Half Year Results 2015/2016
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1 Half Year Results 2015/2016
2 3.3 billion of prime retail property 2
3 Half year results 2015/ December 2015 Direct investment result: +14.0% to 48.8 million ( 1.03 per depositary receipt) Net rental income: +2.7% to 73.9 million Property valuations: +6.0% to 3.3 billion Adjusted net asset value: +11.1% to per depositary receipt Retail sales turnover growth: +4.5% (12 months to December 2015) Uplift on relettings and renewals: +11% Like for like rental growth: +0.7% 3
4 Three important acquisitions in Italy and Sweden Collestrada, Perugia 31/12/15 valuation: million; 5.7% 50% share of Fiordaliso, Milan 135 million at 5.8% Increased ownership of Bergvik, Karlstad 64.6 million at 5.3% 4
5 Rental growth 12 months to December 2015 Number of relettings and renewals Average rental uplift on relettings and renewals Like for like rental growth Overall % 0.7% France 19 20% 0% Italy % 1.1% Sweden 44 7% 1.0% VACANCIES AND ARREARS MINIMAL 5
6 Retail sales growth* To December % 7.5% 6.5% 5.5% 4.5% 3.5% 2.5% 1.5% 0.5% -0.5% 7.8% 5.6% 6.2% 4.5% 4.1% 3.3% 1.7% Overall -0.3% France Italy Sweden 12 months 3 months * Excluding hypermarkets, Systembolaget and extensions 6
7 Occupancy cost ratios* December % 8.0% 9.7% 9.6% 9.6% 9.9% 8.0% 8.0% 8.1% 7.9% 6.0% 4.0% 2.0% 0.0% Overall France Italy Sweden Retail sales incl. VAT Retail sales excl. VAT * Rent plus marketing contributions, service charges and tenant property taxes as a proportion of retail sales Excluding hypermarkets, Systembolaget and extensions 7
8 Valuations December 2015 Valuation growth Net initial yield* Six months to 31 December 2015 Twelve months to 31 December 2015 At 31 December 2015 Overall 3.1% 6.0% 5.2% France 4.2% 7.2% 4.6% Italy 2.4% 5.1% 5.8% Sweden 2.5% 5.5% 5.2% * Net initial yield figures are derived by dividing expected net income for the coming year by the valuation figure, to which has been added the relevant standardised market allowance for deemed purchaser s costs (usually notional transfer taxes) in the particular country. Average yields exclude Eurostop, Halmstad which is under development 8
9 Extensions and refurbishments December 2015 Property Project Expected timing FRANCE Estimated cost Expected net return on cost Chasse Sud, Chasse-sur-Rhône 5,500m 2 extension Completion summer million min. 7.5% Plaine de France, Moisselles-Domont Refurbishment Completion million Amiens Glisy, Amiens 5,000m 2 extension and refurbishment Pre-leasing underway 15 million 6-7% Les Atlantes, Tours Extension Planning in progress Val Thoiry, Greater Geneva Extension Land acquired Shopping Etrembières, Greater Geneva Extension Land acquired ITALY I Gigli, Firenze Hypermarket acquisition, gallery extension and refurbishment Completion May million 5-6% Carosello, Milano Extension Planning in progress SWEDEN Eurostop, Halmstad 16,000m 2 extension and refurbishment Completion end million 7% 9
10 Funding summary at 31 December 2015 Shareholders adjusted net equity Total net borrowings Average loan term 1.94 billion 1.38 million 4.5 years Loan book hedged for interest exposure 69% Average term of hedges Average loan margin 8 years 94 bps Average overall interest rate 2.7% Net debt to adjusted net equity ratio 71% Net loan to property value ratio 41% 10
11 Non-current borrowings maturity schedule* m * Maturities are stated by calendar year 11
12 France Performance overview Valuation of portfolio up 7.2% since December 2014 Net initial yield: 4.6% (December 2014: 5.0%) Central Paris property yields averaged 3.7% while suburban centres averaged 5.0% Like for like rental growth: 0% Like for like retail sales growth: 1.7% Excluding Passage du Havre, retail sales increased by 4% Occupancy cost ratio: 8.0% 12
13 France Extension of Chasse Sud retail park 5,500m 2 extension of Chasse Sud retail park Around 90% pre-let ahead of planned opening in June 2016 Retailers include Beaumanoir Group, Picard Surgelés, Buffalo Grill and Memphis Coffee Expected to produce a net return on total cost of 9.5 million of over 7.5% 13
14 Italy Performance overview Valuation of portfolio up 5.1% since December 2014 Net initial yield: 5.8% (December 2014: 6.2%) Like for like rental growth: 1.1% Like for like retail sales growth: 5.6% Occupancy cost ratio: 8.1% Acquisition of Fiordaliso in Milan and Collestrada in Perugia Agreement signed with Primark to lease a store at I Gigli 14
15 Italy Acquisition of Collestrada, Perugia Perugia is a wealthy town in Umbria located halfway between Florence and Rome Total GLA of 28,000m 2, including an 11,045m 2 hypermarket let on an 18 year lease to Ipercoop Catchment of 345,000 people and attracts almost five million visitors a year 50 shops including Zara, H&M, Media World, Bershka and McDonald s Average turnover for the gallery shops is over 5,550 per square metre and the gallery occupancy cost ratio is a very healthy 6% Opportunity for refurbishment and extension 15
16 Italy Acquisition of Fiordaliso, Milan Carosello Acquisition from Gruppo Finiper of 50% of Fiordaliso shopping centre in southern Milan Total cost 121 million; net initial yield of 5.6% Centre has total floor area of 55,800m 2 gallery 32,000m 2, 12,000m 2 of external retail units and 11,800m 2 hypermarket Eurocommercial responsible for management and leasing Fiordaliso Milan Plans progressing to refurbish the centre and improve the merchandising Acquisition of adjoining retail park expected to be completed in March 2016 for 14 million at a net initial yield of 6.6% 16
17 Sweden Performance overview Valuation of portfolio up 5.5% since December 2014 Net initial yield: 5.2% (December 2014: 5.6%) Like for like rental growth: 1.0% Like for like retail sales growth: 6.2% 3 months to December 2015: 7.8% Occupancy cost ratio: 7.9% Increase in ownership of Bergvik in Karlstad Commencement of the 16,000m 2 extension of Eurostop in Halmstad Eurocommercial Sweden won Landlord of the Year for the second time in three years 17
18 Sweden Increase in ownership of Bergvik, Karlstad Acquisition in November 2015 of the 11,000m 2 COOP hypermarket and 8,000m 2 of new shops adjoining our existing gallery of 13,750m 2 Hyper leased back to COOP on a 15 year term Total purchase cost SEK 600 million ( 64.6 million), representing a net initial yield of 5.3% Eurocommercial s total ownership increased to SEK 1,297 million ( 141 million), making it our largest Swedish asset by value Bergvik is one of Sweden s largest regional shopping centres serving a catchment of 300,000 people Tenants include H&M, Clas Ohlson, Lindex, Stadium and Cubus 18
19 Sweden Extension of Eurostop, Halmstad 16,000m 2 extension and refurbishment Around 70% of the new retail area is now pre-let New tenants include Stadium, Coop Extra, Nilson Group, Jack and Jones, Vero Moda and Gina Tricot Total cost expected to be approximately 75 million, yielding a net return on cost of around 7% Completion expected by the end of 2017 and will comprise a total GLA of approx. 40,000m 2 with around 90 tenants 19
20 Outlook Pursue good quality, earnings accretive acquisitions in France, Italy and Sweden Continue extension and refurbishment programme to upgrade existing properties Take advantage of the low interest rate environment to reduce cost of debt 20
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