38% 38% 24% - Eurocommercial Properties

38% 38% 24% - Eurocommercial Properties

Who we are
Eurocommercial is a long term
investor and manager of prime
retail property in France, Northern
Italy and Sweden with assets
currently valued at €2.7 billion. The
Company was founded in 1991
and is a quoted company with
a broad shareholder base. As a
Dutch fiscal investment institution,
Eurocommercial is zero rated for
corporate income tax.
Focused investment
strategy
– Prime retail property
– Three wealthy markets
– Research led investments
– Retail sales transparency
– Professional management
– Steadily rising dividends
France
Italy
Sweden
38%
38%
24%
€ million Net yield %
Amiens Glisy, Amiens
46.00
5.4
Les Grands Hommes, Bordeaux 17.10
4.9
Saint Doulchard, Bourges
36.30
5.5
Chasse Sud, Chasse-sur-Rhône 36.20
6.1
Les Allées de Cormeilles, Cormeilles 41.10
5.8
Les Trois Dauphins, Grenoble
36.10
5.6
Centr’Azur, Hyères
47.60
5.7
Plaine de France, Moisselles
74.60
5.4
Passage du Havre, Paris
301.00
4.7
Passy Plaza, Paris
134.70
5.1
74 Rue de Rivoli, Paris
51.90
4.5
Les Portes de Taverny, Taverny
59.00
5.3
Les Atlantes, Tours
122.20
5.0
Total
1,003.805.1
Curno, Bergamo
Centro Lame, Bologna
Cremona Po, Cremona
Il Castello, Ferrara
I Gigli, Firenze
Centro Leonardo, Imola
La Favorita, Mantova
Carosello, Carugate, Milano
I Portali, Modena
Centroluna, Sarzana
Total
€ million Net yield %
SEK million Net yield %
94.50
6.4
36.10
6.8
81.00
6.8
100.60
6.5
254.20
5.9
68.70
6.2
47.00
6.7
280.30
6.1
42.00
6.2
24.80
6.9
1,029.206.2
421, Göteborg
750.00
5.9
Eurostop, Halmstad
569.00
5.9
Kronan, Karlskrona
179.00
6.0
Bergvik, Karlstad
654.00
5.3
Mellby Center, Laholm
169.00
6.1
Ingelsta Shopping, Norrköping
987.00
5.6
Elins Esplanad, Skövde
668.00
5.7
Moraberg, Södertälje
433.00
5.6
Hälla Shopping, Västerås
161.00
6.6
Grand Samarkand, Växjö
849.00
5.3
Total
5,419.005.7
Steadily rising dividends since inception
€
2.00
€1.92
1.50
1.00
€1.07
0.50
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Property summary
Key figures
Property values (€m)
2,664
Gross lettable area (m2)618,000
Number of properties
33
Number of shops
1,392
Like for like rental growth
3.0%
Sales turnover growth
1.0%
Occupancy cost ratio 7.9%
Funding summary
Loan maturity schedule
2011/12
2010/11
2009/10
2008/09
2007/08
Rental income (€m)
163.0
153.5
140.9
134.2
128.7
Net property income (€m)
139.4
131.1
120.5
114.4
110.0
Direct investment result (€m)
79.5
76.8
70.0
65.0
62.8
Net financing expenses (€m)
(48.9)
(44.5)
(41.9)
(40.8)
(38.1)
Adjusted net asset value per depositary receipt (€)
36.92
36.35
33.90
33.02
39.83
1.92
1.88
1.82
1.78
1.75
Dividend per depositary receipt (€)
Number of shares in issue 41.74 million €m
300
Shareholders’
adjusted net equity €1.47 billion
Net debt €1.15 billion 250
Net debt to adjusted
net equity ratio 78% 200
Net loan to property value ratio 43%
Interest cover 2.5x 150
Average loan term c. 6 years
Average fixed interest period 7.5 years
Average loan margin 89 bps
Overall interest cost 4.0%
Head Office
Eurocommercial Properties N.V.
Herengracht 469, 1017 BS Amsterdam
The Netherlands
Tel: 31 (0)20 530 60 30 Fax: 31 (0)20 530 60 40
285
Email: [email protected]
Website: www.eurocommercialproperties.com
226
United Kingdom
4 Carlton Gardens, London SW1Y 5AB
Tel: 44 (0)20 7925 7860 Fax: 44 (0)20 7925 7888
124
France
107 rue Saint Lazare, 75009 Paris
Tel: 33 (0)1 48 78 06 66 Fax: 33 (0)1 48 78 79 22
118
100
86
71
68
56
50
2013
Data as per 31 December 2012
Directory
2014
2015
2016
2017
2018
65
50
2019
40
2020
2021
2022
2023+
Italy
Via della Moscova, 3, 20121 Milano
Tel: 39 02 760 759 1 Fax: 39 02 760 161 80
Sweden
Kungsgatan 48, 111 35 Stockholm
Tel: 46 (0)8 678 53 60 Fax: 46 (0)8 678 53 70