Immobiliare Grande Distribuzione SIIQ S.p.A. · MIL:IGD
Immobiliare Grande Distribuzione SIIQ — IGD SIIQ — 9M 2019 Earnings Presentation
27 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, Nov 7, 2019
Slide 1: Result presentation as at 30/09/2019
Result presentation as at 30/09/2019 Market call November 7th, 2019 h. 2.30pm CET
Slide 2: 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”), or in Aust
Slide 3: Highlights
Highlights 2015/2016/2017/ 2018/2019 2018/2019 €116.0 mn €102.2 mn Rental Income Net Rental Income +2.7% +10.7% (+ 2.5% adj ex IFRS16)* €94.4 mn €62.9 mn Core business Ebitda Funds From Operations (FFO) +11.0% +5.6% (+2.0% adj ex IFRS16)* Margin 78.1% Margin from Freehold 80.0% * 2019 adj ex IFRS16
Slide 4: Operating Performances
Operating Perfomances
Slide 5: Rental Income (€mn)
Rental Income (€mn) Total LFL +0.1% Rental income breakdown +€3.1 mn -0.1% +2.7% +2.7% 6.4% 0.6% 0.2 3.0 -0,1 25.6% Total Rental Income 116.0 €116 mn 113.0 67.4% Rental Income 3Q 2018 Change in LfL Italia Non-Lfl Italy Change in LfL Romania Rental income 3Q 2019 MALLS HYPERMARKETS ROMANIA OTHER Sli
Slide 6: Net rental income (€mn)
Net rental income (€mn) +€2.3mn Italy +2.5% +2.5% Romania +1.8% +€9.9mn +10.7% 7.6 3.1 0.8 102.2 92.3 94.6 Net rental income Change in rental income Change in rental costs Net rental income IFRS16 Effect Net rental income 9M_2018 9M_Adj_2019* 9M_2019 *2019 adj ex IFRS16 does not consider the applica
Slide 7: Italy - Operating performances
Italy - Operating performances Flat tenant sales See next slide - 2.3% Footfalls +1.5% Average upside* The positive trend of recent quarters continues 180 signed contracts (from 2016 onwards) of which 77 turnover and 103 renewals 96.4% occupancy 5.2% Rotation rate vs 96.3% 30/06/2019 % new tenants o
Slide 8: Italy - Focus on trends
Italy - Focus on trends -0.4% +0.2% +0.4% tenant sales tenant sales tenant sales 1Q 2Q 3Q -6.2% +0.6% -1.6% footfalls footfalls footfalls Tenant sales and footfalls cumulative trends (2019 vs 2018) 1.4% 0.6% -0.1% 0.1% 0.0% -0.2% -0.3% Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 -
Slide 9: Entertainment as a factor of attractiveness
Entertainment as a factor of actrativeness September – Refurbishment of the Cinema in Centro Sarca (Milan) More than 5,500m², 10 theaters (of which one equipped with IMAX technology) and relax areas. New entertainment model based on the highest audio and technical standards, best in class confort, c
Slide 10: Asset management activities
Asset management activities October - Restyling Casilino Shopping Center Internal and external restyling with great attention placed on sustainability The retail offering has been renewed with an appealing merchandising mix of local and national tenants - OVS, Yamamay, Game Stop, Satur, Hoara Cosmet
Slide 11: Asset management activities 2/2
Asset management activities 2/2 ASSET ROTATION HYPERMARKET REDUCTION AND CREATION OF NEW RETAIL UNITS IN THE MALLS Sale and purchase agreement LE MAIOLICHE CONE’ PORTO GRANDE Palazzo Orlando/ Darsena City Palazzo Orlando Darsena CIty 30 September Signed definitive sale and purchase agreements with a
Slide 12: Pipeline
Pipeline PORTA A MARE PROJECT OFFICINE STORICHE: OFFICINE STORICHE: OTHER AREAS RETAIL RESIDENTIAL MOLO MEDICEO More than 15,000 m² 43 Services for the touristic port Sea-front flats devoted to retail The enhancement (30 + 10 restaurants + 1 fitness and pre-marketing center) of the 3 areas are being
Slide 13: A new communication campaign
A new communication campaign New image positioning for 7 of IGD’s quintessential shopping centers (Centro Sarca, Le Maioliche, ESP, Centro D’abruzzo, Tiburtino, Katanè, Le Porte di Napoli). Strong focus on emotional engagement. Evocative graphic design. Claim: “I’m possible, the place where everythi
Slide 14: The commitment to sustainability continues
The committment to sustainability continues GREEN ACTIVITIES CARRIED OUT IN 2019… … AND THE RESULTS ACHIEVED 2 New photovoltaic systems (Gran Rondò and Katanè) Total electricity consumption decrease in the first 9 months 4 LED lighting systems (Gran Rondò, Fonti del Corallo, Casilino and La Torre) -
Slide 15: Romania – Operating performances
Romania – Operating performances 97.5% occupancy vs 96.5% 30/06/19 +3.3% Average upside* 265 signed contracts of which 113 turnover and 152 renewals +2.7% Rental ……. income LFL Vs 30/9/2018 19.3% Rotation rate HADA - New hungarian brand % new tenants on tot. contracts 7 locations More than 2,500 m²
Slide 16: Financial results
FY 2009 RESULTS Bologna November 11, 2011 Financial results
Slide 17: Funds From Operations (FFO)
Funds From Operations (FFO) • Financial management is improving • Average cost of debt is decreasing from 2.67% (30/9/18) to 2.40% +€3.3 mn +5.6% 2.0 1.0 0.4 59.5 62.9 FFO_2018 Change in Core Business Change in Financial Change in taxes and other FFO_2019 EBITDA* Management * Net of non-recurring ex
Slide 18: Financial structure (1/2)
Financial structure (1/2) NEW RATING OBTAINED FITCH RATINGS BBB- outlook stable (22 October 2019) 30/06/2019 30/09/2019 30/06/2019 30/09/2019 48.2% 47.8% c. 0.97x c. 0.95x LTV (excluding (excluding IFRS16 GEARING RATIO (excluding (excluding IFRS16 c. 47%) ca. 46.7%) IFRS16 ca. 0,93x) IFRS16 c.0,91x)
Slide 19: Financial structure (2/2)
Financial structure (2/2) Debt break down* Net Debt 1,174.4 €mn** SECURED 28.4% MARKET L.T. 1,155.83 47.2% BANK 52.8% UNSECURED 71.6% S.T. 24.50 2.5% CASH -5.96 5y 2.1% 5y*** 2.65% 300 7y 2.25% 7y Bonds Debt maturity 200 Unsecured bank debt Secured bank debt 162 100 58 67 46 53 52 25 27 12 2019 2020
Slide 20: Attachments
Attachments Centro Leonardo
Slide 21: Consolidated Income Statement
Consolidated Income Statement (a) (b) (c) D D GROUP CONSOLIDATED 9M_CONS_2018 9M_CONS_2019 9M_CONS_Adj_2019* (b)/(a) (c)/(a) Revenues from freehold rental activities 103.6 106.7 106.7 3.0% 3.0% Revenues from leasehold rental activities 9.4 9.4 9.4 -0.3% -0.3% Total income from rental activities 113.
Slide 22: Funds from Operations (FFO) €62.9 mn (+5.6%)
Funds from Operations (FFO) €62.9 mn (+5.6%) Funds from Operations CONS_2019 CONS_2018 D vs cons 2018 D% Core business EBITDA* 94.7 85.1 9.6 11.3% IFRS16 Adjustments (Payable leases) (7.6) 0.0 (7.6) n.a. Adj financial management (23.3) -24.3 1.0 -4.1% Adj extraordinary management - 0.0 - n.a. Adj cu
Slide 23: Contracts in Italy and Romania
Contracts in Italy and Romania Expiry date of mall and hypermarket contracts (% value and no. of contracts) N 24 Italy 1,467 No. of malls contracts N 931 Average residual maturity 94.3% Hypermarkets 14.53 years Malls 4.88 years N 233 N 184 N1 63.5% N 119 5.7% 12.5% 15.9% 8.1% 4Q2019 2020 2021 >2021
Slide 24: Key tenants
Key tenants Top 10 Tenants Italian malls Top 10 Tenants Romanian malls Product Turnover No. of Product Turnover No. of TOP 10 Tenant TOP 10 Tenant category impact contracts category impact contracts supermarket 10.0% 11 clothing 2.9% 12 clothing 7.5% 6 clothing 2.8% 13 clothing 4.1% 8 shoes 2.2% 9 c
Slide 25: Further Financial Highlights
Further Financial Highlights 30/06/2019 30/9/2019 SHARE OF M/L DEBT 93.5% 93.3% UNCOMMITTED CREDIT LINES GRANTED €181 mn* €181 mn* UNCOMMITTED CREDIT LINES AVAILABLE €158.3 mn €156.5 mn COMMITTED CREDIT LINES GRANTED AND AVAILABLE €60 mn €60 mn UNENCUMBERED ASSETS €1,447.4 mn €1,447.4 mn *Some banks
Slide 26: Re-classified balance sheet
Re-classified balance sheet Sources - Uses of funds (€/000) 30/09/2019 36/06/2019 D D% Fixed assets 2,381,122 2,370,089 11,033 0.47% Assets under construction and advances 40,846 36,619 4,227 11.54% Intangible assets 12,524 12,401 123 0.99% Other tangible assets 9,030 9,039 (9) (0.10%) Non-current a
Slide 27: Investor Relations contacts
Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Elisa Zanicheli, IR Team T. +39. 051 509242 elisa.zanicheli@gruppoigd.it Federica Pivetti, IR Team T. +39. 051 509260 federica.pivetti@gruppoigd.it to @igdSIIQ