Eurocommercial Properties Nv · EURONEXT:ECMPA
Eurocommercial Properties Nv — FY2017/18 Earnings Presentation
20 slides from Eurocommercial Properties Nv's earnings presentation, Aug 31, 2018
Slide 1: Full year 2017/18 results
Full year 2017/18 results 31 August 2018
Slide 2: One of Europe's most experienced owners and managers of retail property
Eurocommercial Properties 2 One of Europe’s most experienced owners and managers of retail property Highly-experienced investor Listed on Euronext Amsterdam for 26 years. Buy, manage and develop well- Clear business model located and resilient retail properties in prosperous markets. Balanced portfo
Slide 3: Summary
Summary 3 1. Strategically important year for Eurocommercial • Selective programme of acquisitions and disposals including new country, Belgium • Improved the overall quality of the portfolio, and opportunities for future development. 2. Strong operational and financial performance • Proposed divide
Slide 4: Balanced portfolio of high-quality assets
Balanced portfolio of high-quality assets 4 30 June 2018 Belgium France Italy Sweden Total Property value Property value Property value Property value Property value €453m €1,256m €1,502m €868m €4.1bn No. of properties No. of properties No. of properties No. of properties No. of properties 1 12 8 8
Slide 5: Strong operational and financial performance
Strong operational and financial performance 5 Earnings (Direct investment result) Net property income (versus 2016/17) +7.1% + 5.4% Earnings increased +5.8% to €2.36 per depositary €171.8 million for 12 months to 30 June 2018 receipt. Like-for-like rental growth (12 months) Retail sales growth (12
Slide 6: Rental growth and sustainable levels of OCR
Full year results 2017/18 Rental growth and sustainable levels of OCR 6 12 months to June 2018 Rental growth for year ending 30 June 2018 Average rental % of total Overall Eurocommercial's strategy is to lease its shops to the best uplift on leases Number of like-for-like retailers which increases t
Slide 7: Retail sales growth
Full year results 2017/18 Retail sales growth 7 Year-on-year growth of 1.1%, slightly dampened in France by weather and transport strikes. Twelve months to Six months to 30 June 2018 30 June 2018 Overall +1.1% -0.5% France +0.1% -2.8% Italy +1.5% +0.9% Sweden +1.4% +0.0% Excluding hypermarkets, Syst
Slide 8: Valuations
Full year results 2017/18 Valuations 8 12 and six months to 30 June 2018 Valuation growth Net initial yield including purchase costs Twelve months Six months to 30 June 2018 to 30 June 2018 At 30 June 2018 At 30 June 2017 Overall -0.3% -0.6% 4.7% 4.9% Belgium - - 4.0% - France -2.2% -1.8% 4.4% 4.3%
Slide 9: Committed and recently completed projects
Full year results 2017/18 Committed and recently completed projects 9 Expected Expected cost Cost to date net return Property Project (€m) (€m) on cost Status Hallarna, Halmstad 16,000m² extension and refurbishment 75m 61m 6.75% Spring 2019 C4 Shopping, Kristianstad 31,600m2 shopping centre and 9,00
Slide 10: Future, uncommitted projects
Full year results 2017/18 Future, uncommitted projects 10 The following projects fall within a ten-year horizon, none have yet received the required planning authorisations to proceed and all are subject to the allocation of available funds. Property Project Status Likely timing Woluwe Shopping, Bru
Slide 11: Funding summary
Full year results 2017/18 Funding summary 11 At 30 June 2018 Shareholders’ adjusted net equity Loan book hedged for interest exposure Average overall interest rate (incl. margin) €2.2 billion 78% +2.2% Total net borrowings Average term of hedges Net debt to adjusted net equity ratio €1.8 billion c.
Slide 12: Finance transactions during 2017/18
Full year results 2017/18 Finance transactions during 2017/18 12 Since 30 June 2017, Eurocommercial has completed nine finance and refinance transactions for a total amount of €1.6 billion. Date Value amount Term Type of loan Bank / partner Secured against July 2017 SEK 880 million Six years Fixed r
Slide 13: Non-current loan maturity schedule
Full year results 2017/18 Non-current loan maturity schedule 13 450 419 400 363 350 322 300 € million 250 200 161 150 150 128 100 81 57 60 50 29 8 - Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Jun-24 Jun-25 Jun-26 Jun-27 Jun-28 Jun-29 Financial Year Figures are provided on a proportionally consolidated basis
Slide 14: Belgium performance overview
Full year results 2017/18 BELGIUM 14 Performance overview Valuation of portfolio €452.8m Net initial yield 4.0% Since March 2018, Eurocommercial has taken over the strategic asset management of Woluwe. Progress so far on key initiatives includes: • Calzedonia has opened a new store and our leasing t
Slide 15: France performance overview
Full year results 2017/18 FRANCE 15 Performance overview Valuation of portfolio -2.2% Since June 2017, -1.8% since December 2017 Net initial yield 4.4% (2017: 4.3%) Like-for-like rental growth (12 months) +0.2% Relettings and renewals +4.7% Like-for-like retail sales (12 months) +0.1% Occupancy cost
Slide 16: Italy performance overview
Full year results 2017/18 ITALY 16 Performance overview Valuation of portfolio +0.8% Since June 2017, +0.3% since December 2017 Net initial yield 5.1% (2017: 5.3%) Like-for-like rental growth (12 months) +1.5% Relettings and renewals +11.4% Like-for-like retail sales (12 months) +1.5% Occupancy cost
Slide 17: Sweden performance overview
Full year results 2017/18 SWEDEN 17 Performance overview Valuation of portfolio +3.1% Since June 2017, +1.7% since December 2017 Net initial yield 4.9% (2017:4.8%) Like-for-like rental growth (12 months) +3.8% Relettings and renewals +20.3% Like-for-like retail sales (12 months) +1.4% Occupancy cost
Slide 18: C4, Kristianstad
Year end results, 2017/18 C4, Kristianstad 18 Opening September 2018 31,600m² gross lettable area Grand opening: 20 September 2018, major marketing campaign underway 96% pre-let to tenants including all major Scandinavian retailers Structured as forward financing, final price to be calculated on act
Slide 19: Important additions to Company Boards
Year end results, 2017/18 Important additions to Company Boards 19 1) Supervisory Board • Proposed appointment of Ms E. Attout as member of the Supervisory Board • Proposed re-appointments of Mrs Carrière and Mr Steins Bisschop as Supervisory Directors 2) Management Board • Proposed appointment of R
Slide 20: www.eurocommercialproperties.com
www.eurocommercialproperties.com
Eurocommercial Properties — FY2017/18 Earnings Presentation on 6ix