Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Q1 2012 Earnings Presentation
27 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, May 10, 2012
Slide 1: Results presentation at 31/03/2012
Conference call 10 May 2012 2.30 p.m. Results presentation at 31/03/2012
Slide 2: Disclaimer
This presentation does not constitute an offer or an invitation to subscribe for or purchase any securities. DISCLAIMER 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: Economic and Financial Highlights
Economic and Financial Highlights 3 REVENUES 30.9 € mn •Revenues from core business (+ 4.2 % vs 31/03/2011) •Like for like income growth in Italy + 1.9 % (vs 2.8% as at 31/03/2011) EBITDA 22.2 € mn •EBITDA (core business) (+ 1.6 % as at 31/03/2011) •EBITDA margin (core business) 71.7 % ( - 1.8 perce
Slide 4: Economic and Financial Results
ECONOMIC AND FINANCIAL RESULTS
Slide 5: Consolidated Income Statement
5 Consolidated Income Statement CONSOLIDATED CORE BUSINESS "PORTA A MARE" PROJECT €/000 31/03/2011 31/03/2012 % 31/03/2011 31/03/2012 % 31/03/2011 31/03/2012 % Revenues from freehold properties 26,316 27,455 4.3% 26,316 27,455 4.3% 0 0 n.a. Revenues from leasehold properties 2,101 2,167 3.1% 2,101 2
Slide 6: Reclassified Income Statement Margin
6 Reclassified Income Statement MARGIN CONSOLIDATED CORE BUSINESS "PORTA A MARE" PROJECT €/000 31/03/2011 31/03/2012 % 31/03/2011 31/03/2012 % 31/03/2011 31/03/2012 % Margin from freehold properties 23,298 23,700 1.7% 23,298 23,700 1.7% n.a. Margin from leasehold properties 460 495 7.5% 460 495 7.5%
Slide 7: Revenues from core business: +4.2%
7 Revenues from core business: + 4.2 % Total revenues: - 1.5 % (Porta Medicea included) - Revenues from core business: + 4.2% BREAKDOWN OF TOTAL REVENUES BY TYPE TOTAL REVENUES (€/000) OF ASSET - 1.5 % 9.2% 0.3% 1,726 1.0% 1,303 Revenues from trading 1,267 + 4.2 % Revenues from services 27.4% 62.1%
Slide 8: Ebitda (core business): 22.1 € mn +1.6%
Ebitda (core business): 22.1 € mn + 1.6 % 8 Ebitda margin: 71.7 % in line with FY2011 CONSOLIDATED EBITDA (€ 000) EBITDA and EBITDA MARGIN CORE BUSINESS (€ 000) 73.5% 71.7% 485 1,342 60 782 IN LINE WITH 22,166 FY2011 22,178 22,193 21,815 EBITDA (core business) 71.7% Ebitda 31/03/2011 Change in Chang
Slide 9: Group Net Profit: 8.4 € mn
9 Group Net Profit: 8.4 € mn NET GROUP PROFIT (€ 000) NET PROFIT EVOLUTION (€ 000) Total tax rate 8.1% 336 351 173 - 19.5% 2,021 96 10,375 63 8,355 10,375 8,355 Group net Change in Change Ebitda Change in Change in Change in Change in Group net 31/03/2011 31/03/2012 profit Ebitda core in 'Porta a de
Slide 10: Funds From Operations
10 Funds From Operations FFO (€/000) 30/09/2010 30/09/2011 D D% Pre-tax profit 11,238 9,059 -2,179 -19.4% Depreciation & other provisions 236 323 87 37.1% Change in FV 397 483 86 21.7% Extraordinary management 200 173 -28 -14.0% Margin from trading activities -566 -183 384 -67.7% Income tax for the
Slide 11: Commercial Highlights
11 Commercial Highlights Footfalls in Italian shopping malls (L4L) + 4.6% vs 31/03/2011 Hypermarkets/Supermarkets sales in Italian shopping centers (L4L) + 2.4% vs 31/03/2011 Tenant sales in Italian shopping malls (L4L) - 2.4% vs 31/03/2011 Footfalls in Romanian shopping malls (L4L) - 0.5% vs 31/03/
Slide 12: Performance of our Shopping Centers in 1Q 2012
12 Performance of our Shopping Centers in 1Q 2012 TENANT SALES AND FOOTFALLS IN OUR SHOPPING MALLS BREAKDOWN MALL SALES per moths January -7.7% SALES FOOTFALLS February -1.7% total trend LFL total trend LFL abs. value March 3.6% ITALY -2.5% -2.4% 4.6% 4.6% 15.8 mn Total -2.5% ROMANIA n.p* - 0,5% 7.9
Slide 13: Hypermarkets and shopping malls trends in 1Q 2012
13 Hypermarkets e shopping malls trends in 1Q 2012 HYPERMARKET/SUPERMARKET SALES IN ITALY total trend LFL total trend LFL total trend LFL total trend LFL supermarkets + 4.1 3.1 4.7 3.1 1.4 2.3 / / hypermarkets hypermarkets 2.7 1.6 2.6 2.6 -2.4 0.4 2.3 2.3 supermarkets 5.3 4.4 6.5 3.6 3.5 3.4 / / Sou
Slide 14: Tenants in Italy
14 Tenants in Italy TOTAL CONTRACTS Malls 1,034 Hypermarkets 19 Total 1,053 BRANDS BREAKDOWN 19% 15% 66% International brands Local brands National brands Financial Occupancy in Italy is equal to 96.7% as at 31 March 2012, slight increase with respect to 31 December 2011 (96.5%) 10 May 2012 1Q2012 r
Slide 15: Tenants in Romania
15 Tenants in Romania TOTAL CONTRACTS 621 BRANDS BREAKDOWN 23% 37% 40% International brands Local brands National brands New entry 10 May 2012 1Q2012 results presentation
Slide 16: Contracts in Italy and Romania
Contracts in Italy and Romania 16 EXPIRY DATE OF CONTRACTS OF HYPERMARKET EXPIRY DATE OF CONTRACTS OF HYPERMARKETS AND AND MALLS IN ITALY (% no. of contracts) MALLS IN ITALY (% of value) 120% Nr. Nr. 19 19 120% 100% 100% 100% 100% 80% 80% Nr. Nr. 524 524 Of which 57.1% Of 15 which in 1Q 15 60% 60% i
Slide 17: Focus on Romania
17 Focus on Romania Financial vacancy stable equal to 11.2% as at the end of 2011 Consolidation of the tenant mix with new openings of international brands (Billa and Carrefour) already in the portfolio Billa Galati- opening in April 2012 Carrefour Buzau 2012 capex The ordinary and extraordinary mai
Slide 18: Financial Structure
FINANCIAL STRUCTURE
Slide 19: Financial Highlights 1/2
19 Financial Highlights 1/2 31/12/2011 31/03/2012 ADJUSTED GEARING RATIO (net of IAS impact of derivates) 1.38 1.36 LOAN TO VALUE 58.7% 58.4 % COST OF DEBT 4.1 % 4.4 % INTEREST COVER RATIO 2.04 1.83 AVERAGE LENGHT OF LONG TERM DEBT 11.5 years 11 years AVERAGE LENGHT OF LONG TERM DEBT including BOND
Slide 20: Financial Highlights 2/2
20 Financial Highlights 2/2 31/12/2011 31/03/2012 BALANCED CAPITAL STRUCTURE 79.1 % (LT debt +Bond) 80.6 % HEDGING ON LONG TERM DEBT + BOND 80.8 % 78.1 % HEDGING ON LONG TERM DEBT 74.1 % 70.7 % BANKING CONFIDENCE 303 € mn 301.5 € mn BANKING CONFIDENCE AVAILABLE* 106.7 € mn 135.1 € mn ASSETS MKT VALU
Slide 21: Financial structure
21 Financial structure NET DEBT COMPOSITION (€ 000) 7,968 21,192 912,817 1,124,370 41,643 183,134 Short term debt Current share of long term Long term debt Price adjustment of malls Cash & cash equivalents Net debt debt DEBT MATURITY (€ 000) 90,000,000 230 € mn CONV 80,000,000 BOND deadline 70,000,0
Slide 22: Net debt
22 Net debt NET DEBT CHANGE (€ 000) 37 2,935 8,326 2,224 806 662 1,128,968 1,124,370 Net debt 31/12/11 Net profit Depreciation, Change in NWC Change in other non CAPEX Change in Net Debt 31/03/12 devaluation, change current assets & Shareholders' equity in fair value liabilities 10 May 2012 1Q2012 r
Slide 23: Reclassified Balance Sheet
23 Reclassified Balance Sheet SOURCES/USE OF FUNDS(€ 000) FY10 FY11 D D% Fixed assets 1,897,756 1,899,747 1,991 0.1% NWC 68,909 68,247 -662 -1.0% Other long term liabilities -70,644 -71,180 -536 0.8% TOTAL USE OF FUNDS 1,896,021 1,896,814 793 0.0% Net debt 1,128,968 1,124,370 -4,598 -0.4% Shareholde
Slide 24: Dividend Reinvestment Option
Dividend Reinvestment Option 24 The extraordinary Shareholders’ Meeting of IGD SIIQ, held on 19 April, approved a share capital increase for cash, up to a maximum of €19,089,451.00, within 10% of the Company's pre-existing share capital, by issuing ordinary shares to be offered for subscription to t
Slide 25: Dividend Reinvestment Option: steps
25 Dividend Reinvestment Option: steps Who can participate Subject entitled to receive the dividend for the year ended The total offer will amount to 80% of the proposed 2011 dividend. How much Subjects, who will decide to subscribe the offer, may reinvest an amount not exceeded 80% of the dividend
Slide 26: 2011 Sustainability Report
26 2011 Sustainability Report has been presented to the Board of Directors on 10 May 2012. The attention and the dialogue with all our Stakeholders continue to be high The Sustainability Report will be available to the public in the next few days on the company’s web site at the address: www.gruppoi
Slide 27: 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 Elisa Zanicheli T. +39. 051 509242 elisa.zanicheli@gruppoigd.it