Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Non-Deal Roadshow (June 2022)
83 slides from Immobiliare Grande Distribuzione Siiq's roadshow presentation, June 2022
Slide 1: Road Show Presentation June 2022
Road Show Presentation June 2022
Slide 2: Disclaimer
Disclaimer IGD These statements include financial projections and This presentation does not constitute an offer or an estimates and their underlying assumptions, statements invitation t o subscribe for or purchase any securities. regarding plans, objectives and expectations with respect to future o
Slide 3: Index
Index 1 Introduction to IGD Pag. 4 2 Portfolio Pag. 11 3 Operating performance Pag. 19 4 Financial Results Pag. 29 5 Business Plan 2022-2024 Pag. 36 6 ESG Strategy at-a-glance Pag. 61 7 Appendix Pag. 72 3
Slide 4: Introduction to IGD
1 Introduction to IGD
Slide 5: IGD at a glance
IGD at a glance IGD is one of the main players in the Italian retail real estate sector: we develop and manage shopping centres across the country. We are also present in the retail sector in Romania 19 hyper/ 14 shopping 27 shopping supermarkets c. €2.1bn malls in Development malls in Italy & other
Slide 6: IGD Business Model
IGD Business Model A distinctive competitive positioning in the fragmented Italian retail real estate market Well Diversified Across Strong Track-Record of 1 Italy 2 Strategic Positioning 3 Strong Food Anchor 4 Direct Management 39.2k 35.2k 1 30.9k Services 38.0k 33.1k 3 5 30.3k 2 35.3k 23 1 31.6k 3
Slide 7: Group Structure (simplified)
Group Structure (simplified) Parent Company 82.8% NRI 100% Italian Facility Management 10.9% NRI +Service Revenues 100% Romania 6.3% NRI 100% Development project in Trading Revenues Livorno Data as at 31/12/2021 7
Slide 8: IGD's shareholding structure
IGD’s shareholding structure No. of shares Share capital Net equity 110,341,903 € 650 Mn € 1.2 Bn Average daily trading Listed on STAR Segment of Mkt capitalization 01/01/22 – 28/04/2022 Italian Stock Exchange as at 11/05/2022 c. €423 mn c. 325,981 shares Majority of institutional investors, of whic
Slide 9: IGD Governance – Directors and Committees
IGD Governance – Directors and Committees IGD’s governance has been in line with the criteria of the Self Regulatory Code of Italian Stock Exchange since it was listed. An internal Corporate Governance Code has been in use since 2008. CEO EXECUTIVE Claudio Albertini CHAIRMAN Timothy Guy Rossella Sao
Slide 10: Our Top Management
Our Top Management Rossella Saoncella (1953) Chairman Claudio Albertini (1958) Chief Executive Officer • Appointed in May 2009 • Appointed as IGD’s Chairman on 20 April 2021 • IGD Board member since 2006 • Member of EPRA (1) Advisory Board since 2017 • Member of ECSP’s (2) Nominations Committee sinc
Slide 11: Portfolio
2 Portfolio
Slide 12: IGD: a portfolio of high quality assets
IGD: a portfolio of high quality assets IGD Main Italian Asset Centro Sarca Esp Le Maioliche Centro Borgo Centro Lame Puntadiferro Centro Leonardo Conè Conegliano Sesto S.Giovanni Ravenna Faenza (RA) Bologna Bologna Forlì Imola (BO) (TV) (MI) North Centro Piave Clodì Centro Nova Mondovicino Nuova Da
Slide 13: Main evidences for IGD's Portfolio FY2021
Main evidences for IGD’s Portfolio FY2021 Portfolio fair value Still a considerable stabilization spread between Net Yields and gov. bonds* +0.64% 5.2% Like for Like Spread > 410bps 1.02% *EPRA NIY Italian malls vs BTP5Y gross yields as at 18/02/2022 13
Slide 14: Market value IGD as at 31/12/2021
Market value IGD as at 31/12/2021 Gross Initial EPRA Net Initial EPRA Net Initial FY 2020 FY 2021 Δ% Yield Yield Yield topped up Malls Italy 1,476.75 1,481.64 + 0.33% 6.57% 5.3% 5.3% Hypermarkets Italy 416.67 423.83 + 1.72% 6.06% Hypermarkets sold 138.85 Romania 138.64 135.78 (-2.06%) 7.60% 6.2% 6.6
Slide 15: Portfolio evolution as at 31/12/2021
Portfolio evolution as at 31/12/2021 ITALY ROMANIA Impacts of disposal and hypermkt remodeling € 2,265.7mn € 2,140.5mn -490bps of market value -520bps* Of yearly revenues See next slide *Not considering yearly revenues of the 6 hypermkt/supermkt sold, the proforma quota of 2021 rental income decreas
Slide 16: Disposal of a portfolio in 2021
Disposal of a portfolio in 2021 5 hypermarkets and 1 supermarkets; all the properties sold «stand alone» 1 3 LIVORNO LIVORNO (LI) (LI) SCHIO (VI) Transaction closed in November 2021 140 mn€ Value of the portfolio 2 4 LUGO (RA) in line with book value at 30/06 CECINA (LI) c.115 mn€ Net cash in* 5 6 S
Slide 17: Some on-going work in 2021
Some on-going work in 2021 Revamping and decarbon in Ravenna The process of hypermarket surfaces’ reduction continues, in order to adapt them to the Project launched in ESP shopping changed needs of their catchment areas center with «zero emission» target to be reached within 2023. AI devices - 6,05
Slide 18: Epra indicators as at 31/12/2021 improve
Epra indicators as at 31/12/2021 improve € per share FY 2021 FY 2020 Δ NRV 10.85 10.38 4.5% NTA 10.78 10.31 4.6% NDV 10.43 10.42 0.1% 0.59 -0.15 0.03 10.38 10.85 EPRA NRV 31/12/2020 FFO Change in assets fair value Change in financial instruments EPRA NRV 31/12/2021 and other fair value Some figures
Slide 19: Operating performance
3 Operating performance
Slide 20: 2021: still Covid effects, but decreasing...
2021: still Covid effects, but decreasing... Closing days 87 44 Covid one-off 18.5 net impact 7.2 €mn €mn Average ticket +18% +24% vs 2019 vs 2019 CNCC* Tenant Sales -27.6% -11.1% vs 2019 vs 2019 -14.7% Footfalls -29.5% -22.2% vs 2019 vs 2019 -26.4% 2021: less impacts from restrictions compared to 2
Slide 21: …and visitors gave good answers
…and visitors gave good answers 15.1% Restrictions End of restrictions 3.7% 0.3% 0.2% -2.4% -6.4% -2.9% -5.0% No. COVID INFECTIONS ITALY TENANT SALES -10.5% -15.2% -15.4% FOOTFALLS -18.1% -17.9% -24.2% -20.4% -17.8% -18.8% -24.3% -34.3% -41.4% -36.0% -37.1% -40.9% -46.1% Jan Feb Mar Apr May Jun Jul
Slide 22: Performances in Italian malls in the first months of 2022
Performances in Italian malls in the first 5 months of 2022… Reducing but still Omicron peak significant (>4.7mn people infections Ukraine war and its macro economic impacts infected) 24/02 outbreak of Ukraine war Δ 2022/2019 January February March April May Progressive TENANT -12.8% -1.7% -6.4% -1.
Slide 23: ..and commercial results
..and commercial results It remains at high level Occupancy Italy 94.8% (-35bps vs FY21 already released) Romania 94.1% (-51bps vs FY21 being released) Italy (1,391 contracts): 20 turnover + 17 renewals (downside -3%**) Leasing Romania (550 contracts): 57 turnover + 47 renewals (downside -3.45%) act
Slide 24: High level of collection rate
High level of collection rate 2021 1Q 2022 ACTIONS IMPLEMENTED TO SUPPORT TENANTS Collected c. 95%* Collected c. 90%** Granted some temporary reductions and deferred Italian payments Portfolio Extended some stepped rents Strengthned measures to Collected c.98% Collected c.90% contain energy consumpt
Slide 25: Our merchandising mix continues to evolve (1/2)
Our merchandising mix continues to evolve (1/2) FIT-EXPRESS KING SPORT 1,300 m2 1,800 m2 over 2 flooes Centro Maremà (Grosseto) Centro Leonardo (Imola) Fitness Center Sports clothing and equipment With rehabilitation treatments and a solarium area Indoor playing fields, e-sport areas, beauty consult
Slide 26: Our merchandising mix continues to evolve (2/2)
Our merchandising mix continues to evolve (2/2) SANIMED CASILINO SKYPARK 150 m2 2,800 m2 Terrace 4° floor Multipark Centro Casilino (Rome) Centro Casilino (Rome) Medical Clinic Sport, children, green and entertainment areas With more than 70 types of highly specialized treatments Urban redevelopment
Slide 27: New marketing initiatives
New marketing initiatives: communications in the shopping centers and… • 31 shopping centers involved • Selected an agency for each shopping center • Omnichannel approach: online and offline integrated communication • Marketing focused on the single catchment area needs 27
Slide 28: Co-marketing project with Coop Alleanza 3.0
…an innovative co-marketing project with Coop Alleanza 3.0 Combine the relaunch of the hypermarkets (with regard to Coop) and the development of the digital strategy (for IGD). 3 common working areas in 12 shopping centers: • Digital: increase the contacts of the CRM platform • Communication: promot
Slide 29: Financial Results
4 Financial Results
Slide 30: FY2021 and 1Q2022 main results
FY2021 and 1Q2022 main results FY 2021 1Q 2022 vs 2020 vs 1Q 2021 REVENUES Rental Income €145.1mn -0.1% €33.9mn -7.6% Net Rental Income €118.5mn 8.2% €28.7mn 9.6% EBITDA EBITDA (Core Business ) €107.3mn 7.9% €26.1mn 10.0% EBITDA Margin (Core Business) 70.8% 540pts 73.2% 1140pts EBITDA Margin From Fr
Slide 31: Net rental Income at 31/03/2022
Net rental Income at 31/03/2022 (€mn) Change vs 2021R +5,3€mn +22,4% Of which: Italy Change vs 2021 • -3.0 €mn change in real estate perimeter +9.8% Romania +2.5€mn • +0.2 cost of sold portfolio +5.2% +9.6% Like for like Italy +0.1 €mn: Total change in direct costs 5.3€mn Indexation for approx. 560
Slide 32: Core business Ebitda at 31/03/2022
Core business Ebitda at 31/03/2022 (€mn) Change vs 2021R +5.1€mn +24.5% Change vs 2021 +2.3€mn +10% Core business EBITDA MARGIN 73.2% EBITDA MARGIN freehold 75.6% Some figures may not add up due to rounding. 32
Slide 33: FFO at 31/03/2022
FFO at 31/03/2022 Change vs 2021R Of which: +5.3 €mn -3 €mn change in income scope Of which: +46% +0.2 €mn costs of sold portfolio +1.1 €mn financial management adj +0.4 payable leases (end of the masterlease -0.3 €mn negative carry Change vs 2021 in Centro Piave) +2.9€mn +20.7% Of which: Higher lea
Slide 34: Financial structure
Financial structure Debt Breakdown Key Metrics 31-Mar-22 Cash €164 mn Net Debt €976.3 mn LTV 44.3% ICR 3.5x Average Cost Of Debt 2.16% Gearing Ratio c. 0.82x Hedging on Long Term Debt + Bond c. 93.9% Rating Debt Maturity 2.25% 2.13% 7y(2) 5y (3) 2.1% 5y(1) 2.65% 209 500 7y BB+ BBB- Bond repaid Outlo
Slide 35: Outlook 2022
Outlook 2022 + 9/10% OUTLOOK FFO FY2022 The guidance for FY2022 FFO will be revised in August, when 1H22 results will be approved 35
Slide 36: Strategic Plan 2022-2024
5 Strategic Plan 2022-2024
Slide 37: Covid is accelerating some already existing global macro trends
Covid is accelerating some already existing global macro trends Urbanization Quality of Life • More attention on wellbeing, physical activities • Big cities but also medium-sized ones and personal care • Proximity • More health clinics both public and private spread around the country • Adaptation/C
Slide 38: IGD's strategy answers to new consumers needs
IGD’s strategy answers to new consumers needs… Green Urbanization Digitalization Revolution Quality of Life SOCIAL TRANSFORMATIONS ONLINE/OFFLINE ESG FACTORS AS A AND CONSUMERS’ NEEDS INTEGRATION AND DEVELOPMENT LEVER PERSONALIZED ANSWER TO CUSTOMERS IGD Strategy Physical spaces and Digital marketin
Slide 39: …leveraging on an effective business model
…leveraging on an effective business model Dominant (1) Our assets are the dominant retail destination in their catchment area «Urban» shopping centers Easily reachable (about 4km far from city center on average) Strong food anchor Hypermarket has a strong attractive role for everyday shopping Not o
Slide 40: Commercial and marketing strategy
Commercial and marketing strategy COMMERCIAL Development of commercial and marketing plan keeping in mind STRATEGY TARGET the features of each asset and their specific catchment area Merchandising mix Structural work Main areas of Layout the commercial 1 and marketing strategy 2 Digital Technologica
Slide 41: Commercial and marketing strategy
Commercial and marketing strategy Merchandising Mix Health and Household Food Family Tech Sport Wellbeing Goods court Store ✓ 21 dental clinics and ✓ 5,500 m2 shops ✓ >1,000 m2 of ✓ 15 new shops opened ✓ 3,000 m2 of shops ✓ 8 Pepco opened in IGD 1 medical center opened in the last 2 restaurants open
Slide 42: Layout project: a new life for the external areas
Layout project: 1 2 3 4 a new life for the external areas Use of currently Increase of the services Cross selling activities unproductive areas offered to customers external services/malls’ shops B A C D A B C D Padel courts Photovoltaic systems Food truck/Riders areas Food kiosks/relax areas Projec
Slide 43: Asset management strategy
Asset management strategy ASSET MANAGEMENT We constantly invest in our shopping centers to make them more and more attractive, STRATEGY to maintain their value over time and to lenghten their life cycle TARGET Restyling/ Remodeling/Fit out 1 Main areas Development of asset project 2 management strat
Slide 44: Investments
Investments 1 2 3 4 (€mn) Completion of Officine (retail and residential) Project definition of the other sub- areas to be subsequenly sold on the market Approx. €82Mn Restyling, remodeling and fitout ~13 Approx 1.5% of the portfolio total market value ~24 ~12 ~33 Assets maintenance ESG Assets Porta
Slide 45: Restyling
1 2 3 4 Restyling Porto d’Ascoli – AP 21,800 m2 GLA (total center) 1H 2023 end of work Mall total restyling and hypermarket remodeling Installation of photovoltaic and led lighting systems € 4.6 mn total investment (costs to completion €3.5mn at 31/12/2021) 45
Slide 46: Restyling
1 2 3 4 Restyling Mantova - MN 13,600 m2 GLA (mall) 2H 2022 end of work Restyling of facade, mall and parking lot; food court remodeling and use of external areas Installation of photovoltaic and led lighting systems € 4.3 mn total investment (costs to completion €3.7mn at 31/12/2021) 46
Slide 47: Remodeling
1 2 3 4 Remodeling Gravina di Catania 27,100 m2 GLA (total center) 2H 2022 end of work Hypermarket remodeling New mall approx. 6,300 m2 € 1.9 mn investment over the BP timespan New hypermarket approx. 7,300 m2 47
Slide 48: Remodeling
1 2 3 4 Remodeling Palermo 26,500 m2 GLA (total center) 2H 2022 end of work Hypermarket New hypermarket remodeling approx. 7.200 m2 € 1.2 mn investment over the BP timespan New malls approx. 4.000 m2 48
Slide 49: Porta a Mare Livorno Mixed-use project
Porta a Mare Livorno 1 2 3 4 Mixed-use project D C A B A Piazza Mazzini C Officine Storiche • Retail: operating, 100% owned by • See focus in the next slide • Residential: sales completed B Palazzo Orlando D Sub areas Lips, Molo Mediceo and Arsenale • Offices: sold in 2019 • Hotel, residential, ente
Slide 50: Officine Storiche
1 2 3 4 Officine Storiche >20,000 m2 GLA (15,000 m2 retail, 5,600 m2 residential) 3/4Q2022 opening 30 shops, 1 fitness center, 10 restaurants 42 flats to be sold (26 binding proposals*) € 12.8 mn costs to completion *of which 18 binding preliminary agreements 50
Slide 51: Energy efficiency
1 2 3 4 Energy efficiency 7 Photovoltaic systems to be added to the 8 already existing 51
Slide 52: Energy efficiency: targets
Energy efficiency: 1 2 3 4 targets Main targets -21.5% GHG emissions (at 2025 location based «baseline 2018») At least 1 asset carbon positive Centro Tiburtino (Roma) - render of the main entrance (at 2030) 100% Use of energy from renewable sources (already in place) Centro Sarca (Milano) – render o
Slide 53: Winmarkt Portfolio
Winmarkt Portfolio 1 2 3 4 2022-2024 Plan Main characteristics Highlights Extended network Approx. €5mn capex plan (safety, maintenance and environmental) Strategic locations Approx. €19.4mn of generated FFO Adaptable and flexible Approx. € 13.5mn assets of generated dividends Direct 100% self-finan
Slide 54: A balanced asset rotation with flexible targets
A balanced asset rotation 1 2 3 4 with flexible targets Strategic rationale Possible use of proceeds Non core asset disposal ➢ Growth in the Italian retail market with possible scale economies Potential disposals ➢ Tactical reduction of Potential target: over BP timespan financial leverage 180/200 R
Slide 55: Financial strategy
Financial strategy 1 2 3 4 FINANCIAL Obtain the best economic conditions whatever the market context is, STRATEGY and minimize exposure to financial risks TARGET (credit risk and fluctuation of interest rates) Maintaining a rigorous financial discipline consistent with IG profile 1 2 Main areas Earl
Slide 56: Net rental income evolution
Net rental income evolution CAGR Lfl bp timespan 2021-2024 • Recovery of COVID direct impacts • Increase in financial occupancy to pre- COVID value (> 97%) Italy +5/6% • Increase thanks to inflation, upside, temporary revenues and variables Romania +8/9% Total +5/6% NRI bridge (€mn) approx. +17/20%
Slide 57: FFO and Loan to value
FFO and Loan to value FFO (€mn) Loan to Value 2021 FFO Guidance > 30% +7/8% LTV Target 40/43% E E * 2021A: 2021A: 64.7€mn 44.9% Considering scope being equal to the one at end of 2021. Porta a Mare Project trading revenues have been included Assuming no Covid direct impact and no restrictions from 2
Slide 58: Dividend: IGD goes back being a dividend company
Dividend IGD goes back being a «dividend company» Target Dps € 0.50 Dps € 0.35* 2022 2024 Assuming no Covid direct impact and no restrictions starting from 2022 * Dividend paid on 11 May 2022 58
Slide 59: Final Remarks
Final Remarks Main objective of the 2022-2024 Business Plan: proactive management of assets so as to project them into the future and prepare them for new market challenges 1 The assets held strong during the pandemic stress test … … confirming that local physical retail is resilient … … and it can
Slide 60: Possible future scenarios
Possible future scenarios IGD could act as an aggregator of new assets, potentially even from different sectors, in order to further expand its property portfolio and leverage on its know-how and greater economies of scale to create value, if allowed by market conditions. 60
Slide 61: ESG Strategy At-a-glance
6 ESG Strategy At-a-glance
Slide 62: ESG: the improvement process continues
ESG: the improvement process continues 10 YEARS TRACK RECORD GREEN RESPONSIBLE ETHICAL ATTRACTIVE TOGETHER 1. Climate Change 3. Good employment 6. Governance, 7. Sustainable 11. Stakeholder 2. Accessibility and 4. Gender equality ethics and enhancement of engagement mobility 5. Wellbeing, health cor
Slide 63: ESG: awards, ratings and certifications obtained
ESG: awards, ratings and certifications obtained Awards Highest score 93/100, Score A 4° year in a row 7° year in a row possible Rating ESG 11 ratings independent and unsolicited 1 , of Stock Indexes ESG focused Ratings which - 6 already present in 2020 8 indexes - 4 improved in 2021 - 5 new achieve
Slide 64: 1Q2022 news and ongoing projects
1Q2022 news and ongoing projects New Main ongoing projects awards (in line with 2022-2024 BP) After having defined the Scope 3 in 2021 2022 Climate Sustainability Report, the project to certify at Leaders least one emissions reduction target continues IGD is among the 19 Italian and 400 European com
Slide 65: 2022-2024 Sustainability Plan: SDG's targets
2022-2024 Sustainability Plan: SDG’s 41 targets at 2024: 22 ambitions • Material for IGD toward 2030 • Consistent with UN SDG’s IGD RELEVANT SDG’S 65
Slide 66: Green
Green 1 2 3 4 2024 TARGETS 2030 OBJECTIVES CLIMATE CHANGE • 100% green energy purchased • Zero carbon emissions (scope 1 and 2) at 100% of the Italian shopping centers • double the use of energy produced from renewable sources • Reduce indirect emissions (scope 3) • -15% reduction in energy consumpt
Slide 67: Green Transition
Green Transition 1 2 3 4 Main targets 100% of the shopping centers with charging stations Different types of charging stations (traditional, fast, Tesla) across the whole network 50% of the shopping centers with fast charging stations (agreement with top international player) 100% of the assets ISO1
Slide 68: Responsible
Responsible 1 2 3 4 2024 TARGETS 2030 OBJECTIVES WORKPLACE QUALITY • Training: 100% of the employees in Italy and • Gender equality in roles of responsibility Romania each year • Improve employees’ wellbeing and expertise • 1 employee satisfaction survey and 2 «pulse surveys» • «Sustainability Innov
Slide 69: Ethical
Ethical 1 2 3 4 2024 TARGETS 2030 OBJECTIVES • Corporate cybersecurity strategy • Best-in-class for corporate governance and legality • Systematic assessment of the providers along the supply chain with a view to sustainability • CSR policies included in company supply chains • Maintain the highest
Slide 70: Attractive
Attractive 1 2 3 4 2024 TARGETS 2030 GOALS SUSTAINABLE ENHANCEMENT OF THE PORTFOLIO • 4 key restyling/remodeling projects • Up to 10 sustainable restylings completed to renew and enhance the portfolio • 100% with projects aiming to increase visitors’ well OFFER being • Commercial and strategic adjus
Slide 71: Together
Together 1 2 3 4 2024 TARGETS 2030 OBJECTIVES STAKEHOLDER ENGAGEMENT Relationship with investors/financial community • Partnering with tenants in sustainability • 1st Sustainability Framework defined and issue • Partnerships with NGOs of 1st Sustainability Linked Bond • Investor/CSR Day and theme-ba
Slide 72: Appendix
7 Appendix
Slide 73: Consolidated Income Statement at 31/03/2022
Consolidated Income Statement at 31/03/2022 GROUP CONSOLIDATED (a) (c) Δ 1Q_CONS_2021 1Q_CONS_2022 (c)/(a) Revenues from freehold rental activities 33.6 31.6 -5.8% Revenues from leasehold rental activities 3.1 2.3 -27.1% Total income from rental activities 36.7 33.9 -7.6% Rents and payable leases 0.
Slide 74: Funds From Operations (FFO) at 31/03/2022
Funds From Operations (FFO) at 31/03/2022 Δ% Funds from Operations CONS_2021 CONS_2022 Δ 2021 vs 2021 Core business Ebitda 23.8 26.1 2.4 10.0% IFRS16 Adjustments (Payable leases) -1.7 -2.0 -0.3 13.5% Financial Management Adj. -8.245 -7.1 1.2 -14.2% Extraordinary Management Adj. 0.0 0.0 0.0 n.a. Curr
Slide 75: Re-classified balance sheet at 31/03/2022
Re-classified balance sheet at 31/03/2022 Sources - Uses of funds (€/000) 31/03/2022 31/12/2021 Δ Δ% Fixed assets 2,091,707 2,093,176 -1,469 -0.1% Assets under construction 45,178 44,095 1,083 2.5% Other non current assets 42,704 42,810 -105 -0.2% Other non current liabilities -27,775 -27,466 -309 1
Slide 76: Other EPRA metrics as at 31/12/2021
Other EPRA metrics as at 31/12/2021 EPRA Performance Measure 31/12/2021 31/12/2020 EPRA NRV/NAV (€'000) 1,197,354 1,145,827 EPRA NRV/NAV per share € 10.85 € 10.38 EPRA NTA 1,189,467 1,137,258 EPRA NTA per share € 10.78 € 10.31 EPRA NDV 1,151,244 1,149,534 EPRA NDV per share € 10.43 € 10.42 EPRA Net
Slide 77: Financial Management at 31/03/2022 (€mn)
Financial Management at 31/03/2022 (€mn) Figure net of accounting items (financial management ADJ*) is further decreasing (-14.2% vs 2021) -14.2% IFRS16 and non recurring charges Financial Management Adj* : -1.1 €mn vs 2021 (-14.2%) *Financial Management adj: net of IFRS16 (0.3€mn) and IFRS9, non re
Slide 78: More financial highlights at 31/03/2022
More financial highlights at 31/03/2022 31/12/2021 31/03/2022 Gearing ratio 0.84X 0.82X Average lenght of long-term debt 2.4 years 2.2 years Hedging on long-term debt + bond 93.8% 93.9% Share of M/L debt 96.4% 96.6% Uncommitted credit lines granted 151 € mn 151 € mn Uncommitted credit lines availabl
Slide 79: Contracts and key tenants Italy at 31/03/2022
Contracts and key tenants Italy at 31/03/2022 Product Turnover Malls TOP 10 Tenant Contracts category impact N 207 N 256 N 730 N 198 clothing 2.7% 9 clothing 2.6% 11 electronics 2.2% 9 Average residual maturity: 3.9 years clothing 2.1% 11 Total contracts: 1,391 of which 17 renewals with the same ten
Slide 80: Contracts and key tenants Romania at 31/03/2022
Contracts and key tenants Romania at 31/03/2022 Product Turnover TOP 10 Tenant Contracts category impact Winmarkt supermarkets 11.1% 11 N 232 N 184 N 49 N 28 N 57 clothing 4.6% 11 clothing 4.2% 8 clothing 3.9% 6 drugstore 2.7% 5 health care 2.3% 4 jewellery 2.1% 6 offices 1.9% 1 Average residual mat
Slide 81: Merchandising & Tenants Mix at 31/03/2022
Merchandising & Tenants Mix at 31/03/2022 Italy Romania Merchandising Mix* Tenant Mix* 81 *elaborazione interna su metri quadrati
Slide 82: Italian Portfolio composition
Italian Portfolio composition* 27 shopping malls 19 hypermarkets Tenants of hypermarkets CENTRO D'ABRUZZO - Pescara CENTRO D'ABRUZZO - Pescara Coop Alleanza 3.0 CLODI' - Chioggia CLODI' - Chioggia Coop Alleanza 3.0 PORTO GRANDE - Porto d'Ascoli (AP) PORTO GRANDE - Porto d'Ascoli (AP) Coop Alleanza 3
Slide 83: Investor relations contacts
Raffaele Nardi Director of Planning, Control and investor relations raffaele.nardi@gruppoigd.it Claudia Contarini, Investor Relator T. +39 051 509213 claudia.contarini@gruppoigd.it Elisa Zanicheli, IR Team T. +39. 051 509242 elisa.zanicheli@gruppoigd.it Federica Pivetti, IR Team T. +39. 051 509260 f