assets and projects, g g p j
mainly in Real Estate and Water Infrastructure
in promising Emerging Marketsin promising Emerging Markets.
Unique investment
gateway to emerging
markets
Kardan in short
Emerging Markets with growing middle classEmerging Markets, with growing middle class
Focus: - Real Estate: China and CEE / SEE
Water Infrastructure: worldwide- Water Infrastructure: worldwide- Financial Services activities in Bulgaria and Romania
Active in approximately 30 countries
Stock listed on NYSE Euronext Amsterdam and Tel Aviv Stock Exchange
Total Assets of EUR 3.3 billion (consolidated as of December 31 2012)
Unique investment
(consolidated as of December 31, 2012)
gateway to emerging
markets 3
Kardan Group
Kardan N.V.
l
100% 100% 100%
Real Estate
GTC Holding
Water Infrastructure
Tahal
Financial Services
KFS
100% 28 % 100 % 100 % 100 %
KardanLand China
GTC SA
(CEE)TBIF
Tahal
Projects
Tahal
Assets
Unique investment
64% of total investment * 18% of total investment* 18% of total investment*
gateway to emerging
markets 4
*On the basis of Equity investment and shareholders loans as of 31.12.12
Strategy
Establish local
platforms
Identify promising
Emerging Markets platformsg g
Manage leverage
Real Estate, Water Infrastructure,
Fi i l S i
Aim for projects
ith IRR 15%Financial Services with IRR > 15%
Unique investment Upstream cash / Materialize value:
gateway to emerging
markets 5
sale to 3rd party / IPO / dividend
2012 Highlights Kardan
• EUR 32 million loss compared to EUR 148 million loss (2011) attributable to Kardan shareholders
• Operating result (before fair value adjustments, disposal of assets, financial expenses):profit of EUR 36 million (2011: loss of EUR 59 million)
Strategic focus:
• Deleveraging on holding company level and within segments‐ Kardan Debenture repurchase plans succesfully executed ‐ GTC SA: strengthened financial position by rights issue, bond restructuring and redemption,loan repayments and sale of assets
‐ KFS: use of Sovcombank proceeds to repay loans
• Improve operations through cost optimization programs‐ Kardan head office: decrease of management‐ GTC SA: decrease in payroll expenses
Unique investment
G S dec ease pay o e pe ses‐ Tahal: cost reduction following reorganization‐ KFS: efficiency measures taken
gateway to emerging
markets 6
2012 Quarterly Development
Condensed consolidated income statement 2012 Kardan NV by Quarter Q1/2012 Q2/2012 Q3/2012 Q4/2012 2012
Total revenues 85 91 115 92 383Total expenses 79 79 95 94 347
Profit (loss) from operation before fair value adjustments, disposal of assets and financial expenses 6 12 20 (2) 36
Profit (loss) from fair value adjustments and on disposal of assets and investments 5 (12) (33) (56) (96)
Result from operations before finance expenses ( ) ( ) ( )Result from operations before finance expenses 11 ‐ (13) (58) (60)
Financing income (expenses), net (25) (18) 18 (31) (56)
Share of profit of associates accounted for using the equity method (1) (4) (1) (4) (10)
Profit (Loss) before income tax (15) (22) 4 (93) (126)( ) ( ) ( ) ( )
Income tax (expenses)/benefit 2 (8) (3) (4) (13)
Profit (Loss) from continuing operations (13) (30) 1 (97) (139)
Profit (Loss) from discontinued operations ‐ 1 ‐ ‐ 1
Unique investment
Profit (Loss) for the period (13) (29) 1 (97) (138)
Attributable to:
Non‐controlling interest 1 (18) (19) (70) (106)Equity holders (14) (11) 20 (27) (32)Profit (Loss) for the period (13) (29) 1 (97) (138)
gateway to emerging
markets 7
( ) p (13) (29) 1 (97) (138)
2012 Condensed Consolidated Income Statement
Real Estate Infrastructure Banking and Retail lending
Total
Asia Europe Assets Projects Other 2012 2011*Total revenues 67 150 38 108 20 ‐ 383 332Total expenses 59 102 31 113 34 8 347 391
Profit (loss) from operation before fair valueProfit (loss) from operation before fair value adjustments, disposal of assets and financial expenses 8 48 7 (5) (14) (8) 36 (59)
Profit (loss) from fair value adjustments and on disposal of assets and investments 13 (105) ‐ (1) (3) ‐ (96) (214)
Result from operations before financeResult from operations before finance expenses 21 (57) 7 (6) (17) (8) (60) (273)
Financing income (expenses), net ‐ (65) (5) (2) (3) 19 (56) (123)
Share of profit of associates accounted for using the equity method ‐ (10) ‐ ‐ ‐ ‐ (10) (3)g q y ( ) ( ) ( )
Profit (Loss) before income tax 21 (132) 2 (8) (20) 11 (126) (399)
Income tax (expenses)/benefit (7) (7) (2) 1 ‐ 2 (13) (28)
Profit (Loss) from continuing operations 14 (139) ‐ (7) (20) 13 (139) (427)
Unique investment
Profit (Loss) from discontinued operations ‐ ‐ ‐ ‐ 1 ‐ 1 18
Profit (Loss) for the period 14 (139) ‐ (7) (19) 13 (138) (409)
Attributable to:
Non‐controlling interest ‐ (106) ‐ ‐ ‐ ‐ (106) (261)
gateway to emerging
markets 8(*) The results of Sovcombank in 2012 and 2011 have been classified as discontinued operations. Additional reclassification of comparatives has been done to conform to current period presentation.
Non controlling interest (106) (106) (261)Net result for the segment 14 (33) ‐ (7) (19) 13 (32) (148)Profit (Loss) for the period 14 (139) ‐ (7) (19) 13 (138) (409)
Real Estate Asia
Kardan Land China – 100%www.kardanland.com
Unique investment
gateway to emerging
markets 9
Kardan Land China: increasing focus on mixed‐use projects
• Founded by Kardan in 2005
• Developer and manager of residential apartments and increasingly on mixed‐use projects, combining shopping centers with small office home office (SOHO) units and residential apartmentsshopping centers with small office home office (SOHO) units and residential apartments
• Focused on Tier 2 and Tier 3 cities, with above (country) average growth underpinned by expanding middle class with increasing income
• End 2010: opened first shopping center: Galleria Chengdu
• 2012: initiated construction of large mixed‐use project Europark Dalian; sale of SOHO apartments started in October 2012
IPUC21%
Property Portfolio Kardan Land ChinaKLC share : EUR 396 million
Unique investment
Residential inventory & land
bank62%
Investment Properties
17%
21%
gateway to emerging
markets 10
2.8 million m2: under various stages of developments
Retail & Residential Projects
in Tier 2 & 3 Cities
Unique investment To think of China as a single economy is like thinking of Europe as a single country –
gateway to emerging
markets 11
To think of China as a single economy is like thinking of Europe as a single country the quality and pace of development is likely to vary across the country
China’s urban population
Unique investment
h l f h h l h l f hgateway to emerging
markets 12Sources: World Urbanization Prospects
• Every year the equivalent of the whole Dutch population moves from the country into cities.• Urbanization pace is exceeding forecast and reached over 50% in 2011.
Retail Activities : Galleria Chengdu & Europark Dalian
Europark DalianGalleria Chengdu
d b • Mixed‐use project under development; expected completion end of 2014
• Expected NRA shopping center: 65,000m2
and GFA of Home Office & Residential: 2
• Opened in November 2010
• NRA: 35,000m2
• Occupancy: 98% with international tenants: Zara, H&M, Uniqlo, Mango, Sephora a.o.
Unique investment
100,000m2
• Prime location in heart of East Port Area
• Construction started in Q2 2012; sale SOHO apartments started in Q4 2012
, , q , g , p
• Average of more than 20,000 visitors per day
• Development costs: EUR 68 mn(Equity: EUR 40 mn)
gateway to emerging
markets 13
p Q• 50% sold to MGPA at value of EUR 118 mn
(August 2011)
Residential Activities
35,000
Number of Units (company share approx. 50%)
Slower sale of apartments since Q4 ‐ 2011(2012: 1,194 apartments sold)
15,990 20,000
25,000
30,000
,
To be developed
(2012: 1,194 apartments sold)
10,042
4,037
5,000
10,000
15,000
Accumulated sales
-2005 2006 2007 2008 2009 2010 2011 2012
Handed Over Sold, not yet handed over
Unique investment
Not yet recognized gross profit of
EUR 33gateway to emerging
markets 14
approx. EUR 33 mn(Kardan Land China share)
2012 markets & highlights
China:
• Chinese government measures to stimulate internal demand; d i i K d L d Chi t t t f i d j t ( t il tunderpinning Kardan Land China strategy to focus on mixed‐use projects (retail centers
combined with residential) • Urbanization continues; underlying demand for apartments remains• GDP growth in 2012 at 7.8% y‐o‐y; signs of stabilization in growth• Retail sales up y‐o‐y by 15.2%; China expected to surpass USA as largest retail market
in 2016
Highlights 2012:
• Construction of mixed use project Europark Dalian initiated in May• Construction of mixed‐use project Europark Dalian initiated in May• Start of sale of SOHO (small office home office) apartments end of October• Galleria Chengdu fully occupied at year‐end
Residential
Unique investment
Residentialapartments*
Q 1 Q 2 Q 3 Q 4 FY 2012 FY 2011
Apartmentshanded over
512 601 704 455 2,272 1,767
Apartments sold 81 136 423 554** 1,194** 1,883***
gateway to emerging
markets 15
(*) Number reflects 100%; Kardan Land China holds 50%(**) Of which 104 SOHO apartments of Europark Dalian(***) 2012: 9 % and 2011: 3 % of units in reservation (deposit paid but no signed contract received back by KLC)
Financials 2012 ‐ Real Estate Asia
Full YearIn EUR million
2012 2011 Delta 2012 versus 2011
Property rental & service recharge revenues 7 6 100% of Galleria Chengdu till September 1, 2011; 50% thereafter
Delivery of apartments 60 40 29% more apartments* delivered at higher average price
Total revenues 67 46
Costs of property rental &service recharge operations
3 2
Cost of delivery of apartments 43 31
Other expenses, net ‐ 1
Gross profit 21 12 2012: Rental margin: 61%, residential margin: 28%
Lower G&A costs (2011: one off employee options), higher marketingSG&A expenses 13 16 expenses for Europark Dalian & higher commission costs relating to more
deliveries
Adjustment to fair value (impairment) of investment properties
13 17 2012: Europark Dalian and Chengdu; 2011: only Chengdu
Gain on disposal of assets and other income ‐ 16 2011: Sale of 50% of Galleria Chengdu as well as land plot
Unique investment
p g p
Result from operations before finance expenses 21 29
Financing income (expenses), net ‐ 3 2012: repayment intercompany loan, 2011: positive forex impact
Income tax (expenses) / benefit (7) (8)
gateway to emerging
markets 16
Net profit (loss) attributable to
Kardan N.V. 14 24
* Number of apartments delivered reflects 100%; Kardan Land China share in revenue is 50%
Real Estate Europe (mainly GTC SA)
GTC SA (28%)www.gtc.com.pl
Unique investment
gateway to emerging
markets 17
GTC SA: Operating in 10 CEE / SEE countries
• Developer and manager of office buildings & shopping malls
• Founded in 1994 by Kardan in Poland
2004: Listed on the Warsaw stock exchange (WIG20)• 2004: Listed on the Warsaw stock exchange (WIG20)
• Balanced portfolio with CEE focus, primarily on Poland
Bulgaria € 87m7%
Slovakia € 15m1%
Serbia € 116m9%
Income generating assets ‐ value by country*Total: EUR 1,315 m
Bulgaria11% Slovakia
2%Hungary9%
Serbia11%
Income generating assets* ‐ NLA** by countryTotal: 576k sqm
1%
Poland € 544m41%
Croatia € 173m13%
Hungary € 173m13%
Poland
Croatia14%
9%
Unique investment
Romania € 206m16%
37%
Romania16%
(*) As at December 31, 2012(*) l d b bl l f h bl d k
gateway to emerging
markets 18
(*) Excludes attributable value for assets in Czech Republic and Ukraine where GTC SA holds minority stakes
** NLA is pro‐rata to GTC Holding; excludes Platinium Business Park V
2012 markets & highlights Real Estate Europe
Central & (South) Eastern Europe:
• Difficult markets, with low consumer confidence • Poland still strong despite slowdown of GDP growth• Real Estate:
‐ office market portfolio fairly resilient across CEE and SEE‐ retail markets challenging in SEE
Highlights 2012:Highlights 2012:
GTC SA: • Raised EUR 100 million through rights issue; Kardan participated maintaining its 27.75% stake • Sale of Platinium Business Park (I‐IV) in Warsaw in Q4 2012, generating EUR 44 mn free cash
Sale Platinium Business Park V completed February 2013; EUR 16 mn free cash• Prolonged maturity of existing bonds (EUR 73 mn) until 2017 ‐2018, prepaying EUR 25 mn• Repaid loans and liabilities (including EUR 46 mn bonds and related hedges)• LTV 53% year end 2012 (year end 2011: 60%)• New leases and renewals for 125,000 sqm office and retail space
Unique investment
, q p• Occupancy improved to 91% (year end 2011: 87%)
GTC Investments:• Sale of portfolio of assets in Switzerland, generating nearly EUR 6 mn free cash
gateway to emerging
markets 19
Financials 2012 – Real Estate Europe*
Full Year
In EUR million
2012 2011 Delta 2012 versus 2011
Property rental & service recharge revenues 131 136
GTC SA: Sale of 50% Galeria Mokotow (Q3 2011) and Platinium (Q4 2012),
Like for like increase of 3% y o y GTC SAProperty rental & service recharge revenues 131 136 Like for like increase of 3% y‐o‐y GTC SA
Delivery of apartments 19 25 Macro economic impact
Total revenues 150 161
Costs of property rental &service recharge operations 39 38
Cost of delivery of apartments 19 23
Other expenses, net 21 77 Impairment of inventory, mainly Romania
Gross profit 71 23 2012 Rental:70% (2011:72%). Impact margin younger malls.
SG&A expenses 23 29 Cost optimization program.
Adjustment fair value (impairment) investment properties (101) (222) Particularly re investment properties GTC SA in Bulgaria, Romania & Croatia
Gain on disposal of assets and other income (4) 1 201”: due to reclassification GTC Investments to “held for sale”
Impairment losses on goodwill ‐ (11)
Result from operations before finance expenses (57) (238)
Financing income (expenses), net (65) (86)
Decrease average debt balance GTC SA. 2011 included one‐offs. Average
interest rate during 2012: 5%
Unique investment
Equity earnings in associated companies (10) (4) 2012:Negative revaluations recorded in Czech Republic and Ukraine (GTC SA)
Income tax (expenses) / benefit (7) (18)
Net profit (loss) (139) (346)
Net profit (loss) attributable to:
Non controlling interest holders (106) (262)
gateway to emerging
markets 20
Non‐controlling interest holders (106) (262)
Kardan N.V. (33) (84)
* Includes results of GTC Investment up to July 1, 2012 and results GTC SA for full year 2012
Water Infrastructure
Tahal Group International (100%)www.tahal.com
Unique investment
gateway to emerging
markets 21
Tahal Group International
• Specializes in water‐related infrastructure projects and development
Operates through the entire value chain• Operates through the entire value chain, primarily in developing countries
• Founded in 1952
• Major clients: governments, public utilities and water agencies
• Two sub‐divisions:
• Tahal Assets (100%): investments /
Atma Project, Ghana, Africa
• Tahal Assets (100%): investments / development of assets, Build Operate Transfer (BOT) and Build Operate Own (BOO)‐ platform mainly in China
Unique investment
(smaller in Turkey)
• Tahal Projects (100%): design, consulting and turn‐key projects (EPC) Tianjin WWTP, China
gateway to emerging
markets 22
2012 markets & highlights
Markets:
• Need for treated / clean water still increasing worldwide due to rapid urbanizationand industrializationand industrialization
• Chinese government identifies necessity to address polluted water issues; allowingPublic Private Partnerships to enter into long term BOO and BOT concessions
Highlights 2012:
Tahal AssetsKardan Water China:• Upgrade and construction of 2 water facilities plant completed• Increasing trend in utilizationg
Tahal Projects• Large project (design, construct, expand & upgrade drinking water system) in Ghana signed• Projects in Ukraine and Russia signed• Backlog year end 2012: USD 411 mn (2011: USD 400 mn)
Unique investment
• Backlog year end 2012: USD 411 mn (2011: USD 400 mn)
Pump Storage Israel (electricity generating plant):• Extension for funding received• Project operationally on track
gateway to emerging
markets 23
• Real estate asset sold at end of year; expected profit of EUR 7 million in Q1 2013
Financials 2012 – Tahal Assets*
Full Year In EUR million
2012 2011 Delta 2012 versus 2011
Contract revenues 38 29 Capacity expansion and revenue recognition during construction
Contract cost 23 18
Other expenses, net ‐ 1
Gross profit 15 10
Growth of Chinese operations & one off expense re managementSG&A expenses 8 5
p p gchange
Gain (loss) on disposal of assets and otherincome ‐ 2
Result from operations before financing expenses 7 7
Financing income (expenses) net (5) (5)
Income tax (expenses) / benefit (2) (2)
P fit (l ) f ti i ti
Unique investment
Profit (loss) from continuing operations ‐ ‐
Net profit (loss) from discontinued operations ‐ 2 2011: sale of Israeli company (part of spin off Israeli activities)
Net profit (loss) ‐ 2
Attributable to:
gateway to emerging
markets 24
Non‐controlling interest holders ‐ (1)
Kardan N.V. ‐ 3
(*) Finance expenses of Tahal Group International have been allocated to Tahal Assets
Kardan Water (TGI subsidiary in China)
• Active in secondary Tier cities
• Developer, owner & operator of wastewater treatment (WWT), water supply (WS) and
(in EUR millions) 2012 2011Revenues* 29 20
Gross profit 11 10treatment (WWT), water supply (WS) and water re‐use (WR) projects
• 11 operating plants
• Capacity expected to increase in the next few f th t i
Gross profit 11 10Gross profit margin 37% 47%
Operating profit 9 9
Net profit to shareholders 4 4years further to expansions:
Designed Capacity ('000 t/day)
Expected ‐ based on expansionsNumber
Net profit to shareholders 4 4
* Includes value increase recognized during construction / upgrade
of plants / uses
2012 2013 2014 2015
Tianjin Group 5 230 270 310 310
Dazhou 2 110 110 110 170
Unique investment
Xuanhua wastewater and water reuse plant
Dingzhou 1 20 20 20 20
Xuanhua 2 240 240 240 240
ZiChuan 1 30 30 30 30
Total 11 630 670 710 770
gateway to emerging
markets 25
Financials 2012 – Tahal Projects*
Full Yearin EUR million2012 2011** Delta 2012 versus 2011
Contract revenues 108 85 New projects in Africa
Contract cost 100 81Other expenses, net ‐ 3 Costs relating to one off reorganization expenses
Gross profit 8 1
SG&A expenses 13 14 The result of the reorganization which was initiated in 2011.
Gain (loss) on disposal of assets and other income
(1) 1
Result from operations before financing expenses
(6) (12)financing expenses
Financing income (expenses), net (2) (3) Less use of credit lines and effective hedging
Income tax (expenses) / benefits 1 1
Net profit (loss) attributable toKardan N V (7) (14)
Unique investment
Kardan N.V. (7) (14)
(*) General and Administrative expenses of Tahal Group International have been allocated to Tahal Projects(**) Reclassification of comparatives has been done to conform to current period presentation.
gateway to emerging
markets 26
Financial Services
KFS (100%)www.tbif.com
Unique investment
gateway to emerging
markets 27
2012 markets & highlights
Markets:
• Euro crisis negatively affects consumer confidence; scarce lending activities in Bulgariaand Romania
• Consumers tend to save rather than to borrow• Bulgaria:
‐ reduced household debts, lower inflation but higher unemployment y‐o‐y• Romania:
‐ political situation stabilizingpolitical situation stabilizing‐ consumer sentiment slowly improving
Highlights 2012:
• Branch license for TBI Bank in Romania obtained• Strong focus on delevaraging and cost efficiency• Less provisioning (on legacy portfolio’s) during the year• Strong improvement in revenues of leasing activities,
mainly from Avis Ukraine
Unique investment
y• Sale of Doverie option (Bulgaria)
• Total Branches and POS > 315• Total merchants > 5,600
gateway to emerging
markets 28
• Total employees > 1,300
** as of December 31, 2012
Financials 2012 – Kardan Financial Services
Full Year in EUR millions
Delta 2012 versus 2011
2012 2011
Banking and retail lending activities* 13 5 Less provisioning (deducted from revenues)
Other revenues 7 6 Rental and Leasing activities, mainly Avis Ukraine
Total revenues 20 11
Costs of banking and lending activities 30 35 Optimization of cost structure in line with lower portfolio levels
Other expenses, net 3 6
Gross profit (13) (30)
SG&A expenses 1 3 Efficiency measure in 2012; note one off severance costs in 2011
Gain on disposal of assets and other income 1 2
2012: following macro‐economic development Romania2011: following macro‐economic development in Bulgaria and
Impairment losses on goodwill 4 19g p g
Romania
Result from operations before financing expenses
(17) (50)
Financing income (expenses), net (3) (12)Deleveraging in 2012 & settlement of Doverie option(Bulgaria)
Unique investment
g ( p ), ( ) ( ) ( g )
Income tax (expenses) / benefits ‐ 1
Profit (loss) from continuing operations (20) (61)
Net profit (loss) from discontinued operations
1 82012: Russian Sovcombank; 2011: Sovcombank and VAB Bank(Ukraine)
gateway to emerging
markets 29
* incl. Net interest income, net commission income and other operating income and provisions
Net profit (loss) attributable to Kardan NV (19) (53)
Kardan N.V. – Financials
Kardan additional financials
Unique investment
gateway to emerging
markets 30
Overview – Kardan N.V. (company only)
• Equity to shareholders as of 31.12.12: EUR 169 mn(31.12.11: EUR 203 mn)
• Loss (attributable to Kardan shareholders) in 2012: EUR 32 mn(2011: loss of EUR 148 mn) mainly due to: increased operational efficiency throughout group and deleveraging, more than off‐set by negative revaluations and impairments in Real Estate Europe due to ongoing Euro crisis
• Cash & Short Term investments (including GTC RE Holding) as of 31 12 12: EUR 52 mn• Cash & Short Term investments (including GTC RE Holding) as of 31.12.12: EUR 52 mn
Unique investment
gateway to emerging
markets 31
Maturity of liabilities
Company Only – Kardan NV & GTC RE Holding (principle only as at December 31, 2012)
(EUR millions) 2013 2014 2015 2016 2017 2018 2019 2020 total
Debentures –Series A* 36** 36 36 35 143
Debentures ‐ Series B 40 40 40 40 40 40 41 281
Loans from Banks 6 6 15 15 15 26 12 12 107
(*) Net of swaps(**) repaid in February 2013
Total 42 82 91 90 55 66 52 53 531
Unique investment
gateway to emerging
markets 32
Expected cash flow
Company only ‐ Kardan N.V. & GTC RE holding
January 1, 2013 – December 31, 2014
SSources EUR millions
Cash & ST investments as at 01.01 .13 52Repayment of loans from subsidiaries 48Sale of assets 205Sale of assets 205Total sources 305
UsesSeries A debentures (principle)* 74
( )Series B debentures (principle) 40Repayment of bank loans 10Interest expenses 48 G&A expenses less management fees 10
Unique investment
Total uses 182
Expected cash & ST investments as at 31.12.2014 123
(*) Gross of Swap
gateway to emerging
markets 33
( ) Gross of Swap
Outlook 2013
Outlook 2013
Unique investment
gateway to emerging
markets 34
Outlook 2013
Kardan N.V.:
• Focus on cash flow and debt position of Kardan NV and GTC Real Estate BV
• Consistent improvement of operations through cost optimization
Real Estate Asia:
• Expect to deliver approx. 2,000 apartments during 2013 (Kardan Land China revenue share: 50% )
• Galleria Chengdu expected to increase revenue
• Europark Dalian: continued development, sale of (SOHO) apartments & signing of leases withretailers
Real Estate Europe:
• GTC SA management aims to continue to decrease leverage mainly through sale of assets whichshould generate free cash of EUR 120 million by end of 2014
GTC SA ti t f ti t t d f th i t i ti
Unique investment
• GTC SA continues to focus on active asset management and further improvement in operatingmargin and reduction of general expenses.
gateway to emerging
markets 35
Outlook 2013
Water Infrastructure
Assets:
• China: capacity of plants expected to increase to 670,000 m3 / day by end of 2013(year end 2012: 630,000 m3 / day); revenues expected to increase
Projects:
• Project revenue and profitability expected to increase from existing and recentlysigned contracts.
• Backlog expected to increase by approximately 10% y‐o‐y by end 2013
Banking and Retail lending:
• TBI Bank to continue raising deposits and generating new business, b h i B l i i R i
Unique investment
both in Bulgaria as in Romania
• Plan to open at least 5 TBI Bank branches in Romania (3 new, 2 conversions from POS)
• Consumer and leasing markets in Bulgaria and Romania expected to remain difficult
gateway to emerging
markets 36
Thank you
Disclaimer
This presentation has been prepared on behalf of Kardan N.V. solely for information purposes. It is not an investment advice or an p p p y p poffer or solicitation for the purchase or sale of any financial instrument. While reasonable care has been taken to ensure that the information contained herein is not untrue or misleading at the date of the presentation, Kardan N.V. makes no representationthat it is accurate or complete. The information contained herein is subject to change without notice. Neither Kardan N.V. nor any of its officers or employees accepts any liability for any direct or consequential loss arising from any use of this presentation or its contents. Copyright and database rights protection exist in this presentation and it may not be reproduced, distributed or published by any person for any purpose without the prior express consent of Kardan N.V. All rights are reserved.published by any person for any purpose without the prior express consent of Kardan N.V. All rights are reserved.
37 Unique investment gateway to emerging markets
Investor Relations Contacts
The Netherlands Israel
Caroline Vogelzang Ohad LevCaroline Vogelzang
Office: +31 20 305 0010
Ohad Lev
Office: + 972 3 608 3444
Mobile: +31 6 10 949 161 Mobile: + 972 54 333 0830
Kardan NV
Claude Debussylaan 30
Kardan NV
154 Menachem Begin Rd
Unique investment
yViñoly Building, 13th floor1082 MD AmsterdamThe Netherlands
www.kardan.nl
154 Menachem Begin Rd.Tel Aviv 64921Israel
gateway to emerging
markets 38
![[KEYADE CASE STUDY] Platinium: international promotion of online ticket sales](https://img.pdfslide.us/doc/110x75/5596743b1a28ab24618b47fc/keyade-case-study-platinium-international-promotion-of-online-ticket-sales.jpg)
