Immobiliare Grande Distribuzione SIIQ S.p.A. · MIL:IGD
Immobiliare Grande Distribuzione SIIQ — IGD SIIQ — Non-Deal Roadshow (September 2015)
88 slides from Immobiliare Grande Distribuzione SIIQ's roadshow presentation, September 2015
Slide 1: Road Show Presentation
Road Show Presentation
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 3 INTRODUCTION TO THE IGD GROUP 4 SUMMARY OF 1H2015 RESULTS 16 BP 2015-2018 44 ATTACHMENTS 1H2015 77
Slide 4: Introduction to the IGD Group
INTRODUCTION TO THE IGD GROUP
Slide 5: IGD is one of the main players in the Italian real estate sector
5 IGD is one of the main player in the Italian real estate sector of the large organized distribution: develops and manages shopping centers across the country and has a significant presence in retail distribution in Romania Presence throughout the territory, capital strength, processing power, cont
Slide 6: Our business model
6 Our business model A careful merchandising mix, marketing activity adapted to each DIRECT MANAGEMENT context and various customer related services but, especially in OF THE SHOPPING CENTRES this economic environment, careful attention paid to tenants’ needs MEDIUM SIZED AND EASILY In line with the
Slide 7: Italian Portfolio: hypermarkets and shopping malls
Italian Portfolio: hypermarkets and shopping malls 7 (as at 30/06/2015) TENANTS OF 20 SHOPPING MALLS 25 HYPERMARKETS HYPERMARKETS CENTRO D'ABRUZZO -Pescara CENTRO D'ABRUZZO -Pescara Coop Adriatica CLODI' - Chioggia CLODI' - Chioggia Coop Adriatica PORTO GRANDE - Porto d'Ascoli (AP) PORTO GRANDE - Po
Slide 8: Main lease terms
8 Main lease terms Italian Shopping Malls Italian Hypermarkets Romanian Shopping Malls Main lease terms: Main lease terms: Main lease terms: Average maturity: Average maturity: 6 to 18 years (+ 6 years) Average maturity: Lease agreement (only space): 6 years Rents indexation: 75% of CPI 2 years for
Slide 9: SIIQ regime: main features
9 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 LIMIT
Slide 10: IGD's shareholders and governance
10 IGD’s shareholders and governance IGD IS LISTED ON THE STAR SEGMENT OF BORSA ITALIANA TOTAL SHARES 756,356,289 SHARE CAPITAL € 549,760,278.52 COOP ADRIATICA 5,05% 56.92% UNICOOP TIRRENO 43,99% 38,03% FREE FLOAT Market QUANTUM STRATEGIC 12,93% PARTNERS LTD* MARKET SHAREHOLDING REFLECTED IN A GOVER
Slide 11: IGD top management
11 IGD top management GILBERTO COFFARI (1946) CLAUDIO ALBERTINI (1958) Chairman Chief Executive Officer Chairman of IGD's Board since its creation in 2000 Appointed in May 2009 Chairman of Coop Adriatica from 2006 to 2011 Board member at IGD since 2006 Currently board member of the BancaSAI and of F
Slide 12: WORLD (1/2)
12 WORLD (1/2) 9 LEGAL ENTITIES THROUGHOUT ITALY Veneto, Emilia Romagna, Marche, Abruzzo Toscana, Lazio, Umbria, Campania Lombardia, Sicilia Piemonte Liguria, Piemonte Emilia Romagna, Lombardia, Trentino, Veneto, Friuli Venezia Giulia Emilia Romagna, Puglia, Basilicata Toscana Toscana, Umbria, Abruz
Slide 13: WORLD (2/2)
13 WORLD (2/2) Data as at 31/12/2014 Market share in Italy: 19.1% (approx. equal to 2013) Turnover : €12,421M N° of point of sale: ~ 1,200 Employees: ~ 54,600 Members: 8,5 million people (+3.1% vs 2013) COOP PRODUCTS AND SERVICES Goods with Coop brand: Market share > 26% (+1% vs 2013) Coop Salute: 1
Slide 14: Coop Adriatica
14 Coop Adriatica Data as at 31/12/2014 Turnover: €2.1 billion Point of sale: 191 Employees: 9,943 Members: 1,330,447 (+5.7% vs 2013) STRATEGIC PARTNERSHIPS UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA IPERCOOP SICILIA SPA, SUPERCOOP SICILIA SRL and DISTRIBUZIONE ROMA SRL DIVERSIFI
Slide 15: Unicoop Tirreno
15 Unicoop Tirreno Data as at 31/12/2014 Turnover: €1.10 billion Point of sale: 117 Employees: 4,730 Members: 965,466 (+2.44% vs 2013) STRATEGIC PARTNERSHIPS UNIPOL GRUPPO FINANZIARIO (Insurance and banking) IGD SIIQ SPA UNICOOP TIRRENO HAS SET-UP 2 E-COMMERCE PLATFORMS allows you to purchase food p
Slide 16: Results presentation as at 30/06/2015
Results presentation as at 30/06/2015
Slide 17: A very intense and positive first half
17 A very intense and positive first half! 15 January 2015 15 April 2015 Signed the preliminary The new Board of Directors agreement for the disposal of a elected (reduced the numbers of real estate complex on via Directors from 15 to 13 and Rizzoli in the historic heart of appointed the Board of St
Slide 18: Highlights 1/2
18 Highlights 1/2 REVENUES 62.3 € mn • Core business revenues (+ 3.3% vs 30/06/2014) EBITDA 41.4 € mn •EBITDA (core business) (+ 3.9% vs 30/06/2014) 66.5% •EBITDA margin (core business) (+ 0.4 points vs 30/06/2014) 76.7% •EBITDA margin from Freehold Group Net Profit 20.4 € mn ( €4.5 mn at 30/06/2014
Slide 19: Highlights 2/2
19 Highlights 2/2 FINANCIAL OCCUPANCY at 30/06/2015 96.2% •ITALY 96.0% as at 31/03/2015 •ROMANIA 88.9% 86.2% as at 31/03/2015 Total Portfolio Market Value 1,942.38 € mn Loan to Value 48.3 % (vs 48.3% as at 31/12/2014) 0.95 Gearing (D/E) (vs 0.95 as at 31/12/2014) NNAV 1.23€
Slide 20: Economic context
ECONOMIC CONTEXT
Slide 21: Macroeconomic context
21 Macroeconomic context Italy consumers and companies confidence Italy GDP Trend (% change) indices 120.0 2.0% 115.0 1.4% 110.0 1.5% 105.0 1.0% 0.7% 100.0 95.0 0.5% 90.0 85.0 + 23% from 0.0% 80.0 Aril 2013 -0.4% 75.0 -0.5% 70.0 2010 2011 2012 2013 2014 2015 -1.0% Consumers confidence index Companie
Slide 22: The retail real estate
22 The retail real estate Retail Investments evolution in Italy Source: Italy In 2Q 2015 there has been an increase in the volume of retail investments compared to 1Q; the value is below that in 2014 but it is still +16% compared to the quarterly average in the last 5 years Italy confirmed to be a v
Slide 23: Economic and financial results
ECONOMIC AND FINANCIAL RESULTS
Slide 24: Revenues
24 Revenues BREAKDOWN OF TOTAL REVENUES BY TYPE TOTAL REVENUES (€/000) OF ASSET Total 61,829 revenues 63,344 +2.4% 0.3% 162 0.3% 134 886 7.0% 1.2% 1,385 2,551 2,710 Core business 32.9% +3.3% 59,745 58.3% 57,600 CONS 2014 CONS 2015 Core business revenues from rental act. Revenues from services MALLS
Slide 25: Rental income drivers
25 Rental income drivers (€/000) ITALY ROMANIA -217 +3.7% -395 116 -140 28 +2.9 % 2.821 2,174 0% flat -39 LFL Italian revenues Acquis/Extens/Restyling Disposals Other Romania Romania (instrumental Porta a mare Total change vacancy and other) ITALIA Higher revenues due to: Centro d’Abruzzo extension,
Slide 26: Core business direct costs and G&A expenses
26 Core business direct costs and G&A expenses CORE BUSINESS DIRECT COSTS (€ 000) Main changes: Considerable savings in rents and payable leases (from real right of enjoyment to +0.4% 15,487 15,554 ownership of Città delle Stelle) Less allocations to provision for doubtful accounts 6,137 6,333 Incre
Slide 27: Group net profit: €20.4 mn
27 Group net profit: €20.4 mn NET PROFIT EVOLUTION (€ 000) Less deferred taxes on changes in Fair Value 2,235 1,067 147 13,406 20,410 1,551 23 4,454 Group net profit Change in core Change in Ebitda Change in Change in financial Change in taxes Change in (profit)/loss Group net profit 30/06/2014 busi
Slide 28: Core business Funds From Operations
28 Core business Funds From Operations Funds from Operations 30/06/2014 30/06/2015 ∆ ∆% Of which: Pre-tax profit 6,758 20,796 14,038 207.71% Depreciation and other provisions 754 702 -54 -6.96% • + €1.6 mn due to Ebitda Change in FV and devaluations 9,917 -333 -10,250 -103.36% increase Extraordinary
Slide 29: Operating performance
FY 2009 RESULTS OPERATING Bologna PERFORMANCE November 11, 2011
Slide 30: Commercial Highlights
30 Commercial Highlights +6.7% progressive change Tenants sales in Italian Shopping Malls +3.5% LfL * Footfalls in Italian Shopping Malls SUBSTANTIALLY - 0.8% STABLE Footfalls in Italian Shopping Malls -0.9% Footfalls in Romanian WINMARKT Shopping Malls +1.7% LfL Hypermarket sales -2.8% progressive
Slide 31: Contracts in Italy and Romania
31 Contracts in Italy and Romania EXPIRY DATE OF HYPERMARKET AND MALL EXPIRY DATE OF HYPERMARKET AND MALL CONTRACTS CONTRACTS IN ITALY (% no. of contracts) IN ITALY (% of value) N 21 90% 84.5% 100% N 698 88.0% 80% 90% 67.5% 70% Average residual 80% 67.6% 60% 70% maturity 60% 50% Hyper 10.2 years 50%
Slide 32: Commercial and asset management activities in 1H 2015
32 Commercial and asset management activities in 1H 2015 Restyling and new tenants in Centro Borgo Switch between Unieuro and Magnosfera Restaurant. New dental clinic “Identi.coop” on the first floor (area dedicated to services) End of work: 3Q 2015 Restyling and new medium surface in Centro Sarca A
Slide 33: Focus Porta a Mare
Focus Porta a Mare opening of the channel and next openng food court area 33 27/07/2015 Opening of the Channel between Piazza Mazzini and Officine Storiche 5 flats sold in the first few months of 2015 (3 as at 30/06 and 2 subsequently) and negotiations Financial completed for 3 more flats Occupancy
Slide 34: Focus Romania
34 Focus Romania 3 contracts signed in June (Bistrita, Ploiesti and Bazau) and 4 more contracts are being negotiated with Tulcea: restyling completed and Ploiesti Omnia: facade restyling narly opening of 5th H&M (April) completed Polish retailer specialized in clothing and households goods with more
Slide 35: CSR: results achieved in the First Half of 2015
CSR: the most important results achieved in the 35 First Half of 2015 BUSINESS PLAN TOPICS SOME RESULTS ACHIEVED IN FIRST HALF OF 2015 • The first IGD photovoltaic system installed on the roof of the new Retail Park Clodì, in Chioggia (VE) • The LED lighting system installed in 6 Shopping centers, w
Slide 36: Portfolio
FY 2009 RESULTS PORTFOLIO Bologna November 11, 2011
Slide 37: Portfolio characteristics
37 Portfolio characteristics ITALY ROMANIA HYPERMARKETS MALLS AVERAGE MALLS Financial occupancy 100% 94.13% 96.24% 88.94% Market value as at 30 June 2015 €mn 624.90 1,004.10 169.30 Compounded average yield of total portfolio (gross 6.45% 6.42% 6.37% initial yield) Gla mq 268.650 292.887 77.969 The i
Slide 38: Market Value evolution
38 Market Value evolution € mn Mkt Value Mkt Value Asset 31/12/2014 30/06/2015 Rotation Malls+Hypermarkets+Other Italy 1,579.09 1,634.91 City Center (Piazza Mazzini) 56,5* 24.90 Total income related portfolio in ITALY 1,635.58 1,659.81 Total income related portfolio in ROMANIA 175.30 172.60 TOTAL IG
Slide 39: NNNAV
39 NNNAV Despite the distribution of dividends equal to €28.4 mn, the NNNAV as at 30 June 2015 results in line with that of FY 2014 31-Dec-14 30-Jun-15 NNNAV Calculation €'000 € p.s. €'000 € p.s. Share total number 756,356,289 756,356,289 1) NAV per the financial statement 950,229 1.26 947,739 1.25
Slide 40: Financial structure
FY 2009 RESULTS FINANCIAL STRUCTURE Bologna November 11, 2011
Slide 41: Financial Highlights 1/2
41 Financial Highlights 1/2 31/12/2014 30/06/2015 GEARING RATIO 0.95 0.95 LOAN TO VALUE 48.3% 48.3% AVERAGE COST OF DEBT* 4.03% 3.88% INTEREST COVER RATIO 1.77X 2.04X Net of charges on loans (both recurrent and not) Improvement in Financial Management also due to the bond swap operation completed in
Slide 42: Financial Highlights 2/2
42 Financial Highlights 2/2 31/12/2014 30/06/2015 AVERAGE LENGTH OF LONG TERM DEBT (bonds included) 6.2 years 6.7 years MEDIUM LONG TERM DEBT QUOTA 90.2% 85.3% HEDGING ON LONG TERM DEBT + BOND 90.9% 91.4% BANKING CONFIDENCE € 267.5 mn 302.5 € mn BANKING CONFIDENCE AVAILABLE € 234 mn 209.5 € mn MKT V
Slide 43: Debt Maturity
43 Debt Maturity of which 200 OPTION €135 mn Millions EARLY CLOSURE CMBS 180 BNP 160 140 120 100 125.0 162.0 bond 80 Bank bancario debito debt 60 40 8.0 20 0 2015 2016 2017 2018 2019 2020 2021 2022 Net Debt €937.9 mn S.T. 14.7% 45.8% 54.2% L.T. 85.3% BANKING SYSTEM MARKET
Slide 44: 2015 – 2018 Business Plan presentation
2015 – 2018 Business Plan presentation
Slide 45: A look back…
45 A look back… Italy’s GDP and BTP spread 2007 – 2014* 10 512 600 8 500 CONCRETE EFFECTS OF THE CRISIS 6 400 300 4 132 200 • GDP: -8.9% from 2007 to 2014** 1,5% 2 100 • Consumption: - 7.7% from 2007 to - 0,4% 0 33,3 0 2014** 2008 2010 2012 2014 -2 -100 -4 -2,8% -200 -6 -300 -5,5% Italy's GDP Spread
Slide 46: New BP: it is time to grow!!!
46 New BP: it is time to grow!!! What has changed? 240 120,0 Thousands 220 115,0 In the macroeconomic context 200 110,0 180 105,0 • First concrete signs of a trend reversal: all the 160 100,0 growth forecasts have been revised upward 140 95,0 against Q4 2014 120 90,0 • The Italian consumer confidenc
Slide 47: Macroeconomic indicators
47 Macroeconomic indicators Italy’s GDP trend (% change) In Italy 2,0% 1.5% Positive effects of the ECB’s QE, lower oil prices and a 1,5% 1.3% weaker Euro; Growth driven by internal demand (consumption forecast 1,0% to grow from 0% in 2014 to +1.5% in 2018) Inflation rate slowly recovering (expected
Slide 48: The retail real estate
48 The retail real estate Italy BTP Yields vs Gross Initial Yields of IGD’s Italian Malls the Italian real estate market’s positive trend 7,00% confirmed in Q1 2015: total investments reached € 6.58% 2.1 billion, 10% of which in the Retail sector* 6,00% 5,00% Italy is one of the most interesting mar
Slide 49: Strategy and operational areas
49 Strategy and operational areas Our goal: Confirm our position as a leading owner and manager of shopping centers in Italy. COMMERCIAL ASSET / MARKETIN G MA NAGEMENT Our shopping centers, local points of reference, have reinforced their positions, F U L LY maintained a solid base of visitors and I
Slide 50: Commercial/marketing area (1/2)
50 Commercial/marketing area (1/2) Close attention to consumers’ changing needs and, therefore, to the innovation that retail offers Ability to understand and react to changes in consumer trends: new New hypermarket in food anchor needs, development of temporary shops, introduction of Tiburtino, aft
Slide 51: Commercial/marketing area (2/2)
51 Commercial/marketing area (2/2) Marketing/management Shopping centers as “Spaces to be lived in” 441 Events held in 2014 Visitors attracted Centrally coordinated marketing plans shared identity and cost 10 by IGD events, (source: internal optimization Planning/hosting of events with widespread ap
Slide 52: Focus Romania
52 Focus Romania • The macroeconomic outlook confirms a moderate but clear recovery trend with an expected positive effect over consumption and retail perfomance of the assets • Completion of refurbishment pipeline began in 2010; focus on retail investment and energetic efficiency • Continuation of
Slide 53: Asset management area
53 Asset management area Revision/remodeling of the internal spaces based on commercial needs and consumer trends (ie: structural remodeling of spaces, creation of medium surface areas with particularly attractive tenants…) Le Porte di Napoli: mall, extension, remodeled interiors and downsized hyper
Slide 54: Investment Plan
54 Investment Plan We will continue to work on and complete the commited pipeline presented in the business plan 2009-2013 2009 - 2014 2015 - 2018 • Total investments 2009-2014: €790 • Total investments: approx. €260 mn mn* • approx. €185 mn of which in • 13 new assets in the portfolio** development
Slide 55: Disposals
55 Disposals We will complete the disposals included in the previous BP (2/3 of the €150mn in disposals planned already completed) at levels equal to or higher than book value (as already demonstrated in the previous disposals) Total disposals planned for the Porta a Mare project: ca € 40mn With a v
Slide 56: Investment Pipeline
56 Investment Pipeline Openings expectations Total Investment month year Before 2015 2015 2016 2017 2018 in BP ('15-'18) CHIOGGIA may 2015 30.0 6.4 PORTO GRANDE - Medium surface areas apr 2017 4.3 4.9 ESP EXTENSION apr 2017 18.6 35.5 CREMA EXTENSION sep 2018 6.3 OFFICINE STORICHE (Porta Medicea work
Slide 57: Pipeline Focus: Clodì Retail Park - Chioggia
57 Pipeline Focus: Clodì Retail Park - Chioggia (Ve) Start of work: November 2013 End of work: Opened on May 14, 2015 The project comprises a total GLA of 16,900 m², which includes a 7,490 m² Hypercoop (sales area of 4,500 m²), 8 medium surface areas for a total of 9,575 m² and 8 stores, one of whic
Slide 58: Pipeline Focus: Grosseto
58 Pipeline Focus: Grosseto Start of work: work in progress End of work: second half 2016 The new mall comprises a total GLA of 17,050m², and it will house 45 stores, 6 of which medium surface areas. The mall will be adjacent to a hypermarket with a sales area of 4,200m² for a GLA of 7,346m², owned
Slide 59: Pipeline Focus: Officine Storiche – Livorno
59 Pipeline Focus: Officine Storiche – Livorno Start of work: 1 Half 2015 End of work: 2 Half 2017 Requalification of the industrial warehouses of the former Cantieri Navali Orlando inside of which vast reception facilities and accommodations will be created housing personal services (fitness center
Slide 60: Pipeline Focus: ESP - Ravenna
60 Pipeline Focus: ESP - Ravenna Start of work: June 2014 End of work: April 2017 The project calls for an increase in the mall’s GLA of 19,000 m² and the creation of 1,100 parking places. Total expected investment about € 54 mn Rendering of the extension’s interior and exterior.
Slide 61: Pipeline Focus: remodeling of spaces
61 Pipeline Focus: remodeling of spaces “La Torre” Shopping Center - Palermo Start of work: May 2015 End of work: February 2016 Remodeling of the shopping mall which will result in the introduction of a multiplex cinema and optimization of the food court. Total expected investment: about € 1.7mn
Slide 62: Pipeline Focus: main restylings
62 Pipeline Focus: main restylings CENTRO SARCA RESTYLING Start of work: 2013 End of work: 2015 The first part of the restyling (involving underground parking and connecting stairs) has already been completed. The internal restyling was completed and the external restyling is expected to be finished
Slide 63: Pipeline Focus: other extensions
63 Pipeline Focus: other extensions GRAN RONDO’ - RESTYLING and EXTENSION Start of work: 2015 End of work: May 2018 The project calls for the creation of a new medium surface area, with a total GLA of 2,850 m², and the complete restyling of the shopping mall. Total expected investment about € 6 mn P
Slide 64: Focus Pipeline - Porta a Mare (1/4)
64 Focus Pipeline - Porta a Mare (1/4) PORTA A MARE PROJECT - LIVORNO The purpose of the project is to transform an area of the port of Livorno, near the city center, with the construction of a multi-purpose complex of about 70,000 m² which will house shops, residential units, services, accommodatio
Slide 65: Pipeline Focus - Porta a Mare (2/4)
65 Pipeline Focus - Porta a Mare (2/4)
Slide 66: Pipeline Focus - Porta a Mare (3/4)
66 Pipeline Focus - Porta a Mare (3/4) 2013-2014 2017-2018 Piazza Mazzini Mazzini: Residential + office sales Retail and Officine: Retail and begin Residential residential sales PORTA MEDICEA - Revenue development Ante 2015 2015 2016 2017 2018 Total 36,0 3,3 5,4 75,9 9,7 Cumulative Total 130,3 PORTA
Slide 67: Pipeline - Porta a Mare (4/4)
67 Pipeline - Porta a Mare (4/4) Palazzo Orlando: all 14 remaining office buildings are expected to be rented between 2015 and 2017 and the entire building should be sold by year-end 2017; Piazza Mazzini: 28 flats were sold at 1Q 2015 and the remaining 45 residential units are expected to be sold be
Slide 68: SGR/Fund
68 SGR/Fund A partnership with institutional investors was one of the assumptions included in the previous Business Plan We acquired 20% of Unipolsai Investimenti Sgr IGD’s Opportunities Expansion of the commercial network / increase the mass of tenant Initiatives being considered contracts managed
Slide 69: Financial area (1/2)
69 Financial area (1/2) What we worked on • Accessing the bond market more frequently which resulted in a substantial balance between resources gathered through debt capital markets and the banking system • Extending the average debt maturity • Starting to reduce the cost of debt (after a period in
Slide 70: Financial area (2/2)
70 Financial area (2/2) Targets • Maintain rigorous financial discipline and a conservative capital structure LTV >45% - < 50% (BP time span) GEARING (D/E) <1 (BP time span) • Improve financial management and reduce the average cost of debt ICR >3 (end of 2018) Average cost of debt about 3% (end of
Slide 71: Sustainability area
71 Sustainability area The strategy The actions implemented “Between 2015 and 2018 we want to work International standard for an IGD that is increasingly more adopted green, open to dialogue with all its stakeholders and innovative in its core Latest recommendations business, with its Shopping Cente
Slide 72: Sustainability area: material topics
72 Sustainability area: material topics Business and Quality and A changing The “Spaces to be The people managerial efficiency of the context lived in” concept integrity shopping centers • Stable and • Corporate • Structures’ • Stakeholder • Social role of the engaging governance environmental engag
Slide 73: Key figures - Business Plan 2015-2018
73 Key figures - Business Plan 2015-2018 RENTAL REVENUE Total growth approx. > +20% cagr > 5% cagr LFL approx. + 2% EBITDA MARGIN Core Business >70% (end of 2018) >80% (end of 2018) Growth concentrated EBITDA MARGIN Freehold at the end of the business plan when the impact of the investments made wil
Slide 74: Dividend policy
74 Dividend policy Committed to maintaining an attractive dividend policy linked to FFO (≈ 2/3 of the gross FFO) and Dividend Reinvestment Option (DRO) As announced at the time of the share capital increase, the DRO will not be offered in 2015 But it will continue to be an option that we will consid
Slide 75: Final Remarks 1/2
75 Final Remarks 1/2 Over the next years IGD will continue its investment pipeline, increase its cash flows (FFO) and strengthen the visibility of the dividends that will be paid, by leveraging solely on ORGANIC growth and while respecting all the predetermined financial constraints Target Leader of
Slide 76: Final Remarks 2/2
76 Final Remarks 2/2 HOWEVER if we also consider: the recent SIIQ reform that the market is still very fragmented The context appears favourable to completing, over the next few years, contribution transactions at market conditions and/or entering into partnerships with industrial/financial players
Slide 77: 1H2015 Attachments
FY 2009 RESULTS1H2015 Attachments Bologna November 11, 2011
Slide 78: Consolidated Financial Statement
78 Consolidated Financial Statement CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/06/2014 30/06/2015 ∆% 30/06/2014 30/06/2015 ∆% 30/06/2014 30/06/2015 ∆% Revenues from freehold real estate and rental activities 51,541 53,829 4.4% 51,407 53,667 4.4% 134 162 20.8% Revenues from leasehold an
Slide 79: Margin from activities
79 Margin from activities CONSOLIDATED CORE BUSINESS PORTA A MARE PROJECT €/000 30/06/2014 30/06/2015 % 30/06/2014 30/06/2015 % 30/06/2014 30/06/2015 % Margin from freehold properties 44,334 45,874 3.5% 44,200 45,718 3.4% 134 155 15.5% Margin from leasehold properties 408 959 n.a. 408 959 n.a. 0 0 n
Slide 80: Ebitda (Core business): € 41.4 mn (+ 3.9%)
Total consolidated Ebitda : €41.3 mn 80 Ebitda (Core business): € 41.4 mn (+ 3.9%) CONSOLIDATED EBITDA (€ 000) 1,986 68 366 23 39,726 41,254 Ebitda 30/06/2014 Change in operating revenues Change in direct costs Change in G&A expenses Change in Ebitda "Porta a Mare" project Ebitda 30/06/2015 EBITDA a
Slide 81: Tenants in Italy
81 Tenants in Italy Product TOP 10 Tenant Turnover impact Contracts MALLS MERCHANDISING MIX cateogry SERVICES clothing 3.3% 11 8% RESTAURANTS Gruppo Miroglio 7% clothing 3.1% 28 ELETRONICS 11% clothing 2.9% 8 PERSONAL CARE, CLOTHING HEALTHCARE 51% footwear 2.3% 6 4% ENTERTAINMENT clothing 1.8% 5 4%
Slide 82: Tenants in Romania
82 Tenants in Romania MALLS MERCHANDISING MIX Product Turnover TOP 10 Tenant Contracts category impact SUPERMARKETS food 9.4% 9 12% OTHER 28% ELETRONICS clothing 6.3% 5 13% eletronics 4.9% 8 ENTERTAINMENT household 12% 2.7% 5 goods CLOTHING 35% jewellery 2.3% 8 pharmacy 2.3% 4 clothing TENANT MIX Ho
Slide 83: Market Value Evolution
83 Market Value Evolution Breakdown of the Portfolio appraisals As at 30 June 2015 IGD Group’s real estate portfolio has been appraised by 3 independent experts: CBRE, REAG and CUSHMAN&WAKEFIELD 22% 39% 39% CBRE REAG CUSHMAN&WAKEFIELD
Slide 84: Italian and Romanian Portfolio
84 Italian and Romanian Portfolio 56 REAL ESTATE UNITS IN 11 ITALIAN REGIONS: 20 shopping malls and retail parks 14 SHOPPING CENTERS + 1 OFFICE 25 hypermarkets and supermarkets BUILDING IN 13 DIFFERENT ROMANIAN 1 city center 2 plots of lands for development MEDIUM SIZED CITIES 1 property held for tr
Slide 85: Italian and Romanian Portfolio
85 Italian and Romanian Portfolio MARKET VALUE BREAKDOWN OF IGD’S IGD’S PORTFOLIO BREAKDOWN BY PORTFOLIO BY TYPE OF ASSET GEOGRAPHIC AREA (mkt value) 1.3% 8.9% 0.3% 4.4% 8.9% 1.3% 32.2% 51.7% 91.1% HYPERMARKETS/SUPERMARKETS MALLS LANDS OTHER PORTA A MARE WINMARKT ITALY ROMANIA
Slide 86: Net debt
86 Net debt NET DEBT EVOLUTION (€ 000) 20,410 23,085 1,024 5,481 8,104 8,464 942,095 937,904 Net Debt 31/12/14 Profit for the period Depreciations/Devaluation/ Change in NVCC Change in other non-current Change in fixed/non-fixed Change in shareholders' Net Debt 31/03/2015 attributable Change in FV (
Slide 87: Reclassified balance sheet
87 Reclassified balance sheet SOURCES/USE OF FUNDS (€ 000) 31/12/2013 30/06/2014 ∆ ∆% Investment property 1,782,283 1,832,410 50,126 2.8% Non-current assets held for sale 28,600 0 -28,600 -100.0% Assets under construction 82,179 51,631 -30,548 -37.2% Other non-current assets 26,173 30,216 4,042 15.4
Slide 88: 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