HALF YEAR RESULTS 2021 - Friday 27 August 2021
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HALF YEAR RESULTS 2021
Friday 27 August 2021
1
AGENDA
Results review Evert Jan van Garderen, CEO
Portfolio & ESG Peter Mills, CIO
Financial review Roberto Fraticelli, CFO
Closing remarks Evert Jan van Garderen, CEO
2
Results review
Evert Jan van Garderen, CEO
HALF YEAR RESULTS 2021 3
A well diversified portfolio
Geographical split Essential and every day retail (56% of GLA)*
Non-retail
Belgium
1%
15% Italy Discretionary
retail
Essential retail
(Hyper/supermarkets) 33%
40%
43%
Sweden 22%
23% 23%
France Every day
retail
* Includes parts of the shopping centres not owned by Eurocommercial 4
5
Centre openings in the first half of 2021
Jan Feb March April May June July
27 26 9 30
Most shops open except F&B;
Most shops and F&B reopen Indoor F&B
contact professions Shops open by All shops
Belgium (hairdressers, beauty salons appointments only
except indoor restaurants and reopen with
open
etc.) partially open bars restrictions
31 3 19 30
Most shops open except shopping
All Most stores reopened except
centres over 20,000m² later All non-essential All shops
France shops extended to centres businesses closed
indoor restaurant, bars and
open
open over 10,000m² wellness centres
26 22 1
Most stores reopen Shopping Restaurants
Colour-coded regional system
Italy placing restrictions on retail
except indoor
restaurants,
centres
reopen at
welcome
visitors
All shops open
bars and wellness weekends indoors
30
All shops
Sweden All shops open with reduced hours. Government recommendations discouraged shopping
open
Our centres since the beginning of the pandemic
Stores reopening with Second Partial Third Full
Pre-COVID First lockdown reopening
120
restrictions lockdown lockdown reopening 35
30
100
25
80
As % of 2019 sales and footfall
Number of days shops were open
20
60
15
40
10
20
5
0 0
ECP - Store Openings ECP - Sales ECP - Footfall ECP – Store Openings (Days)
6
Current Covid-19 lockdown situation
As at August 2021
Our centre is fully • Social distancing and face coverings remain in place.
Belgium open • Some restrictions remaining on F&B (safe distancing between tables; limitation on the
number of people per table and limitation on opening hours with compulsory 1am closure)
• The Health Pass (“Pass Sanitaire”) first introduced on 9 June is extended to visitors of
All our centres are shopping centres over 20,000m² from 9 August.
France fully open • Decision-making at local préfet level – to date, only three centres are affected (Centr’Azur,
MoDo and Les Portes de Taverny).
• Social distancing and face coverings remain in place.
• From 6 August, introduction of the Green Pass imposing restrictions on people who are not
All our centres are
Italy fully open
vaccinated. The Green Pass in our shopping centres only applies to indoor dining.
• Social distancing and face coverings remain in place.
All our centres are • Restrictions on F&B were lifted on 30 June coinciding with the resumption of normal trading
Sweden fully open hours.
7
Comparative June retail sales
25%
23.3%
22.7%
20%
17.0%
15% 14.2%
10.5%
10% 9.2%
5.1%
5% 3.9%
-1.9%
0.0%
0%
Belgium France Italy Sweden TOTAL
2021 vs 2020 2021 vs 2019
-5%
8
Retail sector recovery
In June 2021 the stronger rebound came from sectors that were weaker last year.
140%
118% 116%
120% 116% 115%
111% 111% 112%
104% 103%103%
99% 95% 101%
100%
93% 94%
89% 88%
83%
80% 75%
72%
68%
64%
60%
40%
20%
0%
2020 vs 2019 2021 vs 2019
9
Resilient indicators continue
EPRA vacancy rate Rent collection rate
4.0% 98% 88%
100% 89% 82%
3.0%
50%
2.0% 1.3%
1.0%
0%
0.0% 2020 H1 2021
Pre-Concesssions Granted Post-Concessions granted
Uplift on renewals/relettings Six-month valuation change
Belgium France Italy Sweden ECP portfolio
25.0% 0.0%
20.0% -0.5%
8.0%
15.0% -0.5%
-1.0% -0.7%
10.0%
-1.5% -1.1%
5.0%
-2.0% -1.6%
0.0% -1.8%
10Rent collected in 2021
Rent concessions % of H1 invoiced rent % of H1 due and
(€‘000) collected collectable rent collected
Belgium 837 95% 98%
France 3,291* 71% 71%
Italy 9,251 79% 88%
Sweden 682 94% 99%
Total 14,061 82% 88%
• For France, we have assumed that the announced government support package for the third COVID-19 wave will become available for tenants and
will result in rent collection.
11Increasing leasing activity
RENEWALS RELETTINGS NUMBER OF DEALS
301
102 248
+47% 205 +21% 57
2021 vs 2020 59 2021 vs 2019
199 191
146
12M to June 21 12M to June 20 12M to June 19
12Renewals and relettings
Number of Average rental % of leases relet • 301 leases renewed or re-let in
relettings and uplift on and renewed
renewals relettings and (MGR)
the 12 months to June 2021 of
renewals which 102 were relettings
Belgium 22 0.3% 15% • In addition to these, we signed
40 deals in development
France 35 6.6% 5% projects in our centres
(Fiordaliso, Valbo, I Gigli, Elins)
Italy 142 13.3% 16%
• Solid leasing activity improved
Sweden 102 3.2% 20% EPRA vacancy rate to 1.3% at
June 2021
Overall 301 8.0% 14%
13Remerchandising of Fiordaliso
• Redevelopment project on time and fully let
• New major international retailers
Primark
202(2nd) - 3.019m2 Scarpe & Scarpe
H&M 02+05(2nd) - 346m2
204(2nd) - 401m2
OVS
206(2nd) - 716m2 Storage Apple
m2
StorageApple - 150
Various Storages - 513m2
Car park Zara
50/51(2nd) - 370m2
Primark
202 - 3.665m2
206 - 1.500m2
Ca’Zampa Bershka Calliope Game7 JD Sports New Yorker Scarpe & Scarpe
OVS
310m2
960m2 1020m2 1029m2 790m2 230 - 1018m2 H&M 02+05 - 1.717m2 Media World
204 - 2.515m2
N 207 - 3.140m2
Coin Rack 14 ew
m u
Zara N
2 n
it
50/51 - 1.713m2 ew
NA- NAm2
49 - 2.370m2
26 un Hollister Adidas
D 7m it Mondadori 555m2
52 ou 2 229 - 344m2
Golden Point
Lloa 390m2
- 2 gl N
Vacant
ew
41 as un 156m2
6 - 91m2
m it
2
Claire's
54 - 90m2
Yogofrutta Emozioni di Gus to
129 - 25m2
Suite Benedict
128 - 25m2
Capello Point
Swatch Geox
Camicissima
Rom'antica Stroili Oro Vestopazzo
97 - 57m2
Iliad
96 - 60m2
I AM Vodafone Marville Kasanova
Swarovsky
115 - 60m2
Jack & Jo nes 84 - 45m2 110 - 60m2
61 - 79m2 112 - 212m2
111 - 78m2
72 - 65m2 73 - 82m2 Mistore
Thu- 80m
58 - 181m2 98 - 162m2
Roxi Bar
59A - 154m2 Miriade (New) Bottega Verde
114 - 152m2
116 - 132m2
57
117 - 66m2
Il Barbiere
83A - 150m2
Kiko
Okaidi
94 - 53m2 126 - 41m2
n
Stradivarius
Tally Weijl
Imperial Celio M Original Marines
62 - 97m2 r.
75 - 67m2
to
un
Da Giovanni
New unit 56/68 - 125m2 76
Tezenis
71A - 159m2
77 - 2 33m2
79 - 375m2 -3
V
ap lP 2
85 - 136m2
Desigual Tresse Sport
91 - 143m2
Portello i a 0m
2
9m e 95/108/109 - 369m2 Wind Cermamore
300m2 Sa nt 1 3
105/106 - 261m2
Footlocker
99/100 - 178m2 118 - 28m2
130 - 21m2 Calzedonia
2 l oo Giu 3B
- Old Wild West Amen
XO
125 - 31m2 127 - 24m2
Gioielli di Valenza
n 92 - 232m2 Beauty & Sun 100B - 50m2 a Li
66 - 100m2
8
Gamelife
nn
63A - 58 m2 Intimissimi+Inimissimi Uo mo
122 - 104m2
v 208 - 419m2
Napapijri
86 - 112m2
el
121 - 138m2
Yamamay
o
67 - 104m2
L'Erbolario 124 - 78m2
Guess
2
ad y
m
10
Nara 101 - 46m2
Histoire D'or
A
14
65 - 191m2 87/88 - 89m2 Blue Spirit
im
-1
I Love Poke
Ristò
-1
Levi's
New unit 64 - 123m2 Salmoiraghi e Vigano Pandora
r
22
70+81 - 70m2 Casa Mia Libero Milano Smokery Carpisa
0
Kaidor 90 - 69m2 P
12
107 - 100m2
m
80A - 60m2 Nespresso
9/
104 - 99m2 123 - 130m2
82 - 145m2 11 - 868m2
2
69 - 74m2
48 - 380m2 93 - 86m2 103 - 77m2
11
Loby Lovable 102 - 49m2
78 - 170m2 89 - 58m2 Hair Diffusion
N
Chiquita AU
!
12
131 - 16m2
Jean Louis David
Lucky Caffe
-8
rcasas
Oro Cash
9m
La casa de las ca
Mascheroni
01K - 9m2
JD Sports
2
41 - 83m2
Apple Motivi Oltre Grand Vision by Avanzi
Yves Rocher
Timberland
Sirmoney
Wycon
6.5m2
O Cafè
20 - 106m2
Rom'antica
ElenaMiro'
36 - 398m2
29/30/31/32 - 472m2
38 - 292m2 28 - 43m2 303 - 77.6m2
26B - 70m2
304 - 81m2
305 - 4
39/40 - 680m2
24 - 163m2
47 - 831m2
35 - 90m2
25 - 110m2
46 - 132m2
Tendenze
1A Clean
45 - 110m2
22 - 81m2
23 - 23m2
Fiorella Rubino
Liu Jo
26 - 175m2 Lama Optical
Tre
Banco BPM
42A - 188m2
37 - 212m2 302 - 133.7m2
Tim
44 - 35m2 Fazzini
306 - 81.7m2
Bershka Tutto Chicco
Mango Caffetteria
Il Lupo
FARMAEUROPA Wiener Haus
43B - 224m2
34 - 405m2
33 - 347m2 27 - 340m2 Deichmann 19 - 404m2 Vorwerk
03k - 34m2
Foto Magiche
21 - 477m2 307 - 67m2 301 - 109.8m2
Dim Sum Go
Fiori di Iper
308 - 98.1m2
04k - 43m2
Dental Planet Humanitas
S2 - 155m2 S1 - 870m2
Iper
IPER - 13.456m2
First Floor
Humanitas Albaflor
E204 - 77m2 McDonald's
E2 - 700m2
14Fiordaliso tenants
Strengthening of partnership with existing
… while welcoming new brands
brands…
15Portfolio & ESG
Peter Mills, CIO
HALF YEAR RESULTS 2021 16Valuations
Net value Valuation change EPRA yield
30 June 2021 From From
€ million 30 June 2020 31 December NIY Topped-up
2020
Belgium 581 -2.8% -1.6% 4.3% 4.5%
France 919 -2.8% -1.8% 5.0% 5.0%
Italy 1,580 -1.2% -0.7% 5.3% 5.4%
Sweden 892 -1.6% -0.5% 5.0% 5.1%
Overall 3,972 -1.9% -1.1% 5.0% 5.1%
Values may not add up due to rounding
17Valuation split
5 Flagships Net value (€M) 30 June 2021 EPRA net initial yield (%) EPRA topped up yield (%)
Woluwe Shopping (Belgium)
1,768
Passage du Havre (France) (45% of the portfolio) 4.5 4.6
I Gigli, Carosello, Fiordaliso (Italy)
21 mainly suburban Net value (€M) 30 June 2021 EPRA net initial yield (%) EPRA topped up yield (%)
hypermarket anchored
shopping centres
9 in France
2,204
5 in Italy (55% of the portfolio) 5.4 5.5
7 in Sweden
18Transaction programme
SWEDEN SWEDEN FRANCE
Moraberg retail Bronsen, retail Sale of Les Trois
park, Södertälje, park, Norrköping, Dauphins, Grenoble,
sold in October sold in December completed in March
2020 for €41.1 M 2020 for €20.9 M 2021 for €34.4 M
Purchase of
FRANCE remaining 50%
at €45 million in
Shopping Etrembières November 2021
19ESG and BREEAM Certification*
ESG target: all shopping centres BREEAM certified by 2025
18 out of 26 shopping centres are currently BREEAM certified
Belgium in progress
France 43% in progress
Italy 100%
Sweden 83% in progress
BREEAM certified BREEAM certification in progress
* % based on GLA
HALF YEAR RESULTS 2021 20Financial review
Roberto Fraticelli, CFO
HALF YEAR RESULTS 2021 21Financial summary at 30 June 2021
Proportionally consolidated
Average overall interest rate
Total net borrowings Average term of hedges Average term of loan book
(incl. margin)
€1.74 billion 6.2 years 4.3 years 1.9%
Non-current borrowings maturity and amortisation schedule
Lenders’ Share
6%
10%
28%
29%
27%
22Direct Result impacted by COVID-19 pandemic
Amounts are in € million and are reported according to proportional consolidation
23EPRA Net Tangible Asset
EPRA NTA Bridge
24Closing remarks
Evert Jan van Garderen, CEO
HALF YEAR RESULTS 2021 25Share capital
• 5.5% increase in issued
share capital as a result of
1 for 18 mandatory scrip
dividend paid in July 2021
• new number of outstanding
depositary receipts with
investors: 52,146,993
• current market cap €1.15
billion
26Timeline termination depositary receipts structure
Eurocommercial Properties N.V.
• AGM adopted the resolution to terminate the depositary receipts structure by amending the Articles of
Association of the Company
8 June 2021 • The Board of STAK adopted the resolution to terminate the depositary receipts structure after a three-month
AGM waiting period has lapsed
• Amendment of Articles of Association of the Company – effectuation termination depositary receipts structure
15 September • Amendment terms and conditions STAK and articles of association of STAK
2021
• Winding-up of STAK
October
2021
27Q&A HALF YEAR RESULTS 2021 28
FINANCIAL CALENDAR
Friday 5 November 2021: Q3 Results
29Disclaimer/forward-looking statements
For a more comprehensive discussion of the risk factors affecting our business, please see our latest
annuThis presentation does not constitute or form a part of any offer to sell, or any invitation or other
solicitation of any offer, to buy or subscribe for any securities in the United States or any other jurisdiction.
Some statements in this presentation are 'forward-looking statements'. By their nature, forward-looking
statements involve risk and uncertainty because they relate to events and depend on circumstances that
may occur in the future. These forward-looking statements involve known and unknown risks, uncertainties
and other factors that are outside of our control and impossible to predict and may cause actual results to
differ materially from any future results expressed or implied. These forward-looking statements are based
on current expectations, estimates, forecasts, analyses and projections about the industries in which we
operate and management's beliefs and assumptions about possible future events. You are cautioned not to
put undue reliance on these forward-looking statements, which only speak as of the date of this
presentation and are neither predictions nor guarantees of possible future events or circumstances. We do
not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect
events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated
events, except as may be required under applicable securities laws.al report, a copy of which can be found
on the company’s corporate website www.eurocommercialproperties.com
30Head Office Group Offices
Eurocommercial Properties N.V. Belgium France Italy Sweden
Herengracht 469 Rue St Lambert 200 107 rue Saint Lazare Via della Moscova, 3 Kungsgatan 48
1017 BS Amsterdam 1200 Bruxelles 75009 Paris 20121 Milano 111 35 Stockholm
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