March 2012

Transcription

March 2012

Company presentation
March 2012
Index
Prelios Snapshot
Prelios 2011
Guidelines 2012-2014
Annexes
2
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 sector’s structural evolution.
3
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
CO-INVESTMENTS
 Funds and assets
management
 Agency
 Property & Project
Management
 Credit Servicing
4
 Real estate Funds
 Real estate SPVs
 NPLs
THIRD PARTIES
THIRD PARTIES
PORTFOLIO
PORTFOLIO
A lean and efficient organization
5
Index
Prelios Snapshot
Prelios 2011
Annexes
6
Results and Targets
(€/mln)
December 2011
December 2010
Mgmt Platform revenues
149.0
162.3
Mgmt Platform EBIT
+20.3
+24.1
AUM Real Estate book (€/bln)
of which: third parties
Net Financial Position
Assets Sales (€/bln)
Consolidated net profit
10,7
~ 30%
Targets
(BoD 11/11/11)
+20/+24
12,7
1)
~ 15%
2)
488.0
424.0
<500
1,8
1,6
~1,5
-289.6
-95.3
1)
Includes 1.4 bln of portfolio Baubecon.
2)
Includes the reclassification of F. Cloe and F. Armilla (Prelios stake less than 5%), into third parties funds.
7
<11 bln
(270)/(290)





Consolidated Profit and Loss
(€/mln)
ACTUAL 2011
DECEMBER
ACTUAL 2011
SEPTEMBER
Revenues
177.8
121.6
254.0
of which service activities
of which other revenues
149.0
28.8
113.6
8.0
162.3
91.7
EBIT services
19.2
14.5
23.5
Income from equity participations services
Management platform/G&A
1.1
20.3
0.9
15.4
0.6
24.1
EBIT consolidated investment activities
(24.5)
(15.3)
(3.5)
Income from equity participations
Interest income from Shareholders' loans
Investments
(45.7)
23.8
(46.4)
(13.9)
19.9
(9.3)
(3.9)
24.4
17.0
(26.1)
6.1
41.1
31.8
31.8
5.7
37.9
41.1
(29.8)
(23.7)
(23.7)
(24.1)
14.2
17.4
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
(48.7)
(21.1)
(21.2)
(194.6)
(136.1)
(77.3)
(8.9)
(8.9)
0.0
Profit before taxes
(276.2)
(151.9)
(81.0)
Income taxes
Net income
(15.3)
(291.5)
(2.2)
(154.1)
(13.4)
(94.4)
1.9
1.2
(0.9)
(289.6)
(152.9)
(95.3)
Real estate writedowns/revaluations
One off - Property tax
Minority interests
Net income after minority interests
8
ACTUAL 2010
DECEMBER
Key metrics as December 2011
Co-investments
Management platform
1)
Result
Fund & Asset
2,7
Property & Project
7.4
Credit Servicing
-2.4
Total Platform
29.7
G&A
Net Invested
Capital
22.0
Agency
Mkt.Value
100%
Italy
Germany
Poland
Real Estate
NPL
Total coinvestments
9
20.3
1)
Market value based on third party evaluator valuations
2)
As NAV for NPL has been considered the net invested capital
Net Debt
pro rata
NAV
pro rata
3,486
4,212
102
1,116
911
35
597
662
4
519
248
31
7,800
2,062
1,264
798
2)
1,215
102
9,015
2,062
1,264
900
3,363
28
15
13
-9.4
Third parties
Total
Mkt.Value
pro rata
165
Total
12,378
2,090
1,279
913
Prelios’ Portfolio December 2011
Asset under Management € 12.4 bln (mkt value)
(included NPL € 1.2 bln (book value) and Real Estate € 11.2 bln)
10%
NPL
Real
Estate
90%
Breakdown by Geographical area
Italy: Breakdown by use
14%
50%
49%
Italy
37%
14%
Residential &
Trading
Development &
Other
Third parties
Poland
Germany & Poland: Breakdown by use
Residential &
Trading
21%
2%
52%
Development
& Other
Third parties
25%
Germany
1%
10 COMPANY PRESENTATION
36%
Commercial
Yielding & core
Commercial
& other
Real Estate Writedowns and Revaluations
(€/mln)
September 2011
Germany
(81.9)
(136.1)
(2.4)
(51.8)
Italy
Poland
(81.9)
(81.9)
Q4
(55.0)
0.1
Poland
(47.4)
(11.2)
Germany
Italy
December 2011
(194.6)
(2.3)
Poland
(99.2)
(93.1)
Italy
Germany
Restructuring costs and one off items
(€/mln)
21.1
19.1 mln in Q3
48.7
3.0
3.5
5.4
21.1
10.0
27.6 mln in Q4
13.7
2.0
Layoff Precs
Price adjustment/
costs on previous
years disposals
June
2011
Receivables
Write offs
Restructuring
costs
September
2011
Layoff
Precs
Network
(Rebranding)
Receivables
Write offs &
Others
Actual
December
2011
55.5
Sales trend
(€/mln)
Gross margin on book value on sales is approx.
+5% as of Dec 2011
ITALY
Target
2011
1,790.3
1,464.1
841.5
1,109.3
710.4
~1,500
627.6
905.6
749.4
478.7
43.2
Dec
2011
4.3
3.0
Sept
2011
Jun
2011
GERMANY
POLAND
Net Financial Position Dec 2010 – Dec 2011
(€/mln)
28.6
8.3
15.3
75.4
28.3
(33.2)
(17.0)
(41.7)
488.0
424.0
December
2010
Rinascente
e COIN
Dresden
Other
distributions
Equity
contrib. to
funds and
SPV
Deferred
payments on
investments/
acquisitions
Restructuring
costs
Financial
expenses
NWC and
other
December
2011
Group Corporate Lines
(€/mln)
Before
refinancing
Expiry
320
Jul-12
CLUB DEAL (i)
UNICREDIT
BANCA POP. SONDRIO
25
5
Feb-12
Mar-12
INTESA SANPAOLO
359
20
DEUTSCHE BANK
20
Apr-12
Sub total
379
PIRELLI&C.
160
TOTAL
539
Average margin
665 bps (*)
Bank
CLUB DEAL
Sub total
370
PIRELLI&C.
150
TOTAL
520
Average margin
Jul-12
300 bps
Bank
After
refinancing
Expiry
(ii)
Jun-13
Jul-17
(*) Weighted average margin of Club Deal and Pirelli & C.
(i) Club Deal participants:
Unicredit
Intesa SanPaolo
Monte Paschi Siena
Banca Popolare Milano
132M
57M
50M
50M
Banca Popolare Sondrio
Banca Popolare Emilia Romagna
Banca Carige
UBI - Centrobanca
(ii) Amortizing with financial covenants related to maximum level of NFP and minimum level of Equity;
Dec-14
20M
20M
20M
10M
Financial situation of co-investments
(€/mln)
Net debt 2011
Net debt 2010
LTV pro-rata Prelios 65%: - Real Estate 61%
- NPL 86%
12.5
LTV pro-rata Prelios 70%: - Real Estate 68%
- NPL 90%
9.2
9.0
6.2
0.3
2.5
1.6
0.4
2.1
0.3
1.3
0.6
Italy
0.6 Italy
0.7 Germ
& Pol
AuM M.V.
100%
Net Debt
100%
Net Debt
pro rata
NPL
Real
Estate
AuM M.V.
100%
Net Debt
100%
Net Debt
pro rata
NPL
Real
Estate
(€/mln)
Net debt as of December 2011
Refinancing
2)
6.2 1)
Italy
1.6
Ger & Pol
0.3
1.3
0.27
0.25
0.02
0.35
0.12
0.23
0.45
0.12
0.33
0.2
0.10
0.10
Net Debt
100%
Net Debt
pro rata
NPL
Real
Estate
2012
2013
2014
1)
Not including 0.4 of F. Cloe e F. Armilla in 2011 classified as Third Parties Funds (Prelios’ share is lower than 5%)
2)
Due to maturity
Beyond
Bank Loan characteristics
1)
 LTV Real Estate 61% : Italy 54%, Germany 73% and Poland 12% (pro-rata Prelios)

Average Duration 2.2: Italy 1.6, Germany 2.5, Poland 0.0 (pro-rata Prelios)

Average Spread : 206 bps (pro-rata Prelios)

63% interest rate risk hedged (pro-rata Prelios)

Recourse guarantees for approx. 46.6€ mln (pro-rata Prelios)
1) Excluded NPL and subsidized loans
Index
Prelios Snapshot
Prelios 2011
Annexes
19
2012 – 2014 trend
 Acceleration of the process to reduce investments and increase sales with a particular
focus on Germany
 Focus on reducing the net financial position
 Focus on domestic market, relaunch of prelios SGR and development of management services
for third parties (Asset Management, Property&Project and Agency)
 Implementation of another restructuring plan aimed at increasing operational efficiency
Guidance for 2012-2014 trend
Domestic management platform EBIT
1
 € 14-18 million in 2012
 € 22-26 million in 2013
 € 36-40 million in 2014
Net Financial Position
 € 390 million in 2012
 € 340 million in 2013
 € 220 million in 2014
1)
It includes management platform relating to Italy Real Estate and NPL, as well G&A expenses
Index
Prelios Snapshot
Prelios 2011
Annexes
22
22
A guide to better understand our numbers
INDICATORS
Revenues
Ebit from management
platform
Ebit from consolidated
investment activities
Income from equity
participations
DRIVERS

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
Management Platform
(€/mln)
Fund & Asset management
ACTUAL 2011
DECEMBER
ACTUAL 2011
SEPTEMBER
ACTUAL 2010
DECEMBER
Revenues
29.1
22.7
38.7
Ebit
16.1
13.5
22.8
Revenues
20.1
16.6
20.7
Ebit
5.6
5.9
6.7
Revenues
Ebit
23.4
2.6
18.8
2.0
25.2
3.5
Revenues
Ebit
14.3
(2.4)
8.5
(3.9)
16.5
(0.3)
Revenues
Ebit
4.2
(9.4)
3.3
(7.8)
2.6
(12.3)
Revenues
Ebit
91.2
12.6
69.9
9.7
103.7
20.4
Revenues
Ebit
56.2
9.2
42.4
6.9
9.7
56.0
5.0
Revenues
Ebit
1.7
(1.5)
1.4
(1.2)
9.7
2.6
(1.3)
20.4
Revenues
149.0
113.6
162.3
20.3
15.4
24.1
Property
Agency
NPL – Credit Servicing
G&A (Holding)
Management Platform ITALY
Management Platform GERMANY
Management Platform POLAND
TOTAL MANAGEMENT PLATFORM
Management Platform Germany
(€/mln)
ACTUAL 2011
DECEMBER
ACTUAL 2011
SEPTEMBER
ACTUAL 2010
DECEMBER
Revenues
13.4
10.4
13.3
Ebit
6.1
5.0
2.4
Revenues
3.1
2.4
2.3
Ebit
0.5
0.3
0.8
Revenues
39.7
29.6
40.5
Ebit
2.7
1.6
1.9
Revenues
56.2
42.4
Ebit
9.2
6.9
56.0
5.0
Fund & AM Fee
Agency
Property / Facility
Service Platform
Prelios Assets Breakdown as of December 2011
(€/mln)
Mkt. Value 100%
31.12.11
Book value 100%
31.12.11
Net debt 100%
31.12.11
Mkt. Value pro
rata Prelios
31.12.11
Book Value pro
rata Prelios
Net Debt pro rata
Prelios
LTV pro rata
NAV pro rata
Prelios
NIC pro rata
Prelios
EBIT+IEP+IIP
ITALY
3,486
3,200
1,816
1,116
1,037
597
54%
519
397
32.0
GERMANY
4,212
4,202
3,337
911
907
662
73%
248
211
6.5
POLAND
102
52
11
35
18
4
12%
31
7
-4.7
TOTAL REAL ESTATE
CO-INVESTED
7,800
7,454
5,164
2,062
1,962
1,264
61%
798
615
33.8
THIRD PARTIES ITALY
1,949
1,813
424
28
24
15
53%
13
9
0.4
THIRD PARTIES
GERMANY 1)
1,414
1,414
TOTAL REAL ESTATE
11,163
10,681
1) The company considers Baubecon investment out of
-2.6
5,588
2,090
the calculation of net asset value starting from 30.09.2011
1,986
1,279
61%
811
624
31.6
NPL (investment)
102
-46.2
MANAGEMENT
PLATFORM
165
20.3
TOTAL PRELIOS
891
5.7
Italy: Real Estate Assets Breakdown as of December 2011
(€/mln)
Mkt. Value 100%
31.12.11
Book value 100%
31.12.11
Net debt 100%
31.12.11
Mkt. Value pro
rata Prelios
31.12.11
Book Value pro
rata Prelios
Net Debt pro rata
Prelios
COMMERCIAL
YIELDING & CORE
1,995
1,849
996
554
533
296
TRADING & SOHO
735
645
449
262
228
DEVELOPMENT
273
264
114
104
LANDS
484
441
257
TOTAL ITALY COINVESTED
3,486
3,200
THIRD PARTIES
1,949
TOTAL ITALY
5,435
NAV pro rata
Prelios
NIC pro rata
Prelios
EBIT+IEP+IIP
53%
258
228
22.2
154
59%
108
52
18.4
101
48
46%
56
23
-2.8
195
175
99
51%
96
94
-5.8
1,816
1,116
1,037
597
54%
519
397
32
1,813
424
28
24
15
53%
13
9
0
5,013
2,241
1,144
1,061
612
54%
532
406
32.4
LTV
1)
1) Includes 31.8 on Rinascente / COIN disposal
Third parties
36%
36%
Lands
Lands
Trading & Soho
14%
9%
5%
Commercial Yielding &
Core
Fund Management - Prelios SGR Profile
 Prelios SGR is a property fund and asset management company, active in promoting, setting up
and managing of real estate investment funds
 Set up in 2003, it develops and manages:
 “Ordinary” closed end real estate funds targeting retail investors
 “Ordinary” and “opportunistic” closed end real estate funds targeting Institutional Investors
 Prelios SGR manages 22 funds:
 9 ordinary, of which 2 listed
 13 opportunistic
 AuM € 5.3 bn and NAV of € 2.1 bln
 Track record in the performance of the funds under management and in product innovation
 In 2011 Clarice Light Industrial Fund and in 2010 Cloe Fund have been recognised as Best Italian
Specialist Funds for the highest total return over the last 3 years at the prestigious IPD European
Property Investment Awards
Prelios SGR: leading fund management company in the Italian market
Asset Under Management (Euro Bln)
(*)
8.69**
1. IDEA FIMIT SGR
2.
5.3 ***
4.3
3. GENERALI IMMOBILIARE ITALIA SGR
3.8
4. INVESTIRE IMMOBILIARE SGR
3.4
5. BNP PARIBAS REIM SGR
1.9
6. FABRICA IMMOBILIARE SGR
1.7
7. SORGENTE SGR
1.4
8. TORRE SGR
9. FINANZIARIA INTERNAZIONALE SGR
0.9
10. REAM SGR
0.8
11. DUEMME SGR
0.8
12. AEDES BPM REAL ESTATE SGR
13. ZERO SGR
0.6
14. CASTELLO SGR
0.6
15. ALTRE SGR
Italian leading position with a market share of over 14%
0.8
3.0
Source: Prelios analysis on year report Fondi Immobiliari Italiani - Assogestioni, June 2011.
* Data as of October 2011
** As at date of the merger of First Atlantic RE SGR in Fimit SGR (October 2011)
*** Total AUM includes a third parties SPV managed by Prelios SGR (AUM funds ca. €4.8 bn, AUM third parties SPV ca. €0.6 bn)
Prelios’ Service Platform will capture internal and external growth opportunities
Short-medium term growth
possibilities (€ Bn, AuM)
Growth forecasts
Consolidation opportunities
 In Europe, the commitment of capital
sources to Real Estate is expected to
~26%
grow by 5-8% pa. in the next 5 years
48
 In Italy, Public and Private Pension
Funds and Banking Foundations will
lead
the
growth
increasing
38
80%
~10
their
32%
100%
22 smaller
SGRs with AuM
< €2,0 Bn
Total
100%
68%
60%
investment in real estate funds
40%
 Disposal and valorization of public
real
estate
properties
(barracks,
20%
14%
offices, etc.)
 Social Housing projects promoted by
Cassa Depositi e Prestiti SGR
0%
AuM
30 Jun 11
 The average trend for the next three
years results in a moderate growth
due
also
international
54%
to
the
decrease
investors
Expected AuM
increase
propelled by
the launch of
new products
AuM
31 Dec 13
of
appetite
CAGR AuM 2008 – 30 Jun 2011~10%; moderate increase of
the growth trend expected in the next 2.5 years period
Prelios
Top 5
SGRs
54% includes:
IDeA FIMIT SGR
Investire Immobiliare SGR
BNP REIM SGR
Generali Immobiliare SGR
towards Italian real estate market
 Capture third party AuM without additional equity investment by leveraging on leading market position and the
development of new investment products
 Consolidation opportunities offered by highly fragmented Italian SGR market
Source: Prelios analysis and estimations based on data from Scenari Immobiliari, Inrev, AIFI.
Fund Management – Asset and geographical allocation
Asset Classes
Geographical Location
Milan & province
7%
Industrial/Logistics
5%
7%
27%
Tourism/Hospitality
Retail/Entertainment
15%
Rome & province
Residential
Offices
9%
23%
7%
Turin
9%
Palermo
9%
23%
6%
10%
39%
Asset Under Management are primarily composed
of income producing properties used as offices
attended by Retail e Telephone Exchange.
4%
Other North West
Provinces
Other North East
provinces
Other Central
provinces
Other South & Islands
provinces
Prelios SGR manages over 1,160 properties
mainly located in Italian cities, like Milan and
Rome.
Property expertise across all sectors and markets
Naples
Fund Management – The Investors
Funds Current Unit-Holders
Financial
Institutions/Sovereign
funds
Insurance companies
12%
1%
4%
39%
10%
Corporate
Investors/Investment
funds
Fundations/Pension funds
Public Entities
Family Offices/High Net
Worth individuals
28%
6%
Free float
 In Italy, the demand of funds shares and asset management services comes primarily from
institutional investors, like insurance companies, pension funds, foundations and financial
institutions.
 Prelios SGR team has a deep knowledge of the Italian institutional investors market and is able to
reach many investors leveraging on the direct and privileged relationship with the investor base
present in the portfolio under management.
Fund Management - Funds Under Management
Investors
Type
Ordinary/Listed
Retail
24
452
10 years
2014
Institutional
11
541
12 years
2016
Opportunistic
Institutional
141
135
7 years
2013
•Armilla
Ordinary
Institutional
14
234
15 years
2021
•Raissa
Opportunistic
Institutional
202
250
8 years
2013
•Social & Public Initiatives
Opportunistic
Institutional
18
242
7 years
2014
•FIPRS
Ordinary
Institutional
32
288
16 years
2022
•Fedora
Ordinary
Institutional
5
61
6 years
2015
Institutional
7
315
10 years
2020
•Tecla
•Cloe
•Patrimonio Uffici
Office
•Anastasia
•Olinda
Retail
Residential
Other
SPV
Ordinary
Ordinary
N° Assets
OMV
€ mln
Duration
Date
Ordinary/Listed
Retail
28
499
10 years
2014
Opportunistic
Institutional
1
150
7 years
2014
Opportunistic
Institutional
-
-
7 years
2013
•Spazio Industriale
Ordinary
Institutional
195
427
10 years
2015
•Clarice
Ordinary
Institutional
70
215
17 years
2021
83
7 years
2017
•Retail & Entertainment
•Progetto Uffici*
Industrial
Expiration
Fund
Type
•Monteverdi
Opportunistic
Institutional
8
•Città di Torino
Opportunistic
Institutional
16
128
8 years
2015
•Diomira
Opportunistic
Institutional
70
53
10 years
2015
•Progetti Residenza**
Opportunistic
Institutional
-
-
10 years
2016
•Portafogli Misti
Opportunistic
Institutional
73
27
7 years
2013
•Enasarco Uno
Opportunistic
Institutional
271
45
30 years
2040
•Hospitality & Leisure
Opportunistic
Institutional
4
67
7 years
2013
Opportunistic
Institutional
1
40
7 years
2015
SPV
Institutional
300
538
2 years
2013
•Vivaldi
•Excelsia 9
Total
* The fund has sold its asset in Q2 2011
** The fund has sold its asset in Q2 2010
1,491
4,790
Property & Project Management - Profile
 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 Europe’s most significant for size and quality.
 As of today, the 50% of turnover is carry out with Third Parties.
Property & Project Management – Description of Services
Administrative
Management
This activity directly takes charge of all aspects of administration & service provision: from the
management of lease agreements, “active” and “passive”, on behalf of the owner and the
tenant; from invoicing and collection activities to management of late payments and litigations;
from operating costs management to reporting; as well as to any task related to property taxes.
Building
Management
This activity manages all third party property service providers, including the relevant tender
processes, develops and coordinates the mandated maintenance, and ensures full compliance
with all safety laws.
Documentation
Management, Due
Diligence and Sales
Support
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.
Management &
Development of
Shopping Center
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).
Project Management
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
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).
Property & Project Management - Track Record
Prelios Property Management
Transaction
Period
Comune di Milano
From Jan, 2003
to Sept, 2009




Manager:
Properties:
Annual rent:
Activities:
litigation,
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
INPDAP (1)
From Jan,2002
to Jul, 2004




Manager:
Properties:
Annual rent:
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
7,500
INPDAP (2)
From May,2002
to Jul, 2004




Manger:
Properties:
Annual rent:
Activities:
and litigation,
Sovigest - Prelios Property
“Ente Lotti” Rented portfolio, Lotti 1/9 _ Approx 7.000 lease agreements
Approx € 25 mln
evicted, property service and maintenance, sales support.
7,000
INPS (1)
From Jul, 2002
as of today




Manager:
Properties:
Annual Rent:
Activities:
and litigation,
Sovigest - Prelios Property
Portfolio ex INPDAI, Ente Lotto 3 _ Approx 8.000 lease agreements
Approx € 22 mln
8,000
INPS (2)
From Jul, 2002
as of today




Manager:
Properties
Annual rents:
Activities:
and litigation,
Prelios Property – Immobiliare Confaro
portfolio ex INPDAI, Ente Lotto 1 _ Approx 2.500 lease agreements
Approx € 7 mln
2,500
TELECOM
From Nov, 2002
to




Manager:
Properties
Annual rents:
Activities:
and litigation,
Prelios Property
Portfolio Telecom _ Approx 9.000 lease agreements
Approx € 7 mln
9,000
Description
Number of
lease
Agreement
s
10,000
Management & Development of Shopping Center
 As part of a company completely focused on the customers’ needs PP&PM can provide
a full range of services, supported by our Group’s track record.
 PP&PM is the first in Italy to design, develop, and manage Entertainment Centres.
 All activities are managed on the basis of the specific needs of the project:
management, marketing, building and project.
 The centres currently managed by PP&PM are the following:




Bicocca Village & Bicocca Village Gate (Milan)
45°Parallelo, Moncalieri Centre (Turin)
Grotte Centre, Camerano (Ancona)
Borgonovo Entertaintment Centre (Perugia)
Selection of major Prelios Property & Project Management’s Clients
Prelios Project Management
Project
Grande Bicocca
(Milano)
Client
Gross
surface
(s.l.p.):
Tenant
Use
Constructio
n Cost
Time
PP&PM
Main Activities
Bicocca
University
Deutsche Bank
Pirelli & C.
Siemens, etc.
825,000 sq.m.
N/A
Mix Use
Development
N/A
1985 - 2010
Project Management
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
Cloe Fund
12,070 sq.m.
Prelios S.p.A.
Offices
Euro 23 mln
end in 2009
General Building Contract
(GBC)
Entertainment
Euro 41 mln
&
+
Retail Center
Euro 18.7 mln
Headquarters
Pirelli
(Milano)
Headquarters
Prelios
(Milano)
Bicocca Village
+
Gate
29,165 sq.m
+
Olinda Fondo
Shops
8,994 sq.m.
(Milano)
UCI Cinemas,
Virgin Active, Play
City, Darty, etc.
end in 2004
estimate end
in 2011
Coordination of Building
Permits,
Project Management,
Tender and Purchasing
Prelios Project Management
Project
Headquarters 3M
Italia
(Pioltello, Milano)
Headquarters
RCS
(Milano)
Portello Area ex
Alfa Romeo Square
Client
Gross
surface
(s.l.p.)
Tenant
Use
Construction
Cost
Time
PP&PM
Main Activities
3M Italia
S.p.A.
10,600 sq.m.
3M Italia S.p.A.
Offices
Euro 22 mln
end in 2010
General Building Contract
(GBC)
91,000 sq.m.
Iniziative
Immobiliari 2
S.r.l.
(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
Coordination of Urban and
Building Permits,
Design Management,
Retail &
Entarteintment
Fund
17,350 sq.m.
La Rinascente
Retail
Euro 45.0 mln
estimated end
in 2014
Project Management
Manifatture
Milano
84,282 sq.m.
Manifatture Milano
Mix Use
Development
N/A
estimated end
in 2014
Project Management
(Milano)
Tritone
(Roma)
Manifatture
Tabacchi
(Milano)
Agency - Profile
 Prelios Agency is a key player in the real estate
integrated-service industry.
 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 Frank’s exclusive Italian associate
for commercial real estate. Knight Frank, in a partnership
with
Newmark,
is
a
world
leader
in
consultancy, with offices in five continents.
real
estate
Agency - Description of Services
Brokerage & Advisory
... for investors
Prelios Agency provides accurate evaluations, from an analysis of the market situation to the
formulation of a Broker’s 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.
... for owners
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.
... for tenants
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.
Appraisal
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.
Financial Solutions
Through its subsidiary, Prelios Finance, the Group helps its clients identify tailored
financial solutions, in collaboration with major banks.
Agency - Track Record - Brokerage
Prelios Agency
Address
Milano,
Piazza del Duomo
Napoli,
Via Toledo
Milano,
Corso Buenos Aires
Montevarchi
Loc. Becorpi
Milano,
Corso Garibaldi
Roma,
Via Colombo
Napoli,
Via Depretis
Year
Building
Use
Tenancy
Purchase price
Buyer
2011
Entire building
Department Store
Rinascente
Monotenant
Euro 472 mln
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
2010
Entire building
Office
Monotenant
Euro 73 mln
2010
Entire building
Office
Vacant
Euro 23 mln
Private Investor
Agency - Track Record - Brokerage
Prelios Agency
Adress
Palermo,
Loc. Terrasini
Firenze,
Via Cavour / Ricasoli
Milano,
Corso Europa
Milano,
Via del Lauro
Milano,
Via Santa Sofia
Transaction
SCIP 1
Year
Building
Use
Tenancy
Purchase price
Buyer
2010
Entire building
Hospitality
Monotenant
Euro 23 mln
Private Investor
2010
Entire building
Office
Vacant
Euro 28 mln
2009
Entire building
Office / Retail
Pluritenant
Euro 65 mln
Private Investor
2009
Entire building
Office
Pluritenant
Euro 60 mln
2009
Entire building
Office
Vacant
Euro 37 mln
Private Investor
Year
2000
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)
1.500
Agency - Track Records - Appraisal
Prelios Valuations
Customer
2008
2009
2010
2011
Poste Italiane
11,100
13,000
10,570
10,400
Ing Direct
3,350
3,700
5,550
10,500
Intesa San Paolo
-
-
8,400
13,200
Iside
233,000
251,000
249,000
263,000
Deutsche Bank
53,000
-
116,000
92,000
Banca Popolare
dell’Emilia Romagna
103,000
22,000
52,000
67,000
Credem Leasing
-
6,000
5,000
3,000
Credem
-
7,000
3,000
4,000
DB Mutui
5,000
14,000
3,000
3,000
Typology
Main Customer &
number of appraisal
Main Customer &
number of appraisal
Main Customer
Per year
Track Record
Loan Service
Mass Appraisal
2008
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
Credit Servicing - Profile
 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.
Credit Servicing - Description of Services
PRECS manages the whole servicing process, from planning to execution and administrative aspects,
offering customized and high level solutions to meet increasingly complex and sophisticated needs
Main Services
 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.
Credit Servicing – AuM as of December 2011
Portfolio
Originator
GBV (€MM)
Valore
Nominale
GBV (€ mln)
SAGRANTINO
BPVN, Intra, Akros, Barclays, Bank PLC
1,556.74
ELIPSO
BAPV
2,272.84
CALLIOPE
BNL
832.57
ISLAND REFINANCING
BdS
1,880.93
MASTINO
BNL
591.7
SCRIO
BNL
294.10
BDS II
BdS
269.44
CFT
Banca Pop. Intra, Antonveneta, Ist. Credito
Fondiario Toscana
88.16
LSF
UCB Banca Italfondiario
30.75
*
Portfolio
Originator
Villa Luana e Villa
Costanza
54.50
TOTAL
7,871.79
Germany & Poland: Real Estate Assets Breakdown as of December 2011
(€/mln)
31.12.11
Net debt 100%
31.12.11
Mkt. Value pro
rata Prelios
31.12.11
Book Value pro
rata Prelios
Net Debt pro
rata Prelios
LTV
NAV pro rata
Prelios
NIC pro rata
Prelios
EBIT+IEP+IIP
921
918
634
367
367
245
67%
122
94
-0,4
HIGHSTREET
(Commercial)
2.858
2.858
2.447
346
346
296
85%
50
46
10,0
Residential Small
deals
290
285
190
129
126
85
66%
44
39
0,5
Commercial &
other
144
142
65
69
68
37
53%
32
32
-3,6
TOTAL
GERMANY COINVESTED
4.212
4.202
3.337
911
907
662
73%
248
211
6,5
THIRD PARTIES
GERMANY
(BAUBECON) 1)
1.414
1.414
TOTAL
GERMANY
5.626
5.617
3.337
911
907
662
73%
248
211
3,9
TOTAL
POLAND LANDS
102
52
11
35
18
4
12%
31
7
-4,7
DGAG
(Residential)
Mkt. Value 100%
31.12.11
Book value 100%
1)
1)
-2,6
The company considers Baubecon investment out of the calculation of net asset value starting from 30.09.2011
Germany - Residential Portfolio: a snapshot (FY 2011)
Total Asset Under Management at Market Value of 1.2 €/bln
The portfolio in JV focused in North (60%) followed by Middle (17%) and East (23%)
Units owned ~ 23k. Units managed ~ 70k
Vacancy ~ 3%
Annual estimated NCR 86 €/mln
Yield on BV ~ 7,1%
Germany - Bad Oldesloe, Berliner Ring (DGAG)
DGAG: Key data - FY2011




Units: approx 18.000
Cities: Kiel, Lubeck
Yield: 7.4%
Vacancy: 2,2%
Rents Growth
Vacancy %
NRC EURO/qm DGAG
Vacancy RU % DGAG
3,80%
5,250
3,61%
3,60%
5,200
3,40%
3,20%
3,00%
5,18
5,150
5,13
3%
3,13%
5,16
Sep
'10
Dec
'10
5,20
5,21
5,14
5,11
5,09
5,100
2,80%
5,13
5,16
5,19
5,06
2,86%
2,52%
2,60%
2,41%
5,050
2,43%
2,40%
5,0
2,37%
2,20%
2,17%
2,30%
2,08%
2,37%
2,17%
2,00%
Dec
'07
Jun
'08
Dec
'08
Jun
'09
Dec
'09
Mar
'10
Jun
'10
Sep
'10
Dec
'10
Mar
'11
Vacancy Rate (Residential)
Jun
'11
Sep
'11
Dec
'11
5,000
4,950
Dec
'07
Jun
'08
Dec
'08
Jun
'09
Dec
'09
Mar
'10
Jun
'10
Mar
'11
Jun
'11
Sep
'11
Dec
'11
Rent per square meter development
(net rent contracted residential and commercial)
Tizian 1: Key data - FY2011
Units: 955
Cities: Berlin
Yield: 6.82%
Vacancy: 1.69%




Rents Growth
Vacancy %
Vacancy RU %
NRC € / sqm
4,40
4,98%
4,68%
4,38%
3,00 %
4,08%
4,25
3,58%
3,48%
3,18%
2,88%
4,28
4,30
3,96%
3,78%
4,35
4,35
4,53%
3,16%
2,28%
1,69%
1,38%
1,37%
1,16%
0,63%
0,48%
Mar
'10
Jun
'10
Sep
'10
Dec
'10
Vacancy Rate
4,31
Dec
'09
Jun
'10
Sep
'10
Dec
'10
Mar
'11
Jun
'11
Sep
'11
4,13
4,00
3,90
3,85
0,78%
Dec
'09
4,31
3,95
1,37%
1,08%
Jun
'09
4,30
4,05
1,68%
Dec
'08
4,31
4,10
1,98%
Jun
'08
4,30
4,22
4,15
2,53%
Dec
'07
4,30
4,20
2,95%
2,85%
2,58%
4,31 4,30
Mar
'11
Jun
'11
3,81
3,80
Sep
'11
Dec
'11
Dec
'07
Jun
'08
Dec
'08
Jun
'09
Mar
'10
Rent per square meter development
Dec
'11
Commercial Portfolio: a snapshot (FY 2011)

Total Asset Under Management at Market Value € 3.0 bln

Highstreet n.101 assets almost fully let to Karstadt and passing rent € 170 mln

Mistral: 6 trading assets
HIGHSTREET
Breakdown of total area by use
Office
2,2%
Sale and lease back 15.50 year lease
Acquisition date: 2008
Assets: 101 throughout Germany
Lettable area SQM 1.6 mln
Main assets: KaDeWe Berlin,
Bahnohfplatz Munich
Retail
2,4%
Other /Sporting good stores
3,0%
Logistics
0,5%
Parking
0,9%
Portfolio almost fully let to Karstadt
Germany, KaDeWe, Berlin (Highstreet)
Germany, Oberpollinger, Munich (Highstreet)
Department
Stores
91,2%
Participated Real Estate AuM 100% December 2011
(€/mln)
Quota PRE
Passing Rent
Passing Yield
Vacancy
10,4%
Fondo TECLA
44,8%
28.134
6,2%
Fondo FIRPS
22,0%
20.741
7,3%
Fondo Raissa
35,0%
18.107
7,2%
Fondo Olinda
11,3%
31.783
8,5%
Book Value
Market Value
Net Debt
452.281
452.281
264.032
284.751
288.180
173.969
249.943
250.180
64.545
14,5%
375.410
498.920
196.875
Dolcetto Tre S.r.l.
33,0%
1.000
7,7%
12.966
16.750
10.906
Fondo Monteverdi
49,3%
5.156
6,9%
48,5%
74.552
82.219
22.364
FONDO SPAZIO INDUSTRIALE
22,1%
23.683
7,1%
14,8%
332.507
338.770
183.789
FONDO HOSPITALITY & LEASURE
35,0%
3.650
5,5%
22,1%
66.345
67.300
82.127
132.254
7,2%
10,9%
1.848.755
1.994.600
996.289
176.139
2.486.058
TOTAL Italy
Commercial Germany
6,0%
3,8%
2.955.771
2.957.539
Mistral Properties
35,0%
6.012
6,1%
9,4%
97.921
99.659
39.264
Highstreet
12,1%
170.127
6,0%
3,6%
2.857.850
2.857.880
2.446.794
85.956
7,1%
3,1%
1.217.027
1.225.015
838.939
648.444
Residential Yielding Germany
DGAG - Residential+Special Properties
40,0%
67.017
7,2%
2,3%
932.318
935.402
SIG (West, Baltic, Sachsen)
50,0%
7.891
6,6%
9,8%
119.616
121.659
80.034
Small Assets (Resident Berlin 1, Tizian 1+2)
40,0%
11.048
6,7%
2,8%
165.093
167.953
110.461
TOTAL Germany
262.096
6,3%
3,6%
4.172.797
4.182.553
3.324.997
TOTAL YIELDING PORTFOLIO
394.350
6,5%
5,8%
6.021.552
6.177.153
4.321.286
11.058
n.m.
n.m.
645.368
734.789
448.802
Development ITA
34
n.m.
n.m.
705.833
756.930
371.362
Development Germany
58
n.m.
n.m.
29.445
29.445
11.807
177
n.m.
n.m.
51.959
101.638
10.866
1.432.605
1.622.802
842.837
7.454.157
7.799.955
5.164.123
Trading ITA
Development Poland
OTHER PORTFOLIO
GRAND TOTAL REAL ESTATE
11.327
405.677
5,4%
Pro rata Real Estate AuM December 2011
(€/mln)
Quota PRE
Passing Rent
Passing Yield
Vacancy
11,8%
Book Value
Market Value
Net Debt
Fondo TECLA
44,8%
12.604
6,2%
202.622
202.622
122.578
Fondo FIRPS
22,0%
4.555
7,3%
62.531
63.284
44.499
Fondo Raissa
35,0%
6.337
7,2%
87.480
87.563
22.591
Fondo Olinda
11,3%
3.591
8,5%
42.421
56.378
22.247
Dolcetto Tre S.r.l.
33,0%
330
7,7%
4.279
5.528
3.599
Fondo Monteverdi
49,3%
2.540
6,9%
36.722
40.498
11.016
14,5%
48,5%
FONDO SPAZIO INDUSTRIALE
22,1%
5.239
7,1%
14,8%
73.550
74.936
40.649,181
FONDO HOSPITALITY & LEASURE
35,0%
1.278
5,5%
22,1%
23.221
23.555
28.744
6,8%
12,0%
532.826
554.363
295.878,296
6,0%
4,4%
387.694
388.309
312.993
TOTAL Italy
36.473
Commercial Germany
23.166
Mistral Properties
35,0%
2.581
6,2%
10,9%
41.895
42.506
17.394
Highstreet
12,1%
20.585
6,0%
3,6%
345.800
345.803
295.598
35.172
6,9%
3,2%
507.385
510.719
344.566
Residential Yielding Germany
DGAG - Residential+Special Properties
40,0%
26.807
7,0%
2,3%
381.594
381.834
259.378
SIG (West, Baltic, Sachsen)
50,0%
3.946
6,6%
9,8%
59.796
61.562
43.756
Small Assets (Resident Berlin 1, Tizian 1+2) 40,0%
4.419
6,7%
2,8%
65.995
67.323
41.432
TOTAL Germany
58.338
6,5%
3,7%
895.079
899.028
657.558,259
TOTAL YIELDING PORTFOLIO
94.811
6,6%
6,8%
1.427.905
1.453.392
953.437
3.817
n.m
n.m
228.457
262.284
154.321,816
8
n.m
n.m
275.695
299.530
147.256,890
2.277
n.m
n.m
11.624
11.624
4.826,137
65
n.m
n.m
18.227
35.037
4.285
534.001
608.474
310.690
1.961.907
2.061.866
1.264.127
Trading ITA
Development ITA
Development Germany
Development Poland
OTHER PORTFOLIO
GRAND TOTAL REAL ESTATE
6.166
100.977
5,1%
Consolidated Balance Sheet
(€/mln)
1
December
2011
September
2011
December
2010
820.4
889.4
969.2
of which participations and shareholders' loan
651.6
724.5
802.9
of which goodwill
148.1
148.1
148.1
Fixed assets
2
Net working capital
70.4
110.3
106.0
3
Net invested capital
890.8
999.6
1,075.1
4
6
Net equity
of which group net equity
Funds
Net financial position
326.2
318.8
76.6
488.0
464.4
456.3
61.1
474.2
589.6
579.8
61.6
424.0
7
Total sources
890.8
999.6
1,075.1
1.50
1.02
0.72
5
Gearing
Prelios shareholders’ structure
Market capitalization as February 2012 approx. 113 €/mln
Mediobanca
Spa; 2,6%
Assicurazioni
Generali SpA;
3,1%
Camfin Spa;
14,8%
Benetton
Family;
2,7%
Invesco LTD;
2,8%
Norges Bank
Investment
Management;
2,9%
Otus Capital
Management
Ltd.; 2,1%
Market; 69%
International institutional investors
(Italy 26%, UK 12%, USA 18%, DE 8%, CH 8%, Other 28%)
Disclaimer
This presentation contains statements that constitute forward-looking statements based on Prelios SpA’s 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.
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.

March 2012

Transcription

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