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Property assets

Investment properties of Sponda 1 January – 31 December 2013, M€

  Total

Office

Properties

Shopping
Centres
Logistics
Properties
Property
Development
    Russia
Operating income 256.7 145.0 43.9 38.7 0.4     28.6
Maintenance costs -71.4 -39.3 -10.7 -12.9 -1.8     -6.8
Net operating income 185.3 105.8 33.2 25.9 -1.3     21.8
                 
Investment properties at 1 Jan 2013 3,261.3 1,705.7 736.7 414.4 135.1     269.4
Capitalized interest 2013 0.3 0.1 0.0 0.0 0.1     0.0
Acquisitions 3.1 3.1 0.0 0.0 0.0     0.0
Investments 36.6 26.3 2.7 1.7 4.7     1.2
Transfers between segments 0.0 9.6 0.0 20.7 -30.3     0.0
Sales -31.9 -19.7 0.0 -2.5 0.0     -9.7
Change in fair value -16.1 4.2 1.9 -7.8 -1.4     -13.1
Investment properties at 31 Dec 2013 3,253.3 1,729.4 741.3 426.5 108.2     247.8
                 
Change in fair value% -0.5 0.2 0.3 -1.9 -1.0     -4.9
                 
Weighted average yield requirement% 6.7 6.5 5.6 8.2 0.0      9.6
Weighted average yield requirement%, Finland 6.5              
                 
Maintenance investments 22.6 17.9 2.7 1.7 0.0     0.3
Property development 14.0 8.4 0.0 0.0 4.7     0.9
Acquisitions 3.1 3.1 0.0 0.0 0.0     0.0
Sales -31.9 -19.7 0.0 -2.5 0.0     -9.7
Investments, total 7.8 9.7 2.7 -0.8 4.7     -8.5

 

Yield requirements used in valuation of investment properties 31 December 2013,%

 

Helsinki CBD

Other Helsinki

Espoo/Vantaa

Other Finland

Russia

Office- and retail premises,%

5.6

6.2

8.4

7.1

9.5

Logistics premises,%

 

8.1

8.0

11.3

11.0

The average yield requirement for Shopping Centres was 5.6 per cent.

 

Sensitivity analysis

Change in investment property fair value, M€ and%

      -10%  -5%  0% 5%  10% 
     

Change,

M€

Change,

%

Change,

M€

Change,

%

M€

Change,

M€

Change,

%

Change,

M€

Change,

%

Yield requirement   332 10.6 157 5.0 0 -143 -4.6 -272 -8.7

Rental income

(contractual rents)

-85 -2.7 -43 -1.4 0 42 1.3 84 2.7
Maintenance expenses 85 2.7 42 1.3 0 -43 -1.4 -86 -2.8

Economic occupancy rate

(1st year)

-25 -0.8 -13 -0.4 0 12 0.4 24 0.8

The sensitivity analysis has been carried out as a quantitative analysis of the investment properties in Finland calculating the 15 year cash flow and of the properties in Russia calculating the 10 year cash flow.

The changes in yield requirements and economic occupancy rates have been calculated for average figures. The analysis includes only investment properties generating cash flows.