Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (September 2017)
77 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, September 2017
Slide 1: Road Show Presentation Results as at 30/06/2017 & BP2016-2018
Road Show Presentation Results as at 30/06/2017 & BP2016-2018
Slide 2: Disclaimer
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”),
Slide 3: Index
Index 1. INTRODUCTION TO IGD 4 2. OPERATING DATA 11 3. RESULTS AS AT 30 JUNE 2017 21 4. PIPELINE AND 2016-2018 BUSINESS PLAN 40 5. SUSTAINABILITY 51 6. APPENDIX 64 Roadshow presentation 3
Slide 4: 1. Introduction to IGD
Centro d’Abruzzo - Chieti 1. Introduction to IGD
Slide 5: IGD at a glance
IGD at a glance IGD is one of the main players in the Italian retail real estate sector: it develops and manages shopping centers across the country and has a significant presence in retail distribution in Romania #1 Italian Retail SIIQ (REIT) IGD Portfolio Snapshot €2.2 Bn Portfolio ITALY ROMANIA M
Slide 6: IGD unique positioning in the Italian retail property sector
IGD unique positioning in the Italian retail property sector Large portfolio of retail property assets with a strong customer base generating sound 1 and visible revenues and growing cashflows 2 Strong competitive position in the stable and attractive Italian retail property market Presence in the w
Slide 7: SIIQ regime: main features
SIIQ regime: main features SIIQ STATUS FOR IGD SINCE 1 JANUARY 2008 At least 80% of total assets must be rental asset KEY PARAMETERS At least 80% of total positive components of P&L must be rental income (excluding change in FV) Largest shareholder stake ≤ 60% (vs. previous 51%)* SHAREHOLDING LIMITS
Slide 8: IGD's shareholders
IGD’s shareholders IGD IS LISTED ON THE STAR SEGMENT OF BORSA ITALIANA TOTAL SHARES 813,045,631 SHARE CAPITAL € 599,760,278.16 40.92% Coop Alleanza 3.0 47.05% Unicoop Tirreno Free Float 12.03% MARKET SHAREHOLDING REFLECTED IN A GOVERNANCE STRUCTURE IN LINE WITH BEST STANDARDS Roadshow presentation 8
Slide 9: IGD Governance
IGD Governance Composition of the current Board of Directors Vice Chairman Chairman IGD’s governance has been in line with the Elio CEO Fernando Gasperoni Claudio criteria of the Self Regulatory Code of Pellegrini Albertini Italian Stock Exchange since the listing. Leonardo Gilberto From 2008, an in
Slide 10: IGD top management
IGD top management ELIO GASPERONI (1953) Chairman CLAUDIO ALBERTINI (1958) Chief Executive Officer Chairman of IGD's Board since April 2017 Appointed in May 2009 Vice Chairman of Coop Alleanza Board member at IGD since 2006 Board member of IGD since 2015 More than 20 years of experience with the Uni
Slide 11: 2. Operating data
FY 2009 RESULTS Bologna November 11, 2011 2. Operating data Conè – Conegliano
Slide 12: IGD: A cluster of retail assets dominant in their catchment area
IGD: A cluster of retail assets dominant in their catchment area IGD Principal NORTHERN ITALY Italian Assets MONDOVICINO SHOPPING I BRICCHI CENTRO SARCA GRAN RONDÒ MILLENNIUM GALLERY CONÈ CENTER & RETAIL PARK ISOLA D'ASTI (AT) SESTO S. GIOVANNI (MI) CREMA (CR) ROVERETO (TN) CONEGLIANO (TV) MONDOVÌ (
Slide 13: Our Portfolio
Our Portfolio STABLE & HIGH FINANCIAL OCCUPANCY LANDS + OTHER SMALL 5.0% 13.7% 2014 2015 2016 1H 2017 AVERAGE 96.2% 97.2% HYPER/SUPER 29.4% ITALY 96.0% MEDIUM KEY MALLS 57.3% 29.0% 58.3% ROMANIA 86.4% WINMARKT 7.4% KEY MALLS MILAN ROME NAPLES CATANIA RAVENNA FORLI’ CONEGLIANO (TV) C. Sarca Tiburtino
Slide 14: Italian Portfolio: hypermarkets and shopping malls
Italian Portfolio: hypermarkets and shopping malls (as at 30/06/2017) TENANTS OF 22 SHOPPING MALLS 25 HYPERMARKETS HYPERMARKETS CENTRO D'ABRUZZO -Pescara CENTRO D'ABRUZZO -Pescara Coop Al l eanza 3.0 CLODI' - Chi oggi a CLODI' - Chi oggi a Coop Al l eanza 3.0 PORTO GRANDE - Porto d'Ascol i (AP) PORT
Slide 15: Main lease terms
Main lease terms Italian Shopping Malls Italian Hypermarkets Romanian Shopping Malls Main lease terms Main lease terms Main lease terms Average maturity: Average maturity: Average maturity: Lease agreement (space only): 6 to 18 years 2 years for local tenants 6 years (+ 6 years) (with tacit renewal
Slide 16: Contracts in Italy and Romania
Contracts in Italy and Romania EXPIRY DATE OF HYPERMARKETS AND MALLS EXPIRY DATE OF HYPERMARKETS AND MALLS CONTRACTS ITALY (% no. of contracts) N 24 CONTRACTS ITALY ( % of value) 100% 96.0% 100% 93.4% 90% 90% N 782 80% 80% Average residual 66.5% 70% 62.5% 70% maturity 60% 60% Hyper 7.3 years 50% 50%
Slide 17: Key tenants as at 30/06/2017
Key tenants as at 30/06/2017 Top 10 Tenants Italy Top 10 Tenants Romania Product Turnover No. of Product Turnover No. of TOP 10 Tenant TOP 10 Tenant category impact contracts category impact contracts food 9.1% 9 clothing 3.2% 11 clothing 8.1% 6 Breakdown of rental revenues clothing 3.2% 12 clothing
Slide 18: 2017-2019 Business Plan and its impacts on IGD
2017-2019 Business Plan and its impacts on IGD General objectives: • + convenience DEEP TRANSFORMATION • + security OF THE HYPERMARKET • new products and services Investments €240 mn 8 – 10 hyper per year • Shops renewal (approx. €10 mn each) • Innovation through e-commerce Are also expected: • 30 n
Slide 19: 2017-2019 Business Plan and its impacts on IGD
2017-2019 Business Plan and its impacts on IGD Investments for the points of sale transformation will be fully covered by Coop Alleanza 3.0 First intervention have been carried out… Ipercoop Formigine (MO) opened on 29 April 2017 Roadshow presentation 19
Slide 20: 2017-2019 Business Plan and its impact on IGD
2017-2019 Business Plan and its impact on IGD Others are still being studied… Non food Food area Members services Render of a new big hypermarket Roadshow presentation 20
Slide 21: 3. Results as at 30 June 2017
3. Results as at 30 June 2017 ESP Extension Ravenna
Slide 22: Highlights at 30 June 2017
Highlights at 30 June 2017 € 71.6 mn € 50.0 mn Core business revenues Core business Ebitda + 6.0% + 6.9% Margin 69.8% (+60 bps) Margin from Freehold 79.5% (+90bps) € 48.9 mn € 31.9 mn Group Net Profit FFO + 84.6% + 17.8% FFO per share € 0.039 € 2,210.4 mn € 1.31 per share Portfolio Market Value Epra
Slide 23: FY 2016 and 1H 2017 main results
FY 2016 and 1H 2017 main results 2015 2016 1H2016 1H2017 Revenues €125.9mn €136.8mn +8,4% €67.5mn €71.6mn +6.0% • Core Business Revenues EBITDA • EBITDA (Core Business) €84.7mn €94.9mn +11,6% €46.7mn €50.0mn +6.9% • EBITDA Margin (Core Business) 67.3% 69.3% +200pts 69.2% 69.8% +60pts 77.2% 78.7% +15
Slide 24: Good news from the macro perspective… Italy
Good news from the macro perspective… 1.3% GDP 0.8% 1. Projections of the Italian economy are 0.6% 0.1% 0.9% improving… 2011 2012 2013 2014 2015 2016 2017e • The Italian economy accelerated in the first half of 2017. Forecasts for 2017 have been revised upwards and GDP is expected at about 1.3%/1.4%
Slide 25: …and the Italian real estate is continuing to grow
…and the Italian real estate is continuing to grow Total Retail Office Hotel Logistics Mixed-Others Italian Real Estate 1H 2017: €5.8 bn +58% vs 1H2016 Transactions value (€ mn) €1,198 mn €2,012 mn €770 mn €762 mn €1,019 mn % out of the total 21% 35% 13% 13% 18% ∆ vs 1H2016 +76% +30% +49% +291% +43%
Slide 26: Romania, a rapidly expanding economy
Romania, a rapidly expanding economy GDP 4.80% • GDP is expected at the end of 2017 4.50% 3.50% 3% 3.70% to be over 4% . 1.10% 0.60% • Growth will be driven by a strong -0.80% domestic demand supported by a new ROMANIA 2009 2010 2011 2012 2013 2014 2015 2016 2017e set of fiscal measures adopted by t
Slide 27: Operating performance
Operating performance +0.5% +1.3% including Esp extension Malls tenant sales -0.8% Footfalls Strongly affected by the first 2 months of the year and calendar effect -1.8% Footfalls Affected by the competition of new shopping malls, fit-outs and calendar effect Roadshow presentation 27
Slide 28: Commercial performances: Italy
Commercial perfomances: Italy 74 signed contracts of which 25 turnover and 49 renewals ……. +4.7% upside 2% rotation rate 97.2% occupancy Stable vs 97.2% 1Q17 ESP (Ravenna) Roadshow presentation 28
Slide 29: Commercial performances: Romania
Commercial perfomances: Romania 237 signed contracts Of which 136 turnover and renewals and 101 new contracts +2.5% upside 17.4% rotation rate 96.9% occupancy Increasing vs 96.0% 1Q17 Ploiesti Grand Center Roadshow presentation 29
Slide 30: Results: rental revenues +5.2%
Results: rental revenues +5.2% ITALY ROMANIA +1.5% +7.0% +5.2% 912 2,414 -225 300 64,985 68,386 Rental revenues 1H Lfl Italy Acquis/exten/restyling Other LfL Romania Rental revenues 1H 2016 2017 Like for like Italy +1.5%: malls (+2.1%) and slight increase in hypermarkets (+0.6%); inflation had a mar
Slide 31: Spaces to be lived in
Spaces to be lived in Focus on QUALITY of shopping center and SERVICES offered to visitors and tenants NEW FOOD COURT NEW SERVICES PET SHOP ESP - extension ESP - extension FOOD COURT SERVICE 800 sqm 2,200 sqm (11.6% gla new malls) CHILDREN AREA Roadshow presentation 31
Slide 32: New brands to…
New brands to… Increase the attractiveness of the shopping malls Diversify the shopping malls from their competitors SERVICES ELECTRONICS FOOD COURT ESP ESP (Ravenna) (Ravenna) CLOTHING PET SHOP ESP PUNTA DI FERRO ESP (Ravenna) (Forlì) (Ravenna) ESP (Ravenna) ESP (Ravenna) TIBURTINO ESP HEALTHCA
Slide 33: IGD Portfolio is growing…
IGD Portfolio is growing… Δ% Gross Initial Financial FV 2016 FV 1H2017 Δ% Like for Like Yield occupancy Malls Italy 1,211.60 1,287.91 + 6.3% + 1.1% 6.30% 95.93% 97.22% average Hyper Italy 646.09 649.60 + 0.5% + 0.5% 6.19% 100.0% malls + hyper Romania 164.91 162.67 -1.4% -1.4% 6.55% 96.91% Porta a Ma
Slide 34: …and so is the value created
…and so is the value created € per share 31-Dec-16 30-Jun-17 D% EPRA NAV 1.37 1.38 +1.0% EPRA NNNAV 1.29 1.31 +1.6% € 0.02 € 1.31 € 1.29 € 0.04 € 0.01 -€ 0.05 EPRA NNNAV 31 DIC 2016 Dividend Change in debt Fair value FFO Assets Fair Value EPRA NNNAV 30 giu 2017 debito and other Roadshow presentation
Slide 35: IGD's financial structure even stronger
IGD’s financial structure even stronger Creditworthiness confirmed by: 1 2 3 1 Confermato a dicembre Rating Moody’s Baa(3) Outlook Stale IRS expired in April 2017 cost 4.38% (notional €70.7mn; total cost 4.933%) replaced with two IRS, duration 10 years, cost 0.59% (notional €69.25mn; total cost 1.
Slide 36: Financial Highlights
Financial Highlights 48.5% 0.98 Loan to Value Gearing ratio Fy 2016: 48.3% Fy 2016: 0.97 2.9% 2.8X Cost of Debt Interest Cover Ratio Fy 2016: 3.3% Fy 2016: 2.2 X 5.2 years 94.5% Average residual maturity of Hedging on long-term debt + long-term detb bond Fy 2016: 5.5 years Fy 2016: 93.8% Roadshow pr
Slide 37: Debt structure
Debt structure Net Debt 1H2017 €1,076.8 mn 2.5% L.T. 1,015.3 5y 2.65% 3.875% 7y 2.25% 7y 300 7y S.T. 64.0 Cash -2.8 125 162 100 BANKING SYSTEM 36.2% 8 MARKET 17 53 52 35 36 37 37 27 63.8% 17 21 24 2017 2018 2019 2020 2021 2022 2023 2024 2025 >2025 Bonds Bond already repaid Bank debt already repaid B
Slide 38: Fund from Operations (FFO) €31.9 mn (+17.8%)
Fund from Operations (FFO) €31.9 mn (+17.8%) Funds from Operations 1H_2016 1H_2017 D vs 2016 D% Core business EBITDA 46,743 49,982 3,240 6.9% Adj Financial Management -19,088 -17,548 1,540 -8.1% Adj Extraordinary Management -125 0 125 n.a. Adj current taxes of the period -466 -563 -97 20.9% FFO 27,0
Slide 39: Target communicated in February FFO FY2017
Target communicated in February FFO FY2017: +18/19% vs 2016 FFO FY2017 OUTLOOK REVIEWED : +20% vs 2016 Roadshow presentation 39
Slide 40: 4. Pipeline and 2016-2018 Business Plan
Centro Sarca – Sesto San Giovanni (MI) FY 2009 RESULTS Bologna November 11, 2011 4. Pipeline and 2016-2018 Business Plan (released in May 2016)
Slide 41: Investment pipeline
Investment pipeline 2016 2017 2018 Total Tot. development € 67 mn ~ € 34 mn ~ € 43 mn ~ € 145 mn projects Total Capex and other € 13 mn ~ € 28 mn ~ € 10 mn Tot. ~ € 50 mn TOT. INVESTMENTS A new mall every year; new GLA around 71,500 sqm ~ € 195 MN Expected average yield on cost approx. 7% but >8
Slide 42: ESP: June 2017 extension opening
Esp: 1 June 2017 extension opening Roadshow presentation 42
Slide 43: ESP: a perfect example of the IGD portfolio
ESP: a perfect example of the IGD portfolio Leading center in a rich area (Ravenna) Catchment area: > 130k (20 mins) and > 300k (30 mins) Disposable income per-capita 2015: > €22k (+7.1% vs Italian average) Ravenna city center Distance from ESP: approx. 3 km CENTRO ESP Previously (with extension): e
Slide 44: ESP: a new success for IGD following the opening of Maremà
ESP: a new success for IGD following the opening of Maremà in Grosseto Footfalls in the first month: approx 510,000 Total investment approx. €51 mn Yield on cost >8% Important brands: Roadshow presentation 44
Slide 45: Città delle Stelle remodeling
Città delle Stelle remodeling HYPERMARKET NEW GLA IN THE MALLS REDUCTION AND Approx. 4,150 sqm (shops, 1 Remodeled area RESTYLING stands) 1 Openend on 24 March 2017 Preletting: > 90% Gla hyper from 14,400 sqm to 1 IGD investment: € 1.4 mn 9,350 sqm End of work: 2H2017 Roadshow presentation 45
Slide 46: Pipeline update
Pipeline update: Gran Rondò (Crema) New medium surface (+ 2,850 m² GLA) already rented Total restyling of the putside of the shopping malls End of work: 1H 2018 Total expected investment: approx €7 mn Officine Storiche (Livorno) Redevelopment of the former Cantier Navali Orlando, a modern retail con
Slide 47: Porta a Mare project
Porta a Mare project The heart of the initiative will be completed shortly TOTAL OWNERSHIP OF THE INITIATIVE following the repurchase of CMB’s stake SALE of PIAZZA MAZZINI RESIDENTIAL AREA ALMOST COMPLETED 60 flats sold/reserved out of 73 Total sold/reserved: 78% WORK IN PROGRESS PALAZZO ORLANDO: 1
Slide 48: Main targets - BP 2016-2018
Main targets - BP 2016-2018 New Targets BP 2016-2018 REVENUES FROM RENTAL ACTIVITIES Total growth> +20% approx. cagr* +7% approx. cagr* LFL +2% approx. EBITDA MARGIN >70% (BP end) Core business EBITDA MARGIN approx. 80% (BP end) Freehold Funds From Operations approx. €75 mn (ffo in 2018) Core busine
Slide 49: FFO evolution and Dividend policy
FFO evolution and Dividend policy CAGR 2015 - 18 + 18.3 % Funds from 75 operations evolution (FFO - € mn) 45 2015 2016 2017 2018 As for dividends, policy, already communicated to the market, of the distribution of about 2/3 of the core business FFO, is confirmed Dividend Reinvestment Option (DRO) re
Slide 50: Final remarks
Final remarks The updated Business Plan, that has a low execution risk, confirms IGD’s ability to increase FFOs and strenghten visibility of the dividends that will be distributed. Following Punta di Ferro acquisition, not foreseen in the previous Plan, FFO target has been further improved. Therefor
Slide 51: 5. Sustainability
Centro Sarca - Milano FY 2009 RESULTS Bologna November 11, 2011 5. Sustainability
Slide 52: IGD Sustainability
IGD Sustainability The starting point The cooperative background. The belief that adopting sustainability criteria in the real estate In 2010 IGD decided to take a sector is a way to pursue a lasting growth over time. structured path towards Social Responsibility, considering: The will to meet
Slide 53: What is sustainability for IGD?
What is sustainability for IGD? MACRO ISSUES AND MATERIAL ISSUES 1. Integrity in 2.Quality and 3. A changing 4. The concept of 5. Employees business and efficiency of the context “Spaces to be management Shopping Centers lived in” • Corporate • Environmental • Stakeholder • Social role of the • Stea
Slide 54: 1. Integrity in business and management 1/2
1. Integrity in business and management 1/2 A transparent and efficient governance ensures protection to investors and an effective management of the Company IGD’s governance has been in line with the Vice Chairman Chairman criteria of the Self Regulatory Code of Italian CEO Fernando Elio Stock Exch
Slide 55: 1. Integrity in business and management 2/2
1. Integrity in business and management 2/2 Risk Management Since 2010 IGD defined and implemented an integrated risk management process based on the Sustainability is an integral part of this system: internationally recognised standards in the field of Enterprise Risk Management (ERM) 43 risks moni
Slide 56: 2. Quality and efficiency of the shopping centers 1/3
2. Quality and efficiency of the shopping centers 1/3 Sustainable buildings are less expensive to run and more attractive for tenants and visitors Actions carried out by IGD 1. Environmental management 2. Structural works 3. Raising awareness system (EMS) certified ISO14001 • Monthly monitoring of L
Slide 57: 2. Quality and efficiency of the shopping centers 2/3
2. Quality and efficiency of the shopping centers 2/3 Results GHG INTENSITY* (kgCo2eq/sqm) ENERGY INTENSITY (kwh/sqm) -18% since 2012 -11% since 2013 € 1.6mn 83 165 Tenants’ saving on electricity 77 154,1 73,1 73,3 153,4 consumption since 69,2 146,8 2012 2012 2013 2014 2015 2016 2013 2014 2015 2016
Slide 58: 2. Quality and efficiency of the shopping centers 3/3
2. Quality and efficiency of the shopping centers 3/3 What’s next? GHG target 2018: further progressive reduction. From 2017, all the Shopping Centers’ electricity supply will come from renewable energy sources. Target 2018: 90% Italian malls certified ISO14001 Feasibility study in order to certify
Slide 59: 3. A Changing context
3. A Changing context A structured approach to engage with all its stakeholders enables IGD to understand their needs and expectations Who? How? Why? Shareholders and financial Conference call, one to one community meetings, roadshow and fieldtrip Visitors to the center and Event satisfaction and cu
Slide 60: 4. The concept of spaces to be lived in 1/2
4. The concept of spaces to be lived in 1/2 shopping center as an important social and meeting place, capable to capture cultural stimulus and trends and create impacts on the reference territory IGD’s shopping centers provide employment Employment impact overall to approx. 14,200 people (taking int
Slide 61: 4. The concept of spaces to be lived in 2/2
4. The concept of spaces to be lived in 2/2 Lines of action Actions carried out Use social media in an accurate and inclusive manner New Enhance the omnichannel Innovation approach in the Malls Project defined and structured Offers new services to visitors Digitise the shopping centers Roadshow pres
Slide 62: 5. Employees
5. Employees IGD’s employees are a strategic factor for the development of the Group WORKFORCE 123 employees 47 employees 96% with permanent contracts 100% with permanent contracts DISTINCTIVE FEATURES: 1. RESOURCE DEVELOPMENT • Management By Objectives (MBO): IGD assigns both common and specific ta
Slide 63: IGD sustainability in the national and international context
IGD sustainability in the national and international context Awards and international benchmarks Network Roadshow presentation 63
Slide 64: Appendix
Centro Borgo - Bologna Appendix 5. Appendix
Slide 65: Consolidated Income Statement at 30 June 2017
Consolidated Income Statement at 30 June 2017 CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/06/2016 30/06/2017 D% 30/06/2016 30/06/2017 D% 30/06/2016 30/06/2017 D% Revenues from freehold real estate and rental activities 58,838 62,068 5.5% 58,838 62,068 5.5% 0 0 n.a. Revenues from leaseho
Slide 66: Margin from activities at 30 June 2017
Margin from activities at 30 June 2017 CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/06/2016 30/06/2017 D% 30/06/2016 30/06/2017 D% 30/06/2016 30/06/2017 D% Margin from freehold properties 50,870 54,056 6.3% 50,870 54,056 6.3% 0 0 n.a. Margin from leasehold properties 1,030 1,184 14.9% 1,
Slide 67: Operating costs and financial management at 30 June 2017
Operating costs and financial management at 30 June 2017 CORE BUSINESS G&A EXPENSES AND DIRECT COSTS (€ 000) Lower impact of operating costs on revenues 5,455 5,346 Ebitda margin core business is growing (69.8%): +60 bps G&A expenses Direct costs 15,454 16,175 Ebitda margin from Freehold: 79.5% incr
Slide 68: Group Net Profit: €48.9 mn at 30 June 2017
Group Net Profit: €48.9 mn at 30 June 2017 +84.6% 2,218 -1.313 -338 18,609 3,240 20 48,944 26,508 Group Net Profit Change in core Change in Porta a Change in depr., Change in financial Change in taxes Change in Group Net Profit 30/06/2016 business Ebitda Mare project provisions, and extraordinary (p
Slide 69: Additional financial highlights at 30 June 2017
Additional financial highlights at 30 June 2017 2016 30/06/2017 SHARE OF MEDIIUM/LONG-TERM DEBT 84.6% 90.7% UNCOMMITTED CREDIT LINED GRANTED € 276 mn €291 mn UNCOMMITTED CREDIT LINES AVAILABLE € 164 mn €225 mn COMMITTED CREDIT LINED GRANTED AND € 60 mn € 60 mn AVAILABLE UNENCUMBERED ASSETS € 1,406.9
Slide 70: 1H 2017 Epra NNNAV
1H 2017 Epra NNNAV 31-Dec-16 30-Jun-17 D% NNNAV Calculation €'000 € p.s. €'000 € p.s. Total no. of shares 813,045,631 813,045,631 1) Group Shareholders' equity 1,060,701 1.30 1,076,359 1.32 1.5% Exclude: Fair value of financial instruments 28,748 22,671 -21.1% Deferred taxes 23,633 25,635 8.5% Goodw
Slide 71: Re-classified Balance Sheet
Re-classified Balance Sheet Sources - Uses of funds 31/12/2016 30/06/2017 D D% Fixed assets 2,050,728 2,127,766 77,038 3.8% Assets under construction 75,004 40,458 -34,546 -46.1% Other non-current assets 25,543 25,035 -508 -2.0% Other non-current liabilities -32,150 -30,473 1,677 -5.2% NWC 56,378 36
Slide 72: A successful story of growth
A successful story of growth €2,210M €2,178M €2,082M €1,951M MKT VALUE €585M €985M €1,055M €1,077M €942M NET DEBT €60M IPO 2005 YE2014 YE2015 YE2016 1H2017 70,000,000 0.090 Dps 0.080 60,000,000 0.045€ Dps 0.070 50,000,000 0.040€ Dps 0.066 0.060 FFO 40,000,000 0.0375€ 0.055 0.050 & Target stated DIVI
Slide 73: Robust financial structure as at 30 June 2017
Robust financial structure as at 30 June 2017 KEY DATA DEBT BREAKDOWN OUTSTANDING BONDS Rating Baa3 Outlook Stable 1° Public Bond €300mn (2.5% - 2016-2021) by Moody’s BANKING MARKET 63.8% 1°USPP Bond Loan to Value: 48.5% SYSTEM €100mn (2.25% - 2017-2024) 36.2% entirely subscribed byPricoa Average
Slide 74: Coop Italia
WORLD 7 LEGAL ENTITIES THROUGHOUT ITALY Emilia Romagna, Lombardia, Toscana, Umbria, Abruzzo Lombardia, Sicilia Trentino, Veneto, Friuli Venezia Giulia, Marche, Abruzzo, Puglia, Basilicata Toscana, Lazio, Umbria, Campania Piemonte Toscana Liguria, Piemonte Regions covered by Coop KEY DATA* As at 31/1
Slide 75: Coop Alleanza 3.0
COOP ALLEANZA 3.0 Data as at 31/12/20161) By merging of Coop Adriatica, Coop Estense and Coop Consumatori Nordest Revenues : ~ 4,7 bn € N° of points of sale: ~427 Employees: ~ 22,000 Members: ~ 2.7 million Deposits from members: ~ 4.3 bn € STRATEGIC INVESTMENTS IN LISTED COMPANIES UNIPOL GRUPPO FINA
Slide 76: Unicoop Tirreno
Unicoop Tirreno Data as at 31/12/2016(1) Revenues: ~ 1 bn € N° of points of sale: 114 Employees: 4,065 Members: ~ 1,010,000 Deposits from members: ~ 915 mn € STRATEGIC INVESTMENTS IN LISTED COMPANIES UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA (1) Source: Unicoop Tirreno Financial
Slide 77: www.gruppoigd.it
www.gruppoigd.it Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Federica Pivetti T. +39. 051 509242 federica.pivetti@gruppoigd.it