Immobiliare Grande Distribuzione SIIQ S.p.A. · MIL:IGD
Immobiliare Grande Distribuzione SIIQ — IGD SIIQ — 9M 2012 Earnings Presentation
25 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, Nov 8, 2012
Slide 1: Results presentation as at 30/09/2012
Conference call 8 November 2012 3.00 p.m. Results presentation as at 30/09/2012
Slide 2: Disclaimer
This presentation does not constitute an offer or an invitation to subscribe for or purchase any securities. DISCLAIMER The securities referred to herein have not been registered and will not be registered in the United States under the U.S. Securities Securit Act of 1933, as amended (the “Securitie
Slide 3: Economic and Financial Highlights
3 Economic and Financial Highlights REVENUES 92.1 € mn •Revenues from core business (+2.6% vs 30/09/2011) EBITDA 64.6 € mn •EBITDA (core business) ( -2.7% vs 30/09/2011) •EBITDA margin (core business) 70.1 % ( -3.8 percentage points) 16.1 € mn Group Net Profit (-59.4% vs 30/09/2011) Funds From Opera
Slide 4: Economic and Financial Results
ECONOMIC AND FINANCIAL RESULTS
Slide 5: Consolidated Income Statement
5 Consolidated Income Statement CONSOLIDATED CORE BUSINESS "PORTA A MARE" PROJECT €/000 30/09/2011 30/09/2012 % 30/09/2011 30/09/2012 % 30/09/2011 30/09/2012 % Revenues from freehold properties 79,453 81,862 3.0% 79,453 81,862 3.0% 0 0 n.a. Revenues from leasehold properties 6,380 6,363 -0.3% 6,380
Slide 6: Margin for activities
6 Margin for activities CONSOLIDATED CORE BUSINESS "PORTA A MARE" PROJECT €/000 30/09/2011 30/09/2012 % 30/09/2011 30/09/2012 % 30/09/2011 30/09/2012 % Margin from freehold properties 70,548 69,642 (1.3)% 70,548 69,642 (1.3)% n.a. Margin from leasehold properties 1,449 1,152 (20.5)% 1,449 1,152 (20.
Slide 7: Revenues from core business: +2.6%
7 Revenues from core business: +2.6% BREAKDOWN OF TOTAL REVENUES BY TYPE TOTAL REVENUES (€/000) OF ASSET 9.2% 91,543 Total 92,150 0.4% revenues 1.726 +0.7% 1.1% 3,984 3,925 Revenues from trading Core business Revenues from services + 2.6 % 61.3% 28.1% 85,833 88,225 Ricavi da attività locativa 30/09/
Slide 8: Direct Costs and G&A Expenses Core Business
8 Direct Costs and G&A Expenses Core Business DIRECT COSTS CORE BUSINESS (€ 000) Direct costs increase mainly due to: •IMU (26% of core business direct costs), 20,703 +2.1 € mn,(+64.7%) + 22.2 % The costs in IMU will not be affected by 16,939 strong changes having taken the rates already approved by
Slide 9: Total consolidated Ebitda: 64.3 € mn; Ebitda (core business): 64.6 € mn
Total consolidated Ebitda:: 64.3 € mn 9 Ebitda (core business): 64.6 € mn (-2.7%) CONSOLIDATED EBITDA (€ 000) + 37.3% + 4.7% 607 3,930 1,129 320 66,819 64,305 Ebida 30/09/2011 Change in Change in direct Change in Change in G&A Ebitda 30/09/2012 operating revenues costs increases, cost of sales and o
Slide 10: Group Net Profit: 16.1 € mn
10 Group Net Profit: 16.1 € mn NET GROUP PROFIT (€ 000) NET PROFIT EVOLUTION (€ 000) Tax rate adjusted by change in FV 1,821 693 8.5% 39,622 - 59.4% 23,968 39,622 142 6,756 16,075 3,963 16,075 30/09/2011 30/09/2012 Group net Change in Change in Change in Change in Change in Change in Group net profi
Slide 11: Funds From Operations
11 Funds From Operations FFO (€/000) 30/09/2011 30/09/2012 ∆ ∆% Pre-tax profit 45,312 14,867 -30,445 -67.2% Depreciation & other provisions 768 988 220 28.6% Change in FV -11,686 12,063 23,749 -203.2% Extraordinary management 635 566 -68 -10.7% Margin from trading activities -848 -251 597 -70.4% Inc
Slide 12: Commercial Highlights
12 Commercial Highlights Footfalls in Italian shopping malls (L4L) + 1.6% vs 30/09/2011 Hypermarkets/Supermarkets sales in Italian shopping centers (L4L) - 0.6% vs 30/09/2011 Tenant sales in Italian shopping malls (L4L) - 2.7% vs 30/09/2011 Footfalls in Romanian shopping malls (L4L) + 3% vs 30/09/20
Slide 13: Performance of our malls in the first 9 months of 2012
13 Performance of our malls in the first 9 months of 2012 TENANT SALES AND FOOTFALLS IN OUR SHOPPING MALLS MALL SALES per moths 10.0% 8.0% 8.0% SALES FOOTFALLS 6.0% 6.8% 4.2% 4.0% 4.5% 4.2% 2.0% 2.3% 1.8% 1.5% 0.4% -0.1% Sale change total trend LFL total trend LFL abs. Value 0.0% -1.7% Footfall chan
Slide 14: Hypermarkets and shopping trends as at 30/09/12
14 Hypermarkets e shopping trends as at 30/09/12 HYPERMARKET/SUPERMARKET SALES IN ITALY total trend LFL total trend LFL total trend LFL total trend LFL supermarkets+ +0.9% 0% +0.9% -0.4% -0.9% -0,3% +3% +3% hypermarkets hypermarkets -0.1% -1.2% -0.9% -0,9% -4% -1,3% +3% +3% supermarkets +1.8% +1% +2
Slide 15: Tenants in Italy
15 Tenants in Italy Turnover TOTAL CONTRACTS TOP 10 Tenant Product category Contracts impact Miroglio group Malls 1,021 clothing 3.4% 34 Hypermarkets 19 clothing 3.1% 10 Total 1,040 COMPAR footwear 1.9% 10 clothing and sports 1.7% 3 equipment BRANDS BREAKDOWN IN MALLS clothing 1.6% 19 footwear 1.5%
Slide 16: Tenants in Romania
16 Tenants in Romania Turnover TOP 10 Tenant Product category Contracts impact TOTAL CONTRACTS 604 food 6.5% 8 electronics 6.1% 9 BRANDS BREAKDOWN IN MALLS jewellery 5.7% 12 footwear 3.9% 13 26% 35% services 3.3% 1 House of Art clothing (family) 3.3% 9 39% pharmacy 3.0% 8 International brands Nation
Slide 17: Contracts in Italy and Romania
Contracts in Italy and Romania 17 EXPIRY DATE OF CONTRACTS OF HYPERMARKET EXPIRY DATE OF CONTRACTS OF HYPERMARKETS AND AND MALLS IN ITALY (% no. of contracts) MALLS IN ITALY (% of value) Nr. 19 120% 120% 100.0% 100.0% 100% 100% 80% 80% Nr. 583 61.3% Malls Malls 60% 56.2% 60% Nr. 220 Hypermarkets/ 40
Slide 18: Focus on Romania
18 Focus on Romania The eighth Carrefour opened in Vaslui Winmarkt obtained the permission to build a doubling of the overhead pedestrian bridge to join the two shopping centers Omnia and Grand Center (value equal to 32% of the total portfolio Winmarkt) from the City of Ploiesti. Investment: about 0
Slide 19: Financial Structure
FINANCIAL STRUCTURE
Slide 20: Financial Highlights 1/2
20 Financial Highlights 1/2 30/06/2012 30/09/2012 GEARING RATIO 1.39 1.37 LOAN TO VALUE 57.2% 57% COST OF DEBT 4.3% 4.2% INTEREST COVER RATIO 1.78 1.73 AVERAGE LENGHT OF LONG TERM DEBT 10.7 years (BOND excluded) 10.5 years 8 November 2012 9 months 2012 results presentation
Slide 21: Financial Highlights 2/2
21 Financial Highlights 2/2 30/06/2012 30/09/2012 BALANCED CAPITAL STRUCTURE 75.7% (LT debt +Bond) 76.3% HEDGING ON LONG TERM DEBT + BOND 78.1% 77.6% HEDGING ON LONG TERM DEBT 70.6% 69.9% BANKING CONFIDENCE 291.5 € mn 291.5 € mn BANKING CONFIDENCE AVAILABLE 92.7 € mn 95.3 € mn ASSETS MKT VALUE MORTG
Slide 22: Financial structure
22 Financial structure NET DEBT COMPOSITION (€ 000) 8,078 17,869 768,950 1,090,420 133,298 197,963 Short term debt Current share of long term Long term debt Potential mall and business Cash & cash equivalents Net debt debt division fees DEBT MATURITY (€ 000) 90,000,000 230 € mn 80,000,000 CONV BOND
Slide 23: Net debt
23 Net debt NET DEBT CHANGE (€ 000) 4,287 7,739 1,053 1,983 5,633 3,262 1,095,313 1,090,420 Net debt 30/06/12 Net profit 3Q Depreciation, Change in NWC 3Q Change in other non Capex 3Q Change in Net debt 30/09/12 devaluation, chenge current assets & Shareholders' equity in FV 3Q liabilities 3Q 3Q 8 N
Slide 24: Reclassified Balance Sheet
24 Reclassified Balance Sheet SOURCES/USE OF FUNDS(€ 000) FY10 FY11 ∆ ∆% Fixed asset 1,893,088 1,896,372 3,284 0.2% NWC 73,406 75,389 1,983 2.7% Other long term liabilities -69,462 -70,075 -613 0.9% TOTAL USE OF FUNDS 1,897,032 1,901,686 4,654 0.2% Net debt 1,095,313 1,090,420 -4,893 -0.4% Net (asse
Slide 25: www.gruppoigd.it
www.gruppoigd.it Claudia Contarini, IR T. +39. 051 509213 M. +39 3386211738 claudia.contarini@gruppoigd.it Elisa Zanicheli T. +39. 051 509242 elisa.zanicheli@gruppoigd.it