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

Immobiliare Grande Distribuzione SIIQ — IGD SIIQ — Q3 2010 Earnings Presentation

14 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, Nov 11, 2010

  1. Slide 1: Conference Call Presentation 3Q 2010 Results

    Nov 11, 2010 Conference Call Presentation 3Q 2010 Results

  2. Slide 2: Disclaimer

    Disclaimer 2 This presentation contains forwards-looking information and statements about IGD SIIQ SPA and its Group. Forward-looking statements are statements that are not historical facts. These statements include financial projections and estimates and their underlying assumptions, statements reg

  3. Slide 3: Highlights Q3 2010 vs Q3 2009

    Q32010 2010vs vsQ3 Q32009 2009 3 Highlights Q3 Revenues: 84,017 €/000 + 0.03% Ebitda: 59,984 €/000 + 6.9% Ebitda Margin: 71.4% + 4.6 percentage points Profit before taxes: 25,612 €/000 + 50.9% Net Profit: 22,648 €/000 + 54.0% FFO: 31,863 €/000 + 14.3%

  4. Slide 4: Net profit: + 54.0%

    4 Net profit: + 54.0% NET PROFIT (€ mn) 25,000 + 54.0% 22,648 20,000 15,000 14,707 10,000 5,000 0 30-sept-09 30-sept-10 NET PROFIT EVOLUTION (€ mn) 4,914 124 739 42 3,848 22,648 14,707 3Q09 Change in Change in Change in Change in Change in 3Q10 Net Profit Ebitda Depreciation & financial taxes losses

  5. Slide 5: Reclassified Income Statement

    Reclassified Income Statement 5 €/000 2009 3Q 2010 3Q ∆ % Revenues from freehold properties 72.470 74.496 2.026 2,79% Revenues from leasehold properties 6.547 6.118 (429) (6,56%) Revenues from services 4.849 3.282 (1.567) (32,31%) Different revenues 123 121 (2) (1,71%) Operating Revenues 83.989 84.0

  6. Slide 6: Revenues: +0.03%

    6 Revenues: +0.03% TOTAL REVENUES (€ mn) 86,000 123 121 84,000 82,000 3,282 4,849 80,000 Other revenues 78,000 6,118 Revenues from services 76,000 6,547 Revenues from leashold properties 74,000 Revenues from freehold properties Rental revenues 72,000 70,000 74,496 72,470 68,000 66,000 30-set-09 30-s

  7. Slide 7: Ebitda: + 6.9% and Ebitda Margin: 71.4%

    7 Ebitda: + 6.9% and Ebitda Margin: 71.4% EBITDA e EBITDA MARGIN (€ mn) EBITDA TREND (€ mn) 71.39% 66.84% 317 28 961 2,542 56,136 59,984 56,136 59,984 Ebitda 30/09/09 Change in Change in Change in Change in Ebitda 30/09/10 30/09/09 30/09/10 revenues inventories Direct Costs G&A DIRECT COST (€ mn) G

  8. Slide 8: Financial Highlights

    8 Financial Highlights Total market value portfolio 1,776,860 €/000 Gearing ratio 1.35x LTV 57.26% Hedging level 67.58% (on long term debt + bond)

  9. Slide 9: Reclassified Balance Sheet and Gearing ratio

    9 Reclassified Balance Sheet and Gearing ratio €/000 Sources/use of funds 30/06/2010 30/09/2010 ∆ ∆% Fixed Assets 1,772,567 1,782,336 9,769 0.55% NWC 78,519 76,599 -1,920 -2.45% Other long term liabilities -79,077 -80,225 -1,148 1.45% TOTAL USE OF FUNDS 1,772,009 1,778,710 6,701 0.38% Net Debt 1,023

  10. Slide 10: Net Debt

    Net Debt 10 NET DEBT COMPOSITION (€/000) 13,728 29,643 847,573 1,021,055 51,944 137,453 Short term debt Current share of long Long term debt Options value Cash & cash Net Debt 30/09/10 term debt equivalents NET DEBT CHANGE (€/000) 8,597 473 1,920 1,104 10,198 67 1,021,055 1,023,018 Net Debt 30/06/10

  11. Slide 11: Finance

    11 Finance Below the peak gearing of 1.5X GEARING (D/E) = 1.35x Well below the breach level of any covenants Below the 60% limit LTV = 57.26% LT debt weight = 83.01% BALANCE CAPITAL STRUCTURE LT debt duration = 12 years LOW COST OF DEBT Average cost of debt: 3.6% STABLE LEVEL OF HEDGING At 30/09/201

  12. Slide 12: Financial remarks

    Financial remarks 12 30.06.2010 30.09.2010 LTV 57.18% 57.26% % HEDGING ON MORTGAGES+BOND 67.89% 67.58%* % HEDGING ON MORTGAGES 55.42% 54.78%** AVERAGE COST OF DEBT 3.54% 3.60% FIXED COST OF MORTGAGES 4.17% 4.18% BANKING CONFIDENCE 327,500 €/000 327,500 €/000 BANKING CONFIDENCE AVAILABLE 156,000 €/00

  13. Slide 13: Funds From Operations

    13 Funds From Operations €/000 Funds from Operations 30/09/09 30/09/10 ∆ ∆% Pre-tax profit 16,974 25,612 8,638 50.89% Depreciation 633 657 24 3.83% Devaluation 3,883 2,907 -976 Change in FV 8,376 4,414 -3,962 -47.30% Income tax for the period -1,989 -1,727 262 -13.17% FFO 27,877 31,863 3,986 14.30%

  14. Slide 14: Contacts

    14 Contacts IGD Immobiliare Grande Distribuzione SIIQ SpA www.gruppoigd.it Claudia Contarini, IR T. +39 051 509213 M. +39 3386211738 claudia.contarini@gruppoigd.it Elisa Zanicheli, Assistant T. +39 051 509242 elisa.zanicheli@gruppoigd.it

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