Half Year 2012/2013 Results

Transcription

1 Half Year 2012/2013 Results

2 2.7 BILLION OF PRIME RETAIL PROPERTY IN FRANCE, NORTHERN ITALY AND SWEDEN France 38% Italy 38% Sweden 24% 2

3 HALF YEAR RESULTS 2012 / months to December 2012 Direct investment result: +1.2% to 39.8 million Net property income: +5.9% to 72.0 million Like for like rental growth: +3.0% Retail sales turnover: +1.0% (12 months) Property revaluations: -0.5% to 2.7 billion Adjusted net asset value: -1.7% to per depositary receipt 3

4 RENTAL GROWTH 12 months to December 2012 Like for like rental growth Relettings and renewals Average rental uplift on relettings and renewals Overall +3.0% % France +3.5% % Italy +3.0% % Sweden +2.3% 57 +9% 4

5 RETAIL SALES TURNOVER* 12 months to December 2012 * Excluding extensions. 5

6 SALES TURNOVER BY SECTOR* 12 months to December 2012 * Excluding extensions. 6

7 OCCUPANCY COST RATIOS* December 2012 * Rent plus marketing contributions, service charges and tenant property taxes as a proportion of turnover including VAT. Excluding hypermarkets. 7

8 VALUATIONS December 2012 Valuation changes Net yield including purchase costs* Six months to 31 December 2012 Twelve months to 31 December 2012 At 31 December 2012 Overall -0.5% -0.7% 5.7% France +1.4% +1.9% 5.1% Italy -2.0% -3.1% 6.2% Sweden -1.0% -0.5% 5.7% * Net 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. 8

9 EXTENSIONS AND REFURBISHMENTS Property Project Expected completion date Expected cost Expected net return on cost Chasse Sud, Chasse-sur-Rhône Saint Doulchard, Bourges 17,800m 2 retail park development 1,000m 2 extension and refurbishment End million 7% Summer million 7% Centr Azur, Hyères I Portali, Modena I Gigli, Firenze Refurbishment Spring million Refurbishment End million Refurbishment million Eurostop, Halmstad 20,000m 2 extension and refurbishment Planning application submitted 9

10 INCREASED FOCUS ON CUSTOMER SERVICES Upgraded websites Mobile apps Free wi-fi Loyalty cards Gift cards CRM system Welcome desks Social networking Kids areas and baby changing Click-and-collect points Improving the customer experience Collating data for use in marketing and merchandising decisions 10

11 FUNDING SUMMARY AT 31 DECEMBER 2012 Shareholders adjusted net equity Total net borrowings* Average loan term Average loan margin 1.47 billion 1.15 billion c. 6 years 89 bps Average overall interest rate 4.0% Net debt to adjusted net equity ratio* Net loan to property value ratio* 78% 43% * After netting off the cash resources of 37.6 million. 11

12 LOAN MATURITY SCHEDULE ( m)* * Maturities are stated by calendar year. 12

13 FRANCE OVERVIEW Valuations up 1.4% since June 2012 and 1.9% since December 2011 Net initial yield 5.1% compared with 5.2% in June 2012 and December 2011 Rental growth: 3.5% Turnover growth: -0.8% Shops < 600m 2 : +0.6% Development of 17,800m 2 retail park opposite Chasse Sud in Chasse-sur-Rhône progressing well Extension and refurbishment of Saint Doulchard, Bourges underway Refurbishment of Centr Azur in Hyères due to be completed by the summer 13

14 CHASSE SUD RETAIL PARK, CHASSE-SUR-RHÔNE Construction underway New retail park Existing shopping centre 14

15 ITALY OVERVIEW Valuations down 2.0% since June 2012 and 3.1% since December 2011 Net initial yield 6.2% compared with 6.1% in June 2012 and 6.0% in December 2011 Rental growth: 3.0% Turnover growth: 1.8% 2012 visitor numbers at I Gigli in Firenze increased by 22% over 2011 to 17.5 million, making it the second most visited centre in Italy Refurbishments at I Gigli in Firenze and I Portali in Modena expected to begin later in

16 I GIGLI, FIRENZE Refurbishment due to start in 2013 Before After 16

17 SWEDEN OVERVIEW Valuations down 1.0% since June 2012 and 0.5% since December 2011 Net initial yield 5.7% compared with 5.6% in June 2012 and December 2011 Rental growth: 2.3% Turnover growth: 1.5% Hypermarkets: 4.3% and Galleries: -0.2% Sale of Burlöv Center in Malmö completed in November 2012 for SEK 1,158 million Planning process underway for possible 20,000m 2 extension of the Eurostop shopping centre in Halmstad 17

18 OUTLOOK Demand for prime property investment remains high Rental growth expected to be slightly above inflation through indexation and rent reviews Overall vacancies should fall again by the end of the financial year 18