Eurocommercial Properties Nv · EURONEXT:ECMPA
Eurocommercial Properties Nv — H1 2014/2015 Earnings Presentation
18 slides from Eurocommercial Properties Nv's earnings presentation, Mar 12, 2021
Slide 1: Half Year Results 2014/2015
Half Year Results 2014/2015 1
Slide 2: €2.7 billion of prime retail property in France, Italy and Sweden
€2.7 €2.7BILLION BILLIONOFOF PRIME RETAIL PRIME PROPERTY RETAIL PROPERTY IN INFRANCE, FRANCE,ITALY ANDAND ITALY SWEDEN SWEDEN 2
Slide 3: Half Year Results 2014/2015 – 31 December 2014
HALF YEAR RESULTS 2014/2015 31 December 2014 • Direct investment result: +1.0% to €42.9 million (€1.02 per depositary receipt) • Net rental income: -3.0% to €72.0 million • Like for like rental growth: +0.9% • Retail sales turnover: +1.5% • Property valuations: +2.6% to €2.7 billion • Adjusted net a
Slide 4: Rental Growth
RENTAL GROWTH 12 months to December 2014 Like for like Number of % of total leases Average rental rental growth relettings relet and renewed uplift on relettings and renewals and renewals Overall +0.9% 181 13% +5% France +1.4% 37 8% +18% Italy +0.2% 93 13% +3% Sweden +1.7% 51 19% +3% VACANCIES AND A
Slide 5: Retail Sales Turnover
RETAIL SALES TURNOVER* To December 2014 3.5% 3.4% 3.0% 2.6% 2.5% 2.0% 1.6% 1.5% 1.5% 1.2% 1.2% 1.0% 1.0% 0.5% 0.0% 0.0% Overall France Italy Sweden 12 months 3 months * Excluding hypermarkets and extensions. 5
Slide 6: Retail Sales Turnover by Sector
RETAIL SALES TURNOVER BY SECTOR* 12 months to December 2014 6.0% 5.1% 4.8% 5.0% 4.0% 3.4% 3.0% 2.6% 1.9% 2.0% 1.2% 1.0% 0.7% 0.3% 0.0% -1.0% -2.0% -3.0% -2.9% -4.0% * Excluding extensions. 6
Slide 7: Occupancy Cost Ratios
OCCUPANCY COST RATIOS* December 2014 10.4% 9.9% 9.6% 9.9% 10.0% 8.2% 8.0% 8.2% 8.3% 8.0% 6.0% 4.0% 2.0% 0.0% Overall France Italy Sweden Turnover incl. VAT Turnover excl. VAT * Rent plus marketing contributions, service charges and tenant property taxes as a proportion of turnover. Excluding hyperma
Slide 8: Valuations
VALUATIONS December 2014 Valuation changes Net initial yield* Six months to Twelve months to 31 Dec 2014 31 Dec 2014 At 31 Dec 2014 Overall 1.5% 2.6% 5.6% France 2.0% 3.7% 5.0% Italy 1.1% 1.7% 6.2% Sweden 1.1% 2.2% 5.6% * Net initial yield figures are derived by dividing expected net income for the
Slide 9: Extensions and Refurbishments
EXTENSIONS AND REFURBISHMENTS Estimated Expected net Property Project Timing cost yield on cost FRANCE Chasse Sud, Chasse-sur-Rhône 5,500m2 extension Completion 2016 €10 million min. 7% Val Thoiry, Thoiry Refurbishment Underway €5 million Plaine de France, Moisselles Refurbishment 2015 €2.5 million
Slide 10: Funding Summary at 31 December 2014
FUNDING SUMMARY AT 31 DECEMBER 2014 Shareholders’ adjusted net equity €1.55 billion Total net borrowings €1.15 billion Average loan term > 4 years Loan book hedged for interest exposure 76% Average term of hedges 8 years Average loan margin 89 bps Average overall interest rate 3.6% Net debt to adjus
Slide 11: Non-Current Borrowings Maturity Schedule
NON-CURRENT BORROWINGS MATURITY SCHEDULE €m 400 369 350 300 250 226 200 150 121 100 70 81 61 56 43 50 23 0 2016 2017 2018 2019 2020 2021 2022 2023 2024+ Negotiations well advanced for extension of loans expiring in 2016 and 2017 11
Slide 12: France: Acquisition of Etrembières
FRANCE: ACQUISITION OF ETREMBIÈRES ● Entered into a joint venture partnership with AXA Real Estate through acquisition of 50% stake in Etrembières Shopping Centre ● Total cost €43.3 million representing net initial yield of c.5.2% ● 8,900m2 gallery anchored by H&M and Go Sport with a 5,500m2 Migros
Slide 13: France: Extension of Chasse Sud
FRANCE: EXTENSION OF CHASSE SUD ● Planning approved for 5,500m2 extension of retail park in Chasse-sur-Rhône ● Pre-leasing is already well advanced ● Construction should begin in spring 2015 ● Total cost expected to be approx. €10 million to yield a minimum of 7% net return on cost 13
Slide 14: Italy: Conditional Agreement at I Gigli
ITALY: CONDITIONAL AGREEMENT AT I GIGLI ● Conditional agreement reached with Gruppo PAM to acquire their 15,800m2 hypermarket and 9,000m2 gallery shops at I Gigli, Firenze ● Will bring Eurocommercial’s ownership of shopping centre to 100% ● Hypermarket will reduce to 10,000m2 and be leased back to P
Slide 15: Italy: Refurbishment of I Portali, Modena
ITALY: REFURBISHMENT OF I PORTALI, MODENA BEFORE 15
Slide 16: Sweden: Halmstad Extension
SWEDEN: HALMSTAD EXTENSION • Eurostop is Halmstad’s only external shopping centre with a catchment of 200,000 people • Planning approved for 16,000m2 GLA extension • Enlarged centre will have GLA of approx. 38,400m2, including at least one hypermarket and a further 85 retail tenants • Development ex
Slide 17: Sweden: Refurbishment of Bergvik, Karlstad
SWEDEN: REFURBISHMENT OF BERGVIK, KARLSTAD ● Refurbishment due to begin in spring 2015 ● Improvements include new external façade and entrances, new floors, ceilings and lighting ● Total cost approximately €4 million ● Project expected to be completed by autumn 2015 17
Slide 18: Outlook
OUTLOOK ● Rental growth expected to remain modest due to minimal indexation ● Vacancies and arrears should remain low ● Maintain focus on upgrading and improving existing portfolio ● Consider possible acquisitions of quality shopping centres in France, Italy and Sweden 18
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