Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (May 2011)
77 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, May 2011
Slide 1: Roadshow Presentation
ROADSHOW PRESENTATION
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-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 regard
Slide 3: IGD Group
3 IGD Group 100% 0,1% 100% Immobiliare WinMagazine Millennium Larice Gallery 15% 99.9% 60%(*) Iniziative WinMagazine Bologna Nord 100% WinManagement (*) Porta Medicea is 80% consolidated on the back of the Put&Call option on the 20% minority stake.
Slide 4: Governance and Shareholders
4 Governance and Shareholders IGD BOARD OF DIRECTORS: Board of Directors was renewed by the AGM on Lead Related-parties Non-executive Executive Indipendent Audit Nomination Compensantion Independent Transaction 23 April, 2009 Committe Committee Committee Director Committeee Gilberto Coffari x Board
Slide 5: 1Q2011 Results
FY 2009 RESULTS 1Q2011 Bologna November 11, 2011
Slide 6: Highlights
6 Highlights REVENUES € 31.4 mn • Total revenues* (+ 11.9% vs 2010) • Revenues from core business € 29. 7 mn (+ 5.7% vs 2010) EBITDA € 21.8 mn • EBITDA (core business) (+ 8.3% vs 2010) • EBITDA margin (core business) 73.5% NET GROUP PROFIT € 10. 4 mn (+ 22.7 vs 2010) Funds From Operations (FFO) € 11
Slide 7: Economic Context
ECONOMIC CONTEXT
Slide 8: The economic context in Italy
8 The economic context in Italy INFLATION CONSUMPTIONS UNEMPLOYMENT Index of the total value of sales (fixed retail trade) 5 0,8 8,80 INFLATION ( % CHANGE ) 0,6 4 0,4 8,60 3 2,5 0,2 2,4 2,1 1,9 0 8,40 2 1,7 1,6 1,6 1,7 1,4 1,5 1,4 1,3 -0,2 1,7 1 -0,4 8,20 Unemployment rate 3 period moving average 0
Slide 9: The economic context in Romania
9 The economic context in Romania MACROECONOMIC UNEMPLOYMENT FOREIGN INVESTMENTS INDICATORS percentage change 2009 2010 feb.2010 feb.2011 feb.2011/ 2mths '11/ feb.2010 2mths '10 FDI FLOW (€ mln) 3.488 2.596 116 290 Industrial output +12,6 +12,2 Labour Product. in industry +14,8 +15,1 Consumer prices
Slide 10: Performance of our Shopping Centers
10 Performance of our Shopping Centers SHOPPING MALLS FOOTFALLS TENANT SALES LFL Supermarket + LFL LFL -1,70% hypermaket ITALY -2.2% -0.6% hypermarket -4,70% ROMANIA -2.6% nr* Supermarket -1,10% *nr: not all our tenants have a cash register When looking at the performance of our shopping malls, it i
Slide 11: Economic and Financial Results
ECONOMIC AND FINANCIAL RESULTS
Slide 12: Reclassified Income Statement
Reclassified Income Statement 12 CORE "PORTA A MARE" CONSOLIDATED BUSINESS PROJECT €/000 1Q 2010 1Q 2011 % 1Q 2010 1Q 2011 % 1Q 2010 1Q 2011 % Revenue from freehold properties 24,885 26,316 5.8% 24,885 26,316 5.8% 0 0 n.a. Revenue from leasehold properties 2,031 2,101 3.5% 2,031 2,101 3.5% 0 0 n.a.
Slide 13: Consolidated Income Statement
13 Consolidated Income Statement CONSOLIDATED CORE "PORTA A MARE" BUSINESS PROJECT €/000 1Q 2010 1Q 2011 % 1Q 2010 1Q 2011 % 1Q 2010 1Q 2011 % Margin from freehold properties 21,595 23,133 7.12% 21,595 23,133 7.12% n.a. Margin from leasehold properties 397 436 9.93% 397 436 9.93% n.a. Margin from se
Slide 14: Total revenues: +11.9%
14 Total revenues: + 11.9 % Total operating revenues: + 11.9% - Total revenues from core business: + 5.7% TOTAL REVENUES (€/000) BREAKDOWN BY TYPE OF REVENUES 5.49% 0.03% 35,000 9.66% 30,000 1,726 25,000 20,000 23.76% 15,000 10,000 29,684 61.05% 28,082 5,000 0 1Q 2010 1Q 2011 "PORTA A MARE" PROJECT
Slide 15: Ebitda (core business) +8.3%, Ebitda margin 73.5%
15 Ebitda (core business) + 8.3%, Ebitda margin 73.5% EBITDA CORE BUSINESS (€ 000) EBITDA e EBITDA MARGIN CORE BUSINESS (€ 000) 1,602 10 73.5% 55 20,148 21,815 71.8% 21,815 20,148 Ebitda 1Q 2010 Change in Change in direct Change in G & A Ebitda 1Q 2011 revenues costs 1Q 2010 1Q 2011 DIRECT COSTS COR
Slide 16: Net Group Profit: +22.7%
16 Net Group Profit: + 22.7% NET GROUP PROFIT (€ 000) NET PROFIT EVOLUTION (€ 000) + 22.7% 381 150 423 479 34 1,667 8,455 10,375 10,375 8,455 Net profit1Q Change Change Ebitda Change in Change in Change in Change in Net profit1Q 1Q 2010 1Q 2011 2010 Ebitda of Porta a Mare Depreciation & financial ta
Slide 17: Funds From Operations
17 Funds From Operations FFO (€/000) 20101Q 20111Q D D% Pre/tax profit 9,763 11,238 1,475 15.1% Depreciation & other provisions 214 236 22 10.1% Devaluations 0 0 0 n.a. Change in FV 269 397 128 47.3% Income tax for the peiod -346 -105 241 -69.7% FFO 9,900 11,766 1,866 18.8% FFO TREND (€/000) 14,000
Slide 18: Contracts in Italy and in Romania
Contracts in Italy and in Romania 18 EXPIRY DATE OF CONTRACTS OF HYPERMARKET AND EXPIRY DATE OF CONTRACT MALL (% OF VALUE) at 1Q MALLS IN ITALY (no contracts) 700 660 80% 70.02% 600 70% 60% 500 50% 400 40% 300 malls o.w.41 in 30% the 1Q 200 162 20% 15.52% 132 11.17% 84 10% 3.29% 100 17 0% 0 2011 201
Slide 19: Portfolio
PORTFOLIO
Slide 20: Pipeline
Sale of JV RGD 15/12/2010 59 mn€ Some deals are 20 Pipeline Via RIZZOLI Closing 11/04/2011 being considered 25 mn€ Vigevano Inv. per Turn (sold with RGD Inv. in over provided stake) City center replacement in 2011 and project of Gorizia 2012 900 28 Provided in provided in 100 2012 and 2012 800 Chiog
Slide 21: Pipeline
21 Pipeline Investment cash-out Previous 2009 2010 2011 2012 2013 Amount Total amount (mn euro) years in the in the Plan Plan invested 1 GUIDONIA 90 118.5 2 CATANIA GALLERY 14.4 59.0 2009 3 CATANIA HYPERMARKET 39.5 39.5 4 FAENZA 85.3 85.3 5 ASTI 5.1 45.0 6 VIBO VALENTIA 30.0 30.0 7 PALERMO 40.9 54.8
Slide 22: Disposals
22 Disposals We expect some 160 mn € of proceeds from disposals over the 2009-2013 period (they were 60-70 mn € in the previous 2009-2013 BP) May 2010 DISPOSAL OF A 20% STAKE IN PORTA MEDICEA Completed in 2010 for 13.1 mn € (book value was 12 mn €) 1-year delay in sales; now expected to IN ROMANIA,
Slide 23: Porta a Mare Project - Livorno (1/2)
“PORTA A MARE” Project - Livorno: (1/2) 23 a multifunctional development project Requalification of the port‟s industrial area in order to bring the port and the city of Livorno together. The areas subject to requalification can be broken down into 5 sections: PIAZZA MAZZINI: an area in front of Pia
Slide 24: Porta a Mare Project - Livorno (2/2)
24 “PORTA A MARE” Project - Livorno (2/2) RENDERING OF THE PROJECT Completion of work by 2018, the main part of the project will be completed by 2015 Total surface around 70,000 sqm Total investment expected around 200mn€ Total revenues expected around 245 mn€ IGD signed in 2008 with Porta Medic
Slide 25: Via Rizzoli 1/2
25 Via Rizzoli 1/2 These are 2 properties which are near each other and connected at several points, with two independent stair cases, with access from Via Rizzoli and Via Caduti di Cefalonia They are located in the city center, in the main shopping street, close to Piazza Maggiore. May 11 2011 1Q20
Slide 26: Via Rizzoli 2/2
26 Via Rizzoli 2/2 •Preliminary agreement signed on March 28, 2011 and the closing was on April 11, 2011 •Investment 26 mn€ (including transfer taxes) •For the first three years capex are not expected •Total GLA 2,350 sqm distributed on three floors (-1 to 1st) fully rented to: MelBooks: around 1,05
Slide 27: Financial Structure & Balance Sheet
FINANCIAL STRUCTURE & BALANCE SHEET
Slide 28: Reclassified Balance Sheet and Gearing Ratio
28 Reclassified Balance Sheet and Gearing Ratio SOURCES/USE OF FUNDS (€ 000) D D% Fixed assets 1,782,089 1,790,717 8,628 0.5% NWC 85,239 81,606 -3,633 -4.3% Other long term liabilities -76,792 -77,534 -742 1.0% TOTAL USE OF FUNDS 1,790,536 1,794,789 4,253 0.2% Net Debt 1,017,082 1,002,856 -14,226 -1
Slide 29: Financial Highlights
29 Financial Highlights 31/12/2010 31/03/2011 GEARING 1.31 1.27 LOAN TO VALUE 56.4% 55.6% COST OF DEBT 3.53% 3.91% AVERAGE LENGHT OF LONG TERM 12 years 12 years BALANCE CAPITAL STRUCTURE (LT debt + bond) 84.0% 83.8% HEDGING ON LONG TERM DEBT + BOND 74.1% 74.1% HEDGING ON LONG TERM DEBT 65.1% 65.0% C
Slide 30: Financial structure
30 Financial structure NET DEBT COMPOSITION (€ 000) 22,298 14,086 834,584 1,002,856 52,683 123,801 Short term debt Current share of Long term debt Options value Cash & cash equivalents Net Debt Long term debt DEBT MATURITY (€ 000) o.w. 90,000 11.8 mn€ already reimbursed in 1Q 80,000 70,000 60,000 50
Slide 31: Net Debt
31 Net Debt NET DEBT CHANGE (€ 000) 10,409 633 3,633 3,688 12,207 8,070 1,002,856 1,017,082 Net debt at Net profit Depreciation, devaluation Change in NWC Change in other New investments & capex Change inShareholders‟ Net debt at 31/12/2010 Change in fair value Net of disposals equity 31/03/2011 Non
Slide 32: FY2010 Results
FY FY2009 RESULTS 2010 Bologna November 11, 2011
Slide 33: Results 2010
33 Results 2010 In a still very critical 2010 economic context, IGD Group obtained extremely positive results in line with the targets of the 2009-2013 BP: PROFITABILITY AND Best ever results: CASH FLOW • Ebitda: 82.32 € mn (Ebitda margin: 71 %, an increase of 3.1 percentage points) • FFO: 43 € mn D
Slide 34: Highlights
34 Highlights VS. 2009 Revenues 115.99 € mn + 2.8 % EBITDA 82.32 € mn ++% 7.6% Net Profit 29.34 € mn + 43.8% FFO 43 € mn + 9.1% IGD Portfolio Mkt Value at year end 1,803.8 € mn NNAV per share 2.55 € Dividend per share 0.075 € + 50 %
Slide 35: Economic Context
ECONOMIC CONTEXT
Slide 36: The Italian economic context (1/2)
36 The Italian economic context (1/2) GDP CONSUMPTIONS UNEMPLOYMENT GDP TREND (CHANGE IN % ) Index of the total value of sales (fixed retail trade) 3.7 0.6 8.80 1.8 2.0 0.4 1.5 1.5 1.3 0.7 8.60 0.5 0.2 0.0 0 -1.3 8.40 -0.2 -0.4 8.20 Unemployement rate (%) -5.2 -0.6 Media mobile 3 periodi -0.8 8.00 2
Slide 37: The Italian economic context (2/2)
37 The Italian economic context (2/2) In 2010 the Italian Real Estate investment market remained at the same level as 2009, but lower than the previous years; however the feeling seems to have improved and the investors are once again focused on prime market. The retail sector is the most active of
Slide 38: The business model in Italy
38 The business model in Italy Shopping centers with a STRONG The presence of COOP which is completely integrated in the territory guarantees a high and steady level of FOOD ANCHOR footfalls In line with the geographical structure of Italy which is MEDIUM SIZED AND EASILY characterized by a lot of m
Slide 39: Resilience of our Shopping Centers
39 Resilience of our Shopping Centers TENANT SALES AND FOOTFALLS IN ITALIAN SHOPPING MALLS FOOTFALLS TENANT SALES Thanks to a good merchandisng mix and careful attention paid to our tenants, the year ended for Total trend LFL Total trend LFL shopping malls with a growth, both in terms of footfalls a
Slide 40: The economic context in Romania (1/2)
40 The economic context in Romania(1/2) GDP UNEMPLOYMENT FOREIGN INVESTMENTS Unemployment rate (%) GDP TREND (%) FOREIGN DIRECT INVESTMENTS IN ROMANIA 7.9 7.3 7.8 6.3 6.9 5.9 2006 2007 2008 2009 2010 1.9 5.2 4.4 -1.2 4.1 IDE FLOW (€ mln) 9,059 7,250 9,496 3,488 2,596 -7.1 Annual change (%) +73.8 -20
Slide 41: The economic context in Romania (2/2)
41 The economic context in Romania (2/2) Real Estate market Stock and pipeline Only a limited number of expected projects are actually under construction, mainly in the Bucarest area. In the last few months several indications of renewed investors interest and pre-letting activity have been seen Ret
Slide 42: Economic and Financial Results
ECONOMIC AND FINANCIAL RESULTS
Slide 43: Reclassified Income Statement
43 Reclassified Income Statement €000 FY2009 FY2010 D % Revenues from freehold properties 97,808 101,864 4,056 4.15% Revenues from leashold properties 8,735 8,231 (504) (5.77%) Revenues from services 6,238 5,893 (345) (5.52%) Total revenues 112,781 115,988 3,207 2.84% Other revenues 6,874 6,453 (421
Slide 44: Consolidated Income Statement
44 Consolidated Income Statement €000 FY2009 FY2010 D % Margin from freehold properties 83,439 89,372 5,933 7.11% Margin from leasehold properties 1,367 1,740 373 27.31% Margin from services 1,139 1,079 (60) (5.25%) income from woks in progress 226 280 54 24.02% DIVISIONAL GROSS MARGIN 86,171 92,471
Slide 45: Total revenues: +2.8%
45 Total revenues: + 2.8% TOTAL REVENUES (€/000) BREAKDOWN BY TYPE OF REVENUES 11.05% 120,000 115,000 5,893 110,000 6,238 8,231 25.45% 105,000 8,735 100,000 63.35% 95,000 101,864 97,808 90,000 85000 MALLS HYPER ROMANIA FY 2009 FY 2010 MARKET Revenues from services Revenues from leashold properties R
Slide 46: Ebitda +7.6% and Ebitda margin 71%
46 Ebitda + 7.6% and Ebitda margin 71% EBITDA TREND (€ 000) EBITDA AND EBITDA MARGIN (€ 000) 71.0% 67.9% 516 54 3,039 3,207 82,317 82,317 76,533 76,533 Ebitda FY 09 Change in Change in Change in Change in Ebitda FY 10 revenues inventories Direct costs G&A FY 2009 FY 2010 DIRECT COST (€ 000) G & A (€
Slide 47: Net Profit: +43.8%
47 Net Profit: + 43.8% NET PROFIT (€ 000) NET PROFIT EVOLUTION (€ 000) 35,000 1,815 30,000 5,183 288 68 43.8% 25,000 29,340 5,784 20,000 15,000 20,408 29,340 10,000 20,408 5,000 0 FY 2009 FY 2010 FY 09 Net Profit Change in Change in Change in Change in Change in FY 10 Net Profit Ebitda Depreciation
Slide 48: Funds From Operations
48 Funds From Operations FFO (€/000) FY09 FY10 D D% Pre-tax profit 22,630 31,782 9,152 40.44% Depreciation & other provisions 1,059 1,463 404 38.14% Devaluations 4,450 3,842 -608 -13.66% Change in FV 13,725 8,746 -4,979 -36.28% Income tax for the period -2,438 -2,834 -396 16.24% FFO 39,426 42,999 3,
Slide 49: Tenants/contracts Italy (1/2)
49 Tenants/contracts Italy (1/2) Quality and a good tenant mix are the key to guarantee a high occupancy rate and to maintain the attractiveness of our shopping centers MERCHANDISING MIX ITALIAN SHOPPING MALL TOP 10 TENANTS IN OUR MALLS WEIGHT MIROGLIO (Motivi, Fiorella Rubino, Oltre) 3.8% CLOTHING
Slide 50: Tenants/contracts in Italy (2/2)
50 Tenants/contracts in Italy (2/2) EXPIRY DATE OF CONTRACT HYPERMAKET AND MALLS (no. of contracts) In 2010 80 new contracts were signed and a further 42 were renewed on expiry 700 Upside: + 1.8% 624 600 500 All the Hypermarket contracts have an 400 expiry date beyond 2013; automatic renewal is expe
Slide 51: IGD spaces to be lived in
51 Igd spaces to be lived in CREATE A BOND BETWEEN THE COMPANY AND THE SHOPPING CENTERS IN ORDER TO REACH A COMMON IDENTITY NEW COMMON APPROACH TO MARKETING An internal department has been created to optimize the marketing plans of the shopping centers GOALS • CREATE A COMMON IDENTITY maintining ind
Slide 52: Focus on Romania (1/2)
52 Focus on Romania (1/2) IMPROVEMENT IN EBITDA MARGIN INCREASE: FROM 74.9% IN 2009 TO 79.0% IN OPERATIONAL 2010 EFFICIENCY • Efficiency in recurrent costs by means of: Cuts in consultancy fees and generally in direct costs Functional and organizational adjustment of the structure (property and
Slide 53: Focus on Romania (2/2)
53 Focus on Romania (2/2) PORTFOLIO CONSOLIDATION ACTION Lease contracts duration (% rents) - June 2008 Lease contracts duration (% rents) - Dec 2010 Lengthening of average duration of contract 7% < 3 years < 3 years 6% 42% 94% 51% from 3 to 5 from 3 to years 5 years > 5 years store size (% sqm rent
Slide 54: Portfolio
PORTFOLIO
Slide 55: Italian Portfolio
55 Italian Portfolio 46 PROPERTIES IN 11 ITALIAN REGIONS Emilia Romagna: 5 shopping malls 8 hypermarkets - super, 1 land, 3 other Piemonte: 2 shopping malls + 1 retail park Lombardia: 2 shopping malls Trentino-Alto Adige: 1 shopping mall Veneto: 1 land, 1 shopping mall + 1 retail park Marche: 1 shop
Slide 56: Winmarkt's Portfolio
56 Winmarkt‟s Portfolio 15 SHOPPING MALLS + 1 OFFICE BUILDING IN 13 MEDIUM SIZE CITIES NO PROPERTIES IN BUCAREST GEOGRAPHICAL DISTRIBUTION OF ROMANIAN PORTFOLIO 24% 15% x <= 100.000 H 100.000h < x <= 200.000 H x > 200.000 H 61%
Slide 57: Portfolio characteristic
57 Portfolio characteristic € mn MKT VALUE 31/12/2009 MKT VALUE 31/12/2010 LFL Italian portfolio 1,350.50 1,354.03 Asset generating revenues from2010 \ 132.50 Asset for trading + plot of lands 113.29 115.48 RGD (stake sold 15 Dec. 2010 ) 73.47 21.87* Winmarkt portfolio Romania 187.60 180.10 TOTAL PO
Slide 58: Market value evolution
58 Market value evolution Mkt value of IGD Portfolio as at 31/12/2010 is equal PORTFOLIO MARKET VALUE (€ 000) to 1,803.98 € mn IGD is LEADER in Italy in terms of value 2,000,000 1,623.88 € mn 1,800,000 73,465 180,100 1,600,000 187,600 1,400,000 78,965 1,200,000 200,100 1,000,000 During 2010 IGD Grou
Slide 59: NAV
59 NAV NNAV FY09 FY10 NNAV PS (€) Freehold assets market value a 1,724.86 1,803.98 Freehold assets book value b 1,726.02 1,804.01 Potential capital gain/loss c=a-b (1.17) (0.03) Shareholders' equity 747.53 773.45 Treasury shares (incl. Commissions) 22.25 22.25 Adjusted Shareholders' equity h 769.79
Slide 60: Restylings/extensions in Italy
60 Restylings/extensions in Italy ENHANCEMENT FOR EXISTING PORTFOLIO BY MEANS OF Captivating and pleasant facade and interior restyling which gives our portfolio a common identity and makes the shopping center an ideal meeting place A great deal of attention placed on the lighting system so as to cr
Slide 61: Refurbishment in Romania
61 Refurbishment in Romania REFURBISHMENT OF OUR PORTFOLIO TO INCREASE EFFICIENCY Adaptation of high floors or non prestigious Cafe/cinema in Galati surfaces • Cluj: fitness area • Plojesti: wellness area • Galati: cafe/cinema and new entertainment area Conversion of currently non productive areas F
Slide 62: Financial Structure
FINANCIAL STRUCTURE
Slide 63: Financial Highlights
63 Financial Highlights 31/12/2009 31/12/2010 GEARING 1.37 1.31 LOAN TO VALUE 56.88% 56.38% COST OF DEBT 3.53% 3.53% INTEREST COVER RATIO 2.21 2.33 AVERAGE LENGTH OF LONG TERM DEBT 12 anni 12 anni BALANCE CAPITAL STRUCTURE 81.10% (LT debt +Bond) 84% HEDGING ON LONG TERM DEBT + BOND 66.61% 74.13% HED
Slide 64: Financial structure
64 Financial structure NET DEBT COMPOSITION (€ 000) 13,819 39,356 851,156 1,017,082 49,745 141,718 Short term debt Curent share of long Long term debt Options value Cash & cash equivalents Net debt term debt DEBT MATURITY (€ 000) 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 2010
Slide 65: Net Debt
65 Net Debt SENSITIVITY Limited exposure to interest 2010 Cost of rate increases debt During 2010 our hedging activity intesified (about 116.6 € mn hedged at an average rate calculated on hedged stock equal to 2.64%) 0.01022 0.01272 0.01522 0.01772 0.02022 0.02272 0.02522 Interest rate (3-Month Euri
Slide 66: Reclassified Balance Sheet and Gearing ratio
66 Reclassified Balance Sheet and Gearing ratio SOURCES/USE OF FUNDS (€ 000) FY09 FY10 D D% Fixed assets 1,760,342 1,782,089 21,747 1.24% NWC 96,500 85,239 -11,261 -11.67% Oher long term liabilities -81,492 -76,792 4,700 -5.77% TOTAL USE OF FUNDS 1,775,350 1,790,536 15,186 0.86% Net debt 1,027,817 1
Slide 67: Dividend of 0.075 € per share
67 Dividend Thanks to the good results reached in 2010, the IGD BoD will ask AGM of 20th of April 2010 to approve the distribution of a: dividend of 0.075 € per share Which represents: An increase of 50% (0.025€) compared to the dividend per share in 2009 of 0.050€ 0.075 A payout of 85 % net distrib
Slide 68: Final remarks
68 Final remarks QUICK REACTION Ability to adjust to the modified macroeconomic context with TO THE CRISIS subsequent impovement in operational efficiency FOCUS ON Great deal attention paid to main income drives so that they increase PROFITABILITY and improve over time CONFIRMED STRATEGY The positiv
Slide 69: Appendix
APPENDIX
Slide 70: Sustainability report
70 Sustainability report….. We presented our FIRST SUSTAINABILITY REPORT in a presentation event to our key Stakeholders, with a workshop with leading people of the sector, on May 4, 2011
Slide 71: Main lease terms
71 Main lease terms ITALIAN SHOPPING ITALIAN ROMANIAN SHOPPING MALLS HYPERMARKETS MALLS Average maturity Average maturity Average maturity LEASE AGREEMENT Around 18 years 2 years for local tenants (spaces + licences) around 6 years Rents‟ indexation 5 years for national tenants RENTAL AGREEMENT 75%
Slide 72: Hypermarkets and shopping malls
72 Hypermarkets and shopping malls TENANTS OF 19 MALLS 17 HYPERMARKETS HYPERMAKET CENTRO D'ABRUZZO - Pescara CENTRO D'ABRUZZO - Pescara Coop Adriatica PORTO GRANDE - Porto D'Ascoli PORTO GRANDE - Porto D'Ascoli Coop Adriatica ESP - Ravenna ESP - Ravenna Coop Adriatica BORGO - Bologna BORGO - Bologna
Slide 73: Relationship with major shareholders
73 Relationship with major shareholders Tiburtino Shopping Center - Katanè Shopping Center - Le Maioliche Shopping Center – Guidonia Catania Faenza Opened in April 2009 Opened in May 2009 Opened in June 2009 Bought from a privat e party Bought from a private party Bought from COOP ADRIATICA I Bricch
Slide 74: Siiq status
74 Siiq status ASSET & REVENUES TEST: the „must be‟ %: at least 80% of total assets must be RENTAL ASSET KEY FEATURES at least 80% of total positive compenents of P&L (excl change in FV must be RENTAL INCOME Exemption from Italian Corporate taxation INCOME TAXATION (IRES and IRAP) 31,4% tax rate on
Slide 75: Coop World
75 WORLD 9 big legal entities Turnover (2009): 12,744 mn € Points of sale: 588 Employees (2009): 57,000 people Members (2009): 7,2 mn people Associate Companies: Insurance & banking Discount chain Bookstore The largest high quality food market Travel agency
Slide 76: Further growth options
76 Further growth options AGGREGATION CRITERIA CONFIRMED AGGREGATING RETAIL PROPERTY • A 6.3%-6.5% yield, in line with IGD‟s PROTFOLIOS one remains a growth option • D/E < to the IGD‟S gearing ratio • Contribution value: at IGD‟s NAV The project of aggregating Coop assets is still at the top of the
Slide 77: 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