Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — 9M 2013 Earnings Presentation
29 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, Nov 7, 2013
Slide 1: Results presentation as at 30/09/2013
Conference call 7 November 2013 2.30 p.m. Results presentation as at 30/09/2013
Slide 2: Disclaimer
DISCLAIMER 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 regar
Slide 3: Highlights
Highlights 3 REVENUES € 90.4 mn •Revenues from core business (-1.9% vs 30/09/2012) EBITDA € 62.3 mn •EBITDA (core business) (-3.6% vs 30/09/2012) 68.9% •EBITDA margin (core business) (- 1.2 percentage points) Group Net Profit € 11.1 mn (-31.1% vs 30/09/2012) € 26.0 mn Funds From Operations (FFO) (-4
Slide 4: Economic Context
ECONOMIC CONTEXT
Slide 5: The Italian economic context
5 The Italian economic context Household spending and retail trade GDP trend (change %) European retail investment (change %) 2 1.5% 0 0.5 1 1.5 2 2.5 3 Thousands 1.0% 1 0.4% UK 0.5% 0 Germany 0.0% 2008 2009 2010 2011 2012 2013 France -0.5% -1 -1.0% Benelux -1.7% -2 -1.5% Nordics -2.4% 3Q2012 -2.0%
Slide 6: The Romanian economic context
6 The Romanian economic context GDP trend (change %) Consumption trend (change %) 4.0% 1.8% 3.5% 1.6% 1.6% 3.0% 1.4% 1.20% 2.5% 2.2% 1.2% 1.9% 1.0% 0.9% 2.0% 0.8% 1.5% 0.6% 1.0% 0.7% 0.4% 0.5% 0.2% 0.0% 0.0% 2011 2012 2013 2011 2012 2013 Data source: sample averages institutes and researches Data so
Slide 7: Economic and Financial Results
ECONOMIC AND FINANCIAL RESULTS
Slide 8: Consolidated Income Statement
8 Consolidated Income Statement "PORTA A MARE" CONSOLIDATED CORE BUSINESS PROJECT €/000 30/09/2012 30/09/2013 % 30/09/2012 30/09/2013 % 30/09/2012 30/09/2013 % Revenues from freehold properties 81,896 80,478 -1.7% 81,896 80,415 -1.8% 0 63 n.a. Revenues from leasehold properties 6,357 6,243 -1.8% 6,3
Slide 9: Margin for activities
9 Margin for activities "PORTA A MARE" CONSOLIDATED CORE BUSINESS PROJECT €/000 30/09/2012 30/09/2013 % 30/09/2012 30/09/2013 % 30/09/2012 30/09/2013 % Margin from freehold properties 69,583 67,808 -2.6% 69,583 67,745 -2.6% 0 63 n.a. Margin from leasehold properties 1,153 989 -14.2% 1,153 989 -14.2%
Slide 10: Revenues from core business: -1.9%
10 Revenues from core business: - 1.9% BREAKDOWN OF TOTAL REVENUES BY TYPE TOTAL REVENUES (€/000) OF ASSET Total 92,166 revenues 90,465 8.7% 0.1% -1.8% 0.4% 3,913 3,745 1.2% Core business revenues Revenues from services -1.7 % Rental revenues 60.3% 88,253 86,721 29.3% 30/09/2012 30/09/2013 MALLS HYP
Slide 11: Direct costs and G&A expenses core business
11 Direct costs and G&A expenses core business DIRECT COSTS CORE BUSINESS (€ 000) Increase in Direct Costs mainly due to: 21,387 20,755 • IMU + 0.3 €mn (+5.7%) due to the increase +3.0% OTHER DIRECT COSTS PROVISIONS of the coefficients for calculating the D8 cadastral category IMU PROPERTY TAX (ex I
Slide 12: Total consolidated Ebitda: € 61.7 mn
Total consolidated Ebitda: € 61.7 mn 12 Ebitda (core business): € 62.3 mn (-3.6%) CONSOLIDATED EBITDA (€ 000) 1,700 652 599 27 64,653 61,675 Ebitda 30/09/2012 Change in Change in direct Change in Change in G&A Ebitda 30/09/2013 operating revenues costs increases, cost of expenses sales and other EBI
Slide 13: Group net profit: € 11.1 mn
13 Group net profit: € 11.1 mn GROUP NET PROFIT (€ 000) NET PROFIT EVOLUTION (€ 000) 2,293 685 -31.1% 4,836 210 16,075 1,439 1,166 16,075 11,076 11,076 30/09/2012 30/09/2013 Group net profit Change in Change in Change in Change in Change in Change in Group net profit 30/09/2012 Ebitda core Ebitda of
Slide 14: Funds From Operations
14 Funds From Operations FFO (€/000) 30/09/2012 30/09/2013 D D% Pre-tax profit 14,867 8,219 -6,648 -44.7% Of which: Depreciation & other provisions 988 1,107 119 12.1% • -3.0 €mn due to decreased Change in FV and writedowns 12,411 17,128 4,717 38.0% Ebitda; Extraordinary management 566 490 -76 -13.5
Slide 15: Commercial Highlights
15 Commercial Highlights Footfalls in Italian IGD shopping malls (L4L) + 0.9% vs 30/09/2012 Tenant sales in Italian IGD shopping malls - 2.6% vs 30/09/2012 (L4L) Footfalls in Romanian WINMARKT shopping malls - 0.4% vs 30/09/2012 (L4L) 7 November 2013 9M2013 results presentation
Slide 16: The performance of our shopping malls as at 30/09/2013
16 The performance of our shopping malls as at 30/09/2013 TENANT SALES AND FOOTFALLS IN OUR SHOPPING CENTERS SALES FOOTFALLS Total trend LFL Total trend LFL abs. Value ITALY -2.0% -2.6% +0.9% +0.9% 48.0 million ROMANIA n.p* -0.4% 24.0 million *not all our tenants have a cash register ITALY Footfalls
Slide 17: The performance of our shopping malls as at 30/09/2013
17 The performance of our shopping malls as at 30/09/2013 TENANT SALES AND FOOTFALLS TREND (per month) Turnover change Footfalls change 6.0% 5.4% 3.6% 4.4% 4.5% 4.0% 3.8% 2.0% 1.2% -0.4% -0.4% 0.0% January February March April May June July August September -1.1% -2.0% -1.6% -2.1% -4.3% -3.8% -3.2%
Slide 18: Hypermarket and supermarket trends as at 30/09/2013
18 Hypermarket and supermarket trends as at 30/09/2013 HYPERMARKET AND SUPERMARKET SALES IN ITALY Total trend LFL Total trend LFL Total trend LFL Total trend LFL Supermarkets + - 0.9% - 1.6% 0.0% - 1.1% - 0.7% - 1.4% - 5.9% - 5.9% Hypermarkets Hypermarkets - 2.0% - 2.5% - 0.6% - 0.6% - 2.9% - 2.9% -
Slide 19: Tenants in Italy
19 Tenants in Italy TOP 10 Tenant Product category Turnover impact Contracts TOTAL CONTRACTS Gruppo Miroglio Malls 1,001 clothing 3.6% 34 Hypermarkets 19 clothing 3.1% 10 Total 1,020 clothing 1.9% 7 clothing and sport 1.9% 3 equipments BRANDS BREAKDOWN IN MALLS COMPAR footwear 1.8% 9 By turnover clo
Slide 20: Tenants in Romania
20 Tenants in Romania TOTAL CONTRACTS 582 BRANDS BREAKDOWN IN MALLS By turnover 31% 36% 33% International brands National brands Local brands NEW 7 November 2013 9M2013 results presentation
Slide 21: Contracts in Italy and Romania
21 Contracts in Italy and Romania 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% N 19 120% 100.0% 100.0% 100% 100% 80% 80% N 502 60% 50.2% Malls 60% Malls 50.0% N 200 40% Hypermarkets/ 40
Slide 22: Towards the integration of sustainability in the business plan
22 Towards the integration of sustainability in the business plan In October the project of integrating business strategies with the sustainability approach finished. This project recorded, in its various stages, the involvement of about half of the workforce. These are the main results achieved, ac
Slide 23: Financial Structure
FINANCIAL STRUCTURE
Slide 24: Financial Highlights 1/2
24 Financial Highlights 1/2 30/06/2013 30/09/2013 GEARING RATIO 1.38 1.37 LOAN TO VALUE 57.3% 57.3% COSTO DEL DEBITO 3.79% 3.94% INTEREST COVER RATIO 1.80X 1.78X • Total • “Adjusted” (excluding figurative charges on bond) 1.95X 1.91X 7 November 2013 9M2013 results presentation
Slide 25: Financial Highlights 2/2
25 Financial Highlights 2/2 30/06/2013 30/09/2013 AVERAGE LENGTH OF LONG TERM DEBT (Bond excluded) 9.7 years 9.7 years MID/LONG TERM DEBT RATE 69.2% 70.5% If we would consider the remaining part of the Convertible Bond (expiring in the financial year) as long term it woul have been HEDGING ON LONG T
Slide 26: Financial structure
Financial structure 26 NET DEBT COMPOSITION (€ 000) 4,217 7,100 736,913 1,085,838 152,625 199,183 Of which 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 An operation (secured)
Slide 27: Net debt
27 Net debt NET DEBT CHANGE (€ 000) 11,076 2,151 13,199 10,362 18,141 4,014 1,089,631 1,085,838 Net debt 31/12/12 Profit for the period Depreciation, Change in NWC (net PM Change in other non- Change in fixed/non- Change in shareholders' Net debt 30/09/13 attributable to Parent devaluation, change i
Slide 28: Reclassified balance sheet
28 Reclassified balance sheet SOURCES/USE OF FUNDS (€ 000) 30/06/13 30/09/13 D D% Fixed assets 1,889,979 1,879,899 -10,080 -0.5% NWC 75,713 78,536 2,823 3.7% Other long term liabilities -68,520 -67,690 830 -1.2% TOTAL USE OF FUNDS 1,897,172 1,890,745 -6,427 -0.3% Net debt 1,089,631 1,085,838 -3,793
Slide 29: www.gruppoigd.it
www.gruppoigd.it Claudia Contarini, IR T. +39. 051 509213 M. +39 3357878101 claudia.contarini@gruppoigd.it Raffaele Nardi T. +39. 051 509231 raffaele.nardi@gruppoigd.it Elisa Zanicheli T. +39. 051 509242 elisa.zanicheli@gruppoigd.it