Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — Non-Deal Roadshow (November 2015)
81 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, November 2015
Slide 1: Road Show Presentation
Road Show Presentation
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
3 Index INTRODUCTION TO THE IGD GROUP 4 SUMMARY OF RESULTS AS AT 30/09/2015 17 BP 2015-2018 40 APPENDIX 60 November 2015
Slide 4: Introduction to the IGD group
Introduction to the IGD group
Slide 5: IGD is one of the main players in the Italian retail real estate sector
5 IGD is one of the main player 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 Presence throughout the territory, capital strength, processing power, control and management of all pha
Slide 6: Our business model
6 Our business model A careful merchandising mix, marketing activity adapted to each DIRECT MANAGEMENT context and various customer related services but, especially in OF THE SHOPPING CENTRES this economic environment, careful attention paid to tenants’ needs MEDIUM SIZED AND EASILY In line with the
Slide 7: Italian Portfolio: hypermarkets and shopping malls
7 Italian Portfolio: hypermarkets and shopping malls (as at 30/06/2015) TENANTS OF 20 SHOPPING MALLS 25 HYPERMARKETS HYPERMARKETS CENTRO D'ABRUZZO -Pescara CENTRO D'ABRUZZO -Pescara Coop Adriatica CLODI' - Chioggia CLODI' - Chioggia Coop Adriatica PORTO GRANDE - Porto d'Ascoli (AP) PORTO GRANDE - Po
Slide 8: Main lease terms
8 Main lease terms Italian Shopping Malls Italian Hypermarkets Romanian Shopping Malls Main lease terms: Main lease terms: Main lease terms: Average maturity: Average maturity: 6 to 18 years (+ 6 years) Average maturity: Lease agreement (only space): 6 years Rents indexation: 75% of CPI 2 years for
Slide 9: SIIQ regime: main features
9 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 LIMIT
Slide 10: IGD's shareholders and governance
10 IGD’s shareholders and governance IGD IS LISTED ON THE STAR SEGMENT OF BORSA ITALIANA TOTAL SHARES 756,356,289 SHARE CAPITAL € 549,760,278.52 COOP ADRIATICA 5,05% 56.92% UNICOOP TIRRENO 43,99% 38,03% FREE FLOAT Market QUANTUM STRATEGIC 12,93% PARTNERS LTD* MARKET SHAREHOLDING REFLECTED IN A GOVER
Slide 11: IGD top management
11 IGD top management GILBERTO COFFARI (1946) CLAUDIO ALBERTINI (1958) Chairman Chief Executive Officer Chairman of IGD's Board since its creation in 2000 Appointed in May 2009 Chairman of Coop Adriatica from 2006 to 2011 Board member at IGD since 2006 Currently board member of the BancaSAI and of F
Slide 12: WORLD (1/2)
12 WORLD (1/2) 9 LEGAL ENTITIES THROUGHOUT ITALY Veneto, Emilia Romagna, Marche, Abruzzo Toscana, Lazio, Umbria, Campania Lombardia, Sicilia Piemonte Liguria, Piemonte Emilia Romagna, Lombardia, Trentino, Veneto, Friuli Venezia Giulia Emilia Romagna, Puglia, Basilicata Toscana Toscana, Umbria, Abruz
Slide 13: WORLD (2/2)
13 WORLD (2/2) Data as at 31/12/2014 Market share in Italy: 19.1% (approx. equal to 2013) Turnover : €12,421M N° of point of sale: ~ 1,200 Employees: ~ 54,600 Members: 8,5 million people (+3.1% vs 2013) COOP PRODUCTS AND SERVICES Goods with Coop brand: Market share > 26% (+1% vs 2013) Coop Salute: 1
Slide 14: From 1 January 2016 Coop Alleanza 3.0
14 From 1 of January 2016 COOP ALLEANZA 3.0 Data as at 31/12/2014 By merging of Coop Adriatica, Coop Estense and Coop Consumatori Nordest Turnover : € 5 bn N° of point of sale: ~419 (o.w. 56 hypermarkets) Employees: ~ 22,000 Members: 2.7 million people Deposits from members: € 7 bn Presence in 12 It
Slide 15: Coop Adriatica
15 Coop Adriatica Data as at 31/12/2014 Turnover: €2.1 billion Point of sale: 191 Employees: 9,943 Members: 1,330,447 (+5.7% vs 2013) STRATEGIC PARTNERSHIPS UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA IPERCOOP SICILIA SPA, SUPERCOOP SICILIA SRL and DISTRIBUZIONE ROMA SRL DIVERSIFI
Slide 16: Unicoop Tirreno
16 Unicoop Tirreno Data as at 31/12/2014 Turnover: €1.10 billion Point of sale: 117 Employees: 4,730 Members: 965,466 (+2.44% vs 2013) STRATEGIC PARTNERSHIPS UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA UNICOOP TIRRENO HAS SET-UP 2 E-COMMERCE PLATFORMS allows you to purchase food p
Slide 17: Results Presentation at 30/09/2015
Results Presentation at 30/09/2015
Slide 18: Highlights
18 Highlights REVENUES €93.8 mn • Core business revenues (+4.3% vs 30/09/2014) EBITDA €63.4 mn • EBITDA (core business) (+6.8% vs 30/09/2014) • EBITDA margin from Freehold 77.6% ( -0,1 percent. points) €30.4 mn • Group Net Profit (€7.1 mn vs 30/09/2014) Core business Funds From Operations (FFO) €33.
Slide 19: Economic and Financial Results
ECONOMIC AND FINANCIAL RESULTS
Slide 20: Revenues
20 Revenues BREAKDOWN OF TOTAL REVENUES BY TYPE OF TOTAL REVENUES (€/000) ASSET 91,806 Total 95,647 revenues 0.3% 248 0.3% +4.2% 7.0% 203 1,570 1,640 3,811 0.9% 3,952 32.9% Core business 90,018 58.6% 86,011 +4.3% 2014A 2015A MALLS HYPER CITY OTHER ROMANIA "PORTA A MARE" PROJECT Core business revenue
Slide 21: Rental income drivers
21 Rental income drivers (€/000) ITALY ROMANIA +5.5% 4.7% -592 -229 332 -317 44 +0.1% 4,774 4,051 39 LFL Revenues Italy Acquis/Extens/Restyling Disposals Other Romania (LFL) Romania (Other) Porta a mare Total change LFL + 0.1% Substantially Higher revenues due to C. Negative changes due to ROMANIA s
Slide 22: Core business direct costs and G&A expenses
22 Core business direct costs and G&A expenses CORE BUSINESS DIRECT COSTS (€ 000) 23,432 -2.2 % 22,924 Core business direct costs show a decrease of 2.2% vs 2014 (lower effects on core business revenues from 26% in 2014 to 24.4%). 9,097 9,262 Main changes compared to 2014: considerable saving in r
Slide 23: Group net profit: €30.4 mn
23 Group net profit: €30.4 MN NET PROFIT EVOLUTION (€ 000) 2,672 163 4,305 12,475 30,432 38 4,048 7,056 Group net profit Change in core Change in Ebitda Change in Change in financial Change in taxes Change in (profit)/loss Group net profit 30/09/2014 business Ebitda "Porta a Mare" depreciations, and
Slide 24: Funds From Operations
24 Funds From Operations Funds from Operations 30/09/2014 30/09/2015 D D% Of which: Pre-tax profit 13,981 31,569 17,588 125.8% • + €4.0mn due to Ebitda Depreciation and other provisions 1,178 1,101 -78 -6.6% increase; Change in FV and devaluations 10,279 981 -9,298 -90.5% • + €4,3mn thanks to Extrao
Slide 25: Operating Performance
OPERATING PERFORMANCE FY 2009 RESULTS Bologna November 11, 2011
Slide 26: Commercial Highlights
26 Commercial Highlights Tenants sales in Italian Shopping Malls +7.3 % progressive change +4.5% L4L* Footfalls in Italian Shopping Malls +1.3% Footfalls in Italian Shopping Malls -0.2% Footfalls in Romanian Shopping Malls +1.7% L4L (the increase is mainly due to the reduction of works being carried
Slide 27: IGD's reporting awarded
27 IGD’s reporting awarded BOTH IGD’S FINANCIAL REPORT AND SUSTAINABILITY REPORT AWARDED BY EPRA IGD has been the only Italian company to IGD won the Gold Award that EPRA confers win the Bronze Award that EPRA confers every year to the sustainability report. every year to the financial report of the
Slide 28: Financial Structure
FINANCIAL STRUCTURE FY 2009 RESULTS Bologna November 11, 2011
Slide 29: Financial Highlights 1/2
29 Financial Highlights 1/2 30/06/2015 30/09/2015 GEARING RATIO (D/E) 0.95 0.94 LOAN TO VALUE 48.3% 47.9% AVERAGE COST OF DEBT * 3.88% 3.79% INTEREST COVER RATIO 2.05X 2.12X * Net of charges on loans (both recurrent and not) Improvement in Financial Management due also to the bond swap operation end
Slide 30: Financial Highlights 2/2
30 Financial Highlights 2/2 30/06/2015 30/09/2015 AVERAGE LENGHT OF LONG TERM DEBT 6.7 years 6.5 years (bonds included) MEDIUM/LONG TERM DEBT QUOTA 85.3% 85.2% HEDGING ON LONG TERM DEBT+ BOND 91.4% 91.4% BANKING CONFIDENCE € 302.5mn € 302.5mn BANKING CONFIDENCE AVAILABLE € 209.9mn € 209.3mn MKT VALU
Slide 31: Debt maturity
31 Debt maturity 200 of which Millions €135mn 180 EARLY CLOSURE CMBS OPTION BNP 160 140 120 100 125.0 162.0 bond Bank debt 80 60 40 8.0 20 0 2015 2016 2017 2018 2019 2020 2021 2022 NET DEBT 931.4 €mn ST 14.8% 46.20% 53.80% LT 85.2% Banking system Market November 2015
Slide 32: Other Information: Results as at 30/09/2015
OTHER INFORMATION Results as at 30/09/2015
Slide 33: Consolidated Financial Statement
33 Consolidated Financial Statement CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/09/2014 30/09/2015 D% 30/09/2014 30/09/2015 D% 30/09/2014 30/09/2015 D% Revenues from freehold real estate and rental activities 76,628 81,038 5.8% 76,425 80,790 5.7% 203 248 21.8% Revenues from leasehold an
Slide 34: Margin from activities
34 Margin from activities CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/09/2014 30/09/2015 % 30/09/2014 30/09/2015 % 30/09/2014 30/09/2015 % Margin from freehold properties 65,616 69,338 5.7% 65,488 69,106 5.5% 128 232 81.7% Margin from leasehold properties 667 1,481 n.a. 667 1,481 n.a. 0
Slide 35: Total consolidated Ebitda: €63.2mn
Total consolidated Ebitda: €63.2mn 35 Ebitda (core business): €63.4mn (6.8%) CONSOLIDATED EBITDA (€ 000) 4,007 -141 508 -327 38 63,176 59,089 Cons. Ebitda 9M 2014 Change in revenues Change in revenues Change in direct cost Change in G&A Ebitda "Porta a mare" Cons. Ebitda 9M 2015 from rental act. fro
Slide 36: Contracts in Italy and Romania
36 Contracts in Italy and Romania EXPIRY DATE OF HYPERMARKETS AND MALL EXPIRY DATE OF HYPERMARKETS AND MALLS CONTRACTS IN ITALY (% no. of contracts) CONTRACTS IN ITALY ( % of value) N 21 90% N 752 88.0% 90% 84.5% 80% 80% 71.7% 72.1% 70% 70% Average residual 60% 60% maturity 50% 50% Hyper 8.1 years 4
Slide 37: Net Debt composition
37 Net Debt composition (€000) 1,313 13,499 792,903 931,435 60,912 89,806 Short-term debt Current share of long-term Long-term debt Potential mall and business Cash and cash equivalents Net Debt debt division fees November 2015
Slide 38: Net Debt evolution
38 Net Debt evolution(€000) -10.022 -1.635 2,780 -741 2,939 209 937,904 931,435 Net Debt 30/06/15 Profit for the period Depreciations/ Change in NWC Change in other non -current Change in Change in Net debt 30/09/2015 attributable to the Parent Devaluations/Change in FV (net of PM writedowns) assets
Slide 39: Reclassified Balance Sheet
39 Reclassified Balance Sheet Sources-Use of funds 30/06/2015 30/09/2015 D D% Investment property 1,832,410 1,832,410 -1 0.0% Assets under construction 51,631 53,229 1,598 3.1% Other non-current assets 30,216 30,000 -216 -0.7% Other non-current liabilities -26,655 -26,973 NWC 61,155 63,935 2,780 4.5
Slide 40: 2015–2018 Business Plan Presentation
2015 – 2018 Business Plan Presentation
Slide 41: New Business Plan 2015-2018: it is time to grow!!!
New Business Plan 2015-2018: 41 it is time to grow!!! What has changed? In the macroeconomic scenario In IGD • Italian economy started to grow again (GDP +0.6% in • Financial structure strengthened 1H2015) (LTV went from >55% to ~ 48%) • Consumption is growing (expected at +0.7% in 2015) • Continuou
Slide 42: Macro economic scenario in Italy
42 Macro economic scenario in Italy GDP (% change)* Inflation rate (% change )* Consumption (% change)* 2.0% 2.0% 2.0% 1.5% 1.5% 1.5% 1.4% 1.5% 1.5% 1.2% 0.9% 1.0% 0.8% 1.0% 1.0% 0.7% 0.5% 0.5% 0.5% 0.2% 0.0% 0.0% 0.0% 2015 2016 2017 2015 2016 2017 2015 2016 “In 2016, real GDP is expected to increas
Slide 43: Commercial/marketing area (1/2)
43 Commercial/marketing area (1/2) Close attention to consumers’ changing needs and, therefore, to the innovation that retail offers Ability to understand and react to changes in consumer trends: new New hypermarket in food anchor needs, development of temporary shops, introduction of Tiburtino, aft
Slide 44: Commercial/marketing area (2/2)
44 Commercial/marketing area (2/2) Marketing/management Shopping centers as “Spaces to be lived in” 441 Events held in 2014 Visitors attracted Centrally coordinated marketing plans shared identity and cost 10 by IGD events, (source: internal optimization Planning/hosting of events with widespr
Slide 45: Focus Romania
45 Focus Romania • The macroeconomic outlook confirms a moderate but clear recovery trend with an expected positive effect over consumption and retail perfomance of the assets • Completion of refurbishment pipeline began in 2010; focus on retail investment and energetic efficiency • Continuation of
Slide 46: Asset management area
46 Asset management area Revision/remodeling of the internal spaces based on commercial needs and consumer trends (ie: structural remodeling of spaces, creation of medium surface areas with particularly attractive tenants…) Le Porte di Napoli: mall, extension, remodeled interiors and downsized hyper
Slide 47: Investment Plan
47 Investment Plan We will continue to work on and complete the commited pipeline presented in the business plan 2009-2013 2009 - 2014 2015 - 2018 • Total investments 2009-2014: €790 • Total investments: approx. €260 mn mn* • approx. €185 mn of which in • 13 new assets in the portfolio** development
Slide 48: Disposals
48 Disposals We will complete the disposals included in the previous BP (2/3 of the €150mn in disposals planned already completed) at levels equal to or higher than book value (as already demonstrated in the previous disposals) Total disposals planned for the Porta a Mare project: ca € 40mn With
Slide 49: Business Plan 2015-2018: Investments
49 Business Plan 2015-2018: Investments 2015 2016 2017 2018 Total Tot. 23.8 €mn 135.2 €mn 20.2 €mn 4.8 €mn ~ 185 €mn Development Tot. ~ 75 €mn Total Capex and others 31.2 €mn 15.1 €mn 11.9 €mn 15.7 €mn TOT. INVESTMENTS ~260 €MN Officine Storiche – Livorno New opening Clodì – Chioggia New opening 52.
Slide 50: Investment Pipeline
50 Investment Pipeline Openings expectations Total Investment month year Before 2015 2015 2016 2017 2018 in BP ('15-'18) CHIOGGIA may 2015 30.0 6.4 PORTO GRANDE - Medium surface areas apr 2017 4.3 4.9 ESP EXTENSION apr 2017 18.6 35.5 CREMA EXTENSION sep 2018 6.3 OFFICINE STORICHE (Porta Medicea work
Slide 51: Financial area (1/2)
51 Financial area (1/2) What we worked on • Accessing the bond market more frequently which resulted in a substantial balance between resources gathered through debt capital markets and the banking system • Extending the average debt maturity • Starting to reduce the cost of debt (after a period in
Slide 52: Financial area (2/2)
52 Financial area (2/2) Targets • Maintain rigorous financial discipline and a conservative capital structure LTV >45% - < 50% (BP time span) GEARING (D/E) <1 (BP time span) • Improve financial management and reduce the average cost of debt ICR >3 (end of 2018) Average cost of debt about 3% (end of
Slide 53: Sustainability area
53 Sustainability area The strategy The actions implemented “Between 2015 and 2018 we want to work International standard adopted for an IGD that is increasingly more Latest recommendations green, open to dialogue with all its adhered to and stakeholders and innovative in its core received an in
Slide 54: Sustainability area: what we did
54 Sustainability area: what we did 2011 2012 2013 2014 2015 • Creation of the • Monitoring and • Social • Structural works in • Defined the first Sustainability monthly evaluation responsibilities order to reduce three-years Committee of the energy issues incorporated consumptions and sustainabilit
Slide 55: Sustainability area: material topics
55 Sustainability area: material topics Business and Quality and A changing The “Spaces to be The people managerial efficiency of the context lived in” concept integrity shopping centers • Stable and • Corporate • Structures’ • Stakeholder • Social role of the engaging governance environmental engag
Slide 56: Key figures - Business Plan 2015-2018
56 Key figures - Business Plan 2015-2018 RENTAL REVENUE Total growth approx. > +20% cagr > 5% cagr LFL approx. + 2% EBITDA MARGIN Core Business >70% (end of 2018) >80% (end of 2018) Growth concentrated EBITDA MARGIN Freehold at the end of the business plan when the impact of the investments made wil
Slide 57: Dividend policy
57 Dividend policy Committed to maintaining an attractive dividend policy linked to FFO ( 2/3 of the gross FFO) and Dividend Reinvestment Option (DRO) As announced at the time of the share capital increase, the DRO will not be offered in 2015 But it will continue to be an option that we will consid
Slide 58: Final Remarks 1/2
58 Final Remarks 1/2 Over the next years IGD will continue its investment pipeline, increase its cash flows (FFO) and strengthen the visibility of the dividends that will be paid, by leveraging solely on ORGANIC growth and while respecting all the predetermined financial constraints Target Leader of
Slide 59: Final Remarks 2/2
59 Final Remarks 2/2 HOWEVER if we also consider: the recent SIIQ reform that the market is still very fragmented The context appears favourable to completing, over the next few years, contribution transactions at market conditions and/or entering into partnerships with industrial/financial play
Slide 60: Appendix
FY 2009Appendix RESULTS about BP, Bolognaothers and Portfolio November 11, 2011
Slide 61: Pipeline Focus: Clodì Retail Park - Chioggia
61 Pipeline Focus: Clodì Retail Park - Chioggia (Ve) Start of work: November 2013 End of work: Opened on May 14, 2015 The project comprises a total GLA of 16,900 m², which includes a 7,490 m² Hypercoop (sales area of 4,500 m²), 8 medium surface areas for a total of 9,575 m² and 8 stores, one of whic
Slide 62: Pipeline Focus: Grosseto
62 Pipeline Focus: Grosseto Start of work: work in progress End of work: second half 2016 The new mall comprises a total GLA of 17,050m², and it will house 45 stores, 6 of which medium surface areas. The mall will be adjacent to a hypermarket with a sales area of 4,200m² for a GLA of 7,346m², owned
Slide 63: Pipeline Focus: Officine Storiche – Livorno
63 Pipeline Focus: Officine Storiche – Livorno Start of work: 1 Half 2015 End of work: 2 Half 2017 Requalification of the industrial warehouses of the former Cantieri Navali Orlando inside of which vast reception facilities and accommodations will be created housing personal services (fitness center
Slide 64: Pipeline Focus: ESP - Ravenna
64 Pipeline Focus: ESP - Ravenna Start of work: June 2014 End of work: April 2017 The project calls for an increase in the mall’s GLA of 19,000 m² and the creation of 1,100 parking places. Total expected investment about € 54 mn Rendering of the extension’s interior and exterior. November 2015
Slide 65: Pipeline Focus: remodeling of spaces
65 Pipeline Focus: remodeling of spaces “La Torre” Shopping Center - Palermo Start of work: May 2015 End of work: February 2016 Remodeling of the shopping mall which will result in the introduction of a multiplex cinema and optimization of the food court. Total expected investment: about € 1.7mn Nov
Slide 66: Pipeline Focus: main restylings
66 Pipeline Focus: main restylings CENTRO SARCA RESTYLING Start of work: 2013 End of work: 2015 The first part of the restyling (involving underground parking and connecting stairs) has already been completed. The internal restyling was completed and the external restyling is expected to be finished
Slide 67: Pipeline Focus: other extensions
67 Pipeline Focus: other extensions GRAN RONDO’ - RESTYLING and EXTENSION Start of work: 2015 End of work: May 2018 The project calls for the creation of a new medium surface area, with a total GLA of 2,850 m², and the complete restyling of the shopping mall. Total expected investment about € 6 mn P
Slide 68: Focus Pipeline - Porta a Mare (1/4)
68 Focus Pipeline - Porta a Mare (1/4) PORTA A MARE PROJECT - LIVORNO The purpose of the project is to transform an area of the port of Livorno, near the city center, with the construction of a multi-purpose complex of about 70,000 m² which will house shops, residential units, services, accommodatio
Slide 69: Pipeline Focus - Porta a Mare (2/4)
69 Pipeline Focus - Porta a Mare (2/4) November 2015
Slide 70: Pipeline Focus - Porta a Mare (3/4)
70 Pipeline Focus - Porta a Mare (3/4) 2013-2014 2017-2018 Piazza Mazzini Mazzini: Residential + office sales Retail and Officine: Retail and begin Residential residential sales PORTA MEDICEA - Revenue development Ante 2015 2015 2016 2017 2018 Total 36,0 3,3 5,4 75,9 9,7 Cumulative Total 130,3 PORTA
Slide 71: Pipeline - Porta a Mare (4/4)
71 Pipeline - Porta a Mare (4/4) Palazzo Orlando: all 14 remaining office buildings are expected to be rented between 2015 and 2017 and the entire building should be sold by year-end 2017; Piazza Mazzini: 28 flats were sold at 1Q 2015 and the remaining 45 residential units are expected to be sold be
Slide 72: Commercial and asset management activities
72 Commercial and asset management activities Restyling and new tenants in Centro Borgo Switch between Unieuro and Magnosfera Restaurant. New dental clinic “Identi.coop” on the first floor (area dedicated to services) End of work: October 2015 Restyling and new medium surface in Centro Sarca A new t
Slide 73: Focus Porta a Mare: opening of the channel and next opening food court area
Focus Porta a Mare 73 opening of the channel and next openng food court area 27/07/2015 Opening of the Channel between Piazza Mazzini and Officine Storiche 5 flats sold in the first few months of 2015 (3 as at 30/06 and 2 subsequently) and negotiations Financial completed for 3 more flats Occupancy
Slide 74: Focus Romania
74 Focus Romania 3 contracts signed in June (Bistrita, Ploiesti and Bazau) and 4 more contracts are being negotiated with Tulcea: restyling completed and Ploiesti Omnia: facade restyling narly opening of 5th H&M (April) completed Polish retailer specialized in clothing and households goods with more
Slide 75: Portfolio characteristics as at 30/06/2015
75 Portfolio characteristics as at 30/06/2015 ITALY ROMANIA HYPERMARKETS MALLS AVERAGE MALLS Financial occupancy 100% 94.13% 96.24% 88.94% Market value as at 30 June 2015 €mn 624.90 1,004.10 169.30 Compounded average yield of total portfolio (gross 6.45% 6.42% 6.37% initial yield) Gla mq 268.650 292
Slide 76: Market Value evolution as at 30/06/2015
76 Market Value evolution as at 30/06/2015 € mn Mkt Value Mkt Value Asset 31/12/2014 30/06/2015 Rotation Malls+Hypermarkets+Other Italy 1,579.09 1,634.91 City Center (Piazza Mazzini) 56,5* 24.90 Total income related portfolio in ITALY 1,635.58 1,659.81 Total income related portfolio in ROMANIA 175.3
Slide 77: NNNAV as at 30/06/2015
77 NNNAV as at 30/06/2015 Despite the distribution of dividends equal to €28.4 mn, the NNNAV as at 30 June 2015 results in line with that of FY 2014 31-Dec-14 30-Jun-15 NNNAV Calculation €'000 € p.s. €'000 € p.s. Share total number 756,356,289 756,356,289 1) NAV per the financial statement 950,229 1
Slide 78: Market Value Evolution as at 30/06/2015
78 Market Value Evolution as at 30/06/2015 Breakdown of the Portfolio appraisals As at 30 June 2015 IGD Group’s real estate portfolio has been appraised by 3 independent experts: CBRE, REAG and CUSHMAN&WAKEFIELD 22% 39% 39% CBRE REAG CUSHMAN&WAKEFIELD November 2015
Slide 79: Italian and Romanian Portfolio as at 30/06/2015
79 Italian and Romanian Portfolio as at 30/06/2015 56 REAL ESTATE UNITS IN 11 ITALIAN REGIONS: 20 shopping malls and retail parks 14 SHOPPING CENTERS + 1 OFFICE 25 hypermarkets and supermarkets BUILDING IN 13 DIFFERENT ROMANIAN 1 city center 2 plots of lands for development MEDIUM SIZED CITIES 1 pro
Slide 80: Italian and Romanian Portfolio as at 30/06/2015
80 Italian and Romanian Portfolio as at 30/06/2015 MARKET VALUE BREAKDOWN OF IGD’S IGD’S PORTFOLIO BREAKDOWN BY PORTFOLIO BY TYPE OF ASSET GEOGRAPHIC AREA (mkt value) 1.3% 8.9% 0.3% 4.4% 8.9% 1.3% 32.2% 51.7% 91.1% HYPERMARKETS/SUPERMARKETS MALLS LANDS OTHER PORTA A MARE WINMARKT ITALY ROMANIA Novem
Slide 81: 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 (November 2015) on 6ix