Eurocommercial Properties Nv · EURONEXT:ECMPA

Eurocommercial Properties Nv — FY2012/2013 Earnings Presentation

16 slides from Eurocommercial Properties Nv's earnings presentation, September 2013

  1. Slide 1: Year End Results 2012/2013

    Teese anenneger Year End Results 2012/2013 45 = =

  2. Slide 2: €2.8 billion of prime retail property in France, Northern Italy and Sweden

    €2.8 BILLION OF PRIME RETAIL PROPERTY IN FRANCE, NORTHERN ITALY AND SWEDEN France 41% Italy 37% Sweden 22% 2

  3. Slide 3: Year End Results 2012/2013: 12 months to June 2013

    YEAR END RESULTS 2012 / 2013 12 months to June 2013 • Direct investment result: +2.5% to €81.5 million • Net property income: +3.6% to €144.4 million • Like for like rental growth: +2.8% • Retail sales turnover: +0.7% (12 months) • Property revaluations: -0.1% to €2.8 billion • Adjusted net asset va

  4. Slide 4: Rental Growth

    RENTAL GROWTH 12 months to June 2013 Like for like Relettings and Average rental rental growth renewals uplift on relettings and renewals Overall +2.8% 175 +11% France +4.1% 32 +22% Italy +2.6% 115 +9% Sweden +1.2% 28 +8% 4

  5. Slide 5: Retail Sales Turnover

    RETAIL SALES TURNOVER* * Excluding extensions. 5

  6. Slide 6: Sales Turnover by Sector

    SALES TURNOVER BY SECTOR* 12 months to June 2013 * Excluding extensions. 6

  7. Slide 7: Occupancy Cost Ratios

    OCCUPANCY COST RATIOS* June 2013 * Rent plus marketing contributions, service charges and tenant property taxes as a proportion of turnover including VAT. Excluding hypermarkets. 7

  8. Slide 8: Valuations June 2013

    VALUATIONS June 2013 Valuation changes Net yield including purchase costs* Twelve months to Six months to At 30 June 2013 30 June 2013 30 June 2013 Overall -0.1% +0.4% 5.7% France +2.7% +1.5% 5.2% Italy -2.6% -0.6% 6.3% Sweden -1.0% 0.0% 5.8% * Net yield figures are derived by dividing expected net

  9. Slide 9: Extensions and Refurbishments

    EXTENSIONS AND REFURBISHMENTS Property Project Expected Approximate completion date cost Val Thoiry, Refurbishment 2014 €5 million Thoiry I Portali, Refurbishment 2014 €4 million Modena I Gigli, Refurbishment 2014 €10 million Firenze Eurostop, 21,000m2 extension 2016 €75 million Halmstad and refurbi

  10. Slide 10: Funding Summary at 30 June 2013

    FUNDING SUMMARY AT 30 JUNE 2013 Shareholders’ adjusted net equity €1.52 billion Total net borrowings* €1.24 billion Average loan term c. 5 years Average loan margin 91 bps Average overall interest rate 3.95% Net debt to adjusted net equity ratio* 81% Net loan to property value ratio* 44% * Higher th

  11. Slide 11: France Overview

    FRANCE OVERVIEW • Valuations up 2.7% since June 2012 and +1.5% since December 2012 • Net initial yield: 5.2% (June 2012: 5.2% and December 2012: 5.1%) • LFL Rental growth: +4.1% • LFL Turnover growth: +0.1% • Boutiques: 0.9% and Medium Surfaces: -1.1% • LFL Turnover growth excluding Fnac*: +1.2% • C

  12. Slide 12: Passy Plaza Shopping Centre, Paris

    PASSY PLAZA SHOPPING CENTRE, PARIS Contract signed in June 2013 • Passy Plaza in Paris has been sold for €141 million; 4.7% above its December 2012 valuation • Property was acquired in 1999 for €70 million and has achieved an internal rate of return of 15% per annum over the period of ownership • Sa

  13. Slide 13: Val Thoiry Shopping Centre

    VAL THOIRY SHOPPING CENTRE Purchase completed in June 2013 • Total GLA of 33,416m2 including Migros hypermarket: • 23,400m2 shopping centre purchased for gross cost of €111.5 million • 14,800m2 gallery of 62 shops, including H&M, Go Sport and Sephora plus an 8,600m2 Leroy Merlin store • Located in t

  14. Slide 14: Italy Overview

    ITALY OVERVIEW • Valuations down 2.6% since June 2012 and -0.6% since December 2012 • Net initial yield: 6.3% (June 2012: 6.1% and December 2012: 6.2%) • LFL Rental growth: +2.6% • LFL Turnover growth: +0.4% • 115 new leases signed in the year of which 39 were with new tenants. Overall uplift of 9%

  15. Slide 15: Sweden Overview

    SWEDEN OVERVIEW • Valuations down 1.0% since June 2012 and 0.0% since December 2012 • Net initial yield: 5.8% (June 2012: 5.6% and December 2012: 5.7%) • Six largest assets, representing approx 80% of the portfolio, increased in value by c.2% over both 6 and 12 months. Smaller assets fell due to an

  16. Slide 16: Outlook

    OUTLOOK • Despite generally weak economies in Europe, property prices have remained firm • Rental growth expected to be slightly above inflation through indexation and rent reviews • Overall outlook for total returns from good retail properties is in the order of 6–8% per annum Eurocommercial’s stra

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