September 2012

Transcription

September 2012

PRELIOS
Company Presentation
September 2012
Index
Prelios Snapshot
Prelios H1 2012
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 H1 2012
Annexes
6
Results and Targets
(€/mln)
JUNE 2012
7
JUNE
2011
June
2011
EBIT Mgmt Platform
+6.2
+12.9
EBIT Mgmt Platform (Domestic)
+2.3
+9.4
Net Financial Position
497.5
474.1
Net Equity
199.9
600.9
Consolidated Profit and Loss
(€/mln)
Revenues
of which service activities
of which other revenues
EBIT services
JUNE 2011
64.8
86.3
61.4
3.4
80.1
6.2
12.0
Income from equity participations services
5.5
0.7
Management platform/G&A
6.2
12.9
(8.6)
(7.6)
(32.0)
8.9
5.9
13.9
Investments
(34.7)
15.2
EBIT incl. income from equity part. & interest
income from part.
(28.5)
28.1
Financial charges
(25.2)
(14.0)
EBIT consolidated investment activities
Income from equity participations
Interest income from participations
8
JUNE 2012
0.9
Profit before restr. costs, writedown/reval. &
taxes
Restructuring costs
Property writedowns/revaluations
Property tax
Profit before taxes
Income taxes
Net income
Minority interests
(53.7)
14.1
(12.7)
(52.2)
0.0
(118.6)
(6.3)
(124.9)
(0.8)
(2.0)
(3.6)
(8.9)
(0.4)
0.2
(0.2)
0.7
Net income after minority interests
(125.7)
0.5
Key metrics as June 2012
(€/mln)
Co-investments
Management platform
Result
Fund & Asset
Agency
4.3
(1.5)
Property & Project
5.1
Credit Servicing
(0.2)
Total Platform
7.6
G&A
Total
Net Invested
Capital
2.3
1) Market value based on third party evaluator valuations
Net Debt
pro rata
NAV
pro rata
Italy
Germany
Poland
3,192
3,984
91
1,011
855
31
554
620
(1)
457
234
32
Real Estate
7,268
1,897
1,173
723
NPL
1,133
Total coinvestments
8,402
1,897
Third parties
3,290
27
11,691
1,924
59
1,173
2)
782
(5.3)
2) As NAV for NPL has been considered the net invested capital
9
Mkt.Value 1) Mkt.Value
100%
pro rata
165
Total
15
1,189
12
794
Prelios’ Portfolio June 2012
1
Asset under Management ~ € 11.7 bln (mkt value)
(included NPL ~ € 1.1 bln (book value) and Real Estate ~ € 10.6 bln)
10%
NPL
Real
Estate
90%
Breakdown by Geographical area
Italy: Breakdown by use
12%
51%
48%
Italy
14%
37%
Germany
1%
Residential &
Trading
37%
21%
Development &
Other
Third parties
Poland
Germany & Poland: Breakdown by use
53%
Commercial
Yielding & core
1) Market value based on December 2011 appraisals adjusted of capex and sales of Q1 where new appraisals are not performed
10 COMPANY PRESENTATION
26%
Residential &
Trading
Third parties
Commercial &
other
Sales trend
(€/mln)
ITALY
GERMANY
POLAND
1,109.3
Gross margin on book
value on sales is approx.
+1% as of June 2012
472.0
«La Rinascente – Piazza
Duomo disposal»
627.6
637.3
155.6
277.7
100.2
478.7
177.1
0.5
3.0
June
2012
June
2011
Italy
Net Financial Position Dec 2011-Jun 2012
(€/mln)
24.7
6.0
5.0
2.9
5.9
(35.0)
497.5
488.0
December
2011
Sales and
distributions
Equity
contrib. to
funds and
SPV
Restructuring
costs
Financial
expenses
Taxes
NWC and
other
June
2012
Group Corporate Lines
(€/mln)
Before
refinancing
Expiry
Bank
CLUB DEAL
UNICREDIT
BANCA POP. SONDRIO
DEUTSCHE BANK
320
25
5
20
Jul-12
Feb-12
Mar-12
Apr-12
CLUB DEAL (i)
INTESA SANPAOLO
359
20
Sub total
370
Sub total
379
PIRELLI&C.
150
PIRELLI&C.
160
TOTAL
520
TOTAL
539
Average margin
665 bps (*)
Bank
Average margin
Jul-12
300 bps
After
refinancing
Expiry
(ii)
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
Jun-13
20M
20M
20M
10M
Financial situation of co-investments (aggregate debt)
(€/bln)
Net debt as of June 2012
Net debt as of December 2011
LTV pro-rata Prelios 67%: - Real Estate 62%
- NPL 96%
LTV pro-rata Prelios 65%: - Real Estate 61%
- NPL 86%
9.0
8.4
Refinancing:
0.2 2012
0.3 2013
0.5 2014
0.2 beyond
5.9
1.5
0.3
6.2
0.3
1.6
1.2
0.3
2)
1.3
Italy
0.60.6
Italy
0.6 Italy
0.6 Ger & PL
AuM M.V.
100%
Net Debt
100%
Net Debt
pro rata
NPL
Real
Estate
0.7 Ger & PL
AuM M.V.
100%
Net Debt
100%
Net Debt
pro rata
NPL
Real
Estate
Financial situation of co-investments
Bank Loan characteristics
1)
LTV Real Estate 62%: Italy 55%, Germany 73% (pro-rata Prelios)
Average Duration 1.8 (1.7 pro-rata Prelios): Italy 1.3, Germany 2.0
Average Spread : 219 bps (pro-rata Prelios)
73% interest rate risk hedged (pro-rata Prelios)
Recourse guarantees for approx. 46.6€ mln (pro-rata Prelios)
1)
Excluded NPL and subsidized loans
2)
Index
Prelios Snapshot
Prelios H1 2012
Annexes
16
16
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)
ITALY
Fund & Asset management
Property
Agency
NPL - Credit Servicing
G&A (Holding)
Total
JUNE 2012
JUNE 2011
Revenues
Ebit
11.7
4.3
15.5
9.7
Revenues
Ebit
8.1
5.1
12.9
5.2
Revenues
Ebit
5.3
(1.5)
14.4
2.1
Revenues
Ebit
6.8
(0.2)
5.6
(2.6)
Revenues
Ebit
1.0
(5.3)
2.3
(5.0)
Revenues
32.9
50.7
2.3
9.4
Revenues
27.8
28.7
Ebit
3.9
5.3
Revenues
Ebit
0.7
0.0
0.8
(1.8)
Revenues
61.4
80.1
6.2
12.9
Ebit
GERMANY
POLAND
TOTAL
Management Platform Germany
(€/mln)
JUNE 2012
JUNE
2011
JUNE 2011
Asset management
Revenues
5.4
6.7
Ebit
1.5
3.2
Revenues
3.1
1.8
Ebit
1.2
0.3
Revenues
Ebit
19.3
1.1
20.1
1.8
Revenues
27.8
28.7
Ebit
3.9
5.3
Agency
Property/Facility
TOTAL
Prelios Assets Breakdown as of June 2012
(€/mln)
Mkt. Value 100%
30.06.12
Book value 100%
30.06.12
Net debt 100%
30.06.12
Mkt. Value pro
rata Prelios
30.06.12
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
3,192
2,874
1,736
1,011
929
554
55%
457
327
-10.1
GERMANY
3,984
3,966
3,133
855
856
620
73%
234
191
1.7
POLAND
91
46
-1
31
16
-1
-2%
32
8
-0.1
TOTAL REAL ESTATE
CO-INVESTED
7,268
6,886
4,869
1,897
1,801
1,174
62%
723
525
-8.6
THIRD PARTIES ITALY
1,876
1,720
425
27
24
15
55%
12
8
0.1
THIRD PARTIES
GERMANY 1)
1,414
1,414
TOTAL REAL ESTATE
10,558
10,021
5,294
1,923
1,824
1,189
62%
734
534
-8.5
NPL (investment)
59
-26.1
MANAGEMENT
PLATFORM
165
6.2
TOTAL PRELIOS
758
-28.4
1) The
company considers Baubecon investment out of the calculation of net asset value starting from 30.09.2011
Italy: Real Estate Assets Breakdown as of June 2012
(€/mln)
Mkt. Value 100%
30.06.12
Book value 100%
30.06.12
Net debt 100%
30.06.12
Mkt. Value pro
Rata Prelios
30.06.12
Book Value pro
rata Prelios
COMMERCIAL
YIELDING & CORE
1,891
1,710
986
524
496
TRADING & SOHO
618
538
436
220
DEVELOPMENT
272
247
102
LANDS
412
379
TOTAL ITALY COINVESTED
3,192
THIRD PARTIES
TOTAL ITALY
Net Debt pro
rata Prelios
LTV
NAV pro rata
Prelios
NIC pro rata
Prelios
EBIT+IEP+IIP
288
55%
236
186
1,2
190
146
67%
74
41
-4,9
104
96
44
43%
60
44
-2,1
212
163
147
75
46%
87
56
-4,4
2,874
1,736
1,011
929
554
55%
457
327
-10,1
1,876
1,720
425
27
24
15
55%
12
8
0,1
5,068
4,595
2,162
1,037
953
569
55%
468
335
-10,0
Third parties
37%
37%
Lands
Development
Trading & Soho
12%
6%
8%
Commercial
Yielding & Core
Prelios SGR at a Glance
DESCRIPTION
•
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
•
68
4.0
managing real estate investments funds, in real estate
•
7 ―ordinary‖ institutional real estate funds
•
11 ―opportunistic‖ real estate funds targeting
institutional investors
Total
AuM(2)
66
63
60
40
20
-
0
2009A
AuM (€ bn)
Prelios SGR currently manages 20 funds(1), divided into 3
2 ―ordinary‖ listed retail funds
80
3.0
1.0
•
5.9
4.7
5.0
The company is active in promoting, setting up and
main categories:
•
6.0
6.0
2.0
advisory and in third parties separate account management
•
AuM(2) & AVERAGE FEES(3)
2010A
2011A
Average Fee (bps)
AuM BREAKDOWN BY TYPE OF FUND
10%
Ordinary
Institutional
20%
44%
as of December 2011 of ~€4.7 bn and NAV of
Opportunistic
Ordinary Listed
~€2.1 bn
Separate Account
26%
(1) Prelios SGR also manages a third parties separate account
(2) Total AuM at open market values 2011A, including third parties separate account managed by Prelios SGR (funds AuM of nearly €4.25 bn, third
parties separate account estimated AuM of nearly €0.5 bn. 2009A includes the management of third parties separate account estimated €0.6 bn
(3) Fees on AuM at book value
The Italian SGR Model
The real estate fund is a segregated pool of assets set up and managed by a regulated entity, the “Società
di Gestione del Risparmio” (“SGR”)
The SGR independently manages the fund assets in the interest of fund unit-holders
REGULATORY AUTHORITIES
BANK OF
ITALY
CONSOB
FUND
MANAGEMENT
COMPANY (SGR)
Fund & Asset
Management
Management
Fees
Property & Project
Manager, Agency,
Depositary bank,
Auditors etc.
UNIT-HOLDERS
CLOSED-END
REAL ESTATE
FUND
INCOME STATEMENT–EXAMPLE
Rents (+)
Gain/(losses) on assets disposal (+/-)
Fund Units
Dividends/
Unit Reimbursements
BALANCE SHEET–EXAMPLE
Assets
Management Fees (-)
RE Assets (AuM RE)
Other Fees and other costs (-)
Other Assets
Financial Interests (-)
Net Income
Total AuM
Liabilities
Financial Debt
Net Asset Value (NAV)
Sources of Funds
The Italian Real Estate Funds Market
DESCRIPTION
• The Italian Real Estate fund market is one
of the few industries constantly growing
in the last 10 years
20
• Favorable tax treatment (tax-free instruments
at fund level except for real estate property
taxes(1))
• Nearly 300 funds for a total NAV of ~ €30 bn(2)
• ~10% NAV growth year on year(3)
20
20.0
18.7
4.2
• Transparent regulatory environment
• ~21% NAV growth in the last 3
ITALIAN REAL ESTATE FUNDS–
NAV EVOLUTION (€/BN)(3)
30.0
2.0
1.6
2.2
1.4
22
3.8
3.8
1.9
1.6
1.9
1.6
14.7
14.9
23
3.8
1.9
1.9
12.4
13.0
FY2008
1H 2009
15.8
3.7
1.8
1.9
Retail (Cash)
16.9
Reserved
(Cash)
Reserved
(Contribution)
0.0
FY 2009
1H 2010
FY2010
1H 2011
ITALIAN REAL ESTATE FUNDS–
ASSET ALLOCATION
1%
2%
5%
5%
Offices
Retail
6%
Other
• Asset contribution vs. cash
• Retail vs. institutional investors
24
Retail
(Contribution)
10.0
years(3)
• Italian market characterized by different types
of closed-end real estate funds
22
10%
Residential
53%
Tourism/Hospital
Industrial
• Asset mix mainly composed by offices
(53% of AuM)
18%
Sources: Bank of Italy, Assogestioni, Nomisma
(1) Taxation applies to fund distributions to unit-holders, with different incidence according to the investor type
(2) As of June 2011 (based on Bank of Italy and Nomisma figures)
(3) Based on the number of funds analyzed by Assogestioni only
Logistic
Retirement Homes
Second Largest Fund Management Company in the Italian Market
ASSETS UNDER MANAGEMENT (€/BN)
• Italian SGRs manage nearly €45 bn
8.9 (1)
of assets(3)
4.7 (2)
4.3
3.8
3.4
2.5
• Prelios SGR is the 2nd Italian largest
player with a 11% market share and
is active in the development and
management of both retail and
1.9
institutional investors real estate
1.7
funds
1.6
1.5
• Concentrated market with 5
1.4
1.1
companies representing nearly 60%
0.9
of total assets under management
0.8
0.8
• Significant opportunities for
0.8
0.6
further consolidation with many
0.6
SGRs managing less that €2 bn of
Other SGRs
3.1
assets
Source: yearly report “Fondi Immobiliari Italiani–Assogestioni” (June 2011) and Prelios SGR analysis on latest company data for IDeA FIMIT SGR, Hines SGR, Beni
Stabili Gestioni SGR, Est Capital SGR, Valore Reale SGR
Note: figures as of June 2011 if not stated differently
(1) As of the date of the merger of First Atlantic RE SGR in Fimit SGR (October 2011)
(2) Total AuM as of December 2011 (including a third parties separate account managed by Prelios SGR)
(3) Based on the number of funds analysed by Assogestioni only and on Prelios SGR analysis on company data
Prelios SGR Assets Under Management Overview
DESTINATION OF USE
5%
GEOGRAPHICAL LOCATION
7%
7%
9%
23%
7%
39%
9%
15%
9%
23%
4%
6%
27%
Offices
Industrial/Logistics
Telecom Switches
Residential
Retail
Other
• Assets Under Management are mainly
composed by offices, telecom switches and
retail assets
10%
Rome & Province
Milan & Province
Turin
Palermo
Naples
Other South & Island Provinces
Other North-West Provinces
Other North-East Provinces
Other Central Provinces
• Prelios SGR manages over 1,190 properties
mainly located in the largest Italian cities
(~46% of AuM in Milan and Rome)
PROPERTY EXPERTISE ACROSS ALL SECTORS AND MARKETS
Figures as of December 2011
Sound Investors Base
DESCRIPTION
FUNDS CURRENT UNIT-HOLDERS
• In Italy, the demand of funds units and asset
6%
management services is mainly driven by
4% 1%
10%
financial institutional and corporate investors
39%
aiming at rationalizing assets under management
and diversifying risk
12%
• Insurance companies
• Pension funds
28%
• Foundations
• Financial Institutions
Financial Institutions/Sov. Funds
Corporate Investors/Inv. Funds
Free Float
Pension Funds/Foundations
Insurance Companies
Public Entities
Family Offices/HNWI
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
Funds Under Management
ORDINARY
FUND
NAME
Spazio
Industriale
Anastasia
FIPRS
(Regione Sicilia)
Armilla
Fedora
MAIN
DESTINATION
OF USE
Office
Retail
Office
Industrial
Office
Office
Office
Industrial
Office
INVESTOR
TYPE
Institutional
Retail
Retail
Institutional
Institutional
Institutional
Institutional
Institutional
Institutional
AuM
(€/M)
541
499
452
427
315
288
234
215
61
DURATION
(YEARS)
12
10
10
10
10
16
15
17
6
EXPIRING
DATE
2016
2014
2014
2015
2020
2022
2021
2021
2013
Funds Under Management (cont’d)
OPPORTUNISTIC
FUND
NAME
Social &
Public
Initiatives
Retail &
Entertainment
Patrimonio
Uffici
Città di
Torino
Monteverdi
Hospitality
& Leisure
Enasarco
Uno
Vivaldi
Portafogli
Misti
MAIN
DESTINATION
OF USE
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)
250
242
150
135
128
83
67
53
45
40
27
DURATION
(YEARS)
8
7
7
7
8
7
7
10
30
7
7
EXPIRING
DATE
2013
2014
2014
2013
2015
2017
2013
2015
2040
2015
2013
A Successful Track Record
Historical leadership in the Italian market, with strong international recognition
• Ranked # 1 in terms of AuM in the Italian market for 6 years in a row (until merger between Fimit SGR
and First Atlantic RE SGR)
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 Italy’s 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 Città di Torino)
• Recent launch of funds placed to a broad arena of institutional investors, such as Anastasia in 2010
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
Description
Number of
lease
Agreement
s




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
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.
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
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
Full Appraisal
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 June 2012
Portfolio
Portfolio
SAGRANTINO
Originator
Originator
GBV (€ mln)
GBV (€MM)
BPVN, Intra, Akros, Barclays, Bank PLC
1,543.14
Valore Nominale
ELIPSO
BAPV
2,235.64
CALLIOPE
BNL
821.22
ISLAND REFINANCING
BdS
1,847.93
MASTINO
BNL
579.65
SCRIO
BNL
294.10
BDS II
BdS
267.58
CFT
Banca Pop. Intra, Antonveneta, Ist. Credito
Fondiario Toscana
81.76
LSF
UCB Banca Italfondiario
30.63
*
Villa Luana e Villa Costanza
50.76
TOTAL PARTECIPATED
7,701.65
BNL
26.60
Cassa di Risparmio di Cento
37.50
Zeus Finance srl
939.70
TOTAL THIRD PARTIES
1,054.56
GRAND TOTAL
8,756.21
Germany & Poland: Real Estate Assets Breakdown as of June 2012
(€/mln)
Mkt. Value 100%
30.06.12
Book value 100%
30.06.12
Net debt 100%
30.06.12
Mkt. Value pro
rata Prelios
30.06.12
Book Value pro
rata Prelios
Net Debt pro rata
Prelios
LTV
NAV pro rata
Prelios
NIC pro rata
Prelios
EBIT+IEP+IIP
924
921
658
370
377
268
72%
102
81
0.7
HIGHSTREET
(Commercial)
2,730
2,730
2,305
330
330
279
84%
52
43
0.0
Residential Small
deals
191
178
129
88
83
60
68%
28
21
-2.4
Commercial &
other
139
138
42
66
66
14
21%
52
46
3.4
TOTAL
GERMANY COINVESTED
3,984
3,966
3,133
855
856
620
73%
234
191
1.7
THIRD PARTIES
GERMANY
(BAUBECON) 1)
1,414
1,414
TOTAL
GERMANY
5,398
5,381
3,133
855
856
620
73%
234
191
1.7
TOTAL
POLAND LANDS
91
46
-1
31
16
-1
-2%
32
8
-0.1
DGAG
(Residential)
1)
1) The
company considers Baubecon investment out of the calculation of net asset value starting from 30.09.2011
2)
Germany - Residential Co-Invested Portfolio: a snapshot (June 2012)
Total Asset Under Management at Market Value of 1.1 €/bln.
The portfolio in JV focused in North (87%) followed by Berlin (7%) and Middle (6%)
Units owned ~ 21k. Units managed ~ 70k
Vacancy ~ 2,9%
Berlin
Southwest
Magdeburg 7%
3%
3%
Braunschweig
6%
Annual estimated NCR 80 €/mln
Yield on BV ~ 7,3%
Hamburg
16%
Lübeck
40%
Kiel
26%
Germany - Bad Oldesloe, Berliner Ring (DGAG)
DGAG: Key data – June 2012




Units: 18,150
Cities: Kiel, Lübeck
Yield: 7.5%
Vacancy: 2.4%
Rents Growth
Vacancy
NRC EURO/qm
Vacancy RU %
004%
005
004%
003%
003%
005
04%
03%
03%
03%
005
005
02%
02%
005
005
02%
02%
002%
02%
02%
005
005
005
005
005
005
005
005
005
002%
Vacancy Rate
Rent per square meter development
(net rent contracted residential and commercial)
Commercial Co-Invested Portfolio: a snapshot (June 2012)

Total Asset Under Management at Market Value € 2.8 bln

Highstreet n.90 assets almost fully let to Karstadt and passing rent € 165 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: 90 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, Bahnhofplatz, Munich (Highstreet)
Department
Stores
91,2%
Participated Real Estate Asset under Management – 100% June 2012
(€/mln)
Quota PRE
Passing Rent
Passing Yield
Vacancy
15.7%
Book Value
Market Value
Net Debt
Fondo Tecla
44.8%
26,378
6.2%
424,979
432,363
263,829
Fondo FIPRS
22.0%
20,960
7.5%
280,141
283,590
172,141
Fondo Raissa
35.0%
17,823
7.9%
225,853
232,213
54,540
Fondo Olinda
11.3%
28,199
8.4%
335,609
486,040
219,462
Dolcetto Tre S.r.l.
33.0%
1,000
7.7%
12,966
16,320
10,667
Fondo Monteverdi
49.3%
5,239
7.2%
68.0%
73,049
77,842
21,857
Fondo Spazio Industriale
22.1%
20,683
7.0%
15.6%
296,473
300,574
162,813
Fondo Hospitality & Leisure
35.0%
3,650
6.0%
22.1%
61,018
61,900
80,754
7.2%
17.1%
5.3%
11.1%
6.3%
11.1%
TOTAL Italy
123,932
Commercial & Other Germany
4,826
Mistral Properties
41.0%
4,826
DGAG - Special Properties
100.0%
-
Highstreet (Commercial)
Highstreet
165,107
12.1%
Residential Small Deals
SIG (West, Baltic, Sachsen)
Small Assets (Tizian 1&2)
50.0%
40.0%
DGAG Residential
DGAG - Residential (DGAG & Solaia)
33,550
13,771
13,771
(7,259)
2,729,724
2,305,097
2,729,724
2,729,724
2,305,097
12,936
7.3%
5.6%
177,580
190,879
128,508
6.6%
8.7%
8.0%
2.0%
118,343
59,237
120,125
70,753
86,462
42,046
7.3%
2.4%
921,262
924,268
657,967
7.3%
2.4%
921,262
924,268
657,967
7,788
5,148
67,088
373,889
6.6%
8.6%
7,941
n.m.
Development ITA
-
Lands ITA
26,291
77,041
2,729,724
TOTAL YIELDING PORTFOLIO
GRAND TOTAL REAL ESTATE
90,812
76,729
1.5%
2.3%
OTHER PORTFOLIO
90,500
1.5%
6.4%
Lands Poland
986,063
6.0%
249,956
1,890,842
6.0%
TOTAL Germany
Trading & Soho ITA
1,710,088
165,107
67,088
40.0%
14.7%
3,919,066
3,935,683
3,117,863
5,629,154
5,826,525
4,103,926
n.m.
537,850
617,550
435,502
n.m.
n.m.
247,431
271,640
102,410
342
n.m.
n.m.
378,719
412,397
212,358
1,233
n.m.
n.m.
47,220
48,425
15,411
116
n.m.
n.m.
45,653
91,296
(1,021)
1,256,874
1,441,308
764,659
6,886,027
7,267,833
4,868,585
9,632
383,521
5.6%
2)
Pro rata Real Estate Asset under Management June 2012
Quota PRE
(€/mln)
Passing Rent
Passing Yield
Vacancy
15.7%
Book Value
pro-quota
Market Value
pro-quota
Net Debt
pro-quota
Fondo Tecla
44.8%
11,817
6.2%
190,391
193,699
121,558
Fondo FIPRS
22.0%
4,603
7.5%
61,519
62,276
44,233
Fondo Raissa
35.0%
6,238
7.9%
79,048
81,275
19,089
Fondo Olinda
11.3%
3,186
8.4%
37,924
54,923
24,799
Dolcetto Tre S.r.l.
33.0%
330
7.7%
4,279
5,386
3,520
Fondo Monteverdi
49.3%
2,581
7.2%
68.0%
35,981
38,342
10,766
Fondo Spazio Industriale
22.1%
4,575
7.0%
15.6%
65,580
66,487
36,009
Fondo Hospitality & Leisure
35.0%
1,278
6.0%
22.1%
21,356
21,665
28,264
7.0%
21.9%
496,078
524,051
288,239
45,252
45,763
7,658
31,481
31,992
14,917
13,771
13,771
(7,259)
TOTAL Italy
34,608
14.7%
3,734
8.3%
10.3%
Mistral Properties
41.0%
3,734
11.9%
10.3%
DGAG - Special Properties
100.0%
-
Highstreet (Commercial)
Highstreet
19,978
12.1%
Residential Small Deals
6.0%
1.5%
330,297
330,297
278,504
19,978
6.0%
1.5%
330,297
330,297
278,504
5,949
7.2%
5.9%
82,802
88,304
60,349
SIG (West, Baltic, Sachsen)
50.0%
3,890
6.6%
8.0%
59,108
60,003
43,531
Small Assets (Tizian 1&2)
40.0%
2,059
8.7%
2.0%
23,695
28,301
16,818
7.1%
2.4%
376,768
369,707
267,542
7.1%
2.4%
376,768
369,707
267,542
835,119
834,071
614,054
1,331,197
1,358,122
902,292
DGAG Residential
DGAG - Residential (DGAG & Solaia)
26,835
40.0%
26,835
TOTAL Germany
56,496
6.8%
3.0%
TOTAL YIELDING PORTFOLIO
91,104
6.8%
11.7%
2,742
n.m
n.m
190,092
219,672
146,142.380
Development ITA
-
n.m
n.m
96,141
104,297
44,387
Lands ITA
-
n.m
n.m
147,154
162,727
75,365
658
n.m.
n.m.
20,681
20,711
6,376
44
n.m
n.m
Trading & Soho ITA
Lands Poland
OTHER PORTFOLIO
GRAND TOTAL REAL ESTATE
3,444
94,548
5.3%
2)
15,545
31,041
469,613
538,447
271,747
(524)
1,800,810
1,896,569
1,174,039
Consolidated Balance Sheet as of June 2012
JUNE 2012
DECEMBER 2011
715.4
820.4
of which participations and shareholders' loan
550.6
651.6
of which goodwill
148.1
148.1
Net working capital
42.2
70.4
Inventories
Trade receivables
Trade payables
Other payables/receivable
52.8
63.2
(62.3)
(11.6)
55.3
78.1
(74.9)
11.9
Net invested capital
757.6
890.8
Net equity
of which group net equity
Funds
Net financial position
199.9
191.5
60.2
497.5
326.2
318.8
76.6
488.0
Total sources
757.6
890.8
Fixed assets
Prelios shareholders’ structure
Market capitalization as August 2012 approx. 77 €/mln
Assicurazioni
Generali SpA;
3,1%
Camfin Spa;
14,8%
Mediobanca Spa
(Private Equity);
03%
Edizione Srl;
2,7%
Invesco LTD;
2,8%
Market; 74%
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.

September 2012

Transcription

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