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

Immobiliare Grande Distribuzione SIIQ — FY2007 Earnings Presentation

20 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, Mar 25, 2008

  1. Slide 1: Conference Call FY07 results

    Conference Call FY07 results Bologna March 25th, 2008 December 2004

  2. Slide 2: Disclaimer

    Disclaimer This presentation and the information contained herein are strictly confidential and are being shown to you solely for your information. The presentation and the information may not be reproduced, distributed to any other person or published, in whole or in part, for any purpose. This doc

  3. Slide 3: Agenda

    AGENDA  VALUE CREATION  FY07 RESULTS  APPENDICES March 2008

  4. Slide 4: Value Creation

    VALUE CREATION March 2008

  5. Slide 5: Investments in 2007

    Investments in 2007 New Business Plan Investments New Business Plan Investments (€m)  GAM Joint Venture (Calabria) – On May 30th a preliminary agreement for the acquisition of a 50% participation of a company, to be started up, was signed with GAM 23,50 – The new company will have a 70€ millions Sh

  6. Slide 6: Investment Plan Evolution

    Investment Plan Evolution Market opportunities and financial flexibility allowed us to anticipate most of the 2008 targeted investments Business Plan 2008-2010 Investment breakdown by year(€ m ) lide Actual Investments 2009 2010 after new BP eigectea Expected Expected launch 4 fe) i < Lu fad {S) Lu

  7. Slide 7: Property management: geographical distribution

    Property management: geographical distribution Preliminary agreements and Freehold Properties Work- in-Progress Trentino Piemonte Lombardia Veneto  1 shopping mall  1 shopping mall Lombardia  Beinasco VALUE CREATION  1 plot of land  Peschiera Shopping Shopping Mall Mall Piemonte  Shopping Mall

  8. Slide 8: Market Value

    Market Value MARKET VALUE  Market value of Igd 944,690 +66.2% 880,857 874,580 freehold properties is 749,338 €1,007.80m as of 646,610 568,324 584,767 31Dec07 including 50% of Rgd Assets VALUE CREATION  After a strong mkt value increase experienced in 2006, in 2007 stable mkt 31Dec04 30Jun04 31Dec0

  9. Slide 9: IGD Cap Rates, WACC and IRR

    IGD Cap Rates, WACC and IRR 12.00% 10.00% 10.00% 8.65% 8.56% 8.38% 8.12% 8.16% 8.21% 7.76% 8.00% 7.47% 7.34% 7.11% 6.88% 6.88% 6.84% VALUE CREATION 7.01% 7.01% 6.00% 6.71% 6.53% 6.19% 6.06% 6.04% 4.00% 04 5 5 6 6 7 7 00 00 00 00 00 00 20 /2 /2 /2 /2 /2 /2 / 12 06 12 06 12 06 12 IRR CAP RATE WACC  S

  10. Slide 10: NAV

    NAV Net Asset Value 31-Dec-07 31-Dec-06 Asset Market Value 1,007.80 880.86 Asset Balance Sheet Value 1,042.82 878.45 •NAV increase: 21.2% yoy Potential Capital Gain 2.98 2.41 •NNAV increase: 19.8% yoy Shareholders' Equity 741.17 580.34 VALUE CREATION NAV 744.15 582.75 Outstanding Shares 309.25 282.2

  11. Slide 11: FY07 Results

    FY07 RESULTS March 2008

  12. Slide 12: Revenues growth and breakdown

    Revenues growth and breakdown INTERNAL RECLASSIFICATION 71.6 +17.5% Revenues net of reinvoices FY07 RESULTS 61.0 Revenues net of ‘pilotage’ revenues and costs Revenues net of disposal of fixed assets (Imola) 4.27 (capital gain of €3.47mn) 3.18 13.22 13.16 Revenues from services Revenues from leaseho

  13. Slide 13: EBITDA and EBIT Trend

    EBITDA and EBIT Trend EBITDA (€m) • EBITDA yoy increase: 11.2%, ie lower than revenue growth  most of operating costs start to be +11.2% charged well ahead of new centres’ openings 47.9 43.1 • EBITDA margin 2007: 66.9% in line with strategic plan targets FY07 RESULTS • EBIT yoy decrease: 21.4%, but

  14. Slide 14: Net Debt and Enterprise Value

    Net Debt and Enterprise Value Net Debt 31Dec07 (€m) Enterprise Value (€m) 0.58 0.46 163.5 FY07 RESULTS 1082.8 9 918.4 341.62 472.4 338.05 4 341.6 741.17 2 580.34 32.7 Dec 2006 Dec 2007 7 Short Long Cash and Net Total Equity Total Debt Term Term equivalents Debt Term Gearing • Variable rate loans are

  15. Slide 15: Net Debt Change

    Net Debt Change Net Debt 31Dec07 (€m) 0.30 FY07 RESULTS 52.32 30.66 21.19 11.49 143.84 cash from operations 108.52 338.05 341.62 Net Debt Net Profit D&A Change Fair NWC LT Assets/Liab Capex Net Equity Net Debt 31Dec06 Value change Change 31Dec07 The net equity change and cash from operations allowed

  16. Slide 16: Appendices

    Appendices [ xxx ] March 2008

  17. Slide 17: Consolidated A&L and Net Financial Debt

    A&L CONSOLIDATED A&L (€m) FY07 FY06 Net Invested Capital 1,164.43 107.53% 982.46 106.98% Net Working Capital 21.55 1.99% 10.06 1.10% - Other LT Liabilities -103.19 -9.52% -74.12 -8.07% NET INVESTED CAPITAL 1,082.79 100.00% 918.40 100.00% Net Financial Debt 341.62 31.56% 338.06 36.81% Net Equity 741.

  18. Slide 18: Cost of Debt

    Cost of Debt LT Debt Breakdown at FY07 FY06 December 31, 2007 (€mn) Change Residual Debt Cost Hedging Duration Total LT Debt 131 3,72% Fully hedged 6 Bond 230 2,50% 5 LT Debt hedged 98.5 4,39% Fully hedged 19 Total LT fixed debt 460 3,36% Fully hedged 8 LT Variable debt 50 5,35% 150 mln € Revolving

  19. Slide 19: P&L

    P&L Consolidated P&L (€m) FY07 FY06 Change Freehold rents 54.2 44.7 Leasehold rents 13.2 13.2 Revenues from services 5.7 3.2 Total revenues 73.1 61.0 19.8% Direct costs (19.5) (12.7) SG&A (5.7) (5.2) EBITDA 47.9 43.1 11.2% Depreciation (0.3) (0.5) Fair Value Change 30.7 57.0 EBIT 78.3 99.6 -21.4% Ne

  20. Slide 20: Share Buyback Plan Underway

    Share Buyback Plan Underway Up to 6.5% of Co.’ Co.’s share capital, MAIN FEATURES i.e. up to 20,101,200 ordinary shares, up to maximum cash-out of €56 mn. mn. Jan. 8, 2008 – June 30, 2008 TIME FRAMEWORK 112 trading days available BUYBACK PLAN Every day no more than 25% of total VOLUME LIMIT trading

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