Immobiliare Grande Distribuzione SIIQ S.p.A. · MIL:IGD
Immobiliare Grande Distribuzione SIIQ — IGD SIIQ — Q1 2018 Earnings Presentation
23 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, May 9, 2018
Slide 1: 1Q 2018 Results
1Q 2018 Results Conference call 9 May 2018 puntadiferro -Forlì
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: Highlights
Highlights € 37.2 mn € 35.6 mn Total revenues Rental Income +4.9% +5.2% Net rental income € 29 mn +6% € 26.5 mn € 16.7 mn Core business Ebitda Group Net Profit +6.0% +16.7% Margin 71.4% + 70bps Margin from Freehold 80.4% (+ 50bps) € 18.3 mn Funds From Operations (FFO) +17.5% 1Q2018 Results presentat
Slide 4: Operating performance
Operating performance Centro Sarca – Sesto San Giovanni (MI)
Slide 5: The macroeconomic context: 2018 outlook
The macroeconomic context: 2018 outlook Situation at 1Q 2018: GDP +1.5% (2017 Official data: +1.5%) • GDP: +0.3% (total change for 2018 +0.8%) • Inflation rate: +0.7% Consumption +1.2% • Total retail real estate investments: €600mn, +35% vs 1Q (2017 Official data : +1.4%) 2017 (of which 62% invested
Slide 6: Good operating performances
Good operating performances 93.3% 6.7% Italy Of total rental Romania Of total rental revenues revenues 96.8% Occupancy 97.1% Occupancy stable vs FY17 Increasing vs FY17 +2.9% Tenant sales +1.5% Average upside on renewals incl. extensions 135 signed contracts of which 72 turnover and 63 renewals +0.9
Slide 7: Revenues and net rental income (€mn)
Revenues and net rental income (€mn) ITALY ROMANIA Breakdown of rental income + € 1.78mn ROMANIA OTHER +1.9% +4.1% +5.2% 6.7% 0.5% 1.09 0.09 0.60 HYPER 28.0% Tot rental 35.65 income 33.87 €35.6 mn MALLS 64.7% Rental income 1Q 2017 Change in lfl Italy Change in Change inlfL Romania Rental income 1Q20
Slide 8: Fund From Operations (FFO) continued to grow
Fund From Operations (FFO) continued to grow +17.5% 0.01 1.22 1.49 18.30 15.58 FFO_1Q_CONS_2017 Change in CORE BUSINESS Change in financial mgt. (Net Change in taxes and other FFO_1Q_CONS_2018 EBITDA liability Management) Excellent results despite acquisition effects were not included ( closing 18 a
Slide 9: Update on our activities
FY 2009 RESULTS Bologna November 11, 2011 Update on our activities
Slide 10: 18 April 2018: the acquisition of 4 shopping malls and 1 retail park
18 April 2018: the acquisition of 4 shopping malls and 1 retail park from Eurocommercial Properties was finalized MAIN EVENTS RELATING TO THE ACQUISITION AND THE CAPITAL INCREASE 15/12/2017 Extraordinary BoD: • approved the acquisition of 4 shopping malls and 1 retail park from ECP • announced share
Slide 11: And now…
And now… Consolidated position for IGD as leader in the management of Shopping centers dominant in their catchement area and located in medium size cities with high purchase power Total portfolio approching around € 2.5 billion in June 2018 (o.w. Malls around 63% and hypermarkets around 27%) I
Slide 12: News from the Pipeline…
News from the Pipeline… OFFICINE STORICHE: heart of the retail initiative 03/04/2018 Approvata variante dal Consiglio Comunale; Proseguono i lavori con previsione di apertura per il 2H2019 Sqm devoted to retail: > 15,000 sqm; 43 flats waterfront PIAZZA MAZZINI Almost completed the sale of the reside
Slide 13: Financial results
FY 2009 RESULTS Bologna November 11, 2011 Financial results Conè – Conegliano
Slide 14: Financial structure
Financial structure Loan to Value ICR and cost of debt 4.50% 3.33 57.1% 4.03% 3.00 4.00% Average 2.93 3.94% cost of 3.67% debt 3.50% 3.30% 2.50 50% 48.0% 48.3% 2.24 47.4% 46,9% 2.14 2.00 LTV range from BP ICR 3.00% 1.90 47.1% 1.77 2.82% 2.75% 45% 2.50% 1.50 2013 2014 2015 2016 2017 1Q2018 2.00% 1.00
Slide 15: Next steps
Next steps The Annual General Meeting held on 1 June 2018* will be called to approve the proposal of a dividend per share equal to €0.50 Record date: 11 June 2018 Payment date: 13 June 2018 Total dividend and dps evolution Dps €0.50 60 +11% vs 2016 0.55 50 0.5 Dps €0.45 40 0.45 Dps 30 €0.40 Dps 0.4
Slide 16: Attachments
FY 2009 RESULTS Bologna November 11, 2011 Attachments Centro Sarca – Sesto San Giovanni (MI)
Slide 17: Consolidated income statements
Consolidated income statements (a) (b) D GROUP CONSOLIDATED 1Q2017 1Q2018 (b)/(a) Revenues from freehold rental activities 30.74 32.44 5.5% Revenues from leasehold rental activities 3.13 3.20 2.3% Total income from rental activities 33.87 35.65 5.2% Rents and payable leases -2.55 -2.56 0.5% Direct c
Slide 18: Fund from Operations (FFO) €18.3 mn (+17.9%)
Fund from Operations (FFO) €18.3 mn (+17.9%) Funds from Operations 1Q2017 1Q2018 ∆ vs 1Q 2017 ∆% Core Business EBITDA 25,049 26,540 1,491 6.0% Adj. Financial Management -9,153 -7,931 1,222 -13.3% Adj. Extraordinary Management 0 0 0 n.a. Adj. curent taxes for the period -312 -304 8 -2.3% FFO 15,585 1
Slide 19: Contracts in Italy and Romania
Contracts in Italy and Romania Expiry date of hypermarket and mall contracts (% of value) N 24 Italy No. of contracts: 1,243 99.0% N 763 Average residual maturity Hypermarkets 7.5 years Malls 4.6 years 67.0% N 115 N 221 N 144 N1 Malls Hyper/supermarkets 15.0% 8.8% 9.3% 1.0% 2018 2019 2020 >2020 Expi
Slide 20: Key tenants
Key tenants Top 10 Tenants Malls Top 10 Tenants Malls Italy Romania Product Turnover No. of Product Turnover No. of TOP 10 Tenant TOP 10 Tenant category impact contracts category impact contracts food 10.2% 11 clothing 3.2% 12 clothing 7.9% 6 clothing 2.8% 11 clothing 4.1% 11 clothing 2.4% 28 grocer
Slide 21: More financial highlights
More financial highlights FY2017 31/03/2018 SHARE OF M/L TERM DEBT 91.1% 91.7% HEDGING ON LONG TERM DEBT + BOND 94.7% 94.8% UNCOMMITTED CREDIT LINES GRANED €276 mn €276 mn UNCOMMITTED CREDIT LINES AVAILABLE €225.6 mn € 243.4 mn COMMITTED CREDIT LINES GRANTED AND € 60 mn €60 mn AVAILABLE UNENCUMBERED
Slide 22: Reclassified balance sheet
Reclassified balance sheet Sources - Uses of funds 31/12/2017 31/03/2018 D D% Fixed assets 2,157,176 2,157,176 0 0.0% Assets under construction 40,466 42,659 2,193 5.4% Other non-current assets 23,245 23,067 -178 -0.8% Other non-current liabilities -29,082 -29,416 -334 1.1% NWC 28,768 29,937 1,169 4
Slide 23: Investor relations contacts
Claudia Contarini, IR T. +39. 051 509213 claudia.contarini@gruppoigd.it Elisa Zanicheli, IR Team T. +39. 051 509242 elisa.zanicheli@gruppoigd.it Federica Pivetti, IR Team T. +39. 051 509260 federica.pivetti@gruppoigd.it to @igdSIIQ