Immobiliare Grande Distribuzione Siiq S.p.a. · MIL:IGD
Immobiliare Grande Distribuzione Siiq — IGD SIIQ — Q1 2024 Earnings Presentation
28 slides from Immobiliare Grande Distribuzione Siiq's earnings presentation, May 7, 2024
Slide 1: 1Q 2024 Results Presentation
1Q 2024 Results Presentation Conference call 7 May 2024
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: The first months of 2024 in a nutshell
The first months of 2024 in a nutshell SOLID DISPOSAL NEW OPERATING AND GOVERNANCE PERFORMANCES DEBT REDUCTION Growing tenant sales and Sale of a portfolio of assets New Board of Directors, footfalls confirmed the communicated in February Chairman and CEO/General good health of IGD’s and finalized i
Slide 4: Highlights
Highlights Δ vs Like for 1Q2024 2023 like** Net Rental Income* €31.1 mn +7.1% +6.5% Core Business Ebitda €28.6 mn +6.6% Financial Management €-18.5 mn +100.6% Funds From Operation (FFO) €10.3 mn -34.8% *Also defined as Net Operanting Income or NOI **Like for like: excluding assets with on-going remo
Slide 5: Operating Performances
1 Operating Performances
Slide 6: Solid operating performances in Italian shopping centers
Solid operating performances in Italian shopping centers*… +2.6% +2.1% MALLS Footfalls Tenant sales 1° QUARTER N.B: Pasqua 2024 in March, whereas in 2023 it was in April +1.4% IGD’S HYPERMARKETS Sales AND SUPERMARKETS 1° QUARTER * Figures 2024 vs 2023 6
Slide 7: …with almost all merchandise categories growing
…with almost all merchandise categories growing Tenant sales Italy 1Q24vs23 Clothing Household Culture, Personal and Electronics Restaurants Services Weight on total leisure, goods healthcare Italian malls rent gift items (49.1%) (7.2%) (8.9%) (10.2%) (7.8%) (4.6%) (11.1%) Some brands of IGD portfol
Slide 8: Leasing activity confirmed to be effective in Italy…
Leasing activity confirmed to be effective in Italy… LEASING ACTIVITIES • 52 contracts (representing approx. 3% of Group total rents) • Downside -3.7%*, explained mainly by the significant increases incorporated in rents in 2023 due to inflation indexing OCCUPANCY (hypermkts + malls) 95.3% Stable vs
Slide 9: …and in Romania
…and in Romania LEASING ACTIVITIES • 118 contracts (69 renewals and 49 turnovers) • Upside +6.5% (on Net Operating Income) OCCUPANCY 95.5% -70 bps vs FY23 Increase in vacancy due to the exit of one tenant (600m2) with re-commercializion in progress COLLECTION RATE** c. 90% MADO Restaurant – P. Neamt
Slide 10: Economic and Financial Results
2 Economic and Financial Results
Slide 11: Net rental Income (€mn)
Net rental Income (€mn) Change vs 2023 +2.0 €mn +7.1% Like for like (+1.1 €mn +3.1%): • Malls (+0.7€mn; +2.6%) Margin on Change €mn 2024 • Hypermarkets (+0.4€mn; +6.5%) revenues % LFL NRI • Romania flat NRI Italy 29.2 86.3% 6.1% NRI Romania 2.0 82.1% 13.9% NRI Consolidated 31.1 86.1% 6.5% Non like f
Slide 12: Core business Ebitda and Ebitda margin improved…
Core business Ebitda and Ebitda margin improved… Change vs 2023 +1.8€mn +6.6% Core business 2023 2024 EBITDA 73.2% 75.1% MARGIN EBITDA 2023 2024 MARGIN 75.5% 77.3% freehold Some figures may not add up due to rounding 12
Slide 13: … but financial management increased
… but financial management increased IFRS16 and non recurring charges Financial Management Adj * : +7.2 €mn vs 2023 (+82.7%) Full impact of financing obtained in 2023 at significantly increased costs *Financial management adj: net of IFRS16 (0.2€mn) and IFRS9, non recurring charges Some figures may
Slide 14: FFO
FFO Of which: +1.8 €mn core business Ebitda -0.1 €mn payable leases (indexation effect) Change vs 2023 -5.5€mn -34.8% *Financial management adj: Pernet of IFRS16 il calcolo and IFRS9, dell’FFO Some figures may not add up due to rounding nonconsiderate sono state recurring charges (including le locaz
Slide 15: The disposal envisaged in the Business Plan was finalized
The disposal envisaged in the Business Plan was finalized Financial partners SPV 50% 50% 60% 40% REAL ESTATE FUND Managed by «FOOD» Structure of the transaction • Portfolio (11 hypermarkets and 2 malls) valued at 258 €million (substantially in line with the book value at 31 December 2023) • Cash in
Slide 16: Net Debt and Loan to Value
Net Debt and Loan to Value PRO FORMA Post disposal Net Debt FY2023 Net Debt 1Q2024 € 968.4 mn € 967.3 mn €813.7 mn Long term financial instruments Long term financial 974.47 instruments 977.31 Cash -6.07 FFO Change in NWC Cash -10.01 Investments and other 48.1% Loan to Value 48.0% 44.4% 3.86% Cost o
Slide 17: Debt maturity post disposal
Debt maturity post disposal Net proceeds from disposal used for: Partial repayment of new Partial repayment of green Partial repayment of green Bond for €90mn secured loan for €62.5 mn unsecured loan for €0.71 mn Debito bancario secured Debito bancario unsecured Bond Pro-forma net of the Bond Secure
Slide 18: Attachments
3 Attachments
Slide 19: 18/04/24: New BoD and new Chairman and CEO
18/04/24: New BoD and new Chairman and CEO IGD’s governance has been in line with the criteria of the Self Regulatory Code of the Italian Stock Exchange since it was listed. An internal Corporate Governance Code has been in use since 2008. CHIEF EXECUTIVE OFFICER and GENERAL MANAGER EXECUTIVE Robert
Slide 20: Consolidated financial statement
Consolidated financial statement GROUP CONSOLIDATED (a) (c) Δ Cons 2023 Cons 2024 (c)/(a) Revenues from freehold rental activities 32.5 33.9 4.6% Revenues from leasehold rental activities 2.2 2.4 5.6% Total income from rental activities 34.7 36.2 4.3% Rents and payable leases 0.0 0.0 n.a. Direct cos
Slide 21: Reclassified Balance sheet
Reclassified Balance sheet Sources - Uses of funds(€/000) 3/31/2024 31/12/2023 Δ Δ% Fixed assets 1,957,357 1,959,053 -1,696 -0.1% Assets under construction 2,473 2,364 109 4.6% Non current assets 42,478 42,861 -383 -0.9% Other non current liabilities -27,339 -26,835 -504 1.9% NWC 8,918 3,810 5,108 1
Slide 22: Funds From Operations (FFO)
Funds From Operations (FFO) Δ Δ% Funds from Operations CONS_2023 CONS_2024 2023 vs 2023 Corte business EBITDA 26.8 28.6 1.8 6.6% IFRS16 Adjustments (Payable leases) * -2.1 -2.2 -0.1 5.1% Financial management Adj* -8.6 -15.8 -7.2 82.6% Current taxed for the period Adj -0.3 -0.3 0.0 6.5% FFO 15.8 10.3
Slide 23: More financial highlights and debt breakdown
More financial highlights and debt breakdown 31/12/2023 31/03/2024 Debt breakdown* Gearing ratio 0.97X 0.96X Average lenght of long-term debt 3.7 years 3,4 years Hedging long-term debt + bond 73.8% 73.9% Share of M/L debt 96.8% 97.0% Uncommitted credit lines granted 101.6€mn 101.6€ mn Uncommitted cr
Slide 24: Contracts and key tenants Italy
Contracts and key tenants Italy Merchandise Weight on Malls TOP 10 Tenant Contracts category malls rent N 197 N 155 N 195 N 784 clothing 2.6% 10 clothing 2.6% 11 electronics 2.3% 9 WALB*: 1.78 years (net of asset disposal) clothing 2.0% 10 Total contracts: 1,331 In 1Q 29 renewals and 23 turnovers Do
Slide 25: Contracts and key tenants Romania
Contracts and key tenants Romania Weight on Merchandise TOP 10 Tenant Romania Contracts category rent Winmarkt supermarket 12.3% 11 N 220 N 218 N 65 N 87 clothing 4.7% 11 clothing 3.8% 7 clothing 3.4% 5 drugstore 3.1% 5 entertainement 2.4% 3 pharmacy 2.4% 4 WALB*: >2.2 years office 2.2% 1 Total cont
Slide 26: Merchandising & Tenants Mix 1Q2024
Merchandising & Tenants Mix 1Q2024 Italy Romania Merchandising Mix* ** ** Tenant Mix* * Internal processing on m2 ** Clothing: includes underwear, shoes and sportswear 26
Slide 27: Agenda
Agenda CORPORATE IR (confirmed as of today) 15 May CITI Real Estate credit investor day - 1 August Results as at 30/06/2024 London 7 November Risultati al 30/09/2024 9-13 September Italian Sustainability Week Borsa Italiana - virtual 17-19 September Epra Conference Berlin 8-9 October 2024 Italian Ex
Slide 28: 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