Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — 9M 2022 Earnings Presentation
24 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, Nov 3, 2022
Slide 1: Results Presentation at 30/09/2022
Results Presentation at 30/09/2022 Conference call 3 November 2022
Slide 2: Disclaimer
Disclaimer This presentation does not constitute an offer or an These statements include financial projections and invitation to subscribe for or purchase any securities. estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect The securities r
Slide 3: Highlights
Highlights Δ vs Δ vs Like for 30/09/2022 2021 2021R* like Rental Income 102.1€mn -6.5% +1.7% +2.2% Net Rental Income 83.6€mn -3.8% +6.3% +7.8% Core business Ebitda 76.0€mn -4.5% +6.5% Funds From Operation (FFO) 50.4€mn +4.1% +19.9% * 2021 Restated: adjusted to consider the hypermarket portfolio disp
Slide 4: Operating Performances
1 Operating Performances
Slide 5: Growth confirmed in 3rd quarter: Italian malls tenant sales in line with 2019
Growth confirmed in 3rd quarter: Italian malls tenant sales in line with 2019* • The improvement has continued since the beginning of the year TENANT SALES FOOTFALLS • Average ticket: +19.5% (Sept. ’22 vs Sept. ’19) -0.3% progr. 22vs19 -17.5% progr. 22vs19 • Positive contribution from +19.1% progr.
Slide 6: Positive commercial performances in Italy
Positive commercial performances in Italy… Occupancy Leasing activities 95.3% Upside* +1.6% +20 bps vs 1H2022 68 turnovers + 60 renewals +10 bps vs FY2021 80 openings in the 9 months Collection rate 2022 c.93% Some examples: Jewellery, Fashion and Household goods Collection rate as at 28 October 202
Slide 7: …and in Romania
…and in Romania Occupancy Leasing activities 95.1% Upside* +2.4% +220 bps vs 1H2022 82 turnovers + 191 renewals +490 bps vs FY2021 34 opening in the 9 months Collection rate 2022 c. 95% Some examples: Fashion, Personal Care, Household Goods Collection rate as at 25 October 2022 7 * Upside on renewal
Slide 8: Co-marketing project with Coop Alleanza 3.0 continues
Co-marketing project with Coop Alleanza 3.0 continues LAUNCHED THE INITIATIVE: «RADDOPPIA LO SHOPPING» • In 12 IGD’s malls • October-November 2022 • Offered coupons, that can be spent by the end of 2022 in both the hypermarket and the mall, for double the amount actually paid by visitors (€10 paid =
Slide 9: Sustainability: energy saving measures
Sustainability: energy saving measures MANAGEMENT TECHNOLOGICAL/INVESTMENTS Max and Min temperatures and Photovoltaic systems: in 2021 the 8 switch-on/switch-off times updated systems installed (2.1 MWp) produced c.7% of the total electricity consumed. Air ventilation optimized Two more systems are
Slide 10: Porta a Mare project in Livorno: good market feedbacks in Officine Storiche
Porta a Mare project in Livorno: good market feedbacks in Officine Storiche RETAIL AREA RESIDENTIAL AREA • More than 16,000 sqm GLA devoted • 42 apartments of which 30 with binding to retail and entertainment proposals signed • More than 80% pre-letting • By the end of 2022 • 25 units delivered • Op
Slide 11: Restyling of La Favorita – Mantua completed
Restyling of La Favorita – Mantua completed Total restyling of mall, façade and parking area Opening: 10 November ‘22 11
Slide 12: Economic and financial results
3 Economic and financial results
Slide 13: Net rental Income is improving thanks to income growth and no Covid impact
Net rental Income is improving thanks to income growth and no Covid impact Change vs 2021R +4.9€mn +6.3% Of which: • -8.8 €mn income of the sold portfolio Total Like for like Change vs 2021 • +0.6 €mn cost of the sold portfolio -3.3€mn +7.8% -3.8% Like for like + 2.1€mn: Impacted by the decrease in
Slide 14: Core business Ebitda and Ebitda Margin improve
Core business Ebitda and Change vs 2021R Ebitda Margin improve (€mn) +4.6€mn +6.5% Change vs 2021 -3.6€mn -4.5% Core business 2021 2022 EBITDA 69.8% 70.7% MARGIN EBITDA 2021 2022 MARGIN 70.4% 72.5% freehold Some figures may not add up due to rounding. 14
Slide 15: The net debt decrease led to lower financial charges
The net debt decrease led to lower financial charges -18.1% IFRS16 and non recurring charges Financial Management Adj * : -4.2 mn vs 2021 (-18.1%) *Financial management adj: net of IFRS16 (0.9€mn), IFRS9 and non recurring charges Some figures may not add up due to rounding. 15
Slide 16: FFO
FFO Change vs 2021R +8.3€mn Of which: Of which: +19.9% +4.2 €mn financial management adj -8.8 €mn income of the dols portfolio, -0.4 €mn 2021 negative carry +0.6 €mn costs of the sold portfolio Change vs 2021 +1.8 ground rents (end of master lease in +2.0€mn Centro Piave) +4.1% Of which: Higher leas
Slide 17: Stable Net Debt and LTV
Stable Net Debt and LTV NET DEBT NET DEBT FY2021 30/9/2022 € 987 mn € 988.7 mn Strumenti finanziari a Long term financial Long lungo term financial termine instruments instruments 1.145,11 986.78 1,145.11 Short term financial instruments Cash flow IQ Cash flow IIQ Dividends Cash flow IIIQ 15.00 Cash
Slide 18: Financial structure and maturities profile
Financial structure and maturities profile • 02/08/22: first Green Loan following the Green Financing Framework release (March 2022) • RATINGS: Fitch: BBB- (Stable) confirmed on 16/09/2022; S&P: BB+ (Stable) confirmed on 20/09/2022 • Considering also the fully available committed credit lines, 2022
Slide 19: Attachments
6 Attachments
Slide 20: Consolidated Income Statement
Consolidated Income Statement GROUP CONSOLIDATED (a) (c) Δ 9M_CONS_2021 9M_CONS_2022 (c)/(a) Revenues from freehold rental activities 99.9 96.5 -3.4% Revenues from leasehold rental activities 9.2 5.6 -39.2% Total income from rental activities 109.1 102.1 -6.5% Rents and payable leases 0.0 0.0 n.a. D
Slide 21: Reclassified Balance Sheet
Reclassified Balance Sheet Sources - Uses of funds(€/000) 30/09/2022 31/12/2021 Δ Δ% Fixed assets 2,091,643 2,093,176 -1,533 -0.1% Assets under construction 47,547 44,095 3,452 7.8% Other non current assets 42,814 42,810 4 0.0% Other non current liabilities -26,997 -27,466 469 -1.7% Assets held for
Slide 22: Funds From Operations (FFO)
Funds From Operations (FFO) Funds from Operations 9M 2022 9M 2021 Δ Δ% Core business EBITDA* 76,178 79,582 (3,406) -4.3% IFRS16 Adjustments (Payable leases) (6,150) (7,745) 1,595 -20.6% Financial management Adj** (18,803) (22,545) 3,742 -16.6% Current taxes for the period Adj (861) (892) 31 -3.4% FF
Slide 23: More financial highlights and debt breakdown
More financial highlights and debt breakdown 30/06/2022 30/09/2022 Debt breakdown** Gearing ratio 0.86X 0.84X Average lenght of long term debt 2.3 years 2.9 years Hedging long term debt + bond 87.4% 70.8% Share of M/L debt 93.1% 94.8% Uncommitted credit lines granted 151€ mn* 120€ mn* Uncommitted cr
Slide 24: Investor relations contacts
Raffaele Nardi, Director of Planning, Control and investor relations T. +39. 051 509231 Raffaele.nardi@gruppoigd.it Claudia Contarini, IR 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 5