Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — Non-Deal Roadshow (2017)
86 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, 2017
Slide 1: Road Show Presentation Results as at 31/12/2016 & BP2016-2018
Road Show Presentation Results as at 31/12//2016 & BP2016-2018
Slide 2: Disclaimer
DISCLAIMER This presentation does not constitute an offer or an invitation to subscribe for or purchase any securities. The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Act of 1933, as amended (the “Securities Act”),
Slide 3: Index
Index 1. INTRODUCTION TO IGD 4 2. 2016 FY RESULTS 18 3. HIGHLIGHTS ON 2016-2018 BUSINESS PLAN 54 4. APPENDIX 64 Roadshow presentation 3
Slide 4: 1. Introduction to IGD
Centro d’Abruzzo - Chieti 1. Introduction to IGD
Slide 5: IGD at a glance
IGD at a glance IGD is one of the main players in the Italian retail real estate sector: develops and manages shopping centers across the country and has a significant presence in retail distribution in Romania #1 Italian Retail SIIQ (REIT) IGD Portfolio Snapshot 1 IGD Portfolio Breakdown by Geograp
Slide 6: IGD unique positioning in the Italian retail property sector
IGD unique positioning in the Italian retail property sector Large portfolio of retail property assets with a strong customer base generating sound 1 and visible revenues and growing cashflows over the business plan timespan 2 Strong competitive position in the stable and attractive Italian retail p
Slide 7: Our business model
Our business model A careful merchandising mix, marketing activity adapted to each DIRECT MANAGEMENT context and various customer related services and careful attention OF THE SHOPPING CENTRES paid to tenants’ needs MEDIUM SIZED AND EASILY In line with the geographical structure of Italy which is ch
Slide 8: IGD: A cluster of retail assets dominant in their catchment area
IGD: A cluster of retail assets dominant in their catchment area IGD Principal NORTHERN ITALY Italian Assets MONDOVICINO SHOPPING I BRICCHI CENTRO SARCA GRAN RONDÒ MILLENNIUM GALLERY CONÈ CENTER & RETAIL PARK ISOLA D'ASTI (AT) SESTO S. GIOVANNI (MI) CREMA (CR) ROVERETO (TN) CONEGLIANO (TV) MONDOVÌ (
Slide 9: Italian Portfolio: hypermarkets and shopping malls
Italian Portfolio: hypermarkets and shopping malls (as at 31/12/2016) TENANTS OF 22 SHOPPING MALLS 25 HYPERMARKETS HYPERMARKETS CENTRO D'ABRUZZO -Pescara CENTRO D'ABRUZZO -Pescara Coop Al l eanza 3.0 CLODI' - Chi oggi a CLODI' - Chi oggi a Coop Al l eanza 3.0 PORTO GRANDE - Porto d'Ascol i (AP) PORT
Slide 10: Balanced portfolio from a geographical point of view
Balanced portfolio from a geographical point of view SOUTH+ISLANDS 19% NE 41% CENTER 28% NW 12% • Leader in their catchment area • Present in 11 Italian regions, from North to South, mainly in medium/large size cities MILAN – C. Sarca BOLOGNA – C. Borgo RAVENNA - ESP ROME -Tiburtino NEAPLES –Porte d
Slide 11: Balanced portfolio from a market value point of view
Balanced portfolio from a market value point of view DEVELOPMENT AND OTHER 7 Relevant Malls 7.1% SMALL (mkt value >€70mn): 14.7% Punta di Ferro Centro Sarca MALLS 55.6% Tiburtino HYPER/SUPER MAKETS RELEVANT Le Porte di Napoli MEDIUM 55.1% Katanè 29.7% 30.2% Conè Esp ROMANIA 80 7.6% 70 54.6 55.6 60 4
Slide 12: Performing and effective portfolio
Performing and effective portfolio Resilience in occupancy 2014 2015 2016 97.3% Occupancy rate always high Average Italy 96.2% thanks to the restyling/ 96.1% extension/remodeling activities Romania 86.4% Flexibility and adaptability m² Average mall dimension: Average no. of shops: No. of full owners
Slide 13: Main lease terms
Main lease terms Italian Shopping Malls Italian Hypermarkets Romanian Shopping Malls Main lease terms Main lease terms Main lease terms Average maturity: Average maturity: Average maturity: Lease agreement (space only): 6 to 18 years 2 years for local tenants 6 years (+ 6 years) (with tacit renewal
Slide 14: SIIQ regime: main features
SIIQ regime: main features SIIQ STATUS FOR IGD SINCE 1 JANUARY 2008 At least 80% of total assets must be rental asset KEY PARAMETERS At least 80% of total positive components of P&L must be rental income (excluding change in FV) Largest shareholder stake ≤ 60% (vs. previous 51%)* SHAREHOLDING LIMITS
Slide 15: IGD's shareholders
IGD’s shareholders IGD IS LISTED ON THE STAR SEGMENT OF BORSA ITALIANA TOTAL SHARES 813,045,631 SHARE CAPITAL € 599,760,278.16 40.92% Coop Alleanza 3.0 47.05% Unicoop Tirreno Free Float 12.03% MARKET SHAREHOLDING REFLECTED IN A GOVERNANCE STRUCTURE IN LINE WITH BEST STANDARDS Roadshow presentation 1
Slide 16: IGD Governance
IGD Governance Composition of the current Board of Directors Vice Chairman Chairman IGD’s governance has been in line with the Gilberto CEO Fernando Coffari Claudio criteria of the Self Regulatory Code of Pellegrini Albertini Italian Stock Exchange since the listing. Caporioni From 2008, an internal
Slide 17: IGD top management
IGD top management GILBERTO COFFARI (1946) Chairman CLAUDIO ALBERTINI (1958) Chairman of IGD's Board since its creation in 2000 Chief Executive Officer Chairman of Coop Adriatica from 2006 to 2011 Appointed in May 2009 Acted as Director and Chairman for a number of cooperatives Board member at IGD s
Slide 18: 2. 2016 FY Results
Puntadiferro - Forlì FY 2009 RESULTS Bologna November 11, 2011 2. 2016 FY RESULTS
Slide 19: 2016 Results…
2016 Results… € 136.8 mn € 94.9 mn Core business revenues Core business Ebitda +8.4% +11.6% margin 69.3% + 200bps 78.7% € 68.3 mn Ebitda margin from Freehold Group Net Profit + 150 bps +49.7% € 2,178 mn € 1.29 per share Portfolio Market value Epra NNNAV +4.6% +3.2% Roadshow presentation 19
Slide 20: …exceeding expectations!!!
…exceeding expectations!!! € 53.9 mn Funds From Operations (FFO) +18.9% (+15/16% guidance) € 0.066 € 0.045 per share FFO per share Proposed dividend +12.5% Roadshow presentation 20
Slide 21: Operating performance
Operating perfomance Centro Sarca – Sesto San Giovanni
Slide 22: A positive scenario, also in 2017…
A positive scenario, also in 2017… ITALY OUTLOOK 2017 • 8° economy in the world and 3° in the Euro Area GDP + 0.9% • GDP 2016: €1,569 mld (+1.0%) Consumption + 0.9% • Consumption 2016: +1.3% ROMANIA • Among the economies that are growing faster in Europe GDP + 4.0% • GDP 2016: approx. €176 mld (+4.8
Slide 23: ..which results in good operating performances
..which results in good operating performaces +2.6% Tenants sales shopping malls Better results in shopping centers recently restyled/refurbished Slight decline Footfalls But comparison with a strong 2015: Δ IGD/CNCC 2015 +1.4% Δ IGD/CNCC 2016 -0.8% +2.5% Footfalls Increase in the commercial offer,
Slide 24: Effective commercial performances
Effective commercial performances 206 signed contracts of which 89 turnover and 117 renewals +1.8% upside 9% rotation rate 26 new brands 97.3% occupancy + 40 bps Maremà (GR) – New brand: Zara and Pull&Bear Roadshow presentation 24
Slide 25: Merchandising: physical vs virtual
Merchandising: physical vs virtual Implementation of the food court’s offer and services CENTRO SARCA (Milan) MAREMA’ (Grosseto) Food court: 2,550 m2 (11% tot. malls) Food court: 1,550 m2 (9% tot. malls) Roadshow presentation 25
Slide 26: Merchandising: personal care services
Merchandising: physical vs virtual Personal care services to enhance visits to the shopping centers and customers loyalty 3 CLINICS OPENED IN 2016 11 TOTAL 3 NEXT OPENINGS (2017) Roadshow presentation 26
Slide 27: Innovation and technologies
Innovation and technologies • Book online and collect in the • A common strategy for all the Centers shopping mall • Reinforcing the link with visitors: • First pilot project in a Shopping Increase in likes +31% Center in Italy engagement rate +73% total no. of contacts: 11.5 milion Roadshow pre
Slide 28: Restyling results
Restyling results Centro Borgo (Bo) Centro Sarca (MI) October 2015 – Total restyling and remodeling October 2015 – Total restyling and remodeling Footfalls:+ 3.6%* Footfalls: +5.9%* Sales: +16.6% Sales: +17.5% Occupancy: 97% (+ 3.5 perc. pts.) Occupancy: 100% (+ 13.6 perc. pts.) * May, June and July
Slide 29: Work in progress: Città delle Stelle (Ascoli-Piceno)
Work in progress: Città delle Stelle (Ascoli-Piceno) 1 interested Area 1 by the 1 intervention 2017 – Second step Hypermarket reduction and creation of a new court in progress 2016 – First step (already completed) Hyper from 14,400 m2 to 9,350 m2 Remodeling and insertion of an anchor tenant H&M New
Slide 30: 2016 news: Maremà (Grosseto)
2016 news: Maremà (Grosseto) 27 October 2016: Opening Investment ~ € 47 mn Yield on cost >8% Footfalls 2016: approx. 850,000 people in 2 months Full occupancy Roadshow presentation 30
Slide 31: Positive results also in Romania
Positive results also in Romania 454 contracts signed Of which 207 turnover and 247 renewals +1.1% upside 34.3% rotation rate 96.1% occupancy 2016: Opening of H&M Ploiesti Investments ~ € 1.4 mn + 220 bps Gla 17,434 m2 Mall footfalls post H&M opening: 11,000 people/day (+16%) Roadshow presentation 3
Slide 32: The results: rental revenues +8.4%
The results: rental revenues +8.4% ITALY ROMANIA +1.7% +3.1% +8.4% -659 269 8,638 131,296 1,905 121,142 Revenues from rental act 2015 L-f-l Italy Acquis/extenstion/restyling Disposals + other L-f-l Romania Revenues from rental act 2016 Like for like Italy +1.7%: malls (+2.7%) and hypermarkets are st
Slide 33: Seventh Sustainability Report
Seventh Sustainability Report: significant achievements in 2016 Integrity in Quality and A changing context The concept of space Employees business and efficiency of the to be lived in management shopping centers Electricity consumption Organized events with Legality rating reduced by 13% All tenant
Slide 34: Seventh Sustainability Report: environmental commitment continues
Seventh Sustainability Report: environmental committment continues… CERTIFICATION ISO 14001 GHG INTENSITY* 2016: 57% Italian malls 2016: -5.6% TARGET 2018: 90% Italian malls TARGET 2018: progressive reduction 90% 83.03 57% 76.98 43% 73.10 73.27 % Certified centers 29% 69.19 24% GHG Intensity 2013 20
Slide 35: Important national and international awards
Important national and international awards Rating BAA3 Finalist Legality rating Roadshow presentation 35
Slide 36: Portfolio
FY 2009 RESULTS Bologna November 11, 2011 Portfolio
Slide 37: Retail real estate in Italy: an interesting market…
Retail real estate in Italy: an interesting market… Retail investment evolution in Italy • Real estate investments in 2016: €9.1 mld (+13% vs 2015) • Retail investments in 2016: approx. €2.6 mld, +80% vs 2015 • Slight yields compression on good secondary shopping centers. Source: CBRE, “Italia Retai
Slide 38: …also from the yields point of view
…also from the yields point of view Spread Record >300 bps Prime shopping centers Vs BTP 10 years Average net yields prime shopping centers SPAIN GERMANY 4.50% 4% vs Significant gap between Italy and other European ** ITALY countries 5% FRANCE IRELAND 3.50% 4% *Source: Treasury Minister Roadshow pre
Slide 39: Progress continues in Romania
Progress continues in Romania Real estate investment evolution in Romania • Total Real Estate investments: €714 mn (in line with 2015) • Trend 2017-2018: national and international retailers are moving to medium-size regional cities • Investments in quality refurbishment or in development activities
Slide 40: IGD Portfolio is growing…
IGD Portfolio is growing… ∆% Gross Initial € mn FV 2015 FV 2016 ∆% Like for Like Yield Malls Italy 1,136.81 1,211.60 + 6.6% + 1.5% 6.23% Hypermarkets Italy 633.63 646.09 + 2.0% + 2.0% 6.17% Romania 170.60 164.91 -3.3% -3.3% 6.51% Porta a Mare + developments + other 140.97 155.17 Total IGD portfolio
Slide 41: …and so is the value created
…and so is the value created € p.s. 31-Dec-15 31-Dec-16 D% EPRA NAV 1.32 1.37 + 3.4% EPRA NNNAV 1.25 1.29 + 3.2% € 0.02 € 1.29 € 0.07 € 1.25 € -0,04 € -0,02 EPRA NNNAV 31 Dec Dividend Delta Fair value debts FFO Assets fair value EPRA NNNAV 31 Dec 2015 and other 2016 Roadshow presentation N. azioni f
Slide 42: Investment pipeline
Investment pipeline 2016 2017 2018 Total Tot. development € 67 mn ~ € 34 mn ~ € 43 mn ~ € 145 mn projects Total Capex and other € 13 mn ~ € 28 mn ~ € 10 mn Tot. ~ € 50 mn TOT. INVESTMENTS A new mall every year ~ € 195 MN Average yield on cost approx. 7% Attention on sustanability and energy savi
Slide 43: Esp extension (Ravenna)
Esp extension (Ravenna) GLA +19,000 m² (+10 medium surfaces and 50 shops) + 1,100 parking places. Preletting: ca 85% End of work: 1H 2017 Total expected investment approx € 53 mn Roadshow presentation 43
Slide 44: Restyling and extension - Gran Rondò (Crema)
Restyling and extension - Gran Rondò (Crema) New medium surface (+ 2,850 m² of GLA) already rented Total restyling of the outside of the shopping mall End of workl: 1H 2018 Total expected investment approx € 7 mn Roadshow presentation 44
Slide 45: Officine Storiche (Livorno)
Officine Storiche (Livorno) Redevelopment of the former Cantieri Navali Orlando, a modern retail concept with personalcare services (fitness, leisure, food court) Preletting: significant interests collected Expected opening: 2H 2018 Total expected investment approx € 52 mn Roadshow presentation 45
Slide 46: Financial results
FY 2009 RESULTS Bologna November 11, 2011 Financial results Conè – Conegliano
Slide 47: “Record” activity with unprecedented results…
“Record” activity with unprecedented results… • Obtained the rating Baa(3) Outlook Stable* from Moody’s • The context of low interest rates favored by the ECB has been fully exploited to: Reduce the average cost of debt Extend the maturity profile of the medium/long-term debt First First Public
Slide 48: ...which are the basis for further improvements
...which are the basis for further improvements > 2,80x 3.94% 4.03% Average cost of debt 3.67% • Constant decrease in average cost of 2,15x 2,24x debt 1,90x 3.30% • Increase in interest coverage ICR 1,77x < 3,00% 2013 2014 2015 2016 2017 E 57.1% L T V* • Strict financial discipline respected 50% 48.
Slide 49: A balanced debt structure
A balanced debt structure Net Debt 2016 €1,055.4mn L.T. 948,0 300 S.T. 110,53 Cash -3,1 125 162 100 BANKING SYSTEM 34.3% 8 53 52 34 35 36 37 37 27 MARKET * 21 24 65.7% 2017 2018 2019 2020 2021 2022 2023 2024 2025 >2025 Bonds Bank debt * USPP included • Bank financing reduced… and • Extended debt mat
Slide 50: New target achieved: FFO € 54 mn exceeded
New target achieved: FFO € 54 mn 2014 2015 2016 0.066 0.055 p. share p. share 0.046 p. share • + €10 mn Ebitda increase +28.5% +18.9% 54 45 • - €1mn financial 35 management (net of liability management) and other €mn Target announced (+15/16%): EXCEEDED!!! Roadshow presentation 50
Slide 51: Group Net Profit: €68.3 MN
Group Net Profit: €68.3 MN NET PROFIT EVOLUTION(€ 000) Change mainly due to deferred taxes +49.7% +18,4 +1,0 +9,6 -3,0 -3,4 68.3 45.6 Group Net Profit Change in EBITDA Change in Fair Value Change in financial Change in taxes Change in Group Net Profit 2015 and other and extraordinary (profit)/loss r
Slide 52: Proposed dividend € 0.045 per share (+12.5%)
Proposed dividend* € 0.045 per share (+12.5%) 0.045 0.04 2015 2016 •Dividend yield 6.2% (on both year end and 27th February price equal to approx. €0.72) • Amount of dividends equal to € 36.6 mn (68% of FFO) • Dividend Reinvestment Option will NOT be proposed this year *To the AGM on 12 April 2017 R
Slide 53: FFO expected for 2017
Outlook 2017 FFO expected for 2017 ≈ + 18/19 % Committed in mantaining an attractive dividend policy and that is linked to the FFO evolution ( 2/3 of the gross FFO) Roadshow presentation 53
Slide 54: 3. Highlights on 2016-2018 Business Plan
Centro Sarca – Sesto San Giovanni (MI) FY 2009 RESULTS Bologna November 11, 2011 3. Highlights on 2016-2018 Business Plan (released in May 2016)
Slide 55: Strategy confirmed
Strategy confirmed Goal: Confirm our position as a leading owner and manager of shopping centers in Italy and continue our path of a sustainable growth SUSTAINABILITY FULLY INTEGRATED IN THE BUSINESS PLANNING ASSET MANAGEMENT FULLY INTEGRATED APPROACH COMMERCIAL/ FINANCE MARKETING Roadshow presentat
Slide 56: Main targets - BP 2016-2018
Main targets - BP 2016-2018 New Targets BP 2016-2018 Target previous plan (BP 2015-2018) Total growth> +20% approx. REVENUES FROM RENTAL ACTIVITIES Total growth: confirmed cagr* +7% approx. Cagr > +5% approx., increasing cagr* LFL +2% approx. Cagr LFL confirmed EBITDA MARGIN Core business >70% (BP
Slide 57: Assumptions on Italian and Romanian revenues
Assumptions on Italian and Romanian revenues ITALY • Occupancy increase (about 1 percentage point with evidence already from 2016) and constant decrease of temporary reductions • Contribution for the whole year of the assets acquired/opened in 2015 (Puntadiferro and Clodì) • Development of revenues
Slide 58: Focus on new openings
Focus on new openings Overall growth LFL Rental Revenues (lfl 2015) > + 6% + New openings = Total rental revenues > + 20% Of which: 1. puntadiferro and Chioggia excluded from the like-for-like as opened/acquired in 2015. Whole year revenues already from 2016 2. NEW PROJECTS: Grosseto (opening in Nov
Slide 59: Assumptions on costs and Ebitda evolution
Assumptions on costs and Ebitda evolution Costs increase over BP timespan (mainly due to extension of portfolio perimeter for investments), but their impact on revenues decrease. Core business Ebitda and Ebitda margin evolution €87 mn > 70% 67.3% 2015 2016 2017 2018 Ebitda and related margin perform
Slide 60: Assets management assumptions
Assets management assumptions 1) Investments evolution 2016 - 2018 • Total investments: approx. €195 mn • Of which, for development: approx. €145 mn • Average yield on cost (on development): > 7% • New GLA approx. 71,500 smq 2) Assumptions on the assets fair values No change in fair value in the inc
Slide 61: Financial area Targets
Financial area Targets Main assumptions • Issue of unsecured senior bond 5-7 years in 2016 with an expected cost lower than the current Group’s cost of debt. Done • Option execise for CMBS early repayment (€135mn, cost approx. 5.2%) Done Targets confirmed with respect to the previous plan • Main
Slide 62: FFO evolution and Dividend policy
FFO evolution and Dividend policy CAGR 2015 - 18 + 18.3 % Funds from 75 operations evolution (FFO - € mn) 45 2015 2016 2017 2018 As for dividends, policy, already communicated to the market, of the distribution of about 2/3 of the core business FFO, is confirmed Dividend Reinvestment Option (DRO) re
Slide 63: Final remarks
Final remarks The updated Business Plan, that has a low execution risk, confirms IGD’s ability to increase FFOs and strenghten visibility of the dividends that will be distributed. Following Punta di Ferro acquisition, not foreseen in the previous Plan, FFO target has been further improved. Therefor
Slide 64: 4. Appendix
Centro Borgo - Bologna Appendix 4. Appendix
Slide 65: 2016 Consolidated Income Statement
2016 Consolidated Income Statement CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 31/12/2015 31/12/2016 D% 31/12/2015 31/12/2016 D% 31/12/2015 31/12/2016 D% Revenues from freehold real estate and rental activities 108,865 118,882 9.2% 108,865 118,882 9.2% 0 (0) n.a. Revenus from leasehold rea
Slide 66: 2016 Margins from activities
2016 Margins from activities CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 31/12/2015 31/12/2016 % 31/12/2015 31/12/2016 % 31/12/2015 31/12/2016 % Margin from freehold properties 93,186 102,999 10.5% 93,186 102,999 10.5% 0 0 n.a. Margin from leasehold properties 1,999 2,171 8.6% 1,999 2,171
Slide 67: 2016 Operating costs and financial management
2016 Operating costs and financial management CORE BUSINESS G&A EXPENSES AND DIRECT COSTS (€ 000) 10,646 10,879 Lower impact of operating cost on Revenues Ebitda margin core business is G&A expenses Direct costs growing (69.3%): +200 bps 30,569 31,091 Ebitda margin from Freehold: 78.7% 31/12/2015 31
Slide 68: 2016 Ebitda evolution
2016 Ebitda evolution TOTAL EBITDA (€ 000) 444 -522 -233 -229 10,154 93,983 84,369 Ebitda Cons 2015 Change in rental Change in Change in direct Change in G&A Ebitda "Porta a Ebitda Cons 2016 revenues revenues from costs expenses Mare" project services CORE BUSINESS EBITDA and EBITDA MARGIN (€ 000) 6
Slide 69: 2016 Funds From Operations
2016 Funds From Operations Funds from Operations CONS_2015 CONS_2016 D vs cons 2015 D% Core business EBITDA 85,011 94,855 9,844 11.6% Adjusted financial management -38,946 -39,817 -870 2.2% Adjusetd extraordinary management 218 -125 -343 n.a. Adjusted current taxes of the period -956 -1,004 -49 5.1%
Slide 70: 2016 NNNAV
2016 NNNAV 31-Dec-15 31-Dec-16 D% NNNAV Calculation €'000 € p.s. €'000 € p.s. Total number of shares 813,045,631 813,045,631 1) Group shareholders' equity 1,022,053 1.26 1,060,701 1.30 3.8% Excludes: Fair Value of financial instruments 34,990 28,748 -17.8% Deferred taxes 19,917 23,633 18.7% Goodwill
Slide 71: Contracts in Italy and Romania
Contracts in Italy and Romania EXPIRY DATE OF HYPERMARKETS AND MALLS EXPIRY DATE OF HYPERMARKETS AND MALLS CONTRACTS ITALY (% no. of contracts ) CONTRACTS ITALY ( % value) N 22 90% 90% 82.9% 80% 80% 70% 70% 60.8% Average residual N 658 60% 60% maturity 50% Hyper 7.8 years 50% 88.0% 40% Malls 4.5 yea
Slide 72: Tenants Italy
Tenants Italy Product Turnover No. of TOP 10 Tenant category impact contracts MALLS MERCHANDISING MIX clothing 3.3% 12 SERVICES 6% FOOD 7% clothing 2.8% 10 ELETRONICS 10% Gruppo Miroglio Gruppo Miroglio clothing 2.7% 28 PERSONAL AND HEALTHCARE CLOTHING 4% 53% clothing 2.2% 7 ENTERTAINMENT 4% CULTURE
Slide 73: Tenants Romania
Tenants Romania TOP 10 Tenant Product Turnover No. of MALLS MERCHANDISING MIX cateogry impact contracts food 13.7% 9 SUPERMARKETS 11% ELETRONICS 7% clothing 6.5% 6 OTHER 33% jewelley 5.9% 7 food 5.5% 2 ENTERTAINMENT CLOTHING 39% 10% eletronics 4.6% 4 clothing 2.5% 9 TENANT MIX grocery 2.3% 5 pharmac
Slide 74: Breakdown of the portfolio’s appraisals
Breakdown of the portfolio’s appraisals IGD Group’s real estate portfolio has been appraised by the following companies: Cbre, Reag ,C&W and JLL 13% 33% 20% 34% CBRE REAG CUSHMAN&WAKEFIELD JLL Roadshow presentation 74
Slide 75: Financial Highlights 1/2
Financial Highlights 1/2 31/12/2015 31/12/2016 GEARING RATIO (D/E) 0.93 0.97 LOAN TO VALUE adjusted 47.07% 48.25% COST OF DEBT* 3.67% 3.30% INTEREST COVER RATIO 2.15X 2.24X LONG-TERM DEBT AVERAGE RESIDUAL MATURITY (bonds included) 6.3 years 5.5 years *Net of accessory charges on loan (both recurrent
Slide 76: Financial Highlights 2/2
Financial Highlights 2/2 31/12/2015 31/12/2016 SHARE OF MEDIUM /LONG-TERM DEBT 77.6% 84.6% HEDGING ON LONG-TERM DEBT + BOND 91.6% 93.8% UNCOMMITTED CREDIT LINES GRANTED € 302.5 mn € 276 mn UNCOMMITTED CREDIT LINES AVAILABLE € 120 mn € 164 mn COMMITTED CREDIT LINES GRANTED AND AVAILABLE - € 60 mn UNE
Slide 77: Net Debt
Net Debt NET DEBT EVOLUTION (€ 000) 31,106 104,305 -68.329 4,581 -1.050 1,055,428 984,815 Net Debt 31/12/2015 Profit for the period Change in NWC Change in other non-current Change in fixed/non-fixed Change in shareholders' Net Debt 31/12/2016 attributable to the Parent assets/liabilities and assets
Slide 78: Re-classified Balance Sheet
Re-classified Balance Sheet Sources - Uses of funds 31/12/2015 31/12/2016 D D% Fixed assets 1,970,028 2,050,728 80,700 4.1% Assets under construction 50,533 75,004 24,471 48.4% Other non-current assets 31,091 25,543 -5,548 -17.8% Other non-current liabilities -33,194 -32,150 1,044 -3.1% NWC 51,797 5
Slide 79: A successful story of growth fueled by strong capital market access…
A successful story of growth fueled by strong capital market access… 2014-2015 2009-2010 • New growth phase: capital increase of €200 MM and • 6 new portfolio acquisition; restyling, extensions (Centro d’Abruzzo) Key Milestones: and new openings (Chioggia, Piazza Mazzini) investments openings • Intr
Slide 80: …delivering strong results and maintaining financial discipline…
…delivering strong results and maintaining financial discipline… CORE BUSINESS REVENUES (€ MM) CORE BUSINESS FFO (€ MM) 54 137 45 126 123 121 120 37 35 35 2017e +18/19% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016 NET DEBT (€ MM) INTEREST COVER RATIO (x) 2.24x 2.15x 1.90x 1.80x 1.77x 2017e >2.8
Slide 81: …benefitting from strong gearing in regions with GDP per capita above European average
…benefitting from strong gearing in regions with GDP per capita above European average 92% of IGD portfolio value located in Italy, with strong gearing on the wealthy Northern regions, benefitting from GDP per capita well above EU average GDP per capita(1) 92% of portfolio located in Italy… (EU 28 =
Slide 82: WORLD (1/2)
WORLD (1/2) 7 LEGAL ENTITIES THROUGHOUT ITALY Emilia Romagna, Lombardia, Trentino, Veneto, Friuli Venezia Giulia, Marche, Abruzzo, Puglia, Basilicata Toscana, Lazio, Umbria, Campania Lombardia, Sicilia Piemonte Liguria, Piemonte Toscana Toscana, Umbria, Abruzzo Regions covered by Coop From 1st Janua
Slide 83: WORLD (2/2)
WORLD (2/2) Data as at 31/12/2015(1) Market share in Italy: 18.7% Turnover : ~ 12,5 bn € N° of points of sale: ~ 1,200 Employees: ~ 54,000 Members: ~ 8.5 million COOP PRODUCTS AND SERVICES Goods with Coop brand: Market share > 26% (stable vs 2014) Coop Salute: 122 points of sale Coop Voce: 1.4 milli
Slide 84: From 1 January 2016 COOP ALLEANZA 3.0
From 1 January 2016 COOP ALLEANZA 3.0 Data as at 31/12/2015(1) By merging of Coop Adriatica, Coop Estense and Coop Consumatori Nordest Revenues : ~ 4,4 bn € N° of points of sale: ~430 (of which 64 hypermarkets) Employees: ~ 22,000 Members: ~ 2.7 million Deposits from members: ~ 4.5 € billion STRATEG
Slide 85: Unicoop Tirreno
Unicoop Tirreno Data as at 31/12/2015(1) Revenues: ~ 1 bn € N° of points of sale: 112 Employees: ~ 4,225 Members: ~ 990,000 Deposits from members: ~ 1.1 bn € STRATEGIC INVESTMENTS IN LISTED COMPANIES UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA (1) Source: Unicoop Tirreno Financial
Slide 86: www.gruppoigd.it
www.gruppoigd.it Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Federica Pivetti T. +39. 051 509242 federica.pivetti@gruppoigd.it
Immobiliare Grande Distribuzione SIIQ S.p.A. (IGD) — Non-Deal Roadshow (2017) on 6ix