Immobiliare Grande Distribuzione SIIQ S.p.A. · MIL:IGD
Immobiliare Grande Distribuzione SIIQ — IGD SIIQ — H1 2012 Earnings Presentation
34 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, Aug 28, 2012
Slide 1: Results presentation at 30/06/2012
Conference call 28 August 2012 2.30 p.m. Results presentation at 30/06/2012
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 Act of 1933, as amended (the “Securities Act”),
Slide 3: Highlights
Highlights 3 REVENUES 61.5 € mn •Total revenues (operational) (+ 1 % vs 30/6/2011) •Revenues from core business 61.5 € mn (+ 3.9% vs 30/6/2011 ) EBITDA 43.1 € mn •EBITDA (core business) (-1.2% vs 30/6/2011) 70.1 % •EBITDA margin (core business) (- 3.6 percentage points) 8.3 € mn Group Net Profit ( -
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 30/06/2011 30/06/2012 % 30/06/2011 30/06/2012 % 30/06/2011 30/06/2012 % Revenues from freehold properties 52,415 54,684 4.3% 52,415 54,684 4.3% 0 0 n.a. Revenues from leasehold properties 4,238 4,269 0.7% 4,238 4
Slide 6: Margin for activities
6 Margin for activities CONSOLIDATED CORE BUSINESS "PORTA A MARE" PROJECT €/000 30/06/2011 30/06/2012 % 30/06/2011 30/06/2012 % 30/06/2011 30/06/2012 % Margin from freehold properties 46,683 46,734 0.1% 46,683 46,734 0.1% n.a. Margin from leasehold properties 971 766 (21.1)% 971 766 (21.1)% n.a. Mar
Slide 7: Revenues from core business: +3.9%
7 Revenues from core business: + 3.9% BREAKDOWN OF TOTAL REVENUES BY TYPE TOTAL REVENUES (€/000) OF ASSET Total 9.2% 60,967 revenues 61,549 0.4% +1% 1.1% 1.726 2,596 Revenues from trading 2,588 Core business Revenues from services + 3.9 % 27.8% 61.5% Revenues from rental 56,652 58,952 activities MAL
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 : 13,701 + 24.1 % OTHER COSTS •IMU (24% of core business direct costs), + 11,044 PROVISIONS 1.2 € mn,(+54%) ICI/IMU The costs in IMU will not be affected by 9,141 strong changes havin
Slide 9: Total consolidated Ebitda: 42.8 € mn
Total consolidated Ebitda: 42.8 € mn 9 Ebitda (core business): 43.1 € mn (-1.2%) CONSOLIDATED EBITDA (€ 000) + 24.7% + 2.3% 582 2,738 1,053 112 44,055 42,840 Ebida 30/06/2011 Change in Change in direct Change in Change in G&A Ebitda 30/06/2012 operating revenues costs increases, cost of sales and ot
Slide 10: Group Net Profit: 8.3 € mn
Group Net Profit: 8.3 € mn 10 GROUP NET PROFIT (€ 000) NET PROFIT EVOLUTION (€ 000) 503 712 30,193 - 72.5% Tax rate adjusted by change in FV 8.29 % 24,150 30,193 126 6,827 8,292 8,292 3,489 30/06/2011 30/06/2012 Group net Change in Change in Change in Change in Change in Change in Group net profit E
Slide 11: Funds From Operations
11 Funds From Operations FFO (€/000) 30/06/2011 30/06/2012 D D% Pre-tax profit 35,304 6,450 -28,854 -81.7% Depreciation & other provisions 484 652 168 34.7% Change in FV -12,636 11,347 23,983 -189.8% Extraordinary management 633 367 -265 -41.9% Margin from trading activities -692 -19 673 -97.3% Inco
Slide 12: Commercial Highlights
12 Commercial Highlights Footfalls in Italian Shopping Malls (L4L) + 2.5% vs 30/06/2011 Hypermarkets/Supermarkets sales in Italian Shopping Centers (L4L) - 0.7% vs 30/06/2011 Tenant sales in Italian Shopping Malls (L4L) - 3.2% vs 30/06/2011 Footfalls in Romanian Shopping Malls (L4L) + 0.6% vs 30/06/
Slide 13: Performance of our Shopping Centers in 1H2012
13 Performance of our Shopping Centers in 1H2012 BREAKDOWN MALL SALES in TENANT SALES AND FOOTFALLS IN OUR SHOPPING MALLS ITALY (monthly) 8.0% 6.7% 6.0% 4.7% SALES FOOTFALLS 4.0% 2.0% 2.0% 0.8% 0.9% 0.7% 0.0% -0.4% Sales total trend LFL total trend LFL abs. Value January February March April -0.7% M
Slide 14: Hypermarkets/Supermarkets trends in 1H2012
14 Hypermarkets/Supermarkets trends in 1H2012 HYPERMARKET/SUPERMARKET SALES IN ITALY LFL LFL LFL LFL supermarkets + 0.7 0.1 -0.4 1.3 hypermarkets hypermarkets -0.6 -0.6 -1.8 1.3 supermarkets 1.8 0.7 0.4 / Source: Processing COOP on IRI Infoscan data In overall COOP network, the hypermarket channel w
Slide 15: Tenants in Italy
15 Tenants in Italy TOTAL CONTRACTS Malls 1,031 Hypermarkets 19 Total 1,050 BRANDS BREAKDOWN IN MALLS By turnover 16% 15% 68% International brand Local brand National brand 28 August 2012 1H2012 results presentation
Slide 16: Tenants in Romania
16 Tenants in Romania TOTAL CONTRACTS 587 BRANDS BREAKDOWN IN MALLS By turnover 24% 38% 38% International brands National brands Local brands 28 August 2012 1H2012 results presentation
Slide 17: Contracts in Italy and Romania
Contracts in Italy and Romania 17 EXPIRY DATE OF CONTRACTS OF HYPERMARKETS EXPIRY DATE OF CONTRACTS OF HYPERMARKETS AND AND MALLS IN ITALY (% no. of contracts) MALLS IN ITALY ( % of value) 120% 120% Nr. 19 100.0% 100.0% 100% 100% 80% 80% No. 551 57.1% 49.4% 60% 60% Malls Malls No. 227 40% 40% No. 10
Slide 18: Focus on Romania
18 Focus on Romania The consolidation strategy of Winmarkt portfolio continues facade ↑ renovation and international traffic generators introduction of international EBITDA MARGIN interior renewal fitness and consolidation practices (index, consolidation (average duration 2012 GLA recovery 10 entert
Slide 19: Portfolio
PORTFOLIO
Slide 20: Italian Portfolio
Italian Portfolio 20 51 REAL ESTE UNITS IN 11 ITALIAN REGIONS: 19 shopping malls and retail parks 19 hypermarkets and supermarkets 1 city center 4 plots of land for development 1 property held for trading 7 other Emilia Romagna 5 shopping malls, 8 hypermarkets-Super, 1 city center, 5 other, 1 land P
Slide 21: Romanian Portfolio
21 Romanian Portfolio 15 SHOPPING MALLS + 1 OFFICE BUILDING IN 13 DIFFERENT ROMANIAN MEDIUM SIZED CITIES GEOGRAPHICAL DISTRIBUTION OF ROMANIAN PORTFOLIO 24% 15% x <= 100.000 H 100.000h < x <= 200.000 H x > 200.000 H 61% 28 August 2012 1H2012 results presentation
Slide 22: Next openings, extensions and restylings
22 Next openings, extensions and restylings Completion year 1H2014 1H2014 1H2014 2015 2011-2018 CHIOGGIA RETAIL PARK CENTRO D’ABRUZZO PORTO GRANDE ESP (Veneto) (Marche) (Emilia Romagna) (Abruzzo) PORTA A MARE - LIVORNO (Toscana) Openings Extensions/restylings 28 August 2012 1H2012 results presentati
Slide 23: Italian and Romanian Portfolio
Italian and Romanian Portfolio 23 BREAKDOWN BY TYPE OF IGD’S PORTFOLIO MARKET VALUE 1.4% 9.3% Hypermarkets/Super 5.3% markets Malls 0.4% 28.2% 2.3% Plots of land Other Asset held for trading Winmarkt 53.2% City Center BREAKDOWN BY GEOGRAPHIC AREA IN PORTFOLIO BREAKDOWN ITALY AND ITALY (mkt value) RO
Slide 24: Appraisals' breakdown of portfolio
24 Appraisals’ breakdown of portfolio PROPERTY % APPRAISER CATHEGORY PORTFOLIO Hypermarket and 13.28% CBRE Supermarket 14.92% REAG Shopping malls 29.74% CBRE and RP 23.44% REAG City Center 1.44% CBRE 0.33% CBRE Other 0.03% REAG Asset held for trading 5.31% CBRE 1.70% CBRE Development and lands 0.55%
Slide 25: Portfolio characteristic
Portfolio characteristic 25 € mn Mkt Value Mkt Value 31/12/2011 30/06/2012 LFL Italian Portfolio 1,719.3 1,708.86 Change in L4L FV decreased of - 0.57% City Center Project V. Rizzoli 27.3 27.5 (10.99 € mn in absolute value) compared to Winmarkt Portfolio Romania (malls + office 31.12.2011. 178.0 177
Slide 26: Market Value evolution
26 Market Value evolution ITALIAN Portfolio MARKET VALUE EVOLUTION (€ 000) LFL change in FV through income (hypermarkets, malls and other): - 0,6% o.w. 2,500,000 • HYPERMARKETS: +0.4% RGD WINMARKT ITALY 2,000,000 • MALLS and RETAIL PARK: -1.2% • OTHER: -1.3% 1,500,000 • CITY CENTER: +0.7% 1,000,000
Slide 27: NAV
27 NAV Decrease related to asset held for trading (Livorno – Porta Medicea) equal to about -0.8% with respect to NNAV FY11 1H12 31 December 2011 due to the higher cap rate and to the delayed revenue generation. Property, plots of land and direct development initiatives, assets held for trading marke
Slide 28: Financial Structure
FINANCIAL STRUCTURE
Slide 29: Financial Highlights 1/2
29 Financial Highlights 1/2 FY 2011 1H 2012 GEARING RATIO 1.38 1.39 LOAN TO VALUE 56.9% 57.2% COST OF DEBT 4.1% 4.3% INTEREST COVER RATIO 2.04 1.78 AVERAGE LENGHTOF LONG TERM DEBT 11.5 years 9.6 years AVERAGE LENGHT OF LONG TERM DEBT including BOND 8.9 years 7.6 years 28 August 2012 1H2012 results p
Slide 30: Financial Highlights 2/2
30 Financial Highlights 2/2 FY 2011 1H 2012 CAPITAL STRUCTURE 78.4 % (LT debt +Bond) 75.7% HEDGING ON LONG TERM DEBT + BOND 80.8 % 78.1% HEDGING ON LONG TERM DEBT 74.1% 70.6% BANKING CONFIDENCE 303 € mn 291.5€ mn BANKING CONFIDENCE AVAILABLE 106.7 € mn 92.7 € mn ASSET MKT VALUE MORTAGAGES FREE 562.2
Slide 31: Financial structure
31 Financial structure NET DEBT COMPOSITION (€ 000) 8,173 15,251 Variables 396 € mn 835,660 1,095,313 Of which 65,703 Fixed 699 € mn 201,027 Short term debt Current share of long term Long term debt Potential mall fees Cash & cash equivalents Net debt debt DEBT MATURITY (€ 000) 90,000,000 230 € mn 8
Slide 32: Net debt
32 Net debt NET DEBT CHANGE (€ 000) 8,185 4,497 6,491 19,086 11,998 4,005 1,094,397 1,095,313 Net debt 31/12/11 Net profit Depreciation, Change in NWC Change in other non CAPEX Change in Net debt 30/06/12 devaluation, change current assets & Shareholders' equity in FV liabilities 28 August 2012 1H20
Slide 33: Reclassified Balance Sheet
33 Reclassified Balance Sheet SOURCES/USE OF FUNDS (€ 000) 31/12/11 30/06/12 D D% Fixed asset 1,897,756 1,893,088 -4,668 -0.2% NWC 68,909 73,406 4,497 6.5% Other long term liabilities -70,644 -69,462 1,182 -1.7% TOTAL USE OF FUNDS 1,896,021 1,897,032 1,011 0.1% Net debt 1,094,397 1,095,313 916 0.1%
Slide 34: www.gruppoigd.it
www.gruppoigd.it Claudia Contarini, IR T. +39. 051 509213 M. +39 3386211738 claudia.contarini@gruppoigd.it Raffaele Nardi T. +39. 051 509231 raffaele.nardi@gruppoigd.it Elisa Zanicheli T. +39. 051 509242 elisa.zanicheli@gruppoigd.it