Immobiliare Grande Distribuzione SIIQ S.p.A. · MIL:IGD
Immobiliare Grande Distribuzione SIIQ — IGD SIIQ — Q1 2010 Earnings Presentation
12 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, May 13, 2010
Slide 1: Conference Call Presentation 1Q 2010 Results
May 13, 2010 Conference Call Presentation 1Q 2010 Results
Slide 2: Disclaimer
Disclaimer 2 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 reg
Slide 3: Highlights
vs 3 Highlights cons vs 1Q 2009 cons 1Q 2009 Revenues: 28.08 €/mn +12.5% Ebitda: 20.10 €/mn +17.7% Ebitda Margin: 71.6% +4.7% Net Profit: 8.46 €/mn +15.9% FFO: 9.89 €/mn +11.6%
Slide 4: Net profit
4 Net profit NET PROFIT (€ mn) 9.00 + 15.9% 8.00 8.46 7.00 7.30 6.00 5.00 4.00 3.00 2.00 1.00 0.00 2009 1Q 2010 1Q NET PROFIT EVOLUTION (€ mn) 0.05 3.03 2.40 0.48 8.46 7.30 20091Q Net Profit Change Ebitda Change Change Change taxes 2010 1Q Net Profit depreciation & fv financial charges
Slide 5: Reclassified Income Statement
Reclassified Income Statement 5 €/mn 2009 1Q 2010 1Q ∆ % Revenues from freehold properties 21.47 24.88 3.41 15.89% Revenues from leasehold properties 2.55 2.03 (0.52) (20,34%) Revenues from services 0.92 1.12 0.20 21.69% Different Revenues 0.03 0.05 0.02 83.52% Total revenues 24.97 28.08 3.11 12.47%
Slide 6: Revenues: +12.5%
6 Revenues: +12.5% TOTAL REVENUES (€ mn) 35.00 30.00 29.90 25.00 26.81 20.00 15.00 10.00 5.00 0.00 2009 1Q 2010 1Q 0.62 0.10 RENTS GROWTH (€ mn) 1.38 2009 1Q vs. 2010 1Q 4.90 2.89 0.09 LIKE FOR LIKE GROWTH 2009 PURCHASES 2009 EXIT 2010 EXIT ROMANIA TOTAL GROWTH
Slide 7: Ebitda: + 17.7% and Ebitda Margin: 71.6%
7 Ebitda: + 17.7% and Ebitda Margin: 71.6% EBITDA e EBITDA MARGIN (€ mn) EBITDA TREND (€ mn) 71.6% 3.11 0.03 0.11 0.06 20.10 20.10 17.07 68.4% 17.07 1Q 09 Ebitda Change in Change Change Change G & A 1Q 10 Ebitda 2009 1Q 2010 1Q revenues inventories Direct Costs DIRECT COST (€ mn) G & A (€ mn) 6.00 2
Slide 8: Financial Highlights
8 Financial Highlights Total portfolio 1.72 €/mn Gearing ratio 1.37x LTV 56.7% Hedging level 66.0% (on long term debt + bond)
Slide 9: Reclassified Balance Sheet and Gearing ratio
9 Reclassified Balance Sheet and Gearing ratio Sources/use of funds 2009 FY 2010 1Q ∆ ∆% Fixed assets 1,760.35 1,767.12 6.77 0.39% NWC 96.49 96.45 -0.04 - 0.05% Other long term liabilities -81.49 -83.28 -1.79 2,20% TOTAL USE OF FUNDS 1,775.35 1,780.29 4.94 0,28% Net Debt 1,027.82 1,029.08 1.26 0.12%
Slide 10: Net Debt (€ mn)
Net Debt (€ mn) 10 NET DEBT COMPOSITION (€ mn) 24.95 33.63 841.86 1,029.08 49.78 128.76 Short term debt Current share of Long term debt Options value Cash & Net Debt long term debt cash equivalents NET DEBT CHANGE (€ mn) 8.46 0.48 0.04 0.36 5.82 4.78 1,029.08 1,027.82 Dec 31, 2009 Net Debt Net profi
Slide 11: Funds From Operations
11 Funds From Operations Funds from Operations 2009 1Q 2010 1Q ∆ ∆% Profit before faxes 9.08 9.76 0.05 7.49% Depreciation 0.16 0.21 0.05 32.41% Devaluation 0.00 0.00 0.00 0.00 Change in fair value 0.37 0.27 -0.10 -26.65% Incom -0.75 -0.35 0.41 -54.00% FFO 8.86 9.89 1.03 11.63% 12.00 11.6% 10.00 8.00
Slide 12: Contacts
12 Contacts IGD Immobiliare Grande Distribuzione SIIQ SpA www.gruppoigd.it IRClaudia TEAMContarini, IR Team T. +39 051 509213 M. +39 3386211738 claudia.contarini@gruppoigd.it Elisa Zanicheli, Assistant T. +39 051 509242 elisa.zanicheli@gruppoigd.it