in Israel

Capital market
presentation 2016
About
Developer of
income
generating
properties
Total GLA*
503,000 m2
Operating in
Israel
and in
8
countries
in Europe
Rating of
A3
with stable
outlook
by Midroog
2
Developer of
income
generating
properties
Public
company
since
2004
listed on
TA-100
Revenues
from income
generating
properties
during 2015
approx.
NIS 379m
Africa
Israel
Investments
holds
56%
Of the
company’s
shares
* Taking into account the company’s percentage interest in each property
Financial overview
N.O.I
For the year ended31.12.2015
Operating
income
Net profit
Equity
NOI
NIS 347 million
Net profit
NIS 199 million
3
Operatingincome
NIS 482 million
Equity
attributable toowners
NIS 2,423 million
Major events during the reporting
period
Property
development
in Israel
and Europe
During the reporting period the company continued implementing its
business strategy, which is based on enhancing the value of its assets in
Israel and in Europe through the development of projects on lands owned by
it, and by starting new development projects in the company’s main
countries of operation.
Following is the main
developments in this field:
During the first quarter of 2015 the company
completed the construction of AFI Park 3 in
Bucharest with GLA of 12,417 m2 (with 91%
occupancy). In the first quarter of 2016, the
company completed the construction of AFI
Park 4&5, adding to the AFI Park complex
GLA of 32,000 m2 of which approx. 35% has
already been leased and HOTs have been
signed for additional 15%.
In the second quarter of 2015 the company
completed the construction of Building 11
phase B of Weizmann Park, with GLA of
approx. 6,800 m2, of which 5,074 m2 have been
leased as at the date of the report. The
company is preparing to construct an additional
building at Weizmann Park with an area of
12,500 m2.
4
During the second quarter of 2015 the company
completed the construction of an extension to the
AFI Palace Cotroceni shopping mall in an area of
approx. 550 m2, thereby increasing the property’s
annual rental income by approx. €280 thousand.
The company is presently completing an
additional extension in an area of 1,240 m2
which will further increase the annual rental
income by approx. €300 thousand, and it also
intends to construct another extension to the mall
of additional 5,500 m2.
The Company, together with Shikun & Binui, is
developing a project at the center of Belgrade with
approx. 400 residential units and 15,000 m2 of
retail and office space. The construction of the
project’s first phase with 89 residential units has
been completed, and 80 of them have been sold.
The project’s second phase is currently under
construction with 89 residential units, of which 66
have been sold (included MOUs). The company is
preparing for the project's third phase that will
include 130 residential units and an office building
of 15,000 m2.
Major events during the reporting
period
Property
development
in Israel
and Europe
After the date of the report, the company
completed the construction of the first office
building of phase 4 in project Airport City
Belgrade with GLA of approx. 12,000 m2, of
which approx. 92% has been leased.
The company, as a 50% partner in a jointventure together with Africa Residences, is
constructing a rental housing project in Herzliya,
Israel. The project will include approx. 273
apartments which will be rented for a period of
at least 20 years. The construction works are in
full swing.
The company is building an underground
public parking garage on Habarzel Street in
Tel Aviv with approx. 540 parking places, as
a BOT concession (build-operate-transfer) for
a period of 19 years. The construction works
are scheduled to complete during the second
half of 2016.
5
The company is building the Tulipa Trebesin
residential project in Prague with 283
residential units in the project’s first phase, of
which 120 units have been sold. The delivery
of the units to the purchasers is expected
during the first quarter of 2017. The company
has begun preparations to construct the
project’s second phase with 250 residential
units.
The company is constructing an additional
phase of project Classic 7 in Prague, with GLA
of 6,500 m2, which is fully let. The project's
construction is expected to complete during
the second quarter of 2016. The average
occupancy rate of the project, including its third
phase, will be approx. 85%.
In the first quarter of 2016 the company began
the construction of an additional building in the
fourth phase of project Airport City Belgrade,
with GLA of approx. 12,000 m2. The project's
construction is expected to complete in the
second half of 2016.
Major events during the reporting
period
Property
development
in Israel
and Europe
The company is building project Butterfly in
Karlin, Prague, with GLA of approx. 22,000
m2. The project's construction is expected to
complete in the first half of 2017.
In project Osiedle Europejskie in Krakow the
company is constructing an additional phase
with 214 residential units, of which 28 units
have been sold. The company expects to
deliver the apartments to the purchasers in
the fourth quarter of 2016.
During 2015 the company purchased two
land plots in Krakow for a total purchase
price of approx. €4.7 million, and it is planned
to develop there an office project with GLA of
approx. 24,000 m2.
6
In September 2015 the company, together with
the Melisron (as joint venture partners with equal
shares), was selected as the winning bidder in a
tender process, following which the JV purchased
a land plot of approx. 13,000 m2 in the South
Kirya complex in Tel Aviv, for the purpose of
constructing thereat a commercial real estate
project with both office and retail space. Pursuant
to the Urban Building Plan that is applicable to
that land plot, approx. 114,000 m2 of GLA may be
constructed on the plot. The acquisition cost of
the plot (including taxes) stands at approx. NIS
613 million. The company obtained a loan from a
bank in an amount of NIS 160 million to finance
its share of the acquisition costs. The partners
have started the process of increasing the
building rights in the complex to 166,000 m2,
according to the TA/5000 Master Plan.
During March 2015 the company purchased a
building in Warsaw for approx. €2.2 million, and
it intends to redevelop that building as a
residential and commercial real estate project
with a total area of approx. 5,000 m2.
Major events during the reporting
period
Property
development
in Israel
and Europe
7
During June 2015 the company signed a
preliminary agreement for the acquisition of
land in Brasov, Romania, for approx. €9.8
million, conditional on attaining a suitable
zoning that permits the development on such
land of a shopping mall of 40,000 m2 and
offices of 18,000 m2. After the date of the
report, the transaction was completed.
During 2015 the company sold three of its
properties in Germany (two in Aachen and
one in Berlin) for approx. €18.5 million. Prior
to their sale, the book value of the properties
was €15.4 million. The sale of the property in
Aachen was completed during 2015. The
company expects the completion of the
transaction for the sale of the property in
Berlin during the first quarter of 2016.
In July 2015 Mahazit Hayovel (company’s
share - 49%) acquired from Mercantile Bank
two floors in the Yovel Tower in Tel Aviv, with
approx. 3,900 m2, for approx. NIS 65.6 million.
The transaction was financed by a loan of NIS
30 million taken from the existing senior
lenders of Mahazit Hayovel, and by using an
already existing deposit of approx. NIS 35.9
million. The space acquired was entirely
leased by Mahazit Hayovel.
In March 2016 the company signed an
agreement for the sale of the Global Park
project in Lod for approx. NIS 195.8 million.
The transaction is conditional on obtaining the
consent of the Anti-Trust Authority.
Accordingly, the company classified the
property as ‘held for sale’ in its financial
statements as at 31.12.2015, and also revalued
the property at approx. NIS 5.6 million.
Major events during the reporting
period
Property
development
in Israel
and Europe
In October 2015 all conditions precedent
under the agreement of the company with
the Weizmann Institute were fulfilled, thereby
giving effect to the termination of the lease
by the company of certain land plots in the
Weizmann Park, and to the land
consolidation of the plots in which the
company and the Weizmann Institute had
rights, following which the share of the
company in Weizmann Park is 60% and the
share of the Weizmann Institute is 40%. On
the date of completion of the transaction, the
company received cash flows of approx. NIS
188 million.
In November 2015 the company completed
the transaction for the sale of its share in
Psagot House in Tel Aviv for approx. NIS
85 thousand, which yielded total net cash
flows to the company of approx. NIS 40
million.
8
In December 2015 an agreement was signed
for the sale of the commercial center in project
Osiedle Europejskie in Krakow for approx. €3.3
million. The company did not record gain or
loss with respect to the sale. Accordingly, the
company classified the property as ‘held for
sale’ in its financial statements as at
31.12.2015.
The company began a process of selling its
properties in Germany, and it thereby engaged a
local broker who approached on its behalf
various figures in the market who may be
interested in the Company’s properties.
The company is continuing negotiations for
sale of the Yakhin plot in Petach Tikva at its
book value (NIS 86 million).
Major events during the reporting
period
Property
development
in Israel
and Europe
In January 2015 the company and Africa
Israel Residences signed a financing
agreement with an institutional body for
financing the development of a rental
housing project in Herzylia by a loan of NIS
300 million. The project comprises 273
residential units which will be rented over a
period of at least 20 years. The project’s
construction is under way.
In June 2015 an agreement was signed for the
refinance of phase 1 of project Airport City
Belgrade by a loan of approx. €21 million which
repaid a prior loan of approx. €16 million.
Furthermore, another agreement was signed for
financing the construction of the first office
building in the framework of phase 4 of the
project by a loan of approx. € 16 million. After
the date of the report, the company signed an
agreement for refinancing phase 2 of the
project by a loan of approx. €22 million.
9
In August 2015 the company refinanced
project Classic 7 in Prague by loans of
approx. €33 million, and received an
additional loan of €7 million for financing the
construction of phase 3 of the project, as well
as a loan of €1.5 million for financing the
breakage costs under an existing hedging
agreement.
During the fourth quarter of 2015 the
company refinanced AFI Palace Ploiesti
shopping mall in Romania with a loan of
approx. €38 million, following which the
company received approx. €6 million from the
property company as repayment of
intercompany loans.
In December 2015 an agreement was signed for
financing the construction of the Butterfly project
in Karlin, Prague, with a loan of €24.5 million.
Assets overview
Total
Company assets
7.4
Breakdownof the company's assetsat 31.12.2015
Income generatingproperties
under development
Total assets7.4 billionNIS
NIS 0.4 B
Billion NIS
Inventoryof apartments
NIS 0.2 B
5% 3%
20%
72%
LandinIsrael andEurope
Income generating
properties(commercial)
NIS 1.5 B
NIS 5.3 B
10
* Taking into account the actual percentage interest in each asset, including in equity holdings
** Breakdown of the properties is different than the balance sheet classification. Lands classified in the
financial statements as “investment property under development” or “investment property” the
construction of which has not yet commenced are classified here as land.
The company’s group structure
AFI Properties
Income generating
properties in Israel
AFI Europe N.V.
Czech
Romania
Serbia
Offices
Malls
Offices
Residential
Offices
Offices
Residential
Residential
Residential
11
Bulgaria
Germany
Portfolio of
commercial
and residential
properties
Poland
Retail
Offices
Residential
Latvia
Residential
Hungary
Residential
Strategy and objectives
EUROPE
Development of projects in the company’s main countries of operation, on the basis of its
existing land bank, with a view to reducing the portion of the company’s land bank in its overall
asset portfolio, while evaluating the market conditions and the possibility of raising financing for
the development of these projects. Concurrently, the company will examine the possibility of
initiating new projects in its main countries of operation.
Accordingly, over the short-term the company intends to develop residential, commercial and
office projects in the Czech Republic, Romania, Serbia, Poland and Latvia.
Over the medium-term, the company intends to expand its operations by purchasing land that
is ready for development in its main countries of operations.
The book value of the lands that the company intends to develop in the short term is approx.
NIS 443 million, which is approx. 43% of the total value of its land bank in Europe.
12
Strategy and objectives
ISRAEL
The company intends to expand its development activities in the investment properties
sector in Israel
Project development will be done first and foremost on land already owned by the company
(Kiryat Weizmann in Ness Ziona and the Sarona project in Tel Aviv)
The company intends to expand its operations in the area of BOT projects and in rental housing
The company intends to examine the purchase of land or other properties for purposes of
future development. Moreover, from time to time, the company will evaluate business
opportunities and proposals for the sale of properties that it owns or for part of them.
13
Net Asset Value
Net Asset
Val ue
Net Asset Value Analysis 31.12.2015
Income
generating
property
Income generating
propertyunder
development )*(
Inventoryof
residential units
(includingresidential
unitsunder
development)
Land
Total
Value
1,557,241
104,605
-
506,540
2,168,386
Attributable loans
901,948
55,362
-
199,435
1,156,745
Loan to value
58%
53%
-
39%
53%
Net asset value
655,293
49,243
-
307,105
1,011,641
Value
3,734,344
306,495
146,912
1,027,421
5,215,172
Attributable loans
2,026,359
110,084
49,639
103,502
2,289,584
Loan to value
54%
36%
34%
10%
44%
Net asset value
1,707,985
196,411
97,273
923,919
2,925,588
Total Net Asset Value
2,363,278
245,654
97,273
1,231,024
3,937,229
Israel
Europe
* The value of the investment properties under development in Europe includes the AFI Park 4&5 project
in Romania, Classic 7 phase 3 in the Czech Republic, AFI Karlin in the Czech Republic and ACB phase
4 in Serbia. The value of the investment properties under construction in Israel includes the Glil Yam
rental housing project in Herzliya and the Barzel parking garage in Tel-Aviv.
14
Geographical distribution
Geographical
distribution
Country
Number
of assets
Total GLA
(thousand m2 ()*(
Annual income
(millionNIS)
BookValue )*(
31.12.2015
(millionNIS)
Average
occupancyrate
31.12.2015
Israel**
6
145
127
1,557
97%
4
41
21
339
74%
Czech Republic
5
151
170
2,470
99%
Romania
1
33
25
302
92%
Serbia
1
44
3
105
21%
Bulgaria
1
2
1
14
100%
Poland
31
87
32
505
87%
Germany
Total
49
503
379
5,292
88%
* Taking into account the actual percentage interest in each asset, including in equity holdings
** The sale of the Psagot House was completed in November 2015
15
Investment properties in Israel
Propertyname
ISRAEL
Location
Property
Type
Total GLA
(m2)
Holding
Bookvalue as Revenuesfor
at 31.12.2015 2015 (thousands
NIS)
Occupancy
rates
31.12.15
Kiryat Weizmann (4)
Concord (2)
Ness Ziona
Science
Park
59,478
60%
485,720
51,970
93%
Bnei Brak
Offices
23,644
100%
280,301
17,485
94%
Lod
Offices
21,378
100%
192,771
13,202
98%
Tel Aviv
Offices
-
50%
-
4,140
100%
Yehud
Offices
2,795
40%
28,900
2,228
97%
Global Park (5)
Psagot house (3)
Avia
Total assets
-
-
107,295
-
987,692
89,025
-
Hayovel Tower
Tel Aviv
Offices +
commercial
33,069
49%
539,000
36,421
100%
Haifa
Offices +
commercial
4,883
45%
30,549
2,005
98%
-
145,247
-
1,557,241
127,451
95%
City Center
Total
assets
including
EquityCompanies(1)
16
(1) The value in the accounts and the annual revenues of the equity companies are presented
according to the rate of ownership.
(2) The value reflects the relative share of the company in a project.
(3) In November 2015 , the asset sale was finalize.
(4) In October 2015, sale of 40% of the Kiryat Weizmann Science Park to the Weizmann Institute
was finalize.
(5) In March 2016, an agreement was signed for the sell of the property in the amount of NIS
195.8 million.
Investment properties in Europe
Country
City
Type
GLA)1(
AFI Palace Cotroceni
Romania
Bucharest
Retail
81,084
98%
1,817,625
124,224
99%
AFI Park 1
Romania
Bucharest
Offices
12,407
100%
122,308
8,748
100%
AFI Park 2
Romania
Bucharest
Offices
12,418
100%
122,779
8,998
100%
AFI Park 3
Romania
Bucharest
Offices
12,417
100%
119,955
7,539
92%
AFI Palace Ploiesti
Romania
Ploiesti
Retail
32,450
100%
287,551
20,678
99%
Serbia
Belgrade
Offices
33,167
54%
301,735
25,362
92%
Cz
Prague
Offices +
commercial
8,877
100%
56,996
6,049
64%
27,021
100%
262,418
13,725
81%
4,974
100%
19,917
1,125
29%
43,999
100%
104,866
3,139
21%
2,041
100%
13,564
1,141
100%
87,324
100%
504,630
31,656
87%
358,179
-
3,734,344
252,384
Name
EUROPE
Airport City Belgrade
Broadway Palace
Classic 7
Cz
Prague
Offices
Evropska Business
Center )2(
Cz
Prague
Offices
Business Park Varna
Bulgaria
Varna
Offices
Osiedle Europejskie
Commercial Center)3(
Poland
Krakow
Mall +
Offices
Germany Portfolio)3(
Germany
Mainly
Berlin
Residential
and
commercial
rent
Total assets
17
-
-
-
Holding Bookvalue as Revenuesfor
of
2015
31.12.2015)1( (thousands
%
NIS )
Occupancy
rates
31.12.15
(1) The book value in the accounts, annual revenues and land area are presented according to the
rate of holding of a property
(2) The project is designated for demolition and for development of office project for rental in a
extent of approx. 15,000 sq. m.
(3) Includes properties held for sale in Poland NIS 13,564 thousand and in Germany NIS 38,349
thousand.
Structure of the Company's
financial debt
Financial Debt Structure December 31, 2015 (NIS thousands)
Amount of debt
% of the debt
1,037,274
24%
Corporate loan from Bank in Israel
21,326
1%
Loan from financial institutions in Israel (backed up by
properties)
744,426
17%
Loans from banks in Europe (backed up by properties)
(non-recourse)**
2,454,922
58%
Total debt
4,257,948
100%
Bonds (5+6+7) *
*Starting Jan 1st, 2015 to Dec 31st, 2015 the Company raised a total amount of 330 million NIS and repaid
an amount of approx. 160 million NIS of the bonds (series C and series E).
Starting Jan1st, 2015 to Dec 31st, 2015 a net total amount of 170 million NIS. During February, 2016 the
Company expanded bond series F and raised an additional amount of 164 million NIS.
**Excluding loans in the amount of 25 million Euro with recourse against the company.
18
AFI Palace Cotroceni
Keyfeatures
Location
GLA
Occupancy
Bucharest,
Romania
82,400 m2 *
99%
Parking spaces
2,500
Asset value
€434m
NOI (when fully
let)
€33.2m
Outstanding
bank loan
€205m
28,719
Total average number
of dailyvisitorsis
approx. 50,000.
29,779
30,713
2014
2015
26,960
23,041
Avarietyof entertainment
complexes
• 20 movie screens
• An ice skating rink (830
sq. m.)
• 2 electronic casinos
• Carting and bowling
19
AFI Palace Cotroceni mall
NOI evolution(thousands of euros)
2010
24,622
2011
2012
2013
(*( Reflects 100% holdings of rental area. According to the Company's actual holding rights
the area is 81,084 m2. The Company is acting to receive building permits for an additional
5,500 m2 to the mall.
AFI Palace Cotroceni
Revenue development
The ratioof total rental revenue is
13%
AFI Palace Cotroceni mall
Keyfeatures
TURNOVER FIGURES - COMPARISON 2009 -2015
GLA
82,400 m2
Occupancy
99%
Parking spaces
2,500
Asset value
€434m
NOI (when fully
let)
€33.2m
Outstanding
bank loan
€205m
Avarietyof entertainment
complexes
• 20 movie screens
• An ice skating rink (830
sq. m.)
• 2 electronic casinos
• Carting and bowling
Total average number
of daily visitorsis
approx. 50,000.
20
27,500
25,000
22,500
20,000
17,500
15,000
12,500
10,000
7,500
5,000
2,500
0
'000 eur
Location
Bucharest,
Romania
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Total
2012 16,306
14,319
15,521
16,268
14,633
14,739
14,878
14,896
16,220
16,191
17,630
25,027
196,629
2013 16,905
14,192
15,883
16,401
16,458
15,710
15,689
15,943
17,956
17,028
18,119
24,673
204,956
2014 15,716
14,370
15,346
16,311
15,885
15,829
15,804
16,259
17,051
18,065
18,687
25,816
205,139
2015 17,613
14,585
16,296
18,080
16,098
15,581
17,158
16,749
17,744
19,691
19,782
27,928
217,306
Q1
Q2
Q3
Q4
Turnover stores in 2012 (thousands of euros)
46,209
45,640
45,988
58,855
Turnover stores in 2013 (thousands of euros)
46,861
48,524
49,529
59,293
Turnover stores in 2014 (thousands of euros)
44,970
47,375
49,106
62,547
Turnover stores in 2015 (thousands of euros)
48,494
49,759
51,651
67,402
stock of apartments
EUROPE
Europe'sstock of apartments (apartmentscompletedandnot yet sold)
Holding
Name of
project
City
Country
Number of
apartments
inthe
project
The
number of
apartments
solduntil
31.12.2015
Apartments
soldin1-12
2015
%
Unsold
apartments
Bookvalue as
of 31.12.2015
(thousands
NIS )
Lagera*
100%
Bulgaria
Sofia
248
195
83
Vitosha Tulip*
100%
Bulgaria
Sofia
144
66
15
In
31.12.2015
38,540
Metropolia
100%
Latvia
Riga
550
550
1
-
-
Osiedle
Europejskie
phase 8b
100%
Poland
Krakow
204
198
12
6
4,404
Tulipa
Rokytka
100%
Czech
Republic
Prague
92
92
2
-
-
Central *
Garden
(Phase 1)
42%
Serbia
Belgrade
89
67
67
22
6,375
1,327
1,168
180
159
68,374
Total
inventory
19,055
(*)Starting Jan. 1st, 2016 and until March 1st, 2016 the Company sold 18 additional apartments out of
which 4 were in the Vitosha project, 13 apartments were in the Lagera project and 1 apartment in the
Central Garden project.
21
Residential projects under
construction in Europe
EUROPE
Apartments under construction
Name of
project
Central
Garden
(Phase 2)
Osiedle
Europejskie
Phase11
Tulipa
Trebesin
Total
Location
Holding Bookvalueas Number
of 31.12.2015
of
(thousands apartmen
%
NIS )
ts inthe
project
)*(
Expected Completion Total cost of
costsfor
date
project
completion
(thousands
(thousands
NIS )
NIS )
)*(
)*(
Belgrade
42%
11,454
89
13,865
Q3 2016
25,319
28,745
62
4
Krakow
100%
30,579
214
38,852
Q4 2016
69,431
80,154
23
5
Prague
100%
36,505
183
44,065
Q1 2017
80,570
120,473
104
16
-
-
78,538
486
96,782
-
175,320
229,372
189
25
(*) The value reflects the relative share of the company
22
Total
The
The number
expected number of
of
sales
apartments apartments
(thousands solduntil
soldfrom
NIS )
31.12.2015 01/01/2016
)*(
to
03/01/2015
Projects under construction in
Israel
ISRAEL
Name of project
Designation
Holding
%
Bookvalue as Units/ parking Expected
of 31.12.2015
spaces
coststo
(thousands
complete the
NIS)
project
(thousands
NIS)
Completion
date
rental housing
'Glil yam' in
Herzliya )*(
Rental
housing
50%
75,200
273
94,890
First Half
2017
Habarzel public
parking garage
in Tel-Aviv
Parking
100%
29,405
542
42,984
Second Half
2016
-
-
104,605
-
137,874
-
Total
(*) according to the tender conditions, the rental apartments will be marketable 6 months prior to
the completion date.
23
Projects under construction in
Europe
EUROPE
Projects under construction
Name of
project
Location
Holding
%
Space Rented yearlyrental Bookvalue as Expected Completio
for rent area as income for of 31.12.2015 costsfor
n date
(GLA)
(thousands
of the
contracts
completion
)*(
NIS)
reporting signedas of
(inNIS
(*)
Date
the reporting
thousands)
)*(
)*(date
)*(
ACB
phase 4
Belgrade
53.7%
6,381
5,851
5,075
53,437
8,661
Q1 2016
5,519
Classic 7
phase 3
Prague
100%
6,497
6,497
4,752
27,506
22,706
Q2 2016
4,587
Butterfly
(Karlin)
Prague
100%
21,762
-
-
54,018
131,624
Q2 2017
18,261
Bucharest
100%
32,200
11,496
8,960
171,534
58,696
Q1 2016
24,207
-
-
66,840
23,844
18,787
306,495
221,687
-
52,574
AFI Park
4+5(**)
Total
Projects
under
construction
(*)The value reflects the relative share of the company
(**) During November 2015 the company signed an MOU for renting out an additional 1,728 m2
24
Total amount of
expectedrent in
full capacity(in
NISthousands)
)*(
Land in Israel
ISRAEL
LandsinIsrael
Name of project
Designation
Holding
Bookvalue as
of 31.12.2015
NIS) (thousands
)**(
Buildingrightssq. m
)GLA)
100%
86,000
49,000
Offices and
high-tech
100%
26,700
about-37,000
Offices and
high-tech
60%
15,540
about-20,000
RGM
logistics
100%
69,000
about- 100,000
Land adjacent to the Global
Park project)*(
Offices
100%
16,500
about-20,000
Office and
commercial
50%
292,800
114,000
-
-
506,540
about-340,000
%
Yakhin
Kiryat Weizmann Additional
building rights
Kiryat Weizmann Additional
building rights owned jointly
with the Weizmann Institute
Sarona project )***(
Total
Offices
(*) In July 2015, the company sold the land. As of the date of the report, ownership has not yet
been transferred and accordingly, the land was classified as assets available for sale.
(**) The value reflects the relative share of the company
(***) During Sep 2015 together with Melisron (a joint venture in equal shares), the company won
the tender to lease land of 13,000 m2 in the South Kirya compound in Tel Aviv for the purpose of
developing an office and retail project. During Oct. 2015 a lease agreement was signed with the
Israel Lands Authority.
.
25
Land in Europe
EUROPE
Landarea Bookvalue as Bankloansbooks Net value
Landsthat Namesof projects
Bookvalue as of
(Thousand of 31.12.2015
to31.12.2015
(thousands the Company classifiedtothe 31.12.2015 deductingthe
s of
(thousands (thousandsNIS )
NIS )
intendsto
short term
value of the landsthe
square
NIS
)
)
2
(
)
2
(
develop
in
Companyplansto
Country
) 3( ) 2(
meters)
the short
developor realize inthe
) 1(
(inNIS term
short term
thousands)
) 4(
Bulgaria
419
Czech
Republic
201
Hungary
490
Latvia
104
Poland
35
98,727
-
170,816
19,597
151,219
78,309
20,333
57,977
60,402
33,104
27,298
811
Serbia
50
Total
(1)
(2)
(3)
(4)
26
2,110
-
156,057
-
15,101
-
51,937
Romania
98,727
51,937
51,937
504,847
16,775
488,072
186,355
62,383
13,693
48,691
33,398
1,027,421
103,502
923,919
442,848
AFI City &
Tulipa Trebesin
Soleville Phase 1
Europeski Phase 10,
AFI Krakov, Zlota 83
B-Noi, Inox
ACB, Central Garden
-
The land areas are stated at 100%.
The value reflects the company’s percentage interest
After executing write downs of approx. €115 million during the years 2008-2015.
The company intends to develop this land over a span of 3 years.
98,727
14,759
78,309
45,301
-
318,492
28,985
584,573
Legal Information
This presentation was prepared by Africa Israel Properties Ltd. (“the company”( as a presentation
about the company. This presentation is not intended to replace the necessity to read reports
issued by the company to the public, including the Periodic Report for 2015 dated March 13, 2016,
the shelf prospectus of the company dated February 27, 2014 and shelf proposal reports that have
been issued and/or will be issued by the company, before making a decision regarding an
investment in the securities of the company. The information included in the presentation is not
advice, recommendation, opinion or proposal as to the feasibility of an investment and is not a
substitute for an independent examination and consultation based on the individual needs of each
investor. The presentation comprises estimates, forecasts, plans and other information that relate
to future events and matters, whose extent of realization is uncertain and is not solely under the
control of the company, representing forward looking information, as defined in the Securities Law1968. The principal facts and data that served as a basis of this information are facts and data
referring to the current condition of the company and its business, facts and data related to the
current status of the operating sectors in which the company presently operates in the areas of its
operations and macro-economic facts and data, all as they are known to the company on the date
of preparation of this presentation. In addition to the existing information of the company, the
forward looking information included in this presentation is based, to a substantial extent, on
current expectations and assessments of the company with regard to future developments in each
of the above parameters, and on the integration of these developments into one another. The
company has no assurance that its expectations and assessments will indeed be realized, inter
alia, due to the realization or lack of realization of the aforementioned forward looking information,
which might be influenced by factors that cannot be estimated in advance and are not solely under
the control of the company. For the removal of doubt, it is clarified that the company is not
obligated to update the information included in the presentation. This presentation should not be
considered as a proposal or invitation to purchase securities.
27
Thank You