08-09 year end results presentation€¦ · 2 year end results: june 2008 / june 2007 adjusted net...
TRANSCRIPT
September 2008
European shopping centres
Year End Results 2007/2008 Presentation
2
Year end results: June 2008 / June 2007
Adjusted net asset value: +2.2% to € 39.83 per depositary receipt
Direct investment result: +5.8% to € 62.4 million
Dividend: +4.8% to € 1.75
Net rental income: +14.8% to € 110.0 million
3
Property and country balance
95%
5%
Retail
Office
By sector
22%
38%
36%
4%
FranceItalySwedenNetherlands
By country
Note: figures are after the sale of the warehouses
4
Funding ratios at 30 June 2008
40%
75%
95%
Borrowings Total assets
Borrowings Shareholders’ equity
Long-term borrowingsTotal borrowings
Fixed interest rate borrowingsTotal borrowings
90%
Current hedged interest rate 4.7%
Interest coverage ratio 2.6x
Average term of loans > 9 years
5
Rent to turnover and occupancy cost ratios at June 2008
5.5%
5.1%
5.7%5.6%
7.2%6.7%7.0%
7.6%
0.0%
2.0%
4.0%
6.0%
8.0%
Rent to turnover ratioOccupancy cost ratio
France Italy Sweden Overall
6
Retail rental growth per annum
5.0%
6.0%
4.0%
5.7%
0.0%
2.0%
4.0%
6.0%
France Italy Sweden Overall
7
Retail turnover growth 2008/2007 by sector
* excluding Carugate
-0.5%-2.2%4.0%1.4%0.3%0.6%ECP Total
-4.5%0.9%11.0%1.0%3.0%3.7%ECP Sweden
-5.6%-0.9%2.2%-3.1%0.3%0.0%ECP Italy*
15.4%-3.3%3.8%4.1%-1.8%-0.3%ECP France
Home goodsElectricalHealth and
beautyGifts and jewellery
Fashion and shoes
All sectors (excl.
hypers)Country
8
Property valuations
1.5%
2.4%
3.4%
1.6%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
Retail Office Warehouse Overall
2.1%
0.3%
2.9%
0.4%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
France Italy Sweden Netherlands
6.3%6.9%
10.8%
6.4%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
Retail Office Warehouse Overall
6.5%7.0%
5.3%
7.2%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
France Italy Sweden Netherlands
4.9%
6.4%7.1%
5.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Retail Office Warehouse Overall
4.9% 5.0% 4.9%
7.0%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
France Italy Sweden Netherlands
Value growth 2007/2008
Total return 2007/2008
Yields 2008
9
European economic and retail statistics
1,20016%177%16,7040.1%26,715UK
65010%89%16,0900.9%25,077France
3007%140%13,5761.4%27,721Sweden
5007%69%16,0360.4%27,643N. Italy
50010%210%13,8061.2%29,374Netherlands
Rent €/m2
Retail Rent Occupancy
Costs
Debt / Disposable
Income
Disposable Income per
Capita€
GDP Growth Forecast
2009
GDP per Capita
€Country
Sources: Eurostat, OECD, MJ Economics, ECP
10
1. Amiens (Somme), Amiens Glisy2. Bourges (Cher), St. Doulchard3. Cormeilles, Les Allées de Cormeilles4. Grenoble (Isère), Les Trois Dauphins5. Hyères (Var), Centr’Azur6. Chasse-sur-Rhône (Isère), Chasse
Sud7. Paris, Passage du Havre8. Paris, Passy Plaza9. Paris, 74 Rue de Rivoli 10. Pas-de-Calais, Noyelles Godault11. Taverny (Val d’Oise), Les Portes de
Taverny12. Tours (Indre et Loire), Les Atlantes13. Yvelines, Buchelay
FRANCE
11
Les Allées de Cormeilles Retail Park (Paris Region)Opened in June 2008
11,000m2 Castorama– 9 year fixed lease at a
rent of €108/m2
– Photovoltaic roof panels (HQE qualification)
11 further tenants including Kiabi, Besson, Bata, Aubert and Casa
– Average rents of €130/m2
Early feedback on sales very positive
12
1. Bergamo (Lombardia), Curno2. Bologna (Emilia Romagna), Centro
Lame3. Carugate, Milano (Lombardia),
Carosello4. Ferrara (Emilia Romagna), Il Castello5. Firenze (Toscana), I Gigli6. Imola (Emilia Romagna), Centro
Leonardo7. Mantova (Lombardia), La Favorita8. Sarzana (Liguria), Centroluna
ITALY
13
12,000m2 extension to the gallery and total refurbishment– New foodcourt– Grass roof– New logo / marketing plan– 95% of extension pre-committed, including H&M and Saturn– Extension scheduled for completion November 2008; foodcourt May 2009
Estimated project cost of €82 million with a forecast return of 7.0%
Carosello, Carugate, MilanoExtension and refurbishment underway
14
1. Göteborg (Västergötland), 4212. Karlskrona (Blekinge), Kronan3. Karlstad (Värmland), Bergvik
Köpcenter4. Laholm (Halland), Mellby Center5. Malmö (Skåne), Burlöv Center6. Norrköping (Östergötland),
MaxiHuset7. Skövde (Västergötland), Elins
Esplanad8. Södertälje (Södermanland),
Moraberg9. Västerås (Västmanland), Hälla
Shopping10. Växjö (Småland), Samarkand
SWEDEN
15
Elins Esplanad, Skövde
16
ICA MaxiH&M
Siba
Kapp
Ahl
Lind
ex
MQKi
cks
Spor
tex
El Giganten
CubusElins Esplanad, Skövde: extension and refurbishment
10,000m2 extension– Fully let to major tenants including H&M, Clas Ohlson, Cubus,
Gina Tricot, Apoteket2,500m2 addition to the ICA Maxi hypermarket with new 15 year leaseIncrease from 13 to 27 shopsGallery excluding hypermarket will be 17,750m2 of which 35% fashion€30 million project to be fully completed in early 2009although refurbished mallwill open in time forChristmas 2008
17
MaxiHuset, Norrköping
MaxiHuset
Bronsen Retail Park
18
8,700m2 extension
– 90% pre-let to major tenants including Stadium, Intersport, MQ, Hemtex, Duka
New 15 year lease signed with ICA Maxi hypermarket
Increase from 17 to 46 shops
Gallery excluding hypermarket will be 14,800m2 of which 50% fashion and 20% sport
€30 million project to becompleted in early 2009
MaxiHuset, Norrköping: extension and refurbishment
Stadium Intersport
ICA MaxiKappAhlLindexH&MCubus
DukaHemtexMQ
19
Next project?: Samarkand, Växjö
20
Where now? Market commentary and investment plans
Focus on existing prime markets of France, Italy and Sweden
Concentrate on extension, refurbishment and good management of existing centres