Aedes Societa Anonima Ligure Per Imprese E Costruzioni Per Azioni · MIL:AEDES
Aedes Societa Anonima Ligure Per Imprese E Costruzioni Per Azioni — Aedes SIIQ — FY2015 Earnings Presentation
32 slides from Aedes Societa Anonima Ligure Per Imprese E Costruzioni Per Azioni's earnings presentation, May 2016
Slide 1: FY 2015 Presentation
FY 2015 Presentation AEDES SiiQ COMMERCIAL PROPERTIES
Slide 2: Disclaimer
DISCLAIMER This document has been prepared by AEDES SIIQ S.p.A. (the ‘Company’) solely for the purposes of this presentation. This document may not be reproduced or distributed in whole or in part by any other person with any way than the Company. The Company takes no responsibility for the use of t
Slide 3: Index
INDEX Corporate Overview Aedes’ Portfolio Investment Opportunities Achievement 2015 Financial Results: FY 2015 3
Slide 4: Corporate Overview
Corporate Overview LJ} AEDES SIIQ
Slide 5: Company Overview and Shareholders' Structure
COMPANY OVERVIEW Shareholders’ structure The Aedes REIT strategy aims to create and maintain a real estate 18.04.2016 portfolio with mainly commercial destination, that generates cash flows consistent with REIT model. Floating 35.2% Aedes REIT has two portfolios: “Rented portfolio” to compete with t
Slide 6: Aedes REITs' Business Model
AEDES REITS’ BUSINESS MODEL DEVELOPMENT ACQUISITION OF NEW CASH FLOW TO INVEST FOR RENT RENTED ASSETS • Shopping and leisure centers • Retail, Offices & Other • ERV ~ double digit • Average Yield ≥7% ASSET RENTED TO BE SOLD PORTFOLIO REITS’ FEATURES Net Income from Rented Portfolio ~ 80% Revenues •
Slide 7: Market Real Estate Scenario
MARKET REAL ESTATE SCENARIO + High Liquidity 2016 FORECAST + Financial market volatility REVENUES IN RE CAPITAL INCREASE IN RE 6.0%** 5.9%** REVENUES GROWTH IN RE 5.6% 1.9% 2.6% 1.7% 10.5% 4.8% • In 2015 Revenues* of the five major European 2.7% 3.6% countries (England, Germany, France, Spain, Italy
Slide 8: Aedes' Portfolio
Aedes’ Portfolio LJ} AEDES SIIQ
Slide 9: GAV Portfolio by Use – 31.12.2015
GAV PORTFOLIO BY USE – 31.12.2015 Total Building Passing Consolidated Not consolidated GLA ERV LTV €/000 pro-quota permits Yield pro-quota Funds & JV sqm % Ratio Portfolio sqm % Retail Rented 31,200 56,542 87,742 56,481 6.8% 7.8% 57.7% Retail Development for Rent 109,133 15,982 125,115 4,469 251,868
Slide 10: GAV Portfolio by Type – 31.12.2015
GAV PORTFOLIO BY TYPE – 31.12.2015 Total Building Passing Consolidated Not consolidated GLA ERV LTV €/000 pro-quota permits Yield pro-quota Funds & JV sqm % Ratio Portfolio sqm % Retail 31,200 56,542 87,742 56,481 6.8% 7.8% 57.7% Office 99,093 1,580 100,673 72,094 6.4% 7.6% 62.0% Other uses 1,200 3,
Slide 11: Rented Assets – 31.12.2015 1/2
RENTED ASSETS – 31.12.2015 1/2 Total Passing Consolidated Not consolidated GLA ERV LTV €/000 pro-quota Yield pro-quota Funds & JV sqm % Ratio Portfolio % Retail 31,200 56,542 87,742 56,481 6.8% 7.8% 57.7% Office 99,093 1,580 100,673 72,094 6.4% 7.6% 62.0% Other uses 1,200 3,904 5,104 4,303 6.4% 8.0%
Slide 12: Rented Assets 2/2
RENTED ASSETS 2/2 • Location: Catania, Via Etnea 116-124 • Total GLA: 7,935 sqm • Fair Value 31/12/2015: €18.6 mln • Location: Milano, via Agnello 12 • Total GLA: 4,406 sqm • Fair Value 31/12/2015: €40.1 mln • Location: Milano, via San Vigilio 1 • Total GLA: 9,793 sqm • Fair Value 31/12/2015: €23.1
Slide 13: Development for Rent Assets 1/5
DEVELOPMENT FOR RENT ASSETS 1/5 Total Building Consolidated Not consolidated GLA LTV €/000 pro-quota permits pro-quota Funds & JV sqm Ratio Portfolio sqm Retail 109,133 15,982 125,115 4,469 251,868 20.3% Office 660 660 32,000 0.0% Development for Rent 109,793 15,982 125,775 4,469 283,868 20.2% Serra
Slide 14: Development for Rent Assets - Serravalle Outlet 2/5
DEVELOPMENT FOR RENT ASSETS - SERRAVALLE OUTLET 2/5 SERRAVALLE OUTLET VILLAGE PHASE 6 • Joint Venture with European Outlet Mall Fund (49.9%) • Opening scheduled for September 2016 • Total GLA: 5,299 sqm • Fair Value 31/12/2015: €31.9 mln SERRAVALLE OUTLET VILLAGE PHASE 7 • It’s an extension of Serra
Slide 15: Development for Rent Assets - Serravalle Retail Park 3/5
DEVELOPMENT FOR RENT ASSETS - SERRAVALLE RETAIL PARK 3/5 SERRAVALLE RETAIL PARK • Total GLA: 19,035 sqm • Fair Value 31/12/2015: €15.4 mln 15
Slide 16: Development for Rent Assets - Roero 4/5
DEVELOPMENT FOR RENT ASSETS - ROERO 4/5 ROERO PHASE C • Extension of Roero Center - Phase B (Rented portfolio) • Total GLA : 6,400 sqm • Fair Value 31/12/2015: €1.8 mln Roero Center - Phase B (Rented Portfolio) Roero Center - Phase C 16
Slide 17: Development for Rent Assets - Caselle 5/5
DEVELOPMENT FOR RENT ASSETS - CASELLE 5/5 CASELLE DESIGNER VILLAGE • It’s a shopping and leisure centers project close to Turin Airport • Total GLA : 153,000 sqm • Fair Value 31/12/2015: €60.5 mln 17
Slide 18: Investment Opportunities
Investment Opportunities 18
Slide 19: Investment Opportunities
INVESTMENT OPPORTUNITIES WHOLLY RESTRUCTURED COMPANY SINCE 2015 BENEFITS OF BEEING REITS HIGHLY EXPERIENCED MANAGEMENT KNOW-HOW IN DEVELOPMENT RETAIL DESTINATION STILL OPPORTUNITIES TO BUY PROPERTIES AT COMPETITIVE PRICE ITALIAN REAL ESTATE MARKET RECOVER HIGH DISCOUNT NAV VS. SHARE PRICE 19
Slide 20: Achievements 2015
Achievements 2015 LJ} AEDES SIIQ 20
Slide 21: Achievement 2015 – Corporate Activities
ACHIEVEMENT 2015 – CORPORATE ACTIVITIES June 25th, 2015 - Capital increase of €40 mln equal to 100% of the shares offered September 17th, 2015 – Shareholders resolution to buy-back for 18 months up to 10% of the share capital September 17th, 2015 – Changes in by law to transform in REIT (SIIQ) statu
Slide 22: Achievement 2015 - Operating Activities
ACHIEVEMENT 2015 - OPERATING ACTIVITIES March 17th, 2015 – purchase of a fully leased retail asset in Catania for € 18.8 mln; April 9th, 2015 – fulfilment of the debt restructuring and release of any commitment of Aedes against previous lenders; May 8th, 2015 – collection of €28.3 mln from the sale
Slide 23: Financial Results FY2015
Financial Results FY2015 LJ} AEDES SIIQ 23
Slide 24: Financial Results: FY 2015
FINANCIAL RESULTS: FY 2015 €/000 FY2015 FY2014 Net rent income 7,425 10,719 Rent income to € 7.4 million from € 10.7 million at December Net service revenues 13,903 7,888 31, 2014. The decrease (- € 3.3 million) is the result of sales or Other income 20,819 23,769 contributions, as part of the restr
Slide 25: Financial Results: FY 2015
FINANCIAL RESULTS: FY 2015 €/000 FY2015 FY2014 The fixed capital amounted to € 326.3 million (€ 165.0 million Fixed capital 326,325 165,018 at the end of 2014), and consists of: Net working capital 55,498 215,338 • Real estate investments and other assets for € 269.9 million; Invested capital 381,82
Slide 26: Financial Results: FY 2015 - Gross Debt
FINANCIAL RESULTS: FY 2015 €Mln GROSS DEBT 43.0 164.4 156.4 (1.2) (14.8) 6.7 (9.1) (1.3) (15.3) Gross Debt 2014 Disposal of properties Disposal of properties Stakes disposal Deconsolidation Other variation Purchase of Consolidation Gross Debt 2015 Gallarate/Senago Bastioni P.ta Nuova Praga 6/Praga 9
Slide 27: NAV
NAV Accounting (€/mln) Book value Market value Capital gain Method Rented assets IAS 40 – Fair Value 150.8 150.8 Development for Rent IAS 40 – Book Value 109.3 109.8 0.5 To Be Sold IAS 2 60.6 60.7 0.1 Total Consolidated Group 320.8 321.3 0.6 Pro quota Assets in funds and JVs IAS 40 – Fair Value 23.6
Slide 28: Aedes Share Trend – 21.04.2016
AEDES SHARE TREND – 21.04.2016 21.04.2016 Market Segment MTA Market Cap (Mln) 137.04 Ticker AE N° of share 319,803,191 Specialist Intermonte SIM S.p.A. Share price (€) 0.4285 Auditing Company Deloitte & Touche S.p.A. NAV per share 31.12.2015 0.87 Discount on NAV FY2015 50.8% AEDES FTSE MIB 1.2 40 Ml
Slide 29: 2016 Events
2016 EVENTS 11st May 1Q 2016 3rd August 1H 2016 November Business Plan 9th November 3Q 2016 March 2017 FY2016 Exhibitions where you can find us 29
Slide 30: REITs Status Since January 2016
REITS STATUS SINCE JANUARY 2016 SUBJECTIVE Company organized as S.p.A. REQUIREMENTS Residing in the Italian territory or in one of the EU Member States Listed on Italian regulated markets STATUTORY The Statute of the REIT must provide: REQUIREMENTS Rules on investments Limits on the conc
Slide 31: Glossary
GLOSSARY • ERV (Estimated Rental Value) - It is the estimated rental value at market prices. • GAV (Gross Asset Value) - Total real estate asset value calculated at current market values. • Gearing Ratio – It is a measure of financial leverage, demonstrating the degree to which a firm's activities a
Slide 32: Contact
CONTACT CFO IR Consultant Gabriele Cerminara Silvia di Rosa Aedes Siiq S.p.A. CDR Communication S.r.l. Via Morimondo 26 - Milano Viale Andrea Doria 15 - Milano Tel. +39 02 62439253 Tel. +39 335 7864209 g.cerminara@aedes-siiq.com silvia.dirosa@cdr-communication.it www.aedes-siiq.com https://twitter.c