Immobiliare Grande Distribuzione SIIQ S.p.A. · MIL:IGD

Immobiliare Grande Distribuzione SIIQ — H1 2007 Earnings Presentation

17 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, Sep 12, 2007

  1. Slide 1: 1H2007 Financial Results

    1H2007 Financial Results Bologna September 12th, 2007 December 2004

  2. Slide 2: Agenda

    Agenda ÊFINANCIAL HIGHLIGHTS Ê 1H07 MAIN EVENTS Ê 1H07 FINANCIAL RESULTS ÊAPPENDICES September 2 2007

  3. Slide 3: Financial Highlights

    FINANCIAL HIGHLIGHTS [ xxx ] September 2007

  4. Slide 4: 1H2007 Financial Highlights

    1H2007 Financial Highlights Please note these are internal reclassification data which could differ with accounting reported on Financial Statements. Particularly different are revenues (36.2 vs 34.3). Among accounting item “other FINANCIAL HIGHLIGHTS revenues” there are amounts which are expenses b

  5. Slide 5: 1H07 Main Events

    1H07 MAIN EVENTS [ xxx ] September 2007

  6. Slide 6: 2005-2008 Business Plan concluded and launched a New One

    2005-2008 Business Plan concluded and launched a New One ƒ Launched a New 800€ m business plan ƒ Main Targets: New ƒ Yield 6.0% -6.5% Business ƒ Cagr 3.0% - 3.5% like for like GROWTH Plan ƒ EBITDA Margin 70%-75% ƒ 5% of Service Revenues ƒ Gearing 1.5 New BP Capex Breakdown ƒ Anticipation of 290€ m o

  7. Slide 7: Capital Increase and Convertible Bond

    Capital Increase and Convertible Bond To finance New Investments, on May 8th, Igd launched a capital increase and a convertible bond with the following details: GROWTH FINANCING CAPITAL INCREASE CONVERTIBLE BOND ƒ98.55 mln raised ƒ230 mln raised ƒ3.65 per share pricing ƒStrike € 4.93 ƒBook covered m

  8. Slide 8: Convertible Bond accounting system

    Convertible Bond accounting system According to Ias 32 principle Igd has to account items with the following rule: GROWTH FINANCING Balance Sheet • discount future cashouts due to convertible bond at market interes rate (calculated through a specified algorithm) • put the value obtained from above a

  9. Slide 9: 1H2007 Financials Results

    1H2007 FINANCIALS RESULTS [ xxx ] September 2007

  10. Slide 10: Revenues growth and breakdown

    Revenues growth and breakdown 19.3% 34.3 28.7 1.5 1H07 FINANCIALS 6.4 Other revenues 1.40 6.50 Revenues from services Revenues from leasehold Revenues from freehold 26.2 20.70 1H06 1H07 Internal riclassification •Revenues from property management increased for Millennium Centre, CentroSarca, Rgd and

  11. Slide 11: EBITDA and EBIT Trend

    EBITDA and EBIT Trend EBITDA (€m) and EBITDA margin (%) EBIT (€m) 57.7 -18.06% 47.3 1H07 FINANCIALS 67.0% 63.8% 39.9 24.5 22.9 22.9 22.8 18.3 17.8 1H06 1H07 1H06 1H07 EBIT from operation RE Fair Value change EBIT reduced mainly for the decrease of Fair Value Change due to a little stabilisation in r

  12. Slide 12: Capital Structure

    Capital Structure Net Debt – 30 JUNE 2006 (€m) Total Capitalisation (€m) 960.2 918.4 237.6 1H07 FINANCIALS 305.2 338.1 487.2 580.3 722.5 0.60 0.33 237.6 55.6 Short Term Long Term Cash & PFN FY06 1h07 Debt Debt Equivalents Shareholders' Equity Net Debt D/E LT Debt Breakdown at September 2007 Residual

  13. Slide 13: Increase in Portfolio Value

    Increase in Portfolio Value Igd’s Freehold Properties market value (€ m) breakdown escluding Rgd ƒ Market value of Igd freehold properties is € Land 3.0%% Others 1.3% 934.2m as of June 07 including Rgd Assets 1H07 FINANCIALS Hypermarket ƒ Market value of Igd is € 874.6 as of June 07 43.24% Shopping

  14. Slide 14: Appendices

    Appendices [ xxx ] September 2007

  15. Slide 15: New Business Plan Investments

    Investments New Business Plan Investment New Business Plan Investments (€m) ƒ GAM Joint Venture (Calabria) – On May 30th a preliminary agreement for the acquisition 30 of a 50% participation of a company, to be started up, was signed with GAM 80 GROWTH: 2008-2012 BP – The new company will have a 70€

  16. Slide 16: Consolidated Balance Sheet

    Consolidated Balance Sheet €m 1H07 FY06 Var Total Assets 969.3 1040.2 70.9 Net Working Capital 10.1 9.6 -0.46 Other LT receivable and payab -61.0 -89.6 -28.6 Invested Capital 918.4 960.2 41.8 Shareholder Equity 580.4 722.5 142.1 NFP 338.0 237.7 -100.3 Total Funding 918.4 960.2 41.8 September 16 2007

  17. Slide 17: Consolidated Income Statement

    Consolidate Income Statement CONSOLIDATED INCOME STATEMENT (€ million) 1H07 1H06 Change Revenues from freehold 26.2 20.7 Revenues from leasehold 6.4 6.5 Revenues from services 1.5 1.4 Other revenues and income 0.1 0.1 Total revenues 34.3 28.7 19.5% Direct Cost (8.3) (8.1) SG&A (3.0) (2.3) EBITDA 22.

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