40% 38% 22%

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 listed 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
France
Italy
Sweden
40%
38%
22%
€ million
Net yield %
Amiens Glisy, Amiens
47.50
Les Grands Hommes, Bordeaux 17.90
Saint Doulchard, Bourges
39.40
Chasse Sud, Chasse-sur-Rhône 57.10
Les Allées de Cormeilles, Cormeilles 41.80
Les Trois Dauphins, Grenoble
36.80
Centr’Azur, Hyères
52.70
Plaine de France, Moisselles
75.60
Passage du Havre, Paris
341.70
74 Rue de Rivoli, Paris
59.80
Les Portes de Taverny, Taverny
61.60
Val Thoiry, Thoiry
116.90
Les Atlantes, Tours
137.70
Total
1,086.50
5.7
4.6
6.0
5.8
5.7
5.6
5.4
5.6
4.3
4.1
5.2
5.4
5.0
5.0
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 %
97.50
36.20
81.20
104.70
266.10
66.50
43.20
295.30
43.00
24.60
1,058.30
6.4
6.8
6.8
6.4
6.1
6.3
6.6
5.8
6.2
6.8
6.2
421, Göteborg
758.00
Eurostop, Halmstad
621.00
Kronan, Karlskrona
173.00
Bergvik, Karlstad
670.00
Mellby Center, Laholm
169.00
Ingelsta Shopping, Norrköping
997.00
Elins Esplanad, Skövde
731.00
Moraberg, Södertälje
422.00
Hälla Shopping, Västerås
133.00
Grand Samarkand, Växjö
942.00
Total
5,616.00
5.6
5.8
5.6
5.4
6.0
5.8
5.5
5.9
6.2
5.1
5.6
–– Research led investments
–– Retail sales transparency
–– Professional management
–– Steadily rising dividends
Property summary
Property values (€m)
ECMPA.NA
ISIN NL0000288876
2,743
Retail gross lettable area (m )
2
Number of properties
Key figures
653,000
33
2013/14
2012/13
2011/12
2010/11
2009/10
Rental income (€m)
174.9
172.6
163.0
153.5
140.9
Net property income (€m)
147.0
144.4
139.4
131.1
120.5
Number of shops
1,436
Direct investment result (€m)
82.9
81.5
79.5
76.8
70.0
Like for like rental growth
0.9%
Net financing expenses (€m)
(52.7)
(51.8)
(48.9)
(44.5)
(41.9)
Sales turnover growth
1.5%
Adjusted net asset value per depositary receipt (€)
36.74
36.47
36.92
36.35
33.90
Occupancy cost ratio
8.2%
Dividend per depositary receipt (€)
1.94
1.92
1.92
1.88
1.82
Dividend progression since inception
Stock price vs. NAV
€
€
2.00
€1.94
45.00
40.00
1.50
35.00
1.00
€1.07
Stock price
IFRS NAV
Adjusted NAV
30.00
25.00
0.50
20.00
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
Funding summary
Loan maturity schedule
Directory
Number of shares in issue
€m
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
42.45 million
Shareholders’ adjusted
net equity
€1.55 billion
Net debt
€1.15 billion
400
Net debt to adjusted
net equity ratio
75%
Net loan to property value ratio
42%
Average loan term
Email: [email protected]
Website: www.eurocommercialproperties.com
300
>4 years
Average fixed interest period
8 years
Average loan margin
89 bps
Overall interest cost
369
United Kingdom
4 Carlton Gardens, London SW1Y 5AB
Tel: 44 (0)20 7925 7860 Fax: 44 (0)20 7925 7888
226
200
France
107 rue Saint Lazare, 75009 Paris
Tel: 33 (0)1 48 78 06 66 Fax: 33 (0)1 48 78 79 22
159
3.6%
121
100
Data as per 31 December 2014
61
2015
2016
2017
2018
56
2019
82
70
43
2020
2021
23
2022
2023
2024+
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