Immobiliare Grande Distribuzione SIIQ S.p.A. · MIL:IGD
Immobiliare Grande Distribuzione SIIQ — IGD SIIQ — Q1 2023 Earnings Presentation
30 slides from Immobiliare Grande Distribuzione SIIQ's earnings presentation, May 4, 2023
Slide 1: Results as at 31/03/2023
Results as at 31/03/2023 Conference call 4 May 2023
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 Like for 1Q2023 2022 like Rental Income 34.7€mn +2.3% Net Rental Income 29.1€mn +1.3% +4.9% Core Business Ebitda 26.8€mn +2.5% Funds From Operations (FFO) 15.8€mn -5.6% 3
Slide 4: Operating Performances
1 Operating Perfomances
Slide 5: Excellent operating performances in shopping centers in Italy
Excellent operating performances in shopping centers in Italy*… MALLS +12.7% +9.4% JANUARY FEBRUARY MARCH 1° QUARTER Footfalls Tenant sales +5.2% HYPERMARKETS AND SUPERMARKETS OWNED BY IGD 1° QUARTER *Total change 2023 vs 2022 5
Slide 6: With (almost) all the merchandise categories in increase
…with (almost) all the merchandise categories in increase Only negative categories but with extremely positive results in 2021 (+7.5%*) and 2022 (+9.9%*) Tenant sales Italy 1Q23vs22 Clothing Housegold Culture, leisure, Personal and Electronics Restaurants Services goods gift items healthcare (Weight
Slide 7: The leasing activities confirmed to be effective in Italy
The leasing activities confirmed to be effective in Italy… LEASING ACTIVITIES • On a portfolio of 54 contracts (equal to 2.4% of Group’s total rent) • Total downside -4.5%*, on contracts that in 2022 increased by approx. 9% due to indexation • Figure updated with negotiations in progress -2.2% +52 b
Slide 8: And in Romania
…and in Romania New rents level 112 renewals LEASING ACTIVITIES flat 68 turnover +291 bps vs 1Q22 OCCUPANCY 97% -101 bps vs FY22 Vacancy mainly due to 3 exits in Buzau, Turda and Alexandria already in advanced negotiations COLLECTION RATE* c. 90% Some pictures from the latest openings *Collection ra
Slide 9: Puntadiferro in Forlì 1/2
A constantly evolving portfolio: the example of Puntadiferro in Forlì 1/2 An area of the city Strategies and activities carried out by IGD in the that is expanding: last months: industrial area in further ➢ A more differentiated offer in the food court with development + an adjacent Retail new healt
Slide 10: Puntadiferro in Forlì 2/2
A constantly evolving portfolio: the example of Puntadiferro in Forlì 2/2 Occupancy*: 85% 97% FY2021 1Q2023 Operating Performances 1Q23vs22: +10.4% +11.7% TENANT SALES FOOTFALLS *On GLA 10
Slide 11: Tiburtino in Rome 1/2
A constantly evolving portfolio: the example of Tiburtino in Rome 1/2 Strategies and activities carried out by IGD in the last months: ➢ More non-food category killers with a focus on convenience ➢More restaurants ➢ New attractive international and national brands and expansion of the «Household goo
Slide 12: Tiburtino in Rome 2/2
A constantly evolving portfolio: the example of Tiburtino in Rome 2/2 Occupancy*: 89.1% 97% FY2021 1Q2023 Operating Performances 1Q23vs22: +19.3% +15.3% TENANT SALES FOOTFALLS *On GLA 12
Slide 13: First circular economy project started
First circular economy project started Opened at Centro Nova (Bologna) on 28 March 2023 13
Slide 14: Economic and Financial Results
3 Economic and Financial Results
Slide 15: Net rental Income
Net rental Income Like for like Change vs 2022 net rental +0.4€mn income +1.3% +4.9% €mn Like for like: +4.7% (+1.5 €mn) • Malls (+1.1€mn; +4.7%): thanks to leasing activities and indexation (+1.9 €mn +7.7%), partially offset bu hugher temporary reductions (-0.4 €mn) and slight increase in vacancy.
Slide 16: Core business Ebitda (€mn)
Core business Ebitda (€mn) Change vs 2022 +0.7€mn +2.5% Core business 2022 2023 EBITDA 73.2% 73.2% MARGIN EBITDA 2022 2023 MARGIN 75.6% 75.5% freehold Some figures may not add up due to rounding. 16
Slide 17: Financial Management
Financial Management IFRS16 and non recurring charges Financial Management Adj*: +1.5€mn vs 2022 (+22.0%) Impact of the two loans signed in 2H2022 *Financial management adJ: net of IFRS16 (0.2€mn) and IFRS9 and non recurring charges Some figures may not add up due to rounding 17
Slide 18: Funds From Operations (FFO)
Funds From Operations (FFO) Of which: +0.7 €mn change in core business Ebitda; Change vs 2022 -0.1 €mn payable leases; -0.9€mn -0.1€mn other non recurring items. -5.6% FY2023 FFO Guidance as of today confirmed: approx. 53€mn *Financial Management adj: net of IFRS16 and IFRS9, non recurring charges a
Slide 19: Net debt and LTV
Net debt and LTV FY2022 1Q2023 NET DEBT €976.94mn NET DEBT €966.34 mn Net debt reduction thanks to cash flow Long term financial generated in instruments Long term financial instruments 1Q2023 991.01 984.31 Short term financial instruments 13.00 Cash –27.07 Cash –17.97 45.7% Loan to Value 45.3% 3.6X
Slide 20: Liability management activities in progress
Liability management activities in progress • A loan for an amount equal to 220-250€mn is being defined. • The new loan will be used to refinance the maturities up to 1H24 • 400€mn Bond expiring in 18 months (November 2024) Bond Exp. Nov. 2024 Unsecured senior green loan €215mn 3+(1+1 opz.) Maturiti
Slide 21: Attachments
6 Attachments
Slide 22: Consolidated Income Statement
Consolidated Income Statement GROUP CONSOLIDATED (a) (c) Δ 1Q_2022 1Q_2023 (c)/(a) Revenues from freehold rental activities 31.6 32.5 2.6% Revenues from leasehold rental activities 2.3 2.2 -1.9% Total income from rental activities 33.9 34.7 2.3% Rents and payable leases 0.0 0.0 1.4% Direct costs fro
Slide 23: Re-classified balance sheet
Re-classified balance sheet Sources - Uses of funds (€/000) 31/03/2023 31/12/2022 Δ Δ% Fixed assets 2,040,137 2,041,330 -1,193 -0.1% Assets under construction 40,284 36,662 3,622 9.9% Other non-current assets 42,965 43,190 -226 -0.5% Other non-current liabilities -28,009 -27,228 -781 2.9% NWC 15,372
Slide 24: Funds From Operations (FFO)
Funds From Operations (FFO) Δ% Funds from Operations CONS_2022 CONS_2023 Δ 2022 vs 2022 Core business EBITDA 26.1 26.8 0.658 2.5% IFRS16 Adjustments (Payable leases) -2.0 -2.1 -0.119 6.0% Financial Management Adj -7.1 -8.6 -1.557 22.0% Extraordinary management Adj * 0.0 0.0 0.000 n.a. Current taxes
Slide 25: More financial highlights and debt breakdown
More financial highlights and debt breakdown 31/12/2022 31/03/2023 Debt breakdown* Gearing ratio 0.87X 0.85X Average lenght of long term debt 2.7 anni 2.4 anni Hedging on long term debt + bond 84.3% 84.5% Share of M/L debt 92.6% 83.2% Uncommitted credit lines granted 151€ mn 118€ mn Uncommitted cred
Slide 26: Contracts and key tenants Italy
Contracts and key tenants Italy Merchandise Turnover Malls TOP 10 Tenant Contracts Category impact N 242 N 168 N 797 N 201 clothing 2.7% 11 clothing 2.6% 9 electronics 2.4% 9 Average residual maturity: 3.9 years clothing 2.0% 10 Total no. of contracts: 1,408. In 1Q 39 renewals and 15 turnovers Downs
Slide 27: Contracts and key tenants Romania
Contracts and key tenants Romania Merchandise Turnover TOP 10 Tenant Contracts Category impact Winmarkt supermarkets 11.7% 11 N 213 N 165 N 106 N 93 clothing 4.9% 11 clothing 3.8% 8 clothing 3.5% 6 drugstore 2.7% 5 healthcare 2.2% 4 offices 2.0% 1 Average residual maturity: 3.7 years jewellery 1.5%
Slide 28: Merchandising & Tenants Mix
Merchandising & Tenants Mix Italy Romania Merchandising Mix* Tenant Mix* *Internal processing on sqm 28
Slide 29: Agenda
Agenda CORPORATE IR (confirmed as of today) 2 August Results as at 30/06/2023 4 September Italian Sustainability Week Italian Stock Exchange 8 November Results as at 30/09/2023 10 October 2023 Italian Excellences Mid Corporate Conference Intesa Sanpaolo 13-15 6th MidCap CEO Conference Exane November
Slide 30: 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