Professional Documents
Culture Documents
Company Presentation
November 2012
Index
Prelios Snapshot
Prelios 9M 2012 Annexes
Mission
Our mission is to create sustainable value through real-estate strategies and solutions based on excellence, innovation and a seamless integration of competences
consolidate the positioning as a pure real estate manager, increasing the proportion of services for third parties and gradually reducing the invested capital; become a point of reference in real estate services for Italian and international investors through the offer of high standard in terms of quality, governance and transparency; create a sophisticated culture, thus contributing to the real estate sectors structural evolution.
COMPANY PRESENTATION
Prelios Snapshot
A leading real estate manager with a fully integrated business model of specialistic services (Agency, Property, Project, Credit Servicing), management activities (Fund and Asset management) and co-investments
MANAGEMENT PLATFORM
Funds and assets
CO-INVESTMENTS
COMPANY PRESENTATION
COMPANY PRESENTATION
Index
Prelios Snapshot
Prelios 9M 2012
Annexes
SEPTEMBER 2012
+10.1
1)
+15.4
EBIT Investment
-49.6
2)
-9.3
Net Income
-171.0
-152.9
523.6
474.2
Net Equity
153.7
464.4
1) Excluding impairment losses on service platform of 2.5 mln 2) Figures include -35.8 mln as impairment test losses in September 2012 (-25.5 mln in June 2012) and 2.9 mln as loss on CFT portfolio partial sale
COMPANY PRESENTATION
Revenues of which service activities of which other revenues EBIT services Income from equity participations services Impairment test management platform Management platform/G&A EBIT consolidated investment activities Income from equity participations Interest income from Shareholders' loans Investments EBIT incl. income from equity part. & interest income from shareholders' loans Rinascente/Coin gain net of related expenses Profit (loss) before financial expenses, one off property tax, restructuring costs, property writedowns/revaluations and income taxes Financial charges Profit (loss) before property tax, restructuring costs, property writedowns/revaluations and income taxes Restructuring costs Real estate writedowns/revaluations One off - Property tax Profit before taxes Income taxes Net income Minority interests Net income after minority interests
COMPANY PRESENTATION
Management platform
Result Net Invested Capital
Co-investments
Mkt.Value 1) Mkt.Value 100% pro rata Net Debt pro rata NAV pro rata
3,030 3,911 92
957 825 31
459 230 32
Real Estate
7,033
1,813
1,092
721
NPL
1,088
Total coinvestments
Third parties
8,121
1,813
1,092
721
3,287
26
14
12
Total
3.2
156
Total
11,408
1,839
1,106
733
1) Market value based on third party evaluator valuations 2) As NAV for NPL has been considered the net invested capital of 52 million
COMPANY PRESENTATION
(included NPL ~ 1.1 bln (book value) and Real Estate ~ 10.3 bln)
10%
90%
13%
51%
48%
38%
11%
20%
26%
38%
1%
1) Market value based on December 2011 appraisals adjusted of capex and sales of Q1 where new appraisals are not performed
10 COMPANY PRESENTATION
Sales trend
(/mln)
ITALY GERMANY POLAND
1,464.1
472.0
La Rinascente Piazza Duomo disposal
710.4 Italy
238.4
478.4
749.4 235.9
242.0
0.5 4.3
September 2012
11 COMPANY PRESENTATION
September 2011
488.0
523.6
December 2011
Restructuring costs
Financial expenses
Taxes
September 2012
12 COMPANY PRESENTATION
Bank
CLUB DEAL (i) INTESA SANPAOLO
Current Lines
359 20
(ii)
Expiry
Dec-14 Jun-13
TOTAL
Average margin 665 bps (*)
539
(ii) Amortizing with financial covenants related to maximum level of NFP and minimum level of Equity;
13 COMPANY PRESENTATION
9.0 8.1
6.2 5.7
0.3
1.4
0.3
1.1
0.5 Italy 0.6 Ger & PL
1.6
0.3
1.3
0.6 Italy 0.7 Ger & PL
NPL
Real Estate
AuM M.V. Net Debt Net Debt 100% 100% pro rata
NPL
Real Estate
14 COMPANY PRESENTATION
1)
LTV Real Estate 60% : Italy 52%, Germany 72% (pro-rata Prelios) Average Duration 1.6 (1.6 pro-rata Prelios): Italy 1.2, Germany 1.8 Average Spread : 235 bps (pro-rata Prelios) 75% interest rate risk hedged (pro-rata Prelios) Recourse guarantees for approx. 46.6 mln (pro-rata Prelios)
1)
15 COMPANY PRESENTATION
Index
Annexes
16
16
INDICATORS
DRIVERS
Revenues
Sales of consolidated assets Offer of specialised services (listed below) Asset Mgmt. Fund Mgmt. Agency Property & Project Credit Servicing Disposal of consolidated assets/activities
Pro rata net income from sales of minority investments (funds/ vehicles) Capital gain on participation disposals
17 COMPANY PRESENTATION
Management Platform
(/mln)
SEPTEMBER 2012
ITALY Fund & Asset management Property & Project Agency NPL - Credit Servicing G&A (Holding) Revenues Ebit Revenues Ebit Revenues Ebit Revenues Ebit Revenues Ebit Revenues Ebit GERMANY Revenues Ebit Revenues Ebit Revenues 17.6 6.7 11.5 5.5 8.3 (1.3) 9.8 (0.5) 1.1 (7.1) 48.4 3.2 42.3 7.0 0.9 (0.1) 91.6 10.1
1)
POLAND
TOTAL
18 COMPANY PRESENTATION
SEPTEMBER 2012
SEPTEMBER 2011
Asset Management Revenues Ebit Agency Revenues Ebit Property/Facility Revenues Ebit 29.1 2.4 29.6 1.6 5.4 2.7 2.4 0.3 7.8 1.9 10.4 5.0
19 COMPANY PRESENTATION
EBIT+IEP+IIP
ITALY
3,030
2,746
1,563
957
889
498
52%
459
335
-15.8
GERMANY
3,911
3,898
3,067
825
820
596
72%
229
177
1.1
POLAND TOTAL REAL ESTATE CO-INVESTED THIRD PARTIES ITALY THIRD PARTIES GERMANY 1) TOTAL REAL ESTATE
92
48
-1
31
16
-1
-2%
32
-0.4
7,033
6,692
4,629
1,813
1,725
1,093
60%
720
521
-15.1
1,873 1,414
1,727 1,414
421
26
23
14
55%
12
0.1
10,320
9,833
5,050
1,839
1,749
1,107
60%
529 52
-15.0 -34.6
154
7.6
TOTAL PRELIOS
734
-41.9
20 COMPANY PRESENTATION
1,876
1,705
978
516
493
284
55%
232
182
1.4
612
539
420
217
191
141
65%
75
39
-6.9
DEVELOPMENT
130
120
-51
60
56
-4
-7%
64
44
-3.7
LANDS
413
382
216
164
149
77
47%
88
69
-6.6
3,030
2,746
1,563
957
889
498
52%
459
335
-15.8
THIRD PARTIES
1,873
1,727
421
26
23
14
55%
12
0.1
TOTAL ITALY
4,903
4,473
1,984
983
912
512
52%
471
343
-15.7
Third parties Lands 38% 38% Development Trading & Soho 13% 3% 8% Commercial Yielding & Core
21 COMPANY PRESENTATION
Prelios SGR, 90% owned by Prelios Group (the remaining 10% is owned by Intesa Sanpaolo banking group), is a property fund and asset management company 66
4,7
4,5
63 55
The company is active in promoting, setting up and managing real estate investments funds, in real estate advisory and in third parties separate account management
FY2010 AuM ( bn) FY2011
funds(1),
divided into 3
2 ordinary listed retail funds 7 ordinary institutional real estate funds 11 opportunistic real estate funds targeting institutional investors 20% 11%
Ordinary Institutional
44%
25%
(1) Prelios SGR also manages a third parties separate account (2) Total AuM at open market values, including third parties separate account managed by Prelios SGR (3) Fees on AuM at book value
22 COMPANY PRESENTATION
The real estate fund is a segregated pool of assets set up and managed by a regulated entity, the Societ di Gestione del Risparmio (SGR) The SGR independently manages the fund assets in the interest of fund unit-holders
UNIT-HOLDERS
Fund Units
Dividends/ Unit Reimbursements
INCOME STATEMENTEXAMPLE
Rents (+) Gain/(losses) on assets disposal (+/-) Management Fees (-) Other Fees and other costs (-) Financial Interests (-) Net Income
BALANCE SHEETEXAMPLE
Assets RE Assets (AuM RE) Other Assets Total AuM Liabilities Financial Debt Net Asset Value (NAV) Sources of Funds
23 COMPANY PRESENTATION
The Italian Real Estate fund market is one of the few industries constantly growing in the last 10 years Transparent regulatory environment Favorable tax treatment (tax-free instruments at fund level except for real estate property taxes(1)) Nearly 300 funds for a total NAV of ~ 36 bn(2) ~6% NAV growth year on year(3) ~26% NAV growth in the last 3 years(3)
Reserved (Contribution)
14.7
14.9
15.8
16.9
18.7
19.0
Retail (cash)
Italian market characterized by different types of closed-end real estate funds Asset contribution vs. cash Retail vs. institutional investors Asset mix mainly composed by offices (60% of AuM)
3% 9% 6% 8%
60% 10%
Sources: Assogestioni, Scenari Immobiliari (1) Taxation applies to fund distributions to unit-holders, with different incidence according to the investor type (2) As of December 2011 (based on Scenari Immobiliari figures) (3) As of June 2012 (based on the number of funds analyzed by Assogestioni only)
24 COMPANY PRESENTATION
Italian SGRs manage nearly 40 bn of assets(2) Prelios SGR is the 3rd Italian largest player with a 10% market share and is active in the development and management of both retail and institutional investors real estate funds Concentrated market with 8 companies representing nearly 62% of total assets under management Significant opportunities for further consolidation with many SGRs managing less that 2 bn of assets
Source: Semi-annual report Fondi Immobiliari ItalianiAssogestioni/IPD (June 2012) and Prelios SGR analysis on company data (as of December 2011) for Hines SGR, Beni Stabili Gestioni SGR, Est Capital SGR Note: (1) Total AuM as of June 2012 (including a third parties separate account managed by Prelios SGR) (2) Based on the number of funds analysed by Assogestioni only and on Prelios SGR analysis on company data
25 COMPANY PRESENTATION
5% 6%
5% 7% 39% 9% 9%
9% 22%
25%
20%
6% 4%
24% 10%
Milan & Province Offices Telephone exchanges Residential Retail & entertainment Industrial/Logistics Other Turin Palermo Other North-West Provinces Other South & Island Provinces
Rome & Province Naples Other North-East Provinces Other Central Provinces
Assets Under Management are mainly composed by offices, telephone exchanges and retail assets
Prelios SGR manages over 1,150 properties mainly located in the largest Italian cities (~46% of AuM in Milan and Rome)
26 COMPANY PRESENTATION
In Italy, the demand of funds units and asset management services is mainly driven by financial institutional and corporate investors aiming at rationalizing assets under management and diversifying risk Insurance companies Pension funds Foundations Financial Institutions
39% 12% 3% 1% 11% 7% 27%
Financial Insitutions/Sovereign Funds Corporate Investors/Investment Funds Public Entities Free float
MANAGEMENT TEAM WITH A DEEP KNOWLEDGE OF THE ITALIAN INSTITUTIONAL INVESTORS MARKET AND ABLE TO DEVELOP A SOUND INVESTORS BASE ON THE PORTFOLIO UNDER MANAGEMENT
27 COMPANY PRESENTATION
Anastasia
Armilla
Fedora
Office
Retail
Office
Industrial
Office
Office
Office
Industrial
Office
INVESTOR TYPE
Institutional
Retail
Retail
Institutional
Institutional
Institutional
Institutional
Institutional
Institutional
AuM (/M)
511
486
432
382
315
284
232
211
61
DURATION (YEARS)
12
10
10
10
10
16
15
17
EXPIRING DATE
2016
2014
2014
2015
2020
2022
2021
2021
2015
28 COMPANY PRESENTATION
OPPORTUNISTIC
FUND NAME
Social & Public Initiatives Retail & Entertainment
Patrimonio Uffici
Citt di Torino
Monteverdi
Enasarco Uno
Vivaldi
Portafogli Misti
Office
Office
Retail
Office
Resident.
Industria l
Other
Resident.
Resident.
Other
Resident.
INVESTOR TYPE
Institut.
Institut.
Institut.
Institut.
Institut.
Institut.
Institut.
Institut.
Institut.
Institut.
Institut.
AuM (/M)
232
206
144
127
103
78
62
47
44
37
26
DURATION (YEARS)
10
10
10
30
10
EXPIRING DATE
2015
2014
2014
2013
2015
2017
2016
2015
2040
2015
2016
29 COMPANY PRESENTATION
Deep knowledge of the market being one of the first asset management companies established in Italy
Origins dating back to 2003
Integrated team of real estate professionals with experience in negotiation, structuring and completion of real estate transactions
Prelios SGR team has pursued the setting up of funds for more than 9 bn of assets contribution value and realized more than 4 bn of disposals in the past 8 years
Establishment of a series of highly successful and innovative products that have positively transformed the market
Launch in 2004 of Tecla, the Italys first seeded real estate fund for retail investors, and Cloe, the first seeded real estate fund for institutional investors Addressing the needs of institutional investors, launching a number of ordinary and opportunistic (hedge-type) funds Launch in 2007 of the first funds aiming at the valorization of the public portfolio in partnership with Italian local authorities (FIPRS and Citt di Torino) Recent launch of funds placed to a broad arena of institutional investors, such as Anastasia in 2010
30 COMPANY PRESENTATION
Prelios Property & Project Management is a full service provider for medium and large customers
with more than twenty years experience in its field with a knowledge based model
Prelios Property & Project Management is a leader in the Italian market for integrated technical and administration services for real estate management and value enhancement. In more than 20 years, Prelios Property & Project Management has promoted and coordinated large urban projects that rank among Europes most significant for size and quality. As of today, the 50% of turnover is carry out with Third Parties.
31 COMPANY PRESENTATION
Building Management Documentation Management, Due Diligence and Sales Support Management & Development of Shopping Center
These activities make it possible to carefully evaluate the potential of an investment; they paint a clear picture of the opportunities and the possible problems. It takes charge of any task related to documentation management, due diligence from analysis and maps to the fulfilments involving regulations and certifications and sales support. These activities carry out all the different tasks relevant to the management of a shopping center, maximizing the profitability of such an investment. The Company manages all operational aspects of services provision; all administrative issues and relations with retailers; marketing and promotional events; and tenant mix enhancement and reinforcement plans (in cooperation with Prelios Agency). Providers of services such as feasibility analysis, planning and construction, design manager, project manager, general building contractor, and guarantee of excellent results devoting special attention to its efficiency and safety
Project Management
PhotoVoltaic Systems
From 2011. These activities include the optimization of properties environmental impact, the area of green building (when designing new buildings), the possible solutions for green retrofitting (in existing buildings), all the stages of developing, designing and installing medium and large sized photovoltaic plants, particularly those installed on buildings (BAPV/BIPV).
32 COMPANY PRESENTATION
Comune di Milano
Prelios Property Sovigest Manutencoop Social Housing, Lotti 2/4 _ Approx 10.000 lease agreements Approx 12 mln Call center, administration and service provision, management of late payment and evicted, property service and maintenance
10,000
INPDAP (1)
Manager: Properties: Annual rent: Activities: and litigation, Manger: Properties: Annual rent: Activities: and litigation, Manager: Properties: Annual Rent: Activities: and litigation, Manager: Properties Annual rents: Activities: and litigation, Manager: Properties Annual rents: Activities: and litigation,
Prelios Property AGIED Immobiliare Confaro Ente Lotti Rented portfolio, Lotti 3/10 _ Approx 7.500 lease agreements Approx 25 mln Call center, administration and service provision, management of late payment evicted, property service and maintenance, sales support Sovigest - Prelios Property Ente Lotti Rented portfolio, Lotti 1/9 _ Approx 7.000 lease agreements Approx 25 mln Call center, administration and service provision, management of late payment evicted, property service and maintenance, sales support. Sovigest - Prelios Property Portfolio ex INPDAI, Ente Lotto 3 _ Approx 8.000 lease agreements Approx 22 mln Call center, administration and service provision, management of late payment evicted, property service and maintenance, sales support. Prelios Property Immobiliare Confaro portfolio ex INPDAI, Ente Lotto 1 _ Approx 2.500 lease agreements Approx 7 mln Call center, administration and service provision, management of late payment evicted, property service and maintenance, sales support. Prelios Property Portfolio Telecom _ Approx 9.000 lease agreements Approx 7 mln Call center, administration and service provision, management of late payment evicted, property service and maintenance, sales support.
7,500
INPDAP (2)
7,000
INPS (1)
8,000
INPS (2)
2,500
TELECOM
9,000
33 COMPANY PRESENTATION
34 COMPANY PRESENTATION
825,000 sq.m.
N/A
N/A
1985 - 2010
Project Management
Headquarters Pirelli (Milano) Lambda S.r.l. 14,100 sq.m. Pirelli & C. S.p.A. Offices Euro 32 mln end in 2003
Coordination of Building Permits, Project Management, Development Management, Tender and Purchasing
Headquarters Prelios (Milano) Cloe Fund 12,070 sq.m. Prelios S.p.A. Offices Euro 23 mln end in 2009
29,165 sq.m + 8,994 sq.m. UCI Cinemas, Virgin Active, Play City, Darty, etc.
end in 2004 Coordination of Building Permits, Project Management, Development Management, Tender and Purchasing
35 COMPANY PRESENTATION
3M Italia S.p.A.
10,600 sq.m.
3M Italia S.p.A.
Offices
Euro 22 mln
end in 2010
91,000 sq.m. (46,500 sq.m. built) RCS Media Group Offices Euro 74.0 mln end in 2010 Project Management
Auredia S.r.l.
26,200 sq.m.
Finiper
Retail Center
Euro 39 mln
end in 2004
Tritone (Roma)
17,350 sq.m.
La Rinascente
Retail
Project Management
Manifatture Milano
84,282 sq.m.
Manifatture Milano
N/A
Project Management
36 COMPANY PRESENTATION
Agency - Profile
Over time, Prelios Agency has accrued an in-depth knowledge of the market and of the various real estate asset classes.
Thanks to its in-depth knowledge of these markets, Prelios Agency is the benchmark that Italian and International private and institutional clients look to.
The Company is Knight Franks exclusive Italian associate for commercial real estate. Knight Frank, in a partnership with Newmark, is a world leader in real estate consultancy, with offices in five continents.
37 COMPANY PRESENTATION
Prelios Agency provides accurate evaluations, from an analysis of the market situation to the formulation of a Brokers Opinion of Value; careful fine-tuning of an investment strategy, a business plan or a marketing plan; dedicated scouting work aimed at the acquisition of out-ofmarket property. The Company offers an evaluation of entire portfolios through geo-marketing instruments; defines strategies, business plans and marketing plans together with the client; finds buyers, users and leaseholders. Finally, it takes charge of commercial contacts, guides the negotiating process and structures the transaction, giving assistance to the landlord up to and including the closing of the deal. Prelios Agency can represent the owners of land, properties and property portfolios, providing effective coordination and specialized skills to obtain the highest value from the asset sold or leased. Prelios Agency identifies properties with the required characteristics, through carefully tailored scouting work. It provides the same service and expertise in high street retail, via the FIM brand. Also, Prelios Agency can conduct a negotiation in the most effective way, structuring the transaction up to and including the closing of the deal. The services provided by Prelios Valuations & e-Services include Full Appraisals to evaluate the worth of individual buildings or property portfolios through proprietary models for economic and financial analysis; Mass Appraisals, for the statistical re-evaluation of large property portfolios through the Magister system, accessed via a Web channel; Loan Services, for evaluating property collateral used as a credit guarantee, both for performing and for distressed portfolios; e-Services for the distribution of all services through a nationwide property portal.
Appraisal
38 COMPANY PRESENTATION
2011
Entire building
Monotenant
Institutional Investor
2011
Entire building
Retail
Vacant
Euro 30 mln
Private Investor
2011
Entire building
Retail
Pluritenant
Euro 39 mln
Private Investor
2011
Entire building
Industrial
Monotenant
Euro 30 mln
Private Investor
2010
Entire building
Office
Pluritenant
Euro 43 mln
Institutional Investor
2010
Entire building
Office
Monotenant
Euro 73 mln
Institutional Investor
2010
Entire building
Office
Vacant
Euro 23 mln
Private Investor
39 COMPANY PRESENTATION
2010
Entire building
Hospitality
Monotenant
Euro 23 mln
Private Investor
2010
Entire building
Office
Vacant
Euro 28 mln
Institutional Investor
2009
Entire building
Office / Retail
Pluritenant
Euro 65 mln
Private Investor
2009
Entire building
Office
Pluritenant
Euro 60 mln
Institutional Investor
2009
Entire building
Office
Vacant
Euro 37 mln
Private Investor
Transaction
Year
Sales Support Activity: Experience in Management of Public Properties Management activities of the assessment, technical due diligence and documentation of a portfolio of over 300 properties (of which 151 directly managed by Prelios Agency) referring to a public institutions for an equivalent market value of over 1.5 bln. This activities were carried out by the Consorzio G6 Advisor (Prelios Agency, Romeo, Intesa San Paolo and Deloitte) on behalf of the Ministry of Labour and Social Affairs, the Ministry of Economy and Finance and SCIP Securitization of Real Estate Public Company Ltd.)
(/mln)
SCIP 1
2000
1.500
40 COMPANY PRESENTATION
2008
11,100
2009
13,000
2010
10,570
2011
10,400
Track Record
3,350
3,700
5,550
10,500
Loan Service
8,400
13,200
233,000
251,000
249,000
263,000
53,000
116,000
92,000
103,000
22,000
52,000
67,000
Mass Appraisal
6,000 5,000 3,000
7,000
3,000
4,000
5,000
14,000
3,000
3,000
SNAM PIRELLI BANCO DI SARDEGNA TOURING CLUB ITALIANO THETIS CARISPAQ AGOS ITAFINCO
2009
COGEMAR BANCA INTERMOBILIARE DI INVESTIMENTI E GESTIONI BANCA POPOLARE DI APRILIA GEFIN IMMOBILIARE SRL CEAM BANCA POPOLARE DI RAVENNA TECNOCOSTRUZIONI
Full Appraisal
2010
EUROPA RISORSE AHLSTROM OFFICINE FONDERIE CERVATI BAYER CROP SCIENCE PRELIOS CREDIT SERVICING UNITED SAFETY
2011
CREDIT SUISSE DHL PIAGGIO AERO STOLL PORSCHE ENPAIA KNIGHT FRANK
41 COMPANY PRESENTATION
Prelios Credit Servicing Spa (PRECS) is a NPL Servicing company registered as art.107 of Banking Law company. Thanks to its unique track record in the NPL market, PRECS is one of the main Italian player of the sector with 8 bln of assets under management. The positive opinion of the rating agencies confirms the authoritativeness and the reliability of the company.
42 COMPANY PRESENTATION
Loan Management structure to proactively manage secured and unsecured claims throughout the domestic market Proprietary IT platform specific for NPL management Master Servicing Function carrying out all the servicing activities related to the Law 130 Vehicles Portfolios. Legal Network Coordination to improve efficiency and selection of the external lawyers National NPL Consultant Network aimed at speeding up collection recovery, negotiating out-of-court proposals and finding third party buyers at auctions and technical department to evaluate the guarantees for the Npls Portfolio Asset department to support the NPL collection under the guidelines of the applicable special services documentation and interface with external sources including securitized bond investors and rating agencies.
43 COMPANY PRESENTATION
Portfolio
Originator
Portfolio SAGRANTINO ELIPSO CALLIOPE ISLAND REFINANCING ICR8 CFT LSF TOTAL PARTECIPATED BNL Cassa di Risparmio di Cento Zeus Finance srl TOTAL THIRD PARTIES GRAND TOTAL
Originator BPVN, Intra, Akros, Barclays, Bank PLC BAPV BNL BdS
Banca Pop. Intra, Antonveneta, Ist. Credito Fondiario Toscana UCB Banca Italfondiario
44 COMPANY PRESENTATION
LTV
EBIT+IEP+IIP
DGAG (Residential) HIGHSTREET1) (Commercial) Residential Small deals Commercial & other TOTAL GERMANY COINVESTED THIRD PARTIES GERMANY (BAUBECON) 1)
923
919
668
369
368
267
72%
102
73
2.0
2,731
2,731
2,289
330
330
277
84%
54
43
0.0
117
116
79
59
58
40
68%
18
15
-2.6
139
132
31
66
64
12
18%
55
45
1.7
3,911
3,898
3,067
825
820
596
72%
229
177
1.1
1,414
1,414
2)
TOTAL GERMANY
5,325
5,312
3,067
825
820
596
72%
229
177
1.1
92
48
-1
31
16
-1
-2%
32
-0.4
45 COMPANY PRESENTATION
Total Asset Under Management at Market Value of 1.0 /bln. The portfolio in JV focused in North (93%) Units owned ~ 20k. Units managed ~ 70k Vacancy ~ 3,0% Annual estimated NCR 75 /mln Yield on BV ~ 7,3%
Southwest 4% Braunschweig Magdeburg 7% 3%
Hamburg 17%
Lbeck 42%
Kiel 28%
46 COMPANY PRESENTATION
DGAG: Key data September 2012 Units: 18,139 Cities: Kiel, Lbeck Yield: 7.3 % Vacancy: 2.4% Vacancy
Vacancy RU %
4,00% 3,50% 3,00% 2,50% 2,00% 1,50% 3,2% 2,9% 2,4% 3,6% 3,0% 5,20 5,13 2,4% 2,3% 2,2% 2,2% 5,00 5,00 2,4% 5,10 5,06 5,19 5,14 5,16 5,21 5,30
Rents Growth
NRC EURO/qm
5,24
5,09
5,11
4,90
Vacancy Rate
Rent per square meter development (net rent contracted residential and commercial)
47 COMPANY PRESENTATION
48 COMPANY PRESENTATION
Quota PRE
Passing Rent
Passing Yield
Vacancy
Book Value
Market Value
Net Debt
15.7%
TOTAL Italy
Commercial & Other Germany
Mistral Properties DGAG - Special Properties 41.0% 100.0%
123,932
4,826
4,826 -
7.2%
5.3%
6.3%
17.1%
11.1%
11.1%
1,710,088
90,500
76,729 13,771
1,890,842
90,812
77,041 13,771
986,063
26,291
33,550 (7,259)
Highstreet (Commercial)
Highstreet 12.1%
165,107
165,107
6.0%
6.0%
1.5%
1.5%
2,729,724
2,729,724
2,729,724
2,729,724
2,305,097
2,305,097
12,936
7,788 5,148
7.3%
6.6% 8.7%
5.6%
8.0% 2.0%
177,580
118,343 59,237
190,879
120,125 70,753
128,508
86,462 42,046
DGA G Residential
DGAG - Residential (DGAG & Solaia) 40.0%
67,088
67,088
7.3%
7.3%
2.4%
2.4%
921,262
921,262
2)
924,268
924,268
657,967
657,967
249,956 373,889
7,941 342 1,233 116
6.4% 6.6%
n.m. n.m. n.m. n.m. n.m.
2.3% 8.6%
n.m. n.m. n.m. n.m. n.m.
3,919,066 5,629,154
537,850 247,431 378,719 47,220 45,653
3,935,683 5,826,525
617,550 271,640 412,397 48,425 91,296
3,117,863 4,103,926
435,502 102,410 212,358 15,411 (1,021)
OTHER PORTFOLIO
9,632
1,256,874
1,441,308
764,659
383,521
5.6%
6,886,027
7,267,833
4,868,585
49 COMPANY PRESENTATION
Quota PRE
Passing Rent
Passing Yield
Vacancy
15.7%
TOTAL Italy
Commercial & Other Germany
Mistral Properties DGAG - Special Properties 41.0% 100.0%
34,608
3,734
3,734 -
7.0%
8.3%
11.9%
21.9%
10.3%
10.3%
496,078
45,252
31,481 13,771
524,051
45,763
31,992 13,771
288,239
7,658
14,917 (7,259)
Highstreet (Commercial)
Highstreet 12.1%
19,978
19,978
6.0%
6.0%
1.5%
1.5%
330,297
330,297
330,297
330,297
278,504
278,504
5,949
3,890 2,059
7.2%
6.6% 8.7%
5.9%
8.0% 2.0%
82,802
59,108 23,695
88,304
60,003 28,301
60,349
43,531 16,818
DGA G Residential
DGAG - Residential (DGAG & Solaia) 40.0%
26,835
26,835
7.1%
7.1%
2.4%
2.4%
376,768
376,768
369,707
369,707
267,542
267,542
56,496 91,104
2,742 658 44
6.8% 6.8%
n.m n.m n.m n.m. n.m
3.0%2) 11.7%
n.m n.m n.m n.m. n.m
835,119 1,331,197
190,092 96,141 147,154 20,681 15,545
834,071 1,358,122
219,672 104,297 162,727 20,711 31,041
614,054 902,292
146,142.380 44,387 75,365 6,376 (524)
OTHER PORTFOLIO
3,444
469,613
538,447
271,747
94,548
5.3%
1,800,810
1,896,569
1,174,039
50 COMPANY PRESENTATION
SEPTEMBER 2012
DECEMBER 2011
Fixed assets of which participations and shareholders' loan of which goodwill Net working capital Inventories Trade receivables Trade payables Other payables/receivable
Net invested capital Net equity of which group net equity Funds Net financial position Total sources
51 COMPANY PRESENTATION
Market; 74%
52 COMPANY PRESENTATION
Disclaimer
This presentation contains statements that constitute forward-looking statements based on Prelios SpAs current expectations and projections about future events and does not constitute an offer or solicitation for the sale, purchase or acquisition of securities of any of the companies mentioned and is directed to professionals of the financial community. These statements appear in a number of places in this presentation and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activities and situation relating to the Company. Such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those expressed in or implied by these forward looking statements as a result of various factors, many of which are beyond the ability of Prelios SpA to control or estimate precisely. Consequently it is recommended that they be viewed as indicative only. Analysts are cautioned not to place undue reliance on those forward looking statements, which speak only as of the date of this presentation. Prelios. SpA undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Prelios. SpA business or acquisition strategy or to reflect the occurrence of unanticipated events. The Manager mandated to draft corporate accounting documents of Prelios. SpA., attests as per art.154-bis. comma 2 of the Testo Unico della Finanza (D.Lgs. 58/1998) that all the accounting information contained in this presentation correspond to the documented results, books and accounting of the Company.
53 COMPANY PRESENTATION
Riccardo Taranto, Prelios Financial Reporting Officer, declares, pursuant to article 154-bis of the Uniform Financial Act 871998 (Decree 58/1998) that the accounting information contained in this presentation, corresponds to the underlying documentary records, books of accounts and accounting entries.