Eurocommercial Properties Nv · EURONEXT:ECMPA
Eurocommercial Properties Nv — H1 2016/17 Earnings Presentation
20 slides from Eurocommercial Properties Nv's earnings presentation, Feb 10, 2017
Slide 1: Half Year Results 2016/17
Half Year Results 2016/17 10 February 2017
Slide 2: Eurocommercial: listed in Amsterdam since 1991
Eurocommercial: listed in Amsterdam since 1991 Half year results 2016/17 2 France Italy Sweden Total Property value No of properties Property value No of properties Property value No of properties Property value No of properties €1,325m 13 €1,546m 12 €779m 9 €3.6bn 34 36% 43% 21% Figures are provide
Slide 3: Half year results 2016/17
Half year results 2016/17 Half year results 2016/17 3 • Direct investment result* +5.4% to €51.5 million (€1.07 per depositary receipt) • Net property income* +6.7% to €78.8 million • Adjusted net asset value** +6.2% to €43.00 per depositary receipt • Property valuations** +€137.2 million (+
Slide 4: Rental growth
Rental growth Half year results 2016/17 4 12 months to December 2016 Average rental uplift Number of Overall on relettings and relettings % of total leases like for like renewals and renewals relet and renewed rental growth Overall +14% 222 14% +1.8% France +4% 44 9% +1.0% Italy +20% 135 15% +2.1% S
Slide 5: Retail sales growth
Retail sales growth Half year results 2016/17 5 To December 2016 3% 2.6% 2% 1.7% 1% 0.8% 0.5% 0.3% 0% -0.1% -0.4% -1% -2% -2.2% -3% Overall France Italy Sweden 12 months 3 months Excluding hypermarkets, Systembolaget and extensions/redevelopments
Slide 6: Occupancy cost ratios
Occupancy cost ratios Half year results 2016/17 6 December 2016 10.0% 8.8% 8.3% 8.1% 7.7% 8.0% 6.0% 4.0% 2.0% 0.0% Overall France Italy Sweden Rent plus marketing contributions, service charges and tenant property taxes as a proportion of retail sales including VAT Excluding hypermarkets, Systembola
Slide 7: Valuations
Valuations Half year results 2016/17 7 December 2016 Valuation increase Net initial yield including purchase costs* Twelve months to Six months to 31 December 2016 31 December 2016 At 31 December 2016 Overall +3.9% +1.6% 5.0% France +5.0% +1.5% 4.3% Italy +2.1% +1.3% 5.6% Sweden +6.0% +2.5% 4.9% * N
Slide 8: Committed projects
Committed projects Half year results 2016/17 8 December 2016 Expected cost Cost to date Expected net Expected Property Project (€m) (€m) return on cost completion Amiens Glisy, 5,000m2 extension 19 8 6.5% End 2017 Amiens Plaine de France, Refurbishment 3.5 1.5 - End 2017 Moisselles Hypermarket and g
Slide 9: Potential future extensions and refurbishments
Potential future extensions and refurbishments Half year results 2016/17 9 December 2016 Property Project Les Atlantes, Tours 15,000m2 extension and refurbishment Val Thoiry, Greater Geneva 25,000m2 extension and refurbishment Shopping Etrembières, Greater Geneva 5,000m2 extension and refurbishment
Slide 10: Funding summary at 31 December 2016
Funding summary at 31 December 2016 Half year results 2016/17 10 Shareholders’ adjusted net equity €2.09 billion Total net borrowings €1.50 billion Average loan term c.5 years Loan book hedged for interest exposure 77% Average term of hedges c.7 years Average overall interest rate (incl. margin) 2.7
Slide 11: Non-current borrowings maturity and amortisation schedule
Non-current borrowings maturity and amortisation Half year results 2016/17 11 schedule €m 450 408 400 350 300 294 250 192 200 150 111 112 79 98 100 50 4 4 4 0 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+ Figures are provided on a proportionally consolidated basis by calendar year.
Slide 12: FRANCE: performance overview
FRANCE: performance overview Half year results 2016/17 12 • Valuation of portfolio up 5.0% since December 2015 • Net initial yield: 4.3% (December 2015: 4.6%) Central Paris property yields average 3.6% while suburban centres average 4.7% • Like for like rental growth: +1.0% Relettings and renewa
Slide 13: Amiens Glisy: extension of gallery
Amiens Glisy: extension of gallery Half year results 2016/17 13 • 5,000m2 extension of Amiens Glisy • Over 80% of new space is let or negotiations are at an advanced stage • H&M have signed a lease to anchor the new mall with a 2,000m2 store • Construction is underway and the project is due to compl
Slide 14: ITALY: performance overview
ITALY: performance overview Half year results 2016/17 14 • Valuation of portfolio up 2.1% since December 2015 • Net initial yield: 5.6% (December 2015: 5.8%) • Like for like rental growth: +2.1% Relettings and renewals: +20% • Like for like retail sales: +0.3% • Occupancy cost ratio: 8.1% 12 month
Slide 15: Carosello: opening of three major new retailers
Carosello: opening of three major new retailers Half year results 2016/17 15
Slide 16: I Gigli: gallery extension and addition of Primark to open in mid 2017
I Gigli: gallery extension and addition of Primark Half year results 2016/17 16 to open in mid 2017
Slide 17: SWEDEN: performance overview
SWEDEN: performance overview Half year results 2016/17 17 • Valuation of portfolio up 6.0% since December 2015 • Net initial yield: 4.9% (December 2015: 5.2%) • Like for like rental growth: +2.3% Relettings and renewals: +10% • Like for like retail sales: +2.6% • Occupancy cost ratio: 7.7% • Contr
Slide 18: C4 Shopping: development in Kristianstad
C4 Shopping: development in Kristianstad Half year results 2016/17 18 • Construction of a 31,600m2 shopping centre and 9,000m2 hypermarket box with a conditional commitment to acquire an adjoining 20,500m2 retail park • Net acquisition yield of 6% for shopping centre and hypermarket, representing a
Slide 19: Extension of Eurostop, Halmstad
Extension of Eurostop, Halmstad Half year results 2016/17 19 • 16,000m2 extension and refurbishment • Over 90% of the new retail area is pre-let − Eight new shops and a new entrance opened in November 2016 and have been very well received by customers − New tenants include Stadium, Coop, Nilson Grou
Slide 20: Outlook
Outlook Half year results 2016/17 20 • Pursue good quality, earnings accretive acquisitions in France, Italy and Sweden • Continue extension and refurbishment programme to upgrade existing properties • Renegotiate expiring loans and enter into new contracts to extend loan maturity profile
Eurocommercial Properties — H1 2016/17 Earnings Presentation on 6ix