Immobiliare Grande Distribuzione SIIQ S.p.A. · MIL:IGD
Immobiliare Grande Distribuzione SIIQ — IGD SIIQ — 9M 2016 Earnings Presentation
27 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, Nov 8, 2016
Slide 1: Results presentation as at 30 September 2016
Conference call 8 November 2016 H. 6pm CET Results presentation as at 30 September 2016
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 Act of 1933, as amended (the “Securities Act”),
Slide 3: Highlights as at 30/09/2016 1/2
3 Highlights as at 30/09/20161/2 €101.4 mn Core business revenues (+7,8% vs 30/09/2015) EBITDA €70.5 mn •EBITDA (core business) (+10.7% vs 30/09/2015) 69.5% •EBITDA margin (core business) ( +1.8p.ts vs 30/09/2015) 78,9% •EBITDA margin from Freehold ( +1.3 p.ts vs 30/09/2015) Group Net Profit €37.2 m
Slide 4: Highlights as at 30/09/2016 2/2
4 Highlights as at 30/09/2016 2/2 FINANCIAL OCCUPANCY at 30/09/2016 97.4% •ITALY (97.3% at 30/06/2016) •ROMANIA 95.7% (95.1% at 30/06/2016) Net Debt €1,004.7 mn (vs €1,009.5 mn at 30/06/2016) Gearing ratio 0.95 (vs 0.96 at 30/06/2016) 48.0% Loan to value (vs 48.2% at 30/06/2016) 8 November 2016 Resu
Slide 5: Economic and Financial Results
ECONOMIC AND FINANCIAL RESULTS
Slide 6: Revenues
6 Revenues BREAKDOWN OF RENTAL REVENUES BY TYPE OF TOTAL REVENUES (€/000) ASSETS 95,647 101,992 120,000 +6.6% 110,000 6.6% 590 100,000 1,570 3,897 1.1% 90,000 3,811 80,000 70,000 30.7% 60,000 97,505 50,000 90,266 61.5% 40,000 30,000 20,000 CONS_2015 CONS_2016 MALLS HYPERMARKETS OTHER ROMANIA Rental
Slide 7: Rental income drivers
7 Rental income drivers (€/000) ITALY ROMANIA +8.0% +2.2% +1.8% -659 142 6,304 1,452 97,505 90,266 Revenues from rental act LFL Italy Acquis/Exten/Restyling Disposal+others LFL Romania Revenues from rental act 9M_2015 9M_2016 LFL: Malls +2.6% Higher revenues on non like- Negative change due to Via L
Slide 8: Operating costs and financial management
8 Operating costs and financial management CORE BUSINESS DIRECT COSTS AND G&A EXPENSES (€ 000) Lower impact of operating costs on 7,626 revenues 7,473 G&A Core business Ebitda margin Direct costs (69.5%) is growing: +1.8 bps 22,939 23,276 Ebitda margin Freehold: 30/09/2015 30/09/2016 78.9% FINANCIAL
Slide 9: Group Net Profit: €37.2 MN
9 Group Net Profit: €37.2 MN NET PROFIT EVOLUTION (€ 000) 40000 -13 987 -449 -785 146 35000 6,837 30000 +22.1% 25000 37,155 20000 30,432 15000 10000 Group Net Profit Change in core business Change in "Porta a Mare" Change in depreciations, Change in financial and Change in taxes Change in profit/los
Slide 10: Funds From Operations
10 Funds From Operations Funds from Operations 30/09/15 30/09/2016 D D% Pre-tax profit 31,801 40,211 8,410 26.4% Depreciations and other provisions 1,101 986 -115 -10.4% Of which: Change in Fair Value and devaluation 981 -1,167 -2,148 • + €6.8 mn due to increase -219.0% Extraordinary management 355
Slide 11: Operating Performance
OPERATING PERFORMANCE Centro Sarca – Sesto San Giovanni (MI)
Slide 12: Commercial Highlights
12 Commercial Highlights Footfalls in IGD Italian Shopping malls -0.9% yoy Tenants sales in IGD Italian shopping malls +2.8% yoy Hypermarket sales -2.3% yoy (owned by IGD) Footfalls in Romanian shopping malls +3.3% yoy 8 November 2016 Results presentation at 30/09/2016
Slide 13: Financial Structure
FY 2009 RESULTS FINANCIAL Bologna STRUCTURE November 11, 2011 Conè – Conegliano
Slide 14: Financial Highlights at 30/09/2016 1/2
14 Financial Highlights at 30/09/2016 1/2 30/06/2016 30/09/2016 GEARING RATIO (D/E) 0.96 0.95 LOAN TO VALUE 48.2% 48.0% AVERAGE COST OF DEBT* 3.23% 3.30% *Net of accessory charges on loans (both recurrent and not) INTEREST COVER RATIO 2.37X 2.32X LONG TERM DEBT AVERAGE RESIDURAL MATURITY (bond inclu
Slide 15: Financial Highlights at 30/09/2016 2/2
15 Financial Highlights at 30/09/2016 2/2 30/06/2016 30/09/2016 SHARE OF MEDIUM/LONG TERM DEBT 92.5% 89.8% HEDGING ON LONG TERM DEBT + BOND 95.3% 94.3% UNCOMMITTED CREDIT LINES GRANTED €301.5 mn €276.0 mn UNCOMMITTED CREDIT LINES AVAILABLE €275 mn €248.3 mn COMMITTED CREDIT LINES GRANTED AND AVAILAB
Slide 16: Financial maturity profile
16 Financial maturity profile Limited financial maturities in the coming years 300 250 Bond still to be repaid 200 300 Bond already repaid 150 Bank debt already repaid CMBS 105 (€135mn); Bank debt still to be repaid 2016 early closure option: 100 125 162 May ≈€30mn 30 already repaid • Nov/Dec 50 42
Slide 17: After the closure of the third quarter…
AFTER THE CLOSURE OF THE THIRD QUARTER… Maremà- Grosseto
Slide 18: ….IGD continues to grow
18 ….IGD continues to grow 27 October 2016 Opening of Maremà shopping center in Grosseto The new shopping center consists of a mall (GLA of about 17,000 m²) divided into 44 shops and 7 interior medium surfaces, a hypermarket (owner Unicoop Tirreno) and 5 exterior medium surfaces. Main retailers: Ind
Slide 19: Centro Sarca restyling: finalist at Mapic Awards
19 Centro Sarca restyling: finalist at Mapic Awards Centro Sarca was selected by a jury of qualified sector operators from all over the world to be one of the finalists in the Best Redeveloped shopping centre category, along with three other centers situated in Austria, Estonia and China. 8 November
Slide 20: Attachments
ATTACHMENTS FY 2009 RESULTS Bologna November 11, 2011 Centro Sarca – Sesto San Giovanni (MI)
Slide 21: Consolidated income statement
21 Consolidated income statement CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/09/2015 30/09/2016 D% 30/09/2015 30/09/2016 D% 30/09/2015 30/09/2016 D% Reveneus from freehold real estate and rental activities 81,038 88,272 8.9% 81,038 88,272 8.9% 0 0 n.a. Revenues from leasehold real estat
Slide 22: Margin from activities
22 Margin from activities CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/09/2015 30/09/2016 % 30/09/2015 30/09/2016 % 30/09/2015 30/09/2016 % Margin from freehold properties 69,338 76,309 10.1% 69,338 76,309 10.1% 0 0 n.a. Margin from leasehold properties 1,481 1,518 2.5% 1,481 1,518 2.5%
Slide 23: Total consolidated Ebitda: €70.0 mn
Total consolidated Ebitda: €70.0 mn 23 Ebitda (core business): €70.5 mn (+10.7%) TOTAL EBITDA (€ 000) 75,000 70,000 88 338 152 -14 7,239 65,000 60,000 69,999 63,176 55,000 50,000 Ebitda cons 9M 2015 Change in rental revenues Change in service revenues Change in direct costs Change in G&A expenses Eb
Slide 24: Contracts in Italy and Romania
24 Contracts in Italy and Romania EXPIRY DATE OF HYPERMARKET AND MALLS EXPIRY DARE OF HYPERMARKETS AND MALLS CONTRACTS ITALY: (% no. of contracts) CONTRACTS ITALY: (% of value) N 23 95% 100% 89.1% 85% N 831 92.0% 90% Average 75% 80% 72.8% residual 65% 71.7% 70% maturity 55% 60% Hyper 8.0 years 45% 5
Slide 25: Net Debt
25 Net Debt NET DEBT EVOLUTION (€ 000) -37.155 25,225 4,864 -4.300 6,608 1,009,485 1,004,727 Net Debt as at 30/06/2016 Profit for the period Change in NWC Change in non-current Change in fixed/non-fixed Change in shareholders' Net Debt as at 30/09/2016 attributable to the Parent assets/liabilities a
Slide 26: Reclassified balance sheet
26 Reclassified balance sheet Sources - Use of funds 30/06/2016 30/09/2016 D D% Real estate investments 1,973,998 1,973,998 0 0.0% Assets under construction 59,179 65,970 6,791 11.5% Other non-current assets 30,483 25,779 -4,704 -15.4% Other non-current liabilities -31,446 -31,772 -326 1.0% NWC 54,2
Slide 27: Investor relations contacts
Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Federica Pivetti T. +39. 051 509260 Federica.pivetti@gruppoigd.it to @igdSIIQ